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Job openings in the US have plunged to a three-year low in March, accompanied by a decline in the number of people leaving their jobs, suggesting a gradual easing in labour demand. <o:p></o:p>

The latest report from the Labour Department's Job Openings and Labour Turnover Survey (JOLTS) revealed this decline, indicating potential implications for the Federal Reserve's inflation management strategy. <o:p></o:p>

While these findings provide some insights into the labour landscape, concerns about inflation persist, particularly in light of surging input costs for manufacturers. <o:p></o:p>

The recent surge in raw material prices, reaching the highest level in nearly two years in April, raises apprehensions about sustained upward pressure on prices. <o:p></o:p>

Despite this, the Federal Reserve maintained its benchmark interest rate, signalling a cautious approach amidst mixed economic indicators.<o:p></o:p>

Mark Streiber, an economic analyst at FHN Financial, said that these market trends are important in the context of the Federal Reserve's inflation objectives.<o:p></o:p>

"Continued cooling in the labour market is part of the Fed's plan to help return inflation to 2 per cent, with job openings serving as one of the Fed's barometers," he said. <o:p></o:p>

The JOLTS report revealed a decrease in job openings, with figures dropping by 325,000 to 8.488 million in March, the lowest level since February 2021. <o:p></o:p>

This decline follows a peak of 12.182 million job openings recorded in March 2022, indicating a notable contraction in labour demand over the past year. <o:p></o:p>

Economists had anticipated slightly higher figures, with forecasts pegged at 8.686 million job openings.<o:p></o:p>

The decline in job openings was particularly pronounced in sectors such as construction and finance, which collectively witnessed a reduction of 182,000 unfilled positions in construction and 158,000 in finance and insurance. <o:p></o:p>

However, there was an increase in job openings in state and local government education, providing a nuanced view of sectoral dynamics within the labour market.<o:p></o:p>

Notably, the decrease in job postings was more prominent in the Western and Midwestern regions of the United States, with fewer open positions also observed in the South, despite its robust employment growth historically. <o:p></o:p>

Conversely, job postings increased in the Northeast.<o:p></o:p>

Moreover, the decline in job vacancies was particularly pronounced among small businesses and medium-sized establishments, raising concerns about the broader implications for overall job growth.<o:p></o:p>

Despite these challenges, the labour market remains strong, attributed to the hiring rates and declining layoffs. <o:p></o:p>

However, the number of people quitting their jobs decreased significantly, reaching the lowest level since January 2021. <o:p></o:p>

This decline was concentrated in sectors such as trade, transportation, utilities, and other services.<o:p></o:p>

While the moderation in resignations may alleviate concerns about wage pressures, challenges persist in managing inflationary risks, especially with input costs for manufacturers soaring to a near two-year high in April. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Job openings in the US have plunged to a three-year low in March, accompanied by a decline in the number of people leaving their jobs, suggesting a gradual easing in labour demand.

Job openings in the US have plunged to a three-year low in March, accompanied by a decline in the number of people leaving their jobs, suggesting a gradual easing in labour demand. The latest report from the Labour Department's Job Openings and Labour Turnover Survey (JOLTS) revealed this decline, indicating potential implications for the Federal Reserve's inflation management strategy. While these findings provide some insights into the labour landscape, concerns about inflation persist, particularly in light of surging input costs for manufacturers. The recent surge in raw material prices, reaching the highest level in nearly two years in April, raises apprehensions about sustained upward pressure on prices. Despite this, the Federal Reserve maintained its benchmark interest rate, signalling a cautious approach amidst mixed economic indicators. Mark Streiber, an economic analyst at FHN Financial, said that these market trends are important in the context of the Federal Reserve's inflation objectives. "Continued cooling in the labour market is part of the Fed's plan to help return inflation to 2 per cent, with job openings serving as one of the Fed's barometers," he said. The JOLTS report revealed a decrease in job openings, with figures dropping by 325,000 to 8.488 million in March, the lowest level since February 2021. This decline follows a peak of 12.182 million job openings recorded in March 2022, indicating a notable contraction in labour demand over the past year. Economists had anticipated slightly higher figures, with forecasts pegged at 8.686 million job openings. The decline in job openings was particularly pronounced in sectors such as construction and finance, which collectively witnessed a reduction of 182,000 unfilled positions in construction and 158,000 in finance and insurance. However, there was an increase in job openings in state and local government education, providing a nuanced view of sectoral dynamics within the labour market. Notably, the decrease in job postings was more prominent in the Western and Midwestern regions of the United States, with fewer open positions also observed in the South, despite its robust employment growth historically. Conversely, job postings increased in the Northeast. Moreover, the decline in job vacancies was particularly pronounced among small businesses and medium-sized establishments, raising concerns about the broader implications for overall job growth. Despite these challenges, the labour market remains strong, attributed to the hiring rates and declining layoffs. However, the number of people quitting their jobs decreased significantly, reaching the lowest level since January 2021. This decline was concentrated in sectors such as trade, transportation, utilities, and other services. While the moderation in resignations may alleviate concerns about wage pressures, challenges persist in managing inflationary risks, especially with input costs for manufacturers soaring to a near two-year high in April. (With inputs from Reuters)

US job openings hit three-year low amidst easing labour demand

<o:p></o:p>

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. <o:p></o:p>

A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day. <o:p></o:p>

However, a recent analysis by Reuters revealed a notable mass departure from that cohort, raising questions about the stability of Tesla's leadership structure.<o:p></o:p>

Among the departures is Zach Kirkhorn, Tesla's former Chief Financial Officer, who resigned with a nondisclosure agreement, according to regulatory filings. <o:p></o:p>

Drew Baglino, the former chief battery engineer, also parted ways with Tesla in a wave of layoffs initiated by Musk. <o:p></o:p>

Baglino notably sold $181 million in Tesla stock upon his departure. <o:p></o:p>

Additionally, Rebecca Tinucci, who led Tesla's charging team, was let go.<o:p></o:p>

Addressing the recent developments, Musk, in an email to senior managers, emphasised stringent cost reduction measures, indicating a major restructuring within the company. <o:p></o:p>

Despite the departures, Musk remains resolute in his vision for Tesla's future, particularly in the realm of artificial intelligence (AI) and the development of robotaxis. <o:p></o:p>

These shifts, Musk contends, are crucial for Tesla's continued success. <o:p></o:p>

The departure of key executives has prompted scrutiny from corporate governance experts like Charles Elson, who view the rapid turnover as indicative of potential leadership challenges within Tesla. <o:p></o:p>

However, some investors prioritised Musk's continued involvement in the company, considering his indispensable role in navigating Tesla through crises.<o:p></o:p>

Gene Munster, managing partner at Deepwater Asset Management, highlights Musk's ability to attract talent and drive innovation as essential to Tesla's trajectory. <o:p></o:p>

Tesla's realignment, moving towards AI and robotaxis, has led to operational adjustments, including a 10 per cent reduction in staff and a shift in focus from new vehicle lines to the enhancement of existing models. <o:p></o:p>

These decisions, while signalling a departure from traditional auto manufacturing, align with Musk's vision for Tesla's future as a leader in autonomous driving technology. <o:p></o:p>

Although there are concerns over executive turnover, some analysts believe that aligning resources with Tesla's evolving priorities is essential for long-term success. <o:p></o:p>

Recent departures from Tesla's executive team, including Daniel Ho and Rohan Patel show that company's leadership landscape continues to change.<o:p></o:p>

While some exits have garnered praise from Musk, highlighting the departing individuals' contributions, others signal a broader restructuring aimed at aligning Tesla's workforce with its strategic objectives. <o:p></o:p>

As Tesla navigates through what analysts describe as a "Category 5 storm," the composition of its executive bench remains a critical factor in overcoming challenges and achieving sustained growth.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day.

Tesla has witnessed a significant shakeup in its executive bench, with at least five high-ranking members departing from the company. A little over a year ago, Elon Musk had showcased a lineup of 16 executives during Tesla's investor day. However, a recent analysis by Reuters revealed a notable mass departure from that cohort, raising questions about the stability of Tesla's leadership structure. Among the departures is Zach Kirkhorn, Tesla's former Chief Financial Officer, who resigned with a nondisclosure agreement, according to regulatory filings. Drew Baglino, the former chief battery engineer, also parted ways with Tesla in a wave of layoffs initiated by Musk. Baglino notably sold $181 million in Tesla stock upon his departure. Additionally, Rebecca Tinucci, who led Tesla's charging team, was let go. Addressing the recent developments, Musk, in an email to senior managers, emphasised stringent cost reduction measures, indicating a major restructuring within the company. Despite the departures, Musk remains resolute in his vision for Tesla's future, particularly in the realm of artificial intelligence (AI) and the development of robotaxis. These shifts, Musk contends, are crucial for Tesla's continued success. The departure of key executives has prompted scrutiny from corporate governance experts like Charles Elson, who view the rapid turnover as indicative of potential leadership challenges within Tesla. However, some investors prioritised Musk's continued involvement in the company, considering his indispensable role in navigating Tesla through crises. Gene Munster, managing partner at Deepwater Asset Management, highlights Musk's ability to attract talent and drive innovation as essential to Tesla's trajectory. Tesla's realignment, moving towards AI and robotaxis, has led to operational adjustments, including a 10 per cent reduction in staff and a shift in focus from new vehicle lines to the enhancement of existing models. These decisions, while signalling a departure from traditional auto manufacturing, align with Musk's vision for Tesla's future as a leader in autonomous driving technology. Although there are concerns over executive turnover, some analysts believe that aligning resources with Tesla's evolving priorities is essential for long-term success. Recent departures from Tesla's executive team, including Daniel Ho and Rohan Patel show that company's leadership landscape continues to change. While some exits have garnered praise from Musk, highlighting the departing individuals' contributions, others signal a broader restructuring aimed at aligning Tesla's workforce with its strategic objectives. As Tesla navigates through what analysts describe as a "Category 5 storm," the composition of its executive bench remains a critical factor in overcoming challenges and achieving sustained growth. (With inputs from Reuters)

Tesla undergoes executive overhaul as Musk implements strategy shifts: Report

Taking aim at Moscow's efforts to evade Western sanctions, including those imposed through China, the United States on Wednesday imposed hundreds of new restrictions on the Russian Federation in relation to the conflict in Ukraine.

According to Reuters, the US Treasury Department, along with&nbsp;the State Department, has imposed sanctions on several entities, including close to 200 targets, with over 80 designations specifically targeting Chinese companies.<o:p></o:p>

This marks one of the biggest actions against Chinese companies in the context of US sanctions against Russia. <o:p></o:p>

These measures come while tensions continue to escalate between Washington and Beijing over their respective stances on Russia's military operations.

The Treasury Department's sanctions include20 companies based in China and Hong Kong, a move that follows repeated warnings from Washington regarding China's alleged support for Russia's military endeavours, including during recent diplomatic visits by Treasury Secretary Janet Yellen and Secretary of State Antony Blinken to China. <o:p></o:p>

China, in response, has vehemently opposed what it terms as "illegal unilateral sanctions" by the US, with a spokesperson from China's embassy in Washington highlighting the country's adherence to relevant laws and regulations governing exports of dual-use articles. <o:p></o:p>

However, the alignment between China and Russia on this matter poses a major challenge to the recent improvement in relations between the two economic powerhouses.<o:p></o:p>

The sanctions, a response to Russia's invasion of Ukraine, aim not only to penalise entities directly involved but also those facilitating Russia's procurement of crucial technology and equipment from abroad.<o:p></o:p>

Treasury's actions on Wednesday targeted nearly 60 entities across various countries, including China, Russia, Turkey, and others, which were accused of enabling Russia's acquisition of essential technology and equipment. <o:p></o:p>

Among the sanctioned entities were a China-based company alleged to have exported components for drone production to Russia, further aggravating concerns over China's role in strengthening Russia's military capabilities.<o:p></o:p>

Moreover, the State Department's sanctions targeted several China-based companies for their purported support to Russia's defence industrial base, alongside entities from Turkey, Kyrgyzstan, and Malaysia implicated in shipping critical items to Russia. <o:p></o:p>

Highlighting the gravity of the situation, a senior State Department official noted that China's support in providing critical components to Russia's defence industry significantly fuels Moscow's ability to sustain its military operations.<o:p></o:p>

In addition to addressing Russia's military endeavours, the US has also expanded its sanctions to impede Russia's energy exports, particularly liquefied natural gas (LNG).<o:p></o:p>

The State Department designated vessel operators involved in transporting equipment for Russia's Arctic LNG 2 project, further constraining Russia's capacity to advance its energy interests. <o:p></o:p>

These actions follow earlier sanctions on Arctic LNG 2, which compelled Russia's largest LNG producer, Novatek, to halt production due to a shortage of tankers.<o:p></o:p>

Furthermore, the sanctions encompassed entities affiliated with Russia's nuclear and coal industries, as well as Russian air carrier Pobeda, a subsidiary of Aeroflot. <o:p></o:p>

These measures are part of a strategy to pressure Russia economically and diplomatically in response to its actions in Ukraine, with the US Commerce Department previously targeting Russian airlines by adding hundreds of Boeing and Airbus airplanes to an export control list.<o:p></o:p>

The State Department's actions also extended to individuals linked to the controversial death of Russian opposition leader Alexei Navalny.<o:p></o:p>

The targeted officials oversaw the correctional colony where Navalny was imprisoned before his demise, raising questions about the circumstances surrounding his death and further straining US-Russia relations.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Taking aim at Moscow's efforts to evade Western sanctions, including those imposed through China, the United States on Wednesday imposed hundreds of new restrictions on the Russian Federation in relation to the conflict in Ukraine.

Taking aim at Moscow's efforts to evade Western sanctions, including those imposed through China, the United States on Wednesday imposed hundreds of new restrictions on the Russian Federation in relation to the conflict in Ukraine. According to Reuters, the US Treasury Department, along with the State Department, has imposed sanctions on several entities, including close to 200 targets, with over 80 designations specifically targeting Chinese companies. This marks one of the biggest actions against Chinese companies in the context of US sanctions against Russia. These measures come while tensions continue to escalate between Washington and Beijing over their respective stances on Russia's military operations. The Treasury Department's sanctions include20 companies based in China and Hong Kong, a move that follows repeated warnings from Washington regarding China's alleged support for Russia's military endeavours, including during recent diplomatic visits by Treasury Secretary Janet Yellen and Secretary of State Antony Blinken to China. China, in response, has vehemently opposed what it terms as "illegal unilateral sanctions" by the US, with a spokesperson from China's embassy in Washington highlighting the country's adherence to relevant laws and regulations governing exports of dual-use articles. However, the alignment between China and Russia on this matter poses a major challenge to the recent improvement in relations between the two economic powerhouses. The sanctions, a response to Russia's invasion of Ukraine, aim not only to penalise entities directly involved but also those facilitating Russia's procurement of crucial technology and equipment from abroad. Treasury's actions on Wednesday targeted nearly 60 entities across various countries, including China, Russia, Turkey, and others, which were accused of enabling Russia's acquisition of essential technology and equipment. Among the sanctioned entities were a China-based company alleged to have exported components for drone production to Russia, further aggravating concerns over China's role in strengthening Russia's military capabilities. Moreover, the State Department's sanctions targeted several China-based companies for their purported support to Russia's defence industrial base, alongside entities from Turkey, Kyrgyzstan, and Malaysia implicated in shipping critical items to Russia. Highlighting the gravity of the situation, a senior State Department official noted that China's support in providing critical components to Russia's defence industry significantly fuels Moscow's ability to sustain its military operations. In addition to addressing Russia's military endeavours, the US has also expanded its sanctions to impede Russia's energy exports, particularly liquefied natural gas (LNG). The State Department designated vessel operators involved in transporting equipment for Russia's Arctic LNG 2 project, further constraining Russia's capacity to advance its energy interests. These actions follow earlier sanctions on Arctic LNG 2, which compelled Russia's largest LNG producer, Novatek, to halt production due to a shortage of tankers. Furthermore, the sanctions encompassed entities affiliated with Russia's nuclear and coal industries, as well as Russian air carrier Pobeda, a subsidiary of Aeroflot. These measures are part of a strategy to pressure Russia economically and diplomatically in response to its actions in Ukraine, with the US Commerce Department previously targeting Russian airlines by adding hundreds of Boeing and Airbus airplanes to an export control list. The State Department's actions also extended to individuals linked to the controversial death of Russian opposition leader Alexei Navalny. The targeted officials oversaw the correctional colony where Navalny was imprisoned before his demise, raising questions about the circumstances surrounding his death and further straining US-Russia relations. (With inputs from Reuters)

US unleashes wave of sanctions, targets Russian circumvention via Chinese companies

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique,&nbsp;Reuters reported citing sources familiar with the matter. <o:p></o:p>

This decision is Tesla's attempt to adapt to a shifting market landscape marked by declining sales and heightened competition.<o:p></o:p>

Tesla had been at the forefront of gigacasting innovation, leveraging massive presses with immense clamping pressure to die-cast substantial portions of a vehicle's underbody. <o:p></o:p>

However, despite its pioneering efforts, the company has abandoned its pursuit of manufacturing the underbody in a single piece. <o:p></o:p>

Instead, it will adhere to its established method of casting underbodies in three segments, comprising gigacasted front and rear sections and a midsection crafted from aluminium and steel frames, sources disclosed.<o:p></o:p>

The reversal from one-piece gigacasting represents a major spin around for Tesla, which comes while the company is looking for cost-saving measures in the face of softer global demand for electric vehicles (EVs) and escalating competition, from Chinese EV manufacturers like BYD. <o:p></o:p>

Tesla's downsizing efforts, including workforce reductions and executive departures, further underline its realignment.<o:p></o:p>

Experts highlight Tesla's prioritisation of developing self-driving capabilities over aggressive EV sales growth as a fundamental shift in its strategy. <o:p></o:p>

The decision to halt one-piece gigacasting comes before Tesla's announcement in late February regarding the cancellation of the much-anticipated Model 2, a budget-friendly vehicle slated to utilise this advanced manufacturing process. <o:p></o:p>

Instead, Tesla unveiled plans for more accessible vehicle offerings, opting for existing platforms and production lines. <o:p></o:p>

However, specifics regarding these new models and their pricing remain undisclosed, with CEO Elon Musk declining to provide further details during an investor call.<o:p></o:p>

While Tesla has shelved the Model 2 project, it continues to leverage the small-vehicle platform for developing a self-driving robotaxi, indicating a shift towards autonomous mobility solutions. <o:p></o:p>

Suppliers involved in the gigacasting operations are reportedly adapting Tesla's three-piece process for the next-generation vehicle, reflecting a strategic repurposing of resources.<o:p></o:p>

Gigacasting, while offering long-term cost efficiencies, demands upfront investments and intricate development processes. <o:p></o:p>

Tesla's move towards a more conventional manufacturing approach is seen as a realistic move to avoid potential delays and capitalise on existing resources.<o:p></o:p>

Industry analysts noted the challenges Tesla has historically faced in launching complex vehicles on schedule, citing the delayed release and pricing discrepancies of the Cybertruck as a case in point. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique, Reuters reported citing sources familiar with the matter.

Tesla has veered away from its ambitious plans for next-generation gigacasting, a new manufacturing technique, Reuters reported citing sources familiar with the matter. This decision is Tesla's attempt to adapt to a shifting market landscape marked by declining sales and heightened competition. Tesla had been at the forefront of gigacasting innovation, leveraging massive presses with immense clamping pressure to die-cast substantial portions of a vehicle's underbody. However, despite its pioneering efforts, the company has abandoned its pursuit of manufacturing the underbody in a single piece. Instead, it will adhere to its established method of casting underbodies in three segments, comprising gigacasted front and rear sections and a midsection crafted from aluminium and steel frames, sources disclosed. The reversal from one-piece gigacasting represents a major spin around for Tesla, which comes while the company is looking for cost-saving measures in the face of softer global demand for electric vehicles (EVs) and escalating competition, from Chinese EV manufacturers like BYD. Tesla's downsizing efforts, including workforce reductions and executive departures, further underline its realignment. Experts highlight Tesla's prioritisation of developing self-driving capabilities over aggressive EV sales growth as a fundamental shift in its strategy. The decision to halt one-piece gigacasting comes before Tesla's announcement in late February regarding the cancellation of the much-anticipated Model 2, a budget-friendly vehicle slated to utilise this advanced manufacturing process. Instead, Tesla unveiled plans for more accessible vehicle offerings, opting for existing platforms and production lines. However, specifics regarding these new models and their pricing remain undisclosed, with CEO Elon Musk declining to provide further details during an investor call. While Tesla has shelved the Model 2 project, it continues to leverage the small-vehicle platform for developing a self-driving robotaxi, indicating a shift towards autonomous mobility solutions. Suppliers involved in the gigacasting operations are reportedly adapting Tesla's three-piece process for the next-generation vehicle, reflecting a strategic repurposing of resources. Gigacasting, while offering long-term cost efficiencies, demands upfront investments and intricate development processes. Tesla's move towards a more conventional manufacturing approach is seen as a realistic move to avoid potential delays and capitalise on existing resources. Industry analysts noted the challenges Tesla has historically faced in launching complex vehicles on schedule, citing the delayed release and pricing discrepancies of the Cybertruck as a case in point. (With inputs from Reuters)

Tesla retreats from next-generation ‘gigacasting’ while competition intensifies: Report

Apple is bracing for a quarterly revenue decline, marking its largest dip in over a year, while investors anticipate the company to incorporate generative artificial intelligence (AI) into its flagship iPhones, particularly in the Chinese market. <o:p></o:p>

The tech giant, long hailed as a Wall Street favourite, has witnessed a 10 per cent drop in its shares this year, trailing behind other prominent tech giants. <o:p></o:p>

Reuters reported that concerns loom over Apple's sluggish deployment of AI services, while Chinese competitor Huawei's resurgence further complicates the matter.<o:p></o:p>

Analysts project a 10.4 per cent downturn in iPhone sales for the first quarter of 2024, a decline unseen in over three years. <o:p></o:p>

This anticipated slump is put together against unusually high iPhone revenue figures from the previous year, attributed to pent-up demand following the COVID-19 pandemic. <o:p></o:p>

Executives note that approximately $5 billion of the $51.3 billion in iPhone sales from a year ago were essentially recovering from disruptions in production due to pandemic-related lockdowns in China. <o:p></o:p>

Despite this, Wall Street expects a decline in iPhone sales, contributing to an estimated 5 per cent decrease in total revenue for Apple's fiscal second quarter ending in March, the steepest drop since the same period in 2022.<o:p></o:p>

Apple's loss of its title as the world's most valuable company to Microsoft, along with its 11.24 per cent share price decline this year, indicates the urgency for revitalisation. <o:p></o:p>

To address this, Apple is reportedly in discussions with OpenAI and Google's parent company, Alphabet, to integrate genAI features into the upcoming iPhone series. <o:p></o:p>

Bloomberg News reported that these features could be unveiled at Apple's highly anticipated annual developer conference in June. <o:p></o:p>

Analysts posit that such integration could reignite demand and strengthen Apple's competitive stance against rivals like Huawei and Samsung, which have gained traction with AI-driven features in their smartphones.<o:p></o:p>

Reuters cited Toni Sacconaghi, an analyst at Bernstein, who noted the potential for a robust iPhone 16 cycle propelled by AI features. <o:p></o:p>

Sacconaghi upgraded Apple's shares, saying that the prevailing weakness in China may be more cyclical than structural. <o:p></o:p>

Historically, Apple's China business has show signs of heightened volatility due to its feature-sensitive consumer base. <o:p></o:p>

Apart from iPhone developments, investors are awaiting updates on Apple's stock buyback plan and the performance of Vision Pro, the company's mixed-reality headset launched in February. <o:p></o:p>

However, recent reports suggest a slowdown in demand for the $3,500 device, prompting Apple to revise its production estimates. <o:p></o:p>

The downturn extends beyond iPhones, affecting Apple's broader hardware business. <o:p></o:p>

Analysts predict declines of 11.4 per cent and 4.3 per cent in iPad and Mac sales, respectively, for the March quarter. <o:p></o:p>

Acknowledging the need for revival, Apple intends to unveil a revamped iPad lineup and update every Mac model with faster, AI-focused M4 processors. <o:p></o:p>

On a brighter note, the services business, encompassing the App Store and subscription services like Apple TV, is expected to maintain its growth with a projected revenue increase of 7.7 per cent. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Apple is bracing for a quarterly revenue decline, marking its largest dip in over a year, while investors anticipate the company to incorporate generative artificial intelligence (AI) into its flagship iPhones, particularly in the Chinese market.

Apple is bracing for a quarterly revenue decline, marking its largest dip in over a year, while investors anticipate the company to incorporate generative artificial intelligence (AI) into its flagship iPhones, particularly in the Chinese market. The tech giant, long hailed as a Wall Street favourite, has witnessed a 10 per cent drop in its shares this year, trailing behind other prominent tech giants. Reuters reported that concerns loom over Apple's sluggish deployment of AI services, while Chinese competitor Huawei's resurgence further complicates the matter. Analysts project a 10.4 per cent downturn in iPhone sales for the first quarter of 2024, a decline unseen in over three years. This anticipated slump is put together against unusually high iPhone revenue figures from the previous year, attributed to pent-up demand following the COVID-19 pandemic. Executives note that approximately $5 billion of the $51.3 billion in iPhone sales from a year ago were essentially recovering from disruptions in production due to pandemic-related lockdowns in China. Despite this, Wall Street expects a decline in iPhone sales, contributing to an estimated 5 per cent decrease in total revenue for Apple's fiscal second quarter ending in March, the steepest drop since the same period in 2022. Apple's loss of its title as the world's most valuable company to Microsoft, along with its 11.24 per cent share price decline this year, indicates the urgency for revitalisation. To address this, Apple is reportedly in discussions with OpenAI and Google's parent company, Alphabet, to integrate genAI features into the upcoming iPhone series. Bloomberg News reported that these features could be unveiled at Apple's highly anticipated annual developer conference in June. Analysts posit that such integration could reignite demand and strengthen Apple's competitive stance against rivals like Huawei and Samsung, which have gained traction with AI-driven features in their smartphones. Reuters cited Toni Sacconaghi, an analyst at Bernstein, who noted the potential for a robust iPhone 16 cycle propelled by AI features. Sacconaghi upgraded Apple's shares, saying that the prevailing weakness in China may be more cyclical than structural. Historically, Apple's China business has show signs of heightened volatility due to its feature-sensitive consumer base. Apart from iPhone developments, investors are awaiting updates on Apple's stock buyback plan and the performance of Vision Pro, the company's mixed-reality headset launched in February. However, recent reports suggest a slowdown in demand for the $3,500 device, prompting Apple to revise its production estimates. The downturn extends beyond iPhones, affecting Apple's broader hardware business. Analysts predict declines of 11.4 per cent and 4.3 per cent in iPad and Mac sales, respectively, for the March quarter. Acknowledging the need for revival, Apple intends to unveil a revamped iPad lineup and update every Mac model with faster, AI-focused M4 processors. On a brighter note, the services business, encompassing the App Store and subscription services like Apple TV, is expected to maintain its growth with a projected revenue increase of 7.7 per cent. (With inputs from Reuters)

Apple anticipates major sales decline amidst investor concerns over AI integration in iPhones

The US Federal Reserve has opted to maintain interest rates at their current levels in its latest meeting, indicating a continued inclination towards potential future rate cuts. <o:p></o:p>

However, the central bank was apprehensive regarding recent below par inflation metrics, suggesting that such cuts might be delayed until further progress is observed. <o:p></o:p>

Federal Reserve Chair Jerome Powell noted the extended timeline required for policymakers to regain confidence in inflation trends; he said that the anticipated decline towards the targeted 2 per cent might take longer than previously expected.<o:p></o:p>

Powell elaborated on the current economic stance, noting that while the initial months of 2024 saw rapid price hikes, the anticipated decline in inflation has been slower to materialise. <o:p></o:p>

Although he affirmed that rate hikes are unlikely, Powell hinted at the possibility of an extended period of maintaining the benchmark policy rate within the 5.25-5.50 per cent range, in place since July. <o:p></o:p>

He stressed that the current policy rate continues to exert sufficient pressure on economic activity, with patience being key until signs of inflation moderation become evident.<o:p></o:p>

"Inflation is still too high," Powell stated during a post-meeting press conference. <o:p></o:p>

He expressed a lowered confidence in the previous forecast of inflation decline over the year, further highlighting the uncertainty surrounding the future trajectory of inflation. <o:p></o:p>

Powell said that the decision regarding rate cuts depends on incoming data, with various scenarios under consideration based on inflation persistence and labour market strength.<o:p></o:p>

Despite the prevailing economic uncertainties, Powell's declaration that rate hikes are improbable provided a sense of relief to investors wary of a potentially hawkish Federal Reserve stance. <o:p></o:p>

Consequently, US stock and bond prices rebounded, indicating &nbsp;optimism surrounding a delayed timeline for rate cuts. <o:p></o:p>

Analysts noted that Powell's remarks were less hawkish than anticipated.<o:p></o:p>

The Fed's policy statement repeated its cautious approach, necessitating greater confidence in sustained inflation movement towards the 2 per cent target before considering rate reductions. <o:p></o:p>

The central bank highlighted concerns over the lack of progress towards achieving this objective in recent months. <o:p></o:p>

Additionally, the Federal Reserve announced adjustments to its balance sheet reduction strategy, aiming to prevent a shortage of reserves in the financial system, a situation experienced in 2019 during the previous round of quantitative tightening.<o:p></o:p>

Responding to economic queries, Powell dismissed comparisons to the stagflation period of the late 1970s, asserting that the current economic landscape differs significantly. <o:p></o:p>

He cited solid growth rates and inflation levels below 3 per cent, indicating a contrast to the conditions prevalent during the stagflation era. <o:p></o:p>

Powell emphasised the absence of stagnant growth and hyperinflation.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Federal Reserve has opted to maintain interest rates at their current levels in its latest meeting, indicating a continued inclination towards potential future rate cuts.

The US Federal Reserve has opted to maintain interest rates at their current levels in its latest meeting, indicating a continued inclination towards potential future rate cuts. However, the central bank was apprehensive regarding recent below par inflation metrics, suggesting that such cuts might be delayed until further progress is observed. Federal Reserve Chair Jerome Powell noted the extended timeline required for policymakers to regain confidence in inflation trends; he said that the anticipated decline towards the targeted 2 per cent might take longer than previously expected. Powell elaborated on the current economic stance, noting that while the initial months of 2024 saw rapid price hikes, the anticipated decline in inflation has been slower to materialise. Although he affirmed that rate hikes are unlikely, Powell hinted at the possibility of an extended period of maintaining the benchmark policy rate within the 5.25-5.50 per cent range, in place since July. He stressed that the current policy rate continues to exert sufficient pressure on economic activity, with patience being key until signs of inflation moderation become evident. "Inflation is still too high," Powell stated during a post-meeting press conference. He expressed a lowered confidence in the previous forecast of inflation decline over the year, further highlighting the uncertainty surrounding the future trajectory of inflation. Powell said that the decision regarding rate cuts depends on incoming data, with various scenarios under consideration based on inflation persistence and labour market strength. Despite the prevailing economic uncertainties, Powell's declaration that rate hikes are improbable provided a sense of relief to investors wary of a potentially hawkish Federal Reserve stance. Consequently, US stock and bond prices rebounded, indicating optimism surrounding a delayed timeline for rate cuts. Analysts noted that Powell's remarks were less hawkish than anticipated. The Fed's policy statement repeated its cautious approach, necessitating greater confidence in sustained inflation movement towards the 2 per cent target before considering rate reductions. The central bank highlighted concerns over the lack of progress towards achieving this objective in recent months. Additionally, the Federal Reserve announced adjustments to its balance sheet reduction strategy, aiming to prevent a shortage of reserves in the financial system, a situation experienced in 2019 during the previous round of quantitative tightening. Responding to economic queries, Powell dismissed comparisons to the stagflation period of the late 1970s, asserting that the current economic landscape differs significantly. He cited solid growth rates and inflation levels below 3 per cent, indicating a contrast to the conditions prevalent during the stagflation era. Powell emphasised the absence of stagnant growth and hyperinflation. (With inputs from Reuters)

Federal Reserve holds rates steady, raises concerns over lack of inflation progress

Toyota Motor North America (TMNA) is set to open its R&amp;D California office as the North American Hydrogen Headquarters (H2HQ), thus emphasizing its dedication to the progression of the hydrogen fuel cell technology. The shift goes on the line to Toyota's philosophy of participating in a sustainable future to avoid carbon emissions.

Transition to hydrogen 

Naming the research and development office in California as the North American Hydrogen Headquarters points to Toyota's commitment to develop as target products hydrogen related. This deliberate approach aims to channel resources into a united focus towards intensifying the creation and productization of hydrogen technology.

Leadership's vision

Ted Ogawa, President and CEO of Toyota Motor North America, announced that the company would continue to guide the way to strengthen hydrogen fuel cell vehicles technology. He emphasised Toyota's role in developing scalable, zero-emission solutions, contributing to global efforts to combat climate change.

<a href="https://www.wionews.com/business-economy/polestar-delays-financial-results-publication-amid-accounting-misstatements-716868">Also Read:&nbsp;Polestar delays financial results publication amid accounting misstatements</a>

Facility upgrades and future plans

H2HQ workspace infrastructure has been changed in a way to offer space for the teams that engage in the hydrogen research, development as well as the hydrogen products sales. The next step to improve the system is the addition of a flexible microgrid and a sustainable education centre for customers so the automaker can remain a part of the movement.

Endorsements and collaborations

California state senator Josh Newman congratulated Toyota on moving the H2HQ to California acknowledging that such a step is a sign of strong and intentional relationship between two sides and the commitment to the developing of sustainable energy in California. Additionally, partnerships with organisations like the California Air Resources Board (CARB) underscore Toyota's commitment to decarbonisation efforts.

Focus areas and research initiatives

The H2HQ will respectively promote hydrogen initiatives such as low- and ultra-heavy field applications, stationary renewable energy systems, and port vehicles application. The fuel cell research that reflects Toyota's innovation history dates back over 30 years, having the main goal to develop more advanced hydrogen technology.

Notable achievements and collaborations

The Fuel Cell Development (FCD) team at Toyota not only made improvements to existing concepts but also created evolving technologies that cleared the way for the introduction of the hydrogen-powered Mirai passenger fuel cell electric vehicle. Through the participation of partners in the industry, the company is operationally deploying hydrogen as the fuel for trucks and appliances for stationary power production.

Future prospects and innovation

In addition to being utilized in automotive technology, the hydrogen technology that Toyota has been devoted to has been found in applications for stationary power generation. Collaborations with the leading players in the market thus provide a perfect platform for showcasing the diversity and ability of hydrogen as a green energy source.

Toyota Motor North America (TMNA) is set to open its R&D California office as the North American Hydrogen Headquarters (H2HQ), thus emphasizing its dedication to the progression of the hydrogen fuel cell technology.

Toyota Motor North America (TMNA) is set to open its R&D California office as the North American Hydrogen Headquarters (H2HQ), thus emphasizing its dedication to the progression of the hydrogen fuel cell technology. The shift goes on the line to Toyota's philosophy of participating in a sustainable future to avoid carbon emissions. Transition to hydrogen Naming the research and development office in California as the North American Hydrogen Headquarters points to Toyota's commitment to develop as target products hydrogen related. This deliberate approach aims to channel resources into a united focus towards intensifying the creation and productization of hydrogen technology. Leadership's vision Ted Ogawa, President and CEO of Toyota Motor North America, announced that the company would continue to guide the way to strengthen hydrogen fuel cell vehicles technology. He emphasised Toyota's role in developing scalable, zero-emission solutions, contributing to global efforts to combat climate change. Also Read: Polestar delays financial results publication amid accounting misstatements Facility upgrades and future plans H2HQ workspace infrastructure has been changed in a way to offer space for the teams that engage in the hydrogen research, development as well as the hydrogen products sales. The next step to improve the system is the addition of a flexible microgrid and a sustainable education centre for customers so the automaker can remain a part of the movement. Endorsements and collaborations California state senator Josh Newman congratulated Toyota on moving the H2HQ to California acknowledging that such a step is a sign of strong and intentional relationship between two sides and the commitment to the developing of sustainable energy in California. Additionally, partnerships with organisations like the California Air Resources Board (CARB) underscore Toyota's commitment to decarbonisation efforts. Focus areas and research initiatives The H2HQ will respectively promote hydrogen initiatives such as low- and ultra-heavy field applications, stationary renewable energy systems, and port vehicles application. The fuel cell research that reflects Toyota's innovation history dates back over 30 years, having the main goal to develop more advanced hydrogen technology. Notable achievements and collaborations The Fuel Cell Development (FCD) team at Toyota not only made improvements to existing concepts but also created evolving technologies that cleared the way for the introduction of the hydrogen-powered Mirai passenger fuel cell electric vehicle. Through the participation of partners in the industry, the company is operationally deploying hydrogen as the fuel for trucks and appliances for stationary power production. Future prospects and innovation In addition to being utilized in automotive technology, the hydrogen technology that Toyota has been devoted to has been found in applications for stationary power generation. Collaborations with the leading players in the market thus provide a perfect platform for showcasing the diversity and ability of hydrogen as a green energy source.

Toyota establishes North American Hydrogen Headquarters in California

Wayne Burgess, Vice President, Design of Ola Electric has stepped down after three years of contributing to the company. He was involved in multiple projects with the company that has been known&nbsp;for its technology and design.

In the past three decades, Burgess has worked with premium car manufacturers, such as Rolls Royce, Bentley in his early career, Aston Martin and Jaguar Land Rover, and more recently with Lotus Cars. With his expertise in vehicle design, He joined Ola in April 2021, with an intensive body of work, drawing expertise in vehicle design from some of the most renowned car manufacturers.&nbsp;

In the very first six months of this tenure, Burgess’s contribution to Ola Electric incorporated construction of FutureFactory which was built in Tamil Nadu, and it is also the world’s largest two-wheeler factory, as Ola claims.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/used-car-seller-carvanas-shares-surge-beyond-expectations-717372">Used-car seller Carvana’s shares surge beyond expectations</a>

Burgess shared a post on his LinkedIn account, acknowledging the company and his team stating, “I feel we’ve built a great design team across the two studios, and am confident I’m leaving a design organisation capable of producing world-class designs, equipped and ready to envision whatever products come next in the Ola Electric story.”

He further added, “I would like to wish the team every success, thank them for the friendships we’ve forged along the way and look forward to continuing to follow and support their journey as India’s number one EV manufacturer and mobility platform in the future”.

Burgess also established a technology- led design process leveraging virtual reality and contributed to setting up of the UK studio and commissioning of the E-Zone studio in Bengaluru. The design expert was also a part of launching the S1 scooter and creating motorcycle concepts such as ‘Diamondhead’.

 
On the other hand, Bhavish Aggarwal, CEO of Ola Cabs announced on Wednesday that the company has captured over 52 percent market share in the electric vehicle (EV) two-wheeler segment, as of April 2024.&nbsp;According to the government's VAHAN Portal, the company recorded 34,000 registrations during April, and registered a year-on-year growth of 54 percent over the corresponding month in 2023.

 
Ola Electric also made its entry in the mass-market segment, and announced new prices for its S1 X portfolio. It is available in three battery configurations (2 kWh, 3 kWh, and 4 kWh). The scooter is currently priced at 69,999 INR (introductory price), 84,999 INR, and 99,999 INR respectively.

Wayne Burgess, Vice President, Design of Ola Electric has stepped down after three years of contributing to the company. He was involved in multiple projects with the company that has been known for its technology and design.

Wayne Burgess, Vice President, Design of Ola Electric has stepped down after three years of contributing to the company. He was involved in multiple projects with the company that has been known for its technology and design. In the past three decades, Burgess has worked with premium car manufacturers, such as Rolls Royce, Bentley in his early career, Aston Martin and Jaguar Land Rover, and more recently with Lotus Cars. With his expertise in vehicle design, He joined Ola in April 2021, with an intensive body of work, drawing expertise in vehicle design from some of the most renowned car manufacturers. In the very first six months of this tenure, Burgess’s contribution to Ola Electric incorporated construction of FutureFactory which was built in Tamil Nadu, and it is also the world’s largest two-wheeler factory, as Ola claims. Read More: Used-car seller Carvana’s shares surge beyond expectations Burgess shared a post on his LinkedIn account, acknowledging the company and his team stating, “I feel we’ve built a great design team across the two studios, and am confident I’m leaving a design organisation capable of producing world-class designs, equipped and ready to envision whatever products come next in the Ola Electric story.” He further added, “I would like to wish the team every success, thank them for the friendships we’ve forged along the way and look forward to continuing to follow and support their journey as India’s number one EV manufacturer and mobility platform in the future”. Burgess also established a technology- led design process leveraging virtual reality and contributed to setting up of the UK studio and commissioning of the E-Zone studio in Bengaluru. The design expert was also a part of launching the S1 scooter and creating motorcycle concepts such as ‘Diamondhead’. On the other hand, Bhavish Aggarwal, CEO of Ola Cabs announced on Wednesday that the company has captured over 52 percent market share in the electric vehicle (EV) two-wheeler segment, as of April 2024. According to the government's VAHAN Portal, the company recorded 34,000 registrations during April, and registered a year-on-year growth of 54 percent over the corresponding month in 2023. Ola Electric also made its entry in the mass-market segment, and announced new prices for its S1 X portfolio. It is available in three battery configurations (2 kWh, 3 kWh, and 4 kWh). The scooter is currently priced at 69,999 INR (introductory price), 84,999 INR, and 99,999 INR respectively.

Design director Wayne Burgess resigns from Ola Electric after three years

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated.

This comes as a response to high-interest rates that inevitably nudge consumers to scout for deals on second-hand cars rather than opting for new cars.&nbsp;

Carvana’s shares with a short interest of 27% of free float, are up nearly 65% this year after recording an 11-fold rise last year. The surge in its stock price is expected to bring a value addition of about USD 5 billion to its market capitalisation of USD 17.6 billion, as recorded on Wednesday’s close.

The used-car retailer revealed that it was expecting a consecutive increase in adjusted core profit and growth rate in retail units in the second quarter. However, a year ago, analysts had predicted a 2.6% fall in the retail sales of Carvana.

Revenue for the first quarter of the year was USD 3.06 billion, aggressively challenging the analysts’ estimate of USD 2.89 billion, according to LSEG data. "Revenues beat expectations by quite a bit and expenses remained flat … big upside surprise," Huber Research Partners analyst Douglas Arthur stated.

The adjusted earnings prior to interest, tax, depreciation and amortisation in the first three months were USD 235 million, significantly exceeding capital expenditure and interest expense. Whereas, analysts had expected a modest USD 135.9 million in adjusted core earnings.&nbsp;

While the analysts estimated a profit of USD 31.2 million, Carvana reported a first-quarter profit of USD 49 million, as per LSEG data.

According to the market research firm Cox Automotive, the total supply of unsold used vehicles on dealer lots across the United States increased by 9% to 2.27 million units in March, as compared to last year.

Moreover, Carvana’s rival CarMax missed analysts’ estimates for fourth-quarter results last month and speculated about the company meeting its long-term vehicle sales target.

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated.

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated. This comes as a response to high-interest rates that inevitably nudge consumers to scout for deals on second-hand cars rather than opting for new cars. Carvana’s shares with a short interest of 27% of free float, are up nearly 65% this year after recording an 11-fold rise last year. The surge in its stock price is expected to bring a value addition of about USD 5 billion to its market capitalisation of USD 17.6 billion, as recorded on Wednesday’s close. The used-car retailer revealed that it was expecting a consecutive increase in adjusted core profit and growth rate in retail units in the second quarter. However, a year ago, analysts had predicted a 2.6% fall in the retail sales of Carvana. Revenue for the first quarter of the year was USD 3.06 billion, aggressively challenging the analysts’ estimate of USD 2.89 billion, according to LSEG data. "Revenues beat expectations by quite a bit and expenses remained flat … big upside surprise," Huber Research Partners analyst Douglas Arthur stated. The adjusted earnings prior to interest, tax, depreciation and amortisation in the first three months were USD 235 million, significantly exceeding capital expenditure and interest expense. Whereas, analysts had expected a modest USD 135.9 million in adjusted core earnings. While the analysts estimated a profit of USD 31.2 million, Carvana reported a first-quarter profit of USD 49 million, as per LSEG data. According to the market research firm Cox Automotive, the total supply of unsold used vehicles on dealer lots across the United States increased by 9% to 2.27 million units in March, as compared to last year. Moreover, Carvana’s rival CarMax missed analysts’ estimates for fourth-quarter results last month and speculated about the company meeting its long-term vehicle sales target.

Used-car seller Carvana’s shares surge beyond expectations

Renault’s latest model offering comes&nbsp;in the form of&nbsp;the new Symbioz C-segment SUV.&nbsp;In the&nbsp;brand’s current combustion-engine model line-up, it&nbsp;sits between the smaller Captur (alongside which it&nbsp;was developed) and the larger Austral.&nbsp;This&nbsp;makes it a direct rival to the likes of the Nissan Qashqai. In terms of dimensions too, the Symbioz (4,413mm in length) sits between the Captur (4,227mm) and Austral (4,510mm).

According to Renault, the Symbioz&nbsp;is meant&nbsp;to be a practical family-hauler and a spiritual successor to Renault’s past models like the 16 saloon of the 1960s and the Espace from the 1980s. Built on the extended version of the CMF-B platform, which also underpins other models like the Clio hatchback and Arkana coupé-SUV, the Symbioz, as mentioned above, was developed alongside the Captur, and this is quite evident from the design similarities between them.&nbsp;Both cars&nbsp;feature&nbsp;a near-identical front look and even share the same dashboard&nbsp;inside.&nbsp;However, the Symbioz&nbsp;is intended&nbsp;for a different target audience. While it&nbsp;is primarily designed&nbsp;to be an efficient family car, Renault&nbsp;is also targeting&nbsp;fleet buyers with the Symbioz who are looking for efficient hybrid mobility options.

Also Read: <a href="https://www.wionews.com/business-economy/in-alliance-reboot-nissan-to-buy-up-to-15-stake-in-renault-ev-unit-559396">In alliance reboot, Nissan to buy up to 15% stake in Renault EV unit</a>

<meta name='uuid' content='uuidOAOaeK1Io0dr'>Speaking of hybrid mobility, the Symbioz will be available only with the Renault E-Tech 145 hybrid powertrain. It combines two electric motors, a 36kW unit and an 18kW high-voltage starter generator (HSG), with a 94bhp 1.6-litre four-cylinder petrol engine mated to a multi-mode automatic gearbox (four gears for the petrol engine and two gears for the main electric motor), and a 1.2kWh battery. This setup seems a bit complex and, despite its many components, the Symbioz’s total weight stands at an appreciable 1,500kg. Due to this reason, the 145bhp SUV can deliver impressive WLTP-certified fuel economy of up to 21.7km/l.

Apart from the efficient hybrid powertrain, another highlight of the Symbioz is its sliding rear seats. They can slide backwards up to 160mm and create up to 221mm knee room for the rear occupants while maintaining 492 litres of boot space. When pushed fully forward, the rear seats can increase the boot capacity to 624 litres and with the 60:40-split seats folded down, the highest boot capacity figure stands at 1,582 litres. The Symbioz also boasts 24.7 litres of storage space inside the cabin, including seven litres in the glove box alone.

Expect the Renault Symbioz to go on sale in the UK later this year, with pricing expected to start at just below £30,000 (~$37,550).

Renault’s latest model offering comes in the form of the new Symbioz C-segment SUV. In the brand’s current combustion-engine model line-up, it sits between the smaller Captur (alongside which it was developed) and the larger Austral.

Renault’s latest model offering comes in the form of the new Symbioz C-segment SUV. In the brand’s current combustion-engine model line-up, it sits between the smaller Captur (alongside which it was developed) and the larger Austral. This makes it a direct rival to the likes of the Nissan Qashqai. In terms of dimensions too, the Symbioz (4,413mm in length) sits between the Captur (4,227mm) and Austral (4,510mm). According to Renault, the Symbioz is meant to be a practical family-hauler and a spiritual successor to Renault’s past models like the 16 saloon of the 1960s and the Espace from the 1980s. Built on the extended version of the CMF-B platform, which also underpins other models like the Clio hatchback and Arkana coupé-SUV, the Symbioz, as mentioned above, was developed alongside the Captur, and this is quite evident from the design similarities between them. Both cars feature a near-identical front look and even share the same dashboard inside. However, the Symbioz is intended for a different target audience. While it is primarily designed to be an efficient family car, Renault is also targeting fleet buyers with the Symbioz who are looking for efficient hybrid mobility options. Also Read: In alliance reboot, Nissan to buy up to 15% stake in Renault EV unit Speaking of hybrid mobility, the Symbioz will be available only with the Renault E-Tech 145 hybrid powertrain. It combines two electric motors, a 36kW unit and an 18kW high-voltage starter generator (HSG), with a 94bhp 1.6-litre four-cylinder petrol engine mated to a multi-mode automatic gearbox (four gears for the petrol engine and two gears for the main electric motor), and a 1.2kWh battery. This setup seems a bit complex and, despite its many components, the Symbioz’s total weight stands at an appreciable 1,500kg. Due to this reason, the 145bhp SUV can deliver impressive WLTP-certified fuel economy of up to 21.7km/l. Apart from the efficient hybrid powertrain, another highlight of the Symbioz is its sliding rear seats. They can slide backwards up to 160mm and create up to 221mm knee room for the rear occupants while maintaining 492 litres of boot space. When pushed fully forward, the rear seats can increase the boot capacity to 624 litres and with the 60:40-split seats folded down, the highest boot capacity figure stands at 1,582 litres. The Symbioz also boasts 24.7 litres of storage space inside the cabin, including seven litres in the glove box alone. Expect the Renault Symbioz to go on sale in the UK later this year, with pricing expected to start at just below £30,000 (~$37,550).

Renault Symbioz debuts as an efficient, hybrid family SUV

The Tesla Cybertruck looks radical from all angles courtesy of its sharp cuts and creases. It also boasts a stainless steel body that is missing in its Chinese design rip-off. As a result, the design of the Dongfeng truck is curvier yet similar to that of the Cybertruck. Speaking of its design, the Dongfeng truck features a connected LED DRL up front that wraps around its front fenders, incorporating the camera-based side-mirrors.

 
Around the side, the Dongfeng truck gets flared wheel arches with thick body cladding and mud-terrain tyres. However, it doesn’t get the squared off wheel arches and aero-covers for its wheels like the Cybertruck. The rear profile looks different than the Cybertruck — courtesy of a split-opening tailgate and prominent tail gate. What makes it similar to the Cybertruck is a tent! Yes, it gets a tent that comes equipped with its flat bed. Its flat bed also incorporates retractable chairs like a Range Rover. The Cybertruck is not the only source of inspiration, as it turns out.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy">Tesla undergoes executive overhaul as Musk implements strategy shifts: Report</a>

 
There are plenty of design elements that make the Dongfeng different from the Cybertruck but its silhouette is enough to establish its inspiration. The interior of the Dongfeng concept truck is loaded with tech and modern features. While its front doors open the conventional way, its rear doors go the opposite way to the fronts, making these scissor doors.&nbsp;

 
The width of the Dongfeng’s dashboard is taken by a single screen binnacle, which incorporates the instrument cluster, passenger entertainment display and side mirror displays. Like the Cybertruck, it also gets a freestanding touchscreen infotainment system for all the vital functions of the truck. Its rectangular steering wheel also nods to the Cybertruck’s stubby steering column.&nbsp;

 
If there is one area where the Dongfeng truck defeats its American idol — it’s the performance. The Dongfeng truck packs 1305PS of power, which is considerably more than the most-powerful Cyberbeast offering 845PS. Dongfeng is yet to confirm whether its truck will hit production or remain just as a concept moving forward.&nbsp; 
&nbsp;

The Tesla Cybertruck looks radical from all angles courtesy of its sharp cuts and creases. It also boasts a stainless steel body that is missing in its Chinese design rip-off.

The Tesla Cybertruck looks radical from all angles courtesy of its sharp cuts and creases. It also boasts a stainless steel body that is missing in its Chinese design rip-off. As a result, the design of the Dongfeng truck is curvier yet similar to that of the Cybertruck. Speaking of its design, the Dongfeng truck features a connected LED DRL up front that wraps around its front fenders, incorporating the camera-based side-mirrors. Around the side, the Dongfeng truck gets flared wheel arches with thick body cladding and mud-terrain tyres. However, it doesn’t get the squared off wheel arches and aero-covers for its wheels like the Cybertruck. The rear profile looks different than the Cybertruck — courtesy of a split-opening tailgate and prominent tail gate. What makes it similar to the Cybertruck is a tent! Yes, it gets a tent that comes equipped with its flat bed. Its flat bed also incorporates retractable chairs like a Range Rover. The Cybertruck is not the only source of inspiration, as it turns out. Also Read: Tesla undergoes executive overhaul as Musk implements strategy shifts: Report There are plenty of design elements that make the Dongfeng different from the Cybertruck but its silhouette is enough to establish its inspiration. The interior of the Dongfeng concept truck is loaded with tech and modern features. While its front doors open the conventional way, its rear doors go the opposite way to the fronts, making these scissor doors. The width of the Dongfeng’s dashboard is taken by a single screen binnacle, which incorporates the instrument cluster, passenger entertainment display and side mirror displays. Like the Cybertruck, it also gets a freestanding touchscreen infotainment system for all the vital functions of the truck. Its rectangular steering wheel also nods to the Cybertruck’s stubby steering column. If there is one area where the Dongfeng truck defeats its American idol — it’s the performance. The Dongfeng truck packs 1305PS of power, which is considerably more than the most-powerful Cyberbeast offering 845PS. Dongfeng is yet to confirm whether its truck will hit production or remain just as a concept moving forward.

Chinese Tesla Cybertruck copycat is here

Advanced Micro Devices (AMD) announced its projection for AI chip sales in 2024 on Tuesday, but the figures failed to meet investor expectations, resulting in a sharp decline of approximately 7 per cent in the company's stock during extended trading.<o:p></o:p>

AMD's Chief Executive Officer, Lisa Su, disclosed that the company expects AI chip sales to reach $4 billion for the year 2024, marking a $500 million increase from the previous estimate. <o:p></o:p>

Despite this upward revision, the forecast fell short of the ambitious projections set by Wall Street analysts, particularly when compared to the strong AI chip sales reported by competitor Nvidia.<o:p></o:p>

According to Ben Bajarin, CEO of Creative Strategies, investors were anticipating a stronger demand outlook for AI-related products from AMD. <o:p></o:p>

However, the slower pace of adoption compared to Nvidia may have contributed to the disappointment among investors. <o:p></o:p>

AMD faces challenges in catching up to Nvidia's position in the expanding market for artificial intelligence server semiconductors.<o:p></o:p>

The surge in demand for AI-driven technologies has led to a shift in spending priorities among enterprises, favouring AI server chips over traditional server semiconductors. <o:p></o:p>

This trend has impacted AMD's revenue, as its processors are less suited to handle the complex tasks associated with AI compared to specialised AI chips.<o:p></o:p>

Despite acknowledging the overall strong demand for AI technologies, Lisa Su noted that AMD's current ratio of AI processors to central processors (CPUs) is skewed towards the former. <o:p></o:p>

While AMD's data centre business witnessed substantial revenue growth, driven by its MI300 series of AI processors, it still trails behind Nvidia, which commands approximately 80 per cent of the AI server semiconductor market.<o:p></o:p>

In addition to the AI chip forecast, AMD provided insights into its gaming segment, which saw a decline in revenue. <o:p></o:p>

Revenue from gaming fell by 48 per cent, attributed to softening demand in the gaming market and the natural decline in revenue from gaming consoles such as Microsoft's Xbox and Sony's PlayStation 5. <o:p></o:p>

The decline in gaming revenue has further complicated the challenges faced by AMD.<o:p></o:p>

Looking ahead, AMD offered a revenue forecast of approximately $5.70 billion for the second quarter of the fiscal year, in line with analysts' estimates. <o:p></o:p>

Despite reporting revenue of $5.47 billion for the first quarter, slightly surpassing analysts' expectations, AMD's stock faced downward pressure due to concerns over its AI chip revenue outlook and challenges in the gaming market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Advanced Micro Devices (AMD) announced its projection for AI chip sales in 2024 on Tuesday, but the figures failed to meet investor expectations, resulting in a sharp decline of approximately 7 per cent in the company's stock during extended trading.

Advanced Micro Devices (AMD) announced its projection for AI chip sales in 2024 on Tuesday, but the figures failed to meet investor expectations, resulting in a sharp decline of approximately 7 per cent in the company's stock during extended trading. AMD's Chief Executive Officer, Lisa Su, disclosed that the company expects AI chip sales to reach $4 billion for the year 2024, marking a $500 million increase from the previous estimate. Despite this upward revision, the forecast fell short of the ambitious projections set by Wall Street analysts, particularly when compared to the strong AI chip sales reported by competitor Nvidia. According to Ben Bajarin, CEO of Creative Strategies, investors were anticipating a stronger demand outlook for AI-related products from AMD. However, the slower pace of adoption compared to Nvidia may have contributed to the disappointment among investors. AMD faces challenges in catching up to Nvidia's position in the expanding market for artificial intelligence server semiconductors. The surge in demand for AI-driven technologies has led to a shift in spending priorities among enterprises, favouring AI server chips over traditional server semiconductors. This trend has impacted AMD's revenue, as its processors are less suited to handle the complex tasks associated with AI compared to specialised AI chips. Despite acknowledging the overall strong demand for AI technologies, Lisa Su noted that AMD's current ratio of AI processors to central processors (CPUs) is skewed towards the former. While AMD's data centre business witnessed substantial revenue growth, driven by its MI300 series of AI processors, it still trails behind Nvidia, which commands approximately 80 per cent of the AI server semiconductor market. In addition to the AI chip forecast, AMD provided insights into its gaming segment, which saw a decline in revenue. Revenue from gaming fell by 48 per cent, attributed to softening demand in the gaming market and the natural decline in revenue from gaming consoles such as Microsoft's Xbox and Sony's PlayStation 5. The decline in gaming revenue has further complicated the challenges faced by AMD. Looking ahead, AMD offered a revenue forecast of approximately $5.70 billion for the second quarter of the fiscal year, in line with analysts' estimates. Despite reporting revenue of $5.47 billion for the first quarter, slightly surpassing analysts' expectations, AMD's stock faced downward pressure due to concerns over its AI chip revenue outlook and challenges in the gaming market. (With inputs from Reuters)

AMD's AI chip revenue forecast miss disappoints investors, shares fall 7 pc

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017.

This came after he admitted guilt over his actions before US District Judge Richard Jones in Seattle. According to crypto market data firm CCData, Binance emerged as the leading cryptocurrency exchange globally in 2023, boasting an impressive $18.1 trillion in trading volume.&nbsp;

Approximately a month ago, another cryptocurrency entrepreneur, Sam Bankman-Fried, was sentenced to 25 years in prison for orchestrating a fraud that affected hundreds of thousands of customers and culminated in the collapse of FTX.

Also Read |&nbsp;<a href="https://www.wionews.com/world/uk-sends-first-voluntary-asylum-seeker-to-rwanda-amid-anti-migration-agenda-716831">UK sends first voluntary asylum seeker to Rwanda amid anti-migration agenda</a>

Although prosecutors had initially sought a three-year sentence for Zhao, the judge imposed a shorter term. Despite the reduced sentence, prosecutors expressed satisfaction with the outcome of the extensive investigation into Binance. Zhao, a Canadian, had been residing outside the jurisdiction of the United States in the United Arab Emirates.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/biden-administration-mulls-over-reclassifying-marijuana-as-a-low-risk-drug-716819">Biden administration mulls over reclassifying marijuana as a low-risk drug</a>

Binance allegedly failed to prevent transactions connected to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas, as per investigations conducted by two Treasury agencies.&nbsp;Zhao resigned from the company late last year while Binance agreed to a substantial $4.3 billion settlement in February.

Justice Department lawyers earlier said that Zhao's sentencing, "will not just send a message to Zhao but also to the world."&nbsp;In a post in 2023, Zhao said, "I made mistakes, and I must take responsibility."&nbsp;Binance was initially founded in China, however, it shifted its operations globally after a crackdown on the cryptocurrency sector by Beijing.&nbsp;

Zhao's defence attorneys had urged for probation without any prison sentence.&nbsp;Judge Richard A Jones who presided over the case said, “Your conduct does not warrant a 36-month sentence" and said that the former Binance founder is “a dedicated family man and a giving person”. The judge also hailed his “staggering accomplishment” in a bid to grow the crypto company.

(With inputs from agencies)

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017.

Binance's former chief Changpeng Zhao received a four-month prison term for breaching US anti-money laundering regulations at one of the world's largest cryptocurrency exchanges founded in 2017. This came after he admitted guilt over his actions before US District Judge Richard Jones in Seattle. According to crypto market data firm CCData, Binance emerged as the leading cryptocurrency exchange globally in 2023, boasting an impressive $18.1 trillion in trading volume. Approximately a month ago, another cryptocurrency entrepreneur, Sam Bankman-Fried, was sentenced to 25 years in prison for orchestrating a fraud that affected hundreds of thousands of customers and culminated in the collapse of FTX. Also Read | UK sends first voluntary asylum seeker to Rwanda amid anti-migration agenda Although prosecutors had initially sought a three-year sentence for Zhao, the judge imposed a shorter term. Despite the reduced sentence, prosecutors expressed satisfaction with the outcome of the extensive investigation into Binance. Zhao, a Canadian, had been residing outside the jurisdiction of the United States in the United Arab Emirates. Also Read | Biden administration mulls over reclassifying marijuana as a low-risk drug Binance allegedly failed to prevent transactions connected to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas, as per investigations conducted by two Treasury agencies. Zhao resigned from the company late last year while Binance agreed to a substantial $4.3 billion settlement in February. Justice Department lawyers earlier said that Zhao's sentencing, "will not just send a message to Zhao but also to the world." In a post in 2023, Zhao said, "I made mistakes, and I must take responsibility." Binance was initially founded in China, however, it shifted its operations globally after a crackdown on the cryptocurrency sector by Beijing. Zhao's defence attorneys had urged for probation without any prison sentence. Judge Richard A Jones who presided over the case said, “Your conduct does not warrant a 36-month sentence" and said that the former Binance founder is “a dedicated family man and a giving person”. The judge also hailed his “staggering accomplishment” in a bid to grow the crypto company. (With inputs from agencies)

Former Binance crypto chief gets four months in prison after pleading guilty to money laundering

IBM has emerged victorious as a federal appeals court overturned a $1.6 billion judgment against the tech giant in a dispute with BMC Software over a software contract.<o:p></o:p>

According to Reuters, the 5th US Circuit Court of Appeals in New Orleans delivered the reversal, citing errors in the lower court judge's determination regarding liability. <o:p></o:p>

US Circuit Judge Edith Jones, writing for a three-judge panel, highlighted that AT&amp;T, one of BMC's major clients, had independently opted to switch to IBM software. <o:p></o:p>

Judge Jones said that BMC had seemingly "lost out to IBM fair and square".<o:p></o:p>

IBM, represented by a spokesperson, expressed gratitude for the court's decision. <o:p></o:p>

They further stated that the company had acted in good faith throughout the engagement. <o:p></o:p>

Conversely, BMC declined to comment on the latest development in the legal saga.<o:p></o:p>

The origins of the legal dispute stem from IBM's involvement in managing mainframe operations for AT&amp;T. <o:p></o:p>

BMC, a Houston-based developer of proprietary mainframe software, accused IBM of violating their contract when AT&amp;T transitioned from BMC's software to IBM's. <o:p></o:p>

Central to BMC's argument was the contention that IBM had breached a "non-displacement" provision, which restricted IBM from replacing BMC software with its own.<o:p></o:p>

The ruling handed down by the appeals court marks a major departure from the earlier decision by US District Judge Gray Miller in 2022. <o:p></o:p>

Judge Miller had ruled in favour of BMC, ordering IBM to pay $1.6 billion in damages for allegedly violating their agreement. <o:p></o:p>

Miller's decision was based on the declaration that IBM had already committed to replacing BMC's software at AT&amp;T during the negotiation of the contract in 2015.<o:p></o:p>

AT&amp;T, a key player in the dispute due to its role as a client of both IBM and BMC, has not been directly implicated in the legal proceedings. <o:p></o:p>

However, representatives of the telecommunications giant have yet to issue any comment regarding the recent ruling.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

IBM has emerged victorious as a federal appeals court overturned a $1.6 billion judgment against the tech giant in a dispute with BMC Software over a software contract.

IBM has emerged victorious as a federal appeals court overturned a $1.6 billion judgment against the tech giant in a dispute with BMC Software over a software contract. According to Reuters, the 5th US Circuit Court of Appeals in New Orleans delivered the reversal, citing errors in the lower court judge's determination regarding liability. US Circuit Judge Edith Jones, writing for a three-judge panel, highlighted that AT&T, one of BMC's major clients, had independently opted to switch to IBM software. Judge Jones said that BMC had seemingly "lost out to IBM fair and square". IBM, represented by a spokesperson, expressed gratitude for the court's decision. They further stated that the company had acted in good faith throughout the engagement. Conversely, BMC declined to comment on the latest development in the legal saga. The origins of the legal dispute stem from IBM's involvement in managing mainframe operations for AT&T. BMC, a Houston-based developer of proprietary mainframe software, accused IBM of violating their contract when AT&T transitioned from BMC's software to IBM's. Central to BMC's argument was the contention that IBM had breached a "non-displacement" provision, which restricted IBM from replacing BMC software with its own. The ruling handed down by the appeals court marks a major departure from the earlier decision by US District Judge Gray Miller in 2022. Judge Miller had ruled in favour of BMC, ordering IBM to pay $1.6 billion in damages for allegedly violating their agreement. Miller's decision was based on the declaration that IBM had already committed to replacing BMC's software at AT&T during the negotiation of the contract in 2015. AT&T, a key player in the dispute due to its role as a client of both IBM and BMC, has not been directly implicated in the legal proceedings. However, representatives of the telecommunications giant have yet to issue any comment regarding the recent ruling. (With inputs from Reuters)

IBM prevails as appeals court reverses $1.6 bn judgment to BMC in software contract dispute

A consortium of US newspapers, led by the New York Daily News and Chicago Tribune, has filed a lawsuit against tech giants Microsoft and OpenAI. <o:p></o:p>

According to Reuters, the lawsuit, filed in a New York federal court, alleges that the companies have unlawfully utilised the journalistic work of reporters to train their generative artificial intelligence systems.<o:p></o:p>

The eight newspapers involved, all under the ownership of investment firm Alden Global Capital's MediaNews Group, claim that Microsoft and OpenAI have copied millions of their articles without consent. <o:p></o:p>

These articles were allegedly used to train AI products, including Microsoft's Copilot and OpenAI's ChatGPT.<o:p></o:p>

This legal action comes amidst similar ongoing lawsuits against both Microsoft and OpenAI, initiated by notable news outlets such as The New York Times, The Intercept, Raw Story, and AlterNet. <o:p></o:p>

Notably, OpenAI, which has received heavy financial backing from Microsoft, is facing mounting pressure over its AI training practices.<o:p></o:p>

According to Steven Lieberman, a lawyer representing the MediaNews publications, OpenAI owes much of its success to the intellectual property of others. <o:p></o:p>

Lieberman criticised the defendants for using copyrighted content without proper authorisation or compensation. <o:p></o:p>

He highlighted that while these companies readily invest in hardware and human resources, they seem to overlook the importance of respecting intellectual property rights.<o:p></o:p>

The lawsuit outlines that Microsoft and OpenAI's AI systems replicate the newspapers' copyrighted content verbatim when prompted. <o:p></o:p>

Additionally, it alleges that ChatGPT fabricates articles falsely attributed to the newspapers, potentially damaging their reputations. <o:p></o:p>

For instance, fabricated articles include a misleading Denver Post piece endorsing smoking as an asthma remedy and a fictitious Chicago Tribune recommendation for an infant lounger that had been linked to child fatalities.<o:p></o:p>

Beyond the New York Daily News and Chicago Tribune, the plaintiffs include prominent newspapers like the Orlando Sentinel, South Florida Sun-Sentinel, San Jose Mercury News, Orange County Register, and Twin Cities Pioneer Press. <o:p></o:p>

Seeking both monetary compensation and an injunction against further infringement, the newspapers aim to address what they perceive as a fundamental violation of their intellectual property rights.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A consortium of US newspapers, led by the New York Daily News and Chicago Tribune, has filed a lawsuit against tech giants Microsoft and OpenAI. According to Reuters, the lawsuit, filed in a New York federal court, alleges that the companies have unlawfully utilised the journalistic work of reporters to train their generative artificial intelligence systems.

A consortium of US newspapers, led by the New York Daily News and Chicago Tribune, has filed a lawsuit against tech giants Microsoft and OpenAI. According to Reuters, the lawsuit, filed in a New York federal court, alleges that the companies have unlawfully utilised the journalistic work of reporters to train their generative artificial intelligence systems. The eight newspapers involved, all under the ownership of investment firm Alden Global Capital's MediaNews Group, claim that Microsoft and OpenAI have copied millions of their articles without consent. These articles were allegedly used to train AI products, including Microsoft's Copilot and OpenAI's ChatGPT. This legal action comes amidst similar ongoing lawsuits against both Microsoft and OpenAI, initiated by notable news outlets such as The New York Times, The Intercept, Raw Story, and AlterNet. Notably, OpenAI, which has received heavy financial backing from Microsoft, is facing mounting pressure over its AI training practices. According to Steven Lieberman, a lawyer representing the MediaNews publications, OpenAI owes much of its success to the intellectual property of others. Lieberman criticised the defendants for using copyrighted content without proper authorisation or compensation. He highlighted that while these companies readily invest in hardware and human resources, they seem to overlook the importance of respecting intellectual property rights. The lawsuit outlines that Microsoft and OpenAI's AI systems replicate the newspapers' copyrighted content verbatim when prompted. Additionally, it alleges that ChatGPT fabricates articles falsely attributed to the newspapers, potentially damaging their reputations. For instance, fabricated articles include a misleading Denver Post piece endorsing smoking as an asthma remedy and a fictitious Chicago Tribune recommendation for an infant lounger that had been linked to child fatalities. Beyond the New York Daily News and Chicago Tribune, the plaintiffs include prominent newspapers like the Orlando Sentinel, South Florida Sun-Sentinel, San Jose Mercury News, Orange County Register, and Twin Cities Pioneer Press. Seeking both monetary compensation and an injunction against further infringement, the newspapers aim to address what they perceive as a fundamental violation of their intellectual property rights. (With inputs from Reuters)

US newspapers sue OpenAI, Microsoft for copyright infringement in AI training

<o:p></o:p>The 127-year-old conglomerate, India’s Godrej Group, know for its diverse ventures ranging from soaps and home appliances to real estate, is undergoing a major transformation. <o:p></o:p>

According to reports, the founding family has announced ownership redistribution, dividing the empire between two branches. <o:p></o:p>

Adi and Nadir Godrej will continue steering the listed entities, while cousins Jamshyd and Smita will take charge of unlisted holdings, including prized real estate, bringing a new chapter in the legacy of the business.<o:p></o:p>

In a statement issued by the group, the split is marked out along familial lines, with Adi (82) and Nadir (73) Godrej, and their respective families, on one side, and cousins Jamshyd (75) Godrej and Smita Crishna (74), and their lineage, on the other. <o:p></o:p>

This restructuring seeks to optimise strategic focus and agility, laying the ground for sustained long-term value creation for shareholders and stakeholders.<o:p></o:p>

The roots of the Godrej Group trace back to 1897 when Ardeshir Godrej, along with his brother, embarked on a journey that succeeded in locksmithing after initial setbacks in medical device ventures. <o:p></o:p>

With no direct heirs, Ardeshir passed the baton to his brother Pirojsha, who, in turn, had four children: Sohrab, Dosa, Burjor, and Naval. <o:p></o:p>

Over time, leadership transitioned to Burjor's descendants, Adi and Nadir, and Naval's lineage, Jamshyd and Smita, as Sohrab and Dosa had no successors.<o:p></o:p>

Under the new arrangement, the Godrej Enterprises Group, encompassing Godrej &amp; Boyce and its affiliates spanning diverse sectors such as aerospace, aviation, and IT, will be led by Jamshyd Godrej as chairperson and managing director. <o:p></o:p>

Joining him in leadership is Nyrika Holkar, appointed as the Executive Director. <o:p></o:p>

The group will also retain ownership of a land bank, notably including prime property in Mumbai.<o:p></o:p>

Conversely, the Godrej Industries Group, housing the conglomerate's listed entities such as Godrej Industries, Godrej Consumer Products, and Godrej Properties, will be overseen by Nadir Godrej, with Adi Godrej and their immediate families playing major roles. <o:p></o:p>

Pirojsha Godrej, son of Adi, is set to assume the role of Executive Vice Chairperson, succeeding Nadir as Chairperson in August 2026.<o:p></o:p>

While specifics of the transition are yet to be finalised, reports suggest a possible divestment of shares by Adi and Nadir Godrej in Godrej &amp; Boyce to their cousins. <o:p></o:p>

Simultaneously, Jamshyd and his family are expected to transfer their interests in Godrej Consumer Products and Godrej Properties through a familial arrangement. <o:p></o:p>

The real estate assets, primarily situated in Mumbai suburbs, will remain under the purview of Godrej &amp; Boyce, with a dedicated agreement governing ownership rights.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

The 127-year-old conglomerate, India’s Godrej Group, know for its diverse ventures ranging from soaps and home appliances to real estate, is undergoing a major transformation.

The 127-year-old conglomerate, India’s Godrej Group, know for its diverse ventures ranging from soaps and home appliances to real estate, is undergoing a major transformation. According to reports, the founding family has announced ownership redistribution, dividing the empire between two branches. Adi and Nadir Godrej will continue steering the listed entities, while cousins Jamshyd and Smita will take charge of unlisted holdings, including prized real estate, bringing a new chapter in the legacy of the business. In a statement issued by the group, the split is marked out along familial lines, with Adi (82) and Nadir (73) Godrej, and their respective families, on one side, and cousins Jamshyd (75) Godrej and Smita Crishna (74), and their lineage, on the other. This restructuring seeks to optimise strategic focus and agility, laying the ground for sustained long-term value creation for shareholders and stakeholders. The roots of the Godrej Group trace back to 1897 when Ardeshir Godrej, along with his brother, embarked on a journey that succeeded in locksmithing after initial setbacks in medical device ventures. With no direct heirs, Ardeshir passed the baton to his brother Pirojsha, who, in turn, had four children: Sohrab, Dosa, Burjor, and Naval. Over time, leadership transitioned to Burjor's descendants, Adi and Nadir, and Naval's lineage, Jamshyd and Smita, as Sohrab and Dosa had no successors. Under the new arrangement, the Godrej Enterprises Group, encompassing Godrej & Boyce and its affiliates spanning diverse sectors such as aerospace, aviation, and IT, will be led by Jamshyd Godrej as chairperson and managing director. Joining him in leadership is Nyrika Holkar, appointed as the Executive Director. The group will also retain ownership of a land bank, notably including prime property in Mumbai. Conversely, the Godrej Industries Group, housing the conglomerate's listed entities such as Godrej Industries, Godrej Consumer Products, and Godrej Properties, will be overseen by Nadir Godrej, with Adi Godrej and their immediate families playing major roles. Pirojsha Godrej, son of Adi, is set to assume the role of Executive Vice Chairperson, succeeding Nadir as Chairperson in August 2026. While specifics of the transition are yet to be finalised, reports suggest a possible divestment of shares by Adi and Nadir Godrej in Godrej & Boyce to their cousins. Simultaneously, Jamshyd and his family are expected to transfer their interests in Godrej Consumer Products and Godrej Properties through a familial arrangement. The real estate assets, primarily situated in Mumbai suburbs, will remain under the purview of Godrej & Boyce, with a dedicated agreement governing ownership rights. (With inputs from PTI)

Godrej Group founders agree to split. Here’s what you need to know

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023. The reason given for the delay of the 2023 financial report was that an extra amount of time was required to eliminate accounting errors in 2021 and 2022. Nevertheless, Polestar reaffirmed its intention to unveil first-quarter financial results on May 23.

Accounting misstatements and financial impact

The accounting misstatements, which occurred especially in 2021 and 2022, and the need to deal with them contributed to the significant delay in publishing financial results. These revisions are anticipated to cause a small decrease in net loss for 2021 and a small increase in 2022, by less than 5% each. Polestar is currently dealing with the emergence of these discrepancies and it is aiming at correcting them accordingly, in order to maintain fair financial reporting.

<a href="https://www.wionews.com/business-economy/european-car-giants-struggle-with-lower-sales-amid-transition-year-716667">Also Read:&nbsp;European car giants struggle with lower sales amid transition year</a>

Compliance with financial reporting standards

In order to resolve the accounting issues, Polestar is also focusing on strengthening the internal controls related to financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002. This bill, however, is only meant as a reaction to the accounting scandals and, therefore, mandates strict accounting standards for US companies that are publicly traded. With internal controls being strengthened, Polestar seeks to preserve transparency and integrity during its financial transactions.

Previous postponements 

Polestar first intended to have its financial results for the fourth quarter of the year available from February 29. However, this postponed until late April when a further postponement was announced. The successive delays instead indicate the accounting complexities, and as such, compliance with regulatory standards.

Impact of economic conditions

Polestar's decision came at the moment when the company was going through many difficulties associated with turbulent business environment where there are no safe predictions regarding economic factors. Company’s latest release showed that their first quarter deliveries were 40% lower than their immediate previous quarter, which reflects slump in consumer demand caused by the economic downturn. Demand slowdown has also led consumers to be cautious, especially when it comes to large items such as electric cars.

Prioritising accuracy and compliance

The decision by Polestar to postpone the release of its financial data accentuates its focus on upholding accuracy as well as financial reporting standards. Acknowledging the existence of accounting misstatements and tightening the internal controls are two of Polestar's strategies to foster transparency and accountability within the financial operation processes. In spite of the difficulties the company is still committed to bring first-quarter results as planned, which points to the transparency and responsible business methods the company adheres to.

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023.

Polestar Automotive, the Swedish electric vehicle maker, has confirmed that it has pushed back the release of its fourth-quarter and full-year end annual financial report to the second quarter of 2023. The reason given for the delay of the 2023 financial report was that an extra amount of time was required to eliminate accounting errors in 2021 and 2022. Nevertheless, Polestar reaffirmed its intention to unveil first-quarter financial results on May 23. Accounting misstatements and financial impact The accounting misstatements, which occurred especially in 2021 and 2022, and the need to deal with them contributed to the significant delay in publishing financial results. These revisions are anticipated to cause a small decrease in net loss for 2021 and a small increase in 2022, by less than 5% each. Polestar is currently dealing with the emergence of these discrepancies and it is aiming at correcting them accordingly, in order to maintain fair financial reporting. Also Read: European car giants struggle with lower sales amid transition year Compliance with financial reporting standards In order to resolve the accounting issues, Polestar is also focusing on strengthening the internal controls related to financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002. This bill, however, is only meant as a reaction to the accounting scandals and, therefore, mandates strict accounting standards for US companies that are publicly traded. With internal controls being strengthened, Polestar seeks to preserve transparency and integrity during its financial transactions. Previous postponements Polestar first intended to have its financial results for the fourth quarter of the year available from February 29. However, this postponed until late April when a further postponement was announced. The successive delays instead indicate the accounting complexities, and as such, compliance with regulatory standards. Impact of economic conditions Polestar's decision came at the moment when the company was going through many difficulties associated with turbulent business environment where there are no safe predictions regarding economic factors. Company’s latest release showed that their first quarter deliveries were 40% lower than their immediate previous quarter, which reflects slump in consumer demand caused by the economic downturn. Demand slowdown has also led consumers to be cautious, especially when it comes to large items such as electric cars. Prioritising accuracy and compliance The decision by Polestar to postpone the release of its financial data accentuates its focus on upholding accuracy as well as financial reporting standards. Acknowledging the existence of accounting misstatements and tightening the internal controls are two of Polestar's strategies to foster transparency and accountability within the financial operation processes. In spite of the difficulties the company is still committed to bring first-quarter results as planned, which points to the transparency and responsible business methods the company adheres to.

Polestar delays financial results publication amid accounting misstatements

The Reserve Bank of India (RBI) on Monday issued a directive for regulated entities to review their lending practices after instances of unfair practices were discovered during inspections.

Some lenders were charging interest rates unfairly, including charging interest from the date of loan sanction rather than disbursement, and charging interest from the cheque date rather than when it was handed to the customer.&nbsp;

To ensure fairness and transparency in lending practices, the RBI directed entities to disburse loans through online transfers instead of cheques. It also advised entities to refund excess interest and make corrective actions, including system-level changes.

The RBI's latest notification on fair practices on interest charges is brilliant for consumers. Let's look at the key takeaways which will help you if you're looking for a new loan. 
 
Interest Charge Timing

Some banks charge interest from the date of the loan approval or agreement rather than the loan sanction. This means if there's a delay between when you sign for a loan and when you actually receive the money, you shouldn't be paying interest for that waiting period. 
 
Interest Calculation on Disbursed Funds

Where loans are disbursed via cheque, some banks charge interest from the date the cheque is issued, not when the cheque is cashed. This can unfairly increase the amount of interest you pay if there’s a delay in accessing the funds from the cheque. 
 
Proportional Interest Charges

The RBI observed that some lenders charge interest for an entire month even if the loan wasn’t outstanding for the whole month. Ideally, interest should only be calculated for the number of days the loan amount is held during the month. 
 
Advance Instalment &amp; Interest Calculation

In some cases, consumers have been required to pay one or more EMIs in advance. Yet the interest was still calculated on the full loan amount as though these payments hadn’t been made. This practice can lead to paying more interest than necessary. 
 
The RBI has taken these issues seriously, advising lenders where these practices were found to refund the excess interest and fees charged. Moreover, the RBI is pushing lenders towards more transparent practices, including the recommendation of using online transfers over cheques to speed up and clarify the disbursement process.

The Reserve Bank of India (RBI) on Monday issued a directive for regulated entities to review their lending practices after instances of unfair practices were discovered during inspections.

The Reserve Bank of India (RBI) on Monday issued a directive for regulated entities to review their lending practices after instances of unfair practices were discovered during inspections. Some lenders were charging interest rates unfairly, including charging interest from the date of loan sanction rather than disbursement, and charging interest from the cheque date rather than when it was handed to the customer. To ensure fairness and transparency in lending practices, the RBI directed entities to disburse loans through online transfers instead of cheques. It also advised entities to refund excess interest and make corrective actions, including system-level changes. The RBI's latest notification on fair practices on interest charges is brilliant for consumers. Let's look at the key takeaways which will help you if you're looking for a new loan. Interest Charge Timing Some banks charge interest from the date of the loan approval or agreement rather than the loan sanction. This means if there's a delay between when you sign for a loan and when you actually receive the money, you shouldn't be paying interest for that waiting period. Interest Calculation on Disbursed Funds Where loans are disbursed via cheque, some banks charge interest from the date the cheque is issued, not when the cheque is cashed. This can unfairly increase the amount of interest you pay if there’s a delay in accessing the funds from the cheque. Proportional Interest Charges The RBI observed that some lenders charge interest for an entire month even if the loan wasn’t outstanding for the whole month. Ideally, interest should only be calculated for the number of days the loan amount is held during the month. Advance Instalment & Interest Calculation In some cases, consumers have been required to pay one or more EMIs in advance. Yet the interest was still calculated on the full loan amount as though these payments hadn’t been made. This practice can lead to paying more interest than necessary. The RBI has taken these issues seriously, advising lenders where these practices were found to refund the excess interest and fees charged. Moreover, the RBI is pushing lenders towards more transparent practices, including the recommendation of using online transfers over cheques to speed up and clarify the disbursement process.

Expert View | RBI's latest notification on fair lending practices: How it affects the customer 

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail. This can consequently affect the driver's field of vision and increase the probability of accidents, as per China's market regulator.&nbsp;

The auto giant will start fixing the software from May 20 onwards to reduce the chances of accidents due to this issue. The rectification will be done free of cost and by the means of over-the-air (OTA) technology.&nbsp;

BYD Seagull first went on sale in China in April 2023, when it had a starting price of RMB 73,800 (USD 10,200). It is one of the least expensive models sold by the company and also one of the highest-selling. It is sold as the Dolphin Mini in some overseas markets.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/tesla-shakes-up-staff-amid-revenue-decline-717024">Tesla shakes up staff amid revenue decline</a>

The compact pure electric car borrows an ocean-inspired aesthetic and is full of dynamic color schemes and lines. It boasts a streamlined body with smooth curves and elegant stance. On the inside, it comes with an intelligent cockpit system and a 10.1-inch adaptive rotating screen, which offers smart voice control, karaoke, Apple CarPlay and Android Auto, among other features.&nbsp;

Based on the in-house e-Platform 3.0, the Seagull benefits from an ultra- safe body structure alongside its exceptional intelligent driving experience. The vehicle comes equipped with the company's blade battery technology, offering a range of up to 380 kilometres under NEDC conditions. The vehicle can be charged from 30% to 80% in just 30 minutes with DC fast charging.

In a separate development, BYD unveiled its latest premium offering, the Denza Z9GT sedan, at the Beijing auto show. The model is based on the company's e3 technology and its powertrain houses three electric motors with peak power of 230 kW, 240 kW, and 240 kW respectively. The model churns out a combined power output of up to 1,000 hp. After the unveil at the auto show, BYD will hold another technology launch event for the car in May, and later launch it officially at the end of the year.

 
&nbsp;

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail.

Chinese electric vehicle maker BYD has issued a recall for 16,666 Seagull electric vehicles produced between April and May 2023. Some of the vehicles have issues with camera driver software which could lead the reversing screen display to fail. This can consequently affect the driver's field of vision and increase the probability of accidents, as per China's market regulator. The auto giant will start fixing the software from May 20 onwards to reduce the chances of accidents due to this issue. The rectification will be done free of cost and by the means of over-the-air (OTA) technology. BYD Seagull first went on sale in China in April 2023, when it had a starting price of RMB 73,800 (USD 10,200). It is one of the least expensive models sold by the company and also one of the highest-selling. It is sold as the Dolphin Mini in some overseas markets. Also Read: Tesla shakes up staff amid revenue decline The compact pure electric car borrows an ocean-inspired aesthetic and is full of dynamic color schemes and lines. It boasts a streamlined body with smooth curves and elegant stance. On the inside, it comes with an intelligent cockpit system and a 10.1-inch adaptive rotating screen, which offers smart voice control, karaoke, Apple CarPlay and Android Auto, among other features. Based on the in-house e-Platform 3.0, the Seagull benefits from an ultra- safe body structure alongside its exceptional intelligent driving experience. The vehicle comes equipped with the company's blade battery technology, offering a range of up to 380 kilometres under NEDC conditions. The vehicle can be charged from 30% to 80% in just 30 minutes with DC fast charging. In a separate development, BYD unveiled its latest premium offering, the Denza Z9GT sedan, at the Beijing auto show. The model is based on the company's e3 technology and its powertrain houses three electric motors with peak power of 230 kW, 240 kW, and 240 kW respectively. The model churns out a combined power output of up to 1,000 hp. After the unveil at the auto show, BYD will hold another technology launch event for the car in May, and later launch it officially at the end of the year.

BYD to recall over 16,000 Seagull EVs in China over faulty software

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020.

Rebecca Tinucci, the senior director of Tesla's Supercharger business, and Daniel Ho, head of the new vehicles program, have been asked to leave the company by Tuesday, along with their respective teams. This will include approximately 500 employees who work in the Supercharger group.

According to reports, Musk explained in his email to his employees, "Hopefully these actions are making it clear that we need to be absolutely hardcore about headcount and cost reduction. While some on exec staff are taking this seriously, most are not yet doing so."

The precipitous nature of the layoffs has caught many industry officials and analysts off guard, especially after Tesla’s recent plans to open its Supercharger network to other electric vehicle manufacturers.

Tesla's decision to open its network to competing EV manufacturers including GM, Ford and other automakers was applauded by U.S. President Joe Biden and attracted federal subsidies to expand the reach of its North American Charging Standard (NACS) system.

GM and Ford, in separate statements, shared that they are not altering their plans to equip their EVs with connectors that will allow drivers of Chevrolet, Cadillac or Ford brand EVs to recharge at Tesla stations. "We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts with no further comments or updates at this time," GM said.

Andres Pinter, co-CEO of Bullet EV Charging Solutions, a supplier to the network, said, “Tesla has already been awarded money under the federal government's NEVI program, he stated, referring to the National Electric Vehicle Infrastructure formula program to provide funding to states to deploy EV charging networks…There's no way Mr. Musk would walk away from effectively free money. It may be possible Musk will reconstitute the EV charger team in bigger, badder, more Muskian way."

According to media reports, despite the job cuts, Tesla intends to continue expanding its Supercharger network, although at a slower pace, “with more focus on 100% uptime and expansion of existing locations."

While some industry experts are speculating on the long-term implications of the layoffs, others are confident that Tesla will eventually restructure its EV charger team to make the most of government funding and scale up its charging infrastructure.

Seven large automakers, including Mercedes, GM, Stellantis, Honda, BMW, and Hyundai-Kia formed a joint venture last year called ‘Ionna’ to develop a fast-charging network to compete with the Tesla Supercharger network.

Earlier this month, two other senior leaders, Rohan Patel who led Tesla’s public policy team and battery development chief Drew Baglino, announced their departures. Tesla had also laid off more than 10% of its workforce at the time.&nbsp;

Even after a surge over the past week, Tesla shares are down about 26% for the year. Morningstar analyst Seth Goldstein commented, "Tesla is looking to right size its (capital spending) and operating expenses over the next couple of years as the company is in a slower growth phase".

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020.

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020. Rebecca Tinucci, the senior director of Tesla's Supercharger business, and Daniel Ho, head of the new vehicles program, have been asked to leave the company by Tuesday, along with their respective teams. This will include approximately 500 employees who work in the Supercharger group. According to reports, Musk explained in his email to his employees, "Hopefully these actions are making it clear that we need to be absolutely hardcore about headcount and cost reduction. While some on exec staff are taking this seriously, most are not yet doing so." The precipitous nature of the layoffs has caught many industry officials and analysts off guard, especially after Tesla’s recent plans to open its Supercharger network to other electric vehicle manufacturers. Tesla's decision to open its network to competing EV manufacturers including GM, Ford and other automakers was applauded by U.S. President Joe Biden and attracted federal subsidies to expand the reach of its North American Charging Standard (NACS) system. GM and Ford, in separate statements, shared that they are not altering their plans to equip their EVs with connectors that will allow drivers of Chevrolet, Cadillac or Ford brand EVs to recharge at Tesla stations. "We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts with no further comments or updates at this time," GM said. Andres Pinter, co-CEO of Bullet EV Charging Solutions, a supplier to the network, said, “Tesla has already been awarded money under the federal government's NEVI program, he stated, referring to the National Electric Vehicle Infrastructure formula program to provide funding to states to deploy EV charging networks…There's no way Mr. Musk would walk away from effectively free money. It may be possible Musk will reconstitute the EV charger team in bigger, badder, more Muskian way." According to media reports, despite the job cuts, Tesla intends to continue expanding its Supercharger network, although at a slower pace, “with more focus on 100% uptime and expansion of existing locations." While some industry experts are speculating on the long-term implications of the layoffs, others are confident that Tesla will eventually restructure its EV charger team to make the most of government funding and scale up its charging infrastructure. Seven large automakers, including Mercedes, GM, Stellantis, Honda, BMW, and Hyundai-Kia formed a joint venture last year called ‘Ionna’ to develop a fast-charging network to compete with the Tesla Supercharger network. Earlier this month, two other senior leaders, Rohan Patel who led Tesla’s public policy team and battery development chief Drew Baglino, announced their departures. Tesla had also laid off more than 10% of its workforce at the time. Even after a surge over the past week, Tesla shares are down about 26% for the year. Morningstar analyst Seth Goldstein commented, "Tesla is looking to right size its (capital spending) and operating expenses over the next couple of years as the company is in a slower growth phase".

Tesla shakes up staff amid revenue decline

Starbucks has announced a downward revision of its annual sales forecast following a dip in same-store sales, marking its first decline in nearly three years. <o:p></o:p>

The company's struggles are particularly pronounced in its two largest markets, the US and China.<o:p></o:p>

Investor sentiment took a hit as Starbucks shares fell by 12 per cent during extended trading on Tuesday. <o:p></o:p>

The coffee chain also fell short of quarterly profit estimates, attributing the performance partly to geopolitical uncertainties in West Asia.<o:p></o:p>

CFO Rachel Ruggeri acknowledged the challenges faced by Starbucks in the second quarter, saying that persistent headwinds have necessitated a reassessment of the company's strategies to stimulate demand. <o:p></o:p>

The revised annual sales forecast now anticipates a low single-digit decline to flat comparable sales growth globally and in the US, down from the initial projection of 4 per cent to 6 per cent growth.<o:p></o:p>

Starbucks CEO Laxman Narasimhan highlighted the impact of adverse weather conditions in the US, along with a sluggish macroeconomic environment, which have dampened sales of premium beverages. <o:p></o:p>

In China, Starbucks experienced an 11 per cent decline in comparable sales, while in the US, the decline stood at 3 per cent. <o:p></o:p>

The coffee chain's second-quarter global comparable sales dropped by 4 per cent, much lower than the 1.44 per cent rise estimated by analysts.<o:p></o:p>

Matthew Goodman, a senior analyst at research firm M Science, said that Starbucks would have to articulate a plan aimed at revitalising traffic trends in the near term. <o:p></o:p>

Data from M Science indicates a further deceleration in sales growth month-over-month, with no signs of recovery in the current quarter.<o:p></o:p>

Operating margin for the reported quarter declined by 240 basis points to 12.8 per cent, attributed to challenges in the labour market and increased union actions. <o:p></o:p>

Despite boosting investments in promotions to stimulate demand, Starbucks fell short of market expectations with a profit of 68 cents per share, excluding items, compared to the anticipated 79 cents per share.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Starbucks has announced a downward revision of its annual sales forecast following a dip in same-store sales, marking its first decline in nearly three years. The company's struggles are particularly pronounced in its two largest markets, the US and China.

Starbucks has announced a downward revision of its annual sales forecast following a dip in same-store sales, marking its first decline in nearly three years. The company's struggles are particularly pronounced in its two largest markets, the US and China. Investor sentiment took a hit as Starbucks shares fell by 12 per cent during extended trading on Tuesday. The coffee chain also fell short of quarterly profit estimates, attributing the performance partly to geopolitical uncertainties in West Asia. CFO Rachel Ruggeri acknowledged the challenges faced by Starbucks in the second quarter, saying that persistent headwinds have necessitated a reassessment of the company's strategies to stimulate demand. The revised annual sales forecast now anticipates a low single-digit decline to flat comparable sales growth globally and in the US, down from the initial projection of 4 per cent to 6 per cent growth. Starbucks CEO Laxman Narasimhan highlighted the impact of adverse weather conditions in the US, along with a sluggish macroeconomic environment, which have dampened sales of premium beverages. In China, Starbucks experienced an 11 per cent decline in comparable sales, while in the US, the decline stood at 3 per cent. The coffee chain's second-quarter global comparable sales dropped by 4 per cent, much lower than the 1.44 per cent rise estimated by analysts. Matthew Goodman, a senior analyst at research firm M Science, said that Starbucks would have to articulate a plan aimed at revitalising traffic trends in the near term. Data from M Science indicates a further deceleration in sales growth month-over-month, with no signs of recovery in the current quarter. Operating margin for the reported quarter declined by 240 basis points to 12.8 per cent, attributed to challenges in the labour market and increased union actions. Despite boosting investments in promotions to stimulate demand, Starbucks fell short of market expectations with a profit of 68 cents per share, excluding items, compared to the anticipated 79 cents per share. (With inputs from Reuters)

Starbucks cuts sales forecast amid slowing demand in key US, China markets

India collected a record 2.10 trillion rupees ($25.15 billion) as gross goods and services tax (GST) in April, a rise of 12.4 per cent from the same period last year, the government said in a statement on Wednesday.

The government had collected 1.87 trillion rupees as GST in the same period last year.

"GST collections breach landmark milestone of 2 trillion rupees," Finance Minister Nirmala Sitharaman posted on social media platform X, formerly known as Twitter.

After refunds, the government's net GST mop-up rose 17.1 per cent year-on-year to 1.92 trillion rupees, the statement said.

The collection in April is usually higher as taxpayers clear their dues when India's financial year ends in March.

The unprecedented surge in GST collections is a positive indicator of economic activity and compliance levels, said Rajat Mohan, executive director at accounting firm MOORE Singhi.

"A significant portion of this rise could be attributed to the accumulation of year-end tax dues, which typically see a spike as businesses and individuals rush to meet fiscal deadlines," Mohan added.

India collected a record 2.10 trillion rupees ($25.15 billion) as gross goods and services tax (GST) in April, a rise of 12.4 per cent from the same period last year, the government said in a statement on Wednesday.

India collected a record 2.10 trillion rupees ($25.15 billion) as gross goods and services tax (GST) in April, a rise of 12.4 per cent from the same period last year, the government said in a statement on Wednesday. The government had collected 1.87 trillion rupees as GST in the same period last year. "GST collections breach landmark milestone of 2 trillion rupees," Finance Minister Nirmala Sitharaman posted on social media platform X, formerly known as Twitter. After refunds, the government's net GST mop-up rose 17.1 per cent year-on-year to 1.92 trillion rupees, the statement said. The collection in April is usually higher as taxpayers clear their dues when India's financial year ends in March. The unprecedented surge in GST collections is a positive indicator of economic activity and compliance levels, said Rajat Mohan, executive director at accounting firm MOORE Singhi. "A significant portion of this rise could be attributed to the accumulation of year-end tax dues, which typically see a spike as businesses and individuals rush to meet fiscal deadlines," Mohan added.

India collects record 2.10 trillion rupees as goods and services tax in April

Indian carmaker Maruti Suzuki has finally teased the much-awaited new, fourth-generation Swift. In the build-up to its launch, which is likely to happen this month, Maruti has also opened bookings for it at ₹11,000.

Indian carmaker Maruti Suzuki has finally teased the much-awaited new, fourth-generation Swift. In the build-up to its launch, which is likely to happen this month, Maruti has also opened bookings for it at ₹11,000. The bookings can be done online or at any Maruti Suzuki Arena dealership. Here’s what you can expect from the fourth-generation model. The new Swift was revealed for the international markets last year. Though it is a generation change, the design changes are evolutionary – the silhouette largely remains the same as the outgoing model. The front gets a significant update; it’s quite rounded this time and of course, the lights and bumpers have also been updated at the front and rear. Since we have not seen the India-spec model yet, there is a good chance that it might get a handful of bespoke changes over the international model. With these changes, the Swift now looks more like a supermini than just a conventional hatchback. Major components inside the cabin, such as the switchgear, infotainment unit, and dashboard will be shared with other Maruti models like the Fronx/Baleno. Again, the changes will not be radically different. The biggest talking point of the new Swift is its powertrain. This time, it will ditch the four-cylinder K12 petrol engine for an all-new 1.2-litre, three-cylinder Z12 naturally-aspirated petrol motor. The new engine is claimed to offer better performance, higher fuel economy and improved NVH levels than the K12 unit. It will be interesting to see if the automatic variants will continue with the current five-speed AMT gearbox or get the more refined and upmarket six-speed torque converter. Also Read: Maruti Suzuki launches First Responder Training Programme with AIIMS Much like any new model, expect the new Swift to arrive with a reasonable price hike. Maruti Suzuki even employed a clever tactic by announcing a price hike for the current Swift to make the new model relatively less expensive. Sharing his thoughts on the announcement, Mr Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “The Swift has been an iconic brand for Maruti Suzuki, one that has evolved with changing times to redefine customer expectations. Its 29 lakh strong customer base and numerous awards & accolades are a testament to how the iconic Swift has gone from strength to strength. The Epic New Swift stays true to its much-loved sporty DNA while balancing new-age expectations of environment friendliness with low emissions. As always, the next-generation Swift is all set to create new benchmarks in the premium hatchback segment...”

New Maruti Suzuki Swift launch soon, bookings open

Amazon has outperformed analysts' expectations in its quarterly earnings report released on Tuesday, maintained by the growing interest in artificial intelligence (AI) and strong cloud-computing growth.<o:p></o:p>

CEO Andy Jassy highlighted the opportunity Amazon sees in serving AI customers, highlighting the company's strategic focus on leveraging AI technologies to enhance its offerings.<o:p></o:p>

While the quarterly results exceeded Wall Street's estimates, Amazon's stock experienced an increase of less than 2 per cent in extended trading, following a below-expectation revenue forecast for the current quarter.<o:p></o:p>

Chief Financial Officer Brian Olsavsky indicated that capital spending would increase throughout the year, with a focus on strengthening Amazon Web Services (AWS) infrastructure and expanding generative AI efforts. <o:p></o:p>

Amazon reported a 13 per cent increase in first-quarter sales, reaching $143.3 billion, surpassing the average analyst estimate. <o:p></o:p>

Moreover, the company's net income more than tripled to $10.4 billion in the same period.<o:p></o:p>

However, the revenue forecast for the current quarter fell short of analyst consensus, with Amazon expecting revenue between $144.0 billion to $149.0 billion.<o:p></o:p>

AWS, the leading provider of cloud-computing services, recorded a 17 per cent rise in revenue to $25.0 billion for the first quarter, exceeding expectations. <o:p></o:p>

Despite this growth, AWS faces stiff competition from rivals like Microsoft and Alphabet, which reported higher revenue growth rates in cloud-computing services for the same period.<o:p></o:p>

The prominence of AI in the tech industry has surged since the debut of OpenAI's ChatGPT, sparking major investments and developments in AI-driven features. <o:p></o:p>

Amazon's introduction of its "Q" chatbot for businesses and the Rufus service to aid customers in finding products on its website are a few efforts made to integrate AI across its platforms.<o:p></o:p>

CEO Andy Jassy stated that AWS is on track to achieve $100 billion in annual sales, reflecting the continued expansion and dominance of Amazon's cloud-computing division. <o:p></o:p>

Despite these positive indicators, Amazon chose not to announce a dividend, deviating from the trend observed among its Big Tech counterparts, including Alphabet and Meta Platforms.<o:p></o:p>

Amazon's advertising business also contributed to its quarterly results, with ad sales coming to $11.8 billion, a 24 per cent increase from the previous year. <o:p></o:p>

The company's introduction of unskippable ads on its Prime Video streaming service has garnered enthusiasm from marketers, offering an additional revenue stream for Amazon.<o:p></o:p>

Although there are fluctuations in its workforce numbers, Amazon ended the quarter with 1.52 million employees, indicating ongoing adjustments within the company's organisational structure.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon has outperformed analysts' expectations in its quarterly earnings report released on Tuesday, maintained by the growing interest in artificial intelligence (AI) and strong cloud-computing growth.

Amazon has outperformed analysts' expectations in its quarterly earnings report released on Tuesday, maintained by the growing interest in artificial intelligence (AI) and strong cloud-computing growth. CEO Andy Jassy highlighted the opportunity Amazon sees in serving AI customers, highlighting the company's strategic focus on leveraging AI technologies to enhance its offerings. While the quarterly results exceeded Wall Street's estimates, Amazon's stock experienced an increase of less than 2 per cent in extended trading, following a below-expectation revenue forecast for the current quarter. Chief Financial Officer Brian Olsavsky indicated that capital spending would increase throughout the year, with a focus on strengthening Amazon Web Services (AWS) infrastructure and expanding generative AI efforts. Amazon reported a 13 per cent increase in first-quarter sales, reaching $143.3 billion, surpassing the average analyst estimate. Moreover, the company's net income more than tripled to $10.4 billion in the same period. However, the revenue forecast for the current quarter fell short of analyst consensus, with Amazon expecting revenue between $144.0 billion to $149.0 billion. AWS, the leading provider of cloud-computing services, recorded a 17 per cent rise in revenue to $25.0 billion for the first quarter, exceeding expectations. Despite this growth, AWS faces stiff competition from rivals like Microsoft and Alphabet, which reported higher revenue growth rates in cloud-computing services for the same period. The prominence of AI in the tech industry has surged since the debut of OpenAI's ChatGPT, sparking major investments and developments in AI-driven features. Amazon's introduction of its "Q" chatbot for businesses and the Rufus service to aid customers in finding products on its website are a few efforts made to integrate AI across its platforms. CEO Andy Jassy stated that AWS is on track to achieve $100 billion in annual sales, reflecting the continued expansion and dominance of Amazon's cloud-computing division. Despite these positive indicators, Amazon chose not to announce a dividend, deviating from the trend observed among its Big Tech counterparts, including Alphabet and Meta Platforms. Amazon's advertising business also contributed to its quarterly results, with ad sales coming to $11.8 billion, a 24 per cent increase from the previous year. The company's introduction of unskippable ads on its Prime Video streaming service has garnered enthusiasm from marketers, offering an additional revenue stream for Amazon. Although there are fluctuations in its workforce numbers, Amazon ended the quarter with 1.52 million employees, indicating ongoing adjustments within the company's organisational structure. (With inputs from Reuters)

Amazon surpasses expectations in quarterly results driven by AI interest: Report

Shell's secretive oil and gas trading operations have come under scrutiny as court documents unveiled financial details, indicating the company's US crude trading division's annual earnings of approximately $1 billion. <o:p></o:p>

A testimony from a former head of Shell's US crude trading division, disclosed during a lawsuit in a Texas state court, provided insights into the profits generated by the trading arm and the bonuses awarded to traders. <o:p></o:p>

John Dimech, a former manager in Shell's crude oil trading group, revealed that the division consistently rakes in profits ranging from $950 million to $1 billion annually, accounting for a significant portion of Shell's overall US pre-tax profits.<o:p></o:p>

According to calculations based on company filings, Shell's US pre-tax profits in recent years amounted to just over $7 billion in 2022 and approximately $6.36 billion in 2021. <o:p></o:p>

The revelation of the contribution made by the crude trading unit highlights the implications of Shell's trading business within its broader operations. <o:p></o:p>

Despite the financial prowess of its trading desk, Shell remains secretive regarding the performance of its oil and gas trading segment, raising concerns among investors who seek greater transparency regarding the company's financial activities. <o:p></o:p>

While the trading business can yield profits, it also carries inherent risks and volatility, occasionally resulting in losses.<o:p></o:p>

Traders within Shell's trading division capitalise on fluctuations in global supply and demand dynamics, engaging in buying and selling oil and gas to exploit market opportunities. <o:p></o:p>

These traders are often incentivised with lucrative bonuses based on their performance, which can surpass even the annual bonuses awarded to top executives. <o:p></o:p>

For instance, CEO Wael Sawan's annual bonus amounted to £2.7 million ($3.4 million) last year, according to the company's latest annual report. <o:p></o:p>

The court filing also brought out a legal dispute involving former trading manager Eva-Maria Frohn, who sought $15 million, including a $6 million bonus for the year 2021. <o:p></o:p>

Frohn alleged that a job transfer she was offered would not be as financially rewarding as her current position, leading her to reject the offer. <o:p></o:p>

However, Shell argued that her refusal amounted to a resignation, leading to a breach of contract claim. <o:p></o:p>

Following a favourable verdict rendered by the jury, Frohn's claim against Shell was nullified, according to the law firm representing the company. <o:p></o:p>

Frohn's attorney declined to comment on the outcome of the case.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Shell's secretive oil and gas trading operations have come under scrutiny as court documents unveiled financial details, indicating the company's US crude trading division's annual earnings of approximately $1 billion.

Shell's secretive oil and gas trading operations have come under scrutiny as court documents unveiled financial details, indicating the company's US crude trading division's annual earnings of approximately $1 billion. A testimony from a former head of Shell's US crude trading division, disclosed during a lawsuit in a Texas state court, provided insights into the profits generated by the trading arm and the bonuses awarded to traders. John Dimech, a former manager in Shell's crude oil trading group, revealed that the division consistently rakes in profits ranging from $950 million to $1 billion annually, accounting for a significant portion of Shell's overall US pre-tax profits. According to calculations based on company filings, Shell's US pre-tax profits in recent years amounted to just over $7 billion in 2022 and approximately $6.36 billion in 2021. The revelation of the contribution made by the crude trading unit highlights the implications of Shell's trading business within its broader operations. Despite the financial prowess of its trading desk, Shell remains secretive regarding the performance of its oil and gas trading segment, raising concerns among investors who seek greater transparency regarding the company's financial activities. While the trading business can yield profits, it also carries inherent risks and volatility, occasionally resulting in losses. Traders within Shell's trading division capitalise on fluctuations in global supply and demand dynamics, engaging in buying and selling oil and gas to exploit market opportunities. These traders are often incentivised with lucrative bonuses based on their performance, which can surpass even the annual bonuses awarded to top executives. For instance, CEO Wael Sawan's annual bonus amounted to £2.7 million ($3.4 million) last year, according to the company's latest annual report. The court filing also brought out a legal dispute involving former trading manager Eva-Maria Frohn, who sought $15 million, including a $6 million bonus for the year 2021. Frohn alleged that a job transfer she was offered would not be as financially rewarding as her current position, leading her to reject the offer. However, Shell argued that her refusal amounted to a resignation, leading to a breach of contract claim. Following a favourable verdict rendered by the jury, Frohn's claim against Shell was nullified, according to the law firm representing the company. Frohn's attorney declined to comment on the outcome of the case. (With inputs from Reuters)

Court filings reveal Shell's lucrative US crude trading earns it $1bn annually

HSBC Holdings Plc's Chief Executive Officer Noel Quinn has announced his resignation, prompting the bank to initiate a search for his replacement. <o:p></o:p>

As reported by Bloomberg, the decision comes as the HSBC board commences a formal process to identify potential successors, considering both internal and external candidates. <o:p></o:p>

Despite his impending departure, Quinn will remain in his role to facilitate a seamless transition during the succession process, ensuring continuity in the bank's operations.<o:p></o:p>

During his tenure as CEO, Quinn led a series of strategic reviews aimed at revitalising HSBC's business model. <o:p></o:p>

His efforts led to a strategic shift focusing on strengthening the bank's investment in its Asian operations, while simultaneously streamlining its presence in developed Western markets such as the United States and France. <o:p></o:p>

Quinn's vision and leadership played a pivotal role in shaping HSBC's trajectory amidst evolving global market dynamics and regulatory challenges.<o:p></o:p>

Quinn's appointment as permanent CEO in March 2020 followed a period of interim leadership after the departure of his predecessor, John Flint, who stepped down in August 2019. <o:p></o:p>

With a career spanning over three decades, Quinn's journey at HSBC began at British lender Midland Bank in 1987, which was later acquired by HSBC in 1992. <o:p></o:p>

Over the years, Quinn assumed various leadership roles within HSBC, notably leading the commercial banking unit before being selected by Chairman Mark Tucker to succeed Flint as CEO.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

HSBC Holdings Plc's Chief Executive Officer Noel Quinn has announced his resignation, prompting the bank to initiate a search for his replacement. As reported by Bloomberg, the decision comes as the HSBC board commences a formal process to identify potential successors, considering both internal and external candidates.

HSBC Holdings Plc's Chief Executive Officer Noel Quinn has announced his resignation, prompting the bank to initiate a search for his replacement. As reported by Bloomberg, the decision comes as the HSBC board commences a formal process to identify potential successors, considering both internal and external candidates. Despite his impending departure, Quinn will remain in his role to facilitate a seamless transition during the succession process, ensuring continuity in the bank's operations. During his tenure as CEO, Quinn led a series of strategic reviews aimed at revitalising HSBC's business model. His efforts led to a strategic shift focusing on strengthening the bank's investment in its Asian operations, while simultaneously streamlining its presence in developed Western markets such as the United States and France. Quinn's vision and leadership played a pivotal role in shaping HSBC's trajectory amidst evolving global market dynamics and regulatory challenges. Quinn's appointment as permanent CEO in March 2020 followed a period of interim leadership after the departure of his predecessor, John Flint, who stepped down in August 2019. With a career spanning over three decades, Quinn's journey at HSBC began at British lender Midland Bank in 1987, which was later acquired by HSBC in 1992. Over the years, Quinn assumed various leadership roles within HSBC, notably leading the commercial banking unit before being selected by Chairman Mark Tucker to succeed Flint as CEO. (With inputs from Bloomberg)

HSBC CEO Noel Quinn steps down abruptly; bank commences search for successor