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Japan's transport ministry on Tuesday (June 4) launched an on-site investigation at Toyota's headquarters after irregularities were found in its applications to certify certain models.

Japan's transport ministry on Tuesday (June 4) launched an on-site investigation at Toyota's headquarters after irregularities were found in its applications to certify certain models. A report by the news agency Reuters said that the widening fallout over vehicle certification tests stem from a safety test scandal at Toyota's Daihatsu compact car unit and has spread to other Japanese automakers. Shares of Toyota down 1.1% However, Toyota was the only automaker to undergo an on-site inspection. On Monday, the transport ministry had announced plans to carry out the investigation when it said that Toyota, Mazda, Honda, Suzuki and Yamaha Motor were found to have submitted either flawed or manipulated data when applying for certification of vehicles. Shares of Toyota were down 1.1 per cent on Tuesday morning. Toyota chairperson issues apology On Monday, Toyota's chairperson Akio Toyoda apologised for lapses in the certification process of some of its vehicles. Addressing a press conference, Toyoda said that the correct certification process" had not been followed at Toyota Group companies, which include Daihatsu, truck brand Hino and Toyota itself. "In order to be mass produced and sold, vehicles must meet the standards of the certification process. The problem in this case was that they were mass-produced and sold without going through the correct certification process," Toyoda told reporters "As the person responsible for the Toyota Group, I would like to sincerely apologise to our customers, car enthusiasts and all stakeholders for the problems that have occurred within the Group. I am truly sorry," he added. (With inputs from agencies)

Japan launches on-site investigation at Toyota headquarters over certification irregularities

Nifty 50 and Sensex plunge<o:p></o:p>

Indian stocks fell the most in nearly four years on Tuesday, as preliminary election results showed Prime Minister Narendra Modi's alliance falling short of an expected landslide victory. The NSE Nifty 50 index closed 5.45% at 21,995 points, while the S&amp;P BSE Sensex was down 5.10% to 72,562 points. Both indices had dropped as much as 8.5% earlier in the day after setting new highs on Monday.<o:p></o:p>

Market volatility surges<o:p></o:p>

The volatility index rose to 31.71, the highest level since February 2022, indicating increased market jitters. "Markets were at an all-time high, a lot of hope was built up on the BJP's majority, and this will unwind over the next few sessions," said Mayuresh Joshi, head of equity research India at William O'Neil and Company. He stated that while reforms will most certainly continue with the BJP gaining an absolute majority, the attention would move to upcoming policy announcements.<o:p></o:p>

Election results impact market sentiment<o:p></o:p>

According to TV broadcasters, the ruling National Democratic Alliance (NDA) has approximately 293 MPs, while the opposition coalition led by Congress has more than 220 seats. To form a simple majority in the 543-member lower house of parliament, the NDA requires 272 seats. Analysts warned that the BJP obtaining fewer seats than projected could limit the government's capacity to enact ambitious reforms, influencing market sentiment.<o:p></o:p>

High-frequency traders and margin calls exacerbate the decline<o:p></o:p>

Traders pointed out that high-frequency traders' selling exacerbated the market's decline, resulting in margin calls. "The market is experiencing a significant correction due to margin calls, as retail investors held heavily leveraged positions," said Rupak De, Senior Technical Analyst at LKP Securities. Aniket Nerkar, Alphastrat's creator, observed that the accumulation of new short positions added to market volatility.<o:p></o:p>

Outlook for Indian markets<o:p></o:p>

Looking ahead, market participants will keep a careful eye on policy changes and the ultimate election outcomes. Analysts believe that the fundamental outlook for Indian stocks remains strong, subject to the continuance of reform actions by the BJP-led government. However, in the medium term, investors should expect considerable volatility as the market digests the election results and their implications for future economic policy.<o:p></o:p>

(With inputs from agencies)&nbsp;<o:p></o:p>

Nifty 50 and Sensex plunge Indian stocks fell the most in nearly four years on Tuesday, as preliminary election results showed Prime Minister Narendra Modi's alliance falling short of an expected landslide victory.

Nifty 50 and Sensex plunge Indian stocks fell the most in nearly four years on Tuesday, as preliminary election results showed Prime Minister Narendra Modi's alliance falling short of an expected landslide victory. The NSE Nifty 50 index closed 5.45% at 21,995 points, while the S&P BSE Sensex was down 5.10% to 72,562 points. Both indices had dropped as much as 8.5% earlier in the day after setting new highs on Monday. Market volatility surges The volatility index rose to 31.71, the highest level since February 2022, indicating increased market jitters. "Markets were at an all-time high, a lot of hope was built up on the BJP's majority, and this will unwind over the next few sessions," said Mayuresh Joshi, head of equity research India at William O'Neil and Company. He stated that while reforms will most certainly continue with the BJP gaining an absolute majority, the attention would move to upcoming policy announcements. Election results impact market sentiment According to TV broadcasters, the ruling National Democratic Alliance (NDA) has approximately 293 MPs, while the opposition coalition led by Congress has more than 220 seats. To form a simple majority in the 543-member lower house of parliament, the NDA requires 272 seats. Analysts warned that the BJP obtaining fewer seats than projected could limit the government's capacity to enact ambitious reforms, influencing market sentiment. High-frequency traders and margin calls exacerbate the decline Traders pointed out that high-frequency traders' selling exacerbated the market's decline, resulting in margin calls. "The market is experiencing a significant correction due to margin calls, as retail investors held heavily leveraged positions," said Rupak De, Senior Technical Analyst at LKP Securities. Aniket Nerkar, Alphastrat's creator, observed that the accumulation of new short positions added to market volatility. Outlook for Indian markets Looking ahead, market participants will keep a careful eye on policy changes and the ultimate election outcomes. Analysts believe that the fundamental outlook for Indian stocks remains strong, subject to the continuance of reform actions by the BJP-led government. However, in the medium term, investors should expect considerable volatility as the market digests the election results and their implications for future economic policy. (With inputs from agencies)

Indian stock market suffers worst session in four years amid BJP not getting clear verdict

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange<o:p></o:p>

Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies. This alliance is a huge step forward for the crypto industry, which has struggled to secure traditional banking partnerships.<o:p></o:p>

Overcoming banking hurdles for crypto users<o:p></o:p>

The crypto business has long struggled to attract conventional banking partners, notably following the 2023 collapse of numerous US institutions with significant crypto clientele. Deutsche Bank's engagement represents a shift in mood, with Germany's largest bank providing Bitpanda customers in Germany with local bank account numbers to facilitate fiat cash payments. This reduces the need for crypto users to negotiate intricate deposit and withdrawal procedures.<o:p></o:p>

Deutsche prioritises compliance and risk management<o:p></o:p>

Deutsche Bank underlines its cautious approach to cryptocurrency. The bank emphasises its selected partnership standards, which include partners with comprehensive compliance systems, established regulatory frameworks, and a good risk management profile. Deutsche stresses that it would not directly handle cryptocurrency transfers, but will instead facilitate fiat deposits and withdrawals while assisting Bitpanda's treasury and payment operations.<o:p></o:p>

Strategic move for Deutsche Bank<o:p></o:p>

Deutsche Bank sees this cooperation as a strategic step to establish itself as a preferred banking partner for high-growth platforms in the virtual asset investment market. The bank already has a similar agreement with Hong Kong-based cryptocurrency exchange Hashkey, but the Bitpanda pact is its first in Europe, the Middle East, and Africa. This strategic approach prepares Deutsche Bank to possibly benefit from the developing cryptocurrency sector while remaining focused on compliance and risk management.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies.

Deutsche Bank to process fiat deposits and withdrawals for Austrian exchange Deutsche Bank has announced a partnership with Vienna-based Bitpanda to process customer deposits and withdrawals of fiat currency (conventional money like Euros or Dollars), indicating a cautious embrace of cryptocurrencies. This alliance is a huge step forward for the crypto industry, which has struggled to secure traditional banking partnerships. Overcoming banking hurdles for crypto users The crypto business has long struggled to attract conventional banking partners, notably following the 2023 collapse of numerous US institutions with significant crypto clientele. Deutsche Bank's engagement represents a shift in mood, with Germany's largest bank providing Bitpanda customers in Germany with local bank account numbers to facilitate fiat cash payments. This reduces the need for crypto users to negotiate intricate deposit and withdrawal procedures. Deutsche prioritises compliance and risk management Deutsche Bank underlines its cautious approach to cryptocurrency. The bank emphasises its selected partnership standards, which include partners with comprehensive compliance systems, established regulatory frameworks, and a good risk management profile. Deutsche stresses that it would not directly handle cryptocurrency transfers, but will instead facilitate fiat deposits and withdrawals while assisting Bitpanda's treasury and payment operations. Strategic move for Deutsche Bank Deutsche Bank sees this cooperation as a strategic step to establish itself as a preferred banking partner for high-growth platforms in the virtual asset investment market. The bank already has a similar agreement with Hong Kong-based cryptocurrency exchange Hashkey, but the Bitpanda pact is its first in Europe, the Middle East, and Africa. This strategic approach prepares Deutsche Bank to possibly benefit from the developing cryptocurrency sector while remaining focused on compliance and risk management. (With inputs from Reuters)

Deutsche Bank Dips Toe into Crypto with Bitpanda Partnership

Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate. Investors believe that continued public spending will help to preserve economic momentum.

The broader Nifty index rose as much as 3.59 per cent to a record 23,338.70 points, while the BSE index vaulted 3.76 per cent to a career-high of 76,738.89 points. The Nifty 50 index achieved its highest intra-day rise since February 2021. Bond yields also declined, with the benchmark 10-year government bond yield reaching 6.9421 per cent, its lowest level since April 2022, while the rupee rose to 82.9575, its best level since March.

Exit polls predict a strong mandate

Weekend exit polls indicated that Modi's Bharatiya Janata Party (BJP) and allies could boost their 303 seats in the 543-member lower house, potentially securing a two-thirds majority. This conclusion would outperform experts' estimates and likely assist equities markets, which have already reached record highs due to economic expansion.

"The markets are pricing in the continuation of this government's policies and approach to economic management," said Rajesh Bhatia, Chief Investment Officer of ITI Mutual Fund. He expects the government to continue focusing on significant capital expenditures and production-linked incentives to sustain growth.

Economic growth and investor sentiment

India's economic growth rose to 8.2 per cent in the fiscal year ending March 2024, driven by government infrastructure investment and a real estate boom. Analysts believe that a big Modi victory will provide the political capital required for other changes, like land and labour reforms.

Citi analysts said that a verified Modi victory would be viewed as a vote for continuity, which would benefit stocks in infrastructure, logistics, and manufacturing. Companies including Adani Ports, Larsen &amp; Toubro, and Bharat Electronics are expected to benefit.

Investors also expect further efforts to build India as a manufacturing powerhouse, drawing global companies such as Apple and Tesla to diversify their production beyond China.

Foreign investment outlook

Foreign investors, who invested a net $20.7 billion in Indian shares last year but withdrew assets ahead of the election, may return after the vote. Goldman Sachs analysts discovered that clients believe political continuity will contribute to a stable macroeconomic environment and continuous changes.

Exit polls in India have historically been inaccurate, but official election results, which will be published on Tuesday, will validate the verdict. If the BJP wins easily, Swastika Investments Managing Director Sunil Nyati predicts a sustained market surge, particularly in large-cap companies, as foreign investors resume buying Indian equities.

(With inputs from Reuters)

Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate.

Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate. Investors believe that continued public spending will help to preserve economic momentum. The broader Nifty index rose as much as 3.59 per cent to a record 23,338.70 points, while the BSE index vaulted 3.76 per cent to a career-high of 76,738.89 points. The Nifty 50 index achieved its highest intra-day rise since February 2021. Bond yields also declined, with the benchmark 10-year government bond yield reaching 6.9421 per cent, its lowest level since April 2022, while the rupee rose to 82.9575, its best level since March. Exit polls predict a strong mandate Weekend exit polls indicated that Modi's Bharatiya Janata Party (BJP) and allies could boost their 303 seats in the 543-member lower house, potentially securing a two-thirds majority. This conclusion would outperform experts' estimates and likely assist equities markets, which have already reached record highs due to economic expansion. "The markets are pricing in the continuation of this government's policies and approach to economic management," said Rajesh Bhatia, Chief Investment Officer of ITI Mutual Fund. He expects the government to continue focusing on significant capital expenditures and production-linked incentives to sustain growth. Economic growth and investor sentiment India's economic growth rose to 8.2 per cent in the fiscal year ending March 2024, driven by government infrastructure investment and a real estate boom. Analysts believe that a big Modi victory will provide the political capital required for other changes, like land and labour reforms. Citi analysts said that a verified Modi victory would be viewed as a vote for continuity, which would benefit stocks in infrastructure, logistics, and manufacturing. Companies including Adani Ports, Larsen & Toubro, and Bharat Electronics are expected to benefit. Investors also expect further efforts to build India as a manufacturing powerhouse, drawing global companies such as Apple and Tesla to diversify their production beyond China. Foreign investment outlook Foreign investors, who invested a net $20.7 billion in Indian shares last year but withdrew assets ahead of the election, may return after the vote. Goldman Sachs analysts discovered that clients believe political continuity will contribute to a stable macroeconomic environment and continuous changes. Exit polls in India have historically been inaccurate, but official election results, which will be published on Tuesday, will validate the verdict. If the BJP wins easily, Swastika Investments Managing Director Sunil Nyati predicts a sustained market surge, particularly in large-cap companies, as foreign investors resume buying Indian equities. (With inputs from Reuters)

Indian shares jump on exit polls predicting Modi's third term

The market reacts to exit polls<o:p></o:p>

Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate. Investors believe that continued public spending will help to preserve economic momentum.<o:p></o:p>

The broader Nifty index rose as much as 3.59 per cent to a record 23,338.70 points, while the BSE index vaulted 3.76 per cent to a career-high of 76,738.89 points. The Nifty 50 index achieved its highest intra-day rise since February 2021. Bond yields also declined, with the benchmark 10-year government bond yield reaching 6.9421 per cent, its lowest level since April 2022, while the rupee rose to 82.9575, its best level since March.<o:p></o:p>

Exit polls predict a strong mandate<o:p></o:p>

Weekend exit polls indicated that Modi's Bharatiya Janata Party (BJP) and allies could boost their 303 seats in the 543-member lower house, potentially securing a two-thirds majority. This conclusion would outperform experts' estimates and likely assist equities markets, which have already reached record highs due to economic expansion.<o:p></o:p>

"The markets are pricing in the continuation of this government's policies and approach to economic management," said Rajesh Bhatia, Chief Investment Officer of ITI Mutual Fund. He expects the government to continue focusing on significant capital expenditures and production-linked incentives to sustain growth.<o:p></o:p>

Economic growth and investor sentiment<o:p></o:p>

India's economic growth rose to 8.2 per cent in the fiscal year ending March 2024, driven by government infrastructure investment and a real estate boom. Analysts believe that a big Modi victory will provide the political capital required for other changes, like land and labour reforms.<o:p></o:p>

Citi analysts said that a verified Modi victory would be viewed as a vote for continuity, which would benefit stocks in infrastructure, logistics, and manufacturing. Companies including Adani Ports, Larsen &amp; Toubro, and Bharat Electronics are expected to benefit.<o:p></o:p>

Investors also expect further efforts to build India as a manufacturing powerhouse, drawing global companies such as Apple and Tesla to diversify their production beyond China.<o:p></o:p>

Foreign investment outlook<o:p></o:p>

Foreign investors, who invested a net $20.7 billion in Indian shares last year but withdrew assets ahead of the election, may return after the vote. Goldman Sachs analysts discovered that clients believe political continuity will contribute to a stable macroeconomic environment and continuous changes.<o:p></o:p>

Exit polls in India have historically been inaccurate, but official election results, which will be published on Tuesday, will validate the verdict. If the BJP wins easily, Swastika Investments Managing Director Sunil Nyati predicts a sustained market surge, particularly in large-cap companies, as foreign investors resume buying Indian equities.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The market reacts to exit polls Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate.

The market reacts to exit polls Indian stocks rose to new highs on Monday as exit polls suggested Prime Minister Narendra Modi will be elected for a third term, potentially with a large mandate. Investors believe that continued public spending will help to preserve economic momentum. The broader Nifty index rose as much as 3.59 per cent to a record 23,338.70 points, while the BSE index vaulted 3.76 per cent to a career-high of 76,738.89 points. The Nifty 50 index achieved its highest intra-day rise since February 2021. Bond yields also declined, with the benchmark 10-year government bond yield reaching 6.9421 per cent, its lowest level since April 2022, while the rupee rose to 82.9575, its best level since March. Exit polls predict a strong mandate Weekend exit polls indicated that Modi's Bharatiya Janata Party (BJP) and allies could boost their 303 seats in the 543-member lower house, potentially securing a two-thirds majority. This conclusion would outperform experts' estimates and likely assist equities markets, which have already reached record highs due to economic expansion. "The markets are pricing in the continuation of this government's policies and approach to economic management," said Rajesh Bhatia, Chief Investment Officer of ITI Mutual Fund. He expects the government to continue focusing on significant capital expenditures and production-linked incentives to sustain growth. Economic growth and investor sentiment India's economic growth rose to 8.2 per cent in the fiscal year ending March 2024, driven by government infrastructure investment and a real estate boom. Analysts believe that a big Modi victory will provide the political capital required for other changes, like land and labour reforms. Citi analysts said that a verified Modi victory would be viewed as a vote for continuity, which would benefit stocks in infrastructure, logistics, and manufacturing. Companies including Adani Ports, Larsen & Toubro, and Bharat Electronics are expected to benefit. Investors also expect further efforts to build India as a manufacturing powerhouse, drawing global companies such as Apple and Tesla to diversify their production beyond China. Foreign investment outlook Foreign investors, who invested a net $20.7 billion in Indian shares last year but withdrew assets ahead of the election, may return after the vote. Goldman Sachs analysts discovered that clients believe political continuity will contribute to a stable macroeconomic environment and continuous changes. Exit polls in India have historically been inaccurate, but official election results, which will be published on Tuesday, will validate the verdict. If the BJP wins easily, Swastika Investments Managing Director Sunil Nyati predicts a sustained market surge, particularly in large-cap companies, as foreign investors resume buying Indian equities. (With inputs from Reuters)

Indian shares surge on exit polls predicting Modi's third term

OPEC+ confirmed on Sunday that it will prolong its significant oil supply cutbacks well into 2025. The decision comes as a coalition of oil-producing nations seeks to stabilise the market in the face of slow demand growth, rising interest rates, and increased competition from US producers. Brent crude oil prices are currently around $80 per barrel, which is insufficient to balance many OPEC+ nations' budgets.<o:p></o:p>

Deep cuts to persist amid market pressures<o:p></o:p>

The Organisation of Petroleum Exporting Countries and its allies, led by Russia, known collectively as OPEC+, are sustaining severe output cutbacks implemented in late 2022. The group, which accounts for a significant portion of world oil supply, is now reducing output by 5.86 million barrels per day (bpd), which equates to approximately 5.7 per cent of total demand. These cutbacks include 3.66 million bpd, which is expected to expire at the end of 2024, as well as an extra 2.2 million bpd of voluntary reduction by eight members, which will expire in June 2024.<o:p></o:p>

OPEC+ has resolved to extend the 3.66 million bpd cuts until the end of 2025, as well as the voluntary reduction of 2.2 million bpd until September 2024. The latter will be phased out progressively between October 2024 and September 2025.<o:p></o:p>

Challenges and strategic adjustments<o:p></o:p>

Saudi Energy Minister Prince Abdulaziz bin Salman emphasised the importance of patience, saying, "We are waiting for interest rates to fall and a better path for economic growth...not pockets of growth here and there." OPEC expects demand for its crude to average 43.65 million bpd in the second half of 2024, implying a stock depletion if production maintains at the April rate of 41.02 million bpd. However, this drawdown will decrease as voluntary reductions are phased out beginning in October.<o:p></o:p>

The International Energy Agency (IEA), which represents major consumers, predicts that demand for OPEC+ oil will fall to 41.9 million barrels per day in 2024. According to Amrita Sen, co-founder of Energy Aspects, "The deal should allay market fears of OPEC+ adding back barrels at a time when demand concerns are still rife."<o:p></o:p>

Negotiations and new production targets<o:p></o:p>

In an unexpected turn of events, OPEC+ postponed negotiations on each member's specific capacity targets until November 2025. The UAE, which has lobbied for a greater production quota, has achieved a new objective that allows it to increase output by 0.3 million bpd from its existing 2.9 million bpd.<o:p></o:p>

The deal's complexity necessitated substantial preparation, with Prince Abdulaziz conducting conversations behind the scenes. Even though most discussions are held online, certain key ministers convened in Riyadh on Sunday. Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates are among the nations making voluntary reductions.<o:p></o:p>

Looking Ahead<o:p></o:p>

This accord, reached in less than four hours of negotiations on Sunday, demonstrates the group's unity and strategic acumen. Prince Abdulaziz's leadership was critical in securing this agreement, which attempts to calm markets and maintain stability in the face of global economic uncertainty. The next OPEC+ meeting is set for December 1, 2024.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

OPEC+ confirmed on Sunday that it will prolong its significant oil supply cutbacks well into 2025. The decision comes as a coalition of oil-producing nations seeks to stabilise the market in the face of slow demand growth, rising interest rates, and increased competition from US producers.

OPEC+ confirmed on Sunday that it will prolong its significant oil supply cutbacks well into 2025. The decision comes as a coalition of oil-producing nations seeks to stabilise the market in the face of slow demand growth, rising interest rates, and increased competition from US producers. Brent crude oil prices are currently around $80 per barrel, which is insufficient to balance many OPEC+ nations' budgets. Deep cuts to persist amid market pressures The Organisation of Petroleum Exporting Countries and its allies, led by Russia, known collectively as OPEC+, are sustaining severe output cutbacks implemented in late 2022. The group, which accounts for a significant portion of world oil supply, is now reducing output by 5.86 million barrels per day (bpd), which equates to approximately 5.7 per cent of total demand. These cutbacks include 3.66 million bpd, which is expected to expire at the end of 2024, as well as an extra 2.2 million bpd of voluntary reduction by eight members, which will expire in June 2024. OPEC+ has resolved to extend the 3.66 million bpd cuts until the end of 2025, as well as the voluntary reduction of 2.2 million bpd until September 2024. The latter will be phased out progressively between October 2024 and September 2025. Challenges and strategic adjustments Saudi Energy Minister Prince Abdulaziz bin Salman emphasised the importance of patience, saying, "We are waiting for interest rates to fall and a better path for economic growth...not pockets of growth here and there." OPEC expects demand for its crude to average 43.65 million bpd in the second half of 2024, implying a stock depletion if production maintains at the April rate of 41.02 million bpd. However, this drawdown will decrease as voluntary reductions are phased out beginning in October. The International Energy Agency (IEA), which represents major consumers, predicts that demand for OPEC+ oil will fall to 41.9 million barrels per day in 2024. According to Amrita Sen, co-founder of Energy Aspects, "The deal should allay market fears of OPEC+ adding back barrels at a time when demand concerns are still rife." Negotiations and new production targets In an unexpected turn of events, OPEC+ postponed negotiations on each member's specific capacity targets until November 2025. The UAE, which has lobbied for a greater production quota, has achieved a new objective that allows it to increase output by 0.3 million bpd from its existing 2.9 million bpd. The deal's complexity necessitated substantial preparation, with Prince Abdulaziz conducting conversations behind the scenes. Even though most discussions are held online, certain key ministers convened in Riyadh on Sunday. Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates are among the nations making voluntary reductions. Looking Ahead This accord, reached in less than four hours of negotiations on Sunday, demonstrates the group's unity and strategic acumen. Prince Abdulaziz's leadership was critical in securing this agreement, which attempts to calm markets and maintain stability in the face of global economic uncertainty. The next OPEC+ meeting is set for December 1, 2024. (With inputs from Reuters)

OPEC+ extends deep oil output cuts into 2025 amid market uncertainties

Nvidia Corp. has launched Rubin, its next-generation artificial intelligence (AI) chip platform, which will be available in 2026, according to CEO Jensen Huang. The announcement was made during a presentation at National Taiwan University in Taipei as part of the Computex trade fair.<o:p></o:p>

Rubin platform to include advanced CPUs, GPUs, and networking chips<o:p></o:p>

The Rubin chip family will include new GPUs, CPUs, and networking processors. The new CPU, called Versa, will be geared to improve AI capabilities. The GPUs, which are critical for powering AI applications, will use next-generation high-bandwidth memory from industry giants including SK Hynix, Micron, and Samsung. Despite the enthusiasm surrounding the introduction, Huang revealed only limited information regarding the Rubin platform's specific features and capabilities.<o:p></o:p>

Accelerated release schedule<o:p></o:p>

In a strategic move, Huang announced that Nvidia intends to deliver a new family of AI processors each year, a huge increase from its prior biennial release timetable. This strategy attempts to keep up with rapid advances in AI technology while maintaining Nvidia's market leadership. "We are committed to pushing the boundaries of AI and providing our customers with the tools they need to succeed," Huang said.<o:p></o:p>

Market dominance and strategic positioning<o:p></o:p>

Nvidia presently controls around 80 per cent of the AI chip market, establishing it as a key enabler and beneficiary of the rapidly growing AI industry. The company's strategic efforts, such as the launch of the Rubin platform, are likely to solidify its market leadership. The annual release of new AI chip families is expected to spur additional innovation and adoption in a variety of AI applications.<o:p></o:p>

Industry impact and prospects<o:p></o:p>

The launch of the Rubin platform demonstrates Nvidia's commitment to expanding AI technology and meeting the growing demand for powerful AI solutions. Nvidia's release of Versa CPUs and improved GPUs intends to meet the needs of businesses depending on AI, ranging from data centres to autonomous vehicles. The inclusion of high-bandwidth memory from leading manufacturers demonstrates a coordinated effort to improve chip performance.<o:p></o:p>

As Nvidia prepares to launch the Rubin platform in 2026, the tech world is excited about the possible breakthroughs and enhancements that this next generation of AI chips will offer. The annual release plan guarantees a steady stream of advances, reinforcing Nvidia's central role in the AI revolution.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nvidia Corp. has launched Rubin, its next-generation artificial intelligence (AI) chip platform, which will be available in 2026, according to CEO Jensen Huang. The announcement was made during a presentation at National Taiwan University in Taipei as part of the Computex trade fair.

Nvidia Corp. has launched Rubin, its next-generation artificial intelligence (AI) chip platform, which will be available in 2026, according to CEO Jensen Huang. The announcement was made during a presentation at National Taiwan University in Taipei as part of the Computex trade fair. Rubin platform to include advanced CPUs, GPUs, and networking chips The Rubin chip family will include new GPUs, CPUs, and networking processors. The new CPU, called Versa, will be geared to improve AI capabilities. The GPUs, which are critical for powering AI applications, will use next-generation high-bandwidth memory from industry giants including SK Hynix, Micron, and Samsung. Despite the enthusiasm surrounding the introduction, Huang revealed only limited information regarding the Rubin platform's specific features and capabilities. Accelerated release schedule In a strategic move, Huang announced that Nvidia intends to deliver a new family of AI processors each year, a huge increase from its prior biennial release timetable. This strategy attempts to keep up with rapid advances in AI technology while maintaining Nvidia's market leadership. "We are committed to pushing the boundaries of AI and providing our customers with the tools they need to succeed," Huang said. Market dominance and strategic positioning Nvidia presently controls around 80 per cent of the AI chip market, establishing it as a key enabler and beneficiary of the rapidly growing AI industry. The company's strategic efforts, such as the launch of the Rubin platform, are likely to solidify its market leadership. The annual release of new AI chip families is expected to spur additional innovation and adoption in a variety of AI applications. Industry impact and prospects The launch of the Rubin platform demonstrates Nvidia's commitment to expanding AI technology and meeting the growing demand for powerful AI solutions. Nvidia's release of Versa CPUs and improved GPUs intends to meet the needs of businesses depending on AI, ranging from data centres to autonomous vehicles. The inclusion of high-bandwidth memory from leading manufacturers demonstrates a coordinated effort to improve chip performance. As Nvidia prepares to launch the Rubin platform in 2026, the tech world is excited about the possible breakthroughs and enhancements that this next generation of AI chips will offer. The annual release plan guarantees a steady stream of advances, reinforcing Nvidia's central role in the AI revolution. (With inputs from Reuters)

Nvidia unveils next-gen AI chip platform Rubin, set for 2026 release

Skydance Media ups bid for Paramount non-voting shares<o:p></o:p>

Skydance Media has raised its bid to purchase non-voting shares of Paramount Global to $15 per share, according to the Wall Street Journal on Sunday. This latest proposal values Paramount B shares at a 26 per cent premium to their Friday closing price. The updated proposal, which appeared last week, prompted a special committee of Paramount's board to suggest approving the purchase.<o:p></o:p>

Special committee endorses sweetened offer<o:p></o:p>

Skydance filed an amended proposal with better terms for both voting and non-voting shareholders, and Paramount's special committee approved it. According to sources, this sweetened offer includes additional cash incentives and better terms to tempt both types of shareholders. This move is a huge step forward in the current negotiations between Skydance and Paramount.<o:p></o:p>

National Amusements Seeks Legal Protections<o:p></o:p>

National Amusements, Paramount's parent business, has mandated that Skydance give legal protections in the case of any lawsuits resulting from the transaction. The New York Times reported on Sunday about this ailment. Skydance has also agreed to donate at least $1.5 billion to help lower Paramount's debt.<o:p></o:p>

Uncertainty Over 'Go-Shop' Period<o:p></o:p>

Despite the deal's advanced stages, it is unclear whether Paramount will be granted a "go-shop" period to seek possible higher offers from other bidders, or if the deal would be promptly put to shareholders for approval. Skydance and Paramount have yet to finalize this portion of their deal.<o:p></o:p>

Sony and Apollo's Rival Bid Withdrawn<o:p></o:p>

In a twist to the acquisition saga, Sony Pictures Entertainment, in cooperation with Apollo Global Management, had previously made a non-binding all-cash bid of $26 billion for Paramount. However, the competitor's bid was withdrawn in favor of a more limited strategy, paving the way for Skydance's updated proposal.<o:p></o:p>

Paramount and Skydance have both declined to comment on the Wall Street Journal and New York Times claims. Skydance has been in significant talks with Paramount over the last few months, indicating a probable convergence of the media sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Skydance Media ups bid for Paramount non-voting shares Skydance Media has raised its bid to purchase non-voting shares of Paramount Global to $15 per share, according to the Wall Street Journal on Sunday.

Skydance Media ups bid for Paramount non-voting shares Skydance Media has raised its bid to purchase non-voting shares of Paramount Global to $15 per share, according to the Wall Street Journal on Sunday. This latest proposal values Paramount B shares at a 26 per cent premium to their Friday closing price. The updated proposal, which appeared last week, prompted a special committee of Paramount's board to suggest approving the purchase. Special committee endorses sweetened offer Skydance filed an amended proposal with better terms for both voting and non-voting shareholders, and Paramount's special committee approved it. According to sources, this sweetened offer includes additional cash incentives and better terms to tempt both types of shareholders. This move is a huge step forward in the current negotiations between Skydance and Paramount. National Amusements Seeks Legal Protections National Amusements, Paramount's parent business, has mandated that Skydance give legal protections in the case of any lawsuits resulting from the transaction. The New York Times reported on Sunday about this ailment. Skydance has also agreed to donate at least $1.5 billion to help lower Paramount's debt. Uncertainty Over 'Go-Shop' Period Despite the deal's advanced stages, it is unclear whether Paramount will be granted a "go-shop" period to seek possible higher offers from other bidders, or if the deal would be promptly put to shareholders for approval. Skydance and Paramount have yet to finalize this portion of their deal. Sony and Apollo's Rival Bid Withdrawn In a twist to the acquisition saga, Sony Pictures Entertainment, in cooperation with Apollo Global Management, had previously made a non-binding all-cash bid of $26 billion for Paramount. However, the competitor's bid was withdrawn in favor of a more limited strategy, paving the way for Skydance's updated proposal. Paramount and Skydance have both declined to comment on the Wall Street Journal and New York Times claims. Skydance has been in significant talks with Paramount over the last few months, indicating a probable convergence of the media sector. (With inputs from Reuters)

Skydance Media revises offer for Paramount Global shares

Shein, the online fashion giant, is preparing to file a prospectus with Britain's Financial Conduct Authority (FCA) ahead of a possible initial public offering (IPO) in London, Sky News reported Sunday. Shein might be valued at over 50 billion pounds ($63.70 billion) following the transaction.<o:p></o:p>

Confidential filing imminent<o:p></o:p>

According to sources cited by Sky News, the confidential filing might occur as soon as next week. This comes after Shein met with London-based financial and legal consultants earlier this year to discuss the idea of listing on the London Stock Exchange.<o:p></o:p>

Shift from New York to London<o:p></o:p>

Shein, which raised $66 billion in funding last year, has advanced its plans for a London listing after facing regulatory challenges and opposition from US politicians to a potential New York IPO. The decision comes as the corporation seeks a more favourable regulatory climate in the United Kingdom.<o:p></o:p>

Regulatory scrutiny and governance improvements<o:p></o:p>

Despite the strategic shift to London, Shein is under examination from prominent British MPs who are concerned about the company's fitness for a listing on the London Stock Exchange. Shein responded by stating that it is committed to upgrading its governance and compliance policies to resolve these concerns.<o:p></o:p>

As Shein prepares for its possible London debut, the fashion company is under pressure to achieve the high standards demanded by British regulators and lawmakers. The outcome of Shein's efforts to improve its compliance controls will be critical in deciding the viability of its UK IPO plans.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Shein, the online fashion giant, is preparing to file a prospectus with Britain's Financial Conduct Authority (FCA) ahead of a possible initial public offering (IPO) in London, Sky News reported Sunday.

Shein, the online fashion giant, is preparing to file a prospectus with Britain's Financial Conduct Authority (FCA) ahead of a possible initial public offering (IPO) in London, Sky News reported Sunday. Shein might be valued at over 50 billion pounds ($63.70 billion) following the transaction. Confidential filing imminent According to sources cited by Sky News, the confidential filing might occur as soon as next week. This comes after Shein met with London-based financial and legal consultants earlier this year to discuss the idea of listing on the London Stock Exchange. Shift from New York to London Shein, which raised $66 billion in funding last year, has advanced its plans for a London listing after facing regulatory challenges and opposition from US politicians to a potential New York IPO. The decision comes as the corporation seeks a more favourable regulatory climate in the United Kingdom. Regulatory scrutiny and governance improvements Despite the strategic shift to London, Shein is under examination from prominent British MPs who are concerned about the company's fitness for a listing on the London Stock Exchange. Shein responded by stating that it is committed to upgrading its governance and compliance policies to resolve these concerns. As Shein prepares for its possible London debut, the fashion company is under pressure to achieve the high standards demanded by British regulators and lawmakers. The outcome of Shein's efforts to improve its compliance controls will be critical in deciding the viability of its UK IPO plans. (With inputs from Reuters)

Shein eyes London float amid regulatory scrutiny

Boeing executives are unlikely to be criminally charged over fatal crashes in 2018 and 2019 that killed 346 people as the statute of limitations has likely passed, US&nbsp;Justice Department officials told victims' family members in a meeting.

Details were corroborated by a person familiar with the gathering on Friday and correspondence reviewed by Reuters.

The deadline for prosecuting most federal crimes is five years.

The Justice Department found in mid-May that Boeing violated a 2021 deferred prosecution agreement (DPA) that had shielded the company from a criminal charge arising from the fatal crashes.

Officials agreed to ask a judge to dismiss the charge of conspiring to defraud the US&nbsp;Federal Aviation Administration (FAA) as long as Boeing abided by the terms of the agreement over a three-year period ending January&nbsp;7, 2024.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/flashback-friday-tracing-the-turbulent-journey-of-the-boeing-737-max-aircraft-679327">Flashback Friday: Tracing the turbulent journey of the Boeing 737 MAX aircraft</a>

But an in-flight blowout two days before the agreement expired exposed ongoing safety and quality issues. A panel blew off a new Boeing 737 MAX 9 jet during a Jan. 5 Alaska Airlines flight.

Boeing has until June 13 to outline any disagreements with the department's finding that it violated the 2021 agreement. The Justice Department has until July 7 to inform a federal judge in Texas of its plans.

Boeing has said it believes it has "honored the terms of the agreement" and looks forward to responding to the Justice Department.

The Justice Department did not immediately respond to a request for comment.

The department is weighing several options, including whether to prosecute Boeing or extend the DPA by a year. Officials could also enter into a new DPA or reach a non-prosecution agreement that does not involve court supervision.

Also Read |&nbsp;<a href="https://www.wionews.com/world/last-minute-snag-halts-boeing-starliners-launch-nasa-estimates-24-hour-turnaround-time-727870">Last-minute snag halts launch of Boeing’s Starliner, NASA estimates 24-hour turnaround time</a>

Officials could also seek to negotiate a plea deal with Boeing over the 2021 fraud charge or take the company to trial over it.

Boeing could also face charges over its behavior during the three-year term of the DPA, though officials have not found evidence of any felonies committed during that period, prosecutors told the victims' families, according to the source familiar with the meeting.

Victims' family members are discussing asking officials to seek an enhanced sentence should Boeing be prosecuted and convicted, the source told Reuters.

In the meeting, Justice Department officials said they believe they are unable to prove cases of federal manslaughter or fraud involving aircraft parts beyond a reasonable doubt, the person added.

Boeing executives are unlikely to be criminally charged over fatal crashes in 2018 and 2019 that killed 346 people as the statute of limitations has likely passed, US Justice Department officials told victims' family members in a meeting.

Boeing executives are unlikely to be criminally charged over fatal crashes in 2018 and 2019 that killed 346 people as the statute of limitations has likely passed, US Justice Department officials told victims' family members in a meeting. Details were corroborated by a person familiar with the gathering on Friday and correspondence reviewed by Reuters. The deadline for prosecuting most federal crimes is five years. The Justice Department found in mid-May that Boeing violated a 2021 deferred prosecution agreement (DPA) that had shielded the company from a criminal charge arising from the fatal crashes. Officials agreed to ask a judge to dismiss the charge of conspiring to defraud the US Federal Aviation Administration (FAA) as long as Boeing abided by the terms of the agreement over a three-year period ending January 7, 2024. Also Read | Flashback Friday: Tracing the turbulent journey of the Boeing 737 MAX aircraft But an in-flight blowout two days before the agreement expired exposed ongoing safety and quality issues. A panel blew off a new Boeing 737 MAX 9 jet during a Jan. 5 Alaska Airlines flight. Boeing has until June 13 to outline any disagreements with the department's finding that it violated the 2021 agreement. The Justice Department has until July 7 to inform a federal judge in Texas of its plans. Boeing has said it believes it has "honored the terms of the agreement" and looks forward to responding to the Justice Department. The Justice Department did not immediately respond to a request for comment. The department is weighing several options, including whether to prosecute Boeing or extend the DPA by a year. Officials could also enter into a new DPA or reach a non-prosecution agreement that does not involve court supervision. Also Read | Last-minute snag halts launch of Boeing’s Starliner, NASA estimates 24-hour turnaround time Officials could also seek to negotiate a plea deal with Boeing over the 2021 fraud charge or take the company to trial over it. Boeing could also face charges over its behavior during the three-year term of the DPA, though officials have not found evidence of any felonies committed during that period, prosecutors told the victims' families, according to the source familiar with the meeting. Victims' family members are discussing asking officials to seek an enhanced sentence should Boeing be prosecuted and convicted, the source told Reuters. In the meeting, Justice Department officials said they believe they are unable to prove cases of federal manslaughter or fraud involving aircraft parts beyond a reasonable doubt, the person added.

Boeing executives unlikely to be charged over 737 MAX crashes that killed 346 people: Report

The United States Department of Labor filed a complaint on Thursday against South Korean automaker Hyundai Motor Co., an auto parts company, and a labour recruiter for the illegal use of child labour at an Alabama facility.<o:p></o:p>

The complaint, filed in U.S. District Court in Montgomery, Alabama, also seeks an order forcing the firms to return any profits generated using child labour.<o:p></o:p>

In 2022, Reuters reported that a Hyundai subsidiary and other parts suppliers in the Southern state employed youngsters as young as 12. The three defendants named in the current Labor Department petition for hiring a 13-year-old child are Hyundai Motor Manufacturing Alabama LLC, SMART Alabama LLC, an auto parts company, and Best Practice Service LLC, a recruiting firm.<o:p></o:p>

The Department's Wage and Hour Division discovered that the kid had worked up to 60 hours per week on a SMART assembly line, where he operated equipment that shaped sheet metal into automobile parts. The SMART facility supplies parts to Hyundai Motor Manufacturing Alabama, which manufactures popular models such as the Hyundai Santa Fe, Tucson, and Santa Cruz.<o:p></o:p>

According to the complaint filed with the Labour Department, SMART informed the employment firm that "two additional employees were not welcome back at the facility due to their appearance and other physical characteristics, which suggested they were also underage."<o:p></o:p>

"Companies cannot avoid liability by blaming suppliers or staffing companies for child labour violations when they are also employers," stated Solicitor of Labour Seema Nanda in a news statement.<o:p></o:p>

The case highlights continued worries about child labour practices in big firms' supply networks, particularly in locations with considerable industrial activity.<o:p></o:p>

Hyundai Motor Co. and the connected defendants have yet to release a statement regarding the complaint. The case emphasises the need for strict adherence to labour rules, as well as global firms' ethical duties to maintain safe and lawful working conditions throughout their supply chains.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The United States Department of Labor filed a complaint on Thursday against South Korean automaker Hyundai Motor Co., an auto parts company, and a labour recruiter for the illegal use of child labour at an Alabama facility.

The United States Department of Labor filed a complaint on Thursday against South Korean automaker Hyundai Motor Co., an auto parts company, and a labour recruiter for the illegal use of child labour at an Alabama facility. The complaint, filed in U.S. District Court in Montgomery, Alabama, also seeks an order forcing the firms to return any profits generated using child labour. In 2022, Reuters reported that a Hyundai subsidiary and other parts suppliers in the Southern state employed youngsters as young as 12. The three defendants named in the current Labor Department petition for hiring a 13-year-old child are Hyundai Motor Manufacturing Alabama LLC, SMART Alabama LLC, an auto parts company, and Best Practice Service LLC, a recruiting firm. The Department's Wage and Hour Division discovered that the kid had worked up to 60 hours per week on a SMART assembly line, where he operated equipment that shaped sheet metal into automobile parts. The SMART facility supplies parts to Hyundai Motor Manufacturing Alabama, which manufactures popular models such as the Hyundai Santa Fe, Tucson, and Santa Cruz. According to the complaint filed with the Labour Department, SMART informed the employment firm that "two additional employees were not welcome back at the facility due to their appearance and other physical characteristics, which suggested they were also underage." "Companies cannot avoid liability by blaming suppliers or staffing companies for child labour violations when they are also employers," stated Solicitor of Labour Seema Nanda in a news statement. The case highlights continued worries about child labour practices in big firms' supply networks, particularly in locations with considerable industrial activity. Hyundai Motor Co. and the connected defendants have yet to release a statement regarding the complaint. The case emphasises the need for strict adherence to labour rules, as well as global firms' ethical duties to maintain safe and lawful working conditions throughout their supply chains. (With inputs from Reuters)

US Department of Labour sues Hyundai over child labour in Alabama

Twitch, a streaming network owned by Amazon.com Inc, announced an extensive overhaul of its safety advisory board on Thursday, adding new members from its pool of "Twitch Ambassadors". This change is intended to introduce new, different perspectives into the platform's safety standards.<o:p></o:p>

Twitch Ambassadors are individuals who are recognised for their excellent contributions to the community, according to the company's website. Previously, the council featured both online safety professionals and anti-bullying advocates.<o:p></o:p>

The safety advisory council, which was formed in 2020, provides crucial input for improving user safety on the platform. "After working with many of the same core members for several years, we have brought in new council members to offer fresh, diverse perspectives," a representative for Twitch said.<o:p></o:p>

The reform, which was first reported by CNBC, will result in the termination of contracts for former council members, according to a source familiar with the situation.<o:p></o:p>

Twitch Ambassadors are expected to help ensure that the platform remains a safe and inclusive environment for its millions of users around the world.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Twitch, a streaming network owned by Amazon.com Inc, announced an extensive overhaul of its safety advisory board on Thursday, adding new members from its pool of "Twitch Ambassadors".

Twitch, a streaming network owned by Amazon.com Inc, announced an extensive overhaul of its safety advisory board on Thursday, adding new members from its pool of "Twitch Ambassadors". This change is intended to introduce new, different perspectives into the platform's safety standards. Twitch Ambassadors are individuals who are recognised for their excellent contributions to the community, according to the company's website. Previously, the council featured both online safety professionals and anti-bullying advocates. The safety advisory council, which was formed in 2020, provides crucial input for improving user safety on the platform. "After working with many of the same core members for several years, we have brought in new council members to offer fresh, diverse perspectives," a representative for Twitch said. The reform, which was first reported by CNBC, will result in the termination of contracts for former council members, according to a source familiar with the situation. Twitch Ambassadors are expected to help ensure that the platform remains a safe and inclusive environment for its millions of users around the world. (With inputs from Reuters)

Amazon’s Twitch revamps safety advisory council with community ambassadors

A US&nbsp; bankruptcy judge authorised WeWork's Chapter 11 bankruptcy plan on Thursday, allowing the unstable shared office space provider to discharge $4 billion in debt and transfer stock to a group of lenders and real estate technology business Yardi Systems.

WeWork's restructuring was approved by US Bankruptcy Judge John Sherwood during a court hearing in Newark, New Jersey. The clearance allows WeWork to emerge from bankruptcy debt-free "in a matter of days," according to the company's attorney, Steven Serajeddini.

In November 2023, the flexible workspace provider filed for bankruptcy after rapidly expanding but incurring considerable losses due to an overly large real estate portfolio. WeWork's Chapter 11 filing has enabled it to renegotiate future rent rates with landlords, cancelling contracts at about one-third of its facilities and reducing future rent liabilities by more than $12 billion.

Following its bankruptcy, WeWork intends to operate 337 shared office spaces, with over 170 in the United States and Canada.&nbsp;

"Due to the tireless efforts of our team, and the unwavering loyalty of so many of our members, we have completed our Chapter 11 proceedings with success well beyond our initial expectations," stated David Tolley, CEO of WeWork.

WeWork rejected a competing buyout proposal from co-founder and former CEO Adam Neumann, claiming that his offer was insufficient to persuade the company's lenders, who preferred an equity interest as part of the restructuring plan. Existing equity shares will be cancelled because of the restructuring, but SoftBank, WeWork's largest stakeholder, will retain a minority ownership holding due to loans it made to the company. WeWork was once valued at $47 billion; its post-bankruptcy equity is estimated to be at $750 million.

Despite its quick growth, WeWork never achieved profitability, and its reputation suffered after a failed initial public offering in 2019. The proposed IPO failed as investors expressed worries about the company's significant losses and questioned Neumann's management and corporate governance.

WeWork eventually went public in October 2021 through a merger with a special purpose acquisition company (SPAC), but its financial problems were exacerbated when the COVID-19 pandemic caused a long-term drop in demand for office space and a substantial move toward remote working.

(With inputs from Reuters)

A US bankruptcy judge authorised WeWork's Chapter 11 bankruptcy plan on Thursday, allowing the unstable shared office space provider to discharge $4 billion in debt and transfer stock to a group of lenders and real estate technology business Yardi Systems.

A US bankruptcy judge authorised WeWork's Chapter 11 bankruptcy plan on Thursday, allowing the unstable shared office space provider to discharge $4 billion in debt and transfer stock to a group of lenders and real estate technology business Yardi Systems. WeWork's restructuring was approved by US Bankruptcy Judge John Sherwood during a court hearing in Newark, New Jersey. The clearance allows WeWork to emerge from bankruptcy debt-free "in a matter of days," according to the company's attorney, Steven Serajeddini. In November 2023, the flexible workspace provider filed for bankruptcy after rapidly expanding but incurring considerable losses due to an overly large real estate portfolio. WeWork's Chapter 11 filing has enabled it to renegotiate future rent rates with landlords, cancelling contracts at about one-third of its facilities and reducing future rent liabilities by more than $12 billion. Following its bankruptcy, WeWork intends to operate 337 shared office spaces, with over 170 in the United States and Canada. "Due to the tireless efforts of our team, and the unwavering loyalty of so many of our members, we have completed our Chapter 11 proceedings with success well beyond our initial expectations," stated David Tolley, CEO of WeWork. WeWork rejected a competing buyout proposal from co-founder and former CEO Adam Neumann, claiming that his offer was insufficient to persuade the company's lenders, who preferred an equity interest as part of the restructuring plan. Existing equity shares will be cancelled because of the restructuring, but SoftBank, WeWork's largest stakeholder, will retain a minority ownership holding due to loans it made to the company. WeWork was once valued at $47 billion; its post-bankruptcy equity is estimated to be at $750 million. Despite its quick growth, WeWork never achieved profitability, and its reputation suffered after a failed initial public offering in 2019. The proposed IPO failed as investors expressed worries about the company's significant losses and questioned Neumann's management and corporate governance. WeWork eventually went public in October 2021 through a merger with a special purpose acquisition company (SPAC), but its financial problems were exacerbated when the COVID-19 pandemic caused a long-term drop in demand for office space and a substantial move toward remote working. (With inputs from Reuters)

US Judge approves WeWork's chapter 11 bankruptcy plan

Trump Media &amp; Technology Group (TMTG) shares fell 6.5 per cent in after-hours trading on Thursday, following the conviction of former President Donald Trump by a New York jury for falsifying records to hide a payment made to silence a porn star ahead of the 2016 election.

TMTG, the parent company of the social networking platform Truth Social and majority-owned by Trump, saw its stock trade at $48.44 after the bell. This marked a drop from its regular trading hours closing of $51.12, which gave the business a $9 billion valuation.

After two days of deliberation, the 12-member jury returned its judgment, finding Trump guilty of all 34 counts. The presiding court, Justice Juan Merchan, scheduled the sentencing for July 11, just days before the Republican National Convention is anticipated to officially nominate Trump for president on July 15.

Trump Media shares have been extremely volatile since their first public offering on March 26. On its Nasdaq debut, the company's shares surged by up to 59 per cent, fuelled by a flood of buying by Trump fans and market speculators. The company reported $770,500 in revenue for the March quarter, with an adjusted operating loss of $12.1 million.

The highest closing price for TMTG shares was $79.38 on the day of the IPO, with the lowest being $22.84 on April 16. Recent legal events have exacerbated the company's already volatile stock performance.

As the sentencing date approaches and the Republican National Convention approaches, the financial and political consequences for Trump and TMTG remain undetermined.&nbsp;

(With inputs from Reuters)

Trump Media & Technology Group (TMTG) shares fell 6.5 per cent in after-hours trading on Thursday, following the conviction of former President Donald Trump by a New York jury for falsifying records to hide a payment made to silence a porn star ahead of the 2016 election.

Trump Media & Technology Group (TMTG) shares fell 6.5 per cent in after-hours trading on Thursday, following the conviction of former President Donald Trump by a New York jury for falsifying records to hide a payment made to silence a porn star ahead of the 2016 election. TMTG, the parent company of the social networking platform Truth Social and majority-owned by Trump, saw its stock trade at $48.44 after the bell. This marked a drop from its regular trading hours closing of $51.12, which gave the business a $9 billion valuation. After two days of deliberation, the 12-member jury returned its judgment, finding Trump guilty of all 34 counts. The presiding court, Justice Juan Merchan, scheduled the sentencing for July 11, just days before the Republican National Convention is anticipated to officially nominate Trump for president on July 15. Trump Media shares have been extremely volatile since their first public offering on March 26. On its Nasdaq debut, the company's shares surged by up to 59 per cent, fuelled by a flood of buying by Trump fans and market speculators. The company reported $770,500 in revenue for the March quarter, with an adjusted operating loss of $12.1 million. The highest closing price for TMTG shares was $79.38 on the day of the IPO, with the lowest being $22.84 on April 16. Recent legal events have exacerbated the company's already volatile stock performance. As the sentencing date approaches and the Republican National Convention approaches, the financial and political consequences for Trump and TMTG remain undetermined. (With inputs from Reuters)

Shares of Trump Media & Technology Group drop 6.5pc following Trump's conviction

TikTok is working on an independent version of its algorithm that provides recommendations for its 170 million US users, to&nbsp;reassure American lawmakers concerned about data security, according to persons familiar with the matter cited by Reuters.

TikTok's Chinese parent company ByteDance ordered the initiative late last year, predating the legislative drive for a forced sale of TikTok's US operations. The bill, which was passed into law in April, requires TikTok to relinquish its holdings in the United States by January 19, 2025.

According to Reuters, TikTok programmers in the United States and China are currently splitting millions of lines of code to separate TikTok's algorithm from ByteDance's Chinese counterpart, Douyin. This technical separation is intended to resolve bipartisan concerns about potential Chinese government access to US user data.

ByteDance has repeatedly said that selling TikTok's US business is not feasible, citing commercial, technological, and regulatory constraints. Following the release of this news, TikTok contested Reuters' claim, labelling it as "misleading and factually inaccurate" on its X account, without citing the errors.

In May, TikTok and ByteDance sued in federal court in the United States to block the statute. A US appeals court has set a tight timeline to address these legal issues.

In recent months, hundreds of developers have been charged with the difficult task of developing a new code base for TikTok US This endeavour, characterised by sources as "dirty work," entails ensuring that the new algorithm is clear of any ties to Chinese user data.

The proposal reveals TikTok's efforts to limit the political dangers it confronts in the US President Biden and other bill proponents think that TikTok poses a substantial threat because it might provide Beijing access to massive amounts of data on US consumers.

The Chinese government's 2020 decision to add content recommendation algorithms to its export control list complicates matters by requiring any divestment or sale of TikTok's algorithm to go through administrative licensing procedures.

TikTok's recommendation engine, which tailors user content based on interaction data, has contributed significantly to the app's global appeal. ByteDance attributes TikTok's popularity to its smart algorithm.

TikTok previously attempted to address US concerns with "Project Texas," an effort to separate US user data that failed to satisfy regulators and lawmakers. The present code-splitting endeavour attempts to highlight TikTok USA's independence from ByteDance.

According to sources, TikTok executives have explored considering open-sourcing portions of their algorithms to increase transparency. However, the primary focus is still on developing a distinct recommendation engine for the US market.

This project is projected to take more than a year to complete. Despite the ongoing legal fights, ByteDance continues to go forward with the technological separation, acknowledging the risk that TikTok US will struggle to sustain its current performance levels without ByteDance's engineering support.

The goal is to create a new source code repository for TikTok US that operates independently of TikTok's other regional apps and Douyin. This move is viewed as a significant step in TikTok's efforts to comply with US regulatory requirements and protect its future in the American market.

(With inputs from Reuters)

TikTok is working on an independent version of its algorithm that provides recommendations for its 170 million US users, to reassure American lawmakers concerned about data security, according to persons familiar with the matter cited by Reuters.

TikTok is working on an independent version of its algorithm that provides recommendations for its 170 million US users, to reassure American lawmakers concerned about data security, according to persons familiar with the matter cited by Reuters. TikTok's Chinese parent company ByteDance ordered the initiative late last year, predating the legislative drive for a forced sale of TikTok's US operations. The bill, which was passed into law in April, requires TikTok to relinquish its holdings in the United States by January 19, 2025. According to Reuters, TikTok programmers in the United States and China are currently splitting millions of lines of code to separate TikTok's algorithm from ByteDance's Chinese counterpart, Douyin. This technical separation is intended to resolve bipartisan concerns about potential Chinese government access to US user data. ByteDance has repeatedly said that selling TikTok's US business is not feasible, citing commercial, technological, and regulatory constraints. Following the release of this news, TikTok contested Reuters' claim, labelling it as "misleading and factually inaccurate" on its X account, without citing the errors. In May, TikTok and ByteDance sued in federal court in the United States to block the statute. A US appeals court has set a tight timeline to address these legal issues. In recent months, hundreds of developers have been charged with the difficult task of developing a new code base for TikTok US This endeavour, characterised by sources as "dirty work," entails ensuring that the new algorithm is clear of any ties to Chinese user data. The proposal reveals TikTok's efforts to limit the political dangers it confronts in the US President Biden and other bill proponents think that TikTok poses a substantial threat because it might provide Beijing access to massive amounts of data on US consumers. The Chinese government's 2020 decision to add content recommendation algorithms to its export control list complicates matters by requiring any divestment or sale of TikTok's algorithm to go through administrative licensing procedures. TikTok's recommendation engine, which tailors user content based on interaction data, has contributed significantly to the app's global appeal. ByteDance attributes TikTok's popularity to its smart algorithm. TikTok previously attempted to address US concerns with "Project Texas," an effort to separate US user data that failed to satisfy regulators and lawmakers. The present code-splitting endeavour attempts to highlight TikTok USA's independence from ByteDance. According to sources, TikTok executives have explored considering open-sourcing portions of their algorithms to increase transparency. However, the primary focus is still on developing a distinct recommendation engine for the US market. This project is projected to take more than a year to complete. Despite the ongoing legal fights, ByteDance continues to go forward with the technological separation, acknowledging the risk that TikTok US will struggle to sustain its current performance levels without ByteDance's engineering support. The goal is to create a new source code repository for TikTok US that operates independently of TikTok's other regional apps and Douyin. This move is viewed as a significant step in TikTok's efforts to comply with US regulatory requirements and protect its future in the American market. (With inputs from Reuters)

TikTok works to separate US recommendation algorithm amid political pressure

India's central bank has imposed stringent restrictions on two Edelweiss Group companies, citing their involvement in "evergreening" distressed loans. <o:p></o:p>

The Reserve Bank of India (RBI) announced on Wednesday that it has barred Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-bank firm ECL Finance (ECL) from acquiring financial assets or undertaking structured transactions.<o:p></o:p>

Evergreening, a practice where new loans are issued to stressed borrowers to repay existing loans, is designed to obscure the true extent of non-performing loans on a firm's balance sheet. <o:p></o:p>

The RBI has previously warned against such practices due to their potential to mask financial instability within firms.<o:p></o:p>

The RBI detailed that both entities engaged in a series of structured transactions to evergreen the stressed loans of ECL. <o:p></o:p>

The central bank noted that these companies circumvented regulations by utilising the platform of EARCL and associated alternative investment funds. <o:p></o:p>

Specifically, ECL allowed itself to act as a conduit, enabling the group to bypass regulatory constraints by transferring loans from non-lender entities within the group to the group's asset reconstruction company.<o:p></o:p>

As per RBI regulations, asset reconstruction companies are permitted to acquire financial assets only from banks and financial institutions. <o:p></o:p>

The central bank found that EARCL and ECL Finance had violated these norms, thereby engaging in improper practices to manage their distressed loans.<o:p></o:p>

In response to the RBI's order, EARCL stated it is currently reviewing the directives and plans to address the regulatory observations. <o:p></o:p>

ECL Finance indicated that it is complying with the recommendations and aims to resolve the issues within the three-week period set by the central bank.<o:p></o:p>

The central bank also noted discrepancies in the valuation of security receipts for both ECL and EARCL. <o:p></o:p>

The RBI criticised the group for seeking new ways to circumvent regulations instead of implementing meaningful corrective measures. <o:p></o:p>

The central bank highlighted the necessity for the entities to ensure compliance with regulations "in letter and spirit at all times".<o:p></o:p>

Despite these regulatory actions, ECL Finance claimed that the order would not materially impact its business operations. <o:p></o:p>

Similarly, EARCL asserted that its resolution and recovery efforts would proceed as usual.<o:p></o:p>

The RBI's action reflects its increased supervision over regulated entities to prevent systemic risks and enforce regulatory adherence. <o:p></o:p>

RBI Deputy Governor Swaminathan J recently remarked that some asset reconstruction companies were facilitating the evergreening of distressed assets, highlighting bigger regulatory concerns in the sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India's central bank has imposed stringent restrictions on two Edelweiss Group companies, citing their involvement in "evergreening" distressed loans. The Reserve Bank of India (RBI) announced on Wednesday that it has barred Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-bank firm ECL Finance (ECL) from acquiring financial assets or undertaking structured transactions.

India's central bank has imposed stringent restrictions on two Edelweiss Group companies, citing their involvement in "evergreening" distressed loans. The Reserve Bank of India (RBI) announced on Wednesday that it has barred Edelweiss Asset Reconstruction Co Ltd (EARCL) and non-bank firm ECL Finance (ECL) from acquiring financial assets or undertaking structured transactions. Evergreening, a practice where new loans are issued to stressed borrowers to repay existing loans, is designed to obscure the true extent of non-performing loans on a firm's balance sheet. The RBI has previously warned against such practices due to their potential to mask financial instability within firms. The RBI detailed that both entities engaged in a series of structured transactions to evergreen the stressed loans of ECL. The central bank noted that these companies circumvented regulations by utilising the platform of EARCL and associated alternative investment funds. Specifically, ECL allowed itself to act as a conduit, enabling the group to bypass regulatory constraints by transferring loans from non-lender entities within the group to the group's asset reconstruction company. As per RBI regulations, asset reconstruction companies are permitted to acquire financial assets only from banks and financial institutions. The central bank found that EARCL and ECL Finance had violated these norms, thereby engaging in improper practices to manage their distressed loans. In response to the RBI's order, EARCL stated it is currently reviewing the directives and plans to address the regulatory observations. ECL Finance indicated that it is complying with the recommendations and aims to resolve the issues within the three-week period set by the central bank. The central bank also noted discrepancies in the valuation of security receipts for both ECL and EARCL. The RBI criticised the group for seeking new ways to circumvent regulations instead of implementing meaningful corrective measures. The central bank highlighted the necessity for the entities to ensure compliance with regulations "in letter and spirit at all times". Despite these regulatory actions, ECL Finance claimed that the order would not materially impact its business operations. Similarly, EARCL asserted that its resolution and recovery efforts would proceed as usual. The RBI's action reflects its increased supervision over regulated entities to prevent systemic risks and enforce regulatory adherence. RBI Deputy Governor Swaminathan J recently remarked that some asset reconstruction companies were facilitating the evergreening of distressed assets, highlighting bigger regulatory concerns in the sector. (With inputs from Reuters)

RBI cracks down on Edelweiss Group companies for 'Evergreening' loans

Sony is shifting its focus to user engagement and recurring revenue streams while PlayStation 5 hardware sales slow.<o:p></o:p>

On Thursday, Sony announced that PlayStation 5 users are spending approximately 25 per cent more compared to the PlayStation 4 era, thanks to increased spending on add-on content and subscription services like PlayStation Plus.<o:p></o:p>

"This behaviour underpins the durable, predictable nature of our revenue base," noted Hideaki Nishino, a senior gaming executive, during a strategy briefing. <o:p></o:p>

This increased engagement is crucial as Sony struggles with reduced hardware sales and other industry challenges.<o:p></o:p>

Sony has restructured its gaming business management, addressing investor concerns over weak margins. <o:p></o:p>

Starting next month, Nishino will take on the role of CEO of the platform business group. <o:p></o:p>

This restructuring comes as Sony forecasts lower PlayStation 5 sales, anticipating 18 million units in the current financial year. <o:p></o:p>

This projection follows a near miss of its revised target of 21 million units in the previous year.<o:p></o:p>

The gaming industry is facing hurdles, including high development costs for major titles and a general slowdown in growth. <o:p></o:p>

In response, companies are laying off employees and halting projects. <o:p></o:p>

Despite these challenges, Sony has found success with live service games like "Helldivers 2," which has sold over 12 million units since its February release.<o:p></o:p>

Herman Hulst, who will become CEO of Sony's studio business group, underlined the company's strategy of releasing live service games simultaneously on PS5 and PC. <o:p></o:p>

This approach aims to broaden the reach and engagement of these titles. <o:p></o:p>

Sony, traditionally known for its single-player games, has also released a PC version of the acclaimed "Ghosts of Tsushima" this month, a game that originally launched in 2020.<o:p></o:p>

Sony's emphasis on user engagement and recurring revenue is a move to stabilise its gaming business amid fluctuating hardware sales and industry volatility. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Sony is shifting its focus to user engagement and recurring revenue streams while PlayStation 5 hardware sales slow. On Thursday, Sony announced that PlayStation 5 users are spending approximately 25 per cent more compared to the PlayStation 4 era, thanks to increased spending on add-on content and subscription services like PlayStation Plus.

Sony is shifting its focus to user engagement and recurring revenue streams while PlayStation 5 hardware sales slow. On Thursday, Sony announced that PlayStation 5 users are spending approximately 25 per cent more compared to the PlayStation 4 era, thanks to increased spending on add-on content and subscription services like PlayStation Plus. "This behaviour underpins the durable, predictable nature of our revenue base," noted Hideaki Nishino, a senior gaming executive, during a strategy briefing. This increased engagement is crucial as Sony struggles with reduced hardware sales and other industry challenges. Sony has restructured its gaming business management, addressing investor concerns over weak margins. Starting next month, Nishino will take on the role of CEO of the platform business group. This restructuring comes as Sony forecasts lower PlayStation 5 sales, anticipating 18 million units in the current financial year. This projection follows a near miss of its revised target of 21 million units in the previous year. The gaming industry is facing hurdles, including high development costs for major titles and a general slowdown in growth. In response, companies are laying off employees and halting projects. Despite these challenges, Sony has found success with live service games like "Helldivers 2," which has sold over 12 million units since its February release. Herman Hulst, who will become CEO of Sony's studio business group, underlined the company's strategy of releasing live service games simultaneously on PS5 and PC. This approach aims to broaden the reach and engagement of these titles. Sony, traditionally known for its single-player games, has also released a PC version of the acclaimed "Ghosts of Tsushima" this month, a game that originally launched in 2020. Sony's emphasis on user engagement and recurring revenue is a move to stabilise its gaming business amid fluctuating hardware sales and industry volatility. (With inputs from Reuters)

Sony highlights strong PlayStation user engagement amid slowing PS5 sales

The California Public Employees' Retirement System (CalPERS) has announced its opposition to Tesla CEO Elon Musk's $56 billion pay package, citing concerns about its alignment with the company's performance. <o:p></o:p>

CalPERS CEO Marcie Frost stated in an interview with CNBC, "We do not believe that the compensation is commensurate with the performance of the company."<o:p></o:p>

CalPERS, one of Tesla's top 30 investors, holds 9.5 million shares of the electric vehicle manufacturer. <o:p></o:p>

The pension fund's stance adds significant weight to the ongoing debate over Musk's compensation, which has faced scrutiny from various quarters. <o:p></o:p>

Elon Musk responded to CalPERS' opposition on social media platform X, formerly known as Twitter, asserting that the pension fund's position was unfounded. <o:p></o:p>

He argued that all contractual milestones of the pay package were met and accused CalPERS of reneging on their agreement. <o:p></o:p>

"What she's saying makes no sense, as all the contractual milestones were met. CalPERS is breaking their word," Musk wrote.<o:p></o:p>

The controversy around Musk's pay package is not new. <o:p></o:p>

Proxy advisory firm Glass Lewis recently urged Tesla shareholders to reject the compensation plan, highlighting its disconnect from the company’s actual performance. <o:p></o:p>

In a rebuttal, Tesla underlined Musk's role in creating wealth for its stockholders, pointing out his significant personal investment in the company.<o:p></o:p>

Musk's pay package, the largest in corporate America, eschews a traditional salary or cash bonus. <o:p></o:p>

Instead, it ties rewards to Tesla's market value, which is expected to rise to $650 billion within a decade from its inception in 2018. <o:p></o:p>

However, a Delaware judge dismissed the package in January, calling it "an unfathomable sum" that was unfair to shareholders.<o:p></o:p>

In April, Tesla sought reaffirmation from its shareholders for Musk’s compensation plan, initially set in 2018. <o:p></o:p>

Adding to the divide among advisory firms, Egan-Jones Proxy Services recommended that investors support the pay package. <o:p></o:p>

The firm noted that maintaining Musk's leadership and motivation is crucial for Tesla’s sustained growth and innovation. <o:p></o:p>

"The continuation of this compensation plan is critical for maintaining Musk’s leadership and motivation, which are essential for Tesla’s sustained growth and innovation," an Egan-Jones manager stated in an email.<o:p></o:p>

Egan-Jones also supported Tesla's proposal to shift its state of incorporation from Delaware to Texas, suggesting that the move could enhance operational efficiency and corporate culture by aligning legal and operational bases.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The California Public Employees' Retirement System (CalPERS) has announced its opposition to Tesla CEO Elon Musk's $56 billion pay package, citing concerns about its alignment with the company's performance.

The California Public Employees' Retirement System (CalPERS) has announced its opposition to Tesla CEO Elon Musk's $56 billion pay package, citing concerns about its alignment with the company's performance. CalPERS CEO Marcie Frost stated in an interview with CNBC, "We do not believe that the compensation is commensurate with the performance of the company." CalPERS, one of Tesla's top 30 investors, holds 9.5 million shares of the electric vehicle manufacturer. The pension fund's stance adds significant weight to the ongoing debate over Musk's compensation, which has faced scrutiny from various quarters. Elon Musk responded to CalPERS' opposition on social media platform X, formerly known as Twitter, asserting that the pension fund's position was unfounded. He argued that all contractual milestones of the pay package were met and accused CalPERS of reneging on their agreement. "What she's saying makes no sense, as all the contractual milestones were met. CalPERS is breaking their word," Musk wrote. The controversy around Musk's pay package is not new. Proxy advisory firm Glass Lewis recently urged Tesla shareholders to reject the compensation plan, highlighting its disconnect from the company’s actual performance. In a rebuttal, Tesla underlined Musk's role in creating wealth for its stockholders, pointing out his significant personal investment in the company. Musk's pay package, the largest in corporate America, eschews a traditional salary or cash bonus. Instead, it ties rewards to Tesla's market value, which is expected to rise to $650 billion within a decade from its inception in 2018. However, a Delaware judge dismissed the package in January, calling it "an unfathomable sum" that was unfair to shareholders. In April, Tesla sought reaffirmation from its shareholders for Musk’s compensation plan, initially set in 2018. Adding to the divide among advisory firms, Egan-Jones Proxy Services recommended that investors support the pay package. The firm noted that maintaining Musk's leadership and motivation is crucial for Tesla’s sustained growth and innovation. "The continuation of this compensation plan is critical for maintaining Musk’s leadership and motivation, which are essential for Tesla’s sustained growth and innovation," an Egan-Jones manager stated in an email. Egan-Jones also supported Tesla's proposal to shift its state of incorporation from Delaware to Texas, suggesting that the move could enhance operational efficiency and corporate culture by aligning legal and operational bases. (With inputs from Reuters)

CalPERS opposes Elon Musk's $56 billion pay package amid shareholder discontent

America First Legal (AFL), a nonprofit founded by former Trump administration officials, has accused Tyson Foods of discriminating against American residents by favouring the employment of immigrants, especially children, and people in the country illegally. The charges were presented in letters to the US Department of Justice, the Equal Employment Opportunity Commission (EEOC), and an Iowa civil rights organisation on Wednesday, seeking probes into the meatpacking company's employment procedures.

According to AFL, Tyson Foods employs 42,000 foreign workers, accounting for more than one-third of its US workforce, and actively participates in recruitment programs. According to the AFL's complaint, more than half of all meatpacking workers in the United States are immigrants, which is much higher than the national average of 17 per cent for all industries.

Stephen Miller, a former top adviser to President Donald Trump renowned for his strict immigration views, leads the AFL. The board includes Matthew Whitaker, the former Acting Attorney General of the United States, and numerous staff lawyers from the Trump administration's Justice Department.

According to AFL, Tyson Foods took advantage of the spike in illegal border crossings, which peaked last year, to establish a source of cheap labour. The group cited recent penalties imposed by a food sanitation company that works with Tyson and other meat processors for hiring juveniles in unsafe conditions. Although Tyson was not formally accused of any misconduct in these cases, the AFL claims the firm violated federal and Iowa statutes that prohibit employment discrimination based on citizenship status, race, national origin, and other protected characteristics.

Tyson Foods responded by stating that the company is adamantly opposed to illegal immigration and does not allow persons under the age of 18 to work in its facilities. "Any suggestion that we would discriminate against Americans to&nbsp;hire immigrants is entirely incorrect. Tyson Foods currently employs 120,000 team members in the United States, all of whom must be legally authorised to work in this nation," stated the spokesperson.

The Justice Department, the EEOC, and the Iowa agency have no obligation to respond or examine the accusations. If they decide to investigate and discover validity in the claims, they could reach an agreement with Tyson or file a lawsuit.

The AFL has previously filed over 30 complaints, principally with the EEOC, accusing large US firms of having diversity programs that purportedly discriminate against men or white, Asian, and heterosexual workers. The case against Tyson is the AFL's first instance of charging bias against American workers.

The EEOC has not commented on whether it is looking into any of the allegations made by AFL.

(With inputs from Reuters)

America First Legal (AFL), a nonprofit founded by former Trump administration officials, has accused Tyson Foods of discriminating against American residents by favouring the employment of immigrants, especially children, and people in the country illegally.

America First Legal (AFL), a nonprofit founded by former Trump administration officials, has accused Tyson Foods of discriminating against American residents by favouring the employment of immigrants, especially children, and people in the country illegally. The charges were presented in letters to the US Department of Justice, the Equal Employment Opportunity Commission (EEOC), and an Iowa civil rights organisation on Wednesday, seeking probes into the meatpacking company's employment procedures. According to AFL, Tyson Foods employs 42,000 foreign workers, accounting for more than one-third of its US workforce, and actively participates in recruitment programs. According to the AFL's complaint, more than half of all meatpacking workers in the United States are immigrants, which is much higher than the national average of 17 per cent for all industries. Stephen Miller, a former top adviser to President Donald Trump renowned for his strict immigration views, leads the AFL. The board includes Matthew Whitaker, the former Acting Attorney General of the United States, and numerous staff lawyers from the Trump administration's Justice Department. According to AFL, Tyson Foods took advantage of the spike in illegal border crossings, which peaked last year, to establish a source of cheap labour. The group cited recent penalties imposed by a food sanitation company that works with Tyson and other meat processors for hiring juveniles in unsafe conditions. Although Tyson was not formally accused of any misconduct in these cases, the AFL claims the firm violated federal and Iowa statutes that prohibit employment discrimination based on citizenship status, race, national origin, and other protected characteristics. Tyson Foods responded by stating that the company is adamantly opposed to illegal immigration and does not allow persons under the age of 18 to work in its facilities. "Any suggestion that we would discriminate against Americans to hire immigrants is entirely incorrect. Tyson Foods currently employs 120,000 team members in the United States, all of whom must be legally authorised to work in this nation," stated the spokesperson. The Justice Department, the EEOC, and the Iowa agency have no obligation to respond or examine the accusations. If they decide to investigate and discover validity in the claims, they could reach an agreement with Tyson or file a lawsuit. The AFL has previously filed over 30 complaints, principally with the EEOC, accusing large US firms of having diversity programs that purportedly discriminate against men or white, Asian, and heterosexual workers. The case against Tyson is the AFL's first instance of charging bias against American workers. The EEOC has not commented on whether it is looking into any of the allegations made by AFL. (With inputs from Reuters)

Tyson Foods accused of discriminatory employment practices against US citizens

Boeing has begun to make progress with regard to addressing a critical engine issue that has stalled the certification of its 737 MAX 7 and 10 models. <o:p></o:p>

The aircraft manufacturer announced on Wednesday that it is developing a permanent fix for the anti-ice system, which has been causing overheating problems that could potentially lead to engine failure.<o:p></o:p>

The company plans to conduct flight tests for the anti-ice fix later this year, with certification for the MAX 7 now pushed to mid-2025. <o:p></o:p>

Boeing's Chief Financial Officer Brian West in January said that the anti-ice issue could be resolved within a year. <o:p></o:p>

Currently, Boeing has 35 of the MAX 7 and MAX 10 planes in inventory awaiting certification.<o:p></o:p>

In January, Boeing withdrew its request to the Federal Aviation Administration (FAA) for an exemption from safety standards related to this issue. <o:p></o:p>

This withdrawal effectively pushed the certification date for the MAX 7 into 2025. <o:p></o:p>

The FAA has maintained that it will thoroughly review any design changes Boeing submits but has not provided a specific timeline for approval.<o:p></o:p>

Senator Tammy Duckworth had previously urged Boeing to drop its exemption request, highlighting concerns that the anti-ice system issue could cause the engine nacelle to disintegrate, potentially endangering passengers. <o:p></o:p>

Boeing has stated that there have been no safety incidents related to the overheating issue. <o:p></o:p>

Last June, the company issued guidance to airlines to follow existing procedures for the engine anti-ice system, and the FAA mandated these procedures last August.<o:p></o:p>

Southwest Airlines, the largest customer for the MAX 7, announced in January that it no longer expected to receive deliveries of the model this year. <o:p></o:p>

Boeing must secure FAA approval for the MAX 7 before it can proceed with the certification of the larger, more commercially popular MAX 10.<o:p></o:p>

Initially, Boeing anticipated certification for both the MAX 7 and MAX 10 by the end of 2022. <o:p></o:p>

However, the company has faced heightened scrutiny and regulatory challenges, delaying the return to service for its best-selling MAX family of jets after the two fatal crashes in 2018 and 2019.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Boeing has begun to make progress with regard to addressing a critical engine issue that has stalled the certification of its 737 MAX 7 and 10 models. The aircraft manufacturer announced on Wednesday that it is developing a permanent fix for the anti-ice system, which has been causing overheating problems that could potentially lead to engine failure.

Boeing has begun to make progress with regard to addressing a critical engine issue that has stalled the certification of its 737 MAX 7 and 10 models. The aircraft manufacturer announced on Wednesday that it is developing a permanent fix for the anti-ice system, which has been causing overheating problems that could potentially lead to engine failure. The company plans to conduct flight tests for the anti-ice fix later this year, with certification for the MAX 7 now pushed to mid-2025. Boeing's Chief Financial Officer Brian West in January said that the anti-ice issue could be resolved within a year. Currently, Boeing has 35 of the MAX 7 and MAX 10 planes in inventory awaiting certification. In January, Boeing withdrew its request to the Federal Aviation Administration (FAA) for an exemption from safety standards related to this issue. This withdrawal effectively pushed the certification date for the MAX 7 into 2025. The FAA has maintained that it will thoroughly review any design changes Boeing submits but has not provided a specific timeline for approval. Senator Tammy Duckworth had previously urged Boeing to drop its exemption request, highlighting concerns that the anti-ice system issue could cause the engine nacelle to disintegrate, potentially endangering passengers. Boeing has stated that there have been no safety incidents related to the overheating issue. Last June, the company issued guidance to airlines to follow existing procedures for the engine anti-ice system, and the FAA mandated these procedures last August. Southwest Airlines, the largest customer for the MAX 7, announced in January that it no longer expected to receive deliveries of the model this year. Boeing must secure FAA approval for the MAX 7 before it can proceed with the certification of the larger, more commercially popular MAX 10. Initially, Boeing anticipated certification for both the MAX 7 and MAX 10 by the end of 2022. However, the company has faced heightened scrutiny and regulatory challenges, delaying the return to service for its best-selling MAX family of jets after the two fatal crashes in 2018 and 2019. (With inputs from Reuters)

Boeing's 737 MAX 7 and 10 certification faces further delays due to engine issue

A technical glitch in mid-March caused overcharges at Walmart stores across the United States, affecting thousands of customers. <o:p></o:p>

This issue, first reported by Bloomberg News, occurred on March 19 and disrupted price data transmission to self-checkout kiosks at approximately 1,600 of Walmart's over 5,000 US stores.<o:p></o:p>

The glitch persisted for several days, during which customers were overcharged on various items, including groceries, clothing, and appliances. <o:p></o:p>

According to a Walmart spokesperson, the retail giant has since prioritised refunding those affected. <o:p></o:p>

"We've made it a priority to refund customers who were overcharged, and we did not take action on the undercharges with our customers," said Mischa Dunton, a representative for Walmart.<o:p></o:p>

Despite the scale of the incident, Walmart has not disclosed specific details regarding the number of impacted products or the total amount overpaid by customers. <o:p></o:p>

The company also refrained from revealing the exact number of stores affected by the glitch.<o:p></o:p>

This recent technical issue follows a January settlement where Walmart agreed to pay $45 million to resolve a class-action lawsuit in Florida. <o:p></o:p>

The lawsuit alleged that the company overcharged shoppers for bags of citrus fruit and various meat, poultry, and seafood products sold by weight. <o:p></o:p>

Although Walmart denied any wrongdoing, it opted to settle the case.<o:p></o:p>

In recent years, Walmart has invested heavily in upgrading its stores and technology infrastructure, pouring billions into enhancing retail operations. <o:p></o:p>

Last October, the company announced a $9 billion investment aimed at adding more self-checkout options and improving overall store functionality.<o:p></o:p>

However, these investments have not been without its shortcomings. <o:p></o:p>

Earlier this year, Walmart faced an outage reported by the Wall Street Journal, where thousands of registers were unable to process transactions. <o:p></o:p>

Additionally, Bloomberg noted that the retailer also experienced glitches with its photo and vision centres earlier this year.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A technical glitch in mid-March caused overcharges at Walmart stores across the United States, affecting thousands of customers. This issue, first reported by Bloomberg News, occurred on March 19 and disrupted price data transmission to self-checkout kiosks at approximately 1,600 of Walmart's over 5,000 US stores.

A technical glitch in mid-March caused overcharges at Walmart stores across the United States, affecting thousands of customers. This issue, first reported by Bloomberg News, occurred on March 19 and disrupted price data transmission to self-checkout kiosks at approximately 1,600 of Walmart's over 5,000 US stores. The glitch persisted for several days, during which customers were overcharged on various items, including groceries, clothing, and appliances. According to a Walmart spokesperson, the retail giant has since prioritised refunding those affected. "We've made it a priority to refund customers who were overcharged, and we did not take action on the undercharges with our customers," said Mischa Dunton, a representative for Walmart. Despite the scale of the incident, Walmart has not disclosed specific details regarding the number of impacted products or the total amount overpaid by customers. The company also refrained from revealing the exact number of stores affected by the glitch. This recent technical issue follows a January settlement where Walmart agreed to pay $45 million to resolve a class-action lawsuit in Florida. The lawsuit alleged that the company overcharged shoppers for bags of citrus fruit and various meat, poultry, and seafood products sold by weight. Although Walmart denied any wrongdoing, it opted to settle the case. In recent years, Walmart has invested heavily in upgrading its stores and technology infrastructure, pouring billions into enhancing retail operations. Last October, the company announced a $9 billion investment aimed at adding more self-checkout options and improving overall store functionality. However, these investments have not been without its shortcomings. Earlier this year, Walmart faced an outage reported by the Wall Street Journal, where thousands of registers were unable to process transactions. Additionally, Bloomberg noted that the retailer also experienced glitches with its photo and vision centres earlier this year. (With inputs from Reuters)

Technical glitch at Walmart leads to overcharges across 1,600 US stores

Visa Inc. and Mastercard Inc. have agreed to pay $197 million to resolve a class-action lawsuit filed by millions of consumers. The complaint accused financial payment companies of maintaining unreasonably high cash access costs.<o:p></o:p>

The plaintiffs' lawyers announced the potential settlement in a filing in federal court in Washington DC on Wednesday. The compensation applies to customers who have withdrawn money from bank-operated ATMs since 2007. Two more related class actions involving non-bank ATM users and firms who own independent ATMs are currently proceeding in the same court.<o:p></o:p>

The settlement needs to be approved by the court. Visa will contribute $104.6 million, while Mastercard will pay $92.8 million, according to the settlement papers. Previously, the case's bank defendants agreed to a $66 million settlement. Both Visa and Mastercard have denied any wrongdoing and have yet to reply to demands for comment.<o:p></o:p>

The plaintiffs' lawyers asserted that the settlement will "deliver immediate and assured relief" to the impacted consumers.<o:p></o:p>

The plaintiffs in the three connected actions claimed that Visa and Mastercard's ATM network rules caused them to pay excessive access fees. They were demanding more than $9 billion in damages.<o:p></o:p>

The settlement comes after the US Supreme Court rejected Visa and Mastercard's appeal in April. The firms had contested a lower court's decision to enable the plaintiffs to sue as a class. Visa and Mastercard argued that the judge did not perform a "rigorous analysis" before certifying the class actions.<o:p></o:p>

The proposed settlement class is projected to have at least 175 million members. Consumers will be able to object to the conditions of the settlement, including the settlement fund amount and any legal expenses granted.<o:p></o:p>

Visa and MasterCard are also involved in a second, ongoing legal case in Brooklyn federal court. The complaint contains charges that the corporations overcharged retailers and others for debit and credit card transactions.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Visa Inc. and Mastercard Inc. have agreed to pay $197 million to resolve a class-action lawsuit filed by millions of consumers. The complaint accused financial payment companies of maintaining unreasonably high cash access costs.

Visa Inc. and Mastercard Inc. have agreed to pay $197 million to resolve a class-action lawsuit filed by millions of consumers. The complaint accused financial payment companies of maintaining unreasonably high cash access costs. The plaintiffs' lawyers announced the potential settlement in a filing in federal court in Washington DC on Wednesday. The compensation applies to customers who have withdrawn money from bank-operated ATMs since 2007. Two more related class actions involving non-bank ATM users and firms who own independent ATMs are currently proceeding in the same court. The settlement needs to be approved by the court. Visa will contribute $104.6 million, while Mastercard will pay $92.8 million, according to the settlement papers. Previously, the case's bank defendants agreed to a $66 million settlement. Both Visa and Mastercard have denied any wrongdoing and have yet to reply to demands for comment. The plaintiffs' lawyers asserted that the settlement will "deliver immediate and assured relief" to the impacted consumers. The plaintiffs in the three connected actions claimed that Visa and Mastercard's ATM network rules caused them to pay excessive access fees. They were demanding more than $9 billion in damages. The settlement comes after the US Supreme Court rejected Visa and Mastercard's appeal in April. The firms had contested a lower court's decision to enable the plaintiffs to sue as a class. Visa and Mastercard argued that the judge did not perform a "rigorous analysis" before certifying the class actions. The proposed settlement class is projected to have at least 175 million members. Consumers will be able to object to the conditions of the settlement, including the settlement fund amount and any legal expenses granted. Visa and MasterCard are also involved in a second, ongoing legal case in Brooklyn federal court. The complaint contains charges that the corporations overcharged retailers and others for debit and credit card transactions. (With inputs from Reuters)

Visa and Mastercard settle ATM fee lawsuit for $197 million

After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.

After a market surge ahead of the Lok Sabha election results, the total assets managed by Life Insurance Corporation (LIC) have now exceeded Rs 50 lakh crore ($614.21 billion), about double the amount of Pakistan's GDP. In an exchange filing, the massive state-owned insurance company revealed its Q4 FY24 financial results on May 27. As of the end of March, LIC's assets under management (AUM) had increased by 16.48% year over year (YoY) to Rs 51,21,887 crore ($616 billion), up from Rs 43,97,205 crore at the end of the previous fiscal year FY23, according to the stock exchange filing. In the meantime, the International Monetary Fund (IMF) estimates that Pakistan's GDP is around $338.24 billion. LIC has an AUM (assets under management) of $616 billion, which is nearly twice as much as the GDP of Pakistan. Additionally, the AMU of LIC exceeds the GDPs of Pakistan, Nepal, and Sri Lanka put together. It also exceeds the GDPs of developed nations like Singapore, Hong Kong, Finland, Denmark, and others. Also read: Bankrupt crypto lender Genesis and Gemini return over $2 billion to customers Pakistan has been experiencing financial difficulties and a national debt default was just barely avoided. The IMF has expressed worries about Pakistan's capacity to pay back its loans, pointing to societal unrest and political unpredictability as possible obstacles to stable economic conditions. With a total premium income of Rs 4,75,070 crore, LIC declared a profit of Rs 40,676 crore for FY24. During the fiscal year, the company also gave participating policyholders a bonus of Rs 52,955.87 crore. LIC, which holds a commanding market share of around 59% in the Indian life insurance industry, is now aggressively investigating acquisition options as part of its development strategy into the health insurance market. LIC shares, which are presently valued at Rs 6.46 lakh crore, have increased by around 52% over the last six months, ranking them as the seventh-largest company by market capitalization. Through the President of India, the Indian government owns 96.5% of LIC. (With inputs from agencies)

LIC's assets soar to over $616 bn, nearly double the size of Pak economy; surpass GDP of Nepal, Sri Lanka

Genesis, a bankrupt cryptocurrency lender, and Gemini, a cryptocurrency exchange, have refunded more than $2 billion in cryptocurrency to 232,000 retail clients through their jointly managed Gemini Earn program, Gemini revealed Wednesday. This return has provided consumers with a 242 per cent return on assets locked up since January 2023.<o:p></o:p>

Unlike many cryptocurrency companies that went bankrupt following the 2022 market crash, Genesis was able to return consumers' cryptocurrencies rather than liquidating a small pool of assets and compensating them in cash. Customers who loaned Genesis one bitcoin will receive one bitcoin back, profiting greatly from the coin's price increase since the company entered bankruptcy. Bitcoin's price has more than tripled since January 2023, reaching $67,000.<o:p></o:p>

"We are thrilled to have been able to achieve this recovery for our customers," stated Gemini co-founder Cameron Winklevoss in a press release. "We recognise the hardship caused by this lengthy process and appreciate our customers' continued support and patience throughout." Approximately 97 per cent of the payments will be delivered to Gemini customers immediately, with the remainder due within 12 months.<o:p></o:p>

Genesis had anticipated that its clients, including larger investors outside of the Earn program, would earn a 77 per cent recovery rate during the bankruptcy.<o:p></o:p>

"We didn't cap their claims at the petition date value," Genesis attorney Sean O'Neal said on Wednesday. "Now we need to focus on making distributions to Genesis's remaining creditors." Customers in the Gemini Earn program lent their bitcoin to Genesis, earning interest on the leased assets. Gemini Earn's entire asset worth was $940 million when Genesis blocked user accounts in November 2022, according to Gemini.<o:p></o:p>

New York Attorney General Letitia James has accused the Gemini Earn program of being a "scam" that misled investors, prompting a lawsuit against Genesis, Gemini, and Genesis' parent business, Digital Currency Group (DCG).<o:p></o:p>

James negotiated an agreement with Genesis in February, ordering the firm to refund Earn customers before other creditors such as New York State and DCG. "When investors suffer losses because of fraud and manipulation, they deserve to be made whole," said James.<o:p></o:p>

DCG stated that Genesis consumers should be compensated based on the worth of the crypto assets in January 2023. Under this theory, which was overruled by a judge on May 17, DCG could have claimed the "excess" value from the increase in cryptocurrency prices rather than returning it to Genesis consumers.<o:p></o:p>

James' lawsuit hampered Genesis’s efforts to restart its operations, leading the company to declare bankruptcy.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Genesis, a bankrupt cryptocurrency lender, and Gemini, a cryptocurrency exchange, have refunded more than $2 billion in cryptocurrency to 232,000 retail clients through their jointly managed Gemini Earn program, Gemini revealed Wednesday.

Genesis, a bankrupt cryptocurrency lender, and Gemini, a cryptocurrency exchange, have refunded more than $2 billion in cryptocurrency to 232,000 retail clients through their jointly managed Gemini Earn program, Gemini revealed Wednesday. This return has provided consumers with a 242 per cent return on assets locked up since January 2023. Unlike many cryptocurrency companies that went bankrupt following the 2022 market crash, Genesis was able to return consumers' cryptocurrencies rather than liquidating a small pool of assets and compensating them in cash. Customers who loaned Genesis one bitcoin will receive one bitcoin back, profiting greatly from the coin's price increase since the company entered bankruptcy. Bitcoin's price has more than tripled since January 2023, reaching $67,000. "We are thrilled to have been able to achieve this recovery for our customers," stated Gemini co-founder Cameron Winklevoss in a press release. "We recognise the hardship caused by this lengthy process and appreciate our customers' continued support and patience throughout." Approximately 97 per cent of the payments will be delivered to Gemini customers immediately, with the remainder due within 12 months. Genesis had anticipated that its clients, including larger investors outside of the Earn program, would earn a 77 per cent recovery rate during the bankruptcy. "We didn't cap their claims at the petition date value," Genesis attorney Sean O'Neal said on Wednesday. "Now we need to focus on making distributions to Genesis's remaining creditors." Customers in the Gemini Earn program lent their bitcoin to Genesis, earning interest on the leased assets. Gemini Earn's entire asset worth was $940 million when Genesis blocked user accounts in November 2022, according to Gemini. New York Attorney General Letitia James has accused the Gemini Earn program of being a "scam" that misled investors, prompting a lawsuit against Genesis, Gemini, and Genesis' parent business, Digital Currency Group (DCG). James negotiated an agreement with Genesis in February, ordering the firm to refund Earn customers before other creditors such as New York State and DCG. "When investors suffer losses because of fraud and manipulation, they deserve to be made whole," said James. DCG stated that Genesis consumers should be compensated based on the worth of the crypto assets in January 2023. Under this theory, which was overruled by a judge on May 17, DCG could have claimed the "excess" value from the increase in cryptocurrency prices rather than returning it to Genesis consumers. James' lawsuit hampered Genesis’s efforts to restart its operations, leading the company to declare bankruptcy. (With inputs from Reuters)

Bankrupt crypto lender Genesis and Gemini return over $2 billion to customers

HSBC finalised the transfer of ownership of its Russian unit to Expobank for an undisclosed price, the two banks announced on Wednesday, ending nearly two years of discussions and uncertainty.

HSBC's exit from the Russian market has been anticipated since February when Russian President Vladimir Putin approved the asset sale to privately owned Expobank. The transaction signals the end of HSBC's participation in Russia, which was first announced in June 2022 when the bank agreed to sell a 100 per cent interest in HSBC Bank (RR) LLC to Expobank.

"Economic ownership of HSBC Russia has been transferred to Expobank," HSBC announced in a statement. "The transaction will formally complete once the legal title transfer has been registered in the State Corporate Register."

Expobank announced the successful transaction, stressing that the unit will continue to function under a new, yet-to-be-disclosed name.

Despite persistent sanctions, European banks have been under increased pressure from Washington and the European Central Bank to divest from Russia. Foreign banks face a particularly difficult regulatory landscape following a 2022 decree prohibiting investors from "unfriendly" countries—those imposing sanctions on Russia for its actions in Ukraine—from selling shares in key energy projects and banks without presidential approval.

Raiffeisen Bank International from Austria remains Russia's largest European lender, followed by UniCredit from Italy. Another big Italian bank, Intesa Sanpaolo, has been preparing to quit the Russian market and has gotten Putin's approval in September 2023. However, the transaction has been delayed due to bureaucratic roadblocks, according to the bank's CEO.

In September 2023, HSBC, Europe's largest bank, stated that it would stop making commercial payments to and from Russia and Belarus, citing the growing difficulty of operating under the sanctions system. Before the conflict in Ukraine, HSBC's Russian unit generated about $15 million in revenue, which was a small portion of the bank's total revenue of more than $50 billion. The plant employed approximately 200 individuals at the time.

The US sanctioned Expobank in December as part of a broader package of penalties aimed at Moscow's energy and banking sectors in response to Russia's military activities in Ukraine in February 2022.

As HSBC closes its business in Russia, the bank has drastically decreased the size of its Russian unit, under its overall goal to comply with international sanctions and regulations.

(With inputs from Reuters)

HSBC finalised the transfer of ownership of its Russian unit to Expobank for an undisclosed price, the two banks announced on Wednesday, ending nearly two years of discussions and uncertainty.

HSBC finalised the transfer of ownership of its Russian unit to Expobank for an undisclosed price, the two banks announced on Wednesday, ending nearly two years of discussions and uncertainty. HSBC's exit from the Russian market has been anticipated since February when Russian President Vladimir Putin approved the asset sale to privately owned Expobank. The transaction signals the end of HSBC's participation in Russia, which was first announced in June 2022 when the bank agreed to sell a 100 per cent interest in HSBC Bank (RR) LLC to Expobank. "Economic ownership of HSBC Russia has been transferred to Expobank," HSBC announced in a statement. "The transaction will formally complete once the legal title transfer has been registered in the State Corporate Register." Expobank announced the successful transaction, stressing that the unit will continue to function under a new, yet-to-be-disclosed name. Despite persistent sanctions, European banks have been under increased pressure from Washington and the European Central Bank to divest from Russia. Foreign banks face a particularly difficult regulatory landscape following a 2022 decree prohibiting investors from "unfriendly" countries—those imposing sanctions on Russia for its actions in Ukraine—from selling shares in key energy projects and banks without presidential approval. Raiffeisen Bank International from Austria remains Russia's largest European lender, followed by UniCredit from Italy. Another big Italian bank, Intesa Sanpaolo, has been preparing to quit the Russian market and has gotten Putin's approval in September 2023. However, the transaction has been delayed due to bureaucratic roadblocks, according to the bank's CEO. In September 2023, HSBC, Europe's largest bank, stated that it would stop making commercial payments to and from Russia and Belarus, citing the growing difficulty of operating under the sanctions system. Before the conflict in Ukraine, HSBC's Russian unit generated about $15 million in revenue, which was a small portion of the bank's total revenue of more than $50 billion. The plant employed approximately 200 individuals at the time. The US sanctioned Expobank in December as part of a broader package of penalties aimed at Moscow's energy and banking sectors in response to Russia's military activities in Ukraine in February 2022. As HSBC closes its business in Russia, the bank has drastically decreased the size of its Russian unit, under its overall goal to comply with international sanctions and regulations. (With inputs from Reuters)

HSBC completes transfer of Russian unit to Expobank amid ongoing sanctions

Meta, the parent company of Facebook and Instagram, announced on Wednesday that it has uncovered and disrupted a disinformation campaign on its platforms that involved "likely AI-generated" content. The campaign featured statements supporting Israel's handling of the Gaza conflict, which were embedded in news items from global organisations and US congressmen.<o:p></o:p>

Meta stated in its most recent quarterly security report that the campaign was tracked back to STOIC, a Tel Aviv-based political marketing agency. The accounts posed as Jewish students, African Americans, and other concerned citizens, with a focus on audiences in the United States and Canada. This is the first time Meta has revealed the usage of text-based generative AI technology in such operations since its launch in late 2022.<o:p></o:p>

Researchers are concerned about the potential for generative AI to bolster disinformation campaigns and influence elections, as it can produce human-like text, pictures, and audio quickly and cheaply. Despite these concerns, Meta's security executives maintained that the novel AI technologies have not hampered their capacity to dismantle such influence networks.<o:p></o:p>

"There are various examples of how these networks use generative AI technology to create content. Perhaps it allows them to do it faster or with more volume. But it has not had much of an impact on our capacity to detect them," said Mike Dvilyanski, Meta's head of threat investigations, during a press call.<o:p></o:p>

The research identified six covert influence activities that Meta halted in the first quarter. Aside from the STOIC network, Meta also disassembled an Iran-based network dedicated to the Israel-Hamas conflict, albeit no generative AI was found in that campaign.<o:p></o:p>

Meta and other technology companies are facing the difficulty of preventing the misuse of new AI technologies, particularly in the context of elections. There have been reports that image generators from firms such as OpenAI and Microsoft have produced photographs containing voting-related disinformation, despite restrictions prohibiting such content.<o:p></o:p>

These firms have advocated digital tagging solutions to help identify AI-generated material as it is created. However, these technologies do not apply to text, and academics challenge their overall efficacy.<o:p></o:p>

With the impending elections in the European Union in June and in the United States in November, Meta's ability to combat such disinformation tactics will be tested significantly.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Meta, the parent company of Facebook and Instagram, announced on Wednesday that it has uncovered and disrupted a disinformation campaign on its platforms that involved "likely AI-generated" content.

Meta, the parent company of Facebook and Instagram, announced on Wednesday that it has uncovered and disrupted a disinformation campaign on its platforms that involved "likely AI-generated" content. The campaign featured statements supporting Israel's handling of the Gaza conflict, which were embedded in news items from global organisations and US congressmen. Meta stated in its most recent quarterly security report that the campaign was tracked back to STOIC, a Tel Aviv-based political marketing agency. The accounts posed as Jewish students, African Americans, and other concerned citizens, with a focus on audiences in the United States and Canada. This is the first time Meta has revealed the usage of text-based generative AI technology in such operations since its launch in late 2022. Researchers are concerned about the potential for generative AI to bolster disinformation campaigns and influence elections, as it can produce human-like text, pictures, and audio quickly and cheaply. Despite these concerns, Meta's security executives maintained that the novel AI technologies have not hampered their capacity to dismantle such influence networks. "There are various examples of how these networks use generative AI technology to create content. Perhaps it allows them to do it faster or with more volume. But it has not had much of an impact on our capacity to detect them," said Mike Dvilyanski, Meta's head of threat investigations, during a press call. The research identified six covert influence activities that Meta halted in the first quarter. Aside from the STOIC network, Meta also disassembled an Iran-based network dedicated to the Israel-Hamas conflict, albeit no generative AI was found in that campaign. Meta and other technology companies are facing the difficulty of preventing the misuse of new AI technologies, particularly in the context of elections. There have been reports that image generators from firms such as OpenAI and Microsoft have produced photographs containing voting-related disinformation, despite restrictions prohibiting such content. These firms have advocated digital tagging solutions to help identify AI-generated material as it is created. However, these technologies do not apply to text, and academics challenge their overall efficacy. With the impending elections in the European Union in June and in the United States in November, Meta's ability to combat such disinformation tactics will be tested significantly. (With inputs from Reuters)

Meta discovers AI-generated deceptive content on Facebook and Instagram