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ITC, one of India's prominent cigarette manufacturers, experienced a surge in its shares, rising over 8 per cent on Wednesday.

This jump followed the sale of approximately 3.5 per cent of its total float shares at a premium, shortly after its major shareholder, British American Tobacco (BAT), announced intentions to reduce its stake.

The block trade, which saw around 4.4 million ITC shares sold at $5.25 each, amounted to approximately $23 million and was executed at a 7.6 per cent premium to the stock's closing price on the preceding day, according to data from LSEG.

The&nbsp;uptick in ITC's shares prompted a noteworthy response in the market, with the company's stocks initially surging by as much as 8.3 per cent before moderating to about a 6 per cent increase, trading at $5.19.

This rally positioned ITC's shares for their most significant intraday surge since mid-September 2021, making them the top gainer on the Nifty 50 index, despite the broader index experiencing a slight decline of 0.2 per cent.

British American Tobacco, renowned for brands such as Dunhill and Lucky Strike, had previously disclosed its plans of reducing its stake in ITC, standing at approximately 29 per cent.

In its announcement on Monday, BAT indicated its consideration of selling a "small part" of its holdings in ITC, the manufacturer of Goldflake cigarettes.

Following BAT's disclosure, ITC's shares experienced a marginal decline of 1.2 per cent the subsequent day.

Regardless of &nbsp;this, the recent surge has reversed the stock's trajectory, with gains of nearly 4 per cent since BAT's initial plan to divest shares was revealed.

While the recent block deal spurred speculation regarding BAT's involvement, clarity on the matter remains elusive.

Analysts suggest that BAT may seek to maintain a stake of at least 25 per cent in ITC to retain its board seats and influence over the company's strategic decisions, as outlined by brokerage firm Jefferies in a note on Monday.

Cigarettes constitute the primary revenue source for ITC, contributing to over 40 per cent of its total revenue.

In line with its efforts to streamline its operations, the company has undertaken initiatives to consolidate its business, including plans to spin off its hotel business.

(With inputs from Reuters)

ITC, one of India's prominent cigarette manufacturers, experienced a surge in its shares, rising over 8 per cent on Wednesday. This jump followed the sale of approximately 3.

ITC, one of India's prominent cigarette manufacturers, experienced a surge in its shares, rising over 8 per cent on Wednesday. This jump followed the sale of approximately 3.5 per cent of its total float shares at a premium, shortly after its major shareholder, British American Tobacco (BAT), announced intentions to reduce its stake. The block trade, which saw around 4.4 million ITC shares sold at $5.25 each, amounted to approximately $23 million and was executed at a 7.6 per cent premium to the stock's closing price on the preceding day, according to data from LSEG. The uptick in ITC's shares prompted a noteworthy response in the market, with the company's stocks initially surging by as much as 8.3 per cent before moderating to about a 6 per cent increase, trading at $5.19. This rally positioned ITC's shares for their most significant intraday surge since mid-September 2021, making them the top gainer on the Nifty 50 index, despite the broader index experiencing a slight decline of 0.2 per cent. British American Tobacco, renowned for brands such as Dunhill and Lucky Strike, had previously disclosed its plans of reducing its stake in ITC, standing at approximately 29 per cent. In its announcement on Monday, BAT indicated its consideration of selling a "small part" of its holdings in ITC, the manufacturer of Goldflake cigarettes. Following BAT's disclosure, ITC's shares experienced a marginal decline of 1.2 per cent the subsequent day. Regardless of this, the recent surge has reversed the stock's trajectory, with gains of nearly 4 per cent since BAT's initial plan to divest shares was revealed. While the recent block deal spurred speculation regarding BAT's involvement, clarity on the matter remains elusive. Analysts suggest that BAT may seek to maintain a stake of at least 25 per cent in ITC to retain its board seats and influence over the company's strategic decisions, as outlined by brokerage firm Jefferies in a note on Monday. Cigarettes constitute the primary revenue source for ITC, contributing to over 40 per cent of its total revenue. In line with its efforts to streamline its operations, the company has undertaken initiatives to consolidate its business, including plans to spin off its hotel business. (With inputs from Reuters)

ITC shares surge after block trade, while BAT plans to reduce stake

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year.

The report, released on Tuesday, highlights the profound impact of high inflation, weakening economic growth, and austerity measures on Argentina's most vulnerable population.

According to UNICEF, the poverty rate has surged rapidly from 57 per cent at the close of last year, with extreme poverty projected to reach 34 per cent, up from 19.4 per cent. This alarming trend highlights the urgent need for increased spending to safeguard the well-being of children.

Sebastian Waisgrais, UNICEF's Social Inclusion and Monitoring Specialist, expressed grave concerns about the potential repercussions of persisting with current policies.

"If current trends continue, the prevalence of poverty in children and adolescents in the first quarter of 2024 would reach values around 70 per cent," he cautioned, emphasising the profound implications for both current and long-term well-being.

The stark figures underscore the urgency of addressing the root causes of poverty and implementing measures to mitigate its devastating effects on Argentina's youth.

Argentina's new right-wing libertarian President, Javier Milei, has advocated for austerity measures to address the country's deep fiscal deficit and stabilise the economy.

However, these policies have come at a steep cost, exacerbating poverty levels and stifling economic growth.

Milei, who assumed office in December, faces the daunting challenge of curbing inflation, which has surged to over 250 per cent, severely eroding the purchasing power of citizens and exacerbating poverty.

Despite the imperative to address fiscal constraints, UNICEF has called for a prioritisation of children's welfare in policymaking.

Waisgrais stressed the importance of safeguarding children and adolescents amidst the country's fiscal challenges.

"Being fully aware of the fiscal restrictions that the country is facing, UNICEF asks that children and adolescents are prioritised," he remarked, urging greater investment in initiatives and welfare programs aimed at protecting vulnerable youth.

The report puts a spotlight on the critical need for targeted interventions to prevent a further escalation of poverty among Argentina's children.

(With input from Reuters)

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year.

UNICEF has issued a stark warning about the dire trajectory of child poverty in Argentina, cautioning that without a change in course, the country's child poverty rate could soar to 70 per cent in the first quarter of this year. The report, released on Tuesday, highlights the profound impact of high inflation, weakening economic growth, and austerity measures on Argentina's most vulnerable population. According to UNICEF, the poverty rate has surged rapidly from 57 per cent at the close of last year, with extreme poverty projected to reach 34 per cent, up from 19.4 per cent. This alarming trend highlights the urgent need for increased spending to safeguard the well-being of children. Sebastian Waisgrais, UNICEF's Social Inclusion and Monitoring Specialist, expressed grave concerns about the potential repercussions of persisting with current policies. "If current trends continue, the prevalence of poverty in children and adolescents in the first quarter of 2024 would reach values around 70 per cent," he cautioned, emphasising the profound implications for both current and long-term well-being. The stark figures underscore the urgency of addressing the root causes of poverty and implementing measures to mitigate its devastating effects on Argentina's youth. Argentina's new right-wing libertarian President, Javier Milei, has advocated for austerity measures to address the country's deep fiscal deficit and stabilise the economy. However, these policies have come at a steep cost, exacerbating poverty levels and stifling economic growth. Milei, who assumed office in December, faces the daunting challenge of curbing inflation, which has surged to over 250 per cent, severely eroding the purchasing power of citizens and exacerbating poverty. Despite the imperative to address fiscal constraints, UNICEF has called for a prioritisation of children's welfare in policymaking. Waisgrais stressed the importance of safeguarding children and adolescents amidst the country's fiscal challenges. "Being fully aware of the fiscal restrictions that the country is facing, UNICEF asks that children and adolescents are prioritised," he remarked, urging greater investment in initiatives and welfare programs aimed at protecting vulnerable youth. The report puts a spotlight on the critical need for targeted interventions to prevent a further escalation of poverty among Argentina's children. (With input from Reuters)

UNICEF warns of alarming rise in child poverty in Argentina

Jet Airways sees a glimmer of hope as the National Company Law Appellate Tribunal (NCLAT) directs the transfer of the bankrupt airline's ownership to the Jalan Kalrock Consortium (JKC) within 90 days, The Economic Times reported on Tuesday.<o:p></o:p>

Upholding the resolution plan, the tribunal mandates JKC to obtain an air operator's certificate within the same period.<o:p></o:p>

According to the appellate tribunal, the Performance Bank Guarantee of Rs 150 crore will be adjusted towards the first tranche payment of Rs 350 crore.<o:p></o:p>

&nbsp;JKC, having already deposited Rs 200 crore in two tranches, is now required to complete the payment process as part of the ownership handover.<o:p></o:p>

The resolution plan approval by NCLT in January 2023 set the stage for Jet Airways' potential revival under the Jalan-Kalrock consortium, marking a significant milestone for the grounded airline. <o:p></o:p>

The consortium, led by Murari Lal Jalan and Florian Fritsch, aims to bring Jet Airways back to the skies after its grounding in 2019.<o:p></o:p>

Jet Airways' lenders are urged by the NCLAT to create security on three Dubai-situated immovable properties within 30 days.<o:p></o:p>

The security will be adjusted against the Performance Bank Guarantee of Rs 150 crore, aiding JKC in completing its first tranche payment.<o:p></o:p>

Meanwhile, a report by Mint said that lenders plan to challenge the NCLAT order in the Supreme Court, citing concerns about JKC's compliance with various conditions necessary for Jet Airways' takeover.<o:p></o:p>

According to lenders, JKC's alleged non-compliance with conditions such as obtaining an air operator certificate and clearing dues raises significant concerns about the viability of Jet Airways' revival. <o:p></o:p>

The source of the funds deposited by JKC, especially in light of investigations into Florian Fritsch for fraud and money laundering offenses, further complicates the situation.<o:p></o:p>

Jet Airways sees a glimmer of hope as the National Company Law Appellate Tribunal (NCLAT) directs the transfer of the bankrupt airline's ownership to the Jalan Kalrock Consortium (JKC) within 90 days, The Economic Times reported on Tuesday.

Jet Airways sees a glimmer of hope as the National Company Law Appellate Tribunal (NCLAT) directs the transfer of the bankrupt airline's ownership to the Jalan Kalrock Consortium (JKC) within 90 days, The Economic Times reported on Tuesday. Upholding the resolution plan, the tribunal mandates JKC to obtain an air operator's certificate within the same period. According to the appellate tribunal, the Performance Bank Guarantee of Rs 150 crore will be adjusted towards the first tranche payment of Rs 350 crore. JKC, having already deposited Rs 200 crore in two tranches, is now required to complete the payment process as part of the ownership handover. The resolution plan approval by NCLT in January 2023 set the stage for Jet Airways' potential revival under the Jalan-Kalrock consortium, marking a significant milestone for the grounded airline. The consortium, led by Murari Lal Jalan and Florian Fritsch, aims to bring Jet Airways back to the skies after its grounding in 2019. Jet Airways' lenders are urged by the NCLAT to create security on three Dubai-situated immovable properties within 30 days. The security will be adjusted against the Performance Bank Guarantee of Rs 150 crore, aiding JKC in completing its first tranche payment. Meanwhile, a report by Mint said that lenders plan to challenge the NCLAT order in the Supreme Court, citing concerns about JKC's compliance with various conditions necessary for Jet Airways' takeover. According to lenders, JKC's alleged non-compliance with conditions such as obtaining an air operator certificate and clearing dues raises significant concerns about the viability of Jet Airways' revival. The source of the funds deposited by JKC, especially in light of investigations into Florian Fritsch for fraud and money laundering offenses, further complicates the situation.

NCLAT upholds Jet Airways' transfer to Jalan Kalrock Consortium, revival in sight

PwC Australia announced on Wednesday that it would undertake further job cuts, totalling an additional 329 positions, as part of a significant restructuring effort following a national scandal.

This decision comes in the wake of a controversy where a former partner leaked government tax plans, leading to profound repercussions for the firm.

The latest reduction represents approximately 5 per cent of PwC Australia's workforce, with up to 37 partners set to accelerate their retirement within the next nine months.

CEO Kevin Burrowes emphasised the significance of this restructuring, stating, "This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy."

The statement puts a spotlight on the necessity for PwC Australia to adapt to the evolving landscape in the aftermath of the scandal, which shook the company's reputation and necessitated decisive action.

These recent job cuts compound the impact of previous reductions, with 338 positions announced to be eliminated in November.

Since the scandal unfolded in January 2023, PwC Australia has been undergoing significant transformations.

Notably, the firm divested its government consulting practice to private equity firm Allegro Funds for $0.66, resulting in the formation of a new entity named Scyne Advisory.

Approximately 1,400 staff members transitioned to the newly established firm as part of this restructuring.

In response to the job cuts, PwC Australia affirmed its commitment to supporting affected employees.

The company stated that individuals who have lost their jobs will be encouraged to apply for new roles created by the restructuring efforts.

Moreover, there will be no freeze on hiring, and new partners are scheduled to be appointed in July, signaling a continuation of the firm's operations and growth trajectory.

The scandal that precipitated these developments involved a former partner who leaked government tax plans, exploiting them to secure work with global companies seeking to restructure their Australian tax affairs.

(With inputs from Reuters)

PwC Australia announced on Wednesday that it would undertake further job cuts, totalling an additional 329 positions, as part of a significant restructuring effort following a national scandal.

PwC Australia announced on Wednesday that it would undertake further job cuts, totalling an additional 329 positions, as part of a significant restructuring effort following a national scandal. This decision comes in the wake of a controversy where a former partner leaked government tax plans, leading to profound repercussions for the firm. The latest reduction represents approximately 5 per cent of PwC Australia's workforce, with up to 37 partners set to accelerate their retirement within the next nine months. CEO Kevin Burrowes emphasised the significance of this restructuring, stating, "This has been a very challenging and complex process, but an important one, as we realign our business structure with our new long-term strategy." The statement puts a spotlight on the necessity for PwC Australia to adapt to the evolving landscape in the aftermath of the scandal, which shook the company's reputation and necessitated decisive action. These recent job cuts compound the impact of previous reductions, with 338 positions announced to be eliminated in November. Since the scandal unfolded in January 2023, PwC Australia has been undergoing significant transformations. Notably, the firm divested its government consulting practice to private equity firm Allegro Funds for $0.66, resulting in the formation of a new entity named Scyne Advisory. Approximately 1,400 staff members transitioned to the newly established firm as part of this restructuring. In response to the job cuts, PwC Australia affirmed its commitment to supporting affected employees. The company stated that individuals who have lost their jobs will be encouraged to apply for new roles created by the restructuring efforts. Moreover, there will be no freeze on hiring, and new partners are scheduled to be appointed in July, signaling a continuation of the firm's operations and growth trajectory. The scandal that precipitated these developments involved a former partner who leaked government tax plans, exploiting them to secure work with global companies seeking to restructure their Australian tax affairs. (With inputs from Reuters)

PwC Australia implements further job cuts amid restructuring following scandal

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. <o:p></o:p>

Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. <o:p></o:p>

The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve.<o:p></o:p>

"The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying.<o:p></o:p>

DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." <o:p></o:p>

Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8.<o:p></o:p>

As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. <o:p></o:p>

This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. <o:p></o:p>

Such halving events historically provide support to the cryptocurrency's price. <o:p></o:p>

Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset.<o:p></o:p>

The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. <o:p></o:p>

The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. <o:p></o:p>

The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products.<o:p></o:p>

Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. <o:p></o:p>

The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. <o:p></o:p>

Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024.<o:p></o:p>

Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters.

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining, according to sources from Reuters. Bitcoin's latest surge, which peaked at $72,739, was accompanied by a 4.4 per cent increase, with the cryptocurrency currently valued at $72,649. The surge has been attributed to a huge influx of capital into new spot bitcoin exchange-traded funds and optimistic expectations of a potential interest rate cut by the Federal Reserve. "The recent surge in Bitcoin's value...underscores the remarkable strength and resilience of the leading cryptocurrency. This achievement not only marks a significant milestone but also reflects the continued confidence and demand in the market" Reuters quoted Bitfinex analysts as saying. DailyFX strategist Nick Cawley noted, "Bitcoin has started the week with a surge, dragging the rest of the cryptocurrency space higher with it." Flows of capital into the top 10 US spot bitcoin exchange-traded funds reached nearly $2 billion, despite slowing to a two-week low in the week leading up to March 8. As Bitcoin continues its ascent, experts highlight the upcoming "halving" event in April, which will tighten the supply of bitcoin. This event occurs every four years, reducing the rate at which new supply enters circulation and diminishing the reward for crypto miners. Such halving events historically provide support to the cryptocurrency's price. Despite the recent surge, the unpredictable nature of Bitcoin's price trajectory remains a challenge, with the cryptocurrency having less than two decades as a financial asset. The Financial Conduct Authority (FCA) in the UK has joined the list of regulators allowing digital asset trading products. The FCA announced its approval for recognised investment exchanges to launch crypto-backed exchange-traded notes (ETNs), cautioning that these products should be restricted to professional investors. The FCA expressed concerns about the potential harm to retail investors from crypto ETNs, while acknowledging the growing demand within the investment community for such products. Data from the US Commodity Futures Trading Commission reveals that asset managers now hold the largest bullish position in bitcoin futures on record. The net long position held by asset managers, often considered indicative of institutional investors' holdings such as mutual funds and pension funds, rose to 15,531 lots, valued at $5.5 billion based on the current bitcoin price. Meanwhile, the cryptocurrency Ether experienced a 3.97 per cent rise, reaching $4,062.07, driven by speculation that US regulators may approve spot ether ETF listings this year, resulting in a 75 per cent increase in its value in 2024. Additionally, for crypto stocks, Coinbase's shares rose by 2.8 per cent, while crypto miners Riot Platforms and Marathon Digital saw declines of 2.2 per cent and 6.1 per cent, respectively. (With inputs from Reuters)

Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand

India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres. <o:p></o:p>

The company's decision to vacate all offices across the country, retaining only its Bengaluru headquarters at IBC Knowledge Park, is part of a cost-cutting move driven by financial challenges and an ongoing dispute with investors over funds raised in a recently concluded rights issue offering, as reported by CapTable.<o:p></o:p>

According to Byju's India CEO Arjun Mohan's restructuring plan, the company had been gradually shutting down offices over the past six months as the leases for each location expired.<o:p></o:p>

Earlier reports indicated that Byju's had disbursed portions of pending salaries for February 2024 and aimed to settle the remaining balance once permitted to access funds from the closed rights issue. <o:p></o:p>

Byju's clarified that it processed part of February salaries from non-rights issue capital, expecting the full amount to reflect in employees' accounts by March 11. <o:p></o:p>

The company reassured its commitment to students, saying that it had made alternative fund arrangements to prevent disruptions in the daily lives of its employees.<o:p></o:p>

Despite the financial challenges, Byju's $200-million rights issue may find some relief. <o:p></o:p>

The National Company Law Tribunal (NCLT) postponed making a decision on a petition that Byju's investors had filed last month. <o:p></o:p>

The NCLT Bengaluru bench, comprising Justices K Biswal and Manoj Kumar Dubey, asked Byju's parent Think &amp; Learn and the investors to submit written statements while deferring the order. <o:p></o:p>

Sources revealed that Byju's will proceed with its planned rights issue, potentially overcoming the hurdles raised by concerned investors who may choose to abstain.<o:p></o:p>

This move comes as Byju's strives to navigate its way through an imminent liquidity crisis. <o:p></o:p>

India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres. The company's decision to vacate all offices across the country, retaining only its Bengaluru headquarters at IBC Knowledge Park, is part of a cost-cutting move driven by financial challenges and an ongoing dispute with investors over funds raised in a recently concluded rights issue offering, as reported by CapTable.

India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres. The company's decision to vacate all offices across the country, retaining only its Bengaluru headquarters at IBC Knowledge Park, is part of a cost-cutting move driven by financial challenges and an ongoing dispute with investors over funds raised in a recently concluded rights issue offering, as reported by CapTable. According to Byju's India CEO Arjun Mohan's restructuring plan, the company had been gradually shutting down offices over the past six months as the leases for each location expired. Earlier reports indicated that Byju's had disbursed portions of pending salaries for February 2024 and aimed to settle the remaining balance once permitted to access funds from the closed rights issue. Byju's clarified that it processed part of February salaries from non-rights issue capital, expecting the full amount to reflect in employees' accounts by March 11. The company reassured its commitment to students, saying that it had made alternative fund arrangements to prevent disruptions in the daily lives of its employees. Despite the financial challenges, Byju's $200-million rights issue may find some relief. The National Company Law Tribunal (NCLT) postponed making a decision on a petition that Byju's investors had filed last month. The NCLT Bengaluru bench, comprising Justices K Biswal and Manoj Kumar Dubey, asked Byju's parent Think & Learn and the investors to submit written statements while deferring the order. Sources revealed that Byju's will proceed with its planned rights issue, potentially overcoming the hurdles raised by concerned investors who may choose to abstain. This move comes as Byju's strives to navigate its way through an imminent liquidity crisis.

Byju's shifts to remote work, closes offices nationwide amid financial turmoil

Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests. <o:p></o:p>

According to The New York Times, approximately half of the foundation's donations in 2021 and 2022 were linked to Musk, his employees, or his businesses. In 2020, the charity received tax-deductible contributions of almost $7 billion worth of stock, making it one of the biggest in the US.<o:p></o:p>

The report highlights Musk's sparse philanthropic presence, especially in comparison to other billionaires like Bill Gates, and questions the purpose and focus of Musk's foundation, which reportedly failed to meet the minimum required donation in recent years.<o:p></o:p>

Despite being under no obligation to establish a charity, Musk's foundation has attracted attention for its infrequent and seemingly strategic donations. <o:p></o:p>

The report notes that Musk himself, along with two volunteers, handles the foundation. <o:p></o:p>

One volunteer reportedly devotes as little as six minutes to the charity per week.<o:p></o:p>

In 2022, the foundation's donations fell short of the legal requirement by $234 million, marking the fourth-largest shortfall among US foundations. <o:p></o:p>

The foundation's board, primarily consisting of Musk, is accused of diverting charitable funds toward Musk's interests, including a $55 million contribution to assist a major SpaceX customer in meeting a charitable pledge.<o:p></o:p>

The analysis further reveals that Musk's foundation, seeded with tax-deductible donations of stock since 2020, allows him to reduce his tax bill significantly. <o:p></o:p>

Tax laws permit executives holding large company stock to reduce their tax liability through charitable contributions.<o:p></o:p>

Despite this, the Musk Foundation reportedly failed to meet the minimum required 5 per cent donation of its assets in recent years, raising concerns about potential penalties. <o:p></o:p>

The foundation's giving pattern raises questions about Musk's commitment to philanthropy, especially when compared to the impactful charitable work of other high-profile figures.<o:p></o:p>

Elon Musk's role as the head of SpaceX, Tesla, and other ventures, coupled with his control over the social media platform X, adds complexity to the situation. <o:p></o:p>

The New York Times report points out that Musk's outsized public persona does not align with his minimal philanthropic presence. <o:p></o:p>

Musk's foundation, lacking a clear direction or focus outside his business ventures, stands in contrast to the more impactful and globally focused foundations of his billionaire peers. <o:p></o:p>

Critics argue that Musk's use of his charity for tax benefits and perceived self-interest raises ethical questions. <o:p></o:p>

Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests.

Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests. According to The New York Times, approximately half of the foundation's donations in 2021 and 2022 were linked to Musk, his employees, or his businesses. In 2020, the charity received tax-deductible contributions of almost $7 billion worth of stock, making it one of the biggest in the US. The report highlights Musk's sparse philanthropic presence, especially in comparison to other billionaires like Bill Gates, and questions the purpose and focus of Musk's foundation, which reportedly failed to meet the minimum required donation in recent years. Despite being under no obligation to establish a charity, Musk's foundation has attracted attention for its infrequent and seemingly strategic donations. The report notes that Musk himself, along with two volunteers, handles the foundation. One volunteer reportedly devotes as little as six minutes to the charity per week. In 2022, the foundation's donations fell short of the legal requirement by $234 million, marking the fourth-largest shortfall among US foundations. The foundation's board, primarily consisting of Musk, is accused of diverting charitable funds toward Musk's interests, including a $55 million contribution to assist a major SpaceX customer in meeting a charitable pledge. The analysis further reveals that Musk's foundation, seeded with tax-deductible donations of stock since 2020, allows him to reduce his tax bill significantly. Tax laws permit executives holding large company stock to reduce their tax liability through charitable contributions. Despite this, the Musk Foundation reportedly failed to meet the minimum required 5 per cent donation of its assets in recent years, raising concerns about potential penalties. The foundation's giving pattern raises questions about Musk's commitment to philanthropy, especially when compared to the impactful charitable work of other high-profile figures. Elon Musk's role as the head of SpaceX, Tesla, and other ventures, coupled with his control over the social media platform X, adds complexity to the situation. The New York Times report points out that Musk's outsized public persona does not align with his minimal philanthropic presence. Musk's foundation, lacking a clear direction or focus outside his business ventures, stands in contrast to the more impactful and globally focused foundations of his billionaire peers. Critics argue that Musk's use of his charity for tax benefits and perceived self-interest raises ethical questions.

Elon Musk accused of using charity foundation to serve tax breaks and self-interests

<o:p></o:p>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand<o:p></o:p>

Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-skyrockets-to-record-highs-surpassing-72000-amid-strong-demand-699210">Read more here</a><o:p></o:p>

Trump's TikTok U-turn: Says some kids will 'go crazy without it', Facebook 'enemy of the people'<o:p></o:p>

As the US is moving towards a possible ban on TikTok in the country, former president Donald Trump has now opposed it, saying such a step will only empower Facebook which in his view is the "enemy of the people".&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/world/trump-takes-a-u-turn-on-tiktok-ban-says-facebook-is-enemy-of-the-people-699215">Read more here</a><o:p></o:p>

Elon Musk accused of using charity foundation to serve tax breaks and self-interests<o:p></o:p>

Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/elon-musk-accused-of-using-charity-foundation-for-serving-tax-breaks-and-self-interests-699225">Read more here</a><o:p></o:p>

Byju's shifts to remote work, closes offices nationwide amid financial turmoil<o:p></o:p>

India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/byjus-shifts-to-remote-work-closes-offices-nationwide-amid-financial-turmoil-699202">Read more here</a><o:p></o:p>

India still world’s largest arms importer with Russia being its top supplier: Report<o:p></o:p>

India continues to be the world’s largest arms importer, with Russia being the prime source of its procurement despite declining share in past years, the Stockholm International Peace Research Institute (SIPRI) reported on Monday (Mar 11).<o:p></o:p>

<a href="https://www.wionews.com/world/india-still-worlds-largest-arms-importer-with-russia-being-top-supplier-699242">Read more here</a><o:p></o:p>

IndiGo's co-founder Rakesh Gangwal sells $820 million stake in bulk deal<o:p></o:p>

Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indigo-co-founder-rakesh-gangwal-sells-820-million-stake-in-bulk-deal-699251">Read more here</a><o:p></o:p>

Ford settles US import tariff evasion case, agrees to pay $365 million<o:p></o:p>

In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ford-settles-us-import-tariff-evasion-case-agrees-to-pay-365-million-699261">Read more here</a><o:p></o:p>

Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc<o:p></o:p>

China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape<o:p></o:p>

<a href="https://www.wionews.com/business-economy/xiaomi-set-to-revolutionise-ev-market-with-su7-launch-shares-surge-7-pc-699271">Read more here</a><o:p></o:p>

Boeing’s present troubles present an opportunity for Airbus to ascend. Here’s how<o:p></o:p>

Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeings-present-troubles-present-an-opportunity-for-airbus-to-ascend-heres-how-699290">Read more here</a><o:p></o:p>

FTC hearing set for Kroger-Albertsons merger amid price hike concerns<o:p></o:p>

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ftc-hearing-set-for-kroger-albertsons-merger-amid-price-hike-concerns-699295">Read more here</a><o:p></o:p>

JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts<o:p></o:p>

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/jpmorgan-ceo-jamie-dimon-urges-fed-caution-on-interest-rate-cuts-699297">Read more here</a> <o:p></o:p>

US Commerce Secretary announces $1 billion investments in Philippines<o:p></o:p>

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totalling more than $1 billion in the Philippines.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-commerce-secretary-announces-1-billion-investments-in-philippines-699300">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. Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin skyrockets to record highs surpassing $72,000 amid strong demand Bitcoin has reached an all-time high above $72,000 on Monday, continuing its upward trajectory as demand for the leading cryptocurrency shows no signs of declining. Read more here Trump's TikTok U-turn: Says some kids will 'go crazy without it', Facebook 'enemy of the people' As the US is moving towards a possible ban on TikTok in the country, former president Donald Trump has now opposed it, saying such a step will only empower Facebook which in his view is the "enemy of the people". Read more here Elon Musk accused of using charity foundation to serve tax breaks and self-interests Elon Musk, the world's second-richest person, is under scrutiny as an in-depth report suggests that his charity, The Musk Foundation, is being utilised for tax breaks and self-serving interests. Read more here Byju's shifts to remote work, closes offices nationwide amid financial turmoil India’s Edtech firm, Byju's, has implemented a permanent work-from-home policy for its employees, with the exception of nearly 300 Byju's Tuition Centres. Read more here India still world’s largest arms importer with Russia being its top supplier: Report India continues to be the world’s largest arms importer, with Russia being the prime source of its procurement despite declining share in past years, the Stockholm International Peace Research Institute (SIPRI) reported on Monday (Mar 11). Read more here IndiGo's co-founder Rakesh Gangwal sells $820 million stake in bulk deal Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday. Read more here Ford settles US import tariff evasion case, agrees to pay $365 million In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department. Read more here Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape Read more here Boeing’s present troubles present an opportunity for Airbus to ascend. Here’s how Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019. Read more here FTC hearing set for Kroger-Albertsons merger amid price hike concerns US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival. Read more here JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation. Read more here US Commerce Secretary announces $1 billion investments in Philippines During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totalling more than $1 billion in the Philippines. Read more here

WION Business Wrap | Bitcoin’s ascend to $72,000, Trump’s TikTok U-turn and more

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totaling more than $1 billion in the Philippines.

This announcement marks a significant milestone as Raimondo leads a two-day trade and investment mission, the first of its kind for the Philippines.

Executives from 22 well-known organisations, including Microsoft, KKR Asia Pacific, Visa, United Airlines, and Google, are part of the group.

Raimondo disclosed that the investments will encompass various sectors such as solar energy, electric vehicles, and digitisation.

One notable investment initiative highlighted during the visit was United Airlines' plan to introduce new flights from Tokyo-Narita to Cebu, Philippines, commencing on July 31.

This move underscores the growing economic collaboration between the United States and the Philippines.

It comes at a time when both nations are intensifying efforts to strengthen economic ties amid heightened geopolitical tensions, particularly in the South China Sea and near Taiwan.

Addressing the joint briefing with Philippine officials after meeting with President Ferdinand Marcos Jr. at the presidential palace, Raimondo emphasised Washington's commitment to expanding trade and investment not only in the Philippines but also throughout the larger Indo-Pacific region.

She referenced the Indo-Pacific Economic Framework, a US-led group comprising 14 nations.

Raimondo reiterated the United States' stance on technological security vis-à-vis China, stating, "My job is to protect the American people and to make sure that our most sophisticated technology... that they can't access it and use it to enable the Chinese military".

Furthermore, Raimondo reaffirmed the enduring alliance between the United States and the Philippines, labeling it as "ironclad."

This sentiment underscores the longstanding mutual defense treaty between the two nations, which has endured for 73 years, making the Philippines Washington's oldest treaty ally in the Asia-Pacific region.

The visit highlights the strategic importance of the Philippines in the broader geopolitical landscape of the Indo-Pacific region.

Following her engagements in Manila, Raimondo is scheduled to travel to Thailand for a series of meetings aimed at bolstering cooperation between the United States and Thailand in key areas such as manufacturing and supply chain resilience.

As part of her agenda, she will lead members of the US President's Export Council to explore avenues for enhancing collaboration and identifying opportunities for mutual benefit.

(With inputs from Reuters)

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totaling more than $1 billion in the Philippines.

During an official visit to Manila on Monday, US Commerce Secretary Gina Raimondo revealed that American companies are poised to unveil investments totaling more than $1 billion in the Philippines. This announcement marks a significant milestone as Raimondo leads a two-day trade and investment mission, the first of its kind for the Philippines. Executives from 22 well-known organisations, including Microsoft, KKR Asia Pacific, Visa, United Airlines, and Google, are part of the group. Raimondo disclosed that the investments will encompass various sectors such as solar energy, electric vehicles, and digitisation. One notable investment initiative highlighted during the visit was United Airlines' plan to introduce new flights from Tokyo-Narita to Cebu, Philippines, commencing on July 31. This move underscores the growing economic collaboration between the United States and the Philippines. It comes at a time when both nations are intensifying efforts to strengthen economic ties amid heightened geopolitical tensions, particularly in the South China Sea and near Taiwan. Addressing the joint briefing with Philippine officials after meeting with President Ferdinand Marcos Jr. at the presidential palace, Raimondo emphasised Washington's commitment to expanding trade and investment not only in the Philippines but also throughout the larger Indo-Pacific region. She referenced the Indo-Pacific Economic Framework, a US-led group comprising 14 nations. Raimondo reiterated the United States' stance on technological security vis-à-vis China, stating, "My job is to protect the American people and to make sure that our most sophisticated technology... that they can't access it and use it to enable the Chinese military". Furthermore, Raimondo reaffirmed the enduring alliance between the United States and the Philippines, labeling it as "ironclad." This sentiment underscores the longstanding mutual defense treaty between the two nations, which has endured for 73 years, making the Philippines Washington's oldest treaty ally in the Asia-Pacific region. The visit highlights the strategic importance of the Philippines in the broader geopolitical landscape of the Indo-Pacific region. Following her engagements in Manila, Raimondo is scheduled to travel to Thailand for a series of meetings aimed at bolstering cooperation between the United States and Thailand in key areas such as manufacturing and supply chain resilience. As part of her agenda, she will lead members of the US President's Export Council to explore avenues for enhancing collaboration and identifying opportunities for mutual benefit. (With inputs from Reuters)

US Commerce Secretary announces $1 billion investments in Philippines

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.

Speaking at the Australian Financial Review business summit via livestream from New York, Dimon emphasised the importance of data dependency in monetary policy decisions.

He suggested that the Fed should delay rate cuts until after June to assess the evolving economic landscape.

Dimon expressed concern about the potential impact on the central bank's credibility, stating, "Their credibility is a little bit at stake here."

Market expectations currently indicate an 84 per cent probability of rate cuts in June, with 90 basis points of cuts anticipated for the year.

Dimon conveyed a positive outlook on the U.S. economy, describing it as almost reaching a state of boom.

However, he cautioned against unbridled optimism, warning against the widespread acceptance of the soft landing narrative in financial markets.

While acknowledging the strength of the economy, Dimon assessed the likelihood of a recession at about 65 per cent and did not rule out the possibility of stagflation.

He attributed the surge in debt and equity markets since late 2023 to the lingering effects of pandemic-era fiscal and monetary stimulus, cautioning against complacency.

Regarding cryptocurrencies, Dimon reiterated his skepticism, particularly towards bitcoin, highlighting its association with illegal activities such as sex trafficking, fraud, and terrorism.

Regardless of defending individuals' rights to engage in bitcoin transactions, Dimon clarified that he personally has no intention to invest in the digital currency.

He highlighted the need for regulatory scrutiny and cautioned against the potential risks associated with cryptocurrencies.

Dimon also discussed the role of artificial intelligence (AI) in banking, revealing that JPMorgan has dedicated significant resources to explore various applications of AI technology.

He disclosed that the bank currently has two thousand employees working on 400 different AI use cases.

Dimon also shared his personal use of AI for summarising books he lacks time to read.

Beyond AI, Dimon expressed concerns about the upcoming U.S. presidential election, anticipating a contentious campaign.

He expressed hopes for a more thoughtful and rational approach to foreign policy from presidential candidates, particularly regarding geopolitical tensions.

(With inputs from Reuters)

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation. Speaking at the Australian Financial Review business summit via livestream from New York, Dimon emphasised the importance of data dependency in monetary policy decisions. He suggested that the Fed should delay rate cuts until after June to assess the evolving economic landscape. Dimon expressed concern about the potential impact on the central bank's credibility, stating, "Their credibility is a little bit at stake here." Market expectations currently indicate an 84 per cent probability of rate cuts in June, with 90 basis points of cuts anticipated for the year. Dimon conveyed a positive outlook on the U.S. economy, describing it as almost reaching a state of boom. However, he cautioned against unbridled optimism, warning against the widespread acceptance of the soft landing narrative in financial markets. While acknowledging the strength of the economy, Dimon assessed the likelihood of a recession at about 65 per cent and did not rule out the possibility of stagflation. He attributed the surge in debt and equity markets since late 2023 to the lingering effects of pandemic-era fiscal and monetary stimulus, cautioning against complacency. Regarding cryptocurrencies, Dimon reiterated his skepticism, particularly towards bitcoin, highlighting its association with illegal activities such as sex trafficking, fraud, and terrorism. Regardless of defending individuals' rights to engage in bitcoin transactions, Dimon clarified that he personally has no intention to invest in the digital currency. He highlighted the need for regulatory scrutiny and cautioned against the potential risks associated with cryptocurrencies. Dimon also discussed the role of artificial intelligence (AI) in banking, revealing that JPMorgan has dedicated significant resources to explore various applications of AI technology. He disclosed that the bank currently has two thousand employees working on 400 different AI use cases. Dimon also shared his personal use of AI for summarising books he lacks time to read. Beyond AI, Dimon expressed concerns about the upcoming U.S. presidential election, anticipating a contentious campaign. He expressed hopes for a more thoughtful and rational approach to foreign policy from presidential candidates, particularly regarding geopolitical tensions. (With inputs from Reuters)

JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival.

The FTC's lawsuit, filed last month, aims to block the deal, which would establish a supermarket conglomerate boasting over 4,000 stores.

According to the FTC, this merger could potentially lead to increased grocery prices for millions of American consumers, prompting concerns from lawmakers and consumer advocacy groups.

Kroger, the second-largest player in the US grocery market behind Walmart, remains committed to defending the merger in court despite the legal challenges.

Kroger CEO Rodney McMullen reiterated the company's stance, emphasising their belief that the merger represents the best outcome for American families.

However, until the legal issues are resolved, the companies cannot proceed with the acquisition.

The FTC, along with eight states, has opposed the merger, arguing that it would stifle competition between Kroger and Albertsons.

The Biden administration's focus on lowering grocery prices and its reluctance towards large-scale mergers that could result in price hikes have intensified the scrutiny on this deal.

The FTC contends that the merger, announced in October 2022, could potentially eliminate significant competition in the grocery sector.

In response to concerns raised by regulators, Kroger has proposed divesting 413 stores and eight distribution centers to C&amp;S Wholesale Grocers.

Additionally, the company indicated a potential need to shed an additional 237 stores to secure regulatory approval.

However, the FTC has deemed Kroger's divestment proposal inadequate, further complicating the merger process.

Kroger has defended its business model, highlighting its track record of reducing prices annually since 2003.

The company asserts that this strategy will be extended to the merged entity, assuring consumers of continued affordability in the grocery market.

Regardless of these assurances, the FTC remains skeptical about the potential impacts of the merger on competition and consumer prices.

(With inputs from Reuters)

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.

US District Judge Adrienne Nelson has scheduled a hearing for August 26 to consider the Federal Trade Commission's request for a preliminary injunction against Kroger's $24.6 billion acquisition of Albertsons, a smaller rival. The FTC's lawsuit, filed last month, aims to block the deal, which would establish a supermarket conglomerate boasting over 4,000 stores. According to the FTC, this merger could potentially lead to increased grocery prices for millions of American consumers, prompting concerns from lawmakers and consumer advocacy groups. Kroger, the second-largest player in the US grocery market behind Walmart, remains committed to defending the merger in court despite the legal challenges. Kroger CEO Rodney McMullen reiterated the company's stance, emphasising their belief that the merger represents the best outcome for American families. However, until the legal issues are resolved, the companies cannot proceed with the acquisition. The FTC, along with eight states, has opposed the merger, arguing that it would stifle competition between Kroger and Albertsons. The Biden administration's focus on lowering grocery prices and its reluctance towards large-scale mergers that could result in price hikes have intensified the scrutiny on this deal. The FTC contends that the merger, announced in October 2022, could potentially eliminate significant competition in the grocery sector. In response to concerns raised by regulators, Kroger has proposed divesting 413 stores and eight distribution centers to C&S Wholesale Grocers. Additionally, the company indicated a potential need to shed an additional 237 stores to secure regulatory approval. However, the FTC has deemed Kroger's divestment proposal inadequate, further complicating the merger process. Kroger has defended its business model, highlighting its track record of reducing prices annually since 2003. The company asserts that this strategy will be extended to the merged entity, assuring consumers of continued affordability in the grocery market. Regardless of these assurances, the FTC remains skeptical about the potential impacts of the merger on competition and consumer prices. (With inputs from Reuters)

FTC hearing set for Kroger-Albertsons merger amid price hike concerns

Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday.<o:p></o:p>

According to BSE data, the sale involved 22.5 million shares at an average price ranging from ₹3,015.10 to ₹3,016.36 per share. <o:p></o:p>

Morgan Stanley Asia Singapore Pte acquired 2.1 million shares, amounting to a 0.5 per cent stake, for ₹633 crore. <o:p></o:p>

After this transaction, Gangwal's stake in the company has further decreased to 6 per cent, resulting in a reduction of the promoter group's holding to 57.3 per cent.<o:p></o:p>

This move comes after the co-founder's previous stake sales, including a 4 per cent stake for ₹2,900 crore in February and a 2.8 per cent stake worth ₹2,000 crore in September 2022. <o:p></o:p>

Gangwal and his wife Rekha have been gradually reducing their shareholding in Interglobe Aviation over the past two years. <o:p></o:p>

While Rekha exited the firm entirely in August 2022, their Chinkerpoo Family Trust still holds a 13.49 per cent stake in the company, making it the second-largest shareholder as of December 31. <o:p></o:p>

The co-founder's decision to sell his stake aligns with his plans to dilute the family's ownership, as announced in February 2022. <o:p></o:p>

In August 2022, Gangwal's family divested a stake worth $450 million.<o:p></o:p>

Despite the stake sale, IndiGo's shares settled 3.6 per cent higher at ₹3,218.55 on the day of the transaction, reflecting positive market sentiment. <o:p></o:p>

The stock has witnessed an 8.5 per cent rise since the beginning of the year. <o:p></o:p>

The sale, being the largest block sale in India since 2019, has garnered attention within the financial landscape. <o:p></o:p>

The co-founder's move to offload a substantial stake indicates dynamic shifts within IndiGo and is an indication of Gangwal's ongoing efforts to reposition his investment portfolio.<o:p></o:p>

According to a report by Mint, Gangwal's recent investment of $20 million in the manufacturing services company Zetwerk on March 7 showcases his continued involvement in diverse business ventures. <o:p></o:p>

Zetwerk's statement highlighted Gangwal's extensive experience and strategic guidance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.

Indian low-cost carrier, IndiGo’s co-founder, Rakesh Gangwal, has sold 5.8 per cent stake in operator Interglobe Aviation via bulk deals, raising a sum of ₹6,785 crore ($820.3 million) on Monday. According to BSE data, the sale involved 22.5 million shares at an average price ranging from ₹3,015.10 to ₹3,016.36 per share. Morgan Stanley Asia Singapore Pte acquired 2.1 million shares, amounting to a 0.5 per cent stake, for ₹633 crore. After this transaction, Gangwal's stake in the company has further decreased to 6 per cent, resulting in a reduction of the promoter group's holding to 57.3 per cent. This move comes after the co-founder's previous stake sales, including a 4 per cent stake for ₹2,900 crore in February and a 2.8 per cent stake worth ₹2,000 crore in September 2022. Gangwal and his wife Rekha have been gradually reducing their shareholding in Interglobe Aviation over the past two years. While Rekha exited the firm entirely in August 2022, their Chinkerpoo Family Trust still holds a 13.49 per cent stake in the company, making it the second-largest shareholder as of December 31. The co-founder's decision to sell his stake aligns with his plans to dilute the family's ownership, as announced in February 2022. In August 2022, Gangwal's family divested a stake worth $450 million. Despite the stake sale, IndiGo's shares settled 3.6 per cent higher at ₹3,218.55 on the day of the transaction, reflecting positive market sentiment. The stock has witnessed an 8.5 per cent rise since the beginning of the year. The sale, being the largest block sale in India since 2019, has garnered attention within the financial landscape. The co-founder's move to offload a substantial stake indicates dynamic shifts within IndiGo and is an indication of Gangwal's ongoing efforts to reposition his investment portfolio. According to a report by Mint, Gangwal's recent investment of $20 million in the manufacturing services company Zetwerk on March 7 showcases his continued involvement in diverse business ventures. Zetwerk's statement highlighted Gangwal's extensive experience and strategic guidance. (With inputs from Reuters)

IndiGo's co-founder Rakesh Gangwal sells $820 million stake in bulk deal

<o:p></o:p>

Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019. <o:p></o:p>

The A320's success marked a turning point, solidifying the Airbus-Boeing duopoly that governs the global aircraft market. <o:p></o:p>

As Boeing grapples with challenges, Airbus, under CEO Guillaume Faury, is presented with a unique opportunity to further assert its dominance and shape the future of the aviation industry.<o:p></o:p>

According to Bloomberg, Boeing's recent troubles, including the mishap with the 737 Max, have given Airbus a huge advantage. <o:p></o:p>

As Boeing focuses on rectifying its issues, Airbus, with superior financial resources, is gearing up to replace its lucrative A320 model. <o:p></o:p>

Faury has hinted at a new A320 replacement, already in the conceptual stage, set to take flight in the latter half of the 2030s. <o:p></o:p>

This places Airbus in a position of strength, allowing it to shape the future of the jetliner business while Boeing struggles to regain stability.<o:p></o:p>

With a vision for a more sustainable future, Airbus is exploring radical changes in its new narrowbody designs. <o:p></o:p>

The company aims to eliminate net carbon emissions by 2050, introducing features like longer, curved wings with folding tips, lightweight carbon composite skin, and open-rotor engines. <o:p></o:p>

These innovations align with the industry's push to reduce environmental impact. <o:p></o:p>

Airbus has already reaped benefits from Boeing's setbacks, securing a 61 per cent share of sales at UK aerospace supplier Senior Plc in 2023.<o:p></o:p>

Boeing's troubles, particularly with the 737 Max, have led to a shift in market dynamics. <o:p></o:p>

Bloomberg cited Senior Plc's CEO, David Squires, who said that Airbus accounted for 61 per cent of sales in 2023, a huge increase from about 30 per cent in 2015. <o:p></o:p>

Airbus, especially with its A321 variant, has dominated the narrowbody jetliner market, securing a 60 per cent share. <o:p></o:p>

However, there are limitations to further expansion due to production constraints, with deliveries scheduled as far ahead as 2028-29. <o:p></o:p>

Despite incremental gains, Airbus remains cautious about the short-term opening created by Boeing's challenges.<o:p></o:p>

As Airbus plans two new aircraft for the mid-2030s, the financial resources available for the European aircraft manufacturer stands in sharp contrast with Boeing's stretched balance sheet. <o:p></o:p>

Airbus' net debt of negative €14 billion ($15.5 billion) provides an edge, with research and development spending 44 per cent higher than Boeing's. <o:p></o:p>

Both aircraft manufacturers are at a crucial juncture, with the A320 and 737 vital for their sales and profits. <o:p></o:p>

Airbus' advantage lies not just in financial strength but in sending a clear message to suppliers about its objectives towards innovation and sustainability.<o:p></o:p>

As Airbus accelerates its initiatives, focusing on alternative aviation fuels and hydrogen-powered turboprops, the company aims to align with industry plans for sustainable flying. <o:p></o:p>

Airbus is evaluating options and testing cutting-edge technologies. <o:p></o:p>

The developments include a hydrogen-powered turboprop for smaller capacity needs and a future narrowbody that runs on alternative fuels.<o:p></o:p>

Despite current challenges, industry analysts believe Boeing is not down for the count. <o:p></o:p>

Boeing's struggles are seen as fixable, with efforts to streamline production, resolve quality issues, and rebuild customer confidence. <o:p></o:p>

While Airbus enjoys a temporary advantage, allegiances in the aviation industry are resilient, giving Boeing an opportunity to recover and make a comeback. <o:p></o:p>

Boeing's plans for a revolutionary narrowbody family, designated X-66A, could provide the company with a chance to regain its competitive edge.<o:p></o:p>

Beyond the Airbus-Boeing rivalry, the rise of Commercial Aircraft Corp. of China (Comac) poses a potential threat, transforming the global competition into a triopoly. <o:p></o:p>

Chinese carriers, major customers for both Airbus and Boeing, have huge orders with Comac. <o:p></o:p>

The emergence of Comac and its C919 narrowbody could challenge the established duopoly, creating new dynamics in the aviation industry. <o:p></o:p>

The speed at which Comac gains prominence will play a crucial role in the future landscape of aircraft manufacturing.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019. The A320's success marked a turning point, solidifying the Airbus-Boeing duopoly that governs the global aircraft market.

Airbus, once the underdog, has soared to prominence, surpassing Boeing with its A320 series becoming the best-selling aircraft of all time in 2019. The A320's success marked a turning point, solidifying the Airbus-Boeing duopoly that governs the global aircraft market. As Boeing grapples with challenges, Airbus, under CEO Guillaume Faury, is presented with a unique opportunity to further assert its dominance and shape the future of the aviation industry. According to Bloomberg, Boeing's recent troubles, including the mishap with the 737 Max, have given Airbus a huge advantage. As Boeing focuses on rectifying its issues, Airbus, with superior financial resources, is gearing up to replace its lucrative A320 model. Faury has hinted at a new A320 replacement, already in the conceptual stage, set to take flight in the latter half of the 2030s. This places Airbus in a position of strength, allowing it to shape the future of the jetliner business while Boeing struggles to regain stability. With a vision for a more sustainable future, Airbus is exploring radical changes in its new narrowbody designs. The company aims to eliminate net carbon emissions by 2050, introducing features like longer, curved wings with folding tips, lightweight carbon composite skin, and open-rotor engines. These innovations align with the industry's push to reduce environmental impact. Airbus has already reaped benefits from Boeing's setbacks, securing a 61 per cent share of sales at UK aerospace supplier Senior Plc in 2023. Boeing's troubles, particularly with the 737 Max, have led to a shift in market dynamics. Bloomberg cited Senior Plc's CEO, David Squires, who said that Airbus accounted for 61 per cent of sales in 2023, a huge increase from about 30 per cent in 2015. Airbus, especially with its A321 variant, has dominated the narrowbody jetliner market, securing a 60 per cent share. However, there are limitations to further expansion due to production constraints, with deliveries scheduled as far ahead as 2028-29. Despite incremental gains, Airbus remains cautious about the short-term opening created by Boeing's challenges. As Airbus plans two new aircraft for the mid-2030s, the financial resources available for the European aircraft manufacturer stands in sharp contrast with Boeing's stretched balance sheet. Airbus' net debt of negative €14 billion ($15.5 billion) provides an edge, with research and development spending 44 per cent higher than Boeing's. Both aircraft manufacturers are at a crucial juncture, with the A320 and 737 vital for their sales and profits. Airbus' advantage lies not just in financial strength but in sending a clear message to suppliers about its objectives towards innovation and sustainability. As Airbus accelerates its initiatives, focusing on alternative aviation fuels and hydrogen-powered turboprops, the company aims to align with industry plans for sustainable flying. Airbus is evaluating options and testing cutting-edge technologies. The developments include a hydrogen-powered turboprop for smaller capacity needs and a future narrowbody that runs on alternative fuels. Despite current challenges, industry analysts believe Boeing is not down for the count. Boeing's struggles are seen as fixable, with efforts to streamline production, resolve quality issues, and rebuild customer confidence. While Airbus enjoys a temporary advantage, allegiances in the aviation industry are resilient, giving Boeing an opportunity to recover and make a comeback. Boeing's plans for a revolutionary narrowbody family, designated X-66A, could provide the company with a chance to regain its competitive edge. Beyond the Airbus-Boeing rivalry, the rise of Commercial Aircraft Corp. of China (Comac) poses a potential threat, transforming the global competition into a triopoly. Chinese carriers, major customers for both Airbus and Boeing, have huge orders with Comac. The emergence of Comac and its C919 narrowbody could challenge the established duopoly, creating new dynamics in the aviation industry. The speed at which Comac gains prominence will play a crucial role in the future landscape of aircraft manufacturing. (With inputs from Bloomberg)

Boeing’s present troubles present an opportunity for Airbus to ascend. Here’s how

China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape, Reuters reported.<o:p></o:p>

Xiaomi, the country's fifth-largest smartphone maker, shared the news via Weibo, revealing that orders can be placed at its 59 stores in 29 cities nationwide. <o:p></o:p>

The eagerly anticipated launch event for the SU7 is scheduled for March 28, where the electric sedan's price tag is expected to be unveiled. <o:p></o:p>

In response to this significant move, Xiaomi's shares experienced a notable 7 per cent surge during morning trade.<o:p></o:p>

At the unveiling of the SU7 in December, Xiaomi's Chief Executive Lei Jun expressed the company's ambitious goal to become one of the world's top five automakers. <o:p></o:p>

Lei highlighted the SU7's "super electric motor" technology, noting its capability to outpace acceleration speeds offered by Tesla and Porsche's EVs. <o:p></o:p>

Analysts believe that the shared operating system with Xiaomi's popular phones and electronic devices will attract the company's existing customer base to its new EV venture.<o:p></o:p>

In a market witnessing fierce competition and price wars, Xiaomi's entrance into the electric vehicle sector comes amid a broader trend of EV sales growth in China. <o:p></o:p>

While EV sales saw an 18 per cent increase in January-February, the competition has led to deeper price cuts, with market leader BYD leading the way. <o:p></o:p>

Xiaomi's move aligns with its efforts to diversify beyond its core business of smartphones, a plan initially unveiled in 2021. <o:p></o:p>

The SU7 vehicles will be manufactured by a unit of the state-owned automaker BAIC Group in a Beijing factory with an annual production capacity of 200,000 vehicles.<o:p></o:p>

Xiaomi's aim to invest $10 billion in the automotive sector over the next decade has gained approval from Chinese authorities, a noteworthy achievement considering their reluctance to contribute to an already saturated market. <o:p></o:p>

The company's vigour to foster to innovation and technology integration, is evident in the shared operating system with its popular devices, positioning Xiaomi as a key player in China's EV sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape, Reuters reported.

China's tech giant Xiaomi has announced the commencement of deliveries for its first electric vehicle (EV) model, SU7, this month, marking its foray into the competitive automotive landscape, Reuters reported. Xiaomi, the country's fifth-largest smartphone maker, shared the news via Weibo, revealing that orders can be placed at its 59 stores in 29 cities nationwide. The eagerly anticipated launch event for the SU7 is scheduled for March 28, where the electric sedan's price tag is expected to be unveiled. In response to this significant move, Xiaomi's shares experienced a notable 7 per cent surge during morning trade. At the unveiling of the SU7 in December, Xiaomi's Chief Executive Lei Jun expressed the company's ambitious goal to become one of the world's top five automakers. Lei highlighted the SU7's "super electric motor" technology, noting its capability to outpace acceleration speeds offered by Tesla and Porsche's EVs. Analysts believe that the shared operating system with Xiaomi's popular phones and electronic devices will attract the company's existing customer base to its new EV venture. In a market witnessing fierce competition and price wars, Xiaomi's entrance into the electric vehicle sector comes amid a broader trend of EV sales growth in China. While EV sales saw an 18 per cent increase in January-February, the competition has led to deeper price cuts, with market leader BYD leading the way. Xiaomi's move aligns with its efforts to diversify beyond its core business of smartphones, a plan initially unveiled in 2021. The SU7 vehicles will be manufactured by a unit of the state-owned automaker BAIC Group in a Beijing factory with an annual production capacity of 200,000 vehicles. Xiaomi's aim to invest $10 billion in the automotive sector over the next decade has gained approval from Chinese authorities, a noteworthy achievement considering their reluctance to contribute to an already saturated market. The company's vigour to foster to innovation and technology integration, is evident in the shared operating system with its popular devices, positioning Xiaomi as a key player in China's EV sector. (With inputs from Reuters)

Xiaomi set to revolutionise EV market with SU7 launch, shares surge 7 pc

In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department. <o:p></o:p>

The government accused Ford of violating federal tariff laws by misclassifying and understating the value of hundreds of thousands of its Transit Connect vehicles, imported from Turkey. <o:p></o:p>

The settlement, one of the largest customs penalty settlements in recent history, addresses claims that Ford employed a scheme to circumvent higher duties by misclassifying cargo vans from April 2009 to March 2013.<o:p></o:p>

"Ford strongly disagrees with many of the characterisations in the DOJ’s statement and admits no liability in this matter. But in the interest of moving on from this complex, decade-old dispute, we have agreed to settle the matter once and for all”, Reuters quoted a Ford spokesperson as saying.<o:p></o:p>

The Justice Department revealed that Ford had imported the vehicles with sham rear seats and temporary features to make them appear as passenger vehicles. <o:p></o:p>

These seats, never intended for passengers, were added to evade the 25 per cent duty rate applicable to cargo vehicles, later removed after Customs clearance.<o:p></o:p>

Back in 2013, Customs and Border Protection ruled that Transit Connects imported as passenger wagons and later converted into cargo vans should be subject to the 25 per cent duty applicable to cargo vehicles, instead of the 2.5 per cent passenger vehicle duty. <o:p></o:p>

Reuters cited Brian Boynton, the head of the DOJ Civil Division, who said, "The government will not permit companies to evade duties by adding sham features to their products and then misclassifying them." <o:p></o:p>

Ford's decision to settle comes as the culmination of a prolonged legal battle, and the company had previously acknowledged the possibility of facing up to $1.3 billion in penalties in 2021.<o:p></o:p>

The 25 per cent tariff, known as the "chicken tax," traces its origins back to a 1960s trade war involving frozen chicken. <o:p></o:p>

This tax, originally imposed on imported light trucks, has since extended to cargo vehicles. <o:p></o:p>

Despite the settlement, Ford shares experienced a 0.5 per cent decline following the resolution of the case.<o:p></o:p>

(Inputs from Reuters)<o:p></o:p>

In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department. The government accused Ford of violating federal tariff laws by misclassifying and understating the value of hundreds of thousands of its Transit Connect vehicles, imported from Turkey.

In a resolution to a decade-old dispute, Ford Motor will pay a hefty sum of $365 million to settle allegations brought forth by the US Justice Department. The government accused Ford of violating federal tariff laws by misclassifying and understating the value of hundreds of thousands of its Transit Connect vehicles, imported from Turkey. The settlement, one of the largest customs penalty settlements in recent history, addresses claims that Ford employed a scheme to circumvent higher duties by misclassifying cargo vans from April 2009 to March 2013. "Ford strongly disagrees with many of the characterisations in the DOJ’s statement and admits no liability in this matter. But in the interest of moving on from this complex, decade-old dispute, we have agreed to settle the matter once and for all”, Reuters quoted a Ford spokesperson as saying. The Justice Department revealed that Ford had imported the vehicles with sham rear seats and temporary features to make them appear as passenger vehicles. These seats, never intended for passengers, were added to evade the 25 per cent duty rate applicable to cargo vehicles, later removed after Customs clearance. Back in 2013, Customs and Border Protection ruled that Transit Connects imported as passenger wagons and later converted into cargo vans should be subject to the 25 per cent duty applicable to cargo vehicles, instead of the 2.5 per cent passenger vehicle duty. Reuters cited Brian Boynton, the head of the DOJ Civil Division, who said, "The government will not permit companies to evade duties by adding sham features to their products and then misclassifying them." Ford's decision to settle comes as the culmination of a prolonged legal battle, and the company had previously acknowledged the possibility of facing up to $1.3 billion in penalties in 2021. The 25 per cent tariff, known as the "chicken tax," traces its origins back to a 1960s trade war involving frozen chicken. This tax, originally imposed on imported light trucks, has since extended to cargo vehicles. Despite the settlement, Ford shares experienced a 0.5 per cent decline following the resolution of the case. (Inputs from Reuters)

Ford settles US import tariff evasion case, agrees to pay $365 million

Nvidia, renowned for its AI-powered chips, finds itself entangled in a legal battle as three authors file a lawsuit against the tech giant. <o:p></o:p>

Brian Keene, Abdi Nazemian, and Stewart O'Nan have accused Nvidia of utilising their copyrighted books without permission to train its NeMo AI platform. <o:p></o:p>

The authors claim that Nvidia used their works as part of a dataset that included about 196,640 volumes to train NeMo to simulate written language.

Although the dataset was taken down in October due to reported copyright infringement, the authors claim Nvidia's admission of training NeMo on the dataset constitutes copyright infringement.<o:p></o:p>

Authors seek damages<o:p></o:p>

The writers are requesting unspecified damages on behalf of US writers whose copyrighted works were used over the previous three years to train NeMo's huge language models in a proposed class action filed in federal court in San Francisco.

The pieces that are included in the complaint are "Ghost Walk" by Keene, "Like a Love Story" by Nazemian, and "Last Night at the Lobster" by O'Nan.

Nvidia has refrained from commenting on the matter, while legal representatives for the authors have yet to provide additional statements.

Growing litigation in AI sphere<o:p></o:p>

This lawsuit adds Nvidia to the list of companies facing legal scrutiny over generative AI technology, which generates new content based on various inputs. <o:p></o:p>

Nvidia's NeMo platform, lauded for its speed and affordability in adopting generative AI, has attracted attention from both creators and litigators. <o:p></o:p>

The tech industry has witnessed a surge in legal disputes surrounding AI, with notable cases involving OpenAI and Microsoft.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nvidia, renowned for its AI-powered chips, finds itself entangled in a legal battle as three authors file a lawsuit against the tech giant. Brian Keene, Abdi Nazemian, and Stewart O'Nan have accused Nvidia of utilising their copyrighted books without permission to train its NeMo AI platform.

Nvidia, renowned for its AI-powered chips, finds itself entangled in a legal battle as three authors file a lawsuit against the tech giant. Brian Keene, Abdi Nazemian, and Stewart O'Nan have accused Nvidia of utilising their copyrighted books without permission to train its NeMo AI platform. The authors claim that Nvidia used their works as part of a dataset that included about 196,640 volumes to train NeMo to simulate written language. Although the dataset was taken down in October due to reported copyright infringement, the authors claim Nvidia's admission of training NeMo on the dataset constitutes copyright infringement. Authors seek damages The writers are requesting unspecified damages on behalf of US writers whose copyrighted works were used over the previous three years to train NeMo's huge language models in a proposed class action filed in federal court in San Francisco. The pieces that are included in the complaint are "Ghost Walk" by Keene, "Like a Love Story" by Nazemian, and "Last Night at the Lobster" by O'Nan. Nvidia has refrained from commenting on the matter, while legal representatives for the authors have yet to provide additional statements. Growing litigation in AI sphere This lawsuit adds Nvidia to the list of companies facing legal scrutiny over generative AI technology, which generates new content based on various inputs. Nvidia's NeMo platform, lauded for its speed and affordability in adopting generative AI, has attracted attention from both creators and litigators. The tech industry has witnessed a surge in legal disputes surrounding AI, with notable cases involving OpenAI and Microsoft. (With inputs from Reuters)

Authors sue Nvidia for copyright infringement in AI training: Report

India has sealed a significant trade and economic partnership with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland. <o:p></o:p>

This landmark agreement, signed on Sunday, involves a binding commitment of $100 billion in investments over the next 15 years. <o:p></o:p>

Prime Minister Narendra Modi hailed the pact as a gateway to increased collaboration with EFTA nations, known for their global leadership in innovation and research.<o:p></o:p>

Investment commitment and economic impact<o:p></o:p>

Under the Trade and Economic Partnership Agreement (TEPA), EFTA has pledged to bolster foreign direct investments (FDI) in India by $100 billion over the next 15 years. <o:p></o:p>

Commerce and Industry Minister Piyush Goyal highlighted the significance of this modern and ambitious trade agreement, marking India's first Free Trade Agreement (FTA) with four developed nations. <o:p></o:p>

The pact is poised to enhance economic ties between India and the European bloc, fostering mutual growth and job creation.<o:p></o:p>

Sectoral impact and tariff concessions<o:p></o:p>

According to a report by the Economic Times (ET), the agreement entails substantial tariff concessions, benefiting various sectors such as watch making, chocolates, and machinery. <o:p></o:p>

Swiss imports, including watches and chocolates are set to enjoy duty-free imports after a phased elimination period.<o:p></o:p>

Currently, custom duties apply to 95.3 per cent of Swiss imports.

A Reuters repot cited Guy Parmelin, a Swiss economic representative, who highlighted the vast potential for trade and investment in the Indian market.

He noted that the agreement was the culmination of 21 negotiation rounds. India ranks as the fifth-largest trading partner of the EFTA grouping, following the European Union, the United States, Britain, and China.

The estimated total bilateral trade between India and the EFTA amounted to $25 billion in 2023, according to the trade ministry.

The Swiss government described the agreement as including a thorough and enforceable section addressing trade and sustainable development.<o:p></o:p>

Apart from that, the pact is expected to facilitate cheaper imports of machinery, enhancing India's industrial capabilities. <o:p></o:p>

Additionally, concessions on processed agricultural products (PAP) from India are anticipated to further stimulate trade.<o:p></o:p>

Emphasis on services and visa commitments<o:p></o:p>

Services form a crucial aspect of the agreement, with both India and EFTA extending concessions in various sub-sectors such as accounting, auditing, and legal services. <o:p></o:p>

Notably, EFTA's commitments in audio-visual services, including gaming and animation, hold significant promise for India's burgeoning service sector. <o:p></o:p>

Moreover, India has secured commitments regarding visa regulations, ensuring smoother mobility for categories such as intra-corporate transferees and contractual service suppliers.<o:p></o:p>

Industry response and export opportunities<o:p></o:p>

Industry leaders have welcomed the pact, citing its potential to boost India's export potential and create employment opportunities. <o:p></o:p>

ET cited Chandrajit Banerjee, the Director General of the Confederation of Indian Industry (CII), who highlighted the historic $100 billion investment commitment from EFTA, indicating its potential to stimulate economic growth.<o:p></o:p>

Improved market access for Indian goods in EFTA markets is expected to expand export avenues, further enhancing India's global trade footprint.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India has sealed a significant trade and economic partnership with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland.

India has sealed a significant trade and economic partnership with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland. This landmark agreement, signed on Sunday, involves a binding commitment of $100 billion in investments over the next 15 years. Prime Minister Narendra Modi hailed the pact as a gateway to increased collaboration with EFTA nations, known for their global leadership in innovation and research. Investment commitment and economic impact Under the Trade and Economic Partnership Agreement (TEPA), EFTA has pledged to bolster foreign direct investments (FDI) in India by $100 billion over the next 15 years. Commerce and Industry Minister Piyush Goyal highlighted the significance of this modern and ambitious trade agreement, marking India's first Free Trade Agreement (FTA) with four developed nations. The pact is poised to enhance economic ties between India and the European bloc, fostering mutual growth and job creation. Sectoral impact and tariff concessions According to a report by the Economic Times (ET), the agreement entails substantial tariff concessions, benefiting various sectors such as watch making, chocolates, and machinery. Swiss imports, including watches and chocolates are set to enjoy duty-free imports after a phased elimination period. Currently, custom duties apply to 95.3 per cent of Swiss imports. A Reuters repot cited Guy Parmelin, a Swiss economic representative, who highlighted the vast potential for trade and investment in the Indian market. He noted that the agreement was the culmination of 21 negotiation rounds. India ranks as the fifth-largest trading partner of the EFTA grouping, following the European Union, the United States, Britain, and China. The estimated total bilateral trade between India and the EFTA amounted to $25 billion in 2023, according to the trade ministry. The Swiss government described the agreement as including a thorough and enforceable section addressing trade and sustainable development. Apart from that, the pact is expected to facilitate cheaper imports of machinery, enhancing India's industrial capabilities. Additionally, concessions on processed agricultural products (PAP) from India are anticipated to further stimulate trade. Emphasis on services and visa commitments Services form a crucial aspect of the agreement, with both India and EFTA extending concessions in various sub-sectors such as accounting, auditing, and legal services. Notably, EFTA's commitments in audio-visual services, including gaming and animation, hold significant promise for India's burgeoning service sector. Moreover, India has secured commitments regarding visa regulations, ensuring smoother mobility for categories such as intra-corporate transferees and contractual service suppliers. Industry response and export opportunities Industry leaders have welcomed the pact, citing its potential to boost India's export potential and create employment opportunities. ET cited Chandrajit Banerjee, the Director General of the Confederation of Indian Industry (CII), who highlighted the historic $100 billion investment commitment from EFTA, indicating its potential to stimulate economic growth. Improved market access for Indian goods in EFTA markets is expected to expand export avenues, further enhancing India's global trade footprint. (With inputs from Reuters)

India secures $100 billion investment commitment in landmark trade pact with EFTA

Brazilian markets experienced a significant downturn following a surprising move by state-controlled oil giant Petroleo Brasileiro SA, commonly known as Petrobras, which paid a lower-than-anticipated dividend. <o:p></o:p>

The decision sent shockwaves through the investor community, rekindling fears of political instability in the Latin American nation.<o:p></o:p>

The aftermath of Petrobras' dividend announcement was palpable across various financial indicators. <o:p></o:p>

The Brazilian real faced a depreciation of up to 1.1 per cent, marking one of the most substantial declines among major currencies worldwide. <o:p></o:p>

Meanwhile, swap rates due in January 2031 surged by 12 basis points. <o:p></o:p>

The country's benchmark Ibovespa equity index also experienced its sharpest drop since September, with Petrobras itself contributing significantly to the downturn, as it holds a weight of 13 per cent in the index.<o:p></o:p>

Analysts from renowned financial institutions swiftly responded to the market turmoil. <o:p></o:p>

Both Bank of America Corp. and Banco Santander SA moved to downgrade Petrobras from their previous buy-equivalent ratings. <o:p></o:p>

This shift came as Petrobras' CEO hinted at a more cautious approach towards shareholder remuneration, focusing instead on the company's transition towards renewable energy initiatives.<o:p></o:p>

A Bloomberg report cited Malcolm Dorson, a senior portfolio manager at Global X Management Company, who said that the situation reflects growing concerns over Brazil's political landscape. <o:p></o:p>

He noted that while Brazil presents significant opportunities, factors like unpredictable political risks associated with major companies like Petrobras and Vale weigh heavily on investor sentiment.<o:p></o:p>

The disappointment over Petrobras' dividend payout comes at a time when Brazilian investors were enjoying a period of relative calm on the political front. <o:p></o:p>

The real had been perceived as an attractive option for carry traders. <o:p></o:p>

However, this recent development serves as a setback, reminding investors of the inherent volatility within Brazilian markets.<o:p></o:p>

In addition to Petrobras, investors are closely watching developments within another major player, Vale SA, particularly its CEO succession race. <o:p></o:p>

The outcome of this race could provide insights into whether the current administration, led by President Luiz Inacio Lula da Silva, will succeed in promoting a candidate with strong government ties, further influencing market dynamics.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Brazilian markets experienced a significant downturn following a surprising move by state-controlled oil giant Petroleo Brasileiro SA, commonly known as Petrobras, which paid a lower-than-anticipated dividend.

Brazilian markets experienced a significant downturn following a surprising move by state-controlled oil giant Petroleo Brasileiro SA, commonly known as Petrobras, which paid a lower-than-anticipated dividend. The decision sent shockwaves through the investor community, rekindling fears of political instability in the Latin American nation. The aftermath of Petrobras' dividend announcement was palpable across various financial indicators. The Brazilian real faced a depreciation of up to 1.1 per cent, marking one of the most substantial declines among major currencies worldwide. Meanwhile, swap rates due in January 2031 surged by 12 basis points. The country's benchmark Ibovespa equity index also experienced its sharpest drop since September, with Petrobras itself contributing significantly to the downturn, as it holds a weight of 13 per cent in the index. Analysts from renowned financial institutions swiftly responded to the market turmoil. Both Bank of America Corp. and Banco Santander SA moved to downgrade Petrobras from their previous buy-equivalent ratings. This shift came as Petrobras' CEO hinted at a more cautious approach towards shareholder remuneration, focusing instead on the company's transition towards renewable energy initiatives. A Bloomberg report cited Malcolm Dorson, a senior portfolio manager at Global X Management Company, who said that the situation reflects growing concerns over Brazil's political landscape. He noted that while Brazil presents significant opportunities, factors like unpredictable political risks associated with major companies like Petrobras and Vale weigh heavily on investor sentiment. The disappointment over Petrobras' dividend payout comes at a time when Brazilian investors were enjoying a period of relative calm on the political front. The real had been perceived as an attractive option for carry traders. However, this recent development serves as a setback, reminding investors of the inherent volatility within Brazilian markets. In addition to Petrobras, investors are closely watching developments within another major player, Vale SA, particularly its CEO succession race. The outcome of this race could provide insights into whether the current administration, led by President Luiz Inacio Lula da Silva, will succeed in promoting a candidate with strong government ties, further influencing market dynamics. (With inputs from Bloomberg)

Brazil's Market Turmoil: Petrobras dividend disappointment sparks investor concerns

Egypt’s inflation rate witnessed an unexpected surge in February, marking a notable acceleration even before the much-anticipated flotation of the Egyptian pound. <o:p></o:p>

According to data released by the state statistics agency CAPMAS, consumer prices in urban areas of the North African country rose by an annual 35.7 per cent last month, compared to 29.8 per cent in January. <o:p></o:p>

This unexpected rise has sparked concerns about the economic outlook despite efforts to stabilise the country’s troubled economy.<o:p></o:p>

Factors driving inflation<o:p></o:p>

A significant factor contributing to the inflation surge was the sharp increase in food and beverage prices, which constitute a substantial portion of the inflation basket. <o:p></o:p>

These prices saw an annual rise of 50.9 per cent and a monthly increase of 16.7 per cent. <o:p></o:p>

Bloomberg cited Allen Sandeep, the director of research at Naeem Holding in Cairo, who highlighted "unexpectedly large spikes" in various sectors including food, health, education, and recreation.<o:p></o:p>

Sandeep also noted that the recent record interest rate hike was a proactive measure aimed at addressing inflationary pressures.<o:p></o:p>

Currency flotation impact<o:p></o:p>

The decision to let the Egyptian pound tumble by more than 38 per cent on March 6, in order to secure a new $8 billion deal with the International Monetary Fund (IMF), has raised questions about its impact on inflation. <o:p></o:p>

President Abdel-Fattah El-Sisi defended the move, citing national security concerns and the need for substantial funds to stabilise the market. <o:p></o:p>

However, uncertainties remain about the potential repercussions of the currency depreciation on consumer prices and overall economic stability.<o:p></o:p>

Economic challenges and policy responses<o:p></o:p>

Egypt has been grappling with its worst economic crisis in decades, exacerbated by the COVID-19 pandemic and longstanding structural issues. <o:p></o:p>

The recent currency flotation was preceded by efforts to secure investments, including a landmark $35 billion deal with the United Arab Emirates. <o:p></o:p>

The central bank's decision to hike interest rates by 600 basis points was aimed at curbing inflation and streamlining the exchange rate system.<o:p></o:p>

However, the unexpected surge in inflation highlights the complexities of navigating the country's economic challenges.<o:p></o:p>

Future Outlook<o:p></o:p>

Economists remain divided on the potential impact of the currency depreciation on consumer costs. <o:p></o:p>

While the black market exchange rate has significantly influenced pricing dynamics in recent years, uncertainties persist regarding the extent to which the currency's plunge will translate into further inflationary pressures. <o:p></o:p>

With imports constrained and dollars in short supply, the economy faces continued volatility as authorities strive to stabilise prices and restore investor confidence.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Egypt’s inflation rate witnessed an unexpected surge in February, marking a notable acceleration even before the much-anticipated flotation of the Egyptian pound.

Egypt’s inflation rate witnessed an unexpected surge in February, marking a notable acceleration even before the much-anticipated flotation of the Egyptian pound. According to data released by the state statistics agency CAPMAS, consumer prices in urban areas of the North African country rose by an annual 35.7 per cent last month, compared to 29.8 per cent in January. This unexpected rise has sparked concerns about the economic outlook despite efforts to stabilise the country’s troubled economy. Factors driving inflation A significant factor contributing to the inflation surge was the sharp increase in food and beverage prices, which constitute a substantial portion of the inflation basket. These prices saw an annual rise of 50.9 per cent and a monthly increase of 16.7 per cent. Bloomberg cited Allen Sandeep, the director of research at Naeem Holding in Cairo, who highlighted "unexpectedly large spikes" in various sectors including food, health, education, and recreation. Sandeep also noted that the recent record interest rate hike was a proactive measure aimed at addressing inflationary pressures. Currency flotation impact The decision to let the Egyptian pound tumble by more than 38 per cent on March 6, in order to secure a new $8 billion deal with the International Monetary Fund (IMF), has raised questions about its impact on inflation. President Abdel-Fattah El-Sisi defended the move, citing national security concerns and the need for substantial funds to stabilise the market. However, uncertainties remain about the potential repercussions of the currency depreciation on consumer prices and overall economic stability. Economic challenges and policy responses Egypt has been grappling with its worst economic crisis in decades, exacerbated by the COVID-19 pandemic and longstanding structural issues. The recent currency flotation was preceded by efforts to secure investments, including a landmark $35 billion deal with the United Arab Emirates. The central bank's decision to hike interest rates by 600 basis points was aimed at curbing inflation and streamlining the exchange rate system. However, the unexpected surge in inflation highlights the complexities of navigating the country's economic challenges. Future Outlook Economists remain divided on the potential impact of the currency depreciation on consumer costs. While the black market exchange rate has significantly influenced pricing dynamics in recent years, uncertainties persist regarding the extent to which the currency's plunge will translate into further inflationary pressures. With imports constrained and dollars in short supply, the economy faces continued volatility as authorities strive to stabilise prices and restore investor confidence. (With inputs from Bloomberg)

Egypt’s inflation unexpectedly surges amid currency flotation

Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors. <o:p></o:p>

According to sources within the company, while 25 per cent of employees in the lower pay scale have received their full salaries, others have been subject to partial payments. <o:p></o:p>

Byju’s management reassured employees, stating, “We processed your salary for February late at night on Friday. However, due to yesterday being a second Saturday and on account of the long weekend, we expect the salaries to be reflected in your accounts on Monday. We sincerely apologise for any inconvenience caused by this delay and are grateful for your understanding.”<o:p></o:p>

The financial constraints faced by Byju’s have been attributed to the blocking of funds by a group of investors, leading to a temporary unavailability of resources for business operations. <o:p></o:p>

This legal dispute has its roots in an oppression and mismanagement suit filed against Byju’s management before the National Company Law Tribunal (NCLT), Bengaluru Bench.<o:p></o:p>

According to sources, the lawsuit seeks the removal of founders, including CEO Byju Raveendran, and the appointment of a new board. <o:p></o:p>

Furthermore, it aims to declare the recently concluded rights issue as void. <o:p></o:p>

Prominent investors including Prosus, General Atlantic, Sofina, and Peak XV, along with other shareholders including Tiger and Owl Ventures, are among the petitioners.<o:p></o:p>

The National Company Law Tribunal (NCLT), Bengaluru Bench, has intervened in the matter, requesting Byju’s to consider extending the closing date of its USD 200 million rights issue. <o:p></o:p>

However, the management hinted at reluctance to comply, despite facing technicalities preventing the issue's closure. <o:p></o:p>

An interim order from the NCLT has instructed Byju’s to maintain the funds received through the rights issue in a separate escrow account until the matter is resolved. The next hearing is scheduled for April 4.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors.

Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors. According to sources within the company, while 25 per cent of employees in the lower pay scale have received their full salaries, others have been subject to partial payments. Byju’s management reassured employees, stating, “We processed your salary for February late at night on Friday. However, due to yesterday being a second Saturday and on account of the long weekend, we expect the salaries to be reflected in your accounts on Monday. We sincerely apologise for any inconvenience caused by this delay and are grateful for your understanding.” The financial constraints faced by Byju’s have been attributed to the blocking of funds by a group of investors, leading to a temporary unavailability of resources for business operations. This legal dispute has its roots in an oppression and mismanagement suit filed against Byju’s management before the National Company Law Tribunal (NCLT), Bengaluru Bench. According to sources, the lawsuit seeks the removal of founders, including CEO Byju Raveendran, and the appointment of a new board. Furthermore, it aims to declare the recently concluded rights issue as void. Prominent investors including Prosus, General Atlantic, Sofina, and Peak XV, along with other shareholders including Tiger and Owl Ventures, are among the petitioners. The National Company Law Tribunal (NCLT), Bengaluru Bench, has intervened in the matter, requesting Byju’s to consider extending the closing date of its USD 200 million rights issue. However, the management hinted at reluctance to comply, despite facing technicalities preventing the issue's closure. An interim order from the NCLT has instructed Byju’s to maintain the funds received through the rights issue in a separate escrow account until the matter is resolved. The next hearing is scheduled for April 4. (With inputs from PTI)

Byju’s pays salaries of 25 pc employees, makes partial payment to others: Report

In a significant boost to India's global trade credentials, New Delhi has signed a deal with the European free trade association. That's a four nation bloc, comprising Iceland, Liechtenstein, Norway, and Switzerland, which will soon open an office in India. The free trade deal is a culmination of over 15 years of negotiations between India and the E-F-T-A. Watch to know more!

India: PM Modi hails landmark India-EFTA trade agreement

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.

Byju’s pays salaries of 25 pc employees, makes partial payment to others: Report<o:p></o:p>

Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors.

<a href="https://www.wionews.com/business-economy/byjus-pays-salaries-of-25-pc-employees-makes-partial-payment-to-others-report-698833">Read more here</a><o:p></o:p>

Egypt’s inflation unexpectedly surges amid currency flotation<o:p></o:p>

Egypt’s inflation rate witnessed an unexpected surge in February, marking a notable acceleration even before the much-anticipated flotation of the Egyptian pound.

<a href="https://www.wionews.com/business-economy/egypts-inflation-unexpectedly-surges-amid-currency-flotation-698846">Read more here</a><o:p></o:p>

Brazil's Market Turmoil: Petrobras dividend disappointment sparks investor concerns<o:p></o:p>

Brazilian markets experienced a significant downturn following a surprising move by state-controlled oil giant Petroleo Brasileiro SA, commonly known as Petrobras, which paid a lower-than-anticipated dividend.

<a href="https://www.wionews.com/business-economy/brazils-market-turmoil-petrobras-dividend-disappointment-sparks-investor-concerns-698878">Read more here</a><o:p></o:p>

India secures $100 billion investment commitment in landmark trade pact with EFTA<o:p></o:p>

India has sealed a significant trade and economic partnership with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland.

<a href="https://www.wionews.com/business-economy/india-secures-100-billion-investment-commitment-in-landmark-trade-pact-with-efta-698895">Read more here</a><o:p></o:p>

Authors sue Nvidia for copyright infringement in AI training: Report<o:p></o:p>

Nvidia, renowned for its AI-powered chips, finds itself entangled in a legal battle as three authors file a lawsuit against the tech giant.

<a href="https://www.wionews.com/business-economy/authors-sue-nvidia-for-copyright-infringement-in-ai-training-report-698901">Read more here</a><o:p></o:p>

Turkey's economic overhaul earns Fitch upgrade amid policy shift<o:p></o:p>

Turkey celebrated a significant milestone as Fitch upgrades its credit rating, lauding the country's shift towards orthodox economic policies on Saturday.

<a href="https://www.wionews.com/business-economy/turkeys-economic-overhaul-earns-fitch-upgrade-amid-policy-shift-698916">Read more here</a><o:p></o:p>

Reddit aims for record IPO, eyeing $748 million in valuation<o:p></o:p>

Reddit Inc, in collaboration with its investors, is gearing up for what could be a groundbreaking Initial Public Offering (IPO), targeting to raise up to $748 million.

<a href="https://www.wionews.com/business-economy/reddit-aims-for-record-ipo-eyeing-748-million-in-valuation-698940">Read more here</a><o:p></o:p>

Delta Airlines foresees potential Boeing 737 Max 10 delay until 2027<o:p></o:p>

Delta Airlines anticipates a potential delay in the delivery of its Boeing Co. 737 Max 10 aircraft until as late as 2027 amidst ongoing safety and criminal reviews faced by the aircraft manufacturer.

<a href="https://www.wionews.com/business-economy/delta-airlines-foresees-potential-boeing-737-max-10-delay-until-2027-698946">Read more here</a><o:p></o:p>

Japan's economy evades recession, but concerns persist over weak recovery<o:p></o:p>

Japan's economy managed to dodge a technical recession, as per revised government data released on Monday.

<a href="https://www.wionews.com/business-economy/japans-economy-evades-recession-but-concerns-persist-over-weak-recovery-698941">Read more here</a><o:p></o:p>

Regulators rally financial support for China Vanke amid liquidity concerns<o:p></o:p>

Chinese regulators have reportedly convened with financial institutions to address the challenges faced by state-backed property developer China Vanke.

<a href="https://www.wionews.com/business-economy/regulators-rally-financial-support-for-china-vanke-amid-liquidity-concerns-698944">Read more here</a><o:p></o:p>

Chinese authorities signal no major bailout for struggling real estate developers<o:p></o:p>

Chinese authorities have sent a clear message that struggling real estate developers shouldn't expect a significant bailout, as the government puts on a spotlight on accountability and market principles in the face of financial woes.

<a href="https://www.wionews.com/business-economy/chinese-authorities-signal-no-major-bailout-for-struggling-real-estate-developers-698947">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. Byju’s pays salaries of 25 pc employees, makes partial payment to others: Report Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju’s pays salaries of 25 pc employees, makes partial payment to others: Report Indian Edtech firm, Byju’s has recently encountered challenges in salary disbursement for its employees due to financial constraints stemming from a legal battle with some of its investors. Read more here Egypt’s inflation unexpectedly surges amid currency flotation Egypt’s inflation rate witnessed an unexpected surge in February, marking a notable acceleration even before the much-anticipated flotation of the Egyptian pound. Read more here Brazil's Market Turmoil: Petrobras dividend disappointment sparks investor concerns Brazilian markets experienced a significant downturn following a surprising move by state-controlled oil giant Petroleo Brasileiro SA, commonly known as Petrobras, which paid a lower-than-anticipated dividend. Read more here India secures $100 billion investment commitment in landmark trade pact with EFTA India has sealed a significant trade and economic partnership with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein, and Iceland. Read more here Authors sue Nvidia for copyright infringement in AI training: Report Nvidia, renowned for its AI-powered chips, finds itself entangled in a legal battle as three authors file a lawsuit against the tech giant. Read more here Turkey's economic overhaul earns Fitch upgrade amid policy shift Turkey celebrated a significant milestone as Fitch upgrades its credit rating, lauding the country's shift towards orthodox economic policies on Saturday. Read more here Reddit aims for record IPO, eyeing $748 million in valuation Reddit Inc, in collaboration with its investors, is gearing up for what could be a groundbreaking Initial Public Offering (IPO), targeting to raise up to $748 million. Read more here Delta Airlines foresees potential Boeing 737 Max 10 delay until 2027 Delta Airlines anticipates a potential delay in the delivery of its Boeing Co. 737 Max 10 aircraft until as late as 2027 amidst ongoing safety and criminal reviews faced by the aircraft manufacturer. Read more here Japan's economy evades recession, but concerns persist over weak recovery Japan's economy managed to dodge a technical recession, as per revised government data released on Monday. Read more here Regulators rally financial support for China Vanke amid liquidity concerns Chinese regulators have reportedly convened with financial institutions to address the challenges faced by state-backed property developer China Vanke. Read more here Chinese authorities signal no major bailout for struggling real estate developers Chinese authorities have sent a clear message that struggling real estate developers shouldn't expect a significant bailout, as the government puts on a spotlight on accountability and market principles in the face of financial woes. Read more here

WION Business Wrap | Byju’s pays employee’s salaries, Egypt’s unexpected inflation and more

Chinese authorities have sent a clear message that struggling real estate developers shouldn't expect a significant bailout, as the government puts on a spotlight on accountability and market principles in the face of financial woes, as per a CNBC report.

Ni Hong, Minister of Housing and Urban-Rural Development, stated during a press conference that insolvent companies must face the consequences of bankruptcy or restructuring, warning that those who harm the interests of the masses will be punished.

These remarks were made during China's annual parliamentary meetings, reflecting the government's stance amid defaults by major developers like Evergrande and Country Garden.

Ni Hong's comments underscore the government's resolve to address the challenges within the real estate sector, which has been grappling with defaults and plunging new home sales.

Beijing's crackdown on developers' heavy reliance on debt for growth since 2020 aimed to curb speculation in the property market.

However, this crackdown left many developers unable to complete construction projects due to financial constraints, exacerbating the sector's troubles.

Authorities have taken steps to provide financing to some developers but remain committed to reducing the role of real estate in the economy.

The annual government gathering this year has highlighted China's focus on investing in high-end manufacturing capabilities, with less emphasis on the real estate sector compared to previous years.

While discussing "people's livelihoods," Ni Hong emphasised the promotion of housing sales and affordable housing development while stressing the importance of long-term considerations.

Real estate's significant impact on China's overall economy cannot be understated, with the sector once accounting for about 25 per cent of GDP, including related sectors such as construction.

Premier Li Qiang's government work report for the upcoming year stressed on the need to foster a new development model for real estate, focusing on scaling up the supply of government-subsidised housing and improving basic systems for commodity housing to meet diverse housing demands.

The government's commitment to guaranteeing housing access while advancing towards a more sustainable economic model is reflected in these initiatives. 
The English-language version of the report highlighted the government's efforts to meet people's essential housing needs.

Chinese authorities have sent a clear message that struggling real estate developers shouldn't expect a significant bailout, as the government puts on a spotlight on accountability and market principles in the face of financial woes, as per a CNBC report.

Chinese authorities have sent a clear message that struggling real estate developers shouldn't expect a significant bailout, as the government puts on a spotlight on accountability and market principles in the face of financial woes, as per a CNBC report. Ni Hong, Minister of Housing and Urban-Rural Development, stated during a press conference that insolvent companies must face the consequences of bankruptcy or restructuring, warning that those who harm the interests of the masses will be punished. These remarks were made during China's annual parliamentary meetings, reflecting the government's stance amid defaults by major developers like Evergrande and Country Garden. Ni Hong's comments underscore the government's resolve to address the challenges within the real estate sector, which has been grappling with defaults and plunging new home sales. Beijing's crackdown on developers' heavy reliance on debt for growth since 2020 aimed to curb speculation in the property market. However, this crackdown left many developers unable to complete construction projects due to financial constraints, exacerbating the sector's troubles. Authorities have taken steps to provide financing to some developers but remain committed to reducing the role of real estate in the economy. The annual government gathering this year has highlighted China's focus on investing in high-end manufacturing capabilities, with less emphasis on the real estate sector compared to previous years. While discussing "people's livelihoods," Ni Hong emphasised the promotion of housing sales and affordable housing development while stressing the importance of long-term considerations. Real estate's significant impact on China's overall economy cannot be understated, with the sector once accounting for about 25 per cent of GDP, including related sectors such as construction. Premier Li Qiang's government work report for the upcoming year stressed on the need to foster a new development model for real estate, focusing on scaling up the supply of government-subsidised housing and improving basic systems for commodity housing to meet diverse housing demands. The government's commitment to guaranteeing housing access while advancing towards a more sustainable economic model is reflected in these initiatives. The English-language version of the report highlighted the government's efforts to meet people's essential housing needs.

Chinese authorities signal no major bailout for struggling real estate developers

Delta Airlines anticipates a potential delay in the delivery of its Boeing Co. 737 Max 10 aircraft until as late as 2027 amidst ongoing safety and criminal reviews faced by the aircraft manufacturer. <o:p></o:p>

With orders for 100 Max 10 planes and options for 30 more, Delta initially expected to commence receiving these aircraft next year.<o:p></o:p>

According to Delta's Chief Executive Officer, Ed Bastian, there's a likelihood of further delays in the arrival of the Max 10. <o:p></o:p>

"We were already anticipating if it came in '25, it’d be late in the year... My guess is it will be another year or two beyond that", Bloomberg quoted Bastian as saying. <o:p></o:p>

This delay could impact Delta's strategic planning, as the airline intended to incorporate the largest Max model into its domestic network, having placed the order in July 2022.<o:p></o:p>

Boeing's challenges with the Max series extend beyond delivery timelines. <o:p></o:p>

The company is currently under intense scrutiny from federal aviation regulators following a string of incidents, including a fuselage section blowout during an Alaska Airlines flight earlier this year, prompting a criminal investigation by the Justice Department. <o:p></o:p>

Amid these issues, the certification process for the Max 7 and Max 10 models has been prolonged, causing airlines like United Airlines Holdings Inc. to reconsider their fleet plans (Bloomberg).<o:p></o:p>

Delta, while acknowledging the delay prospects, remains confident in the protections negotiated in its contract to purchase the Max 10. <o:p></o:p>

Bastian stated, "We’re comfortable... There are several issues with the Boeing 737 Max that need to be addressed." <o:p></o:p>

Despite the potential setbacks with Boeing, Delta continues to experience strong demand for travel during school breaks and summer, both domestically and internationally, with recent weeks witnessing some of the airline's strongest sales days in history.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Delta Airlines anticipates a potential delay in the delivery of its Boeing Co. 737 Max 10 aircraft until as late as 2027 amidst ongoing safety and criminal reviews faced by the aircraft manufacturer.

Delta Airlines anticipates a potential delay in the delivery of its Boeing Co. 737 Max 10 aircraft until as late as 2027 amidst ongoing safety and criminal reviews faced by the aircraft manufacturer. With orders for 100 Max 10 planes and options for 30 more, Delta initially expected to commence receiving these aircraft next year. According to Delta's Chief Executive Officer, Ed Bastian, there's a likelihood of further delays in the arrival of the Max 10. "We were already anticipating if it came in '25, it’d be late in the year... My guess is it will be another year or two beyond that", Bloomberg quoted Bastian as saying. This delay could impact Delta's strategic planning, as the airline intended to incorporate the largest Max model into its domestic network, having placed the order in July 2022. Boeing's challenges with the Max series extend beyond delivery timelines. The company is currently under intense scrutiny from federal aviation regulators following a string of incidents, including a fuselage section blowout during an Alaska Airlines flight earlier this year, prompting a criminal investigation by the Justice Department. Amid these issues, the certification process for the Max 7 and Max 10 models has been prolonged, causing airlines like United Airlines Holdings Inc. to reconsider their fleet plans (Bloomberg). Delta, while acknowledging the delay prospects, remains confident in the protections negotiated in its contract to purchase the Max 10. Bastian stated, "We’re comfortable... There are several issues with the Boeing 737 Max that need to be addressed." Despite the potential setbacks with Boeing, Delta continues to experience strong demand for travel during school breaks and summer, both domestically and internationally, with recent weeks witnessing some of the airline's strongest sales days in history. (With inputs from Bloomberg)

Delta Airlines foresees potential Boeing 737 Max 10 delay until 2027

Chinese regulators have reportedly convened with financial institutions to address the challenges faced by state-backed property developer China Vanke.

According to two sources familiar with the matter, regulators urged large banks to boost financing support while urging private debt holders to consider maturity extensions.

These discussions come amidst growing concerns over Vanke's liquidity, prompting regulators to coordinate efforts to support the company.

The sources, speaking on condition of anonymity due to the sensitivity of the issue, emphasised the urgency for progress without specifying the timeline of these requests.

One of the sources revealed, "Banks to ensure (Vanke's) financing, insurers to extend maturities for private debt, (every party) to guarantee the repayments of public bonds."

However, China Vanke declined to comment on the matter. Requests for comments from the National Administration of Financial Regulation and the State Council Information Office, responsible for media inquiries, remained unanswered.

Reports indicate that investors have been offloading shares and bonds of Vanke in recent weeks due to liquidity concerns.

The developer, once perceived as financially stable, has sought debt maturity extensions with some insurers, further worsening market stress.

The tightening repayment requirements by certain national commercial banks have compounded Vanke's financial strain, according to another source familiar with the situation.

The fourth quarter of last year saw a significant decline in new bank loans issued to Vanke, plummeting by more than half compared to the same period in the previous year.

Insurers, including Taikang Insurance, state-owned PICC Property and Casualty, and New China Life Insurance, have reportedly received requests from Vanke for debt extensions.

The apprehension about Vanke's financial health arises amid a series of defaults by prominent developers such as China Evergrande Group and Country Garden since the property sector's descent into a debt crisis in 2021.

Experts caution that Vanke is one of the few developers with investment-grade credit ratings, so any problems with payments might further damage investor trust.

In response to mounting concerns, Vanke reassured stakeholders by disclosing in a filing on Friday that it had deposited the necessary funds to repay $630 million US dollar notes due on Monday.

This move aims to alleviate anxieties surrounding Vanke's immediate financial obligations. However, the broader challenges confronting the company underscore the complexities facing China's property sector as it grapples with mounting debt pressures.

(With inputs from Reuters)

Chinese regulators have reportedly convened with financial institutions to address the challenges faced by state-backed property developer China Vanke. According to two sources familiar with the matter, regulators urged large banks to boost financing support while urging private debt holders to consider maturity extensions.

Chinese regulators have reportedly convened with financial institutions to address the challenges faced by state-backed property developer China Vanke. According to two sources familiar with the matter, regulators urged large banks to boost financing support while urging private debt holders to consider maturity extensions. These discussions come amidst growing concerns over Vanke's liquidity, prompting regulators to coordinate efforts to support the company. The sources, speaking on condition of anonymity due to the sensitivity of the issue, emphasised the urgency for progress without specifying the timeline of these requests. One of the sources revealed, "Banks to ensure (Vanke's) financing, insurers to extend maturities for private debt, (every party) to guarantee the repayments of public bonds." However, China Vanke declined to comment on the matter. Requests for comments from the National Administration of Financial Regulation and the State Council Information Office, responsible for media inquiries, remained unanswered. Reports indicate that investors have been offloading shares and bonds of Vanke in recent weeks due to liquidity concerns. The developer, once perceived as financially stable, has sought debt maturity extensions with some insurers, further worsening market stress. The tightening repayment requirements by certain national commercial banks have compounded Vanke's financial strain, according to another source familiar with the situation. The fourth quarter of last year saw a significant decline in new bank loans issued to Vanke, plummeting by more than half compared to the same period in the previous year. Insurers, including Taikang Insurance, state-owned PICC Property and Casualty, and New China Life Insurance, have reportedly received requests from Vanke for debt extensions. The apprehension about Vanke's financial health arises amid a series of defaults by prominent developers such as China Evergrande Group and Country Garden since the property sector's descent into a debt crisis in 2021. Experts caution that Vanke is one of the few developers with investment-grade credit ratings, so any problems with payments might further damage investor trust. In response to mounting concerns, Vanke reassured stakeholders by disclosing in a filing on Friday that it had deposited the necessary funds to repay $630 million US dollar notes due on Monday. This move aims to alleviate anxieties surrounding Vanke's immediate financial obligations. However, the broader challenges confronting the company underscore the complexities facing China's property sector as it grapples with mounting debt pressures. (With inputs from Reuters)

Regulators rally financial support for China Vanke amid liquidity concerns

Japan's economy managed to dodge a technical recession, as per revised government data released on Monday.

The revised Gross Domestic Product (GDP) figures for the October-December period indicated an expansion, although weaker than anticipated, sparking concerns over the slow economic recovery.

According to the Cabinet Office, the revised GDP expanded at an annualised rate of 0.4 per cent, a notable improvement from the initial estimate of a 0.4 per cent contraction.

However, this upward revision fell short of economists' expectations, with a median forecast predicting a 1.1 per cent uptick in GDP, as revealed by a Reuters poll.

Regardless of the revision, concerns lingered over the dull performance of domestic demand, particularly in consumption, as noted by Saisuke Sakai, senior economist at Mizuho Research and Technologies.

Sakai remarked, "The headline is an upward revision, but domestic demand remains lackluster, particularly in consumption".

The positive revision in GDP figures was primarily driven by a 2.0 per cent increase in capital expenditure quarter-on-quarter, surpassing the preliminary estimate of a 0.1 per cent decrease.

Nonetheless, it still fell short of the median market forecast of a 2.5 per cent rise.

On the other hand, private consumption, a component constituting approximately 60 per cent of Japan's economy, experienced a decline of 0.3 per cent in the October-December period, slightly worse than the initial estimate.

Factors such as seafood and household appliances contributed to the downward pressure on consumption.

External demand contributed 0.2 percentage points to real GDP, remaining unchanged from the preliminary reading.

However, concerns regarding the current quarter loomed large, with predictions of a potential contraction due to various factors such as the slowdown in the Chinese economy, production halts at Toyota Motor Corp, and weak consumption, as per Sakai.

He observed, "In the current January-March quarter, the Japanese economy could suffer contraction after factoring in the slowdown in the Chinese economy, production halt at a unit of Toyota Motor Corp, and weak consumption".

Amid the economic indicators pointing to weaknesses, speculation intensified regarding the Bank of Japan's (BOJ) upcoming decisions.

There were growing expectations that the BOJ might abandon its negative interest rates as early as the following month.

This anticipation was fueled partly by recent hawkish comments from board members, suggesting that Japan was progressing towards the central bank's 2 per cent inflation target.

Marcel Thieliant, head of Asia-Pacific at Capital Economics, suggested, "The Bank of Japan will likely abandon the negative interest rates by next month citing a growing prospect of hefty pay hikes at annual wage talks with labor unions".

The looming decision of the BOJ gained further attention with Japan's largest trade union confederation, Rengo, demanding pay raises this year, exceeding 5 per cent for the first time in three decades.

The BOJ has stressed strong wage growth as crucial for unwinding its radical monetary policies spanning over a decade.

However, recent economic data painted a contrasting picture, with real wages shrinking for the 22nd consecutive month in January, and household spending witnessing the largest drop in 35 months.

As the BOJ prepares for its two-day policy-setting meeting scheduled for March 18-19, the economic indicators and demands from labor unions add complexity to the central bank's decision-making process.

(With inputs from Reuters)

Japan's economy managed to dodge a technical recession, as per revised government data released on Monday. The revised Gross Domestic Product (GDP) figures for the October-December period indicated an expansion, although weaker than anticipated, sparking concerns over the slow economic recovery.

Japan's economy managed to dodge a technical recession, as per revised government data released on Monday. The revised Gross Domestic Product (GDP) figures for the October-December period indicated an expansion, although weaker than anticipated, sparking concerns over the slow economic recovery. According to the Cabinet Office, the revised GDP expanded at an annualised rate of 0.4 per cent, a notable improvement from the initial estimate of a 0.4 per cent contraction. However, this upward revision fell short of economists' expectations, with a median forecast predicting a 1.1 per cent uptick in GDP, as revealed by a Reuters poll. Regardless of the revision, concerns lingered over the dull performance of domestic demand, particularly in consumption, as noted by Saisuke Sakai, senior economist at Mizuho Research and Technologies. Sakai remarked, "The headline is an upward revision, but domestic demand remains lackluster, particularly in consumption". The positive revision in GDP figures was primarily driven by a 2.0 per cent increase in capital expenditure quarter-on-quarter, surpassing the preliminary estimate of a 0.1 per cent decrease. Nonetheless, it still fell short of the median market forecast of a 2.5 per cent rise. On the other hand, private consumption, a component constituting approximately 60 per cent of Japan's economy, experienced a decline of 0.3 per cent in the October-December period, slightly worse than the initial estimate. Factors such as seafood and household appliances contributed to the downward pressure on consumption. External demand contributed 0.2 percentage points to real GDP, remaining unchanged from the preliminary reading. However, concerns regarding the current quarter loomed large, with predictions of a potential contraction due to various factors such as the slowdown in the Chinese economy, production halts at Toyota Motor Corp, and weak consumption, as per Sakai. He observed, "In the current January-March quarter, the Japanese economy could suffer contraction after factoring in the slowdown in the Chinese economy, production halt at a unit of Toyota Motor Corp, and weak consumption". Amid the economic indicators pointing to weaknesses, speculation intensified regarding the Bank of Japan's (BOJ) upcoming decisions. There were growing expectations that the BOJ might abandon its negative interest rates as early as the following month. This anticipation was fueled partly by recent hawkish comments from board members, suggesting that Japan was progressing towards the central bank's 2 per cent inflation target. Marcel Thieliant, head of Asia-Pacific at Capital Economics, suggested, "The Bank of Japan will likely abandon the negative interest rates by next month citing a growing prospect of hefty pay hikes at annual wage talks with labor unions". The looming decision of the BOJ gained further attention with Japan's largest trade union confederation, Rengo, demanding pay raises this year, exceeding 5 per cent for the first time in three decades. The BOJ has stressed strong wage growth as crucial for unwinding its radical monetary policies spanning over a decade. However, recent economic data painted a contrasting picture, with real wages shrinking for the 22nd consecutive month in January, and household spending witnessing the largest drop in 35 months. As the BOJ prepares for its two-day policy-setting meeting scheduled for March 18-19, the economic indicators and demands from labor unions add complexity to the central bank's decision-making process. (With inputs from Reuters)

Japan's economy evades recession, but concerns persist over weak recovery