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David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday.

He will be reporting directly to Alan Bergman, the Co-Chairman of Disney Entertainment.

Greenbaum's appointment follows the departure of Sean Bailey, who has overlooked Disney's live action films since 2010 and is stepping down from his role.

Disney's recent struggles at the box office, marked by disappointments like the "Haunted Mansion" adaptation, have prompted significant changes within the company.

CEO Bob Iger addressed these concerns in an August 2023 earnings call, acknowledging the need for improvement in the quality and performance of Disney's movies.

Greenbaum's appointment reflects Disney's commitment to enhancing its film offerings.

Bringing a wealth of experience and filmmaker relationships to his new role, Greenbaum most recently served as president of Searchlight Pictures.

Under his leadership, Searchlight Pictures released critically acclaimed films such as "The Shape of Water" and "Nomadland," demonstrating his creative sensibility and industry expertise.

Alan Bergman praised Greenbaum's track record and relationships within the film industry, brings a spotlight on his suitability for the role.

During Sean Bailey's tenure, Disney saw success with several re-imagined classics like "The Lion King," "Beauty and the Beast," and "Aladdin," each crossing the $1 billion mark at the box office.

However, the performance of the most recent live-action adaptation, "The Little Mermaid," fell short of expectations, grossing $569.6 million globally. Regardless this, Bailey will continue his involvement with Disney as a producer for projects like "Tron: Ares".

(With inputs from Reuters)

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday.

David Greenbaum has been appointed to the newly established position of president, taking charge of Disney Live Action and 20th Century Studios, as announced by Walt Disney Studios on Monday. He will be reporting directly to Alan Bergman, the Co-Chairman of Disney Entertainment. Greenbaum's appointment follows the departure of Sean Bailey, who has overlooked Disney's live action films since 2010 and is stepping down from his role. Disney's recent struggles at the box office, marked by disappointments like the "Haunted Mansion" adaptation, have prompted significant changes within the company. CEO Bob Iger addressed these concerns in an August 2023 earnings call, acknowledging the need for improvement in the quality and performance of Disney's movies. Greenbaum's appointment reflects Disney's commitment to enhancing its film offerings. Bringing a wealth of experience and filmmaker relationships to his new role, Greenbaum most recently served as president of Searchlight Pictures. Under his leadership, Searchlight Pictures released critically acclaimed films such as "The Shape of Water" and "Nomadland," demonstrating his creative sensibility and industry expertise. Alan Bergman praised Greenbaum's track record and relationships within the film industry, brings a spotlight on his suitability for the role. During Sean Bailey's tenure, Disney saw success with several re-imagined classics like "The Lion King," "Beauty and the Beast," and "Aladdin," each crossing the $1 billion mark at the box office. However, the performance of the most recent live-action adaptation, "The Little Mermaid," fell short of expectations, grossing $569.6 million globally. Regardless this, Bailey will continue his involvement with Disney as a producer for projects like "Tron: Ares". (With inputs from Reuters)

David Greenbaum named President of Disney Studios

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons."

This decision comes among a surge in demand for overseas investments driven by weaknesses in the local market and currency imbalance.

The bank did not provide detailed explanations for the suspension but acknowledged the move in the middle of Beijing's efforts to stem capital outflows amidst a weakening yuan and a slowing economy.

China's principal overseas investment route is the qualified domestic institutional investor (QDII) programme, which was launched in 2006.

Though, StanChart's recent decision reflects challenges in meeting the demands of Chinese wealth and corporate clients seeking offshore investments. The suspension applies to new subscriptions into offshore-domiciled funds sold via the QDII program, effective from last Thursday, according to a client note issued by StanChart.

The decision follows a trend of growing appetite among domestic investors for overseas assets since late 2022, driven by China's underperforming stock market compared to major offshore markets like the US.

The CSI300 index, China's blue-chip index, has hit five-year lows and experienced an 18 per cent decline over the past year, attributed to various economic challenges including a debt crisis in the property sector. Experts suggest that quota limitations likely influenced StanChart's decision, given the absence of new quotas issued since 2021.

Economic and geopolitical concerns have spurred an exodus of investors from China, redirecting capital into alternative markets such as Japan. The benchmark Nikkei index has experienced significant gains in middle of this trend.

While Beijing has introduced market support measures since August, including reducing trading costs and prioritising equity fund launches, capital outflows continue to pose challenges. StanChart's move align with renewed depreciation pressure on the yuan in 2024, influenced by the dollar's resurgence.

StanChart's CEO Bill Winters has recently highlighted opportunities in China's wealth management sector, emphasising the bank's cross-border services as a competitive advantage over domestic peers.

In fact the concerns about potential tightening measures from Beijing, Winters remains optimistic about the bank's cross-border business. StanChart holds a QDII quota of $2.8 billion, making it the third-largest among foreign banks, behind HSBC and Citigroup.

However, neither the bank nor the regulator has disclosed the extent to which these quotas have been utilised.

(With inputs from Reuters)

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons.

Standard Chartered, a London-headquartered bank, has announced the suspension of new investments by its clients in China into offshore products via a quota-based channel, citing "commercial reasons." This decision comes among a surge in demand for overseas investments driven by weaknesses in the local market and currency imbalance. The bank did not provide detailed explanations for the suspension but acknowledged the move in the middle of Beijing's efforts to stem capital outflows amidst a weakening yuan and a slowing economy. China's principal overseas investment route is the qualified domestic institutional investor (QDII) programme, which was launched in 2006. Though, StanChart's recent decision reflects challenges in meeting the demands of Chinese wealth and corporate clients seeking offshore investments. The suspension applies to new subscriptions into offshore-domiciled funds sold via the QDII program, effective from last Thursday, according to a client note issued by StanChart. The decision follows a trend of growing appetite among domestic investors for overseas assets since late 2022, driven by China's underperforming stock market compared to major offshore markets like the US. The CSI300 index, China's blue-chip index, has hit five-year lows and experienced an 18 per cent decline over the past year, attributed to various economic challenges including a debt crisis in the property sector. Experts suggest that quota limitations likely influenced StanChart's decision, given the absence of new quotas issued since 2021. Economic and geopolitical concerns have spurred an exodus of investors from China, redirecting capital into alternative markets such as Japan. The benchmark Nikkei index has experienced significant gains in middle of this trend. While Beijing has introduced market support measures since August, including reducing trading costs and prioritising equity fund launches, capital outflows continue to pose challenges. StanChart's move align with renewed depreciation pressure on the yuan in 2024, influenced by the dollar's resurgence. StanChart's CEO Bill Winters has recently highlighted opportunities in China's wealth management sector, emphasising the bank's cross-border services as a competitive advantage over domestic peers. In fact the concerns about potential tightening measures from Beijing, Winters remains optimistic about the bank's cross-border business. StanChart holds a QDII quota of $2.8 billion, making it the third-largest among foreign banks, behind HSBC and Citigroup. However, neither the bank nor the regulator has disclosed the extent to which these quotas have been utilised. (With inputs from Reuters)

Standard Chartered halts new China offshore investments amid capital outflow worries

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence. <o:p></o:p>

In an interview, Google Cloud Vice President Amit Zavery expressed concerns over Microsoft's alleged attempts to establish a closed ecosystem, asserting that such a strategy would limit customer choice and hinder technological progress.<o:p></o:p>

Zavery highlighted that Microsoft's historical dominance in on-premise software and raised apprehensions about the company replicating this monopoly within the cloud computing domain. <o:p></o:p>

He warned against Microsoft's purported creation of a "walled garden," emphasising the risk of customers being compelled to solely engage with Microsoft's cloud offerings, thereby curbing competition and restricting innovation. <o:p></o:p>

Zavery stressed the importance of maintaining an open and competitive cloud market to foster advancements, especially in areas like artificial intelligence. <o:p></o:p>

The Google executive urged antitrust regulators to intervene and scrutinise Microsoft's cloud practices to ensure fair competition and prevent monopolistic tendencies. <o:p></o:p>

Zavery advocated for regulatory guidance and potential regulations to address what he perceives as anticompetitive behaviour by Microsoft in the cloud computing arena. <o:p></o:p>

He highlighted the need to prevent the transition of Microsoft's on-premise software monopoly into a cloud monopoly.<o:p></o:p>

In response, Microsoft refuted Google's assertions, asserting that competition in the cloud hyperscaler market remains robust. <o:p></o:p>

A Microsoft spokesperson cited independent data showing that Microsoft and Google made incremental gains in 2023, although Amazon Web Services (AWS) continues to maintain a significant lead as the global market leader. <o:p></o:p>

Microsoft President Brad Smith indirectly addressed Google's concerns during his keynote address at the Mobile World Congress in Barcelona, highlighting Microsoft's vertical integration across various AI layers. <o:p></o:p>

While not explicitly naming Google, Smith's remarks appear to challenge Google's criticisms regarding monopolistic tendencies. <o:p></o:p>

Zavery also criticised Microsoft's approach to resolving complaints from individual cloud vendors, alleging that the company's selective agreements fail to address broader industry concerns. <o:p></o:p>

He questioned the efficacy of Microsoft's dealings with cloud vendors, suggesting that such practices enable Microsoft to dictate winners and losers within the competitive landscape. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence.

Alphabet's Google Cloud has intensified its critique of Microsoft's cloud computing practices, cautioning against the emergence of a monopolistic environment that could stifle innovation, particularly in emerging technologies like generative artificial intelligence. In an interview, Google Cloud Vice President Amit Zavery expressed concerns over Microsoft's alleged attempts to establish a closed ecosystem, asserting that such a strategy would limit customer choice and hinder technological progress. Zavery highlighted that Microsoft's historical dominance in on-premise software and raised apprehensions about the company replicating this monopoly within the cloud computing domain. He warned against Microsoft's purported creation of a "walled garden," emphasising the risk of customers being compelled to solely engage with Microsoft's cloud offerings, thereby curbing competition and restricting innovation. Zavery stressed the importance of maintaining an open and competitive cloud market to foster advancements, especially in areas like artificial intelligence. The Google executive urged antitrust regulators to intervene and scrutinise Microsoft's cloud practices to ensure fair competition and prevent monopolistic tendencies. Zavery advocated for regulatory guidance and potential regulations to address what he perceives as anticompetitive behaviour by Microsoft in the cloud computing arena. He highlighted the need to prevent the transition of Microsoft's on-premise software monopoly into a cloud monopoly. In response, Microsoft refuted Google's assertions, asserting that competition in the cloud hyperscaler market remains robust. A Microsoft spokesperson cited independent data showing that Microsoft and Google made incremental gains in 2023, although Amazon Web Services (AWS) continues to maintain a significant lead as the global market leader. Microsoft President Brad Smith indirectly addressed Google's concerns during his keynote address at the Mobile World Congress in Barcelona, highlighting Microsoft's vertical integration across various AI layers. While not explicitly naming Google, Smith's remarks appear to challenge Google's criticisms regarding monopolistic tendencies. Zavery also criticised Microsoft's approach to resolving complaints from individual cloud vendors, alleging that the company's selective agreements fail to address broader industry concerns. He questioned the efficacy of Microsoft's dealings with cloud vendors, suggesting that such practices enable Microsoft to dictate winners and losers within the competitive landscape. (With inputs from Reuters)

Google sounds alarm on Microsoft's cloud monopoly, calls for regulatory action

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols. <o:p></o:p>

The report, released on Monday following a comprehensive review directed by the US Congress in the wake of the fatal Boeing 737 MAX crashes in 2018 and 2019, highlights critical shortcomings within Boeing's safety framework and emphasizes the imperative for immediate remedial action.<o:p></o:p>

The expert panel's assessment identified glaring deficiencies in Boeing's safety culture, pointing to a pervasive "lack of awareness of safety-related metrics" across organisational ranks and an insufficient implementation of key components vital to fostering a positive safety ethos. <o:p></o:p>

One particular concern was the "gaps in Boeing's safety journey" and the emergence of serious quality lapses, some of which have come to light since 2023. <o:p></o:p>

Recent incidents, such as the mid-flight detachment of a door panel on an Alaska Airlines Boeing 737 MAX 9 jet, have further aggravated the tremors surrounding Boeing's quality control measures, prompting regulatory intervention and renewed scrutiny of the company's safety practices.<o:p></o:p>

In response to the panel's findings, Boeing affirmed its commitment to prioritising safety and pledged to meticulously evaluate the recommendations outlined in the report. <o:p></o:p>

Acknowledging the need for continuous improvement, Boeing emphasised its ongoing efforts to foster a safety-centric culture that empowers employees to voice safety concerns transparently. <o:p></o:p>

However, the company conceded that there remains "more work to do" to address the identified deficiencies comprehensively. <o:p></o:p>

Boeing's safety culture has long been a subject of scrutiny, with lawmakers and industry stakeholders advocating for a robust leadership framework that prioritises safety over commercial interests. <o:p></o:p>

Senator Maria Cantwell noted that it was vital to instil a culture of safety leadership within Boeing.<o:p></o:p>

Meanwhile, the Federal Aviation Administration (FAA), which commissioned the safety audit following the recent MAX 9 incident, said that it was reviewing the panel's recommendations and holding Boeing to the highest safety standards. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols.

A panel of experts tasked with scrutinising Boeing's safety management processes has unearthed a concerning "disconnect" between the aerospace giant's senior management and its workforce regarding safety culture, raising significant apprehensions about internal safety protocols. The report, released on Monday following a comprehensive review directed by the US Congress in the wake of the fatal Boeing 737 MAX crashes in 2018 and 2019, highlights critical shortcomings within Boeing's safety framework and emphasizes the imperative for immediate remedial action. The expert panel's assessment identified glaring deficiencies in Boeing's safety culture, pointing to a pervasive "lack of awareness of safety-related metrics" across organisational ranks and an insufficient implementation of key components vital to fostering a positive safety ethos. One particular concern was the "gaps in Boeing's safety journey" and the emergence of serious quality lapses, some of which have come to light since 2023. Recent incidents, such as the mid-flight detachment of a door panel on an Alaska Airlines Boeing 737 MAX 9 jet, have further aggravated the tremors surrounding Boeing's quality control measures, prompting regulatory intervention and renewed scrutiny of the company's safety practices. In response to the panel's findings, Boeing affirmed its commitment to prioritising safety and pledged to meticulously evaluate the recommendations outlined in the report. Acknowledging the need for continuous improvement, Boeing emphasised its ongoing efforts to foster a safety-centric culture that empowers employees to voice safety concerns transparently. However, the company conceded that there remains "more work to do" to address the identified deficiencies comprehensively. Boeing's safety culture has long been a subject of scrutiny, with lawmakers and industry stakeholders advocating for a robust leadership framework that prioritises safety over commercial interests. Senator Maria Cantwell noted that it was vital to instil a culture of safety leadership within Boeing. Meanwhile, the Federal Aviation Administration (FAA), which commissioned the safety audit following the recent MAX 9 incident, said that it was reviewing the panel's recommendations and holding Boeing to the highest safety standards. (With inputs from Reuters)

Boeing safety review panel flags disconnect between management and employees

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday.<o:p></o:p>

Led by Commerce and Industry Minister Piyush Goyal, the Indian delegation aims to address critical issues concerning food security, fisheries subsidies, agricultural reforms, and e-commerce moratorium on import duties during the four-day 13th ministerial conference (MC13) in Abu Dhabi, UAE.<o:p></o:p>

Piyush Goyal stressed India's commitment to finding a permanent solution to the public stock holding (PSH) issue for food security, highlighting the significance of food procurement, stockholding, and distribution in India's food security strategy. <o:p></o:p>

The Indian government's procurement of crops at minimum support prices (MSP) plays a crucial role in ensuring food security for millions of vulnerable citizens, despite limitations imposed by the WTO's Agreement on Agriculture.<o:p></o:p>

India is vehemently opposed to the Joint Support Initiatives (JSIs) or plurilateral agreements advocated by certain nations, particularly China. <o:p></o:p>

These efforts to push for investment facilitation for development agreement at the WTO are seen as falling outside the WTO's mandate, raising systemic concerns and potentially hindering developing nations' interests in the future.<o:p></o:p>

Furthermore, India stands firm on protecting farmer livelihoods and ensuring equitable market access amid calls for agricultural reforms. <o:p></o:p>

Developed nations' push to reduce domestic support and increase market openness disregards the heavy subsidies they provide to their own farmers, posing challenges for India and other developing nations.<o:p></o:p>

In addition to advocating for inclusive WTO reforms, India emphasises the need to revamp the Appellate Body to ensure fairness in dispute resolution. <o:p></o:p>

This stance pits India against the USA's reluctance and the EU's proposal for alternate mechanisms.<o:p></o:p>

Fisheries subsidies also feature prominently in India's agenda, with a focus on promoting sustainable fishing practices and protecting the interests of poor fishermen. <o:p></o:p>

India advocates for a balanced approach based on the principle of common but differentiated responsibilities, urging advanced fishing nations to bear greater responsibility for overfishing and overcapacity.<o:p></o:p>

The ongoing moratorium on customs duties on e-commerce trade is another contentious issue for India, which seeks its termination alongside several other developing nations. <o:p></o:p>

Developed nations, however, advocate for the permanent adoption of duty-free digital transmission, setting the stage for heated debates at MC13.<o:p></o:p>

India reiterates its position that non-trade issues like labour and environment should not be discussed at the WTO.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday.

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday. Led by Commerce and Industry Minister Piyush Goyal, the Indian delegation aims to address critical issues concerning food security, fisheries subsidies, agricultural reforms, and e-commerce moratorium on import duties during the four-day 13th ministerial conference (MC13) in Abu Dhabi, UAE. Piyush Goyal stressed India's commitment to finding a permanent solution to the public stock holding (PSH) issue for food security, highlighting the significance of food procurement, stockholding, and distribution in India's food security strategy. The Indian government's procurement of crops at minimum support prices (MSP) plays a crucial role in ensuring food security for millions of vulnerable citizens, despite limitations imposed by the WTO's Agreement on Agriculture. India is vehemently opposed to the Joint Support Initiatives (JSIs) or plurilateral agreements advocated by certain nations, particularly China. These efforts to push for investment facilitation for development agreement at the WTO are seen as falling outside the WTO's mandate, raising systemic concerns and potentially hindering developing nations' interests in the future. Furthermore, India stands firm on protecting farmer livelihoods and ensuring equitable market access amid calls for agricultural reforms. Developed nations' push to reduce domestic support and increase market openness disregards the heavy subsidies they provide to their own farmers, posing challenges for India and other developing nations. In addition to advocating for inclusive WTO reforms, India emphasises the need to revamp the Appellate Body to ensure fairness in dispute resolution. This stance pits India against the USA's reluctance and the EU's proposal for alternate mechanisms. Fisheries subsidies also feature prominently in India's agenda, with a focus on promoting sustainable fishing practices and protecting the interests of poor fishermen. India advocates for a balanced approach based on the principle of common but differentiated responsibilities, urging advanced fishing nations to bear greater responsibility for overfishing and overcapacity. The ongoing moratorium on customs duties on e-commerce trade is another contentious issue for India, which seeks its termination alongside several other developing nations. Developed nations, however, advocate for the permanent adoption of duty-free digital transmission, setting the stage for heated debates at MC13. India reiterates its position that non-trade issues like labour and environment should not be discussed at the WTO. (With inputs from PTI)

India to assert key interests, opposes China-led investment pact at WTO ministerial meeting

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings &amp; Research (Ind-Ra). <o:p></o:p>

The rating agency cited a slowdown in industrial sector growth and subdued consumption demand as primary factors contributing to this anticipated slowdown. <o:p></o:p>

Notably, the forecasted growth rate marks a decline from the projected expansion of 7.3 per cent in the current financial year.<o:p></o:p>

A Deccan Herald report cited Devendra Pant, the Chief Economist of India Ratings &amp; Research, who highlighted the underlying trends shaping India's economic landscape. <o:p></o:p>

He noted the importance of sustained government capital expenditure, healthy corporate performance, and favourable global commodity prices in driving economic recovery. <o:p></o:p>

Despite these positive indicators, Pant acknowledged weaknesses in consumption demand and investment patterns, indicating the need for broader-based growth.<o:p></o:p>

India Ratings &amp; Research underscored the uneven distribution of consumption demand across income brackets, with the upper 50 per cent of households driving the bulk of aggregate demand. <o:p></o:p>

The rating agency said that heightened demand among lower-income household would be necessary to sustain consumption growth.<o:p></o:p>

Addressing media representatives, India Ratings &amp; Research highlighted the significance of balanced consumption patterns for fostering inclusive economic growth.<o:p></o:p>

Sunil Kumar Sinha, Principal Economist at India Ratings &amp; Research, cautioned about the potential impact of rising wholesale price inflation on corporate profitability. <o:p></o:p>

According to the Deccan Herald report, he noted that increased input costs could erode corporate margins if not adequately passed on through higher output prices. <o:p></o:p>

Sinha highlighted the challenge faced by producers in passing on elevated input costs amid constrained consumption patterns, further exacerbating pressures on corporate profitability.<o:p></o:p>

The rating agency's projections also encompassed forecasts for key macroeconomic indicators. <o:p></o:p>

India's merchandise exports, which witnessed passive performance in the current fiscal year, are anticipated to encounter global headwinds in 2024-25. <o:p></o:p>

Additionally, the Indian rupee is forecasted to depreciate by over 3 per cent against the US dollar in the upcoming financial year. <o:p></o:p>

On the inflation front, while retail inflation is expected to ease, wholesale price inflation is projected to rise, posing challenges for businesses.<o:p></o:p>

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings & Research (Ind-Ra).

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings & Research (Ind-Ra). The rating agency cited a slowdown in industrial sector growth and subdued consumption demand as primary factors contributing to this anticipated slowdown. Notably, the forecasted growth rate marks a decline from the projected expansion of 7.3 per cent in the current financial year. A Deccan Herald report cited Devendra Pant, the Chief Economist of India Ratings & Research, who highlighted the underlying trends shaping India's economic landscape. He noted the importance of sustained government capital expenditure, healthy corporate performance, and favourable global commodity prices in driving economic recovery. Despite these positive indicators, Pant acknowledged weaknesses in consumption demand and investment patterns, indicating the need for broader-based growth. India Ratings & Research underscored the uneven distribution of consumption demand across income brackets, with the upper 50 per cent of households driving the bulk of aggregate demand. The rating agency said that heightened demand among lower-income household would be necessary to sustain consumption growth. Addressing media representatives, India Ratings & Research highlighted the significance of balanced consumption patterns for fostering inclusive economic growth. Sunil Kumar Sinha, Principal Economist at India Ratings & Research, cautioned about the potential impact of rising wholesale price inflation on corporate profitability. According to the Deccan Herald report, he noted that increased input costs could erode corporate margins if not adequately passed on through higher output prices. Sinha highlighted the challenge faced by producers in passing on elevated input costs amid constrained consumption patterns, further exacerbating pressures on corporate profitability. The rating agency's projections also encompassed forecasts for key macroeconomic indicators. India's merchandise exports, which witnessed passive performance in the current fiscal year, are anticipated to encounter global headwinds in 2024-25. Additionally, the Indian rupee is forecasted to depreciate by over 3 per cent against the US dollar in the upcoming financial year. On the inflation front, while retail inflation is expected to ease, wholesale price inflation is projected to rise, posing challenges for businesses.

India's economic growth forecast to slow to 6.5pc in FY25, says India ratings and research

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants. <o:p></o:p>

According to Reuters, this development marks a milestone in a federal antitrust lawsuit, bringing the total settlements to $284 million. <o:p></o:p>

The lawsuit, filed in 2022, accused 17 renowned colleges and universities of breaching antitrust laws by considering students' financial backgrounds in admissions decisions, thus providing unfair advantages to affluent applicants.<o:p></o:p>

According to legal representatives for the proposed class of current and former US students, the latest settlements were disclosed in a filing made in Chicago federal court on Friday. <o:p></o:p>

The lawsuit highlighted the violation of a pledge by these institutions not to factor in students' financial statuses during the admissions process, resulting in an alleged bias towards wealthy candidates.<o:p></o:p>

In response to the lawsuit, Dartmouth and Rice University have committed to paying $33.75 million each, while Northwestern University agreed to a settlement of $43.5 million, and Vanderbilt University will pay $55 million to resolve the claims against them. <o:p></o:p>

Previously, Brown, Yale, and Columbia universities reached settlements totalling $62 million.<o:p></o:p>

Despite agreeing to the settlements, the universities, including those mentioned, have maintained their stance of denying any wrongdoing. <o:p></o:p>

Statements released by Northwestern, Dartmouth, Vanderbilt, and Rice indicated that they wanted to put the legal proceedings behind them and refocus on their academic missions. <o:p></o:p>

However, the case continues against seven other institutions, including Cornell University, the University of Pennsylvania, and Georgetown University.<o:p></o:p>

Ted Normand, a lawyer representing the plaintiffs told Reuters, "These new settlements will significantly increase the compensation to the class members for the harm we allege the defendants’ cartel caused." <o:p></o:p>

The average payouts expected for members of the affected class are approximately $750, as outlined in a court filing. <o:p></o:p>

However, the finalisation of these settlements is contingent upon the judge's review and approval.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants.

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants. According to Reuters, this development marks a milestone in a federal antitrust lawsuit, bringing the total settlements to $284 million. The lawsuit, filed in 2022, accused 17 renowned colleges and universities of breaching antitrust laws by considering students' financial backgrounds in admissions decisions, thus providing unfair advantages to affluent applicants. According to legal representatives for the proposed class of current and former US students, the latest settlements were disclosed in a filing made in Chicago federal court on Friday. The lawsuit highlighted the violation of a pledge by these institutions not to factor in students' financial statuses during the admissions process, resulting in an alleged bias towards wealthy candidates. In response to the lawsuit, Dartmouth and Rice University have committed to paying $33.75 million each, while Northwestern University agreed to a settlement of $43.5 million, and Vanderbilt University will pay $55 million to resolve the claims against them. Previously, Brown, Yale, and Columbia universities reached settlements totalling $62 million. Despite agreeing to the settlements, the universities, including those mentioned, have maintained their stance of denying any wrongdoing. Statements released by Northwestern, Dartmouth, Vanderbilt, and Rice indicated that they wanted to put the legal proceedings behind them and refocus on their academic missions. However, the case continues against seven other institutions, including Cornell University, the University of Pennsylvania, and Georgetown University. Ted Normand, a lawyer representing the plaintiffs told Reuters, "These new settlements will significantly increase the compensation to the class members for the harm we allege the defendants’ cartel caused." The average payouts expected for members of the affected class are approximately $750, as outlined in a court filing. However, the finalisation of these settlements is contingent upon the judge's review and approval. (With inputs from Reuters)

Top US universities settle for $166 million over favouring wealthy students

A recent survey conducted by the British Chambers of Commerce has revealed that a majority of UK exporters and manufacturers have been adversely affected by the disruptions in the Red Sea, stemming from attacks on shipping vessels by Yemen's Iran-aligned Houthi rebels.<o:p></o:p>

According to the survey findings, 55 per cent of exporters and 53 per cent of manufacturers and business-to-consumer services firms, including retailers and wholesalers, reported experiencing disruptions, with 37 per cent of all businesses reporting some level of impact.<o:p></o:p>

"There has been spare capacity in the shipping freight industry to respond to the difficulties, which has bought us some time. But our research suggests that the longer the current situation persists, the more likely it is that the cost pressures will start to build," William Bain, the head of trade policy at the British Chambers of Commerce told Reuters.<o:p></o:p>

Businesses across various sectors have encountered a range of challenges due to the Red Sea disruption, including increases in container hire costs and delivery delays ranging from three to four weeks. <o:p></o:p>

Moreover, many companies have grappled with cash flow difficulties and shortages of crucial parts, exacerbating operational strains.<o:p></o:p>

The Bank of England has identified the disruptions in the Red Sea as one of the primary upside risks to inflation this year. <o:p></o:p>

Despite initial concerns about the economic impact of the attacks and broader conflicts in West Asia, the repercussions in Britain have been less severe than anticipated. <o:p></o:p>

However, heightened tensions in the region have raised concerns about potential escalation and further economic ramifications.<o:p></o:p>

The Houthi rebels have intensified their attacks on shipping vessels, particularly those with links to Israel, the United States, and Britain. <o:p></o:p>

The ongoing conflict in the Middle East, compounded by the Israel-Hamas war, has fuelled these retaliatory actions, disrupting vital trade routes in the region.<o:p></o:p>

The survey conducted by the British Chambers of Commerce, encompassing responses from 1,087 firms, sheds light on the widespread ramifications of the Red Sea disruption on UK businesses. <o:p></o:p>

With the majority of surveyed businesses reporting adverse effects, the need for swift resolution and effective mitigation strategies becomes increasingly imperative to safeguard economic stability and mitigate further disruptions.<o:p></o:p>

The recent spike in costs reported by British businesses, as indicated by the S&amp;P Purchasing Managers' Index, has brought out the urgency of addressing the challenges posed by the Red Sea disruption. <o:p></o:p>

While higher freight costs attributed to the ongoing disruptions have contributed to increased expenses for many manufacturers, rising wage bills remain a significant factor impacting overall costs for businesses across various sectors.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent survey conducted by the British Chambers of Commerce has revealed that a majority of UK exporters and manufacturers have been adversely affected by the disruptions in the Red Sea, stemming from attacks on shipping vessels by Yemen's Iran-aligned Houthi rebels.

A recent survey conducted by the British Chambers of Commerce has revealed that a majority of UK exporters and manufacturers have been adversely affected by the disruptions in the Red Sea, stemming from attacks on shipping vessels by Yemen's Iran-aligned Houthi rebels. According to the survey findings, 55 per cent of exporters and 53 per cent of manufacturers and business-to-consumer services firms, including retailers and wholesalers, reported experiencing disruptions, with 37 per cent of all businesses reporting some level of impact. "There has been spare capacity in the shipping freight industry to respond to the difficulties, which has bought us some time. But our research suggests that the longer the current situation persists, the more likely it is that the cost pressures will start to build," William Bain, the head of trade policy at the British Chambers of Commerce told Reuters. Businesses across various sectors have encountered a range of challenges due to the Red Sea disruption, including increases in container hire costs and delivery delays ranging from three to four weeks. Moreover, many companies have grappled with cash flow difficulties and shortages of crucial parts, exacerbating operational strains. The Bank of England has identified the disruptions in the Red Sea as one of the primary upside risks to inflation this year. Despite initial concerns about the economic impact of the attacks and broader conflicts in West Asia, the repercussions in Britain have been less severe than anticipated. However, heightened tensions in the region have raised concerns about potential escalation and further economic ramifications. The Houthi rebels have intensified their attacks on shipping vessels, particularly those with links to Israel, the United States, and Britain. The ongoing conflict in the Middle East, compounded by the Israel-Hamas war, has fuelled these retaliatory actions, disrupting vital trade routes in the region. The survey conducted by the British Chambers of Commerce, encompassing responses from 1,087 firms, sheds light on the widespread ramifications of the Red Sea disruption on UK businesses. With the majority of surveyed businesses reporting adverse effects, the need for swift resolution and effective mitigation strategies becomes increasingly imperative to safeguard economic stability and mitigate further disruptions. The recent spike in costs reported by British businesses, as indicated by the S&P Purchasing Managers' Index, has brought out the urgency of addressing the challenges posed by the Red Sea disruption. While higher freight costs attributed to the ongoing disruptions have contributed to increased expenses for many manufacturers, rising wage bills remain a significant factor impacting overall costs for businesses across various sectors. (With inputs from Reuters)

UK exporters and manufacturers grapple with Red Sea disruption: Report

While negotiations between German airline Lufthansa and the labour union Verdi continue, Lufthansa expressed its eagerness to swiftly settle the wage dispute concerning thousands of ground crew members. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The call for expedited negotiations comes as Verdi pushes for higher pay increases to prevent further strike actions that have disrupted operations.<o:p></o:p>

In response a Lufthansa spokesperson said, “We have taken note of Verdi's statements and are still interested in a quick agreement."<o:p></o:p>

Ground staff staged their second strike this month, leading to disruptions, with Lufthansa reporting an impact on around 100,000 passengers. <o:p></o:p>

Despite multiple rounds of discussions, the latest meeting failed to yield any progress in resolving the conflict over pay for approximately 25,000 ground employees. <o:p></o:p>

Originally set for mid-March, Verdi is now pressing for an earlier meeting to accelerate the negotiation process, contingent upon a better offer from Lufthansa's side.<o:p></o:p>

Verdi has reiterated its stance, stressing the necessity for Lufthansa to present a significantly enhanced proposal before convening for further discussions. <o:p></o:p>

The union highlighted the modest adjustments made by Lufthansa in its previous offers, labelling them as "small concessions."<o:p></o:p>

&nbsp;Additionally, Verdi pointed out that while Lufthansa extended the duration of a proposed new pay structure, the fundamental disagreements remain unresolved.<o:p></o:p>

The heart of the dispute revolves around Verdi's demands for a wage increase of 12.5 per cent or a minimum monthly increment of 500 euros over the course of a year, along with a one-time payment of 3,000 euros. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

While negotiations between German airline Lufthansa and the labour union Verdi continue, Lufthansa expressed its eagerness to swiftly settle the wage dispute concerning thousands of ground crew members.

While negotiations between German airline Lufthansa and the labour union Verdi continue, Lufthansa expressed its eagerness to swiftly settle the wage dispute concerning thousands of ground crew members. This is based on a Reuters report. The call for expedited negotiations comes as Verdi pushes for higher pay increases to prevent further strike actions that have disrupted operations. In response a Lufthansa spokesperson said, “We have taken note of Verdi's statements and are still interested in a quick agreement." Ground staff staged their second strike this month, leading to disruptions, with Lufthansa reporting an impact on around 100,000 passengers. Despite multiple rounds of discussions, the latest meeting failed to yield any progress in resolving the conflict over pay for approximately 25,000 ground employees. Originally set for mid-March, Verdi is now pressing for an earlier meeting to accelerate the negotiation process, contingent upon a better offer from Lufthansa's side. Verdi has reiterated its stance, stressing the necessity for Lufthansa to present a significantly enhanced proposal before convening for further discussions. The union highlighted the modest adjustments made by Lufthansa in its previous offers, labelling them as "small concessions." Additionally, Verdi pointed out that while Lufthansa extended the duration of a proposed new pay structure, the fundamental disagreements remain unresolved. The heart of the dispute revolves around Verdi's demands for a wage increase of 12.5 per cent or a minimum monthly increment of 500 euros over the course of a year, along with a one-time payment of 3,000 euros. (With inputs from Reuters)

Lufthansa urges swift resolution in wage negotiations amid union demands

Paytm founder and CEO Vijay Shekhar Sharma has stepped&nbsp;down as the chairman of Paytm Payments Bank, according to an exchange filing, on Monday (Feb 26). This comes as the embattled company overhauled its board in the wake of a clampdown by India’s central bank – the Reserve Bank of India (RBI).&nbsp;

Paytm’s parent company, One97 Communications said that it has withdrawn its nominee Sharma from the bank’s board as a part-time non-executive chairman and board member.&nbsp;

WATCH |&nbsp;Decoding Paytm's latest request to RBI

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/decoding-paytms-latest-request-to-rbi-693368/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

“The Company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition,” said the company in an exchange filing.&nbsp; 
 
It added, “PPBL (Paytm Payments Bank Limited) has informed us that they will commence the process of appointing a new Chairman.”&nbsp;

Sharma has a 51 per cent stake in Paytm Payments Bank, while One 97 Communications owns the rest.

<h2>New directors to join board&nbsp;</h2>

Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda and Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers, Debendranath Sarangi and Rajni Sekhri Sibal, will join the board as Independent Directors, said Paytm.

The board also comprises former Executive Director of Punjab &amp; Sind Bank, Arvind Kumar Jain as Independent Director and Surinder Chawla, MD and CEO at Paytm Payments Bank, the company said.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/explained-rbi-orders-paytms-banking-arm-to-stop-fresh-business-what-happens-next-685969">Explained | RBI orders Paytm’s banking arm to stop fresh business. What happens next?</a>

Chawla welcomed the recent appointments to the board and said that it marks a “significant step forward in PPBL’s journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices.”

<h2>RBI’s order to Paytm</h2>

The Reserve Bank of India (RBI) had asked Paytm Payments Bank to wind down operations by March 15 citing persistent non-compliances and continued material supervisory concerns, last month.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-rbi-enforces-major-business-restrictions-on-paytm-payments-bank-685550">India: RBI enforces major business restrictions on Paytm Payments Bank</a>

Paytm Payments Bank (the banking arm of Paytm) was ordered to stop accepting fresh deposits in its accounts or popular wallets starting in March.&nbsp;

The RBI’s decision proved to be a major blow to Paytm – one of India’s largest payment firms and triggered a meltdown in the company’s stock.

Notably, Sharma’s stepping down comes months after two independent directors also quit for reasons other than the restrictions placed on the unit by the RBI.&nbsp;

(With inputs from agencies) 
&nbsp;

Paytm founder and CEO Vijay Shekhar Sharma has stepped down as the chairman of Paytm Payments Bank, according to an exchange filing, on Monday (Feb 26). This comes as the embattled company overhauled its board in the wake of a clampdown by India’s central bank – the Reserve Bank of India (RBI).

Paytm founder and CEO Vijay Shekhar Sharma has stepped down as the chairman of Paytm Payments Bank, according to an exchange filing, on Monday (Feb 26). This comes as the embattled company overhauled its board in the wake of a clampdown by India’s central bank – the Reserve Bank of India (RBI). Paytm’s parent company, One97 Communications said that it has withdrawn its nominee Sharma from the bank’s board as a part-time non-executive chairman and board member. WATCH | Decoding Paytm's latest request to RBI “The Company has been separately informed that Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition,” said the company in an exchange filing. It added, “PPBL (Paytm Payments Bank Limited) has informed us that they will commence the process of appointing a new Chairman.” Sharma has a 51 per cent stake in Paytm Payments Bank, while One 97 Communications owns the rest. New directors to join board Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda and Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers, Debendranath Sarangi and Rajni Sekhri Sibal, will join the board as Independent Directors, said Paytm. The board also comprises former Executive Director of Punjab & Sind Bank, Arvind Kumar Jain as Independent Director and Surinder Chawla, MD and CEO at Paytm Payments Bank, the company said. Also Read | Explained | RBI orders Paytm’s banking arm to stop fresh business. What happens next? Chawla welcomed the recent appointments to the board and said that it marks a “significant step forward in PPBL’s journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices.” RBI’s order to Paytm The Reserve Bank of India (RBI) had asked Paytm Payments Bank to wind down operations by March 15 citing persistent non-compliances and continued material supervisory concerns, last month. Also Read | India: RBI enforces major business restrictions on Paytm Payments Bank Paytm Payments Bank (the banking arm of Paytm) was ordered to stop accepting fresh deposits in its accounts or popular wallets starting in March. The RBI’s decision proved to be a major blow to Paytm – one of India’s largest payment firms and triggered a meltdown in the company’s stock. Notably, Sharma’s stepping down comes months after two independent directors also quit for reasons other than the restrictions placed on the unit by the RBI. (With inputs from agencies)

Paytm CEO Vijay Shekhar Sharma steps down from payments bank board amid crisis

Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce." <o:p></o:p>

In a letter to the firm’s employees, Raveendran asserted, "I am writing this letter to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same."<o:p></o:p>

Despite facing significant opposition from investors, Raveendran stood firm, rejecting the outcome of the EGM and citing violations of essential rules and procedures. <o:p></o:p>

"This means that whatever was decided in that meeting does not count because it didn't stick to the established rules... It is crucial for everyone to understand the specific issues that make this EGM a farce," he said in his letter.<o:p></o:p>

Raveendran further highlighted discrepancies in the meeting, including the failure to achieve a proper quorum and the violation of the company's Articles of Association. <o:p></o:p>

He pointed out that only 35 out of 170 shareholders, representing approximately 45 per cent of shareholding, voted in favour of the resolution, indicating limited support for the measures proposed during the EGM.<o:p></o:p>

The Byju's founder's defiance comes amid mounting challenges for the edtech giant, including financial turmoil, mounting losses, and investor disputes.<o:p></o:p>

Despite the turbulent circumstances, Raveendran said, "Regardless of this uncalled-for drama, the management is devoting its full attention to the Company’s operations, with our vision for the Company unmarred."<o:p></o:p>

Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce.

Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce." In a letter to the firm’s employees, Raveendran asserted, "I am writing this letter to you as the CEO of our company. Contrary to what you may have read in the media, I continue to remain CEO, the management remains unchanged, and the board remains the same." Despite facing significant opposition from investors, Raveendran stood firm, rejecting the outcome of the EGM and citing violations of essential rules and procedures. "This means that whatever was decided in that meeting does not count because it didn't stick to the established rules... It is crucial for everyone to understand the specific issues that make this EGM a farce," he said in his letter. Raveendran further highlighted discrepancies in the meeting, including the failure to achieve a proper quorum and the violation of the company's Articles of Association. He pointed out that only 35 out of 170 shareholders, representing approximately 45 per cent of shareholding, voted in favour of the resolution, indicating limited support for the measures proposed during the EGM. The Byju's founder's defiance comes amid mounting challenges for the edtech giant, including financial turmoil, mounting losses, and investor disputes. Despite the turbulent circumstances, Raveendran said, "Regardless of this uncalled-for drama, the management is devoting its full attention to the Company’s operations, with our vision for the Company unmarred."

Byju's CEO defies ouster attempts, asserts leadership in a letter to employees

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Byju's CEO defies ouster attempts, asserts leadership in a letter to employees<o:p></o:p>

Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce."

<a href="https://www.wionews.com/business-economy/byjus-ceo-defies-ouster-attempts-asserts-leadership-in-a-letter-to-employees-693865">Read more here</a><o:p></o:p>

Lufthansa urges swift resolution in wage negotiations amid union demands<o:p></o:p>

While negotiations between German airline Lufthansa and the labour union Verdi continue, Lufthansa expressed its eagerness to swiftly settle the wage dispute concerning thousands of ground crew members.

<a href="https://www.wionews.com/business-economy/lufthansa-urges-swift-resolution-in-wage-negotiations-amid-union-demands-693873">Read more here</a><o:p></o:p>

UK exporters and manufacturers grapple with Red Sea disruption: Report<o:p></o:p>

A recent survey conducted by the British Chambers of Commerce has revealed that a majority of UK exporters and manufacturers have been adversely affected by the disruptions in the Red Sea, stemming from attacks on shipping vessels by Yemen's Iran-aligned Houthi rebels.

<a href="https://www.wionews.com/business-economy/uk-exporters-and-manufacturers-grapple-with-red-sea-disruption-report-693880">Read more here</a><o:p></o:p>

Top US universities settle for $166 million over favouring wealthy students<o:p></o:p>

Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants.

<a href="https://www.wionews.com/business-economy/top-us-universities-settle-for-166-million-over-favouring-wealthy-students-693913">Read more here</a><o:p></o:p>

Latest NSSO consumer survey indicates poverty down to 5% in India: NITI Aayog CEO<o:p></o:p>

The latest consumer expenditure survey indicates that poverty has come down to five per cent in the country and people are becoming prosperous both in rural and urban areas, NITI Aayog CEO B V R Subrahmanyam said on Sunday.

<a href="https://www.wionews.com/india-news/latest-nsso-consumer-survey-indicates-poverty-down-to-5-in-india-niti-aayog-ceo-693922">Read more here</a><o:p></o:p>

India's economic growth forecast to slow to 6.5pc in FY25, says India ratings and research<o:p></o:p>

India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings &amp; Research (Ind-Ra).

<a href="https://www.wionews.com/business-economy/indias-economic-growth-forecast-to-slow-to-65pc-in-fy25-says-india-ratings-and-research-693921">Read more here</a><o:p></o:p>

India to assert key interests, opposes China-led investment pact at WTO ministerial meeting<o:p></o:p>

India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday.

<a href="https://www.wionews.com/business-economy/india-to-assert-key-interests-opposes-china-led-investment-pact-at-wto-ministerial-meeting-693941">Read more here</a><o:p></o:p>

US airlines increase checked baggage fees amid rising costs: Report<o:p></o:p>

United Airlines has joined American Airlines and JetBlue Airways in hiking checked baggage fees for North American travellers, reflecting the broader trend among major US carriers.

<a href="https://www.wionews.com/business-economy/us-airlines-increase-checked-baggage-fees-amid-rising-costs-report-693964">Read more here</a><o:p></o:p>

Vinfast seeks import duty reduction in India to boost EV adoption<o:p></o:p>

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years.

<a href="https://www.wionews.com/business-economy/vinfast-seeks-import-duty-reduction-in-india-to-boost-ev-adoption-693970">Read more here</a><o:p></o:p>

Energy trading houses grapple with cash surplus ahead of London meet<o:p></o:p>

As the world's leading energy trading houses gear up for their annual industry gathering in London this week, they confront a significant challenge: what to do with their huge cash reserves.

<a href="https://www.wionews.com/business-economy/energy-trading-houses-grapple-with-cash-surplus-ahead-of-london-meet-693972">Read more here</a><o:p></o:p>

Broadcom nears $3.8 billion deal to sell end-user computing business to KKR<o:p></o:p>

Chipmaker Broadcom is on the brink of finalising a $3.8 billion agreement to offload its end-user computing (EUC) business to private equity giant KKR, according to sources familiar with the matter.

<a href="https://www.wionews.com/business-economy/broadcom-nears-38-billion-deal-to-sell-end-user-computing-business-to-kkr-693974">Read more here</a><o:p></o:p>

US treasury official voices concerns over China's excess capacity, assures dollar dominance<o:p></o:p>

Concerns about China's excess industrial capacity and its possible effects on the world economy were voiced by US Deputy Treasury Secretary Wally Adeyemo on Friday.

<a href="https://www.wionews.com/business-economy/us-treasury-official-voices-concerns-over-chinas-excess-capacity-assures-dollar-dominance-694004">Read more here</a><o:p></o:p>

Central European shoppers remain cautious amid economic uncertainty despite inflation dip<o:p></o:p>

In the heart of Central Europe, despite a slight ebb in inflation, shoppers remain hesitant and cautious about their spending habits, reflecting a deeper-rooted uncertainty in the region's economic recovery.

<a href="https://www.wionews.com/business-economy/central-european-shoppers-remain-cautious-amid-economic-uncertainty-despite-inflation-dip-694009">Read more here</a><o:p></o:p>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's CEO defies ouster attempts, asserts leadership in a letter to employees Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's CEO defies ouster attempts, asserts leadership in a letter to employees Following an extraordinary general meeting (EGM) where shareholders of Byju's voted to remove Byju Raveendran from the board, the embattled founder and CEO reaffirmed his position in a note to employees, denouncing the proceedings as a "farce." Read more here Lufthansa urges swift resolution in wage negotiations amid union demands While negotiations between German airline Lufthansa and the labour union Verdi continue, Lufthansa expressed its eagerness to swiftly settle the wage dispute concerning thousands of ground crew members. Read more here UK exporters and manufacturers grapple with Red Sea disruption: Report A recent survey conducted by the British Chambers of Commerce has revealed that a majority of UK exporters and manufacturers have been adversely affected by the disruptions in the Red Sea, stemming from attacks on shipping vessels by Yemen's Iran-aligned Houthi rebels. Read more here Top US universities settle for $166 million over favouring wealthy students Four prestigious universities in the United States, namely Dartmouth, Northwestern, Rice, and Vanderbilt, have agreed to a combined settlement of $166 million to resolve allegations of favouring wealthy student applicants. Read more here Latest NSSO consumer survey indicates poverty down to 5% in India: NITI Aayog CEO The latest consumer expenditure survey indicates that poverty has come down to five per cent in the country and people are becoming prosperous both in rural and urban areas, NITI Aayog CEO B V R Subrahmanyam said on Sunday. Read more here India's economic growth forecast to slow to 6.5pc in FY25, says India ratings and research India's economic growth trajectory is anticipated to decelerate to 6.5 per cent in the fiscal year 2024-25, according to projections by India Ratings & Research (Ind-Ra). Read more here India to assert key interests, opposes China-led investment pact at WTO ministerial meeting India is set to take a firm stance against a proposal led by China for an investment facilitation pact and advocate strongly for its key interests at the World Trade Organisation (WTO) ministerial meeting commencing on Tuesday. Read more here US airlines increase checked baggage fees amid rising costs: Report United Airlines has joined American Airlines and JetBlue Airways in hiking checked baggage fees for North American travellers, reflecting the broader trend among major US carriers. Read more here Vinfast seeks import duty reduction in India to boost EV adoption Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years. Read more here Energy trading houses grapple with cash surplus ahead of London meet As the world's leading energy trading houses gear up for their annual industry gathering in London this week, they confront a significant challenge: what to do with their huge cash reserves. Read more here Broadcom nears $3.8 billion deal to sell end-user computing business to KKR Chipmaker Broadcom is on the brink of finalising a $3.8 billion agreement to offload its end-user computing (EUC) business to private equity giant KKR, according to sources familiar with the matter. Read more here US treasury official voices concerns over China's excess capacity, assures dollar dominance Concerns about China's excess industrial capacity and its possible effects on the world economy were voiced by US Deputy Treasury Secretary Wally Adeyemo on Friday. Read more here Central European shoppers remain cautious amid economic uncertainty despite inflation dip In the heart of Central Europe, despite a slight ebb in inflation, shoppers remain hesitant and cautious about their spending habits, reflecting a deeper-rooted uncertainty in the region's economic recovery. Read more here

WION Business Wrap | Byju defies ouster attempts, Lufthansa’s wage negotiations, UK exporters woes and more

In the heart of Central Europe, despite a slight ebb in inflation, shoppers remain hesitant and cautious about their spending habits, reflecting a deeper-rooted uncertainty in the region's economic recovery.<o:p></o:p>

This is based on a Reuters report. <o:p></o:p>

Last week's frenzy over a technical glitch that momentarily offered an Electrolux oven at a mere 1 per cent of its list price in Hungary exemplifies the desperation for bargains amid ongoing economic challenges.<o:p></o:p>

According to Peter Toth, head of Central and Eastern Europe South sales area at Electrolux, weak consumer sentiment persists in 2024 as individuals gravitate towards lower prices and defer non-essential purchases. <o:p></o:p>

This sentiment echoes across the region, where governments hoped a surge in consumer spending would counterbalance weakened export demands and revitalise the economy.<o:p></o:p>

Despite expectations for recovery, both the Czech Republic and Hungary faced economic setbacks, with the former revising its growth forecast downwards due to sluggish consumption. <o:p></o:p>

Even Poland, anticipated to witness significant wage increases, experienced mixed consumer spending patterns in January, reflecting a cautious approach towards expenditure.<o:p></o:p>

Economists at Bank Pekao expressed scepticism regarding the Polish consumer's potential, predicting a year dominated by savings rather than a consumption surge. <o:p></o:p>

While some sectors like vehicle sales saw growth, others, including clothing, faltered, indicating a nuanced economic landscape.<o:p></o:p>

Tomas Prouza, President of the Czech Trade and Tourism Association, anticipates a gradual rebound in consumer demand, particularly in leisure and higher-quality goods, towards the latter half of the year. <o:p></o:p>

However, pessimism looms, with a PricewaterhouseCoopers survey revealing subdued revenue growth expectations among Hungarian executives.<o:p></o:p>

Witold Orlowski, Chief Economic Advisor at PwC Poland, doesn't foresee an imminent consumer boom in Central and Eastern European countries.<o:p></o:p>

Lukasz Kozlowski, chief economist at the Federation of Polish Entrepreneurs, predicts a modest recovery in retail trade for 2024, albeit hindered by potential reinstatement of food sales tax and sustained borrowing costs.<o:p></o:p>

Additionally, the lingering psychological impact of Germany's economic weakness, the region's primary export destination, casts a shadow over consumer behaviour. <o:p></o:p>

Pawel Ropiak, an economist at Polish lender BGK, highlights that despite supportive fiscal and monetary policies, consumer spending may remain subdued, as inflation eroded savings, fostering a culture of caution.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In the heart of Central Europe, despite a slight ebb in inflation, shoppers remain hesitant and cautious about their spending habits, reflecting a deeper-rooted uncertainty in the region's economic recovery.

In the heart of Central Europe, despite a slight ebb in inflation, shoppers remain hesitant and cautious about their spending habits, reflecting a deeper-rooted uncertainty in the region's economic recovery. This is based on a Reuters report. Last week's frenzy over a technical glitch that momentarily offered an Electrolux oven at a mere 1 per cent of its list price in Hungary exemplifies the desperation for bargains amid ongoing economic challenges. According to Peter Toth, head of Central and Eastern Europe South sales area at Electrolux, weak consumer sentiment persists in 2024 as individuals gravitate towards lower prices and defer non-essential purchases. This sentiment echoes across the region, where governments hoped a surge in consumer spending would counterbalance weakened export demands and revitalise the economy. Despite expectations for recovery, both the Czech Republic and Hungary faced economic setbacks, with the former revising its growth forecast downwards due to sluggish consumption. Even Poland, anticipated to witness significant wage increases, experienced mixed consumer spending patterns in January, reflecting a cautious approach towards expenditure. Economists at Bank Pekao expressed scepticism regarding the Polish consumer's potential, predicting a year dominated by savings rather than a consumption surge. While some sectors like vehicle sales saw growth, others, including clothing, faltered, indicating a nuanced economic landscape. Tomas Prouza, President of the Czech Trade and Tourism Association, anticipates a gradual rebound in consumer demand, particularly in leisure and higher-quality goods, towards the latter half of the year. However, pessimism looms, with a PricewaterhouseCoopers survey revealing subdued revenue growth expectations among Hungarian executives. Witold Orlowski, Chief Economic Advisor at PwC Poland, doesn't foresee an imminent consumer boom in Central and Eastern European countries. Lukasz Kozlowski, chief economist at the Federation of Polish Entrepreneurs, predicts a modest recovery in retail trade for 2024, albeit hindered by potential reinstatement of food sales tax and sustained borrowing costs. Additionally, the lingering psychological impact of Germany's economic weakness, the region's primary export destination, casts a shadow over consumer behaviour. Pawel Ropiak, an economist at Polish lender BGK, highlights that despite supportive fiscal and monetary policies, consumer spending may remain subdued, as inflation eroded savings, fostering a culture of caution. (With inputs from Reuters)

Central European shoppers remain cautious amid economic uncertainty despite inflation dip

Concerns about China's excess industrial capacity and its possible effects on the world economy were voiced by US Deputy Treasury Secretary Wally Adeyemo on Friday.

Despite this, Adeyemo reassured that China's current economic challenges are unlikely to impede US growth in the foreseeable future.<o:p></o:p>

Adeyemo highlighted the issue of excess capacity originating from China, particularly in sectors like electric vehicles and solar panels, posing a threat to global markets. <o:p></o:p>

He emphasised the need for fair competition and expressed confidence in US tariffs and tax incentives to maintain a level playing field for American firms.<o:p></o:p>

According to Adeyemo, addressing the issue of excess capacity will be crucial for fostering fair competition globally. <o:p></o:p>

He noted ongoing discussions with Chinese counterparts to ensure fair trade practices not only between the US and China but also with other nations worldwide.<o:p></o:p>

US Treasury Secretary Janet Yellen is anticipated to address concerns regarding Chinese excess capacity during discussions at the Group of 20 finance ministers meeting in Sao Paulo, Brazil, next week. <o:p></o:p>

In addition to discussing China's economic challenges, Adeyemo addressed the impact of US sanctions on the dollar's status as the world's reserve currency. <o:p></o:p>

He noted that the importance of multilateral and targeted sanctions to maximise effectiveness while downplaying concerns over potential damage to the dollar's dominance.<o:p></o:p>

Adeyemo also highlighted the significance of Biden administration policies, including investments in infrastructure, semiconductors, and clean energy technologies, in strengthening the attractiveness of the US as an investment destination.<o:p></o:p>

&nbsp;He expressed confidence that as long as these policies are sustained, the dollar and America's financial system will continue to play a dominant role globally.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Concerns about China's excess industrial capacity and its possible effects on the world economy were voiced by US Deputy Treasury Secretary Wally Adeyemo on Friday.

Concerns about China's excess industrial capacity and its possible effects on the world economy were voiced by US Deputy Treasury Secretary Wally Adeyemo on Friday. Despite this, Adeyemo reassured that China's current economic challenges are unlikely to impede US growth in the foreseeable future. Adeyemo highlighted the issue of excess capacity originating from China, particularly in sectors like electric vehicles and solar panels, posing a threat to global markets. He emphasised the need for fair competition and expressed confidence in US tariffs and tax incentives to maintain a level playing field for American firms. According to Adeyemo, addressing the issue of excess capacity will be crucial for fostering fair competition globally. He noted ongoing discussions with Chinese counterparts to ensure fair trade practices not only between the US and China but also with other nations worldwide. US Treasury Secretary Janet Yellen is anticipated to address concerns regarding Chinese excess capacity during discussions at the Group of 20 finance ministers meeting in Sao Paulo, Brazil, next week. In addition to discussing China's economic challenges, Adeyemo addressed the impact of US sanctions on the dollar's status as the world's reserve currency. He noted that the importance of multilateral and targeted sanctions to maximise effectiveness while downplaying concerns over potential damage to the dollar's dominance. Adeyemo also highlighted the significance of Biden administration policies, including investments in infrastructure, semiconductors, and clean energy technologies, in strengthening the attractiveness of the US as an investment destination. He expressed confidence that as long as these policies are sustained, the dollar and America's financial system will continue to play a dominant role globally. (With inputs from Reuters)

US treasury official voices concerns over China's excess capacity, assures dollar dominance

Chipmaker Broadcom is on the brink of finalising a $3.8 billion agreement to offload its end-user computing (EUC) business to private equity giant KKR, according to sources familiar with the matter.

This move marks a strategic decision by Broadcom CEO Hock Tan to streamline the company's portfolio following its massive $69 billion acquisition of software firm VMware in November. The transaction signals Broadcom's commitment to optimising its business focus in line with evolving market demands.

KKR emerged victorious in the competitive bidding process for Broadcom's EUC unit, outbidding other prominent private equity players, including EQT, sources revealed.

The deal, anticipated to be formally announced as early as Monday, is shrouded in confidentiality, with sources requesting anonymity due to the sensitive nature of the discussions.

While KKR declined to comment on the matter, neither Broadcom nor EQT responded immediately to requests for comment.

Broadcom had previously flags its intention to divest its end-user computing division in December as part of its strategic realignment efforts.

Concurrently, the company is also actively exploring options to divest VMware's security software business, Carbon Black.

The near sale of the EUC unit stresses Broadcom's strategic agility in reshaping its business landscape to enhance competitiveness and drive sustainable growth in core areas.

KKR's involvement in the acquisition aligns with its track record of strategic dealmaking within the technology sector.

Notably, the private equity firm executed the acquisition of US, in 2018, business software provider BMC was bought for $8.5 billion. Subsequently, KKR orchestrated the merger of BMC with Compuware, a company it acquired from buyout firm Thoma Bravo, two years later.

Additionally, in 2021, KKR bolstered its technology portfolio by acquiring information services technology provider Ensono for approximately $1.7 billion.

The transaction is being facilitated by prominent financial advisory firms, with Evercore, Deutsche Bank, and Jefferies advising KKR on the deal, while Citigroup is providing advisory services to Broadcom, as per insider sources.

(With inputs from Reuters)

Chipmaker Broadcom is on the brink of finalising a $3.8 billion agreement to offload its end-user computing (EUC) business to private equity giant KKR, according to sources familiar with the matter.

Chipmaker Broadcom is on the brink of finalising a $3.8 billion agreement to offload its end-user computing (EUC) business to private equity giant KKR, according to sources familiar with the matter. This move marks a strategic decision by Broadcom CEO Hock Tan to streamline the company's portfolio following its massive $69 billion acquisition of software firm VMware in November. The transaction signals Broadcom's commitment to optimising its business focus in line with evolving market demands. KKR emerged victorious in the competitive bidding process for Broadcom's EUC unit, outbidding other prominent private equity players, including EQT, sources revealed. The deal, anticipated to be formally announced as early as Monday, is shrouded in confidentiality, with sources requesting anonymity due to the sensitive nature of the discussions. While KKR declined to comment on the matter, neither Broadcom nor EQT responded immediately to requests for comment. Broadcom had previously flags its intention to divest its end-user computing division in December as part of its strategic realignment efforts. Concurrently, the company is also actively exploring options to divest VMware's security software business, Carbon Black. The near sale of the EUC unit stresses Broadcom's strategic agility in reshaping its business landscape to enhance competitiveness and drive sustainable growth in core areas. KKR's involvement in the acquisition aligns with its track record of strategic dealmaking within the technology sector. Notably, the private equity firm executed the acquisition of US, in 2018, business software provider BMC was bought for $8.5 billion. Subsequently, KKR orchestrated the merger of BMC with Compuware, a company it acquired from buyout firm Thoma Bravo, two years later. Additionally, in 2021, KKR bolstered its technology portfolio by acquiring information services technology provider Ensono for approximately $1.7 billion. The transaction is being facilitated by prominent financial advisory firms, with Evercore, Deutsche Bank, and Jefferies advising KKR on the deal, while Citigroup is providing advisory services to Broadcom, as per insider sources. (With inputs from Reuters)

Broadcom nears $3.8 billion deal to sell end-user computing business to KKR

As the world's leading energy trading houses gear up for their annual industry gathering in London this week, they confront a significant challenge: what to do with their huge cash reserves.

Despite maintaining a veil of secrecy around their financial positions, sources indicate that major players such as Vitol, Trafigura, Mercuria, and Gunvor collectively possess billions of dollars in surplus, even after disbursing record dividends.

An unnamed executive from one of these top trading houses revealed to Reuters, "We borrow much less from banks and are waiting for good investment opportunities. But those are slim, especially in loss-making green energy."

This sentiment puts a spotlight on a growing trend among trading houses to seek out profitable ventures among a landscape denoted by sluggish growth in renewable energy sectors like wind, solar, and hydrogen.

Reports suggest that Vitol, the world's largest trader, has boosted its total equity to a staggering $26 billion, with projections hinting at a potential rise to nearly $30 billion based on its 2023 performance.

Similarly, Mercuria and Gunvor have each amassed around $6 billion in equity and retained earnings in recent years, according to insider sources. However, all three companies declined to comment on these figures. Trafigura, on the other hand, disclosed a remarkable growth in its equity to $16.5 billion in its latest report.

Regardless of these large sums, the equity of these trading giants still pales in comparison to oil majors like Shell and BP.

The cash dilemma facing these trading houses is expected to be a focal point of discussions during International Energy Week in London.

Historically, traders favored minimal cash reserves and preferred to distribute the bulk of their profits as dividends. However, recent events, such as the surge in gas prices following disruptions in Russian gas supplies to Europe, prompted a shift in strategy.

Margin calls, triggered by price fluctuations, compelled traders to contribute more of their own cash, leading to a reassessment of risk management practices. Consequently, trading houses began strenghtening their equity and retaining earnings as a precautionary measure.

"We beefed up our equity, and as a result, more of our trade became self-financed," remarked a trading executive familiar with the industry's response to margin calls. This move towards self-financing signifies a departure from heavy reliance on bank borrowing, which was common practice in the past.

While traders like Trafigura maintain extensive credit lines with numerous banks, the margin call crisis of 2022 prompted a reevaluation of borrowing practices. Banks, reluctant to extend further credit, encouraged traders to explore alternative financing options, prompting many to retain earnings and fortify their equity positions.

Looking ahead, the trajectory of bank borrowing hinges on several factors, including interest rate fluctuations and investment patterns within the industry. Even with predictions of a potential uptick in borrowing once interest rates decline, traders remain cautious.

"Sometimes traders just borrow money and put it back on deposit with the same or different bank so it pays interest," noted another trading executive, underscoring the complex financial strategies employed by these entities. As the energy trading landscape continues to evolve, navigating the delicate balance between cash reserves, equity, and investments remains paramount for these global players.

In the bustling halls of London's energy conference, between discussions on market trends and strategies, the issue of surplus cash will undoubtedly loom large.

(With inputs from Reuters)

As the world's leading energy trading houses gear up for their annual industry gathering in London this week, they confront a significant challenge: what to do with their huge cash reserves.

As the world's leading energy trading houses gear up for their annual industry gathering in London this week, they confront a significant challenge: what to do with their huge cash reserves. Despite maintaining a veil of secrecy around their financial positions, sources indicate that major players such as Vitol, Trafigura, Mercuria, and Gunvor collectively possess billions of dollars in surplus, even after disbursing record dividends. An unnamed executive from one of these top trading houses revealed to Reuters, "We borrow much less from banks and are waiting for good investment opportunities. But those are slim, especially in loss-making green energy." This sentiment puts a spotlight on a growing trend among trading houses to seek out profitable ventures among a landscape denoted by sluggish growth in renewable energy sectors like wind, solar, and hydrogen. Reports suggest that Vitol, the world's largest trader, has boosted its total equity to a staggering $26 billion, with projections hinting at a potential rise to nearly $30 billion based on its 2023 performance. Similarly, Mercuria and Gunvor have each amassed around $6 billion in equity and retained earnings in recent years, according to insider sources. However, all three companies declined to comment on these figures. Trafigura, on the other hand, disclosed a remarkable growth in its equity to $16.5 billion in its latest report. Regardless of these large sums, the equity of these trading giants still pales in comparison to oil majors like Shell and BP. The cash dilemma facing these trading houses is expected to be a focal point of discussions during International Energy Week in London. Historically, traders favored minimal cash reserves and preferred to distribute the bulk of their profits as dividends. However, recent events, such as the surge in gas prices following disruptions in Russian gas supplies to Europe, prompted a shift in strategy. Margin calls, triggered by price fluctuations, compelled traders to contribute more of their own cash, leading to a reassessment of risk management practices. Consequently, trading houses began strenghtening their equity and retaining earnings as a precautionary measure. "We beefed up our equity, and as a result, more of our trade became self-financed," remarked a trading executive familiar with the industry's response to margin calls. This move towards self-financing signifies a departure from heavy reliance on bank borrowing, which was common practice in the past. While traders like Trafigura maintain extensive credit lines with numerous banks, the margin call crisis of 2022 prompted a reevaluation of borrowing practices. Banks, reluctant to extend further credit, encouraged traders to explore alternative financing options, prompting many to retain earnings and fortify their equity positions. Looking ahead, the trajectory of bank borrowing hinges on several factors, including interest rate fluctuations and investment patterns within the industry. Even with predictions of a potential uptick in borrowing once interest rates decline, traders remain cautious. "Sometimes traders just borrow money and put it back on deposit with the same or different bank so it pays interest," noted another trading executive, underscoring the complex financial strategies employed by these entities. As the energy trading landscape continues to evolve, navigating the delicate balance between cash reserves, equity, and investments remains paramount for these global players. In the bustling halls of London's energy conference, between discussions on market trends and strategies, the issue of surplus cash will undoubtedly loom large. (With inputs from Reuters)

Energy trading houses grapple with cash surplus ahead of London meet

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years.

This request is aimed at allowing customers to become familiar with VinFast's products while the company prepares to commence operations at its local manufacturing plant in India.

VinFast's India CEO, Pham Sanh Chau, revealed this during an interview with Reuters, espressing that the company has initiated the construction of a factory in the southern state of Tamil Nadu, with production expected to begin by the middle of the following year.

VinFast's investment plans in India have been gaining momentum, with the company and the state of Tamil Nadu recently announcing their collaboration towards an investment of up to $2 billion. As part of this agreement, VinFast intends to commit $500 million for the initial five years of the project.

Similar to Tesla, VinFast is advocating for a reduction in India's 100 per cent import duty on fully-built electric vehicles.

However, this proposal has faced opposition from domestic automakers. While the Indian government has been reviewing such requests, no decision has been made yet, according to a government official.

Pham Sanh Chau stressed the importance of reducing import duty taxes temporarily to facilitate the introduction of VinFast's products to Indian customers. He proposed a reduction to around 70 per cent to 80 per cent for a limited number of cars over a two-year period. Chau highlighted the need for customers to become accustomed to VinFast's offerings during this transitional phase.

Electric vehicles constituted a mere 2 per cent of India's total car sales last year. However, the federal government has set an ambitious target of achieving a 30 per cent market share for electric vehicles by 2030.

To support this goal, the government is actively working on initiatives to attract electric vehicle manufacturers to invest in India.

VinFast's Tamil Nadu project aims to have an annual production capacity of up to 150,000 vehicles, slightly lower than its main plant in Vietnam, which has a capacity of 250,000 vehicles per year.

Regardless of this, VinFast is optimistic about the potential of its Indian operations and is already collaborating with approximately 55 Indian dealers to establish a robust sales network. Additionally, the company is considering introducing its two-wheeler models in the Indian market at a later stage.

Pham Sanh Chau expressed VinFast's agility as a startup company, emphasising their swift progress in establishing a presence in India.

(With inputs from Reuters)

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years.

Vietnamese electric vehicle manufacturer VinFast has made a request to the Indian government to consider reducing import duties on its cars for a period of approximately two years. This request is aimed at allowing customers to become familiar with VinFast's products while the company prepares to commence operations at its local manufacturing plant in India. VinFast's India CEO, Pham Sanh Chau, revealed this during an interview with Reuters, espressing that the company has initiated the construction of a factory in the southern state of Tamil Nadu, with production expected to begin by the middle of the following year. VinFast's investment plans in India have been gaining momentum, with the company and the state of Tamil Nadu recently announcing their collaboration towards an investment of up to $2 billion. As part of this agreement, VinFast intends to commit $500 million for the initial five years of the project. Similar to Tesla, VinFast is advocating for a reduction in India's 100 per cent import duty on fully-built electric vehicles. However, this proposal has faced opposition from domestic automakers. While the Indian government has been reviewing such requests, no decision has been made yet, according to a government official. Pham Sanh Chau stressed the importance of reducing import duty taxes temporarily to facilitate the introduction of VinFast's products to Indian customers. He proposed a reduction to around 70 per cent to 80 per cent for a limited number of cars over a two-year period. Chau highlighted the need for customers to become accustomed to VinFast's offerings during this transitional phase. Electric vehicles constituted a mere 2 per cent of India's total car sales last year. However, the federal government has set an ambitious target of achieving a 30 per cent market share for electric vehicles by 2030. To support this goal, the government is actively working on initiatives to attract electric vehicle manufacturers to invest in India. VinFast's Tamil Nadu project aims to have an annual production capacity of up to 150,000 vehicles, slightly lower than its main plant in Vietnam, which has a capacity of 250,000 vehicles per year. Regardless of this, VinFast is optimistic about the potential of its Indian operations and is already collaborating with approximately 55 Indian dealers to establish a robust sales network. Additionally, the company is considering introducing its two-wheeler models in the Indian market at a later stage. Pham Sanh Chau expressed VinFast's agility as a startup company, emphasising their swift progress in establishing a presence in India. (With inputs from Reuters)

Vinfast seeks import duty reduction in India to boost EV adoption

United Airlines has joined American Airlines and JetBlue Airways in hiking checked baggage fees for North American travellers, reflecting the broader trend among major US carriers. <o:p></o:p>

As per a Reuters report, United passengers flying within the US will face increased fees for checked baggage beginning from February 24, with prices rising for both first and second bags, whether paid for in advance or at the airport.<o:p></o:p>

The move comes as US airlines grapple with escalating costs, particularly in maintenance and labour contracts, while facing weakened pricing power in the domestic market. <o:p></o:p>

Baggage fees have become a significant revenue stream for airlines, with US carriers collecting nearly $6.8 billion in such fees in 2022 and $5.5 billion in just the first nine months of 2023.<o:p></o:p>

According to JetBlue Airways, the decision to raise baggage prices is a response to increased operational costs, including higher wages, fuel expenses, and other inflationary pressures. <o:p></o:p>

The airline noted that adjusting fees was necessary to offset these rising costs and restore profitability, particularly in the wake of ongoing financial challenges pushed by the COVID-19 pandemic .<o:p></o:p>

American Airlines recently raised fees for first checked bags, mirroring the industry trend. <o:p></o:p>

The airline now charges $35 if booked in advance online or $40 at the airport. <o:p></o:p>

Senator Richard Blumenthal, chair of the Permanent Subcommittee on Investigations, expressed concerns over airline fees, including those for baggage, seat selection, and ticket changes.<o:p></o:p>

The US Transportation Department has proposed regulations requiring airlines to disclose fees for baggage, ticket changes, and family seating upfront, aiming to enhance transparency for consumers. <o:p></o:p>

These proposals come amid ongoing debates over the regulation of airline fees and efforts to protect consumer interests within the aviation industry.<o:p></o:p>

In 2018, Congress faced criticism for dropping plans to mandate "reasonable and proportional" baggage and change fees, succumbing to pressure from the airline industry. <o:p></o:p>

However, ongoing scrutiny and proposed regulations suggest a renewed focus on addressing consumer concerns and ensuring accountability within the airline industry.<o:p></o:p>

United Airlines has joined American Airlines and JetBlue Airways in hiking checked baggage fees for North American travellers, reflecting the broader trend among major US carriers.

United Airlines has joined American Airlines and JetBlue Airways in hiking checked baggage fees for North American travellers, reflecting the broader trend among major US carriers. As per a Reuters report, United passengers flying within the US will face increased fees for checked baggage beginning from February 24, with prices rising for both first and second bags, whether paid for in advance or at the airport. The move comes as US airlines grapple with escalating costs, particularly in maintenance and labour contracts, while facing weakened pricing power in the domestic market. Baggage fees have become a significant revenue stream for airlines, with US carriers collecting nearly $6.8 billion in such fees in 2022 and $5.5 billion in just the first nine months of 2023. According to JetBlue Airways, the decision to raise baggage prices is a response to increased operational costs, including higher wages, fuel expenses, and other inflationary pressures. The airline noted that adjusting fees was necessary to offset these rising costs and restore profitability, particularly in the wake of ongoing financial challenges pushed by the COVID-19 pandemic . American Airlines recently raised fees for first checked bags, mirroring the industry trend. The airline now charges $35 if booked in advance online or $40 at the airport. Senator Richard Blumenthal, chair of the Permanent Subcommittee on Investigations, expressed concerns over airline fees, including those for baggage, seat selection, and ticket changes. The US Transportation Department has proposed regulations requiring airlines to disclose fees for baggage, ticket changes, and family seating upfront, aiming to enhance transparency for consumers. These proposals come amid ongoing debates over the regulation of airline fees and efforts to protect consumer interests within the aviation industry. In 2018, Congress faced criticism for dropping plans to mandate "reasonable and proportional" baggage and change fees, succumbing to pressure from the airline industry. However, ongoing scrutiny and proposed regulations suggest a renewed focus on addressing consumer concerns and ensuring accountability within the airline industry.

US airlines increase checked baggage fees amid rising costs: Report

In China, the property sector continues to struggle. The decline in China's new home prices slowed in January. Some of the biggest cities saw some stability in prices. But the nationwide downward trend persisted, despite Beijing's efforts to revive demand. Watch to more!

China's struggling property market | How the market fared in January?

Forthcoming week Global markets are poised for a moment of reflection as they await crucial economic data releases primarily from the United States. Now the focus will be on the unveiling of the Q4 GDP figures, initial jobless claims data, personal consumption expenditure the PCE data and consumer confidence numbers for February. These indicators especially GDP and jobless claims are anticipated to sway US bond yields shaping Market sentiment worldwide. Watch to know more!

What's the outlook for stocks this week?

The per capita monthly household expenditure in India more than doubled over the last decade, according to a report released late Saturday (Feb 24) by the Ministry of Statistics and Programme Implementation. The report also found that Indians are spending less on food and more on discretionary items like clothes, television, and entertainment.&nbsp;

<h2>Expenditure more than doubled</h2>

The report by the National Sample Survey Office (NSSO), which operates under the Ministry of Statistics and Programme Implementation, conducted the Household Consumption Expenditure Survey (HCES) from August 2022 to July 2023.&nbsp;

The report shows household Monthly Per Capita Consumption Expenditure (MPCE) in rural and urban areas as well as for different socio-economic groups.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/exclusive-india-has-potential-to-become-the-worlds-third-largest-economy-latvian-fm-krisjanis-karins-693141">Exclusive | India has potential to become the world's third-largest economy: Latvian FM Krišjānis Kariņš</a>

The average MPCE at current prices, according to the survey, more than doubled to Rs 6,459 ($77.93)&nbsp;a month per person in urban areas in 2022-23 from Rs 2,630 ($31.73) in 2011-12.

Meanwhile, in the rural areas, the average MPCE rose from Rs 1,430 ($17.25)&nbsp;a month per person in 2011-12 to Rs 3,773 ($45.52) in 2022-23, according to the report.&nbsp;

<h2>Indians spent more on discretionary items</h2>

The report also shows that Indians spent less on food, particularly staples like rice and wheat when compared to discretionary items such as processed food, as well as durables like televisions.&nbsp;

“The latest consumer expenditure survey gives insight on spending patterns of Indian households and is key to gauge demand in the economy,” said the report.&nbsp;

It added, “The data will also be used by the government to readjust items considered for calculating retail inflation and gross domestic product data.”

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/seat-sharing-talks-congress-accused-of-erasing-ahmed-patels-legacy-as-bharuch-constituency-given-to-aap-693686">India elections: Congress accused of erasing Ahmed Patel's legacy as Bharuch constituency given to AAP</a>

The report shows spending on food fell to 46 per cent of monthly consumption for consumers in rural areas, which is nearly seven per cent less than in 2011-12. Meanwhile, in urban areas, it fell from 43 per cent to 39 per cent.&nbsp;

Indians are reportedly spending more on beverages and processed food, as compared to cereals like wheat, rice and pulses.&nbsp;

The findings of the survey will form the basis of a review of India’s consumer price inflation index.&nbsp;

Notably, the Indian government did not release the 2017-2018 survey citing “data quality issues” prompting criticism and accusations that it was concealing economic data. However, it rejected claims that it was withholding the data because it showed weak consumption trends.

(With inputs from agencies) 
&nbsp;

The per capita monthly household expenditure in India more than doubled over the last decade, according to a report released late Saturday (Feb 24) by the Ministry of Statistics and Programme Implementation.

The per capita monthly household expenditure in India more than doubled over the last decade, according to a report released late Saturday (Feb 24) by the Ministry of Statistics and Programme Implementation. The report also found that Indians are spending less on food and more on discretionary items like clothes, television, and entertainment. Expenditure more than doubled The report by the National Sample Survey Office (NSSO), which operates under the Ministry of Statistics and Programme Implementation, conducted the Household Consumption Expenditure Survey (HCES) from August 2022 to July 2023. The report shows household Monthly Per Capita Consumption Expenditure (MPCE) in rural and urban areas as well as for different socio-economic groups. Also Read | Exclusive | India has potential to become the world's third-largest economy: Latvian FM Krišjānis Kariņš The average MPCE at current prices, according to the survey, more than doubled to Rs 6,459 ($77.93) a month per person in urban areas in 2022-23 from Rs 2,630 ($31.73) in 2011-12. Meanwhile, in the rural areas, the average MPCE rose from Rs 1,430 ($17.25) a month per person in 2011-12 to Rs 3,773 ($45.52) in 2022-23, according to the report. Indians spent more on discretionary items The report also shows that Indians spent less on food, particularly staples like rice and wheat when compared to discretionary items such as processed food, as well as durables like televisions. “The latest consumer expenditure survey gives insight on spending patterns of Indian households and is key to gauge demand in the economy,” said the report. It added, “The data will also be used by the government to readjust items considered for calculating retail inflation and gross domestic product data.” Also Read | India elections: Congress accused of erasing Ahmed Patel's legacy as Bharuch constituency given to AAP The report shows spending on food fell to 46 per cent of monthly consumption for consumers in rural areas, which is nearly seven per cent less than in 2011-12. Meanwhile, in urban areas, it fell from 43 per cent to 39 per cent. Indians are reportedly spending more on beverages and processed food, as compared to cereals like wheat, rice and pulses. The findings of the survey will form the basis of a review of India’s consumer price inflation index. Notably, the Indian government did not release the 2017-2018 survey citing “data quality issues” prompting criticism and accusations that it was concealing economic data. However, it rejected claims that it was withholding the data because it showed weak consumption trends. (With inputs from agencies)

India: Monthly household consumer spending more than doubled in last decade, shows govt data

Bereft of funds, the Finance Ministry wants Oil &amp; Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to initially spend the Rs 3,200 crores ($390mn)&nbsp;required for drilling wells to find oil and natural gas in the high seas.

“ONGC and OIL will take up this work on behalf of the Ministry of Petroleum &amp; Natural Gas and the cost for drilling of these wells would be initially borne by ONGC and OIL,” says the Expenditure Finance Committee (EFC) order.

The Petroleum Ministry had sought budgetary support to drill four stratigraphic wells in Category II and Category III basins in India’s offshore region to obtain critical data for a robust modelling of petroleum reserves. Usually, the Directorate General of Hydrocarbons conducts such searches through budgetary support.

Though the Expenditure Department had approved the ministry’s hydrocarbon hunt, the EFC – headed by Finance Secretary -- decided that ONGC and OIL bear the expedition cost and their losses, if any, in this venture be reimbursed through gross budgetary support.

<a href="https://www.wionews.com/india-news/india-starts-oil-production-from-delayed-5-billion-deep-water-project-in-krishna-godavari-basin-677894">Also read |&nbsp;India starts oil extraction from $5 billion deep-water project in Krishna Godavari basin</a>

The onus of initial spending was shifted onto ONGC and OIL as the EFC said that fiscal constraint was a major issue and that the “fiscal situation had changed post presentation in the Budget”.

Officials said that subsequent to the budget announcement, there has been substantial increase in the expenditure on the revenue side which was not envisioned in the budget. As a result, there was not much fiscal space available.

The EFC has therefore ordained that “ONGC and OIL will take up this work on behalf of government. They will engage international expertise for the determination of well location. The cost&nbsp;incurred for drilling these wells would be borne by ONGC and OIL”.

“In case a discovery is made, the drilling cost would be recovered from successful bidders. However, when no discovery is made (in case of dry well), 90 percent of the estimated cost of Rs 3,200 Crores or the actuals, whichever is lower, will be borne by the government through gross budgetary support,” it said.

What that means is that if a discovery is made, 150 per cent of the drilling cost of the discovered well shall be recovered from the successful bidder whenever the block is awarded through the Open Acreage Licensing Policy regime.

In case no discovery is made, or the well is found dry, data from the well would be differentially priced so that at least 10 per cent of the cost is recovered from the purchasers of the well data from the National Data Repository.

For calculating the unrecovered expenditure on the drilling, the total cost of all four wells and the total recovery from all four wells shall be considered and the shortfall will be treated as “unrecovered actual expenditure”.

This expenditure will be reviewed by a committee under the chairmanship of Petroleum Secretary along with officials of NITI Aayog and Office of Chief Advisor Cost, and it will work out the amount to be reimbursed to the two national oil companies.

The committee will submit its recommendation to the Petroleum Minister who would approach the Budget Division in the Department of Economic Affairs for budgetary support.

Also watch |&nbsp;PM Modi in Goa: Key projects to be unveiled

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pm-modi-in-goa-key-projects-to-be-unveiled-687411/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

India’s&nbsp;primary objective of drilling these wells is to gather stratigraphic information of the basin and to understand the depth of play systems so that private operators are encouraged to take up exploration and production in them.

Stratigraphy is&nbsp;a branch of geology concerned with the study of rock layers (strata) and layering (stratification). It is primarily used in the study of sedimentary and layered volcanic rocks. It is used for preparing property maps to get a possible regional trend which can give the components of depositional environment.

&nbsp;

Bereft of funds, the Finance Ministry wants Oil & Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to initially spend the Rs 3,200 crores ($390mn) required for drilling wells to find oil and natural gas in the high seas.

Bereft of funds, the Finance Ministry wants Oil & Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to initially spend the Rs 3,200 crores ($390mn) required for drilling wells to find oil and natural gas in the high seas. “ONGC and OIL will take up this work on behalf of the Ministry of Petroleum & Natural Gas and the cost for drilling of these wells would be initially borne by ONGC and OIL,” says the Expenditure Finance Committee (EFC) order. The Petroleum Ministry had sought budgetary support to drill four stratigraphic wells in Category II and Category III basins in India’s offshore region to obtain critical data for a robust modelling of petroleum reserves. Usually, the Directorate General of Hydrocarbons conducts such searches through budgetary support. Though the Expenditure Department had approved the ministry’s hydrocarbon hunt, the EFC – headed by Finance Secretary -- decided that ONGC and OIL bear the expedition cost and their losses, if any, in this venture be reimbursed through gross budgetary support. Also read | India starts oil extraction from $5 billion deep-water project in Krishna Godavari basin The onus of initial spending was shifted onto ONGC and OIL as the EFC said that fiscal constraint was a major issue and that the “fiscal situation had changed post presentation in the Budget”. Officials said that subsequent to the budget announcement, there has been substantial increase in the expenditure on the revenue side which was not envisioned in the budget. As a result, there was not much fiscal space available. The EFC has therefore ordained that “ONGC and OIL will take up this work on behalf of government. They will engage international expertise for the determination of well location. The cost incurred for drilling these wells would be borne by ONGC and OIL”. “In case a discovery is made, the drilling cost would be recovered from successful bidders. However, when no discovery is made (in case of dry well), 90 percent of the estimated cost of Rs 3,200 Crores or the actuals, whichever is lower, will be borne by the government through gross budgetary support,” it said. What that means is that if a discovery is made, 150 per cent of the drilling cost of the discovered well shall be recovered from the successful bidder whenever the block is awarded through the Open Acreage Licensing Policy regime. In case no discovery is made, or the well is found dry, data from the well would be differentially priced so that at least 10 per cent of the cost is recovered from the purchasers of the well data from the National Data Repository. For calculating the unrecovered expenditure on the drilling, the total cost of all four wells and the total recovery from all four wells shall be considered and the shortfall will be treated as “unrecovered actual expenditure”. This expenditure will be reviewed by a committee under the chairmanship of Petroleum Secretary along with officials of NITI Aayog and Office of Chief Advisor Cost, and it will work out the amount to be reimbursed to the two national oil companies. The committee will submit its recommendation to the Petroleum Minister who would approach the Budget Division in the Department of Economic Affairs for budgetary support. Also watch | PM Modi in Goa: Key projects to be unveiled India’s primary objective of drilling these wells is to gather stratigraphic information of the basin and to understand the depth of play systems so that private operators are encouraged to take up exploration and production in them. Stratigraphy is a branch of geology concerned with the study of rock layers (strata) and layering (stratification). It is primarily used in the study of sedimentary and layered volcanic rocks. It is used for preparing property maps to get a possible regional trend which can give the components of depositional environment.

Exclusive: FinMin asks ONGC, OIL to fund India’s hydrocarbon hunt; promises to reimburse losses

Japan's Nikkei index surged to remarkable heights on Friday, inching closer to its all-time peak last seen during the country's economic bubble in the 1980s, signalling renewed investor confidence and buoyancy in the market. <o:p></o:p>

The index soared past post-bubble records, with the Nikkei share average closing at a 34-year high of 38,487.24, reflecting a robust 0.86 per cent increase for the day, and an impressive 14.0 per cent surge year-to-date.<o:p></o:p>

"The speed (at which the Nikkei is rising) is faster than I had expected, but I think it's justified" given fundamental improvements such as corporate governance reform, noted Kenji Abe, an analyst at Daiwa Securities, highlighting the market's response to structural changes within Japan's corporate landscape. <o:p></o:p>

The ascent saw 190 of the index's 225 constituents advancing, indicating broad-based optimism among investors, while only 34 declined, showcasing a robust market sentiment.<o:p></o:p>

Contributing to the market's bullish trajectory were key players in Japan's corporate landscape. <o:p></o:p>

Heavyweights like Toyota Motor, Fast Retailing, and Recruit Holdings saw notable gains, with Toyota Motor recording a 0.95 per cent increase, Fast Retailing up by 1.08 per cent, and Recruit Holdings rallying by 4.0 per cent, bolstering overall market sentiment.<o:p></o:p>

Even semiconductor equipment manufacturer Tokyo Electron, which initially struggled, managed to clinch a 0.4 per cent gain during the trading session, further underscoring the market's resilience.<o:p></o:p>

Bandai Namco Holdings Inc emerged as the top performer, witnessing an 8.05 per cent surge following a previous day's downturn, signalling dynamic shifts within specific sectors of Japan's market landscape. <o:p></o:p>

Moreover, the oil and coal products subindex rallied by 3.96 per cent, spearheading sectoral gains after a surge in oil prices overnight, accentuating the market's adaptability to global economic dynamics.<o:p></o:p>

However, amid the market euphoria, investors remained vigilant over Japan's economic indicators, particularly in light of Thursday's unexpected revelation of the country slipping into a recession at the end of the previous year. <o:p></o:p>

This development prompted scrutiny over the Bank of Japan's (BOJ) monetary policy outlook, with Governor Kazuo Ueda affirming the central bank's commitment to evaluating its monetary easing measures, including negative interest rates, as it navigates toward achieving its inflation target.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Japan's Nikkei index surged to remarkable heights on Friday, inching closer to its all-time peak last seen during the country's economic bubble in the 1980s, signalling renewed investor confidence and buoyancy in the market.

Japan's Nikkei index surged to remarkable heights on Friday, inching closer to its all-time peak last seen during the country's economic bubble in the 1980s, signalling renewed investor confidence and buoyancy in the market. The index soared past post-bubble records, with the Nikkei share average closing at a 34-year high of 38,487.24, reflecting a robust 0.86 per cent increase for the day, and an impressive 14.0 per cent surge year-to-date. "The speed (at which the Nikkei is rising) is faster than I had expected, but I think it's justified" given fundamental improvements such as corporate governance reform, noted Kenji Abe, an analyst at Daiwa Securities, highlighting the market's response to structural changes within Japan's corporate landscape. The ascent saw 190 of the index's 225 constituents advancing, indicating broad-based optimism among investors, while only 34 declined, showcasing a robust market sentiment. Contributing to the market's bullish trajectory were key players in Japan's corporate landscape. Heavyweights like Toyota Motor, Fast Retailing, and Recruit Holdings saw notable gains, with Toyota Motor recording a 0.95 per cent increase, Fast Retailing up by 1.08 per cent, and Recruit Holdings rallying by 4.0 per cent, bolstering overall market sentiment. Even semiconductor equipment manufacturer Tokyo Electron, which initially struggled, managed to clinch a 0.4 per cent gain during the trading session, further underscoring the market's resilience. Bandai Namco Holdings Inc emerged as the top performer, witnessing an 8.05 per cent surge following a previous day's downturn, signalling dynamic shifts within specific sectors of Japan's market landscape. Moreover, the oil and coal products subindex rallied by 3.96 per cent, spearheading sectoral gains after a surge in oil prices overnight, accentuating the market's adaptability to global economic dynamics. However, amid the market euphoria, investors remained vigilant over Japan's economic indicators, particularly in light of Thursday's unexpected revelation of the country slipping into a recession at the end of the previous year. This development prompted scrutiny over the Bank of Japan's (BOJ) monetary policy outlook, with Governor Kazuo Ueda affirming the central bank's commitment to evaluating its monetary easing measures, including negative interest rates, as it navigates toward achieving its inflation target. (With inputs from Reuters)

Nikkei surges to near all-time high, driven by market optimism and corporate gains

In a move signalling a major restructuring within the media industry, Vice Media, the once-burgeoning multimedia company, has announced plans to lay off several hundred employees and cease publication on its Vice.com website, AP News reported.<o:p></o:p>

The decision, communicated through a memo from CEO Bruce Dixon, underscores the challenges facing digital media outlets amidst evolving consumer habits and financial pressures.<o:p></o:p>

According to Dixon, the layoffs are part of a strategic shift towards a studio model, indicating a departure from Vice's traditional approach to content creation. <o:p></o:p>

Dixon acknowledged the difficulty of the decision, citing the need for long-term sustainability and creative success. <o:p></o:p>

While specific details regarding the affected positions remain undisclosed, the move reflects Vice's efforts to adapt to a rapidly changing media landscape.<o:p></o:p>

According to The Guardian, the decision to halt publication on Vice.com comes amid reports of financial strain within the company and follows its acquisition by a consortium led by the Fortress Investment Group last year. <o:p></o:p>

The move to discontinue Vice.com is accompanied by plans to explore alternative distribution channels for Vice's content, with a heightened focus on social media platforms.<o:p></o:p>

Concerns about the fate of Vice's news division have surfaced, with reports suggesting potential closure. <o:p></o:p>

The announcement has drawn criticism from within the industry, with employees and observers questioning the rationale behind the decision. <o:p></o:p>

Vice's restructuring comes amidst a broader wave of layoffs across the media landscape, with prominent outlets such as NowThis and the Intercept also announcing significant workforce reductions. <o:p></o:p>

In a move signalling a major restructuring within the media industry, Vice Media, the once-burgeoning multimedia company, has announced plans to lay off several hundred employees and cease publication on its Vice.

In a move signalling a major restructuring within the media industry, Vice Media, the once-burgeoning multimedia company, has announced plans to lay off several hundred employees and cease publication on its Vice.com website, AP News reported. The decision, communicated through a memo from CEO Bruce Dixon, underscores the challenges facing digital media outlets amidst evolving consumer habits and financial pressures. According to Dixon, the layoffs are part of a strategic shift towards a studio model, indicating a departure from Vice's traditional approach to content creation. Dixon acknowledged the difficulty of the decision, citing the need for long-term sustainability and creative success. While specific details regarding the affected positions remain undisclosed, the move reflects Vice's efforts to adapt to a rapidly changing media landscape. According to The Guardian, the decision to halt publication on Vice.com comes amid reports of financial strain within the company and follows its acquisition by a consortium led by the Fortress Investment Group last year. The move to discontinue Vice.com is accompanied by plans to explore alternative distribution channels for Vice's content, with a heightened focus on social media platforms. Concerns about the fate of Vice's news division have surfaced, with reports suggesting potential closure. The announcement has drawn criticism from within the industry, with employees and observers questioning the rationale behind the decision. Vice's restructuring comes amidst a broader wave of layoffs across the media landscape, with prominent outlets such as NowThis and the Intercept also announcing significant workforce reductions.

Vice Media announces layoffs, halts publication amid financial struggles

Nvidia hit $2 trillion in market value for the first time on Friday, riding on an insatiable demand for its chips that made the Silicon Valley firm the pioneer of the generative artificial intelligence boom.

The milestone followed another bumper revenue forecast from the chip designer that drove up its market value by $277 billion on Thursday - Wall Street's largest one-day gain on record.

Also read:&nbsp;<a data-ctorig="https://www.wionews.com/business-economy/nvidia-surpasses-alphabet-to-claim-third-spot-in-wall-streets-valuation-race-690433" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/nvidia-surpasses-alphabet-to-claim-third-spot-in-wall-streets-valuation-race-690433&amp;sa=U&amp;ved=2ahUKEwih5ur-5cGEAxWy4jgGHer9DtIQFnoECAAQAg&amp;usg=AOvVaw1ywSoiMhpARXFLeLGTaeQE" dir="ltr" href="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/nvidia-surpasses-alphabet-to-claim-third-spot-in-wall-streets-valuation-race-690433&amp;sa=U&amp;ved=2ahUKEwih5ur-5cGEAxWy4jgGHer9DtIQFnoECAAQAg&amp;usg=AOvVaw1ywSoiMhpARXFLeLGTaeQE" target="_blank">Nvidia&nbsp;surpasses Alphabet to claim third spot in Wall Street</a>

Its rapid ascent in the past year has led analysts to draw parallels to the picks and shovels providers during the gold rush of 1800s as Nvidia's chips are used by almost all generative AI players from chatGPT-maker OpenAI to Google.

That has helped the company vault from $1 trillion to $2 trillion market value in around eight months - the fastest among U.S. companies and in less than half the time it took tech giants Apple and Microsoft.

"For AI companies today - the leaders of the sector - what's going to be binding for them is not going to be demand. It's just going to be their capacity to answer the surging demand," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/nvidia-options-traders-anticipate-volatility-surge-ahead-of-earnings-report-690797">Nvidia options traders anticipate volatility surge ahead of earnings report</a>

Nvidia's shares were trading about 3% higher at a record high of $808 on Friday, maintaining its position as the third most valuable U.S. firm.

That gave the company a market value of $2.05 trillion, compared with $1.52 trillion at the end of January. Its shares have surged nearly 60% this year, after more than tripling in value in 2023.

The chip designer's 2024 share jump has been crucial for the S&amp;P 500's performance, contributing to more than a quarter of the stock index's rise this year.

Its latest market-beating forecast of a whopping 233% growth in first-quarter revenue helped global markets notch record highs on Thursday.

Watch:&nbsp;US chipmaker Nvidia reaches $1 trillion milestone

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The breakneck growth has drawn analysts and investors from far and wide to Nvidia.

"I'm a European fund manager, but I must have had more emails about their results than I've had about any other set. There have been calls, every broker doing 10-minute debriefs, it's been mind boggling," said one investor, who declined to be named.

Despite the share surge, Nvidia's valuation has fallen due to rapid increases in analysts' estimates. It has a 12-month forward price-to-earnings ratio of about 31, down from 49 times a year ago, according to LSEG data.

"Leading cloud computing companies plan to boost their capital expenditures to satisfy demand for artificial intelligence training and inference, and it appears that virtually all this spending will fall into Nvidia's pockets," said Brian Colello, a strategist at Morningstar.

"We anticipate revenue will rise by a couple of billion each quarter throughout fiscal 2025 for Nvidia as more chip supply comes online."

Nvidia hit $2 trillion in market value for the first time on Friday, riding on an insatiable demand for its chips that made the Silicon Valley firm the pioneer of the generative artificial intelligence boom.

Nvidia hit $2 trillion in market value for the first time on Friday, riding on an insatiable demand for its chips that made the Silicon Valley firm the pioneer of the generative artificial intelligence boom. The milestone followed another bumper revenue forecast from the chip designer that drove up its market value by $277 billion on Thursday - Wall Street's largest one-day gain on record. Also read: Nvidia surpasses Alphabet to claim third spot in Wall Street Its rapid ascent in the past year has led analysts to draw parallels to the picks and shovels providers during the gold rush of 1800s as Nvidia's chips are used by almost all generative AI players from chatGPT-maker OpenAI to Google. That has helped the company vault from $1 trillion to $2 trillion market value in around eight months - the fastest among U.S. companies and in less than half the time it took tech giants Apple and Microsoft. "For AI companies today - the leaders of the sector - what's going to be binding for them is not going to be demand. It's just going to be their capacity to answer the surging demand," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Also read: Nvidia options traders anticipate volatility surge ahead of earnings report Nvidia's shares were trading about 3% higher at a record high of $808 on Friday, maintaining its position as the third most valuable U.S. firm. That gave the company a market value of $2.05 trillion, compared with $1.52 trillion at the end of January. Its shares have surged nearly 60% this year, after more than tripling in value in 2023. The chip designer's 2024 share jump has been crucial for the S&P 500's performance, contributing to more than a quarter of the stock index's rise this year. Its latest market-beating forecast of a whopping 233% growth in first-quarter revenue helped global markets notch record highs on Thursday. Watch: US chipmaker Nvidia reaches $1 trillion milestone × The breakneck growth has drawn analysts and investors from far and wide to Nvidia. "I'm a European fund manager, but I must have had more emails about their results than I've had about any other set. There have been calls, every broker doing 10-minute debriefs, it's been mind boggling," said one investor, who declined to be named. Despite the share surge, Nvidia's valuation has fallen due to rapid increases in analysts' estimates. It has a 12-month forward price-to-earnings ratio of about 31, down from 49 times a year ago, according to LSEG data. "Leading cloud computing companies plan to boost their capital expenditures to satisfy demand for artificial intelligence training and inference, and it appears that virtually all this spending will fall into Nvidia's pockets," said Brian Colello, a strategist at Morningstar. "We anticipate revenue will rise by a couple of billion each quarter throughout fiscal 2025 for Nvidia as more chip supply comes online."

Nvidia hits $2 trillion valuation as AI frenzy grips Wall Street

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023. <o:p></o:p>

According to Reuters, the company's IPO filing, made public recently, marks a significant milestone nearly two decades after its inception. <o:p></o:p>

Reddit's move toward a public offering is being closely watched, positioning itself against social media powerhouses like Facebook and X (formerly Twitter). <o:p></o:p>

With an average of 73.1 million daily active users and 267.5 million weekly active users reported in the last quarter of 2023, Reddit boasts a huge user base, with over 100,000 active communities and 1 billion cumulative posts.<o:p></o:p>

In an effort to strengthen its revenue streams, Reddit has struck a noteworthy deal with Alphabet's Google, according to sources familiar with the matter. <o:p></o:p>

The agreement entails making Reddit's content available to Google's artificial intelligence models, with the contract valued at approximately $60 million annually. <o:p></o:p>

CEO Steven Huffman holds Class B common stock as revealed by the IPO filing, which is dependent upon Reddit achieving a market capitalisation valuation of $5 billion post-offering. <o:p></o:p>

The social media platform's anticipated valuation and market performance are expected to resonate positively among investors, fostering confidence in Reddit's trajectory.<o:p></o:p>

Despite Reddit's presence in the social media landscape, questions linger regarding its monetisation strategy and content moderation practices. <o:p></o:p>

Compared to its counterparts like Meta (Facebook) and Twitter, Reddit's revenue figures are dwarfed, indicating a need to refine its advertising model and address concerns over content moderation. <o:p></o:p>

Nevertheless, Reddit has carved a niche for itself, particularly among younger demographics, bolstered by its acquisition of Dubsmash, a TikTok competitor, in 2020.<o:p></o:p>

The journey to IPO hasn't been without challenges for Reddit. <o:p></o:p>

Economic uncertainties coupled with volatile technology stocks compelled the company to delay its offering, despite confidentially filing for an IPO in late 2021. <o:p></o:p>

However, with Morgan Stanley and Goldman Sachs leading the underwriting efforts, supported by a consortium of other banks, Reddit's foray into the public market is poised for significant attention and scrutiny.

<o:p></o:p>

About the Reddit-Google deal for AI training<o:p></o:p>

Media reports note that Reddit has struck a $60 million deal with Google, granting access to its posts for AI model training. 

This collaboration aims to enhance Google's services, including Search, while Reddit gains access to Google's AI models for internal improvements. 

Despite concerns from moderators, the deal does not indicate data-driven changes to Reddit's functioning, as it operates differently from algorithm-driven platforms. 

Both parties must adhere to Reddit's user terms and privacy policy, ensuring deleted posts are removed entirely. 

For Google, the partnership provides valuable human-generated data to refine AI models, improving understanding of human interactions. 

Google praised Reddit as a repository of authentic experiences, aiming to enhance user access to Reddit content through its products, benefitting both platforms and simplifying user engagement.

<o:p></o:p>

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023.

Reddit, the social media giant, has disclosed its intention to go public in the United States stock market, while revealing a narrowed net loss of $90.8 million and a revenue growth of approximately 21 per cent in 2023. According to Reuters, the company's IPO filing, made public recently, marks a significant milestone nearly two decades after its inception. Reddit's move toward a public offering is being closely watched, positioning itself against social media powerhouses like Facebook and X (formerly Twitter). With an average of 73.1 million daily active users and 267.5 million weekly active users reported in the last quarter of 2023, Reddit boasts a huge user base, with over 100,000 active communities and 1 billion cumulative posts. In an effort to strengthen its revenue streams, Reddit has struck a noteworthy deal with Alphabet's Google, according to sources familiar with the matter. The agreement entails making Reddit's content available to Google's artificial intelligence models, with the contract valued at approximately $60 million annually. CEO Steven Huffman holds Class B common stock as revealed by the IPO filing, which is dependent upon Reddit achieving a market capitalisation valuation of $5 billion post-offering. The social media platform's anticipated valuation and market performance are expected to resonate positively among investors, fostering confidence in Reddit's trajectory. Despite Reddit's presence in the social media landscape, questions linger regarding its monetisation strategy and content moderation practices. Compared to its counterparts like Meta (Facebook) and Twitter, Reddit's revenue figures are dwarfed, indicating a need to refine its advertising model and address concerns over content moderation. Nevertheless, Reddit has carved a niche for itself, particularly among younger demographics, bolstered by its acquisition of Dubsmash, a TikTok competitor, in 2020. The journey to IPO hasn't been without challenges for Reddit. Economic uncertainties coupled with volatile technology stocks compelled the company to delay its offering, despite confidentially filing for an IPO in late 2021. However, with Morgan Stanley and Goldman Sachs leading the underwriting efforts, supported by a consortium of other banks, Reddit's foray into the public market is poised for significant attention and scrutiny. About the Reddit-Google deal for AI training Media reports note that Reddit has struck a $60 million deal with Google, granting access to its posts for AI model training. This collaboration aims to enhance Google's services, including Search, while Reddit gains access to Google's AI models for internal improvements. Despite concerns from moderators, the deal does not indicate data-driven changes to Reddit's functioning, as it operates differently from algorithm-driven platforms. Both parties must adhere to Reddit's user terms and privacy policy, ensuring deleted posts are removed entirely. For Google, the partnership provides valuable human-generated data to refine AI models, improving understanding of human interactions. Google praised Reddit as a repository of authentic experiences, aiming to enhance user access to Reddit content through its products, benefitting both platforms and simplifying user engagement.

Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation