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Tesla's CEO Elon Musk's recent visit to Beijing yielded progress towards the rollout of the automaker's advanced driver-assistance package in China, propelling Tesla shares by nearly 18 per cent on Monday. <o:p></o:p>

The surge in share price comes during a challenging year for Tesla, with its shares previously declining by about a third, followed by concerns regarding its growth trajectory. <o:p></o:p>

Despite the recent rally, uncertainties persist regarding Tesla's ability to secure government approvals for data transfer overseas, which is crucial for the development of autonomous vehicles.<o:p></o:p>

Musk's unannounced visit to the Chinese capital aimed at discussing the deployment of Tesla's Full Self-Driving (FSD) software and seeking permissions for data transfer.<o:p></o:p>

During the visit, Tesla received an endorsement from a top Chinese auto association, confirming that Tesla's Model 3 and Model Y vehicles complied with data-security regulations. <o:p></o:p>

This endorsement could pave the way for Tesla vehicles to enter parts of China that were previously inaccessible, as reported by Chinese media outlets citing a statement from Tesla. <o:p></o:p>

Tesla has reportedly reached an agreement with Baidu, a leading Chinese tech company, to utilise its mapping license for data collection on China's public roads. <o:p></o:p>

This collaboration is seen as a crucial step towards the rollout of Tesla's Full Self-Driving technology in China, indicating progress in the company's efforts to expand its autonomous driving capabilities globally. <o:p></o:p>

Musk's high-profile meetings during his Beijing visit included discussions with Chinese Premier Li Qiang, who commended Tesla's advancements in China. <o:p></o:p>

While Tesla has kept specific details confidential, Musk had previously hinted at the imminent availability of Full Self-Driving technology in China. <o:p></o:p>

Despite the optimism surrounding Tesla's advancements, questions linger regarding regulatory approvals and data privacy concerns, which could potentially influence the timeline for the deployment of autonomous driving features in the Chinese market. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla's CEO Elon Musk's recent visit to Beijing yielded progress towards the rollout of the automaker's advanced driver-assistance package in China, propelling Tesla shares by nearly 18 per cent on Monday.

Tesla's CEO Elon Musk's recent visit to Beijing yielded progress towards the rollout of the automaker's advanced driver-assistance package in China, propelling Tesla shares by nearly 18 per cent on Monday. The surge in share price comes during a challenging year for Tesla, with its shares previously declining by about a third, followed by concerns regarding its growth trajectory. Despite the recent rally, uncertainties persist regarding Tesla's ability to secure government approvals for data transfer overseas, which is crucial for the development of autonomous vehicles. Musk's unannounced visit to the Chinese capital aimed at discussing the deployment of Tesla's Full Self-Driving (FSD) software and seeking permissions for data transfer. During the visit, Tesla received an endorsement from a top Chinese auto association, confirming that Tesla's Model 3 and Model Y vehicles complied with data-security regulations. This endorsement could pave the way for Tesla vehicles to enter parts of China that were previously inaccessible, as reported by Chinese media outlets citing a statement from Tesla. Tesla has reportedly reached an agreement with Baidu, a leading Chinese tech company, to utilise its mapping license for data collection on China's public roads. This collaboration is seen as a crucial step towards the rollout of Tesla's Full Self-Driving technology in China, indicating progress in the company's efforts to expand its autonomous driving capabilities globally. Musk's high-profile meetings during his Beijing visit included discussions with Chinese Premier Li Qiang, who commended Tesla's advancements in China. While Tesla has kept specific details confidential, Musk had previously hinted at the imminent availability of Full Self-Driving technology in China. Despite the optimism surrounding Tesla's advancements, questions linger regarding regulatory approvals and data privacy concerns, which could potentially influence the timeline for the deployment of autonomous driving features in the Chinese market. (With inputs from Reuters)

Tesla's shares surges as China backs Elon Musk's full self-driving initiative

Australia’s newest low-cost airline Bonza, on Tuesday (Apr 30) suspended all flights and entered voluntary administration, regulatory filings showed amid concerns about the viability of its business and has potentially left thousands of passengers stranded.

<h2>About the collapse of the airline</h2>

The collapse of the Australian airline came&nbsp;around 15 months after Bonza launched its services with the backing of 777 Partners, a United States-based investment firm.&nbsp;

In a statement, the budget carrier said that it suspended all services for the day amid discussions about the “ongoing viability of the business”. It also apologised to the customers who have been impacted by the decision.&nbsp;

“We apologise to our customers who are impacted by this and we’re working as quickly as possible to determine a way forward that ensures there is ongoing competition in the Australian domestic aviation market,” said CEO Tim Jordan.&nbsp;

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Bonza launched its services last year and has been the first to enter the market in Australia since 2007.&nbsp;

Notably, the market in Canberra is dominated by Qantas and Virgin Australia, which together control about 90 per cent of Australia’s airline market, reported Reuters.&nbsp;

The budget airlines, before it suspended its operations, connected small regional airports across Australia to main cities like Melbourne and Gold Coast.&nbsp;

Bonza had sought to shake up the country’s competitive aviation sector with cut-price tickets. However, the airline has previously garnered criticism due to flight cancellations and the suspension of some routes.

Additionally, speculation was also rife about the Bonza’s future after its reported inability to secure access to take-off and landing spots in Sydney, which is said to be a lucrative market.&nbsp;

<h2>Cancellations and control of flights</h2>

The announcement prompted the Australian government to set up a hotline for passengers who have been affected.&nbsp;

Meanwhile, the country’s Transport Minister Catherine King said that she has also spoken to other airlines about helping those stranded and both Qantas and Virgin have agreed to offer assistance.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/chinese-firms-navigate-payment-hurdles-amid-russia-trade-troubles-716162">Chinese firms navigate payment hurdles amid Russia trade troubles</a>

King also said the government’s priority is to ensure stranded Australians reach home safely and quickly.&nbsp;

A report by Reuters citing an anonymous source said AIP Capital had begun to take control of Bonza’s four Boeing 737-Max-8 aircraft just after midnight on Tuesday.&nbsp;

When asked if the government would bail out Bonza, King told state broadcaster ABC that the government’s role is to “ensure that we have a strong aviation sector within Australia” but bailing the airlines out “is not something that the government has before us.”

(With inputs from agencies)

Australia’s newest low-cost airline Bonza, on Tuesday (Apr 30) suspended all flights and entered voluntary administration, regulatory filings showed amid concerns about the viability of its business and has potentially left thousands of passengers stranded.

Australia’s newest low-cost airline Bonza, on Tuesday (Apr 30) suspended all flights and entered voluntary administration, regulatory filings showed amid concerns about the viability of its business and has potentially left thousands of passengers stranded. About the collapse of the airline The collapse of the Australian airline came around 15 months after Bonza launched its services with the backing of 777 Partners, a United States-based investment firm. In a statement, the budget carrier said that it suspended all services for the day amid discussions about the “ongoing viability of the business”. It also apologised to the customers who have been impacted by the decision. “We apologise to our customers who are impacted by this and we’re working as quickly as possible to determine a way forward that ensures there is ongoing competition in the Australian domestic aviation market,” said CEO Tim Jordan. Also Read | Uber pulls the plug, shuts down all operations across Pakistan Bonza launched its services last year and has been the first to enter the market in Australia since 2007. Notably, the market in Canberra is dominated by Qantas and Virgin Australia, which together control about 90 per cent of Australia’s airline market, reported Reuters. The budget airlines, before it suspended its operations, connected small regional airports across Australia to main cities like Melbourne and Gold Coast. Bonza had sought to shake up the country’s competitive aviation sector with cut-price tickets. However, the airline has previously garnered criticism due to flight cancellations and the suspension of some routes. Additionally, speculation was also rife about the Bonza’s future after its reported inability to secure access to take-off and landing spots in Sydney, which is said to be a lucrative market. Cancellations and control of flights The announcement prompted the Australian government to set up a hotline for passengers who have been affected. Meanwhile, the country’s Transport Minister Catherine King said that she has also spoken to other airlines about helping those stranded and both Qantas and Virgin have agreed to offer assistance. Also Read | Chinese firms navigate payment hurdles amid Russia trade troubles King also said the government’s priority is to ensure stranded Australians reach home safely and quickly. A report by Reuters citing an anonymous source said AIP Capital had begun to take control of Bonza’s four Boeing 737-Max-8 aircraft just after midnight on Tuesday. When asked if the government would bail out Bonza, King told state broadcaster ABC that the government’s role is to “ensure that we have a strong aviation sector within Australia” but bailing the airlines out “is not something that the government has before us.” (With inputs from agencies)

Australian budget airline Bonza enters voluntary administration, leaves passengers stranded

Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday. <o:p></o:p>

This move follows the US, which paved the way for mainstream investors to incorporate Bitcoin into their portfolios through ETFs pegged to the cryptocurrency's spot price. <o:p></o:p>

Hong Kong's bourse saw the introduction of six funds by three managers—Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments—each issuing spot bitcoin and ether ETFs tradable in both Hong Kong and US dollars. <o:p></o:p>

ChinaAMC (HK) additionally enabled trading in Chinese yuan, expanding the accessibility of digital assets to investors. <o:p></o:p>

In the early hours of trading, the new ETFs showed promising performance, with price increases ranging from 0.62 per cent to 3.81 per cent, highlighting investor interest and confidence in the emerging asset class. <o:p></o:p>

Despite predictions that these funds may not attract inflows comparable to their US counterparts, industry experts remain optimistic about their potential to catalyse broader adoption of digital assets globally. <o:p></o:p>

The inclusion of bitcoin and ether ETFs in Hong Kong's financial ecosystem comes with the city's efforts to position itself competitively against established financial centres like the US, leveraging its unique advantages such as in-kind trading.<o:p></o:p>

Unlike traditional ETFs, which primarily transact in fiat currencies like the US dollar, Hong Kong's approach allows investors to conduct in-kind creation and redemption through eligible dealers, facilitating direct investment using bitcoin and ether. <o:p></o:p>

Han Tongli, CEO of Harvest Global, highlighted this distinct advantage over the US market, positioning Hong Kong as a major contender in the international financial arena. <o:p></o:p>

Tongli acknowledged the city's role in fostering innovation and development, defending its status as a premier global financial hub. <o:p></o:p>

Moreover, Hong Kong's regulatory flexibility presents an opportunity for China to explore virtual asset trading, a sector currently prohibited on the mainland.<o:p></o:p>

While demand for bitcoin ETFs in the US has moderated following an initial surge in February, Hong Kong's foray into digital asset investment signifies a wider trend towards embracing cryptocurrencies and blockchain technology. <o:p></o:p>

With regulatory bodies like the Securities and Futures Commission showing their readiness to facilitate retail investment in digital asset funds, Hong Kong is set to attract further interest from fund managers seeking to capitalise on the developing&nbsp;market.<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday.

Hong Kong marked a milestone in its ambition to become a regional hub for virtual asset investment as it commenced trading Asia's inaugural spot bitcoin and ether exchange-traded funds (ETFs) on Tuesday. This move follows the US, which paved the way for mainstream investors to incorporate Bitcoin into their portfolios through ETFs pegged to the cryptocurrency's spot price. Hong Kong's bourse saw the introduction of six funds by three managers—Bosera Funds, China Asset Management (Hong Kong) Limited, and Harvest Global Investments—each issuing spot bitcoin and ether ETFs tradable in both Hong Kong and US dollars. ChinaAMC (HK) additionally enabled trading in Chinese yuan, expanding the accessibility of digital assets to investors. In the early hours of trading, the new ETFs showed promising performance, with price increases ranging from 0.62 per cent to 3.81 per cent, highlighting investor interest and confidence in the emerging asset class. Despite predictions that these funds may not attract inflows comparable to their US counterparts, industry experts remain optimistic about their potential to catalyse broader adoption of digital assets globally. The inclusion of bitcoin and ether ETFs in Hong Kong's financial ecosystem comes with the city's efforts to position itself competitively against established financial centres like the US, leveraging its unique advantages such as in-kind trading. Unlike traditional ETFs, which primarily transact in fiat currencies like the US dollar, Hong Kong's approach allows investors to conduct in-kind creation and redemption through eligible dealers, facilitating direct investment using bitcoin and ether. Han Tongli, CEO of Harvest Global, highlighted this distinct advantage over the US market, positioning Hong Kong as a major contender in the international financial arena. Tongli acknowledged the city's role in fostering innovation and development, defending its status as a premier global financial hub. Moreover, Hong Kong's regulatory flexibility presents an opportunity for China to explore virtual asset trading, a sector currently prohibited on the mainland. While demand for bitcoin ETFs in the US has moderated following an initial surge in February, Hong Kong's foray into digital asset investment signifies a wider trend towards embracing cryptocurrencies and blockchain technology. With regulatory bodies like the Securities and Futures Commission showing their readiness to facilitate retail investment in digital asset funds, Hong Kong is set to attract further interest from fund managers seeking to capitalise on the developing market. (With inputs from AFP)

Hong Kong launches Asia's 1st Bitcoin, Ether ETFs, pioneering virtual asset investment

Samsung Electronics released its first-quarter results on Tuesday, reporting a tenfold increase in operating profits compared to the previous year, propelled by resurging chip prices and surging demand, particularly for generative AI. <o:p></o:p>

Samsung Electronics attributed its success to a strategic focus on high-value-added products and robust smartphone sales

The company's operating profit surged to KRW 6.61 trillion ($4.85 billion), with sales climbing 12.8 per cent year-on-year to reach 71.9 trillion won.<o:p></o:p>

According to Samsung, the Memory Business played a pivotal role in driving profits, benefiting from the resurgence in demand for high-value-added products. <o:p></o:p>

The company's emphasis on advanced technologies like High-Bandwidth Memory (HBM), crucial for AI hardware, contributed significantly to its stellar performance. <o:p></o:p>

Tommy Kwon, vice president of Samsung's system LSI business, highlighted the sustained demand for on-device AIs and high-resolution features, underpinning the company's production strategies. <o:p></o:p>

Furthermore, the depreciation of the Korean won against the US dollar provided a favourable boost to Samsung's operating profit.<o:p></o:p>

Samsung remains optimistic about its second-quarter outlook, anticipating a continuation of strong industry performance, primarily driven by the escalating demand for generative AI. <o:p></o:p>

Market analysts reflected this sentiment, citing factors such as the resurgence in the smartphone market, increasing DRAM prices, and a modest decline in Federal Reserve interest rates as favourable tailwinds for Samsung's future growth. <o:p></o:p>

In a statement, Brady Wang, associate director of Counterpoint, urged the tech giant to accelerate development in emerging areas like high-bandwidth memory crucial for AI and high-performance computing.<o:p></o:p>

Semiconductors remain the backbone of the global economy, powering a wide array of devices from household appliances to cutting-edge AI systems. <o:p></o:p>

The increasing demand for advanced chips, particularly those driving AI technologies, has strengthened South Korea's semiconductor industry, which saw exports surge to $11.7 billion in March, reaching their highest level in almost two years. <o:p></o:p>

Samsung's performance in the first quarter indicates a wider recovery in the semiconductor market, aligning with projections of an 11.8 per cent growth this year, according to the World Semiconductor Trade Statistics.<o:p></o:p>

Industry experts highlighted Samsung's focus on innovation and diversification as key to maintaining its drive in the fiercely competitive semiconductor landscape. <o:p></o:p>

Tom Kang, research director of Counterpoint, noted Samsung's surprise earnings, driven by the rebound in memory demand and the overall favourable market environment. <o:p></o:p>

(With inputs from AFP)<o:p></o:p>

Samsung Electronics released its first-quarter results on Tuesday, reporting a tenfold increase in operating profits compared to the previous year, propelled by resurging chip prices and surging demand, particularly for generative AI.

Samsung Electronics released its first-quarter results on Tuesday, reporting a tenfold increase in operating profits compared to the previous year, propelled by resurging chip prices and surging demand, particularly for generative AI. Samsung Electronics attributed its success to a strategic focus on high-value-added products and robust smartphone sales The company's operating profit surged to KRW 6.61 trillion ($4.85 billion), with sales climbing 12.8 per cent year-on-year to reach 71.9 trillion won. According to Samsung, the Memory Business played a pivotal role in driving profits, benefiting from the resurgence in demand for high-value-added products. The company's emphasis on advanced technologies like High-Bandwidth Memory (HBM), crucial for AI hardware, contributed significantly to its stellar performance. Tommy Kwon, vice president of Samsung's system LSI business, highlighted the sustained demand for on-device AIs and high-resolution features, underpinning the company's production strategies. Furthermore, the depreciation of the Korean won against the US dollar provided a favourable boost to Samsung's operating profit. Samsung remains optimistic about its second-quarter outlook, anticipating a continuation of strong industry performance, primarily driven by the escalating demand for generative AI. Market analysts reflected this sentiment, citing factors such as the resurgence in the smartphone market, increasing DRAM prices, and a modest decline in Federal Reserve interest rates as favourable tailwinds for Samsung's future growth. In a statement, Brady Wang, associate director of Counterpoint, urged the tech giant to accelerate development in emerging areas like high-bandwidth memory crucial for AI and high-performance computing. Semiconductors remain the backbone of the global economy, powering a wide array of devices from household appliances to cutting-edge AI systems. The increasing demand for advanced chips, particularly those driving AI technologies, has strengthened South Korea's semiconductor industry, which saw exports surge to $11.7 billion in March, reaching their highest level in almost two years. Samsung's performance in the first quarter indicates a wider recovery in the semiconductor market, aligning with projections of an 11.8 per cent growth this year, according to the World Semiconductor Trade Statistics. Industry experts highlighted Samsung's focus on innovation and diversification as key to maintaining its drive in the fiercely competitive semiconductor landscape. Tom Kang, research director of Counterpoint, noted Samsung's surprise earnings, driven by the rebound in memory demand and the overall favourable market environment. (With inputs from AFP)

Samsung's Q1 operating profits surge, fuelled by semiconductor demand

US federal prosecutors are pushing for ex-Binance chief Changpeng Zhao to face imprisonment as he heads to court for sentencing on money laundering charges.<o:p></o:p>

According to investigations conducted by two Treasury agencies, Binance, under Zhao's leadership, allegedly failed to prevent transactions linked to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas. <o:p></o:p>

This revelation prompted Zhao's resignation from his post late last year as part of a deal with US authorities, while Binance agreed to a hefty $4.3 billion settlement in February.<o:p></o:p>

Prosecutors are urging the judge to impose a $50 million fine on Zhao and sentence him to three years in prison, a move that deviates from the typical probation outcome for such offences. <o:p></o:p>

In a court filing, Justice Department lawyers accused Zhao of prioritizing business gains over compliance with US laws.<o:p></o:p>

“He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” he said.<o:p></o:p>

In response, Zhao's attorneys argued for probation.<o:p></o:p>

Zhao expressed remorse in a social media post in November, saying, “I made mistakes, and I must take responsibility." <o:p></o:p>

Although he resides in the United Arab Emirates, Zhao's legal battles in the US continue to draw global attention. <o:p></o:p>

Binance, founded in 2017 by Zhao, quickly ascended to dominance in the cryptocurrency trading sphere, transforming him into a billionaire. <o:p></o:p>

However, during regulatory crackdowns and market volatility, Binance faced challenges, including relocating its operations from China and weathering the fallout from the collapse of rival exchange FTX in November 2022.<o:p></o:p>

While the cryptocurrency industry experienced a surge in valuation in 2021, recent months have seen a revival fuelled by regulatory approvals for bitcoin exchange-traded funds (ETFs) in the US. <o:p></o:p>

Binance's new CEO, Richard Teng, said that the company was committed to compliance, disclosing investments in regulatory adherence. <o:p></o:p>

(With inputs from AFP)<o:p></o:p>

US federal prosecutors are pushing for ex-Binance chief Changpeng Zhao to face imprisonment as he heads to court for sentencing on money laundering charges. According to investigations conducted by two Treasury agencies, Binance, under Zhao's leadership, allegedly failed to prevent transactions linked to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas.

US federal prosecutors are pushing for ex-Binance chief Changpeng Zhao to face imprisonment as he heads to court for sentencing on money laundering charges. According to investigations conducted by two Treasury agencies, Binance, under Zhao's leadership, allegedly failed to prevent transactions linked to entities such as the Islamic State group, al-Qaeda, and the armed wing of Hamas. This revelation prompted Zhao's resignation from his post late last year as part of a deal with US authorities, while Binance agreed to a hefty $4.3 billion settlement in February. Prosecutors are urging the judge to impose a $50 million fine on Zhao and sentence him to three years in prison, a move that deviates from the typical probation outcome for such offences. In a court filing, Justice Department lawyers accused Zhao of prioritizing business gains over compliance with US laws. “He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” he said. In response, Zhao's attorneys argued for probation. Zhao expressed remorse in a social media post in November, saying, “I made mistakes, and I must take responsibility." Although he resides in the United Arab Emirates, Zhao's legal battles in the US continue to draw global attention. Binance, founded in 2017 by Zhao, quickly ascended to dominance in the cryptocurrency trading sphere, transforming him into a billionaire. However, during regulatory crackdowns and market volatility, Binance faced challenges, including relocating its operations from China and weathering the fallout from the collapse of rival exchange FTX in November 2022. While the cryptocurrency industry experienced a surge in valuation in 2021, recent months have seen a revival fuelled by regulatory approvals for bitcoin exchange-traded funds (ETFs) in the US. Binance's new CEO, Richard Teng, said that the company was committed to compliance, disclosing investments in regulatory adherence. (With inputs from AFP)

Binance's former chief faces sentencing in US court amid money laundering charges

Volkswagen, Europe’s ace automaker&nbsp;on Tuesday restated its revenue and margin targets for 2024 after posting a 20% drop in first-quarter operating profit hit by lower sales and higher costs, as it prepares to launch a variety of new models.

&nbsp;

The German automaker's luxury brand Porsche specifically reported&nbsp;a 14.8% operating margin decline on higher model revamp investments and decreased demand for premium cars in China. Delivery delays at its luxury Audi brand contributed to decreasing company earnings.

&nbsp;

According to media reports, Volkswagen said it aims to keep its Chinese market share roughly stable until 2030, investing largely to support sales despite a raging price war with local electric vehicle rivals.

&nbsp;

Adding to it, the automaker stated that its order book remains stable compared to the end of 2023; while orders for fully electric vehicles more than doubled in the first quarter compared to the same period last year.

&nbsp;

CFO and COO of the Volkswagen Group Arno Antlitz stated, “As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands”.

&nbsp;

He added, “At the same time the effects (of) our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline.”

&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-shifts-strategy-hybrid-cars-for-india-by-2026-716692">Hyundai Motor Group shifts strategy: hybrid cars for India by 2026</a>

&nbsp;

The company expects 2024 sales revenue to increase up to 5% along with a full-year operating profit margin of between 7% and 7.5%.&nbsp;With increases in Asia-Pacific and South America offset by declines in Europe and North America, the company’s sales fell two percent in the first quarter.

&nbsp;

Deliveries of its less expensive, but also less profitable- Volkswagen, Skoda and Seat cars increased. However, deliveries of pricier Porsche and Audi models fell.

Rising fixed costs also weighed on the carmaker.&nbsp;The German auto giant made a net profit of 3.7 billion euros from January to March on sales of 75.5 billion euros.

The company’s shares were down two percent on the Frankfurt Stock Exchange after the results.&nbsp;US-European rival Stellantis, whose 15 brands include Fiat, Jeep and Peugeot, also reported a heavy drop in first-quarter sales on Tuesday, stating they fell 12 percent to 41.7 billion euros.

&nbsp;

(With inputs from Reuters)

Volkswagen, Europe’s ace automaker on Tuesday restated its revenue and margin targets for 2024 after posting a 20% drop in first-quarter operating profit hit by lower sales and higher costs, as it prepares to launch a variety of new models.

Volkswagen, Europe’s ace automaker on Tuesday restated its revenue and margin targets for 2024 after posting a 20% drop in first-quarter operating profit hit by lower sales and higher costs, as it prepares to launch a variety of new models. The German automaker's luxury brand Porsche specifically reported a 14.8% operating margin decline on higher model revamp investments and decreased demand for premium cars in China. Delivery delays at its luxury Audi brand contributed to decreasing company earnings. According to media reports, Volkswagen said it aims to keep its Chinese market share roughly stable until 2030, investing largely to support sales despite a raging price war with local electric vehicle rivals. Adding to it, the automaker stated that its order book remains stable compared to the end of 2023; while orders for fully electric vehicles more than doubled in the first quarter compared to the same period last year. CFO and COO of the Volkswagen Group Arno Antlitz stated, “As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands”. He added, “At the same time the effects (of) our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline.” Also read: Hyundai Motor Group shifts strategy: hybrid cars for India by 2026 The company expects 2024 sales revenue to increase up to 5% along with a full-year operating profit margin of between 7% and 7.5%. With increases in Asia-Pacific and South America offset by declines in Europe and North America, the company’s sales fell two percent in the first quarter. Deliveries of its less expensive, but also less profitable- Volkswagen, Skoda and Seat cars increased. However, deliveries of pricier Porsche and Audi models fell. Rising fixed costs also weighed on the carmaker. The German auto giant made a net profit of 3.7 billion euros from January to March on sales of 75.5 billion euros. The company’s shares were down two percent on the Frankfurt Stock Exchange after the results. US-European rival Stellantis, whose 15 brands include Fiat, Jeep and Peugeot, also reported a heavy drop in first-quarter sales on Tuesday, stating they fell 12 percent to 41.7 billion euros. (With inputs from Reuters)

Volkswagen maintains 2024 targets despite profit decline in first quarter

Volkswagen, Europe’s ace automaker&nbsp;on Tuesday restated its revenue and margin targets for 2024 after posting a 20% drop in first-quarter operating profit hit by lower sales and higher costs, as it prepares to launch a variety of new models.

&nbsp;

The German automaker's luxury brand Porsche specifically reported&nbsp;a 14.8% operating margin decline on higher model revamp investments and decreased demand for premium cars in China. Delivery delays at its luxury Audi brand contributed to decreasing company earnings.

&nbsp;

According to media reports, Volkswagen said it aims to keep its Chinese market share roughly stable until 2030, investing largely to support sales despite a raging price war with local electric vehicle rivals.

&nbsp;

Adding to it, the automaker stated that its order book remains stable compared to the end of 2023; while orders for fully electric vehicles more than doubled in the first quarter compared to the same period last year.

&nbsp;

CFO and COO of the Volkswagen Group Arno Antlitz stated, “As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands”.

&nbsp;

He added, “At the same time the effects (of) our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline.”

&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/hyundai-motor-group-shifts-strategy-hybrid-cars-for-india-by-2026-716692">Hyundai Motor Group shifts strategy: hybrid cars for India by 2026</a>

&nbsp;

The company expects 2024 sales revenue to increase up to 5% along with a full-year operating profit margin of between 7% and 7.5%.&nbsp;With increases in Asia-Pacific and South America offset by declines in Europe and North America, the company’s sales fell two percent in the first quarter.

&nbsp;

Deliveries of its less expensive, but also less profitable- Volkswagen, Skoda and Seat cars increased. However, deliveries of pricier Porsche and Audi models fell.

Rising fixed costs also weighed on the carmaker.&nbsp;The German auto giant made a net profit of 3.7 billion euros from January to March on sales of 75.5 billion euros.

The company’s shares were down two percent on the Frankfurt Stock Exchange after the results.&nbsp;US-European rival Stellantis, whose 15 brands include Fiat, Jeep and Peugeot, also reported a heavy drop in first-quarter sales on Tuesday, stating they fell 12 percent to 41.7 billion euros.

Volkswagen, Europe’s ace automaker on Tuesday restated its revenue and margin targets for 2024 after posting a 20% drop in first-quarter operating profit hit by lower sales and higher costs, as it prepares to launch a variety of new models. The German automaker's luxury brand Porsche specifically reported a 14.8% operating margin decline on higher model revamp investments and decreased demand for premium cars in China. Delivery delays at its luxury Audi brand contributed to decreasing company earnings. According to media reports, Volkswagen said it aims to keep its Chinese market share roughly stable until 2030, investing largely to support sales despite a raging price war with local electric vehicle rivals. Adding to it, the automaker stated that its order book remains stable compared to the end of 2023; while orders for fully electric vehicles more than doubled in the first quarter compared to the same period last year. CFO and COO of the Volkswagen Group Arno Antlitz stated, “As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands”. He added, “At the same time the effects (of) our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline.” Also read: Hyundai Motor Group shifts strategy: hybrid cars for India by 2026 The company expects 2024 sales revenue to increase up to 5% along with a full-year operating profit margin of between 7% and 7.5%. With increases in Asia-Pacific and South America offset by declines in Europe and North America, the company’s sales fell two percent in the first quarter. Deliveries of its less expensive, but also less profitable- Volkswagen, Skoda and Seat cars increased. However, deliveries of pricier Porsche and Audi models fell. Rising fixed costs also weighed on the carmaker. The German auto giant made a net profit of 3.7 billion euros from January to March on sales of 75.5 billion euros. The company’s shares were down two percent on the Frankfurt Stock Exchange after the results. US-European rival Stellantis, whose 15 brands include Fiat, Jeep and Peugeot, also reported a heavy drop in first-quarter sales on Tuesday, stating they fell 12 percent to 41.7 billion euros.

Volkswagen maintains 2024 targets despite profit decline in first-quarter

Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market.

The group, which includes Hyundai Motor and Kia Corp, is considering launching a hybrid sport-utility vehicle in India. According to sources familiar with the matter, the proposed SUV which is expected to be similar in size to its popular mid-sized Creta SUV is currently under evaluation.

While Hyundai and Kia are progressing with their electrification plans for the Indian subcontinent, they are actively creating the framework for the launch of hybrid SUVs in the country by 2026 or 2027. As per media reports, Hyundai Motor Group stated that it was "committed to a future of electrified mobility and will optimise product strategies for each market".

Currently, Hyundai and Kia only retail gasoline and diesel cars and imported EVs including the IONIQ 5 and EV6, respectively. However, with the new strategy in action, the conglomerate will launch its first India-made EVs in the world's third-largest car market in 2025.

Hyundai's decision to focus on hybrid vehicles that will employ a gasoline powertrain and electric motor is motivated by the rapidly rising demand for technology in India. The company is improvising its approach to the Indian market by moving away from a strategy that solely focuses on battery electric vehicles.

The adoption of EVs has been relatively slow in India primarily because of high prices and subpar charging infrastructure, prodding the company to adopt hybrids as an “interim strategy”. According to media reports, "Hyundai has the hybrid technology in other markets. It has now begun work on tailoring that technology for cars in India to make it mainstream," adding that increasing consumer demand and acceptance of hybrids in recent months led to the shift.

Data shows that total car sales in India surpassed 4 million in 2023. Out of which, hybrids, led by Toyota Motor, accounted for nearly 2% of total car sales.

Hyundai's pivot to India includes plans for a USD 3-billion IPO, emphasising its long-term commitment to the Indian market. The decision follows a scaleback of production in China and the sale of its two Russian plants.

During his recent visit to India, Hyundai Motor Group Executive Chair Euisun Chung discussed mid and long-term strategies, including plans for electric and hybrid vehicles.

India stands as Hyundai's third-largest revenue generator after South Korea and the United States, and the company is strategically aligning itself to capitalise on the country's burgeoning automotive market by introducing hybrid vehicles alongside its electric vehicle lineup. 
&nbsp;

Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market.

Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market. The group, which includes Hyundai Motor and Kia Corp, is considering launching a hybrid sport-utility vehicle in India. According to sources familiar with the matter, the proposed SUV which is expected to be similar in size to its popular mid-sized Creta SUV is currently under evaluation. While Hyundai and Kia are progressing with their electrification plans for the Indian subcontinent, they are actively creating the framework for the launch of hybrid SUVs in the country by 2026 or 2027. As per media reports, Hyundai Motor Group stated that it was "committed to a future of electrified mobility and will optimise product strategies for each market". Currently, Hyundai and Kia only retail gasoline and diesel cars and imported EVs including the IONIQ 5 and EV6, respectively. However, with the new strategy in action, the conglomerate will launch its first India-made EVs in the world's third-largest car market in 2025. Hyundai's decision to focus on hybrid vehicles that will employ a gasoline powertrain and electric motor is motivated by the rapidly rising demand for technology in India. The company is improvising its approach to the Indian market by moving away from a strategy that solely focuses on battery electric vehicles. The adoption of EVs has been relatively slow in India primarily because of high prices and subpar charging infrastructure, prodding the company to adopt hybrids as an “interim strategy”. According to media reports, "Hyundai has the hybrid technology in other markets. It has now begun work on tailoring that technology for cars in India to make it mainstream," adding that increasing consumer demand and acceptance of hybrids in recent months led to the shift. Data shows that total car sales in India surpassed 4 million in 2023. Out of which, hybrids, led by Toyota Motor, accounted for nearly 2% of total car sales. Hyundai's pivot to India includes plans for a USD 3-billion IPO, emphasising its long-term commitment to the Indian market. The decision follows a scaleback of production in China and the sale of its two Russian plants. During his recent visit to India, Hyundai Motor Group Executive Chair Euisun Chung discussed mid and long-term strategies, including plans for electric and hybrid vehicles. India stands as Hyundai's third-largest revenue generator after South Korea and the United States, and the company is strategically aligning itself to capitalise on the country's burgeoning automotive market by introducing hybrid vehicles alongside its electric vehicle lineup.

Hyundai Motor Group shifts strategy: hybrid cars for India by 2026

Volkswagen, Mercedes-Benz and Stellantis, top players in the European automotive market, are continuously experience falling sales and reduction in net revenues in the first quarter, citing the reasons of new model launches, increasing expenses and the general slowdown of the consumer markets.

Impact on stocks

The disclosure of unimpressive sales numbers plunged the stock market into turmoil as the shares of Mercedes, Stellantis and Volkswagen all faced a price drop. Mercedes was definitely the least successful of the European stocks represented in the blue-chip euro STOXX sub-index, with the VW and Stellantis also showing some notable downs as the main losers.

Challenges in sales

While the mass market and the premium car market were hit by sales decline, automakers kept car prices steady by assuring consumers about forthcoming upgrades that would happen with the launch of new models. According to analysts, the delivery problems and shrinking margins are considered to be the main factors that hinder the further development of the industry.

<a href="https://www.wionews.com/business-economy/us-mandates-new-cars-to-come-with-emergency-braking-systems-by-2029-716623">Also Read:&nbsp;US mandates new cars to come with emergency braking systems by 2029</a> 
&nbsp;

Market weakness and demand dynamics

In a time considered by European manufacturers as the "transition year", their business faces a combination of challenges such as a market slump aggravated by inflation, massive price hikes, and weak progress in the field of electric vehicles transportation. This situation raises the questions of whether the reduction in demand is only resulted from model switches or differs in the market downturn.

Competitive landscape

The competitive landscape brings further obstacles, especially for the German auto manufacturers like Volkswagen as they have to fight for what they have in the intensifying competition from their domestic rivals in China. CFO of Volkswagen, Arno Antlitz, accepted that China, being a fiercely competitive market, called for strategic moves to be held that will help the company stay relevant in the market place.

Shift to electric

European automakers are funneling substantial investments into electric vehicles to counter the dominance of Tesla and fend off competition from Chinese counterparts entering the European market with cost-effective electric models. This crucial decision-to-electriﬁc, considered to be imperative from the long term sustainability viewpoint, does have short term earnings conundrums.

Earnings report

The first-quarter result of the automotive majors was pretty grim as Mercedes showed 30% decrease in earnings, Volkswagen showed 20% decrease in operating profit and Stellantis showed 12% decrease in revenue. Despite these setbacks, all three companies reaffirmed their profit or sales targets for 2024, buoyed by the imminent launch of new models.

Outlook and strategies

While the auto industry is supposedly lacking a boost in quarter 1, automakers are exploring the future with hope, by anticipating the new model launch and a revival in the consumer demand. Volkswagen expects a big increase in order intake within the second quarter, which should be triggered by 30 new models to be made available on the market as the company is dedicated to revitalizing its market share.

Adapting to evolving market dynamics

As European car giants navigate the challenges of a transition year, their resilience and adaptability come to the fore. With a strategic focus on innovation, market expansion, and cost optimisation, these automakers are poised to weather the storm and emerge stronger in a rapidly evolving automotive landscape.

(With inputs from Reuters)

Volkswagen, Mercedes-Benz and Stellantis, top players in the European automotive market, are continuously experience falling sales and reduction in net revenues in the first quarter, citing the reasons of new model launches, increasing expenses and the general slowdown of the consumer markets.

Volkswagen, Mercedes-Benz and Stellantis, top players in the European automotive market, are continuously experience falling sales and reduction in net revenues in the first quarter, citing the reasons of new model launches, increasing expenses and the general slowdown of the consumer markets. Impact on stocks The disclosure of unimpressive sales numbers plunged the stock market into turmoil as the shares of Mercedes, Stellantis and Volkswagen all faced a price drop. Mercedes was definitely the least successful of the European stocks represented in the blue-chip euro STOXX sub-index, with the VW and Stellantis also showing some notable downs as the main losers. Challenges in sales While the mass market and the premium car market were hit by sales decline, automakers kept car prices steady by assuring consumers about forthcoming upgrades that would happen with the launch of new models. According to analysts, the delivery problems and shrinking margins are considered to be the main factors that hinder the further development of the industry. Also Read: US mandates new cars to come with emergency braking systems by 2029 Market weakness and demand dynamics In a time considered by European manufacturers as the "transition year", their business faces a combination of challenges such as a market slump aggravated by inflation, massive price hikes, and weak progress in the field of electric vehicles transportation. This situation raises the questions of whether the reduction in demand is only resulted from model switches or differs in the market downturn. Competitive landscape The competitive landscape brings further obstacles, especially for the German auto manufacturers like Volkswagen as they have to fight for what they have in the intensifying competition from their domestic rivals in China. CFO of Volkswagen, Arno Antlitz, accepted that China, being a fiercely competitive market, called for strategic moves to be held that will help the company stay relevant in the market place. Shift to electric European automakers are funneling substantial investments into electric vehicles to counter the dominance of Tesla and fend off competition from Chinese counterparts entering the European market with cost-effective electric models. This crucial decision-to-electriﬁc, considered to be imperative from the long term sustainability viewpoint, does have short term earnings conundrums. Earnings report The first-quarter result of the automotive majors was pretty grim as Mercedes showed 30% decrease in earnings, Volkswagen showed 20% decrease in operating profit and Stellantis showed 12% decrease in revenue. Despite these setbacks, all three companies reaffirmed their profit or sales targets for 2024, buoyed by the imminent launch of new models. Outlook and strategies While the auto industry is supposedly lacking a boost in quarter 1, automakers are exploring the future with hope, by anticipating the new model launch and a revival in the consumer demand. Volkswagen expects a big increase in order intake within the second quarter, which should be triggered by 30 new models to be made available on the market as the company is dedicated to revitalizing its market share. Adapting to evolving market dynamics As European car giants navigate the challenges of a transition year, their resilience and adaptability come to the fore. With a strategic focus on innovation, market expansion, and cost optimisation, these automakers are poised to weather the storm and emerge stronger in a rapidly evolving automotive landscape. (With inputs from Reuters)

European car giants struggle with lower sales amid transition year

Maruti Suzuki India Limited (MSIL) has partnered with the All India Institute of Medical Sciences (AIIMS) and the International Road Federation (IRF) for its latest road safety initiative. The First Responder Training Programme&nbsp;is aimed&nbsp;at training&nbsp;first responders in emergency care needed to assist road accident victims during the golden hour in the event of a road incident. The golden hour in an accident is the critical period immediately following a traumatic injury. Effective medical intervention during this time window can reduce complications, minimise organ damage, and increase the chances of the accident victim’s survival.&nbsp;The programme’s primary target group is commercial drivers.

In the pilot phase, 8,500 participants, primarily commercial drivers, received first aid and trauma care training at MSIL’s Institute of Driving and Traffic Research (IDTR) in Delhi, Haryana, and Bihar.&nbsp;The session was conducted&nbsp;in collaboration with the Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi. It equipped the participants with the knowledge and practical skills&nbsp;required&nbsp;to assist road accident victims during the golden hour.&nbsp;The First Responder Training Programme provides training for critical life-saving techniques like cardiopulmonary resuscitation (CPR), controlling bleeding, the correct way of helmet removal,&nbsp;usage of&nbsp;splint &amp; sling, moving victims safely, and&nbsp;how to activate&nbsp;emergency response systems.

Also Read: <a href="https://www.wionews.com/business-economy/maruti-suzuki-tops-passenger-vehicle-exports-amid-21pc-decline-in-automobile-shipments-in-2023-680053">Maruti Suzuki tops passenger vehicle exports amid 21pc decline in automobile shipments in 2023</a>

Sharing his thoughts on trauma care, Dr Amit Gupta, Professor of Trauma Surgery and Critical Care at Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi, said, “In the absence of robust trauma care systems, there is an urgent need to train bystanders in basic trauma and first aid. As trauma is time-sensitive, the training of bystanders, who are the real first responders to any road accident, can go a long way in reducing the mortality and morbidity following road traffic crashes. Usually, this group of bystanders includes drivers of commercial vehicles. To standardise first-aid modules and training, the WHO, along with the experts from AIIMS and other major institutions of the country, have devised a first-aid course for the bystanders. We used these modules for training at the Maruti Suzuki IDTRs, and it got a lot of positive feedback from the stakeholders.”

To this, Rahul Bharti, Executive Officer, Corporate Affairs, Maruti Suzuki India Limited, added, “According to the Ministry of Road Transport and Highways of India’s (MoRTH) Road Accidents in India 2022 report, Vulnerable Road Users (VRUs) or Pedestrians, Bicyclists and Two-Wheeler riders constituted 66.9% of road accident fatalities during the year. Our customised programme provides practical, hands-on&nbsp;life-saving&nbsp;interventions to enable drivers to handle trauma and injuries.&nbsp;It could&nbsp;prove to be effective in reducing&nbsp;road accident fatalities, particularly of VRUs under the Good Samaritan Law.”

Maruti Suzuki India Limited (MSIL) has partnered with the All India Institute of Medical Sciences (AIIMS) and the International Road Federation (IRF) for its latest road safety initiative.

Maruti Suzuki India Limited (MSIL) has partnered with the All India Institute of Medical Sciences (AIIMS) and the International Road Federation (IRF) for its latest road safety initiative. The First Responder Training Programme is aimed at training first responders in emergency care needed to assist road accident victims during the golden hour in the event of a road incident. The golden hour in an accident is the critical period immediately following a traumatic injury. Effective medical intervention during this time window can reduce complications, minimise organ damage, and increase the chances of the accident victim’s survival. The programme’s primary target group is commercial drivers. In the pilot phase, 8,500 participants, primarily commercial drivers, received first aid and trauma care training at MSIL’s Institute of Driving and Traffic Research (IDTR) in Delhi, Haryana, and Bihar. The session was conducted in collaboration with the Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi. It equipped the participants with the knowledge and practical skills required to assist road accident victims during the golden hour. The First Responder Training Programme provides training for critical life-saving techniques like cardiopulmonary resuscitation (CPR), controlling bleeding, the correct way of helmet removal, usage of splint & sling, moving victims safely, and how to activate emergency response systems. Also Read: Maruti Suzuki tops passenger vehicle exports amid 21pc decline in automobile shipments in 2023 Sharing his thoughts on trauma care, Dr Amit Gupta, Professor of Trauma Surgery and Critical Care at Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi, said, “In the absence of robust trauma care systems, there is an urgent need to train bystanders in basic trauma and first aid. As trauma is time-sensitive, the training of bystanders, who are the real first responders to any road accident, can go a long way in reducing the mortality and morbidity following road traffic crashes. Usually, this group of bystanders includes drivers of commercial vehicles. To standardise first-aid modules and training, the WHO, along with the experts from AIIMS and other major institutions of the country, have devised a first-aid course for the bystanders. We used these modules for training at the Maruti Suzuki IDTRs, and it got a lot of positive feedback from the stakeholders.” To this, Rahul Bharti, Executive Officer, Corporate Affairs, Maruti Suzuki India Limited, added, “According to the Ministry of Road Transport and Highways of India’s (MoRTH) Road Accidents in India 2022 report, Vulnerable Road Users (VRUs) or Pedestrians, Bicyclists and Two-Wheeler riders constituted 66.9% of road accident fatalities during the year. Our customised programme provides practical, hands-on life-saving interventions to enable drivers to handle trauma and injuries. It could prove to be effective in reducing road accident fatalities, particularly of VRUs under the Good Samaritan Law.”

Maruti Suzuki launches First Responder Training Programme with AIIMS

Maruti Suzuki India Limited (MSIL) has partnered with the All India Institute of Medical Sciences (AIIMS) and the International Road Federation (IRF) for its latest road safety initiative. The First Responder Training Programme&nbsp;is aimed&nbsp;at training&nbsp;first responders in emergency care needed to assist road accident victims during the golden hour in the event of a road incident. The golden hour in an accident is the critical period immediately following a traumatic injury. Effective medical intervention during this time window can reduce complications, minimise organ damage, and increase the chances of the accident victim’s survival.&nbsp;The programme’s primary target group is commercial drivers.

In the pilot phase, 8,500 participants, primarily commercial drivers, received first aid and trauma care training at MSIL’s Institute of Driving and Traffic Research (IDTR) in Delhi, Haryana, and Bihar.&nbsp;The session was conducted&nbsp;in collaboration with the Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi. It equipped the participants with the knowledge and practical skills&nbsp;required&nbsp;to assist road accident victims during the golden hour.&nbsp;The First Responder Training Programme provides training for critical life-saving techniques like cardiopulmonary resuscitation (CPR), controlling bleeding, the correct way of helmet removal,&nbsp;usage of&nbsp;splint &amp; sling, moving victims safely, and&nbsp;how to activate&nbsp;emergency response systems.

Sharing his thoughts on trauma care, Dr Amit Gupta, Professor of Trauma Surgery and Critical Care at Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi, said, “In the absence of robust trauma care systems, there is an urgent need to train bystanders in basic trauma and first aid. As trauma is time-sensitive, the training of bystanders, who are the real first responders to any road accident, can go a long way in reducing the mortality and morbidity following road traffic crashes. Usually, this group of bystanders includes drivers of commercial vehicles. To standardise first-aid modules and training, the WHO, along with the experts from AIIMS and other major institutions of the country, have devised a first-aid course for the bystanders. We used these modules for training at the Maruti Suzuki IDTRs, and it got a lot of positive feedback from the stakeholders.”

To this, Rahul Bharti, Executive Officer, Corporate Affairs, Maruti Suzuki India Limited, added, “According to the Ministry of Road Transport and Highways of India’s (MoRTH) Road Accidents in India 2022 report, Vulnerable Road Users (VRUs) or Pedestrians, Bicyclists and Two-Wheeler riders constituted 66.9% of road accident fatalities during the year. Our customised programme provides practical, hands-on&nbsp;life-saving&nbsp;interventions to enable drivers to handle trauma and injuries.&nbsp;It could&nbsp;prove to be effective in reducing&nbsp;road accident fatalities, particularly of VRUs under the Good Samaritan Law.”

Maruti Suzuki India Limited (MSIL) has partnered with the All India Institute of Medical Sciences (AIIMS) and the International Road Federation (IRF) for its latest road safety initiative. The First Responder Training Programme is aimed at training first responders in emergency care needed to assist road accident victims during the golden hour in the event of a road incident. The golden hour in an accident is the critical period immediately following a traumatic injury. Effective medical intervention during this time window can reduce complications, minimise organ damage, and increase the chances of the accident victim’s survival. The programme’s primary target group is commercial drivers. In the pilot phase, 8,500 participants, primarily commercial drivers, received first aid and trauma care training at MSIL’s Institute of Driving and Traffic Research (IDTR) in Delhi, Haryana, and Bihar. The session was conducted in collaboration with the Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi. It equipped the participants with the knowledge and practical skills required to assist road accident victims during the golden hour. The First Responder Training Programme provides training for critical life-saving techniques like cardiopulmonary resuscitation (CPR), controlling bleeding, the correct way of helmet removal, usage of splint & sling, moving victims safely, and how to activate emergency response systems. Sharing his thoughts on trauma care, Dr Amit Gupta, Professor of Trauma Surgery and Critical Care at Jai Prakash Narayan Apex Trauma Center - AIIMS, New Delhi, said, “In the absence of robust trauma care systems, there is an urgent need to train bystanders in basic trauma and first aid. As trauma is time-sensitive, the training of bystanders, who are the real first responders to any road accident, can go a long way in reducing the mortality and morbidity following road traffic crashes. Usually, this group of bystanders includes drivers of commercial vehicles. To standardise first-aid modules and training, the WHO, along with the experts from AIIMS and other major institutions of the country, have devised a first-aid course for the bystanders. We used these modules for training at the Maruti Suzuki IDTRs, and it got a lot of positive feedback from the stakeholders.” To this, Rahul Bharti, Executive Officer, Corporate Affairs, Maruti Suzuki India Limited, added, “According to the Ministry of Road Transport and Highways of India’s (MoRTH) Road Accidents in India 2022 report, Vulnerable Road Users (VRUs) or Pedestrians, Bicyclists and Two-Wheeler riders constituted 66.9% of road accident fatalities during the year. Our customised programme provides practical, hands-on life-saving interventions to enable drivers to handle trauma and injuries. It could prove to be effective in reducing road accident fatalities, particularly of VRUs under the Good Samaritan Law.”

Maruti Suzuki launches First Responder Training Programme in asssociation with AIIMS

The US National Highway Traffic Safety Administration (NHTSA), in a bid to increase road safety, has made it mandatory for nearly all new passenger cars and trucks sold in the country to have automatic emergency braking systems by September 2029. The new rule aims to save at least 360 lives annually and prevent at least 24,000 injuries on US roads. It intends to curb the rising number of traffic deaths following the Covid-19 lockdowns.

The US Congress had directed the NHTSA in the 2021 infrastructure law to create a rule that would establish the minimum performance standards required for the automatic emergency braking (AEB) systems in vehicles. AEB systems function by making use of cameras and radars to detect when a vehicle is close to crashing. They then automatically apply brakes if the driver fails to do so in time.

<a href="https://www.wionews.com/business-economy/teslas-shares-surges-as-china-backs-elon-musks-full-self-driving-initiative-716525">Also Read:&nbsp;Tesla's shares surges as China backs Elon Musk's full self-driving initiative</a>

As per the rule established by the NHTSA, the AEB systems need to detect pedestrians in both daylight and at night. Initially, the US safety agency had proposed requiring nearly all vehicles to comply with the rule within three years after publication, but now the automakers are being given five years. However, the rule is flexible for some low-volume manufacturers, giving them an extension of one year to comply.

Further, the rule requires all cars and trucks be able to stop and avoid striking vehicles in front of them up to 62 miles per hour. The AEB system should be able to apply brakes automatically up to 90 mph when collision with a lead vehicle is imminent, and up to 45 mph when it detects a pedestrian.

US is making significant progress in increasing road safety features in its vehicles. In 2016, 20 automakers voluntarily agreed to make automatic emergency braking feature standard on nearly all US vehicles by 2022. According to the Insurance Institute for Highway Safety, all these automakers had equipped at least 95% of their vehicles with AEB as of December 2023.&nbsp;

Further, traffic deaths in the country fell by 3.6% last year, marking the second straight year of decline in fatalities. However, they still remain significantly above pre-pandemic levels and thus the government and automakers are putting in advanced efforts to curb traffic deaths.

(with inputs from Reuters)

The US National Highway Traffic Safety Administration (NHTSA), in a bid to increase road safety, has made it mandatory for nearly all new passenger cars and trucks sold in the country to have automatic emergency braking systems by September 2029.

The US National Highway Traffic Safety Administration (NHTSA), in a bid to increase road safety, has made it mandatory for nearly all new passenger cars and trucks sold in the country to have automatic emergency braking systems by September 2029. The new rule aims to save at least 360 lives annually and prevent at least 24,000 injuries on US roads. It intends to curb the rising number of traffic deaths following the Covid-19 lockdowns. The US Congress had directed the NHTSA in the 2021 infrastructure law to create a rule that would establish the minimum performance standards required for the automatic emergency braking (AEB) systems in vehicles. AEB systems function by making use of cameras and radars to detect when a vehicle is close to crashing. They then automatically apply brakes if the driver fails to do so in time. Also Read: Tesla's shares surges as China backs Elon Musk's full self-driving initiative As per the rule established by the NHTSA, the AEB systems need to detect pedestrians in both daylight and at night. Initially, the US safety agency had proposed requiring nearly all vehicles to comply with the rule within three years after publication, but now the automakers are being given five years. However, the rule is flexible for some low-volume manufacturers, giving them an extension of one year to comply. Further, the rule requires all cars and trucks be able to stop and avoid striking vehicles in front of them up to 62 miles per hour. The AEB system should be able to apply brakes automatically up to 90 mph when collision with a lead vehicle is imminent, and up to 45 mph when it detects a pedestrian. US is making significant progress in increasing road safety features in its vehicles. In 2016, 20 automakers voluntarily agreed to make automatic emergency braking feature standard on nearly all US vehicles by 2022. According to the Insurance Institute for Highway Safety, all these automakers had equipped at least 95% of their vehicles with AEB as of December 2023. Further, traffic deaths in the country fell by 3.6% last year, marking the second straight year of decline in fatalities. However, they still remain significantly above pre-pandemic levels and thus the government and automakers are putting in advanced efforts to curb traffic deaths. (with inputs from Reuters)

US mandates new cars to come with emergency braking systems by 2029

Ships navigating around the Red Sea due to ongoing security threats from Houthi rebels are contributing to carbon emissions, posing challenges for companies attempting to reduce pollution in their supply chains, Bloomberg News reported. <o:p></o:p>

Instead of passing through the Suez Canal, vessels have opted for the longer route around South Africa's Cape of Good Hope since mid-December, adding at least a week to their journey between South Asia and northern Europe. <o:p></o:p>

According to a report by consultancy INVERTO, a subsidiary of Boston Consulting Group Inc., this detour has resulted in approximately 13.6 million additional tons of CO2 emissions over the past four months.<o:p></o:p>

This is equivalent to the pollution generated by about 9 million cars during the same period. <o:p></o:p>

Sushank Agarwal, a managing director at INVERTO, &nbsp;spoke about the implications of these extra emissions on companies' efforts to achieve their net zero targets. <o:p></o:p>

The surge in carbon emissions arising from the Red Sea shipping diversions presents a difficult challenge for companies motivated to reduce their environmental footprint. <o:p></o:p>

Agarwal noted the dilemma faced by companies, indicating that meeting net zero targets would call for either reducing emissions elsewhere in their supply chains or investing in costly carbon offset initiatives. <o:p></o:p>

Although the extra emissions from the shipping diversions represent a fraction of the shipping industry's overall carbon footprint, they highlight other major concerns about environmental sustainability. <o:p></o:p>

The International Maritime Organisation, the sector's global regulator, is set to implement the world's first global carbon levy in 2027. <o:p></o:p>

However, with global warming, the urgency to address emissions from shipping remains vital. <o:p></o:p>

The industry plays a key role in global trade, carrying 80 per cent of the world's goods and making efforts to mitigate its environmental impact remain crucial. <o:p></o:p>

A report from Oslo-based freight-analytics company Xeneta reveals a sharp increase in carbon emissions specifically within container shipping. <o:p></o:p>

Emissions from voyages between Asia and the Mediterranean surged by 63 per cent in the last quarter compared to the preceding three months. <o:p></o:p>

The Xeneta and Marine Benchmark Carbon Emissions Index, tracking emissions per ton of cargo transported along major trade lanes, reached record levels in the first quarter of this year. <o:p></o:p>

Emily Stausbøll, a market analyst at Xeneta, noted that vessels are also operating at higher speeds to compensate for the longer routes, further aggravating carbon emissions. <o:p></o:p>

Data from Clarkson Research Services Ltd. indicates a notable uptick in the average speed of the world's largest container ships following the escalation of Red Sea security threats and subsequent diversions. <o:p></o:p>

The speed increased above 16 knots compared to speeds below 15 knots earlier in December. <o:p></o:p>

The calculation by INVERTO, equating the additional CO2 emissions to that generated by 9 million cars, highlights the environmental toll of the shipping diversions. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Ships navigating around the Red Sea due to ongoing security threats from Houthi rebels are contributing to carbon emissions, posing challenges for companies attempting to reduce pollution in their supply chains, Bloomberg News reported.

Ships navigating around the Red Sea due to ongoing security threats from Houthi rebels are contributing to carbon emissions, posing challenges for companies attempting to reduce pollution in their supply chains, Bloomberg News reported. Instead of passing through the Suez Canal, vessels have opted for the longer route around South Africa's Cape of Good Hope since mid-December, adding at least a week to their journey between South Asia and northern Europe. According to a report by consultancy INVERTO, a subsidiary of Boston Consulting Group Inc., this detour has resulted in approximately 13.6 million additional tons of CO2 emissions over the past four months. This is equivalent to the pollution generated by about 9 million cars during the same period. Sushank Agarwal, a managing director at INVERTO, spoke about the implications of these extra emissions on companies' efforts to achieve their net zero targets. The surge in carbon emissions arising from the Red Sea shipping diversions presents a difficult challenge for companies motivated to reduce their environmental footprint. Agarwal noted the dilemma faced by companies, indicating that meeting net zero targets would call for either reducing emissions elsewhere in their supply chains or investing in costly carbon offset initiatives. Although the extra emissions from the shipping diversions represent a fraction of the shipping industry's overall carbon footprint, they highlight other major concerns about environmental sustainability. The International Maritime Organisation, the sector's global regulator, is set to implement the world's first global carbon levy in 2027. However, with global warming, the urgency to address emissions from shipping remains vital. The industry plays a key role in global trade, carrying 80 per cent of the world's goods and making efforts to mitigate its environmental impact remain crucial. A report from Oslo-based freight-analytics company Xeneta reveals a sharp increase in carbon emissions specifically within container shipping. Emissions from voyages between Asia and the Mediterranean surged by 63 per cent in the last quarter compared to the preceding three months. The Xeneta and Marine Benchmark Carbon Emissions Index, tracking emissions per ton of cargo transported along major trade lanes, reached record levels in the first quarter of this year. Emily Stausbøll, a market analyst at Xeneta, noted that vessels are also operating at higher speeds to compensate for the longer routes, further aggravating carbon emissions. Data from Clarkson Research Services Ltd. indicates a notable uptick in the average speed of the world's largest container ships following the escalation of Red Sea security threats and subsequent diversions. The speed increased above 16 knots compared to speeds below 15 knots earlier in December. The calculation by INVERTO, equating the additional CO2 emissions to that generated by 9 million cars, highlights the environmental toll of the shipping diversions. (With inputs from Bloomberg)

Red Sea shipping diversions boost carbon emissions equivalent to 9 mn cars

Chinese businesses, struggling with challenges in conducting transactions with Russia amid concerns over US sanctions, are resorting to unconventional methods to facilitate payments. <o:p></o:p>

Heightened scrutiny from major Chinese banks, wary of possible repercussions from Washington, has led to delays and restrictions in settling payments for goods destined for Russia. <o:p></o:p>

As a result, companies are exploring alternative channels, including currency brokers along the China-Russia border and even banned cryptocurrency, to overcome these payment hurdles. <o:p></o:p>

Reuters spoke with multiple sources familiar with the situation, who provided insight into the present Sino-Russian trade relations.<o:p></o:p>

The reluctance of China's major banks to process transactions related to Russia has prompted small Chinese exporters to seek alternative avenues for payments. <o:p></o:p>

Accompanied by fears of being targeted by US sanctions, these banks have tightened scrutiny on Russia-related businesses, complicating trade finance for Chinese exporters. <o:p></o:p>

The delays in payment clearance have prompted concerns among businesses, with some opting to scale back operations in the Russian market or explore unconventional payment methods to mitigate financial risks.<o:p></o:p>

As reported by Reuters, transactions between China and Russia are increasingly being routed through underground channels, including currency brokers and even banned cryptocurrency, as mainstream banking channels face heightened restrictions. <o:p></o:p>

However, these alternative channels also carry inherent risks, raising concerns about the long-term sustainability of such practices. <o:p></o:p>

Chinese banks, particularly rural banks along the China-Russia border, have emerged as alternatives for processing payments to Russia. <o:p></o:p>

However, the influx of businesses seeking to leverage these banks has resulted in bottlenecks, with some businesses reporting lengthy delays in opening accounts. <o:p></o:p>

Despite efforts to explore these alternative options, challenges persist, with some companies encountering obstacles in accessing banking services or receiving payments from Russian clients.<o:p></o:p>

The impact of restricted payments from Russia extends beyond individual businesses, affecting China's financial institutions and trade relations with Russia. <o:p></o:p>

Major Chinese banks have reported declines in Russia-related business activities, reversing previous growth trends. <o:p></o:p>

Notably, China Construction Bank and Agricultural Bank of China have experienced drops in assets attributed to their Russian subsidiaries. <o:p></o:p>

As Chinese companies grapple with payment delays and uncertainty in conducting business with Russia, concerns persist about the sustainability of alternative payment channels and the potential for further disruptions. <o:p></o:p>

Some businesses have already begun reconsidering their presence in the Russian market, citing liquidity management concerns and the unpredictability of future developments. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chinese businesses, struggling with challenges in conducting transactions with Russia amid concerns over US sanctions, are resorting to unconventional methods to facilitate payments.

Chinese businesses, struggling with challenges in conducting transactions with Russia amid concerns over US sanctions, are resorting to unconventional methods to facilitate payments. Heightened scrutiny from major Chinese banks, wary of possible repercussions from Washington, has led to delays and restrictions in settling payments for goods destined for Russia. As a result, companies are exploring alternative channels, including currency brokers along the China-Russia border and even banned cryptocurrency, to overcome these payment hurdles. Reuters spoke with multiple sources familiar with the situation, who provided insight into the present Sino-Russian trade relations. The reluctance of China's major banks to process transactions related to Russia has prompted small Chinese exporters to seek alternative avenues for payments. Accompanied by fears of being targeted by US sanctions, these banks have tightened scrutiny on Russia-related businesses, complicating trade finance for Chinese exporters. The delays in payment clearance have prompted concerns among businesses, with some opting to scale back operations in the Russian market or explore unconventional payment methods to mitigate financial risks. As reported by Reuters, transactions between China and Russia are increasingly being routed through underground channels, including currency brokers and even banned cryptocurrency, as mainstream banking channels face heightened restrictions. However, these alternative channels also carry inherent risks, raising concerns about the long-term sustainability of such practices. Chinese banks, particularly rural banks along the China-Russia border, have emerged as alternatives for processing payments to Russia. However, the influx of businesses seeking to leverage these banks has resulted in bottlenecks, with some businesses reporting lengthy delays in opening accounts. Despite efforts to explore these alternative options, challenges persist, with some companies encountering obstacles in accessing banking services or receiving payments from Russian clients. The impact of restricted payments from Russia extends beyond individual businesses, affecting China's financial institutions and trade relations with Russia. Major Chinese banks have reported declines in Russia-related business activities, reversing previous growth trends. Notably, China Construction Bank and Agricultural Bank of China have experienced drops in assets attributed to their Russian subsidiaries. As Chinese companies grapple with payment delays and uncertainty in conducting business with Russia, concerns persist about the sustainability of alternative payment channels and the potential for further disruptions. Some businesses have already begun reconsidering their presence in the Russian market, citing liquidity management concerns and the unpredictability of future developments. (With inputs from Reuters)

Chinese firms navigate payment hurdles amid Russia trade troubles

Options traders in the Treasury market are hedging against a spectrum of scenarios, ranging from possible interest rate cuts to hikes ahead of the Federal Reserve meeting this week, Bloomberg reported.<o:p></o:p>

Despite recent inflation data surpassing expectations, casting doubts on imminent rate cuts, options activity indicates more uncertainty regarding the Federal Reserve’s monetary policy trajectory for the year. <o:p></o:p>

Traders are employing a variety of strategies, including deep out-of-the-money tail-risk hedges, to brace for extreme dovish and hawkish scenarios.<o:p></o:p>

Some are even targeting a policy rate as low as 3 per cent by December versus the current market consensus of around 5 per cent.<o:p></o:p>

Conversely, some option plays are positioning for a scenario of rates being higher for longer throughout the year, with an uptick in bets anticipating one more rate hike. <o:p></o:p>

Last Friday, a trader purchased put spreads expiring in March 2025, signalling a wager on the Fed maintaining steady rates until that period. <o:p></o:p>

Tanvir Sandhu, Bloomberg Intelligence's Chief Global Derivatives Strategist, noted that the likelihood of a rate hike has increased given the postponement of rate cuts, although data-driven evidence is necessary to validate such a move. <o:p></o:p>

Strategic positioning in the Treasury market has seen a surge in short positions over recent days, coinciding with a spike in yields to fresh yearly highs. <o:p></o:p>

Open interest in futures has expanded, particularly in the front- and middle of the yield curve, as yields breached key thresholds. <o:p></o:p>

While the market sentiment leans towards higher rates, reflecting reduced expectations for rate cuts, the surge in short positions indicates the volatility and uncertainty prevailing in the market. <o:p></o:p>

Currency markets are closely monitoring developments at both the Federal Reserve and the Bank of Japan (BOJ). <o:p></o:p>

Traders are show signs of heightened demand for options hedging against movements in the Japanese yen, with risk reversals indicating a focus on mitigating the risk of a sharp yen rally. <o:p></o:p>

Recent US inflation data, aligning with Fed Chair Jerome Powell's stance on maintaining higher rates, has exerted downward pressure on the yen, prompting concerns about potential intervention by Japanese authorities if the currency weakens further. <o:p></o:p>

The yen's volatility has surged, with one-week volatility in dollar-yen nearing its strongest level in months. <o:p></o:p>

Despite the pricing out of BOJ-meeting risks, demand for long-volatility exposure remains strong, indicative of ongoing apprehension in the market. <o:p></o:p>

Sandhu suggests that further re-pricing of options skew in major currency pairs may occur if inflation persists and the timeline for rate cuts is pushed further back, favouring the US dollar.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Options traders in the Treasury market are hedging against a spectrum of scenarios, ranging from possible interest rate cuts to hikes ahead of the Federal Reserve meeting this week, Bloomberg reported.

Options traders in the Treasury market are hedging against a spectrum of scenarios, ranging from possible interest rate cuts to hikes ahead of the Federal Reserve meeting this week, Bloomberg reported. Despite recent inflation data surpassing expectations, casting doubts on imminent rate cuts, options activity indicates more uncertainty regarding the Federal Reserve’s monetary policy trajectory for the year. Traders are employing a variety of strategies, including deep out-of-the-money tail-risk hedges, to brace for extreme dovish and hawkish scenarios. Some are even targeting a policy rate as low as 3 per cent by December versus the current market consensus of around 5 per cent. Conversely, some option plays are positioning for a scenario of rates being higher for longer throughout the year, with an uptick in bets anticipating one more rate hike. Last Friday, a trader purchased put spreads expiring in March 2025, signalling a wager on the Fed maintaining steady rates until that period. Tanvir Sandhu, Bloomberg Intelligence's Chief Global Derivatives Strategist, noted that the likelihood of a rate hike has increased given the postponement of rate cuts, although data-driven evidence is necessary to validate such a move. Strategic positioning in the Treasury market has seen a surge in short positions over recent days, coinciding with a spike in yields to fresh yearly highs. Open interest in futures has expanded, particularly in the front- and middle of the yield curve, as yields breached key thresholds. While the market sentiment leans towards higher rates, reflecting reduced expectations for rate cuts, the surge in short positions indicates the volatility and uncertainty prevailing in the market. Currency markets are closely monitoring developments at both the Federal Reserve and the Bank of Japan (BOJ). Traders are show signs of heightened demand for options hedging against movements in the Japanese yen, with risk reversals indicating a focus on mitigating the risk of a sharp yen rally. Recent US inflation data, aligning with Fed Chair Jerome Powell's stance on maintaining higher rates, has exerted downward pressure on the yen, prompting concerns about potential intervention by Japanese authorities if the currency weakens further. The yen's volatility has surged, with one-week volatility in dollar-yen nearing its strongest level in months. Despite the pricing out of BOJ-meeting risks, demand for long-volatility exposure remains strong, indicative of ongoing apprehension in the market. Sandhu suggests that further re-pricing of options skew in major currency pairs may occur if inflation persists and the timeline for rate cuts is pushed further back, favouring the US dollar. (With inputs from Bloomberg)

Options traders navigate uncertainty amid Federal Reserve rate speculation

Elon Musk, CEO of Tesla, embarked on an unannounced visit to Beijing, sparking speculation about the electric car company's ambitious plans for self-driving technology and data management. <o:p></o:p>

According to Reuters, Musk's visit&nbsp;included a meeting with Premier Li Qiang, where they discussed Tesla's role in US-China economic cooperation. <o:p></o:p>

Musk's agenda in China includes discussions on the rollout of Full Self-Driving (FSD) software and seeking permission to transfer data overseas. <o:p></o:p>

The visit to China comes shortly after Musk cancelled a planned trip to India.<o:p></o:p>

Tesla's FSD software, pushed as the most autonomous version of its Autopilot system, has yet to be introduced in China, despite growing customer demand. <o:p></o:p>

Musk hinted at a possible release of FSD in China soon, responding to queries on social media. <o:p></o:p>

However, Chinese rivals like Xpeng are aggressively pursuing similar autonomous driving technologies to gain a competitive edge in the market.<o:p></o:p>

One of Musk's key objectives in China is to secure approval for transferring data collected by Tesla's Chinese fleet overseas to enhance the development of autonomous driving algorithms. <o:p></o:p>

Since 2021, Tesla has complied with Chinese regulations by storing all data locally in Shanghai. <o:p></o:p>

However, Musk seeks authorisation to utilise this data globally for advancing Tesla's self-driving capabilities. <o:p></o:p>

The visit indicates Tesla's focus on leveraging Chinese resources and expertise in driving innovation.<o:p></o:p>

While the discussions between Musk and Chinese officials have not been publicly disclosed, reports indicate that the meeting with Premier Li Qiang also included broader discussions on China's automotive industry. <o:p></o:p>

In the course of Tesla's expansion efforts and technological advancements, the company faces scrutiny from US auto safety regulators regarding the adequacy of its recent vehicle recall related to Autopilot safeguards. <o:p></o:p>

Additionally, Tesla confronts challenges such as declining sales and intensified competition in the EV market, primarily driven by Chinese brands. <o:p></o:p>

Despite these issues, Tesla has announced plans for new, more affordable vehicle models and a futuristic "robotaxi" equipped with self-driving capabilities.<o:p></o:p>

Musk's visit coincides with the Beijing auto show, although Tesla opted not to participate in the event this year. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Elon Musk, CEO of Tesla, embarked on an unannounced visit to Beijing, sparking speculation about the electric car company's ambitious plans for self-driving technology and data management.

Elon Musk, CEO of Tesla, embarked on an unannounced visit to Beijing, sparking speculation about the electric car company's ambitious plans for self-driving technology and data management. According to Reuters, Musk's visit included a meeting with Premier Li Qiang, where they discussed Tesla's role in US-China economic cooperation. Musk's agenda in China includes discussions on the rollout of Full Self-Driving (FSD) software and seeking permission to transfer data overseas. The visit to China comes shortly after Musk cancelled a planned trip to India. Tesla's FSD software, pushed as the most autonomous version of its Autopilot system, has yet to be introduced in China, despite growing customer demand. Musk hinted at a possible release of FSD in China soon, responding to queries on social media. However, Chinese rivals like Xpeng are aggressively pursuing similar autonomous driving technologies to gain a competitive edge in the market. One of Musk's key objectives in China is to secure approval for transferring data collected by Tesla's Chinese fleet overseas to enhance the development of autonomous driving algorithms. Since 2021, Tesla has complied with Chinese regulations by storing all data locally in Shanghai. However, Musk seeks authorisation to utilise this data globally for advancing Tesla's self-driving capabilities. The visit indicates Tesla's focus on leveraging Chinese resources and expertise in driving innovation. While the discussions between Musk and Chinese officials have not been publicly disclosed, reports indicate that the meeting with Premier Li Qiang also included broader discussions on China's automotive industry. In the course of Tesla's expansion efforts and technological advancements, the company faces scrutiny from US auto safety regulators regarding the adequacy of its recent vehicle recall related to Autopilot safeguards. Additionally, Tesla confronts challenges such as declining sales and intensified competition in the EV market, primarily driven by Chinese brands. Despite these issues, Tesla has announced plans for new, more affordable vehicle models and a futuristic "robotaxi" equipped with self-driving capabilities. Musk's visit coincides with the Beijing auto show, although Tesla opted not to participate in the event this year. (With inputs from Reuters)

Tesla's roadmap in China: Elon Musk explores self-driving tech agenda

<o:p></o:p>Reinold Geiger, the billionaire owner of L’Occitane International SA, is reportedly on the edge of making an offer to privatise the renowned skincare company. <o:p></o:p>

According to Bloomberg, the deal, estimated to be around $7 billion, inclusive of debts, would see Geiger acquiring the remaining shares he doesn't already own at a per-share price ranging from HK$33 to HK$34. <o:p></o:p>

Financing for the buyout is anticipated to come from Blackstone Inc.'s planned opportunities fund and Goldman Sachs Group Inc.'s asset management arm.<o:p></o:p>

The offer could present an enterprise value of approximately €6.5 billion ($7 billion) upon L’Occitane, sources cited by Bloomberg revealed.<o:p></o:p>

It is suggested that Blackstone and Goldman Sachs Asset Management may jointly provide roughly €1.6 billion in funding for the acquisition. <o:p></o:p>

Geiger, who currently controls over 70 per cent of L’Occitane through a vehicle under his authority, appears firm to take the company private after its 14-year tenure on the Hong Kong stock exchange. <o:p></o:p>

Trading of L’Occitane shares in Hong Kong was halted on April 9, awaiting an announcement linked to takeover regulations.<o:p></o:p>

Geiger's attempt to privatise L’Occitane marks a major development in the company's trajectory.<o:p></o:p>

Founded in 1976 by Olivier Baussan in Provence, France, L’Occitane initially crafted essential oils from local flora, gradually expanding its offerings. <o:p></o:p>

Geiger's involvement dates back to 1994 when he became a minority stakeholder, later assuming a more hands-on role due to the company's underperformance. <o:p></o:p>

Despite initial setbacks, Geiger's vision propelled L’Occitane into a global player, with operations spanning 90 countries. <o:p></o:p>

However, the company faces challenges in key markets like China, where intense competition from global and domestic brands poses hurdles to growth. <o:p></o:p>

While discussions are ongoing, no final decisions have been reached, and details such as pricing and timing remain subject to change.<o:p></o:p>

L’Occitane, Blackstone, and Goldman Sachs declined to comment on the matter.<o:p></o:p>

Blackstone's planned opportunities fund, known for its nimble investments in unconventional markets, boasts a diverse portfolio and manages assets worth approximately $35 billion. <o:p></o:p>

Similarly, Goldman Sachs Asset Management, one of the key players in global finance, provides investment solutions across various sectors.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Reinold Geiger, the billionaire owner of L’Occitane International SA, is reportedly on the edge of making an offer to privatise the renowned skincare company. According to Bloomberg, the deal, estimated to be around $7 billion, inclusive of debts, would see Geiger acquiring the remaining shares he doesn't already own at a per-share price ranging from HK$33 to HK$34.

Reinold Geiger, the billionaire owner of L’Occitane International SA, is reportedly on the edge of making an offer to privatise the renowned skincare company. According to Bloomberg, the deal, estimated to be around $7 billion, inclusive of debts, would see Geiger acquiring the remaining shares he doesn't already own at a per-share price ranging from HK$33 to HK$34. Financing for the buyout is anticipated to come from Blackstone Inc.'s planned opportunities fund and Goldman Sachs Group Inc.'s asset management arm. The offer could present an enterprise value of approximately €6.5 billion ($7 billion) upon L’Occitane, sources cited by Bloomberg revealed. It is suggested that Blackstone and Goldman Sachs Asset Management may jointly provide roughly €1.6 billion in funding for the acquisition. Geiger, who currently controls over 70 per cent of L’Occitane through a vehicle under his authority, appears firm to take the company private after its 14-year tenure on the Hong Kong stock exchange. Trading of L’Occitane shares in Hong Kong was halted on April 9, awaiting an announcement linked to takeover regulations. Geiger's attempt to privatise L’Occitane marks a major development in the company's trajectory. Founded in 1976 by Olivier Baussan in Provence, France, L’Occitane initially crafted essential oils from local flora, gradually expanding its offerings. Geiger's involvement dates back to 1994 when he became a minority stakeholder, later assuming a more hands-on role due to the company's underperformance. Despite initial setbacks, Geiger's vision propelled L’Occitane into a global player, with operations spanning 90 countries. However, the company faces challenges in key markets like China, where intense competition from global and domestic brands poses hurdles to growth. While discussions are ongoing, no final decisions have been reached, and details such as pricing and timing remain subject to change. L’Occitane, Blackstone, and Goldman Sachs declined to comment on the matter. Blackstone's planned opportunities fund, known for its nimble investments in unconventional markets, boasts a diverse portfolio and manages assets worth approximately $35 billion. Similarly, Goldman Sachs Asset Management, one of the key players in global finance, provides investment solutions across various sectors. (With inputs from Bloomberg)

L’Occitane owner Geiger nears $7 billion buyout deal: Report

Singapore Telecommunications (Singtel) anticipates a huge non-cash impairment of S$3.1 billion (equivalent to $2.28 billion) for the latter half of 2024, indicating an impending net loss for the period. <o:p></o:p>

According to Reuters, the telecom company also warned of a diminished net profit for the full year concluding on March 31, 2024. <o:p></o:p>

The company’s share of this impairment, approximately S$2 billion, stems from the goodwill of its mobile network operation unit, Optus, Singtel revealed in a filing. <o:p></o:p>

This revelation follows the shelving of a possible stake divestment deal for Optus, which had been under discussion. <o:p></o:p>

Optus, a major entity within Singtel's portfolio, is expected to incur non-cash impairment provisions to of up to S$470 million on its enterprise fixed access network assets. <o:p></o:p>

This downturn is primarily attributed to dimming prospects, heightened cost of capital, and a pessimistic macroeconomic outlook. <o:p></o:p>

A review of its enterprise business revealed declines in fixed carriage revenue, consistent with broader market trends in Australia, as outlined in Singtel's filing. <o:p></o:p>

Additionally, Singtel foresees non-cash impairment provisions amounting to S$340 million for the goodwill of its Asia Pacific cyber security business and S$280 million for IT service provider NCS Australia.<o:p></o:p>

Singtel said that it was committed to ensuring shareholder returns, further saying that it would adhere to the upper threshold of its dividend policy for the fiscal year culminating on March 31, 2024. <o:p></o:p>

The company is scheduled to announce its financial results for the aforementioned period on May 23. <o:p></o:p>

Concurrently, Singtel's subsidiary Optus struck an agreement with local competitor TPG Telecom to grant access to its regional Australian radio network, as disclosed in a separate announcement on Monday.<o:p></o:p>

The disclosure of an impairment provision by Singtel brings out some major challenges that the telecom industry faces, particularly with regard to fixed access networks and cyber security. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Singapore Telecommunications (Singtel) anticipates a huge non-cash impairment of S$3.1 billion (equivalent to $2.28 billion) for the latter half of 2024, indicating an impending net loss for the period.

Singapore Telecommunications (Singtel) anticipates a huge non-cash impairment of S$3.1 billion (equivalent to $2.28 billion) for the latter half of 2024, indicating an impending net loss for the period. According to Reuters, the telecom company also warned of a diminished net profit for the full year concluding on March 31, 2024. The company’s share of this impairment, approximately S$2 billion, stems from the goodwill of its mobile network operation unit, Optus, Singtel revealed in a filing. This revelation follows the shelving of a possible stake divestment deal for Optus, which had been under discussion. Optus, a major entity within Singtel's portfolio, is expected to incur non-cash impairment provisions to of up to S$470 million on its enterprise fixed access network assets. This downturn is primarily attributed to dimming prospects, heightened cost of capital, and a pessimistic macroeconomic outlook. A review of its enterprise business revealed declines in fixed carriage revenue, consistent with broader market trends in Australia, as outlined in Singtel's filing. Additionally, Singtel foresees non-cash impairment provisions amounting to S$340 million for the goodwill of its Asia Pacific cyber security business and S$280 million for IT service provider NCS Australia. Singtel said that it was committed to ensuring shareholder returns, further saying that it would adhere to the upper threshold of its dividend policy for the fiscal year culminating on March 31, 2024. The company is scheduled to announce its financial results for the aforementioned period on May 23. Concurrently, Singtel's subsidiary Optus struck an agreement with local competitor TPG Telecom to grant access to its regional Australian radio network, as disclosed in a separate announcement on Monday. The disclosure of an impairment provision by Singtel brings out some major challenges that the telecom industry faces, particularly with regard to fixed access networks and cyber security. (With inputs from Reuters)

Singtel forecasts $2.3 bn impairment hit, expects net loss in 2024 second-half

Elon Musk pushed for China's approval for Tesla to roll out advanced driver-assistance systems in a whirlwind trip to Beijing that ended on Monday, a step that could boost revenues at a time when Tesla is under pressure from Chinese rivals.

Tesla CEO Musk arrived in the Chinese capital on Sunday where he was expected to discuss the rollout of&nbsp;Full<a data-testid="Link" href="https://www.reuters.com/business/autos-transportation/what-is-teslas-full-self-driving-why-its-china-rollout-matters-2024-04-29/" referrerpolicy="no-referrer-when-downgrade"> </a>Self-Driving (FSD) software&nbsp;and permission to transfer driving data overseas, according to a person with knowledge of the matter.

His meetings included one with Chinese Premier Li Qiang, who praised Tesla's&nbsp;development in China as a successful example of China's economic and trade cooperation though state media did not say if the two had discussed FSD.

Still, the US&nbsp;automaker won a key endorsement that coincided with his trip - from a top Chinese auto association which said Tesla's Model 3 and Y cars were among models found to be compliant with China's data security requirements.

Two separate sources also told Reuters Tesla had reached an&nbsp;agreement with Baidu&nbsp;to use the Chinese tech giant's mapping license for data collection on China's public roads, which they described as a key step for FSD to be introduced in the country.

Tesla shares were last up 7% in premarket trade.

Data security and compliance have been among the reasons why the U.S. electric vehicle maker, which rolled out the most autonomous version of its Autopilot software four years ago, has yet to make FSD fully available in China, its second-largest market globally, despite customer demand.

Chinese regulators had since 2021 required Tesla to store all data collected by its Chinese fleet in Shanghai, leaving the company unable to transfer any back to the United States.

Musk is looking to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, the person said.

Musk's visit to China, first reported by Reuters, was not flagged publicly and the person spoke on condition of anonymity because they were not authorised to speak with media.

The plane that Musk arrived on departed from Beijing Capital Airport at 0517 GMT, according to Chinese flight tracking app Flight Manager and was headed to Anchorage, Alaska.

Tesla did not immediately respond to a request for comment on Musk's departure.

It remains unclear as to what, if any, other regulatory approvals Tesla will need to obtain or what conditions the company may have before it makes FSD fully available in China.

Equity analysts at Wedbush called the surprise visit "a major moment for Tesla".

Rival Chinese automakers and suppliers such as XPeng&nbsp;and Huawei Technologies have been seeking to gain an advantage over Tesla by rolling out similar software.

Hu Xijin, a former editor of state-backed tabloid Global Times who regularly posts in support of China's official position, said on his Weibo account that Tesla was the only foreign-funded automaker to meet China's data compliance requirements and said that this would pave the way for Tesla cars to enter premises owned by government agencies and state-owned firms across China.

"This is not only a breakthrough in China, but also a significant demonstration for the entire world in solving data security issues," he said.

Musk's visit came just over a week after he scrapped a planned trip to India to meet with Prime Minister Narendra Modi, citing "very heavy Tesla obligations".

Musk had been set on his cancelled India trip to announce $2 billion to $3 billion in new investments, including in a car plant, after India offered lower import taxes on EVs in return under a new policy.

<h2 data-testid="Heading">CHINA DATA</h2>

Tesla cars have for years&nbsp;been banned&nbsp;from entering Chinese military complexes over security concerns relating to cameras installed on its vehicles. Its cars have also been turned away from sites holding important political events, such as an annual summer leadership conclave the ruling Communist Party held in 2022.

He Xiaopeng, the CEO of XPeng whose XNGP Advanced Driver Assistance System is&nbsp;similar to FSD, said on his Weibo account he welcomed the entry of the Tesla technology into China.

"Only when we have better products and technologies entering [China], can we provide a better experience to the market and customers and let the market develop in a healthy manner and at a faster pace," he said.

"Let a hundred flowers bloom," he said, echoing a famous line from Chairman Mao Zedong, the founder of modern China.

The improved prospect of FSD entering China comes as Tesla shares have lost almost a third of their value since the start of the year, as concerns have grown about the EV maker's growth trajectory. Last week, Tesla reported its first decline in quarterly revenue since 2020, when the COVID-19 pandemic slowed production and deliveries.

Musk said last week that Tesla would introduce new cheaper models using its current EV platforms and production lines and would offer a new "robotaxi" with self-driving technology. He said on X this month that he would unveil the robotaxi on Aug. 8.

China's complicated traffic conditions with more pedestrians and cyclists than in many other markets provide more scenarios that are key for training autonomous driving algorithms at a faster pace, according to industry experts.

"If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be a 'game changer' around the acceleration of training its algorithms for its autonomous technology globally," Wedbush analyst Dan Ives said in a note.

Musk said this month that Tesla may make FSD available to customers in China "very soon", in response to a query on X.

Besides meeting Li on the short trip to Beijing, Musk met the organiser of the ongoing Beijing auto show. The chairman of Chinese battery giant CATL&nbsp;&nbsp;Robin Zeng, a key Tesla battery supplier, also visited Musk's hotel on Monday, according to a Reuters witness.

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Elon Musk pushed for China's approval for Tesla to roll out advanced driver-assistance systems in a whirlwind trip to Beijing that ended on Monday, a step that could boost revenues at a time when Tesla is under pressure from Chinese rivals.

Elon Musk pushed for China's approval for Tesla to roll out advanced driver-assistance systems in a whirlwind trip to Beijing that ended on Monday, a step that could boost revenues at a time when Tesla is under pressure from Chinese rivals. Tesla CEO Musk arrived in the Chinese capital on Sunday where he was expected to discuss the rollout of Full Self-Driving (FSD) software and permission to transfer driving data overseas, according to a person with knowledge of the matter. His meetings included one with Chinese Premier Li Qiang, who praised Tesla's development in China as a successful example of China's economic and trade cooperation though state media did not say if the two had discussed FSD. Still, the US automaker won a key endorsement that coincided with his trip - from a top Chinese auto association which said Tesla's Model 3 and Y cars were among models found to be compliant with China's data security requirements. Two separate sources also told Reuters Tesla had reached an agreement with Baidu to use the Chinese tech giant's mapping license for data collection on China's public roads, which they described as a key step for FSD to be introduced in the country. Tesla shares were last up 7% in premarket trade. Data security and compliance have been among the reasons why the U.S. electric vehicle maker, which rolled out the most autonomous version of its Autopilot software four years ago, has yet to make FSD fully available in China, its second-largest market globally, despite customer demand. Chinese regulators had since 2021 required Tesla to store all data collected by its Chinese fleet in Shanghai, leaving the company unable to transfer any back to the United States. Musk is looking to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, the person said. Musk's visit to China, first reported by Reuters, was not flagged publicly and the person spoke on condition of anonymity because they were not authorised to speak with media. The plane that Musk arrived on departed from Beijing Capital Airport at 0517 GMT, according to Chinese flight tracking app Flight Manager and was headed to Anchorage, Alaska. Tesla did not immediately respond to a request for comment on Musk's departure. It remains unclear as to what, if any, other regulatory approvals Tesla will need to obtain or what conditions the company may have before it makes FSD fully available in China. Equity analysts at Wedbush called the surprise visit "a major moment for Tesla". Rival Chinese automakers and suppliers such as XPeng and Huawei Technologies have been seeking to gain an advantage over Tesla by rolling out similar software. Hu Xijin, a former editor of state-backed tabloid Global Times who regularly posts in support of China's official position, said on his Weibo account that Tesla was the only foreign-funded automaker to meet China's data compliance requirements and said that this would pave the way for Tesla cars to enter premises owned by government agencies and state-owned firms across China. "This is not only a breakthrough in China, but also a significant demonstration for the entire world in solving data security issues," he said. Musk's visit came just over a week after he scrapped a planned trip to India to meet with Prime Minister Narendra Modi, citing "very heavy Tesla obligations". Musk had been set on his cancelled India trip to announce $2 billion to $3 billion in new investments, including in a car plant, after India offered lower import taxes on EVs in return under a new policy. CHINA DATA Tesla cars have for years been banned from entering Chinese military complexes over security concerns relating to cameras installed on its vehicles. Its cars have also been turned away from sites holding important political events, such as an annual summer leadership conclave the ruling Communist Party held in 2022. He Xiaopeng, the CEO of XPeng whose XNGP Advanced Driver Assistance System is similar to FSD, said on his Weibo account he welcomed the entry of the Tesla technology into China. "Only when we have better products and technologies entering [China], can we provide a better experience to the market and customers and let the market develop in a healthy manner and at a faster pace," he said. "Let a hundred flowers bloom," he said, echoing a famous line from Chairman Mao Zedong, the founder of modern China. The improved prospect of FSD entering China comes as Tesla shares have lost almost a third of their value since the start of the year, as concerns have grown about the EV maker's growth trajectory. Last week, Tesla reported its first decline in quarterly revenue since 2020, when the COVID-19 pandemic slowed production and deliveries. Musk said last week that Tesla would introduce new cheaper models using its current EV platforms and production lines and would offer a new "robotaxi" with self-driving technology. He said on X this month that he would unveil the robotaxi on Aug. 8. China's complicated traffic conditions with more pedestrians and cyclists than in many other markets provide more scenarios that are key for training autonomous driving algorithms at a faster pace, according to industry experts. "If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be a 'game changer' around the acceleration of training its algorithms for its autonomous technology globally," Wedbush analyst Dan Ives said in a note. Musk said this month that Tesla may make FSD available to customers in China "very soon", in response to a query on X. Besides meeting Li on the short trip to Beijing, Musk met the organiser of the ongoing Beijing auto show. The chairman of Chinese battery giant CATL Robin Zeng, a key Tesla battery supplier, also visited Musk's hotel on Monday, according to a Reuters witness.

Elon Musk pursues self-driving approval on China trip as Tesla wins key endorsement

In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal.

The report said&nbsp;that Google would establish a new team in Munich, Germany, to serve as more cost-effective labour.

Python is a sophisticated programming language widely used for various purposes. A post on Mastodon by Social.coop, cited by Hacker News, quoted remarks from a former member of the Google Python team expressing deep disappointment over the layoffs.

<a href="https://www.wionews.com/technology/google-terminates-28-employees-for-protest-of-israeli-cloud-contract-712738">Also read |&nbsp;Google terminates 28 employees for protesting against its cloud contract with Israel</a>

The individual described their two-decade tenure at Google as the best job they've ever had. Another employee expressed anguish at witnessing their entire team, including the manager, being let go and replaced by remote workers overseas.&nbsp;

According to the report, the US Python team, consisting of fewer than 10 members, previously oversaw the majority of Google's Python ecosystem. Their responsibilities included ensuring the stability of Python within Google, keeping it up to date with numerous third-party packages, and developing a type-checker.

Also watch |&nbsp;Nvidia leads AI charge as tech spends surge

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In addition, Business Insider said that Google has reduced staff&nbsp;from its real estate and finance divisions. According to the report, Ruth Porat, Google's finance chief, informed employees via email that the restructuring involves expanding operations to Bengaluru, Mexico City, and Dublin.

In January, the big tech company cut hundreds of jobs across various teams, like engineering and hardware. This move was part of their efforts to focus more on investing in and developing artificial intelligence technologies.

(With inputs from agencies)

In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal.

In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal. The report said that Google would establish a new team in Munich, Germany, to serve as more cost-effective labour. Python is a sophisticated programming language widely used for various purposes. A post on Mastodon by Social.coop, cited by Hacker News, quoted remarks from a former member of the Google Python team expressing deep disappointment over the layoffs. Also read | Google terminates 28 employees for protesting against its cloud contract with Israel The individual described their two-decade tenure at Google as the best job they've ever had. Another employee expressed anguish at witnessing their entire team, including the manager, being let go and replaced by remote workers overseas. According to the report, the US Python team, consisting of fewer than 10 members, previously oversaw the majority of Google's Python ecosystem. Their responsibilities included ensuring the stability of Python within Google, keeping it up to date with numerous third-party packages, and developing a type-checker. Also watch | Nvidia leads AI charge as tech spends surge In addition, Business Insider said that Google has reduced staff from its real estate and finance divisions. According to the report, Ruth Porat, Google's finance chief, informed employees via email that the restructuring involves expanding operations to Bengaluru, Mexico City, and Dublin. In January, the big tech company cut hundreds of jobs across various teams, like engineering and hardware. This move was part of their efforts to focus more on investing in and developing artificial intelligence technologies. (With inputs from agencies)

Google layoffs: Entire Python team let go for ‘cheaper labour’

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The Japanese yen plunged to its lowest level in 34 years, slipping below 160 against the US dollar on Monday.<o:p></o:p>

According to news agency AFP, this fall came after an unusually high US inflation report, which dashed hopes for possible interest rate cuts by the Federal Reserve this year.<o:p></o:p>

Trading at 160.17 in morning sessions, the yen hit its weakest point since 1990, igniting speculation about potential intervention by Japanese authorities to strengthen their currency. <o:p></o:p>

This would mark the first intervention since 2022, weighing growing concerns over the yen's rapid decline.<o:p></o:p>

Last week, the Bank of Japan (BoJ) opted against further tightening of monetary policy, a decision that surprised spectators while pressures on the yen continued to mount.<o:p></o:p>

Despite assurances from Japanese officials about readiness to intervene in volatile exchange rate movements, doubts lingered about the effectiveness of such measures.<o:p></o:p>

"Expectations of intervention having a sustained impact may disappoint given macro fundamentals do not support a sudden shift to a hawkish monetary stance," AFP quoted Tapas Strickland from National Australia Bank as saying.<o:p></o:p>

The US Personal Consumption Expenditures (PCE) index posted a strong increase, marking the third consecutive surge in the consumer price index. <o:p></o:p>

This, along with warnings from US Federal Reserve members warning against premature rate cuts, prompted investors to rethink their expectations. <o:p></o:p>

Initial projections of up to six rate cuts in 2024 were slashed, with the consensus settling on just one reduction.<o:p></o:p>

Market analysts eagerly anticipate the Federal Reserve's upcoming policy announcement, seeking fresh insights into the central bank's stance on monetary policy. <o:p></o:p>

Meanwhile, the Bank of Japan is trying to facilitate supportive financial conditions with its decision to maintain its benchmark rate between zero and 0.1 per cent.<o:p></o:p>

The BoJ's departure from negative rates last month with its first rate hike in 17 years, marked a major shift in Japanese monetary policy. <o:p></o:p>

After struggling for decades with deflation and economic stagnation, Japan's inflation finally stabilised around two per cent.<o:p></o:p>

Despite the BoJ's unique stance, it faces mounting pressure in the middle of the global trend of central banks raising rates to combat rising inflation. <o:p></o:p>

This divergence in monetary policies has contributed to investors flocking to other currencies, worsening the yen's downward spiral.<o:p></o:p>

"We still think we are quite close to the Finance Ministry's intervention, in light of the recent rhetoric on excessive currency market moves," AFP quoted Homin Lee of Lombard Odier as saying.<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

The Japanese yen plunged to its lowest level in 34 years, slipping below 160 against the US dollar on Monday. According to news agency AFP, this fall came after an unusually high US inflation report, which dashed hopes for possible interest rate cuts by the Federal Reserve this year.

The Japanese yen plunged to its lowest level in 34 years, slipping below 160 against the US dollar on Monday. According to news agency AFP, this fall came after an unusually high US inflation report, which dashed hopes for possible interest rate cuts by the Federal Reserve this year. Trading at 160.17 in morning sessions, the yen hit its weakest point since 1990, igniting speculation about potential intervention by Japanese authorities to strengthen their currency. This would mark the first intervention since 2022, weighing growing concerns over the yen's rapid decline. Last week, the Bank of Japan (BoJ) opted against further tightening of monetary policy, a decision that surprised spectators while pressures on the yen continued to mount. Despite assurances from Japanese officials about readiness to intervene in volatile exchange rate movements, doubts lingered about the effectiveness of such measures. "Expectations of intervention having a sustained impact may disappoint given macro fundamentals do not support a sudden shift to a hawkish monetary stance," AFP quoted Tapas Strickland from National Australia Bank as saying. The US Personal Consumption Expenditures (PCE) index posted a strong increase, marking the third consecutive surge in the consumer price index. This, along with warnings from US Federal Reserve members warning against premature rate cuts, prompted investors to rethink their expectations. Initial projections of up to six rate cuts in 2024 were slashed, with the consensus settling on just one reduction. Market analysts eagerly anticipate the Federal Reserve's upcoming policy announcement, seeking fresh insights into the central bank's stance on monetary policy. Meanwhile, the Bank of Japan is trying to facilitate supportive financial conditions with its decision to maintain its benchmark rate between zero and 0.1 per cent. The BoJ's departure from negative rates last month with its first rate hike in 17 years, marked a major shift in Japanese monetary policy. After struggling for decades with deflation and economic stagnation, Japan's inflation finally stabilised around two per cent. Despite the BoJ's unique stance, it faces mounting pressure in the middle of the global trend of central banks raising rates to combat rising inflation. This divergence in monetary policies has contributed to investors flocking to other currencies, worsening the yen's downward spiral. "We still think we are quite close to the Finance Ministry's intervention, in light of the recent rhetoric on excessive currency market moves," AFP quoted Homin Lee of Lombard Odier as saying. (With inputs from AFP)

Yen plummets to 34-year low below 160 against dollar: Report

Critical minerals, essential for everything from clean energy to cutting-edge technology, are increasingly controlled by a single player: China. The report takes a closer look at the grip China holds on the world's minerals and manufacturing.

China's dominance threatens global tech ambitions

The US economy witnessed its slowest growth in nearly two years during the first quarter, largely attributed to a surge in imports and a modest accumulation of unsold goods at businesses, Reuters reported.<o:p></o:p>

Despite signs of strong demand, including an uptick in inflation, experts suggest that the Federal Reserve is unlikely to consider interest rate cuts before September.<o:p></o:p>

According to the Commerce Department's report on first-quarter gross domestic product (GDP), the economy expanded at a 1.6 per cent annualised rate, falling short of economists' expectations. <o:p></o:p>

However, this figure may overstate the moderation in economic activity, as underlying indicators like domestic demand remained strong. <o:p></o:p>

Consumer spending, albeit slightly tempered, along with increased business investment and an expanding housing market, indicated the economy's resilience.<o:p></o:p>

Reuters cited Daniel Vernazza, chief international economist at UniCredit, who noted the implications of the GDP report, saying that while the Federal Reserve may perceive it as solid, the unexpected rise in inflation could reinforce the central bank's decision to delay rate cuts. <o:p></o:p>

Economists polled by Reuters had forecasted a GDP growth rate of 2.4 per cent, with estimates ranging from 1.0 per cent to 3.1 per cent.<o:p></o:p>

The GDP expansion in the first quarter marked a slowdown from the previous quarter's growth rate of 3.4 per cent. <o:p></o:p>

Notably, the growth pace fell below the non-inflationary threshold of 1.8 per cent as regarded by US central bank officials. <o:p></o:p>

However, excluding volatile components such as inventories, government spending, and trade, the economy grew at a healthier rate of 3.1 per cent, dispelling notions that government expenditure was solely driving economic momentum.<o:p></o:p>

Treasury Secretary Janet Yellen said that her focus was on consumer and business spending, indicating their alignment with last year's growth rates. <o:p></o:p>

This highlights the underlying strength of the US economy, characterised by strong consumer and business activities.<o:p></o:p>

Inflationary pressures intensified during the first quarter, with the PCE price index, excluding food and energy, surging at a rate of 3.7 per cent. <o:p></o:p>

This marked an acceleration from the previous quarter's pace of 2.0 per cent. <o:p></o:p>

Rising costs in services like transportation and housing offset declines in goods prices, contributing to the inflationary surge.<o:p></o:p>

Despite concerns over a potential slowdown, the labour market remains resilient. <o:p></o:p>

Weekly jobless claims declined, indicating stability in the employment landscape. <o:p></o:p>

Low layoffs continue to sustain high wages, supporting consumer spending, a crucial driver of economic activity. <o:p></o:p>

However, recent data suggests that lower-income households are relying more on debt to fund purchases, indicating potential challenges ahead.<o:p></o:p>

While income increased in the first quarter, gains were windswept by inflation and higher taxes, resulting in a slower pace of growth in disposable income. <o:p></o:p>

The saving rate decreased slightly, reflecting adjustments in household finances while economic conditions continue to change. <o:p></o:p>

Business spending witnessed an uptick, particularly in investments related to artificial intelligence, offsetting declines in government outlays.<o:p></o:p>

The widening trade deficit, with reduced inventory accumulation, posed challenges to GDP growth. <o:p></o:p>

Imports satiated part of the increased spending, contributing to a wider trade deficit. <o:p></o:p>

Despite a slowdown in government spending, business investments and residential construction remained strong, indicating diverse drivers of economic activity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US economy witnessed its slowest growth in nearly two years during the first quarter, largely attributed to a surge in imports and a modest accumulation of unsold goods at businesses, Reuters reported.

The US economy witnessed its slowest growth in nearly two years during the first quarter, largely attributed to a surge in imports and a modest accumulation of unsold goods at businesses, Reuters reported. Despite signs of strong demand, including an uptick in inflation, experts suggest that the Federal Reserve is unlikely to consider interest rate cuts before September. According to the Commerce Department's report on first-quarter gross domestic product (GDP), the economy expanded at a 1.6 per cent annualised rate, falling short of economists' expectations. However, this figure may overstate the moderation in economic activity, as underlying indicators like domestic demand remained strong. Consumer spending, albeit slightly tempered, along with increased business investment and an expanding housing market, indicated the economy's resilience. Reuters cited Daniel Vernazza, chief international economist at UniCredit, who noted the implications of the GDP report, saying that while the Federal Reserve may perceive it as solid, the unexpected rise in inflation could reinforce the central bank's decision to delay rate cuts. Economists polled by Reuters had forecasted a GDP growth rate of 2.4 per cent, with estimates ranging from 1.0 per cent to 3.1 per cent. The GDP expansion in the first quarter marked a slowdown from the previous quarter's growth rate of 3.4 per cent. Notably, the growth pace fell below the non-inflationary threshold of 1.8 per cent as regarded by US central bank officials. However, excluding volatile components such as inventories, government spending, and trade, the economy grew at a healthier rate of 3.1 per cent, dispelling notions that government expenditure was solely driving economic momentum. Treasury Secretary Janet Yellen said that her focus was on consumer and business spending, indicating their alignment with last year's growth rates. This highlights the underlying strength of the US economy, characterised by strong consumer and business activities. Inflationary pressures intensified during the first quarter, with the PCE price index, excluding food and energy, surging at a rate of 3.7 per cent. This marked an acceleration from the previous quarter's pace of 2.0 per cent. Rising costs in services like transportation and housing offset declines in goods prices, contributing to the inflationary surge. Despite concerns over a potential slowdown, the labour market remains resilient. Weekly jobless claims declined, indicating stability in the employment landscape. Low layoffs continue to sustain high wages, supporting consumer spending, a crucial driver of economic activity. However, recent data suggests that lower-income households are relying more on debt to fund purchases, indicating potential challenges ahead. While income increased in the first quarter, gains were windswept by inflation and higher taxes, resulting in a slower pace of growth in disposable income. The saving rate decreased slightly, reflecting adjustments in household finances while economic conditions continue to change. Business spending witnessed an uptick, particularly in investments related to artificial intelligence, offsetting declines in government outlays. The widening trade deficit, with reduced inventory accumulation, posed challenges to GDP growth. Imports satiated part of the increased spending, contributing to a wider trade deficit. Despite a slowdown in government spending, business investments and residential construction remained strong, indicating diverse drivers of economic activity. (With inputs from Reuters)

US economy slows amid import surge; inflation accelerates

Alphabet, the parent company of Google, made headlines on Thursday with its announcement of its first-ever dividend and a $70 billion stock buyback. <o:p></o:p>

This sparked a frenzy among investors, propelling Alphabet's stock price nearly 16 per cent higher after the news.<o:p></o:p>

To reassure investors while advancing its technological infrastructure, Alphabet revealed plans to distribute a dividend of 20 cents per share. <o:p></o:p>

This comes as the company made heavy investments in data centres, aimed at narrowing the gap with competitors in generative artificial intelligence.<o:p></o:p>

Alphabet's dividend debut follows a similar step taken by its Big Tech counterpart, Meta Platforms, just three months ago, which resulted in a boost to Meta's market value. <o:p></o:p>

Notably, Amazon remains the lone company among tech giants that is yet to announce dividend pay-outs.<o:p></o:p>

Reuters cited Thomas Monteiro, a senior analyst at Investing.com, who hailed Alphabet's decision, saying that it was both a boon for the tech market and a smart move by the search engine titan amidst challenging times. <o:p></o:p>

The strong earnings performance further strengthened investor confidence in Alphabet's business operations.<o:p></o:p>

The after-hours surge in Alphabet's share price, nearing 16 per cent, translated to an increase in its market capitalisation, surpassing the $2 trillion mark. <o:p></o:p>

CEO Sundar Pichai acknowledged the critical role of Google's AI advancements in enhancing core search functionality, highlighting the growing adoption of AI-driven features.<o:p></o:p>

Alphabet's strong first-quarter performance exceeded market expectations, with revenue reaching $80.54 billion, surpassing estimates. <o:p></o:p>

This was supported by strong demand for its cloud services, brought by the increasing integration of artificial intelligence and sustained advertising expenditure.<o:p></o:p>

Google's advertising revenue witnessed a notable uptick of 13 per cent in the quarter, totalling $61.7 billion, outpacing projections. <o:p></o:p>

Despite grappling with increased capital expenditures, which increased by 91 per cent year-over-year to $12 billion, Alphabet remains bullish on its outlook. <o:p></o:p>

CFO Ruth Porat foresees sustained high levels of expenditure throughout the year, particularly in bolstering artificial intelligence capabilities.<o:p></o:p>

Google Cloud, a key revenue driver, experienced a growth of 28 per cent in the first quarter, pushed by the increasing demand for generative AI tools. <o:p></o:p>

These cloud-based solutions have become increasingly attractive to start-ups and businesses seeking innovative AI-driven solutions.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Alphabet, the parent company of Google, made headlines on Thursday with its announcement of its first-ever dividend and a $70 billion stock buyback. This sparked a frenzy among investors, propelling Alphabet's stock price nearly 16 per cent higher after the news.

Alphabet, the parent company of Google, made headlines on Thursday with its announcement of its first-ever dividend and a $70 billion stock buyback. This sparked a frenzy among investors, propelling Alphabet's stock price nearly 16 per cent higher after the news. To reassure investors while advancing its technological infrastructure, Alphabet revealed plans to distribute a dividend of 20 cents per share. This comes as the company made heavy investments in data centres, aimed at narrowing the gap with competitors in generative artificial intelligence. Alphabet's dividend debut follows a similar step taken by its Big Tech counterpart, Meta Platforms, just three months ago, which resulted in a boost to Meta's market value. Notably, Amazon remains the lone company among tech giants that is yet to announce dividend pay-outs. Reuters cited Thomas Monteiro, a senior analyst at Investing.com, who hailed Alphabet's decision, saying that it was both a boon for the tech market and a smart move by the search engine titan amidst challenging times. The strong earnings performance further strengthened investor confidence in Alphabet's business operations. The after-hours surge in Alphabet's share price, nearing 16 per cent, translated to an increase in its market capitalisation, surpassing the $2 trillion mark. CEO Sundar Pichai acknowledged the critical role of Google's AI advancements in enhancing core search functionality, highlighting the growing adoption of AI-driven features. Alphabet's strong first-quarter performance exceeded market expectations, with revenue reaching $80.54 billion, surpassing estimates. This was supported by strong demand for its cloud services, brought by the increasing integration of artificial intelligence and sustained advertising expenditure. Google's advertising revenue witnessed a notable uptick of 13 per cent in the quarter, totalling $61.7 billion, outpacing projections. Despite grappling with increased capital expenditures, which increased by 91 per cent year-over-year to $12 billion, Alphabet remains bullish on its outlook. CFO Ruth Porat foresees sustained high levels of expenditure throughout the year, particularly in bolstering artificial intelligence capabilities. Google Cloud, a key revenue driver, experienced a growth of 28 per cent in the first quarter, pushed by the increasing demand for generative AI tools. These cloud-based solutions have become increasingly attractive to start-ups and businesses seeking innovative AI-driven solutions. (With inputs from Reuters)

Alphabet makes historic move with first dividend, $70 bn buyback; stocks skyrocket

ByteDance, the parent company of TikTok, is contemplating shutting down the popular short-video app in the US if legal avenues to combat the approaching legislation fail. <o:p></o:p>

ByteDance would prioritise a shutdown over selling TikTok, especially considering the critical role its algorithms play in the company's operations, Reuters reported citing sources familiar with the matter.<o:p></o:p>

The algorithms underpinning TikTok's functionality are integral to ByteDance's operations, making the sale of the app with its algorithms highly unlikely. <o:p></o:p>

Despite TikTok's significance in ByteDance's ecosystem, accounting for a small share of total revenues and daily active users, the parent company is inclined towards a shutdown rather than relinquishing control of its core algorithm.<o:p></o:p>

ByteDance refrained from commenting on the matter. <o:p></o:p>

However, in a statement released on Toutiao, a media platform owned by ByteDance, the company restated its stance of not intending to sell TikTok. <o:p></o:p>

This follows speculations regarding ByteDance exploring scenarios for divesting TikTok's US business while retaining control over the algorithm that powers video recommendations.<o:p></o:p>

TikTok's CEO, Shou Zi Chew, was optimistic in overcoming legal hurdles posed by recent legislation aimed at banning the app in the US.<o:p></o:p>

The legislation, driven by concerns over data privacy and national security, presents a major challenge to TikTok's operations in its largest market.<o:p></o:p>

While the US market accounted for approximately 25 per cent of TikTok's revenues last year, ByteDance's financial details remain confidential.<o:p></o:p>

Despite the challenges in valuing TikTok compared to its competitors like Meta Platforms and Snap, ByteDance's revenues rose from $80 billion in 2022 to nearly $120 billion in 2023.<o:p></o:p>

ByteDance's algorithms, shared across its domestic platforms like Douyin, are considered superior to those of its rivals. <o:p></o:p>

Divesting TikTok without its algorithms poses challenges due to intellectual property licensing complexities and the intertwined nature of TikTok with ByteDance's core operations.<o:p></o:p>

Prior attempts to force ByteDance to divest TikTok were met with resistance from China, which opposed moves during a congressional hearing. <o:p></o:p>

China's Export Control Law, enacted in 2020, highlighted the country's stance on regulating exports of algorithms and related technologies.<o:p></o:p>

Despite possible interest from investors, including former US Treasury Secretary Steven Mnuchin, in acquiring TikTok, ByteDance may face difficulties attracting buyers for TikTok's US assets without including its algorithms. ByteDance, valued at $268 billion in December, remains backed by prominent investors.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

ByteDance, the parent company of TikTok, is contemplating shutting down the popular short-video app in the US if legal avenues to combat the approaching legislation fail.

ByteDance, the parent company of TikTok, is contemplating shutting down the popular short-video app in the US if legal avenues to combat the approaching legislation fail. ByteDance would prioritise a shutdown over selling TikTok, especially considering the critical role its algorithms play in the company's operations, Reuters reported citing sources familiar with the matter. The algorithms underpinning TikTok's functionality are integral to ByteDance's operations, making the sale of the app with its algorithms highly unlikely. Despite TikTok's significance in ByteDance's ecosystem, accounting for a small share of total revenues and daily active users, the parent company is inclined towards a shutdown rather than relinquishing control of its core algorithm. ByteDance refrained from commenting on the matter. However, in a statement released on Toutiao, a media platform owned by ByteDance, the company restated its stance of not intending to sell TikTok. This follows speculations regarding ByteDance exploring scenarios for divesting TikTok's US business while retaining control over the algorithm that powers video recommendations. TikTok's CEO, Shou Zi Chew, was optimistic in overcoming legal hurdles posed by recent legislation aimed at banning the app in the US. The legislation, driven by concerns over data privacy and national security, presents a major challenge to TikTok's operations in its largest market. While the US market accounted for approximately 25 per cent of TikTok's revenues last year, ByteDance's financial details remain confidential. Despite the challenges in valuing TikTok compared to its competitors like Meta Platforms and Snap, ByteDance's revenues rose from $80 billion in 2022 to nearly $120 billion in 2023. ByteDance's algorithms, shared across its domestic platforms like Douyin, are considered superior to those of its rivals. Divesting TikTok without its algorithms poses challenges due to intellectual property licensing complexities and the intertwined nature of TikTok with ByteDance's core operations. Prior attempts to force ByteDance to divest TikTok were met with resistance from China, which opposed moves during a congressional hearing. China's Export Control Law, enacted in 2020, highlighted the country's stance on regulating exports of algorithms and related technologies. Despite possible interest from investors, including former US Treasury Secretary Steven Mnuchin, in acquiring TikTok, ByteDance may face difficulties attracting buyers for TikTok's US assets without including its algorithms. ByteDance, valued at $268 billion in December, remains backed by prominent investors. (With inputs from Reuters)

ByteDance leans towards TikTok shutdown in US amid legal battles

The Bank of Japan (BOJ) announced its decision to maintain ultra-low interest rates on Friday, with the objective of keeping borrowing costs low. <o:p></o:p>

According to Reuters, the central bank, in its quarterly outlook report, projected that inflation would hover near its 2 per cent target over the next three years. <o:p></o:p>

This decision indicates the BOJ's preparation to potentially increase borrowing costs later in the year.<o:p></o:p>

The BOJ has reaffirmed its stance to purchase government bonds at a monthly rate of approximately 6 trillion yen ($38.45 billion), following the guidance set in March. <o:p></o:p>

As expected, the central bank kept its short-term interest rate target within the range of 0-0.1 per cent, a decision made just a month earlier during its historic departure from a massive stimulus program.<o:p></o:p>

According to the board's projections, core consumer inflation is expected to reach 2.8 per cent for the fiscal year starting in April, gradually narrowing to 1.9 per cent in both fiscal years 2025 and 2026. <o:p></o:p>

The "core core" index, excluding fuel costs, is forecasted to rise to 1.9 per cent in fiscal years 2024 and 2025, before accelerating to 2.1 per cent in 2026.<o:p></o:p>

Market attention has turned to Governor Kazuo Ueda's remarks in the post-meeting press conference, particularly regarding the impact of the weakening yen on the timing of the next rate hike. <o:p></o:p>

The yen's recent depreciation against the dollar, worsened by reduced expectations of an imminent US interest rate cut, has prompted concerns among policymakers. <o:p></o:p>

Despite reassurances from the BOJ that it won't aggressively raise rates following the cessation of eight years of negative interest rates in March, pressure mounts on Ueda to address the currency's decline.<o:p></o:p>

Governor Ueda said that the possibility of further rate hikes remains contingent upon increased wage gains leading to broader price hikes by firms. <o:p></o:p>

This scenario could initiate a cycle of rising wages and prices. <o:p></o:p>

However, Tokyo's core inflation figures, released on Friday, fell below the BOJ's 2 per cent target for April, signalling uncertainty in the price outlook.<o:p></o:p>

Economists are divided on the timing of the BOJ's next rate hike, with some predicting action in the third quarter, while others foresee a potential move between October and December, or even later. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Bank of Japan (BOJ) announced its decision to maintain ultra-low interest rates on Friday, with the objective of keeping borrowing costs low. According to Reuters, the central bank, in its quarterly outlook report, projected that inflation would hover near its 2 per cent target over the next three years.

The Bank of Japan (BOJ) announced its decision to maintain ultra-low interest rates on Friday, with the objective of keeping borrowing costs low. According to Reuters, the central bank, in its quarterly outlook report, projected that inflation would hover near its 2 per cent target over the next three years. This decision indicates the BOJ's preparation to potentially increase borrowing costs later in the year. The BOJ has reaffirmed its stance to purchase government bonds at a monthly rate of approximately 6 trillion yen ($38.45 billion), following the guidance set in March. As expected, the central bank kept its short-term interest rate target within the range of 0-0.1 per cent, a decision made just a month earlier during its historic departure from a massive stimulus program. According to the board's projections, core consumer inflation is expected to reach 2.8 per cent for the fiscal year starting in April, gradually narrowing to 1.9 per cent in both fiscal years 2025 and 2026. The "core core" index, excluding fuel costs, is forecasted to rise to 1.9 per cent in fiscal years 2024 and 2025, before accelerating to 2.1 per cent in 2026. Market attention has turned to Governor Kazuo Ueda's remarks in the post-meeting press conference, particularly regarding the impact of the weakening yen on the timing of the next rate hike. The yen's recent depreciation against the dollar, worsened by reduced expectations of an imminent US interest rate cut, has prompted concerns among policymakers. Despite reassurances from the BOJ that it won't aggressively raise rates following the cessation of eight years of negative interest rates in March, pressure mounts on Ueda to address the currency's decline. Governor Ueda said that the possibility of further rate hikes remains contingent upon increased wage gains leading to broader price hikes by firms. This scenario could initiate a cycle of rising wages and prices. However, Tokyo's core inflation figures, released on Friday, fell below the BOJ's 2 per cent target for April, signalling uncertainty in the price outlook. Economists are divided on the timing of the BOJ's next rate hike, with some predicting action in the third quarter, while others foresee a potential move between October and December, or even later. (With inputs from Reuters)

BOJ projects inflation near 2 pc amidst yen's fall: Ready for a rate hike