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Early trade data from South Korea has revealed a strong expansion in exports, indicating a potential acceleration in economic growth for the country, Bloomberg News reported on Tuesday.<o:p></o:p>

According to figures released by the customs office, exports surged by 17.7 per cent in the first 20 days of May compared to last year. <o:p></o:p>

This positive momentum comes with the backdrop of recovering global demand and positive export sectors, particularly in semiconductor production.<o:p></o:p>

The strong export performance is expected to contribute to an upward revision of South Korea's annual economic growth forecast. <o:p></o:p>

Following a better-than-expected 1.3 per cent expansion in the first quarter, analysts anticipate the Bank of Korea to raise its growth projection from the current 2.1 per cent. <o:p></o:p>

This adjustment reflects the resilience of South Korea's export-driven economy and underscores the role of exports in driving overall economic recovery.<o:p></o:p>

Semiconductor exports, a key driver of South Korea's economy, experienced a notable increase of 45.5 per cent in the first 20 days of May compared to last year. <o:p></o:p>

Demand for semiconductors has been particularly strong, driven by orders from smartphone manufacturers, data centre operators, and artificial intelligence developers. <o:p></o:p>

However, not all sectors saw growth, with declines observed in car sales and wireless communications device exports.<o:p></o:p>

While exports to the United States and China registered modest gains, shipments to the European Union declined. <o:p></o:p>

This mixed performance in export destinations highlights&nbsp;the importance of diversifying markets to mitigate risks associated with overreliance on specific regions. <o:p></o:p>

Analysts predict a widening of the trade surplus for May, reflecting sustained export momentum.<o:p></o:p>

Despite the positive outlook, downside risks persist for South Korea's economic growth. <o:p></o:p>

Concerns linger over credit issues, particularly in the real estate sector, as well as uncertainties surrounding China's economic recovery. <o:p></o:p>

Additionally, the fluctuating exchange rate poses challenges for South Korean exporters, impacting their earnings and increasing debt burdens.<o:p></o:p>

Lim Dong-min, an independent economist and columnist, highlighted the dual nature of the exchange rate dynamics. <o:p></o:p>

"It’s both good and bad for exporters, but overall it adds to uncertainties," Bloomberg quoted him as saying. <o:p></o:p>

South Korean firms, deeply integrated into global supply chains, remain vulnerable to external shocks, underlining the need for proactive risk management strategies.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Early trade data from South Korea has revealed a strong expansion in exports, indicating a potential acceleration in economic growth for the country, Bloomberg News reported on Tuesday.

Early trade data from South Korea has revealed a strong expansion in exports, indicating a potential acceleration in economic growth for the country, Bloomberg News reported on Tuesday. According to figures released by the customs office, exports surged by 17.7 per cent in the first 20 days of May compared to last year. This positive momentum comes with the backdrop of recovering global demand and positive export sectors, particularly in semiconductor production. The strong export performance is expected to contribute to an upward revision of South Korea's annual economic growth forecast. Following a better-than-expected 1.3 per cent expansion in the first quarter, analysts anticipate the Bank of Korea to raise its growth projection from the current 2.1 per cent. This adjustment reflects the resilience of South Korea's export-driven economy and underscores the role of exports in driving overall economic recovery. Semiconductor exports, a key driver of South Korea's economy, experienced a notable increase of 45.5 per cent in the first 20 days of May compared to last year. Demand for semiconductors has been particularly strong, driven by orders from smartphone manufacturers, data centre operators, and artificial intelligence developers. However, not all sectors saw growth, with declines observed in car sales and wireless communications device exports. While exports to the United States and China registered modest gains, shipments to the European Union declined. This mixed performance in export destinations highlights the importance of diversifying markets to mitigate risks associated with overreliance on specific regions. Analysts predict a widening of the trade surplus for May, reflecting sustained export momentum. Despite the positive outlook, downside risks persist for South Korea's economic growth. Concerns linger over credit issues, particularly in the real estate sector, as well as uncertainties surrounding China's economic recovery. Additionally, the fluctuating exchange rate poses challenges for South Korean exporters, impacting their earnings and increasing debt burdens. Lim Dong-min, an independent economist and columnist, highlighted the dual nature of the exchange rate dynamics. "It’s both good and bad for exporters, but overall it adds to uncertainties," Bloomberg quoted him as saying. South Korean firms, deeply integrated into global supply chains, remain vulnerable to external shocks, underlining the need for proactive risk management strategies. (With inputs from Bloomberg)

South Korea sees surge in exports, boosting economic outlook

Apple is running a big sale on its official Tmall site in China, slashing prices by up to $318 on certain iPhone models.

This move is aimed at keeping Apple competitive in the high-end smartphone market, particularly against local competitors like Huawei.

The sale runs from May 20 to May 28 and offers bigger discounts compared to Apple's previous sale in February.

Back then, the highest discount was $159, but this time it's a whopping $318. The biggest price cut is for the 1TB iPhone 15 Pro Max, but other models also have significant discounts.

For example, the 128GB version of the base iPhone 15 model is now $193.48 cheaper, as per Reuters' checks on Monday.

The increased competition from Huawei's new Pura 70 series, launched after the Mate 60 series, has pushed Apple to get more aggressive with pricing to protect its market share.

Apple's February sales had a positive impact, as it helped offset a sales slowdown.

Reuters' analysis of data from the China Academy of Information and Communications Technology (CAICT) shows that Apple's shipments in China surged by 12 per cent in March, a significant rebound from a 37 per cent decline in sales during the first two months of 2024.

By offering these big discounts, Apple hopes to attract more customers and boost its sales in the tough Chinese market.

It'll be interesting to see how this strategy plays out as Apple deals with competition from both local and global rivals.

(With inputs from Reuters)

Apple is running a big sale on its official Tmall site in China, slashing prices by up to $318 on certain iPhone models. This move is aimed at keeping Apple competitive in the high-end smartphone market, particularly against local competitors like Huawei.

Apple is running a big sale on its official Tmall site in China, slashing prices by up to $318 on certain iPhone models. This move is aimed at keeping Apple competitive in the high-end smartphone market, particularly against local competitors like Huawei. The sale runs from May 20 to May 28 and offers bigger discounts compared to Apple's previous sale in February. Back then, the highest discount was $159, but this time it's a whopping $318. The biggest price cut is for the 1TB iPhone 15 Pro Max, but other models also have significant discounts. For example, the 128GB version of the base iPhone 15 model is now $193.48 cheaper, as per Reuters' checks on Monday. The increased competition from Huawei's new Pura 70 series, launched after the Mate 60 series, has pushed Apple to get more aggressive with pricing to protect its market share. Apple's February sales had a positive impact, as it helped offset a sales slowdown. Reuters' analysis of data from the China Academy of Information and Communications Technology (CAICT) shows that Apple's shipments in China surged by 12 per cent in March, a significant rebound from a 37 per cent decline in sales during the first two months of 2024. By offering these big discounts, Apple hopes to attract more customers and boost its sales in the tough Chinese market. It'll be interesting to see how this strategy plays out as Apple deals with competition from both local and global rivals. (With inputs from Reuters)

Apple launches aggressive discount campaign on Tmall in China

China saw a big increase in money leaving the country in April. This shows that the yuan, China's currency, is facing challenges because the country's economy is slow, and there's uncertainty about the US Federal Reserve's interest rate policies.

New data released on Friday revealed that local companies bought the most foreign money from banks since 2016.

At the same time, exporters held back from changing their dollars to yuan, and people in China bought more foreign money for travelling overseas.

These things show that people are being careful with the yuan. China's interest rates are lower than those of the US dollar, which makes the US dollar more attractive.

Even though the People’s Bank of China is trying to keep the yuan's value steady, it's hard because no one is sure when or how much the US will cut its interest rates this year.

Economists and strategists from Goldman Sachs, including Xinquan Chen, said in a report that they think policymakers will keep strong control to stop the yuan from losing value, by setting the yuan's value and controlling how much foreign money is available, because there's a lot of pressure for money to leave the country.

In April, Chinese banks sold $36.7 billion more foreign money than they bought for their customers. This is the most since December 2016, according to data from the State Administration of Foreign Exchange.

Investors liked foreign money assets, showing they are more hopeful about things not in yuan.

Also, the amount of money coming into China from other countries didn't help the yuan, because there was more Chinese money spent on buying foreign money, which is rare.

After all, China usually makes more money from selling things to other countries than it spends. Also, the money spent on people from China travelling to other countries increased.

Dan Wang, who is the main economist at Hang Seng Bank China Ltd., noticed that exporters would rather keep foreign money instead of yuan because they think China's economy won't grow much, and because there's a lot of money leaving the country.

Chinese banks also sent a record $29.5 billion to other countries for their customers to use for investing directly.

This includes foreign countries investing in China and China investing in other countries.

Bloomberg analyst Gerard DiPippo said that the reason for less money coming into China might be that US interest rates are higher, not that other countries are less interested in China.

He said that companies from other countries, including Chinese companies with offices in Hong Kong, might have moved their money to other countries to make more money.

(With inputs from Bloomberg)

China saw a big increase in money leaving the country in April. This shows that the yuan, China's currency, is facing challenges because the country's economy is slow, and there's uncertainty about the US Federal Reserve's interest rate policies.

China saw a big increase in money leaving the country in April. This shows that the yuan, China's currency, is facing challenges because the country's economy is slow, and there's uncertainty about the US Federal Reserve's interest rate policies. New data released on Friday revealed that local companies bought the most foreign money from banks since 2016. At the same time, exporters held back from changing their dollars to yuan, and people in China bought more foreign money for travelling overseas. These things show that people are being careful with the yuan. China's interest rates are lower than those of the US dollar, which makes the US dollar more attractive. Even though the People’s Bank of China is trying to keep the yuan's value steady, it's hard because no one is sure when or how much the US will cut its interest rates this year. Economists and strategists from Goldman Sachs, including Xinquan Chen, said in a report that they think policymakers will keep strong control to stop the yuan from losing value, by setting the yuan's value and controlling how much foreign money is available, because there's a lot of pressure for money to leave the country. In April, Chinese banks sold $36.7 billion more foreign money than they bought for their customers. This is the most since December 2016, according to data from the State Administration of Foreign Exchange. Investors liked foreign money assets, showing they are more hopeful about things not in yuan. Also, the amount of money coming into China from other countries didn't help the yuan, because there was more Chinese money spent on buying foreign money, which is rare. After all, China usually makes more money from selling things to other countries than it spends. Also, the money spent on people from China travelling to other countries increased. Dan Wang, who is the main economist at Hang Seng Bank China Ltd., noticed that exporters would rather keep foreign money instead of yuan because they think China's economy won't grow much, and because there's a lot of money leaving the country. Chinese banks also sent a record $29.5 billion to other countries for their customers to use for investing directly. This includes foreign countries investing in China and China investing in other countries. Bloomberg analyst Gerard DiPippo said that the reason for less money coming into China might be that US interest rates are higher, not that other countries are less interested in China. He said that companies from other countries, including Chinese companies with offices in Hong Kong, might have moved their money to other countries to make more money. (With inputs from Bloomberg)

China's capital outflows worsen in April, pressuring the yuan

BlackRock, the world's largest asset manager is in hot water with a $20 million lawsuit filed by their former vice president, Hamdan Azhar.

He claims he got fired after speaking up about a colleague's shady dealings and being told to shut down a project that kept tabs on client discussions about sketchy investments, including in China.

Azhar, says that in March 2022, BlackRock told him to stop working on Trend Spotter, a tool he created, and hand over his projects to Rightpoint, where his former boss Tiffany Perkins-Munn's husband worked.

He says his persistent objections to a $2 million contract given to Rightpoint, which he called "shady business," got him fired two months later.

He started developing Trend Spotter in March 2021 during a company event and says it got a lot of attention and praise at BlackRock.

He argues that his firing was payback and not because of his work, as BlackRock claims. But a BlackRock spokesperson denies Azhar's claims, saying, "Trend Spotter was just for summarising client interactions for marketing. It didn't keep an eye on investments and had no compliance features."

Apart from BlackRock, the lawsuit also involves Perkins-Munn and Azhar's new boss, Riaz Hakkim.

Azhar says Hakkim refused to take his concerns about client discussions that Trend Spotter could have monitored seriously, which he thinks were important for BlackRock's public disclosures.

Despite BlackRock's stance, Azhar's lawyer, Subhan Tariq, points out that Azhar was being considered for a top role at BlackRock AI Labs, showing his value to the company.

This lawsuit comes at a time when the bipartisan House Select Committee on the Chinese Communist Party is looking into whether BlackRock and index provider MSCI helped funnel money into blacklisted Chinese companies.

The committee found that Wall Street directed $6.5 billion in 2023 into 63 Chinese companies flagged by the US government for supporting China's military or committing human rights abuses through index funds.

While not against the law, the committee has called for tighter controls on such investments, and BlackRock says it follows US laws.

Azhar, who joined BlackRock in February 2020 as head of data science for global marketing, is seeking $10 million in compensatory and punitive damages for breaking state labour laws.

Perkins-Munn works at JPMorgan Chase and Hakkim at Fidelity Investments. Neither company has responded to requests for comment.

(With inputs from Reuters)

BlackRock, the world's largest asset manager is in hot water with a $20 million lawsuit filed by their former vice president, Hamdan Azhar. He claims he got fired after speaking up about a colleague's shady dealings and being told to shut down a project that kept tabs on client discussions about sketchy investments, including in China.

BlackRock, the world's largest asset manager is in hot water with a $20 million lawsuit filed by their former vice president, Hamdan Azhar. He claims he got fired after speaking up about a colleague's shady dealings and being told to shut down a project that kept tabs on client discussions about sketchy investments, including in China. Azhar, says that in March 2022, BlackRock told him to stop working on Trend Spotter, a tool he created, and hand over his projects to Rightpoint, where his former boss Tiffany Perkins-Munn's husband worked. He says his persistent objections to a $2 million contract given to Rightpoint, which he called "shady business," got him fired two months later. He started developing Trend Spotter in March 2021 during a company event and says it got a lot of attention and praise at BlackRock. He argues that his firing was payback and not because of his work, as BlackRock claims. But a BlackRock spokesperson denies Azhar's claims, saying, "Trend Spotter was just for summarising client interactions for marketing. It didn't keep an eye on investments and had no compliance features." Apart from BlackRock, the lawsuit also involves Perkins-Munn and Azhar's new boss, Riaz Hakkim. Azhar says Hakkim refused to take his concerns about client discussions that Trend Spotter could have monitored seriously, which he thinks were important for BlackRock's public disclosures. Despite BlackRock's stance, Azhar's lawyer, Subhan Tariq, points out that Azhar was being considered for a top role at BlackRock AI Labs, showing his value to the company. This lawsuit comes at a time when the bipartisan House Select Committee on the Chinese Communist Party is looking into whether BlackRock and index provider MSCI helped funnel money into blacklisted Chinese companies. The committee found that Wall Street directed $6.5 billion in 2023 into 63 Chinese companies flagged by the US government for supporting China's military or committing human rights abuses through index funds. While not against the law, the committee has called for tighter controls on such investments, and BlackRock says it follows US laws. Azhar, who joined BlackRock in February 2020 as head of data science for global marketing, is seeking $10 million in compensatory and punitive damages for breaking state labour laws. Perkins-Munn works at JPMorgan Chase and Hakkim at Fidelity Investments. Neither company has responded to requests for comment. (With inputs from Reuters)

BlackRock faces $20 million lawsuit from whistleblowing ex-Vice President

Dell Technologies has announced a major expansion of its artificial intelligence (AI) offerings, unveiling a new line of AI-enabled personal computers (PCs) powered by Qualcomm processors and introducing servers compatible with Nvidia's latest chips. <o:p></o:p>

The announcements were made at a high-profile event in Las Vegas, aiming to strengthen Dell's presence in the AI server market and capitalise on the anticipated recovery of the PC market this year.<o:p></o:p>

The new AI-capable PCs will feature Qualcomm's Snapdragon X series chips, which include neural processing units (NPUs) specifically designed for handling complex AI tasks. <o:p></o:p>

Out of the five new PC models, two are available for pre-order starting today, while the remaining models will be released in the coming months.<o:p></o:p>

This launch coincides with Microsoft's annual Build event, where CEO Satya Nadella introduced the "Copilot+" PCs. <o:p></o:p>

Dell is among the key partners, alongside Qualcomm, Intel, and Advanced Micro Devices (AMD), contributing to this initiative. <o:p></o:p>

Following these announcements, Qualcomm’s shares saw a nearly 2 per cent increase, hitting a record high, while Dell’s shares experienced a slight decline of about 2.6 per cent.<o:p></o:p>

In addition to the AI PCs, Dell revealed its latest server, which supports Nvidia's Blackwell chips and features advanced liquid cooling technology. <o:p></o:p>

This new cooling method is more efficient compared to traditional air cooling systems, reducing power consumption. <o:p></o:p>

Arthur Lewis, president of Dell's infrastructure solutions group, described the Nvidia-based servers as the fastest growing product in the company's history.<o:p></o:p>

The AI server market is poised for substantial growth, with spending expected to exceed $33 billion in 2024, according to the International Data Corporation (IDC). <o:p></o:p>

Dell anticipates that a significant portion of this spending will come from smaller companies still in the early stages of technology adoption. <o:p></o:p>

Lewis mentioned that Dell does not foresee AI investments severely impacting expenditure on traditional servers, despite broader market trends showing a shift towards AI server spending over conventional servers.<o:p></o:p>

Dell's quarterly earnings report, due on May 30, is eagerly awaited by analysts who expect that the new AI PCs and servers will drive increased demand for the company's products. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Dell Technologies has announced a major expansion of its artificial intelligence (AI) offerings, unveiling a new line of AI-enabled personal computers (PCs) powered by Qualcomm processors and introducing servers compatible with Nvidia's latest chips.

Dell Technologies has announced a major expansion of its artificial intelligence (AI) offerings, unveiling a new line of AI-enabled personal computers (PCs) powered by Qualcomm processors and introducing servers compatible with Nvidia's latest chips. The announcements were made at a high-profile event in Las Vegas, aiming to strengthen Dell's presence in the AI server market and capitalise on the anticipated recovery of the PC market this year. The new AI-capable PCs will feature Qualcomm's Snapdragon X series chips, which include neural processing units (NPUs) specifically designed for handling complex AI tasks. Out of the five new PC models, two are available for pre-order starting today, while the remaining models will be released in the coming months. This launch coincides with Microsoft's annual Build event, where CEO Satya Nadella introduced the "Copilot+" PCs. Dell is among the key partners, alongside Qualcomm, Intel, and Advanced Micro Devices (AMD), contributing to this initiative. Following these announcements, Qualcomm’s shares saw a nearly 2 per cent increase, hitting a record high, while Dell’s shares experienced a slight decline of about 2.6 per cent. In addition to the AI PCs, Dell revealed its latest server, which supports Nvidia's Blackwell chips and features advanced liquid cooling technology. This new cooling method is more efficient compared to traditional air cooling systems, reducing power consumption. Arthur Lewis, president of Dell's infrastructure solutions group, described the Nvidia-based servers as the fastest growing product in the company's history. The AI server market is poised for substantial growth, with spending expected to exceed $33 billion in 2024, according to the International Data Corporation (IDC). Dell anticipates that a significant portion of this spending will come from smaller companies still in the early stages of technology adoption. Lewis mentioned that Dell does not foresee AI investments severely impacting expenditure on traditional servers, despite broader market trends showing a shift towards AI server spending over conventional servers. Dell's quarterly earnings report, due on May 30, is eagerly awaited by analysts who expect that the new AI PCs and servers will drive increased demand for the company's products. (With inputs from Reuters)

Dell expands AI ambitions with new PCs and Nvidia-powered servers

Varun Tangri, Founder & CEO, QueueBuster shares his views on the increase in the investment opportunities in India. For more details, visit insight2024.in.

Agriculture & Infrastructure Development will be the key contributors | Varun Tangri

Vikram Pawah, President & CEO, BMW Group India shares his perspective on the increase in consumption patterns focusing on products providing value & fulfilling the intended purpose. For more details, visit insight2024.in.

India has great prospects in the coming years | Vikram Pawah

China's bullion imports fell substantially last month as demand in the world's largest consumer weakened due to record prices. According to the most recent customs data, international purchases of physical gold crashed to 136 tons in April, a 30 per cent decrease from the previous month and the lowest sum this year.

The reduction in imports comes as gold prices continue to be largely impacted by US interest rates. However, bullion's recent gain has been mostly driven by strong consumption in China, where investment opportunities are more limited than in other countries. Amid a lengthy real estate crisis, turbulent stock markets, and a weakening yuan, Chinese households and investors have flocked to gold as a haven for safety, fostering its climb to all-time highs.

China's central bank has also been a persistent buyer of gold, increasing its holdings for the 18th straight month to&nbsp;diversify its reserves and safeguard against currency devaluation. Nonetheless, the rate of these purchases slowed in April, reflecting the overall trend in the country's gold imports.

"Moderating imports may give gold bulls pause," said Soni Kumari, commodity strategist at ANZ Group Holdings Ltd. "While Chinese demand is likely to remain strong in 2024, it's set to level off."

Adding to the pressure on the gold market, Chinese officials have issued cautions about excessive speculation. In the latest effort to reduce risk-taking, the Shanghai Gold Exchange tightened margin requirements on some contracts beginning Tuesday.

As China's thirst for gold cools, market analysts will keep a careful eye on the effects on global bullion prices and the larger commodities market.

(With inputs from Bloomberg)&nbsp;

China's bullion imports fell substantially last month as demand in the world's largest consumer weakened due to record prices. According to the most recent customs data, international purchases of physical gold crashed to 136 tons in April, a 30 per cent decrease from the previous month and the lowest sum this year.

China's bullion imports fell substantially last month as demand in the world's largest consumer weakened due to record prices. According to the most recent customs data, international purchases of physical gold crashed to 136 tons in April, a 30 per cent decrease from the previous month and the lowest sum this year. The reduction in imports comes as gold prices continue to be largely impacted by US interest rates. However, bullion's recent gain has been mostly driven by strong consumption in China, where investment opportunities are more limited than in other countries. Amid a lengthy real estate crisis, turbulent stock markets, and a weakening yuan, Chinese households and investors have flocked to gold as a haven for safety, fostering its climb to all-time highs. China's central bank has also been a persistent buyer of gold, increasing its holdings for the 18th straight month to diversify its reserves and safeguard against currency devaluation. Nonetheless, the rate of these purchases slowed in April, reflecting the overall trend in the country's gold imports. "Moderating imports may give gold bulls pause," said Soni Kumari, commodity strategist at ANZ Group Holdings Ltd. "While Chinese demand is likely to remain strong in 2024, it's set to level off." Adding to the pressure on the gold market, Chinese officials have issued cautions about excessive speculation. In the latest effort to reduce risk-taking, the Shanghai Gold Exchange tightened margin requirements on some contracts beginning Tuesday. As China's thirst for gold cools, market analysts will keep a careful eye on the effects on global bullion prices and the larger commodities market. (With inputs from Bloomberg)

China’s gold imports plunge amid record prices and economic uncertainty

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A new lawsuit has been filed against Southwest Airlines by the American Alliance for Equal Rights, an organisation led by anti-affirmative action advocate Edward Blum. <o:p></o:p>

The lawsuit contends that the airline's program offering free round-trip flights to Hispanic undergraduate and graduate students is racially discriminatory and violates federal civil rights laws.<o:p></o:p>

Blum's group claims that the program, known as the ¡Lánzate! Travel Award Program, unfairly excludes non-Hispanic students from eligibility. <o:p></o:p>

The lawsuit, filed in federal court in Dallas, asserts that the program's criteria barred two students, one Asian and one white, from applying for the free tickets. <o:p></o:p>

The group is seeking an injunction to prevent Southwest from continuing to use these eligibility criteria.<o:p></o:p>

"Southwest Airlines should immediately open this program to all students, regardless of their skin colour or ethnic heritage," Reuters quoted Blum as saying.<o:p></o:p>

The ¡Lánzate! Travel Award Program, established in 2004 in partnership with the Hispanic Association of Colleges and Universities, provides eligible Hispanic students with four round-trip tickets annually. <o:p></o:p>

To qualify, students must reside at least 200 miles from their home and be of Hispanic heritage. <o:p></o:p>

Since its inception, the program has benefited over 1,500 students.<o:p></o:p>

Southwest Airlines, headquartered in Dallas, did not respond immediately to requests for comment regarding the lawsuit. <o:p></o:p>

This legal action is the latest in a series of cases Blum has initiated challenging corporate diversity programs. <o:p></o:p>

Last year, another group he founded succeeded in persuading the conservative-majority US Supreme Court to prohibit the consideration of race in college admissions.<o:p></o:p>

The lawsuit alleges that Southwest's program violates Section 1981 of the Civil Rights Act of 1866, which prohibits racial discrimination in contracting. <o:p></o:p>

It also claims a breach of Title VI of the Civil Rights Act of 1964, which forbids discrimination in programs receiving federal funding. <o:p></o:p>

The complaint argues that Southwest's acceptance of federal funds during the COVID-19 pandemic makes the airline subject to this statute.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A new lawsuit has been filed against Southwest Airlines by the American Alliance for Equal Rights, an organisation led by anti-affirmative action advocate Edward Blum.

A new lawsuit has been filed against Southwest Airlines by the American Alliance for Equal Rights, an organisation led by anti-affirmative action advocate Edward Blum. The lawsuit contends that the airline's program offering free round-trip flights to Hispanic undergraduate and graduate students is racially discriminatory and violates federal civil rights laws. Blum's group claims that the program, known as the ¡Lánzate! Travel Award Program, unfairly excludes non-Hispanic students from eligibility. The lawsuit, filed in federal court in Dallas, asserts that the program's criteria barred two students, one Asian and one white, from applying for the free tickets. The group is seeking an injunction to prevent Southwest from continuing to use these eligibility criteria. "Southwest Airlines should immediately open this program to all students, regardless of their skin colour or ethnic heritage," Reuters quoted Blum as saying. The ¡Lánzate! Travel Award Program, established in 2004 in partnership with the Hispanic Association of Colleges and Universities, provides eligible Hispanic students with four round-trip tickets annually. To qualify, students must reside at least 200 miles from their home and be of Hispanic heritage. Since its inception, the program has benefited over 1,500 students. Southwest Airlines, headquartered in Dallas, did not respond immediately to requests for comment regarding the lawsuit. This legal action is the latest in a series of cases Blum has initiated challenging corporate diversity programs. Last year, another group he founded succeeded in persuading the conservative-majority US Supreme Court to prohibit the consideration of race in college admissions. The lawsuit alleges that Southwest's program violates Section 1981 of the Civil Rights Act of 1866, which prohibits racial discrimination in contracting. It also claims a breach of Title VI of the Civil Rights Act of 1964, which forbids discrimination in programs receiving federal funding. The complaint argues that Southwest's acceptance of federal funds during the COVID-19 pandemic makes the airline subject to this statute. (With inputs from Reuters)

Lawsuit challenges Southwest Airlines' Hispanic student ticket program as discriminatory

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation. <o:p></o:p>

Gruenberg, who has held various leadership roles at the FDIC since 2005, said that he would step down once a successor is appointed.<o:p></o:p>

"In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg announced in a public statement. <o:p></o:p>

He said that he would continue his duties i the mean time, focusing exclusively on transforming the FDIC’s workplace environment.<o:p></o:p>

The independent report, which was commissioned in response to allegations made in a series of Wall Street Journal articles, uncovered a workplace rife with sexual harassment, discrimination, and other forms of misconduct. <o:p></o:p>

It highlighted a "widespread fear of retaliation" that discouraged employees from reporting such incidents and criticised the agency's management for inadequate and ineffective responses.<o:p></o:p>

Gruenberg's resignation was prompted by bipartisan calls for his departure, including from Senator Sherrod Brown, the leading Democrat on the Senate Banking Committee. <o:p></o:p>

"There must be fundamental changes at the FDIC," Brown stated. <o:p></o:p>

The report specifically noted that while Gruenberg's personal behaviour was not identified as the primary cause of the toxic environment, his management style contributed to the issues. <o:p></o:p>

Some employees described "deeply unsettling exchanges" with Gruenberg, characterising his demeanour as "harsh," "aggressive," and "upset".<o:p></o:p>

Responding to the turmoil, a White House spokesperson expressed gratitude for Gruenberg's willingness to remain at the helm until a new chair is confirmed. <o:p></o:p>

The spokesperson said that President Biden would make sure to appoint a successor who would uphold values of decency, integrity, and employee dignity at the FDIC shortly.<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation.

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), has initiated his resignation following the release of a negative report detailing pervasive sexual misconduct and a "patriarchal" culture at the organisation. Gruenberg, who has held various leadership roles at the FDIC since 2005, said that he would step down once a successor is appointed. "In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg announced in a public statement. He said that he would continue his duties i the mean time, focusing exclusively on transforming the FDIC’s workplace environment. The independent report, which was commissioned in response to allegations made in a series of Wall Street Journal articles, uncovered a workplace rife with sexual harassment, discrimination, and other forms of misconduct. It highlighted a "widespread fear of retaliation" that discouraged employees from reporting such incidents and criticised the agency's management for inadequate and ineffective responses. Gruenberg's resignation was prompted by bipartisan calls for his departure, including from Senator Sherrod Brown, the leading Democrat on the Senate Banking Committee. "There must be fundamental changes at the FDIC," Brown stated. The report specifically noted that while Gruenberg's personal behaviour was not identified as the primary cause of the toxic environment, his management style contributed to the issues. Some employees described "deeply unsettling exchanges" with Gruenberg, characterising his demeanour as "harsh," "aggressive," and "upset". Responding to the turmoil, a White House spokesperson expressed gratitude for Gruenberg's willingness to remain at the helm until a new chair is confirmed. The spokesperson said that President Biden would make sure to appoint a successor who would uphold values of decency, integrity, and employee dignity at the FDIC shortly. (With inputs from AFP)

Top US banking regulator resigns amid reports over toxic workplace culture

Sameer Aggarwal, Founder & CEO, RevFin shares his thoughts on the ongoing shift in the investment patterns that will simplify future investments. For more details, visit insight2024.in.

Investors are interested in sustainable businesses | Sameer Aggarwal

US stocks traded mostly higher on Monday. The surge was driven by a significant rally in Nvidia shares. Nvidia's stock jumped nearly 3% ahead of its first-quarter earnings report scheduled for Wednesday.

Nvidia stock jumps 3% on earnings hype

Prashant Pitti, Co-Founder, EaseMyTrip shares his perspective on the entrepreneurial spirit flourishing in India. For more details, visit insight2024.in.

Travel industry is going to flourish in the upcoming years | Prashant Pitti

Bhuvan Rustagi, Co-Founder & COO, Per Annum & Lendbox shares his views on India attracting foreign investments over the next two decades. For more details, visit insight2024.in.

Digitization to lead at the forefront of India’s economy | Bhuvan Rustagi

D.P. Singh, Deputy Managing Director and Joint CEO, SBI Mutual Fund shares his perspective on the various factors that will surely make India a developed country by 2047.

More companies are entering the public domain | D.P. Singh

Vikram Chandra, WION's chat with Adhil Shetty, CEO, BankBazaar on 'Powering the Next Wave of Fintech Innovation'.

Powering the Next Wave of Fintech Innovation | Adhil Shetty

Vikram Chandra, WION and Anil Singhvi, Zee Business in conversation with Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India and Vikram Pawah, President & CEO, BMW Group India on 'Accelerating Progress - Mapping the Evolution of India's Automotive Landscape'.

Mapping the Evolution of India's Automotive Landscape | Shashank Srivastava & Vikram Pawah

Anil Singhvi, Zee Business' discussion with Prashant Pitti, Co-Founder, EaseMyTrip, Sameer Aggarwal, Founder & CEO, RevFin, Varun Tangri, Founder & CEO, QueueBuster and Bhuvan Rustagi, Co-Founder & COO, Per Annum & Lendbox on 'Innovation Overdrive'. For more details, visit insight2024.in.

Innovation Overdrive | Prashant Pitti, Sameer Aggarwal, Varun Tangri & Bhuvan Rustagi

According to a Natixis SA report released on Monday, India will need to produce 115 million jobs by 2030 to meet its rising workforce. The report emphasizes the critical need for Asia's third-largest economy to increase growth in both services and manufacturing to maintain current economic progress.

According to Trinh Nguyen, a senior economist at Natixis, India will need to produce 16.5 million jobs every year, up from 12.4 million in the previous decade. Nguyen's research emphasised the necessity for 10.4 million of these jobs to emerge from the formal economy.

"To achieve this herculean task, India's growth engine needs to fire on all cylinders, from manufacturing to services in the next five years," Nguyen wrote in her study.

While India's economy is expected to develop by more than 7 per cent this year, one of the fastest rates in the world, this pace may be insufficient to offer employment for the country's 1.4 billion people. High youth unemployment remains a significant issue for Prime Minister Narendra Modi, who is running for a third term amidst ongoing national elections.

Despite the development of 112 million jobs over the last decade, Nguyen estimates that only approximately 10 per cent of these roles are official. According to World Bank data, the country's labour force participation rate is 58 per cent, which is much lower than that of other Asian nations.

Nguyen pointed out that the services industry, which accounts for more than half of India's GDP, has few chances in terms of headcount and labour quality. As a result, India must use its manufacturing sector to compete with companies and countries looking to diversify away from a China-centric supply chain.

"The incoming administration needs to jump on the manufacturing train and capitalize on demographic and geopolitical tailwinds," she added. "Even if the road forward is challenging, it is never too late to walk down the right path."

(With inputs from Bloomberg)

According to a Natixis SA report released on Monday, India will need to produce 115 million jobs by 2030 to meet its rising workforce. The report emphasizes the critical need for Asia's third-largest economy to increase growth in both services and manufacturing to maintain current economic progress.

According to a Natixis SA report released on Monday, India will need to produce 115 million jobs by 2030 to meet its rising workforce. The report emphasizes the critical need for Asia's third-largest economy to increase growth in both services and manufacturing to maintain current economic progress. According to Trinh Nguyen, a senior economist at Natixis, India will need to produce 16.5 million jobs every year, up from 12.4 million in the previous decade. Nguyen's research emphasised the necessity for 10.4 million of these jobs to emerge from the formal economy. "To achieve this herculean task, India's growth engine needs to fire on all cylinders, from manufacturing to services in the next five years," Nguyen wrote in her study. While India's economy is expected to develop by more than 7 per cent this year, one of the fastest rates in the world, this pace may be insufficient to offer employment for the country's 1.4 billion people. High youth unemployment remains a significant issue for Prime Minister Narendra Modi, who is running for a third term amidst ongoing national elections. Despite the development of 112 million jobs over the last decade, Nguyen estimates that only approximately 10 per cent of these roles are official. According to World Bank data, the country's labour force participation rate is 58 per cent, which is much lower than that of other Asian nations. Nguyen pointed out that the services industry, which accounts for more than half of India's GDP, has few chances in terms of headcount and labour quality. As a result, India must use its manufacturing sector to compete with companies and countries looking to diversify away from a China-centric supply chain. "The incoming administration needs to jump on the manufacturing train and capitalize on demographic and geopolitical tailwinds," she added. "Even if the road forward is challenging, it is never too late to walk down the right path." (With inputs from Bloomberg)

India must create 115 million jobs by 2030 to sustain economic growth, study finds

Rajiv Dubey, Senior General Manager and Head of Media, Dabur India, Mohit Joshi, CEO, Havas Media Network India, Navin Khemka, CEO - South Asia, EssenceMediacom, and Santosh Kumar, COO, INNOCEAN India, share their views on ‘Consumption in the Digital Age: The Role of Media and Advertising’ in a discussion with Vikram Sakhuja, Group CEO - Madison Media & OOH, Madison World. For more details, visit- insight2024.in.

Consumption in Digital Age | Rajiv Dubey, Mohit Joshi, Navin Khemka, Santosh Kumar & Vikram Sakhuja

Anil Singhvi, Zee Business in conversation with the Guest of Honour - General V. K. Singh (Retd), Minister of State for Road Transport & Highways and Civil Aviation. For more details, visit- insight2024.in.

Fireside Chat | Guest of Honour: General V. K. Singh (Retd) | WION-Zee Business InSight

Vikram Chandra, WION's chat with D.P. Singh, Deputy Managing Director and Joint CEO, SBI Mutual Fund on 'Changing Investment Trends and the Future Ahead'. For more details, visit- insight2024.in.

Changing investment trends and the future ahead | D.P. Singh, Deputy MD & Joint CEO, SBI Mutual Fund

Microsoft Corp on Monday, introduced a new category of personal computers with artificial intelligence (AI) characteristics to compete with Alphabet Inc. and Apple Inc.

At a Redmond campus event, CEO Satya Nadella unveiled "Copilot+" PCs, a collaborative effort with manufacturers including Acer Inc. and Asustek Computer Inc. The new AI-powered laptops, which start at $1,000, will be available from June 18.

These novel machines can do AI tasks without the need for cloud data centres. This capacity enables features such as "Recall," which logs user activities, from web browsing to voice chats, and saves it locally for convenient retrieval. Furthermore, the Copilot voice assistant serves as a real-time virtual coach, as exemplified by its use in the computer game "Minecraft."

Yusuf Mehdi, Microsoft's chief of consumer marketing, predicted that 50 million AI PCs would be purchased over the following year. He stated that the possibility of running quicker AI helpers directly on a PC would be "the most compelling reason to upgrade your PC in a long time." According to Gartner, global PC shipments declined by about 15 per cent last year to 242 million units, implying that Microsoft expects its new AI PCs to account for roughly one-fifth of overall sales.

"People simply need to be convinced that the device experience alone justifies this entirely new category of Copilot+ machines," said Ben Bajarin, an analyst at Creative Strategies.

The "Copilot+" marketing initiative is like Intel Corp's 2011 "Ultrabook" campaign, which attempted to undercut Apple's MacBook Air with tiny, powerful Windows laptops. Microsoft also revealed that GPT-4o, the most recent AI technology from OpenAI, will soon be integrated into Copilot.

Along with Copilot+, Microsoft introduced a new generation of Surface Pro tablets and Surface Laptops that use Qualcomm Inc. CPUs based on Arm Holdings architecture. The launch of Prism technology will provide software interoperability across Intel, AMD, and Arm processors.

Microsoft machines outperformed Apple Goods in photo editing tasks using Adobe software, according to demonstrations at the event. Apple has already announced an AI-focused CPU, which is expected to be utilised in future laptops.

The Qualcomm Snapdragon X Elite chips, known for their neural processing units that enhance AI applications, are critical to Microsoft's AI market leadership strategy. The product rollout comes ahead of Microsoft's annual developer conference, emphasising the company's dedication to preserving its AI advantage through its cooperation with OpenAI.

Microsoft's early adoption of AI technology puts it ahead of Alphabet in the battle to commercialise AI solutions. Last week, OpenAI and Alphabet's Google presented competing AI technologies that provide real-time, interactive voice answers, a critical requirement for AI voice assistants.

Apple's decision to bespoke Arm-based semiconductors has increased competition in the Windows PC market, which was formerly dominated by Intel processors. These CPUs have given Macs longer battery life and improved performance. Microsoft, in collaboration with Qualcomm since 2016, has led efforts to move Windows to Arm architecture, with Qualcomm's exclusivity expiring this year, opening the door to rival chip designers such as Nvidia Corp.

(With inputs from Reuters)

Microsoft Corp on Monday, introduced a new category of personal computers with artificial intelligence (AI) characteristics to compete with Alphabet Inc. and Apple Inc.

Microsoft Corp on Monday, introduced a new category of personal computers with artificial intelligence (AI) characteristics to compete with Alphabet Inc. and Apple Inc. At a Redmond campus event, CEO Satya Nadella unveiled "Copilot+" PCs, a collaborative effort with manufacturers including Acer Inc. and Asustek Computer Inc. The new AI-powered laptops, which start at $1,000, will be available from June 18. These novel machines can do AI tasks without the need for cloud data centres. This capacity enables features such as "Recall," which logs user activities, from web browsing to voice chats, and saves it locally for convenient retrieval. Furthermore, the Copilot voice assistant serves as a real-time virtual coach, as exemplified by its use in the computer game "Minecraft." Yusuf Mehdi, Microsoft's chief of consumer marketing, predicted that 50 million AI PCs would be purchased over the following year. He stated that the possibility of running quicker AI helpers directly on a PC would be "the most compelling reason to upgrade your PC in a long time." According to Gartner, global PC shipments declined by about 15 per cent last year to 242 million units, implying that Microsoft expects its new AI PCs to account for roughly one-fifth of overall sales. "People simply need to be convinced that the device experience alone justifies this entirely new category of Copilot+ machines," said Ben Bajarin, an analyst at Creative Strategies. The "Copilot+" marketing initiative is like Intel Corp's 2011 "Ultrabook" campaign, which attempted to undercut Apple's MacBook Air with tiny, powerful Windows laptops. Microsoft also revealed that GPT-4o, the most recent AI technology from OpenAI, will soon be integrated into Copilot. Along with Copilot+, Microsoft introduced a new generation of Surface Pro tablets and Surface Laptops that use Qualcomm Inc. CPUs based on Arm Holdings architecture. The launch of Prism technology will provide software interoperability across Intel, AMD, and Arm processors. Microsoft machines outperformed Apple Goods in photo editing tasks using Adobe software, according to demonstrations at the event. Apple has already announced an AI-focused CPU, which is expected to be utilised in future laptops. The Qualcomm Snapdragon X Elite chips, known for their neural processing units that enhance AI applications, are critical to Microsoft's AI market leadership strategy. The product rollout comes ahead of Microsoft's annual developer conference, emphasising the company's dedication to preserving its AI advantage through its cooperation with OpenAI. Microsoft's early adoption of AI technology puts it ahead of Alphabet in the battle to commercialise AI solutions. Last week, OpenAI and Alphabet's Google presented competing AI technologies that provide real-time, interactive voice answers, a critical requirement for AI voice assistants. Apple's decision to bespoke Arm-based semiconductors has increased competition in the Windows PC market, which was formerly dominated by Intel processors. These CPUs have given Macs longer battery life and improved performance. Microsoft, in collaboration with Qualcomm since 2016, has led efforts to move Windows to Arm architecture, with Qualcomm's exclusivity expiring this year, opening the door to rival chip designers such as Nvidia Corp. (With inputs from Reuters)

Microsoft unveils AI-enhanced 'Copilot+' PCs amid big tech rivalry

Elon Musk, CEO of SpaceX and Tesla, and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX's Starlink satellite internet service on Sunday, intending to improve healthcare access in rural areas of the vast Indonesian archipelago.

Musk, who landed on the Indonesian resort island of Bali by private aircraft, attended the inauguration event at a community health centre in Denpasar, the province's capital. Musk, dressed in a green batik shirt, highlighted that Starlink would greatly improve internet connectivity for millions across Indonesia's more than 17,000 islands and three time zones.

"I'm very excited to bring connectivity to places that have low connectivity," Musk stated. "If you have access to the internet, you can learn anything."

On Sunday, the Starlink service was launched in three Indonesian health centres, two in Bali and one on the remote Maluku Island of Aru. A video presentation illustrated how high-speed internet may allow for real-time data input, assisting in the management of health conditions including stunting and malnutrition.

When asked about possible investments in Indonesia's electric vehicle business, Musk highlighted his current emphasis on Starlink. "We are focusing this event on Starlink and the benefits that connectivity brings to remote islands," he explained. "I think it's really to emphasise the importance of internet connectivity, how much of that can be a lifesaver."

Indonesia, which has over 270 million people, has been pursuing Musk's Tesla to help build its electric vehicle sector by utilising the country's enormous nickel resources. Musk is set to meet President Joko Widodo today&nbsp;and speak at the World Water Forum in Bali.

At the Bali inauguration, Communications Minister Budi Arie Setiadi revealed that Starlink is now commercially available, with a focus on outer and underdeveloped districts. Before the launch, Starlink was awarded a permit to operate as a retail internet service provider as well as a very small aperture terminal (VSAT) permit, according to Setiadi.

SpaceX's Starlink dominates the satellite internet business, with over 60 per cent of the 7,500 spacecraft orbiting Earth. Indonesia is the third Southeast Asian country that Starlink operates, after Malaysia and the Philippines. Malaysia licensed the service this year, while a Philippine company signed an agreement with SpaceX in 2022.

Starlink's global network includes a strong presence in Ukraine, where it serves military, healthcare, business, and humanitarian operations.

(With inputs from Reuters)

Elon Musk, CEO of SpaceX and Tesla, and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX's Starlink satellite internet service on Sunday, intending to improve healthcare access in rural areas of the vast Indonesian archipelago.

Elon Musk, CEO of SpaceX and Tesla, and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX's Starlink satellite internet service on Sunday, intending to improve healthcare access in rural areas of the vast Indonesian archipelago. Musk, who landed on the Indonesian resort island of Bali by private aircraft, attended the inauguration event at a community health centre in Denpasar, the province's capital. Musk, dressed in a green batik shirt, highlighted that Starlink would greatly improve internet connectivity for millions across Indonesia's more than 17,000 islands and three time zones. "I'm very excited to bring connectivity to places that have low connectivity," Musk stated. "If you have access to the internet, you can learn anything." On Sunday, the Starlink service was launched in three Indonesian health centres, two in Bali and one on the remote Maluku Island of Aru. A video presentation illustrated how high-speed internet may allow for real-time data input, assisting in the management of health conditions including stunting and malnutrition. When asked about possible investments in Indonesia's electric vehicle business, Musk highlighted his current emphasis on Starlink. "We are focusing this event on Starlink and the benefits that connectivity brings to remote islands," he explained. "I think it's really to emphasise the importance of internet connectivity, how much of that can be a lifesaver." Indonesia, which has over 270 million people, has been pursuing Musk's Tesla to help build its electric vehicle sector by utilising the country's enormous nickel resources. Musk is set to meet President Joko Widodo today and speak at the World Water Forum in Bali. At the Bali inauguration, Communications Minister Budi Arie Setiadi revealed that Starlink is now commercially available, with a focus on outer and underdeveloped districts. Before the launch, Starlink was awarded a permit to operate as a retail internet service provider as well as a very small aperture terminal (VSAT) permit, according to Setiadi. SpaceX's Starlink dominates the satellite internet business, with over 60 per cent of the 7,500 spacecraft orbiting Earth. Indonesia is the third Southeast Asian country that Starlink operates, after Malaysia and the Philippines. Malaysia licensed the service this year, while a Philippine company signed an agreement with SpaceX in 2022. Starlink's global network includes a strong presence in Ukraine, where it serves military, healthcare, business, and humanitarian operations. (With inputs from Reuters)

Elon Musk and Indonesian Health Minister launch SpaceX's Starlink Internet for remote health access

Cylib, a sustainable end-to-end battery recycling firm, has successfully completed a EUR 55 million Series A funding round in equity financing. Co-led by the leading European climate tech venture capital firm World Fund and Porsche Ventures, the venture arm of sports car manufacturer Porsche AG, the funding round also saw participation from Bosch Ventures, DeepTech &amp; Climate Fonds, NRW.Venture, and other significant investors.

This funding round, the largest ever raised by a European battery recycling company, was completed less than 24 months after Cylib started operations. Bosch Ventures' involvement marks its first venture co-investment with Porsche in Germany. Cylib will use the funds to industrialise its proprietary recycling technology, scaling operations at a secured brownfield industrial facility in Germany.

Broad support from key stakeholders

This landmark investment brings together major stakeholders from climate tech, corporate automotive, industry, and public investment backgrounds to support Cylib. This consortium's formation underscores the significant dedication to building a resilient and sustainable battery infrastructure in Europe.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/bosch-ventures-boosts-battery-recycling-with-strategic-investments-in-cylib-and-li-industries-723306">Bosch Ventures boosts battery recycling with strategic investments in Cylib and Li Industries</a>

Cylib's pioneering journey

Founded in 2022 in Aachen, Germany, following nearly a decade of research at RWTH Aachen University, Cylib was established by CEO Lilian Schwich, CTO Paul Sabarny, and COO Dr Gideon Schwich. Lilian Schwich is widely recognised as one of Europe’s leading battery recycling researchers.

Reflecting on the achievement, Lilian Schwich stated, “This funding round empowers us to embark on our next phase of expansion and deepen existing collaborations. We are immensely grateful for the trust of our partners and the successful projects we have conducted together. We look forward to offering our superior technology to even more customers and partners.”

Rising demand for battery recycling

The demand for battery recycling is rapidly increasing, driven by the growth of electric vehicles (EVs). Global EV sales soared by 35% to almost 14 million in 2023 and are expected to reach 17 million in 2024. To ensure the shift away from fossil fuels does not lead to dependence on scarce minerals, recycling of battery materials must improve. According to Fraunhofer ISI, the volume of lithium-ion batteries to be recycled in Europe will reach 2.1 million tonnes by 2040. Cylib’s innovative process aims to meet this demand, ensuring resilient battery supply chains in Europe.

World fund and Porsche Ventures on Cylib’s impact

Danijel Višević, General Partner at World Fund, commented, “Cylib exemplifies the rapid industrialisation of world-leading climate tech research. The company has created a highly efficient battery recycling process that offers real climate gains and delivers for major clients.”

Patrick Huke, Partner and Head of Porsche Ventures, added, “We at Porsche Ventures are thrilled to co-lead the Series A financing round of Cylib. Cylib is a perfect example of how leading scientific research can be commercialised quickly. We are excited to partner with the Cylib team to industrialise their innovative end-to-end recycling process, aligning with our sustainability ambitions.”

Cylib’s recycling process

Cylib’s proprietary process sets new standards in battery recycling. It allows for the complete recycling of all components in a lithium-ion battery, making it the only company to offer this comprehensive service. Cylib achieves a recycling efficiency of over 90%, reducing the environmental footprint of the recycling process by 30% compared to competitors, thanks to its water-based lithium and graphite recovery methods.

Swift industrialisation and future prospects

Cylib has swiftly progressed from its inception, initially raising €11.6 million in seed funding, which enabled the delivery of a successful pilot line in September 2023. The company has since completed projects for automotive OEMs, Tier 1 suppliers, and refineries. Now, Cylib is poised to scale its operations and become Europe’s primary battery recycler. The company, already boasting a team of over 60 professionals, plans to use the new funds for further key hires.

Cylib’s innovative battery recycling technology significantly reduces the carbon footprint of the battery value chain and enhances the resilience of European EV supply chains. With stringent EU regulations ranking EV battery materials as strategic critical raw materials, Cylib’s market-leading process helps companies overachieve these requirements, ensuring a sustainable and resilient battery infrastructure in Europe.

Cylib, a sustainable end-to-end battery recycling firm, has successfully completed a EUR 55 million Series A funding round in equity financing. Co-led by the leading European climate tech venture capital firm World Fund and Porsche Ventures, the venture arm of sports car manufacturer Porsche AG, the funding round also saw participation from Bosch Ventures, DeepTech & Climate Fonds, NRW.

Cylib, a sustainable end-to-end battery recycling firm, has successfully completed a EUR 55 million Series A funding round in equity financing. Co-led by the leading European climate tech venture capital firm World Fund and Porsche Ventures, the venture arm of sports car manufacturer Porsche AG, the funding round also saw participation from Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, and other significant investors. This funding round, the largest ever raised by a European battery recycling company, was completed less than 24 months after Cylib started operations. Bosch Ventures' involvement marks its first venture co-investment with Porsche in Germany. Cylib will use the funds to industrialise its proprietary recycling technology, scaling operations at a secured brownfield industrial facility in Germany. Broad support from key stakeholders This landmark investment brings together major stakeholders from climate tech, corporate automotive, industry, and public investment backgrounds to support Cylib. This consortium's formation underscores the significant dedication to building a resilient and sustainable battery infrastructure in Europe. Also Read: Bosch Ventures boosts battery recycling with strategic investments in Cylib and Li Industries Cylib's pioneering journey Founded in 2022 in Aachen, Germany, following nearly a decade of research at RWTH Aachen University, Cylib was established by CEO Lilian Schwich, CTO Paul Sabarny, and COO Dr Gideon Schwich. Lilian Schwich is widely recognised as one of Europe’s leading battery recycling researchers. Reflecting on the achievement, Lilian Schwich stated, “This funding round empowers us to embark on our next phase of expansion and deepen existing collaborations. We are immensely grateful for the trust of our partners and the successful projects we have conducted together. We look forward to offering our superior technology to even more customers and partners.” Rising demand for battery recycling The demand for battery recycling is rapidly increasing, driven by the growth of electric vehicles (EVs). Global EV sales soared by 35% to almost 14 million in 2023 and are expected to reach 17 million in 2024. To ensure the shift away from fossil fuels does not lead to dependence on scarce minerals, recycling of battery materials must improve. According to Fraunhofer ISI, the volume of lithium-ion batteries to be recycled in Europe will reach 2.1 million tonnes by 2040. Cylib’s innovative process aims to meet this demand, ensuring resilient battery supply chains in Europe. World fund and Porsche Ventures on Cylib’s impact Danijel Višević, General Partner at World Fund, commented, “Cylib exemplifies the rapid industrialisation of world-leading climate tech research. The company has created a highly efficient battery recycling process that offers real climate gains and delivers for major clients.” Patrick Huke, Partner and Head of Porsche Ventures, added, “We at Porsche Ventures are thrilled to co-lead the Series A financing round of Cylib. Cylib is a perfect example of how leading scientific research can be commercialised quickly. We are excited to partner with the Cylib team to industrialise their innovative end-to-end recycling process, aligning with our sustainability ambitions.” Cylib’s recycling process Cylib’s proprietary process sets new standards in battery recycling. It allows for the complete recycling of all components in a lithium-ion battery, making it the only company to offer this comprehensive service. Cylib achieves a recycling efficiency of over 90%, reducing the environmental footprint of the recycling process by 30% compared to competitors, thanks to its water-based lithium and graphite recovery methods. Swift industrialisation and future prospects Cylib has swiftly progressed from its inception, initially raising €11.6 million in seed funding, which enabled the delivery of a successful pilot line in September 2023. The company has since completed projects for automotive OEMs, Tier 1 suppliers, and refineries. Now, Cylib is poised to scale its operations and become Europe’s primary battery recycler. The company, already boasting a team of over 60 professionals, plans to use the new funds for further key hires. Cylib’s innovative battery recycling technology significantly reduces the carbon footprint of the battery value chain and enhances the resilience of European EV supply chains. With stringent EU regulations ranking EV battery materials as strategic critical raw materials, Cylib’s market-leading process helps companies overachieve these requirements, ensuring a sustainable and resilient battery infrastructure in Europe.

Bosch and Porsche lead EUR 55 mn investment in Cylib's battery recycling expansion