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The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month.<o:p></o:p>

This positive shift, the first in three months, aligns with economists' expectations, as the seasonally adjusted unemployment rate met the median forecast in a Reuters poll.<o:p></o:p>

The jobs-to-applicants ratio, a key indicator of labour market health, remained steady at 1.27, matching the median forecast. <o:p></o:p>

This ratio signifies that there were 127 jobs available for every 100 job seekers, reflecting the persistent tightness in the labour market. <o:p></o:p>

The stability of this ratio suggests a balance between job demand and supply in the country.<o:p></o:p>

According to a report by the Mainichi, the Ministry of Internal Affairs and Communications reported a decrease of 30,000 employed individuals in January, bringing the total to a seasonally adjusted 67.61 million. <o:p></o:p>

Concurrently, the number of unemployed individuals dropped by 1.2 per cent to 1.70 million. <o:p></o:p>

Notably, 750,000 people voluntarily left their jobs, representing a 1.3 per cent decrease, while 360,000 individuals were dismissed, marking a 7.7 per cent decline from the previous month.<o:p></o:p>

The report cited Yuichi Kodama, chief economist at the Meiji Yasuda Research Institute, who attributed the improvement in the jobless rate to a reduction in involuntary job losses, particularly related to company bankruptcies or restructuring. <o:p></o:p>

Despite the positive trend, the labour market remains tight, with steady growth observed in the face-to-face service sectors, such as entertainment. <o:p></o:p>

The information and communication sector is also experiencing increased employment, driven by a recovery in the semiconductor industry.<o:p></o:p>

The breakdown of gender-specific unemployment data showed a rise of 60,000 unemployed women in January, reaching a total of 730,000. <o:p></o:p>

This increase is attributed to more women leaving their jobs in pursuit of better working conditions amid the ongoing economic recovery. <o:p></o:p>

In contrast, the number of unemployed men declined by 90,000, totalling 960,000. <o:p></o:p>

The job-to-applicant ratio remains unchanged, indicating labour shortages in various industries, including medical and welfare, while others, like construction and manufacturing, struggle to offer job openings.<o:p></o:p>

Analysis of specific sectors reveals a diverse landscape in job offers. <o:p></o:p>

Lifestyle and entertainment services witnessed a 5.7 per cent increase, and information and communications experienced a 4.5 per cent climb. <o:p></o:p>

However, the manufacturing sector saw an 11.6 per cent decline in job offers, and the accommodation and food services industry recorded an 8.8 per cent decrease. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.

The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month. This positive shift, the first in three months, aligns with economists' expectations, as the seasonally adjusted unemployment rate met the median forecast in a Reuters poll. The jobs-to-applicants ratio, a key indicator of labour market health, remained steady at 1.27, matching the median forecast. This ratio signifies that there were 127 jobs available for every 100 job seekers, reflecting the persistent tightness in the labour market. The stability of this ratio suggests a balance between job demand and supply in the country. According to a report by the Mainichi, the Ministry of Internal Affairs and Communications reported a decrease of 30,000 employed individuals in January, bringing the total to a seasonally adjusted 67.61 million. Concurrently, the number of unemployed individuals dropped by 1.2 per cent to 1.70 million. Notably, 750,000 people voluntarily left their jobs, representing a 1.3 per cent decrease, while 360,000 individuals were dismissed, marking a 7.7 per cent decline from the previous month. The report cited Yuichi Kodama, chief economist at the Meiji Yasuda Research Institute, who attributed the improvement in the jobless rate to a reduction in involuntary job losses, particularly related to company bankruptcies or restructuring. Despite the positive trend, the labour market remains tight, with steady growth observed in the face-to-face service sectors, such as entertainment. The information and communication sector is also experiencing increased employment, driven by a recovery in the semiconductor industry. The breakdown of gender-specific unemployment data showed a rise of 60,000 unemployed women in January, reaching a total of 730,000. This increase is attributed to more women leaving their jobs in pursuit of better working conditions amid the ongoing economic recovery. In contrast, the number of unemployed men declined by 90,000, totalling 960,000. The job-to-applicant ratio remains unchanged, indicating labour shortages in various industries, including medical and welfare, while others, like construction and manufacturing, struggle to offer job openings. Analysis of specific sectors reveals a diverse landscape in job offers. Lifestyle and entertainment services witnessed a 5.7 per cent increase, and information and communications experienced a 4.5 per cent climb. However, the manufacturing sector saw an 11.6 per cent decline in job offers, and the accommodation and food services industry recorded an 8.8 per cent decrease. (With inputs from Reuters)

Japan's jobless rate hits 2.4 per cent in January amid labour shortage: Report

At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, the AP news reported.<o:p></o:p>

Advocating for international cooperation, Haddad highlighted the need for a collective effort to ensure that the wealthiest individuals contribute to societal and environmental sustainability.<o:p></o:p>

Haddad asserted that Brazil, currently presiding over the G20, is striving for a declaration on international taxation by July. <o:p></o:p>

However, he acknowledged the inevitable debates, citing the differing perspectives within the G20 member nations on this issue. <o:p></o:p>

President Luiz Inácio Lula da Silva has placed concerns of the developing world, such as inequality reduction and multilateral institution reform, at the forefront of Brazil’s agenda.<o:p></o:p>

According to a 2023 study by the Tax Justice Network, countries globally face a potential loss of up to $4.8 trillion in tax revenue over the next decade due to tax havens. <o:p></o:p>

Haddad referred to a report from the EU Tax Observatory, revealing that billionaires worldwide have effective tax rates as low as 0 per cent to 0.5 per cent of their wealth. <o:p></o:p>

Recent revelations like the Panama Papers Leak and Paradise Papers have highlighted the widespread nature of tax evasion and avoidance in business practices.<o:p></o:p>

The gap between the super-rich and the majority of the global population has intensified since the COVID-19 pandemic, warns anti-poverty organisation Oxfam International. <o:p></o:p>

André Vereta-Nahoum, a sociology professor at the University of Sao Paulo, pointed out that global movements have favoured reducing taxation on companies and wealth, resulting in fewer taxes on assets today compared to decades ago.<o:p></o:p>

Notably, US President Joe Biden has joined the chorus, advocating for a billionaire minimum income tax. <o:p></o:p>

However, the likelihood of Congress passing this proposal remains uncertain. <o:p></o:p>

In a demonstration of increasing global consensus, the United Nations General Assembly passed a resolution last year, endorsing stronger international tax cooperation to enhance inclusivity and effectiveness.<o:p></o:p>

Economists, including Carla Beni from the Getulio Vargas Foundation, recognise the challenge of achieving a common document despite the abundance of data supporting the need for action. <o:p></o:p>

As calls for higher taxes on the wealthy grow louder worldwide, the debate on addressing tax evasion and wealth inequalities continues to gain momentum.<o:p></o:p>

At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, the AP news reported.

At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, the AP news reported. Advocating for international cooperation, Haddad highlighted the need for a collective effort to ensure that the wealthiest individuals contribute to societal and environmental sustainability. Haddad asserted that Brazil, currently presiding over the G20, is striving for a declaration on international taxation by July. However, he acknowledged the inevitable debates, citing the differing perspectives within the G20 member nations on this issue. President Luiz Inácio Lula da Silva has placed concerns of the developing world, such as inequality reduction and multilateral institution reform, at the forefront of Brazil’s agenda. According to a 2023 study by the Tax Justice Network, countries globally face a potential loss of up to $4.8 trillion in tax revenue over the next decade due to tax havens. Haddad referred to a report from the EU Tax Observatory, revealing that billionaires worldwide have effective tax rates as low as 0 per cent to 0.5 per cent of their wealth. Recent revelations like the Panama Papers Leak and Paradise Papers have highlighted the widespread nature of tax evasion and avoidance in business practices. The gap between the super-rich and the majority of the global population has intensified since the COVID-19 pandemic, warns anti-poverty organisation Oxfam International. André Vereta-Nahoum, a sociology professor at the University of Sao Paulo, pointed out that global movements have favoured reducing taxation on companies and wealth, resulting in fewer taxes on assets today compared to decades ago. Notably, US President Joe Biden has joined the chorus, advocating for a billionaire minimum income tax. However, the likelihood of Congress passing this proposal remains uncertain. In a demonstration of increasing global consensus, the United Nations General Assembly passed a resolution last year, endorsing stronger international tax cooperation to enhance inclusivity and effectiveness. Economists, including Carla Beni from the Getulio Vargas Foundation, recognise the challenge of achieving a common document despite the abundance of data supporting the need for action. As calls for higher taxes on the wealthy grow louder worldwide, the debate on addressing tax evasion and wealth inequalities continues to gain momentum.

Brazil urges G20 to enforce global tax on super-rich in battle against tax evasion

Family-led&nbsp;philanthropy is well-placed to address the funding gap in India's social sector, while the ultra-rich are increasingly focusing on under-represented segments like arts, culture and heritage, and environment and sustainability, says a new report released on Thursday.&nbsp;

According to the 'India Philanthropy Report 2024' by Dasra and Bain &amp; Co, family philanthropy increased by 15 per cent in 2022-23. &nbsp;This figure is projected to grow at an annual rate of 16 per cent until March 2028, adds the annual report.

Family philanthropy includes contributions from Ultra High Networth Individuals (UHNIs), High Networth Individuals (HNIs) and affluent givers.

"India’s historic culture of giving, rooted in familial and community allegiance, has broadened to incorporate philanthropic giving to recipients that a funder may have no connection with, and may never meet," says Sapphira Goradia of the Vijay and Marie Goradia Foundation.

The report classifies UHNIs as those having a net worth of over Rs 1,000 crore (over $120 million). Anyone with a net worth in the range of Rs 200 to Rs 1,000 crore ($25-$120 million) is categorised as an HNI. Individuals with a net worth of less than Rs 200 crore ($25 million) but more than $850,000 are considered affluent.

Driven by higher contributions from billionaires Azim Premji and Shiv Nadar, donations from UHNIs increased by over 60 per cent in 2022-23 to Rs 6,850 crore ($835 million).

The report adds that Premji, the former chairman of Wipro, increased his contributions by more than $125 million, while HCL founder Nadar increased his contribution by over 700 crore ($85 million) in the previous Financial Year.

India's Financial Year runs from April 1 to March 31.

The number of UNHI philanthropists in India has grown from 100 to 120 between April 2020 and March 2023. Of these, 70 have been consistent donors, while 50 have donated sporadically.

Meanwhile, donations from HNIs and affluent individuals highlight India's economic rise in the post-liberalisation era. Philanthropic activity by HNIs and affluent individuals grew by 7 per cent to reach Rs 26,000 crore ($3.1 billion) in the previous financial year.

Over the next five years, the number of HNIs and affluent individuals is expected to grow to 1.7 million, the report says, adding that they represent a cumulative net worth of nearly $5.6 trillion.

In fact, HNIs and the affluent, the report argues, have a higher propensity to donate for causes than UHNIs. Currently, they constitute 22 per cent of India's private philanthropy. This figure can potentially reach over 35 per cent of total private philanthropy by March 2028.

“We anticipate an increase in philanthropy among HNIs and UHNIs in India, driven by growing wealth in capital markets and a strong desire to contribute to society.&nbsp; Maximizing their giving potential and impact requires a focus on transparency, governance, and heightened awareness within the sector," says Sonali Pradhan of wealth management firm Julius Baer.&nbsp;

The recent rise in family-led donations in India is commendable. But they pale in comparison to countries like the United States, United Kingdom and China, where the ultra-rich contribute 6 to 10 times more.

Moreover, private philanthropy is still just a fraction of India's social sector spending. At least 95 per cent of the social sector spending is still public-driven and stood at Rs 23 lakh crore ($280 billion) in FY23. &nbsp;

Even this huge figure is not enough for a country as massive as India. As a percentage of the Gross Domestic Product, social spending stands at 8.3 per cent of GDP, instead of the desired 13 per cent needed until 2030.

At the moment, private philanthropy, including those by the super-rich, provides hope to India's massively under-funded social sector. The report notes: "Private philanthropy can play a much more catalytic role at the intersections of government, business, foundation, civil society, and community."

Family-led philanthropy is well-placed to address the funding gap in India's social sector, while the ultra-rich are increasingly focusing on under-represented segments like arts, culture and heritage, and environment and sustainability, says a new report released on Thursday.

Family-led philanthropy is well-placed to address the funding gap in India's social sector, while the ultra-rich are increasingly focusing on under-represented segments like arts, culture and heritage, and environment and sustainability, says a new report released on Thursday. According to the 'India Philanthropy Report 2024' by Dasra and Bain & Co, family philanthropy increased by 15 per cent in 2022-23. This figure is projected to grow at an annual rate of 16 per cent until March 2028, adds the annual report. Family philanthropy includes contributions from Ultra High Networth Individuals (UHNIs), High Networth Individuals (HNIs) and affluent givers. "India’s historic culture of giving, rooted in familial and community allegiance, has broadened to incorporate philanthropic giving to recipients that a funder may have no connection with, and may never meet," says Sapphira Goradia of the Vijay and Marie Goradia Foundation. The report classifies UHNIs as those having a net worth of over Rs 1,000 crore (over $120 million). Anyone with a net worth in the range of Rs 200 to Rs 1,000 crore ($25-$120 million) is categorised as an HNI. Individuals with a net worth of less than Rs 200 crore ($25 million) but more than $850,000 are considered affluent. Driven by higher contributions from billionaires Azim Premji and Shiv Nadar, donations from UHNIs increased by over 60 per cent in 2022-23 to Rs 6,850 crore ($835 million). The report adds that Premji, the former chairman of Wipro, increased his contributions by more than $125 million, while HCL founder Nadar increased his contribution by over 700 crore ($85 million) in the previous Financial Year. India's Financial Year runs from April 1 to March 31. The number of UNHI philanthropists in India has grown from 100 to 120 between April 2020 and March 2023. Of these, 70 have been consistent donors, while 50 have donated sporadically. Meanwhile, donations from HNIs and affluent individuals highlight India's economic rise in the post-liberalisation era. Philanthropic activity by HNIs and affluent individuals grew by 7 per cent to reach Rs 26,000 crore ($3.1 billion) in the previous financial year. Over the next five years, the number of HNIs and affluent individuals is expected to grow to 1.7 million, the report says, adding that they represent a cumulative net worth of nearly $5.6 trillion. In fact, HNIs and the affluent, the report argues, have a higher propensity to donate for causes than UHNIs. Currently, they constitute 22 per cent of India's private philanthropy. This figure can potentially reach over 35 per cent of total private philanthropy by March 2028. “We anticipate an increase in philanthropy among HNIs and UHNIs in India, driven by growing wealth in capital markets and a strong desire to contribute to society. Maximizing their giving potential and impact requires a focus on transparency, governance, and heightened awareness within the sector," says Sonali Pradhan of wealth management firm Julius Baer. The recent rise in family-led donations in India is commendable. But they pale in comparison to countries like the United States, United Kingdom and China, where the ultra-rich contribute 6 to 10 times more. Moreover, private philanthropy is still just a fraction of India's social sector spending. At least 95 per cent of the social sector spending is still public-driven and stood at Rs 23 lakh crore ($280 billion) in FY23. Even this huge figure is not enough for a country as massive as India. As a percentage of the Gross Domestic Product, social spending stands at 8.3 per cent of GDP, instead of the desired 13 per cent needed until 2030. At the moment, private philanthropy, including those by the super-rich, provides hope to India's massively under-funded social sector. The report notes: "Private philanthropy can play a much more catalytic role at the intersections of government, business, foundation, civil society, and community."

'India Philanthropy Report 2024': HNIs and affluent take the lead in social sector spending

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.<o:p></o:p>

As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. <o:p></o:p>

The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital.<o:p></o:p>

NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. <o:p></o:p>

The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. <o:p></o:p>

Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. <o:p></o:p>

Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. <o:p></o:p>

However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. <o:p></o:p>

NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. <o:p></o:p>

NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. <o:p></o:p>

Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. <o:p></o:p>

Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported. As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices. The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital. NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers. The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings. Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants. Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets. However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group. NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil. NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital. Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini. Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery. (With inputs from Reuters)

Crypto exchange Gemini agrees to return $1.1 billion to customers in regulatory settlement

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. <o:p></o:p>

Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. <o:p></o:p>

WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. <o:p></o:p>

Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market.<o:p></o:p>

President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. <o:p></o:p>

Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. <o:p></o:p>

The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war.<o:p></o:p>

In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. <o:p></o:p>

This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. <o:p></o:p>

Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table.<o:p></o:p>

On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. <o:p></o:p>

Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48. WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week's settlement price. Despite West Asia conflict's limited impact on crude flows, concerns surrounding the situation continue to influence the energy market. President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over. Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators. The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war. In addition to West Asia tensions, China's manufacturing activity faced challenges in February, contracting for the fifth consecutive month according to an official factory survey. This downturn in manufacturing adds pressure on Chinese policymakers to consider additional stimulus measures. Meanwhile, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation aligning with economists' expectations, keeping the possibility of a June interest rate cut on the table. On the supply side, a recent Reuters survey revealed that the Organisation of the Petroleum Exporting Countries (OPEC) increased its daily output to 26.42 million barrels in February, a 90,000 bpd rise from January. Libyan output also surged by 150,000 bpd month-on-month. Looking ahead, a survey of 40 economists and analysts predicts an average oil price of $81.13 per barrel for the front-month contract throughout the year, indicating expectations for continued market volatility and potential disruptions. (With inputs from Reuters)

Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia

China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday. <o:p></o:p>

The manufacturing purchasing managers' index (PMI), compiled by the National Bureau of Statistics (NBS), dropped to 49.1 in February from 49.2 in January. <o:p></o:p>

This downturn intensifies pressure on policymakers to implement additional stimulus measures as factory owners grapple with dwindling orders. <o:p></o:p>

The figure falls below the critical 50-mark, indicating contraction and aligning with a Reuters poll's median forecast.<o:p></o:p>

The official PMI decline may be influenced by seasonal factors, primarily the Lunar New Year, which occurred on February 10 this year. <o:p></o:p>

The festivities led to factory closures as workers returned home for the holiday. Despite the official PMI contraction, a survey by Caixin/S&amp;P Global, released shortly after, depicted a steady expansion in manufacturing activity. <o:p></o:p>

Both production and new orders grew at a faster pace, highlighting an uneven economic recovery. <o:p></o:p>

Chief Economist Dan Wang at Hang Seng Bank China attributed the dip in the official PMI to a sharp contraction in new foreign orders, indicating a potentially prolonged weakened demand from overseas markets.<o:p></o:p>

The persistent shrinkage of new export orders for 11 consecutive months and a year-long contraction in factory employment signal ongoing challenges for Chinese businesses.<o:p></o:p>

China's post-COVID recovery, marked by sub-par growth over the past year, raises doubts about the sustainability of its economic model. <o:p></o:p>

This has fuelled expectations that policymakers will need to consider more substantial reforms to support long-term growth. <o:p></o:p>

The economic hurdles include a property crisis, consumer spending hesitancy, foreign firms divesting, manufacturers struggling to find buyers, and local governments grappling with substantial debt burdens.<o:p></o:p>

Despite the manufacturing setback, the official non-manufacturing PMI, encompassing services and construction, rose to 51.4 from 50.7 in January. <o:p></o:p>

This marks the highest reading since September last year, attributed to robust activity during the Lunar New Year holidays. <o:p></o:p>

However, construction activity experienced a slight decline of 0.4 percentage points due to continued contraction in property-related activities. <o:p></o:p>

Policymakers, acknowledging the need for economic support, have pledged additional measures. <o:p></o:p>

The People's Bank of China recently cut the reserve requirement ratio (RRR) for banks, releasing 1 trillion yuan ($139.03 billion) in long-term liquidity.<o:p></o:p>

President Xi Jinping, highlighting the importance of supporting manufacturers, chaired a meeting on economic policy, focusing on equipment upgrades and reducing logistics costs. <o:p></o:p>

This aligns with the broader push to rebalance the economy by leveraging technology for productivity gains and income increases. <o:p></o:p>

While China has yet to release its 2024 growth target, insiders anticipate a maintenance of a similar growth target to last year, around 5 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday. The manufacturing purchasing managers' index (PMI), compiled by the National Bureau of Statistics (NBS), dropped to 49.

China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday. The manufacturing purchasing managers' index (PMI), compiled by the National Bureau of Statistics (NBS), dropped to 49.1 in February from 49.2 in January. This downturn intensifies pressure on policymakers to implement additional stimulus measures as factory owners grapple with dwindling orders. The figure falls below the critical 50-mark, indicating contraction and aligning with a Reuters poll's median forecast. The official PMI decline may be influenced by seasonal factors, primarily the Lunar New Year, which occurred on February 10 this year. The festivities led to factory closures as workers returned home for the holiday. Despite the official PMI contraction, a survey by Caixin/S&P Global, released shortly after, depicted a steady expansion in manufacturing activity. Both production and new orders grew at a faster pace, highlighting an uneven economic recovery. Chief Economist Dan Wang at Hang Seng Bank China attributed the dip in the official PMI to a sharp contraction in new foreign orders, indicating a potentially prolonged weakened demand from overseas markets. The persistent shrinkage of new export orders for 11 consecutive months and a year-long contraction in factory employment signal ongoing challenges for Chinese businesses. China's post-COVID recovery, marked by sub-par growth over the past year, raises doubts about the sustainability of its economic model. This has fuelled expectations that policymakers will need to consider more substantial reforms to support long-term growth. The economic hurdles include a property crisis, consumer spending hesitancy, foreign firms divesting, manufacturers struggling to find buyers, and local governments grappling with substantial debt burdens. Despite the manufacturing setback, the official non-manufacturing PMI, encompassing services and construction, rose to 51.4 from 50.7 in January. This marks the highest reading since September last year, attributed to robust activity during the Lunar New Year holidays. However, construction activity experienced a slight decline of 0.4 percentage points due to continued contraction in property-related activities. Policymakers, acknowledging the need for economic support, have pledged additional measures. The People's Bank of China recently cut the reserve requirement ratio (RRR) for banks, releasing 1 trillion yuan ($139.03 billion) in long-term liquidity. President Xi Jinping, highlighting the importance of supporting manufacturers, chaired a meeting on economic policy, focusing on equipment upgrades and reducing logistics costs. This aligns with the broader push to rebalance the economy by leveraging technology for productivity gains and income increases. While China has yet to release its 2024 growth target, insiders anticipate a maintenance of a similar growth target to last year, around 5 per cent. (With inputs from Reuters)

China's manufacturing contracts for 5th month, sparks calls for increased stimulus

An inaugural Corporate Travel Summit hosted by FCM Travel India, highlighted that India’s business travel industry is expected to grow and reach $38.2 billion in the year 2024.<o:p></o:p>

Hosted on February 27 in Mumbai, the event was powered by the Global Business Travel Association (GBTA), and brought together over 150 industry professionals, including key decision-makers, to discuss the latest trends and insights shaping the future of business travel in India.<o:p></o:p>

The summit also noted India's position in the global business travel landscape. <o:p></o:p>

According to Sunny Sodhi, Managing Director of FCM Travel India, " India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region, representing 5.7 per cent of business travel spending in the region."<o:p></o:p>

2024 business travel spending projected to reach $38.2 billion<o:p></o:p>

The Indian business travel market witnessed a remarkable 24.7 per cent growth in 2023, and experts anticipate an additional 18.3 per cent increase in 2024, reaching an estimated value of $38.2 billion. <o:p></o:p>

This growth is attributed to various factors, including the increasing adoption of technology, a growing focus on wellness and unique experiences, and the reopening of China.

<o:p></o:p>Pre-pandemic levels expected by 2025

The industry is optimistic about a swift recovery.

Catherine Logan, Regional Vice President of EMEA &amp; APAC at GBTA, concluded by stating, "India will fully reach pre-2019 spending levels by 2025 and is expected to reach 120 per cent of its pre-COVID business travel spend in 2027."

Technology and sustainability at the forefront<o:p></o:p>

Manpreet Bindra, FCM Meetings &amp; Events Leader for Asia, highlighted the growing prominence of technology in the meetings and events industry. <o:p></o:p>

"Technology-enabled events are here to stay, and we use artificial intelligence and virtual reality to enhance and elevate guest experiences," he said. <o:p></o:p>

He further highlighted the rising demand for wellness-focused experiences, citing examples like walking tours in Maasai Mara and dinners along the Mara River.<o:p></o:p>

India: A promising market for future growth<o:p></o:p>

FCM Travel Asia's Managing Director, Bertrand Saillet, reinstated the positive outlook for the Indian market, saying, “Asia has continued to outperform, with a significant 44 per cent increase in revenue as announced in our Mid-Year Results FY2024.”<o:p></o:p>

"This is fuelled by strong performance across Southeast Asia, India, and the re-opening of China, hence we are witnessing growth opportunities in India and Southeast Asia in FY2025," he added.<o:p></o:p>

An inaugural Corporate Travel Summit hosted by FCM Travel India, highlighted that India’s business travel industry is expected to grow and reach $38.2 billion in the year 2024.

An inaugural Corporate Travel Summit hosted by FCM Travel India, highlighted that India’s business travel industry is expected to grow and reach $38.2 billion in the year 2024. Hosted on February 27 in Mumbai, the event was powered by the Global Business Travel Association (GBTA), and brought together over 150 industry professionals, including key decision-makers, to discuss the latest trends and insights shaping the future of business travel in India. The summit also noted India's position in the global business travel landscape. According to Sunny Sodhi, Managing Director of FCM Travel India, " India is the 9th largest travel market in the world for business travel spending. It is the 4th largest market for the Asia Pacific region, representing 5.7 per cent of business travel spending in the region." 2024 business travel spending projected to reach $38.2 billion The Indian business travel market witnessed a remarkable 24.7 per cent growth in 2023, and experts anticipate an additional 18.3 per cent increase in 2024, reaching an estimated value of $38.2 billion. This growth is attributed to various factors, including the increasing adoption of technology, a growing focus on wellness and unique experiences, and the reopening of China. Pre-pandemic levels expected by 2025 The industry is optimistic about a swift recovery. Catherine Logan, Regional Vice President of EMEA & APAC at GBTA, concluded by stating, "India will fully reach pre-2019 spending levels by 2025 and is expected to reach 120 per cent of its pre-COVID business travel spend in 2027." Technology and sustainability at the forefront Manpreet Bindra, FCM Meetings & Events Leader for Asia, highlighted the growing prominence of technology in the meetings and events industry. "Technology-enabled events are here to stay, and we use artificial intelligence and virtual reality to enhance and elevate guest experiences," he said. He further highlighted the rising demand for wellness-focused experiences, citing examples like walking tours in Maasai Mara and dinners along the Mara River. India: A promising market for future growth FCM Travel Asia's Managing Director, Bertrand Saillet, reinstated the positive outlook for the Indian market, saying, “Asia has continued to outperform, with a significant 44 per cent increase in revenue as announced in our Mid-Year Results FY2024.” "This is fuelled by strong performance across Southeast Asia, India, and the re-opening of China, hence we are witnessing growth opportunities in India and Southeast Asia in FY2025," he added.

India's business travel industry poised for growth, expected to reach $38.2bn in 2024

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Second mansion of Evergrande chairman hits market amid liquidation

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.

<a href="https://www.wionews.com/business-economy/second-mansion-of-evergrande-chairman-hits-market-amid-liquidation-695436">Read more here</a>

Brazil urges G20 to enforce global tax on super-rich in battle against tax evasion

At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, Associated Press reported.

<a href="https://www.wionews.com/business-economy/brazil-urges-g20-to-enforce-global-tax-on-super-rich-in-battle-against-tax-evasion-695416">Read more here</a>

Japan's jobless rate hits 2.4 per cent in January amid labour shortage: Report

The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month.

<a href="https://www.wionews.com/business-economy/japans-jobless-rate-hits-24-per-cent-in-january-amid-labour-shortage-report-695426">Read more here</a>

Citigroup announces layoffs of 286 employees in New York: Report

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour.

<a href="https://www.wionews.com/business-economy/citigroup-announces-layoffs-of-286-employees-in-new-york-report-695434">Read more here</a>

US IRS launches crackdown on 125,000 unfiled high-income tax returns

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.

<a href="https://www.wionews.com/business-economy/us-irs-launches-crackdown-on-125000-unfiled-high-income-tax-returns-695453">Read more here</a>

Boeing agrees to $51 million settlement over US export violations, including breaches 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.

<a href="https://www.wionews.com/business-economy/boeing-agrees-to-51-million-settlement-over-us-export-violations-including-breaches-in-china-695465">Read more here</a>

Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia

Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-amid-gaza-ceasefire-talks-complications-and-tensions-in-west-asia-695470">Read more here</a>

China's manufacturing contracts for 5th month, sparks calls for increased stimulus

China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday.

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-contracts-for-5th-month-sparks-calls-for-increased-stimulus-695472">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Second mansion of Evergrande chairman hits market amid liquidation 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.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Second mansion of Evergrande chairman hits market amid liquidation 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. Read more here Brazil urges G20 to enforce global tax on super-rich in battle against tax evasion At the G20 meeting on Thursday, Brazil’s finance minister, Fernando Haddad, proposed the implementation of a global tax on the super-rich to combat the rampant issue of tax evasion, Associated Press reported. Read more here Japan's jobless rate hits 2.4 per cent in January amid labour shortage: Report The latest government data from Reuters reveals that Japan's jobless rate experienced a notable decline, reaching 2.4 per cent in January, down from a revised 2.5 per cent in the previous month. Read more here Citigroup announces layoffs of 286 employees in New York: Report Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour. Read more here US IRS launches crackdown on 125,000 unfiled high-income tax returns 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. Read more here Boeing agrees to $51 million settlement over US export violations, including breaches 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. Read more here Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery. Read more here China's manufacturing contracts for 5th month, sparks calls for increased stimulus China's manufacturing sector recorded a contraction for the fifth consecutive month, as revealed by an official factory survey on Friday. Read more here

WION Business Wrap | China's manufacturing slump, oil prices surge and more

As Prime Minister Narendra Modi seeks to make India the chipmaker for the world, the Indian government&nbsp;on Thursday (Feb 29) approved the construction of three semiconductor plants worth $15.2 billion by companies including Tata Group and CG Power. 
 
Chips, or semiconductors, are at the heart of a new kind of competition between major players, with China and US pitted against each other in what's called 'chip wars'.

The announcement by the Indian Minister of Electronics and Information Technology Ashwini Vaishnaw comes as the country has sought to become an electronics powerhouse.&nbsp;

<h2>‘A big decision’</h2>

Indian Prime Minister Narendra Modi’s cabinet green-lit several proposals which also include Tata Group’s plan to build an $11 billion site which will be the country’s first major chipmaking facility.&nbsp;

New Delhi expects its semiconductor market to be worth $63 billion by 2026 but has faced some setbacks in the past and also does not have a chipmaking facility, yet.

“This is a big decision for the country and a key accomplishment towards making India a self-dependent country,” Vaishnaw told reporters on Thursday. He also said that the construction of these plants will begin within the next 100 days.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-gdp-grew-84-in-q3-economy-expected-to-grow-76-this-year-695260">India's GDP grew 8.4% in Q3; economy expected to grow 7.6% this year</a>

These factories will reportedly manufacture and package chips for sectors including defence, automobiles and telecommunication.

<h2>About the proposals</h2>

The government also cleared Tata Group’s separate proposal for a chip assembly plant which will reportedly cost over $3 billion as well as a packaging venture between Japan’s Renesas Electronics Corp and the Murugappa Group’s CG Power.&nbsp;

Tata Group will partner with Taiwan’s Powerchip Semiconductor Manufacturing Corp for its project of building India’s first chipmaking plant.&nbsp;

The new facility will produce so-called mature chips – which use 40-nanometer or older technology – typically used in consumer electronics, automobiles, defence systems and aircraft, reported Bloomberg.&nbsp;

“This fab (semiconductor fabrication facility) will have manufacturing capacity of up to 50,000 wafers per month and will include next generation factory automation capabilities deploying data analytics and machine learning to achieve industry-best factory efficiency,” the Tata Group said in a statement.

The new semiconductor fab will be built in the Indian town of Dholera in Gujarat, according to the Tata Group and will create over 20,000 direct and indirect skilled jobs in the region.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/trending/bill-gates-meets-pm-modi-in-india-talks-about-ai-for-public-good-and-innovation-695326">Bill Gates meets PM Modi in India, talks about AI for 'public good' and 'innovation'</a>

CG Power will partner with Japan’s Renesas Electronics Corp and Thailand-based Stars Microelectronics for a $91.6 million chip packaging plant, also in the Indian state of Gujarat.&nbsp;

According to the Indian minister, a third chip packaging plant worth $3.3 billion will be set up in the north-eastern state of Assam by Tata unit Tata Semiconductor Assembly and Test Pvt Ltd.&nbsp;

Semiconductors have been making headlines, particularly since the so-called chip war between the United States and China amid geopolitical tensions which has prompted other countries to ramp up development domestic capabilities, including India.

(With inputs from agencies) 
&nbsp;

As Prime Minister Narendra Modi seeks to make India the chipmaker for the world, the Indian government on Thursday (Feb 29) approved the construction of three semiconductor plants worth $15.

As Prime Minister Narendra Modi seeks to make India the chipmaker for the world, the Indian government on Thursday (Feb 29) approved the construction of three semiconductor plants worth $15.2 billion by companies including Tata Group and CG Power. Chips, or semiconductors, are at the heart of a new kind of competition between major players, with China and US pitted against each other in what's called 'chip wars'. The announcement by the Indian Minister of Electronics and Information Technology Ashwini Vaishnaw comes as the country has sought to become an electronics powerhouse. ‘A big decision’ Indian Prime Minister Narendra Modi’s cabinet green-lit several proposals which also include Tata Group’s plan to build an $11 billion site which will be the country’s first major chipmaking facility. New Delhi expects its semiconductor market to be worth $63 billion by 2026 but has faced some setbacks in the past and also does not have a chipmaking facility, yet. “This is a big decision for the country and a key accomplishment towards making India a self-dependent country,” Vaishnaw told reporters on Thursday. He also said that the construction of these plants will begin within the next 100 days. Also Read | India's GDP grew 8.4% in Q3; economy expected to grow 7.6% this year These factories will reportedly manufacture and package chips for sectors including defence, automobiles and telecommunication. About the proposals The government also cleared Tata Group’s separate proposal for a chip assembly plant which will reportedly cost over $3 billion as well as a packaging venture between Japan’s Renesas Electronics Corp and the Murugappa Group’s CG Power. Tata Group will partner with Taiwan’s Powerchip Semiconductor Manufacturing Corp for its project of building India’s first chipmaking plant. The new facility will produce so-called mature chips – which use 40-nanometer or older technology – typically used in consumer electronics, automobiles, defence systems and aircraft, reported Bloomberg. “This fab (semiconductor fabrication facility) will have manufacturing capacity of up to 50,000 wafers per month and will include next generation factory automation capabilities deploying data analytics and machine learning to achieve industry-best factory efficiency,” the Tata Group said in a statement. The new semiconductor fab will be built in the Indian town of Dholera in Gujarat, according to the Tata Group and will create over 20,000 direct and indirect skilled jobs in the region. Also Read | Bill Gates meets PM Modi in India, talks about AI for 'public good' and 'innovation' CG Power will partner with Japan’s Renesas Electronics Corp and Thailand-based Stars Microelectronics for a $91.6 million chip packaging plant, also in the Indian state of Gujarat. According to the Indian minister, a third chip packaging plant worth $3.3 billion will be set up in the north-eastern state of Assam by Tata unit Tata Semiconductor Assembly and Test Pvt Ltd. Semiconductors have been making headlines, particularly since the so-called chip war between the United States and China amid geopolitical tensions which has prompted other countries to ramp up development domestic capabilities, including India. (With inputs from agencies)

India as chipmaker for world: Govt approves semiconductor plant investments worth $15bn

Indian financial technology company Paytm and its payments bank unit mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies.

Indian financial technology company Paytm and its payments bank unit mutually agreed to discontinue various inter-company agreements in the process to reduce dependencies. In a statement issued on Friday (Mar 1), Paytm said, "One 97 Communications Ltd (Paytm) would like to inform that the company and its associate entity, Paytm Payments Bank Limited (PPBL), have introduced additional measures to strengthen their approach towards independent operations PPBL." "As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities," the statement added. One 97 Communications Ltd (Paytm) and PPBL have mutually agreed to discontinue various inter-company agreements: Paytm issues statement pic.twitter.com/GG9FA4mwMy — ANI (@ANI) March 1, 2024 × The shareholders of PPBL agreed to simplify the Shareholders Agreement (SHA) to support the payments bank's governance independent of its shareholders, the company further said. Vijay Shekhar Sharma quits PPBL board This development comes days after Paytm's Chief Executive Officer (CEO) Vijay Shekhar Sharma stepped down as non-executive chairman and board member of PPBL. Sharma owns a 51 per cent stake in the payments bank unit. The bank will now appoint a new chairperson and has also seen two independent directors step down since December last year. Also read | Explained: RBI orders Paytm’s banking arm to stop fresh business. What happens next? Earlier, the Reserve Bank of India (RBI) asked PPBL to wind down operations by March 15 due to persistent compliance issues and supervisory concerns, triggering a meltdown in Paytm's stock. Paytm likely to partner with 4 Indian banks to enable UPI transactions On Monday, a report by the news agency Reuters said that Paytm would likely partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI). Also watch | Paytm overhauls banking board, CEO Vijay Shekhar Sharma resigns from Payments Bank Board × This comes after the RBI asked UPI's operator National Payments Corporation of India (NPCI) to examine a request from Paytm to become a third-party application provider and to facilitate four to five banks to act as service providers for it. "Talks to onboard banking partners are on, and Paytm wants to start this process with large banks that have the technological bandwidth to handle large volumes seamlessly," a source told the news agency. (With inputs from agencies)

India's Paytm and its payments bank agree to discontinue inter-company deals

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

"We believe that will unlock transformative opportunities for users when it comes to productivity, problem solving and more," Reuters quoted Cook as saying.

While Apple has been somewhat slower in incorporating generative AI compared to competitors like Microsoft and Google, Cook assured shareholders that AI is already integral to Apple's products, with further developments expected in the near future.

Cook highlighted the capabilities of Apple's hardware in facilitating AI advancements, particularly noting the effectiveness of Apple silicon-powered Macs.

He noted, "Every Mac that is powered by Apple silicon is an extraordinarily capable AI machine. In fact, there's no better computer for AI on the market today."

Regardless of Apple's confidence in its AI capabilities, shareholders raised concerns about transparency regarding the company's AI usage and ethical guidelines.

During the meeting, Apple shareholders rejected a proposal demanding increased disclosure about the company's AI practices and ethical standards.

The proposal, put forth by the AFL-CIO pension trust, garnered significant support, winning 37.5 per cent of votes cast.

Brandon Rees, deputy director for corporations and capital markets with the AFL-CIO, expressed disappointment in Apple's lag in disclosing ethical guidelines related to AI, comparing it unfavorably to other technology companies.

The AFL-CIO's proposal aimed to urge Apple to provide a comprehensive report on its AI usage and disclose any ethical guidelines concerning the technology.

Specifically, the proposal emphasised the importance of transparency, consent, and compensation to creators and rights holders in AI training processes.

Apple countered the proposal, citing concerns that increased disclosures could potentially reveal strategic insights to competitors in the rapidly evolving AI landscape.

(With inputs from Reuters)

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year. "We believe that will unlock transformative opportunities for users when it comes to productivity, problem solving and more," Reuters quoted Cook as saying. While Apple has been somewhat slower in incorporating generative AI compared to competitors like Microsoft and Google, Cook assured shareholders that AI is already integral to Apple's products, with further developments expected in the near future. Cook highlighted the capabilities of Apple's hardware in facilitating AI advancements, particularly noting the effectiveness of Apple silicon-powered Macs. He noted, "Every Mac that is powered by Apple silicon is an extraordinarily capable AI machine. In fact, there's no better computer for AI on the market today." Regardless of Apple's confidence in its AI capabilities, shareholders raised concerns about transparency regarding the company's AI usage and ethical guidelines. During the meeting, Apple shareholders rejected a proposal demanding increased disclosure about the company's AI practices and ethical standards. The proposal, put forth by the AFL-CIO pension trust, garnered significant support, winning 37.5 per cent of votes cast. Brandon Rees, deputy director for corporations and capital markets with the AFL-CIO, expressed disappointment in Apple's lag in disclosing ethical guidelines related to AI, comparing it unfavorably to other technology companies. The AFL-CIO's proposal aimed to urge Apple to provide a comprehensive report on its AI usage and disclose any ethical guidelines concerning the technology. Specifically, the proposal emphasised the importance of transparency, consent, and compensation to creators and rights holders in AI training processes. Apple countered the proposal, citing concerns that increased disclosures could potentially reveal strategic insights to competitors in the rapidly evolving AI landscape. (With inputs from Reuters)

Apple to expand generative AI use: CEO Tim Cook at shareholder meeting

Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

The media conglomerate's shares surged nearly two per cent after the bell, reflecting investors' optimism amid the evolving landscape of the entertainment industry.

Streaming services have steadily gained dominance over traditional television, compounded by the aftermath of Hollywood's strikes last year and a subdued advertising market.

Paramount Global's revenue for the fourth quarter stood at $7.64 billion, falling short of analysts' estimates of $7.85 billion, as per a Reuters report.

Nonetheless, the company surprised analysts by reporting a profit of 4 cents per share, defying analysts' expectations of a 1 cent loss.

CEO Bob Bakish expressed optimism about the future, stating, "We now expect to reach domestic Paramount+ profitability in 2025."

Paramount+, the company's flagship streaming platform, witnessed a notable spike in subscribers during the quarter, adding 4.1 million compared to the previous quarter's 2.7 million.

This growth surpassed expectations, with figures slightly above the estimated 4.03 million new subscribers, as reported by data from Visible Alpha.

Paramount Global's significant investments in Paramount+ have contributed to its expansion. The company previously announced in November that investments in the streaming unit had peaked, a year ahead of schedule.

Despite the challenges posed by a turbulent advertising market, Paramount Global remains focused on growth strategies.

Revenue from its TV media segment declined by 12 per cent year-over-year, while advertising revenue fell by 15 per cent, primarily impacted by reduced political advertising and the effects of Hollywood strikes.

However, the company's finance chief, Naveen Chopra, expressed cautious optimism, noting signs of stabilisation in the ad market.&nbsp;

Paramount Global anticipates reporting "low to mid-teens advertising growth" in the first quarter, indicating a potential rebound in advertising revenue.

The latest financial results from Paramount Global come amid ongoing consolidation efforts within the US entertainment industry.

In January, reports surfaced regarding Skydance Media CEO David Ellison's exploration of an all-cash bid to acquire Paramount Global's parent company, National Amusements.

(With inputs from Reuters)

Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market. The media conglomerate's shares surged nearly two per cent after the bell, reflecting investors' optimism amid the evolving landscape of the entertainment industry. Streaming services have steadily gained dominance over traditional television, compounded by the aftermath of Hollywood's strikes last year and a subdued advertising market. Paramount Global's revenue for the fourth quarter stood at $7.64 billion, falling short of analysts' estimates of $7.85 billion, as per a Reuters report. Nonetheless, the company surprised analysts by reporting a profit of 4 cents per share, defying analysts' expectations of a 1 cent loss. CEO Bob Bakish expressed optimism about the future, stating, "We now expect to reach domestic Paramount+ profitability in 2025." Paramount+, the company's flagship streaming platform, witnessed a notable spike in subscribers during the quarter, adding 4.1 million compared to the previous quarter's 2.7 million. This growth surpassed expectations, with figures slightly above the estimated 4.03 million new subscribers, as reported by data from Visible Alpha. Paramount Global's significant investments in Paramount+ have contributed to its expansion. The company previously announced in November that investments in the streaming unit had peaked, a year ahead of schedule. Despite the challenges posed by a turbulent advertising market, Paramount Global remains focused on growth strategies. Revenue from its TV media segment declined by 12 per cent year-over-year, while advertising revenue fell by 15 per cent, primarily impacted by reduced political advertising and the effects of Hollywood strikes. However, the company's finance chief, Naveen Chopra, expressed cautious optimism, noting signs of stabilisation in the ad market. Paramount Global anticipates reporting "low to mid-teens advertising growth" in the first quarter, indicating a potential rebound in advertising revenue. The latest financial results from Paramount Global come amid ongoing consolidation efforts within the US entertainment industry. In January, reports surfaced regarding Skydance Media CEO David Ellison's exploration of an all-cash bid to acquire Paramount Global's parent company, National Amusements. (With inputs from Reuters)

Paramount global surprises with streaming growth despite missing revenue estimates

A&nbsp;dispute has arisen over reforming the World Trade Organisation's dispute settlement system at&nbsp;the 13th ministerial meeting (MC13),&nbsp;with India accusing the US of stalling progress.&nbsp;

Under President Donald Trump, the US obstructed the appointment of new judges to the WTO's appeals court, which led to a deadlock in 2019.&nbsp;

Despite efforts for reform, several disagreements persist among member states.&nbsp;

India has highlighted the importance of restoring the appellate body before advancing on other agreements, such as fisheries subsidies and agriculture.&nbsp;

There are concerns that delays in restoring the appellate body could jeopardise WTO's operations, especially if Trump is re-elected.&nbsp;

The Appellate Body, the appellate branch of the dispute settlement system, has not operated since December 2019 after the United States blocked the appointment of its members.

This has led to questions being raised on the legitimacy of the WTO as a whole as well as the rules-based trade system it maintains.

The Ministry of Commerce and Industry has said,&nbsp;"A credible and reliable WTO dispute settlement system is the bedrock of an equitable, effective, secure and predictable multilateral trading system."&nbsp;

Seeking formalisation and multilateralisation of reform discussions

While participating in informal dispute settlement reform discussions for the past year, India has highlighted the challenges faced by developing countries due to the format and pace of these discussions.

The Ministry has called for the immediate and effective formalisation and multilateralisation of the reform process, proposing a three-point action plan:

<ul>
	<li>Transition discussions to formal WTO bodies:&nbsp;India has called for the discussions to be moved to formal WTO bodies, preferably under the guidance of the Dispute Settlement Body Chair, to fulfil the mandates set forth in the 12th Ministerial Conference Declaration.</li>
	<li>Ensure effective multilateralisation:&nbsp;India has emphasised the need for an inclusive and member-driven process that acknowledges the capacity constraints of developing countries and least developed countries. This includes allowing for new proposals at any stage and ensuring the resulting text reflects the diverse viewpoints and is reached through consensus, with hybrid participation options.</li>
	<li>Prioritise restoration of the appellate body:&nbsp;India has reiterated the importance of prioritising the restoration of the Appellate Body as a key element of the reform process.</li>
</ul>

(With inputs from agencies)

A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress.

A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress. Under President Donald Trump, the US obstructed the appointment of new judges to the WTO's appeals court, which led to a deadlock in 2019. Despite efforts for reform, several disagreements persist among member states. India has highlighted the importance of restoring the appellate body before advancing on other agreements, such as fisheries subsidies and agriculture. There are concerns that delays in restoring the appellate body could jeopardise WTO's operations, especially if Trump is re-elected. The Appellate Body, the appellate branch of the dispute settlement system, has not operated since December 2019 after the United States blocked the appointment of its members. This has led to questions being raised on the legitimacy of the WTO as a whole as well as the rules-based trade system it maintains. The Ministry of Commerce and Industry has said, "A credible and reliable WTO dispute settlement system is the bedrock of an equitable, effective, secure and predictable multilateral trading system." Seeking formalisation and multilateralisation of reform discussions While participating in informal dispute settlement reform discussions for the past year, India has highlighted the challenges faced by developing countries due to the format and pace of these discussions. The Ministry has called for the immediate and effective formalisation and multilateralisation of the reform process, proposing a three-point action plan: Transition discussions to formal WTO bodies: India has called for the discussions to be moved to formal WTO bodies, preferably under the guidance of the Dispute Settlement Body Chair, to fulfil the mandates set forth in the 12th Ministerial Conference Declaration. Ensure effective multilateralisation: India has emphasised the need for an inclusive and member-driven process that acknowledges the capacity constraints of developing countries and least developed countries. This includes allowing for new proposals at any stage and ensuring the resulting text reflects the diverse viewpoints and is reached through consensus, with hybrid participation options. Prioritise restoration of the appellate body: India has reiterated the importance of prioritising the restoration of the Appellate Body as a key element of the reform process. (With inputs from agencies)

WTO Showdown: US-led reform efforts trigger friction with India

India’s Gross Domestic Product (GDP) grew 8.4 per cent in the third quarter (October-December quarter), according to the data released by the National Statistical Office (NSO) on Thursday (Feb 29)&nbsp;marking the fastest pace with which the economy grew in one-and-half years, beating all estimates.&nbsp;

<h2>India’s economic growth beats estimates</h2>

The economic growth reported for the third quarter was much higher than the estimated 6.6 per cent by economists, according to a&nbsp;Reuters poll.

It was also higher than the revised growth of 8.1 per cent in the previous quarter which stood at 7.6 per cent in the three months ending September 30.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/decoding-the-modi-governments-white-paper-on-indian-economy-688601">Decoding the Modi government's white paper on Indian economy</a>

This growth has been attributed to strong manufacturing and construction activity in India.&nbsp;

Prime Minister Narendra Modi’s government has raised spending on infrastructure and incentivised manufacturing of phones, electronics, drones and semiconductors.&nbsp;

Manufacturing, over the past decade, has accounted for 17 per cent of India’s economy and expanded 11.6 per cent year-on-year in the December quarter.&nbsp;

Additionally, investment growth was above 10 per cent for the second consecutive quarter and the construction sector grew by more than nine per cent.&nbsp;

However, the farming sector which accounts for about 15 per cent of the Indian economy reduced by 0.8 per cent, compared with 1.6 per cent growth in the second quarter.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/oecd-raises-india-and-global-growth-outlook-for-2024-687238">OECD raises India and global growth outlook for 2024, warns of Middle East crisis 'risk'</a>

The “robust” third-quarter growth “shows the strength of Indian economy and its potential,” said PM Modi, in a post on X.&nbsp;

He added, “Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat (Developed India)!”&nbsp;

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Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!
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<h2>Growth estimates raised</h2>

The Ministry of Statistics and Programme Implementation data released on Thursday, also shows that the Indian economy is expected to grow&nbsp; at 7.6 per cent this year.&nbsp;

In its <a href="https://www.wionews.com/business-economy/indian-economy-to-grow-by-73-per-cent-says-governments-advance-estimate-676939">first estimates</a> released last month, the NSO had projected a growth of 7.3 per cent in 2023-24.&nbsp;

(With inputs from agencies) 
&nbsp;

India’s Gross Domestic Product (GDP) grew 8.4 per cent in the third quarter (October-December quarter), according to the data released by the National Statistical Office (NSO) on Thursday (Feb 29) marking the fastest pace with which the economy grew in one-and-half years, beating all estimates.

India’s Gross Domestic Product (GDP) grew 8.4 per cent in the third quarter (October-December quarter), according to the data released by the National Statistical Office (NSO) on Thursday (Feb 29) marking the fastest pace with which the economy grew in one-and-half years, beating all estimates. India’s economic growth beats estimates The economic growth reported for the third quarter was much higher than the estimated 6.6 per cent by economists, according to a Reuters poll. It was also higher than the revised growth of 8.1 per cent in the previous quarter which stood at 7.6 per cent in the three months ending September 30. Also Read | Decoding the Modi government's white paper on Indian economy This growth has been attributed to strong manufacturing and construction activity in India. Prime Minister Narendra Modi’s government has raised spending on infrastructure and incentivised manufacturing of phones, electronics, drones and semiconductors. Manufacturing, over the past decade, has accounted for 17 per cent of India’s economy and expanded 11.6 per cent year-on-year in the December quarter. Additionally, investment growth was above 10 per cent for the second consecutive quarter and the construction sector grew by more than nine per cent. However, the farming sector which accounts for about 15 per cent of the Indian economy reduced by 0.8 per cent, compared with 1.6 per cent growth in the second quarter. Also Read | OECD raises India and global growth outlook for 2024, warns of Middle East crisis 'risk' The “robust” third-quarter growth “shows the strength of Indian economy and its potential,” said PM Modi, in a post on X. He added, “Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat (Developed India)!” Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat! — Narendra Modi (@narendramodi) February 29, 2024 × Growth estimates raised The Ministry of Statistics and Programme Implementation data released on Thursday, also shows that the Indian economy is expected to grow at 7.6 per cent this year. In its first estimates released last month, the NSO had projected a growth of 7.3 per cent in 2023-24. (With inputs from agencies)

India's GDP grew 8.4% in Q3; economy expected to grow 7.6% this year

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Paramount global surprises with streaming growth despite missing revenue estimates

Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

<a href="https://www.wionews.com/business-economy/paramount-global-surprises-with-streaming-growth-despite-missing-revenue-estimates-695067">Read more here</a>

Apple to expand generative AI use: CEO Tim Cook at shareholder meeting

During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year.

<a href="https://www.wionews.com/business-economy/apple-to-expand-generative-ai-use-ceo-tim-cook-at-shareholder-meeting-695069">Read more here</a>

Japan's factory output plummets in January as economic concerns mount

Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year.

<a href="https://www.wionews.com/business-economy/japans-factory-output-plummets-in-january-as-economic-concerns-mount-695087">Read more here</a>

Google faces $2.3 bn lawsuit from European media groups over alleged ad tech misconduct

Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted.

<a href="https://www.wionews.com/business-economy/google-faces-23-bn-lawsuit-from-european-media-groups-over-alleged-ad-tech-misconduct-695000">Read more here</a>

WTO Showdown: US-led reform efforts trigger friction with India

A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress.&nbsp;

<a href="https://www.wionews.com/business-economy/wto-showdown-us-led-reform-efforts-trigger-friction-with-india-695037">Read more here</a>

Electronic Arts announces workforce reduction and office space cutback: Report

Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. This announcement comes while challenges within the gaming sector loom, compounded by high interest rates.

<a href="https://www.wionews.com/business-economy/electronic-arts-announces-workforce-reduction-and-office-space-cutbacks-report-695052">Read more here</a>

Wendy's promises no surge pricing for burgers amid backlash over CEO's comments

Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing."

<a href="https://www.wionews.com/business-economy/wendys-promises-no-surge-pricing-for-burgers-amid-backlash-over-ceos-comments-695059">Read more here</a>

Shell's Savion initiates sale of solar assets: Reports

Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters.

<a href="https://www.wionews.com/business-economy/shells-savion-initiates-sale-of-solar-assets-according-to-sources-695071">Read more here</a>

Gemini agrees to return $1.1 billion to customers in regulatory settlement

Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.

<a href="https://www.wionews.com/business-economy/gemini-agrees-to-return-11-billion-to-customers-in-regulatory-settlement-695081">Read more here</a>

SEC's climate reporting rule: What's at stake for investors and corporations?

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors.

<a href="https://www.wionews.com/business-economy/secs-climate-reporting-rule-whats-at-stake-for-investors-and-corporations-695128">Read more here</a>

Ukraine seeks $3 billion in monthly aid as war rages on

Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia.

<a href="https://www.wionews.com/business-economy/ukraine-seeks-3-billion-in-monthly-aid-as-war-rages-on-695109">Read more here</a>

US SEC investigates potential misconduct at OpenAI

The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023.

<a href="https://www.wionews.com/business-economy/us-sec-investigates-potential-misconduct-at-openai-695111">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Paramount global surprises with streaming growth despite missing revenue estimates Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Paramount global surprises with streaming growth despite missing revenue estimates Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market. Read more here Apple to expand generative AI use: CEO Tim Cook at shareholder meeting During Apple's annual shareholder meeting, CEO Tim Cook revealed plans to provide more insights into the company's utilisation of generative artificial intelligence (AI) later this year. Read more here Japan's factory output plummets in January as economic concerns mount Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year. Read more here Google faces $2.3 bn lawsuit from European media groups over alleged ad tech misconduct Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted. Read more here WTO Showdown: US-led reform efforts trigger friction with India A dispute has arisen over reforming the World Trade Organisation's dispute settlement system at the 13th ministerial meeting (MC13), with India accusing the US of stalling progress. Read more here Electronic Arts announces workforce reduction and office space cutback: Report Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. This announcement comes while challenges within the gaming sector loom, compounded by high interest rates. Read more here Wendy's promises no surge pricing for burgers amid backlash over CEO's comments Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing." Read more here Shell's Savion initiates sale of solar assets: Reports Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters. Read more here Gemini agrees to return $1.1 billion to customers in regulatory settlement Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported. Read more here SEC's climate reporting rule: What's at stake for investors and corporations? Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. Read more here Ukraine seeks $3 billion in monthly aid as war rages on Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia. Read more here US SEC investigates potential misconduct at OpenAI The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023. Read more here

WION Business Wrap | From Japan to the U.S: Top business and economy stories of the day

Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters.<o:p></o:p>

The move signifies Shell's continued divestment from renewable energy projects as part of CEO Wael Sawan's realignment. <o:p></o:p>

Investment bank Jefferies is overseeing the sale, offering up to 10.6 gigawatts (GW) of solar generation and storage assets, primarily located across various regions in the United States. <o:p></o:p>

While the total value of the assets remains undisclosed, their valuation typically hinges on regional power prices. <o:p></o:p>

Savion, which has a portfolio of 39.1 GW of solar and storage projects, has emerged as a key player in the renewable energy sector since its acquisition by Shell in December 2021. <o:p></o:p>

However, the current divestment initiative is an indicator of Shell's shift under CEO Wael Sawan, who has prioritised focusing on the most profitable ventures. <o:p></o:p>

Sawan's approach emphasises accessing low-carbon power for trading and sale rather than direct ownership of generation assets, which often yield lower returns. <o:p></o:p>

This realignment aims to fulfil Shell's broader objectives of enhancing profitability, maintaining oil output stability, and increasing natural gas production.<o:p></o:p>

Renewables valuations have experienced a decline, yet they remain integral to the global energy transition, attracting heightened attention as interest rates show signs of decrease. <o:p></o:p>

According to Reuters, KPMG had highlighted the importance of renewable assets in driving the transition towards sustainable energy solutions in a recent report. <o:p></o:p>

The sale of Savion's US portfolio, referred to as "Dasher," enables the subsidiary to refocus its efforts on advancing Shell's integrated power markets strategy. <o:p></o:p>

Shell's recent divestments extend beyond its renewable energy ventures, including segments such as power retail businesses in Britain and Germany, floating offshore wind projects, and hydrogen operations. <o:p></o:p>

Additionally, the company is pursuing exits from certain refining operations and its onshore oil business in Nigeria. <o:p></o:p>

At the same time, Shell has started company-wide cost-saving measures, including staff reductions within its low-carbon solutions division, with the intention of saving up to $3 billion. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters.

Shell's American solar subsidiary, Savion, has initiated the sale of approximately 25 per cent of its solar assets, according to industry sources and a marketing document obtained by Reuters. The move signifies Shell's continued divestment from renewable energy projects as part of CEO Wael Sawan's realignment. Investment bank Jefferies is overseeing the sale, offering up to 10.6 gigawatts (GW) of solar generation and storage assets, primarily located across various regions in the United States. While the total value of the assets remains undisclosed, their valuation typically hinges on regional power prices. Savion, which has a portfolio of 39.1 GW of solar and storage projects, has emerged as a key player in the renewable energy sector since its acquisition by Shell in December 2021. However, the current divestment initiative is an indicator of Shell's shift under CEO Wael Sawan, who has prioritised focusing on the most profitable ventures. Sawan's approach emphasises accessing low-carbon power for trading and sale rather than direct ownership of generation assets, which often yield lower returns. This realignment aims to fulfil Shell's broader objectives of enhancing profitability, maintaining oil output stability, and increasing natural gas production. Renewables valuations have experienced a decline, yet they remain integral to the global energy transition, attracting heightened attention as interest rates show signs of decrease. According to Reuters, KPMG had highlighted the importance of renewable assets in driving the transition towards sustainable energy solutions in a recent report. The sale of Savion's US portfolio, referred to as "Dasher," enables the subsidiary to refocus its efforts on advancing Shell's integrated power markets strategy. Shell's recent divestments extend beyond its renewable energy ventures, including segments such as power retail businesses in Britain and Germany, floating offshore wind projects, and hydrogen operations. Additionally, the company is pursuing exits from certain refining operations and its onshore oil business in Nigeria. At the same time, Shell has started company-wide cost-saving measures, including staff reductions within its low-carbon solutions division, with the intention of saving up to $3 billion. (With inputs from Reuters)

Shell's Savion initiates sale of solar assets: Reports

Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing."<o:p></o:p>

According to a Reuters report, concerns arose after Tanner hinted at the possibility of testing surge pricing similar to practices seen in Uber and the airline industry, where prices fluctuate based on demand.

This announcement drew criticism from online communities, with some customers expressing outrage over perceived price gouging. <o:p></o:p>

In response to the backlash, Wendy's reassured patrons that there are no intentions to hike prices during peak hours of customer visits. <o:p></o:p>

The company said that it aims to leverage digital menu boards to offer discounts during slower periods.<o:p></o:p>

CEO Kirk Tanner's remarks about exploring dynamic pricing mechanisms sparked debates within the industry and among consumers. <o:p></o:p>

While such strategies have seen success in sectors like airlines, restaurant analysts remain sceptical about its viability in the food industry. <o:p></o:p>

Reuters cited Victor Fernandez, a senior analyst at Black Box Intelligence, who expressed doubts about customer acceptance, particularly amid recent price hikes across the food service sector. <o:p></o:p>

Similarly, Michael Lukianoff, CEO of SignalFlare.ai, highlighted potential repercussions, suggesting that customers might seek alternatives if subjected to dynamic pricing. <o:p></o:p>

US Senator Elizabeth Warren weighed in on the controversy, condemning Wendy's dynamic pricing plans as "price gouging plain and simple." <o:p></o:p>

Warren's comments echoed sentiments among consumers who view surge pricing as exploitative. <o:p></o:p>

The backlash comes at a challenging time for Wendy's, with recent data indicating a slowdown in store visits during the fourth quarter of 2023. <o:p></o:p>

Despite efforts to address cost pressures, including a profit forecast for the current year below Wall Street expectations, Wendy's faces ongoing challenges posed by rising commodity and labour costs. <o:p></o:p>

The company's shares, which experienced a 14 per cent decline in 2023, saw a slight increase by 2 per cent following the reassurance regarding pricing policies. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing.

Wendy's, the renowned burger chain, has responded to a social media uproar following comments made by its CEO, Kirk Tanner, over the possible implementation of "dynamic pricing." According to a Reuters report, concerns arose after Tanner hinted at the possibility of testing surge pricing similar to practices seen in Uber and the airline industry, where prices fluctuate based on demand. This announcement drew criticism from online communities, with some customers expressing outrage over perceived price gouging. In response to the backlash, Wendy's reassured patrons that there are no intentions to hike prices during peak hours of customer visits. The company said that it aims to leverage digital menu boards to offer discounts during slower periods. CEO Kirk Tanner's remarks about exploring dynamic pricing mechanisms sparked debates within the industry and among consumers. While such strategies have seen success in sectors like airlines, restaurant analysts remain sceptical about its viability in the food industry. Reuters cited Victor Fernandez, a senior analyst at Black Box Intelligence, who expressed doubts about customer acceptance, particularly amid recent price hikes across the food service sector. Similarly, Michael Lukianoff, CEO of SignalFlare.ai, highlighted potential repercussions, suggesting that customers might seek alternatives if subjected to dynamic pricing. US Senator Elizabeth Warren weighed in on the controversy, condemning Wendy's dynamic pricing plans as "price gouging plain and simple." Warren's comments echoed sentiments among consumers who view surge pricing as exploitative. The backlash comes at a challenging time for Wendy's, with recent data indicating a slowdown in store visits during the fourth quarter of 2023. Despite efforts to address cost pressures, including a profit forecast for the current year below Wall Street expectations, Wendy's faces ongoing challenges posed by rising commodity and labour costs. The company's shares, which experienced a 14 per cent decline in 2023, saw a slight increase by 2 per cent following the reassurance regarding pricing policies. (With inputs from Reuters)

Wendy's promises no surge pricing for burgers amid backlash over CEO's comments

<o:p></o:p>

Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. <o:p></o:p>

This announcement comes while challenges within the gaming sector loom, compounded by high interest rates. <o:p></o:p>

EA, known for blockbuster titles like "Star Wars Jedi: Survivor," is likely to bear&nbsp;significant charges, ranging from $125 million to $165 million, while making these&nbsp;operational adjustments. <o:p></o:p>

The move follows major players like Sony, Microsoft, and Riot Games, who are&nbsp;implementing workforce reductions in response to slow market growth.<o:p></o:p>

Reuters cited CEO Andrew Wilson who addressed the workforce reduction in a letter to employees, where he acknowledged the difficulty of the decision and expressing empathy towards affected teams. <o:p></o:p>

While assuring that not every department would be impacted, Wilson highlighted the consideration given to minimising adverse effects on staff. <o:p></o:p>

The company outlined that a huge portion of the charges would be allocated towards severance packages and other employee-related expenses.<o:p></o:p>

A large portion of the incurred charges, estimated at $50 million to $65 million, will be attributed to reductions in office space. <o:p></o:p>

The restructuring plan is set to be to be completed by December 31. <o:p></o:p>

With a global workforce of approximately 13,400 employees, as of March 31 the previous year, EA's workforce reduction is poised to impact a significant segment of its personnel. <o:p></o:p>

Earlier forecasts by the company had indicated fourth-quarter bookings below analyst estimates.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort.

Electronic Arts (EA), a prominent player in the video game industry, plans to trim its workforce by 5 per cent and downsize office space in a strategic restructuring effort. This announcement comes while challenges within the gaming sector loom, compounded by high interest rates. EA, known for blockbuster titles like "Star Wars Jedi: Survivor," is likely to bear significant charges, ranging from $125 million to $165 million, while making these operational adjustments. The move follows major players like Sony, Microsoft, and Riot Games, who are implementing workforce reductions in response to slow market growth. Reuters cited CEO Andrew Wilson who addressed the workforce reduction in a letter to employees, where he acknowledged the difficulty of the decision and expressing empathy towards affected teams. While assuring that not every department would be impacted, Wilson highlighted the consideration given to minimising adverse effects on staff. The company outlined that a huge portion of the charges would be allocated towards severance packages and other employee-related expenses. A large portion of the incurred charges, estimated at $50 million to $65 million, will be attributed to reductions in office space. The restructuring plan is set to be to be completed by December 31. With a global workforce of approximately 13,400 employees, as of March 31 the previous year, EA's workforce reduction is poised to impact a significant segment of its personnel. Earlier forecasts by the company had indicated fourth-quarter bookings below analyst estimates. (With inputs from Reuters)

Electronic Arts announces workforce reduction and office space cutback: Report

Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted. <o:p></o:p>

According to Reuters, the lawsuit, initiated on Wednesday, accused Google of engaging in practices harmful to digital advertising, causing significant losses to media companies. <o:p></o:p>

This legal action adds to the mounting challenges Google is confronting, with antitrust regulators intensifying scrutiny over its ad tech operations. <o:p></o:p>

The development prompted a dip of more than 2 per cent in Google's stock shares.<o:p></o:p>

The consortium of media groups, spanning various European countries, alleges that Google's monopolistic behaviour has led to an uncompetitive market, resulting in financial setbacks for publishers. <o:p></o:p>

Lawyers representing the media companies pressed that Google's actions have curtailed potential revenues from advertising and inflated fees for ad tech services. <o:p></o:p>

They brought out instances such as the French competition authority's hefty fine against Google in 2021 and the European Commission's recent charges as evidence supporting their collective claim. <o:p></o:p>

According to analysts, if regulatory scrutiny persists, Google might be compelled to revise its practices and ensure more equitable pricing for advertisers.<o:p></o:p>

Reuters cited an DA Davidson &amp; Co analyst, Gil Luria who noted the unstable position of Google's advertising business, especially with the emergence of generative AI chat continues to pose a huge challenge. <o:p></o:p>

Luria highlighted that there would potential consequences of regulatory actions on Google's operational strategies and pricing policies. <o:p></o:p>

Meanwhile, Google refuted the allegations, denouncing the lawsuit as "speculative and opportunistic." <o:p></o:p>

A spokesperson reiterated Google's collaborative efforts with publishers across Europe, asserting that their advertising tools evolve in unison with publishers' needs. <o:p></o:p>

Google had previously contested EU antitrust charges related to its ad tech business, where it operates on both the buy-side and sell-side of the supply chain. <o:p></o:p>

The lawsuit was filed in a Dutch court, with aims to streamline legal proceedings and prevent fragmented litigations across various European nations. <o:p></o:p>

Notable groups that have joined&nbsp;the legal action against Google include Austria's Krone, Belgium's DPG Media and Mediahuis, Denmark's TV2 Danmark A/S, Finland's Sanoma, Poland's Agora, Spain's Prensa Iberica, and Switzerland's Ringier.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted. According to Reuters, the lawsuit, initiated on Wednesday, accused Google of engaging in practices harmful to digital advertising, causing significant losses to media companies.

Google is facing a 2.1-billion-euro ($2.3 billion) lawsuit filed by 32 media conglomerates, including Axel Springer and Schibsted. According to Reuters, the lawsuit, initiated on Wednesday, accused Google of engaging in practices harmful to digital advertising, causing significant losses to media companies. This legal action adds to the mounting challenges Google is confronting, with antitrust regulators intensifying scrutiny over its ad tech operations. The development prompted a dip of more than 2 per cent in Google's stock shares. The consortium of media groups, spanning various European countries, alleges that Google's monopolistic behaviour has led to an uncompetitive market, resulting in financial setbacks for publishers. Lawyers representing the media companies pressed that Google's actions have curtailed potential revenues from advertising and inflated fees for ad tech services. They brought out instances such as the French competition authority's hefty fine against Google in 2021 and the European Commission's recent charges as evidence supporting their collective claim. According to analysts, if regulatory scrutiny persists, Google might be compelled to revise its practices and ensure more equitable pricing for advertisers. Reuters cited an DA Davidson & Co analyst, Gil Luria who noted the unstable position of Google's advertising business, especially with the emergence of generative AI chat continues to pose a huge challenge. Luria highlighted that there would potential consequences of regulatory actions on Google's operational strategies and pricing policies. Meanwhile, Google refuted the allegations, denouncing the lawsuit as "speculative and opportunistic." A spokesperson reiterated Google's collaborative efforts with publishers across Europe, asserting that their advertising tools evolve in unison with publishers' needs. Google had previously contested EU antitrust charges related to its ad tech business, where it operates on both the buy-side and sell-side of the supply chain. The lawsuit was filed in a Dutch court, with aims to streamline legal proceedings and prevent fragmented litigations across various European nations. Notable groups that have joined the legal action against Google include Austria's Krone, Belgium's DPG Media and Mediahuis, Denmark's TV2 Danmark A/S, Finland's Sanoma, Poland's Agora, Spain's Prensa Iberica, and Switzerland's Ringier. (With inputs from Reuters)

Google faces $2.3 bn lawsuit from European media groups over alleged ad tech misconduct

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing&nbsp;a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. <o:p></o:p>

The vote is scheduled for March 6.<o:p></o:p>

Here's a breakdown of the key aspects and controversies surrounding the SEC's proposed rule on climate reporting:<o:p></o:p>

Reporting emissions<o:p></o:p>

In its bid to enhance transparency, the SEC's initial draft rule aimed at comprehensive reporting of greenhouse gas emissions, spanning Scope 1, Scope 2, and even Scope 3 emissions. <o:p></o:p>

Emissions from a company's own operations are categorised as Scope 1 emissions; those from utilities and power generation are categorised as Scope 2 emissions; and emissions from a company's supply chain, which includes goods transportation, business travel, and customer consumption of goods and services, are categorised as Scope 3 emissions.

Scope 3 emissions, particularly contentious due to their complexity and potential burden on companies, have faced significant pushback from major lobby groups, arguing that such disclosures might yield insignificant data and add undue regulatory burden. <o:p></o:p>

Consequently, SEC officials have revised the proposal, opting to exclude Scope 3 emissions from mandatory disclosures. <o:p></o:p>

Moreover, requirements regarding Scope 1 and Scope 2 emissions have been refined, with companies now having the discretion to disclose them based on materiality considerations.<o:p></o:p>

Climate financial impacts<o:p></o:p>

One of the most debated provisions of the proposed rule revolves around companies disclosing financial impacts stemming from climate-related factors, such as damages from extreme weather events or expenses associated with transitioning to low-carbon operations. <o:p></o:p>

While progressive and financial reform groups advocate for such disclosures, highlighting their feasibility and potential benefits for investors, industry voices have raised concerns about the practicality and meaningfulness of the proposed disclosures. <o:p></o:p>

Critiques cite the absence of established accounting methods for quantifying climate impacts and argue that the resulting data might lack relevance or accuracy. <o:p></o:p>

Disclosing risk<o:p></o:p>

Beyond emissions and financial impacts, the proposed rule seeks to compel companies to divulge a spectrum of risk-related information, encompassing how boards manage climate risks, potential implications on business models, corporate strategies, and overall business outlooks. <o:p></o:p>

Additionally, companies would be required to outline low-carbon transition plans and utilise scenario analysis to assess climate-related risks. <o:p></o:p>

Proponents view these disclosures as pivotal for investors to make informed decisions, aligning financial interests with environmental considerations. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors.

Wall Street's top regulator, the US Securities and Exchange Commission (SEC), is nearing a decision that could reshape how thousands of US-listed companies disclose their climate-related risks and impacts to investors. The vote is scheduled for March 6. Here's a breakdown of the key aspects and controversies surrounding the SEC's proposed rule on climate reporting: Reporting emissions In its bid to enhance transparency, the SEC's initial draft rule aimed at comprehensive reporting of greenhouse gas emissions, spanning Scope 1, Scope 2, and even Scope 3 emissions. Emissions from a company's own operations are categorised as Scope 1 emissions; those from utilities and power generation are categorised as Scope 2 emissions; and emissions from a company's supply chain, which includes goods transportation, business travel, and customer consumption of goods and services, are categorised as Scope 3 emissions. Scope 3 emissions, particularly contentious due to their complexity and potential burden on companies, have faced significant pushback from major lobby groups, arguing that such disclosures might yield insignificant data and add undue regulatory burden. Consequently, SEC officials have revised the proposal, opting to exclude Scope 3 emissions from mandatory disclosures. Moreover, requirements regarding Scope 1 and Scope 2 emissions have been refined, with companies now having the discretion to disclose them based on materiality considerations. Climate financial impacts One of the most debated provisions of the proposed rule revolves around companies disclosing financial impacts stemming from climate-related factors, such as damages from extreme weather events or expenses associated with transitioning to low-carbon operations. While progressive and financial reform groups advocate for such disclosures, highlighting their feasibility and potential benefits for investors, industry voices have raised concerns about the practicality and meaningfulness of the proposed disclosures. Critiques cite the absence of established accounting methods for quantifying climate impacts and argue that the resulting data might lack relevance or accuracy. Disclosing risk Beyond emissions and financial impacts, the proposed rule seeks to compel companies to divulge a spectrum of risk-related information, encompassing how boards manage climate risks, potential implications on business models, corporate strategies, and overall business outlooks. Additionally, companies would be required to outline low-carbon transition plans and utilise scenario analysis to assess climate-related risks. Proponents view these disclosures as pivotal for investors to make informed decisions, aligning financial interests with environmental considerations. (With inputs from Reuters)

SEC's climate reporting rule: What's at stake for investors and corporations?

The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023. The investigation reportedly focuses on Altman's communications and potential discrepancies between his actions and public statements.

Background

Altman's abrupt ouster as CEO last year sparked speculation and internal unrest within OpenAI. The board cited concerns over Altman's communication transparency as a contributing factor to his removal. In response to mounting pressure, Altman consented to an internal investigation as part of efforts to reclaim his position. However, no conclusive evidence has emerged to support allegations of misconduct.

Tensions escalated further due to Altman's involvement in fundraising endeavours for an external chip venture, including efforts to secure funding from West Asia. Additionally, a disagreement with former board member Helen Toner over a critical research paper added to the company's internal strife. Sources familiar with the board's decision-making process suggest that Altman's consistent pattern of behaviour, rather than a single egregious act, eroded trust and led to his dismissal.

Current status

Despite the ongoing investigation, the outcome remains uncertain, with no indication of wrongdoing by the parties involved. OpenAI has taken proactive measures to address governance concerns, appointing legal counsel and emphasising the importance of corporate oversight and diversity within its leadership structure.

The SEC's probe also underscores the challenges technology companies face navigating complex regulatory landscapes, particularly in the rapidly evolving field of artificial intelligence. This investigation's outcome will be closely watched by industry stakeholders and investors alike.

The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023.

The Securities and Exchange Commission (SEC) is probing potential miscommunication between OpenAI and its investors during a period of internal conflict that led to CEO Sam Altman's ousting in November 2023. The investigation reportedly focuses on Altman's communications and potential discrepancies between his actions and public statements. Background Altman's abrupt ouster as CEO last year sparked speculation and internal unrest within OpenAI. The board cited concerns over Altman's communication transparency as a contributing factor to his removal. In response to mounting pressure, Altman consented to an internal investigation as part of efforts to reclaim his position. However, no conclusive evidence has emerged to support allegations of misconduct. Tensions escalated further due to Altman's involvement in fundraising endeavours for an external chip venture, including efforts to secure funding from West Asia. Additionally, a disagreement with former board member Helen Toner over a critical research paper added to the company's internal strife. Sources familiar with the board's decision-making process suggest that Altman's consistent pattern of behaviour, rather than a single egregious act, eroded trust and led to his dismissal. Current status Despite the ongoing investigation, the outcome remains uncertain, with no indication of wrongdoing by the parties involved. OpenAI has taken proactive measures to address governance concerns, appointing legal counsel and emphasising the importance of corporate oversight and diversity within its leadership structure. The SEC's probe also underscores the challenges technology companies face navigating complex regulatory landscapes, particularly in the rapidly evolving field of artificial intelligence. This investigation's outcome will be closely watched by industry stakeholders and investors alike.

US SEC investigates potential misconduct at OpenAI

Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia.

While Ukraine received $42.5 billion in external financing last year, delays in US aid due to domestic political disputes raise concerns about the nation's economic stability.

"In 2023, Ukraine's financial system was stable, and the economy recovered faster than expected," Marchenko said, attributing this success to the combined efforts of the Ukrainian government and international support. "It is important to maintain this trend," he emphasized, highlighting the crucial role of continued external financing.

The European Union recently approved a $54 billion aid package for Ukraine, offering some relief. However, the US financial and military support package remains stalled in Congress due to opposition from Republican lawmakers.

Global discussions on seizing Russian assets

Adding another layer of complexity, the G7 nations are engaged in heated discussions regarding the legality of seizing over $300 billion in frozen Russian central bank assets to support Ukraine. This proposal has garnered mixed reactions, with US Treasury Secretary Janet Yellen expressing cautious support, while French Finance Minister Bruno LeMaire remains firmly opposed, citing potential violations of international law.

Looking ahead: balancing needs and legality

As the war in Ukraine continues, the international community grapples with the challenge of balancing Ukraine's urgent financial needs with complex legal considerations regarding potential asset seizures and aid transfers. The coming months will be crucial in determining the level and form of international support Ukraine receives in its fight against Russia.

Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia.

Ukrainian Finance Minister Serhiy Marchenko has issued an urgent plea for $3 billion in monthly financial assistance to sustain the country throughout 2024. This request comes amid mounting economic pressure due to the ongoing war with Russia. While Ukraine received $42.5 billion in external financing last year, delays in US aid due to domestic political disputes raise concerns about the nation's economic stability. "In 2023, Ukraine's financial system was stable, and the economy recovered faster than expected," Marchenko said, attributing this success to the combined efforts of the Ukrainian government and international support. "It is important to maintain this trend," he emphasized, highlighting the crucial role of continued external financing. The European Union recently approved a $54 billion aid package for Ukraine, offering some relief. However, the US financial and military support package remains stalled in Congress due to opposition from Republican lawmakers. Global discussions on seizing Russian assets Adding another layer of complexity, the G7 nations are engaged in heated discussions regarding the legality of seizing over $300 billion in frozen Russian central bank assets to support Ukraine. This proposal has garnered mixed reactions, with US Treasury Secretary Janet Yellen expressing cautious support, while French Finance Minister Bruno LeMaire remains firmly opposed, citing potential violations of international law. Looking ahead: balancing needs and legality As the war in Ukraine continues, the international community grapples with the challenge of balancing Ukraine's urgent financial needs with complex legal considerations regarding potential asset seizures and aid transfers. The coming months will be crucial in determining the level and form of international support Ukraine receives in its fight against Russia.

Ukraine seeks $3 billion in monthly aid as war rages on

Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year.

Data from the Ministry of Economy, Trade and Industry (METI) revealed a 7.5 per cent drop in industrial output in January compared to the previous month, slightly worse than the market forecast of a 7.3 per cent decrease.

The downturn affected 14 out of 15 industries surveyed by METI, prompting the ministry to downgrade its assessment of industrial output for the first time since July last year.

Gabriel Ng, assistant economist at Capital Economics, expressed concerns about the implications of the sharp decline in industrial production. "The plunge in industrial production in January suggests that GDP will fall yet again this quarter, which will add to the view that Japan's economy is in recession" Reuters quoted him as saying.

Analysts fear that Japan's economic recovery may be stalling, especially with the manufacturing sector facing challenges.

The automotive industry bore the brunt of the production downturn, with output in motor vehicles plummeting by 17.8 per cent in January compared to the previous month.

The decline was attributed to decreases in regular passenger cars and electrical drive systems production.

Toyota Motor, a prominent Japanese automaker, suspended shipments of certain models in January due to irregularities found in certification tests for diesel engines developed by affiliate Toyota Industries.

Additionally, Toyota's small-car unit Daihatsu continued to suspend production at domestic plants following misconduct related to collision-safety tests.

The gradual resumption of operations by Daihatsu this month indicates efforts to address these challenges.

Kota Suzuki, an economist at Daiwa Securities, noted the significance of the slump in automobile-related production, stating its impact on the broader Japanese economy.

Suzuki stated, "The drop in automobile-related production, which had remained exceptionally strong amid stagnant (industrial) production due to weak global demand for goods, is a major blow to the Japanese economy."

The decline extended beyond the automotive sector, with manufacturing of electrical machinery and information and communication electronics equipment also experiencing an 8.3 per cent decrease.

Despite the outlook for January, manufacturers surveyed by the industry ministry anticipate a rebound in production in the coming months.

Forecasts indicate a 4.8 per cent increase in seasonally adjusted output for February and a further 2.0 per cent rise in March.

However, these projected gains may not fully offset the impact of January's decline, according to a METI official.

Meanwhile, uncertainties loom over the potential effects of a powerful earthquake that struck Japan's Noto Peninsula on New Year's Day, with its impact on manufacturers' plans yet to be fully understood.

In a separate report offering a glimmer of hope, Japanese retail sales rose by 2.3 per cent year-on-year in January, marking the 23rd consecutive month of increases and aligning with market expectations.

The resilience of retail sales provides some optimism that consumption may help alleviate pressure stemming from the downturn in the industrial sector, offering a potential avenue for economic recovery.

(With inputs from Reuters)

Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year.

Japan's factory output experienced its sharpest decline since May 2020, according to government data released on Thursday, increasing worries about the country's fragile economy, which slipped into recession late last year. Data from the Ministry of Economy, Trade and Industry (METI) revealed a 7.5 per cent drop in industrial output in January compared to the previous month, slightly worse than the market forecast of a 7.3 per cent decrease. The downturn affected 14 out of 15 industries surveyed by METI, prompting the ministry to downgrade its assessment of industrial output for the first time since July last year. Gabriel Ng, assistant economist at Capital Economics, expressed concerns about the implications of the sharp decline in industrial production. "The plunge in industrial production in January suggests that GDP will fall yet again this quarter, which will add to the view that Japan's economy is in recession" Reuters quoted him as saying. Analysts fear that Japan's economic recovery may be stalling, especially with the manufacturing sector facing challenges. The automotive industry bore the brunt of the production downturn, with output in motor vehicles plummeting by 17.8 per cent in January compared to the previous month. The decline was attributed to decreases in regular passenger cars and electrical drive systems production. Toyota Motor, a prominent Japanese automaker, suspended shipments of certain models in January due to irregularities found in certification tests for diesel engines developed by affiliate Toyota Industries. Additionally, Toyota's small-car unit Daihatsu continued to suspend production at domestic plants following misconduct related to collision-safety tests. The gradual resumption of operations by Daihatsu this month indicates efforts to address these challenges. Kota Suzuki, an economist at Daiwa Securities, noted the significance of the slump in automobile-related production, stating its impact on the broader Japanese economy. Suzuki stated, "The drop in automobile-related production, which had remained exceptionally strong amid stagnant (industrial) production due to weak global demand for goods, is a major blow to the Japanese economy." The decline extended beyond the automotive sector, with manufacturing of electrical machinery and information and communication electronics equipment also experiencing an 8.3 per cent decrease. Despite the outlook for January, manufacturers surveyed by the industry ministry anticipate a rebound in production in the coming months. Forecasts indicate a 4.8 per cent increase in seasonally adjusted output for February and a further 2.0 per cent rise in March. However, these projected gains may not fully offset the impact of January's decline, according to a METI official. Meanwhile, uncertainties loom over the potential effects of a powerful earthquake that struck Japan's Noto Peninsula on New Year's Day, with its impact on manufacturers' plans yet to be fully understood. In a separate report offering a glimmer of hope, Japanese retail sales rose by 2.3 per cent year-on-year in January, marking the 23rd consecutive month of increases and aligning with market expectations. The resilience of retail sales provides some optimism that consumption may help alleviate pressure stemming from the downturn in the industrial sector, offering a potential avenue for economic recovery. (With inputs from Reuters)

Japan's factory output plummets in January as economic concerns mount

China's largest private property developer, Country Garden Holdings, is grappling with a liquidation petition for failing to repay a term loan facility worth HK$1.6 billion ($204.5 million), the company disclosed on Wednesday. <o:p></o:p>

The petition was filed by Ever Credit Limited, a creditor and subsidiary of Kingboard Holdings. A court hearing for the liquidation has been scheduled for May 17. <o:p></o:p>

This development follows the liquidation order against China Evergrande Group, the world's most indebted property developer, in late January, signalling ongoing financial challenges in the Chinese property sector.<o:p></o:p>

Country Garden addressed the situation in a statement, saying that it would "proactively communicate and work with its offshore creditors on its restructuring plan". <o:p></o:p>

The company aims to announce the terms of the restructuring plan to the market as soon as practicable. <o:p></o:p>

Despite the challenges posed by the liquidation petition, Country Garden assured stakeholders that it would not significantly impact the guaranteed delivery of buildings, normal operations, and the overall restructuring of overseas debts. <o:p></o:p>

Kingboard, in October, initiated legal action against Country Garden, becoming one of the first listed companies to take such action. <o:p></o:p>

A unit of Kingboard, owed HK$1.6 billion ($204 million), issued a statutory demand seeking repayment. <o:p></o:p>

In response to the financial strain, Country Garden has enlisted the services of KPMG and law firm Sidley Austin as advisers. <o:p></o:p>

Their mandate is to examine the company's capital structure and liquidity position and devise a comprehensive solution to address the financial challenges.<o:p></o:p>

The October scenario saw Country Garden missing a $15 million bond coupon repayment, prompting the formation of ad hoc bondholder groups consisting of international and fund manager investors. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's largest private property developer, Country Garden Holdings, is grappling with a liquidation petition for failing to repay a term loan facility worth HK$1.

China's largest private property developer, Country Garden Holdings, is grappling with a liquidation petition for failing to repay a term loan facility worth HK$1.6 billion ($204.5 million), the company disclosed on Wednesday. The petition was filed by Ever Credit Limited, a creditor and subsidiary of Kingboard Holdings. A court hearing for the liquidation has been scheduled for May 17. This development follows the liquidation order against China Evergrande Group, the world's most indebted property developer, in late January, signalling ongoing financial challenges in the Chinese property sector. Country Garden addressed the situation in a statement, saying that it would "proactively communicate and work with its offshore creditors on its restructuring plan". The company aims to announce the terms of the restructuring plan to the market as soon as practicable. Despite the challenges posed by the liquidation petition, Country Garden assured stakeholders that it would not significantly impact the guaranteed delivery of buildings, normal operations, and the overall restructuring of overseas debts. Kingboard, in October, initiated legal action against Country Garden, becoming one of the first listed companies to take such action. A unit of Kingboard, owed HK$1.6 billion ($204 million), issued a statutory demand seeking repayment. In response to the financial strain, Country Garden has enlisted the services of KPMG and law firm Sidley Austin as advisers. Their mandate is to examine the company's capital structure and liquidity position and devise a comprehensive solution to address the financial challenges. The October scenario saw Country Garden missing a $15 million bond coupon repayment, prompting the formation of ad hoc bondholder groups consisting of international and fund manager investors. (With inputs from Reuters)

China's Country Garden faces liquidation petition amid financial challenges

Australia's consumer price inflation has maintained a two-year low in January, defying expectations of a slight increase, according to data released by the Australian Bureau of Statistics on Wednesday. <o:p></o:p>

According to Reuters, the monthly consumer price index (CPI) revealed an annual pace of 3.4 per cent in January, consistent with December figures and below market predictions of 3.6 per cent. <o:p></o:p>

The trimmed mean, a key indicator of core inflation, also witnessed a slight decrease, falling from 4.0 per cent in December to 3.8 per cent in January. <o:p></o:p>

With inflation figures remaining subdued, market expectations lean towards the Reserve Bank of Australia (RBA) refraining from further interest rate hikes.<o:p></o:p>

"Inflation excluding volatile items and holiday travel slowed to 4.1 per cent from 4.2 per cent," noted the Australian Bureau of Statistics. <o:p></o:p>

The data highlighted a monthly CPI decline of 0.3 per cent in January, driven by notable decreases in holiday travel, clothing, and petrol prices. <o:p></o:p>

Holiday travel, in particular, witnessed a substantial slump of 5.2 per cent compared to the previous month. <o:p></o:p>

These patterns indicate challenges in specific sectors and contribute to the overall stability of inflation at a lower rate, discouraging the need for immediate rate adjustments.<o:p></o:p>

Despite the Reserve Bank of Australia's previous efforts to combat rising inflation by increasing interest rates, the persistently low inflation figures indicate that further rate hikes may not be imminent. <o:p></o:p>

The RBA, which has elevated interest rates by 425 basis points since May 2022, currently stands at a 12-year high of 4.35 per cent. <o:p></o:p>

However, the central bank has not ruled out the possibility of additional hikes if necessary to align with its target inflation band of 2-3 per cent. <o:p></o:p>

Financial markets, however, express confidence that the RBA is concluding its tightening phase, with swaps implying a 60 per cent chance of a first rate cut in August and an overall easing of 38 basis points by year-end.<o:p></o:p>

As inflation remains subdued, the Australian dollar saw minimal change at $0.6547, reflecting the market's steady stance. <o:p></o:p>

Three-year bond futures also held at 96.26, indicating a cautious yet stable outlook. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Australia's consumer price inflation has maintained a two-year low in January, defying expectations of a slight increase, according to data released by the Australian Bureau of Statistics on Wednesday.

Australia's consumer price inflation has maintained a two-year low in January, defying expectations of a slight increase, according to data released by the Australian Bureau of Statistics on Wednesday. According to Reuters, the monthly consumer price index (CPI) revealed an annual pace of 3.4 per cent in January, consistent with December figures and below market predictions of 3.6 per cent. The trimmed mean, a key indicator of core inflation, also witnessed a slight decrease, falling from 4.0 per cent in December to 3.8 per cent in January. With inflation figures remaining subdued, market expectations lean towards the Reserve Bank of Australia (RBA) refraining from further interest rate hikes. "Inflation excluding volatile items and holiday travel slowed to 4.1 per cent from 4.2 per cent," noted the Australian Bureau of Statistics. The data highlighted a monthly CPI decline of 0.3 per cent in January, driven by notable decreases in holiday travel, clothing, and petrol prices. Holiday travel, in particular, witnessed a substantial slump of 5.2 per cent compared to the previous month. These patterns indicate challenges in specific sectors and contribute to the overall stability of inflation at a lower rate, discouraging the need for immediate rate adjustments. Despite the Reserve Bank of Australia's previous efforts to combat rising inflation by increasing interest rates, the persistently low inflation figures indicate that further rate hikes may not be imminent. The RBA, which has elevated interest rates by 425 basis points since May 2022, currently stands at a 12-year high of 4.35 per cent. However, the central bank has not ruled out the possibility of additional hikes if necessary to align with its target inflation band of 2-3 per cent. Financial markets, however, express confidence that the RBA is concluding its tightening phase, with swaps implying a 60 per cent chance of a first rate cut in August and an overall easing of 38 basis points by year-end. As inflation remains subdued, the Australian dollar saw minimal change at $0.6547, reflecting the market's steady stance. Three-year bond futures also held at 96.26, indicating a cautious yet stable outlook. (With inputs from Reuters)

Australia's inflation remains at two-year low in January, dampening rate hike expectations

India, the world's second-largest coal importer, is reportedly set to witness a decline in thermal coal imports for the first time since the COVID-19 pandemic, according to industry officials at the Coaltrans India conference held in Goa. <o:p></o:p>

Eight out of eleven coal traders indicated an expected decrease in shipments, attributing the shift to increased domestic coal production and record-high inventories. <o:p></o:p>

The surge in production from Coal India, the world's largest miner, has led to stockpiles reaching over 43 million metric tons, prompting increased sales to non-power sector users such as sponge iron and aluminium smelters, which traditionally relied on imports.<o:p></o:p>

Pawan Kumar, head of coal sourcing at power producer SEIL Energy India, predicts a more than 3 per cent drop in thermal coal imports to 170 million tons. <o:p></o:p>

Rodrigo Echeverri, head of research at Noble Resources, forecasts an even steeper decline of nearly 6 per cent. <o:p></o:p>

The anticipated decrease comes after India imported 176 million tons of thermal coal in 2023, primarily driven by power plants. <o:p></o:p>

Rajat Handa, vice president of international trade at Agarwal Coal, noted that domestic production has increased, and coal is readily available at competitive prices, leading to a shift away from imports. <o:p></o:p>

The potential decline in coal imports could impact major exporters like Indonesia, South Africa, and Australia, which collectively contribute about 90 per cent of coal shipments to India.<o:p></o:p>

The global coal market is also expected to face oversupply for the first time since 2020, according to Noble Resources. <o:p></o:p>

Factors contributing to this oversupply include a warmer-than-usual winter, a global economic slowdown, and tepid buying by Europe due to high gas inventories. <o:p></o:p>

Echeverri estimates an oversupply of 32 million tons in 2024. <o:p></o:p>

Lower demand for coal imports in India may add pressure to prices, especially as the market grapples with a 70 per cent plunge from record highs triggered by Russia's invasion of Ukraine in 2022. <o:p></o:p>

"The market will need to be saved by China in 2024 (again),” Reuters quoted Echeverri as saying.<o:p></o:p>

Apart from utilities, cement plants, steel, and sponge iron plants were significant drivers of Indian coal imports in 2023. <o:p></o:p>

Despite a potential decline in imports by utilities, the growth in cement and steel industries remains a positive aspect, providing some resilience to the coal market, as reported by Indian trading and analytics firm I-Energy Natural Resources. <o:p></o:p>

However, the industry expects challenges due to higher freight rates, with K.C. Gandhi, joint president of materials management at Shree Cement, stating that disruptions in the Red Sea and challenges at the Panama Canal contribute to elevated freight rates, offsetting the benefits of ample availability. <o:p></o:p>

Cement sector imports are expected to align with the industry's projected growth of over 7 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India, the world's second-largest coal importer, is reportedly set to witness a decline in thermal coal imports for the first time since the COVID-19 pandemic, according to industry officials at the Coaltrans India conference held in Goa.

India, the world's second-largest coal importer, is reportedly set to witness a decline in thermal coal imports for the first time since the COVID-19 pandemic, according to industry officials at the Coaltrans India conference held in Goa. Eight out of eleven coal traders indicated an expected decrease in shipments, attributing the shift to increased domestic coal production and record-high inventories. The surge in production from Coal India, the world's largest miner, has led to stockpiles reaching over 43 million metric tons, prompting increased sales to non-power sector users such as sponge iron and aluminium smelters, which traditionally relied on imports. Pawan Kumar, head of coal sourcing at power producer SEIL Energy India, predicts a more than 3 per cent drop in thermal coal imports to 170 million tons. Rodrigo Echeverri, head of research at Noble Resources, forecasts an even steeper decline of nearly 6 per cent. The anticipated decrease comes after India imported 176 million tons of thermal coal in 2023, primarily driven by power plants. Rajat Handa, vice president of international trade at Agarwal Coal, noted that domestic production has increased, and coal is readily available at competitive prices, leading to a shift away from imports. The potential decline in coal imports could impact major exporters like Indonesia, South Africa, and Australia, which collectively contribute about 90 per cent of coal shipments to India. The global coal market is also expected to face oversupply for the first time since 2020, according to Noble Resources. Factors contributing to this oversupply include a warmer-than-usual winter, a global economic slowdown, and tepid buying by Europe due to high gas inventories. Echeverri estimates an oversupply of 32 million tons in 2024. Lower demand for coal imports in India may add pressure to prices, especially as the market grapples with a 70 per cent plunge from record highs triggered by Russia's invasion of Ukraine in 2022. "The market will need to be saved by China in 2024 (again),” Reuters quoted Echeverri as saying. Apart from utilities, cement plants, steel, and sponge iron plants were significant drivers of Indian coal imports in 2023. Despite a potential decline in imports by utilities, the growth in cement and steel industries remains a positive aspect, providing some resilience to the coal market, as reported by Indian trading and analytics firm I-Energy Natural Resources. However, the industry expects challenges due to higher freight rates, with K.C. Gandhi, joint president of materials management at Shree Cement, stating that disruptions in the Red Sea and challenges at the Panama Canal contribute to elevated freight rates, offsetting the benefits of ample availability. Cement sector imports are expected to align with the industry's projected growth of over 7 per cent. (With inputs from Reuters)

India anticipates first drop in thermal coal imports amid rising domestic production