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India's Financial Intelligence Unit (FIU) levied a fine of 54.9 million rupees ($662,565 approx) on Paytm Payments Bank, an affiliate of fintech giant Paytm, for alleged involvement in money laundering. This action followed a review prompted by law enforcement's information regarding alleged illegal activities such as online gambling facilitation.

"The money generated from these illegal operations proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank," the ministry said.

The ministry announced that after reviewing extensive documentation, it determined the validity of the allegations against Paytm Payments Bank.

A spokesperson for Paytm Payments Bank clarified that the penalty is over issues from a business that ceased operations two years ago.

In response to the findings, Paytm Payments Bank said it had bolstered its surveillance systems and reporting protocols to comply with requirements set by the FIU.

Also watch |&nbsp;Paytm overhauls banking board, CEO Vijay Shekhar Sharma resigns from Payments Bank Board

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/paytm-overhauls-banking-board-ceo-vijay-shekhar-sharma-resigns-from-payments-bank-board-694202/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>Regulatory scrutiny and RBI directive</h2>

Earlier, the Reserve Bank of India (RBI) had instructed Paytm Payments Bank to cease operations by March 15, citing ongoing regulatory non-compliance issues and supervisory concerns.

Paytm acknowledged receiving inquiries from regulatory bodies, including the Enforcement Directorate, and pledged cooperation in providing necessary information and explanations.

<a href="https://www.wionews.com/business-economy/vijay-shekhar-sharma-steps-down-as-chairman-of-paytm-payments-bank-694098">Also read | Paytm CEO Vijay Shekhar Sharma steps down from payments bank board amid crisis</a>

While it remains unclear if the finance ministry's actions are linked to the RBI's directive, Paytm has taken steps to address compliance issues, including severing some connections with its payments bank division.

Paytm Payments Bank is majority-owned by CEO Vijay Shekhar Sharma, with Paytm holding the remaining stake. Sharma recently resigned as non-executive chairman and board member of the payments bank as part of a broader organisational restructuring effort.

(With inputs from agencies)

India's Financial Intelligence Unit (FIU) levied a fine of 54.9 million rupees ($662,565 approx) on Paytm Payments Bank, an affiliate of fintech giant Paytm, for alleged involvement in money laundering.

India's Financial Intelligence Unit (FIU) levied a fine of 54.9 million rupees ($662,565 approx) on Paytm Payments Bank, an affiliate of fintech giant Paytm, for alleged involvement in money laundering. This action followed a review prompted by law enforcement's information regarding alleged illegal activities such as online gambling facilitation. "The money generated from these illegal operations proceeds of crime were routed and channelled through bank accounts maintained by these entities with the Paytm Payments Bank," the ministry said. The ministry announced that after reviewing extensive documentation, it determined the validity of the allegations against Paytm Payments Bank. A spokesperson for Paytm Payments Bank clarified that the penalty is over issues from a business that ceased operations two years ago. In response to the findings, Paytm Payments Bank said it had bolstered its surveillance systems and reporting protocols to comply with requirements set by the FIU. Also watch | Paytm overhauls banking board, CEO Vijay Shekhar Sharma resigns from Payments Bank Board Regulatory scrutiny and RBI directive Earlier, the Reserve Bank of India (RBI) had instructed Paytm Payments Bank to cease operations by March 15, citing ongoing regulatory non-compliance issues and supervisory concerns. Paytm acknowledged receiving inquiries from regulatory bodies, including the Enforcement Directorate, and pledged cooperation in providing necessary information and explanations. Also read | Paytm CEO Vijay Shekhar Sharma steps down from payments bank board amid crisis While it remains unclear if the finance ministry's actions are linked to the RBI's directive, Paytm has taken steps to address compliance issues, including severing some connections with its payments bank division. Paytm Payments Bank is majority-owned by CEO Vijay Shekhar Sharma, with Paytm holding the remaining stake. Sharma recently resigned as non-executive chairman and board member of the payments bank as part of a broader organisational restructuring effort. (With inputs from agencies)

Paytm Payments Bank of India hit with $662,000 fine amid allegations of money laundering

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

China aims for economic transformation with 5pc growth target: Report<o:p></o:p>

Premier Li Qiang outlined ambitious plans for China's economic future during his maiden work report at the National People's Congress on Tuesday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/china-aims-for-economic-transformation-with-5pc-growth-target-report-696639">Read more here</a><o:p></o:p>

American Airlines takes flight into the future with largest plane order in 10 years<o:p></o:p>

In a move to capitalise on the resurgent demand for premium travel, American Airlines announced its most substantial plane order since 2011 on Monday, securing a deal for 260 new jets from Airbus, Boeing, and Embraer.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/american-airlines-takes-flight-into-the-future-with-largest-plane-order-in-10-years-696654">Read more here</a><o:p></o:p>

India’s SBI urges Supreme Court for electoral bond data extension until June 30<o:p></o:p>

The State Bank of India (SBI), a state-run lender, has formally requested the Supreme Court to extend the deadline for sharing Electoral Bond data from March 6 to June 30.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-sbi-urges-supreme-court-for-electoral-bond-data-extension-until-june-30-696669">Read more here</a><o:p></o:p>

Bitcoin surges beyond $68,000, approaches all-time high amid record inflows<o:p></o:p>

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-beyond-68000-approaches-all-time-high-amid-record-inflows-696675">Read more here</a><o:p></o:p>

FAA cracks down on Boeing 737 MAX production, citing quality control failures<o:p></o:p>

The Federal Aviation Administration (FAA) has thrown a wrench into Boeing's plans, revealing multiple instances of alleged non-compliance with manufacturing quality control requirements during a 737 MAX production audit.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/faa-cracks-down-on-boeing-737-max-production-citing-quality-control-failures-696680">Read more here</a><o:p></o:p>

Goldman Sachs Wealth Management cautions against investing in China. Here’s why<o:p></o:p>

The Chief Investment Officer of Goldman Sachs Group Inc.'s wealth-management business, Sharmin Mossavar-Rahmani, has issued a stark warning against investing in China, despite recent significant declines in the country's stock market.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/goldman-sachs-wealth-management-cautions-against-investing-in-china-heres-why-696684">Read more here</a><o:p></o:p>

Bank of Korea faces uncertainties amidst board shuffle, warns ex-director<o:p></o:p>

South Korea's Central Bank, the Bank of Korea (BOK), is undergoing a shakeup in its policy board, raising concerns about future efforts to control inflation, warns a former policy director.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bank-of-korea-faces-uncertainties-amidst-board-shuffle-warns-ex-director-696699">Read more here</a><o:p></o:p>

Indian home prices poised for 7pc growth amid luxury property surge: Survey<o:p></o:p>

Home prices in India are anticipated to see a steady ascent of 7 per cent this year and the next, propelled chiefly by the boost in purchases of luxury properties, according to a recent survey conducted by Reuters.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indian-home-prices-poised-for-7pc-growth-amid-luxury-property-surge-survey-696717">Read more here</a><o:p></o:p>

AMD faces setback as US Government blocks sale of AI chip to China<o:p></o:p>

Advanced Micro Devices has encountered a challenge in its efforts to offer an artificial intelligence chip specifically designed for the Chinese market.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/amd-faces-setback-as-us-government-blocks-sale-of-ai-chip-to-china-696718">Read more here</a><o:p></o:p>

Tesla shares plunge over 7 per cent as China sales decline: Report<o:p></o:p>

Tesla's shares experienced a drop of more than 7 per cent on Monday following reports of a decline in sales in China for February.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tesla-shares-plunge-over-7-per-cent-as-china-sales-decline-sparks-concerns-696719">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. China aims for economic transformation with 5pc growth target: Report Premier Li Qiang outlined ambitious plans for China's economic future during his maiden work report at the National People's Congress on Tuesday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. China aims for economic transformation with 5pc growth target: Report Premier Li Qiang outlined ambitious plans for China's economic future during his maiden work report at the National People's Congress on Tuesday. Read more here American Airlines takes flight into the future with largest plane order in 10 years In a move to capitalise on the resurgent demand for premium travel, American Airlines announced its most substantial plane order since 2011 on Monday, securing a deal for 260 new jets from Airbus, Boeing, and Embraer. Read more here India’s SBI urges Supreme Court for electoral bond data extension until June 30 The State Bank of India (SBI), a state-run lender, has formally requested the Supreme Court to extend the deadline for sharing Electoral Bond data from March 6 to June 30. Read more here Bitcoin surges beyond $68,000, approaches all-time high amid record inflows Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. Read more here FAA cracks down on Boeing 737 MAX production, citing quality control failures The Federal Aviation Administration (FAA) has thrown a wrench into Boeing's plans, revealing multiple instances of alleged non-compliance with manufacturing quality control requirements during a 737 MAX production audit. Read more here Goldman Sachs Wealth Management cautions against investing in China. Here’s why The Chief Investment Officer of Goldman Sachs Group Inc.'s wealth-management business, Sharmin Mossavar-Rahmani, has issued a stark warning against investing in China, despite recent significant declines in the country's stock market. Read more here Bank of Korea faces uncertainties amidst board shuffle, warns ex-director South Korea's Central Bank, the Bank of Korea (BOK), is undergoing a shakeup in its policy board, raising concerns about future efforts to control inflation, warns a former policy director. Read more here Indian home prices poised for 7pc growth amid luxury property surge: Survey Home prices in India are anticipated to see a steady ascent of 7 per cent this year and the next, propelled chiefly by the boost in purchases of luxury properties, according to a recent survey conducted by Reuters. Read more here AMD faces setback as US Government blocks sale of AI chip to China Advanced Micro Devices has encountered a challenge in its efforts to offer an artificial intelligence chip specifically designed for the Chinese market. Read more here Tesla shares plunge over 7 per cent as China sales decline: Report Tesla's shares experienced a drop of more than 7 per cent on Monday following reports of a decline in sales in China for February. Read more here

WION Business Wrap | China’s 5pc growth target, American Airlines’s largest plane order and more

Tesla's shares experienced a drop of more than 7 per cent on Monday following reports of a decline in sales in China for February.

The dip in sales in its key market has cast a shadow on the outlook for Tesla's global deliveries, especially amid mounting challenges such as diminishing demand and heightened competition.

The Lunar New Year holidays in China likely contributed to the slowdown in sales during February, affecting car purchasing activities in the region.

Tesla's sales in China, a crucial market for the EV giant, witnessed a decline in February, with sales of China-made vehicles dropping by 19 per cent compared to the same period last year.

Data from the China Passenger Car Association revealed that Tesla sold 60,365 vehicles during the month, marking the lowest volume since December 2022.

The Tesla Shanghai factory, which manufactures Model Y and Model 3 electric cars for the local market, Europe, and other countries, accounted for over half of Tesla's global deliveries last year.

The slump in Tesla's China sales has raised concerns among investors and analysts, particularly regarding the company's ability to sustain its global delivery momentum.

Wedbush analyst Dan Ives described the situation as a "perfect storm of headwinds" for Tesla in China, highlighting the negative impact on the company's stock performance.

In response to the challenging market conditions, Tesla has implemented several measures, including price cuts and incentives, to stimulate demand and fend off competition from Chinese rivals like BYD.

Tesla unveiled more incentives this week, including as insurance reimbursements, to draw customers in the biggest car market globally.

However, the competitive landscape in China has intensified, with BYD launching a new version of its best-selling car at a price lower than its predecessor.

This move has escalated a price war among EV manufacturers, further complicating Tesla's efforts to regain momentum in the region. BYD also reported a significant decline in sales, down 37 per cent from the previous year.

In the United States, Tesla has introduced various incentives to stimulate sales, including offering 5,000 free Supercharging miles to customers who trade in their older vehicles for a new Tesla vehicle by March 31.

Additionally, Tesla temporarily reduced prices for some of its Model Y cars in February.

Analyst Troy Teslike revised his forecast for Tesla's global deliveries for the first quarter of this year, citing weaker-than-expected sales in China despite price cuts as indicative of "a demand problem."

Tesla had previously warned of "notably lower" sales growth for the year ahead as it focuses on ramping up production of its cheaper electric vehicles.

Elon Musk: No longer the world's richest person

Meanwhile, Elon Musk, the CEO of Tesla, has renounced his title as the richest person in the world.

According to a Forbes report, he is now surpassed by Bernard Arnault, the chairman and CEO of LVMH.

Tesla's shares declined approximately 6.3 per cent on Monday, contributing to a significant drop in value this year, largely attributed to the aftermath of Musk's $44 billion acquisition of Twitter.

Musk's wealth, primarily tied to Tesla stock, soared during the carmaker's ascent, witnessing a surge of over 1,000 per cent in just two years.

Arnault, who holds over 60 per cent of LVMH's voting share class through various holding vehicles and family trusts, is estimated to be worth $186.2 billion by Forbes.

Meanwhile, Musk's fortune is closely linked to his Tesla shares, where he owns around 14.11 per cent of the outstanding shares, with a market value of $530 billion.

Additionally, Musk's ownership of more than 40 per cent of SpaceX shares further contributes to his net worth, boosted by the company's estimated valuation of $125 billion as of June 2022.

Despite a challenging year for stocks, LVMH shares have only experienced a modest decline of 1.5 per cent in 2022.

The luxury conglomerate, headquartered in Paris and listed on Euronext Paris, continues to demonstrate resilience amidst market volatility.

The shift in rankings, reflecting Arnault's ascent to the top of the wealth index, has been acknowledged by both Forbes and the Bloomberg Billionaires Index, although the latter uses slightly different methodologies for its assessments.

(With inputs from agencies)

Tesla's shares experienced a drop of more than 7 per cent on Monday following reports of a decline in sales in China for February. The dip in sales in its key market has cast a shadow on the outlook for Tesla's global deliveries, especially amid mounting challenges such as diminishing demand and heightened competition.

Tesla's shares experienced a drop of more than 7 per cent on Monday following reports of a decline in sales in China for February. The dip in sales in its key market has cast a shadow on the outlook for Tesla's global deliveries, especially amid mounting challenges such as diminishing demand and heightened competition. The Lunar New Year holidays in China likely contributed to the slowdown in sales during February, affecting car purchasing activities in the region. Tesla's sales in China, a crucial market for the EV giant, witnessed a decline in February, with sales of China-made vehicles dropping by 19 per cent compared to the same period last year. Data from the China Passenger Car Association revealed that Tesla sold 60,365 vehicles during the month, marking the lowest volume since December 2022. The Tesla Shanghai factory, which manufactures Model Y and Model 3 electric cars for the local market, Europe, and other countries, accounted for over half of Tesla's global deliveries last year. The slump in Tesla's China sales has raised concerns among investors and analysts, particularly regarding the company's ability to sustain its global delivery momentum. Wedbush analyst Dan Ives described the situation as a "perfect storm of headwinds" for Tesla in China, highlighting the negative impact on the company's stock performance. In response to the challenging market conditions, Tesla has implemented several measures, including price cuts and incentives, to stimulate demand and fend off competition from Chinese rivals like BYD. Tesla unveiled more incentives this week, including as insurance reimbursements, to draw customers in the biggest car market globally. However, the competitive landscape in China has intensified, with BYD launching a new version of its best-selling car at a price lower than its predecessor. This move has escalated a price war among EV manufacturers, further complicating Tesla's efforts to regain momentum in the region. BYD also reported a significant decline in sales, down 37 per cent from the previous year. In the United States, Tesla has introduced various incentives to stimulate sales, including offering 5,000 free Supercharging miles to customers who trade in their older vehicles for a new Tesla vehicle by March 31. Additionally, Tesla temporarily reduced prices for some of its Model Y cars in February. Analyst Troy Teslike revised his forecast for Tesla's global deliveries for the first quarter of this year, citing weaker-than-expected sales in China despite price cuts as indicative of "a demand problem." Tesla had previously warned of "notably lower" sales growth for the year ahead as it focuses on ramping up production of its cheaper electric vehicles. Elon Musk: No longer the world's richest person Meanwhile, Elon Musk, the CEO of Tesla, has renounced his title as the richest person in the world. According to a Forbes report, he is now surpassed by Bernard Arnault, the chairman and CEO of LVMH. Tesla's shares declined approximately 6.3 per cent on Monday, contributing to a significant drop in value this year, largely attributed to the aftermath of Musk's $44 billion acquisition of Twitter. Musk's wealth, primarily tied to Tesla stock, soared during the carmaker's ascent, witnessing a surge of over 1,000 per cent in just two years. Arnault, who holds over 60 per cent of LVMH's voting share class through various holding vehicles and family trusts, is estimated to be worth $186.2 billion by Forbes. Meanwhile, Musk's fortune is closely linked to his Tesla shares, where he owns around 14.11 per cent of the outstanding shares, with a market value of $530 billion. Additionally, Musk's ownership of more than 40 per cent of SpaceX shares further contributes to his net worth, boosted by the company's estimated valuation of $125 billion as of June 2022. Despite a challenging year for stocks, LVMH shares have only experienced a modest decline of 1.5 per cent in 2022. The luxury conglomerate, headquartered in Paris and listed on Euronext Paris, continues to demonstrate resilience amidst market volatility. The shift in rankings, reflecting Arnault's ascent to the top of the wealth index, has been acknowledged by both Forbes and the Bloomberg Billionaires Index, although the latter uses slightly different methodologies for its assessments. (With inputs from agencies)

Tesla shares plunge over 7 per cent as China sales decline: Report

Home prices in India are anticipated to see a steady ascent of 7 per cent this year and the next, propelled chiefly by the boost in purchases of luxury properties, according to a recent survey conducted by Reuters.

Analysts participating in the poll highlights the persistent gap between the demand for affordable housing and its supply, a challenge expected to persist in the coming years.

Regardless of a series of interest rate hikes by the Reserve Bank of India between May 2022 and February 2023, the housing market has continued its strong growth, buoyed by the resilience of Asia's third-largest economy.

The housing market in India exhibited notable resilience in 2023, with home prices witnessing a 4.3 per cent rise, marking the fastest growth since 2018.

This growth trajectory has largely remained unaffected by the successive interest rate hikes imposed by the Reserve Bank of India.

However, while this surge in home prices denotes a flourishing market, it also exacerbates the challenges faced by economically weaker segments grappling with stagnant wages and poverty.

Aniket Dani, Director-Research at CRISIL Market Intelligence and Analytics, highlighted the emergence of an uptick in demand for luxury properties, primarily driven by high-net-worth investors.

Developers are increasingly directing their efforts towards launching premium projects, thereby intensifying the hurdles encountered by the affordable housing segment.

Addressing concerns regarding the disparity between demand and supply in the affordable housing sector over the next 2-3 years, opinions among experts remain divided.

While some anticipate the gap to remain unchanged, others foresee a widening gap, underscoring the persistent challenges faced by this segment.

Despite the efforts of the Reserve Bank of India to curb inflation through interest rate hikes, a post-pandemic surge in home purchases among high-income earners has propelled home prices upwards.

However, expectations of potential interest rate cuts in the upcoming year are anticipated to enhance affordability, potentially benefiting first-time homebuyers.

Vivek Rathi, national director of research at Knight Frank India, stressed on the potential impact of interest rate adjustments on affordability and demand dynamics.

The survey forecasts a discernible rise in home prices across major urban centers such as Mumbai, Delhi, and Bengaluru, with respective increments of 6.0 per cent, 5.0 per cent, and 9.0 per cent projected for the current year.

These projections draws attention on the evolving landscape of India's real estate market, characterised by varying dynamics across different regions.

(With inputs from Reuters)

Home prices in India are anticipated to see a steady ascent of 7 per cent this year and the next, propelled chiefly by the boost in purchases of luxury properties, according to a recent survey conducted by Reuters.

Home prices in India are anticipated to see a steady ascent of 7 per cent this year and the next, propelled chiefly by the boost in purchases of luxury properties, according to a recent survey conducted by Reuters. Analysts participating in the poll highlights the persistent gap between the demand for affordable housing and its supply, a challenge expected to persist in the coming years. Regardless of a series of interest rate hikes by the Reserve Bank of India between May 2022 and February 2023, the housing market has continued its strong growth, buoyed by the resilience of Asia's third-largest economy. The housing market in India exhibited notable resilience in 2023, with home prices witnessing a 4.3 per cent rise, marking the fastest growth since 2018. This growth trajectory has largely remained unaffected by the successive interest rate hikes imposed by the Reserve Bank of India. However, while this surge in home prices denotes a flourishing market, it also exacerbates the challenges faced by economically weaker segments grappling with stagnant wages and poverty. Aniket Dani, Director-Research at CRISIL Market Intelligence and Analytics, highlighted the emergence of an uptick in demand for luxury properties, primarily driven by high-net-worth investors. Developers are increasingly directing their efforts towards launching premium projects, thereby intensifying the hurdles encountered by the affordable housing segment. Addressing concerns regarding the disparity between demand and supply in the affordable housing sector over the next 2-3 years, opinions among experts remain divided. While some anticipate the gap to remain unchanged, others foresee a widening gap, underscoring the persistent challenges faced by this segment. Despite the efforts of the Reserve Bank of India to curb inflation through interest rate hikes, a post-pandemic surge in home purchases among high-income earners has propelled home prices upwards. However, expectations of potential interest rate cuts in the upcoming year are anticipated to enhance affordability, potentially benefiting first-time homebuyers. Vivek Rathi, national director of research at Knight Frank India, stressed on the potential impact of interest rate adjustments on affordability and demand dynamics. The survey forecasts a discernible rise in home prices across major urban centers such as Mumbai, Delhi, and Bengaluru, with respective increments of 6.0 per cent, 5.0 per cent, and 9.0 per cent projected for the current year. These projections draws attention on the evolving landscape of India's real estate market, characterised by varying dynamics across different regions. (With inputs from Reuters)

Indian home prices poised for 7pc growth amid luxury property surge: Survey

Advanced Micro Devices has encountered a challenge in its efforts to offer an artificial intelligence chip specifically designed for the Chinese market,&nbsp;Bloomberg News reported.

The move comes amidst Washington's intensified scrutiny and crackdown on the export of advanced technologies to China.

According to sources familiar with the matter, AMD sought approval from the US Commerce Department to sell the AI processor to China, which was specifically designed to comply with US export restrictions.

However, the chip's performance, albeit lower compared to versions sold outside of China, has been deemed by US officials as still too powerful.

Consequently, the company has been instructed to obtain a license from the Commerce Department's Bureau of Industry and Security to proceed with the sale in China.

The AI chip developed by AMD, although tailored for the Chinese market and designed to meet US export regulations, has encountered regulatory hurdles due to concerns over its capabilities.

Despite efforts to ensure compliance, US officials maintain that the processor requires further scrutiny and control to prevent its potential misuse or diversion for military purposes.

Neither AMD nor the Commerce Department immediately responded to requests for comment from Reuters.

This development follows broader measures taken by the US government to curb the flow of advanced technologies to China, particularly those with potential military applications.

In October, the US announced plans to halt shipments of more advanced artificial intelligence chips, including those designed by Nvidia, as part of efforts to prevent Beijing from acquiring cutting-edge US technologies that could bolster its military capabilities.

(With inputs from agencies)

Advanced Micro Devices has encountered a challenge in its efforts to offer an artificial intelligence chip specifically designed for the Chinese market, Bloomberg News reported.

Advanced Micro Devices has encountered a challenge in its efforts to offer an artificial intelligence chip specifically designed for the Chinese market, Bloomberg News reported. The move comes amidst Washington's intensified scrutiny and crackdown on the export of advanced technologies to China. According to sources familiar with the matter, AMD sought approval from the US Commerce Department to sell the AI processor to China, which was specifically designed to comply with US export restrictions. However, the chip's performance, albeit lower compared to versions sold outside of China, has been deemed by US officials as still too powerful. Consequently, the company has been instructed to obtain a license from the Commerce Department's Bureau of Industry and Security to proceed with the sale in China. The AI chip developed by AMD, although tailored for the Chinese market and designed to meet US export regulations, has encountered regulatory hurdles due to concerns over its capabilities. Despite efforts to ensure compliance, US officials maintain that the processor requires further scrutiny and control to prevent its potential misuse or diversion for military purposes. Neither AMD nor the Commerce Department immediately responded to requests for comment from Reuters. This development follows broader measures taken by the US government to curb the flow of advanced technologies to China, particularly those with potential military applications. In October, the US announced plans to halt shipments of more advanced artificial intelligence chips, including those designed by Nvidia, as part of efforts to prevent Beijing from acquiring cutting-edge US technologies that could bolster its military capabilities. (With inputs from agencies)

AMD faces setback as US Government blocks sale of AI chip to China

Moody's Investor Service has revised its gross domestic product (GDP) forecast for India, citing the impressive performance of the South Asian economy in recent quarters.&nbsp; 
 
The ratings agency now anticipates a sturdy growth trajectory extending into 2024.&nbsp; 
 
"India's economy has performed well, and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent," Moody's stated.&nbsp; 
 
They also noted that India is confident to maintain its status as the fastest-growing economy among G-20 nations over the forecast period. 
 
India witnessed its economy expanding at its swiftest pace in a year and a half during the final quarter of 2023, driven notably by robust manufacturing and construction activity.&nbsp; 
 
The recorded growth rate of 8.4 per cent exceeded economists' projections of 6.6 per cent.&nbsp; 
 
Moody's pointed out that the momentum from the third and fourth quarters of 2023 has seamlessly flowed into the first quarter of the current calendar year, as evidenced by high-frequency indicators. 
 
"Robust goods and services tax collections, rising auto sales, consumer optimism, and double-digit credit growth suggest urban consumption demand remains resilient," Moody's observed.&nbsp; 
 
Moreover, indicators on the supply side such as expanding manufacturing and services PMIs further boosted the evidence of solid economic momentum.&nbsp; 
 
The agency stressed the continuation of policies post the upcoming general elections expected by May, along with a sustained emphasis on infrastructure development. 
 
Although private industrial capital spending has been sluggish, Moody's expects a rebound, fueled by ongoing benefits from supply chain diversification and the government's initiatives to bolster key manufacturing sectors.&nbsp; 
 
The agency puts a spotlight on rising capacity utilisation, strong credit growth, and upbeat business sentiment as indicative of an improving outlook for private investment.&nbsp; 
However, it noted that headline inflation in January eased slightly to 5.1 per cent but remains above the central bank's target of 4 per cent.&nbsp; 
 
Moody's suggested that given the solid growth dynamics and inflationary pressures, policy easing is not anticipated in the near term.&nbsp; 
 
(With inputs from Reuters)

Moody's Investor Service has revised its gross domestic product (GDP) forecast for India, citing the impressive performance of the South Asian economy in recent quarters.

Moody's Investor Service has revised its gross domestic product (GDP) forecast for India, citing the impressive performance of the South Asian economy in recent quarters. The ratings agency now anticipates a sturdy growth trajectory extending into 2024. "India's economy has performed well, and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent," Moody's stated. They also noted that India is confident to maintain its status as the fastest-growing economy among G-20 nations over the forecast period. India witnessed its economy expanding at its swiftest pace in a year and a half during the final quarter of 2023, driven notably by robust manufacturing and construction activity. The recorded growth rate of 8.4 per cent exceeded economists' projections of 6.6 per cent. Moody's pointed out that the momentum from the third and fourth quarters of 2023 has seamlessly flowed into the first quarter of the current calendar year, as evidenced by high-frequency indicators. "Robust goods and services tax collections, rising auto sales, consumer optimism, and double-digit credit growth suggest urban consumption demand remains resilient," Moody's observed. Moreover, indicators on the supply side such as expanding manufacturing and services PMIs further boosted the evidence of solid economic momentum. The agency stressed the continuation of policies post the upcoming general elections expected by May, along with a sustained emphasis on infrastructure development. Although private industrial capital spending has been sluggish, Moody's expects a rebound, fueled by ongoing benefits from supply chain diversification and the government's initiatives to bolster key manufacturing sectors. The agency puts a spotlight on rising capacity utilisation, strong credit growth, and upbeat business sentiment as indicative of an improving outlook for private investment. However, it noted that headline inflation in January eased slightly to 5.1 per cent but remains above the central bank's target of 4 per cent. Moody's suggested that given the solid growth dynamics and inflationary pressures, policy easing is not anticipated in the near term. (With inputs from Reuters)

Moody's raises India's GDP forecast in the middle of strong economic momentum

Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president. 
 
This substantial investment puts a spotlight on Toyota's commitment to boosts its presence in the South American country. 
 
The announcement is expected to be made at an event hosted at Toyota's factory in Sorocaba, Sao Paulo state. 
 
Geraldo Alckmin, Brazil's vice-president and minister for industry, revealed on social media that the investments are anticipated to create around 2,000 job opportunities while also facilitating the launch of new vehicle models. 
 
While Toyota has refrained from commenting on the specifics of its future plans, the statement comes following local media reports highlighting the impending investments. 
 
According to reports from O Globo's columnist Lauro Jardim, Toyota is set to manufacture a hybrid car and a sport utility vehicle (SUV) at its Sorocaba unit as part of the planned investment. 
 
Toyota's forthcoming investment in Brazil follows a series of similar announcements from other global automakers, including Volkswagen, General Motors, and Hyundai Motor. 
 
(With inputs from Reuters)

Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president.

Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president. This substantial investment puts a spotlight on Toyota's commitment to boosts its presence in the South American country. The announcement is expected to be made at an event hosted at Toyota's factory in Sorocaba, Sao Paulo state. Geraldo Alckmin, Brazil's vice-president and minister for industry, revealed on social media that the investments are anticipated to create around 2,000 job opportunities while also facilitating the launch of new vehicle models. While Toyota has refrained from commenting on the specifics of its future plans, the statement comes following local media reports highlighting the impending investments. According to reports from O Globo's columnist Lauro Jardim, Toyota is set to manufacture a hybrid car and a sport utility vehicle (SUV) at its Sorocaba unit as part of the planned investment. Toyota's forthcoming investment in Brazil follows a series of similar announcements from other global automakers, including Volkswagen, General Motors, and Hyundai Motor. (With inputs from Reuters)

Toyota set to invest $2.2 billion in Brazil, unveil new vehicle models

Zomato, India's leading food delivery platform, reached a record high in share value on Friday, signalling a notable turnaround in investor sentiment. <o:p></o:p>

According to a Reuters report, the surge in Zomato's stock price, fuelled by improved profitability prospects, highlights a major departure from the tepid performance witnessed by several new-age internet companies post-IPO. <o:p></o:p>

Despite initial scepticism over lofty valuations and business models, Zomato has emerged as Asia's most valuable internet stock in India, boasting a market capitalization exceeding 1.51 trillion rupees ($18 billion).<o:p></o:p>

"Investors are incrementally appreciative of whatever Zomato is trying to do, and there is a certain amount of consumer love for the business model too," remarked Sachin Dixit, an internet research analyst at JM Financial.<o:p></o:p>

The company's consistent earnings growth and successful execution of growth strategies have contributed to a reversal in investor perception, propelling its stock to new heights.<o:p></o:p>

Zomato's robust financial performance, surpassing market expectations for several consecutive quarters, distinguishes it from peers grappling with profitability challenges. <o:p></o:p>

According to Karan Taurani, an analyst at Elara, Zomato's "consistent earnings improvement" and adherence to growth targets set it apart from competitors lacking a clear path to profitability. <o:p></o:p>

Despite the buoyancy observed in Zomato's trajectory, other players have encountered hurdles. <o:p></o:p>

Nykaa, once a market favourite, faces macroeconomic challenges, signalling a shifting landscape within the sector. <o:p></o:p>

In contrast, Paytm's woes under regulatory scrutiny have translated into a major downturn in its stock performance. <o:p></o:p>

However, Zomato's dominance, with over half the market share in food delivery, continues to position it as a formidable force, analysts affirm.<o:p></o:p>

Zomato's acquisition of Blinkit, its quick commerce arm, in 2022, is poised to contribute substantially to its future growth trajectory. <o:p></o:p>

Analysts anticipate Blinkit to achieve EBITDA (Earnings before interest, taxes, depreciation, and amortisation) positivity in the next fiscal year, further bolstering Zomato's position in the market. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Zomato, India's leading food delivery platform, reached a record high in share value on Friday, signalling a notable turnaround in investor sentiment. According to a Reuters report, the surge in Zomato's stock price, fuelled by improved profitability prospects, highlights a major departure from the tepid performance witnessed by several new-age internet companies post-IPO.

Zomato, India's leading food delivery platform, reached a record high in share value on Friday, signalling a notable turnaround in investor sentiment. According to a Reuters report, the surge in Zomato's stock price, fuelled by improved profitability prospects, highlights a major departure from the tepid performance witnessed by several new-age internet companies post-IPO. Despite initial scepticism over lofty valuations and business models, Zomato has emerged as Asia's most valuable internet stock in India, boasting a market capitalization exceeding 1.51 trillion rupees ($18 billion). "Investors are incrementally appreciative of whatever Zomato is trying to do, and there is a certain amount of consumer love for the business model too," remarked Sachin Dixit, an internet research analyst at JM Financial. The company's consistent earnings growth and successful execution of growth strategies have contributed to a reversal in investor perception, propelling its stock to new heights. Zomato's robust financial performance, surpassing market expectations for several consecutive quarters, distinguishes it from peers grappling with profitability challenges. According to Karan Taurani, an analyst at Elara, Zomato's "consistent earnings improvement" and adherence to growth targets set it apart from competitors lacking a clear path to profitability. Despite the buoyancy observed in Zomato's trajectory, other players have encountered hurdles. Nykaa, once a market favourite, faces macroeconomic challenges, signalling a shifting landscape within the sector. In contrast, Paytm's woes under regulatory scrutiny have translated into a major downturn in its stock performance. However, Zomato's dominance, with over half the market share in food delivery, continues to position it as a formidable force, analysts affirm. Zomato's acquisition of Blinkit, its quick commerce arm, in 2022, is poised to contribute substantially to its future growth trajectory. Analysts anticipate Blinkit to achieve EBITDA (Earnings before interest, taxes, depreciation, and amortisation) positivity in the next fiscal year, further bolstering Zomato's position in the market. (With inputs from Reuters)

India’s Zomato soars to record high, defying slow trend in internet stocks

Indian edtech startup, BYju’s finds itself embroiled in a legal dispute with investors, hindering its access to recently raised funds and impeding its ability to compensate employees promptly. <o:p></o:p>

In a communication to staff, Byju Raveendran, the founder and CEO, expressed regret over the delay in processing salaries, attributing the setback to challenges in accessing capital amidst the ongoing legal tussle. <o:p></o:p>

Raveendran assured employees of efforts to disburse February salaries, due on March 1, by March 10.<o:p></o:p>

"I regret to inform you that we will still be unable to process your salaries. Last month we faced challenges due to a lack of capital and now we are experiencing a delay despite having funds," stated Raveendran in an email seen by Reuters. <o:p></o:p>

The legal dispute, involving four investors out of Byju's vast investor base, has resulted in a stalemate, preventing the startup from utilising funds raised through a recently concluded rights issue. <o:p></o:p>

The funds, kept for operational expenses, are currently inaccessible due to the ongoing legal standoff.<o:p></o:p>

Byju's recent rights issue, completed on February 28, aimed to address immediate financial obligations and operational costs. <o:p></o:p>

However, the startup faces hurdles as four investors, including Prosus, General Atlantic, Peak XV Partners, and Sofina, sought a stay on the rights issue through India's company law tribunal. <o:p></o:p>

This legal manoeuvre has compelled Byju's to maintain the raised funds in a separate escrow account until the dispute is resolved.<o:p></o:p>

The legal entanglement adds to Byju's woes, following a series of setbacks since early 2023. <o:p></o:p>

These include the resignation of its auditor, initiation of bankruptcy proceedings by lenders against a Byju's holding company, and a US lawsuit disputing loan terms and repayment. <o:p></o:p>

Once known as one of India's premier startups, Byju's encountered more setbacks last month when investors, including Prosus and Peak XV, voted to oust Raveendran over governance, financial management, and compliance issues. <o:p></o:p>

Byju's has contested the validity of this decision.<o:p></o:p>

Byju's, known for its diverse educational offerings encompassing online tutorials and offline coaching, has not disclosed the exact amount raised through the rights issue. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Indian edtech startup, BYju’s finds itself embroiled in a legal dispute with investors, hindering its access to recently raised funds and impeding its ability to compensate employees promptly.

Indian edtech startup, BYju’s finds itself embroiled in a legal dispute with investors, hindering its access to recently raised funds and impeding its ability to compensate employees promptly. In a communication to staff, Byju Raveendran, the founder and CEO, expressed regret over the delay in processing salaries, attributing the setback to challenges in accessing capital amidst the ongoing legal tussle. Raveendran assured employees of efforts to disburse February salaries, due on March 1, by March 10. "I regret to inform you that we will still be unable to process your salaries. Last month we faced challenges due to a lack of capital and now we are experiencing a delay despite having funds," stated Raveendran in an email seen by Reuters. The legal dispute, involving four investors out of Byju's vast investor base, has resulted in a stalemate, preventing the startup from utilising funds raised through a recently concluded rights issue. The funds, kept for operational expenses, are currently inaccessible due to the ongoing legal standoff. Byju's recent rights issue, completed on February 28, aimed to address immediate financial obligations and operational costs. However, the startup faces hurdles as four investors, including Prosus, General Atlantic, Peak XV Partners, and Sofina, sought a stay on the rights issue through India's company law tribunal. This legal manoeuvre has compelled Byju's to maintain the raised funds in a separate escrow account until the dispute is resolved. The legal entanglement adds to Byju's woes, following a series of setbacks since early 2023. These include the resignation of its auditor, initiation of bankruptcy proceedings by lenders against a Byju's holding company, and a US lawsuit disputing loan terms and repayment. Once known as one of India's premier startups, Byju's encountered more setbacks last month when investors, including Prosus and Peak XV, voted to oust Raveendran over governance, financial management, and compliance issues. Byju's has contested the validity of this decision. Byju's, known for its diverse educational offerings encompassing online tutorials and offline coaching, has not disclosed the exact amount raised through the rights issue. (With inputs from Reuters)

Byju's faces fund access hurdles amid legal dispute, CEO expresses regret over salary delay

In a move to strengthen cybersecurity, New Zealand's central bank announced on Monday that it was implementing stringent reporting regulations for major cyber incidents. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Banks operating in New Zealand are now mandated to report significant cyber breaches within 72 hours. <o:p></o:p>

The Reserve Bank of New Zealand (RBNZ) highlighted the importance of timely reporting to ensure effective responses to cyber incidents.<o:p></o:p>

"Having accurate, timely information is key," asserted Kate Le Quesne, Director of Prudential Policy at RBNZ. <o:p></o:p>

Le Quesne underscored the vitality for robust cyber resilience measures and highlighted the collaborative efforts between RBNZ and the Financial Markets Authority (FMA) in formulating shared reporting requirements. <o:p></o:p>

These coordinated initiatives aim to streamline reporting processes and enhance regulatory oversight across the financial sector.<o:p></o:p>

Under the proposed rules, banks are obligated to notify RBNZ of all cyber incidents promptly. <o:p></o:p>

Large entities will be required to report such incidents every six months, while other entities must adhere to an annual reporting schedule. <o:p></o:p>

Additionally, banks are mandated to provide self-assessment measures to RBNZ, ensuring comprehensive monitoring and evaluation of cybersecurity protocols.<o:p></o:p>

The surge in online breaches in New Zealand prompted the government's proactive response last year, with the establishment of a lead agency dedicated to bolstering cyber defence. <o:p></o:p>

This initiative aims to facilitate public and business engagement, offering assistance during network intrusions and reinforcing cybersecurity resilience across sectors.<o:p></o:p>

New Zealand's financial sector encountered a notable cyber incident in 2021 when a breach compromised the data systems of RBNZ, affecting a file-sharing service utilised by the bank for external stakeholder communications. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a move to strengthen cybersecurity, New Zealand's central bank announced on Monday that it was implementing stringent reporting regulations for major cyber incidents.

In a move to strengthen cybersecurity, New Zealand's central bank announced on Monday that it was implementing stringent reporting regulations for major cyber incidents. This is based on a Reuters report. Banks operating in New Zealand are now mandated to report significant cyber breaches within 72 hours. The Reserve Bank of New Zealand (RBNZ) highlighted the importance of timely reporting to ensure effective responses to cyber incidents. "Having accurate, timely information is key," asserted Kate Le Quesne, Director of Prudential Policy at RBNZ. Le Quesne underscored the vitality for robust cyber resilience measures and highlighted the collaborative efforts between RBNZ and the Financial Markets Authority (FMA) in formulating shared reporting requirements. These coordinated initiatives aim to streamline reporting processes and enhance regulatory oversight across the financial sector. Under the proposed rules, banks are obligated to notify RBNZ of all cyber incidents promptly. Large entities will be required to report such incidents every six months, while other entities must adhere to an annual reporting schedule. Additionally, banks are mandated to provide self-assessment measures to RBNZ, ensuring comprehensive monitoring and evaluation of cybersecurity protocols. The surge in online breaches in New Zealand prompted the government's proactive response last year, with the establishment of a lead agency dedicated to bolstering cyber defence. This initiative aims to facilitate public and business engagement, offering assistance during network intrusions and reinforcing cybersecurity resilience across sectors. New Zealand's financial sector encountered a notable cyber incident in 2021 when a breach compromised the data systems of RBNZ, affecting a file-sharing service utilised by the bank for external stakeholder communications. (With inputs from Reuters)

New Zealand central bank implements cyber reporting rules amid rising online threats

JetBlue&nbsp;and Spirit Airlines formally pulled the plug Monday on their merger, about six weeks after a federal judge ruled it violated US antitrust law.

The companies had positioned&nbsp;JetBlue's $3.8 billion purchase of Spirit as beneficial to consumers, but a federal judge in January sided with the US Justice Department, which had argued that the removal of the no-frills Spirit would lead to higher fares.

The companies decided after concluding that, given the legal situation, they were unlikely to meet the merger's deadline of July 24, 2024.

JetBlue&nbsp;will pay Spirit $69 million as a termination fee.

"We believed this merger was worth pursuing because it would have unleashed a national low-fare, high-value competitor to the Big Four airlines," said&nbsp;JetBlue&nbsp;Chief Executive Joanna Geraghty.&nbsp;

"Given the hurdles to closing that remain, we decided together that both airlines' interests are better served by moving forward independently."

In a statement, US Attorney General Merrick Garland called&nbsp;JetBlue's decision "another victory for the Justice Department's work on behalf of American consumers."&nbsp;

"We will continue to vigorously enforce the nation’s antitrust laws," he added.&nbsp;

Shares of Spirit slumped 14.5 per cent in early trading Monday, while&nbsp;JetBlue&nbsp;rose 3.9 per cent.

Spirit remains confident "in our future as a successful independent airline," said Chief Executive Ted Christie in a company statement.

"After discussing our options with our advisers and&nbsp;JetBlue, we concluded that current regulatory obstacles will not permit us to close this transaction in a timely fashion under the merger agreement," he added.

"We are disappointed we cannot move forward with a deal that would save hundreds of millions for consumers," he said.

Spirit said it has enlisted advisers on efforts to refinance and reduce debt payments. 
 
(With inputs from agencies)

JetBlue and Spirit Airlines formally pulled the plug Monday on their merger, about six weeks after a federal judge ruled it violated US antitrust law. The companies had positioned JetBlue's $3.

JetBlue and Spirit Airlines formally pulled the plug Monday on their merger, about six weeks after a federal judge ruled it violated US antitrust law. The companies had positioned JetBlue's $3.8 billion purchase of Spirit as beneficial to consumers, but a federal judge in January sided with the US Justice Department, which had argued that the removal of the no-frills Spirit would lead to higher fares. The companies decided after concluding that, given the legal situation, they were unlikely to meet the merger's deadline of July 24, 2024. JetBlue will pay Spirit $69 million as a termination fee. "We believed this merger was worth pursuing because it would have unleashed a national low-fare, high-value competitor to the Big Four airlines," said JetBlue Chief Executive Joanna Geraghty. "Given the hurdles to closing that remain, we decided together that both airlines' interests are better served by moving forward independently." In a statement, US Attorney General Merrick Garland called JetBlue's decision "another victory for the Justice Department's work on behalf of American consumers." "We will continue to vigorously enforce the nation’s antitrust laws," he added. Shares of Spirit slumped 14.5 per cent in early trading Monday, while JetBlue rose 3.9 per cent. Spirit remains confident "in our future as a successful independent airline," said Chief Executive Ted Christie in a company statement. "After discussing our options with our advisers and JetBlue, we concluded that current regulatory obstacles will not permit us to close this transaction in a timely fashion under the merger agreement," he added. "We are disappointed we cannot move forward with a deal that would save hundreds of millions for consumers," he said. Spirit said it has enlisted advisers on efforts to refinance and reduce debt payments. (With inputs from agencies)

JetBlue, Spirit Airlines cancel merger after US court says deal violates antitrust law

The Japanese government is contemplating on officially declaring an end to the prolonged battle against deflation; Kyodo News reported citing sources familiar with the matter.<o:p></o:p>

According to the report, this consideration comes after nearly two decades of the country grappling with moderate price declines. <o:p></o:p>

While Japan has consistently denied being in a state of deflation, dispelling entrenched public perceptions of stagnant prices and wages has proven challenging.<o:p></o:p>

"The recent bout of inflation, driven mostly by higher import costs, and the prospect of sustainable wage growth is seen as clearing the way for Japan to end its war on deflation," the sources in correspondence with Kyodo News stated. <o:p></o:p>

The government is closely monitoring labour-management wage negotiations and the trajectory of inflation to ascertain whether conditions have matured for a definitive departure from deflationary pressures.<o:p></o:p>

For Japan, entrenched deflationary pressures have perpetuated a detrimental cycle, wherein falling prices have constrained corporate profits and impeded wage growth, subsequently hampering private consumption—a pivotal component of the economy. <o:p></o:p>

Thus, an official declaration will mark the removal of a major growth obstacle for Japan's economy.<o:p></o:p>

Potential avenues for a formal announcement include Prime Minister Fumio Kishida or Cabinet members making a public declaration, or the government issuing a statement in its monthly economic report. <o:p></o:p>

However, government officials indicate that any decision will hinge on economic performance and ultimately lie within the purview of the Prime Minister.<o:p></o:p>

"June will be important," noted one government official, citing upcoming policy measures aimed at bolstering domestic demand, including income and residence tax cuts for Japanese households. <o:p></o:p>

However, there exists caution within the government regarding the timing of declaring an end to deflation, given lingering uncertainties in the price outlook and broader economic landscape.<o:p></o:p>

Despite signs of progress, scepticism persists within certain quarters of the government regarding the necessity and timing of officially ending the deflation narrative. <o:p></o:p>

Some officials assert that maintaining the current stance, which denies Japan being in a state of deflation, remains a priority. <o:p></o:p>

They highlight potential reputational risks should economic conditions deteriorate post-declaration.<o:p></o:p>

The Bank of Japan's aggressive monetary easing measures, in tandem with a joint agreement with the government in 2013 aimed at achieving 2 percent inflation, have been significant efforts to combat deflation. <o:p></o:p>

However, BOJ Chief Kazuo Ueda recently acknowledged Japan's state of inflation, fuelling speculation about potential shifts in monetary policy.<o:p></o:p>

Critical economic indicators, including Japan's closing output gap, indicate a pickup in demand—a positive sign for achieving stable inflation. <o:p></o:p>

Yet, amidst cautious optimism, government officials stress the need for prudence and vigilance, particularly given the unforeseen recessionary episode at the end of 2023.

<o:p>(With inputs from agencies)</o:p>

The Japanese government is contemplating on officially declaring an end to the prolonged battle against deflation; Kyodo News reported citing sources familiar with the matter.

The Japanese government is contemplating on officially declaring an end to the prolonged battle against deflation; Kyodo News reported citing sources familiar with the matter. According to the report, this consideration comes after nearly two decades of the country grappling with moderate price declines. While Japan has consistently denied being in a state of deflation, dispelling entrenched public perceptions of stagnant prices and wages has proven challenging. "The recent bout of inflation, driven mostly by higher import costs, and the prospect of sustainable wage growth is seen as clearing the way for Japan to end its war on deflation," the sources in correspondence with Kyodo News stated. The government is closely monitoring labour-management wage negotiations and the trajectory of inflation to ascertain whether conditions have matured for a definitive departure from deflationary pressures. For Japan, entrenched deflationary pressures have perpetuated a detrimental cycle, wherein falling prices have constrained corporate profits and impeded wage growth, subsequently hampering private consumption—a pivotal component of the economy. Thus, an official declaration will mark the removal of a major growth obstacle for Japan's economy. Potential avenues for a formal announcement include Prime Minister Fumio Kishida or Cabinet members making a public declaration, or the government issuing a statement in its monthly economic report. However, government officials indicate that any decision will hinge on economic performance and ultimately lie within the purview of the Prime Minister. "June will be important," noted one government official, citing upcoming policy measures aimed at bolstering domestic demand, including income and residence tax cuts for Japanese households. However, there exists caution within the government regarding the timing of declaring an end to deflation, given lingering uncertainties in the price outlook and broader economic landscape. Despite signs of progress, scepticism persists within certain quarters of the government regarding the necessity and timing of officially ending the deflation narrative. Some officials assert that maintaining the current stance, which denies Japan being in a state of deflation, remains a priority. They highlight potential reputational risks should economic conditions deteriorate post-declaration. The Bank of Japan's aggressive monetary easing measures, in tandem with a joint agreement with the government in 2013 aimed at achieving 2 percent inflation, have been significant efforts to combat deflation. However, BOJ Chief Kazuo Ueda recently acknowledged Japan's state of inflation, fuelling speculation about potential shifts in monetary policy. Critical economic indicators, including Japan's closing output gap, indicate a pickup in demand—a positive sign for achieving stable inflation. Yet, amidst cautious optimism, government officials stress the need for prudence and vigilance, particularly given the unforeseen recessionary episode at the end of 2023. (With inputs from agencies)

Japan government contemplates declaring an end to the deflation battle, sources say

Japan's Nikkei 225 Stock Average surged beyond the psychologically significant threshold of 40,000 points for the first time on Monday.<o:p></o:p>

According to a Bloomberg report, this signals potential for further upward momentum in its recent ascent.<o:p></o:p>

The blue-chip index soared by up to 1 per cent to reach 40,301.30, marking a fresh intraday record. <o:p></o:p>

Led by gains in the technology sector, with Advantest Corp notably the top performer, the Nikkei’s rally indicates investor confidence and favourable market conditions.<o:p></o:p>

"The Nikkei 225's 40,000 is certainly a key psychological level, which could offer some resistance for the index and bring volatility," Bloomberg quoted Charu Chanana, a strategist at Saxo Capital Markets, as saying. <o:p></o:p>

Chanana noted that although there are potential short-term fluctuations, prevailing structural factors and yen weakness are likely to sustain the bullish sentiment, mitigating concerns of overvaluation in Japanese stocks.<o:p></o:p>

The recent surge in the Nikkei mirrors an ongoing trend of investor optimism buoyed by improving shareholder returns, currency dynamics, and robust corporate earnings. <o:p></o:p>

Last month, the Nikkei reclaimed its peak from 1989, with international investors flocking to Japan's leading companies. <o:p></o:p>

Warren Buffett's endorsement of Japanese trading houses further instilled confidence in the market, while apprehensions over a slowdown in China prompted capital reallocation towards Japanese equities.<o:p></o:p>

Foreign investors continue to exhibit confidence in the prospects of Japanese stocks. <o:p></o:p>

Major asset managers such as BlackRock Inc and Amundi Asset Management foresee sustained earnings growth and favourable shifts in corporate governance as catalysts for continued market strength. <o:p></o:p>

However, despite bullish sentiment, concerns linger regarding potential overheating in the stock market.<o:p></o:p>

"While 40,000 yen for the Nikkei 225 is a passing point, the pace is too fast and the level is reached a little too early for the economy and companies' actual performance to keep up with," cautioned Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank. <o:p></o:p>

According to Bloomberg, Sera said that a cautious approach was imperative, further noting that economic fundamental must align with market valuations to ensure sustained growth.<o:p></o:p>

Encouragingly, efforts to enhance equity valuations are underway, with the Tokyo Stock Exchange advocating for greater transparency through the publication of companies' plans to boost shareholder value. <o:p></o:p>

Initiatives such as share buybacks, dividend hikes, and management buyouts are gaining traction, underscoring a proactive approach to fortify market resilience. <o:p></o:p>

Additionally, the prevalence of net cash positions among Nikkei companies, indicative of robust financial health, further bolsters investor confidence.<o:p></o:p>

"This is not a groundless frenzy," Bloomberg quoted Masahiro Yamaguchi, a senior market analyst at SMBC Trust &amp; Banking Ltd, citing the strong economic and corporate landscape in both Japan and the United States. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Japan's Nikkei 225 Stock Average surged beyond the psychologically significant threshold of 40,000 points for the first time on Monday. According to a Bloomberg report, this signals potential for further upward momentum in its recent ascent.

Japan's Nikkei 225 Stock Average surged beyond the psychologically significant threshold of 40,000 points for the first time on Monday. According to a Bloomberg report, this signals potential for further upward momentum in its recent ascent. The blue-chip index soared by up to 1 per cent to reach 40,301.30, marking a fresh intraday record. Led by gains in the technology sector, with Advantest Corp notably the top performer, the Nikkei’s rally indicates investor confidence and favourable market conditions. "The Nikkei 225's 40,000 is certainly a key psychological level, which could offer some resistance for the index and bring volatility," Bloomberg quoted Charu Chanana, a strategist at Saxo Capital Markets, as saying. Chanana noted that although there are potential short-term fluctuations, prevailing structural factors and yen weakness are likely to sustain the bullish sentiment, mitigating concerns of overvaluation in Japanese stocks. The recent surge in the Nikkei mirrors an ongoing trend of investor optimism buoyed by improving shareholder returns, currency dynamics, and robust corporate earnings. Last month, the Nikkei reclaimed its peak from 1989, with international investors flocking to Japan's leading companies. Warren Buffett's endorsement of Japanese trading houses further instilled confidence in the market, while apprehensions over a slowdown in China prompted capital reallocation towards Japanese equities. Foreign investors continue to exhibit confidence in the prospects of Japanese stocks. Major asset managers such as BlackRock Inc and Amundi Asset Management foresee sustained earnings growth and favourable shifts in corporate governance as catalysts for continued market strength. However, despite bullish sentiment, concerns linger regarding potential overheating in the stock market. "While 40,000 yen for the Nikkei 225 is a passing point, the pace is too fast and the level is reached a little too early for the economy and companies' actual performance to keep up with," cautioned Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank. According to Bloomberg, Sera said that a cautious approach was imperative, further noting that economic fundamental must align with market valuations to ensure sustained growth. Encouragingly, efforts to enhance equity valuations are underway, with the Tokyo Stock Exchange advocating for greater transparency through the publication of companies' plans to boost shareholder value. Initiatives such as share buybacks, dividend hikes, and management buyouts are gaining traction, underscoring a proactive approach to fortify market resilience. Additionally, the prevalence of net cash positions among Nikkei companies, indicative of robust financial health, further bolsters investor confidence. "This is not a groundless frenzy," Bloomberg quoted Masahiro Yamaguchi, a senior market analyst at SMBC Trust & Banking Ltd, citing the strong economic and corporate landscape in both Japan and the United States. (With inputs from Bloomberg)

Nikkei 225 surpasses 40,000 mark amid historic rally in Japanese stock market

<o:p></o:p>In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year. <o:p></o:p>

According to Reuters, this decision, announced on Sunday, entails maintaining cuts of 2.2 million barrels per day (bpd), with Saudi Arabia and Russia leading the charge. <o:p></o:p>

Saudi Arabia, acting as the de facto leader of OPEC, committed to sustaining its voluntary cut of 1 million bpd until the end of June, holding its output steady at around 9 million bpd. <o:p></o:p>

Concurrently, Russia, at the helm of OPEC+ allies, disclosed plans to slash oil production and exports by an additional 471,000 bpd in the upcoming quarter, highlighting a rising reliance on production cuts to balance the market.<o:p></o:p>

"This decision sends a message of cohesion and confirms that the group is not in a hurry to return supply volumes, supporting the view that when this finally happens, it will be gradual," Reuters quoted analysts at investment bank Jefferies as saying.<o:p></o:p>

&nbsp;The unexpected move by Russia to further reduce output has garnered attention from market analysts, with UBS analyst Giovanni Staunovo acknowledging the potential price-lifting impact if these cuts are fully implemented.<o:p></o:p>

The oil market has encountered support in 2024 amidst escalating geopolitical tensions and Houthi attacks on Red Sea shipping. <o:p></o:p>

However, apprehensions regarding economic growth have lingered. <o:p></o:p>

Despite widespread anticipation of OPEC+ maintaining existing cuts, Russia's announcement of additional reductions has the potential to provide further buoyancy to prices, as stated by analysts.<o:p></o:p>

Brent crude settled at $83.55 a barrel on Friday, marking an increase of $1.64, or 2 per cent, and reflecting a year-to-date surge of over 8 per cent.<o:p></o:p>

Individual OPEC+ members revealed their contributions to the extended cuts, with Iraq, UAE, Kuwait, Algeria, and Oman among those affirming their commitment to maintaining reduced output levels throughout the second quarter. <o:p></o:p>

Kazakhstan, likewise, pledged to extend voluntary cuts through the same period.<o:p></o:p>

The collective efforts of OPEC+ since late 2022 have resulted in pledged cuts amounting to approximately 5.86 million bpd, equating to roughly 5.7 per cent of daily world demand, according to Reuters calculations.<o:p></o:p>

Amidst uncertainties surrounding the oil demand outlook for the year, OPEC projects strong demand growth of 2.25 million bpd, primarily driven by Asia, while the International Energy Agency (IEA) foresees more modest growth of 1.22 million bpd. <o:p></o:p>

Additionally, the IEA anticipates oil supply to reach a record high of about 103.8 million bpd in 2024, largely propelled by producers outside OPEC+, including the United States, Brazil, and Guyana.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year.

In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year. According to Reuters, this decision, announced on Sunday, entails maintaining cuts of 2.2 million barrels per day (bpd), with Saudi Arabia and Russia leading the charge. Saudi Arabia, acting as the de facto leader of OPEC, committed to sustaining its voluntary cut of 1 million bpd until the end of June, holding its output steady at around 9 million bpd. Concurrently, Russia, at the helm of OPEC+ allies, disclosed plans to slash oil production and exports by an additional 471,000 bpd in the upcoming quarter, highlighting a rising reliance on production cuts to balance the market. "This decision sends a message of cohesion and confirms that the group is not in a hurry to return supply volumes, supporting the view that when this finally happens, it will be gradual," Reuters quoted analysts at investment bank Jefferies as saying. The unexpected move by Russia to further reduce output has garnered attention from market analysts, with UBS analyst Giovanni Staunovo acknowledging the potential price-lifting impact if these cuts are fully implemented. The oil market has encountered support in 2024 amidst escalating geopolitical tensions and Houthi attacks on Red Sea shipping. However, apprehensions regarding economic growth have lingered. Despite widespread anticipation of OPEC+ maintaining existing cuts, Russia's announcement of additional reductions has the potential to provide further buoyancy to prices, as stated by analysts. Brent crude settled at $83.55 a barrel on Friday, marking an increase of $1.64, or 2 per cent, and reflecting a year-to-date surge of over 8 per cent. Individual OPEC+ members revealed their contributions to the extended cuts, with Iraq, UAE, Kuwait, Algeria, and Oman among those affirming their commitment to maintaining reduced output levels throughout the second quarter. Kazakhstan, likewise, pledged to extend voluntary cuts through the same period. The collective efforts of OPEC+ since late 2022 have resulted in pledged cuts amounting to approximately 5.86 million bpd, equating to roughly 5.7 per cent of daily world demand, according to Reuters calculations. Amidst uncertainties surrounding the oil demand outlook for the year, OPEC projects strong demand growth of 2.25 million bpd, primarily driven by Asia, while the International Energy Agency (IEA) foresees more modest growth of 1.22 million bpd. Additionally, the IEA anticipates oil supply to reach a record high of about 103.8 million bpd in 2024, largely propelled by producers outside OPEC+, including the United States, Brazil, and Guyana. (With inputs from Reuters)

OPEC+ extends oil output cuts amid global growth concerns: Report

Founder of India’s major matrimonial site ‘Shaadi.com’, Anupam Mittal on Thursday (Feb 29) took to social media platform X to express his frustration over the cumbersome process of know-your-customer (KYC) paperwork. Mittal, who also appears on Shark Tank India, urged the government and the country’s Finance Minister Nirmala Sitharaman to simplify the process for angel investors and startups. In the&nbsp;long post, Mittal also tagged X accounts of Income Tax India, Sitharaman as well as the Prime Minister’s Office (PMO).

“While we talk about being a startup nation, we need policy making that keeps up,” Mittal wrote.

“Every year, team is spending inordinate amount of time sending KYC info to startups who in turn are coordinating with multiple angels to get KYC paperwork filed with Income Tax India, when they should be focusing on building great businesses. Why this harassment?” the ‘shark’ asked.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
While we talk about being a startup nation, we need policy making that keeps up. Every year, team is spending inordinate amt of time sending kyc info to startups who in turn are coordinating with multiple angels to get kyc paperwork filed with <a href="https://twitter.com/IncomeTaxIndia?ref_src=twsrc%5Etfw">@IncomeTaxIndia</a> when they should be…
— Anupam Mittal (@AnupamMittal) <a href="https://twitter.com/AnupamMittal/status/1763086413094895635?ref_src=twsrc%5Etfw">February 29, 2024</a></blockquote>
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“Income Tax India already has all our PAN numbers and many are registered investors. Madamji dekhiye pls (Madam, please look into it), it’s an unnecessary waste of time that sucks up countless unproductive hours of our country’s brightest,” Mittal concludes.

<h2>Response from Income Tax India</h2>

Responding to the post, Income Tax India asked Mittal to share his “specific issue/query” via email so that “our team can get in touch with you.”

Replying to this response, Mittal highlighted that it was not a specific issue but applies to anybody making investments in private companies.

Also read:&nbsp;<a data-ved="2ahUKEwj0x9eT9dKEAxWt1zgGHbNBDfoQxfQBKAB6BAgHEAE" href="https://www.wionews.com/india-news/india-s-jaishankar-nirmala-sitharaman-may-contest-election-from-karnataka-says-minister-694368" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/india-s-jaishankar-nirmala-sitharaman-may-contest-election-from-karnataka-says-minister-694368&amp;ved=2ahUKEwj0x9eT9dKEAxWt1zgGHbNBDfoQxfQBKAB6BAgHEAE">India: S Jaishankar, Nirmala Sitharaman may contest Lok Saba election from Karnataka, says minister</a>

“Thx for your response but It’s not a specific issue .. it applies to anybody making investments in pvt cos. Every year the co has to collect KYC docs from all its investors (which is quite cumbersome) and submit to the IT dept. Don’t understand the point since PAN and several other details are already shared at time of investment.&nbsp;What is the value of this unnecessary paper-work?” Mittal wrote.

In the end, Mittal suggests, “Aapko jo chahiye, backend se kheench lo” (Whatever you want, just fetch it from the backend).

<h2>Response from X users</h2>

Mittal’s post on X generated massive interest among users, with many of them agreeing with his views regarding KYC reforms.

“It's quite ironic that the folks at the tax department ask us for copies of previous year tax returns. They have everything already, it’s puzzling why they ask for these details. Repeatedly. Sheer waste of time,” wrote one user.

Watch:&nbsp;Nirmala Sitharaman and Dr S Jaishankar to contest Lok Sabha elections

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“Thanks for speaking up and taking a stand. Rules and regulations are for the people and their nation's well being. Balance is required from both the ends. Startups and small businesses should be allowed to grow rather than having just two big business groups,” wrote a second.

Founder of India’s major matrimonial site ‘Shaadi.com’, Anupam Mittal on Thursday (Feb 29) took to social media platform X to express his frustration over the cumbersome process of know-your-customer (KYC) paperwork.

Founder of India’s major matrimonial site ‘Shaadi.com’, Anupam Mittal on Thursday (Feb 29) took to social media platform X to express his frustration over the cumbersome process of know-your-customer (KYC) paperwork. Mittal, who also appears on Shark Tank India, urged the government and the country’s Finance Minister Nirmala Sitharaman to simplify the process for angel investors and startups. In the long post, Mittal also tagged X accounts of Income Tax India, Sitharaman as well as the Prime Minister’s Office (PMO). “While we talk about being a startup nation, we need policy making that keeps up,” Mittal wrote. “Every year, team is spending inordinate amount of time sending KYC info to startups who in turn are coordinating with multiple angels to get KYC paperwork filed with Income Tax India, when they should be focusing on building great businesses. Why this harassment?” the ‘shark’ asked. While we talk about being a startup nation, we need policy making that keeps up. Every year, team is spending inordinate amt of time sending kyc info to startups who in turn are coordinating with multiple angels to get kyc paperwork filed with @IncomeTaxIndia when they should be… — Anupam Mittal (@AnupamMittal) February 29, 2024 × “Income Tax India already has all our PAN numbers and many are registered investors. Madamji dekhiye pls (Madam, please look into it), it’s an unnecessary waste of time that sucks up countless unproductive hours of our country’s brightest,” Mittal concludes. Response from Income Tax India Responding to the post, Income Tax India asked Mittal to share his “specific issue/query” via email so that “our team can get in touch with you.” Replying to this response, Mittal highlighted that it was not a specific issue but applies to anybody making investments in private companies. Also read: India: S Jaishankar, Nirmala Sitharaman may contest Lok Saba election from Karnataka, says minister “Thx for your response but It’s not a specific issue .. it applies to anybody making investments in pvt cos. Every year the co has to collect KYC docs from all its investors (which is quite cumbersome) and submit to the IT dept. Don’t understand the point since PAN and several other details are already shared at time of investment. What is the value of this unnecessary paper-work?” Mittal wrote. In the end, Mittal suggests, “Aapko jo chahiye, backend se kheench lo” (Whatever you want, just fetch it from the backend). Response from X users Mittal’s post on X generated massive interest among users, with many of them agreeing with his views regarding KYC reforms. “It's quite ironic that the folks at the tax department ask us for copies of previous year tax returns. They have everything already, it’s puzzling why they ask for these details. Repeatedly. Sheer waste of time,” wrote one user. Watch: Nirmala Sitharaman and Dr S Jaishankar to contest Lok Sabha elections × “Thanks for speaking up and taking a stand. Rules and regulations are for the people and their nation's well being. Balance is required from both the ends. Startups and small businesses should be allowed to grow rather than having just two big business groups,” wrote a second.

Why this harassment? ‘Shark’ Anupam Mittal demands KYC reforms, IT dept responds

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

OPEC+ extends oil output cuts amid global growth concerns: Report<o:p></o:p>

In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/opec-extends-oil-output-cuts-amid-global-growth-concerns-report-696274">Read more here</a><o:p></o:p>

Nikkei 225 surpasses 40,000 mark amid historic rally in Japanese stock market<o:p></o:p>

Japan's Nikkei 225 Stock Average surged beyond the psychologically significant threshold of 40,000 points for the first time on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nikkei-225-surpasses-40000-mark-amid-historic-rally-in-japanese-stock-market-696288">Read more here</a><o:p></o:p>

Japan government contemplates declaring an end to the deflation battle, sources say<o:p></o:p>

The Japanese government is contemplating on officially declaring an end to the prolonged battle against deflation; Kyodo News reported citing sources familiar with the matter.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/japan-government-contemplates-declaring-an-end-to-the-deflation-battle-sources-say-696304">Read more here</a><o:p></o:p>

New Zealand central bank implements cyber reporting rules amid rising online threats<o:p></o:p>

In a move to strengthen cybersecurity, New Zealand's central bank announced on Monday that it was implementing stringent reporting regulations for major cyber incidents.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/new-zealand-central-bank-implements-cyber-reporting-rules-amid-rising-online-threats-696325">Read more here</a><o:p></o:p>

Byju's faces fund access hurdles amid legal dispute, CEO expresses regret over salary delay<o:p></o:p>

Indian edtech startup, BYju’s finds itself embroiled in a legal dispute with investors, hindering its access to recently raised funds and impeding its ability to compensate employees promptly.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/byjus-faces-fund-access-hurdles-amid-legal-dispute-ceo-expresses-regret-over-salary-delay-696334">Read more here</a><o:p></o:p>

India’s Zomato soars to record high, defying slow trend in internet stocks<o:p></o:p>

Zomato, India's leading food delivery platform, reached a record high in share value on Friday, signalling a notable turnaround in investor sentiment.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-zomato-soars-to-record-high-defying-slow-trend-in-internet-stocks-696347">Read more here</a><o:p></o:p>

Arkhouse and Brigade raise Macy's buyout offer to $6.6 billion, pressing for board's attention<o:p></o:p>

In a bid to acquire Macy's, Arkhouse Management and Brigade Capital Management have revised their buyout proposal, escalating the offer to $24 per share, amounting to a total valuation of $6.6 billion.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/arkhouse-and-brigade-raise-macys-buyout-offer-to-66-billion-pressing-for-boards-attention-696362">Read more here</a><o:p></o:p>

US funding bill blocks China from purchasing petroleum reserve oil<o:p></o:p>

Following a bipartisan consensus, the newly unveiled US funding legislation includes a provision barring China from acquiring oil from the Strategic Petroleum Reserve.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-funding-bill-blocks-china-from-purchasing-petroleum-reserve-oil-696385">Read more here</a><o:p></o:p>

Toyota set to invest $2.2 billion in Brazil, unveil new vehicle models<o:p></o:p>

Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/toyota-set-to-invest-22-billion-in-brazil-unveil-new-vehicle-models-696354">Read more here</a><o:p></o:p>

Moody's raises India's GDP forecast in the middle of strong economic momentum<o:p></o:p>

Moody's Investor Service has revised its gross domestic product (GDP) forecast for India, citing the impressive performance of the South Asian economy in recent quarters.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/moodys-raises-indias-gdp-forecast-in-the-middle-of-strong-economic-momentum-696355">Read more here</a><o:p></o:p>

Banco Santander announces job cuts in US amid digitalisation drive<o:p></o:p>

Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/banco-santander-announces-job-cuts-in-us-amid-digitalisation-drive-696365">Read more here</a><o:p></o:p>

BYD launches new EV model with aggressive pricing amid market competition<o:p></o:p>

China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/byd-launches-new-ev-model-with-aggressive-pricing-amid-market-competition-696368">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. OPEC+ extends oil output cuts amid global growth concerns: Report In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OPEC+ extends oil output cuts amid global growth concerns: Report In a bid to strengthen the oil market against concerns over global growth and escalating output from non-member countries, OPEC+ members, led by Saudi Arabia and Russia, have agreed to prolong voluntary oil output cuts into the second quarter of the year. Read more here Nikkei 225 surpasses 40,000 mark amid historic rally in Japanese stock market Japan's Nikkei 225 Stock Average surged beyond the psychologically significant threshold of 40,000 points for the first time on Monday. Read more here Japan government contemplates declaring an end to the deflation battle, sources say The Japanese government is contemplating on officially declaring an end to the prolonged battle against deflation; Kyodo News reported citing sources familiar with the matter. Read more here New Zealand central bank implements cyber reporting rules amid rising online threats In a move to strengthen cybersecurity, New Zealand's central bank announced on Monday that it was implementing stringent reporting regulations for major cyber incidents. Read more here Byju's faces fund access hurdles amid legal dispute, CEO expresses regret over salary delay Indian edtech startup, BYju’s finds itself embroiled in a legal dispute with investors, hindering its access to recently raised funds and impeding its ability to compensate employees promptly. Read more here India’s Zomato soars to record high, defying slow trend in internet stocks Zomato, India's leading food delivery platform, reached a record high in share value on Friday, signalling a notable turnaround in investor sentiment. Read more here Arkhouse and Brigade raise Macy's buyout offer to $6.6 billion, pressing for board's attention In a bid to acquire Macy's, Arkhouse Management and Brigade Capital Management have revised their buyout proposal, escalating the offer to $24 per share, amounting to a total valuation of $6.6 billion. Read more here US funding bill blocks China from purchasing petroleum reserve oil Following a bipartisan consensus, the newly unveiled US funding legislation includes a provision barring China from acquiring oil from the Strategic Petroleum Reserve. Read more here Toyota set to invest $2.2 billion in Brazil, unveil new vehicle models Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president. Read more here Moody's raises India's GDP forecast in the middle of strong economic momentum Moody's Investor Service has revised its gross domestic product (GDP) forecast for India, citing the impressive performance of the South Asian economy in recent quarters. Read more here Banco Santander announces job cuts in US amid digitalisation drive Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations. Read more here BYD launches new EV model with aggressive pricing amid market competition China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market. Read more here

WION Business Wrap | OPEC+ extends oil output cuts, Nikkei 225 surpasses 40,000 mark and more

China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market. 
 
The company has introduced the latest version at a price even lower than its discontinued predecessor, reflecting the intensifying battle for market share. 
 
The new Yuan Plus crossover, known as the Atto 3 in international markets, is offered with a starting price of $16,644, marking an 11.8 per cent decrease compared to the final sales price of its predecessor. 
 
This cost-effective strategy shows BYD's commitment to keeping a competitive advantage in the quickly changing EV market. 
 
The company's commitment to affordability aligns with the broader trend observed in the Chinese EV market, where manufacturers are striving to offer compelling value propositions to consumers. 
 
In 2023, BYD witnessed success with its Yuan Plus EV, recording sales figures of 412,202 units, a substantial portion of which were exported. 
 
According to data from the China Association of Automobile Manufacturers, approximately 42 per cent of BYD's total car exports for the year comprised the Yuan Plus model. 
BYD's international pricing strategy further accentuates its emphasis on maximising profit margins in foreign markets. 
 
For instance, the Atto 3 commands a starting price of $31,336 in Australia, representing an 85 per cent premium over its price in China. 
 
(With inputs from Reuters)

China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market.

China's leading electric vehicle (EV) manufacturer, BYD, has unveiled a new iteration of its popular car model amid a fierce price competition within the world's largest automobile market. The company has introduced the latest version at a price even lower than its discontinued predecessor, reflecting the intensifying battle for market share. The new Yuan Plus crossover, known as the Atto 3 in international markets, is offered with a starting price of $16,644, marking an 11.8 per cent decrease compared to the final sales price of its predecessor. This cost-effective strategy shows BYD's commitment to keeping a competitive advantage in the quickly changing EV market. The company's commitment to affordability aligns with the broader trend observed in the Chinese EV market, where manufacturers are striving to offer compelling value propositions to consumers. In 2023, BYD witnessed success with its Yuan Plus EV, recording sales figures of 412,202 units, a substantial portion of which were exported. According to data from the China Association of Automobile Manufacturers, approximately 42 per cent of BYD's total car exports for the year comprised the Yuan Plus model. BYD's international pricing strategy further accentuates its emphasis on maximising profit margins in foreign markets. For instance, the Atto 3 commands a starting price of $31,336 in Australia, representing an 85 per cent premium over its price in China. (With inputs from Reuters)

BYD launches new EV model with aggressive pricing amid market competition

Following a bipartisan consensus, the newly unveiled US funding legislation includes a provision barring China from acquiring oil from the Strategic Petroleum Reserve.<o:p></o:p>

This measure highlights intensifying competition and geopolitical tensions between the United States and China. <o:p></o:p>

Lawmakers, driven by bipartisan sentiment, have prioritised addressing concerns regarding China's access to vital US strategic resources, including oil reserves. Multiple bills have been introduced, aimed at curbing China's influence.<o:p></o:p>

The issue gained prominence following President Joe Biden's decision in 2022 to authorize the sale of 180 million barrels of SPR oil to stabilize gasoline prices in the aftermath of Russia's invasion of Ukraine. <o:p></o:p>

Concerns were raised after a portion of SPR oil was sold to Chinese entities, including UNIPEC America and PetroChina International, prompting calls for legislative action to restrict such transactions.<o:p></o:p>

The Strategic Petroleum Reserve, holding over 360 million barrels of oil, plays a critical role in safeguarding US energy security.<o:p></o:p>

However, recent sales, including those to China, have depleted the reserve to nearly 40-year lows. <o:p></o:p>

Last July, the Senate passed a bill with a strong majority, aiming to prevent the export of SPR oil to China. <o:p></o:p>

Senator Chris Murphy emphasised the need for decisive action to address strategic vulnerabilities and protect US interests.<o:p></o:p>

The funding bill, comprising 1,050 pages, outlines appropriations for various government sectors, including the energy domain. <o:p></o:p>

Congressional negotiators intend to swiftly advance the bill through the legislative process, with the House expected to vote on it first. <o:p></o:p>

Senate Majority Leader Chuck Schumer highlighted the urgency of the matter, urging prompt action to address critical funding allocations before the impending deadline.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Following a bipartisan consensus, the newly unveiled US funding legislation includes a provision barring China from acquiring oil from the Strategic Petroleum Reserve.

Following a bipartisan consensus, the newly unveiled US funding legislation includes a provision barring China from acquiring oil from the Strategic Petroleum Reserve. This measure highlights intensifying competition and geopolitical tensions between the United States and China. Lawmakers, driven by bipartisan sentiment, have prioritised addressing concerns regarding China's access to vital US strategic resources, including oil reserves. Multiple bills have been introduced, aimed at curbing China's influence. The issue gained prominence following President Joe Biden's decision in 2022 to authorize the sale of 180 million barrels of SPR oil to stabilize gasoline prices in the aftermath of Russia's invasion of Ukraine. Concerns were raised after a portion of SPR oil was sold to Chinese entities, including UNIPEC America and PetroChina International, prompting calls for legislative action to restrict such transactions. The Strategic Petroleum Reserve, holding over 360 million barrels of oil, plays a critical role in safeguarding US energy security. However, recent sales, including those to China, have depleted the reserve to nearly 40-year lows. Last July, the Senate passed a bill with a strong majority, aiming to prevent the export of SPR oil to China. Senator Chris Murphy emphasised the need for decisive action to address strategic vulnerabilities and protect US interests. The funding bill, comprising 1,050 pages, outlines appropriations for various government sectors, including the energy domain. Congressional negotiators intend to swiftly advance the bill through the legislative process, with the House expected to vote on it first. Senate Majority Leader Chuck Schumer highlighted the urgency of the matter, urging prompt action to address critical funding allocations before the impending deadline. (With inputs from Reuters)

US funding bill blocks China from purchasing petroleum reserve oil

Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations, as reported by Bloomberg News. 
 
The layoffs, constituting about 2.7 per cent of the bank's US workforce of around 11,800 employees, are primarily concentrated within the bank's retail operations. 
 
While Banco Santander has yet to respond to requests for comment from Reuters, the reported layoffs puts a spotlight on the institution's efforts to realign its business priorities in response to evolving customer demands and technological advancements. 
 
In a statement provided to Bloomberg News, Banco Santander said it was modernising its US operations by investing in digital capabilities and streamlining processes to better serve its clientele. 
 
By focusing on digital transformation initiatives, Banco Santander aims to remain agile and competitive amid the evolving financial landscape. 
 
Earlier announcements from the bank have showed its intent to expand digital services beyond the US market, with plans to launch a digital bank service in Mexico, as disclosed by Santander Mexico's head of digital and innovation, Matias Nunez, in January. 
 
(With inputs from Reuters)

Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations, as reported by Bloomberg News.

Banco Santander SA, a prominent Spanish banking entity, has implemented workforce reductions in the United States, cutting approximately 320 jobs as part of its strategic shift towards digital operations, as reported by Bloomberg News. The layoffs, constituting about 2.7 per cent of the bank's US workforce of around 11,800 employees, are primarily concentrated within the bank's retail operations. While Banco Santander has yet to respond to requests for comment from Reuters, the reported layoffs puts a spotlight on the institution's efforts to realign its business priorities in response to evolving customer demands and technological advancements. In a statement provided to Bloomberg News, Banco Santander said it was modernising its US operations by investing in digital capabilities and streamlining processes to better serve its clientele. By focusing on digital transformation initiatives, Banco Santander aims to remain agile and competitive amid the evolving financial landscape. Earlier announcements from the bank have showed its intent to expand digital services beyond the US market, with plans to launch a digital bank service in Mexico, as disclosed by Santander Mexico's head of digital and innovation, Matias Nunez, in January. (With inputs from Reuters)

Banco Santander announces job cuts in US amid digitalisation drive

In a bid to acquire Macy's, Arkhouse Management and Brigade Capital Management have revised their buyout proposal, escalating the offer to $24 per share, amounting to a total valuation of $6.6 billion.<o:p></o:p>

This revised bid is 14 per cent higher than their previous offer that was initially rejected. The enhanced offer represents a significant premium of about 33 per cent over Macy's closing stock price on Friday.<o:p></o:p>

"We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy's stockholders with significant value and immediate liquidity," Arkhouse Management said in a statement.<o:p></o:p>

Macy's, in response to the revised proposal, asserted that its Board would meticulously assess and evaluate the latest offer. <o:p></o:p>

The department store operator had previously rejected a similar proposal in December, citing concerns over financing and valuation. <o:p></o:p>

The revised bid aims to address these concerns while emphasising the potential value and benefits of the acquisition to Macy's shareholders.<o:p></o:p>

The proposed acquisition comes amid Macy's ongoing struggles to compete in a rapidly evolving retail landscape dominated by online competitors and agile brick-and-mortar counterparts. <o:p></o:p>

Like other legacy department store operators, Macy's faces challenges in adapting to changing consumer preferences and retail trends. <o:p></o:p>

These challenges have provided Arkhouse and Brigade with an opportunity to exert pressure on Macy's to consider a sale.<o:p></o:p>

Furthermore, Arkhouse Management has initiated a board challenge against Macy's, nominating nine director candidates with diverse expertise in retail, real estate, and capital markets. <o:p></o:p>

The nomination of seasoned executives aims to bolster Macy's board with relevant experience and insights, potentially steering the company towards growth and profitability amid industry headwinds.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a bid to acquire Macy's, Arkhouse Management and Brigade Capital Management have revised their buyout proposal, escalating the offer to $24 per share, amounting to a total valuation of $6.

In a bid to acquire Macy's, Arkhouse Management and Brigade Capital Management have revised their buyout proposal, escalating the offer to $24 per share, amounting to a total valuation of $6.6 billion. This revised bid is 14 per cent higher than their previous offer that was initially rejected. The enhanced offer represents a significant premium of about 33 per cent over Macy's closing stock price on Friday. "We continue to offer the company an attractive alternative solution through a sale of the company at a substantial premium. This would provide Macy's stockholders with significant value and immediate liquidity," Arkhouse Management said in a statement. Macy's, in response to the revised proposal, asserted that its Board would meticulously assess and evaluate the latest offer. The department store operator had previously rejected a similar proposal in December, citing concerns over financing and valuation. The revised bid aims to address these concerns while emphasising the potential value and benefits of the acquisition to Macy's shareholders. The proposed acquisition comes amid Macy's ongoing struggles to compete in a rapidly evolving retail landscape dominated by online competitors and agile brick-and-mortar counterparts. Like other legacy department store operators, Macy's faces challenges in adapting to changing consumer preferences and retail trends. These challenges have provided Arkhouse and Brigade with an opportunity to exert pressure on Macy's to consider a sale. Furthermore, Arkhouse Management has initiated a board challenge against Macy's, nominating nine director candidates with diverse expertise in retail, real estate, and capital markets. The nomination of seasoned executives aims to bolster Macy's board with relevant experience and insights, potentially steering the company towards growth and profitability amid industry headwinds. (With inputs from Reuters)

Arkhouse and Brigade raise Macy's buyout offer to $6.6 billion, pressing for board's attention

India has taken a firm stance against the remarks made by Thailand's Ambassador Pimchanok Vonkorpon Pitfield to the World Trade Organization (WTO)&nbsp;in Abu Dhabi.&nbsp;

The remarks reportedly targeted India's public stockholding program, a critical component of its agricultural policy, aiming to support farmers by ensuring stable prices for essential crops and maintaining food security for its population.

Notably, this program has been a subject of discussion and negotiation at the World Trade Organization (WTO) due to concerns about its potential impact on global trade dynamics.

Reports citing sources said that Pitfield's comments were 'offensive' in nature and criticised India's rice procurement program.&nbsp;Pitfield blamed the program and said that the country is exporting 40 percent of procured rice for its Public Distribution Systems (PDS) to boost its export market.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/lets-azam-cheema-key-conspirator-of-2611-mumbai-attacks-dies-in-pakistan-reports-695787">LeT's Azam Cheema, key conspirator of 26/11 Mumbai attacks, dies in Pakistan: Reports</a>

The comment&nbsp;sparked tensions following which India&nbsp;lodged a strong protest and the Thai&nbsp;Ambassador was replaced.

"The Thai Ambassador has been replaced. She has ridiculed India's public stockholding programme," media reports said citing a source.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-classical-dancer-amarnath-ghosh-shot-dead-in-us-actor-friend-seeks-new-delhis-help-695712">Indian classical dancer Amarnath Ghosh shot dead in US, actor friend seeks New Delhi's help</a>

“It was the tone used, which was offensive and this remark was followed by members of the Cairns grouping applauding the comment. Bharat took objection to what was said, and the manner, in which it was said,” a separate report added quoting sources.&nbsp;

<h2>WTO meet in Abu Dhabi&nbsp;</h2>

Delegates from around the world had converged in Abu Dhabi for the 5-day World Trade Organization&nbsp;(WTO) Ministerial meet on Monday (Feb 26), where discussions on global trade rules commenced. Highlighting the disparities in global e-commerce, India underscored the dominance of a few firms from developed countries.

Despite the&nbsp;discussions for days, the 13th Ministerial Conference of the WTO concluded on March 1 without significant decisions on crucial issues such as finding a permanent solution to public food stockpiling and curbing fisheries subsidies.

Watch |&nbsp;<a href="https://www.wionews.com/videos/musk-openai-has-abandoned-its-mission-of-ai-for-humanity-695788">Musk: OpenAI has abandoned its mission of AI for humanity</a>

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However, an agreement was reportedly reached to extend the moratorium on import duties for e-commerce trade for additional two years, providing temporary relief amidst unresolved disputes.

WTO is an international organisation that regulates international trade between nations. It was established on January 1, 1995, succeeding the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948.

The WTO serves as a forum for negotiating trade agreements, settling disputes between member countries, and monitoring national trade policies to ensure compliance with established rules.

(With inputs from agencies)

India has taken a firm stance against the remarks made by Thailand's Ambassador Pimchanok Vonkorpon Pitfield to the World Trade Organization (WTO) in Abu Dhabi. The remarks reportedly targeted India's public stockholding program, a critical component of its agricultural policy, aiming to support farmers by ensuring stable prices for essential crops and maintaining food security for its population.

India has taken a firm stance against the remarks made by Thailand's Ambassador Pimchanok Vonkorpon Pitfield to the World Trade Organization (WTO) in Abu Dhabi. The remarks reportedly targeted India's public stockholding program, a critical component of its agricultural policy, aiming to support farmers by ensuring stable prices for essential crops and maintaining food security for its population. Notably, this program has been a subject of discussion and negotiation at the World Trade Organization (WTO) due to concerns about its potential impact on global trade dynamics. Reports citing sources said that Pitfield's comments were 'offensive' in nature and criticised India's rice procurement program. Pitfield blamed the program and said that the country is exporting 40 percent of procured rice for its Public Distribution Systems (PDS) to boost its export market. Also Read | LeT's Azam Cheema, key conspirator of 26/11 Mumbai attacks, dies in Pakistan: Reports The comment sparked tensions following which India lodged a strong protest and the Thai Ambassador was replaced. "The Thai Ambassador has been replaced. She has ridiculed India's public stockholding programme," media reports said citing a source. Also Read | Indian classical dancer Amarnath Ghosh shot dead in US, actor friend seeks New Delhi's help “It was the tone used, which was offensive and this remark was followed by members of the Cairns grouping applauding the comment. Bharat took objection to what was said, and the manner, in which it was said,” a separate report added quoting sources. WTO meet in Abu Dhabi Delegates from around the world had converged in Abu Dhabi for the 5-day World Trade Organization (WTO) Ministerial meet on Monday (Feb 26), where discussions on global trade rules commenced. Highlighting the disparities in global e-commerce, India underscored the dominance of a few firms from developed countries. Despite the discussions for days, the 13th Ministerial Conference of the WTO concluded on March 1 without significant decisions on crucial issues such as finding a permanent solution to public food stockpiling and curbing fisheries subsidies. Watch | Musk: OpenAI has abandoned its mission of AI for humanity × However, an agreement was reportedly reached to extend the moratorium on import duties for e-commerce trade for additional two years, providing temporary relief amidst unresolved disputes. WTO is an international organisation that regulates international trade between nations. It was established on January 1, 1995, succeeding the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948. The WTO serves as a forum for negotiating trade agreements, settling disputes between member countries, and monitoring national trade policies to ensure compliance with established rules. (With inputs from agencies)

India strongly objects to Thai envoy's remarks at WTO meet in Abu Dhabi: Reports

Boeing has reached a $51 million settlement with the US State Department for multiple export violations, a resolution that includes improper actions by Chinese employees in China. <o:p></o:p>

The State Department revealed that three Chinese workers at Boeing facilities in China downloaded technical data pertaining to multiple US Defence Department programmes between 2013 and 2017. These programmes included fighter jets such as the F-18, F-15, and F-22, as well as the AH-64 Apache attack helicopter, the AGM84E cruise missile, and the E-3 airborne warning system.<o:p></o:p>

The settlement also addresses unauthorised downloads of technical data at Boeing and partner facilities in 18 countries, spanning regions such as Australia, Canada, Germany, Russia, and the United Kingdom. <o:p></o:p>

These unauthorised actions occurred between 2013 and 2018, with the administrative settlement covering 199 violations of the Arms Export Control Act and International Traffic in Arms Regulations. <o:p></o:p>

The State Department highlighted that exporting defence articles with proper authorisation was necessary and that the settlement should follow an extensive compliance review by the government.<o:p></o:p>

Boeing said that it would remain dedicated to trade controls obligations and said that it was ready to collaborate with the State Department under the agreement. <o:p></o:p>

The State Department, acknowledging Boeing's cooperation, revealed that the violations were voluntarily disclosed by the aerospace giant, mostly occurring before 2020. <o:p></o:p>

Importantly, the government documents did not allege the disclosure of classified material.<o:p></o:p>

The settlement entails a three-year consent agreement and a $51 million civil penalty. <o:p></o:p>

Of this penalty, $24 million will be suspended by the State Department, allowing Boeing to allocate these funds for remedial compliance measures aimed at reinforcing its compliance program. <o:p></o:p>

As part of the agreement, Boeing will engage an external special compliance officer for at least two years, overseeing the implementation of compliance measures. <o:p></o:p>

Additionally, the settlement requires two external audits to ensure ongoing adherence to regulations.<o:p></o:p>

The violations also encompassed unauthorised exports of defence material and technical data related to defence programs to countries such as Israel, Turkey, and Lebanon. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Boeing has reached a $51 million settlement with the US State Department for multiple export violations, a resolution that includes improper actions by Chinese employees in China.

Boeing has reached a $51 million settlement with the US State Department for multiple export violations, a resolution that includes improper actions by Chinese employees in China. The State Department revealed that three Chinese workers at Boeing facilities in China downloaded technical data pertaining to multiple US Defence Department programmes between 2013 and 2017. These programmes included fighter jets such as the F-18, F-15, and F-22, as well as the AH-64 Apache attack helicopter, the AGM84E cruise missile, and the E-3 airborne warning system. The settlement also addresses unauthorised downloads of technical data at Boeing and partner facilities in 18 countries, spanning regions such as Australia, Canada, Germany, Russia, and the United Kingdom. These unauthorised actions occurred between 2013 and 2018, with the administrative settlement covering 199 violations of the Arms Export Control Act and International Traffic in Arms Regulations. The State Department highlighted that exporting defence articles with proper authorisation was necessary and that the settlement should follow an extensive compliance review by the government. Boeing said that it would remain dedicated to trade controls obligations and said that it was ready to collaborate with the State Department under the agreement. The State Department, acknowledging Boeing's cooperation, revealed that the violations were voluntarily disclosed by the aerospace giant, mostly occurring before 2020. Importantly, the government documents did not allege the disclosure of classified material. The settlement entails a three-year consent agreement and a $51 million civil penalty. Of this penalty, $24 million will be suspended by the State Department, allowing Boeing to allocate these funds for remedial compliance measures aimed at reinforcing its compliance program. As part of the agreement, Boeing will engage an external special compliance officer for at least two years, overseeing the implementation of compliance measures. Additionally, the settlement requires two external audits to ensure ongoing adherence to regulations. The violations also encompassed unauthorised exports of defence material and technical data related to defence programs to countries such as Israel, Turkey, and Lebanon. (With inputs from Reuters)

Boeing agrees to $51 million settlement over US export violations, including breaches in China

The Internal Revenue Service (IRS) has set its sights on high-income earners who have neglected to file tax returns, with a targeted approach aimed at 125,000 cases since 2017.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Following a revival of the non-filer enforcement program, previously hampered by budget cuts, the IRS is utilising the $80 billion in funding from the 2022 Inflation Reduction Act to resume mailing non-filing notices. <o:p></o:p>

This initiative includes individuals with an apparent annual income exceeding $1 million, accounting for 25,000 cases, and an additional 100,000 returns indicating income between $400,000 and $1 million.<o:p></o:p>

According to IRS Commissioner Danny Werfel, the total "financial activity" linked to the unfiled returns surpasses $100 billion, with potential unpaid tax liabilities reaching into the hundreds of millions. <o:p></o:p>

The Inflation Reduction Act resources have empowered the agency to fulfil its core responsibility of ensuring fairness for all taxpayers who adhere to the rules. <o:p></o:p>

The IRS plans to send notices to non-filers with apparent income below $400,000, highlighting support to help them file taxes and leverage eligible tax breaks such as the Child Tax Credit and the Earned Income Tax Credit for low-wage earners.<o:p></o:p>

The non-filer enforcement program, dormant since 2016 due to staff reductions driven by budget cuts, has been revitalised with the hiring of up to 7,000 new customer service staff, account managers, and collections staff. <o:p></o:p>

The infusion of funds and new automation technology, facilitated by the IRA funding, allows the IRS to pursue high-income non-filers more effectively. <o:p></o:p>

The agency plans to send out 20,000 to 40,000 notices each week, demonstrating tangible results as it seeks to justify the supplemental $80 billion, which is continually under scrutiny from Republicans in Congress.<o:p></o:p>

The IRS, currently executing this year's tax filing season, is keen on showcasing positive outcomes from the additional funding. <o:p></o:p>

With taxpayer phone waits decreasing and collections totalling nearly $500 million from 1,600 non-filing "millionaires," the agency is underlining the impact of its efforts. <o:p></o:p>

A recent Congressional Budget Office report warns that rescinding $20 billion of the Inflation Reduction Act funds would result in a reduction of federal revenues by $44 billion over 10 years, potentially adding $24 billion to the US budget deficit over the period.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Internal Revenue Service (IRS) has set its sights on high-income earners who have neglected to file tax returns, with a targeted approach aimed at 125,000 cases since 2017.

The Internal Revenue Service (IRS) has set its sights on high-income earners who have neglected to file tax returns, with a targeted approach aimed at 125,000 cases since 2017. This is based on a Reuters report. Following a revival of the non-filer enforcement program, previously hampered by budget cuts, the IRS is utilising the $80 billion in funding from the 2022 Inflation Reduction Act to resume mailing non-filing notices. This initiative includes individuals with an apparent annual income exceeding $1 million, accounting for 25,000 cases, and an additional 100,000 returns indicating income between $400,000 and $1 million. According to IRS Commissioner Danny Werfel, the total "financial activity" linked to the unfiled returns surpasses $100 billion, with potential unpaid tax liabilities reaching into the hundreds of millions. The Inflation Reduction Act resources have empowered the agency to fulfil its core responsibility of ensuring fairness for all taxpayers who adhere to the rules. The IRS plans to send notices to non-filers with apparent income below $400,000, highlighting support to help them file taxes and leverage eligible tax breaks such as the Child Tax Credit and the Earned Income Tax Credit for low-wage earners. The non-filer enforcement program, dormant since 2016 due to staff reductions driven by budget cuts, has been revitalised with the hiring of up to 7,000 new customer service staff, account managers, and collections staff. The infusion of funds and new automation technology, facilitated by the IRA funding, allows the IRS to pursue high-income non-filers more effectively. The agency plans to send out 20,000 to 40,000 notices each week, demonstrating tangible results as it seeks to justify the supplemental $80 billion, which is continually under scrutiny from Republicans in Congress. The IRS, currently executing this year's tax filing season, is keen on showcasing positive outcomes from the additional funding. With taxpayer phone waits decreasing and collections totalling nearly $500 million from 1,600 non-filing "millionaires," the agency is underlining the impact of its efforts. A recent Congressional Budget Office report warns that rescinding $20 billion of the Inflation Reduction Act funds would result in a reduction of federal revenues by $44 billion over 10 years, potentially adding $24 billion to the US budget deficit over the period. (With inputs from Reuters)

US IRS launches crackdown on 125,000 unfiled high-income tax returns

"Success is often achieved by those who don't know that failure is inevitable."- Gabrielle "Coco" Chanel

Today, the Chanel brand remains synonymous with luxury, sophistication, and a touch of rebellion.

It's a fashion house that continues to push boundaries, all while staying true to Coco's original mission: to empower women to be comfortable and confident in their skin.

Ready to join the legacy? Explore the world of Chanel and discover what timeless elegance means to you.

Who was she?

Coco Chanel, born Gabrielle Bonheur Chanel in 1883, wasn't your typical Parisian socialite.

Orphaned young and raised in an orphanage, she learned to sew from nuns, a skill that would become her life's compass.

Despite her challenging beginnings, Chanel possessed a fierce independence and a rebellious spirit that would define both her life and her revolutionary approach to fashion.

Kickstart of her career

In the year 1910, amid the cobbled streets of Paris, a millinery shop named "Chanel Mode" blossomed at 21 Rue Cambon.

This wasn't just any shop, it was the first chapter in the extraordinary life and legacy of Coco Chanel, a woman with dreams as grand as the Parisian skyline.

But hats weren't enough for Coco. Her ambitions, like her iconic pearls, were multi-stranded.

Soon, she set sail for Deauville, a haven where women embraced an active, carefree lifestyle. Inspired by their energy, Coco launched a revolutionary line – ready-to-wear garments for the modern woman who craved both freedom and elegance.

This daring move, like the crashing waves of Normandy, propelled her name to new heights.

Even the Great War couldn't dim Coco's fire. While the world around her was in turmoil, her business thrived.

She expanded her empire, employing over 300 artisans and establishing a magnificent couture collection in Biarritz.

By 1918, the war may have ended, but the reign of Coco Chanel was just beginning.

Her flagship store at 31 Rue Cambon, a testament to her unwavering spirit, opened its doors, ready to rewrite the fashion narrative.

Coco wasn't one to follow trends; she was a trendsetter. Inspired by the grace and practicality of menswear, she blurred the lines between feminine and masculine, introducing comfortable trousers to the previously skirt-dominated world of women's fashion.

She even defied social norms by embracing a short haircut, a silent rebellion against the long, flowing locks expected of women at the time.

Unlike the constricting corsets that suffocated women both literally and figuratively, Coco's designs prioritised comfort and freedom.

Her clothes were tailored for the working woman, allowing her to move, breathe, and conquer the world with both style and confidence.

Creation of Chanel no. 5

Fate brought her face-to-face with Grand Duke Dmitri. Their romance, though brief, blossomed into a tapestry of inspiration. His tales of imperial treasures and the rich fabrics of the church ignited Coco's creative spirit.

One serendipitous day, during a tour through the town of Grasse, Dmitri introduced Coco to Ernest Beaux, a perfumer with a lineage steeped in royal fragrance.

A year of experimentation followed, culminating in ten numbered vials presented to Coco.

Ignoring the traditional flowery perfumes, Coco, ever the paradoxical, gravitated towards number five. "I always launch my collections on the fifth," she declared, "and five seems to be my lucky number."

With a rebellious spirit, they rejected the crystal bottles of the day, opting for a sleek, rectangular design.

Inside, a revolutionary brew awaited - the world's first synthetic perfume, a symphony of eighty notes woven into a fragrance unlike any other.

It wasn't a mere scent; it was an essence, a "perfume for women that smelled like a woman." And so, Chanel No. 5, was born and, became a timeless classic, forever etched in the world of fragrance.

Tale of The Little Black Dress

The Roaring 20s was a time of roaring engines and societal shifts. Women were fighting for their voices, gaining rights, yet losing touch with their fashion flair. Enter Coco Chanel, a revolutionary with a needle and thread.

She saw the trend of "sad egalitarianism" stripping away feminine charm and decided to fight back. Her weapon? The little black dress.

This seemingly simple creation, a knee-length silhouette in forgotten crepe, was a silent rebellion. It was elegant, yet unfussy, sophisticated without pretence.

This "artless, rustic garb" became a symbol. It was copied, and reinvented, as a blank canvas for endless interpretations.

More than just a dress, it was a badge of empowerment, a whisper of defiance against the fading frills.

Coco wasn't done there. She experimented with jewellery, mixing the sparkle of crystals with the natural beauty of stones.

Surrounded by artists like Picasso and Stravinsky, she embraced her creative spirit. She was a woman of many facets, intelligent, witty, and a force to be reckoned with. As Picasso said, "the most sensible woman in the world."

The little black dress, like Coco herself, defied expectations and continues to be a timeless icon.

10-year hiatus from fashion

The world was engulfed in the flames of war, but amidst the chaos, Coco Chanel stood firm.

Despite her thriving fashion empire, she was forced to close her doors as shadows of conflict swept over Europe. Many fled, seeking refuge across borders, but Coco remained rooted in Paris.

However, her defiance came at a cost. An accusation of collaboration with the enemy, fueled by a love affair with a German officer, led to her arrest and swift release.

Shunned by Parisian society, Coco found solace in the tranquillity of Switzerland, where she spent nearly a decade in self-imposed exile.

While the world of fashion in Paris witnessed a post-war explosion of new talents, the legacy of Coco Chanel remained.

A comeback like never before

The war ended, and a new wave of fashion swept over Paris – creations were all about cinched waists, voluminous skirts, and "hyper-femininity." Coco, however, simply chuckled. "Look at these women," she quipped, "dressed by a man who doesn't know them, never had one, and dreams of being one."

Returning to Paris, she found a generation who only knew "Chanel" as a perfume brand.

Unfazed, she rented a tiny apartment at the Ritz, her beloved Parisian haven. When Marlene Dietrich asked why she was going back into fashion, Coco's answer was simple, "I'm dying of boredom."

Her comeback collection in Paris was met with shock. "Nothing new!" the critics sneered.

But Coco, ever the contrarian, understood her brilliance. This wasn't a flashy trend, it was timeless elegance, a concept lost on the Parisian crowd.

So, Coco took her "failed" collection across the Atlantic. America, with its open arms, embraced her.

The little black dress became a sensation, worn by a new generation of fashionistas. Coco, the phoenix of fashion, rose again, becoming a tycoon with the most influential house in the industry.

From the iconic Pink Chanel suit worn by Jackie Kennedy on a fateful day, to the practical pockets and over-the-shoulder bags, Coco's designs weren't just clothes, they were an art of living. Her legacy transcends trends, forever ingrained in the fashion world.

Coco, the woman who couldn't die working, breathed her last in her Ritz suite, overlooking the very house of fashion she built. Though only three dresses remained in her wardrobe, they were, as she'd say, "very stylish attires."

This, then, is the story of Coco Chanel, the woman who changed the fashion world, not with fleeting trends, but with the timeless language of elegance.

"Success is often achieved by those who don't know that failure is inevitable."- Gabrielle "Coco" Chanel Today, the Chanel brand remains synonymous with luxury, sophistication, and a touch of rebellion.

"Success is often achieved by those who don't know that failure is inevitable."- Gabrielle "Coco" Chanel Today, the Chanel brand remains synonymous with luxury, sophistication, and a touch of rebellion. It's a fashion house that continues to push boundaries, all while staying true to Coco's original mission: to empower women to be comfortable and confident in their skin. Ready to join the legacy? Explore the world of Chanel and discover what timeless elegance means to you. Who was she? Coco Chanel, born Gabrielle Bonheur Chanel in 1883, wasn't your typical Parisian socialite. Orphaned young and raised in an orphanage, she learned to sew from nuns, a skill that would become her life's compass. Despite her challenging beginnings, Chanel possessed a fierce independence and a rebellious spirit that would define both her life and her revolutionary approach to fashion. Kickstart of her career In the year 1910, amid the cobbled streets of Paris, a millinery shop named "Chanel Mode" blossomed at 21 Rue Cambon. This wasn't just any shop, it was the first chapter in the extraordinary life and legacy of Coco Chanel, a woman with dreams as grand as the Parisian skyline. But hats weren't enough for Coco. Her ambitions, like her iconic pearls, were multi-stranded. Soon, she set sail for Deauville, a haven where women embraced an active, carefree lifestyle. Inspired by their energy, Coco launched a revolutionary line – ready-to-wear garments for the modern woman who craved both freedom and elegance. This daring move, like the crashing waves of Normandy, propelled her name to new heights. Even the Great War couldn't dim Coco's fire. While the world around her was in turmoil, her business thrived. She expanded her empire, employing over 300 artisans and establishing a magnificent couture collection in Biarritz. By 1918, the war may have ended, but the reign of Coco Chanel was just beginning. Her flagship store at 31 Rue Cambon, a testament to her unwavering spirit, opened its doors, ready to rewrite the fashion narrative. Coco wasn't one to follow trends; she was a trendsetter. Inspired by the grace and practicality of menswear, she blurred the lines between feminine and masculine, introducing comfortable trousers to the previously skirt-dominated world of women's fashion. She even defied social norms by embracing a short haircut, a silent rebellion against the long, flowing locks expected of women at the time. Unlike the constricting corsets that suffocated women both literally and figuratively, Coco's designs prioritised comfort and freedom. Her clothes were tailored for the working woman, allowing her to move, breathe, and conquer the world with both style and confidence. Creation of Chanel no. 5 Fate brought her face-to-face with Grand Duke Dmitri. Their romance, though brief, blossomed into a tapestry of inspiration. His tales of imperial treasures and the rich fabrics of the church ignited Coco's creative spirit. One serendipitous day, during a tour through the town of Grasse, Dmitri introduced Coco to Ernest Beaux, a perfumer with a lineage steeped in royal fragrance. A year of experimentation followed, culminating in ten numbered vials presented to Coco. Ignoring the traditional flowery perfumes, Coco, ever the paradoxical, gravitated towards number five. "I always launch my collections on the fifth," she declared, "and five seems to be my lucky number." With a rebellious spirit, they rejected the crystal bottles of the day, opting for a sleek, rectangular design. Inside, a revolutionary brew awaited - the world's first synthetic perfume, a symphony of eighty notes woven into a fragrance unlike any other. It wasn't a mere scent; it was an essence, a "perfume for women that smelled like a woman." And so, Chanel No. 5, was born and, became a timeless classic, forever etched in the world of fragrance. Tale of The Little Black Dress The Roaring 20s was a time of roaring engines and societal shifts. Women were fighting for their voices, gaining rights, yet losing touch with their fashion flair. Enter Coco Chanel, a revolutionary with a needle and thread. She saw the trend of "sad egalitarianism" stripping away feminine charm and decided to fight back. Her weapon? The little black dress. This seemingly simple creation, a knee-length silhouette in forgotten crepe, was a silent rebellion. It was elegant, yet unfussy, sophisticated without pretence. This "artless, rustic garb" became a symbol. It was copied, and reinvented, as a blank canvas for endless interpretations. More than just a dress, it was a badge of empowerment, a whisper of defiance against the fading frills. Coco wasn't done there. She experimented with jewellery, mixing the sparkle of crystals with the natural beauty of stones. Surrounded by artists like Picasso and Stravinsky, she embraced her creative spirit. She was a woman of many facets, intelligent, witty, and a force to be reckoned with. As Picasso said, "the most sensible woman in the world." The little black dress, like Coco herself, defied expectations and continues to be a timeless icon. 10-year hiatus from fashion The world was engulfed in the flames of war, but amidst the chaos, Coco Chanel stood firm. Despite her thriving fashion empire, she was forced to close her doors as shadows of conflict swept over Europe. Many fled, seeking refuge across borders, but Coco remained rooted in Paris. However, her defiance came at a cost. An accusation of collaboration with the enemy, fueled by a love affair with a German officer, led to her arrest and swift release. Shunned by Parisian society, Coco found solace in the tranquillity of Switzerland, where she spent nearly a decade in self-imposed exile. While the world of fashion in Paris witnessed a post-war explosion of new talents, the legacy of Coco Chanel remained. A comeback like never before The war ended, and a new wave of fashion swept over Paris – creations were all about cinched waists, voluminous skirts, and "hyper-femininity." Coco, however, simply chuckled. "Look at these women," she quipped, "dressed by a man who doesn't know them, never had one, and dreams of being one." Returning to Paris, she found a generation who only knew "Chanel" as a perfume brand. Unfazed, she rented a tiny apartment at the Ritz, her beloved Parisian haven. When Marlene Dietrich asked why she was going back into fashion, Coco's answer was simple, "I'm dying of boredom." Her comeback collection in Paris was met with shock. "Nothing new!" the critics sneered. But Coco, ever the contrarian, understood her brilliance. This wasn't a flashy trend, it was timeless elegance, a concept lost on the Parisian crowd. So, Coco took her "failed" collection across the Atlantic. America, with its open arms, embraced her. The little black dress became a sensation, worn by a new generation of fashionistas. Coco, the phoenix of fashion, rose again, becoming a tycoon with the most influential house in the industry. From the iconic Pink Chanel suit worn by Jackie Kennedy on a fateful day, to the practical pockets and over-the-shoulder bags, Coco's designs weren't just clothes, they were an art of living. Her legacy transcends trends, forever ingrained in the fashion world. Coco, the woman who couldn't die working, breathed her last in her Ritz suite, overlooking the very house of fashion she built. Though only three dresses remained in her wardrobe, they were, as she'd say, "very stylish attires." This, then, is the story of Coco Chanel, the woman who changed the fashion world, not with fleeting trends, but with the timeless language of elegance.

Flashback Friday| From orphanage to fashion Olympus: The enduring legacy of Coco Chanel

In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills.

Evergrande, renowned as the world's most indebted property developer, encountered a default on its offshore debt towards the end of 2021.

Subsequently, in January, a Hong Kong court ordered the liquidation of Evergrande, although it's noteworthy that the personal assets of Chairman Hui Ka Yan are anticipated to remain separate from the liquidation process.

The mansion in question is located within the prestigious residential enclave on the Peak in Hong Kong, an area synonymous with luxury living.

This particular property joins the ranks of two other mansions owned by Hui Ka Yan within the same development. One of these mansions was already put on the market by receivers a year prior, while the other was seized by Hui's creditor in late 2021.

The latter development was reported by local media outlet HK01 in November.

According to Savills, the latest mansion to hit the market is valued at $63.9 million, as per reports from HK01.

The property, spanning across three floors, offers breathtaking views of the city's iconic skyline. It boasts a spacious 4,933 square feet of saleable area, complete with a private garden and an internal elevator, epitomising the epitome of opulent living.

This particular mansion had been pledged to Orix Asia Capital Ltd back in November 2021, although the exact amount remains undisclosed as per the Land Registry records.

As the saga unfolds, it's evident that Evergrande's assets in Hong Kong have either been seized or liquidated following the company's default on its staggering debt towards the end of 2021.

In light of these events, the fate of Evergrande's assets, particularly those owned by Chairman Hui Ka Yan, remains under scrutiny.

As the process of liquidation unfolds, stakeholders and observers keenly watch the developments within one of the most significant corporate crises in recent memory.

(With inputs from Reuters)

In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills.

In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills. Evergrande, renowned as the world's most indebted property developer, encountered a default on its offshore debt towards the end of 2021. Subsequently, in January, a Hong Kong court ordered the liquidation of Evergrande, although it's noteworthy that the personal assets of Chairman Hui Ka Yan are anticipated to remain separate from the liquidation process. The mansion in question is located within the prestigious residential enclave on the Peak in Hong Kong, an area synonymous with luxury living. This particular property joins the ranks of two other mansions owned by Hui Ka Yan within the same development. One of these mansions was already put on the market by receivers a year prior, while the other was seized by Hui's creditor in late 2021. The latter development was reported by local media outlet HK01 in November. According to Savills, the latest mansion to hit the market is valued at $63.9 million, as per reports from HK01. The property, spanning across three floors, offers breathtaking views of the city's iconic skyline. It boasts a spacious 4,933 square feet of saleable area, complete with a private garden and an internal elevator, epitomising the epitome of opulent living. This particular mansion had been pledged to Orix Asia Capital Ltd back in November 2021, although the exact amount remains undisclosed as per the Land Registry records. As the saga unfolds, it's evident that Evergrande's assets in Hong Kong have either been seized or liquidated following the company's default on its staggering debt towards the end of 2021. In light of these events, the fate of Evergrande's assets, particularly those owned by Chairman Hui Ka Yan, remains under scrutiny. As the process of liquidation unfolds, stakeholders and observers keenly watch the developments within one of the most significant corporate crises in recent memory. (With inputs from Reuters)

Second mansion of Evergrande chairman hits market amid liquidation

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour. <o:p></o:p>

According to Reuters, the filings, dated earlier this week, reveal that the job cuts will affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm.<o:p></o:p>

The decision to cut jobs aligns with Citigroup's broader plan, announced in January, to eliminate 20,000 jobs over the next two years. <o:p></o:p>

The bank, grappling with a "clearly disappointing" quarter marked by significant one-off charges resulting in a $1.8 billion loss, aims to streamline its operations. <o:p></o:p>

Chief Financial Officer Mark Mason stated that the restructuring is part of an effort to reduce the global workforce by approximately 8 per cent through 2026.<o:p></o:p>

Citigroup's CEO, Jane Fraser, unveiled the comprehensive reorganisation plan in September. <o:p></o:p>

The strategy involves simplifying the bank's structure, focusing on profitable areas, and divesting from non-core markets. <o:p></o:p>

The layoffs in New York are a crucial component of this broader initiative, emphasising the bank's commitment to adapt to the evolving financial landscape and enhance operational efficiency.<o:p></o:p>

While the filings specify the impact on employees from different units, the exact roles and positions affected remain undisclosed. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour. According to Reuters, the filings, dated earlier this week, reveal that the job cuts will affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm.

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour. According to Reuters, the filings, dated earlier this week, reveal that the job cuts will affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm. The decision to cut jobs aligns with Citigroup's broader plan, announced in January, to eliminate 20,000 jobs over the next two years. The bank, grappling with a "clearly disappointing" quarter marked by significant one-off charges resulting in a $1.8 billion loss, aims to streamline its operations. Chief Financial Officer Mark Mason stated that the restructuring is part of an effort to reduce the global workforce by approximately 8 per cent through 2026. Citigroup's CEO, Jane Fraser, unveiled the comprehensive reorganisation plan in September. The strategy involves simplifying the bank's structure, focusing on profitable areas, and divesting from non-core markets. The layoffs in New York are a crucial component of this broader initiative, emphasising the bank's commitment to adapt to the evolving financial landscape and enhance operational efficiency. While the filings specify the impact on employees from different units, the exact roles and positions affected remain undisclosed. (With inputs from Reuters)

Citigroup announces layoffs of 286 employees in New York: Report