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Japan's benchmark government bond yield surged to its highest level since 2013 on Monday, as market expectations grow that the Bank of Japan (BOJ) is committed to normalising interest rates and bolstering the weakening yen.<o:p></o:p>

The yield on 10-year government bonds increased by 2.5 basis points, reaching 0.975 per cent. <o:p></o:p>

This marks the highest yield since Haruhiko Kuroda, the then-newly appointed BOJ Governor, initiated a period of aggressive monetary easing that subsequently drove yields to negative levels.<o:p></o:p>

Kazuo Ueda, who succeeded Kuroda and lifted interest rates for the first time since 2007 in March, has set the stage for this rise in yields. <o:p></o:p>

Investors are now increasingly drawn to long-term debt, with yields on 20-year and 30-year bonds also climbing to their highest levels in a decade. <o:p></o:p>

This trend is prompting Japanese investors to allocate more of their funds into domestic debt securities.<o:p></o:p>

Market participants are closely analysing economic data and BOJ policy signals to anticipate the central bank's next moves. <o:p></o:p>

Pacific Investment Management Co. (PIMCO) predicts the possibility of three more rate hikes this year. <o:p></o:p>

Similarly, Ales Koutny, Vanguard Group Inc.'s head of international rates, forecasts rates could climb to approximately 0.75 per cent by the end of the year.<o:p></o:p>

The rise in yields reflects broader expectations that the BOJ will continue its gradual shift away from the ultra-loose monetary policies that have characterised the past decade. <o:p></o:p>

This shift aims to address the challenges posed by a struggling yen and to align Japan's monetary stance with global trends.<o:p></o:p>

The market's reaction indicates a turning point for Japan's financial landscape, where higher yields may attract more investment into government bonds, potentially stabilising the yen and supporting the economy's recovery efforts.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Japan's benchmark government bond yield surged to its highest level since 2013 on Monday, as market expectations grow that the Bank of Japan (BOJ) is committed to normalising interest rates and bolstering the weakening yen.

Japan's benchmark government bond yield surged to its highest level since 2013 on Monday, as market expectations grow that the Bank of Japan (BOJ) is committed to normalising interest rates and bolstering the weakening yen. The yield on 10-year government bonds increased by 2.5 basis points, reaching 0.975 per cent. This marks the highest yield since Haruhiko Kuroda, the then-newly appointed BOJ Governor, initiated a period of aggressive monetary easing that subsequently drove yields to negative levels. Kazuo Ueda, who succeeded Kuroda and lifted interest rates for the first time since 2007 in March, has set the stage for this rise in yields. Investors are now increasingly drawn to long-term debt, with yields on 20-year and 30-year bonds also climbing to their highest levels in a decade. This trend is prompting Japanese investors to allocate more of their funds into domestic debt securities. Market participants are closely analysing economic data and BOJ policy signals to anticipate the central bank's next moves. Pacific Investment Management Co. (PIMCO) predicts the possibility of three more rate hikes this year. Similarly, Ales Koutny, Vanguard Group Inc.'s head of international rates, forecasts rates could climb to approximately 0.75 per cent by the end of the year. The rise in yields reflects broader expectations that the BOJ will continue its gradual shift away from the ultra-loose monetary policies that have characterised the past decade. This shift aims to address the challenges posed by a struggling yen and to align Japan's monetary stance with global trends. The market's reaction indicates a turning point for Japan's financial landscape, where higher yields may attract more investment into government bonds, potentially stabilising the yen and supporting the economy's recovery efforts. (With inputs from Bloomberg)

Japan's 10-year bond yield surges amid BOJ rate speculation

With the new Seal U DM-i PHEV, BYD aims to extend its appeal in the plug-in-hybrid crossover segment. The new Seal PHEV falls in the D-segment SUV space and claims to offer an unparalleled driving experience thanks to its intelligent hybrid system. The latest SUV from BYD offers three variants and power tunes to choose from.

 
The first variant is Design, which comes with two electric motors as well as a 1.5L four-cylinder petrol engine. It packs two electric motors — one at each axle — pushing out 204PS (front) and 163PS rear (rear). The combined power and torque outputs stand at 323PS and 550Nm. The engine alone puts out 130PS of power whereas an 18.3kWh blade-type battery feeds power to the motors.

 
The other two variants, namely, Boost and Comfort, come with front wheel drivetrain only. Using the same engine as the Design trim, it produces less power at 217PS combined. The engine alone puts out 98PS of power whereas the electric motor churns out 197PS. Lastly, the Comfort trim also uses the similar drivetrain, albeit with a larger 26.6kWh battery pack, enabling it to offer an electric-only driving range of 125km.&nbsp;

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As a result, the BYD DM-i super hybrid electricity-based structure prioritises ultra-low fuel consumption and a quiet and smooth driving experience. The vehicle can achieve an attractive fuel consumption of just 313.8 mpg for Boost and 235.4 mpg for Design WLTP (weighted combined). The electric combined consumption for Boost is 21 kWh/km and for Design 23.5 kWh/km.&nbsp; 
The electric consumption during city driving for Boost is 14.5 kWh/100 km and for Design 16.1 kWh/100 km. Furthermore, All BYD Seal U DM-i trim versions offer 11 kW 3-phase AC charging and 18 kW DC charging 11kW AC capabilities. With this the DC charging time (30-80 percent) takes only 35 minutes.&nbsp;

 
Speaking of its design, the BYD Seal U DM-i carries its design cues from the BYD family, in the form of C-shaped LED headlights and connected LED tail lights. Competing in the D-segment SUV space, the crossover also carries a butch appeal with its sharp lines and creases all across. On the inside, the highlights include high quality materials, multi-colour ambient lighting, rotating 15.6-inch touchscreen infotainment system, digital instrument cluster and a panoramic sunroof.&nbsp; 
&nbsp;

With the new Seal U DM-i PHEV, BYD aims to extend its appeal in the plug-in-hybrid crossover segment. The new Seal PHEV falls in the D-segment SUV space and claims to offer an unparalleled driving experience thanks to its intelligent hybrid system.

With the new Seal U DM-i PHEV, BYD aims to extend its appeal in the plug-in-hybrid crossover segment. The new Seal PHEV falls in the D-segment SUV space and claims to offer an unparalleled driving experience thanks to its intelligent hybrid system. The latest SUV from BYD offers three variants and power tunes to choose from. The first variant is Design, which comes with two electric motors as well as a 1.5L four-cylinder petrol engine. It packs two electric motors — one at each axle — pushing out 204PS (front) and 163PS rear (rear). The combined power and torque outputs stand at 323PS and 550Nm. The engine alone puts out 130PS of power whereas an 18.3kWh blade-type battery feeds power to the motors. The other two variants, namely, Boost and Comfort, come with front wheel drivetrain only. Using the same engine as the Design trim, it produces less power at 217PS combined. The engine alone puts out 98PS of power whereas the electric motor churns out 197PS. Lastly, the Comfort trim also uses the similar drivetrain, albeit with a larger 26.6kWh battery pack, enabling it to offer an electric-only driving range of 125km. Also Read: Mercedes reportedly cancels development for next-gen EV platform As a result, the BYD DM-i super hybrid electricity-based structure prioritises ultra-low fuel consumption and a quiet and smooth driving experience. The vehicle can achieve an attractive fuel consumption of just 313.8 mpg for Boost and 235.4 mpg for Design WLTP (weighted combined). The electric combined consumption for Boost is 21 kWh/km and for Design 23.5 kWh/km. The electric consumption during city driving for Boost is 14.5 kWh/100 km and for Design 16.1 kWh/100 km. Furthermore, All BYD Seal U DM-i trim versions offer 11 kW 3-phase AC charging and 18 kW DC charging 11kW AC capabilities. With this the DC charging time (30-80 percent) takes only 35 minutes. Speaking of its design, the BYD Seal U DM-i carries its design cues from the BYD family, in the form of C-shaped LED headlights and connected LED tail lights. Competing in the D-segment SUV space, the crossover also carries a butch appeal with its sharp lines and creases all across. On the inside, the highlights include high quality materials, multi-colour ambient lighting, rotating 15.6-inch touchscreen infotainment system, digital instrument cluster and a panoramic sunroof.

BYD Seal U DM-i PHEV revealed in Europe

<o:p></o:p>Chinese banks have opted to keep their benchmark lending rates unchanged following the People's Bank of China's (PBOC) recent decision to hold a key loan rate steady. <o:p></o:p>

This move comes as China's economic recovery faces persistent headwinds, particularly in domestic demand and the property sector.<o:p></o:p>

On Monday, the one-year loan prime rate was held at 3.45 per cent, aligning with economists' expectations, while the five-year rate, a reference for mortgages, remained at 3.95 per cent. <o:p></o:p>

These rates were confirmed by the PBOC and reflect ongoing efforts to support the economy without exerting additional pressure on the yuan.<o:p></o:p>

China's industrial sector has shown strength, driving much of the economic recovery. <o:p></o:p>

However, this strength has been counterbalanced by weak domestic demand and a prolonged property market downturn. <o:p></o:p>

In April, credit data revealed a concerning contraction for the first time ever, highlighting the fragile sentiment among both corporations and households.<o:p></o:p>

Last week, the PBOC rolled over its maturing medium-term lending facility, a one-year policy loan, without reducing the rate. <o:p></o:p>

This decision indicates a guarded approach to fostering economic recovery, aiming to avoid devaluation pressures on the yuan while maintaining financial stability.<o:p></o:p>

Economists predict that the PBOC may implement rate cuts or inject additional liquidity into the financial system in the coming months. <o:p></o:p>

Such measures could include reducing the reserve requirements for banks, thereby enabling them to purchase new government bonds as Beijing ramps up fiscal support.<o:p></o:p>

To sustain infrastructure investments, China commenced the sale of the first batch of what will total 1 trillion yuan ($139 billion) in special sovereign bonds last Friday. <o:p></o:p>

Provincial governments are also accelerating the issuance of local bonds to further bolster the economy.<o:p></o:p>

Policymakers have recently introduced several initiatives aimed at stimulating domestic demand and addressing economic imbalances. <o:p></o:p>

One notable measure includes a nationwide program to provide 300 billion yuan in affordable funding to help state-owned enterprises acquire unsold homes. <o:p></o:p>

Additionally, the authorities have removed the floor on mortgage rates and lowered the minimum down payment requirements for homebuyers.<o:p></o:p>

These steps are part of bigger efforts to rejuvenate the property sector and reduce inventory, which is critical for stabilising the market and enhancing consumer confidence. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Chinese banks have opted to keep their benchmark lending rates unchanged following the People's Bank of China's (PBOC) recent decision to hold a key loan rate steady.

Chinese banks have opted to keep their benchmark lending rates unchanged following the People's Bank of China's (PBOC) recent decision to hold a key loan rate steady. This move comes as China's economic recovery faces persistent headwinds, particularly in domestic demand and the property sector. On Monday, the one-year loan prime rate was held at 3.45 per cent, aligning with economists' expectations, while the five-year rate, a reference for mortgages, remained at 3.95 per cent. These rates were confirmed by the PBOC and reflect ongoing efforts to support the economy without exerting additional pressure on the yuan. China's industrial sector has shown strength, driving much of the economic recovery. However, this strength has been counterbalanced by weak domestic demand and a prolonged property market downturn. In April, credit data revealed a concerning contraction for the first time ever, highlighting the fragile sentiment among both corporations and households. Last week, the PBOC rolled over its maturing medium-term lending facility, a one-year policy loan, without reducing the rate. This decision indicates a guarded approach to fostering economic recovery, aiming to avoid devaluation pressures on the yuan while maintaining financial stability. Economists predict that the PBOC may implement rate cuts or inject additional liquidity into the financial system in the coming months. Such measures could include reducing the reserve requirements for banks, thereby enabling them to purchase new government bonds as Beijing ramps up fiscal support. To sustain infrastructure investments, China commenced the sale of the first batch of what will total 1 trillion yuan ($139 billion) in special sovereign bonds last Friday. Provincial governments are also accelerating the issuance of local bonds to further bolster the economy. Policymakers have recently introduced several initiatives aimed at stimulating domestic demand and addressing economic imbalances. One notable measure includes a nationwide program to provide 300 billion yuan in affordable funding to help state-owned enterprises acquire unsold homes. Additionally, the authorities have removed the floor on mortgage rates and lowered the minimum down payment requirements for homebuyers. These steps are part of bigger efforts to rejuvenate the property sector and reduce inventory, which is critical for stabilising the market and enhancing consumer confidence. (With inputs from Bloomberg)

Chinese banks maintain lending rates amid economic challenges

The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20).&nbsp;

<h2>‘Significant issues’</h2>

The UK’s National Audit Office (NAO) report noted that the plans to bring in border checks on goods entering the country from the European Union faced “significant issues” including critical shortages of inspectors before their introduction last month.&nbsp;

Britain voted to leave the EU in 2016, but it was not until this year that the country set up the new rules given to untangle supply chains and erect customs borders.&nbsp;

The second phase of the UK’s new post-Brexit border controls for food imports began on April 30, when the government introduced physical checks for so-called “medium risk” animal products, plants and plant products.

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The move in April followed the first phase of the UK’s so-called new Border Target Operating Model which required additional certification and came into force on January 31.&nbsp;

The third phase would require safety and security declarations and is slated for the end of October.&nbsp;

The government report estimates that it will spend at least $6 billion on the 13 most significant border-related programmes over their lifetimes out of which $3.3 billion had been spent by March last year.&nbsp;

The report found that the Cabinet Office’s confidence in the second phase had been rated as “amber” at the start of the year, which means that while the implementation was “feasible”, there were “significant issues that required management attention”.

In this case, it is the difficulty to recruit and train port health authority inspectors who would be responsible for conducting the checks.&nbsp;

<h2>Repeated delays</h2>

The British government has delayed the implementation of full control of the passage of goods across the border post-Brexit five times since the end of the EU exit transition period on December 31, 2020.&nbsp;

The delay in implementation, according to the report, has not only caused uncertainty for businesses and led to extra costs for government and ports, but also increased the biosecurity risk to the UK.&nbsp;

“The repeated delays in introducing import controls, and difficulties forecasting requirements, have resulted in government expenditure on infrastructure and staff that were ultimately not needed,” the NAO stated in its report.&nbsp;

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It added, “Late announcements about policy and uncertainty about the implementation of controls have also reduced the ability of businesses and ports to prepare for changes.”&nbsp;

NAO also noted that while border processes, post-EU exit, have operated “relatively smoothly,” the businesses trading goods between the UK and the EU have faced additional costs and administrative burdens.&nbsp;

The watchdog also slammed the UK’s hopes to have the “world’s most effective border” by 2025 saying that the plan lacked “a clear timetable and an integrated cross-government delivery plan, with individual departments leading different aspects of implementation.”

The NAO also asked the government to take “a more realistic approach” to digital transformation.&nbsp;

(With inputs from agencies)

The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20).

The post-Brexit border checks are expected to cost taxpayers in the United Kingdom at least $6 billion after repeated delays in setting new rules, according to a report released by the parliament’s spending watchdog, on Monday (May 20). ‘Significant issues’ The UK’s National Audit Office (NAO) report noted that the plans to bring in border checks on goods entering the country from the European Union faced “significant issues” including critical shortages of inspectors before their introduction last month. Britain voted to leave the EU in 2016, but it was not until this year that the country set up the new rules given to untangle supply chains and erect customs borders. The second phase of the UK’s new post-Brexit border controls for food imports began on April 30, when the government introduced physical checks for so-called “medium risk” animal products, plants and plant products. Also Read | Sunak's inflation victory faces voter doubts The move in April followed the first phase of the UK’s so-called new Border Target Operating Model which required additional certification and came into force on January 31. The third phase would require safety and security declarations and is slated for the end of October. The government report estimates that it will spend at least $6 billion on the 13 most significant border-related programmes over their lifetimes out of which $3.3 billion had been spent by March last year. The report found that the Cabinet Office’s confidence in the second phase had been rated as “amber” at the start of the year, which means that while the implementation was “feasible”, there were “significant issues that required management attention”. In this case, it is the difficulty to recruit and train port health authority inspectors who would be responsible for conducting the checks. Repeated delays The British government has delayed the implementation of full control of the passage of goods across the border post-Brexit five times since the end of the EU exit transition period on December 31, 2020. The delay in implementation, according to the report, has not only caused uncertainty for businesses and led to extra costs for government and ports, but also increased the biosecurity risk to the UK. “The repeated delays in introducing import controls, and difficulties forecasting requirements, have resulted in government expenditure on infrastructure and staff that were ultimately not needed,” the NAO stated in its report. Also Read | US regulators may cut bank capital hikes It added, “Late announcements about policy and uncertainty about the implementation of controls have also reduced the ability of businesses and ports to prepare for changes.” NAO also noted that while border processes, post-EU exit, have operated “relatively smoothly,” the businesses trading goods between the UK and the EU have faced additional costs and administrative burdens. The watchdog also slammed the UK’s hopes to have the “world’s most effective border” by 2025 saying that the plan lacked “a clear timetable and an integrated cross-government delivery plan, with individual departments leading different aspects of implementation.” The NAO also asked the government to take “a more realistic approach” to digital transformation. (With inputs from agencies)

Post-Brexit border arrangements expected to cost UK taxpayers $6 billion

Bosch Ventures, the corporate venture capital arm of the Bosch Group, has announced significant investments in the battery recycling sector, marking a substantial step towards sustainable technology development. Within a week, Bosch Ventures has invested in two pioneering companies, Cylib and Li Industries, aiming to enhance the recycling of lithium-ion batteries and conserve natural resources.

Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, emphasised the importance of battery recycling in today's electrified world. "Battery recycling plays a crucial role in conserving natural resources," Ramesohl stated. "Our investments in Cylib and Li Industries will help these companies scale their production and address environmental challenges."

Cylib: leading the way in Europe

Founded in 2022, Cylib has quickly established itself as a leader in the battery recycling industry. The company’s proprietary technology offers an efficient and climate-friendly process for recovering essential raw materials from lithium-ion batteries. These materials include lithium, graphite, nickel, cobalt, and manganese, which are recovered from battery packs, black mass, or production scraps.

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Lilian Schwich, CEO of Cylib, highlighted the impact of the recent funding round. "The funding will enable us to expand and deepen collaborations as we grow our next-generation battery recycling at an industrial scale," Schwich explained. Bosch Ventures joined this oversubscribed funding round, positioning Cylib to become Europe’s primary battery recycler.

Significant stakeholders unite

The investment in Cylib marks a landmark moment in Europe, as major investors from climate tech, corporate automotive, and industry backgrounds, along with public investment funds, have formed a consortium to support a battery recycling company. This collaboration indicates the growing commitment of diverse stakeholders to building a sustainable battery infrastructure in Europe.

Meeting rising demand for battery recycling

The demand for battery recycling is surging, driven by the rapid growth of battery-powered electric vehicles, eBikes, power tools, and household appliances. The EU has classified materials inside EV batteries as strategic critical raw materials and has implemented stringent recycling regulations. Cylib's market-leading process enables battery producers, automotive OEMs, and other companies in the battery value chain to recycle components locally and meet these regulatory requirements.

Li Industries: a US innovation leader

Shortly after investing in Cylib, Bosch Ventures co-led a $36 million Series B funding round for Li Industries, a US-based direct recycler. Li Industries focuses on economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFP) batteries, using their unique Direct E2E™ recycling technology.

Dr. Zheng Li, co-founder and CEO of Li Industries, expressed excitement about the investment. "We are thrilled to be backed by such a strong group of investors," Li said. Bosch Ventures' investment underscores its commitment to pioneering technologies that promise substantial market growth and address pressing environmental challenges.

Bosch ventures' commitment to sustainability

Dr. Ramesohl reiterated Bosch Ventures' dedication to sustainable innovation. "Our investments in cutting-edge battery recycling startups highlight our commitment to technologies that offer market growth and environmental solutions," he stated. "We are proud to support and connect companies from different geographies in this vital industry."

Bosch Ventures' strategic investments in Cylib and Li Industries demonstrate a strong commitment to advancing battery recycling technologies and building a sustainable future. By supporting these innovative companies, Bosch Ventures is helping to address one of the most pressing environmental challenges of our time, while fostering growth in the battery recycling sector.

Bosch Ventures, the corporate venture capital arm of the Bosch Group, has announced significant investments in the battery recycling sector, marking a substantial step towards sustainable technology development.

Bosch Ventures, the corporate venture capital arm of the Bosch Group, has announced significant investments in the battery recycling sector, marking a substantial step towards sustainable technology development. Within a week, Bosch Ventures has invested in two pioneering companies, Cylib and Li Industries, aiming to enhance the recycling of lithium-ion batteries and conserve natural resources. Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, emphasised the importance of battery recycling in today's electrified world. "Battery recycling plays a crucial role in conserving natural resources," Ramesohl stated. "Our investments in Cylib and Li Industries will help these companies scale their production and address environmental challenges." Cylib: leading the way in Europe Founded in 2022, Cylib has quickly established itself as a leader in the battery recycling industry. The company’s proprietary technology offers an efficient and climate-friendly process for recovering essential raw materials from lithium-ion batteries. These materials include lithium, graphite, nickel, cobalt, and manganese, which are recovered from battery packs, black mass, or production scraps. Also Read: Elections could negatively impact Indian auto sales in May Lilian Schwich, CEO of Cylib, highlighted the impact of the recent funding round. "The funding will enable us to expand and deepen collaborations as we grow our next-generation battery recycling at an industrial scale," Schwich explained. Bosch Ventures joined this oversubscribed funding round, positioning Cylib to become Europe’s primary battery recycler. Significant stakeholders unite The investment in Cylib marks a landmark moment in Europe, as major investors from climate tech, corporate automotive, and industry backgrounds, along with public investment funds, have formed a consortium to support a battery recycling company. This collaboration indicates the growing commitment of diverse stakeholders to building a sustainable battery infrastructure in Europe. Meeting rising demand for battery recycling The demand for battery recycling is surging, driven by the rapid growth of battery-powered electric vehicles, eBikes, power tools, and household appliances. The EU has classified materials inside EV batteries as strategic critical raw materials and has implemented stringent recycling regulations. Cylib's market-leading process enables battery producers, automotive OEMs, and other companies in the battery value chain to recycle components locally and meet these regulatory requirements. Li Industries: a US innovation leader Shortly after investing in Cylib, Bosch Ventures co-led a $36 million Series B funding round for Li Industries, a US-based direct recycler. Li Industries focuses on economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFP) batteries, using their unique Direct E2E™ recycling technology. Dr. Zheng Li, co-founder and CEO of Li Industries, expressed excitement about the investment. "We are thrilled to be backed by such a strong group of investors," Li said. Bosch Ventures' investment underscores its commitment to pioneering technologies that promise substantial market growth and address pressing environmental challenges. Bosch ventures' commitment to sustainability Dr. Ramesohl reiterated Bosch Ventures' dedication to sustainable innovation. "Our investments in cutting-edge battery recycling startups highlight our commitment to technologies that offer market growth and environmental solutions," he stated. "We are proud to support and connect companies from different geographies in this vital industry." Bosch Ventures' strategic investments in Cylib and Li Industries demonstrate a strong commitment to advancing battery recycling technologies and building a sustainable future. By supporting these innovative companies, Bosch Ventures is helping to address one of the most pressing environmental challenges of our time, while fostering growth in the battery recycling sector.

Bosch Ventures boosts battery recycling with strategic investments in Cylib and Li Industries

Australian Prime Minister Anthony Albanese has seen an increase in his personal approval ratings and improved support for his government after a high-spending budget aimed at alleviating cost-of-living pressures was released. <o:p></o:p>

This surge comes while concerns from economists about potential inflationary impacts linger.<o:p></o:p>

A recent Newspoll survey obtained by Bloomberg News indicates that support for Albanese’s centre-left Labour government has risen to 52 per cent on a two-party preferred basis, compared to the opposition Liberal-National Coalition’s 48 per cent. <o:p></o:p>

This is a slight improvement from the previous poll where Labour led by 51 per cent to 49 per cent.<o:p></o:p>

Budget measures and public reaction<o:p></o:p>

The boost in approval comes after Treasurer Jim Chalmers presented the budget on May 14, which included measures such as an A$300 ($201) rebate per household on power bills. <o:p></o:p>

This budget is likely the last before the next election, due by May 2025. <o:p></o:p>

Despite warnings from economists that increased spending could heighten inflation, the government has defended the budget as necessary and responsible.<o:p></o:p>

Albanese’s personal approval rating has climbed to 47 per cent, equal to his disapproval rating, marking his best result since a dip in October following the defeat of the Indigenous Voice to Parliament referendum, which he had strongly supported.<o:p></o:p>

Economic concerns and government defence<o:p></o:p>

The budget projects a second consecutive surplus for the year ending June 30, before forecasting a return to deficits over the next four years due to increased government spending. <o:p></o:p>

Economists have warned that this spending could worsen inflation, potentially leading the Reserve Bank of Australia to maintain higher interest rates for an extended period.<o:p></o:p>

Albanese, however, remains confident that the budget will help reduce inflation while supporting households. <o:p></o:p>

He told the Australian Broadcasting Corporation that the power bill rebates alone are expected to reduce the Consumer Price Index (CPI) by half a percentage point. <o:p></o:p>

"One of the things that we were determined to do was to provide cost of living relief without putting pressure on inflation," he said.<o:p></o:p>

Political implications<o:p></o:p>

The Newspoll survey also revealed that 52 per cent of voters now prefer Albanese as prime minister over the centre-right opposition leader Peter Dutton, marking Albanese’s strongest performance since July 2023. <o:p></o:p>

This increase in personal and governmental support could have significant implications for the upcoming election.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Australian Prime Minister Anthony Albanese has seen an increase in his personal approval ratings and improved support for his government after a high-spending budget aimed at alleviating cost-of-living pressures was released.

Australian Prime Minister Anthony Albanese has seen an increase in his personal approval ratings and improved support for his government after a high-spending budget aimed at alleviating cost-of-living pressures was released. This surge comes while concerns from economists about potential inflationary impacts linger. A recent Newspoll survey obtained by Bloomberg News indicates that support for Albanese’s centre-left Labour government has risen to 52 per cent on a two-party preferred basis, compared to the opposition Liberal-National Coalition’s 48 per cent. This is a slight improvement from the previous poll where Labour led by 51 per cent to 49 per cent. Budget measures and public reaction The boost in approval comes after Treasurer Jim Chalmers presented the budget on May 14, which included measures such as an A$300 ($201) rebate per household on power bills. This budget is likely the last before the next election, due by May 2025. Despite warnings from economists that increased spending could heighten inflation, the government has defended the budget as necessary and responsible. Albanese’s personal approval rating has climbed to 47 per cent, equal to his disapproval rating, marking his best result since a dip in October following the defeat of the Indigenous Voice to Parliament referendum, which he had strongly supported. Economic concerns and government defence The budget projects a second consecutive surplus for the year ending June 30, before forecasting a return to deficits over the next four years due to increased government spending. Economists have warned that this spending could worsen inflation, potentially leading the Reserve Bank of Australia to maintain higher interest rates for an extended period. Albanese, however, remains confident that the budget will help reduce inflation while supporting households. He told the Australian Broadcasting Corporation that the power bill rebates alone are expected to reduce the Consumer Price Index (CPI) by half a percentage point. "One of the things that we were determined to do was to provide cost of living relief without putting pressure on inflation," he said. Political implications The Newspoll survey also revealed that 52 per cent of voters now prefer Albanese as prime minister over the centre-right opposition leader Peter Dutton, marking Albanese’s strongest performance since July 2023. This increase in personal and governmental support could have significant implications for the upcoming election. (With inputs from Bloomberg)

Australian PM Albanese gains popularity following big-spending budget: Survey

To counter China's increasing influence in the electric vehicle (EV) market, Japan and the Association of Southeast Asian Nations (ASEAN) are set to unveil their inaugural joint strategy for automobile production and sales within the region. <o:p></o:p>

This collaborative initiative, as reported by the Nikkei newspaper on Monday, aims to establish a solid framework by 2035, focusing on several strategic areas including decarbonisation, mineral resource procurement, and investment in next-generation automotive technologies.<o:p></o:p>

Scheduled for discussion during the economic ministers' meeting between Japan and ASEAN members, potentially as early as September next year, the strategy will address the growing necessity for enhanced cooperation in personnel training and sustainable production practices. <o:p></o:p>

Key aspects of the proposed strategy include the promotion of biofuels and other next-generation technologies. <o:p></o:p>

The strategy will also emphasise the importance of securing mineral resources crucial for EV production, thereby ensuring a stable supply chain that supports both Japanese and ASEAN automakers.<o:p></o:p>

To support these objectives, Japan plans to utilise 140 billion yen ($899.51 million) allocated by its Ministry of Economy, Trade, and Industry. <o:p></o:p>

This budget, aimed at assisting the Global South, will primarily fund personnel training programs. <o:p></o:p>

These programs are designed to enhance the skills and capabilities of the workforce within the ASEAN region, thereby fostering a more competitive and innovative automotive industry.<o:p></o:p>

This strategic move follows significant developments within Japan's automotive sector, particularly from industry giants like Honda Motor. <o:p></o:p>

Last week, Honda announced that it would double investments in electrification and software, amounting to approximately $65 billion through fiscal 2030. <o:p></o:p>

This investment is a direct response to the intensifying competition from Chinese automakers such as BYD, which have been rapidly advancing their market presence and technological prowess.<o:p></o:p>

By forging this joint strategy, Japan and ASEAN aim to create a resilient and collaborative automotive ecosystem that not only counters external competition but also promotes sustainable growth and innovation within the region. <o:p></o:p>

This partnership is set to play a crucial role in the global automotive market, as both regions strive to maintain their competitive edge amidst the accelerating shift towards electric mobility.<o:p></o:p>

Overall, this initiative represents a significant step towards greater economic integration and cooperation between Japan and ASEAN, setting the stage for a more sustainable and technologically advanced automotive industry.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

To counter China's increasing influence in the electric vehicle (EV) market, Japan and the Association of Southeast Asian Nations (ASEAN) are set to unveil their inaugural joint strategy for automobile production and sales within the region.

To counter China's increasing influence in the electric vehicle (EV) market, Japan and the Association of Southeast Asian Nations (ASEAN) are set to unveil their inaugural joint strategy for automobile production and sales within the region. This collaborative initiative, as reported by the Nikkei newspaper on Monday, aims to establish a solid framework by 2035, focusing on several strategic areas including decarbonisation, mineral resource procurement, and investment in next-generation automotive technologies. Scheduled for discussion during the economic ministers' meeting between Japan and ASEAN members, potentially as early as September next year, the strategy will address the growing necessity for enhanced cooperation in personnel training and sustainable production practices. Key aspects of the proposed strategy include the promotion of biofuels and other next-generation technologies. The strategy will also emphasise the importance of securing mineral resources crucial for EV production, thereby ensuring a stable supply chain that supports both Japanese and ASEAN automakers. To support these objectives, Japan plans to utilise 140 billion yen ($899.51 million) allocated by its Ministry of Economy, Trade, and Industry. This budget, aimed at assisting the Global South, will primarily fund personnel training programs. These programs are designed to enhance the skills and capabilities of the workforce within the ASEAN region, thereby fostering a more competitive and innovative automotive industry. This strategic move follows significant developments within Japan's automotive sector, particularly from industry giants like Honda Motor. Last week, Honda announced that it would double investments in electrification and software, amounting to approximately $65 billion through fiscal 2030. This investment is a direct response to the intensifying competition from Chinese automakers such as BYD, which have been rapidly advancing their market presence and technological prowess. By forging this joint strategy, Japan and ASEAN aim to create a resilient and collaborative automotive ecosystem that not only counters external competition but also promotes sustainable growth and innovation within the region. This partnership is set to play a crucial role in the global automotive market, as both regions strive to maintain their competitive edge amidst the accelerating shift towards electric mobility. Overall, this initiative represents a significant step towards greater economic integration and cooperation between Japan and ASEAN, setting the stage for a more sustainable and technologically advanced automotive industry. (With inputs from Reuters)

Japan, ASEAN to formulate joint automobile strategy to combat China's EV dominance

Oil prices have seen an &nbsp;increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. <o:p></o:p>

This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman.<o:p></o:p>

As of early Monday, Brent crude rose by 32 cents, reaching $84.30 per barrel, marking its highest level since May 10. <o:p></o:p>

Similarly, US West Texas Intermediate (WTI) crude experienced a minor increase, adding 5 cents to hit $80.11 per barrel, with an earlier peak at $80.23, the highest since May 1.<o:p></o:p>

Uncertainty in Iran and Saudi Arabia<o:p></o:p>

The Iranian government confirmed that President Ebrahim Raisi's helicopter crashed in mountainous terrain amid icy weather conditions on Sunday. <o:p></o:p>

Despite the efforts of search teams who located the wreckage, officials are pessimistic about the survival of Raisi and Foreign Minister Hossein Amirabdollahian.<o:p></o:p>

In Saudi Arabia, Crown Prince Mohammed bin Salman has delayed his visit to Japan, initially planned for Monday, due to health concerns regarding his father, King Salman. <o:p></o:p>

According to Japan's Chief Cabinet Secretary Yoshimasa Hayashi, King Salman, aged 88, is undergoing treatment for lung inflammation.<o:p></o:p>

Market reactions and analyst insights<o:p></o:p>

Analysts have noted that these developments add more uncertainty to an already volatile energy market. <o:p></o:p>

Tony Sycamore of IG Markets highlighted that the political instability in two significant oil-producing countries is influencing prices. <o:p></o:p>

He suggested that WTI prices might further rise towards $83.50, citing recent economic measures in China aimed at boosting the property market as additional factors driving the price increase.<o:p></o:p>

Warren Patterson, head of commodities strategy at ING, pointed out that the oil market has remained relatively stable despite the geopolitical turbulence. <o:p></o:p>

He attributed this stability to the ample spare capacity maintained by OPEC. <o:p></o:p>

Patterson underlined that the market might need clarity on the OPEC+ output policy, scheduled for a meeting on June 1, to see significant price movement.<o:p></o:p>

Responses and economic indicators<o:p></o:p>

In the US, the government capitalised on recent lower oil prices, purchasing 3.3 million barrels at $79.38 per barrel to replenish the Strategic Petroleum Reserve. <o:p></o:p>

This move follows a significant sale from the reserve in 2022. <o:p></o:p>

Additionally, signs of easing inflation in the US have strengthened expectations of interest rate cuts, potentially lowering the dollar's value and making oil more affordable for holders of other currencies.<o:p></o:p>

Energy analyst Saul Kavonic of MST Marquee remarked that despite the health concerns surrounding King Salman, continuity in Saudi Arabia's energy strategy is anticipated under Crown Prince Mohammed Bin Salman's leadership. <o:p></o:p>

The market appears to be adjusting to its ongoing influence in the energy sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Oil prices have seen an increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman.

Oil prices have seen an increase as the energy market faces heightened uncertainty due to recent political events in Iran and Saudi Arabia. This surge comes after Iran's President Ebrahim Raisi was involved in a helicopter crash and the Saudi Crown Prince postponed his trip to Japan, citing health concerns regarding King Salman. As of early Monday, Brent crude rose by 32 cents, reaching $84.30 per barrel, marking its highest level since May 10. Similarly, US West Texas Intermediate (WTI) crude experienced a minor increase, adding 5 cents to hit $80.11 per barrel, with an earlier peak at $80.23, the highest since May 1. Uncertainty in Iran and Saudi Arabia The Iranian government confirmed that President Ebrahim Raisi's helicopter crashed in mountainous terrain amid icy weather conditions on Sunday. Despite the efforts of search teams who located the wreckage, officials are pessimistic about the survival of Raisi and Foreign Minister Hossein Amirabdollahian. In Saudi Arabia, Crown Prince Mohammed bin Salman has delayed his visit to Japan, initially planned for Monday, due to health concerns regarding his father, King Salman. According to Japan's Chief Cabinet Secretary Yoshimasa Hayashi, King Salman, aged 88, is undergoing treatment for lung inflammation. Market reactions and analyst insights Analysts have noted that these developments add more uncertainty to an already volatile energy market. Tony Sycamore of IG Markets highlighted that the political instability in two significant oil-producing countries is influencing prices. He suggested that WTI prices might further rise towards $83.50, citing recent economic measures in China aimed at boosting the property market as additional factors driving the price increase. Warren Patterson, head of commodities strategy at ING, pointed out that the oil market has remained relatively stable despite the geopolitical turbulence. He attributed this stability to the ample spare capacity maintained by OPEC. Patterson underlined that the market might need clarity on the OPEC+ output policy, scheduled for a meeting on June 1, to see significant price movement. Responses and economic indicators In the US, the government capitalised on recent lower oil prices, purchasing 3.3 million barrels at $79.38 per barrel to replenish the Strategic Petroleum Reserve. This move follows a significant sale from the reserve in 2022. Additionally, signs of easing inflation in the US have strengthened expectations of interest rate cuts, potentially lowering the dollar's value and making oil more affordable for holders of other currencies. Energy analyst Saul Kavonic of MST Marquee remarked that despite the health concerns surrounding King Salman, continuity in Saudi Arabia's energy strategy is anticipated under Crown Prince Mohammed Bin Salman's leadership. The market appears to be adjusting to its ongoing influence in the energy sector. (With inputs from Reuters)

Oil prices surge amid political turmoil in Iran and Saudi Arabia

Pakistan’s Foreign Minister Ishaq Dar has once again highlighted that the trade relationship between Islamabad and New Delhi has remained suspended since 2019 after India raised its import duties on Pakistani goods.

The latest report from The Hindu reveals that Dar explained the situation in a written statement he submitted to the National Assembly of Pakistan, alluding to the fact that India slapped a 200 per cent&nbsp;tariff on imports from Pakistan, stopped the Kashmir bus service, and suspended trade across the Line of Control after the Pulwama attack.

Dar’s remark was in response to Pakistan Peoples Party lawmaker Sharmila Faruqui, who had asked about trade problems with Pakistan’s neighbouring countries, particularly India.

When asked about their plans to re-establish trade relations with India, he replied that Pakistan’s business community is very interested in this but that 'at present there are no plans to restore relations which have been virtually non-existent since 2019’.

The suspension of trade came after the Indian Parliament on August 5, 2019, abolished Article 370, a move that Pakistan saw as giving no hope for talks between the two nations.

Dar re-emphasised Pakistan’s stand on seeking “engagement and meaningful dialogue” to address outstanding issues, especially the issue of Jammu and Kashmir.

He concluded that it is in New Delhi’s interest to create a favourable atmosphere for peace and reconciliation.

India, on the contrary, claims it wants only peaceful and neighbourly relations with Pakistan and reiterates that this can only be achieved if Pakistan stops creating hostility and terror.

Ties between the two nations have been tense for decades and are mostly defined by the conflict around Kashmir and Pakistani accusations of terrorism from India. 
 
(With inputs from agencies)

Pakistan’s Foreign Minister Ishaq Dar has once again highlighted that the trade relationship between Islamabad and New Delhi has remained suspended since 2019 after India raised its import duties on Pakistani goods.

Pakistan’s Foreign Minister Ishaq Dar has once again highlighted that the trade relationship between Islamabad and New Delhi has remained suspended since 2019 after India raised its import duties on Pakistani goods. The latest report from The Hindu reveals that Dar explained the situation in a written statement he submitted to the National Assembly of Pakistan, alluding to the fact that India slapped a 200 per cent tariff on imports from Pakistan, stopped the Kashmir bus service, and suspended trade across the Line of Control after the Pulwama attack. Dar’s remark was in response to Pakistan Peoples Party lawmaker Sharmila Faruqui, who had asked about trade problems with Pakistan’s neighbouring countries, particularly India. When asked about their plans to re-establish trade relations with India, he replied that Pakistan’s business community is very interested in this but that 'at present there are no plans to restore relations which have been virtually non-existent since 2019’. The suspension of trade came after the Indian Parliament on August 5, 2019, abolished Article 370, a move that Pakistan saw as giving no hope for talks between the two nations. Dar re-emphasised Pakistan’s stand on seeking “engagement and meaningful dialogue” to address outstanding issues, especially the issue of Jammu and Kashmir. He concluded that it is in New Delhi’s interest to create a favourable atmosphere for peace and reconciliation. India, on the contrary, claims it wants only peaceful and neighbourly relations with Pakistan and reiterates that this can only be achieved if Pakistan stops creating hostility and terror. Ties between the two nations have been tense for decades and are mostly defined by the conflict around Kashmir and Pakistani accusations of terrorism from India. (With inputs from agencies)

Pak minister says no plan to restore trade with India, suspended since 2019

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear. The ministry formed a high-level panel headed by the Additional Secretary to investigate the FAME-II scam and the role of those responsible for the subsidy irregularity, according to media reports. The panel submitted its findings earlier in May.

The panel had been investigating the issue for a while now and after examining all its notifications and guidelines, effectively concluded that the FAME-II scheme guidelines were quite clear and that the companies defaulted on subsidies knowingly. The MHI had received seventeen complaints regarding misappropriation of subsidies under FAME-II by some electric vehicles manufacturers about the violation of Phased Manufacturing Programme (PMP) guidelines.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/india-leads-in-asia-in-auto-investments-in-q1-2024-bmi-723554">India leads in Asia in auto investments in Q1 2024: BMI</a>

Manufacturers who defaulted on these subsidies include six leading brands - Hero Electric, Okinawa Autotech, Ampere EV, Benling India, Revolt Intellicorp and Amo Mobility. These companies were found to be seeking subsidies for imported products which violated the phased manufacturing guidelines &nbsp;of FAME-II. Following this, these OEMs were asked to pay back an amount of INR 469 crore.

The panel said that the timeline for localisation and the requirements were framed in due consultation with all stakeholders, including industry players and testing agencies. It was also noted that the concerned testing agencies followed a uniform and consistent procedure during the enquiry process. “This report has been accepted by the competent authorities,” the officials said.&nbsp;

This investigation was launched in April 2023 to challenge a previous report stating that the FAME-II guidelines were not clear. It probed procedural lapses and the role of government officials in misappropriation of the subsidies to these manufacturers.&nbsp;

The FAME-II scheme commenced on April 1, 2019 &nbsp;for a period of five years with a total budgetary support of INR 10,000 crore. The second phase mainly focuses on supporting electrification of public and shared transportation, and aims to support through demand incentive 7,090 e-buses, 5 lakh e-three-wheelers, 55,000 e-four-wheeler passenger cars and 10 lakh e-two-wheelers. In addition, creation of charging infrastructure is also supported under the scheme.

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear.

The Union Ministry of Heavy Industries (MHI) , in its latest report, has stated that some companies have defaulted the FAME-II guidelines despite them being clear. The ministry formed a high-level panel headed by the Additional Secretary to investigate the FAME-II scam and the role of those responsible for the subsidy irregularity, according to media reports. The panel submitted its findings earlier in May. The panel had been investigating the issue for a while now and after examining all its notifications and guidelines, effectively concluded that the FAME-II scheme guidelines were quite clear and that the companies defaulted on subsidies knowingly. The MHI had received seventeen complaints regarding misappropriation of subsidies under FAME-II by some electric vehicles manufacturers about the violation of Phased Manufacturing Programme (PMP) guidelines. Also Read: India leads in Asia in auto investments in Q1 2024: BMI Manufacturers who defaulted on these subsidies include six leading brands - Hero Electric, Okinawa Autotech, Ampere EV, Benling India, Revolt Intellicorp and Amo Mobility. These companies were found to be seeking subsidies for imported products which violated the phased manufacturing guidelines of FAME-II. Following this, these OEMs were asked to pay back an amount of INR 469 crore. The panel said that the timeline for localisation and the requirements were framed in due consultation with all stakeholders, including industry players and testing agencies. It was also noted that the concerned testing agencies followed a uniform and consistent procedure during the enquiry process. “This report has been accepted by the competent authorities,” the officials said. This investigation was launched in April 2023 to challenge a previous report stating that the FAME-II guidelines were not clear. It probed procedural lapses and the role of government officials in misappropriation of the subsidies to these manufacturers. The FAME-II scheme commenced on April 1, 2019 for a period of five years with a total budgetary support of INR 10,000 crore. The second phase mainly focuses on supporting electrification of public and shared transportation, and aims to support through demand incentive 7,090 e-buses, 5 lakh e-three-wheelers, 55,000 e-four-wheeler passenger cars and 10 lakh e-two-wheelers. In addition, creation of charging infrastructure is also supported under the scheme.

FAME-II guidelines were clear and companies defaulted knowingly: Govt

An auto industry outlook on investments in the Asia Pacific by BMI (a unit of Fitch Solutions) revealed that India attracted the maximum number of auto-related investments during Q1 2024. The BMI report tracked 38 new automotive manufacturing projects announced or inaugurated in Asia (valued at over $44.4 billion&nbsp;in total).&nbsp;India emerged as the most favoured investment destination, with nine of these investments.&nbsp;Following India were South Korea and Thailand, with six investments each.

However, the number of investments and the value of the investments tracked in Q1 2024 are down&nbsp;on a year-on-year basis. The number of projects dropped by 17.4%&nbsp;and&nbsp;the value drop&nbsp;was recorded&nbsp;at 36.6%.

Key reasons&nbsp;why&nbsp;investments in India&nbsp;were recorded&nbsp;going up include the Red Sea crisis and the market focus on developing the semiconductor industry – the latter witnessed significant&nbsp;investments,&nbsp;alongside the Indian EV value chain’s development. According to the BMI report, the Indian government has approved investments to&nbsp;the tune of&nbsp;$15.2 billion for developing three new semiconductor manufacturing plants. Given the Red Sea crisis, companies have also accelerated de-risking their supply chains, especially for India, by diversifying their logistic routes.

Also Read: <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>

The next boost for the Indian automotive sector could be&nbsp;the reduction in the&nbsp;taxation on hybrid cars. However, Nomura Ratings suggests the Finance Ministry is unlikely to take the matter up in the next GST council. As the proposal for this had been submitted to the Finance Ministry by Nitin Gadkari, Union minister for Road Transport and Highways, there were hopes that&nbsp;it would be taken up&nbsp;in the next GST council meeting.

As for South Korea, the country performed well due to access to the US EV market, subsidies through the US Inflation Reduction Act (IRA), and increased collaboration by the local industry with Japan, Europe and US-based automotive players. In Thailand, geopolitical stability and lucrative government incentives, including tax holidays spanning three to 11 years for EV production, will help promote EV production in the country.

An auto industry outlook on investments in the Asia Pacific by BMI (a unit of Fitch Solutions) revealed that India attracted the maximum number of auto-related investments during Q1 2024.

An auto industry outlook on investments in the Asia Pacific by BMI (a unit of Fitch Solutions) revealed that India attracted the maximum number of auto-related investments during Q1 2024. The BMI report tracked 38 new automotive manufacturing projects announced or inaugurated in Asia (valued at over $44.4 billion in total). India emerged as the most favoured investment destination, with nine of these investments. Following India were South Korea and Thailand, with six investments each. However, the number of investments and the value of the investments tracked in Q1 2024 are down on a year-on-year basis. The number of projects dropped by 17.4% and the value drop was recorded at 36.6%. Key reasons why investments in India were recorded going up include the Red Sea crisis and the market focus on developing the semiconductor industry – the latter witnessed significant investments, alongside the Indian EV value chain’s development. According to the BMI report, the Indian government has approved investments to the tune of $15.2 billion for developing three new semiconductor manufacturing plants. Given the Red Sea crisis, companies have also accelerated de-risking their supply chains, especially for India, by diversifying their logistic routes. Also Read: Bosch Ventures boosts battery recycling with strategic investments in Cylib and Li Industries The next boost for the Indian automotive sector could be the reduction in the taxation on hybrid cars. However, Nomura Ratings suggests the Finance Ministry is unlikely to take the matter up in the next GST council. As the proposal for this had been submitted to the Finance Ministry by Nitin Gadkari, Union minister for Road Transport and Highways, there were hopes that it would be taken up in the next GST council meeting. As for South Korea, the country performed well due to access to the US EV market, subsidies through the US Inflation Reduction Act (IRA), and increased collaboration by the local industry with Japan, Europe and US-based automotive players. In Thailand, geopolitical stability and lucrative government incentives, including tax holidays spanning three to 11 years for EV production, will help promote EV production in the country.

India leads in Asia in auto investments in Q1 2024: BMI

UK Prime Minister Rishi Sunak has achieved one of his five goals set at the start of 2023 by halving inflation.

He may further celebrate progress this week as consumer price growth is anticipated to approach the 2 per cent target, marking its lowest level since July 2021.

However, the challenge lies in persuading the electorate of his contribution to this improvement.

Nineteen months ago, the UK experienced its most severe price shock in decades, with inflation reaching a peak of 11.1 per cent, surpassing that of major advanced economies.

The subsequent rapid decline, the fastest since the 1970s, suggests a potential interest rate cut from 5.25 per cent as early as next month, which could potentially alleviate costs for mortgage borrowers and businesses.

Despite the optimistic inflation data, there are still ongoing economic challenges.

Real wages continue to be below the levels before the financial crisis, with prices currently 23 per cent higher than they were in 2019.

Food prices have surged by approximately 30 per cent since 2021, which is a significant change compared to the previous 13 years.

Although GDP growth has bounced back, output per capita remains 0.7 per cent weaker than it was a year earlier.

The Conservative party, currently behind Labour in the opinion polls and recovering from recent election defeats, plans to use the economic upturn to their advantage as they gear up for an upcoming general election.

Chancellor of the Exchequer Jeremy Hunt echoed Sunak's sentiments, emphasising the progress made in tackling inflation.

Hunt and Sunak are facing scepticism over their ability to reduce inflation, as the ultimate responsibility lies with the Bank of England.

However, economist Thomas Pugh suggests that if inflation falls to 2.1 per cent or lower, it could pave the way for the Monetary Policy Committee to implement interest rate cuts in June.

The overall economic situation is looking positive. Real wages are increasing at the fastest rate since September 2015, and the economy has rebounded strongly from a slight recession in 2023.

Additionally, energy bills and food inflation have decreased, which is relieving financial pressure on lower-income households.

(With inputs from Bloomberg)

UK Prime Minister Rishi Sunak has achieved one of his five goals set at the start of 2023 by halving inflation. He may further celebrate progress this week as consumer price growth is anticipated to approach the 2 per cent target, marking its lowest level since July 2021.

UK Prime Minister Rishi Sunak has achieved one of his five goals set at the start of 2023 by halving inflation. He may further celebrate progress this week as consumer price growth is anticipated to approach the 2 per cent target, marking its lowest level since July 2021. However, the challenge lies in persuading the electorate of his contribution to this improvement. Nineteen months ago, the UK experienced its most severe price shock in decades, with inflation reaching a peak of 11.1 per cent, surpassing that of major advanced economies. The subsequent rapid decline, the fastest since the 1970s, suggests a potential interest rate cut from 5.25 per cent as early as next month, which could potentially alleviate costs for mortgage borrowers and businesses. Despite the optimistic inflation data, there are still ongoing economic challenges. Real wages continue to be below the levels before the financial crisis, with prices currently 23 per cent higher than they were in 2019. Food prices have surged by approximately 30 per cent since 2021, which is a significant change compared to the previous 13 years. Although GDP growth has bounced back, output per capita remains 0.7 per cent weaker than it was a year earlier. The Conservative party, currently behind Labour in the opinion polls and recovering from recent election defeats, plans to use the economic upturn to their advantage as they gear up for an upcoming general election. Chancellor of the Exchequer Jeremy Hunt echoed Sunak's sentiments, emphasising the progress made in tackling inflation. Hunt and Sunak are facing scepticism over their ability to reduce inflation, as the ultimate responsibility lies with the Bank of England. However, economist Thomas Pugh suggests that if inflation falls to 2.1 per cent or lower, it could pave the way for the Monetary Policy Committee to implement interest rate cuts in June. The overall economic situation is looking positive. Real wages are increasing at the fastest rate since September 2015, and the economy has rebounded strongly from a slight recession in 2023. Additionally, energy bills and food inflation have decreased, which is relieving financial pressure on lower-income households. (With inputs from Bloomberg)

Sunak's inflation victory faces voter doubts

The Federal Reserve together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are now reportedly considering a new strategy which will also reduce the steep increase in capital requirements for the largest banks in the country from the initially proposed nearly 20 per cent.

This is a change from the original policy set by the new regulation and it follows pressure from key industry players like JPMorgan Chase CEO Jamie Dimon as reported by the Wall Street Journal on Sunday.

Under the new plan, the capital increase requirements for banks such as JPMorgan Chase and Goldman Sachs would be reduced to slightly over 50 per cent of the original amounts.

These increases are meant to ensure that banks have extra capital to be able to prevent possible losses.

However the concrete establishment of the new capital rules remains far from definite; officials of the Federal Reserve, the FDIC, and the OCC continue to bargain substantive and technical modifications.

All three regulatory agencies have failed to give remarks or respond to the ongoing discussions.

They form a group of regulators known as the Basel III regulators, which are headed by the Federal Reserve, and last July proposed a significant reform in the capital rules for banks with assets of over $100 billion.

Basel proposal is one such effort in which the proposal has attempted to increase the ability of banks to cope with potential losses to minimise the failures of banks or bailouts.

However major US banks state that they are sufficiently capitalised, and the proposed changes are not essential.

The banking industry has fiercely condemned the Basel proposal, asserting that implementation would force alterations to or the end of many products and services.

For instance, Goldman Sachs has been able to deploy small business owners to express their opposition to the proposal in Washington.

They are some of the elements used in lobbying the government to revisit the strict capital rules.

&nbsp;(With inputs from Reuters)

The Federal Reserve together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are now reportedly considering a new strategy which will also reduce the steep increase in capital requirements for the largest banks in the country from the initially proposed nearly 20 per cent.

The Federal Reserve together with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency are now reportedly considering a new strategy which will also reduce the steep increase in capital requirements for the largest banks in the country from the initially proposed nearly 20 per cent. This is a change from the original policy set by the new regulation and it follows pressure from key industry players like JPMorgan Chase CEO Jamie Dimon as reported by the Wall Street Journal on Sunday. Under the new plan, the capital increase requirements for banks such as JPMorgan Chase and Goldman Sachs would be reduced to slightly over 50 per cent of the original amounts. These increases are meant to ensure that banks have extra capital to be able to prevent possible losses. However the concrete establishment of the new capital rules remains far from definite; officials of the Federal Reserve, the FDIC, and the OCC continue to bargain substantive and technical modifications. All three regulatory agencies have failed to give remarks or respond to the ongoing discussions. They form a group of regulators known as the Basel III regulators, which are headed by the Federal Reserve, and last July proposed a significant reform in the capital rules for banks with assets of over $100 billion. Basel proposal is one such effort in which the proposal has attempted to increase the ability of banks to cope with potential losses to minimise the failures of banks or bailouts. However major US banks state that they are sufficiently capitalised, and the proposed changes are not essential. The banking industry has fiercely condemned the Basel proposal, asserting that implementation would force alterations to or the end of many products and services. For instance, Goldman Sachs has been able to deploy small business owners to express their opposition to the proposal in Washington. They are some of the elements used in lobbying the government to revisit the strict capital rules. (With inputs from Reuters)

US regulators may cut bank capital hikes

China's commerce ministry on Sunday said that it had started an anti-dumping probe into the POM copolymers imported from the European Union, United States, Japan and Taiwan.

These engineering plastics are responsible for partially replacing metals like copper and zinc in automobile parts, for electrical, and medical purposes.

The ministry said the investigation will last for one year but may be further stretched by another six months if found necessary.

Concerning the probe, a European Commission spokesperson said that the commission will closely analyse the details of the investigations and decide on further steps.

The spokesperson added that there is an expectation that China will investigate all compliance with the rights and obligations under the WTO.

This is done in the wider context of the trade conflict between China, the United States and Europe. Recently the Americans said that they were increasing tariffs on different products that are imported from China among them electric cars, computer chips and medical products.

Beyond that, the EU has launched its trade investigation into Chinese tinplate steel, which is another trade and subsidy investigation launched by the EU into Chinese exports.

A specific event that can be mentioned is the last September European Commission’s investigation as to whether it will impose extra taxes on less expensive Chinese EVs that may receive government support.

This move is also attributed to the increased oversight by the US and Europe on China’s oversupplying of its production capacity in other economies.

Chinese officials have responded to these criticisms by claiming that placing an international emphasis on China’s overcapacity is misguided.

They argue that such criticisms overlook the fact that there is a great shift in critical industries in China and that to a greater extent, Chinese companies would not be where they are without the substantial support of the state.

(With inputs from Reuters)

China's commerce ministry on Sunday said that it had started an anti-dumping probe into the POM copolymers imported from the European Union, United States, Japan and Taiwan.

China's commerce ministry on Sunday said that it had started an anti-dumping probe into the POM copolymers imported from the European Union, United States, Japan and Taiwan. These engineering plastics are responsible for partially replacing metals like copper and zinc in automobile parts, for electrical, and medical purposes. The ministry said the investigation will last for one year but may be further stretched by another six months if found necessary. Concerning the probe, a European Commission spokesperson said that the commission will closely analyse the details of the investigations and decide on further steps. The spokesperson added that there is an expectation that China will investigate all compliance with the rights and obligations under the WTO. This is done in the wider context of the trade conflict between China, the United States and Europe. Recently the Americans said that they were increasing tariffs on different products that are imported from China among them electric cars, computer chips and medical products. Beyond that, the EU has launched its trade investigation into Chinese tinplate steel, which is another trade and subsidy investigation launched by the EU into Chinese exports. A specific event that can be mentioned is the last September European Commission’s investigation as to whether it will impose extra taxes on less expensive Chinese EVs that may receive government support. This move is also attributed to the increased oversight by the US and Europe on China’s oversupplying of its production capacity in other economies. Chinese officials have responded to these criticisms by claiming that placing an international emphasis on China’s overcapacity is misguided. They argue that such criticisms overlook the fact that there is a great shift in critical industries in China and that to a greater extent, Chinese companies would not be where they are without the substantial support of the state. (With inputs from Reuters)

China launches anti-dumping probe on POM copolymers

Even though Dublin has surpassed London in securing foreign direct investment (FDI) projects for financial services in Europe in 2023, London maintains its leadership position with far more projects than any other European city – 81 projects in 2023 represent a 76 per cent increase from the year before.

This puts London way ahead of its other rival, Paris, where there is a drop of 11 per cent in new projects.

Thus, new projects executed in London doubled those of Paris according to a report furnished by EY that ensured the rising attractiveness of the UK capital despite various challenges.

Anna Anthony, the UK financial services managing partner at EY, points out that despite the challenges presented by high inflation, supply chain disruptions, and geopolitical instability, the strength of the UK’s financial services has helped attract investors from around the world.

Anthony said, this is despite the stiff competition from other cities in Europe and around the world, but the UK continues to be a destination for investment.

The EY survey, which had data from 900 decision-makers, indicated that the UK accounted for 33 per cent of all financial services projects in Europe in the year 2023.

The total number of projects in the UK increased from 76 to 108 in the same corresponding period, which gives the UK a greater lead compared to France and Germany which managed to acquire total projects 39 and 38 respectively in the same period.

Even though London is on top in these times, Paris is strongly contending.

Buyers rated the French capital as the highest potential of the major European metropolises for future financial investments over three years.

This statement expresses the opinion of many Wall Street firms that today try to see Paris as London’s possible successor after Brexit.

The report puts a spotlight on a paradox: However, questions surrounding the long-term competitiveness of London continue to be raised, even though the city is still considered a prime location for the immediate delivery of financial services tasks.

London stock markets have been particular, with problems such as Brexit and the underperformance of markets exhibiting large falls in trading volumes.

A survey conducted by Bloomberg indicates that the London Stock Exchange controlled IPOs which raised slightly above $300 million of the total $12 billion raised this year, the lowest in decades.

(With inputs from Bloomberg)

Even though Dublin has surpassed London in securing foreign direct investment (FDI) projects for financial services in Europe in 2023, London maintains its leadership position with far more projects than any other European city – 81 projects in 2023 represent a 76 per cent increase from the year before.

Even though Dublin has surpassed London in securing foreign direct investment (FDI) projects for financial services in Europe in 2023, London maintains its leadership position with far more projects than any other European city – 81 projects in 2023 represent a 76 per cent increase from the year before. This puts London way ahead of its other rival, Paris, where there is a drop of 11 per cent in new projects. Thus, new projects executed in London doubled those of Paris according to a report furnished by EY that ensured the rising attractiveness of the UK capital despite various challenges. Anna Anthony, the UK financial services managing partner at EY, points out that despite the challenges presented by high inflation, supply chain disruptions, and geopolitical instability, the strength of the UK’s financial services has helped attract investors from around the world. Anthony said, this is despite the stiff competition from other cities in Europe and around the world, but the UK continues to be a destination for investment. The EY survey, which had data from 900 decision-makers, indicated that the UK accounted for 33 per cent of all financial services projects in Europe in the year 2023. The total number of projects in the UK increased from 76 to 108 in the same corresponding period, which gives the UK a greater lead compared to France and Germany which managed to acquire total projects 39 and 38 respectively in the same period. Even though London is on top in these times, Paris is strongly contending. Buyers rated the French capital as the highest potential of the major European metropolises for future financial investments over three years. This statement expresses the opinion of many Wall Street firms that today try to see Paris as London’s possible successor after Brexit. The report puts a spotlight on a paradox: However, questions surrounding the long-term competitiveness of London continue to be raised, even though the city is still considered a prime location for the immediate delivery of financial services tasks. London stock markets have been particular, with problems such as Brexit and the underperformance of markets exhibiting large falls in trading volumes. A survey conducted by Bloomberg indicates that the London Stock Exchange controlled IPOs which raised slightly above $300 million of the total $12 billion raised this year, the lowest in decades. (With inputs from Bloomberg)

London leads European financial investment despite Paris's rise

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners.

South African bonds received the most cash in April since Bloomberg began tracking the data in 2019, and the trend has continued into May. Stocks are at a 15-month high, and the rand is one of just five emerging-market currencies to strengthen this year.

South Africa represents a recovery tale for bullish investors. Foreign investors withdrew $50 billion during the last decade as the country struggled with power outages, corruption, and economic stagnation. Some investors, however, believe there will be a reversal.

"International equity investors are largely underweight South Africa, so their biggest risk is a positive election result driving a stronger currency and a re-rating of both our equity and bond markets," said Peter Brooke, a portfolio manager at Old Mutual Investment Group Ltd. "The low positioning and cheap assets could make this an explosive rally."

Elections around the world have had an impact on the markets. In 2023, pro-market governments in Greece and Argentina implemented economic reforms, resulting in huge returns, with an MSCI gauge of Greek shares rising 48 per cent and Argentina's index rising 67 per cent in dollar terms. South African equities have historically performed strongly after elections, with Goldman Sachs Group Inc. experts, including Sunil Koul, predicting that "election relief" might support domestic-focused companies, particularly domestic cyclicals, and banks.

However, scepticism prevails. "Those who have been disappointed have the memory of an elephant," stated Derrick Msibi, CEO of Stanlib Asset Management Ltd. "They never forget or easily relinquish their reservations, demanding compelling evidence of change." Last year, South Africa experienced a confidence crisis, with the rand falling to historic lows and bond yields rising. Nonetheless, the electricity supply has stabilised, and the government is poised to produce its first main budget surplus in 15 years.

JPMorgan Chase &amp; Co. strategist David Aserkoff expressed cautious optimism, saying: "We anticipate that growth picks up, local bond yields fall, and the rand remains stable. If that happens, we are convinced that South Africa will significantly outperform emerging markets, reversing the previous decade's direction."

According to opinion polls, the ANC could lose its majority for the first time since 1994 in the May 29 election. However, fears of forming a government with communist parties have subsided. "Our base case remains that the ANC wins this election outright with an overall majority," said Standard Chartered Bank's head of research, Razia Khan. "If that doesn't happen, we still think it's a likely coalition with relatively benign, relatively centrist coalition partners."

The Democratic Alliance, the populist Economic Freedom Fighters, and the newly created uMkhonto weSizwe, led by former President Jacob Zuma, who is facing corruption charges, are all expected to receive large votes outside of the ANC. UBS Group AG strategists, including Manik Narain, believe local stocks may rise by 17 per cent if the ANC and the DA form a partnership.

The election premium on bonds is also decreasing. Local currency debt, which underperformed emerging markets earlier in 2024, has risen to the top ten this quarter, delivering investors a 6.3 per cent return in dollar terms. Citigroup Inc. strategists, including Bhumika Gupta, have switched overweight on the debt, expecting more inflows.

"The danger of the ANC having to team up with the EFF post-election has led to considerable underperformance in South African bond and credit markets in recent months," said Roger Mark, an emerging-markets fixed-income analyst at Ninety One." "Because we view this scenario as a tail risk only, we are turning increasingly constructive on the country's assets."

In April, Credit Agricole SA went long the rand against the dollar, with a target price of 18.60 rand per dollar. The currency has already risen above this, trading at about 18.20 on Friday. Cumesh Moodliar, CEO of Investec South Africa, stated that investors want to see sustained improvements in state-owned enterprises and important institutions, as well as successful prosecutions of individuals involved in corruption.

"None of these are out of reach of the government," Moodliar stated. "A concerted effort to follow through is probably the first requirement to rebuild confidence."

(With inputs from Bloomberg)

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners.

The most crucial South African election in decades is already changing the country's financial markets, with money pouring in amid speculation that the African National Congress (ANC) will win enough votes to avoid less market-friendly policies from left-leaning coalition partners. South African bonds received the most cash in April since Bloomberg began tracking the data in 2019, and the trend has continued into May. Stocks are at a 15-month high, and the rand is one of just five emerging-market currencies to strengthen this year. South Africa represents a recovery tale for bullish investors. Foreign investors withdrew $50 billion during the last decade as the country struggled with power outages, corruption, and economic stagnation. Some investors, however, believe there will be a reversal. "International equity investors are largely underweight South Africa, so their biggest risk is a positive election result driving a stronger currency and a re-rating of both our equity and bond markets," said Peter Brooke, a portfolio manager at Old Mutual Investment Group Ltd. "The low positioning and cheap assets could make this an explosive rally." Elections around the world have had an impact on the markets. In 2023, pro-market governments in Greece and Argentina implemented economic reforms, resulting in huge returns, with an MSCI gauge of Greek shares rising 48 per cent and Argentina's index rising 67 per cent in dollar terms. South African equities have historically performed strongly after elections, with Goldman Sachs Group Inc. experts, including Sunil Koul, predicting that "election relief" might support domestic-focused companies, particularly domestic cyclicals, and banks. However, scepticism prevails. "Those who have been disappointed have the memory of an elephant," stated Derrick Msibi, CEO of Stanlib Asset Management Ltd. "They never forget or easily relinquish their reservations, demanding compelling evidence of change." Last year, South Africa experienced a confidence crisis, with the rand falling to historic lows and bond yields rising. Nonetheless, the electricity supply has stabilised, and the government is poised to produce its first main budget surplus in 15 years. JPMorgan Chase & Co. strategist David Aserkoff expressed cautious optimism, saying: "We anticipate that growth picks up, local bond yields fall, and the rand remains stable. If that happens, we are convinced that South Africa will significantly outperform emerging markets, reversing the previous decade's direction." According to opinion polls, the ANC could lose its majority for the first time since 1994 in the May 29 election. However, fears of forming a government with communist parties have subsided. "Our base case remains that the ANC wins this election outright with an overall majority," said Standard Chartered Bank's head of research, Razia Khan. "If that doesn't happen, we still think it's a likely coalition with relatively benign, relatively centrist coalition partners." The Democratic Alliance, the populist Economic Freedom Fighters, and the newly created uMkhonto weSizwe, led by former President Jacob Zuma, who is facing corruption charges, are all expected to receive large votes outside of the ANC. UBS Group AG strategists, including Manik Narain, believe local stocks may rise by 17 per cent if the ANC and the DA form a partnership. The election premium on bonds is also decreasing. Local currency debt, which underperformed emerging markets earlier in 2024, has risen to the top ten this quarter, delivering investors a 6.3 per cent return in dollar terms. Citigroup Inc. strategists, including Bhumika Gupta, have switched overweight on the debt, expecting more inflows. "The danger of the ANC having to team up with the EFF post-election has led to considerable underperformance in South African bond and credit markets in recent months," said Roger Mark, an emerging-markets fixed-income analyst at Ninety One." "Because we view this scenario as a tail risk only, we are turning increasingly constructive on the country's assets." In April, Credit Agricole SA went long the rand against the dollar, with a target price of 18.60 rand per dollar. The currency has already risen above this, trading at about 18.20 on Friday. Cumesh Moodliar, CEO of Investec South Africa, stated that investors want to see sustained improvements in state-owned enterprises and important institutions, as well as successful prosecutions of individuals involved in corruption. "None of these are out of reach of the government," Moodliar stated. "A concerted effort to follow through is probably the first requirement to rebuild confidence." (With inputs from Bloomberg)

South African Election sparks financial market rally. Here are the details

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region. <o:p></o:p>

This move comes as the US energy giant prepares for a $53 billion acquisition of Hess, which includes plans for $10 billion to $15 billion in global asset sales.<o:p></o:p>

The divestment will be part of a broader trend of major oil companies retreating from the ageing British basin, once a pioneering region for deepwater production since the 1970s. <o:p></o:p>

Chevron's North Sea holdings include a 19.4 per cent stake in the BP-operated Clair oilfield, the largest in the region with a production capacity of 120,000 barrels per day. <o:p></o:p>

BP is considering a third development phase, Clair South, which is one of the last major untapped fields in the North Sea.<o:p></o:p>

Chevron's departure from the North Sea basin reflects a decline in UK oil and gas production, which has dropped from a peak of around 4.5 million barrels of oil equivalent per day (boed) in the late 1990s to approximately 1.2 million boed in 2023. <o:p></o:p>

The company also plans to sell its marginal interests in the Sullom Voe oil terminal and its stakes in the Ninian and SIRGE pipeline systems connected to the hub.<o:p></o:p>

Industry sources estimate that the sale could generate up to $1 billion, excluding tax benefits. <o:p></o:p>

The formal sales process is expected to begin in June. <o:p></o:p>

However, this divestment will not affect the operations of Chevron's international headquarters in London or its technology centre in Aberdeen.<o:p></o:p>

Chevron’s exit is part of a strategic review of its global portfolio aimed at focusing on its most profitable assets, as emphasised by CEO Mike Wirth. <o:p></o:p>

The company has been gradually reducing its North Sea presence, having sold its stake in the Rosebank field to Equinor in 2018 and many of its North Sea assets to Ithaca Energy in 2019. <o:p></o:p>

Other oil majors like Exxon Mobil, ConocoPhillips, and Shell have also sold assets in the region since the 2000s.<o:p></o:p>

David Moseley, an analyst at consultancy Welligence, noted, "Chevron continues the trend that has seen the North American majors seek to exit the UK." <o:p></o:p>

He suggested that potential buyers could include independent companies looking to expand their operations.<o:p></o:p>

The planned sale is not influenced by the UK government's 35 per cent windfall tax on North Sea producers, which was imposed following the surge in energy prices in 2022. <o:p></o:p>

Chevron emphasised that the decision is part of its ongoing strategy to maintain capital discipline in both traditional and new energy sectors, regularly reviewing its global portfolio to ensure assets remain strategic and competitive for future investments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region.

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region. This move comes as the US energy giant prepares for a $53 billion acquisition of Hess, which includes plans for $10 billion to $15 billion in global asset sales. The divestment will be part of a broader trend of major oil companies retreating from the ageing British basin, once a pioneering region for deepwater production since the 1970s. Chevron's North Sea holdings include a 19.4 per cent stake in the BP-operated Clair oilfield, the largest in the region with a production capacity of 120,000 barrels per day. BP is considering a third development phase, Clair South, which is one of the last major untapped fields in the North Sea. Chevron's departure from the North Sea basin reflects a decline in UK oil and gas production, which has dropped from a peak of around 4.5 million barrels of oil equivalent per day (boed) in the late 1990s to approximately 1.2 million boed in 2023. The company also plans to sell its marginal interests in the Sullom Voe oil terminal and its stakes in the Ninian and SIRGE pipeline systems connected to the hub. Industry sources estimate that the sale could generate up to $1 billion, excluding tax benefits. The formal sales process is expected to begin in June. However, this divestment will not affect the operations of Chevron's international headquarters in London or its technology centre in Aberdeen. Chevron’s exit is part of a strategic review of its global portfolio aimed at focusing on its most profitable assets, as emphasised by CEO Mike Wirth. The company has been gradually reducing its North Sea presence, having sold its stake in the Rosebank field to Equinor in 2018 and many of its North Sea assets to Ithaca Energy in 2019. Other oil majors like Exxon Mobil, ConocoPhillips, and Shell have also sold assets in the region since the 2000s. David Moseley, an analyst at consultancy Welligence, noted, "Chevron continues the trend that has seen the North American majors seek to exit the UK." He suggested that potential buyers could include independent companies looking to expand their operations. The planned sale is not influenced by the UK government's 35 per cent windfall tax on North Sea producers, which was imposed following the surge in energy prices in 2022. Chevron emphasised that the decision is part of its ongoing strategy to maintain capital discipline in both traditional and new energy sectors, regularly reviewing its global portfolio to ensure assets remain strategic and competitive for future investments. (With inputs from Reuters)

Chevron to exit North Sea after over half a century. Here’s why

This week's data brought excellent news for the US Federal Reserve on two fronts, with consumer prices rising more slowly than expected in April and retail expenditure holding flat. However, authorities have yet to announce a clear shift in the timetable of the rate cuts, which investors anticipate will begin this year.

Several Federal Reserve officials, including the vice chair of the rate-setting Federal Open Market Committee (FOMC), New York Fed President John Williams, praised the promising data. Despite positive data from US government agencies, there is still a cautious tone about future monetary policy.

"I don't see any indicators now telling me...there's a reason to change the stance of monetary policy now," Williams stated to Reuters. He said that he did not anticipate the criteria for a rate drop occurring "in the very near term."

Richmond Fed President Thomas Barkin reaffirmed this assessment on CNBC, stating that while April retail sales statistics indicated a "good" pace of spending, it was not "great." He emphasised that, despite declining consumer demand, the service industry will continue to raise prices. "I do believe we're on the right track. I believe inflation is falling," Barkin said, although he added that meeting the 2 per cent inflation target on a long-term basis would take longer.

Loretta Mester, president of the Cleveland Fed, offered cautious optimism, calling this year's inflation progress "disappointing." She warned that increased public expectations for near-term inflation may compel additional rate hikes if long-term expectations rise as well. "Holding the policy rate at the 5.25 per cent to 5.5 per cent range where it has been since July is prudent...as we gain clarity about the path of inflation," said Mester.

Similarly, Chicago Fed President Austan Goolsbee cited slowing shelter inflation in April as a favourable indicator. Atlanta Fed President Raphael Bostic agreed during an appearance in Jacksonville, calling the reduction in shelter inflation "a pretty significant development." However, he stated that "one data point is not a trend."

The time frame for making a case for rate decreases before the Federal Reserve’s September 17-18 meeting is constrained. Before&nbsp;the June 11-12 meeting, policymakers will receive one extra report on the Personal Consumption Expenditures price index. By the July 30-31 meeting, they will have gotten comprehensive data on the economy's performance for the first half of the year, including inflation and job figures through June.

If inflationary pressures continue to fall, the Federal Reserve’s policy pronouncements may shift, perhaps clearing the way for rate decreases. The Federal Reserve's annual research conference in Jackson Hole in August could be a critical occasion for signalling any policy changes.

In terms of global policy, the International Monetary Fund (IMF) advocated caution. "The recent inflation data are overall higher than we would like to see," IMF spokesman Julie Kozack stated. "This reinforces the need for the Fed to be cautious."

As things stand, US Federal Reserve officials remain cautiously hopeful but are yet to commit to a rate-cutting plan, preferring to keep an eye on inflation and the economy.

This week's data brought excellent news for the US Federal Reserve on two fronts, with consumer prices rising more slowly than expected in April and retail expenditure holding flat.

This week's data brought excellent news for the US Federal Reserve on two fronts, with consumer prices rising more slowly than expected in April and retail expenditure holding flat. However, authorities have yet to announce a clear shift in the timetable of the rate cuts, which investors anticipate will begin this year. Several Federal Reserve officials, including the vice chair of the rate-setting Federal Open Market Committee (FOMC), New York Fed President John Williams, praised the promising data. Despite positive data from US government agencies, there is still a cautious tone about future monetary policy. "I don't see any indicators now telling me...there's a reason to change the stance of monetary policy now," Williams stated to Reuters. He said that he did not anticipate the criteria for a rate drop occurring "in the very near term." Richmond Fed President Thomas Barkin reaffirmed this assessment on CNBC, stating that while April retail sales statistics indicated a "good" pace of spending, it was not "great." He emphasised that, despite declining consumer demand, the service industry will continue to raise prices. "I do believe we're on the right track. I believe inflation is falling," Barkin said, although he added that meeting the 2 per cent inflation target on a long-term basis would take longer. Loretta Mester, president of the Cleveland Fed, offered cautious optimism, calling this year's inflation progress "disappointing." She warned that increased public expectations for near-term inflation may compel additional rate hikes if long-term expectations rise as well. "Holding the policy rate at the 5.25 per cent to 5.5 per cent range where it has been since July is prudent...as we gain clarity about the path of inflation," said Mester. Similarly, Chicago Fed President Austan Goolsbee cited slowing shelter inflation in April as a favourable indicator. Atlanta Fed President Raphael Bostic agreed during an appearance in Jacksonville, calling the reduction in shelter inflation "a pretty significant development." However, he stated that "one data point is not a trend." The time frame for making a case for rate decreases before the Federal Reserve’s September 17-18 meeting is constrained. Before the June 11-12 meeting, policymakers will receive one extra report on the Personal Consumption Expenditures price index. By the July 30-31 meeting, they will have gotten comprehensive data on the economy's performance for the first half of the year, including inflation and job figures through June. If inflationary pressures continue to fall, the Federal Reserve’s policy pronouncements may shift, perhaps clearing the way for rate decreases. The Federal Reserve's annual research conference in Jackson Hole in August could be a critical occasion for signalling any policy changes. In terms of global policy, the International Monetary Fund (IMF) advocated caution. "The recent inflation data are overall higher than we would like to see," IMF spokesman Julie Kozack stated. "This reinforces the need for the Fed to be cautious." As things stand, US Federal Reserve officials remain cautiously hopeful but are yet to commit to a rate-cutting plan, preferring to keep an eye on inflation and the economy.

US Federal Reserve officials cautiously optimistic on inflation, rate cut uncertain

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding.

"The couple's most valued asset is Akshata Murty's shareholding in Infosys, a Bangalore-based IT company co-founded by Akshata Murty's father [Narayan Murthy]," reads the newspaper's analysis.

The couple, both 44, have risen from 275th rank last year to 245th with an estimated wealth of&nbsp;651 million pounds, making them the "wealthiest people to call 10 Downing Street home".

Akshata Murty's earnings are said to far exceed that of her husband as financial statements published in February revealed that&nbsp;Sunak made 2.2 million pounds in 2022-23 compared to Murty's estimated 13 million pounds in dividends over the past year.

"Over the past year, the shares have grown in value by 108.8 million pounds to nearly 590 million pounds. The latest annual report suggests that Murty received about 13 million&nbsp;pounds in dividends during that time - adding to the more than a million pounds she has been paid in previous years. She is poised to receive another 10.5 million&nbsp;pounds&nbsp;this year," the paper notes.

Top of the list is British-Indian businessman Gopi Hinduja and his family, whose fortune of 37.2 billion&nbsp;pounds&nbsp;is the greatest in the ranking's history, followed by Sir Leonard Blavtanik and David and Simon Reuben and family, who have fortunes of 29.2 billion&nbsp;pounds&nbsp;and 24.9 billion pounds, respectively.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-life-expectancy-to-increase-but-people-to-spend-more-time-battling-health-study-722599">Global life expectancy to increase but people to spend more time battling health: study</a>

"It has been a year of expansion through acquisition for the group, made possible in part by growing stock market valuations of the family's main listed holdings, which have risen to a total of 8.7 billion pounds," reads the newspaper's analysis.

The top 10 of the 2024 'Sunday Times Rich List' sees another set of India-born brothers, David and Simon Reuben, build on their wealth to rise to third place from last year's fourth, with a fortune estimated at around 24.977 billion pounds.

At No. 8 is NRI tycoon of ArcelorMittal steelworks Lakshmi N. Mittal, who slipped&nbsp;two places from last year with an estimated 14.921 billion pounds, followed by Vedanta Resources' industrialist Anil Agarwal at No. 23 with an estimated 7 billion pounds - down one rank from 2023.

Other Indian-origin billionaires on the 2024 list include textiles entrepreneur Prakash Lohia at No. 30 with an estimated 6.23 billion pounds; retail majors Mohsin and Zuber Issa at No. 39 with 5 billion pounds; and pharma chiefs Navin and Varsha Engineer at 58 with 3 billion pounds .

Among the top 100 richest Britons are brothers Simon, Bobby and Robin Arora at No. 65 with 2.682 billion pounds and leading NRI industrialist Lord Swraj Paul and family ranked 67th with an estimated wealth of 2.6 billion pounds - same as last year.

Fashion industrialist Sunder Genomal, a new entrant in 2023, is ranked 77th with a fortune estimated at 2.214 billion pounds, with hoteliers Jasminder Singh and family coming in at 83 with 2.001 billion pounds .

On the whole, the 36th edition of the rich list reveals the largest fall in billionaires in its history - down from a peak of 177 in 2022 to 165 this year.

"This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich who came here are moving away," said the list's compiler, Robert Watts.

However, moving from millionaire to billionaire on the tally is former Beatle Sir Paul McCartney - now the first UK musician to achieve that status after boosting his wealth by 50 million pounds over last year. 
 
(With inputs from agencies)

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding.

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding. "The couple's most valued asset is Akshata Murty's shareholding in Infosys, a Bangalore-based IT company co-founded by Akshata Murty's father [Narayan Murthy]," reads the newspaper's analysis. The couple, both 44, have risen from 275th rank last year to 245th with an estimated wealth of 651 million pounds, making them the "wealthiest people to call 10 Downing Street home". Akshata Murty's earnings are said to far exceed that of her husband as financial statements published in February revealed that Sunak made 2.2 million pounds in 2022-23 compared to Murty's estimated 13 million pounds in dividends over the past year. "Over the past year, the shares have grown in value by 108.8 million pounds to nearly 590 million pounds. The latest annual report suggests that Murty received about 13 million pounds in dividends during that time - adding to the more than a million pounds she has been paid in previous years. She is poised to receive another 10.5 million pounds this year," the paper notes. Top of the list is British-Indian businessman Gopi Hinduja and his family, whose fortune of 37.2 billion pounds is the greatest in the ranking's history, followed by Sir Leonard Blavtanik and David and Simon Reuben and family, who have fortunes of 29.2 billion pounds and 24.9 billion pounds, respectively. Also read: Global life expectancy to increase but people to spend more time battling health: study "It has been a year of expansion through acquisition for the group, made possible in part by growing stock market valuations of the family's main listed holdings, which have risen to a total of 8.7 billion pounds," reads the newspaper's analysis. The top 10 of the 2024 'Sunday Times Rich List' sees another set of India-born brothers, David and Simon Reuben, build on their wealth to rise to third place from last year's fourth, with a fortune estimated at around 24.977 billion pounds. At No. 8 is NRI tycoon of ArcelorMittal steelworks Lakshmi N. Mittal, who slipped two places from last year with an estimated 14.921 billion pounds, followed by Vedanta Resources' industrialist Anil Agarwal at No. 23 with an estimated 7 billion pounds - down one rank from 2023. Other Indian-origin billionaires on the 2024 list include textiles entrepreneur Prakash Lohia at No. 30 with an estimated 6.23 billion pounds; retail majors Mohsin and Zuber Issa at No. 39 with 5 billion pounds; and pharma chiefs Navin and Varsha Engineer at 58 with 3 billion pounds . Among the top 100 richest Britons are brothers Simon, Bobby and Robin Arora at No. 65 with 2.682 billion pounds and leading NRI industrialist Lord Swraj Paul and family ranked 67th with an estimated wealth of 2.6 billion pounds - same as last year. Fashion industrialist Sunder Genomal, a new entrant in 2023, is ranked 77th with a fortune estimated at 2.214 billion pounds, with hoteliers Jasminder Singh and family coming in at 83 with 2.001 billion pounds . On the whole, the 36th edition of the rich list reveals the largest fall in billionaires in its history - down from a peak of 177 in 2022 to 165 this year. "This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich who came here are moving away," said the list's compiler, Robert Watts. However, moving from millionaire to billionaire on the tally is former Beatle Sir Paul McCartney - now the first UK musician to achieve that status after boosting his wealth by 50 million pounds over last year. (With inputs from agencies)

Rishi Sunak and Akshata Murty climb 'Sunday Times Rich List' with Infosys shares

The Indian stock market gave a thumbs down to the interim budget on Thursday.&nbsp;

The Sensex closed 106.81 points down, settling at 71,645.30. The Nifty, on the other hand, lost 28.20 points to end the day at 21,697.50.&nbsp;

Overall, the interim budget turned out to be a mixed bag. While auto, bank, FMCG and power stocks rose by 0.2 to 0.8 percent, capital goods, metal and realty sectors were down by a percent each.

Last year, both indices rose dramatically before the budget-related excitement fizzled out.<o:p></o:p>

The Sensex closed marginally in the green, rising by 158.18 points. However, the Nifty fell 45 points.<o:p></o:p>

A year earlier, both indices rose on the back of the 'pro-growth' budget. But they pared gained by the time markets closed.<o:p></o:p>

February 1, 2021 was a red-letter day for the stock market as both indices soared after the budget. This budget has been dubbed 'the pandemic budget'. <o:p></o:p>

The Sensex ended the day at 48,600, up 2,000 points. The Nifty rose by 4.74 per cent, adding over 600 points during trading hours.<o:p></o:p>

In a bid to mitigate the economic impact of the Covid-19 pandemic, the government increased the capital expenditure outlay by 29 per cent compared to 2020-21. <o:p></o:p>

The 2021 budget allocated Rs 5,54,236 crore ($67.5 billion in 2023 terms). <o:p></o:p>

But the preceding two budgets -- the 2019 full budget and the 2020 budget -- failed to excite the markets. <o:p></o:p>

In 2020, the indices fell even further. The Sensex fell 988 points at closing, while the Nifty was down 300 points after the budget. <o:p></o:p>

The Sensex tanked 394 points while the Nifty fell 135 points after the 2019 full budget. <o:p></o:p>

The Sensex rose over 200 points after the 2019 interim budget. The Nifty too rose before settling down below 10,900 points. <o:p></o:p>

The 2019 interim budget was presented by Union Minister Piyush Goyal, in the absence of Finance Minister Aruun Jaitley. <o:p></o:p>

Announcements on auto, defence &amp; agriculture sectors led to the uptick in the markets.<o:p></o:p>

The Indian stock market gave a thumbs down to the interim budget on Thursday. The Sensex closed 106.81 points down, settling at 71,645.30. The Nifty, on the other hand, lost 28.

The Indian stock market gave a thumbs down to the interim budget on Thursday. The Sensex closed 106.81 points down, settling at 71,645.30. The Nifty, on the other hand, lost 28.20 points to end the day at 21,697.50. Overall, the interim budget turned out to be a mixed bag. While auto, bank, FMCG and power stocks rose by 0.2 to 0.8 percent, capital goods, metal and realty sectors were down by a percent each. Last year, both indices rose dramatically before the budget-related excitement fizzled out. The Sensex closed marginally in the green, rising by 158.18 points. However, the Nifty fell 45 points. A year earlier, both indices rose on the back of the 'pro-growth' budget. But they pared gained by the time markets closed. February 1, 2021 was a red-letter day for the stock market as both indices soared after the budget. This budget has been dubbed 'the pandemic budget'. The Sensex ended the day at 48,600, up 2,000 points. The Nifty rose by 4.74 per cent, adding over 600 points during trading hours. In a bid to mitigate the economic impact of the Covid-19 pandemic, the government increased the capital expenditure outlay by 29 per cent compared to 2020-21. The 2021 budget allocated Rs 5,54,236 crore ($67.5 billion in 2023 terms). But the preceding two budgets -- the 2019 full budget and the 2020 budget -- failed to excite the markets. In 2020, the indices fell even further. The Sensex fell 988 points at closing, while the Nifty was down 300 points after the budget. The Sensex tanked 394 points while the Nifty fell 135 points after the 2019 full budget. The Sensex rose over 200 points after the 2019 interim budget. The Nifty too rose before settling down below 10,900 points. The 2019 interim budget was presented by Union Minister Piyush Goyal, in the absence of Finance Minister Aruun Jaitley. Announcements on auto, defence & agriculture sectors led to the uptick in the markets.

Budget 2024: Indian markets close in the red after interim budget

Microsoft announced on Thursday that it will offer its cloud computing customers access to AMD's advanced artificial intelligence (AI) chips, presenting a strong competitor to Nvidia's market-leading processors. <o:p></o:p>

Details of this initiative will be shared at the upcoming Build developer conference next week.<o:p></o:p>

Through its Azure cloud computing service, Microsoft will provide clusters of AMD's flagship MI300X AI chips. <o:p></o:p>

These chips are set to rival Nvidia's H100 graphics processing units (GPUs), which are currently in high demand and dominate the data centre AI chip market. <o:p></o:p>

The MI300X chips are designed to train and run large AI models, offering customers a robust alternative to Nvidia's GPUs.<o:p></o:p>

In addition to the AMD offering, Microsoft will introduce a preview of its new Cobalt 100 custom processors at the Build conference. <o:p></o:p>

These processors are reported to deliver 40 per cent better performance compared to other processors based on Arm Holdings' technology. <o:p></o:p>

Snowflake and other companies have already begun using these Cobalt processors.<o:p></o:p>

The move to integrate AMD's MI300X chips into Azure is significant as it addresses the challenge of obtaining Nvidia's high-demand H100 GPUs. <o:p></o:p>

To build and run complex AI models, companies often need to cluster multiple GPUs together, as the required data and computations exceed the capacity of a single processor. <o:p></o:p>

AMD projects $4 billion in revenue from its AI chips this year, highlighting the growing demand and capability of these processors.<o:p></o:p>

Furthermore, Microsoft's Azure cloud unit also sells access to its own in-house AI chips, named Maia, which adds to the variety of options available for customers seeking AI solutions. <o:p></o:p>

The introduction of AMD's MI300X chips and the Cobalt 100 processors demonstrates Microsoft's strategy to diversify its AI hardware offerings and enhance its competitive edge in the cloud computing market.<o:p></o:p>

The Cobalt 100 processors, which were initially announced in November, are currently being tested to power Microsoft Teams, the company's business messaging tool. <o:p></o:p>

These processors are positioned to compete with Amazon's in-house Graviton CPUs, further intensifying the competition in the cloud computing space.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Microsoft announced on Thursday that it will offer its cloud computing customers access to AMD's advanced artificial intelligence (AI) chips, presenting a strong competitor to Nvidia's market-leading processors.

Microsoft announced on Thursday that it will offer its cloud computing customers access to AMD's advanced artificial intelligence (AI) chips, presenting a strong competitor to Nvidia's market-leading processors. Details of this initiative will be shared at the upcoming Build developer conference next week. Through its Azure cloud computing service, Microsoft will provide clusters of AMD's flagship MI300X AI chips. These chips are set to rival Nvidia's H100 graphics processing units (GPUs), which are currently in high demand and dominate the data centre AI chip market. The MI300X chips are designed to train and run large AI models, offering customers a robust alternative to Nvidia's GPUs. In addition to the AMD offering, Microsoft will introduce a preview of its new Cobalt 100 custom processors at the Build conference. These processors are reported to deliver 40 per cent better performance compared to other processors based on Arm Holdings' technology. Snowflake and other companies have already begun using these Cobalt processors. The move to integrate AMD's MI300X chips into Azure is significant as it addresses the challenge of obtaining Nvidia's high-demand H100 GPUs. To build and run complex AI models, companies often need to cluster multiple GPUs together, as the required data and computations exceed the capacity of a single processor. AMD projects $4 billion in revenue from its AI chips this year, highlighting the growing demand and capability of these processors. Furthermore, Microsoft's Azure cloud unit also sells access to its own in-house AI chips, named Maia, which adds to the variety of options available for customers seeking AI solutions. The introduction of AMD's MI300X chips and the Cobalt 100 processors demonstrates Microsoft's strategy to diversify its AI hardware offerings and enhance its competitive edge in the cloud computing market. The Cobalt 100 processors, which were initially announced in November, are currently being tested to power Microsoft Teams, the company's business messaging tool. These processors are positioned to compete with Amazon's in-house Graviton CPUs, further intensifying the competition in the cloud computing space. (With inputs from Reuters)

Microsoft unveils AMD-powered AI chips to challenge Nvidia’s position

US import prices in April experienced their most noteworthy increase in two years, supported by higher costs for energy products and other goods. <o:p></o:p>

According to Reuters, this development suggests that domestic inflation may remain elevated for a longer period, complicating the economic outlook.<o:p></o:p>

The Labour Department's Bureau of Labour Statistics reported on Thursday that import prices jumped by 0.9 per cent in April, marking the largest rise since March 2022. <o:p></o:p>

This follows an upwardly revised 0.6 per cent increase in March. <o:p></o:p>

Economists surveyed by Reuters had predicted a &nbsp;0.3 per cent rise in import prices, following an initially reported 0.4 per cent gain in March.<o:p></o:p>

On an annual basis, import prices accelerated by 1.1 per cent through April, the largest year-over-year increase since December 2022. <o:p></o:p>

This came after a 0.4 per cent rise in March, which was the first year-over-year increase since January 2023. <o:p></o:p>

The stronger import price data cast a shadow over the inflation outlook, which had shown signs of moderation. <o:p></o:p>

Consumer price growth slowed in April following strong gains in the first quarter, possibly indicating easing of inflationary pressures.<o:p></o:p>

The recent import price increases have added to expectations that the Federal Reserve might begin cutting interest rates in September. <o:p></o:p>

The central bank has maintained its policy rate in the 5.25 per cent-5.50 per cent range since July, after raising its benchmark overnight interest rate by 525 basis points since March 2022.<o:p></o:p>

Fuel prices played a major role in the April increase, with imported fuel costs rising 2.4 per cent after a 5.4 per cent jump in March. <o:p></o:p>

The cost of imported food also went up, increasing by 1.7 per cent following a 1.6 per cent rise in March. <o:p></o:p>

Excluding fuel and food, core import prices climbed by 0.6 per cent, a considerable increase from the 0.1 per cent rise seen in March. <o:p></o:p>

Annually, core import prices grew by 0.4 per cent in April.<o:p></o:p>

Other categories also saw price increases. <o:p></o:p>

Imported capital goods prices edged up by 0.1 per cent last month, while the cost of motor vehicles, parts, and engines rose by 0.3 per cent. <o:p></o:p>

Imported consumer goods prices saw a slight increase of 0.1 per cent.<o:p></o:p>

These rising import prices indicate continued inflationary pressures within the US economy, challenging the Federal Reserve's efforts to stabilise prices without stalling economic growth. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US import prices in April experienced their most noteworthy increase in two years, supported by higher costs for energy products and other goods. According to Reuters, this development suggests that domestic inflation may remain elevated for a longer period, complicating the economic outlook.

US import prices in April experienced their most noteworthy increase in two years, supported by higher costs for energy products and other goods. According to Reuters, this development suggests that domestic inflation may remain elevated for a longer period, complicating the economic outlook. The Labour Department's Bureau of Labour Statistics reported on Thursday that import prices jumped by 0.9 per cent in April, marking the largest rise since March 2022. This follows an upwardly revised 0.6 per cent increase in March. Economists surveyed by Reuters had predicted a 0.3 per cent rise in import prices, following an initially reported 0.4 per cent gain in March. On an annual basis, import prices accelerated by 1.1 per cent through April, the largest year-over-year increase since December 2022. This came after a 0.4 per cent rise in March, which was the first year-over-year increase since January 2023. The stronger import price data cast a shadow over the inflation outlook, which had shown signs of moderation. Consumer price growth slowed in April following strong gains in the first quarter, possibly indicating easing of inflationary pressures. The recent import price increases have added to expectations that the Federal Reserve might begin cutting interest rates in September. The central bank has maintained its policy rate in the 5.25 per cent-5.50 per cent range since July, after raising its benchmark overnight interest rate by 525 basis points since March 2022. Fuel prices played a major role in the April increase, with imported fuel costs rising 2.4 per cent after a 5.4 per cent jump in March. The cost of imported food also went up, increasing by 1.7 per cent following a 1.6 per cent rise in March. Excluding fuel and food, core import prices climbed by 0.6 per cent, a considerable increase from the 0.1 per cent rise seen in March. Annually, core import prices grew by 0.4 per cent in April. Other categories also saw price increases. Imported capital goods prices edged up by 0.1 per cent last month, while the cost of motor vehicles, parts, and engines rose by 0.3 per cent. Imported consumer goods prices saw a slight increase of 0.1 per cent. These rising import prices indicate continued inflationary pressures within the US economy, challenging the Federal Reserve's efforts to stabilise prices without stalling economic growth. (With inputs from Reuters)

US import prices see largest surge in two years, raising inflation concerns

Walmart raised its full-year sales and profit forecast after reporting impressive first-quarter results on Thursday, driven by strong sales of groceries and non-essential items such as clothing and electronics. <o:p></o:p>

This announcement has pushed Walmart's shares to a record high.<o:p></o:p>

In early trading, Walmart's stock climbed by 7.3 per cent to reach $64.22 per share, pushing its valuation to over 25 times the expected earnings. <o:p></o:p>

This is an increase from its 10-year average valuation of about 20 times earnings, according to data from LSEG.<o:p></o:p>

The retailer’s performance has relieved some concerns among investors about the possible decline in US consumer spending. <o:p></o:p>

Reuters cited Joseph Feldman, an analyst at Telsey Advisory Group, who said, "it's about as good a quarter as I can remember," underlining the strength of Walmart's recent performance.<o:p></o:p>

For the quarter ending April 30, Walmart's total US comparable sales, excluding fuel, rose by 3.9 per cent, surpassing analysts' expectations of a 3.15 per cent increase. <o:p></o:p>

This growth was brought about by a similar rise in average transactions, indicating a higher volume of online and in-store traffic, with customers purchasing more items per trip.<o:p></o:p>

During the post-earnings call, Walmart's CFO John David Rainey mentioned that inflation for their product range had increased by about 0.4 per cent in the quarter. <o:p></o:p>

According to him, this level of inflation may continue for the rest of the year. <o:p></o:p>

Rainey remains optimistic about the apparel, jewellery, home goods, automotive items, and consumer electronics categories, citing considerable unit growth in these areas.<o:p></o:p>

Online sales in the US have increased by 22 per cent, outperforming the 17 per cent growth seen during the typically busy holiday season. <o:p></o:p>

This increase was fostered by Walmart's pickup and delivery services, as well as its third-party marketplace, which now features over 420 million items. <o:p></o:p>

Notably, households earning more than $100,000 per year contributed to this online sales growth.<o:p></o:p>

Brian Jacobsen, chief economist at Annex Wealth Management, pointed out that the rise in sales was volume-driven rather than price-driven, noting that wealthier consumers were primarily responsible for this increase. <o:p></o:p>

He also highlighted that lower-income consumers, while maintaining their spending levels, are increasingly seeking cheaper options.<o:p></o:p>

Walmart observed that more customers are preparing meals at home instead of dining out, a trend influenced by the 45 per cent increase in rollbacks on food and consumables offered in April. <o:p></o:p>

This shift towards more budget-conscious shopping behaviour among lower-income consumers has been notable amidst the ongoing inflationary pressures.<o:p></o:p>

Telsey analyst Feldman suggested that Walmart's strong results might spell trouble for other retailers, indicating that Walmart is gaining market share. <o:p></o:p>

This claim comes ahead of Target's earnings report, scheduled for May 22.<o:p></o:p>

Walmart's first-quarter adjusted earnings reached 60 cents per share, surpassing the average forecast of 52 cents. <o:p></o:p>

The company also reported total revenue of $161.51 billion, exceeding expectations. <o:p></o:p>

Looking forward, Walmart now projects its annual consolidated net sales to grow at the higher end or slightly above its previous estimate of 3 per cent to 4 per cent, with adjusted profit per share also expected to be at the higher end or slightly above the prior forecast of $2.23 to $2.37.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Walmart raised its full-year sales and profit forecast after reporting impressive first-quarter results on Thursday, driven by strong sales of groceries and non-essential items such as clothing and electronics.

Walmart raised its full-year sales and profit forecast after reporting impressive first-quarter results on Thursday, driven by strong sales of groceries and non-essential items such as clothing and electronics. This announcement has pushed Walmart's shares to a record high. In early trading, Walmart's stock climbed by 7.3 per cent to reach $64.22 per share, pushing its valuation to over 25 times the expected earnings. This is an increase from its 10-year average valuation of about 20 times earnings, according to data from LSEG. The retailer’s performance has relieved some concerns among investors about the possible decline in US consumer spending. Reuters cited Joseph Feldman, an analyst at Telsey Advisory Group, who said, "it's about as good a quarter as I can remember," underlining the strength of Walmart's recent performance. For the quarter ending April 30, Walmart's total US comparable sales, excluding fuel, rose by 3.9 per cent, surpassing analysts' expectations of a 3.15 per cent increase. This growth was brought about by a similar rise in average transactions, indicating a higher volume of online and in-store traffic, with customers purchasing more items per trip. During the post-earnings call, Walmart's CFO John David Rainey mentioned that inflation for their product range had increased by about 0.4 per cent in the quarter. According to him, this level of inflation may continue for the rest of the year. Rainey remains optimistic about the apparel, jewellery, home goods, automotive items, and consumer electronics categories, citing considerable unit growth in these areas. Online sales in the US have increased by 22 per cent, outperforming the 17 per cent growth seen during the typically busy holiday season. This increase was fostered by Walmart's pickup and delivery services, as well as its third-party marketplace, which now features over 420 million items. Notably, households earning more than $100,000 per year contributed to this online sales growth. Brian Jacobsen, chief economist at Annex Wealth Management, pointed out that the rise in sales was volume-driven rather than price-driven, noting that wealthier consumers were primarily responsible for this increase. He also highlighted that lower-income consumers, while maintaining their spending levels, are increasingly seeking cheaper options. Walmart observed that more customers are preparing meals at home instead of dining out, a trend influenced by the 45 per cent increase in rollbacks on food and consumables offered in April. This shift towards more budget-conscious shopping behaviour among lower-income consumers has been notable amidst the ongoing inflationary pressures. Telsey analyst Feldman suggested that Walmart's strong results might spell trouble for other retailers, indicating that Walmart is gaining market share. This claim comes ahead of Target's earnings report, scheduled for May 22. Walmart's first-quarter adjusted earnings reached 60 cents per share, surpassing the average forecast of 52 cents. The company also reported total revenue of $161.51 billion, exceeding expectations. Looking forward, Walmart now projects its annual consolidated net sales to grow at the higher end or slightly above its previous estimate of 3 per cent to 4 per cent, with adjusted profit per share also expected to be at the higher end or slightly above the prior forecast of $2.23 to $2.37. (With inputs from Reuters)

Walmart surges to record high, lifts full-year forecast with strong Q1 results

The Hong Kong Securities and Futures Commission (SFC) has recently issued a severe warning about a deepfake scam involving Elon Musk, aimed at promoting a fraudulent cryptocurrency trading platform called "Quantum AI". Based on a South China Morning Post Report, this incident highlights a growing trend in AI-related fraud, particularly within Asia.<o:p></o:p>

Quantum AI scam and regulatory response<o:p></o:p>

On May 8, the SFC alerted the public to the scam, which uses manipulated videos of Elon Musk to attract investors with promises of unrealistic returns. The regulator urged the Hong Kong Police Force to block access to related websites and social media pages. As of this week, these sites and Facebook groups have been taken down.<o:p></o:p>

Increase in deepfake fraud<o:p></o:p>

Incidents involving deepfake technology have surged dramatically. In the Asia-Pacific region, deepfake-related fraud increased by an alarming 1,530 per cent last year, with Vietnam and Japan experiencing the highest number of attacks, according to a report by identity verification platform Sumsub.Penny Chai, Sumsub’s Vice-President of Business Development in APAC, noted that the high volume of digital financial transactions in emerging markets like Asia makes the region a lucrative target for deepfake scammers.<o:p></o:p>

Details of the scam<o:p></o:p>

The Quantum AI scam has been around for at least a year, recycling various iterations to target different groups. One video, debunked by PolitiFact, falsely depicted Musk and Jack Ma promoting the platform, using footage from the 2019 World AI Conference in Shanghai. Another video altered Musk’s appearance on Tucker Carlson’s Fox News show to endorse the scam.<o:p></o:p>

Technological exploits and financial impact<o:p></o:p>

Scammers use inexpensive hosting providers and flexible technologies like WordPress to create convincing websites. One prominent site requires a minimum deposit of $250 and advises users to invest only what they are prepared to lose completely.<o:p></o:p>

Hong Kong has been identified as one of the top five markets in Asia for identity fraud, with a rate of 3.3 per cent last year. The rate of fintech fraud in Hong Kong increased by 216 per cent in the first quarter of this year compared to the same period last year, reflecting a rapid escalation in fraudulent activities.<o:p></o:p>

High-profile deepfake incidents<o:p></o:p>

Deepfake technology has already led to significant financial losses. In 2020, a Japanese bank manager was deceived by a fake audio mimicking his director’s voice, resulting in a $35 million transfer. Similarly, a multinational company lost $25.6 million through a deepfake video call that impersonated its chief financial officer.<o:p></o:p>

Ongoing efforts and additional warnings<o:p></o:p>

The SFC has been vigilant in flagging crypto-related scams, with 18 of the 29 warnings about suspicious virtual asset trading platforms issued this year alone. The JPEX scandal last September, involving a loss of approximately HK$1.5 billion ($192 million), remains one of the largest financial frauds in Hong Kong’s history.<o:p></o:p>

Recently, the SFC also warned against an investment product called LENA Network, which involves cryptocurrency staking, borrowing, and lending. The regulator cautioned that staking arrangements might constitute unauthorised collective investment schemes and pose high risks.<o:p></o:p>

<o:p>&nbsp;</o:p>

The Hong Kong Securities and Futures Commission (SFC) has recently issued a severe warning about a deepfake scam involving Elon Musk, aimed at promoting a fraudulent cryptocurrency trading platform called "Quantum AI".

The Hong Kong Securities and Futures Commission (SFC) has recently issued a severe warning about a deepfake scam involving Elon Musk, aimed at promoting a fraudulent cryptocurrency trading platform called "Quantum AI". Based on a South China Morning Post Report, this incident highlights a growing trend in AI-related fraud, particularly within Asia. Quantum AI scam and regulatory response On May 8, the SFC alerted the public to the scam, which uses manipulated videos of Elon Musk to attract investors with promises of unrealistic returns. The regulator urged the Hong Kong Police Force to block access to related websites and social media pages. As of this week, these sites and Facebook groups have been taken down. Increase in deepfake fraud Incidents involving deepfake technology have surged dramatically. In the Asia-Pacific region, deepfake-related fraud increased by an alarming 1,530 per cent last year, with Vietnam and Japan experiencing the highest number of attacks, according to a report by identity verification platform Sumsub.Penny Chai, Sumsub’s Vice-President of Business Development in APAC, noted that the high volume of digital financial transactions in emerging markets like Asia makes the region a lucrative target for deepfake scammers. Details of the scam The Quantum AI scam has been around for at least a year, recycling various iterations to target different groups. One video, debunked by PolitiFact, falsely depicted Musk and Jack Ma promoting the platform, using footage from the 2019 World AI Conference in Shanghai. Another video altered Musk’s appearance on Tucker Carlson’s Fox News show to endorse the scam. Technological exploits and financial impact Scammers use inexpensive hosting providers and flexible technologies like WordPress to create convincing websites. One prominent site requires a minimum deposit of $250 and advises users to invest only what they are prepared to lose completely. Hong Kong has been identified as one of the top five markets in Asia for identity fraud, with a rate of 3.3 per cent last year. The rate of fintech fraud in Hong Kong increased by 216 per cent in the first quarter of this year compared to the same period last year, reflecting a rapid escalation in fraudulent activities. High-profile deepfake incidents Deepfake technology has already led to significant financial losses. In 2020, a Japanese bank manager was deceived by a fake audio mimicking his director’s voice, resulting in a $35 million transfer. Similarly, a multinational company lost $25.6 million through a deepfake video call that impersonated its chief financial officer. Ongoing efforts and additional warnings The SFC has been vigilant in flagging crypto-related scams, with 18 of the 29 warnings about suspicious virtual asset trading platforms issued this year alone. The JPEX scandal last September, involving a loss of approximately HK$1.5 billion ($192 million), remains one of the largest financial frauds in Hong Kong’s history. Recently, the SFC also warned against an investment product called LENA Network, which involves cryptocurrency staking, borrowing, and lending. The regulator cautioned that staking arrangements might constitute unauthorised collective investment schemes and pose high risks.

Deepfake crypto scam using Elon Musk underlines the rising AI fraud in Hong Kong

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets. This differs from the Reserve Bank of India (RBI), which continues to see private digital currencies as a macroeconomic threat, according to documents examined by Reuters.

The records, provided to a government group charged with developing policy for the finance ministry, indicate SEBI's previously undisclosed viewpoint. This contrasts with India's previously strict stance on cryptocurrencies, which began in 2018 with the RBI prohibiting lenders and financial intermediaries from engaging with crypto firms. The restriction was overturned by the Supreme Court in 2020. The administration proposed a bill to ban private cryptocurrencies in 2021, but it has yet to be introduced. India proposed a worldwide regulatory framework for such assets last year while holding the G20 presidency.

The RBI is firmly opposed to stablecoins, citing macroeconomic dangers. A source acquainted with the panel's talks, who asked to remain anonymous, stated that the panel plans to complete its findings by June. Stablecoins are cryptocurrencies that have a stable value because they are pegged to fiat currencies, minimising volatility.

In contrast, SEBI's recommendations propose that multiple regulators control bitcoin operations within their respective sectors, rather than establishing a single unified digital asset regulator. SEBI recommended that it monitor cryptocurrencies that are regarded securities as well as handle Initial Coin Offerings (ICOs). SEBI may also grant licenses for stock market-related cryptocurrency products, comparable to the role of the Securities and Exchange Commission in the United States.

SEBI suggested that the RBI regulate cryptocurrency assets backed by fiat currencies. The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would oversee virtual assets relating to insurance and pensions, respectively. SEBI proposed that investor issues be addressed through India's Consumer Protection Act.

The RBI's proposal highlighted fiscal policy risks, claiming that cryptocurrencies could promote tax evasion and that decentralised peer-to-peer transactions rely on voluntary compliance, posing a threat to fiscal stability. The central bank also cautioned about a probable loss of "seigniorage" income, which is the profit from currency production.

According to a PwC analysis in December, 31 nations have policies in place that allow for bitcoin trading. Following the Supreme Court's reversal of the RBI's 2018 order, the central bank increased compliance with rigorous anti-money laundering and foreign exchange regulations, thereby keeping cryptocurrencies out of India's formal financial system. Despite these measures, the crypto trade thrived. In 2022, the government put a levy on cryptocurrency transactions and required local registration for exchanges that facilitate cryptocurrency trades in India.

(With inputs from Reuters)

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets.

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets. This differs from the Reserve Bank of India (RBI), which continues to see private digital currencies as a macroeconomic threat, according to documents examined by Reuters. The records, provided to a government group charged with developing policy for the finance ministry, indicate SEBI's previously undisclosed viewpoint. This contrasts with India's previously strict stance on cryptocurrencies, which began in 2018 with the RBI prohibiting lenders and financial intermediaries from engaging with crypto firms. The restriction was overturned by the Supreme Court in 2020. The administration proposed a bill to ban private cryptocurrencies in 2021, but it has yet to be introduced. India proposed a worldwide regulatory framework for such assets last year while holding the G20 presidency. The RBI is firmly opposed to stablecoins, citing macroeconomic dangers. A source acquainted with the panel's talks, who asked to remain anonymous, stated that the panel plans to complete its findings by June. Stablecoins are cryptocurrencies that have a stable value because they are pegged to fiat currencies, minimising volatility. In contrast, SEBI's recommendations propose that multiple regulators control bitcoin operations within their respective sectors, rather than establishing a single unified digital asset regulator. SEBI recommended that it monitor cryptocurrencies that are regarded securities as well as handle Initial Coin Offerings (ICOs). SEBI may also grant licenses for stock market-related cryptocurrency products, comparable to the role of the Securities and Exchange Commission in the United States. SEBI suggested that the RBI regulate cryptocurrency assets backed by fiat currencies. The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would oversee virtual assets relating to insurance and pensions, respectively. SEBI proposed that investor issues be addressed through India's Consumer Protection Act. The RBI's proposal highlighted fiscal policy risks, claiming that cryptocurrencies could promote tax evasion and that decentralised peer-to-peer transactions rely on voluntary compliance, posing a threat to fiscal stability. The central bank also cautioned about a probable loss of "seigniorage" income, which is the profit from currency production. According to a PwC analysis in December, 31 nations have policies in place that allow for bitcoin trading. Following the Supreme Court's reversal of the RBI's 2018 order, the central bank increased compliance with rigorous anti-money laundering and foreign exchange regulations, thereby keeping cryptocurrencies out of India's formal financial system. Despite these measures, the crypto trade thrived. In 2022, the government put a levy on cryptocurrency transactions and required local registration for exchanges that facilitate cryptocurrency trades in India. (With inputs from Reuters)

India's SEBI recommends multi-regulator approach for cryptocurrencies amid RBI opposition

The United Nations has upgraded its projection for India's economic growth in 2024. <o:p></o:p>

According to the mid-2024 update of the World Economic Situation and Prospects (WESP) report, India's GDP is now expected to grow by 6.9 per cent, up from the 6.2 per cent forecast made earlier this year.<o:p></o:p>

Strong public investment and private consumption<o:p></o:p>

The report attributes this positive outlook to strong public investment and consistent private consumption. <o:p></o:p>

Although there have been challenges from subdued external demand affecting merchandise exports, sectors like pharmaceuticals and chemicals are anticipated to perform well. <o:p></o:p>

The UN also projects a steady growth rate of 6.6 per cent for India in 2025.<o:p></o:p>

Inflation and labour market<o:p></o:p>

India's consumer price inflation is forecasted to decline to 4.5 per cent in 2024, a major drop from 5.6 per cent in 2023. <o:p></o:p>

This decline keeps inflation within the Reserve Bank of India's target range of 2-6 per cent. <o:p></o:p>

Other South Asian countries are also expected to see reduced inflation rates, with projections ranging from 2.2 per cent in the Maldives to a high of 33.6 per cent in Iran.<o:p></o:p>

&nbsp;The report highlights that, despite a general moderation, food prices remained elevated in the first quarter of 2024, particularly in Bangladesh and India.<o:p></o:p>

Labour market indicators in India have shown improvement, with increased labour force participation driven by strong economic growth. <o:p></o:p>

The Indian government remains committed to reducing the fiscal deficit while boosting capital investments.<o:p></o:p>

Regional economic outlook<o:p></o:p>

South Asia is poised for strong economic performance, buoyed by India's strong growth and recoveries in Pakistan and Sri Lanka. <o:p></o:p>

The regional GDP is expected to grow by 5.8 per cent in 2024 and 5.7 per cent in 2025, although these rates are lower than the 6.2 per cent recorded in 2023. <o:p></o:p>

Tight financial conditions and fiscal imbalances continue to pose challenges to the region’s economic performance.<o:p></o:p>

Global economic perspective<o:p></o:p>

Globally, the UN report notes a positive outlook, while advising caution.<o:p></o:p>

The world economy is projected to grow by 2.7 per cent in 2024 and 2.8 per cent in 2025, reflecting slight upward revisions from earlier forecasts. <o:p></o:p>

Major economies have managed to curb inflation without increases in unemployment, avoiding severe downturns. <o:p></o:p>

However, persistent high interest rates, debt sustainability issues, and geopolitical tensions remain significant risks.<o:p></o:p>

Trade and geopolitical risks<o:p></o:p>

The report highlights a potential recovery in global trade for 2024, driven initially by the destocking of inventory accumulated during the supply chain disruptions of 2021-22. <o:p></o:p>

China’s foreign trade, particularly with emerging markets like Brazil, India, and Russia, has exceeded expectations in early 2024. <o:p></o:p>

Nonetheless, ongoing geopolitical tensions in the Middle East and disruptions in the Red Sea continue to present challenges to global trade flows.<o:p></o:p>

The UN's revised projections reflect a more optimistic economic scenario for India, stimulated by strong domestic factors and strategic investments.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

The United Nations has upgraded its projection for India's economic growth in 2024. According to the mid-2024 update of the World Economic Situation and Prospects (WESP) report, India's GDP is now expected to grow by 6.

The United Nations has upgraded its projection for India's economic growth in 2024. According to the mid-2024 update of the World Economic Situation and Prospects (WESP) report, India's GDP is now expected to grow by 6.9 per cent, up from the 6.2 per cent forecast made earlier this year. Strong public investment and private consumption The report attributes this positive outlook to strong public investment and consistent private consumption. Although there have been challenges from subdued external demand affecting merchandise exports, sectors like pharmaceuticals and chemicals are anticipated to perform well. The UN also projects a steady growth rate of 6.6 per cent for India in 2025. Inflation and labour market India's consumer price inflation is forecasted to decline to 4.5 per cent in 2024, a major drop from 5.6 per cent in 2023. This decline keeps inflation within the Reserve Bank of India's target range of 2-6 per cent. Other South Asian countries are also expected to see reduced inflation rates, with projections ranging from 2.2 per cent in the Maldives to a high of 33.6 per cent in Iran. The report highlights that, despite a general moderation, food prices remained elevated in the first quarter of 2024, particularly in Bangladesh and India. Labour market indicators in India have shown improvement, with increased labour force participation driven by strong economic growth. The Indian government remains committed to reducing the fiscal deficit while boosting capital investments. Regional economic outlook South Asia is poised for strong economic performance, buoyed by India's strong growth and recoveries in Pakistan and Sri Lanka. The regional GDP is expected to grow by 5.8 per cent in 2024 and 5.7 per cent in 2025, although these rates are lower than the 6.2 per cent recorded in 2023. Tight financial conditions and fiscal imbalances continue to pose challenges to the region’s economic performance. Global economic perspective Globally, the UN report notes a positive outlook, while advising caution. The world economy is projected to grow by 2.7 per cent in 2024 and 2.8 per cent in 2025, reflecting slight upward revisions from earlier forecasts. Major economies have managed to curb inflation without increases in unemployment, avoiding severe downturns. However, persistent high interest rates, debt sustainability issues, and geopolitical tensions remain significant risks. Trade and geopolitical risks The report highlights a potential recovery in global trade for 2024, driven initially by the destocking of inventory accumulated during the supply chain disruptions of 2021-22. China’s foreign trade, particularly with emerging markets like Brazil, India, and Russia, has exceeded expectations in early 2024. Nonetheless, ongoing geopolitical tensions in the Middle East and disruptions in the Red Sea continue to present challenges to global trade flows. The UN's revised projections reflect a more optimistic economic scenario for India, stimulated by strong domestic factors and strategic investments. (With inputs from PTI)

India's economic outlook brightens: UN projects 6.9 per cent growth in 2024