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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Earthquake measuring 7 magnitude strikes Russia’s Kamchatka Peninsula

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

Vijay Deverakonda and Rashmika Mandanna's Ranabaali X Review: Netizens call it history-rich but overstuffed

Russia-Ukraine War: Putin vows retaliation against Ukraine 

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

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

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

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

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

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

Saudi Arabia executes Two Bangladesh nationals over immoral act

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

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

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

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

China tells Israel to stop West Bank settlements, calls Palestine issue ‘historic injustice’

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

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

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

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

Tech giant Nvidia on Monday announced its plans to strengthen partnerships with Chinese automakers, including BYD, as they endeavour to develop self-driving vehicles and AI-infused infotainment systems to compete globally.

BYD, which surpassed Tesla last year to become the world's largest electric vehicle manufacturer, is set to leverage Nvidia's upcoming generation of in-vehicle chips, known as Drive Thor, to enhance autonomous driving capabilities and other digital features.

Nvidia Vice President for Automotive, Danny Shapiro, highlighted BYD's adoption of Drive Thor during a conference call, stating that it will be integrated into BYD vehicles starting next year.

The collaboration aims to propel BYD's technological advancements across manufacturing processes, supply chain management, and the creation of virtual showrooms.

Several Chinese automakers, including BYD, Xpeng, and GAC Aion's Hyper brand, revealed expanded partnerships with Nvidia on Monday at the chipmaker's GTC developer conference in San Jose, California.

Additionally, Zeekr, a subsidiary of Geely, and Li Auto had previously announced their intention to utilise Nvidia's Drive Thor technology.

These collaborations highlights Chinese automakers' pursuit of cutting-edge technology to bolster their global competitiveness, particularly as they aim to expand sales beyond China's borders and vie with established Western brands like Tesla in domestic markets.

Nvidia's Danny Shapiro emphasised the eagerness of Chinese automakers to innovate and capitalise on favorable regulations to advance autonomous driving capabilities.

Nvidia also disclosed new collaborations in the automotive and industrial sectors during Monday's announcements. The company partnered with US software firm Cerence to adapt large language model artificial intelligence systems for in-car computing.

Furthermore, Nvidia is collaborating with Chinese computer manufacturer Lenovo on large language model deployment.

Soundhound, a subsidiary of Nvidia, is set to utilise the company's technology to develop an in-vehicle voice command system, allowing vehicle owners to access information from a virtual owner's manual through speech commands.

Notably, Nvidia did not explicitly mention specific AI developers, such as OpenAI, in its discussions.

(With inputs from Reuters)

Tech giant Nvidia on Monday announced its plans to strengthen partnerships with Chinese automakers, including BYD, as they endeavour to develop self-driving vehicles and AI-infused infotainment systems to compete globally.

Tech giant Nvidia on Monday announced its plans to strengthen partnerships with Chinese automakers, including BYD, as they endeavour to develop self-driving vehicles and AI-infused infotainment systems to compete globally. BYD, which surpassed Tesla last year to become the world's largest electric vehicle manufacturer, is set to leverage Nvidia's upcoming generation of in-vehicle chips, known as Drive Thor, to enhance autonomous driving capabilities and other digital features. Nvidia Vice President for Automotive, Danny Shapiro, highlighted BYD's adoption of Drive Thor during a conference call, stating that it will be integrated into BYD vehicles starting next year. The collaboration aims to propel BYD's technological advancements across manufacturing processes, supply chain management, and the creation of virtual showrooms. Several Chinese automakers, including BYD, Xpeng, and GAC Aion's Hyper brand, revealed expanded partnerships with Nvidia on Monday at the chipmaker's GTC developer conference in San Jose, California. Additionally, Zeekr, a subsidiary of Geely, and Li Auto had previously announced their intention to utilise Nvidia's Drive Thor technology. These collaborations highlights Chinese automakers' pursuit of cutting-edge technology to bolster their global competitiveness, particularly as they aim to expand sales beyond China's borders and vie with established Western brands like Tesla in domestic markets. Nvidia's Danny Shapiro emphasised the eagerness of Chinese automakers to innovate and capitalise on favorable regulations to advance autonomous driving capabilities. Nvidia also disclosed new collaborations in the automotive and industrial sectors during Monday's announcements. The company partnered with US software firm Cerence to adapt large language model artificial intelligence systems for in-car computing. Furthermore, Nvidia is collaborating with Chinese computer manufacturer Lenovo on large language model deployment. Soundhound, a subsidiary of Nvidia, is set to utilise the company's technology to develop an in-vehicle voice command system, allowing vehicle owners to access information from a virtual owner's manual through speech commands. Notably, Nvidia did not explicitly mention specific AI developers, such as OpenAI, in its discussions. (With inputs from Reuters)

Nvidia expands collaborations with Chinese automakers

Taiwan's semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan's semiconductor industry. <o:p></o:p>

According to Reuters, sources familiar with the matter disclosed that discussions are in the early stages, preferring anonymity due to the confidential nature of the information. <o:p></o:p>

One source indicated that TSMC is contemplating introducing its chip-on-wafer-on-substrate (CoWoS) packaging technology to Japan, a sophisticated process known for stacking chips atop each other, enhancing processing capabilities, saving space, and reducing power consumption. <o:p></o:p>

Presently, all of TSMC's CoWoS capacity resides in Taiwan, with no final decisions made regarding the scale or timeline of this potential investment.<o:p></o:p>

The demand for advanced semiconductor packaging has witnessed a global surge, particularly driven by the proliferation of artificial intelligence applications. <o:p></o:p>

Consequently, major chipmakers like TSMC, Samsung Electronics, and Intel are ramping up their packaging capacity to meet this escalating demand. <o:p></o:p>

TSMC's Chief Executive, C.C. Wei, revealed earlier this year the company's plans to double its CoWoS output in 2024, with further expansions slated for 2025. <o:p></o:p>

The prospective establishment of advanced packaging capacity in Japan would complement TSMC's existing operations in the country, including recent plant constructions in Kyushu and collaboration ventures with leading Japanese companies like Sony and Toyota, with total investments exceeding $20 billion.<o:p></o:p>

TSMC's strategic foray into Japan aligns with the country's ambition to bolster its semiconductor industry, leveraging its strong ecosystem comprising leading materials and equipment manufacturers, growing chip fabrication investments, and a robust customer base. <o:p></o:p>

An official from Japan's industry ministry expressed optimism regarding Japan's readiness to accommodate advanced packaging endeavours, highlighting the supportive environment for such initiatives. <o:p></o:p>

However, analysts caution that the scale of TSMC's potential investment in Japan may be limited, as the demand for CoWoS packaging within Japan remains uncertain, with the majority of TSMC's current CoWoS customers situated in the United States.<o:p></o:p>

The Japanese government's proactive stance in revitalising its semiconductor sector has attracted significant attention from global chip firms. <o:p></o:p>

TSMC's ventures in Japan have been buoyed by substantial subsidies from the Japanese government, which views semiconductor development as crucial for its economic security. <o:p></o:p>

This proactive approach has also lured other industry players, including Intel, which is reportedly considering establishing an advanced packaging research facility in Japan to strengthen its ties with local chip supply chain companies. <o:p></o:p>

Similarly, Samsung Electronics is setting up an advanced packaging research facility in Yokohama, supported by government initiatives, and exploring partnerships with Japanese companies for materials procurement, aiming to compete effectively in high bandwidth memory chips.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Taiwan's semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan's semiconductor industry.

Taiwan's semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan's semiconductor industry. According to Reuters, sources familiar with the matter disclosed that discussions are in the early stages, preferring anonymity due to the confidential nature of the information. One source indicated that TSMC is contemplating introducing its chip-on-wafer-on-substrate (CoWoS) packaging technology to Japan, a sophisticated process known for stacking chips atop each other, enhancing processing capabilities, saving space, and reducing power consumption. Presently, all of TSMC's CoWoS capacity resides in Taiwan, with no final decisions made regarding the scale or timeline of this potential investment. The demand for advanced semiconductor packaging has witnessed a global surge, particularly driven by the proliferation of artificial intelligence applications. Consequently, major chipmakers like TSMC, Samsung Electronics, and Intel are ramping up their packaging capacity to meet this escalating demand. TSMC's Chief Executive, C.C. Wei, revealed earlier this year the company's plans to double its CoWoS output in 2024, with further expansions slated for 2025. The prospective establishment of advanced packaging capacity in Japan would complement TSMC's existing operations in the country, including recent plant constructions in Kyushu and collaboration ventures with leading Japanese companies like Sony and Toyota, with total investments exceeding $20 billion. TSMC's strategic foray into Japan aligns with the country's ambition to bolster its semiconductor industry, leveraging its strong ecosystem comprising leading materials and equipment manufacturers, growing chip fabrication investments, and a robust customer base. An official from Japan's industry ministry expressed optimism regarding Japan's readiness to accommodate advanced packaging endeavours, highlighting the supportive environment for such initiatives. However, analysts caution that the scale of TSMC's potential investment in Japan may be limited, as the demand for CoWoS packaging within Japan remains uncertain, with the majority of TSMC's current CoWoS customers situated in the United States. The Japanese government's proactive stance in revitalising its semiconductor sector has attracted significant attention from global chip firms. TSMC's ventures in Japan have been buoyed by substantial subsidies from the Japanese government, which views semiconductor development as crucial for its economic security. This proactive approach has also lured other industry players, including Intel, which is reportedly considering establishing an advanced packaging research facility in Japan to strengthen its ties with local chip supply chain companies. Similarly, Samsung Electronics is setting up an advanced packaging research facility in Yokohama, supported by government initiatives, and exploring partnerships with Japanese companies for materials procurement, aiming to compete effectively in high bandwidth memory chips. (With inputs from Reuters)

TSMC explores advanced chip packaging expansion in Japan

Australia's Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country's economy faces headwinds amidst rising unemployment and sluggish growth. <o:p></o:p>

According to Bloomberg, the decision, expected to be announced on Tuesday, comes as policymakers navigate uncertainties surrounding the strength of a disinflationary.<o:p></o:p>

The bank's meeting, which begins on Monday, will be closely watched for signals about its future monetary policy stance, particularly amid global inflationary pressures and slowing economic indicators.<o:p></o:p>

Analysts predict that the Reserve Bank of Australia (RBA) will maintain a cautious stance, given recent data suggesting a slowdown in economic activity. <o:p></o:p>

Australia's economy expanded by a modest 0.2 per cent in the final quarter of 2023, with per capita gross domestic product (GDP) experiencing a downturn of 0.3 per cent from the previous quarter, marking the deepest decline since 1991 outside of the pandemic. <o:p></o:p>

Additionally, January's inflation figures came in at 3.4 per cent, below expectations, raising concerns about the sustainability of the moderation in inflation.<o:p></o:p>

Despite concerns about slowing growth, Australia's labour market remains relatively robust, with the unemployment rate at 4.1 per cent, signalling healthy employment levels. <o:p></o:p>

However, there are indications of a slight loosening in the job market, prompting policymakers to monitor the situation closely. <o:p></o:p>

The upcoming release of February's job data will provide further insights into the labour market's resilience and its implications for the economy.<o:p></o:p>

The Reserve Bank's decision is also influenced by the hot property market, where soaring home prices have been fuelled by supply shortages and strong population growth. <o:p></o:p>

Policymakers are cautious about exacerbating the housing market boom, which could have broader implications for financial stability. <o:p></o:p>

Moreover, the anticipation of future rate cuts by the RBA contrasts with expectations of the US Federal Reserve initiating its rate-cut cycle, reflecting diverging economic outlooks between the two countries.<o:p></o:p>

Bloomberg cited Luci Ellis, the chief economist at Westpac Banking Corp., who suggests that there is optimism regarding the economic outlook. He noted that inflationary pressures are moderating, which could alleviate pressure on households. <o:p></o:p>

Ellis anticipates a shift in policy stance later in the year, with the commencement of income tax cuts and the beginning of an RBA easing cycle expected from September. This less restrictive policy environment is anticipated to support economic recovery efforts.<o:p></o:p>

As the RBA navigates the complex economic landscape, the upcoming release of the semi-annual financial stability report on Friday will provide insights into the impact of rising borrowing costs on Australian banks. <o:p></o:p>

Despite the tightening monetary policy cycle, Australian banks have fared relatively well.<o:p></o:p>

The report will shed light on the banking sector's ability to withstand evolving financial dynamics and its implications for broader economic stability.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Australia's Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country's economy faces headwinds amidst rising unemployment and sluggish growth.

Australia's Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country's economy faces headwinds amidst rising unemployment and sluggish growth. According to Bloomberg, the decision, expected to be announced on Tuesday, comes as policymakers navigate uncertainties surrounding the strength of a disinflationary. The bank's meeting, which begins on Monday, will be closely watched for signals about its future monetary policy stance, particularly amid global inflationary pressures and slowing economic indicators. Analysts predict that the Reserve Bank of Australia (RBA) will maintain a cautious stance, given recent data suggesting a slowdown in economic activity. Australia's economy expanded by a modest 0.2 per cent in the final quarter of 2023, with per capita gross domestic product (GDP) experiencing a downturn of 0.3 per cent from the previous quarter, marking the deepest decline since 1991 outside of the pandemic. Additionally, January's inflation figures came in at 3.4 per cent, below expectations, raising concerns about the sustainability of the moderation in inflation. Despite concerns about slowing growth, Australia's labour market remains relatively robust, with the unemployment rate at 4.1 per cent, signalling healthy employment levels. However, there are indications of a slight loosening in the job market, prompting policymakers to monitor the situation closely. The upcoming release of February's job data will provide further insights into the labour market's resilience and its implications for the economy. The Reserve Bank's decision is also influenced by the hot property market, where soaring home prices have been fuelled by supply shortages and strong population growth. Policymakers are cautious about exacerbating the housing market boom, which could have broader implications for financial stability. Moreover, the anticipation of future rate cuts by the RBA contrasts with expectations of the US Federal Reserve initiating its rate-cut cycle, reflecting diverging economic outlooks between the two countries. Bloomberg cited Luci Ellis, the chief economist at Westpac Banking Corp., who suggests that there is optimism regarding the economic outlook. He noted that inflationary pressures are moderating, which could alleviate pressure on households. Ellis anticipates a shift in policy stance later in the year, with the commencement of income tax cuts and the beginning of an RBA easing cycle expected from September. This less restrictive policy environment is anticipated to support economic recovery efforts. As the RBA navigates the complex economic landscape, the upcoming release of the semi-annual financial stability report on Friday will provide insights into the impact of rising borrowing costs on Australian banks. Despite the tightening monetary policy cycle, Australian banks have fared relatively well. The report will shed light on the banking sector's ability to withstand evolving financial dynamics and its implications for broader economic stability. (With inputs from Bloomberg)

Australia likely to maintain interest rates amid economic slowdown: Report

A report released by the Confederation of Real Estate Developers' Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades. <o:p></o:p>

According to the report titled 'Building Viksit Bharat-Transformative Role of the Real Estate Sector in India,' the sector is expected to soar to a market size of $1.3 trillion by 2034 and a staggering $5.17 trillion by 2047. <o:p></o:p>

Currently valued at ₹24 lakh crore (approximately $300 billion), the Indian real estate market is predominantly split between residential and commercial segments, with residential comprising 80 per cent and commercial 20 per cent of the market share.<o:p></o:p>

The report underscores the pivotal role of the real estate sector in driving India's economic growth, with projections indicating its significant contribution to the country's GDP. <o:p></o:p>

By FY 2034, Indian real estate is anticipated to represent 13.8 per cent of the projected GDP, with further growth to encompass 17.5 per cent of the GDP by 2047. <o:p></o:p>

Additionally, CREDAI projects a substantial demand for housing, estimating a requirement for seven crore additional units by 2030. <o:p></o:p>

This surge in demand is indicative of the aspirational growth of Indian homebuyers, with over 87.4 per cent of housing demand anticipated to stem from properties priced above Rs 45 lakh.<o:p></o:p>

Notably, the average home area is on an upward trajectory, experiencing an annual growth rate of 11 per cent. <o:p></o:p>

Leaders within CREDAI emphasise the pivotal role of real estate in India's journey towards economic development.<o:p></o:p>

Boman R Irani, President of CREDAI, highlights the sector's multiplier effect and its potential to significantly contribute to GDP growth. <o:p></o:p>

Irani emphasises, "Indian real estate today stands at an extremely important junction amidst India's journey to become a developed economy by 2047." <o:p></o:p>

Similarly, Manoj Gaur, Chairman of CREDAI, underscores the sector's pivotal role in fostering economic growth, correlating its performance with India's strong GDP numbers.<o:p></o:p>

Shekhar G Patel, President Elect of CREDAI, acknowledges India's economic resilience amidst global challenges, emphasising the country's significant GDP growth trajectory. <o:p></o:p>

Patel's remarks echo the sentiment of sectoral strength and resilience, positioning Indian real estate as a critical driver of economic progress. <o:p></o:p>

(With inputs from PTI)<o:p></o:p>

A report released by the Confederation of Real Estate Developers' Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades.

A report released by the Confederation of Real Estate Developers' Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades. According to the report titled 'Building Viksit Bharat-Transformative Role of the Real Estate Sector in India,' the sector is expected to soar to a market size of $1.3 trillion by 2034 and a staggering $5.17 trillion by 2047. Currently valued at ₹24 lakh crore (approximately $300 billion), the Indian real estate market is predominantly split between residential and commercial segments, with residential comprising 80 per cent and commercial 20 per cent of the market share. The report underscores the pivotal role of the real estate sector in driving India's economic growth, with projections indicating its significant contribution to the country's GDP. By FY 2034, Indian real estate is anticipated to represent 13.8 per cent of the projected GDP, with further growth to encompass 17.5 per cent of the GDP by 2047. Additionally, CREDAI projects a substantial demand for housing, estimating a requirement for seven crore additional units by 2030. This surge in demand is indicative of the aspirational growth of Indian homebuyers, with over 87.4 per cent of housing demand anticipated to stem from properties priced above Rs 45 lakh. Notably, the average home area is on an upward trajectory, experiencing an annual growth rate of 11 per cent. Leaders within CREDAI emphasise the pivotal role of real estate in India's journey towards economic development. Boman R Irani, President of CREDAI, highlights the sector's multiplier effect and its potential to significantly contribute to GDP growth. Irani emphasises, "Indian real estate today stands at an extremely important junction amidst India's journey to become a developed economy by 2047." Similarly, Manoj Gaur, Chairman of CREDAI, underscores the sector's pivotal role in fostering economic growth, correlating its performance with India's strong GDP numbers. Shekhar G Patel, President Elect of CREDAI, acknowledges India's economic resilience amidst global challenges, emphasising the country's significant GDP growth trajectory. Patel's remarks echo the sentiment of sectoral strength and resilience, positioning Indian real estate as a critical driver of economic progress. (With inputs from PTI)

Indian real estate sector poised to surge, projected to reach $1.3 tn by 2034

Reddit's highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed. <o:p></o:p>

This surge in demand positions the social media platform to potentially achieve its targeted $6.5 billion valuation, signalling a strong market reception despite Reddit's history of financial losses. <o:p></o:p>

The IPO, scheduled to be priced in New York on Wednesday, aims to raise as much as $748 million, representing a pivotal moment for the company as it transitions to a publicly traded entity.<o:p></o:p>

While the oversubscription does not guarantee a soaring stock market debut, it suggests that Reddit is on track to meet its price range of $31-34 per share. <o:p></o:p>

According to Reuters, sources familiar with the matter have indicated that the marketing efforts for the IPO are ongoing, indicating the heightened anticipation surrounding Reddit's public listing. <o:p></o:p>

However, a Reddit spokesperson declined to comment on the latest developments, citing confidentiality.<o:p></o:p>

Reddit, founded in 2005, has cultivated a loyal user base over the years, with its platform hosting a diverse array of discussions across its 100,000 online forums, known as "subreddits." <o:p></o:p>

Despite its popularity, the company has faced challenges in monetising its platform and achieving profitability, trailing behind industry giants like Meta Platforms' Facebook and Twitter. <o:p></o:p>

The platform's unique focus on niche topics and its decentralised approach to content moderation have been points of contention, particularly among advertisers.<o:p></o:p>

Steve Huffman, Reddit's co-founder and chief executive, has emphasised the platform's vibrant and diverse communities, spanning from lighthearted memes to profound discussions on existential topics. <o:p></o:p>

Notably, Reddit gained widespread attention in 2021 during the "meme-stock" frenzy when retail investors coordinated on the "wallstreetbets" subreddit to drive up the prices of heavily shorted stocks, including GameStop.<o:p></o:p>

To engage retail investors and foster a sense of community ownership, Reddit has allocated 8 per cent of the total shares available for eligible users, moderators, board members, and select individuals associated with the company. <o:p></o:p>

This inclusive approach reflects Reddit's commitment to its user-driven ethos and aims to strengthen its connection with the community as it embarks on its IPO journey.<o:p></o:p>

Despite Reddit's financial losses, the platform boasts impressive user engagement, with an average of 73.1 million daily active "uniques" in the final quarter of 2023, according to regulatory filings. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Reddit's highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed.

Reddit's highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed. This surge in demand positions the social media platform to potentially achieve its targeted $6.5 billion valuation, signalling a strong market reception despite Reddit's history of financial losses. The IPO, scheduled to be priced in New York on Wednesday, aims to raise as much as $748 million, representing a pivotal moment for the company as it transitions to a publicly traded entity. While the oversubscription does not guarantee a soaring stock market debut, it suggests that Reddit is on track to meet its price range of $31-34 per share. According to Reuters, sources familiar with the matter have indicated that the marketing efforts for the IPO are ongoing, indicating the heightened anticipation surrounding Reddit's public listing. However, a Reddit spokesperson declined to comment on the latest developments, citing confidentiality. Reddit, founded in 2005, has cultivated a loyal user base over the years, with its platform hosting a diverse array of discussions across its 100,000 online forums, known as "subreddits." Despite its popularity, the company has faced challenges in monetising its platform and achieving profitability, trailing behind industry giants like Meta Platforms' Facebook and Twitter. The platform's unique focus on niche topics and its decentralised approach to content moderation have been points of contention, particularly among advertisers. Steve Huffman, Reddit's co-founder and chief executive, has emphasised the platform's vibrant and diverse communities, spanning from lighthearted memes to profound discussions on existential topics. Notably, Reddit gained widespread attention in 2021 during the "meme-stock" frenzy when retail investors coordinated on the "wallstreetbets" subreddit to drive up the prices of heavily shorted stocks, including GameStop. To engage retail investors and foster a sense of community ownership, Reddit has allocated 8 per cent of the total shares available for eligible users, moderators, board members, and select individuals associated with the company. This inclusive approach reflects Reddit's commitment to its user-driven ethos and aims to strengthen its connection with the community as it embarks on its IPO journey. Despite Reddit's financial losses, the platform boasts impressive user engagement, with an average of 73.1 million daily active "uniques" in the final quarter of 2023, according to regulatory filings. (With inputs from Reuters)

Reddit's IPO oversubscribed, set to reach $6.5 billion valuation

India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists. <o:p></o:p>

This revival is primarily fuelled by an uptick in investments, echoing the growth trajectory of nearly two decades ago when the nation witnessed an average growth rate exceeding 8 per cent. <o:p></o:p>

The report, titled 'The Viewpoint: India - Why this feels like 2003-07', highlights the key role of capital expenditure (capex) in propelling the current expansion.<o:p></o:p>

Morgan Stanley's analysis emphasises a shift towards investment-driven growth over consumption, with a notable rise in public capex initially, followed by a rapid uptake in private investment. <o:p></o:p>

Notably, urban consumers are spearheading consumption growth, complemented by a burgeoning demand from rural sectors. <o:p></o:p>

The surge in India's global export market share coupled with effective management of macroeconomic stability risks further underpin this economic upswing.<o:p></o:p>

A key indicator of the ongoing expansion is the elevation in the investment-to-GDP ratio. <o:p></o:p>

Similar to the 2003-07 period, where this ratio soared from 27 per cent in Fiscal Year 2003 to 39 per cent in Fiscal Year 2008, the current trend is witnessing a resurgence. <o:p></o:p>

Presently standing at 34 per cent of GDP, it is anticipated to climb further to 36 per cent by Fiscal Year 2027, signifying a robust growth trajectory.<o:p></o:p>

During the 2003-07 boom, India experienced an impressive average GDP growth of 8.6 per cent alongside a modest headline CPI inflation of 4.8 per cent. <o:p></o:p>

Despite external shocks like the surge in oil prices, the current account deficit remained manageable, fluctuating within a comfortable range.<o:p></o:p>

Gross fixed capital formation (GFCF) also witnessed a remarkable acceleration during this period, indicating a robust investment climate.<o:p></o:p>

In the present cycle, real GFCF growth continues to demonstrate resilience, outperforming pre-Covid averages. <o:p></o:p>

Public capex has emerged as a primary growth driver, compensating for the corporate sector's subdued investment sentiment in the wake of previous shocks. <o:p></o:p>

However, with corporate profits rebounding and early indications of private capex gaining traction, the economic landscape is evolving.<o:p></o:p>

Despite the optimistic outlook, challenges persist. <o:p></o:p>

Private consumption remains relatively subdued, tracking below pre-Covid averages, underscoring the need for sustained efforts to stimulate domestic demand. <o:p></o:p>

Policymakers have been actively pursuing supply-side reforms to bolster the investment climate, exemplified by the uptick in real government fixed capex growth.<o:p></o:p>

Morgan Stanley underscores the critical role of public sector investments, particularly in infrastructure projects, to alleviate supply-side constraints and pave the way for robust private sector participation. <o:p></o:p>

Such long-term investments are deemed essential for sustaining the current economic momentum and fostering inclusive growth.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists. This revival is primarily fuelled by an uptick in investments, echoing the growth trajectory of nearly two decades ago when the nation witnessed an average growth rate exceeding 8 per cent.

India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists. This revival is primarily fuelled by an uptick in investments, echoing the growth trajectory of nearly two decades ago when the nation witnessed an average growth rate exceeding 8 per cent. The report, titled 'The Viewpoint: India - Why this feels like 2003-07', highlights the key role of capital expenditure (capex) in propelling the current expansion. Morgan Stanley's analysis emphasises a shift towards investment-driven growth over consumption, with a notable rise in public capex initially, followed by a rapid uptake in private investment. Notably, urban consumers are spearheading consumption growth, complemented by a burgeoning demand from rural sectors. The surge in India's global export market share coupled with effective management of macroeconomic stability risks further underpin this economic upswing. A key indicator of the ongoing expansion is the elevation in the investment-to-GDP ratio. Similar to the 2003-07 period, where this ratio soared from 27 per cent in Fiscal Year 2003 to 39 per cent in Fiscal Year 2008, the current trend is witnessing a resurgence. Presently standing at 34 per cent of GDP, it is anticipated to climb further to 36 per cent by Fiscal Year 2027, signifying a robust growth trajectory. During the 2003-07 boom, India experienced an impressive average GDP growth of 8.6 per cent alongside a modest headline CPI inflation of 4.8 per cent. Despite external shocks like the surge in oil prices, the current account deficit remained manageable, fluctuating within a comfortable range. Gross fixed capital formation (GFCF) also witnessed a remarkable acceleration during this period, indicating a robust investment climate. In the present cycle, real GFCF growth continues to demonstrate resilience, outperforming pre-Covid averages. Public capex has emerged as a primary growth driver, compensating for the corporate sector's subdued investment sentiment in the wake of previous shocks. However, with corporate profits rebounding and early indications of private capex gaining traction, the economic landscape is evolving. Despite the optimistic outlook, challenges persist. Private consumption remains relatively subdued, tracking below pre-Covid averages, underscoring the need for sustained efforts to stimulate domestic demand. Policymakers have been actively pursuing supply-side reforms to bolster the investment climate, exemplified by the uptick in real government fixed capex growth. Morgan Stanley underscores the critical role of public sector investments, particularly in infrastructure projects, to alleviate supply-side constraints and pave the way for robust private sector participation. Such long-term investments are deemed essential for sustaining the current economic momentum and fostering inclusive growth. (With inputs from PTI)

India’s economic growth resembles 2003-07 boom: Morgan Stanley Report

India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart. <o:p></o:p>

As per the data, Flipkart's valuation dropped by approximately Rs 41,000 crore ($5 billion) from January 2022 to January 2024. <o:p></o:p>

The valuation had previously dipped to $35 billion by January 31, 2024, down from $40 billion recorded in the fiscal year ending January 31, 2022, attributing this decrease to the demerger of its fintech arm, PhonePe, into a separate entity.<o:p></o:p>

Walmart's equity restructuring in Flipkart revealed the company's diluted valuation, further highlighting the impact of the demerger on Flipkart's overall worth. <o:p></o:p>

Despite the decline, sources estimate Flipkart's current valuation to be in the range of $38-40 billion. <o:p></o:p>

The financial manoeuvring by Walmart also involved a dilution of 8 per cent equity in Flipkart in FY 2022, amounting to $3.2 billion, while simultaneously increasing its shareholding to approximately 85 per cent by investing $3.5 billion.<o:p></o:p>

Responding to Walmart's assessment of its valuation, Flipkart dismissed the interpretation as an "appropriate adjustment" and clarified that the demerger of PhonePe had already been factored into its valuation in 2023. <o:p></o:p>

According to a Flipkart spokesperson, the last valuation exercise was conducted in 2021, including PhonePe's valuation within Flipkart's total worth. <o:p></o:p>

Highlighting the growth trajectory, sources from Flipkart emphasised that the enterprise valuation exercise in 2021 included PhonePe's valuation, which has since increased significantly. <o:p></o:p>

PhonePe is now valued at over $12 billion following a substantial fund raise. <o:p></o:p>

Additionally, Flipkart witnessed substantial growth in its Gross Merchandise Value (GMV), ranging between 25-28 per cent year-over-year, totalling $29-30 billion in 2023. <o:p></o:p>

This growth, coupled with nearing profitability, suggests a potential increase in Flipkart's current valuation.<o:p></o:p>

Despite the growth in GMV, Flipkart reported a net loss of Rs 4,846 crore and a consolidated net total income of Rs 56,012.8 crore in FY23. Total expenses for the fiscal year amounted to Rs 60,858 crore. <o:p></o:p>

(With inputs from PTI)<o:p></o:p>

India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart.

India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart. As per the data, Flipkart's valuation dropped by approximately Rs 41,000 crore ($5 billion) from January 2022 to January 2024. The valuation had previously dipped to $35 billion by January 31, 2024, down from $40 billion recorded in the fiscal year ending January 31, 2022, attributing this decrease to the demerger of its fintech arm, PhonePe, into a separate entity. Walmart's equity restructuring in Flipkart revealed the company's diluted valuation, further highlighting the impact of the demerger on Flipkart's overall worth. Despite the decline, sources estimate Flipkart's current valuation to be in the range of $38-40 billion. The financial manoeuvring by Walmart also involved a dilution of 8 per cent equity in Flipkart in FY 2022, amounting to $3.2 billion, while simultaneously increasing its shareholding to approximately 85 per cent by investing $3.5 billion. Responding to Walmart's assessment of its valuation, Flipkart dismissed the interpretation as an "appropriate adjustment" and clarified that the demerger of PhonePe had already been factored into its valuation in 2023. According to a Flipkart spokesperson, the last valuation exercise was conducted in 2021, including PhonePe's valuation within Flipkart's total worth. Highlighting the growth trajectory, sources from Flipkart emphasised that the enterprise valuation exercise in 2021 included PhonePe's valuation, which has since increased significantly. PhonePe is now valued at over $12 billion following a substantial fund raise. Additionally, Flipkart witnessed substantial growth in its Gross Merchandise Value (GMV), ranging between 25-28 per cent year-over-year, totalling $29-30 billion in 2023. This growth, coupled with nearing profitability, suggests a potential increase in Flipkart's current valuation. Despite the growth in GMV, Flipkart reported a net loss of Rs 4,846 crore and a consolidated net total income of Rs 56,012.8 crore in FY23. Total expenses for the fiscal year amounted to Rs 60,858 crore. (With inputs from PTI)

Flipkart's valuation drops by $5 bn in two years, Walmart's equity transactions reveal

<o:p></o:p>

Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday.<o:p></o:p>

According to Reuters, this settlement, described as the fifth-largest in Australia's legal history, marks the culmination of a protracted legal battle initiated in 2019. <o:p></o:p>

The lawsuit, filed on behalf of more than 8,000 taxi and hire car owners and drivers, alleges that Uber's entry into the Australian market resulted in significant financial losses for traditional taxi operators, violating regulatory requirements.<o:p></o:p>

AFP News cited Lead lawyer Michael Donelly from Maurice Blackburn Lawyers, who hailed the settlement as a huge victory for the affected drivers and operators.<o:p></o:p>

"Uber fought tooth and nail at every point along the way, every day, for the five years this has been on foot... but on the courtroom steps... Uber has blinked," AFP News quoted him as saying.<o:p></o:p>

Donelly further highlighted that the settlement provides a measure of redress for the losses incurred by the plaintiffs, who had been denied compensation for years.<o:p></o:p>

According to the lawsuit, Uber's arrival in the Australian market in 2012 disrupted the taxi industry, leading to a decline in revenue for licensed taxi drivers and a depreciation in the value of taxi licenses. <o:p></o:p>

The plaintiffs argued that Uber operated in violation of laws requiring taxis and hire cars to be licensed, giving the company an unfair advantage in the market. <o:p></o:p>

Uber had maintained that it had not knowingly violated any laws.<o:p></o:p>

According to Reuters, former lawmaker and taxi driver Rod Barton, a member of the class action, asserted that Uber had deliberately circumvented Australia's taxi licensing regulations to gain a competitive edge in the market. <o:p></o:p>

"They knew full well they were required to have their drivers and their vehicles fully licenced. They chose not to do that, and they did a lot of things that gave them a commercial advantage against the taxi industry, which established their foothold," he said.<o:p></o:p>

The settlement, he believes, vindicates the claims made by the plaintiffs and underscores the need for accountability in the transportation sector.<o:p></o:p>

The settlement agreement represents a significant development in the ongoing debate surrounding the regulation of ridesharing services in Australia. <o:p></o:p>

With the emergence of platforms like Uber, traditional taxi operators have faced mounting challenges, prompting calls for regulatory reforms to level the playing field.<o:p></o:p>

While Uber has acknowledged the settlement, it refrained from commenting on its size until it receives final approval from the court.<o:p></o:p>

(With inputs from agencies)<o:p></o:p>

Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday.

Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday. According to Reuters, this settlement, described as the fifth-largest in Australia's legal history, marks the culmination of a protracted legal battle initiated in 2019. The lawsuit, filed on behalf of more than 8,000 taxi and hire car owners and drivers, alleges that Uber's entry into the Australian market resulted in significant financial losses for traditional taxi operators, violating regulatory requirements. AFP News cited Lead lawyer Michael Donelly from Maurice Blackburn Lawyers, who hailed the settlement as a huge victory for the affected drivers and operators. "Uber fought tooth and nail at every point along the way, every day, for the five years this has been on foot... but on the courtroom steps... Uber has blinked," AFP News quoted him as saying. Donelly further highlighted that the settlement provides a measure of redress for the losses incurred by the plaintiffs, who had been denied compensation for years. According to the lawsuit, Uber's arrival in the Australian market in 2012 disrupted the taxi industry, leading to a decline in revenue for licensed taxi drivers and a depreciation in the value of taxi licenses. The plaintiffs argued that Uber operated in violation of laws requiring taxis and hire cars to be licensed, giving the company an unfair advantage in the market. Uber had maintained that it had not knowingly violated any laws. According to Reuters, former lawmaker and taxi driver Rod Barton, a member of the class action, asserted that Uber had deliberately circumvented Australia's taxi licensing regulations to gain a competitive edge in the market. "They knew full well they were required to have their drivers and their vehicles fully licenced. They chose not to do that, and they did a lot of things that gave them a commercial advantage against the taxi industry, which established their foothold," he said. The settlement, he believes, vindicates the claims made by the plaintiffs and underscores the need for accountability in the transportation sector. The settlement agreement represents a significant development in the ongoing debate surrounding the regulation of ridesharing services in Australia. With the emergence of platforms like Uber, traditional taxi operators have faced mounting challenges, prompting calls for regulatory reforms to level the playing field. While Uber has acknowledged the settlement, it refrained from commenting on its size until it receives final approval from the court. (With inputs from agencies)

Uber agrees to pay $178 million settlement to Australian taxi drivers: Report

The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country's economy and enhance cooperation to address challenges surrounding migration.<o:p></o:p>

This announcement, made amidst mounting concerns over migration pressures, comes as part of a broader strategy to fortify Egypt's borders and stabilise the region. <o:p></o:p>

According to reports, the agreement was signed in Cairo on Sunday afternoon in the presence of Egyptian President Abdel Fattah el-Sissi, President Ursula von der Leyen of the European Commission, and the leaders of Belgium, Italy, Austria, Cyprus, and Greece. <o:p></o:p>

Prior to the signing ceremony that took place on Sunday afternoon, El-Sissi had separate meetings with von der Leyen and other European leaders.<o:p></o:p>

The deal, although criticised by rights groups for Egypt's human rights record, signifies a deepening of ties between the EU and Egypt, elevating their relationship to a strategic partnership.<o:p></o:p>

Strengthening Ties: The aid package breakdown<o:p></o:p>

The aid package, which includes both grants and loans spanning the next three years, is designed to provide crucial financial assistance to Egypt. <o:p></o:p>

According to a report by Al Jazeera, a summary of the plan published by the EU outlines €5 billion ($5.45 billion) in concessional loans, €1.8 billion ($1.96 billion) in investments, and an additional €600 million ($654 million) in grants, with a portion specifically allocated for managing migration issues. <o:p></o:p>

Strategic Partnership: EU-Egypt collaboration<o:p></o:p>

The EU's mission in Cairo highlighted the elevation of cooperation between the EU and Egypt to a "strategic and comprehensive partnership." <o:p></o:p>

This designation paves the way for expanded collaboration across various economic and non-economic sectors. <o:p></o:p>

The Joint Declaration, signed as part of the agreement, highlights mutual goals such as promoting democracy, fundamental freedoms, human rights, and gender equality. <o:p></o:p>

Additionally, both parties commit to intensifying efforts to address challenges surrounding migration and terrorism.<o:p></o:p>

Addressing Migration Challenges: Border security and regional stability<o:p></o:p>

A significant aspect of the aid package involves supporting Egypt in fortifying its borders, particularly with Libya, a key transit point for migrants fleeing poverty and conflict in Africa and West Asia.<o:p></o:p>

With concerns rising over potential migration pressures stemming from conflicts in neighbouring countries, the EU's assistance aims to enhance Egypt's capacity to manage migration flows effectively. <o:p></o:p>

Moreover, the deal acknowledges Egypt's role in hosting Sudanese refugees, providing support for those who have fled ongoing conflicts in Sudan.<o:p></o:p>

Human Rights Concerns: Criticism and calls for accountability<o:p></o:p>

Despite the economic benefits outlined in the aid package, the deal has faced criticism from international rights groups over Egypt's human rights record. <o:p></o:p>

Organisations such as Amnesty International have urged European leaders to ensure that the Egyptian authorities adhere to clear benchmarks for human rights. <o:p></o:p>

Concerns have been raised regarding restrictions on media and freedom of expression, as well as a crackdown on civil society within Egypt. <o:p></o:p>

While the EU emphasises its commitment to promoting democracy and freedoms, the agreement's focus on migration curbs has drawn scrutiny for potentially overlooking human rights abuses.<o:p></o:p>

The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country's economy and enhance cooperation to address challenges surrounding migration.

The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country's economy and enhance cooperation to address challenges surrounding migration. This announcement, made amidst mounting concerns over migration pressures, comes as part of a broader strategy to fortify Egypt's borders and stabilise the region. According to reports, the agreement was signed in Cairo on Sunday afternoon in the presence of Egyptian President Abdel Fattah el-Sissi, President Ursula von der Leyen of the European Commission, and the leaders of Belgium, Italy, Austria, Cyprus, and Greece. Prior to the signing ceremony that took place on Sunday afternoon, El-Sissi had separate meetings with von der Leyen and other European leaders. The deal, although criticised by rights groups for Egypt's human rights record, signifies a deepening of ties between the EU and Egypt, elevating their relationship to a strategic partnership. Strengthening Ties: The aid package breakdown The aid package, which includes both grants and loans spanning the next three years, is designed to provide crucial financial assistance to Egypt. According to a report by Al Jazeera, a summary of the plan published by the EU outlines €5 billion ($5.45 billion) in concessional loans, €1.8 billion ($1.96 billion) in investments, and an additional €600 million ($654 million) in grants, with a portion specifically allocated for managing migration issues. Strategic Partnership: EU-Egypt collaboration The EU's mission in Cairo highlighted the elevation of cooperation between the EU and Egypt to a "strategic and comprehensive partnership." This designation paves the way for expanded collaboration across various economic and non-economic sectors. The Joint Declaration, signed as part of the agreement, highlights mutual goals such as promoting democracy, fundamental freedoms, human rights, and gender equality. Additionally, both parties commit to intensifying efforts to address challenges surrounding migration and terrorism. Addressing Migration Challenges: Border security and regional stability A significant aspect of the aid package involves supporting Egypt in fortifying its borders, particularly with Libya, a key transit point for migrants fleeing poverty and conflict in Africa and West Asia. With concerns rising over potential migration pressures stemming from conflicts in neighbouring countries, the EU's assistance aims to enhance Egypt's capacity to manage migration flows effectively. Moreover, the deal acknowledges Egypt's role in hosting Sudanese refugees, providing support for those who have fled ongoing conflicts in Sudan. Human Rights Concerns: Criticism and calls for accountability Despite the economic benefits outlined in the aid package, the deal has faced criticism from international rights groups over Egypt's human rights record. Organisations such as Amnesty International have urged European leaders to ensure that the Egyptian authorities adhere to clear benchmarks for human rights. Concerns have been raised regarding restrictions on media and freedom of expression, as well as a crackdown on civil society within Egypt. While the EU emphasises its commitment to promoting democracy and freedoms, the agreement's focus on migration curbs has drawn scrutiny for potentially overlooking human rights abuses.

EU unveils $8 bn aid package for Egypt amid looming concerns over migration

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.9 million). This may make the infant India’s youngest millionaire.

<h2>Youngest millionaire?</h2>

Ekagrah, son of Rohan Murthy and Aparna Krishnan, is now the owner of a 0.04 per cent stake in India’s second-largest IT services company, according to regulatory filings.&nbsp;

Born in November, Ekagrah is Narayana and philanthropist Sudha Murthy’s third grandchild. Their first two grandkids are the two daughters of Akshata Murthy and the UK Prime Minister Rishi Sunak.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/cant-be-selective-supreme-court-directs-sbi-to-share-details-of-all-electoral-bonds-by-march-21-701359">'Can't be selective': Supreme Court directs SBI to share details of all electoral bonds by March 21</a>

After the transaction, Narayana Murthy’s own stake in Infosys decreased from 0.40 per cent to 0.36 per cent amounting to around 15 million shares.

According to the filing, the transfer of shares was conducted “off-market”.&nbsp;

<h2>About Infosys</h2>

NR Narayana Murthy is the founder of Infosys, a company which began with a small investment of $120 (Rs 10,000).

Today it is the second biggest tech company in India.&nbsp;

His wife, author and philanthropist Sudha Murthy, took oath as a member of the Upper House of the Indian Parliament (Rajya Sabha), earlier this month.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/philanthropist-author-sudha-murty-gets-nominated-to-rajya-sabha-pm-modi-hails-nari-shakti-698005">Philanthropist, author Sudha Murty gets nominated to Rajya Sabha; PM Modi hails 'Nari Shakti'</a>

In late 2023, Narayana Murthy’s remark advising the Indian youth to work for 70 hours a week to boost the country’s economy sparked a debate and even backlash. However, earlier this year, he defended his remarks.&nbsp;

“I rationalised it this way. If anybody has performed much better than me in their own field, not necessarily in my field, I would respect, I would call them, and I would say, where do you think I was wrong in saying this? But I didn't find it,” he told CNBC-TV18.&nbsp;

He added, “A lot of my Western friends, a lot of NRIs, and a lot of good people in India called me, and without exception, they were all very happy. They all said whether it is 70 or 60, that's not the issue.”

(With inputs from agencies)

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.

The founder of Infosys, NR Narayana Murthy, gifted his four-month-old grandson, Ekagrah Rohan Murthy, 15,00,000 shares of his tech company which are worth Rs 240 crore ($28.9 million). This may make the infant India’s youngest millionaire. Youngest millionaire? Ekagrah, son of Rohan Murthy and Aparna Krishnan, is now the owner of a 0.04 per cent stake in India’s second-largest IT services company, according to regulatory filings. Born in November, Ekagrah is Narayana and philanthropist Sudha Murthy’s third grandchild. Their first two grandkids are the two daughters of Akshata Murthy and the UK Prime Minister Rishi Sunak. Also Read | 'Can't be selective': Supreme Court directs SBI to share details of all electoral bonds by March 21 After the transaction, Narayana Murthy’s own stake in Infosys decreased from 0.40 per cent to 0.36 per cent amounting to around 15 million shares. According to the filing, the transfer of shares was conducted “off-market”. About Infosys NR Narayana Murthy is the founder of Infosys, a company which began with a small investment of $120 (Rs 10,000). Today it is the second biggest tech company in India. His wife, author and philanthropist Sudha Murthy, took oath as a member of the Upper House of the Indian Parliament (Rajya Sabha), earlier this month. Also Read | Philanthropist, author Sudha Murty gets nominated to Rajya Sabha; PM Modi hails 'Nari Shakti' In late 2023, Narayana Murthy’s remark advising the Indian youth to work for 70 hours a week to boost the country’s economy sparked a debate and even backlash. However, earlier this year, he defended his remarks. “I rationalised it this way. If anybody has performed much better than me in their own field, not necessarily in my field, I would respect, I would call them, and I would say, where do you think I was wrong in saying this? But I didn't find it,” he told CNBC-TV18. He added, “A lot of my Western friends, a lot of NRIs, and a lot of good people in India called me, and without exception, they were all very happy. They all said whether it is 70 or 60, that's not the issue.” (With inputs from agencies)

Four-month-old millionaire? Narayana Murthy gifts grandson Infosys shares worth $28.9 million

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

EU unveils $8 bn aid package for Egypt amid looming concerns over migration<o:p></o:p>

The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country's economy and enhance cooperation to address challenges surrounding migration.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-unveils-8-bn-aid-package-for-egypt-amid-looming-concerns-over-migration-701304">Read more here</a><o:p></o:p>

Uber agrees to pay $178 million settlement to Australian taxi drivers: Report<o:p></o:p>

Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uber-agrees-to-pay-178-million-settlement-to-australian-taxi-drivers-report-701318">Read more here</a><o:p></o:p>

Flipkart's valuation drops by $5 bn in two years, Walmart's equity transactions reveal<o:p></o:p>

India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/flipkarts-valuation-drops-by-5-bn-in-two-years-walmarts-equity-transactions-reveal-701334">Read more here</a><o:p></o:p>

India’s economic growth resembles 2003-07 boom: Morgan Stanley Report<o:p></o:p>

India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-economic-growth-resembles-2003-07-boom-morgan-stanley-report-701338">Read more here</a><o:p></o:p>

Reddit's IPO oversubscribed, set to reach $6.5 billion valuation<o:p></o:p>

Reddit's highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/reddits-ipo-oversubscribed-set-to-reach-65-billion-valuation-701345">Read more here</a><o:p></o:p>

Indian real estate sector poised to surge, projected to reach $1.3 tn by 2034<o:p></o:p>

A report released by the Confederation of Real Estate Developers' Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indian-real-estate-sector-poised-to-surge-projected-to-reach-13-tn-by-2034-701357">Read more here</a><o:p></o:p>

Australia likely to maintain interest rates amid economic slowdown: Report<o:p></o:p>

Australia's Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country's economy faces headwinds amidst rising unemployment and sluggish growth.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/australia-likely-to-maintain-interest-rates-amid-economic-slowdown-report-701370">Read more here</a><o:p></o:p>

TSMC explores advanced chip packaging expansion in Japan<o:p></o:p>

Taiwan's semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan's semiconductor industry.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tsmc-explores-advanced-chip-packaging-expansion-in-japan-701377">Read more here</a><o:p></o:p>

Venture Global LNG expands fleet and navigates challenges in LNG market<o:p></o:p>

Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signalling a significant expansion of its capabilities in selling and shipping its own cargoes.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/venture-global-lng-expands-fleet-and-navigates-challenges-in-lng-market-701406">Read more here</a> <o:p></o:p>

UBS eyes US expansion through wealth management M&amp;A<o:p></o:p>

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ubs-eyes-us-expansion-through-wealth-management-ma-701410">Read more here</a><o:p></o:p>

China's industrial output surges in early 2024, offers relief to policymakers<o:p></o:p>

Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-industrial-output-surges-in-early-2024-offers-relief-to-policymakers-701412">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. EU unveils $8 bn aid package for Egypt amid looming concerns over migration The European Union (EU) has announced an aid package of €7.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. EU unveils $8 bn aid package for Egypt amid looming concerns over migration The European Union (EU) has announced an aid package of €7.4 billion ($8.06 billion) for Egypt, aiming to strengthen the country's economy and enhance cooperation to address challenges surrounding migration. Read more here Uber agrees to pay $178 million settlement to Australian taxi drivers: Report Uber, has reached a landmark settlement agreement to pay A$271.8 million (US$178 million) to resolve a class-action lawsuit brought by Australian taxi operators and drivers on Monday. Read more here Flipkart's valuation drops by $5 bn in two years, Walmart's equity transactions reveal India’s E-commerce giant Flipkart has seen a significant decline in its valuation over the past two years, according to equity transactions disclosed by its parent company, Walmart. Read more here India’s economic growth resembles 2003-07 boom: Morgan Stanley Report India is experiencing an economic surge reminiscent of the golden era between 2003 and 2007, according to a report by Morgan Stanley economists. Read more here Reddit's IPO oversubscribed, set to reach $6.5 billion valuation Reddit's highly anticipated initial public offering (IPO) is generating significant investor interest, with sources revealing that it is currently between four and five times oversubscribed. Read more here Indian real estate sector poised to surge, projected to reach $1.3 tn by 2034 A report released by the Confederation of Real Estate Developers' Association of India (CREDAI) unveiled promising forecasts for the Indian real estate sector, suggesting a remarkable growth trajectory in the coming decades. Read more here Australia likely to maintain interest rates amid economic slowdown: Report Australia's Reserve Bank is anticipated to maintain its interest rates at 4.35 per cent for the third consecutive meeting, according to economists, as the country's economy faces headwinds amidst rising unemployment and sluggish growth. Read more here TSMC explores advanced chip packaging expansion in Japan Taiwan's semiconductor giant, TSMC, is reportedly considering establishing advanced chip packaging capacity in Japan, marking a potentially significant move that could further energise Japan's semiconductor industry. Read more here Venture Global LNG expands fleet and navigates challenges in LNG market Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signalling a significant expansion of its capabilities in selling and shipping its own cargoes. Read more here UBS eyes US expansion through wealth management M&A Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday. Read more here China's industrial output surges in early 2024, offers relief to policymakers Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday. Read more here

WION Business Wrap | EU’s $8 bn package for Egypt, Uber to pay $178 mn to Australian taxi drivers and more

Sam&nbsp;Bankman-Fried&nbsp;should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday.

In November, a jury found&nbsp;Bankman-Fried, 32, guilty on seven counts of fraud and conspiracy. Federal prosecutors in Manhattan said "thousands of everyday people" including residents of war-torn and unstable countries had entrusted their nest eggs to FTX.

"Even now&nbsp;Bankman-Fried&nbsp;refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money."

They are seeking $11 billion in forfeiture, to account for losses FTX's investors and Alameda's lenders suffered as well.

The former billionaire's lawyer Marc Mukasey told US&nbsp;District Judge Lewis Kaplan that a 5-1/4 to 6-1/2 year prison term would be appropriate. They said FTX clients would get most of their money back, and that&nbsp;Bankman-Fried&nbsp;did not set out to steal.

Mark Botnick, a spokesman for&nbsp;Bankman-Fried, said Mukasey would file a response next week to prosecutors' memorandum.

Kaplan is scheduled to sentence&nbsp;Bankman-Fried&nbsp;on March 28 in Manhattan federal court.&nbsp;Bankman-Fried&nbsp;plans to appeal his conviction and sentence.

Bankman-Fried&nbsp;is the son of two Stanford Law School professors. A graduate of the Massachusetts Institute of Technology,&nbsp;Bankman-Fried&nbsp;worked on Wall Street before riding a boom in the values of digital assets such as bitcoin to a net worth Forbes magazine once estimated at $26 billion.

His fortune evaporated in November 2022, when FTX declared bankruptcy after a wave of customer withdrawals.

In their sentencing memorandum, prosecutors pointed to his privileged upbringing and elite education as reasons he should face an especially harsh sentence.

"He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant's own values and sense of superiority," they wrote.

<h2>Politicians return donations</h2>

At his trial, three former close associates testified that&nbsp;Bankman-Fried&nbsp;directed them to loot FTX customer funds to plug losses at his Alameda Research hedge fund, while portraying himself publicly as a responsible steward in the volatile cryptocurrency market.

Prosecutors said&nbsp;Bankman-Fried&nbsp;also used customer funds to buy luxury real estate in the Bahamas and to donate to US&nbsp;politicians who might support cryptocurrency-friendly regulations.

So far, 251 US&nbsp;political candidates and committees have returned to the government some $3.3 million in contributions from&nbsp;Bankman-Fried&nbsp;and other FTX executives, prosecutors said. Democratic President Joe Biden's campaign and the Republican National Committee are among those that have returned funds.

Bankman-Fried&nbsp;testified that he did not realize how much Alameda owed to FTX until shortly before both failed. His trial lasted one month.

In a letter to Kaplan,&nbsp;Bankman-Fried's parents said their son took responsibility for the errors that led to FTX's collapse, and worked hard before his arrest to help recover customers' money.

Bankman-Fried&nbsp;was arrested in December 2022 in the Bahamas, where FTX was based, and extradited to the US.

He has been jailed at Brooklyn's Metropolitan Detention Center since August, when Kaplan revoked his bail after finding that he likely tampered with witnesses.

Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday.

Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. In November, a jury found Bankman-Fried, 32, guilty on seven counts of fraud and conspiracy. Federal prosecutors in Manhattan said "thousands of everyday people" including residents of war-torn and unstable countries had entrusted their nest eggs to FTX. "Even now Bankman-Fried refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money." They are seeking $11 billion in forfeiture, to account for losses FTX's investors and Alameda's lenders suffered as well. The former billionaire's lawyer Marc Mukasey told US District Judge Lewis Kaplan that a 5-1/4 to 6-1/2 year prison term would be appropriate. They said FTX clients would get most of their money back, and that Bankman-Fried did not set out to steal. Mark Botnick, a spokesman for Bankman-Fried, said Mukasey would file a response next week to prosecutors' memorandum. Kaplan is scheduled to sentence Bankman-Fried on March 28 in Manhattan federal court. Bankman-Fried plans to appeal his conviction and sentence. Bankman-Fried is the son of two Stanford Law School professors. A graduate of the Massachusetts Institute of Technology, Bankman-Fried worked on Wall Street before riding a boom in the values of digital assets such as bitcoin to a net worth Forbes magazine once estimated at $26 billion. His fortune evaporated in November 2022, when FTX declared bankruptcy after a wave of customer withdrawals. In their sentencing memorandum, prosecutors pointed to his privileged upbringing and elite education as reasons he should face an especially harsh sentence. "He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant's own values and sense of superiority," they wrote. Politicians return donations At his trial, three former close associates testified that Bankman-Fried directed them to loot FTX customer funds to plug losses at his Alameda Research hedge fund, while portraying himself publicly as a responsible steward in the volatile cryptocurrency market. Prosecutors said Bankman-Fried also used customer funds to buy luxury real estate in the Bahamas and to donate to US politicians who might support cryptocurrency-friendly regulations. So far, 251 US political candidates and committees have returned to the government some $3.3 million in contributions from Bankman-Fried and other FTX executives, prosecutors said. Democratic President Joe Biden's campaign and the Republican National Committee are among those that have returned funds. Bankman-Fried testified that he did not realize how much Alameda owed to FTX until shortly before both failed. His trial lasted one month. In a letter to Kaplan, Bankman-Fried's parents said their son took responsibility for the errors that led to FTX's collapse, and worked hard before his arrest to help recover customers' money. Bankman-Fried was arrested in December 2022 in the Bahamas, where FTX was based, and extradited to the US. He has been jailed at Brooklyn's Metropolitan Detention Center since August, when Kaplan revoked his bail after finding that he likely tampered with witnesses.

Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors tell court

Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday.

This growth rate marks an acceleration from the 6.8 per cent pace observed in December and exceeded expectations, signaling a promising start for the year and providing some relief to policymakers.

The National Bureau of Statistics (NBS) reported that the figure surpassed forecasts from a Reuters poll of analysts, who had anticipated a 5.0 per cent increase.

Retail sales, which serve as a barometer of consumption levels, increased by 5.5 per cent in the first two months of the year, compared to a 7.4 per cent rise in December.

While this growth rate moderated slightly, it still outpaced analysts' expectations, who had forecasted a 5.2 per cent increase.

This suggests that consumer spending remains relatively strong despite the deceleration.

Fixed asset investment, an important gauge of overall economic activity, expanded by 4.2 per cent during the same two-month period compared to the previous year.

This growth rate exceeded expectations for a 3.2 per cent rise and surpassed the 3.0 per cent growth recorded for the entirety of 2023. The data indicates increased investment sentiment and activity in the early months of 2024.

China's housing market shows signs of improvement amid government interventions

China's housing market, which has been grappling with a prolonged downturn, showed signs of tempered decline as the new year commenced, boosted by government interventions aimed at stabilising the sector.

Despite this, analysts remain cautious about prematurely declaring an end to the downturn. National Bureau of Statistics (NBS) data revealed that property investment in China decreased by 9.0 per cent year-on-year in the first two months of 2024, a notable improvement from the 24.0 per cent decline recorded in December 2023.

Property sales also experienced a milder contraction, with sales by floor area registering a 20.5 per cent slide in January-February compared to the previous year, compared to a 23.0 per cent fall in December.

However, official figures from last week indicated that the sector continues to grapple with challenges, as home prices saw a 0.3 per cent month-on-month decline in February, consistent with the trend observed in January.

Nie Wen, an economist at Hwabao Trust, emphasised that despite the slight improvement in property investment, the real estate sector remains on a downward trajectory.

Nie highlighted that developers are still facing challenges with cash flow, indicating that the sector's struggle is far from over.

However, he noted that the phase with the most significant negative impact on the economy may have passed, raising questions about when the sector will reach its bottom.

In response to the housing market's fragility, Chinese authorities have intensified efforts to revitalise the sector following a regulatory crackdown on developer leverage that triggered a liquidity crisis.

In January, the government introduced a "whitelist" mechanism to channel funds from state banks into local property projects deemed justifiable for financing support by city governments.

Additionally, China announced its largest reduction in benchmark mortgage rates last month in a bid to prop up the sector.

Despite these measures, market sentiment remains subdued, with home buying, financing, and construction starts for real estate firms continuing to decline.

Economists at HSBC highlighted the need for further support for the property sector, advocating for policies aimed at removing home purchase restrictions in more cities and directing government support towards boosting public housing supply.

China's economy shows resilience in early 2024 amid structural challenges

China's economy demonstrated resilience at the beginning of 2024, as factory output and retail sales exceeded expectations in the January-February period, offering a positive start for the year and providing some relief to policymakers.

Despite ongoing concerns regarding weakness in the property sector, recent data, including better-than-expected exports and consumer inflation indicators, have bolstered hopes of reaching China's ambitious 5.0 per cent GDP growth target for the year.

According to data released by the National Bureau of Statistics (NBS), industrial output surged by 7.0 per cent in the first two months of the year, surpassing analysts' forecasts and marking the quickest growth in almost two years.

Retail sales, a key indicator of consumption, rose by 5.5 per cent, although this was slightly slower than the increase observed in December.

The eight-day Lunar New Year holiday in February saw a robust return of travel, supporting revenue in the tourism and hospitality sectors and driving a 3 per cent growth in oil refinery throughput to meet increased demand for transport fuels.

According to Reuters, Louise Loo, a China economist at Oxford Economics, cautioned that while the activity data showed stabilisation at the start of the year, there are reasons to believe that some of the strength could be temporary.

Loo highlighted that festivities-related spending during the Lunar New Year may have buoyed consumer sentiment temporarily, but sustaining robust consumer spending throughout the year without decisive consumption-related stimulus measures could be challenging.

Despite the positive economic indicators, China continues to face structural challenges, particularly in its property sector, which remains a significant drag on the economy and confidence.

Goldman Sachs economists emphasised the need for further policy easing, particularly on the demand side, to secure China's ambitious growth target for the year.

They noted that while China's sequential growth momentum remained solid in the first quarter, more policy support, especially in areas such as fiscal stimulus, housing, and consumption, is necessary.

Despite the challenges, there are signs of resilience in certain areas of the economy. Fixed asset investment expanded by 4.2 per cent in the first two months of 2024, surpassing expectations.

Notably, private investment reversed its decline from the previous year, growing by 0.4 per cent during the same period.

Premier Li Qiang and central bank governor Pan Gongsheng have pledged to address structural challenges and implement further measures to stabilise growth.

(With inputs from Reuters)

Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday. This growth rate marks an acceleration from the 6.

Industrial output in China surged by 7.0 per cent year-on-year during the January-February period, as revealed by data released on Monday. This growth rate marks an acceleration from the 6.8 per cent pace observed in December and exceeded expectations, signaling a promising start for the year and providing some relief to policymakers. The National Bureau of Statistics (NBS) reported that the figure surpassed forecasts from a Reuters poll of analysts, who had anticipated a 5.0 per cent increase. Retail sales, which serve as a barometer of consumption levels, increased by 5.5 per cent in the first two months of the year, compared to a 7.4 per cent rise in December. While this growth rate moderated slightly, it still outpaced analysts' expectations, who had forecasted a 5.2 per cent increase. This suggests that consumer spending remains relatively strong despite the deceleration. Fixed asset investment, an important gauge of overall economic activity, expanded by 4.2 per cent during the same two-month period compared to the previous year. This growth rate exceeded expectations for a 3.2 per cent rise and surpassed the 3.0 per cent growth recorded for the entirety of 2023. The data indicates increased investment sentiment and activity in the early months of 2024. China's housing market shows signs of improvement amid government interventions China's housing market, which has been grappling with a prolonged downturn, showed signs of tempered decline as the new year commenced, boosted by government interventions aimed at stabilising the sector. Despite this, analysts remain cautious about prematurely declaring an end to the downturn. National Bureau of Statistics (NBS) data revealed that property investment in China decreased by 9.0 per cent year-on-year in the first two months of 2024, a notable improvement from the 24.0 per cent decline recorded in December 2023. Property sales also experienced a milder contraction, with sales by floor area registering a 20.5 per cent slide in January-February compared to the previous year, compared to a 23.0 per cent fall in December. However, official figures from last week indicated that the sector continues to grapple with challenges, as home prices saw a 0.3 per cent month-on-month decline in February, consistent with the trend observed in January. Nie Wen, an economist at Hwabao Trust, emphasised that despite the slight improvement in property investment, the real estate sector remains on a downward trajectory. Nie highlighted that developers are still facing challenges with cash flow, indicating that the sector's struggle is far from over. However, he noted that the phase with the most significant negative impact on the economy may have passed, raising questions about when the sector will reach its bottom. In response to the housing market's fragility, Chinese authorities have intensified efforts to revitalise the sector following a regulatory crackdown on developer leverage that triggered a liquidity crisis. In January, the government introduced a "whitelist" mechanism to channel funds from state banks into local property projects deemed justifiable for financing support by city governments. Additionally, China announced its largest reduction in benchmark mortgage rates last month in a bid to prop up the sector. Despite these measures, market sentiment remains subdued, with home buying, financing, and construction starts for real estate firms continuing to decline. Economists at HSBC highlighted the need for further support for the property sector, advocating for policies aimed at removing home purchase restrictions in more cities and directing government support towards boosting public housing supply. China's economy shows resilience in early 2024 amid structural challenges China's economy demonstrated resilience at the beginning of 2024, as factory output and retail sales exceeded expectations in the January-February period, offering a positive start for the year and providing some relief to policymakers. Despite ongoing concerns regarding weakness in the property sector, recent data, including better-than-expected exports and consumer inflation indicators, have bolstered hopes of reaching China's ambitious 5.0 per cent GDP growth target for the year. According to data released by the National Bureau of Statistics (NBS), industrial output surged by 7.0 per cent in the first two months of the year, surpassing analysts' forecasts and marking the quickest growth in almost two years. Retail sales, a key indicator of consumption, rose by 5.5 per cent, although this was slightly slower than the increase observed in December. The eight-day Lunar New Year holiday in February saw a robust return of travel, supporting revenue in the tourism and hospitality sectors and driving a 3 per cent growth in oil refinery throughput to meet increased demand for transport fuels. According to Reuters, Louise Loo, a China economist at Oxford Economics, cautioned that while the activity data showed stabilisation at the start of the year, there are reasons to believe that some of the strength could be temporary. Loo highlighted that festivities-related spending during the Lunar New Year may have buoyed consumer sentiment temporarily, but sustaining robust consumer spending throughout the year without decisive consumption-related stimulus measures could be challenging. Despite the positive economic indicators, China continues to face structural challenges, particularly in its property sector, which remains a significant drag on the economy and confidence. Goldman Sachs economists emphasised the need for further policy easing, particularly on the demand side, to secure China's ambitious growth target for the year. They noted that while China's sequential growth momentum remained solid in the first quarter, more policy support, especially in areas such as fiscal stimulus, housing, and consumption, is necessary. Despite the challenges, there are signs of resilience in certain areas of the economy. Fixed asset investment expanded by 4.2 per cent in the first two months of 2024, surpassing expectations. Notably, private investment reversed its decline from the previous year, growing by 0.4 per cent during the same period. Premier Li Qiang and central bank governor Pan Gongsheng have pledged to address structural challenges and implement further measures to stabilise growth. (With inputs from Reuters)

China's industrial output surges in early 2024, offers relief to policymakers

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.

Colm Kelleher stated that UBS, having recently absorbed former rival Credit Suisse, aims to bolster its US wealth-management arm through strategic M&amp;A endeavors within the next three to four years.

Kelleher emphasised that such expansion plans are targeted specifically within the realm of wealth management.

The decision to focus on wealth management comes amidst scrutiny over UBS's substantial balance sheet, which now surpasses $1.6 trillion—nearly double the size of the Swiss economy.

This notable increase in scale has prompted regulatory concerns in Switzerland regarding the oversight of systemically important banks.

Despite calls for UBS to adhere to higher capital requirements in light of its size, Kelleher expressed reservations, suggesting that excessive capitalisation could negatively impact shareholders and customers alike by increasing banking costs.

Following the merger with Credit Suisse, UBS witnessed the return of former CEO Sergio Ermotti for a second stint at the helm.

Kelleher hailed Ermotti as the ideal candidate for the "Herculean task" of integrating Credit Suisse into UBS's operations.

Furthermore, Kelleher indicated a preference for Ermotti's successor to be selected from within UBS, underlining a commitment to internal talent and continuity within the organisation's leadership.

UBS's strategic outlook reflects a proactive approach to navigating the evolving landscape of global banking, particularly in the United States.

With a focus on expanding its wealth-management business and leveraging synergies from the Credit Suisse merger, the bank aims to reinforce its position as a major player in the competitive US financial market.

(With inputs from Reuters)

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday.

Swiss banking powerhouse UBS is eyeing potential merger and acquisition opportunities in the United States in the coming years, according to remarks made by its chairman to the NZZ newspaper on Sunday. Colm Kelleher stated that UBS, having recently absorbed former rival Credit Suisse, aims to bolster its US wealth-management arm through strategic M&A endeavors within the next three to four years. Kelleher emphasised that such expansion plans are targeted specifically within the realm of wealth management. The decision to focus on wealth management comes amidst scrutiny over UBS's substantial balance sheet, which now surpasses $1.6 trillion—nearly double the size of the Swiss economy. This notable increase in scale has prompted regulatory concerns in Switzerland regarding the oversight of systemically important banks. Despite calls for UBS to adhere to higher capital requirements in light of its size, Kelleher expressed reservations, suggesting that excessive capitalisation could negatively impact shareholders and customers alike by increasing banking costs. Following the merger with Credit Suisse, UBS witnessed the return of former CEO Sergio Ermotti for a second stint at the helm. Kelleher hailed Ermotti as the ideal candidate for the "Herculean task" of integrating Credit Suisse into UBS's operations. Furthermore, Kelleher indicated a preference for Ermotti's successor to be selected from within UBS, underlining a commitment to internal talent and continuity within the organisation's leadership. UBS's strategic outlook reflects a proactive approach to navigating the evolving landscape of global banking, particularly in the United States. With a focus on expanding its wealth-management business and leveraging synergies from the Credit Suisse merger, the bank aims to reinforce its position as a major player in the competitive US financial market. (With inputs from Reuters)

UBS eyes US expansion through wealth management M&A

Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signaling a significant expansion of its capabilities in selling and shipping its own cargoes.

The move comes as Venture Global seeks to bolster its position in the LNG market, having already exported hundreds of cargoes since the commencement of liquefying gas for export in 2022 from its facility in Louisiana.

Since its inception, Venture Global has primarily relied on leased vessels from other companies for its shipping needs.

However, the acquisition of these nine vessels, to be built in South Korea with the first expected to be delivered later this year, marks a strategic shift towards greater ownership and control over its logistics operations.

Despite Venture Global's successful shipment of over 250 cargoes from its Calcasieu Pass plant, complaints have arisen from major energy companies holding long-term contracts.

These companies argue that they should have been given the opportunity to purchase these cargoes, prompting arbitration proceedings and regulatory scrutiny.

Addressing concerns about the delayed full commercial operations of the Calcasieu Pass plant due to equipment malfunctions, CEO Mike Sabel reassured reporters that repairs were progressing well. He expressed hope that the commissioning process would be completed by the end of the year.

The inability of the Calcasieu Pass plant to achieve full commercial operation has resulted in significant revenue losses for contracted customers such as BP, Shell, and Repsol.

These companies have raised objections and sought regulatory intervention to ensure transparency in the plant's startup process.

Venture Global's expansion efforts also extend beyond its existing operations in Louisiana. The company has secured a long-term deal for the use of an import terminal in Europe, further solidifying its presence in the global LNG supply chain.

Looking ahead, Venture Global aims to commence production at the second phase of the Calcasieu Pass plant by 2026, pending regulatory approval.

With plans for additional projects, including one in Plaquemines, Louisiana, the company is poised to surpass industry giants like Shell, BP, and Exxon in LNG capacity.

Despite challenges such as the temporary pause on new LNG project approvals by the US government, Venture Global remains optimistic about its future prospects.

CEO Mike Sabel emphasised the company's readiness to explore opportunities for liquefaction facilities outside the US if necessary, while also highlighting the current increase in demand for LNG cargoes from Europe.

Furthermore, Sabel reiterated the company's stance on independence, stating that Venture Global is not seeking mergers or partnerships.

With financial stability and a focus on continued expansion, Venture Global remains steadfast in its pursuit of growth in the LNG market.

(With inputs from Reuters)

Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signaling a significant expansion of its capabilities in selling and shipping its own cargoes.

Venture Global LNG, headquartered in Arlington, Virginia, announced its acquisition of nine liquefied natural gas (LNG) transport vessels on Sunday, signaling a significant expansion of its capabilities in selling and shipping its own cargoes. The move comes as Venture Global seeks to bolster its position in the LNG market, having already exported hundreds of cargoes since the commencement of liquefying gas for export in 2022 from its facility in Louisiana. Since its inception, Venture Global has primarily relied on leased vessels from other companies for its shipping needs. However, the acquisition of these nine vessels, to be built in South Korea with the first expected to be delivered later this year, marks a strategic shift towards greater ownership and control over its logistics operations. Despite Venture Global's successful shipment of over 250 cargoes from its Calcasieu Pass plant, complaints have arisen from major energy companies holding long-term contracts. These companies argue that they should have been given the opportunity to purchase these cargoes, prompting arbitration proceedings and regulatory scrutiny. Addressing concerns about the delayed full commercial operations of the Calcasieu Pass plant due to equipment malfunctions, CEO Mike Sabel reassured reporters that repairs were progressing well. He expressed hope that the commissioning process would be completed by the end of the year. The inability of the Calcasieu Pass plant to achieve full commercial operation has resulted in significant revenue losses for contracted customers such as BP, Shell, and Repsol. These companies have raised objections and sought regulatory intervention to ensure transparency in the plant's startup process. Venture Global's expansion efforts also extend beyond its existing operations in Louisiana. The company has secured a long-term deal for the use of an import terminal in Europe, further solidifying its presence in the global LNG supply chain. Looking ahead, Venture Global aims to commence production at the second phase of the Calcasieu Pass plant by 2026, pending regulatory approval. With plans for additional projects, including one in Plaquemines, Louisiana, the company is poised to surpass industry giants like Shell, BP, and Exxon in LNG capacity. Despite challenges such as the temporary pause on new LNG project approvals by the US government, Venture Global remains optimistic about its future prospects. CEO Mike Sabel emphasised the company's readiness to explore opportunities for liquefaction facilities outside the US if necessary, while also highlighting the current increase in demand for LNG cargoes from Europe. Furthermore, Sabel reiterated the company's stance on independence, stating that Venture Global is not seeking mergers or partnerships. With financial stability and a focus on continued expansion, Venture Global remains steadfast in its pursuit of growth in the LNG market. (With inputs from Reuters)

Venture Global LNG expands fleet and navigates challenges in LNG market

The Indian job market is surging ahead, leaving its global counterparts in the dust. According to a recent ManpowerGroup Employment Outlook Survey, 36 per cent&nbsp;of Indian employers plan to add new staff in the upcoming April-June quarter. This translates to the highest Net Employment Outlook (NEO) – a key indicator of hiring intentions – &nbsp;among 42 surveyed countries, surpassing major economies like the United States and China.

The survey reveals a surge in hiring intentions across various sectors. Healthcare and Life Sciences are at the forefront, with 44 per cent&nbsp;of companies planning to expand their workforce. This aligns perfectly with India's growing focus on healthcare infrastructure and advancements in medical research. The demand for skilled professionals in Communication Services (43 per cent) and Information Technology (41 per cent) remains equally strong.

This positive outlook extends beyond blue-collar jobs and permeates the white-collar sector as well. Naukri's Hiring Outlook Survey reveals that 92 per cent&nbsp;of recruiters anticipate new or replacement hiring in the first half of 2024, signifying a strong demand for skilled professionals.

The tech sector, a cornerstone of the Indian economy, is witnessing an interesting shift. While tech roles remain in high demand, the survey suggests a growing focus on filling such positions within non-tech sectors. This trend highlights the increasing integration of technology across diverse industries, requiring a skilled workforce that can bridge the gap.

The prediction of low attrition rates bolsters the positive hiring sentiment. 75 per cent&nbsp;of recruiters expect attrition to stay below 15 per cent&nbsp;in the first half of 2024. This stability in the workforce can be attributed to a cautious global economic climate, prompting employees to hold onto their jobs for greater security.

With a robust job market and high demand for talent, salary increases are likely on the horizon. A significant 67 per cent&nbsp;of recruiters forecast increments between 5-15 per cent&nbsp;in the upcoming appraisal cycle.

As India continues on this growth trajectory, it will be fascinating to see how this translates into long-term economic prosperity and a skilled workforce that can propel the nation further.

The Indian job market is surging ahead, leaving its global counterparts in the dust. According to a recent ManpowerGroup Employment Outlook Survey, 36 per cent of Indian employers plan to add new staff in the upcoming April-June quarter.

The Indian job market is surging ahead, leaving its global counterparts in the dust. According to a recent ManpowerGroup Employment Outlook Survey, 36 per cent of Indian employers plan to add new staff in the upcoming April-June quarter. This translates to the highest Net Employment Outlook (NEO) – a key indicator of hiring intentions – among 42 surveyed countries, surpassing major economies like the United States and China. The survey reveals a surge in hiring intentions across various sectors. Healthcare and Life Sciences are at the forefront, with 44 per cent of companies planning to expand their workforce. This aligns perfectly with India's growing focus on healthcare infrastructure and advancements in medical research. The demand for skilled professionals in Communication Services (43 per cent) and Information Technology (41 per cent) remains equally strong. This positive outlook extends beyond blue-collar jobs and permeates the white-collar sector as well. Naukri's Hiring Outlook Survey reveals that 92 per cent of recruiters anticipate new or replacement hiring in the first half of 2024, signifying a strong demand for skilled professionals. The tech sector, a cornerstone of the Indian economy, is witnessing an interesting shift. While tech roles remain in high demand, the survey suggests a growing focus on filling such positions within non-tech sectors. This trend highlights the increasing integration of technology across diverse industries, requiring a skilled workforce that can bridge the gap. The prediction of low attrition rates bolsters the positive hiring sentiment. 75 per cent of recruiters expect attrition to stay below 15 per cent in the first half of 2024. This stability in the workforce can be attributed to a cautious global economic climate, prompting employees to hold onto their jobs for greater security. With a robust job market and high demand for talent, salary increases are likely on the horizon. A significant 67 per cent of recruiters forecast increments between 5-15 per cent in the upcoming appraisal cycle. As India continues on this growth trajectory, it will be fascinating to see how this translates into long-term economic prosperity and a skilled workforce that can propel the nation further.

India: A global leader in hiring?

British telecoms giant Vodafone said Friday it has agreed to sell its Italian unit to Swisscom for eight billion euros ($8.7 billion) in a cash deal that was slammed by Switzerland's main political party.

Shares in the two companies jumped following the announcement but the hard-right Swiss People's Party (UDC) said that investing abroad again was "irresponsible in the highest degree" following heavy Swisscom losses in Germany, Hungary and Malaysia.

The UDC said the strategy of the federal government, as Swisscom's main shareholder, should be to "ban foreign adventures".

The government, however, gave its green light for the operation on Friday.

Vodafone, which previously rejected offers from French billionaire Xavier Niel's Iliad group for the unit, has been on a cost-cutting campaign that has included layoffs and the offloading of divisions abroad.

The UK group said it intends to return four billion euros to shareholders following the sales of its Italian and Spanish businesses, which together total 12 billion euros.

Swisscom also said it would reward investors, raising dividends to 26 Swiss francs ($29) payable in 2026, compared to 22 francs in 2023.

Vodafone chief executive Margherita Della Valle said the deal with Swisscom marked the "third and final step in the reshaping of our European operations".

"Going forward, our businesses will be operating in growing telco (telephone company) markets -- where we hold strong positions -- enabling us to deliver predictable, stronger growth in Europe," she said in a statement.

Swisscom said in a separate statement that it would merge Vodafone Italia with its own Italian subsidiary, Fastweb, which it bought in 2007.

"Swisscom's purchase of Vodafone Italy and to merge it with its Italian subsidiary, Fastweb, creates a strong contender in the most challenging telco market in Europe," said Mark Diethelm, an analyst at Vontobel.

The transaction -- which is expected to be completed in the first quarter of 2025 -- will be paid in cash and financed by debt.

"The industrial logic of this merger is very strong," Swisscom CEO Christoph Aeschlimann said. "Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders."

Shares in Vodafone surged more than six percent in London while Swisscom jumped around five percent on the Swiss stock exchange in late afternoon deals.

<h2>Niel rejection</h2>

"Vodafone's Italian business has been struggling, so shedding this weight should help the group refocus," said Sophie Lund-Yates, an analyst at Hargreaves Lansdown.

"Attention will now turn to how effectively Vodafone uses its resources to fix wider challenges, including high debts, costs and some increasing competition," she added.

Vodafone and Swisscom had announced last month that they were in advanced talks for the transaction.

Earlier this year, Vodafone rejected a proposal from Iliad to merge their Italian businesses in a deal valuing Vodafone Italy at 10.45 billion euros.

The British mobile phone operator had already rebuffed an 11.25-billion-euro approach by Iliad and private equity group Apax Partners in February 2022.

Niel has since taken a 2.5-percent stake in Vodafone.

A source close to the matter told AFP last month that Vodafone preferred the Swiss group's offer because of its "significant cash element" and a higher degree of certainty that the deal would be approved by Italian regulators.

Della Valle late last year announced the sale of its Spanish division to investment fund Zegona for up to five billion euros.

It followed her decision to axe 11,000 jobs, or more than 10 percent of Vodafone's global workforce, to slash costs.

Britain's competition regulator, meanwhile, is investigating Vodafone's plan to merge its British mobile phone operations with those of Three UK, owned by Hong Kong-based CK Hutchison.

Vodafone also completed the sale of its Hungarian unit last year.

British telecoms giant Vodafone said Friday it has agreed to sell its Italian unit to Swisscom for eight billion euros ($8.7 billion) in a cash deal that was slammed by Switzerland's main political party.

British telecoms giant Vodafone said Friday it has agreed to sell its Italian unit to Swisscom for eight billion euros ($8.7 billion) in a cash deal that was slammed by Switzerland's main political party. Shares in the two companies jumped following the announcement but the hard-right Swiss People's Party (UDC) said that investing abroad again was "irresponsible in the highest degree" following heavy Swisscom losses in Germany, Hungary and Malaysia. The UDC said the strategy of the federal government, as Swisscom's main shareholder, should be to "ban foreign adventures". The government, however, gave its green light for the operation on Friday. Vodafone, which previously rejected offers from French billionaire Xavier Niel's Iliad group for the unit, has been on a cost-cutting campaign that has included layoffs and the offloading of divisions abroad. The UK group said it intends to return four billion euros to shareholders following the sales of its Italian and Spanish businesses, which together total 12 billion euros. Swisscom also said it would reward investors, raising dividends to 26 Swiss francs ($29) payable in 2026, compared to 22 francs in 2023. Vodafone chief executive Margherita Della Valle said the deal with Swisscom marked the "third and final step in the reshaping of our European operations". "Going forward, our businesses will be operating in growing telco (telephone company) markets -- where we hold strong positions -- enabling us to deliver predictable, stronger growth in Europe," she said in a statement. Swisscom said in a separate statement that it would merge Vodafone Italia with its own Italian subsidiary, Fastweb, which it bought in 2007. "Swisscom's purchase of Vodafone Italy and to merge it with its Italian subsidiary, Fastweb, creates a strong contender in the most challenging telco market in Europe," said Mark Diethelm, an analyst at Vontobel. The transaction -- which is expected to be completed in the first quarter of 2025 -- will be paid in cash and financed by debt. "The industrial logic of this merger is very strong," Swisscom CEO Christoph Aeschlimann said. "Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders." Shares in Vodafone surged more than six percent in London while Swisscom jumped around five percent on the Swiss stock exchange in late afternoon deals. Niel rejection "Vodafone's Italian business has been struggling, so shedding this weight should help the group refocus," said Sophie Lund-Yates, an analyst at Hargreaves Lansdown. "Attention will now turn to how effectively Vodafone uses its resources to fix wider challenges, including high debts, costs and some increasing competition," she added. Vodafone and Swisscom had announced last month that they were in advanced talks for the transaction. Earlier this year, Vodafone rejected a proposal from Iliad to merge their Italian businesses in a deal valuing Vodafone Italy at 10.45 billion euros. The British mobile phone operator had already rebuffed an 11.25-billion-euro approach by Iliad and private equity group Apax Partners in February 2022. Niel has since taken a 2.5-percent stake in Vodafone. A source close to the matter told AFP last month that Vodafone preferred the Swiss group's offer because of its "significant cash element" and a higher degree of certainty that the deal would be approved by Italian regulators. Della Valle late last year announced the sale of its Spanish division to investment fund Zegona for up to five billion euros. It followed her decision to axe 11,000 jobs, or more than 10 percent of Vodafone's global workforce, to slash costs. Britain's competition regulator, meanwhile, is investigating Vodafone's plan to merge its British mobile phone operations with those of Three UK, owned by Hong Kong-based CK Hutchison. Vodafone also completed the sale of its Hungarian unit last year.

Vodafone sells Italian unit to Swisscom, deal angers Swiss hard-right

Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years. <o:p></o:p>

This surge followed the company's announcement of fourth-quarter profits that surpassed market expectations, coupled with an optimistic outlook for the year ahead driven by robust demand for AI servers. <o:p></o:p>

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a 33 per cent increase in net profit for the fourth quarter, indicating a strong performance amidst evolving market dynamics. <o:p></o:p>

Furthermore, the company expressed confidence in achieving substantial revenue growth in the upcoming year.<o:p></o:p>

The bullish sentiment surrounding Foxconn's outlook was echoed by analysts, who highlighted the company's positioning as a major beneficiary of Nvidia's next-generation AI server products. <o:p></o:p>

In a note issued post-earnings briefing, analysts at Daiwa Capital Markets underscored Foxconn's increasing AI server assemblies and racks orders, signifying its pivotal role in meeting the escalating demand for advanced computing infrastructure. <o:p></o:p>

The optimistic projections indicate the potential for profits at Foxconn to surge by 13 per cent to 25 per cent this year compared to a relatively stagnant performance in the previous year. <o:p></o:p>

Amidst broader market fluctuations, Foxconn's stock outperformed.<o:p></o:p>

Despite a marginal 0.5 per cent decline in the broader market, Foxconn's shares experienced a notable upswing, reflecting investor confidence in the company's strategic direction and growth prospects. <o:p></o:p>

The stock reached a peak of T$132.50 in early trading, marking its highest level since March 23, 2021. <o:p></o:p>

With its close ties to industry giants like Apple and its increasing involvement in cutting-edge technologies such as AI servers, Foxconn is well-positioned to capitalise on emerging opportunities in the global electronics market. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years.

Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years. This surge followed the company's announcement of fourth-quarter profits that surpassed market expectations, coupled with an optimistic outlook for the year ahead driven by robust demand for AI servers. Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a 33 per cent increase in net profit for the fourth quarter, indicating a strong performance amidst evolving market dynamics. Furthermore, the company expressed confidence in achieving substantial revenue growth in the upcoming year. The bullish sentiment surrounding Foxconn's outlook was echoed by analysts, who highlighted the company's positioning as a major beneficiary of Nvidia's next-generation AI server products. In a note issued post-earnings briefing, analysts at Daiwa Capital Markets underscored Foxconn's increasing AI server assemblies and racks orders, signifying its pivotal role in meeting the escalating demand for advanced computing infrastructure. The optimistic projections indicate the potential for profits at Foxconn to surge by 13 per cent to 25 per cent this year compared to a relatively stagnant performance in the previous year. Amidst broader market fluctuations, Foxconn's stock outperformed. Despite a marginal 0.5 per cent decline in the broader market, Foxconn's shares experienced a notable upswing, reflecting investor confidence in the company's strategic direction and growth prospects. The stock reached a peak of T$132.50 in early trading, marking its highest level since March 23, 2021. With its close ties to industry giants like Apple and its increasing involvement in cutting-edge technologies such as AI servers, Foxconn is well-positioned to capitalise on emerging opportunities in the global electronics market. (With inputs from Reuters)

Foxconn stock soars 9.5 pc as Q4 profits exceed expectations amid strong AI server demand

Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority. <o:p></o:p>

This move comes as Paytm's banking arm faces imminent closure due to regulatory non-compliance, posing concerns about the continuity of its services. <o:p></o:p>

The license enables Paytm to ensure uninterrupted payments for its customers through India's Unified Payment Interface (UPI) even after the cessation of its banking operations.<o:p></o:p>

Under this arrangement, Axis Bank, HDFC Bank, State Bank of India, and Yes Bank will serve as payment system provider banks for Paytm, as confirmed by the National Payments Corporation of India (NPCI). <o:p></o:p>

Furthermore, Yes Bank will take on the additional role of a merchant acquiring bank for both existing and new UPI merchants affiliated with Paytm. <o:p></o:p>

The NPCI has directed Paytm to swiftly migrate all existing handles and mandates to the designated payment system provider banks to ensure a seamless transition for its users. <o:p></o:p>

The significance of this development is indicated by the growing prominence of UPI as India's preferred real-time payments system. <o:p></o:p>

Despite facing a decline in transaction volume and value from January to February, Paytm remains the third-largest app for UPI payments in the country. <o:p></o:p>

In February alone, Paytm processed a staggering 1.41 billion transactions, amounting to a total value of 1.65 trillion rupees. <o:p></o:p>

However, this marked a decrease from January's figures of 1.57 billion transactions worth 1.93 trillion rupees. <o:p></o:p>

PhonePe and Google Pay retain their positions as the top two UPI payment apps in India.<o:p></o:p>

The journey towards obtaining the third-party application provider license has been fraught with regulatory scrutiny. <o:p></o:p>

Last month, the Reserve Bank of India (RBI) instructed the NPCI to review Paytm's request for this license diligently. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority.

Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority. This move comes as Paytm's banking arm faces imminent closure due to regulatory non-compliance, posing concerns about the continuity of its services. The license enables Paytm to ensure uninterrupted payments for its customers through India's Unified Payment Interface (UPI) even after the cessation of its banking operations. Under this arrangement, Axis Bank, HDFC Bank, State Bank of India, and Yes Bank will serve as payment system provider banks for Paytm, as confirmed by the National Payments Corporation of India (NPCI). Furthermore, Yes Bank will take on the additional role of a merchant acquiring bank for both existing and new UPI merchants affiliated with Paytm. The NPCI has directed Paytm to swiftly migrate all existing handles and mandates to the designated payment system provider banks to ensure a seamless transition for its users. The significance of this development is indicated by the growing prominence of UPI as India's preferred real-time payments system. Despite facing a decline in transaction volume and value from January to February, Paytm remains the third-largest app for UPI payments in the country. In February alone, Paytm processed a staggering 1.41 billion transactions, amounting to a total value of 1.65 trillion rupees. However, this marked a decrease from January's figures of 1.57 billion transactions worth 1.93 trillion rupees. PhonePe and Google Pay retain their positions as the top two UPI payment apps in India. The journey towards obtaining the third-party application provider license has been fraught with regulatory scrutiny. Last month, the Reserve Bank of India (RBI) instructed the NPCI to review Paytm's request for this license diligently. (With inputs from Reuters)

Paytm secures third-party app license to sustain UPI payments: Report

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. <o:p></o:p>

Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. <o:p></o:p>

The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority.<o:p></o:p>

Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. <o:p></o:p>

While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. <o:p></o:p>

Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies.<o:p></o:p>

Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. <o:p></o:p>

Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. <o:p></o:p>

According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil.<o:p></o:p>

Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. <o:p></o:p>

Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. <o:p></o:p>

With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain.<o:p></o:p>

The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. <o:p></o:p>

While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. <o:p></o:p>

(With inputs from Reuters and Bloomberg)<o:p></o:p>

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges.

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. Despite Milei's minority presence in Congress, his decree, encompassing over 600 articles and spanning from privatisations to labour reforms, failed to secure approval in the Senate, with a vote count of 42 against to 25 in favour, along with four abstentions. The fate of the decree now hinges on the decision of Argentina's lower house, where Milei's party also holds a minority. Milei's shock treatment approach, initiated shortly after assuming office in December, sought to tackle Argentina's entrenched economic issues head-on, including a drastic devaluation of the local peso by over 50 per cent. While these measures aimed to address fiscal and trade imbalances, they also aggravated the hardships faced by the population. Notably, the country witnessed an annual inflation rate of 276 per cent last month, coupled with poverty levels soaring to 57 per cent of the population, underscoring the profound socio-economic impact of Milei's policies. Thursday's legislative defeat marks the second setback for Milei, following the previous month's rejection of a broader reform package. Despite attempts to garner support through a trimmed-down version of the decree, which excludes the privatisation of YPF SA and introduces alterations to emergency powers and pension calculations, Milei's revised approach faces mounting opposition. According to Bloomberg, the Senate's decision reflects a growing apprehension among lawmakers and investors regarding Milei's legislative strategy amid escalating economic turmoil. Opposition lawmakers, particularly from the Peronist party, exerted pressure on Vice President Victoria Villarruel to expedite the vote on the decree since January, culminating in its rejection in the Senate. Despite the government's condemnation of the rushed proceedings, citing concerns over unilateral decisions by certain political groups, the momentum against Milei's decree proved challenging. With Milei's party holding a minority presence in both legislative chambers, the path forward for his economic reforms remains uncertain. The unravelling of Milei's economic decree indicates the complexities of implementing radical reforms in Argentina's volatile political and economic landscape. While Milei's unorthodox approach garnered attention for its audacity, the resistance from lawmakers and uncertainties surrounding its efficacy have heightened anxieties among investors and citizens alike. (With inputs from Reuters and Bloomberg)

Argentina Senate deals blow to Milei's economic decree. Here’s what happened

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry.

Analysts said the move was aimed at catching up with Chinese competitors who have stolen a march in EVs while Japanese firms have lost ground by focusing more on hybrid vehicles.

"We are not competing only with the traditional car makers, but also with new players... with innovative products and new business models" as well as "overwhelming price competitiveness and amazing speed," said Nissan CEO Makoto Uchida.

"We cannot win the competition as long as we stick to conventional wisdom and traditional approach," he told a joint news conference announcing a feasibility study of the partnership.The scope includes automotive software platforms, core components related to EVs, and complementary products, the companies said.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-panic-breaks-out-in-new-york-subway-after-man-shoots-another-passenger-in-head-700435">US: Panic breaks out in New York subway after man shoots another passenger in head</a>

Media reports said the partnership could include joint development of a common EV powertrain -- a so-called e-axle -- and joint procurement of batteries.

Honda CEO Toshihiro Mibe said that there was a "once-in-a-century transformation in the automotive industry".

"Our study criteria will be whether the synergy of the technologies and knowledge that our companies have cultivated will enable us to become industry leaders by creating new value for the automotive industry," he said.

<h2>Rising EV sales</h2>

Hybrids that combine battery power and internal combustion engines have proved enduringly popular in Japan, accounting for 40 percent of sales in 2022.

But Japanese firms' focus on hybrids has left them in the slow lane in meeting the growing appetite for purely electric vehicles.

Also Read |&nbsp;<a href="https://www.wionews.com/world/sixty-migrants-feared-drowned-crossing-mediterranean-from-libya-700420">Sixty migrants feared drowned crossing Mediterranean from Libya</a>

Just 1.7 percent of cars sold in Japan in 2022 were electric -- compared to 15 percent in western Europe and 5.3 percent in the United States.

EVs accounted for as much as 20 percent of new cars sold in China in 2022, and the strength of Chinese auto firms helped the country overtake Japan as the world's biggest auto exporter last year.

Honda and Nissan are even considering cutting production capacity in China as sales decline, according to media reports.

"Both of the companies are not at a high-enough scale to create enough profit margins... so they are actually under pressure to find a partnership," said Chris Redl, an auto analyst in Japan.

Watch |&nbsp;<a href="https://www.wionews.com/videos/us-imposes-sanctions-on-israeli-settlers-australia-to-resume-unrwa-funding-700442">US imposes sanctions on Israeli settlers | Australia to resume UNRWA funding</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-imposes-sanctions-on-israeli-settlers-australia-to-resume-unrwa-funding-700442/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"Even though they were very fierce rivals historically, it makes more sense for Nissan to get together with a Japanese company like Honda, rather than having these cultural wars with an alliance partner like Renault" of France, he said.

Nissan and Renault were in a major alliance but after years of tensions -- including Japan's arrest of Nissan boss Carlos Ghosn in 2018 -- the two companies are now "rebalancing" their ties.

Honda in October scrapped a tie-up aimed at making "affordable" EVs with US giant General Motors although the two firms are aiming to deploy self-driving taxis in Tokyo from 2026. 
&nbsp;

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry.

Japanese arch-rivals Nissan and Honda said Friday they were exploring a strategic partnership in electric vehicles to face up to a "once-in-a-century" upheaval in the car industry. Analysts said the move was aimed at catching up with Chinese competitors who have stolen a march in EVs while Japanese firms have lost ground by focusing more on hybrid vehicles. "We are not competing only with the traditional car makers, but also with new players... with innovative products and new business models" as well as "overwhelming price competitiveness and amazing speed," said Nissan CEO Makoto Uchida. "We cannot win the competition as long as we stick to conventional wisdom and traditional approach," he told a joint news conference announcing a feasibility study of the partnership.The scope includes automotive software platforms, core components related to EVs, and complementary products, the companies said. Also Read | US: Panic breaks out in New York subway after man shoots another passenger in head Media reports said the partnership could include joint development of a common EV powertrain -- a so-called e-axle -- and joint procurement of batteries. Honda CEO Toshihiro Mibe said that there was a "once-in-a-century transformation in the automotive industry". "Our study criteria will be whether the synergy of the technologies and knowledge that our companies have cultivated will enable us to become industry leaders by creating new value for the automotive industry," he said. Rising EV sales Hybrids that combine battery power and internal combustion engines have proved enduringly popular in Japan, accounting for 40 percent of sales in 2022. But Japanese firms' focus on hybrids has left them in the slow lane in meeting the growing appetite for purely electric vehicles. Also Read | Sixty migrants feared drowned crossing Mediterranean from Libya Just 1.7 percent of cars sold in Japan in 2022 were electric -- compared to 15 percent in western Europe and 5.3 percent in the United States. EVs accounted for as much as 20 percent of new cars sold in China in 2022, and the strength of Chinese auto firms helped the country overtake Japan as the world's biggest auto exporter last year. Honda and Nissan are even considering cutting production capacity in China as sales decline, according to media reports. "Both of the companies are not at a high-enough scale to create enough profit margins... so they are actually under pressure to find a partnership," said Chris Redl, an auto analyst in Japan. Watch | US imposes sanctions on Israeli settlers | Australia to resume UNRWA funding × "Even though they were very fierce rivals historically, it makes more sense for Nissan to get together with a Japanese company like Honda, rather than having these cultural wars with an alliance partner like Renault" of France, he said. Nissan and Renault were in a major alliance but after years of tensions -- including Japan's arrest of Nissan boss Carlos Ghosn in 2018 -- the two companies are now "rebalancing" their ties. Honda in October scrapped a tie-up aimed at making "affordable" EVs with US giant General Motors although the two firms are aiming to deploy self-driving taxis in Tokyo from 2026.

Auto rivals Nissan, Honda explore partnership in electric vehicles

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected last year.

<a href="https://www.wionews.com/business-economy/corporate-salary-hike-in-india-set-to-average-9-pc-in-2024-deloitte-reports-700286 ">Read more here</a>

Hedge fund manager faces arrest over alleged misappropriation of $533 mn from Byju's&nbsp;

A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors.

<a href="https://www.wionews.com/business-economy/hedge-fund-manager-faces-arrest-over-alleged-misappropriation-of-533-mn-from-byjus-700292 ">Read more here</a>

Paytm secures third-party app license to sustain UPI payments: Report&nbsp;

Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority.

<a href="https://www.wionews.com/business-economy/paytm-secures-third-party-app-license-to-sustain-upi-payments-report-700303 ">Read more here</a>

Argentina Senate deals blow to Milei's economic decree. Here’s what happened&nbsp;

Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges.

<a href="https://www.wionews.com/business-economy/argentina-senate-deals-blow-to-mileis-economic-decree-heres-what-happened-700313 ">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

China's housing market shows signs of stabilisation as policy support intensifies&nbsp;

China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector.

<a href="https://www.wionews.com/business-economy/chinas-housing-market-shows-signs-of-stabilisation-as-policy-support-intensifies-700324 ">Read more here</a>

Foxconn stock soars 9.5 pc as Q4 profits exceed expectations amid strong AI server demand&nbsp;

Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years.

<a href="https://www.wionews.com/business-economy/foxconn-stock-soars-95-pc-as-q4-profits-exceed-expectations-amid-strong-ai-server-demand-700334 ">Read more here</a>

India climbs in global human development index. Check rank here&nbsp;

India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP).

<a href="https://www.wionews.com/business-economy/india-climbs-in-global-human-development-index-check-rank-here-700353">Read more here</a>

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected last year. Read more here Hedge fund manager faces arrest over alleged misappropriation of $533 mn from Byju's A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors. Read more here Paytm secures third-party app license to sustain UPI payments: Report Indian digital payments giant Paytm, also known as One 97 Communications, has been granted a third-party application provider license by India's payments authority. Read more here Argentina Senate deals blow to Milei's economic decree. Here’s what happened Argentina's Senate dealt a significant blow to President Javier Milei's ambitious economic agenda by rejecting his extensive "mega decree" of reforms, signalling a setback for his efforts to address the country's economic challenges. Read more here WION's Business Desk brings you this daily round up of global stories from the world of business and economy. China's housing market shows signs of stabilisation as policy support intensifies China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector. Read more here Foxconn stock soars 9.5 pc as Q4 profits exceed expectations amid strong AI server demand Foxconn, a prominent supplier to tech giant Apple, witnessed a remarkable surge in its stock price, jumping as much as 9.5 per cent to its highest level in three years. Read more here India climbs in global human development index. Check rank here India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP). Read more here

WION Business Wrap | China's property crisis, India's rise in HDI and more

China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector. <o:p></o:p>

A Bloomberg report cited data from the National Bureau of Statistics that indicated, new-home prices in 70 cities, excluding state-subsidised housing, dipped by 0.36 per cent last month. <o:p></o:p>

This highlights a marginal improvement from the 0.37 per cent decline recorded in January. <o:p></o:p>

Similarly, the second-hand market witnessed a narrowing of price drops to 0.62 per cent from 0.68 per cent. <o:p></o:p>

These developments suggest a gradual easing of the downward pressure on home prices, albeit amid ongoing challenges.<o:p></o:p>

The significance of arresting the slump in property values cannot be overstated, as plummeting sales exacerbate liquidity concerns for developers, hindering their ability to meet debt obligations. <o:p></o:p>

The liquidity crunch has intensified, with major developers like China Vanke Co. facing heightened default risks. <o:p></o:p>

Against this backdrop, Chinese authorities have intensified efforts to strengthen the housing market by encouraging banks to extend financing to developers and granting local governments flexibility in implementing homebuyer-friendly policies.<o:p></o:p>

Despite these interventions, new-home sales plummeted by a staggering 60 per cent last month compared to a year earlier.<o:p></o:p>

Acknowledging the severity of the situation, China's housing minister noted the critical task of stabilising the market, particularly in addressing capital-related issues. <o:p></o:p>

Concerns over developers' financial health have escalated, with companies like Country Garden Holdings Co. facing liquidation petitions and China Evergrande Group grappling with winding up orders. <o:p></o:p>

Policymakers have exerted pressure on banks to ramp up property loans through "white lists" to facilitate project completion amid developer struggles. <o:p></o:p>

By the end of February, state-owned lenders had approved over 200 billion yuan ($28 billion) of bank loans for eligible property projects, signalling an intensified effort to buoy the sector.<o:p></o:p>

Amid the evolving landscape, homebuyers have increasingly turned to the second-hand market, attracted by falling prices and uncertainties surrounding the delivery timelines of new properties. <o:p></o:p>

This shift has led to existing home sales surpassing new properties by area for the first time last year, indicating changing consumer preferences amidst market dynamics. While these developments offer some respite, analysts caution that sustained recovery hinges on robust policy interventions. <o:p></o:p>

With the central government granting local officials greater autonomy, there are expectations for more adjustments to rules and regulations to stabilise the housing market. <o:p></o:p>

Some tier-2 cities have already taken steps to ease home-buying restrictions, fuelling optimism for broader policy reforms across larger urban centres.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector. A Bloomberg report cited data from the National Bureau of Statistics that indicated, new-home prices in 70 cities, excluding state-subsidised housing, dipped by 0.

China's new home-price declines moderated slightly in February, reflecting that increased policy support measures is failing to stabilise the sector. A Bloomberg report cited data from the National Bureau of Statistics that indicated, new-home prices in 70 cities, excluding state-subsidised housing, dipped by 0.36 per cent last month. This highlights a marginal improvement from the 0.37 per cent decline recorded in January. Similarly, the second-hand market witnessed a narrowing of price drops to 0.62 per cent from 0.68 per cent. These developments suggest a gradual easing of the downward pressure on home prices, albeit amid ongoing challenges. The significance of arresting the slump in property values cannot be overstated, as plummeting sales exacerbate liquidity concerns for developers, hindering their ability to meet debt obligations. The liquidity crunch has intensified, with major developers like China Vanke Co. facing heightened default risks. Against this backdrop, Chinese authorities have intensified efforts to strengthen the housing market by encouraging banks to extend financing to developers and granting local governments flexibility in implementing homebuyer-friendly policies. Despite these interventions, new-home sales plummeted by a staggering 60 per cent last month compared to a year earlier. Acknowledging the severity of the situation, China's housing minister noted the critical task of stabilising the market, particularly in addressing capital-related issues. Concerns over developers' financial health have escalated, with companies like Country Garden Holdings Co. facing liquidation petitions and China Evergrande Group grappling with winding up orders. Policymakers have exerted pressure on banks to ramp up property loans through "white lists" to facilitate project completion amid developer struggles. By the end of February, state-owned lenders had approved over 200 billion yuan ($28 billion) of bank loans for eligible property projects, signalling an intensified effort to buoy the sector. Amid the evolving landscape, homebuyers have increasingly turned to the second-hand market, attracted by falling prices and uncertainties surrounding the delivery timelines of new properties. This shift has led to existing home sales surpassing new properties by area for the first time last year, indicating changing consumer preferences amidst market dynamics. While these developments offer some respite, analysts caution that sustained recovery hinges on robust policy interventions. With the central government granting local officials greater autonomy, there are expectations for more adjustments to rules and regulations to stabilise the housing market. Some tier-2 cities have already taken steps to ease home-buying restrictions, fuelling optimism for broader policy reforms across larger urban centres. (With inputs from Bloomberg)

China's housing market shows signs of stabilisation as policy support intensifies

India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP).

Despite grappling with the multifaceted challenges posed by the COVID-19 pandemic and other global crises, India's HDI value surged to 0.644 in 2022, positioning it 134th out of 193 countries worldwide.

Key indicators on the rise

The HDR sheds light on India's commendable progress across crucial HDI indicators.

Life expectancy at birth has risen to 67.7 years, reflecting an enhancement in healthcare accessibility and quality.

Additionally, expected years of schooling and mean years of schooling have seen positive growth, reaching 12.6 and 6.57, respectively.

Moreover, there has been a substantial increase in Gross National Income (GNI) per capita, climbing from $6,542 to $6,951.

Recognising efforts&nbsp;for&nbsp;gender equality

India's endeavours in reducing gender inequality have garnered recognition in the HDR. With a Gender Inequality Index (GII) value of 0.437, India surpasses both the global and South Asian averages.

Acknowledging India's progress, Caitlin Wiesen, Resident Representative of UNDP India, said, "India has shown remarkable progress in human development over the years."&nbsp;

However, challenges persist, particularly concerning gender disparities in labour force participation, where a large gap of 47.8 percentage points exists between men and women.

Global trends and persistent inequalities

While India celebrates its progress, the HDR unveils concerning global trends, notably the resurgence of inequality.

After two decades of convergence, the gap between the wealthiest and poorest nations has begun widening since 2020.

This inequality is aggravated by economic concentration, with a handful of countries dominating global trade.

India, along with the rest of South Asia, faces losses in HDI due to inequality, highlighting the urgency for targeted interventions to address disparities.

Urgent call for collective action

Achim Steiner, Administrator of the UNDP, stressed the importance&nbsp;of collective action to break the current gridlock in global development.

"The failure of collective action to advance action on climate change, digitalisation, poverty, and inequality not only hinders human development but also worsens polarisation and further erodes trust in people and institutions worldwide," he said.

The HDR proposes immediate action in areas such as climate stability, digital equity, and innovative financial mechanisms to reignite a commitment to a shared future.

India's role as a global leader

India's proactive engagement in fostering global cooperation is lauded in the HDR.

From championing the Sustainable Development Goals (SDGs) during its G20 Presidency to initiatives like vaccine diplomacy amid the pandemic, India has showcased leadership in advancing international collaboration for global public goods.

"India is already a frontrunner in utilising Digital Public Infrastructure (DPI) to increase citizens' access to essential services", Wiesen said, highlighting India's potential to shape agile, global responses to emerging challenges.

India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP).

India's latest position in the Human Development Index (HDI) reveals a promising trajectory, as outlined in the 2023-24 Human Development Report (HDR) by the United Nations Development Programme (UNDP). Despite grappling with the multifaceted challenges posed by the COVID-19 pandemic and other global crises, India's HDI value surged to 0.644 in 2022, positioning it 134th out of 193 countries worldwide. Key indicators on the rise The HDR sheds light on India's commendable progress across crucial HDI indicators. Life expectancy at birth has risen to 67.7 years, reflecting an enhancement in healthcare accessibility and quality. Additionally, expected years of schooling and mean years of schooling have seen positive growth, reaching 12.6 and 6.57, respectively. Moreover, there has been a substantial increase in Gross National Income (GNI) per capita, climbing from $6,542 to $6,951. Recognising efforts for gender equality India's endeavours in reducing gender inequality have garnered recognition in the HDR. With a Gender Inequality Index (GII) value of 0.437, India surpasses both the global and South Asian averages. Acknowledging India's progress, Caitlin Wiesen, Resident Representative of UNDP India, said, "India has shown remarkable progress in human development over the years." However, challenges persist, particularly concerning gender disparities in labour force participation, where a large gap of 47.8 percentage points exists between men and women. Global trends and persistent inequalities While India celebrates its progress, the HDR unveils concerning global trends, notably the resurgence of inequality. After two decades of convergence, the gap between the wealthiest and poorest nations has begun widening since 2020. This inequality is aggravated by economic concentration, with a handful of countries dominating global trade. India, along with the rest of South Asia, faces losses in HDI due to inequality, highlighting the urgency for targeted interventions to address disparities. Urgent call for collective action Achim Steiner, Administrator of the UNDP, stressed the importance of collective action to break the current gridlock in global development. "The failure of collective action to advance action on climate change, digitalisation, poverty, and inequality not only hinders human development but also worsens polarisation and further erodes trust in people and institutions worldwide," he said. The HDR proposes immediate action in areas such as climate stability, digital equity, and innovative financial mechanisms to reignite a commitment to a shared future. India's role as a global leader India's proactive engagement in fostering global cooperation is lauded in the HDR. From championing the Sustainable Development Goals (SDGs) during its G20 Presidency to initiatives like vaccine diplomacy amid the pandemic, India has showcased leadership in advancing international collaboration for global public goods. "India is already a frontrunner in utilising Digital Public Infrastructure (DPI) to increase citizens' access to essential services", Wiesen said, highlighting India's potential to shape agile, global responses to emerging challenges.

India climbs in global Human Development Index. Check rank here

A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton amidst allegations for&nbsp;reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors. <o:p></o:p>

According to court documents filed by Byju's Alpha, a subsidiary controlled by Byju's lenders, the start-up defaulted on $1.2 billion in debt, prompting its US bankruptcy filing in February. <o:p></o:p>

During efforts to recoup losses, lenders unearthed sizable transfers to Morton's hedge fund, Camshaft Capital, raising eyebrows over the nature of these transactions.<o:p></o:p>

Judge Dorsey, presiding over the case, had summoned Morton to elucidate the whereabouts of the funds. <o:p></o:p>

Despite claiming to be incapacitated and overseas, Morton's failure to provide evidence or contact details prompted scepticism from the court. <o:p></o:p>

Dorsey, unconvinced by Morton's assertions, remarked, "Given his absolute contempt for this court, I don't believe him." <o:p></o:p>

Consequently, Dorsey issued a warrant for Morton's arrest and imposed a daily fine of $10,000 on him and Camshaft until compliance with court directives regarding the investigation into the missing funds is achieved.<o:p></o:p>

Morton's purported involvement in the affair has raised significant questions. <o:p></o:p>

Byju's lenders, in their legal action against Morton and Camshaft, highlight the lack of rationale behind funnelling huge sums to Morton, particularly given his limited experience and the apparent absence of credible business operations at Camshaft. <o:p></o:p>

Describing Morton, who is in his mid-twenties, as lacking the requisite qualifications to manage a hedge fund, lenders note the opacity surrounding Camshaft's activities, revealing its primary business address to be an International House of Pancakes in Miami, casting doubt on its legitimacy.<o:p></o:p>

Byju's, once a pinnacle of success in the ed-tech sector with a valuation of $22 billion under its former parent company, Think &amp; Learn Private Ltd, now finds itself embroiled in this financial complication.

<o:p>What are the updates?</o:p>

A press release circulated on Friday signalled legal victory for the ad hoc group of term loan lenders of Byju’s.&nbsp;

The United States Bankruptcy Court for the District of Delaware has issued a preliminary injunction in favour of Byju’s Alpha,&nbsp;Inc against several defendants including Riju Ravindran, Inspilearn LLC, and Camshaft Capital Fund, LP and its affiliates. 

This ruling halts any further movement or utilisation of $533 million, rightfully owed to the lenders.<o:p></o:p>

The court also found Byju Raveendran and Divya Gokulnath to be collaborating with the defendants and instructed them to adhere to the court's directive.<o:p></o:p>

According to the Order, the defendants are prohibited from transferring or utilising the $533 million in loan proceeds previously held by Camshaft Capital Fund, LP, and subsequently moved to an undisclosed offshore trust.<o:p></o:p>

Judge Dorsey,&nbsp;expressed strong condemnation towards the defendants' actions, labelling the transfer of funds and subsequent concealment as potentially fraudulent. 

"The fact that the parent company is attempting to hide where the assets are is huge. It shows that they are engaged in what appears to be a potential fraud," Judge Dorsey commented during the proceedings.<o:p></o:p>

Additionally, a warrant has been issued for the arrest of William Morton, founder of Camshaft Capital Fund, LP, who absconded the country before the hearing. 

Morton's refusal to cooperate and provide requested information regarding the funds led to the court ordering his arrest and imposing a fine until compliance is achieved.<o:p></o:p>

"I'm still very upset about the fact that (the Defendants)&nbsp;are obfuscating where this money is. And they are trying every trick in the book to be able to say, ‘we don't know, this guy doesn’t know, that guy doesn’t know, we don’t know where it is, we can’t tell you,’ and I'm tired of it," remarked Judge Dorsey.<o:p></o:p>

The SteerCo, representing the term loan lenders, highlighted the court's ruling in their pursuit of recovering the missing funds. 

"There should be no doubt that Byju is not the victim he purports to be, but rather the architect of a scheme that has vaporised tens of billions of dollars in value in what was once a great Indian company," stated the SteerCo in a released statement.<o:p></o:p>

The case dates back to 2021 when Byju’s Alpha, Inc&nbsp;was established to receive proceeds of the term loan. 

Subsequent transfers of funds orchestrated by Riju Ravindran, including a transfer to Camshaft Capital Fund, LP, and later to Inspilearn LLC, have raised suspicions of fraudulent activities.<o:p></o:p>

Despite court orders, neither the defendants nor Byju Raveendran and Divya Gokulnath have provided any specific information regarding the whereabouts of the funds.

(With inputs from Reuters)<o:p></o:p>

A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton amidst allegations for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors.

A US bankruptcy judge ordered the arrest of hedge fund manager William Cameron Morton amidst allegations for reportedly aiding Indian ed-tech startup Byju's in concealing $533 million from its creditors. According to court documents filed by Byju's Alpha, a subsidiary controlled by Byju's lenders, the start-up defaulted on $1.2 billion in debt, prompting its US bankruptcy filing in February. During efforts to recoup losses, lenders unearthed sizable transfers to Morton's hedge fund, Camshaft Capital, raising eyebrows over the nature of these transactions. Judge Dorsey, presiding over the case, had summoned Morton to elucidate the whereabouts of the funds. Despite claiming to be incapacitated and overseas, Morton's failure to provide evidence or contact details prompted scepticism from the court. Dorsey, unconvinced by Morton's assertions, remarked, "Given his absolute contempt for this court, I don't believe him." Consequently, Dorsey issued a warrant for Morton's arrest and imposed a daily fine of $10,000 on him and Camshaft until compliance with court directives regarding the investigation into the missing funds is achieved. Morton's purported involvement in the affair has raised significant questions. Byju's lenders, in their legal action against Morton and Camshaft, highlight the lack of rationale behind funnelling huge sums to Morton, particularly given his limited experience and the apparent absence of credible business operations at Camshaft. Describing Morton, who is in his mid-twenties, as lacking the requisite qualifications to manage a hedge fund, lenders note the opacity surrounding Camshaft's activities, revealing its primary business address to be an International House of Pancakes in Miami, casting doubt on its legitimacy. Byju's, once a pinnacle of success in the ed-tech sector with a valuation of $22 billion under its former parent company, Think & Learn Private Ltd, now finds itself embroiled in this financial complication. What are the updates? A press release circulated on Friday signalled legal victory for the ad hoc group of term loan lenders of Byju’s. The United States Bankruptcy Court for the District of Delaware has issued a preliminary injunction in favour of Byju’s Alpha, Inc against several defendants including Riju Ravindran, Inspilearn LLC, and Camshaft Capital Fund, LP and its affiliates. This ruling halts any further movement or utilisation of $533 million, rightfully owed to the lenders. The court also found Byju Raveendran and Divya Gokulnath to be collaborating with the defendants and instructed them to adhere to the court's directive. According to the Order, the defendants are prohibited from transferring or utilising the $533 million in loan proceeds previously held by Camshaft Capital Fund, LP, and subsequently moved to an undisclosed offshore trust. Judge Dorsey, expressed strong condemnation towards the defendants' actions, labelling the transfer of funds and subsequent concealment as potentially fraudulent. "The fact that the parent company is attempting to hide where the assets are is huge. It shows that they are engaged in what appears to be a potential fraud," Judge Dorsey commented during the proceedings. Additionally, a warrant has been issued for the arrest of William Morton, founder of Camshaft Capital Fund, LP, who absconded the country before the hearing. Morton's refusal to cooperate and provide requested information regarding the funds led to the court ordering his arrest and imposing a fine until compliance is achieved. "I'm still very upset about the fact that (the Defendants) are obfuscating where this money is. And they are trying every trick in the book to be able to say, ‘we don't know, this guy doesn’t know, that guy doesn’t know, we don’t know where it is, we can’t tell you,’ and I'm tired of it," remarked Judge Dorsey. The SteerCo, representing the term loan lenders, highlighted the court's ruling in their pursuit of recovering the missing funds. "There should be no doubt that Byju is not the victim he purports to be, but rather the architect of a scheme that has vaporised tens of billions of dollars in value in what was once a great Indian company," stated the SteerCo in a released statement. The case dates back to 2021 when Byju’s Alpha, Inc was established to receive proceeds of the term loan. Subsequent transfers of funds orchestrated by Riju Ravindran, including a transfer to Camshaft Capital Fund, LP, and later to Inspilearn LLC, have raised suspicions of fraudulent activities. Despite court orders, neither the defendants nor Byju Raveendran and Divya Gokulnath have provided any specific information regarding the whereabouts of the funds. (With inputs from Reuters)

Hedge fund manager faces arrest over alleged misappropriation of $533 mn from Byju's

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last&nbsp;year. <o:p></o:p>

Despite this marginal dip, the projections suggest a positive trend compared to pre-Covid levels across most sectors, barring IT (Information Technology) and BPOs (Business Process Outsourcing).<o:p></o:p>

Deloitte India's report, titled 'Deloitte India Talent Outlook 2024,' indicates that junior management personnel might witness double-digit increments, reflecting a continued emphasis on performance-based remuneration. <o:p></o:p>

However, the report also highlights a potential challenge for top performers, with companies expected to be more stringent with their bell curves, potentially making it harder to secure top ratings.<o:p></o:p>

Anandorup Ghose, Partner and CHRO Programme Leader at Deloitte India, highlighted the importance of performance management strategies amid a backdrop of controlled attrition and core inflation. <o:p></o:p>

"With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins," Ghose said.<o:p></o:p>

While the overall average increment is anticipated to dip slightly, one in every three organisations plans to offer double-digit increments in 2024, the report indicated.<o:p></o:p>

Furthermore, the survey predicts a downward trend in promotions, with only 11.5 per cent of employees expected to be promoted, down from 12.3 per cent in the previous year.<o:p></o:p>

Regarding bonuses, the Deloitte survey suggests a positive outlook, with a potential for one out of every two companies to offer at-target or above-target bonuses in 2024. <o:p></o:p>

This optimism is fuelled by a reduction in attrition rates, which fell to 18.1 per cent in 2023 from 20.2 per cent in 2022, largely due to a slower hiring pace. <o:p></o:p>

Deloitte's report brings out the changing landscape of learning and development within organisations. <o:p></o:p>

It notes a shift towards a more scientific approach to upskilling the workforce, with the adoption of common skills frameworks to identify talent gaps. <o:p></o:p>

Despite this, the report highlights a challenge in updating these frameworks regularly to align with evolving business needs, indicating a gap between strategy and execution in many organisations.<o:p></o:p>

While most CXOs (Chief Experience Officers) have improved visibility of skill demand and supply across job roles, only 30 per cent of companies track and maintain this data, a modest increase from 19 per cent in the previous year. <o:p></o:p>

Additionally, there's a noted prioritisation of usage and cost efficiency over directly linking learning interventions to financial improvements, suggesting a potential area for further refinement in talent development strategies. <o:p></o:p>

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last year.

Deloitte India's latest survey forecasts an average salary increase of 9 per cent for corporate executives in India in 2024, slightly lower than the 9.2 per cent projected in the last year. Despite this marginal dip, the projections suggest a positive trend compared to pre-Covid levels across most sectors, barring IT (Information Technology) and BPOs (Business Process Outsourcing). Deloitte India's report, titled 'Deloitte India Talent Outlook 2024,' indicates that junior management personnel might witness double-digit increments, reflecting a continued emphasis on performance-based remuneration. However, the report also highlights a potential challenge for top performers, with companies expected to be more stringent with their bell curves, potentially making it harder to secure top ratings. Anandorup Ghose, Partner and CHRO Programme Leader at Deloitte India, highlighted the importance of performance management strategies amid a backdrop of controlled attrition and core inflation. "With attrition and core inflation in check, organisations focus more on performance management strategies to protect and boost margins," Ghose said. While the overall average increment is anticipated to dip slightly, one in every three organisations plans to offer double-digit increments in 2024, the report indicated. Furthermore, the survey predicts a downward trend in promotions, with only 11.5 per cent of employees expected to be promoted, down from 12.3 per cent in the previous year. Regarding bonuses, the Deloitte survey suggests a positive outlook, with a potential for one out of every two companies to offer at-target or above-target bonuses in 2024. This optimism is fuelled by a reduction in attrition rates, which fell to 18.1 per cent in 2023 from 20.2 per cent in 2022, largely due to a slower hiring pace. Deloitte's report brings out the changing landscape of learning and development within organisations. It notes a shift towards a more scientific approach to upskilling the workforce, with the adoption of common skills frameworks to identify talent gaps. Despite this, the report highlights a challenge in updating these frameworks regularly to align with evolving business needs, indicating a gap between strategy and execution in many organisations. While most CXOs (Chief Experience Officers) have improved visibility of skill demand and supply across job roles, only 30 per cent of companies track and maintain this data, a modest increase from 19 per cent in the previous year. Additionally, there's a noted prioritisation of usage and cost efficiency over directly linking learning interventions to financial improvements, suggesting a potential area for further refinement in talent development strategies.

Corporate salary hike in India set to average 9 pc in 2024: Deloitte report