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Budget 2024-25: Ahead of presenting the national budget in the parliament, Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with the finance ministers of states and union territories to build consensus on matters of contention. The meeting was followed by the 53rd meeting of the Goods and Services Tax (GST) on Saturday (June 22).

The GST council exempted services by way of hostel accommodation outside educational institutions up to ₹20,000 ($239) per person per month. But the student must have stayed in the hostel for a continuous period of 90 days.&nbsp;

<h2>53rd GST council meet: Top points</h2>

1. Railway tickets and payments for waiting room and cloak room have been exempted from GST.&nbsp;

2. No GST will be levied on intra-railway services as well as the services provided like battery-operated vehicles.

3. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," the finance minister announced at the briefing after the 53rd GST Council meet.

4. "In order to help small taxpayers, the Council recommended extending the time limit to furnish the detail and the returns in the form GSTR 4 from 30th April, the council has recommended that it be extended to 30th June. This will apply for returns for the Financial Year 2024- 25 onwards," the minister added.&nbsp;

Also watch |&nbsp;Online gaming: Navigating the GST burden | The India Story

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5. "Today, the 53rd GST Council Meeting has taken a lot of decisions on trade facilitation, easing compliance burden and giving relief to tax taxpayers in terms of compliance easing out. So this will benefit the traders, MSMEs and taxpayers,"&nbsp;Sitharaman said at a briefing after the 53rd GST Council meeting.&nbsp;

6. "The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021. So for the same requisite amendment retrospectively with effect from 1 July 2017, the council has made a recommendation," said the finance minister.

7. Sitharaman added, "The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority shall be reduced from ₹25 Crores CGST and 25 Crores SGST to ₹20 Crore CGST and ₹20 SGST and that is the maximum amount of pre-deposit for filing appeals before the appellate authority."

Budget 2024-25: Ahead of presenting the national budget in the parliament, Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with the finance ministers of states and union territories to build consensus on matters of contention.

Budget 2024-25: Ahead of presenting the national budget in the parliament, Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with the finance ministers of states and union territories to build consensus on matters of contention. The meeting was followed by the 53rd meeting of the Goods and Services Tax (GST) on Saturday (June 22). The GST council exempted services by way of hostel accommodation outside educational institutions up to ₹20,000 ($239) per person per month. But the student must have stayed in the hostel for a continuous period of 90 days. 53rd GST council meet: Top points 1. Railway tickets and payments for waiting room and cloak room have been exempted from GST. 2. No GST will be levied on intra-railway services as well as the services provided like battery-operated vehicles. 3. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," the finance minister announced at the briefing after the 53rd GST Council meet. 4. "In order to help small taxpayers, the Council recommended extending the time limit to furnish the detail and the returns in the form GSTR 4 from 30th April, the council has recommended that it be extended to 30th June. This will apply for returns for the Financial Year 2024- 25 onwards," the minister added. Also watch | Online gaming: Navigating the GST burden | The India Story × 5. "Today, the 53rd GST Council Meeting has taken a lot of decisions on trade facilitation, easing compliance burden and giving relief to tax taxpayers in terms of compliance easing out. So this will benefit the traders, MSMEs and taxpayers," Sitharaman said at a briefing after the 53rd GST Council meeting. 6. "The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021. So for the same requisite amendment retrospectively with effect from 1 July 2017, the council has made a recommendation," said the finance minister. 7. Sitharaman added, "The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority shall be reduced from ₹25 Crores CGST and 25 Crores SGST to ₹20 Crore CGST and ₹20 SGST and that is the maximum amount of pre-deposit for filing appeals before the appellate authority."

Nirmala Sitharaman gets good news for hostel goers, railway services: Top points of GST council meet

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers. The collaboration brings industry-leading satellite capabilities into the managed connectivity portfolio from Comcast Business, expecting to deliver faster and more reliable connectivity, especially within underserved locations.&nbsp;

“As the first major network provider to collaborate with Starlink, we’re excited to uniquely enhance our extensive managed connectivity portfolio with advanced satellite capabilities to better serve our enterprise customers,” said Jon Friedman, Sr. Vice President, Product Strategy and Operations, Comcast Business. “Starlink’s LEO satellite technology complements our existing network infrastructure, extends our reach and further enhances Comcast Business’ ability to deliver reliable connectivity solutions to enterprises with a human touch.”&nbsp;

For those enterprises with geographically spread-out locations, the problems associated with connectivity can be huge. These may include geographical limitations, scalability worries, and reliability problems, which are less common in high-density areas. What the Comcast Business-Starlink partnership brings together is the combined expertise, products, and services of managed connectivity solutions that are both reliable and innovative.&nbsp;

It serves broadband internet users to a great many activities, including streaming, gaming, and video calls with a heavily invested low Earth orbit satellite constellation. Powered by advanced satellites, user hardware, and rich experience in spacecraft and on-orbital operations, Starlink provides high-speed internet to users globally.&nbsp;

"Starlink is excited to work with Comcast Business to deliver reliable connectivity to customers," said Jason Fritch, the Vice President of Starlink Enterprise Sales at SpaceX. "This agreement with a leading service provider is an acknowledgement of Starlink's growing role as a critical element in modern enterprise networks."&nbsp;

In particular, it will be beneficial for enterprises with operations in remote locations or underserved areas, where most traditional network infrastructure is not available or falls below standards. The inclusion of Starlink technology in Comcast Business' product suite will help a business face the challenge of its last mile through better network redundancy and giving a true connectivity solution.&nbsp;

The Comcast Business-Starlink partnership is a massive step toward enterprise connectivity. This will be positioned to provide robust and reliable connectivity options for modern enterprises because it is a combination of extensive network infrastructure courtesy of Comcast Business and cutting-edge satellite technology from Starlink.&nbsp;

The strategic partnership does not only seal the rising importance of satellite technology in enterprise networks; it also brings to the forefront Comcast Business' recommitment to a spirit of innovation and customer-centric solutions. Given the growing demand for highly reliable, high-speed internet access, this collaboration assumes a position of great importance in the future evolution of enterprise connectivity.&nbsp;

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers.

Comcast Business has entered into a strategic agreement with Starlink, one of the world's leading Low Earth Orbit (LEO) satellite technologies, to help deliver advanced connectivity solutions for enterprise customers. The collaboration brings industry-leading satellite capabilities into the managed connectivity portfolio from Comcast Business, expecting to deliver faster and more reliable connectivity, especially within underserved locations. “As the first major network provider to collaborate with Starlink, we’re excited to uniquely enhance our extensive managed connectivity portfolio with advanced satellite capabilities to better serve our enterprise customers,” said Jon Friedman, Sr. Vice President, Product Strategy and Operations, Comcast Business. “Starlink’s LEO satellite technology complements our existing network infrastructure, extends our reach and further enhances Comcast Business’ ability to deliver reliable connectivity solutions to enterprises with a human touch.” For those enterprises with geographically spread-out locations, the problems associated with connectivity can be huge. These may include geographical limitations, scalability worries, and reliability problems, which are less common in high-density areas. What the Comcast Business-Starlink partnership brings together is the combined expertise, products, and services of managed connectivity solutions that are both reliable and innovative. It serves broadband internet users to a great many activities, including streaming, gaming, and video calls with a heavily invested low Earth orbit satellite constellation. Powered by advanced satellites, user hardware, and rich experience in spacecraft and on-orbital operations, Starlink provides high-speed internet to users globally. "Starlink is excited to work with Comcast Business to deliver reliable connectivity to customers," said Jason Fritch, the Vice President of Starlink Enterprise Sales at SpaceX. "This agreement with a leading service provider is an acknowledgement of Starlink's growing role as a critical element in modern enterprise networks." In particular, it will be beneficial for enterprises with operations in remote locations or underserved areas, where most traditional network infrastructure is not available or falls below standards. The inclusion of Starlink technology in Comcast Business' product suite will help a business face the challenge of its last mile through better network redundancy and giving a true connectivity solution. The Comcast Business-Starlink partnership is a massive step toward enterprise connectivity. This will be positioned to provide robust and reliable connectivity options for modern enterprises because it is a combination of extensive network infrastructure courtesy of Comcast Business and cutting-edge satellite technology from Starlink. The strategic partnership does not only seal the rising importance of satellite technology in enterprise networks; it also brings to the forefront Comcast Business' recommitment to a spirit of innovation and customer-centric solutions. Given the growing demand for highly reliable, high-speed internet access, this collaboration assumes a position of great importance in the future evolution of enterprise connectivity.

Comcast Business and Starlink forge connectivity powerhouse

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay. This comes as the <a href="https://www.wionews.com/business-economy/us-labour-market-continues-to-cool-amid-housing-struggles-733607">labour market</a> continues to ease.

The housing inventory hit a two-year high last month. This supply can potentially offset rising costs and improve affordability. However, addressing high mortgage rates is crucial for housing market recovery. The average rate on the popular 30-year fixed mortgage raced to a six-month high in early May.

Home sales dropped 0.7 per cent to an annual rate of 4.11 million units. This is above the economists' predictions but is still a considerable drop.

US Federal Reserve's hawkish stance also plays a role. The decision to maintain interest rates comes amid a 'wait-and-watch' approach, as the central bank waits for economic cues to normalise. This could be a gamble since geopolitical turmoil, which adds to the bearish outlook, continues to hurt consumer sentiments.

However, a recent S&amp;P survey found a silver lining for the US economy and a potential boost for the Fed's policies. The survey finds that expansion in June is set to hit a 2-year high. Employment also surged for the first time in three months. The survey signals a rosy outlook and robust economic recovery for the US by year-end. This surge in optimism is led by a manufacturing rebound. The survey highlights that the 'slow and steady' economic growth aligns with the Fed's expectations to begin rate cuts later in the year.

Still, the housing market continues to hurt the US economic recovery.

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay.

The housing slump in the US continues. Existing home sales slumped for a third consecutive month in May as record-high prices and rising mortgage rates kept potential buyers at bay. This comes as the labour market continues to ease. The housing inventory hit a two-year high last month. This supply can potentially offset rising costs and improve affordability. However, addressing high mortgage rates is crucial for housing market recovery. The average rate on the popular 30-year fixed mortgage raced to a six-month high in early May. Home sales dropped 0.7 per cent to an annual rate of 4.11 million units. This is above the economists' predictions but is still a considerable drop. US Federal Reserve's hawkish stance also plays a role. The decision to maintain interest rates comes amid a 'wait-and-watch' approach, as the central bank waits for economic cues to normalise. This could be a gamble since geopolitical turmoil, which adds to the bearish outlook, continues to hurt consumer sentiments. However, a recent S&P survey found a silver lining for the US economy and a potential boost for the Fed's policies. The survey finds that expansion in June is set to hit a 2-year high. Employment also surged for the first time in three months. The survey signals a rosy outlook and robust economic recovery for the US by year-end. This surge in optimism is led by a manufacturing rebound. The survey highlights that the 'slow and steady' economic growth aligns with the Fed's expectations to begin rate cuts later in the year. Still, the housing market continues to hurt the US economic recovery.

US economy to rebound in 2024? Housing market struggles, manufacturing rebounds

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer.&nbsp;

The US Energy Information Administration data showed refiners' net production of jet fuel rose to about 1.9 million barrels per day (bpd) last week, an increase of 8 per cent versus the same period in the previous year and the largest weekly total since January 2020.&nbsp;

Government agencies and travel groups are preparing for the highest number of passengers at airports this summer, with jet fuel consumption rising above pre-pandemic levels for the first time. A record 5.74 million people will be flying around the July 4 holiday, according to estimates by the American Automobile Association.&nbsp;

A recent note from JPMorgan analysed that global jet fuel demand has surged above pre-pandemic levels for the first time. Data from the US Energy Information Administration showed the four-week average jet fuel demand at 1.75 million barrels per day (bpd) last week, the highest for this time since 2019.&nbsp;

According to Matias Togni, founder of energy research firm Galpon Shipping &amp; Trading, greater refinery output should help keep the market well-supplied to match the surge in demand expected over the holidays. Since the beginning of the year, US refiners have built more than 2 million barrels of jet fuel in stockpiles, pushing inventories to 41.95 million barrels as of June 14. That is 2 per cent more than last year and in line with the five-year seasonal average.&nbsp;

Despite higher travel forecasts, domestic airfares around the July 4 holiday are down 2 per cent from last year, said AAA. And according to flight tracker Airportia, total US flights are up 1 per cent compared to last year. On Thursday alone, Airportia tracked 30,264 US flights, a 7.2 per cent increase over the same time last year.&nbsp;

Boosting jet fuel production, combined with rising passenger traffic, indicates that the hard-hit aviation industry is on the path to a full recovery from the pandemic. Building stockpiles and raising output will be important for US refiners to weather the demand, typically strong in peak travel seasons.&nbsp;

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer.

US refiners churned out jet fuel at the fastest pace since COVID, according to government data last week, roaring back to meet forecasts for record air travel this summer. The US Energy Information Administration data showed refiners' net production of jet fuel rose to about 1.9 million barrels per day (bpd) last week, an increase of 8 per cent versus the same period in the previous year and the largest weekly total since January 2020. Government agencies and travel groups are preparing for the highest number of passengers at airports this summer, with jet fuel consumption rising above pre-pandemic levels for the first time. A record 5.74 million people will be flying around the July 4 holiday, according to estimates by the American Automobile Association. A recent note from JPMorgan analysed that global jet fuel demand has surged above pre-pandemic levels for the first time. Data from the US Energy Information Administration showed the four-week average jet fuel demand at 1.75 million barrels per day (bpd) last week, the highest for this time since 2019. According to Matias Togni, founder of energy research firm Galpon Shipping & Trading, greater refinery output should help keep the market well-supplied to match the surge in demand expected over the holidays. Since the beginning of the year, US refiners have built more than 2 million barrels of jet fuel in stockpiles, pushing inventories to 41.95 million barrels as of June 14. That is 2 per cent more than last year and in line with the five-year seasonal average. Despite higher travel forecasts, domestic airfares around the July 4 holiday are down 2 per cent from last year, said AAA. And according to flight tracker Airportia, total US flights are up 1 per cent compared to last year. On Thursday alone, Airportia tracked 30,264 US flights, a 7.2 per cent increase over the same time last year. Boosting jet fuel production, combined with rising passenger traffic, indicates that the hard-hit aviation industry is on the path to a full recovery from the pandemic. Building stockpiles and raising output will be important for US refiners to weather the demand, typically strong in peak travel seasons.

Jet fuel surge: Are US refiners ready for record summer travel?

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months. There was an instant and huge inflow of grassroots donations immediately after the jury verdict on May 30 that pronounced Trump guilty of 34 felony counts of falsifying business records. Trump's campaign is purported to have raked in millions of dollars within hours.&nbsp;

By June 1, Trump's campaign purse swelled to $116.6 million, eclipsing Biden's $91.6 million, according to new campaign finance filings released on Thursday. Quite a comeback for Trump, who was behind by more than $40 million just two months ago.&nbsp;

The latest financial disclosure offers but a glimpse of the cruise navigation charting altogether the breadth of campaign finance in the ensuing months. It nonetheless reflects a formidable fundraising prowess reinforced by both major contributors and small-dollar donors-to the pockets of Mr. Trump. To this, an heir to a banking fortune, Timothy Mellon, gave $50 million to a super-PAC supporting Trump just one day after his conviction. This is one of the largest single donations ever recorded in campaign finance history.&nbsp;

Also, in support of Trump, Sequoia Capital partner Shaun Maguire donated immediately after the verdict. In total, Trump and the Republican National Committee raised a huge $141 million haul in May, far outpacing the $81 million Biden and the Democratic National Committee raised.&nbsp;

Although the election law allows individuals no more than $3,300 contribution per candidate per election, Trump's campaign currently reaps a grassroots surge to reach such figures. Moreover, his campaign smartly reaches out to billionaire donors who have been able to secure hefty sums not only in formal campaign contributions but also in Trump-affiliated groups that can receive unlimited sums. Some of these contributions will only be disclosed in future finance reports.&nbsp;

While President Biden's campaign raked in a lot of money, more than those in April, it was still smaller than Trump's deep pockets. Biden's campaign has been judicious about where to spend, building campaign infrastructure that has essentially reduced cash-on-hand figure.&nbsp;

This has reshaped the entire financial landscape of the 2024 presidential campaign, with this robust support from both grassroots donors and wealthy donors in Trump's campaign, he shall be financially positioned to quite aggressively pursue its objectives while the Biden team continues to strategise and mobilise to tackle a highly competitive race.&nbsp;

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months.

The recent felony conviction of former President Donald Trump has dramatically increased campaign coffers, propelling him over the cash reserves painstakingly built by President Joe Biden's campaign over months. There was an instant and huge inflow of grassroots donations immediately after the jury verdict on May 30 that pronounced Trump guilty of 34 felony counts of falsifying business records. Trump's campaign is purported to have raked in millions of dollars within hours. By June 1, Trump's campaign purse swelled to $116.6 million, eclipsing Biden's $91.6 million, according to new campaign finance filings released on Thursday. Quite a comeback for Trump, who was behind by more than $40 million just two months ago. The latest financial disclosure offers but a glimpse of the cruise navigation charting altogether the breadth of campaign finance in the ensuing months. It nonetheless reflects a formidable fundraising prowess reinforced by both major contributors and small-dollar donors-to the pockets of Mr. Trump. To this, an heir to a banking fortune, Timothy Mellon, gave $50 million to a super-PAC supporting Trump just one day after his conviction. This is one of the largest single donations ever recorded in campaign finance history. Also, in support of Trump, Sequoia Capital partner Shaun Maguire donated immediately after the verdict. In total, Trump and the Republican National Committee raised a huge $141 million haul in May, far outpacing the $81 million Biden and the Democratic National Committee raised. Although the election law allows individuals no more than $3,300 contribution per candidate per election, Trump's campaign currently reaps a grassroots surge to reach such figures. Moreover, his campaign smartly reaches out to billionaire donors who have been able to secure hefty sums not only in formal campaign contributions but also in Trump-affiliated groups that can receive unlimited sums. Some of these contributions will only be disclosed in future finance reports. While President Biden's campaign raked in a lot of money, more than those in April, it was still smaller than Trump's deep pockets. Biden's campaign has been judicious about where to spend, building campaign infrastructure that has essentially reduced cash-on-hand figure. This has reshaped the entire financial landscape of the 2024 presidential campaign, with this robust support from both grassroots donors and wealthy donors in Trump's campaign, he shall be financially positioned to quite aggressively pursue its objectives while the Biden team continues to strategise and mobilise to tackle a highly competitive race.

Trump's fundraising outpouring puts him ahead of Biden 

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system.

Talking about the state of the economy, the RBI said that global growth was resilient in the first quarter of 2024. The RBI notes that many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. The European Central Bank &amp; tge Swiss National Bank are some examples. The Bank of England, however, maintains the Fed's hawkish stance and waits for year-end to initiate rate cuts.

In India, indicators suggest that the real GDP growth in quarter one of 2024-25 is broadly in sync with the growth achieved in previous quarters. The early landfall of the southwest monsoon has boosted agricultural prospects. Headline inflation is gradually easing, although the path of disinflation is interrupted by volatile and elevated food prices. Food inflation was the only major concern highlighted in the recent address of RBI's governor, Shaktikanta Das.

Regarding financial stocks and the flow of funds, the RBI bulletin notes that households and financial corporations remain surplus sectors that accommodate the deficit of non-financial corporations.

The economy borrowed more money than it lent, even though demand for goods and services increased. This happened because banks lent less money, and businesses and households preferred to save more or invest their money elsewhere. The net financial wealth of the domestic sector moderated to 29.8 per cent of GDP at the end of March 2022.

Coming to India's deposit insurance system, the bulletin notes that the broader spread and coverage of deposit insurance has globally amplified&nbsp;since the global financial crisis.

India's deposit insurance system has completed sixty years since its inception. Major achievements include enhanced coverage, speedy settlements, revisions in premiums, and initiatives for depositor awareness.

The RBI bulletin notes that the reserve ratio, which is the minimum amount of money banks keep on hold, is set to steadily increase in the near future.

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system.

In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system. Talking about the state of the economy, the RBI said that global growth was resilient in the first quarter of 2024. The RBI notes that many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. The European Central Bank & tge Swiss National Bank are some examples. The Bank of England, however, maintains the Fed's hawkish stance and waits for year-end to initiate rate cuts. In India, indicators suggest that the real GDP growth in quarter one of 2024-25 is broadly in sync with the growth achieved in previous quarters. The early landfall of the southwest monsoon has boosted agricultural prospects. Headline inflation is gradually easing, although the path of disinflation is interrupted by volatile and elevated food prices. Food inflation was the only major concern highlighted in the recent address of RBI's governor, Shaktikanta Das. Regarding financial stocks and the flow of funds, the RBI bulletin notes that households and financial corporations remain surplus sectors that accommodate the deficit of non-financial corporations. The economy borrowed more money than it lent, even though demand for goods and services increased. This happened because banks lent less money, and businesses and households preferred to save more or invest their money elsewhere. The net financial wealth of the domestic sector moderated to 29.8 per cent of GDP at the end of March 2022. Coming to India's deposit insurance system, the bulletin notes that the broader spread and coverage of deposit insurance has globally amplified since the global financial crisis. India's deposit insurance system has completed sixty years since its inception. Major achievements include enhanced coverage, speedy settlements, revisions in premiums, and initiatives for depositor awareness. The RBI bulletin notes that the reserve ratio, which is the minimum amount of money banks keep on hold, is set to steadily increase in the near future.

RBI bulletin: India’s economic report card for June

Citi analysts assume oil prices will peak this summer before crashing next year.&nbsp;

"We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel.&nbsp;

"We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee.&nbsp;

Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share.&nbsp;

"In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price."&nbsp;

&nbsp; 
In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said.&nbsp;

Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year.&nbsp;

"Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note.&nbsp;

A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025.&nbsp;

These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.&nbsp;

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week.

Citi analysts assume oil prices will peak this summer before crashing next year. "We essentially think ... global inventories will be building a lot next year," Citi's global energy strategist Eric Lee told Yahoo Finance this week. West Texas Intermediate crude CL=F rose less than a per cent on Thursday to remain nearly at $82 per barrel, while Brent BZ=F, the international benchmark price, advanced more than a per cent to just over $85 per barrel. "We do think that there is a bit of a tight stretch [with supply] through the summer, so we do see prices staying in the low- to mid-80s for a little longer. But as we're looking through the second half of the year into 2025, we really see markets getting a lot weightier," said Lee. Lee expects Brent crude to begin its slide into the $70 range later this year and into the $60 range in 2025. The forecast comes amid recent signals from what's known as oil alliance OPEC+ that it would start phasing out voluntary production cuts, a move curated in response to member countries' hues and cries about losing market share. "In our base case, we have 1.4 million barrels [of] global oil stock building next year after a roughly balanced market this year," said Lee. "I think when the market sees that, that is bearish for the price." In addition, he sees oil demand growth slowing further out because of the acceleration in electric vehicle adoption. "Oil demand can grow at a slower and slower rate relative to GDP and in fact peak before the end of this decade," Lee said. Although Citi is known for relatively bearish calls on crude, other analysts also predict a price downtrend next year. JPMorgan strategists call for Brent to average $75 per barrel in 2025, down from $83 this year. "Global oil demand growth will likely decelerate from 1.4 million barrels per day this year to 1 million barrels per day in 2025 as the last phase of the post-pandemic rebound dissipates and advancing energy efficiencies and an expanding electric vehicle fleet gain ground," Natasha Kaneva, head of global commodities strategy at JPMorgan, said in a recent note. A consensus cited by Goldman Sachs, specifically, views Brent averaging $84 per barrel this year on the back of a supply squeeze over the summer while saying that the firm expects the international benchmark to average $82 per barrel by 2025. These oil price outlooks depict a complicated interaction of the dynamics of supply, inventory levels, and especially fast-changing patterns in demand. Should OPEC+ alter its production strategy and see an accelerated pace in terms of the global path to electric vehicles, as previously mentioned, the watch for market participants will be these evolving events shaping future price trends. A potential drop of such nature may hit a reckoning on energy markets and the economy at large, everything from consumer prices to geopolitics.

Oil prices set to soar this summer, plunge in 2025: Citi analysts

Dell and Super Micro Computer stocks rose on Thursday after Elon Musk mentioned the two companies as providing the kind of essential hardware in the supercomputer his firm, AI startup xAI, is developing.&nbsp;

The outsized stock prices of these companies surge in reflection of Wall Street's rising optimism over AI technology. Investors are hanging onto every opportunity to get into AI businesses, from consumer-facing brands offering AI applications to manufacturers that work with chips and servers that form the bedrock of AI infrastructure.&nbsp;

Dell's stock surged by as much as 5 per cent Thursday morning, and shares of Super Micro spiked nearly 9 per cent. The stock pop was partly spurred by a Wednesday tweet from Dell's CEO, Michael Dell, who wrote on X (formerly Twitter), "We're building a Dell AI factory with Nvidia to power Grok for xAI." A few hours later, Musk tweeted that Dell would be making half of the supercomputer's racks; when asked which company would make the other half, Musk replied, "SMC."&nbsp;

The AI announcement came on the Juneteenth holiday when markets were closed. No sooner than when the markets opened again, investors pounced, sending the stocks of both companies through the roof.&nbsp;

Dell and Super Micro set themselves strategically to benefit from the rapidly expanding AI technologies. This came even earlier in the week when Super Micro revealed plans to expand the Silicon Valley facilities to accommodate its AI business. And Dell reported last month that revenue from its AI servers had more than doubled from the previous quarter.&nbsp;

Well, it's just a remarkable piece of work that Elon Musk is doing to prepare xAI to stay ahead in the AI industry, as large technology companies like Microsoft and Alphabet, Google's parent company, are already quite far ahead. The AI firm of Musk raised $6 billion last month following series B funding and reached a valuation of $24 billion. The huge investment reflects the stakes in a fast-evolving field of high-speed competition.&nbsp;

Other major players are getting into AI, as well. Early this month, Apple unfolded its strategic vision at the Worldwide Developers Conference by unleashing Apple Intelligence. This is a big shift as Apple plans to integrate different AI-powered features into its operating systems and products.&nbsp;

Although it posted impressive gains for several tech giants, there's no like-to-like comparison for Nvidia. Immediately upon the news from Dell and Super Micro, shares of Nvidia rose more than 2 per cent on Thursday alone. Its market capitalization has already proved an iconic AI rally play of over $3.42 trillion.&nbsp;

In the final analysis, the stocks of companies like Dell and Super Micro surged, again underscoring increasing investor enthusiasm toward the technology. Massive contributions from major tech firms and new entrants into the field, like xAI, tell us there is no evidence to doubt the plausible growth this industry will experience. Looking at these and other companies continuing to innovate and grow, exciting developments lie ahead for the landscape of AI technology.&nbsp;

Dell and Super Micro Computer stocks rose on Thursday after Elon Musk mentioned the two companies as providing the kind of essential hardware in the supercomputer his firm, AI startup xAI, is developing.

Dell and Super Micro Computer stocks rose on Thursday after Elon Musk mentioned the two companies as providing the kind of essential hardware in the supercomputer his firm, AI startup xAI, is developing. The outsized stock prices of these companies surge in reflection of Wall Street's rising optimism over AI technology. Investors are hanging onto every opportunity to get into AI businesses, from consumer-facing brands offering AI applications to manufacturers that work with chips and servers that form the bedrock of AI infrastructure. Dell's stock surged by as much as 5 per cent Thursday morning, and shares of Super Micro spiked nearly 9 per cent. The stock pop was partly spurred by a Wednesday tweet from Dell's CEO, Michael Dell, who wrote on X (formerly Twitter), "We're building a Dell AI factory with Nvidia to power Grok for xAI." A few hours later, Musk tweeted that Dell would be making half of the supercomputer's racks; when asked which company would make the other half, Musk replied, "SMC." The AI announcement came on the Juneteenth holiday when markets were closed. No sooner than when the markets opened again, investors pounced, sending the stocks of both companies through the roof. Dell and Super Micro set themselves strategically to benefit from the rapidly expanding AI technologies. This came even earlier in the week when Super Micro revealed plans to expand the Silicon Valley facilities to accommodate its AI business. And Dell reported last month that revenue from its AI servers had more than doubled from the previous quarter. Well, it's just a remarkable piece of work that Elon Musk is doing to prepare xAI to stay ahead in the AI industry, as large technology companies like Microsoft and Alphabet, Google's parent company, are already quite far ahead. The AI firm of Musk raised $6 billion last month following series B funding and reached a valuation of $24 billion. The huge investment reflects the stakes in a fast-evolving field of high-speed competition. Other major players are getting into AI, as well. Early this month, Apple unfolded its strategic vision at the Worldwide Developers Conference by unleashing Apple Intelligence. This is a big shift as Apple plans to integrate different AI-powered features into its operating systems and products. Although it posted impressive gains for several tech giants, there's no like-to-like comparison for Nvidia. Immediately upon the news from Dell and Super Micro, shares of Nvidia rose more than 2 per cent on Thursday alone. Its market capitalization has already proved an iconic AI rally play of over $3.42 trillion. In the final analysis, the stocks of companies like Dell and Super Micro surged, again underscoring increasing investor enthusiasm toward the technology. Massive contributions from major tech firms and new entrants into the field, like xAI, tell us there is no evidence to doubt the plausible growth this industry will experience. Looking at these and other companies continuing to innovate and grow, exciting developments lie ahead for the landscape of AI technology.

Elon Musk's AI ambitions ignite Dell and Super Micro stocks

McDonald's is pushing a highly awaited $5 valued meal to revive the lacklustre&nbsp;sales and to tempt consumers who have been cutting back fast-food spending. Their "$5 Meal Deal" will include the choice of either a McDouble cheeseburger or a McChicken sandwich, small French fries, 4-piece chicken nuggets, and a small soft drink at all participating McDonald's restaurants in the US from June 25 through a limited-time offer.&nbsp;

"We heard our fans loud and clear — they're looking for even more great value from us, and this summer that's exactly what they'll get," said Joe Erlinger, president of McDonald's USA, in a press release.&nbsp;

A deal for the newest value meal from McDonald's was first reported by the Wall Street Journal last month. Now, fast-food rivals like Burger King, Wendy's, and even Starbucks are rolling out deals of their own to try and win over budget-conscious customers.&nbsp;

The introduction of the McDonald's $5 Meal Deal comes at a great time, as it coincides with the chain's drive to get away from this perception that the restaurant is getting too pricey for everyday folk. That notion prompted Erlinger to pen an open letter regarding "viral social posts and poorly sourced reports" claiming McDonald's prices have increased by well over the rate of inflation.&nbsp;

“The average price of a Big Mac in the US was $4.39 in 2019,” he wrote. “Despite a global pandemic and historic rises in supply chain costs, wages and other inflationary pressures in the years that followed, the average cost is now $5.29. That’s an increase of 21 per cent (not 100 per cent).”&nbsp;

Results from online complaints with respect to fast food prices are manifesting themselves in reduced spending. Diners, upset by higher prices, are very well eating out less often and spending less when they do go out, so they contribute to an overall slowdown in sales at fast-food eateries and a decline in customer traffic.&nbsp;

In its announcement Thursday, McDonald's said other franchisees are also offering special deals to attract more customers. Those include a "buy one, get one" deal for $1 breakfast sandwiches in Memphis and a double cheeseburger plus small fries combo for $3.50 in Columbus, Ohio.&nbsp;

“Affordable prices and creating memorable moments are what McDonald’s is all about,” said John Palmaccio, a McDonald’s owner and chair of the Operator’s National Advertising Fund. “As small business owners, it’s our responsibility to deliver great value to our local communities when they need it most.”&nbsp;

The fast-food giant is set to release its next earnings report in late July. How well the new value meal is performing will likely play a large role in assessing the strategy of the company to recapture momentum and appeal to price-conscious consumers amidst a competitive fast-food landscape.&nbsp;

The $5 Meal Deal will certainly sweep in more sales with its appeal, but for McDonald's, it also stands to drive that hard psychological message across to customers: It remains committed to value price services in restaurants while retaining customer loyalty in an economy wracked with hardship.&nbsp;

McDonald's is pushing a highly awaited $5 valued meal to revive the lacklustre sales and to tempt consumers who have been cutting back fast-food spending. Their "$5 Meal Deal" will include the choice of either a McDouble cheeseburger or a McChicken sandwich, small French fries, 4-piece chicken nuggets, and a small soft drink at all participating McDonald's restaurants in the US from June 25 through a limited-time offer.

McDonald's is pushing a highly awaited $5 valued meal to revive the lacklustre sales and to tempt consumers who have been cutting back fast-food spending. Their "$5 Meal Deal" will include the choice of either a McDouble cheeseburger or a McChicken sandwich, small French fries, 4-piece chicken nuggets, and a small soft drink at all participating McDonald's restaurants in the US from June 25 through a limited-time offer. "We heard our fans loud and clear — they're looking for even more great value from us, and this summer that's exactly what they'll get," said Joe Erlinger, president of McDonald's USA, in a press release. A deal for the newest value meal from McDonald's was first reported by the Wall Street Journal last month. Now, fast-food rivals like Burger King, Wendy's, and even Starbucks are rolling out deals of their own to try and win over budget-conscious customers. The introduction of the McDonald's $5 Meal Deal comes at a great time, as it coincides with the chain's drive to get away from this perception that the restaurant is getting too pricey for everyday folk. That notion prompted Erlinger to pen an open letter regarding "viral social posts and poorly sourced reports" claiming McDonald's prices have increased by well over the rate of inflation. “The average price of a Big Mac in the US was $4.39 in 2019,” he wrote. “Despite a global pandemic and historic rises in supply chain costs, wages and other inflationary pressures in the years that followed, the average cost is now $5.29. That’s an increase of 21 per cent (not 100 per cent).” Results from online complaints with respect to fast food prices are manifesting themselves in reduced spending. Diners, upset by higher prices, are very well eating out less often and spending less when they do go out, so they contribute to an overall slowdown in sales at fast-food eateries and a decline in customer traffic. In its announcement Thursday, McDonald's said other franchisees are also offering special deals to attract more customers. Those include a "buy one, get one" deal for $1 breakfast sandwiches in Memphis and a double cheeseburger plus small fries combo for $3.50 in Columbus, Ohio. “Affordable prices and creating memorable moments are what McDonald’s is all about,” said John Palmaccio, a McDonald’s owner and chair of the Operator’s National Advertising Fund. “As small business owners, it’s our responsibility to deliver great value to our local communities when they need it most.” The fast-food giant is set to release its next earnings report in late July. How well the new value meal is performing will likely play a large role in assessing the strategy of the company to recapture momentum and appeal to price-conscious consumers amidst a competitive fast-food landscape. The $5 Meal Deal will certainly sweep in more sales with its appeal, but for McDonald's, it also stands to drive that hard psychological message across to customers: It remains committed to value price services in restaurants while retaining customer loyalty in an economy wracked with hardship.

McDonald's launches $5 meal deal to reignite sales and appeal to budget-conscious diners

India's foreign exchange reserves fell in the latest week as the Reserve Bank of India intervened in the currency market to limit the rupee's fall against a strengthening dollar.

This comes after the country's import cover hit record highs for two weeks before the latest week.

<a href="https://m.rbi.org.in/Scripts/WSSViewDetail.aspx?TYPE=Section&amp;PARAM1=2">The RBI's weekly statistical supplement data</a> showed that the forex reserves fell to around <a href="https://rbidocs.rbi.org.in/rdocs/Wss/PDFs/2T_21062024B70233796770444AABEC806983B80B3B.PDF">$653 billion</a> in the week ending June 14, down from a record high of nearly <a href="https://rbidocs.rbi.org.in/rdocs/Wss/PDFs/2T_1406202483650C57AB514A3EB6695F1B61FFEC9B.PDF">$656 billion</a> the previous week.

Foreign exchange reserves help a country pay for imports, and the war chest is used for external debt payments.

Usually, currency moves weigh heavily on the import cover, and the story is no different in the latest week.

Dollar strength weighing on rupee

The dollar has strengthened on bets the US Federal Reserve will take longer to pivot to policy easing even as other major central banks have brought their knives out already.

According to the latest Federal Open Market Committee's (FOMC) dot plot projections, the central bank will cut rates just once by the end of this year, compared to three pencilled in by US policymakers themselves as recently as March.

While the RBI is also not likely to cut rates anytime soon, and the last leg of the inflation fight is likely to take longer than previously thought, the Fed's outlook drives global currencies.

With the monetary policy divergence out of the scenario, the rupee's moves are not driven solely by the other side of the exchange story.

Foreign inflows remain a question mark

While Indian stocks have risen to repeat record highs this month, foreign inflows have been subdued, and demand for dollars by importers and large institutions has jumped.

Broadly, foreign investors have stayed on the sidelines even as the inflows into Indian bonds have jumped in recent weeks.

Traders say the <a href="https://www.wionews.com/business-economy/rbi-intervention-helps-the-indian-rupee-avoid-record-low-731011">RBI has intervened in the forex market</a> to prevent extreme moves in the rupee and limit its fall.

"The Indian rupee started experiencing pressure due to the recent election results, which led to a coalition government, dampening investor sentiments," said Amit Pabari, Managing Director and founder of CR Forex.

"Moreover, the Indian rupee has been under pressure due to increased demand from oil importers, a factor that has been further exacerbated by the hawkish Fed policy and stronger-than-expected economic data from the US, keeping the Indian rupee on the weaker side last week," added Pabari.

Still, India's import war chest has swelled this year and is near record highs, giving the central bank more buffer to keep the rupee in a range, albeit near record lows.

This week, the Indian currency hit its weakest level against the dollar, with dollar demand jumping and a rise in global oil prices weighing on the rupee.

India vs its neighbours' FX reserves

Despite the nearly $3 billion fall in India's FX reserves in the latest week, the country is better off than its neighbours, who have, at best, a few months of import cover as foreign currency reserves.

The weekly changes in reserves matter little to financial markets unless there is a significant change.

With <a href="https://www.wionews.com/business-economy/indias-economy-gains-momentum-business-activity-jumps-job-creation-at-18-year-high-733945">India's economic growth</a> on a solid path and one of the fastest rates in the world, investors will likely see this as a blip rather than a trend.

The outlook for the country's reserves remains broadly robust even as the rupee hit its weakest rate against the dollar this week.

"The major trigger for the rupee's fall towards its all-time low was a major outflow of $1.7 billion from Vodafone's Indus Tower stake sale, which exerted considerable pressure on the currency, especially in the absence of bids for the dollar," said Pabari.

"Additionally, dollar demand from oil-importing companies has recently surged, resulting in a rise in oil prices, which have risen by nearly 10.5% in the past two weeks. The rupee faced some strain, which combined to make it mark its all-time low," added CR Forex's Managing Director.

Traders expect the RBI to dip into the forex reserves to stem the fall in the rupee.

However, they do not predict any significant erosion of the country's import war chest.

Outlook for the rupee ahead of the budget

The rupee is broadly expected to remain in a tight range, albeit near record low levels as investors eye several announcements from the coalition government's new budget.

Pabari from CR Forex said, "Factors including economic conditions, investor sentiment, and global market trends can influence the rupee's outlook ahead of the budget announcement."

"It's important to note that the performance of the rupee post-budget under coalition governments has been far from predictable. The need to appease multiple political partners often results in cautious budgets, which can hinder the implementation of bold reforms. In such scenarios, markets tend to respond more favourably to budgets that demonstrate fiscal prudence and clear reform measures," he added.

India's foreign exchange reserves fell in the latest week as the Reserve Bank of India intervened in the currency market to limit the rupee's fall against a strengthening dollar.

India's foreign exchange reserves fell in the latest week as the Reserve Bank of India intervened in the currency market to limit the rupee's fall against a strengthening dollar. This comes after the country's import cover hit record highs for two weeks before the latest week. The RBI's weekly statistical supplement data showed that the forex reserves fell to around $653 billion in the week ending June 14, down from a record high of nearly $656 billion the previous week. Foreign exchange reserves help a country pay for imports, and the war chest is used for external debt payments. Usually, currency moves weigh heavily on the import cover, and the story is no different in the latest week. Dollar strength weighing on rupee The dollar has strengthened on bets the US Federal Reserve will take longer to pivot to policy easing even as other major central banks have brought their knives out already. According to the latest Federal Open Market Committee's (FOMC) dot plot projections, the central bank will cut rates just once by the end of this year, compared to three pencilled in by US policymakers themselves as recently as March. While the RBI is also not likely to cut rates anytime soon, and the last leg of the inflation fight is likely to take longer than previously thought, the Fed's outlook drives global currencies. With the monetary policy divergence out of the scenario, the rupee's moves are not driven solely by the other side of the exchange story. Foreign inflows remain a question mark While Indian stocks have risen to repeat record highs this month, foreign inflows have been subdued, and demand for dollars by importers and large institutions has jumped. Broadly, foreign investors have stayed on the sidelines even as the inflows into Indian bonds have jumped in recent weeks. Traders say the RBI has intervened in the forex market to prevent extreme moves in the rupee and limit its fall. "The Indian rupee started experiencing pressure due to the recent election results, which led to a coalition government, dampening investor sentiments," said Amit Pabari, Managing Director and founder of CR Forex. "Moreover, the Indian rupee has been under pressure due to increased demand from oil importers, a factor that has been further exacerbated by the hawkish Fed policy and stronger-than-expected economic data from the US, keeping the Indian rupee on the weaker side last week," added Pabari. Still, India's import war chest has swelled this year and is near record highs, giving the central bank more buffer to keep the rupee in a range, albeit near record lows. This week, the Indian currency hit its weakest level against the dollar, with dollar demand jumping and a rise in global oil prices weighing on the rupee. India vs its neighbours' FX reserves Despite the nearly $3 billion fall in India's FX reserves in the latest week, the country is better off than its neighbours, who have, at best, a few months of import cover as foreign currency reserves. The weekly changes in reserves matter little to financial markets unless there is a significant change. With India's economic growth on a solid path and one of the fastest rates in the world, investors will likely see this as a blip rather than a trend. The outlook for the country's reserves remains broadly robust even as the rupee hit its weakest rate against the dollar this week. "The major trigger for the rupee's fall towards its all-time low was a major outflow of $1.7 billion from Vodafone's Indus Tower stake sale, which exerted considerable pressure on the currency, especially in the absence of bids for the dollar," said Pabari. "Additionally, dollar demand from oil-importing companies has recently surged, resulting in a rise in oil prices, which have risen by nearly 10.5% in the past two weeks. The rupee faced some strain, which combined to make it mark its all-time low," added CR Forex's Managing Director. Traders expect the RBI to dip into the forex reserves to stem the fall in the rupee. However, they do not predict any significant erosion of the country's import war chest. Outlook for the rupee ahead of the budget The rupee is broadly expected to remain in a tight range, albeit near record low levels as investors eye several announcements from the coalition government's new budget. Pabari from CR Forex said, "Factors including economic conditions, investor sentiment, and global market trends can influence the rupee's outlook ahead of the budget announcement." "It's important to note that the performance of the rupee post-budget under coalition governments has been far from predictable. The need to appease multiple political partners often results in cautious budgets, which can hinder the implementation of bold reforms. In such scenarios, markets tend to respond more favourably to budgets that demonstrate fiscal prudence and clear reform measures," he added.

India's forex reserves fall from record highs

Europe is currently struggling with high inflation and trade friction with China. This has affected Europe's job market, with layoff announcements across industries.

Since the start of April, TSB, the British Bank owned by Spain's Sabadell, is seeking 250 job cuts. Beyond Banking, the French supermarket chain CASINO said it would cut over 3000 jobs to address financial woes. Ted Baker, another retailer, announced the closure of 15 stories in Britain and 250 job cuts. Similar layoffs have been announced in the tech and mining sectors.

This comes amid the European Union's tussle with China over its trade surplus. The EU levied tariffs up to 38 per cent on certain Chinese EVs. The commission defended the move, saying it was to protect domestic industries from cheap Chinese goods. However, major European economies have voiced concerns over the potential economic threats lurking in going after the largest car market in the world.

China's retaliatory probe on EU pork imports further complicates matters. EU farmers are currently in the crossfire. China is the largest pork consumer in the world, with four major EU nations as top exporters to China. Rising energy costs further threaten farmer profits, prompting processors to cut jobs.

Europe's economic woes are highlighted in the soaring housing costs. Barcelona, a popular tourist destination, announced plans to shut all holiday apartments by 2028. This 'drastic' move aims to counter the soaring home prices. The country's growth rate was recently revised downward to an average of 1 per cent.

Europe is currently struggling with high inflation and trade friction with China. This has affected Europe's job market, with layoff announcements across industries.

Europe is currently struggling with high inflation and trade friction with China. This has affected Europe's job market, with layoff announcements across industries. Since the start of April, TSB, the British Bank owned by Spain's Sabadell, is seeking 250 job cuts. Beyond Banking, the French supermarket chain CASINO said it would cut over 3000 jobs to address financial woes. Ted Baker, another retailer, announced the closure of 15 stories in Britain and 250 job cuts. Similar layoffs have been announced in the tech and mining sectors. This comes amid the European Union's tussle with China over its trade surplus. The EU levied tariffs up to 38 per cent on certain Chinese EVs. The commission defended the move, saying it was to protect domestic industries from cheap Chinese goods. However, major European economies have voiced concerns over the potential economic threats lurking in going after the largest car market in the world. China's retaliatory probe on EU pork imports further complicates matters. EU farmers are currently in the crossfire. China is the largest pork consumer in the world, with four major EU nations as top exporters to China. Rising energy costs further threaten farmer profits, prompting processors to cut jobs. Europe's economic woes are highlighted in the soaring housing costs. Barcelona, a popular tourist destination, announced plans to shut all holiday apartments by 2028. This 'drastic' move aims to counter the soaring home prices. The country's growth rate was recently revised downward to an average of 1 per cent.

Europe's economy in flux: Companies cut jobs as inflation and trade friction with China bites

India's economic growth continues to expand despite a global slowdown. The HSBC's flash India Composite Purchasing Managers' Index (PMI) rose to 60.9 in June from last month's 60.5. This marks a faster expansion owing to growth in manufacturing and services sectors.

But what's more exciting is the pace of job creation. The survey showed that the job creation was at its strongest in over 18 years. This comes as a welcome boost for the newly elected government. When the country is growing by over 8 per cent, it's critical to ensure a robust inflow of jobs in the market. Despite the optimistic numbers, ensuring that jobs continue to grow is paramount.

India's export orders also registered substantial gains, marking the 22nd consecutive month of growth in June. The pace, however, slightly eased after record growth last month.

Coming to India's price pressures, price increases eased since May, pointing out an improving retail inflation outlook. Service input costs also eased to a 4-month low.

Although business confidence has weakened in the short term, the outlook for the year remains positive. Companies expect gains based on recent proposals, efficiency boosts, &amp; forecasts for favourable exchange rates. This comes as India registers a fall in its <a href="https://www.wionews.com/business-economy/indias-forex-reserves-fall-from-record-highs-733909">forex reserves</a> from the record-high of $656 billion.

All eyes are on the upcoming budget. Finance Minister Nirmala Sitharaman recently convened a high-level meeting with leading economists to chart the economic roadmap. The emphasis is expected to be on policy continuity across key sectors and fiscal discipline.

India's economic growth continues to expand despite a global slowdown. The HSBC's flash India Composite Purchasing Managers' Index (PMI) rose to 60.9 in June from last month's 60.

India's economic growth continues to expand despite a global slowdown. The HSBC's flash India Composite Purchasing Managers' Index (PMI) rose to 60.9 in June from last month's 60.5. This marks a faster expansion owing to growth in manufacturing and services sectors. But what's more exciting is the pace of job creation. The survey showed that the job creation was at its strongest in over 18 years. This comes as a welcome boost for the newly elected government. When the country is growing by over 8 per cent, it's critical to ensure a robust inflow of jobs in the market. Despite the optimistic numbers, ensuring that jobs continue to grow is paramount. India's export orders also registered substantial gains, marking the 22nd consecutive month of growth in June. The pace, however, slightly eased after record growth last month. Coming to India's price pressures, price increases eased since May, pointing out an improving retail inflation outlook. Service input costs also eased to a 4-month low. Although business confidence has weakened in the short term, the outlook for the year remains positive. Companies expect gains based on recent proposals, efficiency boosts, & forecasts for favourable exchange rates. This comes as India registers a fall in its forex reserves from the record-high of $656 billion. All eyes are on the upcoming budget. Finance Minister Nirmala Sitharaman recently convened a high-level meeting with leading economists to chart the economic roadmap. The emphasis is expected to be on policy continuity across key sectors and fiscal discipline.

India's economy gains momentum: Business activity jumps, job creation at 18-year high

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike.

The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike.

However, the flight attendants cannot go on strike until the National Mediation Board (NMB) grants permission. The NMB must first establish that an impasse has been reached and that further negotiations would not be productive. This is a complex process that can make it difficult for airline workers to go on strike.

The NMB denied the APFA's request to be released from federal mediation last year, but American Airlines expressed confidence in reaching an agreement.

The airline stated to Reuters, "This agreement is within reach and we look forward to scheduling additional dates." The airline's spokesperson also added that they would continue negotiating to ensure that their flight attendants benefit from the contract.

The negotiations began in January 2020 but were paused due to the pandemic and resumed in June 2021.

Earlier this month, American Airlines offered its flight attendants a 17 per cent immediate wage increase in the new contract, but the offer was unanimously rejected by the APFA.

(With inputs from Reuters)

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike. The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike.

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike. The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike. However, the flight attendants cannot go on strike until the National Mediation Board (NMB) grants permission. The NMB must first establish that an impasse has been reached and that further negotiations would not be productive. This is a complex process that can make it difficult for airline workers to go on strike. The NMB denied the APFA's request to be released from federal mediation last year, but American Airlines expressed confidence in reaching an agreement. The airline stated to Reuters, "This agreement is within reach and we look forward to scheduling additional dates." The airline's spokesperson also added that they would continue negotiating to ensure that their flight attendants benefit from the contract. The negotiations began in January 2020 but were paused due to the pandemic and resumed in June 2021. Earlier this month, American Airlines offered its flight attendants a 17 per cent immediate wage increase in the new contract, but the offer was unanimously rejected by the APFA. (With inputs from Reuters)

American Airlines strike looms as talks stall

As the UK's Labour Party aims for power in the upcoming July election, its historically adversarial stance towards banks has softened.

Under the leadership of Keir Starmer, the party has garnered support from business owners and financiers by promising stability and a balanced approach to taxing the financial sector, which contributed over $139 billion in tax receipts in 2023.

However, despite this rapprochement, some of Labour’s proposed policies could still impact the sector's profitability.

Starmer’s Labour has promised to improve the financial stability of households, many of which have been struggling due to more than two years of mortgage market instability and a cost-of-living crisis.

This includes a review of the advantages of longer-term fixed-rate mortgages, intending to protect homeowners from sudden interest rate changes and make homeownership more attainable.

Analysts, lenders, and brokers believe that this could result in broader changes in mortgage and financial products, potentially shifting the balance in favour of consumers.

In the UK, traditional mortgage products differ from those in the US, Germany, Denmark, and the Netherlands as they put all the interest rate risks on borrowers. Unlike in these countries, long-term fixed-rate mortgages are more common.

According to Reuters, Daniel Austin, CEO of ASK Partners, pointed out that a 10-year fixed-rate mortgage is always more expensive, which creates a potential cost barrier for such products in the UK.

British lenders manage risk differently, often through interest rate swaps, which have become more expensive due to recent political and economic turmoil.

While Labour has ambitious policies, it is not anticipated to implement a bank windfall tax or make significant changes to the Bank of England's interest payments to banks, both of which were previously under consideration.

This aligns with Starmer's overall pro-growth position, which is widely believed to be advantageous for UK banks.

However, some Labour policies may reduce bank profits in the long run. The party's commitment to establishing up to 350 'banking hubs' over the next five years contradicts the cost-cutting strategies of many banks. Shadow finance minister Rachel Reeves characterised this plan as a means to rejuvenate communities affected by widespread branch closures.

The 'Freedom to Buy' scheme by Labour is designed to help 80,000 first-time buyers over five years. However, it's unlikely to have a significant impact on banks' mortgage volumes, which total over one million annually.

To improve the situation, the industry needs to educate customers about how they can optimise their finances by switching their savings or mortgage products to achieve better returns.

Furthermore, the overall context of declining interest rates is expected to put pressure on bank profits. James Daley, the managing director of Fairer Finance, highlighted that banks' profits will face additional scrutiny in the credit card and current account markets as consumer value becomes a focus of regulatory attention.

(With inputs from Reuters)

As the UK's Labour Party aims for power in the upcoming July election, its historically adversarial stance towards banks has softened. Under the leadership of Keir Starmer, the party has garnered support from business owners and financiers by promising stability and a balanced approach to taxing the financial sector, which contributed over $139 billion in tax receipts in 2023.

As the UK's Labour Party aims for power in the upcoming July election, its historically adversarial stance towards banks has softened. Under the leadership of Keir Starmer, the party has garnered support from business owners and financiers by promising stability and a balanced approach to taxing the financial sector, which contributed over $139 billion in tax receipts in 2023. However, despite this rapprochement, some of Labour’s proposed policies could still impact the sector's profitability. Starmer’s Labour has promised to improve the financial stability of households, many of which have been struggling due to more than two years of mortgage market instability and a cost-of-living crisis. This includes a review of the advantages of longer-term fixed-rate mortgages, intending to protect homeowners from sudden interest rate changes and make homeownership more attainable. Analysts, lenders, and brokers believe that this could result in broader changes in mortgage and financial products, potentially shifting the balance in favour of consumers. In the UK, traditional mortgage products differ from those in the US, Germany, Denmark, and the Netherlands as they put all the interest rate risks on borrowers. Unlike in these countries, long-term fixed-rate mortgages are more common. According to Reuters, Daniel Austin, CEO of ASK Partners, pointed out that a 10-year fixed-rate mortgage is always more expensive, which creates a potential cost barrier for such products in the UK. British lenders manage risk differently, often through interest rate swaps, which have become more expensive due to recent political and economic turmoil. While Labour has ambitious policies, it is not anticipated to implement a bank windfall tax or make significant changes to the Bank of England's interest payments to banks, both of which were previously under consideration. This aligns with Starmer's overall pro-growth position, which is widely believed to be advantageous for UK banks. However, some Labour policies may reduce bank profits in the long run. The party's commitment to establishing up to 350 'banking hubs' over the next five years contradicts the cost-cutting strategies of many banks. Shadow finance minister Rachel Reeves characterised this plan as a means to rejuvenate communities affected by widespread branch closures. The 'Freedom to Buy' scheme by Labour is designed to help 80,000 first-time buyers over five years. However, it's unlikely to have a significant impact on banks' mortgage volumes, which total over one million annually. To improve the situation, the industry needs to educate customers about how they can optimise their finances by switching their savings or mortgage products to achieve better returns. Furthermore, the overall context of declining interest rates is expected to put pressure on bank profits. James Daley, the managing director of Fairer Finance, highlighted that banks' profits will face additional scrutiny in the credit card and current account markets as consumer value becomes a focus of regulatory attention. (With inputs from Reuters)

Britain's labour party woos banks but risks profit squeeze

Japan imposed trade restrictions on several companies in China, India, Kazakhstan, and Uzbekistan for allegedly aiding Russia's war in Ukraine, according to a statement released by the Japanese foreign ministry on Friday, as reported by Reuters.

This is the first time Japan has imposed sanctions on Chinese companies concerning the ongoing conflict.

The sanctioned entities include Asia Pacific Links Ltd., based in Hong Kong and accused of supplying microchips for Russian drones, and Yilufa Electronics Limited based in China.

These sanctions mirror measures previously taken by the United States and prohibit Japanese companies from exporting goods to the targeted firms.

The US has accused China of aiding Russia's military efforts in Ukraine by providing drone and missile technology.

Last week, the US expanded its sanctions on Russia, including Chinese companies that sell semiconductors to Moscow.

Additionally, China and Russia reportedly are implementing detailed measures to ensure uninterrupted bilateral financial transactions, potentially exposing some Chinese financial institutions to future sanctions.

(With inputs from Reuters)

Japan imposed trade restrictions on several companies in China, India, Kazakhstan, and Uzbekistan for allegedly aiding Russia's war in Ukraine, according to a statement released by the Japanese foreign ministry on Friday, as reported by Reuters.

Japan imposed trade restrictions on several companies in China, India, Kazakhstan, and Uzbekistan for allegedly aiding Russia's war in Ukraine, according to a statement released by the Japanese foreign ministry on Friday, as reported by Reuters. This is the first time Japan has imposed sanctions on Chinese companies concerning the ongoing conflict. The sanctioned entities include Asia Pacific Links Ltd., based in Hong Kong and accused of supplying microchips for Russian drones, and Yilufa Electronics Limited based in China. These sanctions mirror measures previously taken by the United States and prohibit Japanese companies from exporting goods to the targeted firms. The US has accused China of aiding Russia's military efforts in Ukraine by providing drone and missile technology. Last week, the US expanded its sanctions on Russia, including Chinese companies that sell semiconductors to Moscow. Additionally, China and Russia reportedly are implementing detailed measures to ensure uninterrupted bilateral financial transactions, potentially exposing some Chinese financial institutions to future sanctions. (With inputs from Reuters)

Japan joins US in sanctioning China over support for Russia's war

According to a study undertaken by venture capital firm Accel, the United Kingdom has the most generative artificial intelligence (GenAI) startup companies in Europe and Israel.<o:p></o:p>

<h2 class="MsoNormal">Startup distribution across Europe<o:p></o:p></h2>

Accel's examination of 221 GenAI startups revealed that the UK was home to 30 per cent of these innovative companies. Germany comes in second with 14 per cent, closely followed by Israel with 13 per cent. France and the Netherlands are also big contributors, accounting for 11 per cent and 6 per cent of GenAI startups, respectively.<o:p></o:p>

<h2 class="MsoNormal">Factors driving UK's leadership<o:p></o:p></h2>

Several reasons contribute to the United Kingdom's leadership in GenAI technology. Its best universities, notably the University of Cambridge, Imperial College London, University College London, and Oxford University, are known for developing outstanding AI talent. The development of DeepMind in 2010, a pioneering AI startup acquired by Google, cemented the UK's standing as an AI innovation engine. Furthermore, significant investments from big US technology businesses have aided the establishment of GenAI startups in the country.<o:p></o:p>

Accel stated that, despite the UK leading in the number of GenAI startups, French businesses have raised the most funding in recent years. Mistral, a Paris-based startup that is widely regarded as a European competitor to OpenAI, raised 600 million euros ($644 million) in its most recent fundraising round, putting the business's value at 5.8 billion euros.<o:p></o:p>

<h2 class="MsoNormal">Funding trends and outlook<o:p></o:p></h2>

Global GenAI startups raised more than $25 billion in funding in 2023, with that figure likely to rise to around $45 billion this year, according to Accel. The survey also revealed that many GenAI founders have previously worked for tech titans such as Alphabet, Apple, Amazon, DeepMind, Meta, or Microsoft, highlighting the industry's close ties to major tech ecosystems.<o:p></o:p>

"When looking deeper at these companies' roots, we begin to see where the main GenAI talent hubs exist in the region and the common paths founders take," said Harry Nelis, an Accel partner. He said that more than one-third of GenAI business founders have academic credentials, demonstrating the industry's reliance on academic research and knowledge.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

According to a study undertaken by venture capital firm Accel, the United Kingdom has the most generative artificial intelligence (GenAI) startup companies in Europe and Israel.

According to a study undertaken by venture capital firm Accel, the United Kingdom has the most generative artificial intelligence (GenAI) startup companies in Europe and Israel. Startup distribution across Europe Accel's examination of 221 GenAI startups revealed that the UK was home to 30 per cent of these innovative companies. Germany comes in second with 14 per cent, closely followed by Israel with 13 per cent. France and the Netherlands are also big contributors, accounting for 11 per cent and 6 per cent of GenAI startups, respectively. Factors driving UK's leadership Several reasons contribute to the United Kingdom's leadership in GenAI technology. Its best universities, notably the University of Cambridge, Imperial College London, University College London, and Oxford University, are known for developing outstanding AI talent. The development of DeepMind in 2010, a pioneering AI startup acquired by Google, cemented the UK's standing as an AI innovation engine. Furthermore, significant investments from big US technology businesses have aided the establishment of GenAI startups in the country. Accel stated that, despite the UK leading in the number of GenAI startups, French businesses have raised the most funding in recent years. Mistral, a Paris-based startup that is widely regarded as a European competitor to OpenAI, raised 600 million euros ($644 million) in its most recent fundraising round, putting the business's value at 5.8 billion euros. Funding trends and outlook Global GenAI startups raised more than $25 billion in funding in 2023, with that figure likely to rise to around $45 billion this year, according to Accel. The survey also revealed that many GenAI founders have previously worked for tech titans such as Alphabet, Apple, Amazon, DeepMind, Meta, or Microsoft, highlighting the industry's close ties to major tech ecosystems. "When looking deeper at these companies' roots, we begin to see where the main GenAI talent hubs exist in the region and the common paths founders take," said Harry Nelis, an Accel partner. He said that more than one-third of GenAI business founders have academic credentials, demonstrating the industry's reliance on academic research and knowledge. (With inputs from Agencies)

UK leads Europe and Israel in generative AI startup landscape

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest.<o:p></o:p>

<h2 class="MsoNormal">Fund launch and structure<o:p></o:p></h2>

On the Australian Securities Exchange (ASX), the VanEck Bitcoin ETF made its debut with assets of about A$990,000 ($660,429). This exchange-traded fund (ETF) will invest in the U.S.-listed VanEck Bitcoin Trust, which debuted earlier this year, as opposed to conventional ETFs that hold tangible assets. Through this method, Australian investors can obtain Bitcoin indirectly without really possessing the cryptocurrency.<o:p></o:p>

<h2 class="MsoNormal">Global context and market response<o:p></o:p></h2>

Ever since US regulators approved several comparable products in January, which resulted in large capital inflows, interest in bitcoin exchange-traded funds (ETFs) has increased globally. With the launch of its own ETF in April, Hong Kong followed following, albeit with less enthusiasm from the market than the US trend.<o:p></o:p>

<h2 class="MsoNormal">Bitcoin market performance and investor sentiment<o:p></o:p></h2>

Coin values have nearly tripled since 2023, but after peaking in March, they have stabilised recently. The debut coincides with this optimistic trend. Investor interest in gaining exposure to digital assets through regulated investment vehicles has increased because of the market's performance.<o:p></o:p>

<h2 class="MsoNormal">Competitive Landscape and Outlook<o:p></o:p></h2>

Although VanEck's debut on the ASX is historic, some bitcoin ETFs are currently available on a rival exchange run by CBOE Global Markets' local affiliate. But the VanEck Bitcoin ETF is the first to launch on the main ASX market, making its ticker board debut among well-known Australian companies like BHP and Commonwealth Bank.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest.

The VanEck Bitcoin Exchange-Traded Fund (ETF) made its historic debut on Thursday (June 20) on Australia's primary stock exchange, fulfilling investor demand for cryptocurrency exposure in the wake of a rebound in market interest. Fund launch and structure On the Australian Securities Exchange (ASX), the VanEck Bitcoin ETF made its debut with assets of about A$990,000 ($660,429). This exchange-traded fund (ETF) will invest in the U.S.-listed VanEck Bitcoin Trust, which debuted earlier this year, as opposed to conventional ETFs that hold tangible assets. Through this method, Australian investors can obtain Bitcoin indirectly without really possessing the cryptocurrency. Global context and market response Ever since US regulators approved several comparable products in January, which resulted in large capital inflows, interest in bitcoin exchange-traded funds (ETFs) has increased globally. With the launch of its own ETF in April, Hong Kong followed following, albeit with less enthusiasm from the market than the US trend. Bitcoin market performance and investor sentiment Coin values have nearly tripled since 2023, but after peaking in March, they have stabilised recently. The debut coincides with this optimistic trend. Investor interest in gaining exposure to digital assets through regulated investment vehicles has increased because of the market's performance. Competitive Landscape and Outlook Although VanEck's debut on the ASX is historic, some bitcoin ETFs are currently available on a rival exchange run by CBOE Global Markets' local affiliate. But the VanEck Bitcoin ETF is the first to launch on the main ASX market, making its ticker board debut among well-known Australian companies like BHP and Commonwealth Bank. (With inputs from Agencies)

VanEck launches first bitcoin ETF on Australian Stock Exchange amid crypto resurgence

The Reserve Bank of India (RBI) warned on Monday (June 17) that rising food costs impede recent gains in lowering inflation, signalling that attempts to reduce prices would continue. The central bank stated that unpredictable food prices could increase headline inflation numbers following a temporary drop below the target in the second quarter of 2024/25.<o:p></o:p>

"Consequently, a resolute commitment to a durable alignment of headline inflation with the target will warrant careful monitoring of spillovers from food price pressures to core inflation and inflation expectations," the Reserve Bank of India said.<o:p></o:p>

<h2 class="MsoNormal">Retail and core inflation trends<o:p></o:p></h2>

Annual retail inflation was 4.75 per cent in May, down slightly from 4.83 per cent in April and lower than the 4.89 per cent expected by a Reuters survey of 50 experts. Core inflation, on the other hand, fell to a historic low of around 3.12 per cent. Despite these findings, the RBI remains concerned about the impact of persistently high food prices on broader inflation patterns.<o:p></o:p>

<h2 class="MsoNormal">Economic growth and domestic demand<o:p></o:p></h2>

While inflation remains a significant issue, the RBI stated that high-frequency indications suggest continued growth in domestic demand in the first quarter of 2024/25. The central bank also expects GDP growth to continue at the pace seen in the preceding quarter. According to the economic activity index, Q1 GDP is estimated to be around 7.4 per cent, with official figures coming in August.<o:p></o:p>

Furthermore, the RBI stated that agricultural prospects are improving, with an expected above-normal southwest monsoon. "This should augur well for spurring rural demand and, in turn, support private consumption," it stated.<o:p></o:p>

<h2 class="MsoNormal">Monetary policy focus<o:p></o:p></h2>

In a speech on Tuesday (June 18), RBI Governor Shaktikanta Das underlined the need for India to avoid "adventurism" and continue to work on lowering inflation towards the objective. Despite mounting calls for a shift in monetary policy, Das stressed the significance of remaining conservative to secure long-term economic stability.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

The Reserve Bank of India (RBI) warned on Monday (June 17) that rising food costs impede recent gains in lowering inflation, signalling that attempts to reduce prices would continue.

The Reserve Bank of India (RBI) warned on Monday (June 17) that rising food costs impede recent gains in lowering inflation, signalling that attempts to reduce prices would continue. The central bank stated that unpredictable food prices could increase headline inflation numbers following a temporary drop below the target in the second quarter of 2024/25. "Consequently, a resolute commitment to a durable alignment of headline inflation with the target will warrant careful monitoring of spillovers from food price pressures to core inflation and inflation expectations," the Reserve Bank of India said. Retail and core inflation trends Annual retail inflation was 4.75 per cent in May, down slightly from 4.83 per cent in April and lower than the 4.89 per cent expected by a Reuters survey of 50 experts. Core inflation, on the other hand, fell to a historic low of around 3.12 per cent. Despite these findings, the RBI remains concerned about the impact of persistently high food prices on broader inflation patterns. Economic growth and domestic demand While inflation remains a significant issue, the RBI stated that high-frequency indications suggest continued growth in domestic demand in the first quarter of 2024/25. The central bank also expects GDP growth to continue at the pace seen in the preceding quarter. According to the economic activity index, Q1 GDP is estimated to be around 7.4 per cent, with official figures coming in August. Furthermore, the RBI stated that agricultural prospects are improving, with an expected above-normal southwest monsoon. "This should augur well for spurring rural demand and, in turn, support private consumption," it stated. Monetary policy focus In a speech on Tuesday (June 18), RBI Governor Shaktikanta Das underlined the need for India to avoid "adventurism" and continue to work on lowering inflation towards the objective. Despite mounting calls for a shift in monetary policy, Das stressed the significance of remaining conservative to secure long-term economic stability. (With inputs from Agencies)

RBI cautions high food prices hampering inflation control efforts

Ilya Sutskever, co-founder of OpenAI and former chief scientist, announced the start of his new artificial intelligence firm, Safe Superintelligence, on Wednesday (June 19). The announcement was made in a post on X, underlining the company's commitment to creating a secure AI environment in the growing generative AI boom.<o:p></o:p>

"Our singular focus means no distraction by management overhead or product cycles, and our business model means safety, security, and progress are all insulated from short-term commercial pressures," Sutskever said in his post.<o:p></o:p>

<h2 class="MsoNormal">Focused on AI safety and security<o:p></o:p></h2>

Safe Superintelligence, described on its website as an American company with operations in Palo Alto and Tel Aviv, is dedicated to ensuring that AI breakthroughs are handled safely. The company's launch comes at a critical juncture, as big tech companies compete for dominance in the generative AI field.<o:p></o:p>

Sutskever is joined in this business by Daniel Levy, a former OpenAI researcher, and Daniel Gross, a Cue co-founder and former Apple AI leader. The trio combines a lot of AI knowledge and expertise, intending to prioritise safety and security in their projects.<o:p></o:p>

<h2 class="MsoNormal">Sutskever's departure from OpenAI<o:p></o:p></h2>

Sutskever's exit from OpenAI in May came after he played a key role in CEO Sam Altman's firing and subsequent rehiring in November. Sutskever was dismissed from the OpenAI board following Altman's return, opening the path for his new venture with Safe Superintelligence.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

Ilya Sutskever, co-founder of OpenAI and former chief scientist, announced the start of his new artificial intelligence firm, Safe Superintelligence, on Wednesday (June 19).

Ilya Sutskever, co-founder of OpenAI and former chief scientist, announced the start of his new artificial intelligence firm, Safe Superintelligence, on Wednesday (June 19). The announcement was made in a post on X, underlining the company's commitment to creating a secure AI environment in the growing generative AI boom. "Our singular focus means no distraction by management overhead or product cycles, and our business model means safety, security, and progress are all insulated from short-term commercial pressures," Sutskever said in his post. Focused on AI safety and security Safe Superintelligence, described on its website as an American company with operations in Palo Alto and Tel Aviv, is dedicated to ensuring that AI breakthroughs are handled safely. The company's launch comes at a critical juncture, as big tech companies compete for dominance in the generative AI field. Sutskever is joined in this business by Daniel Levy, a former OpenAI researcher, and Daniel Gross, a Cue co-founder and former Apple AI leader. The trio combines a lot of AI knowledge and expertise, intending to prioritise safety and security in their projects. Sutskever's departure from OpenAI Sutskever's exit from OpenAI in May came after he played a key role in CEO Sam Altman's firing and subsequent rehiring in November. Sutskever was dismissed from the OpenAI board following Altman's return, opening the path for his new venture with Safe Superintelligence. (With inputs from Agencies)

OpenAI co-founder Ilya Sutskever launches new AI venture

The number of Americans enrolling for unemployment benefits slowed for the first time last week. This highlights a continued trend of the job market cooling down.

This comes as the housing market struggles under high interest rates. Permit applications for future residential building projects fell to their lowest level in about four years.

Loosening the labour market has offset inflation pressures, and financial markets now anticipate one or more rate cuts this year despite the Fed's hawkish stance. The US Fed has maintained its benchmark interest rate since July of last year.

But the Fed's decision is keeping the housing market under pressure. The policy has kept borrowing costs elevated for home purchases. Overall homebuilding starts fell 5.5 per cent last month to the lowest level since June 2020. This was led by a sharp drop in multi-family projects. Single-family housing, accounting for the bulk of homebuilding, also slumped 5.2 per cent. The overall sentiment among homebuilders also weakened this month.

This data came on a day when US stock markets touched record highs. This was boosted by strong gains in AI tech stocks, led by Nvidia. Investor optimism on an AI-led stock rally continues to power the S&amp;P 500 &amp; Nasdaq to new highs.

Meanwhile, Unemployment rose to 4 per cent in May for the first time since January 2022.

The number of Americans enrolling for unemployment benefits slowed for the first time last week. This highlights a continued trend of the job market cooling down.

The number of Americans enrolling for unemployment benefits slowed for the first time last week. This highlights a continued trend of the job market cooling down. This comes as the housing market struggles under high interest rates. Permit applications for future residential building projects fell to their lowest level in about four years. Loosening the labour market has offset inflation pressures, and financial markets now anticipate one or more rate cuts this year despite the Fed's hawkish stance. The US Fed has maintained its benchmark interest rate since July of last year. But the Fed's decision is keeping the housing market under pressure. The policy has kept borrowing costs elevated for home purchases. Overall homebuilding starts fell 5.5 per cent last month to the lowest level since June 2020. This was led by a sharp drop in multi-family projects. Single-family housing, accounting for the bulk of homebuilding, also slumped 5.2 per cent. The overall sentiment among homebuilders also weakened this month. This data came on a day when US stock markets touched record highs. This was boosted by strong gains in AI tech stocks, led by Nvidia. Investor optimism on an AI-led stock rally continues to power the S&P 500 & Nasdaq to new highs. Meanwhile, Unemployment rose to 4 per cent in May for the first time since January 2022.

US labour market continues to cool amid housing struggles

In what could be termed as a setback in the history of Toyota Motor Corporation, support from shareholders for Chairman Akio Toyoda hit its lowest level since the company began disclosing vote breakdowns in 2010. At Wednesday's annual general meeting, Toyoda garnered 72 per cent support, sliding drastically from 85 per cent in the previous year and 96 per cent in 2022-a clear indication that investors are turning increasingly flustered by certification scandals and poor corporate governance at the world's largest automaker.&nbsp;

Toyoda, who is the grandson of the company's founder, usually breezes to victory with strong support from shareholders. But on Friday, that trend appeared to change with the vote, indicating more U.S. corporate governance among rising practices in Japan.&nbsp;

The reduced support comes on the back of a recommendation by leading proxy advisory firms, Institutional Shareholder Services and Glass Lewis. Both companies advised against the re-election of Toyoda based on how the company handled ongoing certification testing violations that implicated Toyota and its subsidiaries, including compact car manufacturer Daihatsu. These violations raise serious questions over its governance and transparency.&nbsp;

It had also cited concerns over the independence of the board and return on equity. Glass Lewis, had recommended voting against Toyoda for the second time in a row. The falling approval rate reflects foreign investors, who make up around 25 per cent of Toyota's shareholders. Major institutional investors such as U.S. public pension fund CalPERS and Canadian pension fund CPP Investments were among those that voted against Toyoda.&nbsp;

In response to the shareholder vote, Toyota issued an announcement that respected the sentiments of institutional investors by indicating a move toward more board independence, with clearly defined roles of outside executives and the redefinition of criteria for assessing independence. Besides, it announced selling cross-shareholdings, which are criticised for creating a too-cosy relationship between management and shareholders, hence weakening governance.&nbsp;

According to James Hong, head of mobility research at Macquarie, the focus on governance and holding structure is likely to be sharpened. Shareholders are seeking more radical changes more quickly.&nbsp;

In contrast, the controversy never put Toyoda in serious jeopardy of not being re-elected, firmly secured through large shareholdings by other Toyota group firms, a record business performance, and his popularity among Japanese retail investors. Toyota has also been under attack for its supposedly slow pace of transition to battery electric vehicles. Its so-called "multi-pathway" strategy, on the other hand, has been beneficial with big bets placed on hybrids and hydrogen fuel cells. Strong hybrid sales helped the company out last year as growth in the fast-growing battery EV market was slowed down by high prices and worries over charging infrastructure.&nbsp;

The shares of Toyota have lost 9 per cent since early June, when the certification testing violations first came to light. It is, however, still up 20 per cent this year-an eloquent fact that speaks to its intrinsic strengths. This vote of shareholders is an unequivocal cry for better governance and transparency at Toyota. As the company works through such pressures, it will be forced to strike a balance between those traditional strengths and the changing expectations of its global investor base.&nbsp;

In what could be termed as a setback in the history of Toyota Motor Corporation, support from shareholders for Chairman Akio Toyoda hit its lowest level since the company began disclosing vote breakdowns in 2010.

In what could be termed as a setback in the history of Toyota Motor Corporation, support from shareholders for Chairman Akio Toyoda hit its lowest level since the company began disclosing vote breakdowns in 2010. At Wednesday's annual general meeting, Toyoda garnered 72 per cent support, sliding drastically from 85 per cent in the previous year and 96 per cent in 2022-a clear indication that investors are turning increasingly flustered by certification scandals and poor corporate governance at the world's largest automaker. Toyoda, who is the grandson of the company's founder, usually breezes to victory with strong support from shareholders. But on Friday, that trend appeared to change with the vote, indicating more U.S. corporate governance among rising practices in Japan. The reduced support comes on the back of a recommendation by leading proxy advisory firms, Institutional Shareholder Services and Glass Lewis. Both companies advised against the re-election of Toyoda based on how the company handled ongoing certification testing violations that implicated Toyota and its subsidiaries, including compact car manufacturer Daihatsu. These violations raise serious questions over its governance and transparency. It had also cited concerns over the independence of the board and return on equity. Glass Lewis, had recommended voting against Toyoda for the second time in a row. The falling approval rate reflects foreign investors, who make up around 25 per cent of Toyota's shareholders. Major institutional investors such as U.S. public pension fund CalPERS and Canadian pension fund CPP Investments were among those that voted against Toyoda. In response to the shareholder vote, Toyota issued an announcement that respected the sentiments of institutional investors by indicating a move toward more board independence, with clearly defined roles of outside executives and the redefinition of criteria for assessing independence. Besides, it announced selling cross-shareholdings, which are criticised for creating a too-cosy relationship between management and shareholders, hence weakening governance. According to James Hong, head of mobility research at Macquarie, the focus on governance and holding structure is likely to be sharpened. Shareholders are seeking more radical changes more quickly. In contrast, the controversy never put Toyoda in serious jeopardy of not being re-elected, firmly secured through large shareholdings by other Toyota group firms, a record business performance, and his popularity among Japanese retail investors. Toyota has also been under attack for its supposedly slow pace of transition to battery electric vehicles. Its so-called "multi-pathway" strategy, on the other hand, has been beneficial with big bets placed on hybrids and hydrogen fuel cells. Strong hybrid sales helped the company out last year as growth in the fast-growing battery EV market was slowed down by high prices and worries over charging infrastructure. The shares of Toyota have lost 9 per cent since early June, when the certification testing violations first came to light. It is, however, still up 20 per cent this year-an eloquent fact that speaks to its intrinsic strengths. This vote of shareholders is an unequivocal cry for better governance and transparency at Toyota. As the company works through such pressures, it will be forced to strike a balance between those traditional strengths and the changing expectations of its global investor base.

Akio Toyoda faces historic low support amid governance issues at Toyota

The UK housing market is in no way welcoming to first-time buyers, as the price of houses increases by 1.1 per cent in the year to April 2024. At this rate, the average house price is now positioned at 281,000 British Pounds, sending worse prospects for people with an appetite to enter the property market.&nbsp;

The 1.1 per cent increase in average house prices followed a 0.9 per cent rise in March, the second consecutive month of annual price growth following eight months of decline, according to the Office for National Statistics. Average private rents rose by 8.7 per cent in May, a slight drop from 8.9 per cent in the previous month.&nbsp;

Across the 12 months to April 2024, average house prices in England increased to £298,000, reflecting a 0.6 per cent annual rise. In Wales, prices went up to £208,000, a rise of 0.4 per cent, while Scotland saw prices go up by 4.5 per cent to £190,000. In Northern Ireland, there was an annual rise of 4 per cent to £178,000.&nbsp;

The rent market also has the same tinge of stress on housing affordability. The average rents in England went up by 8.6 per cent to £1,301, while that for Wales and Scotland increased by 8.5 per cent to £736 and by 9.3 per cent to £957, respectively. The nation having the highest rent inflation was Northern Ireland with a year-on-year rise in average rents of 10.3 per cent in March. Within England itself, London saw the highest at 10.1 per cent, as against the North East that notched up the lowest at 6.1 per cent. Across Great Britain, Kensington and Chelsea had the highest average rent at £3,397, while Dumfries and Galloway had the lowest at £480.&nbsp;

Anna Clare Harper, head of sustainable investment adviser GreenResi, stated house prices have increased by 1.1 per cent to £281,000, but for most younger people this number in isolation meant very little. The important question for the under-40s is whether decent housing is affordable, and as Harper said, it depends more on regulation than it does on house prices.&nbsp;

First-time buyer initiatives have been put forward by both main UK political parties. Labour intends to make the Mortgage Guarantee Scheme permanent. Under the scheme, which was announced by the previous government, lenders pay a fee in return for the government underwriting the riskiest part of a mortgage. In contrast, the Conservatives take aim at delivering 1.6 million new homes by 2029, more than Labour's commitment of 1.5 million over the same period. These targets would require at least 300,000 new homes to be built in England alone every year, needing huge reforms in the planning system.&nbsp;

However, if not done properly, new schemes could just further postpone the event. New-build prices are going through the roof and are rising far more quickly than existing homes.&nbsp;

With the constantly changing UK housing market, opportunities for first-time buyers and renters do not cut the mustard. Against the backdrop of political initiative promises and market dynamics, the future of affordable housing would assume centre stage in the UK for many.&nbsp;

The UK housing market is in no way welcoming to first-time buyers, as the price of houses increases by 1.1 per cent in the year to April 2024. At this rate, the average house price is now positioned at 281,000 British Pounds, sending worse prospects for people with an appetite to enter the property market.

The UK housing market is in no way welcoming to first-time buyers, as the price of houses increases by 1.1 per cent in the year to April 2024. At this rate, the average house price is now positioned at 281,000 British Pounds, sending worse prospects for people with an appetite to enter the property market. The 1.1 per cent increase in average house prices followed a 0.9 per cent rise in March, the second consecutive month of annual price growth following eight months of decline, according to the Office for National Statistics. Average private rents rose by 8.7 per cent in May, a slight drop from 8.9 per cent in the previous month. Across the 12 months to April 2024, average house prices in England increased to £298,000, reflecting a 0.6 per cent annual rise. In Wales, prices went up to £208,000, a rise of 0.4 per cent, while Scotland saw prices go up by 4.5 per cent to £190,000. In Northern Ireland, there was an annual rise of 4 per cent to £178,000. The rent market also has the same tinge of stress on housing affordability. The average rents in England went up by 8.6 per cent to £1,301, while that for Wales and Scotland increased by 8.5 per cent to £736 and by 9.3 per cent to £957, respectively. The nation having the highest rent inflation was Northern Ireland with a year-on-year rise in average rents of 10.3 per cent in March. Within England itself, London saw the highest at 10.1 per cent, as against the North East that notched up the lowest at 6.1 per cent. Across Great Britain, Kensington and Chelsea had the highest average rent at £3,397, while Dumfries and Galloway had the lowest at £480. Anna Clare Harper, head of sustainable investment adviser GreenResi, stated house prices have increased by 1.1 per cent to £281,000, but for most younger people this number in isolation meant very little. The important question for the under-40s is whether decent housing is affordable, and as Harper said, it depends more on regulation than it does on house prices. First-time buyer initiatives have been put forward by both main UK political parties. Labour intends to make the Mortgage Guarantee Scheme permanent. Under the scheme, which was announced by the previous government, lenders pay a fee in return for the government underwriting the riskiest part of a mortgage. In contrast, the Conservatives take aim at delivering 1.6 million new homes by 2029, more than Labour's commitment of 1.5 million over the same period. These targets would require at least 300,000 new homes to be built in England alone every year, needing huge reforms in the planning system. However, if not done properly, new schemes could just further postpone the event. New-build prices are going through the roof and are rising far more quickly than existing homes. With the constantly changing UK housing market, opportunities for first-time buyers and renters do not cut the mustard. Against the backdrop of political initiative promises and market dynamics, the future of affordable housing would assume centre stage in the UK for many.

Affordable housing, a utopian dream in the UK

The Bank of England kept its main interest rate unchanged at 5.25 per cent. This is a 16-year high rate days before the UK's elections. The prospect of a future rate moved closer as policymakers agreed on the overall thinking of the committee being 'finely balanced.' But more importantly, it shows that the Bank of England will remain on the sidelines until 4th July, the day of elections.

The BOE's monetary policy committee voted 7-2 to keep rates on hold, in line with economists' expectations. The two members who voted against holding rate cuts supported a cut to 5%.

This comes as the UK's inflation returned to its 2 per cent target. Commenting on the same, Finance Minister Jeremy Hunt said, 'Well, core inflation has fallen. Food inflation is now less than 2%. For families worried about the cost of living. Today's very, very good news. And just a year and a half ago we had higher inflation than nearly anywhere in the G7. Now it is lower than nearly any other major economy. That shows that the difficult decisions we've taken have paid off.'

Despite economist expectations, many expected an early rate cut. This can be seen in the sterling falling against the US dollar after the announcement. The BOE vote follows rate-cut announcements by the European Central Bank &amp; the Swiss National Bank. This contrasts with the US Federal Reserve's expected decision to hold on to rate cuts till September. Economists forecast the BOE to execute rate cuts a month before the Fed's expected call.

Irrespective, any rate cut would be too late for Prime Minister Rishi Sunak &amp; the conservative party, which is desperately looking for a boost leading up to the elections.

While Sunak has credited the fall in inflation to his policy reforms since he took office in October 2022, at a time when inflation was at a 41-year high, the Opposition labour party blames the glaring cost of living crisis in the UK on high mortgage rates as a result of economic mismanagement by the ruling government. The Bank of England maintains that this decision would not impact the election outcome.

The Bank of England kept its main interest rate unchanged at 5.25 per cent. This is a 16-year high rate days before the UK's elections. The prospect of a future rate moved closer as policymakers agreed on the overall thinking of the committee being 'finely balanced.

The Bank of England kept its main interest rate unchanged at 5.25 per cent. This is a 16-year high rate days before the UK's elections. The prospect of a future rate moved closer as policymakers agreed on the overall thinking of the committee being 'finely balanced.' But more importantly, it shows that the Bank of England will remain on the sidelines until 4th July, the day of elections. The BOE's monetary policy committee voted 7-2 to keep rates on hold, in line with economists' expectations. The two members who voted against holding rate cuts supported a cut to 5%. This comes as the UK's inflation returned to its 2 per cent target. Commenting on the same, Finance Minister Jeremy Hunt said, 'Well, core inflation has fallen. Food inflation is now less than 2%. For families worried about the cost of living. Today's very, very good news. And just a year and a half ago we had higher inflation than nearly anywhere in the G7. Now it is lower than nearly any other major economy. That shows that the difficult decisions we've taken have paid off.' Despite economist expectations, many expected an early rate cut. This can be seen in the sterling falling against the US dollar after the announcement. The BOE vote follows rate-cut announcements by the European Central Bank & the Swiss National Bank. This contrasts with the US Federal Reserve's expected decision to hold on to rate cuts till September. Economists forecast the BOE to execute rate cuts a month before the Fed's expected call. Irrespective, any rate cut would be too late for Prime Minister Rishi Sunak & the conservative party, which is desperately looking for a boost leading up to the elections. While Sunak has credited the fall in inflation to his policy reforms since he took office in October 2022, at a time when inflation was at a 41-year high, the Opposition labour party blames the glaring cost of living crisis in the UK on high mortgage rates as a result of economic mismanagement by the ruling government. The Bank of England maintains that this decision would not impact the election outcome.

Bank of England holds rate steady at 16-year high days before UK elections

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing&nbsp;Indian employees?

A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living.

The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee.

But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living?

Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet.

With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees?

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees? A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living. The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee. But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living? Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet. With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India's workplace trends: Multiple income streams & desire for better lifestyle

Despite the political unrest that has alarmed investors, Citigroup is resolutely striving to grow its operations in Europe, as the bank's newly appointed regional director, Ignacio Gutierrez-Orrantia, exclusively told Reuters. Refinitiv ranks the US financial giant, which underwent its deepest restructuring in decades last year, fourth for M&amp;A and sixth for equity capital markets (ECM) in the EMEA league tables.<o:p></o:p>

"Whether it takes three, four, or five years, our goal is to be the best. We are determined to succeed," stated Gutierrez-Orrantia, who goes by Nacho in the business. He did say that "volatility and lack of visibility due to the upcoming elections in the UK and France are causing doubts among investors."<o:p></o:p>

<h2 class="MsoNormal">Navigating political volatility<o:p></o:p></h2>

Market operations have already been hampered by the political unrest in Europe. Golden Goose, an Italian luxury sports company, recently announced that it will be delaying its intentions to list in Milan due to worsening market conditions following the European Parliament elections and the announcement of the French general election. These events, in Gutierrez-Orrantia's opinion, represent a complex scenario.<o:p></o:p>

"From a business perspective, this is also an opportunity for us to sit down with our clients and advise them on how to navigate this instability more effectively," he stated. "Chances may arise with all this political uncertainty happening in Europe," he continued, indicating a proactive strategy to take advantage of the current circumstances.<o:p></o:p>

<h2 class="MsoNormal">Strengthening regulatory relations<o:p></o:p></h2>

Gutierrez-Orrantia took over as CEO of Citibank Europe on Thursday (June 20). He will oversee Citi's European businesses, which include the Banking, Markets, Services, and Wealth divisions, and he will also be responsible for maintaining connections with European regulators. This occurs along with Citi's resolution of noteworthy regulatory obstacles and an uneasy workforce resulting from widespread layoffs.<o:p></o:p>

In 2020, the bank was hit with fines for violating regulations about its living will, which was designed to be dissolved in the case of bankruptcy. As part of its development strategy, Gutierrez-Orrantia, a 20-year veteran of Citi—said the bank will prioritize technology, healthcare, and infrastructure investments across Europe.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

Despite the political unrest that has alarmed investors, Citigroup is resolutely striving to grow its operations in Europe, as the bank's newly appointed regional director, Ignacio Gutierrez-Orrantia, exclusively told Reuters.

Despite the political unrest that has alarmed investors, Citigroup is resolutely striving to grow its operations in Europe, as the bank's newly appointed regional director, Ignacio Gutierrez-Orrantia, exclusively told Reuters. Refinitiv ranks the US financial giant, which underwent its deepest restructuring in decades last year, fourth for M&A and sixth for equity capital markets (ECM) in the EMEA league tables. "Whether it takes three, four, or five years, our goal is to be the best. We are determined to succeed," stated Gutierrez-Orrantia, who goes by Nacho in the business. He did say that "volatility and lack of visibility due to the upcoming elections in the UK and France are causing doubts among investors." Navigating political volatility Market operations have already been hampered by the political unrest in Europe. Golden Goose, an Italian luxury sports company, recently announced that it will be delaying its intentions to list in Milan due to worsening market conditions following the European Parliament elections and the announcement of the French general election. These events, in Gutierrez-Orrantia's opinion, represent a complex scenario. "From a business perspective, this is also an opportunity for us to sit down with our clients and advise them on how to navigate this instability more effectively," he stated. "Chances may arise with all this political uncertainty happening in Europe," he continued, indicating a proactive strategy to take advantage of the current circumstances. Strengthening regulatory relations Gutierrez-Orrantia took over as CEO of Citibank Europe on Thursday (June 20). He will oversee Citi's European businesses, which include the Banking, Markets, Services, and Wealth divisions, and he will also be responsible for maintaining connections with European regulators. This occurs along with Citi's resolution of noteworthy regulatory obstacles and an uneasy workforce resulting from widespread layoffs. In 2020, the bank was hit with fines for violating regulations about its living will, which was designed to be dissolved in the case of bankruptcy. As part of its development strategy, Gutierrez-Orrantia, a 20-year veteran of Citi—said the bank will prioritize technology, healthcare, and infrastructure investments across Europe. (With inputs from Agencies)

Citigroup aims to lead the European market despite political uncertainty

The Trump Media &amp; Technology Group stated on Tuesday (June 18) that the Securities and Exchange Commission (SEC) has approved its registration for the transfer of certain shares and warrants. This approval could provide the corporation with around $247 million in proceeds.<o:p></o:p>

The company, which administers former US President Donald Trump's social media network Truth Social, says that now that its warrants are exercisable, it expects to be "well-positioned" to pursue developments in TV streaming and other platform enhancements. In addition, the funds could help with possible mergers and acquisitions.<o:p></o:p>

Despite the possible cash boost, Trump Media's shares tumbled roughly 14 per cent in extended trading on fears about potential shareholder dilution. The proceeds from the sale of these warrants would be used to boost the company's present unrestricted cash reserves of more than $200 million.<o:p></o:p>

Trump Media also stated that an additional $40 million of restricted cash on its balance sheet will become unrestricted once the Form S-1 registration statement is effective. According to LSEG data, the company's shares have fallen 46 per cent since its backdoor offering on the Nasdaq in March, with a market value of $5.53 billion.<o:p></o:p>

(With inputs from Agencies)<o:p></o:p>

The Trump Media & Technology Group stated on Tuesday (June 18) that the Securities and Exchange Commission (SEC) has approved its registration for the transfer of certain shares and warrants.

The Trump Media & Technology Group stated on Tuesday (June 18) that the Securities and Exchange Commission (SEC) has approved its registration for the transfer of certain shares and warrants. This approval could provide the corporation with around $247 million in proceeds. The company, which administers former US President Donald Trump's social media network Truth Social, says that now that its warrants are exercisable, it expects to be "well-positioned" to pursue developments in TV streaming and other platform enhancements. In addition, the funds could help with possible mergers and acquisitions. Despite the possible cash boost, Trump Media's shares tumbled roughly 14 per cent in extended trading on fears about potential shareholder dilution. The proceeds from the sale of these warrants would be used to boost the company's present unrestricted cash reserves of more than $200 million. Trump Media also stated that an additional $40 million of restricted cash on its balance sheet will become unrestricted once the Form S-1 registration statement is effective. According to LSEG data, the company's shares have fallen 46 per cent since its backdoor offering on the Nasdaq in March, with a market value of $5.53 billion. (With inputs from Agencies)

Trump Media gains SEC approval for resale of shares, eyes $247 million windfall