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In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day.

The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI).&nbsp;<o:p></o:p>

"The speed (at which Nvidia's stock is rising) is faster than I had expected, but I think it's justified (given the fundamental improvements in AI computing )", Reuters quoted Russ Mould, investment director at AJ Bell as saying. <o:p></o:p>

Nvidia's stock skyrocketed by 16.4 per cent to close at $785.38, setting a new record-high close and making it the third-most valuable company in the US stock market, surpassing tech behemoths like Amazon.com and Alphabet. <o:p></o:p>

The surge in Nvidia's market value not only outpaced the entire value of Coca-Cola but also propelled the broader S&amp;P 500, Europe's STOXX 600, and Japan's Nikkei share average to record highs, underscoring the ripple effect of Nvidia's performance across global markets.<o:p></o:p>

Investor sentiment soared as Nvidia forecasted a 233 per cent growth in current-quarter revenue, surpassing market expectations and signalling strong demand for its chips. <o:p></o:p>

Advanced Micro Devices and Broadcom, among other chipmakers exposed to AI, also witnessed significant rallies, further fuelling the optimism surrounding the tech sector. <o:p></o:p>

The Philadelphia chip index surged to a record high with its biggest one-day gain since May 2023, while the S&amp;P 500 and the Nasdaq also soared to new heights, signalling a broader market rally.<o:p></o:p>

While Nvidia's meteoric rise has garnered widespread acclaim, concerns lingered among some analysts regarding the company's rapid growth trajectory and potential headwinds such as US curbs on chip sales to China. <o:p></o:p>

Despite the rapid pace of gains, at least 17 brokerages raised their price targets post-results, reflecting bullish sentiments. <o:p></o:p>

However, UBS tempered its optimism, citing concerns over a potential slowdown in revenue growth.<o:p></o:p>

"We've gotten well ahead of expectations and baked in a lot for the next three years," remarked Paul Nolte, senior wealth adviser and market strategist at Murphy &amp; Sylvest.<o:p></o:p>

Short sellers, who bet on Nvidia's stock decline, rushed to close their trades, having incurred significant losses amid the stock's ascent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI).

In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI). "The speed (at which Nvidia's stock is rising) is faster than I had expected, but I think it's justified (given the fundamental improvements in AI computing )", Reuters quoted Russ Mould, investment director at AJ Bell as saying. Nvidia's stock skyrocketed by 16.4 per cent to close at $785.38, setting a new record-high close and making it the third-most valuable company in the US stock market, surpassing tech behemoths like Amazon.com and Alphabet. The surge in Nvidia's market value not only outpaced the entire value of Coca-Cola but also propelled the broader S&P 500, Europe's STOXX 600, and Japan's Nikkei share average to record highs, underscoring the ripple effect of Nvidia's performance across global markets. Investor sentiment soared as Nvidia forecasted a 233 per cent growth in current-quarter revenue, surpassing market expectations and signalling strong demand for its chips. Advanced Micro Devices and Broadcom, among other chipmakers exposed to AI, also witnessed significant rallies, further fuelling the optimism surrounding the tech sector. The Philadelphia chip index surged to a record high with its biggest one-day gain since May 2023, while the S&P 500 and the Nasdaq also soared to new heights, signalling a broader market rally. While Nvidia's meteoric rise has garnered widespread acclaim, concerns lingered among some analysts regarding the company's rapid growth trajectory and potential headwinds such as US curbs on chip sales to China. Despite the rapid pace of gains, at least 17 brokerages raised their price targets post-results, reflecting bullish sentiments. However, UBS tempered its optimism, citing concerns over a potential slowdown in revenue growth. "We've gotten well ahead of expectations and baked in a lot for the next three years," remarked Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest. Short sellers, who bet on Nvidia's stock decline, rushed to close their trades, having incurred significant losses amid the stock's ascent. (With inputs from Reuters)

Nvidia's surge adds $277 billion in market value, spurring record stock rally

An extraordinary general meeting (EGM) to decide the fate of Byju Raveendran, the CEO and founder of Byju's, India's leading ed-tech giant, will convene today. <o:p></o:p>

The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.<o:p></o:p>

Byju's, once lauded as a beacon of success in India's startup landscape with a valuation soaring over $20 billion, has witnessed a catastrophic downfall, experiencing a staggering 90 per cent decline in its value within the last year. <o:p></o:p>

The ed-tech firm, which initially flourished amid the surge in demand for online learning during the Covid-19 pandemic, now finds itself grappling with a myriad of crises, including investor pullouts, the resignation of Deloitte as its auditor, and a contentious legal battle with US lenders over a hefty $1.2 billion loan.<o:p></o:p>

Despite Byju's assertion of a Karnataka High Court ruling that deems any decisions made at the meeting as "invalid" until the next hearing, the consortium of investors remain&nbsp;resolute in its pursuit of Raveendran's ousting. <o:p></o:p>

Byju's contends that prominent investors such as General Atlantic and the Chan Zuckerberg Initiative, along with others, have breached shareholder agreements by instigating the meeting.<o:p></o:p>

In tandem with the mounting pressure from investors, Raveendran faces intensified scrutiny from regulatory authorities. <o:p></o:p>

The Enforcement Directorate (ED) has escalated its investigation into alleged Foreign Exchange Management Act (FEMA) violations involving Byju's and its founder. <o:p></o:p>

The agency's decision to fortify the Look Out Circular (LOC) against Raveendran highlights the gravity of the probe, with the Indian Bureau of Immigration directed to ensure his presence within the country's borders.<o:p></o:p>

An extraordinary general meeting (EGM) to decide the fate of Byju Raveendran, the CEO and founder of Byju's, India's leading ed-tech giant, will convene today. The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.

An extraordinary general meeting (EGM) to decide the fate of Byju Raveendran, the CEO and founder of Byju's, India's leading ed-tech giant, will convene today. The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year. Byju's, once lauded as a beacon of success in India's startup landscape with a valuation soaring over $20 billion, has witnessed a catastrophic downfall, experiencing a staggering 90 per cent decline in its value within the last year. The ed-tech firm, which initially flourished amid the surge in demand for online learning during the Covid-19 pandemic, now finds itself grappling with a myriad of crises, including investor pullouts, the resignation of Deloitte as its auditor, and a contentious legal battle with US lenders over a hefty $1.2 billion loan. Despite Byju's assertion of a Karnataka High Court ruling that deems any decisions made at the meeting as "invalid" until the next hearing, the consortium of investors remain resolute in its pursuit of Raveendran's ousting. Byju's contends that prominent investors such as General Atlantic and the Chan Zuckerberg Initiative, along with others, have breached shareholder agreements by instigating the meeting. In tandem with the mounting pressure from investors, Raveendran faces intensified scrutiny from regulatory authorities. The Enforcement Directorate (ED) has escalated its investigation into alleged Foreign Exchange Management Act (FEMA) violations involving Byju's and its founder. The agency's decision to fortify the Look Out Circular (LOC) against Raveendran highlights the gravity of the probe, with the Indian Bureau of Immigration directed to ensure his presence within the country's borders.

Byju's investors forge ahead with CEO ouster plan amid legal hurdles and financial turmoil

Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. <o:p></o:p>

With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong.<o:p></o:p>

According to media reports, Jefferies highlighted India's economic growth trajectory, noting its transformation from the ninth-largest economy a decade ago to the fifth-largest today, with a nominal GDP of $3.4 trillion. <o:p></o:p>

Despite facing challenges from major reforms like the implementation of GST, bankruptcy laws, and demonetisation, India's GDP has continued to expand.<o:p></o:p>

A Hindustan Times report cited Chris Wood of Jefferies who highlighted the impact of fundamental structural reforms under Prime Minister Modi's leadership. <o:p></o:p>

According to him these reforms have significantly improved India's macroeconomic indicators, making the country increasingly attractive to foreign investors. <o:p></o:p>

Previously, India's lack of a compelling top-down narrative hindered foreign investment, but with recent reforms, the country's macro story is now on par with global standards.<o:p></o:p>

The investment banking company predicts India's GDP growth to outperform most large economies globally, with a projected growth rate of 6 per cent over the next five years. <o:p></o:p>

Apart from the structural reforms,&nbsp;rising growth rates&nbsp;are also driving India's ascent on the global economic stage.<o:p></o:p>

NDTV reported that Jefferies anticipates significant growth in Indian equity markets, with estimated returns of 8-10 per cent in dollar terms over the next five to seven years. <o:p></o:p>

Structural domestic flows and the potential listing of large unicorns are poised to drive the market cap past $10 trillion by 2030. <o:p></o:p>

The company also highlights the scope for increased foreign investment in India, given its relatively low country weight in global indices, presenting rewarding opportunities for equity investors.<o:p></o:p>

Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong.

Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong. According to media reports, Jefferies highlighted India's economic growth trajectory, noting its transformation from the ninth-largest economy a decade ago to the fifth-largest today, with a nominal GDP of $3.4 trillion. Despite facing challenges from major reforms like the implementation of GST, bankruptcy laws, and demonetisation, India's GDP has continued to expand. A Hindustan Times report cited Chris Wood of Jefferies who highlighted the impact of fundamental structural reforms under Prime Minister Modi's leadership. According to him these reforms have significantly improved India's macroeconomic indicators, making the country increasingly attractive to foreign investors. Previously, India's lack of a compelling top-down narrative hindered foreign investment, but with recent reforms, the country's macro story is now on par with global standards. The investment banking company predicts India's GDP growth to outperform most large economies globally, with a projected growth rate of 6 per cent over the next five years. Apart from the structural reforms, rising growth rates are also driving India's ascent on the global economic stage. NDTV reported that Jefferies anticipates significant growth in Indian equity markets, with estimated returns of 8-10 per cent in dollar terms over the next five to seven years. Structural domestic flows and the potential listing of large unicorns are poised to drive the market cap past $10 trillion by 2030. The company also highlights the scope for increased foreign investment in India, given its relatively low country weight in global indices, presenting rewarding opportunities for equity investors.

India poised to surpass Japan and Germany, become third-largest economy by 2027: Jefferies

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil

The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.

<a href="https://www.wionews.com/business-economy/byjus-investors-forge-ahead-with-ceo-ousting-amid-legal-hurdles-and-financial-turmoil-692966">Read more here</a>

Vice Media announces layoffs, halts publication amid financial struggles

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.

<a href="https://www.wionews.com/business-economy/vice-media-announces-layoffs-halts-publication-amid-financial-struggles-692981">Read more here</a>

Nikkei surges to near all-time high, driven by market optimism and corporate gains

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.

<a href="https://www.wionews.com/business-economy/nikkei-surges-to-near-all-time-high-driven-by-market-optimism-and-corporate-gains-693002">Read more here</a>

Nvidia's surge adds $277 billion in market value, spurring record stock rally

In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI).&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-remarkable-surge-adds-277-billion-in-market-value-spurring-record-stock-rally-693009">Read more here</a>

Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation

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.

<a href="https://www.wionews.com/business-economy/reddits-ipo-filing-reveals-narrowed-losses-steady-growth-amid-high-anticipation-693058">Read more here</a>

Toyota issues recall for 280,000 vehicles over transmission flaw: Report

Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral.

<a href="https://www.wionews.com/business-economy/toyota-issues-recall-for-280000-vehicles-over-transmission-flaw-report-693060">Read more here</a>

India poised to surpass Japan and Germany, become&nbsp;third-largest economy by 2027: Jefferies

Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong.

<a href="https://www.wionews.com/business-economy/india-poised-to-surpass-japan-and-germany-becoming-third-largest-economy-by-2027-jefferies-693085">Read more here</a>

US to impose sanctions on over 500 targets on anniversary of Ukraine war

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict.

<a href="https://www.wionews.com/business-economy/us-to-impose-sanctions-on-over-500-targets-on-anniversary-of-ukraine-war-693074">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Byju's investors forge ahead with CEO ousting amid legal hurdles and financial turmoil The meeting, organised by a consortium of shareholders including global tech investor Prosus, is poised to deliberate on Raveendran's removal amid a backdrop of profound financial distress and legal entanglements that have engulfed the company over the past year. Read more here Vice Media announces layoffs, halts publication amid financial struggles 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. Read more here Nikkei surges to near all-time high, driven by market optimism and corporate gains 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. Read more here Nvidia's surge adds $277 billion in market value, spurring record stock rally In a historic feat, chip maker Nvidia's market capitalisation surged by $277 billion in a single day. The surge, propelled by Nvidia's quarterly report surpassing analysts' expectations, reignited optimism surrounding artificial intelligence (AI). Read more here Reddit's IPO filing reveals narrowed losses, steady growth amid high anticipation 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. Read more here Toyota issues recall for 280,000 vehicles over transmission flaw: Report Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral. Read more here India poised to surpass Japan and Germany, become third-largest economy by 2027: Jefferies Investment banking firm, Jefferies, predicts that India is set to become the third-largest economy globally by 2027, overtaking both Japan and Germany. With India's GDP projected to reach $5 trillion in the next four years and nearly $10 trillion by 2030, the country's economic ascent is predicted to be strong. Read more here US to impose sanctions on over 500 targets on anniversary of Ukraine war In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict. Read more here

WION Business Wrap | Nvidia's soaring stock, Nikkei's resurgence and more

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict.

In an interview with Reuters,&nbsp;Deputy US Treasury Secretary Wally Adeyemo said that this action aims to target Russia's military-industrial complex and companies in third countries facilitating Russia's access to desired goods.

The move underscores Washington's determination to hold Russia accountable for its actions, including the war in Ukraine and the death of opposition leader Alexei Navalny.

Adeyemo emphasised the collective nature of these sanctions, stating, "It's important to step back and remember that it's not just America taking these actions."

This coordinated effort reflects the resolve of the US and its allies to maintain pressure on Russia, despite challenges such as uncertainties regarding additional security assistance for Kyiv.

While President Joe Biden's administration has depleted previously approved funds for Ukraine, efforts to secure additional resources face obstacles in the Republican-controlled House of Representatives.

The forthcoming sanctions package represents the latest in a series of measures aimed at Moscow since the 2022 invasion of Ukraine, which has resulted in significant casualties and widespread destruction.

Despite the imposition of thousands of sanctions by the United States and its allies, concerns persist about the efficacy of these measures in halting Russia's aggression.&nbsp;

Experts caution that congressional action to provide additional military assistance to Ukraine is crucial for bolstering the country's defense capabilities.

According to assessments by the Treasury Department, the sanctions have impacted Russia's economy, contributing to a 2.1 per cent contraction in 2022.

However, Russia's economic performance has exceeded expectations, with the International Monetary Fund (IMF) upgrading its GDP growth forecast for 2024 to 2.6 per cent - a notable improvement from previous estimates.

IMF has dubbed Russia as a "war economy" due to increased military expenditures, government support for consumption, and rising inflation.

(With inputs from Reuters)

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict.

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict. In an interview with Reuters, Deputy US Treasury Secretary Wally Adeyemo said that this action aims to target Russia's military-industrial complex and companies in third countries facilitating Russia's access to desired goods. The move underscores Washington's determination to hold Russia accountable for its actions, including the war in Ukraine and the death of opposition leader Alexei Navalny. Adeyemo emphasised the collective nature of these sanctions, stating, "It's important to step back and remember that it's not just America taking these actions." This coordinated effort reflects the resolve of the US and its allies to maintain pressure on Russia, despite challenges such as uncertainties regarding additional security assistance for Kyiv. While President Joe Biden's administration has depleted previously approved funds for Ukraine, efforts to secure additional resources face obstacles in the Republican-controlled House of Representatives. The forthcoming sanctions package represents the latest in a series of measures aimed at Moscow since the 2022 invasion of Ukraine, which has resulted in significant casualties and widespread destruction. Despite the imposition of thousands of sanctions by the United States and its allies, concerns persist about the efficacy of these measures in halting Russia's aggression. Experts caution that congressional action to provide additional military assistance to Ukraine is crucial for bolstering the country's defense capabilities. According to assessments by the Treasury Department, the sanctions have impacted Russia's economy, contributing to a 2.1 per cent contraction in 2022. However, Russia's economic performance has exceeded expectations, with the International Monetary Fund (IMF) upgrading its GDP growth forecast for 2024 to 2.6 per cent - a notable improvement from previous estimates. IMF has dubbed Russia as a "war economy" due to increased military expenditures, government support for consumption, and rising inflation. (With inputs from Reuters)

US to impose sanctions on over 500 targets on anniversary of Ukraine war

Inditex, the parent company of Zara, has embarked on a strategic move to expand its low-priced brand Lefties in response to the growing presence of the Chinese-founded rival Shein.

Shein's rapid growth in the online marketplace has put pressure on major retailers like Inditex and H&amp;M to devise strategies to tackle its competitive edge.

Once a leader in fast fashion,&nbsp;Zara has faced challenges in maintaining its competitive pricing due to Inditex's price hikes aimed at safeguarding profit margins amidst inflation and targeting more upscale clientele.

However, Inditex is quietly strengthening its budget-friendly offerings, with the expansion of Lefties being a pivotal aspect of this strategy.&nbsp;

Lefties, originally conceived as an outlet for Zara's excess inventory, has evolved into a brand selling jeans for as low as $19.48, dresses starting from $8.65, and handbags priced at $6.48.

The expansion of Lefties extends beyond its origins, with stores now present in 17 countries, including emerging markets like Egypt, Mexico, Romania, and Saudi Arabia.&nbsp;

This strategic move signals Inditex's commitment to catering to consumers seeking value-oriented options, a market segment that Lefties aims to capture amidst the competitive landscape dominated by Shein.

Lefties' growth trajectory has been particularly noteworthy in Spain and Portugal, where it has attracted a significant customer base.

Lefties has witnessed a substantial increase in customer numbers in&nbsp;Spain, reaching close to 5 million, just behind Shein's estimated 5.2 million customers.&nbsp;

This trend underscores Inditex's ambition to diversify its consumer base and tap into market segments that may prefer more affordable options, compared to Zara's offerings.

The competition posed by Shein has prompted discussions within Inditex management regarding strategies to effectively compete against the fast-growing online retailer.

While Shein remains unlisted, its significant market share, estimated at 18 per cent by Coresight Research, emphasises the need for Inditex to devise innovative approaches to maintain its competitive edge.

Inditex's decision to keep Lefties' financial results private reflects a cautious approach aimed at allowing the brand to reach critical mass and profitability without undue pressure from competitors.

Lefties is focusing on providing a robust online service and leveraging its low-cost segment. By doing so, it aims to establish itself as a formidable player in the fast fashion market, particularly in regions where competitors like Shein face delivery challenges or lack home delivery options.&nbsp;

(With inputs from Reuters)

Inditex, the parent company of Zara, has embarked on a strategic move to expand its low-priced brand Lefties in response to the growing presence of the Chinese-founded rival Shein.

Inditex, the parent company of Zara, has embarked on a strategic move to expand its low-priced brand Lefties in response to the growing presence of the Chinese-founded rival Shein. Shein's rapid growth in the online marketplace has put pressure on major retailers like Inditex and H&M to devise strategies to tackle its competitive edge. Once a leader in fast fashion, Zara has faced challenges in maintaining its competitive pricing due to Inditex's price hikes aimed at safeguarding profit margins amidst inflation and targeting more upscale clientele. However, Inditex is quietly strengthening its budget-friendly offerings, with the expansion of Lefties being a pivotal aspect of this strategy. Lefties, originally conceived as an outlet for Zara's excess inventory, has evolved into a brand selling jeans for as low as $19.48, dresses starting from $8.65, and handbags priced at $6.48. The expansion of Lefties extends beyond its origins, with stores now present in 17 countries, including emerging markets like Egypt, Mexico, Romania, and Saudi Arabia. This strategic move signals Inditex's commitment to catering to consumers seeking value-oriented options, a market segment that Lefties aims to capture amidst the competitive landscape dominated by Shein. Lefties' growth trajectory has been particularly noteworthy in Spain and Portugal, where it has attracted a significant customer base. Lefties has witnessed a substantial increase in customer numbers in Spain, reaching close to 5 million, just behind Shein's estimated 5.2 million customers. This trend underscores Inditex's ambition to diversify its consumer base and tap into market segments that may prefer more affordable options, compared to Zara's offerings. The competition posed by Shein has prompted discussions within Inditex management regarding strategies to effectively compete against the fast-growing online retailer. While Shein remains unlisted, its significant market share, estimated at 18 per cent by Coresight Research, emphasises the need for Inditex to devise innovative approaches to maintain its competitive edge. Inditex's decision to keep Lefties' financial results private reflects a cautious approach aimed at allowing the brand to reach critical mass and profitability without undue pressure from competitors. Lefties is focusing on providing a robust online service and leveraging its low-cost segment. By doing so, it aims to establish itself as a formidable player in the fast fashion market, particularly in regions where competitors like Shein face delivery challenges or lack home delivery options. (With inputs from Reuters)

Inditex to expand 'Lefties' to counter competition from Shein

There aren't many brands that come to one’s mind when we think of a chocolate biscuit with a vanilla filling had along with a glass of milk apart from Oreos.

Its iconic twist, lick-and-dunk tagline and classic blue packaging have established its place in innumerable childhood recollections globally.

However, Oreo's history is not limited to its delectable flavour. Behind the success of this famous biscuit come&nbsp;clever marketing strategies and cultural adaptation.

In this edition of Flashback Friday we see how this biscuit became a global sensation;&nbsp;making its way to Oreo McFlurries, milkshakes and even cheesecakes.

Early beginnings

In 1912, the National Biscuit Company (later known as Nabisco) sought to broaden its range of cookies.

They present the Oreo, a fresh chocolate sandwich biscuit with a filling of vanilla cream that would contrast the flavours of chocolate.

The biscuit gained popularity fast because to its unique appearance and the taste combination.

However, Oreo was not the first biscuit of its kind. Some sources claimed that Hydrox, which was released by Sunshine Biscuits a few years prior, was the original.

The case is made more intriguing by the historical records suggesting that the founders of Sunshine and Nabisco may have been rival siblings.

Beyond imitation

It would be a disservice to Oreo's inventive spirit to attribute its success to just how similar it is to existing biscuits

Nabisco consistently pushed limits, realising the potential of the sandwich cookie format.

What made Oreos unique was the biscuit's distinctive "snap" attained through a specific baking process.

In order to keep the product brand new and exciting for customers, Oreo also embraced variations, launching flavours including Double Stuf in 1974 and Peanut Butter in 1980.

Marketing magic

The reason behind Oreo's ongoing success is mostly due to its marketing strategies.

The brand has continuously upheld a good and captivating image, from its early days of showcasing quirky characters like "Dunc the Dog" to its present focus on relatable and inclusive advertising campaigns.

In addition to being a global phenomenon, the famous "twist, lick, dunk" ritual—which was made popular by witty commercials—also ingeniously promoted portion control and an original manner to consume the biscuit.

Adapting to a global stage

As Oreo's popularity spread around the globe, Nabisco displayed outstanding cultural awareness.

The company realised that in the global market, a one-size-fits-all strategy would not be effective.

In order to accommodate regional tastes, it introduced regionally distinct flavours, such as matcha in Japan and green tea in China.

Furthermore, marketing efforts were modified to align with various cultural contexts, guaranteeing Oreo's global relevance and connection.

From controversy to collaboration

There have been difficulties along the way for Oreo.

Concerns about the company's sustainability policies and ingredient selection have been raised.

Nevertheless, Nabisco has taken proactive measures to address these worries, including the introduction of healthier choices and the adoption of sustainable sourcing methods.

Furthermore, Oreo has welcomed cooperation, collaborating with other well-known companies like Kit Kat and even releasing co-branded goods, proving its flexibility and ability to change with the times.

There aren't many brands that come to one’s mind when we think of a chocolate biscuit with a vanilla filling had along with a glass of milk apart from Oreos. Its iconic twist, lick-and-dunk tagline and classic blue packaging have established its place in innumerable childhood recollections globally.

There aren't many brands that come to one’s mind when we think of a chocolate biscuit with a vanilla filling had along with a glass of milk apart from Oreos. Its iconic twist, lick-and-dunk tagline and classic blue packaging have established its place in innumerable childhood recollections globally. However, Oreo's history is not limited to its delectable flavour. Behind the success of this famous biscuit come clever marketing strategies and cultural adaptation. In this edition of Flashback Friday we see how this biscuit became a global sensation; making its way to Oreo McFlurries, milkshakes and even cheesecakes. Early beginnings In 1912, the National Biscuit Company (later known as Nabisco) sought to broaden its range of cookies. They present the Oreo, a fresh chocolate sandwich biscuit with a filling of vanilla cream that would contrast the flavours of chocolate. The biscuit gained popularity fast because to its unique appearance and the taste combination. However, Oreo was not the first biscuit of its kind. Some sources claimed that Hydrox, which was released by Sunshine Biscuits a few years prior, was the original. The case is made more intriguing by the historical records suggesting that the founders of Sunshine and Nabisco may have been rival siblings. Beyond imitation It would be a disservice to Oreo's inventive spirit to attribute its success to just how similar it is to existing biscuits Nabisco consistently pushed limits, realising the potential of the sandwich cookie format. What made Oreos unique was the biscuit's distinctive "snap" attained through a specific baking process. In order to keep the product brand new and exciting for customers, Oreo also embraced variations, launching flavours including Double Stuf in 1974 and Peanut Butter in 1980. Marketing magic The reason behind Oreo's ongoing success is mostly due to its marketing strategies. The brand has continuously upheld a good and captivating image, from its early days of showcasing quirky characters like "Dunc the Dog" to its present focus on relatable and inclusive advertising campaigns. In addition to being a global phenomenon, the famous "twist, lick, dunk" ritual—which was made popular by witty commercials—also ingeniously promoted portion control and an original manner to consume the biscuit. Adapting to a global stage As Oreo's popularity spread around the globe, Nabisco displayed outstanding cultural awareness. The company realised that in the global market, a one-size-fits-all strategy would not be effective. In order to accommodate regional tastes, it introduced regionally distinct flavours, such as matcha in Japan and green tea in China. Furthermore, marketing efforts were modified to align with various cultural contexts, guaranteeing Oreo's global relevance and connection. From controversy to collaboration There have been difficulties along the way for Oreo. Concerns about the company's sustainability policies and ingredient selection have been raised. Nevertheless, Nabisco has taken proactive measures to address these worries, including the introduction of healthier choices and the adoption of sustainable sourcing methods. Furthermore, Oreo has welcomed cooperation, collaborating with other well-known companies like Kit Kat and even releasing co-branded goods, proving its flexibility and ability to change with the times.

Flashback Friday: ‘Twist, Lick, Dunk’ - unveiling the sweet story of the Oreo biscuit

<o:p></o:p>

Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral. <o:p></o:p>

According to a report by AP news, the recall, announced by the Japanese automaker, encompasses specific Toyota Tundra pickups, Sequoia SUVs, and Lexus LX 600 SUVs manufactured between 2022 and 2024.<o:p></o:p>

According to Toyota, certain components within the vehicles' automatic transmissions may fail to disengage promptly when shifted into neutral, potentially allowing engine power to continue reaching the wheels. <o:p></o:p>

This flaw could result in the vehicles unintentionally moving forward at low speeds on level surfaces, posing an increased risk of accidents if brakes are not applied promptly.<o:p></o:p>

While Toyota has not disclosed any incidents or injuries related to the transmission issue, the company is taking proactive measures to mitigate potential risks.<o:p></o:p>

As part of the recall process, Toyota plans to notify affected vehicle owners by late April and provide necessary updates to the transmission software to rectify the underlying problem. <o:p></o:p>

By updating the software, Toyota aims to ensure the prompt disengagement of the transmission when shifted into neutral, thus preventing any unintended vehicle movement.<o:p></o:p>

This recall announcement is one of three safety recalls issued by Toyota on the same day. <o:p></o:p>

In addition to the transmission issue, Toyota is recalling around 19,000 vehicles due to a software glitch affecting the rearview camera display. <o:p></o:p>

Another recall involves approximately 4,000 Toyota Camry and Camry Hybrid vehicles over safety concerns related to the rear fold-down seat head restraints.<o:p></o:p>

Despite being the world's largest automaker by sales, Toyota has faced safety challenges in recent months, including previous recalls related to airbag deployment issues and safety test forgery by its subsidiary Daihatsu. <o:p></o:p>

Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral.

Toyota has initiated a recall of approximately 280,000 pickup trucks and SUVs in the United States due to a transmission issue that could lead to unintended vehicle movement while the gear is kept on neutral. According to a report by AP news, the recall, announced by the Japanese automaker, encompasses specific Toyota Tundra pickups, Sequoia SUVs, and Lexus LX 600 SUVs manufactured between 2022 and 2024. According to Toyota, certain components within the vehicles' automatic transmissions may fail to disengage promptly when shifted into neutral, potentially allowing engine power to continue reaching the wheels. This flaw could result in the vehicles unintentionally moving forward at low speeds on level surfaces, posing an increased risk of accidents if brakes are not applied promptly. While Toyota has not disclosed any incidents or injuries related to the transmission issue, the company is taking proactive measures to mitigate potential risks. As part of the recall process, Toyota plans to notify affected vehicle owners by late April and provide necessary updates to the transmission software to rectify the underlying problem. By updating the software, Toyota aims to ensure the prompt disengagement of the transmission when shifted into neutral, thus preventing any unintended vehicle movement. This recall announcement is one of three safety recalls issued by Toyota on the same day. In addition to the transmission issue, Toyota is recalling around 19,000 vehicles due to a software glitch affecting the rearview camera display. Another recall involves approximately 4,000 Toyota Camry and Camry Hybrid vehicles over safety concerns related to the rear fold-down seat head restraints. Despite being the world's largest automaker by sales, Toyota has faced safety challenges in recent months, including previous recalls related to airbag deployment issues and safety test forgery by its subsidiary Daihatsu.

Toyota issues recall for 280,000 vehicles over transmission flaw: Report

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023. <o:p></o:p>

The financial giant revealed a 25 per cent surge in profit from its India operations, reaching an impressive $1.5 billion for the fiscal year ending December 2023. <o:p></o:p>

This shift marks a significant leap for India, considering it generated a profit of $1.2 billion in 2022.<o:p></o:p>

The annual report from HSBC unveiled key insights into the factors driving India's stellar performance. <o:p></o:p>

One of the pivotal contributors was a notable reduction in anticipated credit loss provisions, dropping from $90 million in 2022 to $51 million in 2023. <o:p></o:p>

The global banking and markets segment emerged as HSBC's primary revenue source in India, boasting a robust 24 per cent profit increase to $774 million in 2023 from $622 million the previous year. <o:p></o:p>

Additionally, the commercial banking sector, catering to small and medium enterprises (SMEs), witnessed a remarkable 31 per cent surge in pre-tax profit, reaching $398 million.<o:p></o:p>

HSBC's positive outlook for India stems from its recognition of the nation's economic potential. <o:p></o:p>

The bank highlighted that India, along with Vietnam, is among the fastest-growing economies globally, benefiting from competitive labour costs, supportive policies, and evolving supply chains. <o:p></o:p>

With 42,000 employees in India operations, HSBC predicts that the economies of South and Southeast Asia will carry strong economic momentum into 2024.<o:p></o:p>

The contrasting fortunes of India and China in HSBC's financial landscape become even more apparent when comparing their profit trajectories. <o:p></o:p>

While India soared with a 25 per cent profit increase, China experienced an 89 per cent decline in profit, plummeting from $3.40 billion in 2022 to a mere $371 million in 2023. <o:p></o:p>

This drastic shift in China's financial standing was attributed to losses incurred in wealth management, personal banking, and corporate centre verticals.<o:p></o:p>

HSBC, recognising the potential for further growth, aims to bolster its wholesale franchise by tapping into corporate supply chains in India. <o:p></o:p>

The bank is also capitalising on the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking. <o:p></o:p>

With an optimistic outlook, HSBC envisions the economies of south and southeast Asia, particularly India and Vietnam, continuing to thrive in 2024, driven by competitive labour costs, supportive policies, and dynamic supply chains.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023.

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023. The financial giant revealed a 25 per cent surge in profit from its India operations, reaching an impressive $1.5 billion for the fiscal year ending December 2023. This shift marks a significant leap for India, considering it generated a profit of $1.2 billion in 2022. The annual report from HSBC unveiled key insights into the factors driving India's stellar performance. One of the pivotal contributors was a notable reduction in anticipated credit loss provisions, dropping from $90 million in 2022 to $51 million in 2023. The global banking and markets segment emerged as HSBC's primary revenue source in India, boasting a robust 24 per cent profit increase to $774 million in 2023 from $622 million the previous year. Additionally, the commercial banking sector, catering to small and medium enterprises (SMEs), witnessed a remarkable 31 per cent surge in pre-tax profit, reaching $398 million. HSBC's positive outlook for India stems from its recognition of the nation's economic potential. The bank highlighted that India, along with Vietnam, is among the fastest-growing economies globally, benefiting from competitive labour costs, supportive policies, and evolving supply chains. With 42,000 employees in India operations, HSBC predicts that the economies of South and Southeast Asia will carry strong economic momentum into 2024. The contrasting fortunes of India and China in HSBC's financial landscape become even more apparent when comparing their profit trajectories. While India soared with a 25 per cent profit increase, China experienced an 89 per cent decline in profit, plummeting from $3.40 billion in 2022 to a mere $371 million in 2023. This drastic shift in China's financial standing was attributed to losses incurred in wealth management, personal banking, and corporate centre verticals. HSBC, recognising the potential for further growth, aims to bolster its wholesale franchise by tapping into corporate supply chains in India. The bank is also capitalising on the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking. With an optimistic outlook, HSBC envisions the economies of south and southeast Asia, particularly India and Vietnam, continuing to thrive in 2024, driven by competitive labour costs, supportive policies, and dynamic supply chains. (With inputs from PTI)

India surpasses China, emerges as HSBC's third-largest profit hub in 2023

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.

Rivian, backed by Amazon, announced a 10 per cent reduction in its workforce and revealed plans for a production shutdown to upgrade efficiency and cut costs.

As a result, Rivian anticipates producing 57,000 vehicles in 2024, falling significantly below analysts' estimates of 81,700 units. The company's CEO, RJ Scaringe, highlighted macro-level challenges such as high interest rates and geopolitical risks affecting consumer behavior.

Despite recent efforts to introduce lower-range options at reduced prices, Rivian faces dwindling order books and expects deliveries for the current quarter to be lower than the previous quarter.

Rivian's strategy also involves mitigating cash burn by renegotiating supply contracts and internal component production.

The company anticipates margin improvement by the end of the year, emphasising the importance of its upcoming R2 SUV unveiling to sustain momentum. Investor Vitaly Golomb noted the significance of Rivian's smaller and cheaper SUV in expanding its market appeal.

Production for the R2 SUV is slated to commence in 2026. Meanwhile, Lucid, another EV player, aims to broaden its customer base with the introduction of a mid-size car targeting a $50,000 price point by late 2026.

CEO Peter Rawlinson indicated a strategic shift towards competing with Tesla's Model Y and Model 3, foreseeing a substantial increase in Lucid's total addressable market.

Lucid, known for its Air luxury electric sedans, has also adjusted its production forecast for 2024, signaling a divergence from Wall Street's expectations.

The company plans to produce 9,000 units this year, up from 8,428 vehicles in 2023, a figure significantly lower than analysts' estimates. Lucid has been slashing prices of its Air sedans as it readies for the launch of its Gravity SUV later this year.

The company's future focus lies in expanding its product lineup to cater to a wider range of consumers and enhance competitiveness in the EV market.

(With inputs from Reuters)

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars. Rivian, backed by Amazon, announced a 10 per cent reduction in its workforce and revealed plans for a production shutdown to upgrade efficiency and cut costs. As a result, Rivian anticipates producing 57,000 vehicles in 2024, falling significantly below analysts' estimates of 81,700 units. The company's CEO, RJ Scaringe, highlighted macro-level challenges such as high interest rates and geopolitical risks affecting consumer behavior. Despite recent efforts to introduce lower-range options at reduced prices, Rivian faces dwindling order books and expects deliveries for the current quarter to be lower than the previous quarter. Rivian's strategy also involves mitigating cash burn by renegotiating supply contracts and internal component production. The company anticipates margin improvement by the end of the year, emphasising the importance of its upcoming R2 SUV unveiling to sustain momentum. Investor Vitaly Golomb noted the significance of Rivian's smaller and cheaper SUV in expanding its market appeal. Production for the R2 SUV is slated to commence in 2026. Meanwhile, Lucid, another EV player, aims to broaden its customer base with the introduction of a mid-size car targeting a $50,000 price point by late 2026. CEO Peter Rawlinson indicated a strategic shift towards competing with Tesla's Model Y and Model 3, foreseeing a substantial increase in Lucid's total addressable market. Lucid, known for its Air luxury electric sedans, has also adjusted its production forecast for 2024, signaling a divergence from Wall Street's expectations. The company plans to produce 9,000 units this year, up from 8,428 vehicles in 2023, a figure significantly lower than analysts' estimates. Lucid has been slashing prices of its Air sedans as it readies for the launch of its Gravity SUV later this year. The company's future focus lies in expanding its product lineup to cater to a wider range of consumers and enhance competitiveness in the EV market. (With inputs from Reuters)

EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges

Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses. Despite efforts to curtail production, including the closure of wells and project cancellations, the market continues to be flooded with supply.

As a result, natural gas prices have hit an inflation-adjusted 30-year low of $1.59 per thousand cubic feet, severely impacting producers' bottom lines. While consumers benefit from cheaper fuel, producers face significant challenges in sustaining profitability.

Denver-based BKV Corp exemplifies the struggles faced by gas producers in this current climate. Despite significant investments totaling $2.7 billion over five years, including acquisitions of gas wells and power plants, BKV's plans for expansion and carbon capture initiatives have been derailed by the nosedive in gas prices.

The company's ambitions, including an initial public offering and carbon joint ventures, have been put on hold as it grapples with the adverse market conditions. BKV's CEO, Christopher Kalnin, expressed determination to weather the storm, affirming the company's commitment to its long-term goals.

The decline in US gas prices has dealt a severe blow to BKV's financial performance, with profits plummeting from $410 million to approximately $79 million in its most recent reporting period. Despite efforts by US gas firms to reduce drilling activity by 22 per cent, production levels remain robust, exacerbating the oversupply situation.

The surge in output, driven in part by oil companies viewing gas as a byproduct of their operations, has contributed to the pricing woes faced by gas producers. Nicholas O'Grady, CEO of Northern Oil and Gas, noted the insensitivity of gas production to price fluctuations, further complicating the market dynamics.

Despite the current challenges, industry experts remain cautiously optimistic about the future outlook for natural gas prices. Forecasts suggest a potential rebound in prices by 2025, driven by increased demand from liquefied natural gas (LNG) exports.

Several US projects with export permits are in the pipeline, offering hope for a turnaround in fortunes for gas producers. However, concerns linger over potential delays or setbacks, particularly in light of regulatory uncertainties surrounding new gas-export permits under the Biden administration.

In response to the adverse market conditions, some US natural gas producers have announced measures to mitigate losses. Comstock Resources, for instance, has decided to reduce the number of rigs in operation and suspend dividend payments until gas prices recover sufficiently.

Similarly, Antero Resources has opted to scale back drilling activities and project spending in response to the challenging operating environment. The convergence of factors such as oversupply, tepid demand, and regulatory uncertainties poses significant hurdles for gas producers navigating the current market landscape.

Regardless of setbacks, industry players remain resilient, banking on future demand growth and regulatory clarity to drive a recovery in gas prices. As the market continues to evolve, the ability of producers to adapt and innovate will be critical in navigating the complexities of the energy landscape.

(With inputs from Reuters)

Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses. Despite efforts to curtail production, including the closure of wells and project cancellations, the market continues to be flooded with supply.

Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses. Despite efforts to curtail production, including the closure of wells and project cancellations, the market continues to be flooded with supply. As a result, natural gas prices have hit an inflation-adjusted 30-year low of $1.59 per thousand cubic feet, severely impacting producers' bottom lines. While consumers benefit from cheaper fuel, producers face significant challenges in sustaining profitability. Denver-based BKV Corp exemplifies the struggles faced by gas producers in this current climate. Despite significant investments totaling $2.7 billion over five years, including acquisitions of gas wells and power plants, BKV's plans for expansion and carbon capture initiatives have been derailed by the nosedive in gas prices. The company's ambitions, including an initial public offering and carbon joint ventures, have been put on hold as it grapples with the adverse market conditions. BKV's CEO, Christopher Kalnin, expressed determination to weather the storm, affirming the company's commitment to its long-term goals. The decline in US gas prices has dealt a severe blow to BKV's financial performance, with profits plummeting from $410 million to approximately $79 million in its most recent reporting period. Despite efforts by US gas firms to reduce drilling activity by 22 per cent, production levels remain robust, exacerbating the oversupply situation. The surge in output, driven in part by oil companies viewing gas as a byproduct of their operations, has contributed to the pricing woes faced by gas producers. Nicholas O'Grady, CEO of Northern Oil and Gas, noted the insensitivity of gas production to price fluctuations, further complicating the market dynamics. Despite the current challenges, industry experts remain cautiously optimistic about the future outlook for natural gas prices. Forecasts suggest a potential rebound in prices by 2025, driven by increased demand from liquefied natural gas (LNG) exports. Several US projects with export permits are in the pipeline, offering hope for a turnaround in fortunes for gas producers. However, concerns linger over potential delays or setbacks, particularly in light of regulatory uncertainties surrounding new gas-export permits under the Biden administration. In response to the adverse market conditions, some US natural gas producers have announced measures to mitigate losses. Comstock Resources, for instance, has decided to reduce the number of rigs in operation and suspend dividend payments until gas prices recover sufficiently. Similarly, Antero Resources has opted to scale back drilling activities and project spending in response to the challenging operating environment. The convergence of factors such as oversupply, tepid demand, and regulatory uncertainties poses significant hurdles for gas producers navigating the current market landscape. Regardless of setbacks, industry players remain resilient, banking on future demand growth and regulatory clarity to drive a recovery in gas prices. As the market continues to evolve, the ability of producers to adapt and innovate will be critical in navigating the complexities of the energy landscape. (With inputs from Reuters)

US natural gas producers struggle amid record supplies and plummeting prices

At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).

 
The chipmaker revealed that Microsoft intends to utilise its services to manufacture a custom computing chip, marking a significant step in Intel's efforts to secure substantial foundry orders.

 
With the unveiling of its Intel 18A manufacturing technology, the company aims to reclaim the title of producing the world's fastest chips from TSMC, with plans to extend this lead into 2026 with the introduction of Intel 14A.

 
Intel's CEO, Pat Gelsinger, who set the deadline of 2025 to reclaim the chipmaking crown when he assumed leadership three years ago, expressed confidence in the company's trajectory.

 
This strategic move not only highlights Intel's determination but also underline its readiness to leverage cutting-edge technologies to meet evolving market demands. 
For decades, Intel maintained its position by exclusively producing chips for itself, leveraging its advanced manufacturing capabilities to lead the industry in performance.

 
However, the loss of this manufacturing edge led to declining competitiveness and margins, necessitating a revitalisation effort. Recognising the importance of innovation and external partnerships, Intel is banking on substantial investments from the US government and collaborations with diverse customers to fuel its resurgence. By diversifying its clientele and expanding its geographical presence, Intel aims to offer an attractive alternative to TSMC's concentrated manufacturing facilities in Taiwan. 
Stu Pann, the executive overseeing Intel Foundry, emphasised the appeal of Intel's geographic diversity, stating, "It's a sales pitch that's resonating right now. People want that."

 
Intel's outreach to potential customers extends beyond promises of technological prowess, aiming to provide a compelling value proposition encompassing reliability and accessibility.

 
While the identity of Intel's four "large" customers for its 18A manufacturing technology remains undisclosed, the collaboration with Arm Holdings and academic institutions like the University of California Berkeley and the University of Michigan underscores Intel's commitment to fostering innovation and knowledge sharing.

 
Intel's collaboration with Arm Holdings signifies its openness to integrating diverse technologies into its manufacturing processes, potentially expanding its market reach. 
Moreover, the partnership with leading academic institutions underscores Intel's commitment to nurturing talent and fostering technological advancements. As Intel ventures into uncharted territory, analysts remain cautiously optimistic about the company's turnaround prospects.

 
Ben Bajarin, chief executive of consulting firm Creative Strategies, acknowledges the significance of Intel's efforts to attract external customers but underscores the need for patience in assessing their effectiveness.

 
(With inputs from Reuters)

At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).

At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC). The chipmaker revealed that Microsoft intends to utilise its services to manufacture a custom computing chip, marking a significant step in Intel's efforts to secure substantial foundry orders. With the unveiling of its Intel 18A manufacturing technology, the company aims to reclaim the title of producing the world's fastest chips from TSMC, with plans to extend this lead into 2026 with the introduction of Intel 14A. Intel's CEO, Pat Gelsinger, who set the deadline of 2025 to reclaim the chipmaking crown when he assumed leadership three years ago, expressed confidence in the company's trajectory. This strategic move not only highlights Intel's determination but also underline its readiness to leverage cutting-edge technologies to meet evolving market demands. For decades, Intel maintained its position by exclusively producing chips for itself, leveraging its advanced manufacturing capabilities to lead the industry in performance. However, the loss of this manufacturing edge led to declining competitiveness and margins, necessitating a revitalisation effort. Recognising the importance of innovation and external partnerships, Intel is banking on substantial investments from the US government and collaborations with diverse customers to fuel its resurgence. By diversifying its clientele and expanding its geographical presence, Intel aims to offer an attractive alternative to TSMC's concentrated manufacturing facilities in Taiwan. Stu Pann, the executive overseeing Intel Foundry, emphasised the appeal of Intel's geographic diversity, stating, "It's a sales pitch that's resonating right now. People want that." Intel's outreach to potential customers extends beyond promises of technological prowess, aiming to provide a compelling value proposition encompassing reliability and accessibility. While the identity of Intel's four "large" customers for its 18A manufacturing technology remains undisclosed, the collaboration with Arm Holdings and academic institutions like the University of California Berkeley and the University of Michigan underscores Intel's commitment to fostering innovation and knowledge sharing. Intel's collaboration with Arm Holdings signifies its openness to integrating diverse technologies into its manufacturing processes, potentially expanding its market reach. Moreover, the partnership with leading academic institutions underscores Intel's commitment to nurturing talent and fostering technological advancements. As Intel ventures into uncharted territory, analysts remain cautiously optimistic about the company's turnaround prospects. Ben Bajarin, chief executive of consulting firm Creative Strategies, acknowledges the significance of Intel's efforts to attract external customers but underscores the need for patience in assessing their effectiveness. (With inputs from Reuters)

Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. <o:p></o:p>

The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris. <o:p></o:p>

If Mubadala proceeds with the investment, it could join the ranks of Saudi Arabia's Public Investment Fund (PIF) and Qatar Investment Authority (QIA) as prominent stakeholders in the renowned London hub.<o:p></o:p>

While discussions are currently underway, no formal agreements have been reached, and Mubadala has not finalised its decision on the potential acquisition. <o:p></o:p>

The consideration comes after Spanish infrastructure company Ferrovial SE agreed to sell its 25 per cent stake in Heathrow to Saudi's PIF and Ardian for £2.37 billion (approximately $2.99 billion) in November. <o:p></o:p>

However, an additional 35 per cent of Heathrow's capital, held by other shareholders, invoked tag-along rights, necessitating the sale of their positions for the deal to proceed.<o:p></o:p>

The move aligns with a trend observed in recent years, where Middle Eastern wealth funds actively diversify their portfolios by investing in global infrastructure assets. <o:p></o:p>

If Mubadala proceeds with the Heathrow investment, it would become the third Gulf state-backed shareholder in the airport, alongside PIF and QIA, which currently holds a 20 per cent stake.<o:p></o:p>

Investments by Gulf state-backed entities in global infrastructure projects represent a broader strategy to reduce dependence on oil-dependent economies. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris.

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. The sovereign wealth fund is contemplating this move after being approached by Ardian, a buyout firm based in Paris. If Mubadala proceeds with the investment, it could join the ranks of Saudi Arabia's Public Investment Fund (PIF) and Qatar Investment Authority (QIA) as prominent stakeholders in the renowned London hub. While discussions are currently underway, no formal agreements have been reached, and Mubadala has not finalised its decision on the potential acquisition. The consideration comes after Spanish infrastructure company Ferrovial SE agreed to sell its 25 per cent stake in Heathrow to Saudi's PIF and Ardian for £2.37 billion (approximately $2.99 billion) in November. However, an additional 35 per cent of Heathrow's capital, held by other shareholders, invoked tag-along rights, necessitating the sale of their positions for the deal to proceed. The move aligns with a trend observed in recent years, where Middle Eastern wealth funds actively diversify their portfolios by investing in global infrastructure assets. If Mubadala proceeds with the Heathrow investment, it would become the third Gulf state-backed shareholder in the airport, alongside PIF and QIA, which currently holds a 20 per cent stake. Investments by Gulf state-backed entities in global infrastructure projects represent a broader strategy to reduce dependence on oil-dependent economies. (With inputs from Bloomberg)

Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. <o:p></o:p>

Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action. <o:p></o:p>

The central bank has adopted measures, including hiring analysts to assess customer data and conducting frequent meetings with industry executives.<o:p></o:p>

Last month, the RBI set a precedent for its stricter stance by instructing sector giant Paytm to wind down its banking unit, citing persistent non-compliance with regulations. <o:p></o:p>

This move created a ripple of concern within the sector. <o:p></o:p>

Subsequently, this month, Visa received a separate order from the RBI to cease business-to-business card payments through third-party fintech firms. <o:p></o:p>

In particular, the RBI has expressed unease about the digital customer identification process employed by fintech firms. <o:p></o:p>

This process, reliant on a government identity proof called Aadhaar and a linked mobile number, is faster and cheaper but susceptible to manipulation, raising concerns about fraud and money laundering. <o:p></o:p>

While not prohibiting this method, the RBI has mandated that digitally verified accounts be tagged as 'high risk' until physical or video-call-based identification is completed, in adherence to its regulations on customer due diligence.<o:p></o:p>

As part of its heightened oversight, RBI officials are conducting frequent onsite inspections, randomly selecting samples from fintech firms' user bases to verify authenticity. <o:p></o:p>

The frequency of these meetings has increased from once a quarter to once a month, reflecting the central bank's commitment to more proactive regulation. <o:p></o:p>

Simultaneously, the RBI is investing in advanced technology to detect regulatory violations and hiring analysts to scrutinise vast amounts of customer data held by fintech firms.<o:p></o:p>

While this intensified scrutiny is expected to drive up compliance costs and capital requirements, potentially triggering sector consolidation, industry experts believe it will encourage compliance and deeper diligence. <o:p></o:p>

Reuters cited Ashish Fafadia, Partner at Blume Ventures, who noted that the increased scrutiny will compel support for companies that adhere to regulations, fostering a more compliant fintech landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action.

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Following regular inspections in the past year, it was revealed that several fintech firms exhibited leniency in areas such as customer due diligence, prompting the RBI to take decisive action. The central bank has adopted measures, including hiring analysts to assess customer data and conducting frequent meetings with industry executives. Last month, the RBI set a precedent for its stricter stance by instructing sector giant Paytm to wind down its banking unit, citing persistent non-compliance with regulations. This move created a ripple of concern within the sector. Subsequently, this month, Visa received a separate order from the RBI to cease business-to-business card payments through third-party fintech firms. In particular, the RBI has expressed unease about the digital customer identification process employed by fintech firms. This process, reliant on a government identity proof called Aadhaar and a linked mobile number, is faster and cheaper but susceptible to manipulation, raising concerns about fraud and money laundering. While not prohibiting this method, the RBI has mandated that digitally verified accounts be tagged as 'high risk' until physical or video-call-based identification is completed, in adherence to its regulations on customer due diligence. As part of its heightened oversight, RBI officials are conducting frequent onsite inspections, randomly selecting samples from fintech firms' user bases to verify authenticity. The frequency of these meetings has increased from once a quarter to once a month, reflecting the central bank's commitment to more proactive regulation. Simultaneously, the RBI is investing in advanced technology to detect regulatory violations and hiring analysts to scrutinise vast amounts of customer data held by fintech firms. While this intensified scrutiny is expected to drive up compliance costs and capital requirements, potentially triggering sector consolidation, industry experts believe it will encourage compliance and deeper diligence. Reuters cited Ashish Fafadia, Partner at Blume Ventures, who noted that the increased scrutiny will compel support for companies that adhere to regulations, fostering a more compliant fintech landscape. (With inputs from Reuters)

India’s central bank intensifies oversight of fintech sector through rigorous inspections

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The delivery, confirmed by Agriculture Minister Dmitry Patrushev, included 50,000 tonnes each to Somalia and the Central African Republic, and 25,000 tonnes each to Mali, Burkina Faso, Zimbabwe, and Eritrea.<o:p></o:p>

The initiative, a response to Putin's pledge made during the Russia-Africa summit, aimed to strengthen ties and cooperation between Moscow and African nations. <o:p></o:p>

The swift execution of the grain delivery underscores Russia's commitment to supporting these countries in times of need. <o:p></o:p>

Reuters cited Patrushev, in a meeting with Putin, who said, "After the Russia-Africa summit, we have been maintaining relations with African countries and building cooperation. As a result, we were able to deliver this volume of wheat to these countries quite quickly."<o:p></o:p>

The gesture also follows Russia's withdrawal from the Black Sea grain initiative, a deal that permitted Ukraine to ship grain from its Black Sea ports amid the ongoing conflict. <o:p></o:p>

Putin argued that the initiative was ineffective in addressing the urgent needs of the recipient countries. <o:p></o:p>

The recent shipment to Africa represents a proactive step by Moscow to establish alternative channels for aiding nations in distress.<o:p></o:p>

Looking ahead, Patrushev informed Putin that Russia anticipates exporting up to 70 million metric tonnes of grain during the 2023-2024 agricultural year, which commenced on July 1, 2023, and concludes on June 30, 2024. <o:p></o:p>

In the previous season, Russia exported 66 million tonnes valued at nearly $16.5 billion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July.

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. This is based on a Reuters report. The delivery, confirmed by Agriculture Minister Dmitry Patrushev, included 50,000 tonnes each to Somalia and the Central African Republic, and 25,000 tonnes each to Mali, Burkina Faso, Zimbabwe, and Eritrea. The initiative, a response to Putin's pledge made during the Russia-Africa summit, aimed to strengthen ties and cooperation between Moscow and African nations. The swift execution of the grain delivery underscores Russia's commitment to supporting these countries in times of need. Reuters cited Patrushev, in a meeting with Putin, who said, "After the Russia-Africa summit, we have been maintaining relations with African countries and building cooperation. As a result, we were able to deliver this volume of wheat to these countries quite quickly." The gesture also follows Russia's withdrawal from the Black Sea grain initiative, a deal that permitted Ukraine to ship grain from its Black Sea ports amid the ongoing conflict. Putin argued that the initiative was ineffective in addressing the urgent needs of the recipient countries. The recent shipment to Africa represents a proactive step by Moscow to establish alternative channels for aiding nations in distress. Looking ahead, Patrushev informed Putin that Russia anticipates exporting up to 70 million metric tonnes of grain during the 2023-2024 agricultural year, which commenced on July 1, 2023, and concludes on June 30, 2024. In the previous season, Russia exported 66 million tonnes valued at nearly $16.5 billion. (With inputs from Reuters)

Russia delivers on grain promise: 200,000 tonnes shipped to six African nations

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times.<o:p></o:p>

The ED's request for a new LOC, which prevents an individual from leaving the country, comes as part of an ongoing investigation into alleged Foreign Exchange Management Act (FEMA) violations by Byju's. <o:p></o:p>

The ED's Bengaluru office, now overseeing the case, expressed the need for the circular to safeguard the interests of investors.<o:p></o:p>

Raveendran, who has been shuttling between Delhi and Dubai in recent years, faced an 'on intimation' LOC more than a year and a half ago. <o:p></o:p>

However, the recent shift of the investigation to the Bengaluru office prompted the ED to seek a revised LOC to ensure Raveendran's compliance with the probe. <o:p></o:p>

The ED served show-cause notices to Byju and Raveendran in November of last year on alleged FEMA violations totalling Rs 9,362.35 crore. <o:p></o:p>

The ED had initiated investigations based on complaints regarding foreign investments and business conduct. <o:p></o:p>

Searches at Byju's locations and Raveendran's residence had led to the seizure of pertinent documents related to investments.<span style="font-size:8.0pt;line-height:107%;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;
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Other developments<o:p></o:p>

According to previous&nbsp;media reports, Byju's CEO and founder, Byju Raveendran, secured relief as the court declined to halt an emergency meeting convened by investors, after the Karnataka High Court hearing on Wednesday.<o:p></o:p>

The court ruled that resolutions passed during the upcoming shareholders meeting would be considered invalid. <o:p></o:p>

Byju's, in response, asserted that decisions made during this emergency meeting would not be held until the court concludes the hearing, thus safeguarding Raveendran's position as CEO. <o:p></o:p>

This move nullified the investors' attempt to vote out the company founders, protecting them from removal from the board of directors.<o:p></o:p>

Byju's has faced a series of challenges since early 2023, including the resignation of its auditor, lenders initiating bankruptcy proceedings against a holding company, and a US lawsuit disputing loan terms. <o:p></o:p>

The company accused certain investors, including General Atlantic, Peak XV (formerly Sequoia Capital India), and Chan Zuckerberg Initiative, of violating the shareholders' agreement by calling for the extraordinary general meeting on February 23. <o:p></o:p>

Byju's argued in court that these investors were disrupting operations by hindering crucial funding.<o:p></o:p>

The Karnataka High Court, responding to a petition by Think &amp; Learn Pvt Ltd, Byju's parent company, ordered the invalidation of resolutions proposed in the February 23 EGM until the final disposition of the petition. <o:p></o:p>

Despite this ruling, some investors plan to proceed with the EGM, seeking the removal of Byju as CEO, citing transparency issues and financial mismanagement under his leadership. 

Investor sources contested the idea that the court invalidated the resolutions, asserting that the EGM would proceed with a vote against Byju as CEO.<o:p></o:p>

<span style="font-size:8.0pt;line-height:107%;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;
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<span style="font-size:8.0pt;
line-height:107%;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;
display:none;mso-hide:all;mso-font-kerning:0pt;mso-ligatures:none;mso-ansi-language:
EN-IN;mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times.

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, as reported by the Economic Times. The ED's request for a new LOC, which prevents an individual from leaving the country, comes as part of an ongoing investigation into alleged Foreign Exchange Management Act (FEMA) violations by Byju's. The ED's Bengaluru office, now overseeing the case, expressed the need for the circular to safeguard the interests of investors. Raveendran, who has been shuttling between Delhi and Dubai in recent years, faced an 'on intimation' LOC more than a year and a half ago. However, the recent shift of the investigation to the Bengaluru office prompted the ED to seek a revised LOC to ensure Raveendran's compliance with the probe. The ED served show-cause notices to Byju and Raveendran in November of last year on alleged FEMA violations totalling Rs 9,362.35 crore. The ED had initiated investigations based on complaints regarding foreign investments and business conduct. Searches at Byju's locations and Raveendran's residence had led to the seizure of pertinent documents related to investments.Bottom of Form Other developments According to previous media reports, Byju's CEO and founder, Byju Raveendran, secured relief as the court declined to halt an emergency meeting convened by investors, after the Karnataka High Court hearing on Wednesday. The court ruled that resolutions passed during the upcoming shareholders meeting would be considered invalid. Byju's, in response, asserted that decisions made during this emergency meeting would not be held until the court concludes the hearing, thus safeguarding Raveendran's position as CEO. This move nullified the investors' attempt to vote out the company founders, protecting them from removal from the board of directors. Byju's has faced a series of challenges since early 2023, including the resignation of its auditor, lenders initiating bankruptcy proceedings against a holding company, and a US lawsuit disputing loan terms. The company accused certain investors, including General Atlantic, Peak XV (formerly Sequoia Capital India), and Chan Zuckerberg Initiative, of violating the shareholders' agreement by calling for the extraordinary general meeting on February 23. Byju's argued in court that these investors were disrupting operations by hindering crucial funding. The Karnataka High Court, responding to a petition by Think & Learn Pvt Ltd, Byju's parent company, ordered the invalidation of resolutions proposed in the February 23 EGM until the final disposition of the petition. Despite this ruling, some investors plan to proceed with the EGM, seeking the removal of Byju as CEO, citing transparency issues and financial mismanagement under his leadership. Investor sources contested the idea that the court invalidated the resolutions, asserting that the EGM would proceed with a vote against Byju as CEO. Bottom of Form Bottom of Form

ED seeks look out circular against Byju's founder amid ongoing investigation: Report

Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021.&nbsp;

<h2>Tea-for-oil deal</h2>

“So far $20 million worth of tea has been exported to Iran under the barter trade agreement,” Sri Lankan Prime Minister Dinesh Gunawardena’s office said in a statement.&nbsp;

WATCH |&nbsp;Sri lanka: Tea for oil deal with Iran gets going, to allow Iran to avoid currency to pay for tea

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-tea-for-oil-deal-with-iran-gets-going-to-allow-iran-to-avoid-currency-to-pay-for-tea-692474/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The statement also said that Iranian Foreign Minister Hossein Amir-Abdollahian, who is currently in Sri Lanka for a visit, expressed “satisfaction” with the deal.&nbsp;

In 2021, a tea-for-oil deal was struck between Colombo and Tehran which was seen as a win-win for both countries for different reasons.&nbsp;

The barter deal allows sanctions-hit Iran to avoid having to use scarce hard currency to pay for imports of the widely consumed product in the country. Meanwhile, Sri Lanka is allowed to pay with tea as the country is short of foreign currency.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-election-body-forms-committee-to-probe-poll-rigging-allegations-692342">Pakistan election body sets up committee to probe poll rigging allegations</a>

When the deal was agreed upon in December 2021, Tehran said it had agreed to accept a monthly shipment of Ceylon tea from Sri Lanka in exchange for settling a $251 million debt from Iranian oil supplied to the island nation nine years ago.&nbsp;

However, Sri Lanka was hit by an economic crisis forcing then-president Gotabaya Rajapaksa to step down in July 2022. This led to a years-long delay in the shipment of the tea to Iran.&nbsp;

Colombo defaulted on its $46 billion foreign debt in April 2022 but managed to secure a $2.9 billion bailout from the International Monetary Fund (IMF), early last year.&nbsp;

<h2>Does the deal violate sanctions against Iran?</h2>

Sri Lankan officials have said that the tea-for-oil deal does not violate the sanctions against Tehran imposed by Washington. Since tea was a food item it is exempted from restrictions&nbsp;and the deal did not involve Iranian-blacklisted banks, they added.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/uk-bae-reports-profit-jump-as-ukraine-war-drags-on-692467">UK: BAE reports profit jump as Ukraine war drags on</a>

Tehran has been hit hard by the United States imposed restrictions since it pulled out of the 2015 Iran nuclear deal and began reimposing crippling financial sanctions.&nbsp;

Notably, Ceylon tea, known by the island’s colonial-era name, made up nearly 50 per cent of Iran’s consumption in 2016.

(With inputs from agencies)

Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021.

Sri Lanka, on Wednesday (Feb 21) said that it exported $20 million worth of tea to Iran to partially pay its $251 million oil debt. The first instalment of the tea-for-oil deal was sent years after it was agreed upon in 2021. Tea-for-oil deal “So far $20 million worth of tea has been exported to Iran under the barter trade agreement,” Sri Lankan Prime Minister Dinesh Gunawardena’s office said in a statement. WATCH | Sri lanka: Tea for oil deal with Iran gets going, to allow Iran to avoid currency to pay for tea The statement also said that Iranian Foreign Minister Hossein Amir-Abdollahian, who is currently in Sri Lanka for a visit, expressed “satisfaction” with the deal. In 2021, a tea-for-oil deal was struck between Colombo and Tehran which was seen as a win-win for both countries for different reasons. The barter deal allows sanctions-hit Iran to avoid having to use scarce hard currency to pay for imports of the widely consumed product in the country. Meanwhile, Sri Lanka is allowed to pay with tea as the country is short of foreign currency. Also Read | Pakistan election body sets up committee to probe poll rigging allegations When the deal was agreed upon in December 2021, Tehran said it had agreed to accept a monthly shipment of Ceylon tea from Sri Lanka in exchange for settling a $251 million debt from Iranian oil supplied to the island nation nine years ago. However, Sri Lanka was hit by an economic crisis forcing then-president Gotabaya Rajapaksa to step down in July 2022. This led to a years-long delay in the shipment of the tea to Iran. Colombo defaulted on its $46 billion foreign debt in April 2022 but managed to secure a $2.9 billion bailout from the International Monetary Fund (IMF), early last year. Does the deal violate sanctions against Iran? Sri Lankan officials have said that the tea-for-oil deal does not violate the sanctions against Tehran imposed by Washington. Since tea was a food item it is exempted from restrictions and the deal did not involve Iranian-blacklisted banks, they added. Also Read | UK: BAE reports profit jump as Ukraine war drags on Tehran has been hit hard by the United States imposed restrictions since it pulled out of the 2015 Iran nuclear deal and began reimposing crippling financial sanctions. Notably, Ceylon tea, known by the island’s colonial-era name, made up nearly 50 per cent of Iran’s consumption in 2016. (With inputs from agencies)

Cash-strapped Sri Lanka partially repays Iranian oil debt with $20 million worth of tea

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies<o:p></o:p>

At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/intel-unveils-ambitious-plans-to-overtake-tsmc-with-advanced-chip-manufacturing-technologies-692590">Read more here</a><o:p></o:p>

US natural gas producers struggle amid record supplies and plummeting prices<o:p></o:p>

Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-natural-gas-producers-struggle-amid-record-supplies-and-plummeting-prices-692595">Read more here</a><o:p></o:p>

EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges<o:p></o:p>

Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ev-startups-rivian-and-lucid-adjust-2024-production-forecasts-amid-market-challenges-692600">Read more here</a><o:p></o:p>

Boeing replaces head of 737 jetliner programme in wake of mid-air door blowout incident<o:p></o:p>

In the wake of the infamous mid-air window blow-out, Boeing has said that the head of its 737 jetliner programme Ed Clark is departing the company.<o:p></o:p>

<a href="https://www.wionews.com/world/boeing-replaces-head-of-737-jetliner-program-after-last-months-door-blowout-incident-692579">Read more here</a><o:p></o:p>

ED seeks look out circular against Byju's founder amid ongoing investigation: Report<o:p></o:p>

The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's,<o:p></o:p>

<a href="https://www.wionews.com/business-economy/ed-seeks-lookout-circular-against-byjus-founder-amid-ongoing-investigation-report-692540">Read more here</a><o:p></o:p>

Russia delivers on grain promise: 200,000 tonnes shipped to six African nations<o:p></o:p>

Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/russia-delivers-on-grain-promise-200000-tonnes-shipped-to-six-african-nations-692560">Read more here</a><o:p></o:p>

India’s central bank intensifies oversight of fintech sector through rigorous inspections<o:p></o:p>

India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-central-bank-intensifies-oversight-of-fintech-sector-through-rigorous-inspections-692562">Read more here</a><o:p></o:p>

Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport<o:p></o:p>

Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/abu-dhabis-mubadala-investment-explores-stake-in-londons-heathrow-airport-692569">Read more here</a><o:p></o:p>

India surpasses China, emerges as HSBC's third-largest profit hub in 2023<o:p></o:p>

In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-surpasses-china-emerges-as-hsbcs-third-largest-profit-hub-in-2023-692613">Read more here</a><o:p></o:p>

Federal Reserve treads cautiously on rate cuts amid economic uncertainty<o:p></o:p>

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/federal-reserve-treads-cautiously-on-rate-cuts-amid-economic-uncertainty-692620">Read more here</a><o:p></o:p>

Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges<o:p></o:p>

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/global-debt-skyrockets-to-unprecedented-313-tn-emerging-markets-facing-new-challenges-692634">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC).

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Intel unveils ambitious plans to overtake TSMC with advanced chip manufacturing technologies At a technology conference in San Jose, California, Intel announced its ambitious plans to regain dominance in the semiconductor industry by surpassing its main competitor, Taiwan Semiconductor Manufacturing Co (TSMC). Read more here US natural gas producers struggle amid record supplies and plummeting prices Amid a relentless surge in natural gas output, US gas producers find themselves grappling with plummeting prices and mounting losses. Read more here EV startups Rivian and Lucid adjust 2024 production forecasts amid market challenges Electric vehicle (EV) startups Rivian and Lucid have adjusted their production forecasts for 2024, citing challenges in the market landscape and persistent borrowing costs hindering consumer adoption of battery-powered cars. Read more here Boeing replaces head of 737 jetliner programme in wake of mid-air door blowout incident In the wake of the infamous mid-air window blow-out, Boeing has said that the head of its 737 jetliner programme Ed Clark is departing the company. Read more here ED seeks look out circular against Byju's founder amid ongoing investigation: Report The Indian Directorate of Enforcement (ED) has urged the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of the embattled edtech giant Byju's, Read more here Russia delivers on grain promise: 200,000 tonnes shipped to six African nations Russia has successfully fulfilled its commitment to provide humanitarian aid in the form of 200,000 metric tonnes of free grain to six African countries, as previously announced by President Vladimir Putin in July. Read more here India’s central bank intensifies oversight of fintech sector through rigorous inspections India’s Reserve Bank (RBI) has ramped up scrutiny of fintech companies, signalling an end to lenient regulation of this pivotal industry. Read more here Abu Dhabi's Mubadala Investment explores stake in London's Heathrow Airport Abu Dhabi's Mubadala Investment is actively considering an investment in London's Heathrow Airport, Reuters reported citing sources familiar with the matter. Read more here India surpasses China, emerges as HSBC's third-largest profit hub in 2023 In a financial twist, India has become the unexpected star in HSBC's profit galaxy, surpassing China and securing its position as the third-largest profitable region for the Hong Kong and Shanghai Banking Corp Ltd (HSBC) in 2023. Read more here Federal Reserve treads cautiously on rate cuts amid economic uncertainty In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. Read more here Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. Read more here

WION Business Wrap | Intel’s plan to overtake TSMC, Struggles of US natural gas producers and more

In a peek&nbsp;into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. <o:p></o:p>

The minutes, released on Wednesday, indicated a broad uncertainty regarding the duration of maintaining current borrowing costs, with a focus on steering inflation back to the US central bank's target of 2 per cent.<o:p></o:p>

According to the minutes, the uncertainty revolves around the timeframe required for a restrictive monetary policy stance to bring inflation back on track. <o:p></o:p>

Most participants expressed apprehension about the risks associated with a swift easing of policy. <o:p></o:p>

While the majority was cautious about moving too quickly, a couple of participants raised concerns about the downside risks linked to an overly restrictive stance for an extended period.<o:p></o:p>

Market reactions were evident, with US stocks initially trading lower upon the release of the minutes before later recovering ground in the session. <o:p></o:p>

The US dollar remained relatively stable against a basket of currencies, and US Treasury yields experienced an uptick.<o:p></o:p>

The minutes echo recent statements from Fed policymakers, highlighting a measured approach towards anticipated rate cuts expected to begin later this year. <o:p></o:p>

Richmond Fed President Thomas Barkin, speaking on SiriusXM, highlighted concerns about persistent inflation in service industries and housing. <o:p></o:p>

He mentioned that the latest data, reflecting strong job growth and higher-than-anticipated inflation, complicates any decision on rate cuts, making it "harder".<o:p></o:p>

Federal Reserve officials, including Vice Chair Philip Jefferson and Governors Lisa Cook and Christopher Waller, are expected to delve deeper into the discussion on rate cuts in upcoming speeches on Thursday. <o:p></o:p>

The overall sentiment conveyed by the minutes and subsequent speeches is a cautious approach, with concerns about moving too quickly amid uncertainties.<o:p></o:p>

Quincy Krosby, Chief Global Strategist at LPL Financial, emphasised the Fed's valid concerns, especially given the recent uptick in prices. <o:p></o:p>

Krosby suggested that the Fed is wary of rushing decisions before confidently addressing and curbing inflation.<o:p></o:p>

The minutes also shed light on the Fed's considerations regarding the balance sheet policy. "Many participants" suggested initiating "in-depth" discussions on this matter at the March policy meeting, indicating the complexity of decisions on when and how to cease reducing the size of the Fed's balance sheet.<o:p></o:p>

As the economic landscape continues to evolve, investors in contracts tied to the Fed's benchmark overnight interest rate appear to anticipate a reduction in borrowing costs starting in June. <o:p></o:p>

The minutes acknowledged the mixed picture since the end of January, with Treasury yields rising while stocks continued their march to record highs.<o:p></o:p>

In the aftermath of the minutes, Ryan Sweet, Chief US Economist at Oxford Economics, questioned the Fed's concern about cutting rates too soon, deeming it "odd." <o:p></o:p>

Sweet suggested that risks might be tilting towards overly tight policies that could potentially weigh on the economy if signs of deterioration are not addressed promptly.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon.

In a peek into the Federal Reserve's recent discussions, the minutes of the January meeting have unveiled a predominant concern among policymakers about the potential risks associated with cutting interest rates too soon. The minutes, released on Wednesday, indicated a broad uncertainty regarding the duration of maintaining current borrowing costs, with a focus on steering inflation back to the US central bank's target of 2 per cent. According to the minutes, the uncertainty revolves around the timeframe required for a restrictive monetary policy stance to bring inflation back on track. Most participants expressed apprehension about the risks associated with a swift easing of policy. While the majority was cautious about moving too quickly, a couple of participants raised concerns about the downside risks linked to an overly restrictive stance for an extended period. Market reactions were evident, with US stocks initially trading lower upon the release of the minutes before later recovering ground in the session. The US dollar remained relatively stable against a basket of currencies, and US Treasury yields experienced an uptick. The minutes echo recent statements from Fed policymakers, highlighting a measured approach towards anticipated rate cuts expected to begin later this year. Richmond Fed President Thomas Barkin, speaking on SiriusXM, highlighted concerns about persistent inflation in service industries and housing. He mentioned that the latest data, reflecting strong job growth and higher-than-anticipated inflation, complicates any decision on rate cuts, making it "harder". Federal Reserve officials, including Vice Chair Philip Jefferson and Governors Lisa Cook and Christopher Waller, are expected to delve deeper into the discussion on rate cuts in upcoming speeches on Thursday. The overall sentiment conveyed by the minutes and subsequent speeches is a cautious approach, with concerns about moving too quickly amid uncertainties. Quincy Krosby, Chief Global Strategist at LPL Financial, emphasised the Fed's valid concerns, especially given the recent uptick in prices. Krosby suggested that the Fed is wary of rushing decisions before confidently addressing and curbing inflation. The minutes also shed light on the Fed's considerations regarding the balance sheet policy. "Many participants" suggested initiating "in-depth" discussions on this matter at the March policy meeting, indicating the complexity of decisions on when and how to cease reducing the size of the Fed's balance sheet. As the economic landscape continues to evolve, investors in contracts tied to the Fed's benchmark overnight interest rate appear to anticipate a reduction in borrowing costs starting in June. The minutes acknowledged the mixed picture since the end of January, with Treasury yields rising while stocks continued their march to record highs. In the aftermath of the minutes, Ryan Sweet, Chief US Economist at Oxford Economics, questioned the Fed's concern about cutting rates too soon, deeming it "odd." Sweet suggested that risks might be tilting towards overly tight policies that could potentially weigh on the economy if signs of deterioration are not addressed promptly. (With inputs from Reuters)

Federal Reserve treads cautiously on rate cuts amid economic uncertainty

BAE Systems, the British weapons manufacturer on Wednesday (February 21) reported a massive 17 per cent jump in annual net profit. The massive increase has come in the wake of Britain's increased defence spending as war in Ukraine drags on.

BAE said that profit after tax was at almost GBP 1.9 billion (USD 2.4 billion), while the revenue jumped nine per cent to GBP 23 billion.

"Our performance, combined with our global footprint and record order intake, means we're well-positioned for sustained growth in the coming years," said chief executive Charles Woodburn in earnings statement.

He further said that BAE's investment in new technologies would help the company deliver an "order backlog and help ensure... government customers stay ahead in an uncertain world".

Last year, BAE's order backlog reached a record GBP 70 billion.

Shares in BAE tumbled by 2.5 per cent to GBP 12.21 .

"The wider market weakness will not have helped, and there is also the possibility that some investors have simply been taking some profits, with the shares having risen by 35 percent over the last year," said Richard Hunter, head of markets at Interactive Investor, as quoted by AFP.

Also Read | <a href="https://www.wionews.com/business-economy/indias-inflation-prospects-stabilise-economy-poised-for-growth-rbi-bulletin-692182">India's inflation prospects stabilise, economy poised for growth: RBI Bulletin</a>

Earlier this year, BAE completed acquisition of US firm Ball Aerospace for USD 5.5 billion. The Colorado-based company is a supplier of mission payloads, spacecraft, antenna and optical systems. US Department of Defense and civilian space agencies are among its clients.

Watch | Ukraine’s businesses raise concerns over mobilisation legislation

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"Despite (BAE) being a UK-based company, a whopping 42 per cent of its sales came from the US last year, making it the largest single contributor," said Aarin Chiekrie, equity analyst at Hargreaves Lansdown, as quoted by AFP.

"US military spending trumps any other country in the world, so having a large exposure here is proving very beneficial and has helped the group bring in a record £37.7 billion worth of orders in 2023."

(With inputs from agencies)

BAE Systems, the British weapons manufacturer on Wednesday (February 21) reported a massive 17 per cent jump in annual net profit. The massive increase has come in the wake of Britain's increased defence spending as war in Ukraine drags on.

BAE Systems, the British weapons manufacturer on Wednesday (February 21) reported a massive 17 per cent jump in annual net profit. The massive increase has come in the wake of Britain's increased defence spending as war in Ukraine drags on. BAE said that profit after tax was at almost GBP 1.9 billion (USD 2.4 billion), while the revenue jumped nine per cent to GBP 23 billion. "Our performance, combined with our global footprint and record order intake, means we're well-positioned for sustained growth in the coming years," said chief executive Charles Woodburn in earnings statement. He further said that BAE's investment in new technologies would help the company deliver an "order backlog and help ensure... government customers stay ahead in an uncertain world". Last year, BAE's order backlog reached a record GBP 70 billion. Shares in BAE tumbled by 2.5 per cent to GBP 12.21 . "The wider market weakness will not have helped, and there is also the possibility that some investors have simply been taking some profits, with the shares having risen by 35 percent over the last year," said Richard Hunter, head of markets at Interactive Investor, as quoted by AFP. Also Read | India's inflation prospects stabilise, economy poised for growth: RBI Bulletin Earlier this year, BAE completed acquisition of US firm Ball Aerospace for USD 5.5 billion. The Colorado-based company is a supplier of mission payloads, spacecraft, antenna and optical systems. US Department of Defense and civilian space agencies are among its clients. Watch | Ukraine’s businesses raise concerns over mobilisation legislation × "Despite (BAE) being a UK-based company, a whopping 42 per cent of its sales came from the US last year, making it the largest single contributor," said Aarin Chiekrie, equity analyst at Hargreaves Lansdown, as quoted by AFP. "US military spending trumps any other country in the world, so having a large exposure here is proving very beneficial and has helped the group bring in a record £37.7 billion worth of orders in 2023." (With inputs from agencies)

UK: BAE reports jump in profits as Ukraine war drags on

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. <o:p></o:p>

The IIF's Global Debt Monitor revealed that this record-breaking figure represents an increase of over $15 trillion in the last quarter of 2023 year-on-year, emphasising the monumental growth from around $210 trillion almost a decade ago.<o:p></o:p>

According to the IIF, about 55 per cent of this surge in global debt originated from mature markets, with the United States, France, and Germany being the primary contributors.<o:p></o:p>

Despite a decline of approximately 2 percentage points in the global debt-to-GDP ratio, settling at nearly 330 per cent in 2023, certain emerging markets experienced a surge in the ratio, indicating potential challenges in debt repayments. <o:p></o:p>

Notably, India, Argentina, China, Russia, Malaysia, and South Africa registered the largest increases, raising concerns about their ability to meet debt obligations.<o:p></o:p>

"While the reduction in this ratio was particularly notable in developed countries," stated the IIF, "some emerging markets saw a fresh high in the reading that indicates a country's ability to pay back debts." <o:p></o:p>

The report highlighted uncertainties surrounding US policy rates and the US dollar, potentially increasing market volatility and tightening funding conditions for countries relying heavily on external borrowing.<o:p></o:p>

Despite the concerns, the IIF noted that the global economy has demonstrated resilience to borrowing cost volatility, resulting in a rebound in investor sentiment. <o:p></o:p>

The appetite for borrowing, especially in emerging markets, is on the rise in 2024, evidenced by increased international sovereign bond issuance volumes. <o:p></o:p>

Notably, countries like Saudi Arabia, Mexico, Hungary, and Romania have engaged in significant bond issuances, reaching an all-time record for January at $47 billion.<o:p></o:p>

"If sustained, this upbeat sentiment should also reverse the ongoing deleveraging by European governments and non-financial corporates in mature markets, both of which are now less indebted than in the run-up to the pandemic," suggested the IIF, highlighting the potential positive impact of the current trend on European economies.<o:p></o:p>

However, the IIF expressed concerns about potential inflationary pressures, which could result in higher borrowing costs. <o:p></o:p>

Geopolitical risks were also identified as a "structural market risk," with growing fragmentation raising concerns about fiscal discipline worldwide. <o:p></o:p>

The IIF emphasised that government budget deficits remain above pre-pandemic levels, and any acceleration in regional conflicts could trigger a significant increase in defence spending, adding an additional layer of complexity to the global economic landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group.

The world has witnessed a staggering surge in global debt, reaching an unprecedented high of $313 trillion in 2023, as reported by the Institute of International Finance (IIF), a financial services trade group. The IIF's Global Debt Monitor revealed that this record-breaking figure represents an increase of over $15 trillion in the last quarter of 2023 year-on-year, emphasising the monumental growth from around $210 trillion almost a decade ago. According to the IIF, about 55 per cent of this surge in global debt originated from mature markets, with the United States, France, and Germany being the primary contributors. Despite a decline of approximately 2 percentage points in the global debt-to-GDP ratio, settling at nearly 330 per cent in 2023, certain emerging markets experienced a surge in the ratio, indicating potential challenges in debt repayments. Notably, India, Argentina, China, Russia, Malaysia, and South Africa registered the largest increases, raising concerns about their ability to meet debt obligations. "While the reduction in this ratio was particularly notable in developed countries," stated the IIF, "some emerging markets saw a fresh high in the reading that indicates a country's ability to pay back debts." The report highlighted uncertainties surrounding US policy rates and the US dollar, potentially increasing market volatility and tightening funding conditions for countries relying heavily on external borrowing. Despite the concerns, the IIF noted that the global economy has demonstrated resilience to borrowing cost volatility, resulting in a rebound in investor sentiment. The appetite for borrowing, especially in emerging markets, is on the rise in 2024, evidenced by increased international sovereign bond issuance volumes. Notably, countries like Saudi Arabia, Mexico, Hungary, and Romania have engaged in significant bond issuances, reaching an all-time record for January at $47 billion. "If sustained, this upbeat sentiment should also reverse the ongoing deleveraging by European governments and non-financial corporates in mature markets, both of which are now less indebted than in the run-up to the pandemic," suggested the IIF, highlighting the potential positive impact of the current trend on European economies. However, the IIF expressed concerns about potential inflationary pressures, which could result in higher borrowing costs. Geopolitical risks were also identified as a "structural market risk," with growing fragmentation raising concerns about fiscal discipline worldwide. The IIF emphasised that government budget deficits remain above pre-pandemic levels, and any acceleration in regional conflicts could trigger a significant increase in defence spending, adding an additional layer of complexity to the global economic landscape. (With inputs from Reuters)

Global debt skyrockets to unprecedented $313 tn, emerging markets facing new challenges

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. <o:p></o:p>

Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience<o:p></o:p>

Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period."<o:p></o:p>

This shift, she highlighted, has led the leading index to no longer foresee a recession looming ahead.<o:p></o:p>

The Conference Board's index, designed to anticipate future economic trends, experienced a 0.4 per cent decline in January, reaching its lowest level since April 2020. <o:p></o:p>

Despite this prolonged downturn, the rate of decline over a six-month period has markedly slowed, suggesting a less pessimistic outlook compared to previous months.<o:p></o:p>

Matthew Martin, a US economist at Oxford Economics, echoed this sentiment, affirming that despite the index's overall decline, key indicators poised for improvement hint at sustained economic growth.<o:p></o:p>

The reversal of the recession forecast can be attributed to several factors, including the recent surge in stock prices and the Federal Reserve's signalling of a shift in monetary policy. <o:p></o:p>

The rally in stock markets, with the S&amp;P 500 index surging by over 20 per cent since late October, has injected optimism into the economic landscape, signalling confidence in the Fed's commitment to curbing inflation without stifling growth. <o:p></o:p>

Additionally, indicators such as low unemployment filings and promising metrics in credit availability, home building permits, and manufactured goods orders have contributed to the newfound optimism.<o:p></o:p>

Despite the positive outlook, concerns linger regarding the economy's short-term performance.<o:p></o:p>

Zabinska-La Monica cautioned that growth in the second and third quarters could hover around zero, indicating potential challenges ahead.<o:p></o:p>

&nbsp;Nonetheless, economists remain hopeful, citing the strength of the labour market, improved financial conditions, and stronger consumer spending as factors underpinning optimism for continued economic expansion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period.

The Conference Board announced on Tuesday that it was abandoning long-standing prediction of an imminent recession in the United States. Despite the downturn in its Leading Economic Index (LEI), which suggests a stagnation in economic output in the upcoming months, the organisation noted positive signals indicating economic resilience Reuters cited Justyna Zabinska-La Monica, senior manager of business cycle indicators at the Conference Board, who said, "While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its 10 components were positive contributors over the past six-month period." This shift, she highlighted, has led the leading index to no longer foresee a recession looming ahead. The Conference Board's index, designed to anticipate future economic trends, experienced a 0.4 per cent decline in January, reaching its lowest level since April 2020. Despite this prolonged downturn, the rate of decline over a six-month period has markedly slowed, suggesting a less pessimistic outlook compared to previous months. Matthew Martin, a US economist at Oxford Economics, echoed this sentiment, affirming that despite the index's overall decline, key indicators poised for improvement hint at sustained economic growth. The reversal of the recession forecast can be attributed to several factors, including the recent surge in stock prices and the Federal Reserve's signalling of a shift in monetary policy. The rally in stock markets, with the S&P 500 index surging by over 20 per cent since late October, has injected optimism into the economic landscape, signalling confidence in the Fed's commitment to curbing inflation without stifling growth. Additionally, indicators such as low unemployment filings and promising metrics in credit availability, home building permits, and manufactured goods orders have contributed to the newfound optimism. Despite the positive outlook, concerns linger regarding the economy's short-term performance. Zabinska-La Monica cautioned that growth in the second and third quarters could hover around zero, indicating potential challenges ahead. Nonetheless, economists remain hopeful, citing the strength of the labour market, improved financial conditions, and stronger consumer spending as factors underpinning optimism for continued economic expansion. (With inputs from Reuters)

Conference board retracts US recession prediction; economy set to grow despite index decline

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures. <o:p></o:p>

Simultaneously, the retail behemoth announced its intention to acquire smart-TV manufacturer Vizio for $2.3 billion, signalling a shift towards strengthen its advertising arm.<o:p></o:p>

According to Reuters, Walmart's shares soared by 6.5 per cent to reach an all-time peak of $181.35, following the announcement. <o:p></o:p>

The surge was not only attributed to stellar earnings but also to an annual sales forecast and a 9 per cent dividend hike, marking its most notable increase in over a decade. <o:p></o:p>

Walmart's emphasis on groceries, outshining competitors like Target, has acted as a shield amid a broader downturn in consumer spending. <o:p></o:p>

By leveraging its vast scale to negotiate with suppliers and offering aggressive price cuts, the retail giant has managed to draw in a diverse customer base, including higher-income households.<o:p></o:p>

"Walmart's commitment to offering value resonates strongly with customers," Reuters quoted CEO Doug McMillon as saying during a conference call.<o:p></o:p>

He attributed the surge in transactions and volumes, culminating in surpassing $100 billion in global e-commerce sales in 2023, to the company's concerted efforts in enhancing store experiences, expanding online assortments, and augmenting pickup and delivery options.<o:p></o:p>

In stark contrast, Home Depot reported a slump in holiday quarter sales, attributing the decline to consumers tightening their purse strings amidst soaring food prices and mortgage rates.<o:p></o:p>

Reflecting on Walmart's conservative yet prudent fiscal outlook, Christian Greiner, a senior portfolio manager at ZCM, acknowledged the cautious approach amid volatile economic conditions. <o:p></o:p>

Greiner noted the market's recognition of Walmart's foresight, driving the surge in shares.<o:p></o:p>

In a move to strengthen its advertising arm, Walmart unveiled plans to acquire Vizio, a leading smart-TV manufacturer, for a hefty $2.3 billion. <o:p></o:p>

The acquisition, slated to bolster Walmart Connect, the retailer's advertising business, is poised to revolutionise its advertising strategy by reaching consumers via television.<o:p></o:p>

GlobalData's Managing Director Neil Saunders hailed the deal as a game-changer, enabling Walmart to extend its advertising reach beyond traditional channels and compete head-on with industry rivals like Amazon. <o:p></o:p>

The proposed offer, set at $11.50 per share in cash, represents a premium of 47 per cent to Vizio's closing price before reports of the deal surfaced. <o:p></o:p>

Analysts predict that the acquisition will be mildly dilutive to Walmart's earnings in fiscal 2025.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures.

In a promising start to the US retailers' reporting season, Walmart reported strong fourth-quarter results, brought on by increased spending by price-conscious consumers seeking a respite from inflationary pressures. Simultaneously, the retail behemoth announced its intention to acquire smart-TV manufacturer Vizio for $2.3 billion, signalling a shift towards strengthen its advertising arm. According to Reuters, Walmart's shares soared by 6.5 per cent to reach an all-time peak of $181.35, following the announcement. The surge was not only attributed to stellar earnings but also to an annual sales forecast and a 9 per cent dividend hike, marking its most notable increase in over a decade. Walmart's emphasis on groceries, outshining competitors like Target, has acted as a shield amid a broader downturn in consumer spending. By leveraging its vast scale to negotiate with suppliers and offering aggressive price cuts, the retail giant has managed to draw in a diverse customer base, including higher-income households. "Walmart's commitment to offering value resonates strongly with customers," Reuters quoted CEO Doug McMillon as saying during a conference call. He attributed the surge in transactions and volumes, culminating in surpassing $100 billion in global e-commerce sales in 2023, to the company's concerted efforts in enhancing store experiences, expanding online assortments, and augmenting pickup and delivery options. In stark contrast, Home Depot reported a slump in holiday quarter sales, attributing the decline to consumers tightening their purse strings amidst soaring food prices and mortgage rates. Reflecting on Walmart's conservative yet prudent fiscal outlook, Christian Greiner, a senior portfolio manager at ZCM, acknowledged the cautious approach amid volatile economic conditions. Greiner noted the market's recognition of Walmart's foresight, driving the surge in shares. In a move to strengthen its advertising arm, Walmart unveiled plans to acquire Vizio, a leading smart-TV manufacturer, for a hefty $2.3 billion. The acquisition, slated to bolster Walmart Connect, the retailer's advertising business, is poised to revolutionise its advertising strategy by reaching consumers via television. GlobalData's Managing Director Neil Saunders hailed the deal as a game-changer, enabling Walmart to extend its advertising reach beyond traditional channels and compete head-on with industry rivals like Amazon. The proposed offer, set at $11.50 per share in cash, represents a premium of 47 per cent to Vizio's closing price before reports of the deal surfaced. Analysts predict that the acquisition will be mildly dilutive to Walmart's earnings in fiscal 2025. (With inputs from Reuters)

Walmart soars on strong earnings and Vizio acquisition: Report

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank.

This manoeuvre, as disclosed in a regulatory filing, aims to ensure uninterrupted operations of essential services like Paytm QR, Soundbox, and card machines post the March 15 deadline set by the Reserve Bank of India (RBI).

The decision comes amid regulatory concerns and operational adjustments for Paytm Payments Bank Ltd (PPBL).

Following the RBI's directive, Paytm has been compelled to accelerate the migration process for its vast user base.

Paytm, with over 30 crore users and a network of 1 crore merchants, faces the intricate task of facilitating a seamless transition while sustaining its market presence.

A Times of India report quoted a Paytm representative as saying, "The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before."

A Business Standard article reports&nbsp;that industry insiders anticipate&nbsp;the migration process could span three to six months.

The report further said that Paytm's endeavour to secure a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) aligns with its strategy to sustain digital payment capabilities, particularly through the Unified Payments Interface (UPI).

Notably, discussions are underway between Paytm and other major banking entities like HDFC Bank and State Bank of India (SBI) to ensure continued UPI services for users.

The RBI's recent extension of the deadline for PPBL's operational restrictions till March 15 provides a brief respite for users and merchants to adapt to the impending changes.

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank.

In a significant move impacting millions of users, Paytm, India's leading digital payments platform has been coordinating an essential transition by shifting its nodal account to Axis Bank. This manoeuvre, as disclosed in a regulatory filing, aims to ensure uninterrupted operations of essential services like Paytm QR, Soundbox, and card machines post the March 15 deadline set by the Reserve Bank of India (RBI). The decision comes amid regulatory concerns and operational adjustments for Paytm Payments Bank Ltd (PPBL). Following the RBI's directive, Paytm has been compelled to accelerate the migration process for its vast user base. Paytm, with over 30 crore users and a network of 1 crore merchants, faces the intricate task of facilitating a seamless transition while sustaining its market presence. A Times of India report quoted a Paytm representative as saying, "The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before." A Business Standard article reports that industry insiders anticipate the migration process could span three to six months. The report further said that Paytm's endeavour to secure a third-party application provider (TPAP) license from the National Payments Corporation of India (NPCI) aligns with its strategy to sustain digital payment capabilities, particularly through the Unified Payments Interface (UPI). Notably, discussions are underway between Paytm and other major banking entities like HDFC Bank and State Bank of India (SBI) to ensure continued UPI services for users. The RBI's recent extension of the deadline for PPBL's operational restrictions till March 15 provides a brief respite for users and merchants to adapt to the impending changes.

Paytm shifts nodal account to Axis Bank. What it means for customers

Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20). The American Gaming Association said that the total earnings were 10 per cent higher than those in 2022, the year which had set the previous record.

The latest record has been set in a year that saw grocery and energy prices remaining high in spite of cooling inflation.

"From the traditional casino experience to online options, American adults' demand for gaming is at an all-time high," Bill Miller, the president and CEO of American Gaming Association. He was quoted by The Associated Press.

Miller also said that earlier in the last year, there were few signals of record-breaking earnings.

"...inflation was high, uncertainty was in the air. Forecasters couldn't agree what these challenges might do to discretionary income," he said.

But inflation cooled as the year progressed and Federal Reserve held the interest rates steady. Consumers began to spend more.

"The result was a record-breaking year for our industry," said Miller.

Watch | Neuralink's first human patient can now control compute mouse with thoughts

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"As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited," said Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey's Stockton University, as quoted by AP.

The institute studies gambling industry.

Also Read | <a href="https://www.wionews.com/business-economy/walmart-soars-on-strong-earnings-and-vizio-acquisition-report-692229">Walmart soars on strong earnings and Vizio acquisition: Report</a>

As reported by AP, in-person gaming reflected the biggest earnings for the industry. In year 2023, slot machines brought in USD 35.51 billion. This was an increase of 3.8 per cent from the year 2022. Table games scored USD 10.31 billion. The earnings were up by 3.5 per cent.

The biggest spike was seen in legal sports betting. It generated USD 10.92 billion. This was 44.5 per cent more than the previous year.

(With inputs from agencies)

Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20).

Commercial casinos in the United States hit a jackpot in the year 2023 as they raked in USD 66.5 billion from gamblers marking best year ever for the industry. The figures were released by the national trade association of commercial casinos on Tuesday (Feb 20). The American Gaming Association said that the total earnings were 10 per cent higher than those in 2022, the year which had set the previous record. The latest record has been set in a year that saw grocery and energy prices remaining high in spite of cooling inflation. "From the traditional casino experience to online options, American adults' demand for gaming is at an all-time high," Bill Miller, the president and CEO of American Gaming Association. He was quoted by The Associated Press. Miller also said that earlier in the last year, there were few signals of record-breaking earnings. "...inflation was high, uncertainty was in the air. Forecasters couldn't agree what these challenges might do to discretionary income," he said. But inflation cooled as the year progressed and Federal Reserve held the interest rates steady. Consumers began to spend more. "The result was a record-breaking year for our industry," said Miller. Watch | Neuralink's first human patient can now control compute mouse with thoughts × "As a form of entertainment, legal sports betting might be a new and novel experience for many patrons, and with its relatively low cost of entry, may be attractive to them even if their discretionary spending budget is limited," said Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey's Stockton University, as quoted by AP. The institute studies gambling industry. Also Read | Walmart soars on strong earnings and Vizio acquisition: Report As reported by AP, in-person gaming reflected the biggest earnings for the industry. In year 2023, slot machines brought in USD 35.51 billion. This was an increase of 3.8 per cent from the year 2022. Table games scored USD 10.31 billion. The earnings were up by 3.5 per cent. The biggest spike was seen in legal sports betting. It generated USD 10.92 billion. This was 44.5 per cent more than the previous year. (With inputs from agencies)

US casinos hit big with all-time high earning record