‘0-100km/h in 1 second Tesla Roadster’: Why tyre grip becomes a problem when cars accelerate this fast

Up to 1 million satellites in orbit? the space race raising questions about who controls space

US sanctions Cuban state-owned bank BICSA over alleged financial links to Iran

Majid Majidi's new film Midday Meal takes top prize at Asia's biggest film festival

Russian woman and Bihar boy's love story goes viral after she reaches India to marry him

Arijit Singh 9-city India stadium tour to start from January: Check venue and ticket prices

'A new space debris solution for global customers’: Samtel CEO Puneet Kaura on India-Japan partnership

Billy Joel's health update: Why the singer can't drive or perform right now?

Ukraine blinded: Musk deflects blame on Trump, Putin sharpens attack | Gravitas

Oregon school shooting: 16-year-old identified as suspect after at least four killed, including three children

Who is Abu Dhabi royal Mahrah Al Nahyan, found unconscious on London street with toddler after cocaine use

US-Iran War: Trump eyes mother of all bombs; Iran in crosshairs 

Not Khan but Pal: Why did Imran Khan choose his mother's surname over his father's? Family tree explained

Russia-Ukraine War: Putin vows retaliation against Ukraine 

'Turns out the future does have flying cars': Musk's Tesla unveils 'flying' sports car with SpaceX technology | Watch

‘He told me clearly...’: Yuzvendra Chahal reveals why Rohit Sharma dropped him from India’s 2023 WC squad

Australian woman charged for adding snail poison to lover's curry at work

Inside the Peshawar school tragedy: 34 dead, building's condition under scrutiny and owner arrested. Here's what all happened

‘No traffic jams for Tesla owners’: How Elon Musk’s new flying car is different from regular cars?

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

World's 7 most innovative countries in 2026 REVEALED: Did India make the list? | In Pics

Trump says Zelensky 'not a good guy' amid fresh Russia-Ukraine tensions | Watch video

Earthquake measuring 7 magnitude strikes Russia’s Kamchatka Peninsula

Was Trump in danger at Alaska rally? Viral video shows Secret Service agents reacting

'Will stand with Pakistan in case of war with US': Rajasthan BJP chief's remark sparks row

US midterms 2026: FBI investigates suspicious mailings containing 'unknown substance' sent to election offices

Durga Puja 2026: Kajol kicks of celebrations along with mother Tanuja, sister Tanishaa and cousin Ayan Mukerji

Inside Tesla's Roadster: 10 features of Elon Musk's 'flying car' that push the limits of electric vehicles | In Pics

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

Netanyahu defies Trump, blocks Gaza military base for Board of Peace | Gravitas

Saudi Arabia executes Two Bangladesh nationals over immoral act

Tesla Roadster's thrusters vs rocket engines: What's the difference?

Mumbai: CJP brings Tricolour protest to Azad Maidan after weeks of demonstrations

US ends automatic work permit extensions; Indian workers lose 540-day safety net: What it means

'Ukraine must get all it needs to protect civilians and infrastructure': Macron

Portland stabbing: Multiple people reportedly stabbed hours after deadly Bend school shooting

New Friday OTT releases (October 16, 2026): DC, Sacrifice, Aasha- 6 new movies and TV shows coming on Netflix, Zee 5, Prime Video and more

Global retail giant Walmart has initiated a series of moves, including corporate job cuts and office relocations in order to streamline operations. <o:p></o:p>

The company's decision to trim its workforce comes amidst a major restructuring effort to optimise efficiency and adapt to the changing market dynamics. <o:p></o:p>

According to reports from the Wall Street Journal, hundreds of corporate jobs are scheduled to be cut, while remote workers are being encouraged to transition back to physical office spaces. <o:p></o:p>

The restructuring efforts entail a reshuffling of personnel, particularly affecting employees in smaller offices located in Dallas, Atlanta, and Toronto. <o:p></o:p>

These workers are being urged to relocate to larger hubs, such as Walmart's corporate headquarters in Bentonville, Arkansas. <o:p></o:p>

This comes in line with Walmart's strategy to centralise operations and enhance collaboration among its workforce. <o:p></o:p>

Despite the emphasis on office presence, the company will still permit remote work on a part-time basis, provided employees spend the majority of their time in office settings.<o:p></o:p>

Walmart, known for its expansive retail footprint, operates approximately 4,600 stores across the United States and employs a massive workforce of around 2.1 million associates. <o:p></o:p>

The company's recent decisions reflect major industry trends, with businesses worldwide reassessing remote work policies following the COVID-19 pandemic. <o:p></o:p>

The latest developments come with Walmart's ambitious automation initiatives, aimed at modernising its operations and enhancing efficiency. <o:p></o:p>

In April 2023, the company revealed plans to automate 65 per cent of its stores by 2026, indicating a move towards technological integration. <o:p></o:p>

CEO Doug McMillon has previously noted the role of automated warehouses in streamlining processes and reducing reliance on manual labour. <o:p></o:p>

However, alongside its automation drive, Walmart has also been streamlining its physical footprint. <o:p></o:p>

Recent reports indicate the closure of several stores, including a Bay Area location and a Neighbourhood Market in Milwaukee. <o:p></o:p>

These closures, along with layoffs, indicate the company's realignment to optimise its store portfolio and focus on high-performing locations. <o:p></o:p>

In a related development, Walmart has announced the closure of all 51 of its health clinics and the discontinuation of its virtual healthcare operations. <o:p></o:p>

While Walmart has not provided detailed reasons for these closures, industry analysts continue to speculate that this development comes with the aim to optimise operations.<o:p></o:p>

(With inputs from agencies)<o:p></o:p>

Global retail giant Walmart has initiated a series of moves, including corporate job cuts and office relocations in order to streamline operations. The company's decision to trim its workforce comes amidst a major restructuring effort to optimise efficiency and adapt to the changing market dynamics.

Global retail giant Walmart has initiated a series of moves, including corporate job cuts and office relocations in order to streamline operations. The company's decision to trim its workforce comes amidst a major restructuring effort to optimise efficiency and adapt to the changing market dynamics. According to reports from the Wall Street Journal, hundreds of corporate jobs are scheduled to be cut, while remote workers are being encouraged to transition back to physical office spaces. The restructuring efforts entail a reshuffling of personnel, particularly affecting employees in smaller offices located in Dallas, Atlanta, and Toronto. These workers are being urged to relocate to larger hubs, such as Walmart's corporate headquarters in Bentonville, Arkansas. This comes in line with Walmart's strategy to centralise operations and enhance collaboration among its workforce. Despite the emphasis on office presence, the company will still permit remote work on a part-time basis, provided employees spend the majority of their time in office settings. Walmart, known for its expansive retail footprint, operates approximately 4,600 stores across the United States and employs a massive workforce of around 2.1 million associates. The company's recent decisions reflect major industry trends, with businesses worldwide reassessing remote work policies following the COVID-19 pandemic. The latest developments come with Walmart's ambitious automation initiatives, aimed at modernising its operations and enhancing efficiency. In April 2023, the company revealed plans to automate 65 per cent of its stores by 2026, indicating a move towards technological integration. CEO Doug McMillon has previously noted the role of automated warehouses in streamlining processes and reducing reliance on manual labour. However, alongside its automation drive, Walmart has also been streamlining its physical footprint. Recent reports indicate the closure of several stores, including a Bay Area location and a Neighbourhood Market in Milwaukee. These closures, along with layoffs, indicate the company's realignment to optimise its store portfolio and focus on high-performing locations. In a related development, Walmart has announced the closure of all 51 of its health clinics and the discontinuation of its virtual healthcare operations. While Walmart has not provided detailed reasons for these closures, industry analysts continue to speculate that this development comes with the aim to optimise operations. (With inputs from agencies)

Walmart initiates layoffs, and office shifts to streamline operations

China-based Hesai Group has filed a lawsuit against the U. S. government for putting it on a list of companies which have been found to be working with Chinese military. The lawsuit was filed after the U. S. Department of Defense added Hesai to its list of firms in January, simultaneously with several other businesses, pointing out the concerns about their alleged connections to the Chinese military.

Background of the lawsuit

The leading manufacturing company of lidar light sensors that are used in the self-driving vehicles and driver-assistance systems, Hesai Group, questions the decision and says that the management and operations of the company are not influenced by the Chinese governmental or military entities. The company asserts that it is primarily owned by non-Chinese shareholders and thus is focused on the commercial and civilian use of its technology.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/eu-countries-in-favour-of-cutting-trucks-co2-emissions-720998">EU countries in favour of cutting trucks' CO2 emissions</a>

Consequences of the listing

The fact of being on the 1260H list has caused significant reputational damage for Hesai Group, which has in turn led to a steep fall in its stock price as well as the loss of possible business opportunities. Although the inclusion on the list does not present the immediate imposition of sanctions, it is a warning to the U.S. entities about their dealings with the listed companies.

Legal action and requests

In its lawsuit brought on Monday, Hesai Group insists that it was not given any warning or explanation, or even a chance to defend itself before being put on the list. The company demands that the US district court order the government to get its name out of the list, referring to the unequal treatment and the absence of due process.

Response from the government

The U. S. Department of Defense has not made any remarks on the proceeding of the lawsuit. On the other hand, Hesai Group insists that the government has not given any serious answers to its requests for removal of the group from the list or does not try to solve the problem outside the courtroom.

Concerns raised by lawmakers

Some U. S. lawmakers have indicated the doubts on the use of the advanced technology, whose components are made by Chinese firms, including lidar, radar, and semiconductors. They emphasize the possible dangers of data collection and possible sharing of it with China by citing the national security concerns.

U.S. Transportation Secretary Pete Buttigieg previously voiced concerns about the national security implications of such technologies. He stressed the need for a better understanding of the ownership structure of the companies that provide components for the transportation systems to solve the problems effectively.

As the legal battle unfolds, the outcome will likely influence the landscape of technology trade relations between the U.S. and China, with broader implications for the global tech industry.

(Inputs from Reuters)

China-based Hesai Group has filed a lawsuit against the U. S. government for putting it on a list of companies which have been found to be working with Chinese military.

China-based Hesai Group has filed a lawsuit against the U. S. government for putting it on a list of companies which have been found to be working with Chinese military. The lawsuit was filed after the U. S. Department of Defense added Hesai to its list of firms in January, simultaneously with several other businesses, pointing out the concerns about their alleged connections to the Chinese military. Background of the lawsuit The leading manufacturing company of lidar light sensors that are used in the self-driving vehicles and driver-assistance systems, Hesai Group, questions the decision and says that the management and operations of the company are not influenced by the Chinese governmental or military entities. The company asserts that it is primarily owned by non-Chinese shareholders and thus is focused on the commercial and civilian use of its technology. Also Read: EU countries in favour of cutting trucks' CO2 emissions Consequences of the listing The fact of being on the 1260H list has caused significant reputational damage for Hesai Group, which has in turn led to a steep fall in its stock price as well as the loss of possible business opportunities. Although the inclusion on the list does not present the immediate imposition of sanctions, it is a warning to the U.S. entities about their dealings with the listed companies. Legal action and requests In its lawsuit brought on Monday, Hesai Group insists that it was not given any warning or explanation, or even a chance to defend itself before being put on the list. The company demands that the US district court order the government to get its name out of the list, referring to the unequal treatment and the absence of due process. Response from the government The U. S. Department of Defense has not made any remarks on the proceeding of the lawsuit. On the other hand, Hesai Group insists that the government has not given any serious answers to its requests for removal of the group from the list or does not try to solve the problem outside the courtroom. Concerns raised by lawmakers Some U. S. lawmakers have indicated the doubts on the use of the advanced technology, whose components are made by Chinese firms, including lidar, radar, and semiconductors. They emphasize the possible dangers of data collection and possible sharing of it with China by citing the national security concerns. U.S. Transportation Secretary Pete Buttigieg previously voiced concerns about the national security implications of such technologies. He stressed the need for a better understanding of the ownership structure of the companies that provide components for the transportation systems to solve the problems effectively. As the legal battle unfolds, the outcome will likely influence the landscape of technology trade relations between the U.S. and China, with broader implications for the global tech industry. (Inputs from Reuters)

Chinese lidar maker Hesai Group sues U.S. government over allegations

On Tuesday, U.S. President Joe Biden disclosed a high tariff increase on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing, seen as a move aimed to impress voters who are not&nbsp;fans of his economic policies.

According to the White House, this particular measure affects $18 billion in Chinese imported goods including steel and aluminium, semiconductors, batteries, critical minerals, solar cells and cranes.

In 2023, the United States imported $427 billion in goods from China and exported $148 billion to the world's second-largest economy, as reported by the U.S. Census Bureau.

"China's using the same playbook it has before to power its own growth at the expense of others by continuing to invest, despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices," White House National Economic Adviser Lael Brainard said according to local media reports.

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/protestors-try-to-attack-german-tesla-factory-clash-with-police-720996">Protestors try to attack German Tesla factory, clash with police</a>

The White House also criticised former President Trump's 2020 trade deal with China, which did not increase American exports or boost American manufacturing jobs, instead, the 10% across-the-board tariffs on goods from all points of origin that Trump has proposed would go on to agitate U.S. allies, and make them raise prices.

Trump has floated tariffs of 60% or higher on all Chinese goods.

Administration officials said their measures are "carefully targeted," combined with domestic investment, plotted with close allies and unlikely to worsen a bout of inflation that has already angered U.S. voters and imperilled Biden's re-election bid. They also downplayed the risk of retaliation from Beijing.

Despite low unemployment and above-average economic growth, Biden has struggled to convince voters of his economic policy's effectiveness.

Analysts have warned that a trade dispute could raise costs for EVs overall, and hurt Biden's climate goals, while also affecting his aim to create manufacturing jobs.

Biden has said he wants to win this era of competition with China but not to launch a trade war that could hurt the mutually dependent economies. He has worked in recent months to ease tensions in one-on-one talks with Chinese President Xi Jinping.

(With inputs from Reuters)

On Tuesday, U.S. President Joe Biden disclosed a high tariff increase on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing, seen as a move aimed to impress voters who are not fans of his economic policies.

On Tuesday, U.S. President Joe Biden disclosed a high tariff increase on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing, seen as a move aimed to impress voters who are not fans of his economic policies. According to the White House, this particular measure affects $18 billion in Chinese imported goods including steel and aluminium, semiconductors, batteries, critical minerals, solar cells and cranes. In 2023, the United States imported $427 billion in goods from China and exported $148 billion to the world's second-largest economy, as reported by the U.S. Census Bureau. "China's using the same playbook it has before to power its own growth at the expense of others by continuing to invest, despite excess Chinese capacity and flooding global markets with exports that are underpriced due to unfair practices," White House National Economic Adviser Lael Brainard said according to local media reports. Read More: Protestors try to attack German Tesla factory, clash with police The White House also criticised former President Trump's 2020 trade deal with China, which did not increase American exports or boost American manufacturing jobs, instead, the 10% across-the-board tariffs on goods from all points of origin that Trump has proposed would go on to agitate U.S. allies, and make them raise prices. Trump has floated tariffs of 60% or higher on all Chinese goods. Administration officials said their measures are "carefully targeted," combined with domestic investment, plotted with close allies and unlikely to worsen a bout of inflation that has already angered U.S. voters and imperilled Biden's re-election bid. They also downplayed the risk of retaliation from Beijing. Despite low unemployment and above-average economic growth, Biden has struggled to convince voters of his economic policy's effectiveness. Analysts have warned that a trade dispute could raise costs for EVs overall, and hurt Biden's climate goals, while also affecting his aim to create manufacturing jobs. Biden has said he wants to win this era of competition with China but not to launch a trade war that could hurt the mutually dependent economies. He has worked in recent months to ease tensions in one-on-one talks with Chinese President Xi Jinping. (With inputs from Reuters)

Biden government imposes tariffs on Chinese EVs and computer chips

On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws.

The preliminary evaluation into approximately 444 Waymo vehicles by the National Highway Traffic Safety Administration (NHTSA) follows 22 reports of 22 incidents including 17 collisions.

The agency noted that in some of those cases the automated driving systems "appeared to disobey traffic safety control devices" while some crashes took place shortly after the automated driving systems "exhibited unexpected behaviour near traffic safety control devices."

This comes to the forefront in a series of investigations recently opened by NHTSA into the performance of self-driving vehicles after it initiated probes into General Motors Cruise and Amazon.com's Zoox.

Waymo recalled 444 self-driving vehicles in February after two minor collisions occurred in quick succession in Arizona. The company said that a software error could inadvertently result in automated vehicles inaccurately predicting the movement of a towed vehicle.

According to NHTSA, all 22 incidents included either self-driving crashes or driverless vehicles that displayed driving behaviour that potentially violated traffic safety laws. The mentioned incidents include collisions with stationary and semi-stationary entities such as gates and chains and crashes with parked vehicles.

The NHTSA also cited incidents "such as vehicles driving in opposing lanes with nearby oncoming traffic or entering construction zones."

The agency is all set to investigate the Waymo 5th Generation automated driving system performance "in the incidents identified in this resume and similar scenarios, as well as to more closely assess any commonalities in these incidents."

The investigation is the first step before the agency could demand a recall if it is convinced that the vehicles pose a risk to safety. After this it will evaluate Waymo vehicles’ performance "in detecting and responding to traffic control devices and in avoiding collisions with stationary and semi-stationary objects and vehicles."

In March, Waymo said that it was starting to offer free-of-cost driverless robotaxi services to select members of the public in Los Angeles after receiving approval from a state agency to start its ride-hailing program, Waymo One, in Los Angeles and a few cities near San Francisco. 
&nbsp;

On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws.

On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws. The preliminary evaluation into approximately 444 Waymo vehicles by the National Highway Traffic Safety Administration (NHTSA) follows 22 reports of 22 incidents including 17 collisions. The agency noted that in some of those cases the automated driving systems "appeared to disobey traffic safety control devices" while some crashes took place shortly after the automated driving systems "exhibited unexpected behaviour near traffic safety control devices." This comes to the forefront in a series of investigations recently opened by NHTSA into the performance of self-driving vehicles after it initiated probes into General Motors Cruise and Amazon.com's Zoox. Waymo recalled 444 self-driving vehicles in February after two minor collisions occurred in quick succession in Arizona. The company said that a software error could inadvertently result in automated vehicles inaccurately predicting the movement of a towed vehicle. According to NHTSA, all 22 incidents included either self-driving crashes or driverless vehicles that displayed driving behaviour that potentially violated traffic safety laws. The mentioned incidents include collisions with stationary and semi-stationary entities such as gates and chains and crashes with parked vehicles. The NHTSA also cited incidents "such as vehicles driving in opposing lanes with nearby oncoming traffic or entering construction zones." The agency is all set to investigate the Waymo 5th Generation automated driving system performance "in the incidents identified in this resume and similar scenarios, as well as to more closely assess any commonalities in these incidents." The investigation is the first step before the agency could demand a recall if it is convinced that the vehicles pose a risk to safety. After this it will evaluate Waymo vehicles’ performance "in detecting and responding to traffic control devices and in avoiding collisions with stationary and semi-stationary objects and vehicles." In March, Waymo said that it was starting to offer free-of-cost driverless robotaxi services to select members of the public in Los Angeles after receiving approval from a state agency to start its ride-hailing program, Waymo One, in Los Angeles and a few cities near San Francisco.

Waymo under scrutiny over 'unexpected behaviour' of self-driving vehicles

Skoda has updated its most successful sedan with a plethora of changes and the updated 2024 Octavia has gone on sale in the UK. Offered in hatch and estate body styles, the new Octavia comes in four variants — SE Technology, SE L, Sportline and vRS. Furthermore, it offers a range of efficient petrol, diesel and plug-in-hybrid powertrain options.

 
The base-spec SE Technology Octavia hatch prices start from GBP 26,775 and go all the way up to GBP 31,720. The Estate range, on the other hand, starts from GBP 27,775 and goes up to GBP 32,700. Coming to the SE L, the hatch prices range between GBP 31,250 and 34,770 whereas the estate retails between GBP 32,480 and 36,000.

 
The Octavia Sportline adds more features and sporty elements inside-out. The Octavia Sportline hatch prices start from GBP 32,225 and go up to GBP 34,295. The Octavia Sportline estate, on the other hand, ranges between GBP 33,285 and GBP 35,325. Skoda is yet to reveal the prices for the flagship Octavia vRS hatch and estate.

 
On the design front, the 2024 Octavia receives subtle yet effective styling revisions. The front end now features new matrix LED headlights, boasting an adaptive glare-free high beam functionality. These headlights, although optional on lower trim levels, come as standard on the high-performance RS variant. Notably, the RS model has undergone a design shift, foregoing the separate lower lights that characterised its predecessors since 2009.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/pininfarina-reveals-the-battista-cinquantacinque-b95-revealed-720836">Pininfarina reveals the Battista Cinquantacinque, B95 revealed</a>

 
While the rear design remains largely unchanged, the optional taillight design makes the Octavia reminiscent of certain Audi models. Additionally, Skoda offers a refreshed selection of alloy wheels ranging from 16 to 19 inches in size, complemented by daring colour options like Phoenix Orange and Mamba Green.

 
Inside the cabin, the focus is on modernisation and comfort. A new infotainment system takes centre stage, featuring an enlarged 13-inch diagonal screen. Even the base model now comes equipped with a 10-inch digital instrument cluster and dual-zone automatic climate control, offering more convenience and connectivity. Trim and upholstery options have been updated, with ventilated and massaging front seats available as optional extras.

 
Under the hood, the 2024 Octavia boasts a streamlined engine lineup geared towards efficiency and performance. The entry-level three-cylinder 1.0L TSI engine has been retired, with the lineup now starting with the larger 1.5L TSI unit. This four-cylinder engine is available in standard and mild-hybrid configurations, delivering either 116PS &nbsp;and 220Nm or 150PS and 250 Nm of torque. Transmission options vary, with manual and automatic gearboxes depending on the model.

 
The flagship Octavia RS variant receives a boost in power, courtesy of an upgraded 2.0 TSI engine now producing 265PS. This front-wheel-drive powerhouse delivers an exhilarating performance, echoing the sporty prowess of its predecessors. Additionally, Skoda plans to introduce an all-wheel-drive version in 2025, further expanding the Octavia's lineup. 
&nbsp;

Skoda has updated its most successful sedan with a plethora of changes and the updated 2024 Octavia has gone on sale in the UK. Offered in hatch and estate body styles, the new Octavia comes in four variants — SE Technology, SE L, Sportline and vRS.

Skoda has updated its most successful sedan with a plethora of changes and the updated 2024 Octavia has gone on sale in the UK. Offered in hatch and estate body styles, the new Octavia comes in four variants — SE Technology, SE L, Sportline and vRS. Furthermore, it offers a range of efficient petrol, diesel and plug-in-hybrid powertrain options. The base-spec SE Technology Octavia hatch prices start from GBP 26,775 and go all the way up to GBP 31,720. The Estate range, on the other hand, starts from GBP 27,775 and goes up to GBP 32,700. Coming to the SE L, the hatch prices range between GBP 31,250 and 34,770 whereas the estate retails between GBP 32,480 and 36,000. The Octavia Sportline adds more features and sporty elements inside-out. The Octavia Sportline hatch prices start from GBP 32,225 and go up to GBP 34,295. The Octavia Sportline estate, on the other hand, ranges between GBP 33,285 and GBP 35,325. Skoda is yet to reveal the prices for the flagship Octavia vRS hatch and estate. On the design front, the 2024 Octavia receives subtle yet effective styling revisions. The front end now features new matrix LED headlights, boasting an adaptive glare-free high beam functionality. These headlights, although optional on lower trim levels, come as standard on the high-performance RS variant. Notably, the RS model has undergone a design shift, foregoing the separate lower lights that characterised its predecessors since 2009. Also Read: Pininfarina reveals the Battista Cinquantacinque, B95 revealed While the rear design remains largely unchanged, the optional taillight design makes the Octavia reminiscent of certain Audi models. Additionally, Skoda offers a refreshed selection of alloy wheels ranging from 16 to 19 inches in size, complemented by daring colour options like Phoenix Orange and Mamba Green. Inside the cabin, the focus is on modernisation and comfort. A new infotainment system takes centre stage, featuring an enlarged 13-inch diagonal screen. Even the base model now comes equipped with a 10-inch digital instrument cluster and dual-zone automatic climate control, offering more convenience and connectivity. Trim and upholstery options have been updated, with ventilated and massaging front seats available as optional extras. Under the hood, the 2024 Octavia boasts a streamlined engine lineup geared towards efficiency and performance. The entry-level three-cylinder 1.0L TSI engine has been retired, with the lineup now starting with the larger 1.5L TSI unit. This four-cylinder engine is available in standard and mild-hybrid configurations, delivering either 116PS and 220Nm or 150PS and 250 Nm of torque. Transmission options vary, with manual and automatic gearboxes depending on the model. The flagship Octavia RS variant receives a boost in power, courtesy of an upgraded 2.0 TSI engine now producing 265PS. This front-wheel-drive powerhouse delivers an exhilarating performance, echoing the sporty prowess of its predecessors. Additionally, Skoda plans to introduce an all-wheel-drive version in 2025, further expanding the Octavia's lineup.

2024 Skoda Octavia goes on sale

The latest data released by the Society of Indian Automobile Manufacturers (SIAM) reveals a promising uptick in domestic auto sales for April 2024 compared to the same period in 2023.&nbsp;Although there are some difficulties in its way, the Indian automotive sector shows strength and growth driven by positive consumer sentiments and festivities.

Vinod Aggarwal, President, SIAM said, “Year 2024-25 has started on a reasonably good note for the Auto industry, as all the segments have posted growth in April 2024, compared to April 2023, driven by positive consumer sentiments and festivities in this month. Above normal monsoon rainfall, policy continuity post-elections and Government’s push on manufacturing and infrastructure would propel the overall economic growth which would help in continuing the Auto sector’s growth trajectory.”

Strong performance across segments

In April 2024, the total passenger vehicle sales witnessed a marginal increase of 1.3% compared to April 2023, reflecting steady consumer demand and improving economic conditions. The positive trend extends to three-wheelers, with both passenger and goods carrier segments experiencing double-digit growth rates of 11.9% and 64.3%, respectively.

Two-wheeler segment dominates

The standout performer in the domestic market is the two-wheeler segment, which recorded a remarkable surge in sales. Scooters, motorcycles, and mopeds registered significant year-on-year growth rates of 25.2%, 34.4%, and 20.0%, respectively. This robust performance underscores the enduring popularity of two-wheelers as a primary mode of transportation in India.

Challenges in e-rickshaw segment

However, the data also highlights challenges faced by certain subsegments, notably e-rickshaws, which experienced a sharp decline of 49.5% in sales compared to April 2023. This downturn may be attributed to various factors such as changing consumer preferences, regulatory hurdles, and supply chain disruptions.

<table border="1" cellpadding="0" cellspacing="0" data-sheets-root="1" dir="ltr" xmlns="http://www.w3.org/1999/xhtml">
	<colgroup>
		<col width="100" />
		<col width="100" />
		<col width="100" />
		<col width="100" />
	</colgroup>
	<tbody>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Category&quot;}">Category</td>
			<td data-sheets-numberformat="{&quot;1&quot;:5,&quot;2&quot;:&quot;mmmm yyyy&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:45017}">April 2023</td>
			<td data-sheets-numberformat="{&quot;1&quot;:5,&quot;2&quot;:&quot;mmmm yyyy&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:45383}">April 2024</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;% Change&quot;}">% Change</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Total Passenger Vehicles&quot;}">Total Passenger Vehicles</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;3,31,278&quot;}">3,31,278</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;3,35,629&quot;}">3,35,629</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.013}">1.30%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Three Wheelers - Passenger Carrier&quot;}">Three Wheelers - Passenger Carrier</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:34608}">34,608</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:38725}">38,725</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.119}">11.90%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Three Wheelers - Goods Carrier&quot;}">Three Wheelers - Goods Carrier</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:5367}">5,367</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:8818}">8,818</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.643}">64.30%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Three Wheelers - E-Rickshaw&quot;}">Three Wheelers - E-Rickshaw</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:2591}">2,591</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:1308}">1,308</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:-0.495}">-49.50%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Three Wheelers - E-Cart&quot;}">Three Wheelers - E-Cart</td>
			<td data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:319}">319</td>
			<td data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:265}">265</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:-0.169}">-16.90%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Total Three Wheelers&quot;}">Total Three Wheelers</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:42885}">42,885</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:49116}">49,116</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.145}">14.50%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Two Wheelers - Scooters&quot;}">Two Wheelers - Scooters</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;4,64,389&quot;}">4,64,389</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;5,81,277&quot;}">5,81,277</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.252}">25.20%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Two Wheelers - Motorcycles&quot;}">Two Wheelers - Motorcycles</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;8,39,274&quot;}">8,39,274</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;11,28,192&quot;}">11,28,192</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.344}">34.40%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Two Wheelers - Mopeds&quot;}">Two Wheelers - Mopeds</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:34925}">34,925</td>
			<td data-sheets-numberformat="{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:41924}">41,924</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.2}">20.00%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Total Two Wheelers&quot;}">Total Two Wheelers</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;13,38,588&quot;}">13,38,588</td>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;17,51,393&quot;}">17,51,393</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:0.308}">30.80%</td>
		</tr>
		<tr>
			<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Quadricycle&quot;}">Quadricycle</td>
			<td data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:61}">61</td>
			<td data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:19}">19</td>
			<td data-sheets-numberformat="{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}" data-sheets-value="{&quot;1&quot;:3,&quot;3&quot;:-0.689}">-68.90%</td>
		</tr>
	</tbody>
</table>

&nbsp;

(Note:&nbsp;BMW, Mercedes, JLR &amp; Volvo Auto data are not available. Tata Motors Domestic Sales data included only in ‘Total PV’, detailed break-up is not available. However, without Tata Motors, ‘Total PV’ would be 2,84,271 for April 2023 and 2,87,746 for April 2024)

Implications of government policies

Government policies and programs have been the main force in the transformation of the automotive industry. The increasing focus on electric vehicles and sustainable transportation solutions is clearly shown in the comparison of the performance of conventional and electric vehicles. Though the sales of petrol and diesel-powered cars are still the mainstay, the electric vehicle market is slowly but surely becoming popular.

Market dynamics and consumer behaviour

The change in the way consumers behave towards digital platforms and online shopping channels has altered the automotive retail environment. Manufacturers and car sellers are now more and more recognizing the importance of the digital marketing and the virtual showroom to connect with the customers and to boost the sales.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinese-lidar-maker-hesai-group-sues-us-government-over-allegations-721202">Chinese lidar maker Hesai Group sues U.S. government over allegations</a>

Outlook and future prospects

In the future, the automotive industry is hopeful but at the same time, very much careful about the road ahead. Although the possible supply chain disruptions still exist, the economic recovery that is now underway, boosts confidence of the sustained growth rate.

The April 2024 domestic auto sales report of the SIAM shows the Indian automotive sector's resiliency and adaptability. Although the industry has to deal with the multiple challenges, it still proves that it can be able to change and be successful in the dynamic environment. With strategic interventions and collaborative efforts, the automotive industry is poised for a promising future ahead.

The latest data released by the Society of Indian Automobile Manufacturers (SIAM) reveals a promising uptick in domestic auto sales for April 2024 compared to the same period in 2023.

The latest data released by the Society of Indian Automobile Manufacturers (SIAM) reveals a promising uptick in domestic auto sales for April 2024 compared to the same period in 2023. Although there are some difficulties in its way, the Indian automotive sector shows strength and growth driven by positive consumer sentiments and festivities. Vinod Aggarwal, President, SIAM said, “Year 2024-25 has started on a reasonably good note for the Auto industry, as all the segments have posted growth in April 2024, compared to April 2023, driven by positive consumer sentiments and festivities in this month. Above normal monsoon rainfall, policy continuity post-elections and Government’s push on manufacturing and infrastructure would propel the overall economic growth which would help in continuing the Auto sector’s growth trajectory.” Strong performance across segments In April 2024, the total passenger vehicle sales witnessed a marginal increase of 1.3% compared to April 2023, reflecting steady consumer demand and improving economic conditions. The positive trend extends to three-wheelers, with both passenger and goods carrier segments experiencing double-digit growth rates of 11.9% and 64.3%, respectively. Two-wheeler segment dominates The standout performer in the domestic market is the two-wheeler segment, which recorded a remarkable surge in sales. Scooters, motorcycles, and mopeds registered significant year-on-year growth rates of 25.2%, 34.4%, and 20.0%, respectively. This robust performance underscores the enduring popularity of two-wheelers as a primary mode of transportation in India. Challenges in e-rickshaw segment However, the data also highlights challenges faced by certain subsegments, notably e-rickshaws, which experienced a sharp decline of 49.5% in sales compared to April 2023. This downturn may be attributed to various factors such as changing consumer preferences, regulatory hurdles, and supply chain disruptions. Category April 2023 April 2024 % Change Total Passenger Vehicles 3,31,278 3,35,629 1.30% Three Wheelers - Passenger Carrier 34,608 38,725 11.90% Three Wheelers - Goods Carrier 5,367 8,818 64.30% Three Wheelers - E-Rickshaw 2,591 1,308 -49.50% Three Wheelers - E-Cart 319 265 -16.90% Total Three Wheelers 42,885 49,116 14.50% Two Wheelers - Scooters 4,64,389 5,81,277 25.20% Two Wheelers - Motorcycles 8,39,274 11,28,192 34.40% Two Wheelers - Mopeds 34,925 41,924 20.00% Total Two Wheelers 13,38,588 17,51,393 30.80% Quadricycle 61 19 -68.90% (Note: BMW, Mercedes, JLR & Volvo Auto data are not available. Tata Motors Domestic Sales data included only in ‘Total PV’, detailed break-up is not available. However, without Tata Motors, ‘Total PV’ would be 2,84,271 for April 2023 and 2,87,746 for April 2024) Implications of government policies Government policies and programs have been the main force in the transformation of the automotive industry. The increasing focus on electric vehicles and sustainable transportation solutions is clearly shown in the comparison of the performance of conventional and electric vehicles. Though the sales of petrol and diesel-powered cars are still the mainstay, the electric vehicle market is slowly but surely becoming popular. Market dynamics and consumer behaviour The change in the way consumers behave towards digital platforms and online shopping channels has altered the automotive retail environment. Manufacturers and car sellers are now more and more recognizing the importance of the digital marketing and the virtual showroom to connect with the customers and to boost the sales. Also Read: Chinese lidar maker Hesai Group sues U.S. government over allegations Outlook and future prospects In the future, the automotive industry is hopeful but at the same time, very much careful about the road ahead. Although the possible supply chain disruptions still exist, the economic recovery that is now underway, boosts confidence of the sustained growth rate. The April 2024 domestic auto sales report of the SIAM shows the Indian automotive sector's resiliency and adaptability. Although the industry has to deal with the multiple challenges, it still proves that it can be able to change and be successful in the dynamic environment. With strategic interventions and collaborative efforts, the automotive industry is poised for a promising future ahead.

Indian auto sales soar in April 2024: 2-wheelers lead with 30.8 per cent growth

EV maker Zeekr saw its shares rise almost 35% above its initial public offering (IPO) price in the US, proving to be a strong start for the electric-vehicle maker. This is notably the first major US market debut by a Chinese company since 2021. As it successfully completed its US flotation, Zeekr aims to stand out among a swarm of Chinese EV makers competing for a larger share of the European market.

Thanks to the successful debut, Zeekr got a fully diluted valuation of USD 6.8 billion, or about half the USD 13 billion it fetched after a funding round last year. But ironically, its first day of trading happened when US President Joe Biden's administration planned on boosting tariffs on Chinese vehicle imports to the country.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinese-firms-secure-major-bids-in-iraqs-oil-and-gas-exploration-720801">Chinese firms secure major bids in Iraq's oil and gas exploration</a>

Zeekr is the premium brand of Chinese automaker Geely, which also owns Sweden's Volvo Cars and the UK's Lotus. The EV maker was formed in 2021 in order to tap into the growing demand for premium models in China. Since then, the brand has delivered nearly 200,000 cars, mostly in China, according to its IPO filing. Zeekr's CEO Conghui An, who is also the president of its parent company, told Reuters, "The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities."

Zeekr has been eyeing expansion in other markets as fierce competition in China among domestic rivals and with Tesla has eroded its profits. All major Chinese automakers like BYD, SAIC and Great Wall Motor have been targeting Europe. They've been rolling out new electric models on the European turf with an aim to compete with the native legacy automakers. Thus, Chinese EV sales in Europe have soared in recent years.

Zeekr aims to become the Volkswagen Group of this era of new energy vehicles, said An, comparing the company to Europe's top automaker. The brand is more focused on the premium segment of the market.&nbsp;

(with inputs from Reuters)

EV maker Zeekr saw its shares rise almost 35% above its initial public offering (IPO) price in the US, proving to be a strong start for the electric-vehicle maker.

EV maker Zeekr saw its shares rise almost 35% above its initial public offering (IPO) price in the US, proving to be a strong start for the electric-vehicle maker. This is notably the first major US market debut by a Chinese company since 2021. As it successfully completed its US flotation, Zeekr aims to stand out among a swarm of Chinese EV makers competing for a larger share of the European market. Thanks to the successful debut, Zeekr got a fully diluted valuation of USD 6.8 billion, or about half the USD 13 billion it fetched after a funding round last year. But ironically, its first day of trading happened when US President Joe Biden's administration planned on boosting tariffs on Chinese vehicle imports to the country. Also Read: Chinese firms secure major bids in Iraq's oil and gas exploration Zeekr is the premium brand of Chinese automaker Geely, which also owns Sweden's Volvo Cars and the UK's Lotus. The EV maker was formed in 2021 in order to tap into the growing demand for premium models in China. Since then, the brand has delivered nearly 200,000 cars, mostly in China, according to its IPO filing. Zeekr's CEO Conghui An, who is also the president of its parent company, told Reuters, "The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities." Zeekr has been eyeing expansion in other markets as fierce competition in China among domestic rivals and with Tesla has eroded its profits. All major Chinese automakers like BYD, SAIC and Great Wall Motor have been targeting Europe. They've been rolling out new electric models on the European turf with an aim to compete with the native legacy automakers. Thus, Chinese EV sales in Europe have soared in recent years. Zeekr aims to become the Volkswagen Group of this era of new energy vehicles, said An, comparing the company to Europe's top automaker. The brand is more focused on the premium segment of the market. (with inputs from Reuters)

Chinese EV maker Zeekr's shares rise nearly 35% in US market debut

China's consumer prices have marked a steady climb for the third consecutive month in April, signalling a promising revival in domestic demand while the country continues to face economic challenges. <o:p></o:p>

The latest data from the National Bureau of Statistics revealed a 0.3 per cent year-on-year increase in consumer prices, surpassing expectations and indicating a strengthening consumer sentiment.<o:p></o:p>

Senior Economist Xu Tianchen from the Economist Intelligence Unit commented on the data, noting that excluding food and energy prices, core inflation grew by 0.7 per cent in April, reflecting resurgence in demand, particularly in the services sector. <o:p></o:p>

This uptick in consumer prices signifies a positive trend in domestic consumption patterns.<o:p></o:p>

While the consumer price index (CPI) in April showed a slight uptick, the producer price index (PPI) continued its downward trajectory, dropping by 2.5 per cent year-on-year.<o:p></o:p>

Despite the decline in producer prices, the easing of the PPI slide from the previous month suggests a gradual stabilisation in industrial activity.<o:p></o:p>

Analysts caution that despite the encouraging signs of recovery, Beijing faces ongoing challenges in sustaining momentum, especially amid cooling factory and services activity. <o:p></o:p>

Municipal debt concerns and a prolonged housing crisis pose additional hurdles, underscoring the need for continued policy support to bolster economic growth.<o:p></o:p>

Zhou Maohua, a macroeconomic researcher at China Everbright Bank, said that balancing policy measures to support both demand and supply dynamics would be essential.<o:p></o:p>

While domestic demand shows signs of improvement, challenges persist in the industrial manufacturing sector, indicating the necessity for a comprehensive approach to economic recovery.<o:p></o:p>

In response to the economic landscape, China's central bank has plans for flexible and effective monetary policies aimed at promoting a moderate recovery in consumer prices. <o:p></o:p>

The pledge to utilise policy tools to stimulate growth aligns with the Politburo's directives to strengthen economic expansion through strategic interventions.<o:p></o:p>

Chief Economist Bruce Pang from Jones Lang LaSalle highlighted the imperative for proactive policy measures to address the lingering issue of insufficient effective demand. <o:p></o:p>

As China aims to achieve its economic growth target of approximately 5 per cent in 2024, sustained policy support will be essential.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's consumer prices have marked a steady climb for the third consecutive month in April, signalling a promising revival in domestic demand while the country continues to face economic challenges.

China's consumer prices have marked a steady climb for the third consecutive month in April, signalling a promising revival in domestic demand while the country continues to face economic challenges. The latest data from the National Bureau of Statistics revealed a 0.3 per cent year-on-year increase in consumer prices, surpassing expectations and indicating a strengthening consumer sentiment. Senior Economist Xu Tianchen from the Economist Intelligence Unit commented on the data, noting that excluding food and energy prices, core inflation grew by 0.7 per cent in April, reflecting resurgence in demand, particularly in the services sector. This uptick in consumer prices signifies a positive trend in domestic consumption patterns. While the consumer price index (CPI) in April showed a slight uptick, the producer price index (PPI) continued its downward trajectory, dropping by 2.5 per cent year-on-year. Despite the decline in producer prices, the easing of the PPI slide from the previous month suggests a gradual stabilisation in industrial activity. Analysts caution that despite the encouraging signs of recovery, Beijing faces ongoing challenges in sustaining momentum, especially amid cooling factory and services activity. Municipal debt concerns and a prolonged housing crisis pose additional hurdles, underscoring the need for continued policy support to bolster economic growth. Zhou Maohua, a macroeconomic researcher at China Everbright Bank, said that balancing policy measures to support both demand and supply dynamics would be essential. While domestic demand shows signs of improvement, challenges persist in the industrial manufacturing sector, indicating the necessity for a comprehensive approach to economic recovery. In response to the economic landscape, China's central bank has plans for flexible and effective monetary policies aimed at promoting a moderate recovery in consumer prices. The pledge to utilise policy tools to stimulate growth aligns with the Politburo's directives to strengthen economic expansion through strategic interventions. Chief Economist Bruce Pang from Jones Lang LaSalle highlighted the imperative for proactive policy measures to address the lingering issue of insufficient effective demand. As China aims to achieve its economic growth target of approximately 5 per cent in 2024, sustained policy support will be essential. (With inputs from Reuters)

China's consumer prices on the rise for 3rd consecutive month, reflecting demand recovery

<o:p></o:p>France on Sunday secured commitments from tech giant Amazon, pharmaceutical company Pfizer, and investment bank Morgan Stanley, heralding new jobs and investments for the nation. <o:p></o:p>

This comes as President Emmanuel Macron prepares to launch the annual 'Choose France' summit, aimed at attracting foreign investment.<o:p></o:p>

Amazon pledged an additional investment of 1.2 billion euros in France, potentially generating 3,000 new job opportunities, according to announcements made by the French presidency. <o:p></o:p>

Furthermore, Pfizer and AstraZeneca unveiled plans for new investments adding up to nearly $1 billion in the healthcare sector.<o:p></o:p>

Finance Minister Bruno Le Maire said that Morgan Stanley had plans to expand its presence in Paris, with plans to increase its workforce to 500 by 2025, including the addition of 100 staff in the French capital. <o:p></o:p>

Macron's vision aims to enhance Paris' stature as a premier European business hub, despite economic challenges such as a low first-quarter growth rate of 0.2 percent and budget deficit pressures.<o:p></o:p>

While Paris seeks to solidify its position as a global financial centre, it faces stiff competition from established hubs like New York and London. <o:p></o:p>

Le Maire acknowledged the ongoing rivalry with the United States and China, stressing the importance of fostering competitiveness and innovation within the European Union. <o:p></o:p>

To address these challenges, he noted that there was the need for initiatives like a capital markets union to stimulate investment in emerging sectors such as renewable energy and artificial intelligence.<o:p></o:p>

As part of the 'Choose France' event, Le Maire revealed plans to convene meetings with top executives from leading financial institutions, including JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America. <o:p></o:p>

These discussions aim to cultivate partnerships and encourage continued investment in France's industrial and economic projects, aligning with Macron's vision for sustained growth and prosperity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

France on Sunday secured commitments from tech giant Amazon, pharmaceutical company Pfizer, and investment bank Morgan Stanley, heralding new jobs and investments for the nation.

France on Sunday secured commitments from tech giant Amazon, pharmaceutical company Pfizer, and investment bank Morgan Stanley, heralding new jobs and investments for the nation. This comes as President Emmanuel Macron prepares to launch the annual 'Choose France' summit, aimed at attracting foreign investment. Amazon pledged an additional investment of 1.2 billion euros in France, potentially generating 3,000 new job opportunities, according to announcements made by the French presidency. Furthermore, Pfizer and AstraZeneca unveiled plans for new investments adding up to nearly $1 billion in the healthcare sector. Finance Minister Bruno Le Maire said that Morgan Stanley had plans to expand its presence in Paris, with plans to increase its workforce to 500 by 2025, including the addition of 100 staff in the French capital. Macron's vision aims to enhance Paris' stature as a premier European business hub, despite economic challenges such as a low first-quarter growth rate of 0.2 percent and budget deficit pressures. While Paris seeks to solidify its position as a global financial centre, it faces stiff competition from established hubs like New York and London. Le Maire acknowledged the ongoing rivalry with the United States and China, stressing the importance of fostering competitiveness and innovation within the European Union. To address these challenges, he noted that there was the need for initiatives like a capital markets union to stimulate investment in emerging sectors such as renewable energy and artificial intelligence. As part of the 'Choose France' event, Le Maire revealed plans to convene meetings with top executives from leading financial institutions, including JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America. These discussions aim to cultivate partnerships and encourage continued investment in France's industrial and economic projects, aligning with Macron's vision for sustained growth and prosperity. (With inputs from Reuters)

France secures major investments and jobs  from Amazon, Pfizer, and Morgan Stanley

Pininfarina, a legendary design house now turned into an exclusive pure electric carmaker, recently took the wraps off two very interesting cars for the Japanese market. The new Battista Cinquantacinque is a limited-run livery edition that draws inspiration from the 1955 Lancia Florida, which was designed by Pininfarina.

 
Speaking of its highlights, the Battista Cinquantacinque features Savoia Gloss paint, contrasted by the Bianco Sestriere Gloss roof. Its unique exterior colour is further completed by the elegant Brushed Anodised jewellery pack. On the inside, the special hyper GT features the bespoke Mahagoni (Poltrona Frau Heritage Leather) upholstery, taking it back in time.&nbsp;

 
The name Cinquantacinque means ‘55’ in Italian, paying homage to the unveiling of the Lancia Florida back in 1955. In order to enhance its exclusivity, the limited edition features ‘Cinquantacinque 55’ branding on the passenger door plate as well as on the rear active wing.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/audi-q3-and-q3-sportback-bold-edition-launched-in-india-720019">Audi Q3 and Q3 Sportback Bold Edition launched in India</a>

 
Moving to the B95 Barchetta, it is the world’s first pure-electric hyper Barchetta and also the first coach–built by Automobili Pininfarina. While the Italian carmaker has not revealed the number of units it will be available in, it’s said to be in strictly limited numbers. The B95 Barchetta amalgamates the open-top supercar experience with pure electric propulsion.

 
The Pininfarina Battista comes with four electric motors, mounted at each axle. The powerful electric motors belt out 1,900PS of power and 2,340Nm of torque, making it Italy’s most-powerful and fastest road-legal car. The Battista can catapult itselft from standstill to 100kmph in a staggering 1.86 seconds and to 200kmph in just 4.75 seconds. Thanks to a large 120kWh battery pack, it is capable of driving for over 476km on a single charge.

 
On the sidelines of the Japanese introduction, &nbsp;Paolo Dellachà, CEO of Automobili Pininfarina, said: "Our entry to the Japanese market is an exciting milestone for Automobili Pininfarina as we continue to expand our global footprint. Japan is renowned for its rich automotive culture and discerning clientele, who appreciate artistry, performance, and innovation. We are confident this new audience will appreciate the Italian craftsmanship and engineering expertise that goes into making each and every Automobili Pininfarina vehicle a unique expression of its owner’s personality.” 
&nbsp;

Pininfarina, a legendary design house now turned into an exclusive pure electric carmaker, recently took the wraps off two very interesting cars for the Japanese market.

Pininfarina, a legendary design house now turned into an exclusive pure electric carmaker, recently took the wraps off two very interesting cars for the Japanese market. The new Battista Cinquantacinque is a limited-run livery edition that draws inspiration from the 1955 Lancia Florida, which was designed by Pininfarina. Speaking of its highlights, the Battista Cinquantacinque features Savoia Gloss paint, contrasted by the Bianco Sestriere Gloss roof. Its unique exterior colour is further completed by the elegant Brushed Anodised jewellery pack. On the inside, the special hyper GT features the bespoke Mahagoni (Poltrona Frau Heritage Leather) upholstery, taking it back in time. The name Cinquantacinque means ‘55’ in Italian, paying homage to the unveiling of the Lancia Florida back in 1955. In order to enhance its exclusivity, the limited edition features ‘Cinquantacinque 55’ branding on the passenger door plate as well as on the rear active wing. Also Read: Audi Q3 and Q3 Sportback Bold Edition launched in India Moving to the B95 Barchetta, it is the world’s first pure-electric hyper Barchetta and also the first coach–built by Automobili Pininfarina. While the Italian carmaker has not revealed the number of units it will be available in, it’s said to be in strictly limited numbers. The B95 Barchetta amalgamates the open-top supercar experience with pure electric propulsion. The Pininfarina Battista comes with four electric motors, mounted at each axle. The powerful electric motors belt out 1,900PS of power and 2,340Nm of torque, making it Italy’s most-powerful and fastest road-legal car. The Battista can catapult itselft from standstill to 100kmph in a staggering 1.86 seconds and to 200kmph in just 4.75 seconds. Thanks to a large 120kWh battery pack, it is capable of driving for over 476km on a single charge. On the sidelines of the Japanese introduction, Paolo Dellachà, CEO of Automobili Pininfarina, said: "Our entry to the Japanese market is an exciting milestone for Automobili Pininfarina as we continue to expand our global footprint. Japan is renowned for its rich automotive culture and discerning clientele, who appreciate artistry, performance, and innovation. We are confident this new audience will appreciate the Italian craftsmanship and engineering expertise that goes into making each and every Automobili Pininfarina vehicle a unique expression of its owner’s personality.”

Pininfarina reveals the Battista Cinquantacinque, B95 revealed

South Korea is gearing up to roll out a comprehensive support package exceeding $7 billion aimed at strengthening investments and research in the semiconductor sector, as the nation increases its efforts to gain a competitive edge in the global chip market. <o:p></o:p>

Finance Minister Choi Sang-mok revealed the government's ambitious plans on Sunday, highlighting the importance of securing a leading position in the semiconductor industry.<o:p></o:p>

The support package, valued at over 10 trillion won, will target various segments of the semiconductor supply chain, including chip materials, equipment manufacturers, and fabless companies. <o:p></o:p>

Details of the initiative, which may encompass policy loans and the establishment of a new fund backed by both public and private financial institutions, are expected to be unveiled soon.<o:p></o:p>

In addition to financial incentives, South Korea is advancing its semiconductor infrastructure by constructing a mega chip cluster in Yongin, located south of the capital city, Seoul. <o:p></o:p>

Positioned as the world's largest high-tech complex of its kind, this initiative underlines the country’s push towards fostering innovation and competitiveness in the semiconductor domain.<o:p></o:p>

President Yoon Suk Yeol has articulated a steadfast assurance to supporting the semiconductor industry, characterising it as a pivotal battleground where South Korea aims to emerge victorious. <o:p></o:p>

To incentivise investments in chip-related ventures, the government is poised to introduce tax benefits and other strategic measures aimed at propelling the nation to the forefront of the global chip market.<o:p></o:p>

The proposed support package represents a concerted effort by South Korea to fortify its semiconductor sector amidst escalating competition and geopolitical dynamics. <o:p></o:p>

By leveraging financial resources, technological prowess, and strategic initiatives, the nation seeks to solidify its position as a key player in the ever-evolving semiconductor landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

South Korea is gearing up to roll out a comprehensive support package exceeding $7 billion aimed at strengthening investments and research in the semiconductor sector, as the nation increases its efforts to gain a competitive edge in the global chip market.

South Korea is gearing up to roll out a comprehensive support package exceeding $7 billion aimed at strengthening investments and research in the semiconductor sector, as the nation increases its efforts to gain a competitive edge in the global chip market. Finance Minister Choi Sang-mok revealed the government's ambitious plans on Sunday, highlighting the importance of securing a leading position in the semiconductor industry. The support package, valued at over 10 trillion won, will target various segments of the semiconductor supply chain, including chip materials, equipment manufacturers, and fabless companies. Details of the initiative, which may encompass policy loans and the establishment of a new fund backed by both public and private financial institutions, are expected to be unveiled soon. In addition to financial incentives, South Korea is advancing its semiconductor infrastructure by constructing a mega chip cluster in Yongin, located south of the capital city, Seoul. Positioned as the world's largest high-tech complex of its kind, this initiative underlines the country’s push towards fostering innovation and competitiveness in the semiconductor domain. President Yoon Suk Yeol has articulated a steadfast assurance to supporting the semiconductor industry, characterising it as a pivotal battleground where South Korea aims to emerge victorious. To incentivise investments in chip-related ventures, the government is poised to introduce tax benefits and other strategic measures aimed at propelling the nation to the forefront of the global chip market. The proposed support package represents a concerted effort by South Korea to fortify its semiconductor sector amidst escalating competition and geopolitical dynamics. By leveraging financial resources, technological prowess, and strategic initiatives, the nation seeks to solidify its position as a key player in the ever-evolving semiconductor landscape. (With inputs from Reuters)

South Korea plans $7 bn support package to bolster chip industry amid global competition

U. S. President Joe Biden is getting ready to announce a new package of tariffs on Chinese imports, which will be concentrated in strategic industries, such as electric vehicles (EVs), according to media reports.

Tariffs on key sectors

The impending announcement, expected to be made public next Tuesday, will uphold the existing tariffs on numerous Chinese goods implemented by former President Donald Trump. However, it will also introduce new tariffs on semiconductors, solar equipment, and EVs. In addition, the Chinese-made medical supplies such as syringes and personal protective equipment are going to be subject to more tariffs.

Strategic competitiveness and national security

The Biden administration's revisions to the "Section 301 tariffs" address the critical sectors that matter for strategic competitiveness and national security according to sources familiar with the matter.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-kia-accused-of-illegally-repossessing-service-members-vehicles-719700">Hyundai, Kia accused of illegally repossessing service members' vehicles</a>

Push for Higher EV tariffs

Lawmakers have been pushing for substantial increases in tariffs on imported Chinese light-duty vehicles, even though this segment of vehicles from China only makes up a small part of the current volume of imported vehicles. In the new scheme, the existing tariffs on Chinese EVs will become four times higher than the previous tariffs. The Senate Banking Committee Chairman Sherrod Brown calls for a permanent structuring of the plan due to data security risks.

Delays and internal discussions

The office of the U. S. Trade Representative has already given recommendations to the White House but the final announcement has been delayed because of internal discussions. Some sources suggest that the announcement might not occur on Tuesday, as initially anticipated.

Contrasting approaches

Biden's approach to tariffs contrasts with Trump's proposal of blanket tariffs, which the current administration perceives as overly broad and likely to fuel inflation. Trump had advocated for tariffs of 60% or higher on all Chinese imports.

Potential retaliation and trade war concerns

The introduction of new tariffs could cause China's counter attacks, thus leading to the escalation of the already existing tensions between the two largest economies in the world. Trump's previous tariff policies initiated a trade war between the U.S. and China.

Departure from free-trade consensus

Both Biden and Trump have departed significantly from the previous free-trade consensus in Washington. Biden started a review of Trump-era policies in 2022, especially the ones that were made under Section 301 of U. S. trade law, to be more in line with a tough stance on trade with China.

Investigation and pressure on Mexico

Biden's administration has undertaken a review across several sectors, including shipbuilding, maritime, and logistics, that could provide them with leeway for more tariffs to be applied. Additionally, there have been efforts to pressure Mexico to prevent China from indirectly selling metal products to the U.S.

China has criticised the tariff measures, viewing them as counterproductive and harmful to both the U.S. and global economies.

(Inputs from Reuters)

U. S. President Joe Biden is getting ready to announce a new package of tariffs on Chinese imports, which will be concentrated in strategic industries, such as electric vehicles (EVs), according to media reports.

U. S. President Joe Biden is getting ready to announce a new package of tariffs on Chinese imports, which will be concentrated in strategic industries, such as electric vehicles (EVs), according to media reports. Tariffs on key sectors The impending announcement, expected to be made public next Tuesday, will uphold the existing tariffs on numerous Chinese goods implemented by former President Donald Trump. However, it will also introduce new tariffs on semiconductors, solar equipment, and EVs. In addition, the Chinese-made medical supplies such as syringes and personal protective equipment are going to be subject to more tariffs. Strategic competitiveness and national security The Biden administration's revisions to the "Section 301 tariffs" address the critical sectors that matter for strategic competitiveness and national security according to sources familiar with the matter. Also Read: Hyundai, Kia accused of illegally repossessing service members' vehicles Push for Higher EV tariffs Lawmakers have been pushing for substantial increases in tariffs on imported Chinese light-duty vehicles, even though this segment of vehicles from China only makes up a small part of the current volume of imported vehicles. In the new scheme, the existing tariffs on Chinese EVs will become four times higher than the previous tariffs. The Senate Banking Committee Chairman Sherrod Brown calls for a permanent structuring of the plan due to data security risks. Delays and internal discussions The office of the U. S. Trade Representative has already given recommendations to the White House but the final announcement has been delayed because of internal discussions. Some sources suggest that the announcement might not occur on Tuesday, as initially anticipated. Contrasting approaches Biden's approach to tariffs contrasts with Trump's proposal of blanket tariffs, which the current administration perceives as overly broad and likely to fuel inflation. Trump had advocated for tariffs of 60% or higher on all Chinese imports. Potential retaliation and trade war concerns The introduction of new tariffs could cause China's counter attacks, thus leading to the escalation of the already existing tensions between the two largest economies in the world. Trump's previous tariff policies initiated a trade war between the U.S. and China. Departure from free-trade consensus Both Biden and Trump have departed significantly from the previous free-trade consensus in Washington. Biden started a review of Trump-era policies in 2022, especially the ones that were made under Section 301 of U. S. trade law, to be more in line with a tough stance on trade with China. Investigation and pressure on Mexico Biden's administration has undertaken a review across several sectors, including shipbuilding, maritime, and logistics, that could provide them with leeway for more tariffs to be applied. Additionally, there have been efforts to pressure Mexico to prevent China from indirectly selling metal products to the U.S. China has criticised the tariff measures, viewing them as counterproductive and harmful to both the U.S. and global economies. (Inputs from Reuters)

Biden plans new China tariffs, targets EVs

Iraq's oil minister announced on Sunday that Chinese companies have clinched five additional bids to explore oil and gas fields in the country, marking a major advancement in the West Asia nation's hydrocarbon exploration licensing round. <o:p></o:p>

Chinese enterprises have emerged as the sole foreign winners thus far; securing licenses for 10 oil and gas fields, with Iraqi Kurdish Company KAR Group acquiring two licenses as well.<o:p></o:p>

The ongoing licensing round, Iraq's sixth, aims to strengthen domestic energy production, with a focus on enhancing output for local consumption. <o:p></o:p>

More than 20 companies, including European, Chinese, Arab, and Iraqi entities, participated in the pre-qualification process for the 29 projects on offer.<o:p></o:p>

Of particular interest to Iraq is the amplification of natural gas production to fuel power plants currently reliant on gas imports from Iran. <o:p></o:p>

However, despite these ambitions, bids were notably absent for at least six fields with significant gas potential, posing potential setbacks to Iraq's gas production objectives.<o:p></o:p>

Despite Iraqi Prime Minister Mohammed Shia's recent official visit to the US, no bids were placed by US oil majors, marking their absence from the bidding process. <o:p></o:p>

The lack of participation from American companies is evident, especially given the diplomatic exchanges preceding the licensing round.<o:p></o:p>

In specific bid awards, China's CNOOC Iraq secured a bid to develop Block 7 for oil exploration, spanning across several provinces in central and southern Iraq. <o:p></o:p>

Additionally, ZhenHua, Anton Oilfield Services, and Sinopec won bids for the development of the Abu Khaymah, Dhufriya, and Sumer oilfields, respectively. <o:p></o:p>

China's Geo-Jade also secured a bid for the exploration of Iraq's Jabal Sanam field in Basra province.<o:p></o:p>

Iraq, the second-largest oil producer within OPEC, has encountered challenges in its oil sector development, including contractual terms deemed unfavourable by major oil companies, recurring military conflicts, and growing investor scrutiny on environmental, social, and governance criteria. <o:p></o:p>

These factors have influenced the participation dynamics in Iraq's oil and gas exploration ventures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Iraq's oil minister announced on Sunday that Chinese companies have clinched five additional bids to explore oil and gas fields in the country, marking a major advancement in the West Asia nation's hydrocarbon exploration licensing round.

Iraq's oil minister announced on Sunday that Chinese companies have clinched five additional bids to explore oil and gas fields in the country, marking a major advancement in the West Asia nation's hydrocarbon exploration licensing round. Chinese enterprises have emerged as the sole foreign winners thus far; securing licenses for 10 oil and gas fields, with Iraqi Kurdish Company KAR Group acquiring two licenses as well. The ongoing licensing round, Iraq's sixth, aims to strengthen domestic energy production, with a focus on enhancing output for local consumption. More than 20 companies, including European, Chinese, Arab, and Iraqi entities, participated in the pre-qualification process for the 29 projects on offer. Of particular interest to Iraq is the amplification of natural gas production to fuel power plants currently reliant on gas imports from Iran. However, despite these ambitions, bids were notably absent for at least six fields with significant gas potential, posing potential setbacks to Iraq's gas production objectives. Despite Iraqi Prime Minister Mohammed Shia's recent official visit to the US, no bids were placed by US oil majors, marking their absence from the bidding process. The lack of participation from American companies is evident, especially given the diplomatic exchanges preceding the licensing round. In specific bid awards, China's CNOOC Iraq secured a bid to develop Block 7 for oil exploration, spanning across several provinces in central and southern Iraq. Additionally, ZhenHua, Anton Oilfield Services, and Sinopec won bids for the development of the Abu Khaymah, Dhufriya, and Sumer oilfields, respectively. China's Geo-Jade also secured a bid for the exploration of Iraq's Jabal Sanam field in Basra province. Iraq, the second-largest oil producer within OPEC, has encountered challenges in its oil sector development, including contractual terms deemed unfavourable by major oil companies, recurring military conflicts, and growing investor scrutiny on environmental, social, and governance criteria. These factors have influenced the participation dynamics in Iraq's oil and gas exploration ventures. (With inputs from Reuters)

Chinese firms secure major bids in Iraq's oil and gas exploration

The upcoming quarterly earnings reports from Chinese e-commerce giants Alibaba and JD.com are set to provide crucial insights into consumer sentiment in the world's second-largest economy. <o:p></o:p>

As per estimates by DBS, these two companies collectively hold a 69 per cent share of China's e-commerce market revenue, making their performance major indicators of market trends.<o:p></o:p>

In recent years, Alibaba and JD.com have encountered increasing competition from low-cost platforms like Pinduoduo and Douyin, owned by ByteDance. <o:p></o:p>

This competition comes amidst a backdrop of cautious consumer spending habits triggered by the COVID-19 pandemic and economic slowdown. <o:p></o:p>

To address this trend, both Alibaba and JD.com have adjusted their strategies to cater to cost-conscious consumers, albeit at the risk of thinner profit margins.<o:p></o:p>

S&amp;P Global analyst Cathy Lai emphasised the challenge facing Alibaba and JD.com.

"As long as consumers remain highly cost-conscious such policies are likely to further slow revenue growth and erode profit margins," Reuters quoted her as saying.

Lai noted that both companies are increasingly venturing into the realm of unbranded goods, a domain traditionally dominated by Pinduoduo.<o:p></o:p>

Alibaba and JD.com find themselves in a delicate balancing act as they endeavour to defend their premium product segments while simultaneously expanding their offerings to include cheaper alternatives. <o:p></o:p>

Lai pointed out that Alibaba "cannot ignore PDD, but nor can it quell the competitive threat by wholly adopting PDD's strategy." <o:p></o:p>

In response to inquiries, Alibaba's Taobao and Tmall Group have said that they would continue to ensure user satisfaction and investing in product supply, competitive pricing, and quality service. <o:p></o:p>

However, JD.com did not provide a comment regarding the matter. <o:p></o:p>

The financial results from the September to December quarter of last year revealed mixed outcomes for Alibaba and JD.com. <o:p></o:p>

Despite investments in subsidies and discounts during sales events like Singles Day, Alibaba's Taobao and Tmall Group saw a 2 per cent year-on-year revenue increase, while JD.com experienced a similar marginal rise of 3.6 per cent. <o:p></o:p>

Analysts anticipate a slow growth trajectory for both companies in the upcoming quarterly reports, reflecting consistent trends observed in recent quarters.<o:p></o:p>

In contrast, Pinduoduo Holdings reported a 123 per cent revenue growth in the December quarter, brought by its international platform Temu and its domestic platform Pinduoduo. <o:p></o:p>

Additionally, Douyin, although not regularly disclosing sales data, is projected to have achieved a 60 per cent growth rate in 2023, according to estimates by research firm eMarketer.<o:p></o:p>

As China's e-commerce landscape gears up for major mid-year sales events like 618, Alibaba and JD.com face intensified pressure from brands shifting their advertising expenditure towards live-streaming platforms like Douyin. <o:p></o:p>

This shift poses additional challenges for the e-commerce giants, as observed by Jacques Roizen, managing director of China consulting at Digital Luxury Group.<o:p></o:p>

The prolonged reliance on discounts by e-commerce platforms risks undermining the profitability of brands such as L'Oreal and Estee Lauder, which derive a significant portion of their China sales from e-commerce channels. <o:p></o:p>

Alibaba is scheduled to report its earnings for the quarter ending in March on Tuesday, followed by JD.com on Thursday.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The upcoming quarterly earnings reports from Chinese e-commerce giants Alibaba and JD.com are set to provide crucial insights into consumer sentiment in the world's second-largest economy.

The upcoming quarterly earnings reports from Chinese e-commerce giants Alibaba and JD.com are set to provide crucial insights into consumer sentiment in the world's second-largest economy. As per estimates by DBS, these two companies collectively hold a 69 per cent share of China's e-commerce market revenue, making their performance major indicators of market trends. In recent years, Alibaba and JD.com have encountered increasing competition from low-cost platforms like Pinduoduo and Douyin, owned by ByteDance. This competition comes amidst a backdrop of cautious consumer spending habits triggered by the COVID-19 pandemic and economic slowdown. To address this trend, both Alibaba and JD.com have adjusted their strategies to cater to cost-conscious consumers, albeit at the risk of thinner profit margins. S&P Global analyst Cathy Lai emphasised the challenge facing Alibaba and JD.com. "As long as consumers remain highly cost-conscious such policies are likely to further slow revenue growth and erode profit margins," Reuters quoted her as saying. Lai noted that both companies are increasingly venturing into the realm of unbranded goods, a domain traditionally dominated by Pinduoduo. Alibaba and JD.com find themselves in a delicate balancing act as they endeavour to defend their premium product segments while simultaneously expanding their offerings to include cheaper alternatives. Lai pointed out that Alibaba "cannot ignore PDD, but nor can it quell the competitive threat by wholly adopting PDD's strategy." In response to inquiries, Alibaba's Taobao and Tmall Group have said that they would continue to ensure user satisfaction and investing in product supply, competitive pricing, and quality service. However, JD.com did not provide a comment regarding the matter. The financial results from the September to December quarter of last year revealed mixed outcomes for Alibaba and JD.com. Despite investments in subsidies and discounts during sales events like Singles Day, Alibaba's Taobao and Tmall Group saw a 2 per cent year-on-year revenue increase, while JD.com experienced a similar marginal rise of 3.6 per cent. Analysts anticipate a slow growth trajectory for both companies in the upcoming quarterly reports, reflecting consistent trends observed in recent quarters. In contrast, Pinduoduo Holdings reported a 123 per cent revenue growth in the December quarter, brought by its international platform Temu and its domestic platform Pinduoduo. Additionally, Douyin, although not regularly disclosing sales data, is projected to have achieved a 60 per cent growth rate in 2023, according to estimates by research firm eMarketer. As China's e-commerce landscape gears up for major mid-year sales events like 618, Alibaba and JD.com face intensified pressure from brands shifting their advertising expenditure towards live-streaming platforms like Douyin. This shift poses additional challenges for the e-commerce giants, as observed by Jacques Roizen, managing director of China consulting at Digital Luxury Group. The prolonged reliance on discounts by e-commerce platforms risks undermining the profitability of brands such as L'Oreal and Estee Lauder, which derive a significant portion of their China sales from e-commerce channels. Alibaba is scheduled to report its earnings for the quarter ending in March on Tuesday, followed by JD.com on Thursday. (With inputs from Reuters)

Chinese e-commerce giants struggle with balancing discounts and profit amidst fierce competition

<o:p></o:p>

British newspaper groups have issued a warning to Apple regarding the potential implementation of a "web eraser" tool in its Safari browser, which could block advertisements and other unwanted website content, as reported by the Financial Times on Sunday.<o:p></o:p>

The newspaper reported that this move could jeopardise the financial sustainability of journalism.<o:p></o:p>

In preparation for the next iOS 18 software update, Apple is developing an AI-based privacy feature for Safari that would automatically remove ads and other undesirable content from websites, as per reports. <o:p></o:p>

This initiative has brought concerns among industry players, with the News Media Association (NMA), a prominent industry body, expressing apprehensions about its impact on digital revenues. <o:p></o:p>

The Financial Times cited a letter sent to Apple's UK government affairs chief on Friday, in which the NMA noted that advertising revenue is important to support professional journalism.<o:p></o:p>

The letter from the NMA raised crucial questions about the consequences of employing artificial intelligence tools to selectively edit or remove content from articles. <o:p></o:p>

It highlighted the importance of editorial accountability in maintaining the integrity and trustworthiness of news media. <o:p></o:p>

The association highlighted the need for a detailed discussion between publishers and Apple to address the implications of the proposed "web eraser" tool.<o:p></o:p>

NMA, representing a coalition of UK-based national, regional, and local news media organisations, has advocated for a dialogue with Apple to assess the potential ramifications of its ad-blocking plans. <o:p></o:p>

The association's website describes its mission to safeguard the interests of the news media industry and ensure its continued viability.<o:p></o:p>

Both Apple and NMA refrained from immediate comments in response to Reuters' request for clarification on the matter. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

British newspaper groups have issued a warning to Apple regarding the potential implementation of a "web eraser" tool in its Safari browser, which could block advertisements and other unwanted website content, as reported by the Financial Times on Sunday.

British newspaper groups have issued a warning to Apple regarding the potential implementation of a "web eraser" tool in its Safari browser, which could block advertisements and other unwanted website content, as reported by the Financial Times on Sunday. The newspaper reported that this move could jeopardise the financial sustainability of journalism. In preparation for the next iOS 18 software update, Apple is developing an AI-based privacy feature for Safari that would automatically remove ads and other undesirable content from websites, as per reports. This initiative has brought concerns among industry players, with the News Media Association (NMA), a prominent industry body, expressing apprehensions about its impact on digital revenues. The Financial Times cited a letter sent to Apple's UK government affairs chief on Friday, in which the NMA noted that advertising revenue is important to support professional journalism. The letter from the NMA raised crucial questions about the consequences of employing artificial intelligence tools to selectively edit or remove content from articles. It highlighted the importance of editorial accountability in maintaining the integrity and trustworthiness of news media. The association highlighted the need for a detailed discussion between publishers and Apple to address the implications of the proposed "web eraser" tool. NMA, representing a coalition of UK-based national, regional, and local news media organisations, has advocated for a dialogue with Apple to assess the potential ramifications of its ad-blocking plans. The association's website describes its mission to safeguard the interests of the news media industry and ensure its continued viability. Both Apple and NMA refrained from immediate comments in response to Reuters' request for clarification on the matter. (With inputs from Reuters)

British newspaper groups raise alarm over Apple's ad-blocking plans. Here are the details

Following a conversation with Switzerland's Neue Zuercher Zeitung, Lufthansa CEO Carsten Spohr voiced his frustration regarding the delays in aircraft deliveries from Boeing, highlighting the financial implications on the German airline. <o:p></o:p>

According to Reuters, Spohr described the situation as "extremely annoying" and highlighted the significant monetary losses incurred due to the delivery hold-ups.<o:p></o:p>

Despite the challenges, Spohr remains confident in Boeing's ability to address and resolve the ongoing issues. <o:p></o:p>

"However, I am sure Boeing will get the problems under control," Reuters quoted him as saying.<o:p></o:p>

Acknowledging the importance of having two strong aircraft providers in the industry, Spohr said that it was necessary for Boeing to regain its reliability in producing top-quality aircraft. <o:p></o:p>

He also referred to Boeing's European competitor, Airbus, underlining the mutual interest in Boeing's successful resolution of its challenges.<o:p></o:p>

Responding to inquiries about potential alternatives amid Boeing's difficulties, Spohr downplayed the possibility of purchasing Chinese aircraft in the near future. <o:p></o:p>

He said that the Lufthansa Group upheld stringent safety standards, indicating that such a move is unlikely in the coming years.<o:p></o:p>

Regarding Lufthansa's initiatives, Spohr was upbeat about the regulatory approval for the airline's planned stake purchase in Italy's ITA Airways. <o:p></o:p>

He said that Lufthansa would continue its transatlantic flights to North America, dismissing any suggestion of concessions to facilitate regulatory clearance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Following a conversation with Switzerland's Neue Zuercher Zeitung, Lufthansa CEO Carsten Spohr voiced his frustration regarding the delays in aircraft deliveries from Boeing, highlighting the financial implications on the German airline.

Following a conversation with Switzerland's Neue Zuercher Zeitung, Lufthansa CEO Carsten Spohr voiced his frustration regarding the delays in aircraft deliveries from Boeing, highlighting the financial implications on the German airline. According to Reuters, Spohr described the situation as "extremely annoying" and highlighted the significant monetary losses incurred due to the delivery hold-ups. Despite the challenges, Spohr remains confident in Boeing's ability to address and resolve the ongoing issues. "However, I am sure Boeing will get the problems under control," Reuters quoted him as saying. Acknowledging the importance of having two strong aircraft providers in the industry, Spohr said that it was necessary for Boeing to regain its reliability in producing top-quality aircraft. He also referred to Boeing's European competitor, Airbus, underlining the mutual interest in Boeing's successful resolution of its challenges. Responding to inquiries about potential alternatives amid Boeing's difficulties, Spohr downplayed the possibility of purchasing Chinese aircraft in the near future. He said that the Lufthansa Group upheld stringent safety standards, indicating that such a move is unlikely in the coming years. Regarding Lufthansa's initiatives, Spohr was upbeat about the regulatory approval for the airline's planned stake purchase in Italy's ITA Airways. He said that Lufthansa would continue its transatlantic flights to North America, dismissing any suggestion of concessions to facilitate regulatory clearance. (With inputs from Reuters)

Lufthansa CEO expresses concern over Boeing delays. Here’s what he said

In the part 2 of this exclusive interview, we continue our conversation with Preeti Bajaj, CEO & MD of Luminous power technologies, a major player in power batteries & solar energy. We discuss the company’s policy expectations, especially in renewable energy, & global ambitions. Stay tuned to WION for more insightful interactions.

WION exclusive with Preeti Bajaj, CEO & MD, Luminous

The Maldivian government, on Monday (May 13) said India has extended “budgetary support” to the island nation with a rollover of a $50 million Treasury Bill. This comes as the International Monetary Fund (IMF) warned&nbsp;Male against the looming “debt distress” as it looks to borrow more from China.&nbsp;

<h2>About India’s budgetary support</h2>

Maldivian Foreign Minister Moosa Zameer took to X and thanked his Indian counterpart External Affairs Minister (EAM) Dr S Jaishankar and the Government of India for “extending vital budgetary support to Maldives with the rollover of USD 50 million Treasury Bill.”&nbsp;

He added, “This is a true gesture of goodwill which signifies the longstanding friendship between #Maldives and #India.”&nbsp;

WATCH |&nbsp;India donates 2 helicopters&nbsp;to Maldives; pilots say 'unable to fly them'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-donates-2-helicopters-dornier-aircraft-to-maldives-pilots-say-unable-to-fly-them-720992/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In a statement, the foreign ministry said that the Indian government’s decision to roll over the Treasury Bill came after a request by Zameer during his official bilateral visit to India, earlier this year.&nbsp;

“The Government of Maldives is highly appreciative of the generous support that Government of India has been providing to the Maldives in the form of budgetary support,” said the Maldivian foreign ministry.&nbsp;

A large number&nbsp;of infrastructural developmental&nbsp;and high-impact community developmental projects are underway with assistance from the Indian government, “which consists of a notable part as grant assistance,” it added.

The recent budgetary support from New Delhi to Male comes amid&nbsp;relations between the two countries&nbsp; deteriorating after pro-China President Mohamed Muizzu took office and demanded that all Indian military personnel operating the island nation’s three aviation platforms leave.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/maldives-admits-lack-of-qualified-pilots-for-indian-donated-aircraft-amidst-military-personnel-withdrawal-720694">As Indian soldiers leave, Maldives admits their pilots cannot fly aircraft donated by India</a>

Earlier this month, India withdrew its 76 troops from Maldives and replaced them with civilian employees of Hindustan Aeronautics Limited (HAL).&nbsp;

<h2>IMF’s warning to Maldives&nbsp;</h2>

The IMF, on Monday, warned Maldives that it remained at a “high risk of external and overall debt distress” without “significant policy changes”.&nbsp;

“Uncertainty surrounding the outlook is high and risks are tilted to the downside, including from delayed fiscal consolidation and weaker growth in key sources markets for tourism,” said the United States-based organisation in a statement.&nbsp;

The IMF has also urged Maldives to urgently raise revenue, cut spending and reduce external borrowing to avoid a major economic crisis.

Notably, tourism is the largest contributor to the Maldivian economy and accounts for at least 28 per cent of its GDP.&nbsp;

Earlier this month, Maldives urged Indians to visit the island nation in large numbers after a significant fall in the number of tourists from India in the first four months of 2024, amid Muizzu’s ‘India Out’ rhetoric and after some top Maldivian officials made disrespectful remarks against Indian Prime Minister Narendra Modi.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/without-saying-sorry-to-our-pm-indians-react-to-maldivian-ministers-request-to-continue-visiting-maldives-719805">'Without saying sorry to our PM...': Indians troll minister who asked them to visit Maldives</a>

Meanwhile, China has stepped in and pledged more funding for Maldives after Muizzu’s victory, who has promised to build thousands of houses, reclaim more land for urban development and upgrade airports, all with Chinese funding.&nbsp;

A report by AFP citing official data said the island nation’s foreign debt reached $4.038 billion last year, which is about 118 per cent of its GDP.&nbsp;

China is also Maldives’ biggest lender, with the Export-Import Bank of China owning 25.2 per cent of the island nation’s debt, as of June 2023.&nbsp;

(With inputs from agencies) 
&nbsp;

The Maldivian government, on Monday (May 13) said India has extended “budgetary support” to the island nation with a rollover of a $50 million Treasury Bill. This comes as the International Monetary Fund (IMF) warned Male against the looming “debt distress” as it looks to borrow more from China.

The Maldivian government, on Monday (May 13) said India has extended “budgetary support” to the island nation with a rollover of a $50 million Treasury Bill. This comes as the International Monetary Fund (IMF) warned Male against the looming “debt distress” as it looks to borrow more from China. About India’s budgetary support Maldivian Foreign Minister Moosa Zameer took to X and thanked his Indian counterpart External Affairs Minister (EAM) Dr S Jaishankar and the Government of India for “extending vital budgetary support to Maldives with the rollover of USD 50 million Treasury Bill.” He added, “This is a true gesture of goodwill which signifies the longstanding friendship between #Maldives and #India.” WATCH | India donates 2 helicopters to Maldives; pilots say 'unable to fly them' In a statement, the foreign ministry said that the Indian government’s decision to roll over the Treasury Bill came after a request by Zameer during his official bilateral visit to India, earlier this year. “The Government of Maldives is highly appreciative of the generous support that Government of India has been providing to the Maldives in the form of budgetary support,” said the Maldivian foreign ministry. A large number of infrastructural developmental and high-impact community developmental projects are underway with assistance from the Indian government, “which consists of a notable part as grant assistance,” it added. The recent budgetary support from New Delhi to Male comes amid relations between the two countries deteriorating after pro-China President Mohamed Muizzu took office and demanded that all Indian military personnel operating the island nation’s three aviation platforms leave. Also Read | As Indian soldiers leave, Maldives admits their pilots cannot fly aircraft donated by India Earlier this month, India withdrew its 76 troops from Maldives and replaced them with civilian employees of Hindustan Aeronautics Limited (HAL). IMF’s warning to Maldives The IMF, on Monday, warned Maldives that it remained at a “high risk of external and overall debt distress” without “significant policy changes”. “Uncertainty surrounding the outlook is high and risks are tilted to the downside, including from delayed fiscal consolidation and weaker growth in key sources markets for tourism,” said the United States-based organisation in a statement. The IMF has also urged Maldives to urgently raise revenue, cut spending and reduce external borrowing to avoid a major economic crisis. Notably, tourism is the largest contributor to the Maldivian economy and accounts for at least 28 per cent of its GDP. Earlier this month, Maldives urged Indians to visit the island nation in large numbers after a significant fall in the number of tourists from India in the first four months of 2024, amid Muizzu’s ‘India Out’ rhetoric and after some top Maldivian officials made disrespectful remarks against Indian Prime Minister Narendra Modi. Also Read | 'Without saying sorry to our PM...': Indians troll minister who asked them to visit Maldives Meanwhile, China has stepped in and pledged more funding for Maldives after Muizzu’s victory, who has promised to build thousands of houses, reclaim more land for urban development and upgrade airports, all with Chinese funding. A report by AFP citing official data said the island nation’s foreign debt reached $4.038 billion last year, which is about 118 per cent of its GDP. China is also Maldives’ biggest lender, with the Export-Import Bank of China owning 25.2 per cent of the island nation’s debt, as of June 2023. (With inputs from agencies)

India gives Maldives $50mn in budgetary support as IMF warns island nation of ‘debt distress’

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards.

The law will enforce a 90% cut in CO2 emissions from new heavy-duty vehicles by 2040. This implies that manufacturers will have to sell a large share of fully CO2-free trucks to offset any remaining sales of CO2-emitting vehicles in 2040. These CO2-free trucks will include electric vehicles and vehicles running on Hydrogen fuel.

 
&nbsp; 
Currently, most trucks on Europe’s roads are running on diesel, which produces greenhouse gas emissions and air pollutants that have been proven to be associated with lung cancer and respiratory diseases. It’s crucial to note that heavy-duty vehicles produce a quarter of Europe’s road transport emissions.&nbsp;

By 2030, truck manufacturers will have to reduce the CO2 emissions of their fleets by 45%, replacing the initial 30% target and 65% by 2035. Furthermore, 90% of new urban buses sold in the EU will be required to have zero emissions, followed by an increase to 100% in 2035.

European autos group ACEA has described the EU policy as one of the world's most ambitious targets and said they will only be realised if governments match them with a robust roll-out of 50,000 truck-suitable public electric charging points by no later than 2030.

The EU’s truck CO2 policy has already received approval from European Union countries and the EU Parliament, implying that it can now be passed into law.

This law has materialised despite recent complaints from Germany and centre-right EU lawmakers, who had wanted the policy to allow more combustion engines to be sold beyond 2040 if they ran on CO2-neutral fuels.

According to media reports, only Italy, Poland and Slovakia were against the policy during Monday's vote while the Czech Republic abstained.

To win Germany’s support, EU countries added a preamble to the law last month which stated that the European Commission would consider developing rules in future to keep a count of trucks running on CO2-neutral fuels towards achieving the targets.

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards.

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards. The law will enforce a 90% cut in CO2 emissions from new heavy-duty vehicles by 2040. This implies that manufacturers will have to sell a large share of fully CO2-free trucks to offset any remaining sales of CO2-emitting vehicles in 2040. These CO2-free trucks will include electric vehicles and vehicles running on Hydrogen fuel. Currently, most trucks on Europe’s roads are running on diesel, which produces greenhouse gas emissions and air pollutants that have been proven to be associated with lung cancer and respiratory diseases. It’s crucial to note that heavy-duty vehicles produce a quarter of Europe’s road transport emissions. By 2030, truck manufacturers will have to reduce the CO2 emissions of their fleets by 45%, replacing the initial 30% target and 65% by 2035. Furthermore, 90% of new urban buses sold in the EU will be required to have zero emissions, followed by an increase to 100% in 2035. European autos group ACEA has described the EU policy as one of the world's most ambitious targets and said they will only be realised if governments match them with a robust roll-out of 50,000 truck-suitable public electric charging points by no later than 2030. The EU’s truck CO2 policy has already received approval from European Union countries and the EU Parliament, implying that it can now be passed into law. This law has materialised despite recent complaints from Germany and centre-right EU lawmakers, who had wanted the policy to allow more combustion engines to be sold beyond 2040 if they ran on CO2-neutral fuels. According to media reports, only Italy, Poland and Slovakia were against the policy during Monday's vote while the Czech Republic abstained. To win Germany’s support, EU countries added a preamble to the law last month which stated that the European Commission would consider developing rules in future to keep a count of trucks running on CO2-neutral fuels towards achieving the targets.

EU countries in favour of cutting trucks' CO2 emissions

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility.

Approximately 800 people were part of the protest; according to the organising group Disrupt Tesla. The group also claims the expansion would damage the environment.

 
Tesla has intrigued fierce backlash since the company opened the factory in March 2022, and announced plans to expand into a nearby forest to increase its production capability.

 
In February, the town where the factory is situated opposed the proposals in a non-legally binding referendum. Following this, demonstrators have maintained an encampment nearby as a form of protest.

Read More:<a href="https://www.wionews.com/business-economy/france-secures-major-investments-and-jobs-from-amazon-pfizer-and-morgan-stanley-720840">&nbsp;France secures major investments and jobs &nbsp;from Amazon, Pfizer, and Morgan Stanley</a>

 
In a video, many people were seen wearing blue caps and masks coming from a nearby wooded area, attempted to storm the company’s premises while the police officers were trying to prevent them. At least one protester was detained.

 
The same facility was completely shut for a week in March after suspected arson disabled its power. A separate protest collective called Volcano Group took responsibility for the fire, calling for the “complete destruction of the gigafactory”.

 
According to Ole Becker, a spokesperson for Disrupt Tesla, the group aims to draw attention to the environmental harm caused by lithium mining in countries like Argentina or Bolivia. This mineral is crucial for manufacturing electric vehicle batteries.

 
“Why do the police let the leftwing protestors off so easily?” the Tesla CEO, Elon Musk, wrote on his social medial platform X, adding that the demonstrators could not through. Tesla, which dissolved its press department in 2020, did not respond to request for comment.

 
The police confirmed that the protesters tried to enter the plant’s premises, but were stopped, with several people taken into custody, and that it received a few reports of injuries.

 
“We protect the freedom of assembly,” said a Brandenburg police spokesperson, Mario Heinemann, “but we are also responsible for public order and safety. That means we will also intervene when necessary.”

 
The police spokesperson added that some demonstrators also damaged a few Tesla cars using pyrotechnics and paint at a nearby car storage site.

Earlier this week Tesla mentioned that it would shut the factory for one day on Friday, without specifying a reason.&nbsp;

(With inputs from Reuters)

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility.

Many protesters expressed dismay to the expansion of a Tesla plant in Grünheide, near Berlin, clashed with police last week when some of them attempted to barge in the electric vehicle manufacturing facility. Approximately 800 people were part of the protest; according to the organising group Disrupt Tesla. The group also claims the expansion would damage the environment. Tesla has intrigued fierce backlash since the company opened the factory in March 2022, and announced plans to expand into a nearby forest to increase its production capability. In February, the town where the factory is situated opposed the proposals in a non-legally binding referendum. Following this, demonstrators have maintained an encampment nearby as a form of protest. Read More: France secures major investments and jobs from Amazon, Pfizer, and Morgan Stanley In a video, many people were seen wearing blue caps and masks coming from a nearby wooded area, attempted to storm the company’s premises while the police officers were trying to prevent them. At least one protester was detained. The same facility was completely shut for a week in March after suspected arson disabled its power. A separate protest collective called Volcano Group took responsibility for the fire, calling for the “complete destruction of the gigafactory”. According to Ole Becker, a spokesperson for Disrupt Tesla, the group aims to draw attention to the environmental harm caused by lithium mining in countries like Argentina or Bolivia. This mineral is crucial for manufacturing electric vehicle batteries. “Why do the police let the leftwing protestors off so easily?” the Tesla CEO, Elon Musk, wrote on his social medial platform X, adding that the demonstrators could not through. Tesla, which dissolved its press department in 2020, did not respond to request for comment. The police confirmed that the protesters tried to enter the plant’s premises, but were stopped, with several people taken into custody, and that it received a few reports of injuries. “We protect the freedom of assembly,” said a Brandenburg police spokesperson, Mario Heinemann, “but we are also responsible for public order and safety. That means we will also intervene when necessary.” The police spokesperson added that some demonstrators also damaged a few Tesla cars using pyrotechnics and paint at a nearby car storage site. Earlier this week Tesla mentioned that it would shut the factory for one day on Friday, without specifying a reason. (With inputs from Reuters)

Protestors try to attack German Tesla factory, clash with police

China has taken the title of India's largest trading partner for the fiscal year 2023-24, with a bilateral trade volume reaching $118.4 billion, according to data compiled by the Global Trade Research Initiative (GTRI). <o:p></o:p>

This figure narrowly surpasses the two-way commerce between India and the United States, which amounted to $118.3 billion during the same period.<o:p></o:p>

As per the report India's exports to China witnessed an increase of 8.7 per cent, totalling $16.67 billion in the last fiscal year. <o:p></o:p>

Key sectors such as iron ore, cotton, textiles, spices, and agricultural products contributed to this growth trajectory.<o:p></o:p>

On the flip side, India experienced a slight decline in exports to the US, which dipped by 1.32 per cent to $77.5 billion in FY24. <o:p></o:p>

However, imports from the US saw an uptick of 14.7per cent, amounting to $40.78 billion. <o:p></o:p>

Despite this increase in imports, India managed to maintain a trade surplus with the US, expanding from $16.86 billion to $36.74 billion.<o:p></o:p>

Ajay Srivastava, the Founder of GTRI, highlighted the evolving trade dynamics between India and its top trading partners. <o:p></o:p>

He noted that while India's exports to China remained relatively steady, imports surged by 44.7 per cent, resulting in a widening trade deficit. <o:p></o:p>

Conversely, trade with the US exhibited major growth, with exports surging by 47.9 per cent and imports by 14.7 per cent, contributing to an expanded trade surplus for India.<o:p></o:p>

The data from GTRI further revealed that India's trade relationships with its top 15 trading partners underwent major transformations from fiscal year 2019 to FY24, impacting both exports and imports across various sectors. <o:p></o:p>

(With inputs from PTI)<o:p></o:p>

China has taken the title of India's largest trading partner for the fiscal year 2023-24, with a bilateral trade volume reaching $118.4 billion, according to data compiled by the Global Trade Research Initiative (GTRI).

China has taken the title of India's largest trading partner for the fiscal year 2023-24, with a bilateral trade volume reaching $118.4 billion, according to data compiled by the Global Trade Research Initiative (GTRI). This figure narrowly surpasses the two-way commerce between India and the United States, which amounted to $118.3 billion during the same period. As per the report India's exports to China witnessed an increase of 8.7 per cent, totalling $16.67 billion in the last fiscal year. Key sectors such as iron ore, cotton, textiles, spices, and agricultural products contributed to this growth trajectory. On the flip side, India experienced a slight decline in exports to the US, which dipped by 1.32 per cent to $77.5 billion in FY24. However, imports from the US saw an uptick of 14.7per cent, amounting to $40.78 billion. Despite this increase in imports, India managed to maintain a trade surplus with the US, expanding from $16.86 billion to $36.74 billion. Ajay Srivastava, the Founder of GTRI, highlighted the evolving trade dynamics between India and its top trading partners. He noted that while India's exports to China remained relatively steady, imports surged by 44.7 per cent, resulting in a widening trade deficit. Conversely, trade with the US exhibited major growth, with exports surging by 47.9 per cent and imports by 14.7 per cent, contributing to an expanded trade surplus for India. The data from GTRI further revealed that India's trade relationships with its top 15 trading partners underwent major transformations from fiscal year 2019 to FY24, impacting both exports and imports across various sectors. (With inputs from PTI)

China overtakes US as India's top trading partner in FY24, data shows

The Godrej Group, one of India's biggest and oldest industrial houses, is headed for a split.

As per media reports, brothers Adi and Nadir Godrej will head the listed companies, while cousin Jamshyd will get the control of unlisted firms and&nbsp;the group's huge land holdings.

"To preserve mutual respect, goodwill, amity and harmony and to manage diverse expectations and varied strategic directions desired by each Family Branch, the Family Branches have agreed upon a settlement arrangement amongst the Family Branches," read the regulatory filing with the Bombay Stock Exchange.

The Mumbai-based conglomerate, established in 1897 by Ardeshir and Pirojshah Godrej,&nbsp;also said that the Godrej trademark will be "equally owned and shared by both family groups."

The shareholdings and directorships will need to be realigned for the approval of India's antitrust body, the Competition Commission of India.

The family agreement will come into effect after the regulatory approval is granted.

Godrej Industries Limited is the holding company of the Godrej Group, with significant stakes in Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences.

Godrej Industries Limited has a 64.89 per cent stake in Godrej Agrovet, a 23.74 per cent stake in Godrej Consumer Products and owns nearly 48 per cent of the&nbsp;stake in Godrej Properties.

The holding company as well as its subsidiaries are listed on the stock exchange and will be led by&nbsp;Adi and Nadir.&nbsp;

Agro-business company Godrej Agrovet owns over 60 per cent of Astec Lifesciences, whose public shareholders will now receive an open offer from the family members&nbsp;of Adi and Nadir Godrej.

Godrej Consumer Products is the biggest among the listed firms, with a market capitalisation of about $15 billion. The company sells&nbsp;popular products ranging from home care&nbsp;to personal hygiene.

The privately-owned Godrej &amp; Boyce and its affiliates, which&nbsp;will be led by Jamshyd, have a presence across sectors like aerospace, aviation, defence, energy and security, among others.

(With inputs from agencies)

The Godrej Group, one of India's biggest and oldest industrial houses, is headed for a split. As per media reports, brothers Adi and Nadir Godrej will head the listed companies, while cousin Jamshyd will get the control of unlisted firms and the group's huge land holdings.

The Godrej Group, one of India's biggest and oldest industrial houses, is headed for a split. As per media reports, brothers Adi and Nadir Godrej will head the listed companies, while cousin Jamshyd will get the control of unlisted firms and the group's huge land holdings. "To preserve mutual respect, goodwill, amity and harmony and to manage diverse expectations and varied strategic directions desired by each Family Branch, the Family Branches have agreed upon a settlement arrangement amongst the Family Branches," read the regulatory filing with the Bombay Stock Exchange. The Mumbai-based conglomerate, established in 1897 by Ardeshir and Pirojshah Godrej, also said that the Godrej trademark will be "equally owned and shared by both family groups." The shareholdings and directorships will need to be realigned for the approval of India's antitrust body, the Competition Commission of India. The family agreement will come into effect after the regulatory approval is granted. Godrej Industries Limited is the holding company of the Godrej Group, with significant stakes in Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences. Godrej Industries Limited has a 64.89 per cent stake in Godrej Agrovet, a 23.74 per cent stake in Godrej Consumer Products and owns nearly 48 per cent of the stake in Godrej Properties. The holding company as well as its subsidiaries are listed on the stock exchange and will be led by Adi and Nadir. Agro-business company Godrej Agrovet owns over 60 per cent of Astec Lifesciences, whose public shareholders will now receive an open offer from the family members of Adi and Nadir Godrej. Godrej Consumer Products is the biggest among the listed firms, with a market capitalisation of about $15 billion. The company sells popular products ranging from home care to personal hygiene. The privately-owned Godrej & Boyce and its affiliates, which will be led by Jamshyd, have a presence across sectors like aerospace, aviation, defence, energy and security, among others. (With inputs from agencies)

Godrej family to split 127-year-old business empire. Here are the details

In a shift from its initial plan to offer an all-electric lineup in Europe beyond 2030, Ford Motor Company is now considering offering gas-powered vehicles and hybrids in the region beyond the set timeline, the Detroit automaker said. Earlier in 2021, the company had outlined plans for an all electric lineup for Europe by the end of the decade.&nbsp;

However, due to slowing of EV adoption in the bloc, the company made a change in its plans. "As EV adoption in Europe has slowed, we believe we need to offer our customers ICE (internal combustion engine) and hybrid vehicle options beyond 2030," Ford said in a statement to Reuters. The company added that it is closely monitoring the situation and would adapt as necessary.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/german-carmakers-warn-eu-tariffs-on-chinese-evs-may-backlash-719665">German carmakers warn EU tariffs on Chinese EVs may backlash</a>

Over the past year, Europe has seen a rise in popularity of hybrid vehicles, which act as a bridge between gas-powered vehicles and EVs. This has prompted automakers to scale back on their plans to go fully electric by the end of the decade. Additionally, a lack of charging infrastructure in Europe has also deterred some buyers from switching over to EVs.

Still, global automakers are strategising to shift their gasoline-powered lineups to an all-electric powerhouse eventually and gradually, as they are under pressure to cut vehicle emissions and adapt greener technologies.

In a separate development, the US National Highway Traffic Safety Administration (NHTSA) has initiated an inquiry into Ford's BlueCruise hands-free driving technology, following two fatal collisions in which Mustang Mach-E SUVs hit parked vehicles. The safety agency will investigate the first 130,000 Ford Mustang Mach-E SUVs produced between 2021 and 2024 to determine whether these vehicles pose an unacceptable safety risk.

Ford assured it was cooperating with NHTSA to tackle the issue. Meanwhile, the National Transportation Safety Board (NTSB) has launched two independent investigations into the two crashes involving the Mustang Mach-E. In a fatal incident on February 24, a 2022 Mustang Mach-E using BlueCruise tech rammed into the rear of a stationary Honda CR-V on Interstate Highway 10 in San Antonio, Texas. On March 3, another Mach-E crashed in Philadelphia.

(with input from Reuters) 
&nbsp;

In a shift from its initial plan to offer an all-electric lineup in Europe beyond 2030, Ford Motor Company is now considering offering gas-powered vehicles and hybrids in the region beyond the set timeline, the Detroit automaker said.

In a shift from its initial plan to offer an all-electric lineup in Europe beyond 2030, Ford Motor Company is now considering offering gas-powered vehicles and hybrids in the region beyond the set timeline, the Detroit automaker said. Earlier in 2021, the company had outlined plans for an all electric lineup for Europe by the end of the decade. However, due to slowing of EV adoption in the bloc, the company made a change in its plans. "As EV adoption in Europe has slowed, we believe we need to offer our customers ICE (internal combustion engine) and hybrid vehicle options beyond 2030," Ford said in a statement to Reuters. The company added that it is closely monitoring the situation and would adapt as necessary. Also Read: German carmakers warn EU tariffs on Chinese EVs may backlash Over the past year, Europe has seen a rise in popularity of hybrid vehicles, which act as a bridge between gas-powered vehicles and EVs. This has prompted automakers to scale back on their plans to go fully electric by the end of the decade. Additionally, a lack of charging infrastructure in Europe has also deterred some buyers from switching over to EVs. Still, global automakers are strategising to shift their gasoline-powered lineups to an all-electric powerhouse eventually and gradually, as they are under pressure to cut vehicle emissions and adapt greener technologies. In a separate development, the US National Highway Traffic Safety Administration (NHTSA) has initiated an inquiry into Ford's BlueCruise hands-free driving technology, following two fatal collisions in which Mustang Mach-E SUVs hit parked vehicles. The safety agency will investigate the first 130,000 Ford Mustang Mach-E SUVs produced between 2021 and 2024 to determine whether these vehicles pose an unacceptable safety risk. Ford assured it was cooperating with NHTSA to tackle the issue. Meanwhile, the National Transportation Safety Board (NTSB) has launched two independent investigations into the two crashes involving the Mustang Mach-E. In a fatal incident on February 24, a 2022 Mustang Mach-E using BlueCruise tech rammed into the rear of a stationary Honda CR-V on Interstate Highway 10 in San Antonio, Texas. On March 3, another Mach-E crashed in Philadelphia. (with input from Reuters)

Ford planning to offer combustion-engine, hybrid vehicles in Europe beyond 2030

The 2024 Work Trend Index by Microsoft and LinkedIn solidifies the prevailing notion: Artificial Intelligence is not a fad, but a technology that is changing the way people work.

Three major trends emerge out of the report, born out of a survey involving 31,000 'knowledge workers' —&nbsp;employees working at a desk, either in an office or remotely —&nbsp;across 31 countries. &nbsp;

1) Employees are increasingly using AI at their workplace, with at least 75 per cent of the respondents claiming to use AI for work. In fact, AI usage has nearly doubled between September 2023 and March 2024. An overwhelming percentage of employees, especially in small and medium-sized businesses, are using their own AI tools to work. Nearly 80 per cent of employees believe that AI skills will broaden their job opportunities.

2) AI is increasingly becoming the top professional skill to possess. Sixty-six per cent of corporate leaders say they won't hire someone without AI skills. In fact, companies are more likely to hire a less experienced but AI-skilled candidate, than a more experienced candidate with no AI skills. In an indication of its rising stock in the corporate world, there was a 142-fold increase in AI skills like Copilot and ChatGPT being added to LinkedIn profiles last year.

3) AI is increasingly aiding employees' creativity and productivity. The report dubs frequent AI users as 'power users', who utilise the power of prompts to save more than 30 minutes in a day. They are the ones who experiment with the power of AI to enhance their user experience. At least 92 per cent of 'power users' say that AI boosts their creativity. Over 90 per cent of them also add that the technology helps them focus on the most important work and enjoy their job.

While AI use is proliferating at a personal level, corporate leaders are still figuring out a way to scale up. A big factor hindering AI's growth in workplaces is inertia. At least 60 per cent believe that&nbsp;their organisation lacks a plan and vision to implement AI for&nbsp;revenue generation.

"The pressure to show immediate Return of Investment (ROI) is making leaders inert, even in the face of AI inevitability," notes the report. Many employers are also worried about quantifying the productivity gains of AI, which is further delaying mass adoption.

The report urges the corporate world to shun its inhibitions and embrace AI. "As we reach the hard part of this tech disruption — turning experimentation into tangible business impact — companies that face the challenge head-on will surge ahead," concludes the report.

The 2024 Work Trend Index by Microsoft and LinkedIn solidifies the prevailing notion: Artificial Intelligence is not a fad, but a technology that is changing the way people work.

The 2024 Work Trend Index by Microsoft and LinkedIn solidifies the prevailing notion: Artificial Intelligence is not a fad, but a technology that is changing the way people work. Three major trends emerge out of the report, born out of a survey involving 31,000 'knowledge workers' — employees working at a desk, either in an office or remotely — across 31 countries. 1) Employees are increasingly using AI at their workplace, with at least 75 per cent of the respondents claiming to use AI for work. In fact, AI usage has nearly doubled between September 2023 and March 2024. An overwhelming percentage of employees, especially in small and medium-sized businesses, are using their own AI tools to work. Nearly 80 per cent of employees believe that AI skills will broaden their job opportunities. 2) AI is increasingly becoming the top professional skill to possess. Sixty-six per cent of corporate leaders say they won't hire someone without AI skills. In fact, companies are more likely to hire a less experienced but AI-skilled candidate, than a more experienced candidate with no AI skills. In an indication of its rising stock in the corporate world, there was a 142-fold increase in AI skills like Copilot and ChatGPT being added to LinkedIn profiles last year. 3) AI is increasingly aiding employees' creativity and productivity. The report dubs frequent AI users as 'power users', who utilise the power of prompts to save more than 30 minutes in a day. They are the ones who experiment with the power of AI to enhance their user experience. At least 92 per cent of 'power users' say that AI boosts their creativity. Over 90 per cent of them also add that the technology helps them focus on the most important work and enjoy their job. While AI use is proliferating at a personal level, corporate leaders are still figuring out a way to scale up. A big factor hindering AI's growth in workplaces is inertia. At least 60 per cent believe that their organisation lacks a plan and vision to implement AI for revenue generation. "The pressure to show immediate Return of Investment (ROI) is making leaders inert, even in the face of AI inevitability," notes the report. Many employers are also worried about quantifying the productivity gains of AI, which is further delaying mass adoption. The report urges the corporate world to shun its inhibitions and embrace AI. "As we reach the hard part of this tech disruption — turning experimentation into tangible business impact — companies that face the challenge head-on will surge ahead," concludes the report.

Reality Check: AI is changing the way people work. This survey tells you how

Former US President Donald Trump promised to reverse dozens of the Biden administration's environmental rules and policies at a meeting with top U.S. oil executives. In the same meeting, he also asked the attendees to raise $1 billion for his presidential campaign on Thursday, according to media reports.

 
Citing anonymous sources who know well about the Florida meeting last month, The Post stated that Republican Presidential candidate Trump told the chief executives that giving $ 1 billion would be a "deal" for them, according to the report.

The guestlist included the CEOs of Venture Global, Cheniere Energy as well as representatives from Chevron , Continental Resources, Exxon and Occidental Petroleum, it said.&nbsp;Representatives for Trump's campaign did not respond to a request for comment.&nbsp;

 
However, representatives for Exxon said they had no details to share, while representatives for the other companies did not respond to requests for comments at all.

 
Trump, gearing up for a rematch with Biden in the upcoming presidential election on Nov. 5, has pledged to roll back many of the measures implemented by the Democratic president to combat climate change.

&nbsp; 
During a meeting at Trump's exclusive club, the Republican presidential candidate outlined plans to expand oil drilling leases in the Gulf of Mexico and lift drilling restrictions in the Alaskan Arctic, as reported by the Post. He also reiterated his grievances regarding wind power.&nbsp;

 
Read More:&nbsp;<a href="https://www.wionews.com/business-economy/ford-planning-to-offer-combustion-engine-hybrid-vehicles-in-europe-beyond-2030-720010">Ford planning to offer combustion-engine, hybrid vehicles in Europe beyond 2030</a>

 
Biden, on the other hand, has highlighted his administration's climate initiatives, including regulations on vehicle emissions, emphasising their dual benefits for the environment and the economy, a key point in his bid for re-election.

 
The United States had it’s highest oil production ever, reaching an average of almost thirteen million barrels every single day last year, despite grievances from the oil industry concerning Mr. Biden’s policies.

During that period ExxonMobil and Chevron — two of America’s main players in the energy sector — made more money than they have been able to over the past ten years.

However, Big Oil is looking forward to recording bigger earnings should Trump stage a return to the White House considering his promises to “return”.&nbsp;

 
(With inputs from Reuters) 
&nbsp;

Former US President Donald Trump promised to reverse dozens of the Biden administration's environmental rules and policies at a meeting with top U.S. oil executives.

Former US President Donald Trump promised to reverse dozens of the Biden administration's environmental rules and policies at a meeting with top U.S. oil executives. In the same meeting, he also asked the attendees to raise $1 billion for his presidential campaign on Thursday, according to media reports. Citing anonymous sources who know well about the Florida meeting last month, The Post stated that Republican Presidential candidate Trump told the chief executives that giving $ 1 billion would be a "deal" for them, according to the report. The guestlist included the CEOs of Venture Global, Cheniere Energy as well as representatives from Chevron , Continental Resources, Exxon and Occidental Petroleum, it said. Representatives for Trump's campaign did not respond to a request for comment. However, representatives for Exxon said they had no details to share, while representatives for the other companies did not respond to requests for comments at all. Trump, gearing up for a rematch with Biden in the upcoming presidential election on Nov. 5, has pledged to roll back many of the measures implemented by the Democratic president to combat climate change. During a meeting at Trump's exclusive club, the Republican presidential candidate outlined plans to expand oil drilling leases in the Gulf of Mexico and lift drilling restrictions in the Alaskan Arctic, as reported by the Post. He also reiterated his grievances regarding wind power. Read More: Ford planning to offer combustion-engine, hybrid vehicles in Europe beyond 2030 Biden, on the other hand, has highlighted his administration's climate initiatives, including regulations on vehicle emissions, emphasising their dual benefits for the environment and the economy, a key point in his bid for re-election. The United States had it’s highest oil production ever, reaching an average of almost thirteen million barrels every single day last year, despite grievances from the oil industry concerning Mr. Biden’s policies. During that period ExxonMobil and Chevron — two of America’s main players in the energy sector — made more money than they have been able to over the past ten years. However, Big Oil is looking forward to recording bigger earnings should Trump stage a return to the White House considering his promises to “return”. (With inputs from Reuters)

Donald Trump pledges to target EVs, LNG exports in meeting with oil CEOs, seeks $ 1 billion as 'deal'

After enduring a challenging period marked by economic downturn, the United Kingdom has emerged from recession. According to the official data cited by UK media outlets, the country's economy saw a growth of 0.6 per cent between January and March. Reacting to this, Chancellor Jeremy Hunt said that the data is&nbsp;"proof that the economy is returning to full health for the first time since the pandemic".

“We’re growing this year and have the best outlook among European G7 countries over the next six years, with wages growing faster than inflation, energy prices falling and tax cuts worth £900 ($1,128) to the average worker hitting bank accounts," Hunt added.&nbsp;

According to data from the Office for National Statistics, the UK's economy experienced its most robust growth with an uptick from the previous quarter's contraction of 0.3 per cent in GDP. This positive momentum is seen as a timely boost for Prime Minister Rishi Sunak as he prepares for an election expected to be held in January next year. Sunak took to social media to express his optimism.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/trending/elon-musk-claims-aliens-have-never-visited-earth-and-heres-the-proof-719996">Elon Musk claims aliens have never visited Earth and here's the proof...</a>

He wrote, "The economy has turned a corner. Today's news proves that. We know things are still tough for many people, but the plan is working, and we must stick to it." Following the release of the data, the value of the British pound strengthened against the US dollar.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-war-zelensky-sacks-security-chief-after-failed-assassination-plot-719960">Russia-Ukraine war: Zelensky sacks security chief after failed assassination plot</a>

This growth was primarily driven by the services sector, encompassing industries such as hospitality and entertainment. In addition to this, the Office for National Statistics reported growth in the production sector as well. However, there was a contraction in the construction industry during the same period.

<h2>'No time for victory lap'</h2>

Labour's shadow chancellor Rachel Reeves said this is "no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good".

Watch |&nbsp;<a href="https://www.wionews.com/videos/russia-ukraine-war-zelensky-addresses-difficult-situations-at-eastern-frontline-720001">Russia-Ukraine war: Zelensky addresses 'difficult situations' at Eastern frontline</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukraine-war-zelensky-addresses-difficult-situations-at-eastern-frontline-720001/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

“After 14 years of economic chaos, working people are still worse off," she said, adding,&nbsp;"Prices are still significantly higher in the shops, families are paying hundreds of pounds more on monthly mortgage bills, and the economy is forecast to grow by just one per cent next year."

(With inputs from agencies)

After enduring a challenging period marked by economic downturn, the United Kingdom has emerged from recession. According to the official data cited by UK media outlets, the country's economy saw a growth of 0.

After enduring a challenging period marked by economic downturn, the United Kingdom has emerged from recession. According to the official data cited by UK media outlets, the country's economy saw a growth of 0.6 per cent between January and March. Reacting to this, Chancellor Jeremy Hunt said that the data is "proof that the economy is returning to full health for the first time since the pandemic". “We’re growing this year and have the best outlook among European G7 countries over the next six years, with wages growing faster than inflation, energy prices falling and tax cuts worth £900 ($1,128) to the average worker hitting bank accounts," Hunt added. According to data from the Office for National Statistics, the UK's economy experienced its most robust growth with an uptick from the previous quarter's contraction of 0.3 per cent in GDP. This positive momentum is seen as a timely boost for Prime Minister Rishi Sunak as he prepares for an election expected to be held in January next year. Sunak took to social media to express his optimism. Also Read | Elon Musk claims aliens have never visited Earth and here's the proof... He wrote, "The economy has turned a corner. Today's news proves that. We know things are still tough for many people, but the plan is working, and we must stick to it." Following the release of the data, the value of the British pound strengthened against the US dollar. Also Read | Russia-Ukraine war: Zelensky sacks security chief after failed assassination plot This growth was primarily driven by the services sector, encompassing industries such as hospitality and entertainment. In addition to this, the Office for National Statistics reported growth in the production sector as well. However, there was a contraction in the construction industry during the same period. 'No time for victory lap' Labour's shadow chancellor Rachel Reeves said this is "no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good". Watch | Russia-Ukraine war: Zelensky addresses 'difficult situations' at Eastern frontline × “After 14 years of economic chaos, working people are still worse off," she said, adding, "Prices are still significantly higher in the shops, families are paying hundreds of pounds more on monthly mortgage bills, and the economy is forecast to grow by just one per cent next year." (With inputs from agencies)

UK recession blues over with economy 'returning to full health', says Chancellor Jeremy Hunt