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Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran.&nbsp;

Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09.&nbsp;

A possible expansion of the Gaza conflict beyond Israel's border could be a disaster&nbsp;for the global oil supply.

Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz.

The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade.&nbsp;

Oil prices have risen by about 25 per cent since the October 7 Hamas attack on&nbsp;Israeli civilians.&nbsp;

The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy.&nbsp;

The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing&nbsp;oil needs.&nbsp;

The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure.

In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half&nbsp;the budget is financed by oil money. But in the long run, the U.S, which was&nbsp;the&nbsp;biggest oil producer in 2023,&nbsp;could release excess capacity and push prices down.&nbsp;

Ultimately, higher oil prices would&nbsp;boost commodity prices&nbsp;across the world and prolong the interest rate tightening cycle. &nbsp;

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.

Oil prices rose by over four per cent on Friday after Israel launched missile strikes on Iran. Fears of an escalation in West Asia tensions drove Brent crude, the global benchmark, to $90.54 a barrel. On the other hand, the US West Texas Intermediate (WTI) crude futures jumped 4.06 per cent to reach $86.09. A possible expansion of the Gaza conflict beyond Israel's border could be a disaster for the global oil supply. Analysts believe that oil prices could cross $100 or even $130 if a wider war blocks the Strait of Hormuz. The strait is at the heart of West Asia's supply route and accounts for a fifth of the world's oil trade. Oil prices have risen by about 25 per cent since the October 7 Hamas attack on Israeli civilians. The risk premium has been on a downward path on the hopes that a wider conflict would be averted. But Israel's Friday strikes could spike investor worries about oil prices and its impact on the global economy. The existing production cut by oil cartel OPEC+ would make matters worse for India, which relies on imports to quench its growing oil needs. The focus would shift to OPEC+ meeting in June, when oil producers could decide to continue with the production cuts or ease the supply pressure. In the short run, high oil prices could help West Asian countries like Saudi Arabia, where over half the budget is financed by oil money. But in the long run, the U.S, which was the biggest oil producer in 2023, could release excess capacity and push prices down. Ultimately, higher oil prices would boost commodity prices across the world and prolong the interest rate tightening cycle.

Oil prices rise by over 4 per cent after reports of Israeli strikes on Iran

Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.

The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders.

Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing.

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Shares of the world's most valuable automaker were up 1 per cent before the bell.

&nbsp;

Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.

Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it. The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders. Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing. Watch | Iran attacks Israel: Will use weapons we have never used before: Iran × Shares of the world's most valuable automaker were up 1 per cent before the bell.

Tesla asks shareholders to approve CEO Elon Musk’s 2018 pay voided by judge

Tesla is laying off more than 10 per cent of its staff worldwide, reported news agency Reuters, on Monday (Apr 15) citing an internal memo. According to the report, the layoffs also come as the company grapples with a decline in sales.&nbsp;

<h2>‘Difficult decision’</h2>

The CEO of Tesla, Elon Musk announced “the difficult decision” in a memo, which could affect at least 14,000 jobs. In the statement, he also wrote how the company has grown rapidly in recent years and has led to duplication of roles and job functions in certain areas.&nbsp;

“As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk said in the memo.&nbsp;

He added, “As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally.”&nbsp;

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The world’s largest automaker by market value, according to its annual report, had 140,473 employees globally as of December 2023.&nbsp;

It is also worth noting that the company has not had a good start to the year. Tesla missed market expectations by around 13 per cent and failed to make deliveries for the first time in years citing production problems.&nbsp;

The issues included unforeseen factors such as attacks on shipping in the Red Sea and an arson attack on its factory in Berlin, Germany, but numbers reportedly also suggest a less global demand for electric vehicles (EVs).&nbsp;

“There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle,” Musk wrote in the memo.&nbsp;

<h2>‘Reorganize and streamline’</h2>

Amid media reports, the Tesla CEO also took to X and said “About every five years, we need to reorganize and streamline the company for the next phase of growth.”&nbsp;

Musk had announced the last round of job cuts in 2022 but never outlined how many people were fired.&nbsp;

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On the contrary, Reuters citing the company’s SEC filings, said the employee headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023.&nbsp;

On Monday, the company’s senior vice president Drew Baglino, in charge of battery development, and Rohan Patel, VP for public policy and business development, took to X and announced their exits.&nbsp;

Musk thanked them for their work in response to their posts.&nbsp;

(With inputs from agencies) 
&nbsp;

Tesla is laying off more than 10 per cent of its staff worldwide, reported news agency Reuters, on Monday (Apr 15) citing an internal memo. According to the report, the layoffs also come as the company grapples with a decline in sales.

Tesla is laying off more than 10 per cent of its staff worldwide, reported news agency Reuters, on Monday (Apr 15) citing an internal memo. According to the report, the layoffs also come as the company grapples with a decline in sales. ‘Difficult decision’ The CEO of Tesla, Elon Musk announced “the difficult decision” in a memo, which could affect at least 14,000 jobs. In the statement, he also wrote how the company has grown rapidly in recent years and has led to duplication of roles and job functions in certain areas. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk said in the memo. He added, “As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally.” Also Read | Sydney rocked by another stabbing incident as man assaults priest, worshippers on camera The world’s largest automaker by market value, according to its annual report, had 140,473 employees globally as of December 2023. It is also worth noting that the company has not had a good start to the year. Tesla missed market expectations by around 13 per cent and failed to make deliveries for the first time in years citing production problems. The issues included unforeseen factors such as attacks on shipping in the Red Sea and an arson attack on its factory in Berlin, Germany, but numbers reportedly also suggest a less global demand for electric vehicles (EVs). “There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle,” Musk wrote in the memo. ‘Reorganize and streamline’ Amid media reports, the Tesla CEO also took to X and said “About every five years, we need to reorganize and streamline the company for the next phase of growth.” Musk had announced the last round of job cuts in 2022 but never outlined how many people were fired. Also Read | Elon Musk set to meet PM Modi amid speculations of Tesla's investment in India On the contrary, Reuters citing the company’s SEC filings, said the employee headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023. On Monday, the company’s senior vice president Drew Baglino, in charge of battery development, and Rohan Patel, VP for public policy and business development, took to X and announced their exits. Musk thanked them for their work in response to their posts. (With inputs from agencies)

Tesla to lay off around 14,000 employees globally as sales decline

Shares of Donald Trump's social media company slumped 18 per cent on Monday, extending losses since the stock's debut last month, after the company said it could sell millions of shares in coming months, including the former president's entire stake.

Trading in Trump Media &amp; Technology Group, which operates Truth Social, has been volatile since its listing on March 26, attracting both loyal Trump fans and short sellers who see the stock as wildly overvalued.

The stock already has fallen nearly 60 per cent since it opened on its first day of trade at $70.90, after a blank-check merger with Digital World Acquisition Corp. The shares closed down 18.4 per cent at $26.61.

Also read |&nbsp;<a href="https://www.wionews.com/world/trump-hush-money-case-no-jury-selected-on-day-1-as-potential-jurors-confess-to-bias-against-republican-711711">Trump hush money case: No jury selected on day 1, as potential jurors confess to bias against Republican</a>

Monday's filing, known as a registration statement, is considered standard after a company goes public through a special purpose acquisition company, or SPAC. These "blank check" entities raise capital through an initial public offering to acquire or merge with a company that is not publicly traded.

In the vast majority of these mergers, the company is contractually required to file a resale statement for parties who may not be able to sell their shares freely without the registration, said Peter Byrne, a securities lawyer at Cooley LLP who specializes in the process of going public.

"It's completely standard," Byrne said.

Bankers and lawyers told Reuters while the filing does not indicate any imminent intention to sell from affiliates of the company, it does clear the way for Trump to sell his shares after the lock-up is expired or waived.

The filing showed a potential sale of 146.1 million shares, including Trump's stake of 114.8 million shares, divided between the 78.75 million he owns and an additional stake he could receive if certain performance-based measures are achieved.

The filing also listed an additional 21.5 million shares that could be sold upon the exercise of certain warrants issued when the company went public.

Trump, the Republican candidate for president in the November election, is on trial in a Manhattan court related to hush money payments to a porn star. He has pleaded not guilty.

Shares of Donald Trump's social media company slumped 18 per cent on Monday, extending losses since the stock's debut last month, after the company said it could sell millions of shares in coming months, including the former president's entire stake.

Shares of Donald Trump's social media company slumped 18 per cent on Monday, extending losses since the stock's debut last month, after the company said it could sell millions of shares in coming months, including the former president's entire stake. Trading in Trump Media & Technology Group, which operates Truth Social, has been volatile since its listing on March 26, attracting both loyal Trump fans and short sellers who see the stock as wildly overvalued. The stock already has fallen nearly 60 per cent since it opened on its first day of trade at $70.90, after a blank-check merger with Digital World Acquisition Corp. The shares closed down 18.4 per cent at $26.61. Also read | Trump hush money case: No jury selected on day 1, as potential jurors confess to bias against Republican Monday's filing, known as a registration statement, is considered standard after a company goes public through a special purpose acquisition company, or SPAC. These "blank check" entities raise capital through an initial public offering to acquire or merge with a company that is not publicly traded. In the vast majority of these mergers, the company is contractually required to file a resale statement for parties who may not be able to sell their shares freely without the registration, said Peter Byrne, a securities lawyer at Cooley LLP who specializes in the process of going public. "It's completely standard," Byrne said. Bankers and lawyers told Reuters while the filing does not indicate any imminent intention to sell from affiliates of the company, it does clear the way for Trump to sell his shares after the lock-up is expired or waived. The filing showed a potential sale of 146.1 million shares, including Trump's stake of 114.8 million shares, divided between the 78.75 million he owns and an additional stake he could receive if certain performance-based measures are achieved. The filing also listed an additional 21.5 million shares that could be sold upon the exercise of certain warrants issued when the company went public. Trump, the Republican candidate for president in the November election, is on trial in a Manhattan court related to hush money payments to a porn star. He has pleaded not guilty.

Trump Media shares tank after filing shows more stock may be sold

The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16). Meanwhile, India, according to the WEO report, is expected to grow at&nbsp;6.8 per cent in 2024.&nbsp;

<h2>About the global growth estimates</h2>

The IMF has predicted that the global economy is set for another year of slow but steady growth, with a real GDP growth of 3.2 per cent for 2024 and 2025. “We find that the global economy remains quite resilient,” IMF’s chief economist, Pierre-Olivier Gourinchas told reporters.&nbsp;

He has attributed this resilience to several countries defying the gloomy predictions of recession as central banks hiked interest rates in a bid to combat inflation.&nbsp;

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The United States-based organisation also noted that several countries are showing less “scarring” after the COVID-19 pandemic and the cost-of-living-crises and reached pre-pandemic level of output quicker than previously predicted.&nbsp;

However, the IMF has also warned about high borrowing costs and the withdrawal of fiscal support which could affect short-term growth. Additionally, the medium-term outlook has remained the weakest in decades due to low productivity and global trade tensions.&nbsp;

<h2>US and other countries</h2>

The global outlook has been raised by 0.1 per cent from the previous estimate in January with the United States being a major driver of growth this year. However, the lingering high inflation could pose a risk to this forecast, according to the report.&nbsp;

The growth predicted for the US economy was raised to 2.7 per cent in 2024, which is 0.6 per cent higher than the previous forecast. This rise has been attributed to stronger-than-expected employment and consumer spending at the end of 2023.&nbsp;

Gourinchas, in the foreword of the report, said that the US has surged past its pre-pandemic growth trend.&nbsp;

Meanwhile, things are not looking good for the eurozone as its growth forecast was lowered from 0.9 per cent to 0.8 per cent, due to weak consumer sentiment in France and Germany, said the IMF report.&nbsp;

Surprisingly, Russia’s 2024 growth forecast was increased to 3.2 per cent from its previous prediction of 2.6 per cent. The growth has partly been attributed to strong oil export revenues and high consumer spending.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-to-lay-off-around-14000-employees-globally-as-sales-fall-711593">Tesla to lay off around 14,000 employees globally as sales decline</a>

The growth predicted for China remained unchanged at 4.6 per cent for 2024, lower than its 5.2 per cent&nbsp;last year. IMF&nbsp;also warned that the lack of action for the country’s troubled property sector could prolong a downturn and worsen Beijing’s outlook.&nbsp;

<h2>India’s growth forecast raised</h2>

The IMF raised the growth forecast for India to 6.8 per cent for 2024 which is up from the 6.5 per cent it had predicted in its previous update published in January.&nbsp;

However, the growth outlook for 2025 (FY26) remained unchanged at 6.5 per cent in both reports.&nbsp;

“Growth in India is projected to remain strong at 6.8 per cent in 2024 (FY25) and 6.5 per cent in 2025 (FY26), with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” said the IMF in its report.&nbsp;

(With inputs from agencies) 
&nbsp;

The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16).

The International Monetary Fund slightly raised its outlook for global growth this year to 3.2 per cent, according to the latest World Economic Outlook (WEO) report published Tuesday (Apr 16). Meanwhile, India, according to the WEO report, is expected to grow at 6.8 per cent in 2024. About the global growth estimates The IMF has predicted that the global economy is set for another year of slow but steady growth, with a real GDP growth of 3.2 per cent for 2024 and 2025. “We find that the global economy remains quite resilient,” IMF’s chief economist, Pierre-Olivier Gourinchas told reporters. He has attributed this resilience to several countries defying the gloomy predictions of recession as central banks hiked interest rates in a bid to combat inflation. Also Read | ‘Will use weapons never used before’: Iran issues threat as Israel mulls over retaliation The United States-based organisation also noted that several countries are showing less “scarring” after the COVID-19 pandemic and the cost-of-living-crises and reached pre-pandemic level of output quicker than previously predicted. However, the IMF has also warned about high borrowing costs and the withdrawal of fiscal support which could affect short-term growth. Additionally, the medium-term outlook has remained the weakest in decades due to low productivity and global trade tensions. US and other countries The global outlook has been raised by 0.1 per cent from the previous estimate in January with the United States being a major driver of growth this year. However, the lingering high inflation could pose a risk to this forecast, according to the report. The growth predicted for the US economy was raised to 2.7 per cent in 2024, which is 0.6 per cent higher than the previous forecast. This rise has been attributed to stronger-than-expected employment and consumer spending at the end of 2023. Gourinchas, in the foreword of the report, said that the US has surged past its pre-pandemic growth trend. Meanwhile, things are not looking good for the eurozone as its growth forecast was lowered from 0.9 per cent to 0.8 per cent, due to weak consumer sentiment in France and Germany, said the IMF report. Surprisingly, Russia’s 2024 growth forecast was increased to 3.2 per cent from its previous prediction of 2.6 per cent. The growth has partly been attributed to strong oil export revenues and high consumer spending. Also Read | Tesla to lay off around 14,000 employees globally as sales decline The growth predicted for China remained unchanged at 4.6 per cent for 2024, lower than its 5.2 per cent last year. IMF also warned that the lack of action for the country’s troubled property sector could prolong a downturn and worsen Beijing’s outlook. India’s growth forecast raised The IMF raised the growth forecast for India to 6.8 per cent for 2024 which is up from the 6.5 per cent it had predicted in its previous update published in January. However, the growth outlook for 2025 (FY26) remained unchanged at 6.5 per cent in both reports. “Growth in India is projected to remain strong at 6.8 per cent in 2024 (FY25) and 6.5 per cent in 2025 (FY26), with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” said the IMF in its report. (With inputs from agencies)

IMF raises global growth forecast for 2024; India expected to grow 6.8% in FY25

Country's wholesale price inflation WPI has come down for first time in four months, wholesale inflation has marginally declined to 15.18 % in June compared to 15.88% in May.

Wholesale price inflation in India

Iran's attack on Israel reverberates across Global markets with implications ranging from equities to Commodities. Watch to know more!

Impact of Iran's attack on Israel on global markets

Big tech companies are poised to lead the charge in the upcoming earning season potentially revitalizing investor confidence following a sluggish start to April.

Tech drives S&P 500

What happens when your brand ads boast of something that's not really true?

India's top court has an answer - "We will rip you apart."

The Supreme Court of India has tightened the noose around Patanjali Ayurved, rejecting a second apology from the company, its founder Baba Ramdev, and managing director Acharya Balkrishna.

The top Court bench including Hima Kohli and Justice A Amanullah directed the state licensing authority to take action against Patanjali and ordered the company to explain its continued defiance through detailed affidavits.

The court's ire was not just directed at Patanjali's misleading advertisements but also at the Uttarakhand government's inaction.

This is the latest in a long-running legal saga that began in August 2022.

What is the court miffed about?

Patanjali's advertisements claiming to cure multiple and serious ailments, including the Covid-19.

The court remarked, "What about all the faceless people who have consumed these Patanjali medicines stated to cure diseases which cannot be cured?"

The next hearing is scheduled for next week.

Background in 10 points

<ul>
	<li>The Indian Medical Association (IMA) filed a petition against Patanjali after a series of advertisements boasting that their products could cure chronic illnesses like diabetes, blood pressure, and even COVID-19.&nbsp;These claims directly violated the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, which prohibits misleading advertising of medical products.</li>
	<li>It began after Patanjali launched a product called Coronil in February 2021, just before the second wave of the COVID-19 breakout. Union Health Minister Harsh Vardhan attended the product launch event.&nbsp;In its ads, the company claimed Coronil was the "first evidence-based medicine for COVID-19" and the ad poster read the product was certified and recognised by the World Health Organisation (WHO).</li>
	<li>However, the troubles began for Patanjali when WHO denied it had certified any natural medicine to cure coronavirus.&nbsp;The IMA immediately launched an attack on Patanjali, calling the WHO certification claim as a "blatant lie" and asked for an explanation from the health minister, who is a doctor too.</li>
	<li>Patanjali's founder, Baba Ramdev took the fight to the IMA by declaring allopathy as a killer of lakhs of people in a video that went viral.</li>
	<li>In response, the IMA sent a legal notice to Ramdev seeking an apology and withdrawal of those statements on allopathy. Patanjali did not stop there.&nbsp;In 2022, the firm's ads in leading newspapers in the country read, "Misconceptions Spread By Allopathy: Save Yourself And The Country From The Misconceptions Spread By Pharma And Medical Industry."</li>
	<li>In response, the IMA filed a case against the firm.</li>
	<li>After several hearings, the Supreme Court in November 2022 threatened Patanjali of heavy fines and warned the firm against misleading ads on curing serious ailments like diabetes &amp; high blood pressure.&nbsp;Patanjali reassured the top court that it would not make off hand claims on super pills or magical medicines in its ads.&nbsp;The company also said, "henceforth, there shall not be any violation of any of the laws, especially relating to advertisement and branding of products."</li>
	<li>Did Patanjali ignore that directive?&nbsp;</li>
	<li>In January, an anonymous letter to the top court showed misleading ads from Patanjali in leading newspapers post the Supreme Court's ruling in November 2023.</li>
	<li>The Supreme court took note and sent contempt notices to Ramdev and the managing director in February 2024. What irked the top court more is the defiance of Patanjali, which did not file a reply to the contempt order.</li>
</ul>

Broader implications

This case exposes the vulnerability of consumers to misleading advertisements by FMCG companies in India. The easy availability of such ads, often preying on gullible individuals, poses a significant public health risk. The Supreme Court's intervention is a crucial step to protect consumers and ensure they are not swayed by false claims about medical products.

However, the bigger question this case raises is the ineffectiveness of the existing legal framework. The Drugs and Magic Remedies Act, enacted in 1954, seems to have significant loopholes. Patanjali's repeated offenses highlight the Act's inability to effectively deter misleading advertising. Additionally, the meagre penalties imposed under the Act do little to discourage companies from indulging in such practices.

The Supreme Court's ruling is a welcome intervention. However, a more robust legal framework with stricter penalties and efficient implementation by regulatory bodies is essential to prevent misleading advertisements and protect public health from exploitation.

What happens when your brand ads boast of something that's not really true? India's top court has an answer - "We will rip you apart." The Supreme Court of India has tightened the noose around Patanjali Ayurved, rejecting a second apology from the company, its founder Baba Ramdev, and managing director Acharya Balkrishna.

What happens when your brand ads boast of something that's not really true? India's top court has an answer - "We will rip you apart." The Supreme Court of India has tightened the noose around Patanjali Ayurved, rejecting a second apology from the company, its founder Baba Ramdev, and managing director Acharya Balkrishna. The top Court bench including Hima Kohli and Justice A Amanullah directed the state licensing authority to take action against Patanjali and ordered the company to explain its continued defiance through detailed affidavits. The court's ire was not just directed at Patanjali's misleading advertisements but also at the Uttarakhand government's inaction. This is the latest in a long-running legal saga that began in August 2022. What is the court miffed about? Patanjali's advertisements claiming to cure multiple and serious ailments, including the Covid-19. The court remarked, "What about all the faceless people who have consumed these Patanjali medicines stated to cure diseases which cannot be cured?" The next hearing is scheduled for next week. Background in 10 points The Indian Medical Association (IMA) filed a petition against Patanjali after a series of advertisements boasting that their products could cure chronic illnesses like diabetes, blood pressure, and even COVID-19. These claims directly violated the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, which prohibits misleading advertising of medical products. It began after Patanjali launched a product called Coronil in February 2021, just before the second wave of the COVID-19 breakout. Union Health Minister Harsh Vardhan attended the product launch event. In its ads, the company claimed Coronil was the "first evidence-based medicine for COVID-19" and the ad poster read the product was certified and recognised by the World Health Organisation (WHO). However, the troubles began for Patanjali when WHO denied it had certified any natural medicine to cure coronavirus. The IMA immediately launched an attack on Patanjali, calling the WHO certification claim as a "blatant lie" and asked for an explanation from the health minister, who is a doctor too. Patanjali's founder, Baba Ramdev took the fight to the IMA by declaring allopathy as a killer of lakhs of people in a video that went viral. In response, the IMA sent a legal notice to Ramdev seeking an apology and withdrawal of those statements on allopathy. Patanjali did not stop there. In 2022, the firm's ads in leading newspapers in the country read, "Misconceptions Spread By Allopathy: Save Yourself And The Country From The Misconceptions Spread By Pharma And Medical Industry." In response, the IMA filed a case against the firm. After several hearings, the Supreme Court in November 2022 threatened Patanjali of heavy fines and warned the firm against misleading ads on curing serious ailments like diabetes & high blood pressure. Patanjali reassured the top court that it would not make off hand claims on super pills or magical medicines in its ads. The company also said, "henceforth, there shall not be any violation of any of the laws, especially relating to advertisement and branding of products." Did Patanjali ignore that directive? In January, an anonymous letter to the top court showed misleading ads from Patanjali in leading newspapers post the Supreme Court's ruling in November 2023. The Supreme court took note and sent contempt notices to Ramdev and the managing director in February 2024. What irked the top court more is the defiance of Patanjali, which did not file a reply to the contempt order. Broader implications This case exposes the vulnerability of consumers to misleading advertisements by FMCG companies in India. The easy availability of such ads, often preying on gullible individuals, poses a significant public health risk. The Supreme Court's intervention is a crucial step to protect consumers and ensure they are not swayed by false claims about medical products. However, the bigger question this case raises is the ineffectiveness of the existing legal framework. The Drugs and Magic Remedies Act, enacted in 1954, seems to have significant loopholes. Patanjali's repeated offenses highlight the Act's inability to effectively deter misleading advertising. Additionally, the meagre penalties imposed under the Act do little to discourage companies from indulging in such practices. The Supreme Court's ruling is a welcome intervention. However, a more robust legal framework with stricter penalties and efficient implementation by regulatory bodies is essential to prevent misleading advertisements and protect public health from exploitation.

Explained: The ads case against Patanjali

Vietnamese conglomerate, Vingroup, is putting more effort into making electric cars, even though its car-making unit, VinFast, is facing financial problems.

VinFast is growing fast. But it is relying a lot on selling cars to allied firms&nbsp;because not many are buying EVs right now.

Vingroup has lost about $5.7 billion on VinFast in the last three years, and its stock has gone down 38 per cent since VinFast started trading in the US in August.&nbsp;

Vingroup and its boss, Pham Nhat Vuong, have put $11.4 billion into VinFast from 2017 to 2023.

Still, VinFast has a hard time selling cars to people outside the company.

A big share of its car sales, which brought in $1.1 billion last year, were to its own related companies or those owned by Vuong.

Vingroup has tried to help by selling part of its shop unit, Vincom Retail, for $1.6 billion to get more money for VinFast.

But VinFast's way of selling mostly to its own subsidiaries is unlikely to work in the long run.

About 82 per cent of its sales come from internal buys. Even in Vietnam, VinFast employs big price cuts to sell its EVs.

Its big dreams of making and selling record number of cars haven't been reached yet, with sales not hitting goals and making cars still costing more than they make.

VinFast also wants to sell cars across the world, but with fewer people wanting electric cars now, that goal seems tough.

Since going public, its shares have dropped by 97 per cent, making investors worry if it can meet its sales goals and find good partners.

But Vuong says the move into cars is more about wanting to do good and show love for their country.

(With inputs from Reuters)

Vietnamese conglomerate, Vingroup, is putting more effort into making electric cars, even though its car-making unit, VinFast, is facing financial problems. VinFast is growing fast.

Vietnamese conglomerate, Vingroup, is putting more effort into making electric cars, even though its car-making unit, VinFast, is facing financial problems. VinFast is growing fast. But it is relying a lot on selling cars to allied firms because not many are buying EVs right now. Vingroup has lost about $5.7 billion on VinFast in the last three years, and its stock has gone down 38 per cent since VinFast started trading in the US in August. Vingroup and its boss, Pham Nhat Vuong, have put $11.4 billion into VinFast from 2017 to 2023. Still, VinFast has a hard time selling cars to people outside the company. A big share of its car sales, which brought in $1.1 billion last year, were to its own related companies or those owned by Vuong. Vingroup has tried to help by selling part of its shop unit, Vincom Retail, for $1.6 billion to get more money for VinFast. But VinFast's way of selling mostly to its own subsidiaries is unlikely to work in the long run. About 82 per cent of its sales come from internal buys. Even in Vietnam, VinFast employs big price cuts to sell its EVs. Its big dreams of making and selling record number of cars haven't been reached yet, with sales not hitting goals and making cars still costing more than they make. VinFast also wants to sell cars across the world, but with fewer people wanting electric cars now, that goal seems tough. Since going public, its shares have dropped by 97 per cent, making investors worry if it can meet its sales goals and find good partners. But Vuong says the move into cars is more about wanting to do good and show love for their country. (With inputs from Reuters)

Vingroup's VinFast faces financial risks amid ambitious global expansion plans

A recent survey by the Bank of Japan shows that Japanese families now think prices will go up more in the next three months up to early March.

According to a Reuters report, the survey, conducted from February 8 to March 5, finds more people worry about future price rises.

Over 83 per cent of the families think prices will climb a year from now. This is up from 79.3 per cent in the last check three months ago.

The survey also finds a jump in how many see prices going up in five years, at 80.6 per cent, higher than 76.5 per cent before.

The Bank of Japan watches what families think about price rises to see if inflation will stay at its 2 per cent goal.

Governor Kazuo Ueda told the Asahi newspaper last week that price rises might pick up from "summer towards autumn" due to expected big pay raises pushing prices up.

The new survey highlights how Japanese families feel sure that prices will keep rising soon and later on.

This puts more pressure on the Bank of Japan's policymakers to keep their money plans in line with their price rise goals.

As Japan moves through economic uncertain, the central bank's moves will remain key in setting the country's price rise path.

(With inputs from Reuters)

<button aria-label="Show trimmed quoted text" title="Show trimmed quoted text" type="button"></button>

A recent survey by the Bank of Japan shows that Japanese families now think prices will go up more in the next three months up to early March. According to a Reuters report, the survey, conducted from February 8 to March 5, finds more people worry about future price rises.

A recent survey by the Bank of Japan shows that Japanese families now think prices will go up more in the next three months up to early March. According to a Reuters report, the survey, conducted from February 8 to March 5, finds more people worry about future price rises. Over 83 per cent of the families think prices will climb a year from now. This is up from 79.3 per cent in the last check three months ago. The survey also finds a jump in how many see prices going up in five years, at 80.6 per cent, higher than 76.5 per cent before. The Bank of Japan watches what families think about price rises to see if inflation will stay at its 2 per cent goal. Governor Kazuo Ueda told the Asahi newspaper last week that price rises might pick up from "summer towards autumn" due to expected big pay raises pushing prices up. The new survey highlights how Japanese families feel sure that prices will keep rising soon and later on. This puts more pressure on the Bank of Japan's policymakers to keep their money plans in line with their price rise goals. As Japan moves through economic uncertain, the central bank's moves will remain key in setting the country's price rise path. (With inputs from Reuters) 

Japanese household inflation expectations surge. Here is what it means for the economy

The Bank of Korea (BOK) is anticipated to maintain its policy rate at 3.5 per cent in its forthcoming meeting on Friday. <o:p></o:p>

According to Bloomberg, this decision comes as South Korea experiences a political shift and as two of the bank's board members prepare to step down. <o:p></o:p>

All 23 economists surveyed by Bloomberg are in consensus that the central bank will keep its benchmark rate unchanged, indicating a cautious approach towards policy adjustments. <o:p></o:p>

The BOK last raised its rates in January 2023 and has since maintained a "restrictive" rate level to combat inflation.<o:p></o:p>

Inflation emerged as a major issue during Wednesday's parliamentary election. <o:p></o:p>

Despite the government's efforts to mitigate inflation through various initiatives, including encouraging retailers to reduce grocery prices and temporarily freezing public utility charges, President Yoon Suk Yeol's party suffered a major defeat. <o:p></o:p>

Last month, consumer prices surged by 3.1 per cent, surpassing expectations and remaining above the BOK's target of 2 per cent. <o:p></o:p>

Additionally, the looming concern of escalating household debt adds to the BOK's hesitancy in announcing an early policy shift.<o:p></o:p>

Bloomberg cited Kim Sung-soo, an analyst at Investment &amp; Securities, who advised caution, saying, “Inflation is showing the last mile is not easy.” <o:p></o:p>

This sentiment is reverberated by the rise in South Korea’s three-year bond yield, which has increased by approximately 24 basis points this year to 3.39 per cent, nearing the BOK's current rate. <o:p></o:p>

Market indicators, such as the swaps market, currently project zero rate cuts over the next six months.<o:p></o:p>

A strong rebound in exports and industrial production supports the case for the BOK to retain its high-interest rates. <o:p></o:p>

South Korea's semiconductor output, a crucial component of its industrial strength, witnessed its most significant surge in 14 years in February. <o:p></o:p>

Moreover, semiconductor exports reached their highest monthly total since 2022 last month. <o:p></o:p>

Meanwhile, the South Korean won has depreciated by around 5.6 per cent this year against the dollar, aligning with global trends as the Federal Reserve's data has diminished expectations for imminent rate cuts.<o:p></o:p>

Stable exchange rates are important for South Korea, given its heavy reliance on imports for food and energy. <o:p></o:p>

The BOK is trying to prevent a rapid currency devaluation, which could trigger capital outflows and unsettle financial markets. <o:p></o:p>

Following Friday's decision, the BOK will bid farewell to two early advocates for higher rates, Cho Yoon-Je and Suh Young Kyung, who were involved in the decision to raise rates from a record low of 0.5 per cent in 2021.<o:p></o:p>

Despite the impending departure of these board members, the BOK's stance is unlikely to shift towards a more dovish approach immediately. <o:p></o:p>

Governor Rhee Chang-yong previously indicated no expectations for a rate cut in the first half of the year. <o:p></o:p>

With five more decisions to make in 2024 following the April meeting, the central bank's approach remains cautious but has shown signs of moderation. <o:p></o:p>

Recent discussions within the board have hinted at rate cuts in the short term if necessary, suggesting a slightly softer stance compared to previous months.<o:p></o:p>

Looking ahead, analysts from Citi Research anticipate the BOK may adjust its policy statement to signal a more flexible approach to monetary policy later this year. <o:p></o:p>

They suggest that the BOK "may open the scope for a gradual normalization of monetary policy in the rest of this year due to dovish risk factors." <o:p></o:p>

These potential risks include deteriorating credit conditions for construction firms, a deceleration in private spending, and escalating geopolitical tensions impacting global trade. <o:p></o:p>

Goldman Sachs economists anticipate a shift towards a more accommodative policy in the coming months, forecasting an easing cycle starting in July and a subsequent rate cut in the last quarter of 2024.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

The Bank of Korea (BOK) is anticipated to maintain its policy rate at 3.5 per cent in its forthcoming meeting on Friday. According to Bloomberg, this decision comes as South Korea experiences a political shift and as two of the bank's board members prepare to step down.

The Bank of Korea (BOK) is anticipated to maintain its policy rate at 3.5 per cent in its forthcoming meeting on Friday. According to Bloomberg, this decision comes as South Korea experiences a political shift and as two of the bank's board members prepare to step down. All 23 economists surveyed by Bloomberg are in consensus that the central bank will keep its benchmark rate unchanged, indicating a cautious approach towards policy adjustments. The BOK last raised its rates in January 2023 and has since maintained a "restrictive" rate level to combat inflation. Inflation emerged as a major issue during Wednesday's parliamentary election. Despite the government's efforts to mitigate inflation through various initiatives, including encouraging retailers to reduce grocery prices and temporarily freezing public utility charges, President Yoon Suk Yeol's party suffered a major defeat. Last month, consumer prices surged by 3.1 per cent, surpassing expectations and remaining above the BOK's target of 2 per cent. Additionally, the looming concern of escalating household debt adds to the BOK's hesitancy in announcing an early policy shift. Bloomberg cited Kim Sung-soo, an analyst at Investment & Securities, who advised caution, saying, “Inflation is showing the last mile is not easy.” This sentiment is reverberated by the rise in South Korea’s three-year bond yield, which has increased by approximately 24 basis points this year to 3.39 per cent, nearing the BOK's current rate. Market indicators, such as the swaps market, currently project zero rate cuts over the next six months. A strong rebound in exports and industrial production supports the case for the BOK to retain its high-interest rates. South Korea's semiconductor output, a crucial component of its industrial strength, witnessed its most significant surge in 14 years in February. Moreover, semiconductor exports reached their highest monthly total since 2022 last month. Meanwhile, the South Korean won has depreciated by around 5.6 per cent this year against the dollar, aligning with global trends as the Federal Reserve's data has diminished expectations for imminent rate cuts. Stable exchange rates are important for South Korea, given its heavy reliance on imports for food and energy. The BOK is trying to prevent a rapid currency devaluation, which could trigger capital outflows and unsettle financial markets. Following Friday's decision, the BOK will bid farewell to two early advocates for higher rates, Cho Yoon-Je and Suh Young Kyung, who were involved in the decision to raise rates from a record low of 0.5 per cent in 2021. Despite the impending departure of these board members, the BOK's stance is unlikely to shift towards a more dovish approach immediately. Governor Rhee Chang-yong previously indicated no expectations for a rate cut in the first half of the year. With five more decisions to make in 2024 following the April meeting, the central bank's approach remains cautious but has shown signs of moderation. Recent discussions within the board have hinted at rate cuts in the short term if necessary, suggesting a slightly softer stance compared to previous months. Looking ahead, analysts from Citi Research anticipate the BOK may adjust its policy statement to signal a more flexible approach to monetary policy later this year. They suggest that the BOK "may open the scope for a gradual normalization of monetary policy in the rest of this year due to dovish risk factors." These potential risks include deteriorating credit conditions for construction firms, a deceleration in private spending, and escalating geopolitical tensions impacting global trade. Goldman Sachs economists anticipate a shift towards a more accommodative policy in the coming months, forecasting an easing cycle starting in July and a subsequent rate cut in the last quarter of 2024. (With inputs from Bloomberg)

Bank of Korea expected to maintain interest rates amid political shifts, inflation concerns

The People's Bank of China (PBOC) has set a daily reference rate for the yuan at 7.0968 per dollar, a move indicating the country's efforts to support its currency while the dollar gains strength.<o:p></o:p>

According to Bloomberg, this rate was set within the recent trading range, after the offshore yuan experienced its most a major weakening in three weeks. <o:p></o:p>

The fixing, set by the PBOC at 9:15 a.m. local time, determines the range within which the yuan can trade, a range limited to 2 per cent.<o:p></o:p>

The gap between the set fixing and the market's expectations reached 1597 pips, marking the widest disparity recorded since Bloomberg began its daily survey in 2018. <o:p></o:p>

“The strong fix simply underscores policymakers’ desire and will to pursue RMB stability,” Bloomberg quoted Christopher Wong, an FX strategist at Oversea-Chinese Banking Corp, as saying. <o:p></o:p>

He further added, “Clearly the fix is outside of consensus estimates, but the strong fix shows that policymakers want to send a strong message to markets.”<o:p></o:p>

The daily reference rate has been under scrutiny by China watchers, aiming to discern Beijing's intentions regarding the yuan's direction. <o:p></o:p>

This scrutiny comes as the yuan wobbled close to the lower boundary of its trading range. <o:p></o:p>

Despite the possible benefits a weaker currency could offer to the country's exporters, officials remain vigilant against yuan pressures that could adversely affect local stocks and bonds.<o:p></o:p>

On Wednesday, the offshore yuan concluded trading at a two-week low, influenced by a surge in US inflation that bolstered the dollar and Treasury yields. <o:p></o:p>

According to derivative markets, there are indications that the Federal Reserve might reduce interest rates only twice this year, with the first cut expected in September. <o:p></o:p>

Following the fixing, the offshore yuan saw a modest rise of 0.1 per cent.<o:p></o:p>

The PBOC's emphasis on yuan stability is rooted in the belief that abrupt drops in the yuan could trigger a vicious cycle of capital outflows and further currency devaluation. <o:p></o:p>

As the yuan serves as a stabilising force in the global foreign exchange market and acts as an anchor for regional currencies, heightened yuan volatility could potentially affect other currencies, including the dollar.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

The People's Bank of China (PBOC) has set a daily reference rate for the yuan at 7.0968 per dollar, a move indicating the country's efforts to support its currency while the dollar gains strength.

The People's Bank of China (PBOC) has set a daily reference rate for the yuan at 7.0968 per dollar, a move indicating the country's efforts to support its currency while the dollar gains strength. According to Bloomberg, this rate was set within the recent trading range, after the offshore yuan experienced its most a major weakening in three weeks. The fixing, set by the PBOC at 9:15 a.m. local time, determines the range within which the yuan can trade, a range limited to 2 per cent. The gap between the set fixing and the market's expectations reached 1597 pips, marking the widest disparity recorded since Bloomberg began its daily survey in 2018. “The strong fix simply underscores policymakers’ desire and will to pursue RMB stability,” Bloomberg quoted Christopher Wong, an FX strategist at Oversea-Chinese Banking Corp, as saying. He further added, “Clearly the fix is outside of consensus estimates, but the strong fix shows that policymakers want to send a strong message to markets.” The daily reference rate has been under scrutiny by China watchers, aiming to discern Beijing's intentions regarding the yuan's direction. This scrutiny comes as the yuan wobbled close to the lower boundary of its trading range. Despite the possible benefits a weaker currency could offer to the country's exporters, officials remain vigilant against yuan pressures that could adversely affect local stocks and bonds. On Wednesday, the offshore yuan concluded trading at a two-week low, influenced by a surge in US inflation that bolstered the dollar and Treasury yields. According to derivative markets, there are indications that the Federal Reserve might reduce interest rates only twice this year, with the first cut expected in September. Following the fixing, the offshore yuan saw a modest rise of 0.1 per cent. The PBOC's emphasis on yuan stability is rooted in the belief that abrupt drops in the yuan could trigger a vicious cycle of capital outflows and further currency devaluation. As the yuan serves as a stabilising force in the global foreign exchange market and acts as an anchor for regional currencies, heightened yuan volatility could potentially affect other currencies, including the dollar. (With inputs from Bloomberg)

China bolsters Yuan Support amidst record fixing gap

The National Transportation Safety Board (NTSB) has initiated a new series of interviews with Boeing and Federal Aviation Administration (FAA) officials this week as part of its ongoing investigation into the January in-flight emergency involving an Alaska Airlines 737 MAX 9. <o:p></o:p>

NTSB Chair Jennifer Homendy confirmed that investigators returned to Boeing's 737 plant in Renton, Washington, for additional interviews, aiming to verify documentation of other instances where a door plug was opened and closed.<o:p></o:p>

"We are looking at other instances where a door plug was opened and closed to make sure that those records are available," Homendy stated during a US Senate hearing. <o:p></o:p>

She said that the investigation focuses on the procedural aspects rather than individual personnel. <o:p></o:p>

"This isn't a gotcha on anybody," she clarified.<o:p></o:p>

The incident in question occurred on January 5 when the door plug panel of an Alaska Airlines flight detached shortly after departing from Portland, Oregon. <o:p></o:p>

Following this incident, the FAA grounded the 737 MAX 9 for several weeks, halted Boeing's production increase of the MAX series, and mandated Boeing to rectify systemic quality-control issues within 90 days.<o:p></o:p>

Boeing, whose stock declined by 2 per cent on the day of the announcement, refrained from commenting on the ongoing interviews. <o:p></o:p>

Previously, Boeing had indicated that necessary documents detailing the removal of the door plug from the Alaska Airlines plane involved in the emergency were never generated.<o:p></o:p>

Homendy highlighted the challenge in identifying the personnel who worked on the specific Boeing 737 MAX 9 involved in the emergency, stating, "This work occurred in September. They move a lot of planes through that factory," expressing concerns about missing records.<o:p></o:p>

The NTSB's inquiry is not limited to the immediate incident but extends to assessing Boeing's safety culture. <o:p></o:p>

Homendy disclosed that the NTSB might conduct a safety culture survey at Boeing and acknowledged Boeing's cooperation in the investigation. <o:p></o:p>

"They want to know and they want to fix it," she noted.<o:p></o:p>

Earlier, in March, Homendy had criticised Boeing for its lack of transparency and failure to disclose certain documents, including information on the door plug's handling and the names of 25 workers on the door crew in Renton. <o:p></o:p>

However, after her remarks, Boeing provided the requested information and expressed its willingness to cooperate.<o:p></o:p>

The NTSB is scheduled to hold a public investigative hearing on August 6-7 to further delve into the Alaska Airlines incident. <o:p></o:p>

The hearing is expected to feature testimonies from Boeing employees, fuselage manufacturer Spirit AeroSystems, and representatives from Alaska Airlines.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The National Transportation Safety Board (NTSB) has initiated a new series of interviews with Boeing and Federal Aviation Administration (FAA) officials this week as part of its ongoing investigation into the January in-flight emergency involving an Alaska Airlines 737 MAX 9.

The National Transportation Safety Board (NTSB) has initiated a new series of interviews with Boeing and Federal Aviation Administration (FAA) officials this week as part of its ongoing investigation into the January in-flight emergency involving an Alaska Airlines 737 MAX 9. NTSB Chair Jennifer Homendy confirmed that investigators returned to Boeing's 737 plant in Renton, Washington, for additional interviews, aiming to verify documentation of other instances where a door plug was opened and closed. "We are looking at other instances where a door plug was opened and closed to make sure that those records are available," Homendy stated during a US Senate hearing. She said that the investigation focuses on the procedural aspects rather than individual personnel. "This isn't a gotcha on anybody," she clarified. The incident in question occurred on January 5 when the door plug panel of an Alaska Airlines flight detached shortly after departing from Portland, Oregon. Following this incident, the FAA grounded the 737 MAX 9 for several weeks, halted Boeing's production increase of the MAX series, and mandated Boeing to rectify systemic quality-control issues within 90 days. Boeing, whose stock declined by 2 per cent on the day of the announcement, refrained from commenting on the ongoing interviews. Previously, Boeing had indicated that necessary documents detailing the removal of the door plug from the Alaska Airlines plane involved in the emergency were never generated. Homendy highlighted the challenge in identifying the personnel who worked on the specific Boeing 737 MAX 9 involved in the emergency, stating, "This work occurred in September. They move a lot of planes through that factory," expressing concerns about missing records. The NTSB's inquiry is not limited to the immediate incident but extends to assessing Boeing's safety culture. Homendy disclosed that the NTSB might conduct a safety culture survey at Boeing and acknowledged Boeing's cooperation in the investigation. "They want to know and they want to fix it," she noted. Earlier, in March, Homendy had criticised Boeing for its lack of transparency and failure to disclose certain documents, including information on the door plug's handling and the names of 25 workers on the door crew in Renton. However, after her remarks, Boeing provided the requested information and expressed its willingness to cooperate. The NTSB is scheduled to hold a public investigative hearing on August 6-7 to further delve into the Alaska Airlines incident. The hearing is expected to feature testimonies from Boeing employees, fuselage manufacturer Spirit AeroSystems, and representatives from Alaska Airlines. (With inputs from Reuters)

NTSB expands Boeing probe following Alaska Airlines 737 MAX 9 emergency

China's consumer prices saw a second consecutive monthly increase in March, while factory price deflation continued, indicating that the economy, though showing signs of improvement, still faces challenges. <o:p></o:p>

The National Bureau of Statistics (NBS) revealed that the Consumer Price Index (CPI) rose by 0.1 per cent year-on-year in March, following a 0.7 per cent uptick in February. <o:p></o:p>

This was the first gain in six months and surpassed the 0.4 per cent increase predicted by economists in a Reuters poll.<o:p></o:p>

However, the monthly comparison paints a less optimistic picture, as the CPI fell by 1.0 per cent from the previous month. <o:p></o:p>

This cooling is sharper than the 1 per cent gain seen in February and worse than the 0.5 per cent decline forecasted by economists.<o:p></o:p>

On the other hand, the Producer Price Index (PPI) continued its downward trend, falling by 2.8 per cent year-on-year in March, compared to a 2.7 per cent decline in the previous month. <o:p></o:p>

Factory-gate prices have been on the decline for the past year and a half, with companies reducing selling prices to sustain sales amid falling commodity prices.<o:p></o:p>

Although the government has made efforts to stimulate household spending, including relaxed car loan regulations, consumers remain wary of major purchases due to concerns about the weakening economy and the subdued job market. <o:p></o:p>

The central bank of China has recently said that it would take measures to intensify efforts to strengthen domestic demand and enhance confidence in the economy.<o:p></o:p>

Core inflation, which excludes volatile food and energy prices, stood at 0.6 per cent year-on-year in March, a deceleration from 1.2 per cent in February, further highlighting the subdued demand conditions in the country.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's consumer prices saw a second consecutive monthly increase in March, while factory price deflation continued, indicating that the economy, though showing signs of improvement, still faces challenges.

China's consumer prices saw a second consecutive monthly increase in March, while factory price deflation continued, indicating that the economy, though showing signs of improvement, still faces challenges. The National Bureau of Statistics (NBS) revealed that the Consumer Price Index (CPI) rose by 0.1 per cent year-on-year in March, following a 0.7 per cent uptick in February. This was the first gain in six months and surpassed the 0.4 per cent increase predicted by economists in a Reuters poll. However, the monthly comparison paints a less optimistic picture, as the CPI fell by 1.0 per cent from the previous month. This cooling is sharper than the 1 per cent gain seen in February and worse than the 0.5 per cent decline forecasted by economists. On the other hand, the Producer Price Index (PPI) continued its downward trend, falling by 2.8 per cent year-on-year in March, compared to a 2.7 per cent decline in the previous month. Factory-gate prices have been on the decline for the past year and a half, with companies reducing selling prices to sustain sales amid falling commodity prices. Although the government has made efforts to stimulate household spending, including relaxed car loan regulations, consumers remain wary of major purchases due to concerns about the weakening economy and the subdued job market. The central bank of China has recently said that it would take measures to intensify efforts to strengthen domestic demand and enhance confidence in the economy. Core inflation, which excludes volatile food and energy prices, stood at 0.6 per cent year-on-year in March, a deceleration from 1.2 per cent in February, further highlighting the subdued demand conditions in the country. (With inputs from Reuters)

China's consumer prices rise for second consecutive month, factory deflation continues

Foxconn, a key supplier for tech giant Apple, is considering a major overhaul of its management structure by introducing a rotating chief executive system, Reuters reported citing sources familiar with the matter. <o:p></o:p>

This unusual approach, while rare globally, is believed to promote teamwork, prevent leadership entrenchment, and cultivate a new generation of talent within the company.<o:p></o:p>

The proposed move comes in response to persistent calls from investors to enhance corporate governance by separating the roles of chief executive and chairperson, which have been held by Young Liu since 2019. <o:p></o:p>

Foxconn, a 50-year-old Taiwanese company, stands as the world's largest contract electronics manufacturer and a major assembler of iPhones.<o:p></o:p>

Senior executives at Foxconn, whose client portfolio also includes Amazon, have been discussing the rotating CEO plan for several months. <o:p></o:p>

While no final decisions have been made, two of the sources cited by Reuters revealed that one potential model could involve four CEOs rotating every six months. <o:p></o:p>

Details, including candidate selection, specific responsibilities, and collaboration with Liu, are still under deliberation.<o:p></o:p>

The rotating CEOs would likely oversee Foxconn's six core businesses, including smartphones, personal computers, and televisions. <o:p></o:p>

This role would exclude oversight of major listed subsidiaries like Foxconn Interconnect Technology, FIH Mobile, and Foxconn Industrial Internet.<o:p></o:p>

Transitioning to a rotating CEO system could indicate a departure from Foxconn's longstanding "one-man rule" under Liu, who assumed both chairman and CEO roles following the retirement of the company's billionaire founder, Terry Gou, in 2019. <o:p></o:p>

Gou, who founded Foxconn in 1974, held both titles for most of his tenure.<o:p></o:p>

This management restructuring can be deemed similar to Chinese tech giant Huawei's approach in 2011, where three top executives took turns serving as acting CEO for six-month intervals.<o:p></o:p>

Despite the potential management shake-up, Foxconn's stock has been performing well. <o:p></o:p>

Shares dropped by over 2 per cent on Thursday morning, contrasting with a broader market decline of 0.2 per cent. <o:p></o:p>

However, they have surged nearly 45 per cent this year, driven partly by the AI industry boom, compared to a 16 per cent increase in the main index.<o:p></o:p>

In March, Foxconn said that it was optimistic about its financial prospects for the year, anticipating a strong revenue increase pushed by the growing demand for artificial intelligence servers.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Foxconn, a key supplier for tech giant Apple, is considering a major overhaul of its management structure by introducing a rotating chief executive system, Reuters reported citing sources familiar with the matter.

Foxconn, a key supplier for tech giant Apple, is considering a major overhaul of its management structure by introducing a rotating chief executive system, Reuters reported citing sources familiar with the matter. This unusual approach, while rare globally, is believed to promote teamwork, prevent leadership entrenchment, and cultivate a new generation of talent within the company. The proposed move comes in response to persistent calls from investors to enhance corporate governance by separating the roles of chief executive and chairperson, which have been held by Young Liu since 2019. Foxconn, a 50-year-old Taiwanese company, stands as the world's largest contract electronics manufacturer and a major assembler of iPhones. Senior executives at Foxconn, whose client portfolio also includes Amazon, have been discussing the rotating CEO plan for several months. While no final decisions have been made, two of the sources cited by Reuters revealed that one potential model could involve four CEOs rotating every six months. Details, including candidate selection, specific responsibilities, and collaboration with Liu, are still under deliberation. The rotating CEOs would likely oversee Foxconn's six core businesses, including smartphones, personal computers, and televisions. This role would exclude oversight of major listed subsidiaries like Foxconn Interconnect Technology, FIH Mobile, and Foxconn Industrial Internet. Transitioning to a rotating CEO system could indicate a departure from Foxconn's longstanding "one-man rule" under Liu, who assumed both chairman and CEO roles following the retirement of the company's billionaire founder, Terry Gou, in 2019. Gou, who founded Foxconn in 1974, held both titles for most of his tenure. This management restructuring can be deemed similar to Chinese tech giant Huawei's approach in 2011, where three top executives took turns serving as acting CEO for six-month intervals. Despite the potential management shake-up, Foxconn's stock has been performing well. Shares dropped by over 2 per cent on Thursday morning, contrasting with a broader market decline of 0.2 per cent. However, they have surged nearly 45 per cent this year, driven partly by the AI industry boom, compared to a 16 per cent increase in the main index. In March, Foxconn said that it was optimistic about its financial prospects for the year, anticipating a strong revenue increase pushed by the growing demand for artificial intelligence servers. (With inputs from Reuters)

Foxconn considers rotating CEO system in management revamp

Elon Musk, the CEO of Tesla, has announced his upcoming visit to India to meet with Prime Minister Narendra Modi. <o:p></o:p>

This meeting, expected to take place in New Delhi during the week of April 22, is expected to include an announcement about Tesla's investment plans and the establishment of a factory in India, Reuters reported citing sources familiar with the matter.<o:p></o:p>

"Looking forward to meeting with Prime Minister Narendra Modi in India!", Musk said on social media platform X.<o:p></o:p>

This visit holds significant timing as India is set to commence a two-month-long election starting April 19, with Modi set to potentially secure a rare third term. <o:p></o:p>

An investment announcement from Tesla during this period could enhance Modi's image as a business-friendly leader. <o:p></o:p>

Modi's administration has long been promoting India as an attractive destination for foreign companies, urging them to establish manufacturing operations and generate employment opportunities in the country.<o:p></o:p>

Elon Musk is expected to be accompanied by other company executives during his India visit, as per reports.<o:p></o:p>

Musk and Modi's last interaction took place in New York in June. <o:p></o:p>

Tesla has been lobbying the Indian government for months to reduce import taxes on electric vehicles, even as it considered setting up a factory in the country. <o:p></o:p>

India recently introduced a new EV policy, cutting import taxes to 15 per cent from the former 100 per cent for some models. <o:p></o:p>

This comes with the expectation that the manufacturer invests a minimum of $500 million and establishes a factory.<o:p></o:p>

Earlier reports by Reuters indicated that Tesla officials were set to visit India this month to identify locations for a manufacturing plant, requiring an investment of approximately $2 billion. <o:p></o:p>

Additionally, Tesla has initiated the production of right-hand drive cars at its German facility, targeting exports to India later this year.<o:p></o:p>

"India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India," Musk said on X.<o:p></o:p>

Tesla's expansion into the Indian market comes at a time when demand for electric vehicles is slowing in its primary markets, the US and China, due to increasing competition from Chinese automakers. <o:p></o:p>

Tesla recently reported a decline in first-quarter deliveries, falling short of analyst expectations.<o:p></o:p>

India's electric vehicle market, although currently small, is on an upward trajectory and is predominantly led by local automaker Tata Motors. <o:p></o:p>

Electric vehicles constituted 2 per cent of total car sales in 2023, but the government aims to increase this share to 30 per cent by 2030.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Elon Musk, the CEO of Tesla, has announced his upcoming visit to India to meet with Prime Minister Narendra Modi. This meeting, expected to take place in New Delhi during the week of April 22, is expected to include an announcement about Tesla's investment plans and the establishment of a factory in India, Reuters reported citing sources familiar with the matter.

Elon Musk, the CEO of Tesla, has announced his upcoming visit to India to meet with Prime Minister Narendra Modi. This meeting, expected to take place in New Delhi during the week of April 22, is expected to include an announcement about Tesla's investment plans and the establishment of a factory in India, Reuters reported citing sources familiar with the matter. "Looking forward to meeting with Prime Minister Narendra Modi in India!", Musk said on social media platform X. This visit holds significant timing as India is set to commence a two-month-long election starting April 19, with Modi set to potentially secure a rare third term. An investment announcement from Tesla during this period could enhance Modi's image as a business-friendly leader. Modi's administration has long been promoting India as an attractive destination for foreign companies, urging them to establish manufacturing operations and generate employment opportunities in the country. Elon Musk is expected to be accompanied by other company executives during his India visit, as per reports. Musk and Modi's last interaction took place in New York in June. Tesla has been lobbying the Indian government for months to reduce import taxes on electric vehicles, even as it considered setting up a factory in the country. India recently introduced a new EV policy, cutting import taxes to 15 per cent from the former 100 per cent for some models. This comes with the expectation that the manufacturer invests a minimum of $500 million and establishes a factory. Earlier reports by Reuters indicated that Tesla officials were set to visit India this month to identify locations for a manufacturing plant, requiring an investment of approximately $2 billion. Additionally, Tesla has initiated the production of right-hand drive cars at its German facility, targeting exports to India later this year. "India should have electric cars like every other country has electric cars. It's a natural progression to provide Tesla electric vehicles in India," Musk said on X. Tesla's expansion into the Indian market comes at a time when demand for electric vehicles is slowing in its primary markets, the US and China, due to increasing competition from Chinese automakers. Tesla recently reported a decline in first-quarter deliveries, falling short of analyst expectations. India's electric vehicle market, although currently small, is on an upward trajectory and is predominantly led by local automaker Tata Motors. Electric vehicles constituted 2 per cent of total car sales in 2023, but the government aims to increase this share to 30 per cent by 2030. (With inputs from Reuters)

Elon Musk set to meet PM Modi amid speculations of Tesla's investment in India

The US economy is struggling with a fresh surge in inflation, as consumer prices rose 3.5 per cent over the 12 months leading up to March, up from 3.2 per cent in February, according to data released by the US Labour Department. <o:p></o:p>

As per reports, this unexpected rise, driven by escalating costs in fuel, housing, dining out, and clothing, is indicative of a challenging road ahead for the Federal Reserve in its battle against inflation.<o:p></o:p>

The unexpected spike in prices has caught analysts off guard, forcing them to revise their predictions on when the Federal Reserve might start lowering borrowing costs. <o:p></o:p>

The Federal Reserve's key interest rate currently stands at 5.25-5.5 per cent, the highest in over two decades. <o:p></o:p>

As per the BBC, experts had initially anticipated rate cuts to begin this year, but recent economic indicators, including strong job creation figures, have cast doubts on the timeline for these reductions.<o:p></o:p>

According to a Times of India (ToI) report, Wall Street responded sharply to the news, with the S&amp;P 500 witnessing a decline of 0.9 per cent, the Dow Jones Industrial Average dropping by 422 points (1.1 per cent), and the Nasdaq composite decreasing by 0.8 per cent. <o:p></o:p>

This downturn marks the third consecutive report suggesting that the efforts to rein in high inflation may be losing steam.<o:p></o:p>

&nbsp;“There are still embers of inflation here and there in the economy,” ToI quoted Joe Davis, Vanguard’s chief global economist as saying.<o:p></o:p>

This persistent inflationary pressure has heightened concerns among investors that the Federal Reserve might delay the anticipated interest rate cuts, which had been a major factor behind the S&amp;P 500's 20 per cent surge since Halloween.<o:p></o:p>

The bond market also felt the immediate repercussions of the inflation data. <o:p></o:p>

The yield on the 10-year Treasury jumped to 4.54 per cent from 4.36 per cent, prompting traders to drastically reduce their bets on a June rate cut, with the likelihood sharply falling from about 74 per cent a month ago to a mere 17 per cent.<o:p></o:p>

Industries sensitive to high-interest rates bore the brunt of Wednesday's market downturn. <o:p></o:p>

Real estate investment trusts and utilities, for instance, saw their stocks plummet, with real-estate stocks in the S&amp;P 500 falling by 4.1 per cent.<o:p></o:p>

Internationally, the inflation report had a varied impact. <o:p></o:p>

While stocks rose in Hong Kong, they declined in Shanghai following a downgrade in China’s financial outlook by Fitch Ratings. <o:p></o:p>

Moreover, the report contributed to a stronger dollar, pushing the yen to a 33-year low against it.<o:p></o:p>

The US economy is struggling with a fresh surge in inflation, as consumer prices rose 3.5 per cent over the 12 months leading up to March, up from 3.2 per cent in February, according to data released by the US Labour Department.

The US economy is struggling with a fresh surge in inflation, as consumer prices rose 3.5 per cent over the 12 months leading up to March, up from 3.2 per cent in February, according to data released by the US Labour Department. As per reports, this unexpected rise, driven by escalating costs in fuel, housing, dining out, and clothing, is indicative of a challenging road ahead for the Federal Reserve in its battle against inflation. The unexpected spike in prices has caught analysts off guard, forcing them to revise their predictions on when the Federal Reserve might start lowering borrowing costs. The Federal Reserve's key interest rate currently stands at 5.25-5.5 per cent, the highest in over two decades. As per the BBC, experts had initially anticipated rate cuts to begin this year, but recent economic indicators, including strong job creation figures, have cast doubts on the timeline for these reductions. According to a Times of India (ToI) report, Wall Street responded sharply to the news, with the S&P 500 witnessing a decline of 0.9 per cent, the Dow Jones Industrial Average dropping by 422 points (1.1 per cent), and the Nasdaq composite decreasing by 0.8 per cent. This downturn marks the third consecutive report suggesting that the efforts to rein in high inflation may be losing steam. “There are still embers of inflation here and there in the economy,” ToI quoted Joe Davis, Vanguard’s chief global economist as saying. This persistent inflationary pressure has heightened concerns among investors that the Federal Reserve might delay the anticipated interest rate cuts, which had been a major factor behind the S&P 500's 20 per cent surge since Halloween. The bond market also felt the immediate repercussions of the inflation data. The yield on the 10-year Treasury jumped to 4.54 per cent from 4.36 per cent, prompting traders to drastically reduce their bets on a June rate cut, with the likelihood sharply falling from about 74 per cent a month ago to a mere 17 per cent. Industries sensitive to high-interest rates bore the brunt of Wednesday's market downturn. Real estate investment trusts and utilities, for instance, saw their stocks plummet, with real-estate stocks in the S&P 500 falling by 4.1 per cent. Internationally, the inflation report had a varied impact. While stocks rose in Hong Kong, they declined in Shanghai following a downgrade in China’s financial outlook by Fitch Ratings. Moreover, the report contributed to a stronger dollar, pushing the yen to a 33-year low against it.

Inflation surges in the US, dashing hopes of rate cuts

An Illinois jury said on Wednesday that Amazon Web Services (AWS), the big cloud-service group owned by Amazon, must pay a tech firm named Kove $525 million.

This is because they broke Kove's rights to patents on how to store data. The jury found that AWS used three of Kove's key patents without permission.

These patents help AWS store and get big amounts of data from the cloud. Kove, from Illinois, said its tech was key in letting AWS keep lots of data well.

This win is big for Kove in its fight over who came up with certain tech ideas.

Amazon said it didn't agree with the jury's choice and plans to fight the decision.

An Amazon person said, "The company disagrees with the verdict and intends to appeal."

This fight shows the ongoing clash between smaller firms and big industry names over who has the rights to new tech.

Kove's main lawyer, Courtland Reichman, praised the decision, saying it shows how important it is for new companies to protect their tech ideas from big businesses.

The fight started in 2018 when Kove took Amazon to court in Illinois. Kove said it had made tech for fast cloud storage way before cloud computing became big.

The lawsuit claimed AWS' services, like Amazon S3 storage and DynamoDB database, used Kove's patented ideas.

The jury agreed with Kove, saying AWS broke all three patents. However, they didn't think AWS did it on purpose.

Even though AWS said Kove's patents shouldn't count, the jury backed Kove.

This case shows how key it is for smaller companies to protect their ideas.

Also, Kove is suing Google in Illinois for a similar reason in another case that's still going on.

This highlights the bigger issue of patent fights in the tech world.

(With inputs from Reuters)

An Illinois jury said on Wednesday that Amazon Web Services (AWS), the big cloud-service group owned by Amazon, must pay a tech firm named Kove $525 million. This is because they broke Kove's rights to patents on how to store data.

An Illinois jury said on Wednesday that Amazon Web Services (AWS), the big cloud-service group owned by Amazon, must pay a tech firm named Kove $525 million. This is because they broke Kove's rights to patents on how to store data. The jury found that AWS used three of Kove's key patents without permission. These patents help AWS store and get big amounts of data from the cloud. Kove, from Illinois, said its tech was key in letting AWS keep lots of data well. This win is big for Kove in its fight over who came up with certain tech ideas. Amazon said it didn't agree with the jury's choice and plans to fight the decision. An Amazon person said, "The company disagrees with the verdict and intends to appeal." This fight shows the ongoing clash between smaller firms and big industry names over who has the rights to new tech. Kove's main lawyer, Courtland Reichman, praised the decision, saying it shows how important it is for new companies to protect their tech ideas from big businesses. The fight started in 2018 when Kove took Amazon to court in Illinois. Kove said it had made tech for fast cloud storage way before cloud computing became big. The lawsuit claimed AWS' services, like Amazon S3 storage and DynamoDB database, used Kove's patented ideas. The jury agreed with Kove, saying AWS broke all three patents. However, they didn't think AWS did it on purpose. Even though AWS said Kove's patents shouldn't count, the jury backed Kove. This case shows how key it is for smaller companies to protect their ideas. Also, Kove is suing Google in Illinois for a similar reason in another case that's still going on. This highlights the bigger issue of patent fights in the tech world. (With inputs from Reuters)

Amazon Web Services ordered to pay $525 million for patent infringement

Airbus is getting ready to make a lot more jets, planning to increase the production of its A320neo aircraft by about 50 per cent&nbsp;to 75 planes a month by 2026.

This big goal means they need to spend a lot upfront on building things and hiring more people, aiming to work at full speed by 2026 or maybe 2027.

Chief Financial Officer Thomas Toepfer said they have to hire early to meet this future need, but this means spending money now while not seeing the full benefit until later.

&nbsp;He mentioned, "We want to pre-hire to be ready for rate-75 in 2026. But, the costs are hitting us now while the full speed only comes in 2026, and maybe 2027 when we are steady."

They're adding thousands of jobs and making two new assembly lines.

Even with the high costs and maybe going over budget, Airbus is sticking to its plans.

Toepfer didn't share details on the first-quarter tasks but noted that spending on speeding things up will pay off later on.

In 2023, Airbus brought in 13,000 people, making 10,000 new jobs, to keep ahead of any supply chain issues in these tough market times.

The company is firm on its goal to make 75 A320neo aircraft a month, with Toepfer confirming, "We are on track to hit the rate."

As Airbus works to meet growing demand, it's facing hurdles in hitting its private goals.

Yet, Toepfer said strong deliveries in 2023 show they're moving towards their targets. Once they reach making 75 planes a month, Airbus plans to slow down a bit to let suppliers catch up on their own spending.

Toepfer pointed out, "I think even when we hit rate-75 we won't be at top speed, but will keep the rate for a bit to get rid of these speed-up costs."

They'll keep a close eye on ramp-up costs when they share their quarterly update on April 25.

Though supply chains are getting better, Airbus wants to keep pushing suppliers to invest more.

Toepfer talked about finding a middle ground between pushing hard and not overloading suppliers with too much work amid industry uncertainties.

Some suppliers are worried about Airbus' fast plans and the chance of having extra capacity if things slow down.

But Toepfer believes Airbus can keep up with production levels, thanks to its big backlog of orders.

He's also hopeful about better profit margins in the Defence and Space division, even with ongoing issues.

(With inputs from Reuters)

Airbus is getting ready to make a lot more jets, planning to increase the production of its A320neo aircraft by about 50 per cent to 75 planes a month by 2026. This big goal means they need to spend a lot upfront on building things and hiring more people, aiming to work at full speed by 2026 or maybe 2027.

Airbus is getting ready to make a lot more jets, planning to increase the production of its A320neo aircraft by about 50 per cent to 75 planes a month by 2026. This big goal means they need to spend a lot upfront on building things and hiring more people, aiming to work at full speed by 2026 or maybe 2027. Chief Financial Officer Thomas Toepfer said they have to hire early to meet this future need, but this means spending money now while not seeing the full benefit until later. He mentioned, "We want to pre-hire to be ready for rate-75 in 2026. But, the costs are hitting us now while the full speed only comes in 2026, and maybe 2027 when we are steady." They're adding thousands of jobs and making two new assembly lines. Even with the high costs and maybe going over budget, Airbus is sticking to its plans. Toepfer didn't share details on the first-quarter tasks but noted that spending on speeding things up will pay off later on. In 2023, Airbus brought in 13,000 people, making 10,000 new jobs, to keep ahead of any supply chain issues in these tough market times. The company is firm on its goal to make 75 A320neo aircraft a month, with Toepfer confirming, "We are on track to hit the rate." As Airbus works to meet growing demand, it's facing hurdles in hitting its private goals. Yet, Toepfer said strong deliveries in 2023 show they're moving towards their targets. Once they reach making 75 planes a month, Airbus plans to slow down a bit to let suppliers catch up on their own spending. Toepfer pointed out, "I think even when we hit rate-75 we won't be at top speed, but will keep the rate for a bit to get rid of these speed-up costs." They'll keep a close eye on ramp-up costs when they share their quarterly update on April 25. Though supply chains are getting better, Airbus wants to keep pushing suppliers to invest more. Toepfer talked about finding a middle ground between pushing hard and not overloading suppliers with too much work amid industry uncertainties. Some suppliers are worried about Airbus' fast plans and the chance of having extra capacity if things slow down. But Toepfer believes Airbus can keep up with production levels, thanks to its big backlog of orders. He's also hopeful about better profit margins in the Defence and Space division, even with ongoing issues. (With inputs from Reuters)

Airbus prepares for higher jet production amid up-front costs

Nike is getting ready to show off its new outfits for Olympic teams, like those from the US and Kenya, as it aims to keep up its image as a top gear brand for top athletes and everyday folks alike.

With sales not doing so great lately, the coming Summer Olympics in Paris are a big chance for Nike to turn heads back to its high-end products, especially its running shoes.

These shoes, especially the Nike Alphafly 3, are aimed at runners who want the latest tech and are willing to pay for it.

HSBC analysts think Nike will grow slower than rivals like Adidas and Lululemon in the next few years, showing Nike needs to step up its game and grab more of the market.

Even as a big name in sports clothes, Nike is losing ground to brands like On Running, Hoka, and Lululemon. People are also moving away from big basketball shoes to more sleek "terrace" shoes, like the Adidas Samba, which adds to Nike's challenges.

Facing these challenges, Nike has warned of dropping income in the early part of its 2025 financial year. To fight this, the company said it will cut back on making its well-known shoes like the Air Force 1 and focus more on new products.

Tom Nikic, an analyst in New York, said Nike's recent products haven't been exciting or new. This matches what many think about Nike not making new exciting stuff lately.

But, the upcoming Olympics could be a chance for Nike to make its name shine again.

People think seeing Olympians set records wearing Nike could make folks lean towards Nike again.

Yet, Nikic warns, "We have to wait and see if Nike has the strong product to make the most of the buzz it will get."

Facing what the market wants and what people like, Nike's leaders said they plan to put more into running shoes, an area they've not been leading in. They want to make more affordable running shoes, priced between $100 and $150 a pair, to grow Nike's spot in the running shoe market.

(With inputs from Reuters)

Nike is getting ready to show off its new outfits for Olympic teams, like those from the US and Kenya, as it aims to keep up its image as a top gear brand for top athletes and everyday folks alike.

Nike is getting ready to show off its new outfits for Olympic teams, like those from the US and Kenya, as it aims to keep up its image as a top gear brand for top athletes and everyday folks alike. With sales not doing so great lately, the coming Summer Olympics in Paris are a big chance for Nike to turn heads back to its high-end products, especially its running shoes. These shoes, especially the Nike Alphafly 3, are aimed at runners who want the latest tech and are willing to pay for it. HSBC analysts think Nike will grow slower than rivals like Adidas and Lululemon in the next few years, showing Nike needs to step up its game and grab more of the market. Even as a big name in sports clothes, Nike is losing ground to brands like On Running, Hoka, and Lululemon. People are also moving away from big basketball shoes to more sleek "terrace" shoes, like the Adidas Samba, which adds to Nike's challenges. Facing these challenges, Nike has warned of dropping income in the early part of its 2025 financial year. To fight this, the company said it will cut back on making its well-known shoes like the Air Force 1 and focus more on new products. Tom Nikic, an analyst in New York, said Nike's recent products haven't been exciting or new. This matches what many think about Nike not making new exciting stuff lately. But, the upcoming Olympics could be a chance for Nike to make its name shine again. People think seeing Olympians set records wearing Nike could make folks lean towards Nike again. Yet, Nikic warns, "We have to wait and see if Nike has the strong product to make the most of the buzz it will get." Facing what the market wants and what people like, Nike's leaders said they plan to put more into running shoes, an area they've not been leading in. They want to make more affordable running shoes, priced between $100 and $150 a pair, to grow Nike's spot in the running shoe market. (With inputs from Reuters)

Nike prepares to unveil Olympic kits amid sales challenges

India, once known for its mushrooming startup ecosystem, witnessed a negative spiral as the number of unicorns – companies valued at over USD 1 billion – declined for the first time in four years, according to a report released on Tuesday. <o:p></o:p>

The Hurun Global Unicorn Index 2024 indicated that India's unicorn count stood at 67, marking a decrease from previous years. <o:p></o:p>

Despite this decline, India retained its position as the world's third-largest hub for unicorns.<o:p></o:p>

Among the developments, edtech giant Byju's witnessed a decline in valuation, falling sharply from over $22 billion to below the unicorn threshold. <o:p></o:p>

As per Hurun, this downturn in valuation is the biggest dip among startups globally.<o:p></o:p>

Founded in 2008, Byju’s encountered operational restructuring and cost-cutting measures as losses mounted. <o:p></o:p>

The company also fell short of its revenue target for the previous financial year and struggled with resolving a debt of $1.2 billion.<o:p></o:p>

According to Rupert Hoogewerf, the Chairman and Chief Researcher of the Hurun Report, startups like Byju's remain significant despite their setbacks. <o:p></o:p>

Hoogewerf acknowledged the media attention garnered by failing startups, and said that their role in riving economic vitality was key. <o:p></o:p>

Meanwhile, food delivery platform Swiggy and fantasy sports platform Dream11 have emerged as India's most valuable unicorns, each valued at $8 billion. <o:p></o:p>

Right behind is Razorpay, valued at $7.5 billion.<o:p></o:p>

The report also highlighted the emergence of new entrants in the unicorn club, such as the artificial intelligence platform Krutrim. <o:p></o:p>

Anas Rahman Junaid, Chief Researcher of Hurun India, noted the entrance of 60 AI-focused startups from the US and 37 from China into the unicorn realm. <o:p></o:p>

However, despite these additions, India witnessed a decline in its unicorn count. <o:p></o:p>

Junaid attributed this decline to a lack of investments in startups, although there have been gains in equity indices. <o:p></o:p>

Additionally, the trend of Indian founders establishing companies abroad has further impacted India's unicorn prospects.<o:p></o:p>

The global unicorn front saw other frontrunners, with Bytedance, the parent company of TikTok, leading the list valuation of $220 billion. <o:p></o:p>

This was followed by Elon Musk's SpaceX, valued at $180 billion, and Microsoft-backed OpenAI, worth USD 100 billion. <o:p></o:p>

(With inputs from PTI)<o:p></o:p>

India, once known for its mushrooming startup ecosystem, witnessed a negative spiral as the number of unicorns – companies valued at over USD 1 billion – declined for the first time in four years, according to a report released on Tuesday.

India, once known for its mushrooming startup ecosystem, witnessed a negative spiral as the number of unicorns – companies valued at over USD 1 billion – declined for the first time in four years, according to a report released on Tuesday. The Hurun Global Unicorn Index 2024 indicated that India's unicorn count stood at 67, marking a decrease from previous years. Despite this decline, India retained its position as the world's third-largest hub for unicorns. Among the developments, edtech giant Byju's witnessed a decline in valuation, falling sharply from over $22 billion to below the unicorn threshold. As per Hurun, this downturn in valuation is the biggest dip among startups globally. Founded in 2008, Byju’s encountered operational restructuring and cost-cutting measures as losses mounted. The company also fell short of its revenue target for the previous financial year and struggled with resolving a debt of $1.2 billion. According to Rupert Hoogewerf, the Chairman and Chief Researcher of the Hurun Report, startups like Byju's remain significant despite their setbacks. Hoogewerf acknowledged the media attention garnered by failing startups, and said that their role in riving economic vitality was key. Meanwhile, food delivery platform Swiggy and fantasy sports platform Dream11 have emerged as India's most valuable unicorns, each valued at $8 billion. Right behind is Razorpay, valued at $7.5 billion. The report also highlighted the emergence of new entrants in the unicorn club, such as the artificial intelligence platform Krutrim. Anas Rahman Junaid, Chief Researcher of Hurun India, noted the entrance of 60 AI-focused startups from the US and 37 from China into the unicorn realm. However, despite these additions, India witnessed a decline in its unicorn count. Junaid attributed this decline to a lack of investments in startups, although there have been gains in equity indices. Additionally, the trend of Indian founders establishing companies abroad has further impacted India's unicorn prospects. The global unicorn front saw other frontrunners, with Bytedance, the parent company of TikTok, leading the list valuation of $220 billion. This was followed by Elon Musk's SpaceX, valued at $180 billion, and Microsoft-backed OpenAI, worth USD 100 billion. (With inputs from PTI)

India witnesses drop in unicorn count, Byju's valuation plunge tops global charts

Chinese electric vehicle (EV) manufacturers and shipping companies are witnessing an exceptional surge in demand for car-carrying vessels, attributed to the country's booming EV exports, Reuters reported.<o:p></o:p>

This surge is pushing China towards having the world's fourth-largest fleet of car carriers by 2028, according to data from shipping consultancy Veson Nautical. <o:p></o:p>

Presently, China ranks eighth globally in terms of its fleet size, with 33 car-carrying ships. <o:p></o:p>

However, with 47 ships on order, constituting a quarter of global orders, China's fleet expansion is set to change the industry.<o:p></o:p>

Specific buyers include major automakers like SAIC Motor, Chery Automobile, and EV giant BYD, along with shippers such as COSCO and China Merchants, acting on behalf of Chinese automakers.<o:p></o:p>

Analysts predict a huge increase in China's controlled car carrier fleet, jumping from the current 2.4 per cent to 8.7 per cent upon delivery of the ordered vessels. <o:p></o:p>

Reuters cited Andrea de Luca, an analyst at Veson, who said that the establishment of new trade routes primarily catering to Chinese automakers could e anticipated. <o:p></o:p>

According to her, a major part of these orders have been channelled to Chinese shipyards, securing 82 per cent of global orders, as Chinese companies capitalise on the burgeoning export market for EVs.<o:p></o:p>

The increase in demand for car-carrying ships mirrors China's growing prominence as a key player in the global automotive export market. <o:p></o:p>

Last year, China surpassed Japan as the world's largest auto exporter, with manufacturers like BYD contributing to this achievement.<o:p></o:p>

BYD alone exported over 240,000 vehicles in 2023, accounting for approximately 8 per cent of its global sales, with plans to push exports to 400,000 units this year. <o:p></o:p>

Additionally, foreign automakers like Tesla and Volkswagen have also increased their production in China, leveraging its cost-effective supply chain for exports.<o:p></o:p>

Despite the thriving market conditions for car carriers, there have been concerns surrounding the possible consequences of an increase in China's exports.<o:p></o:p>

Both the US and the European Union have called China out for flooding their markets with competitively priced products, citing unfair trade practices. <o:p></o:p>

These concerns have been complicated by increasing shipping costs and accusations of China's attempts to address excess industrial capacity through export expansion. <o:p></o:p>

However, Chinese officials have strongly refuted claims of overcapacity, downplaying the role of state support in driving growth.<o:p></o:p>

While regarding potential market saturation and trade imbalances loom large, experts like senior economist Xu Tianchen from the Economist Intelligence Unit noted specific opportunities where the demand may not have peaked, including car cargo ships. <o:p></o:p>

Against this backdrop, discussions surrounding trade practices and market dynamics might intensify, with the US Treasury Secretary Janet Yellen and China's Minister of Commerce Wang Wentao in talks to address the issues at hand.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chinese electric vehicle (EV) manufacturers and shipping companies are witnessing an exceptional surge in demand for car-carrying vessels, attributed to the country's booming EV exports, Reuters reported.

Chinese electric vehicle (EV) manufacturers and shipping companies are witnessing an exceptional surge in demand for car-carrying vessels, attributed to the country's booming EV exports, Reuters reported. This surge is pushing China towards having the world's fourth-largest fleet of car carriers by 2028, according to data from shipping consultancy Veson Nautical. Presently, China ranks eighth globally in terms of its fleet size, with 33 car-carrying ships. However, with 47 ships on order, constituting a quarter of global orders, China's fleet expansion is set to change the industry. Specific buyers include major automakers like SAIC Motor, Chery Automobile, and EV giant BYD, along with shippers such as COSCO and China Merchants, acting on behalf of Chinese automakers. Analysts predict a huge increase in China's controlled car carrier fleet, jumping from the current 2.4 per cent to 8.7 per cent upon delivery of the ordered vessels. Reuters cited Andrea de Luca, an analyst at Veson, who said that the establishment of new trade routes primarily catering to Chinese automakers could e anticipated. According to her, a major part of these orders have been channelled to Chinese shipyards, securing 82 per cent of global orders, as Chinese companies capitalise on the burgeoning export market for EVs. The increase in demand for car-carrying ships mirrors China's growing prominence as a key player in the global automotive export market. Last year, China surpassed Japan as the world's largest auto exporter, with manufacturers like BYD contributing to this achievement. BYD alone exported over 240,000 vehicles in 2023, accounting for approximately 8 per cent of its global sales, with plans to push exports to 400,000 units this year. Additionally, foreign automakers like Tesla and Volkswagen have also increased their production in China, leveraging its cost-effective supply chain for exports. Despite the thriving market conditions for car carriers, there have been concerns surrounding the possible consequences of an increase in China's exports. Both the US and the European Union have called China out for flooding their markets with competitively priced products, citing unfair trade practices. These concerns have been complicated by increasing shipping costs and accusations of China's attempts to address excess industrial capacity through export expansion. However, Chinese officials have strongly refuted claims of overcapacity, downplaying the role of state support in driving growth. While regarding potential market saturation and trade imbalances loom large, experts like senior economist Xu Tianchen from the Economist Intelligence Unit noted specific opportunities where the demand may not have peaked, including car cargo ships. Against this backdrop, discussions surrounding trade practices and market dynamics might intensify, with the US Treasury Secretary Janet Yellen and China's Minister of Commerce Wang Wentao in talks to address the issues at hand. (With inputs from Reuters)

China's EV export surge spurs record demand for car-carrying ships

<o:p></o:p>

The US Federal Aviation Administration (FAA) has launched an investigation into allegations made by a whistleblower against Boeing, further aggravating safety concerns surrounding the aerospace giant.<o:p></o:p>

According to a Reuters report, the whistleblower, identified as Boeing engineer Sam Salehpour, has raised issues regarding safety and quality standards in the production of Boeing's 787 and 777 jets.<o:p></o:p>

Salehpour's claims include allegations of the company ignoring safety concerns and employing shortcuts in the assembly process, that could possibly compromise the structural integrity of the aircraft. <o:p></o:p>

He said that he faced retaliation, including threats and exclusion from meetings, after identifying engineering problems.<o:p></o:p>

Boeing has been struggling with a major safety crisis after a mid-air panel blowout on a 737 MAX plane earlier this year, leading to a management shakeup and regulatory restrictions on production.<o:p></o:p>

Additionally, deliveries reduced by half in March.<o:p></o:p>

Boeing responded to the allegations by saying that it was confident about the safety of the 787 Dreamliner, dismissing Salehpour's claims as inaccurate. <o:p></o:p>

The company highlighted its efforts to ensure the quality and long-term safety of its aircraft.<o:p></o:p>

According to a report by the Associated Press, after the emergence of these whistleblower allegations, a Senate subcommittee called Boeing CEO David Calhoun to testify regarding the safety of the company's aircrafts.<o:p></o:p>

The inquiry, prompted by the new charges, aims to address possible safety risks associated with Boeing aircraft.<o:p></o:p>

Boeing has offered to cooperate with the Senate subcommittee's inquiry, providing documents, testimony, and technical briefings. <o:p></o:p>

The company is looking to address the concerns raised by Salehpour and ensure transparency in the investigation process.<o:p></o:p>

(With inputs from agencies)<o:p></o:p>

The US Federal Aviation Administration (FAA) has launched an investigation into allegations made by a whistleblower against Boeing, further aggravating safety concerns surrounding the aerospace giant.

The US Federal Aviation Administration (FAA) has launched an investigation into allegations made by a whistleblower against Boeing, further aggravating safety concerns surrounding the aerospace giant. According to a Reuters report, the whistleblower, identified as Boeing engineer Sam Salehpour, has raised issues regarding safety and quality standards in the production of Boeing's 787 and 777 jets. Salehpour's claims include allegations of the company ignoring safety concerns and employing shortcuts in the assembly process, that could possibly compromise the structural integrity of the aircraft. He said that he faced retaliation, including threats and exclusion from meetings, after identifying engineering problems. Boeing has been struggling with a major safety crisis after a mid-air panel blowout on a 737 MAX plane earlier this year, leading to a management shakeup and regulatory restrictions on production. Additionally, deliveries reduced by half in March. Boeing responded to the allegations by saying that it was confident about the safety of the 787 Dreamliner, dismissing Salehpour's claims as inaccurate. The company highlighted its efforts to ensure the quality and long-term safety of its aircraft. According to a report by the Associated Press, after the emergence of these whistleblower allegations, a Senate subcommittee called Boeing CEO David Calhoun to testify regarding the safety of the company's aircrafts. The inquiry, prompted by the new charges, aims to address possible safety risks associated with Boeing aircraft. Boeing has offered to cooperate with the Senate subcommittee's inquiry, providing documents, testimony, and technical briefings. The company is looking to address the concerns raised by Salehpour and ensure transparency in the investigation process. (With inputs from agencies)

Boeing faces a probe from the Congress following whistleblower charges: Report

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes.<o:p></o:p>

According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives. <o:p></o:p>

"A vision and mission are really great, but unless you can translate it into actions and measure it, then it's quite aspirational, and we also want it to be operational," Reuters quoted Anna Bjerde, the Margining Director of Operations at the World Bank.<o:p></o:p>

The drive behind this initiative comes partly from pressure exerted by major shareholders, including the US, urging the World Bank to enhance its efforts in addressing pressing global issues such as climate change and pandemic preparedness. <o:p></o:p>

The bank has streamlined its focus, in response, by reducing the number of projects while prioritising those that are more programmatic and transformative.<o:p></o:p>

The newly introduced scorecard, featuring 22 global indicators, is designed to evaluate facets of development, including poverty alleviation, economic prosperity, and environmental sustainability. <o:p></o:p>

It also incorporates critical themes such as gender equality, youth inclusion, and the well-being of individuals residing in fragile and conflict-affected regions. <o:p></o:p>

Bjerde said that it was important to adopt a "people-centric" approach to scrutinise development outcomes more closely.<o:p></o:p>

According to Bjerde, the scorecard represents a paradigm shift, offering a unified framework for tracking the performance of all World Bank institutions, including the International Finance Corporation and the International Bank for Reconstruction and Development. <o:p></o:p>

"It’s a real game changer, providing a new guidepost that our teams can rally around, and provides full visibility on how well we are tackling the most difficult challenges like poverty, climate change, fragility, and food insecurity," Reuters quoted her as saying.<o:p></o:p>

The scorecard supports World Bank's shift towards outcome-oriented strategies rather than focusing on inputs. <o:p></o:p>

For example, it seeks to measure not only the accessibility of financial services but also the actual utilisation by people. <o:p></o:p>

Bjerde said that transparency in the data collected was important. This includes breakdowns by gender, region, age, and the prevalence of fragile and conflict-affected situations.<o:p></o:p>

While the World Bank is still refining the methodologies for calculating scores across the 22 indicators, it plans to release half of the data in June, with the remainder scheduled for October. <o:p></o:p>

Initial data will include metrics such as global access to electricity and the effectiveness of social safety net programs. <o:p></o:p>

By providing granular insights into development outcomes, the bank is attempting to identify areas that require more efforts.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes. According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives.

The World Bank Group has introduced a comprehensive framework aimed at measuring the effectiveness of its development programmes. According to Reuters, this framework encompasses 22 indicators, indicating a major shift in the bank's approach to assessing its impact on global development initiatives. "A vision and mission are really great, but unless you can translate it into actions and measure it, then it's quite aspirational, and we also want it to be operational," Reuters quoted Anna Bjerde, the Margining Director of Operations at the World Bank. The drive behind this initiative comes partly from pressure exerted by major shareholders, including the US, urging the World Bank to enhance its efforts in addressing pressing global issues such as climate change and pandemic preparedness. The bank has streamlined its focus, in response, by reducing the number of projects while prioritising those that are more programmatic and transformative. The newly introduced scorecard, featuring 22 global indicators, is designed to evaluate facets of development, including poverty alleviation, economic prosperity, and environmental sustainability. It also incorporates critical themes such as gender equality, youth inclusion, and the well-being of individuals residing in fragile and conflict-affected regions. Bjerde said that it was important to adopt a "people-centric" approach to scrutinise development outcomes more closely. According to Bjerde, the scorecard represents a paradigm shift, offering a unified framework for tracking the performance of all World Bank institutions, including the International Finance Corporation and the International Bank for Reconstruction and Development. "It’s a real game changer, providing a new guidepost that our teams can rally around, and provides full visibility on how well we are tackling the most difficult challenges like poverty, climate change, fragility, and food insecurity," Reuters quoted her as saying. The scorecard supports World Bank's shift towards outcome-oriented strategies rather than focusing on inputs. For example, it seeks to measure not only the accessibility of financial services but also the actual utilisation by people. Bjerde said that transparency in the data collected was important. This includes breakdowns by gender, region, age, and the prevalence of fragile and conflict-affected situations. While the World Bank is still refining the methodologies for calculating scores across the 22 indicators, it plans to release half of the data in June, with the remainder scheduled for October. Initial data will include metrics such as global access to electricity and the effectiveness of social safety net programs. By providing granular insights into development outcomes, the bank is attempting to identify areas that require more efforts. (With inputs from Reuters)

World Bank releases a new scorecard to estimate development impact