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China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday.<o:p></o:p>

The decision to keep the rate on one-year medium-term lending facility (MLF) loans at 2.50 per cent aligns with expectations, as uncertainties surrounding the Federal Reserve's easing timeline restrict Beijing's response.<o:p></o:p>

With approximately $69 billion worth of MLF loans set to expire this month, the PBOC's move resulted in a net fresh fund injection into the banking system. This decision underscores the delicate balancing act Beijing faces in supporting its economy amidst persistent deflationary pressures.<o:p></o:p>

The PBOC's decision to maintain the MLF rate comes amidst a backdrop of mounting pressure for further stimulus measures. However, any aggressive monetary movements risk reigniting depreciation pressure on the Chinese currency and capital outflows.<o:p></o:p>

Despite some market watchers anticipating additional easing measures shortly, the central bank's preference for stability remains evident.<o:p></o:p>

According to a Reuters report, Chang Wei Liang, FX &amp; credit strategist at DBS, suggests that policymakers are keen on anchoring the yuan and limiting negative rate differentials with the US dollar.<o:p></o:p>

Market sentiment has been closely monitored following the PBOC's recent actions, including a significant cut to bank reserves earlier in the month. Despite these efforts, sentiment stabilisation has proved elusive.<o:p></o:p>

Ting Lu, chief China economist at Nomura, anticipates further rate cuts in both the open market operations (OMO) and MLF rates in the first and second quarters. Lu observes that previous easing measures, such as an earlier-than-expected cut in the reserve requirement ratio (RRR), have failed to achieve the desired impact on market sentiment.<o:p></o:p>

Looking ahead, there are expectations that the benchmark loan prime rate (LPR) could see a reduction in the coming days, particularly for the five-year tenor.<o:p></o:p>

Lowering the five-year LPR is seen as a measure to stabilise confidence, promote investment and consumption, and support the stable development of the real estate market. The monthly fixing of the LPRs is scheduled for February 20th, further indicating potential adjustments on the horizon.<o:p></o:p>

In its latest monetary policy implementation report, the PBOC reaffirmed its commitment to flexible policies aimed at boosting domestic demand while maintaining price stability. The central bank's stance underscores the ongoing efforts to navigate the complexities of the economic landscape, balancing the need for stimulus with stability concerns.<o:p></o:p>

As market dynamics continue to evolve, policymakers remain vigilant in their approach to sustaining economic growth.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p>&nbsp;</o:p>

China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday.

China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday. The decision to keep the rate on one-year medium-term lending facility (MLF) loans at 2.50 per cent aligns with expectations, as uncertainties surrounding the Federal Reserve's easing timeline restrict Beijing's response. With approximately $69 billion worth of MLF loans set to expire this month, the PBOC's move resulted in a net fresh fund injection into the banking system. This decision underscores the delicate balancing act Beijing faces in supporting its economy amidst persistent deflationary pressures. The PBOC's decision to maintain the MLF rate comes amidst a backdrop of mounting pressure for further stimulus measures. However, any aggressive monetary movements risk reigniting depreciation pressure on the Chinese currency and capital outflows. Despite some market watchers anticipating additional easing measures shortly, the central bank's preference for stability remains evident. According to a Reuters report, Chang Wei Liang, FX & credit strategist at DBS, suggests that policymakers are keen on anchoring the yuan and limiting negative rate differentials with the US dollar. Market sentiment has been closely monitored following the PBOC's recent actions, including a significant cut to bank reserves earlier in the month. Despite these efforts, sentiment stabilisation has proved elusive. Ting Lu, chief China economist at Nomura, anticipates further rate cuts in both the open market operations (OMO) and MLF rates in the first and second quarters. Lu observes that previous easing measures, such as an earlier-than-expected cut in the reserve requirement ratio (RRR), have failed to achieve the desired impact on market sentiment. Looking ahead, there are expectations that the benchmark loan prime rate (LPR) could see a reduction in the coming days, particularly for the five-year tenor. Lowering the five-year LPR is seen as a measure to stabilise confidence, promote investment and consumption, and support the stable development of the real estate market. The monthly fixing of the LPRs is scheduled for February 20th, further indicating potential adjustments on the horizon. In its latest monetary policy implementation report, the PBOC reaffirmed its commitment to flexible policies aimed at boosting domestic demand while maintaining price stability. The central bank's stance underscores the ongoing efforts to navigate the complexities of the economic landscape, balancing the need for stimulus with stability concerns. As market dynamics continue to evolve, policymakers remain vigilant in their approach to sustaining economic growth. (With inputs from Reuters)

China’s Central Bank maintains policy stability while economic uncertainties persist

A fire erupted at a battery recycling facility in southern France, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky, Reuters reported citing local authorities on Sunday.<o:p></o:p>

The fire, which broke out in a warehouse owned by French recycling group SNAM in Viviez, north of Toulouse, has raised concerns about potential environmental and health hazards posed by the burning batteries. <o:p></o:p>

"This incident underscores the potential dangers associated with lithium batteries, given their combustible nature and the toxic materials they contain," Reuters quoted the local councillor Pascal Mazet as saying. <o:p></o:p>

Lithium batteries, integral to various electrical devices including smartphones and electric vehicles, are known to pose fire risks when exposed to heat, raising alarms about the environmental and health implications of the ongoing fire. <o:p></o:p>

In a similar incident in January 2023, a massive fire erupted at a warehouse storing car components and thousands of lithium batteries in Normandy, although authorities managed to contain the blaze without causing casualties. <o:p></o:p>

Despite assurances from firefighters regarding the absence of dangerous air pollution, concerns persist about the potential release of toxic materials into the environment as a result of the ongoing fire at the Viviez facility.<o:p></o:p>

According to reports, thick smoke billowed over the Viviez site, with up to 70 firefighters deployed to combat the inferno, as depicted by French media. <o:p></o:p>

While efforts to control the fire are underway, local official Charles Giusti emphasised that residents living in proximity to the plant face no immediate danger. <o:p></o:p>

However, the slow-burning nature of the fire is expected to prolong firefighting efforts over the coming hours, posing logistical challenges for emergency responders.<o:p></o:p>

A security note for the site warns of potential emissions of cadmium, a highly toxic substance, in the event of a major fire. <o:p></o:p>

While acknowledging the environmental risks posed by toxic fumes, the note assures residents that immediate health hazards are unlikely given the factory's environment and the behaviour of emitted fumes.<o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

A fire erupted at a battery recycling facility in southern France, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky, Reuters reported citing local authorities on Sunday.

A fire erupted at a battery recycling facility in southern France, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky, Reuters reported citing local authorities on Sunday. The fire, which broke out in a warehouse owned by French recycling group SNAM in Viviez, north of Toulouse, has raised concerns about potential environmental and health hazards posed by the burning batteries. "This incident underscores the potential dangers associated with lithium batteries, given their combustible nature and the toxic materials they contain," Reuters quoted the local councillor Pascal Mazet as saying. Lithium batteries, integral to various electrical devices including smartphones and electric vehicles, are known to pose fire risks when exposed to heat, raising alarms about the environmental and health implications of the ongoing fire. In a similar incident in January 2023, a massive fire erupted at a warehouse storing car components and thousands of lithium batteries in Normandy, although authorities managed to contain the blaze without causing casualties. Despite assurances from firefighters regarding the absence of dangerous air pollution, concerns persist about the potential release of toxic materials into the environment as a result of the ongoing fire at the Viviez facility. According to reports, thick smoke billowed over the Viviez site, with up to 70 firefighters deployed to combat the inferno, as depicted by French media. While efforts to control the fire are underway, local official Charles Giusti emphasised that residents living in proximity to the plant face no immediate danger. However, the slow-burning nature of the fire is expected to prolong firefighting efforts over the coming hours, posing logistical challenges for emergency responders. A security note for the site warns of potential emissions of cadmium, a highly toxic substance, in the event of a major fire. While acknowledging the environmental risks posed by toxic fumes, the note assures residents that immediate health hazards are unlikely given the factory's environment and the behaviour of emitted fumes. (With inputs from Reuters)

Major fire at French recycling plant engulfs 900 tonnes of lithium batteries

<o:p></o:p>

Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday.<o:p></o:p>

As per a Reuters report, the data revealed a staggering 47.3 per cent year-on-year increase in tourism revenues, surpassing 2019 levels. This surge was attributed to a domestic travel boom fuelled by a longer-than-usual break, which saw tourist attractions across the country bustling with massive crowds. Despite the positive figures, concerns linger regarding the sustainability of this tourism boost, especially as tourism revenue per trip remained below pre-pandemic levels.<o:p></o:p>

During the Lunar New Year holiday, often dubbed as the world's largest annual migration, domestic tourism spending witnessed a remarkable jump, reaching $87.96 billion, a 47.3 per cent increase from the same period in 2023.<o:p></o:p>

The number of domestic trips taken during this period also saw a substantial rise, growing by 34.3 per cent compared to the previous year, totalling 474 million. When compared to the 2019 Lunar New Year holiday, before the onset of the COVID-19 pandemic, domestic tourism spending showed a notable increase of 7.7 per cent, with domestic trips rising by 19 per cent. It's worth noting that the holiday in 2024 lasted for eight days, one day longer than the 2019 Lunar New Year break.<o:p></o:p>

Goldman Sachs analysts noted an increase in domestic tourism during the Lunar New Year holiday compared to previous years.<o:p></o:p>

However, they noted that tourism revenue per head softened, remaining below pre-pandemic levels, indicating ongoing "consumption downgrading". This sentiment reflects broader concerns about the strength and sustainability of China's economic recovery amidst lingering deflationary risks.<o:p></o:p>

The Lunar New Year holiday, also known as the Spring Festival, traditionally sees millions of people travelling across the country to reunite with family members. Despite the challenges posed by the pandemic, international travel also saw a significant increase, with around 13.52 million inbound and outbound trips recorded during the holiday period.<o:p></o:p>

This represents a growth of 2.8 times from the same period last year, signalling a gradual revival in international travel activity. However, total entry-exit trips during the holiday remained at 90 per cent of 2019 levels, indicating a partial recovery in cross-border travel.<o:p></o:p>

Aside from traditional travel activities, entertainment also played a significant role during the holiday period. Film watching emerged as one of the most popular activities, with the country's box office revenue surpassing $1.11 billion over the eight days, setting a new record high. This underscores the resilience of China's entertainment industry despite broader economic challenges.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday.

Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday. As per a Reuters report, the data revealed a staggering 47.3 per cent year-on-year increase in tourism revenues, surpassing 2019 levels. This surge was attributed to a domestic travel boom fuelled by a longer-than-usual break, which saw tourist attractions across the country bustling with massive crowds. Despite the positive figures, concerns linger regarding the sustainability of this tourism boost, especially as tourism revenue per trip remained below pre-pandemic levels. During the Lunar New Year holiday, often dubbed as the world's largest annual migration, domestic tourism spending witnessed a remarkable jump, reaching $87.96 billion, a 47.3 per cent increase from the same period in 2023. The number of domestic trips taken during this period also saw a substantial rise, growing by 34.3 per cent compared to the previous year, totalling 474 million. When compared to the 2019 Lunar New Year holiday, before the onset of the COVID-19 pandemic, domestic tourism spending showed a notable increase of 7.7 per cent, with domestic trips rising by 19 per cent. It's worth noting that the holiday in 2024 lasted for eight days, one day longer than the 2019 Lunar New Year break. Goldman Sachs analysts noted an increase in domestic tourism during the Lunar New Year holiday compared to previous years. However, they noted that tourism revenue per head softened, remaining below pre-pandemic levels, indicating ongoing "consumption downgrading". This sentiment reflects broader concerns about the strength and sustainability of China's economic recovery amidst lingering deflationary risks. The Lunar New Year holiday, also known as the Spring Festival, traditionally sees millions of people travelling across the country to reunite with family members. Despite the challenges posed by the pandemic, international travel also saw a significant increase, with around 13.52 million inbound and outbound trips recorded during the holiday period. This represents a growth of 2.8 times from the same period last year, signalling a gradual revival in international travel activity. However, total entry-exit trips during the holiday remained at 90 per cent of 2019 levels, indicating a partial recovery in cross-border travel. Aside from traditional travel activities, entertainment also played a significant role during the holiday period. Film watching emerged as one of the most popular activities, with the country's box office revenue surpassing $1.11 billion over the eight days, setting a new record high. This underscores the resilience of China's entertainment industry despite broader economic challenges. (With inputs from Reuters)

China's Lunar New Year tourism revenues surge, but sustainability concerns linger

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. <o:p></o:p>

The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes.<o:p></o:p>

"The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. <o:p></o:p>

Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures.<o:p></o:p>

President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits.<o:p></o:p>

However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians.<o:p></o:p>

In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste."<o:p></o:p>

These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population.<o:p></o:p>

Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012.

While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth.<o:p></o:p>

Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes. "The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures. President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits. However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians. In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste." These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population. Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012. While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth. Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. (With inputs from Reuters)

Argentina's poverty reaches 20-year peak during economic crisis, UCA study says

The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year, Reuters reported.<o:p></o:p>

Prime Minister Sheikh Mohammed bin Rashid al-Maktoum hailed achievement as indication to the country's efforts to diversify its economy and reduce dependence on oil revenues.<o:p></o:p>

"This remarkable milestone underscores our commitment to economic diversification and resilience," stated Prime Minister Sheikh Mohammed bin Rashid al-Maktoum. <o:p></o:p>

The surge in non-oil trade reflects the effectiveness of policies aimed at expanding income sources and fostering growth across various sectors beyond the oil industry.<o:p></o:p>

Minister of Foreign Trade, Thani Al Zeyoudi, emphasised the significance of UAE's non-oil sector, which outpaced overall GDP growth in first half of 2023, registering robust 6 per cent increase. <o:p></o:p>

Zeyoudi underscored pivotal role of Comprehensive Economic Partnership Agreements (CEPAs) in driving trade expansion, citing substantial growth in trade volumes with key partners such as India and Turkey. <o:p></o:p>

Despite external challenges, including disruptions to Red Sea shipping routes due to Houthi attacks, Minister Zeyoudi expressed confidence in resilience of UAE's economy. <o:p></o:p>

He affirmed country's preparedness to navigate global uncertainties, citing adaptability and robustness in facing regional and international challenges. <o:p></o:p>

Zeyoudi's remarks underscore UAE's confidence in its ability to sustain economic growth amid evolving geopolitical dynamics. <o:p></o:p>

UAE's burgeoning services sectors, including travel and tourism, information technology, financial services, and professional services, have contributed significantly to expansion of non-oil trade.<o:p></o:p>

Additionally, country's major non-oil exports, such as gold, aluminium, jewellery, copper wire, and ethylene polymers, have showcased remarkable growth, further diversifying nation's export portfolio.<o:p></o:p>

Minister Zeyoudi highlighted substantial growth in non-oil commodity exports, which surged by 16.7 per cent to reach 441 billion dirhams in 2023, constituting a notable portion of UAE's foreign trade.<o:p></o:p>

Furthermore, re-exports experienced a significant uptick, rising by almost 7 per cent to reach 690 billion dirhams, reflecting country's pivotal role as a regional trade hub. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year, Reuters reported.

The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year, Reuters reported. Prime Minister Sheikh Mohammed bin Rashid al-Maktoum hailed achievement as indication to the country's efforts to diversify its economy and reduce dependence on oil revenues. "This remarkable milestone underscores our commitment to economic diversification and resilience," stated Prime Minister Sheikh Mohammed bin Rashid al-Maktoum. The surge in non-oil trade reflects the effectiveness of policies aimed at expanding income sources and fostering growth across various sectors beyond the oil industry. Minister of Foreign Trade, Thani Al Zeyoudi, emphasised the significance of UAE's non-oil sector, which outpaced overall GDP growth in first half of 2023, registering robust 6 per cent increase. Zeyoudi underscored pivotal role of Comprehensive Economic Partnership Agreements (CEPAs) in driving trade expansion, citing substantial growth in trade volumes with key partners such as India and Turkey. Despite external challenges, including disruptions to Red Sea shipping routes due to Houthi attacks, Minister Zeyoudi expressed confidence in resilience of UAE's economy. He affirmed country's preparedness to navigate global uncertainties, citing adaptability and robustness in facing regional and international challenges. Zeyoudi's remarks underscore UAE's confidence in its ability to sustain economic growth amid evolving geopolitical dynamics. UAE's burgeoning services sectors, including travel and tourism, information technology, financial services, and professional services, have contributed significantly to expansion of non-oil trade. Additionally, country's major non-oil exports, such as gold, aluminium, jewellery, copper wire, and ethylene polymers, have showcased remarkable growth, further diversifying nation's export portfolio. Minister Zeyoudi highlighted substantial growth in non-oil commodity exports, which surged by 16.7 per cent to reach 441 billion dirhams in 2023, constituting a notable portion of UAE's foreign trade. Furthermore, re-exports experienced a significant uptick, rising by almost 7 per cent to reach 690 billion dirhams, reflecting country's pivotal role as a regional trade hub. (With inputs from Reuters)

UAE achieves record non-oil trade of $953 billion in 2023

In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent. <o:p></o:p>

French Finance Minister Bruno Le Maire revealed the modification in an interview with TF1, emphasising the necessity to navigate through a shifting geopolitical landscape affecting economic prospects.<o:p></o:p>

"It's a growth prediction that stays positive, but considers the new geopolitical surroundings," Reuters quoted Finance Minister Le Maire as saying. <o:p></o:p>

The updated projection reveals worries about ongoing conflicts, interruptions in maritime transport, and sluggish economic performance in critical markets, necessitating strategic adjustments to fiscal measures.<o:p></o:p>

To deal with economic headwinds and sustain fiscal stability, the French government outlined action plans, including spending cuts totalling 10 billion euros across numerous departments and agencies. <o:p></o:p>

Minister Le Maire stressed that while there would be no tax increases or decreases in social security payments, all governmental entities would be mandated to contribute to the austerity measures. <o:p></o:p>

The advised cuts incorporate reductions in operating expenses for ministries, adjustments in public policies, and budgetary trims for state operators.<o:p></o:p>

Added to this, Minister Le Maire confirmed that the government is looking to achieve its objective of reducing the 2024 state deficit to 4.4 per cent of GDP. <o:p></o:p>

He pointed out the likelihood of introducing a supplementary budget in the summer, depending on economic conditions and political evolvements, to guarantee alignment with long-term fiscal objectives.<o:p></o:p>

The government aims to progressively narrow the fiscal shortfall in the approaching years, intending to fall below the EU-mandated ceiling of 3 per cent by 2027.<o:p></o:p>

The downward modification in France's growth forecast aligns with recent corrections made by renowned international bodies, including the European Commission, the OECD, and France's statistics agency INSEE. <o:p></o:p>

The European Commission, in particular, cut its 2024 GDP growth outlook for France to 0.9 per cent, representing a decrease from the initially estimated 1.2 per cent in November, mentioning current economic challenges within the Eurozone. <o:p></o:p>

Similarly, the OECD decreased its growth forecast for France to 0.6 per cent, showing widespread worries over sluggish economic recovery.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.

In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent. French Finance Minister Bruno Le Maire revealed the modification in an interview with TF1, emphasising the necessity to navigate through a shifting geopolitical landscape affecting economic prospects. "It's a growth prediction that stays positive, but considers the new geopolitical surroundings," Reuters quoted Finance Minister Le Maire as saying. The updated projection reveals worries about ongoing conflicts, interruptions in maritime transport, and sluggish economic performance in critical markets, necessitating strategic adjustments to fiscal measures. To deal with economic headwinds and sustain fiscal stability, the French government outlined action plans, including spending cuts totalling 10 billion euros across numerous departments and agencies. Minister Le Maire stressed that while there would be no tax increases or decreases in social security payments, all governmental entities would be mandated to contribute to the austerity measures. The advised cuts incorporate reductions in operating expenses for ministries, adjustments in public policies, and budgetary trims for state operators. Added to this, Minister Le Maire confirmed that the government is looking to achieve its objective of reducing the 2024 state deficit to 4.4 per cent of GDP. He pointed out the likelihood of introducing a supplementary budget in the summer, depending on economic conditions and political evolvements, to guarantee alignment with long-term fiscal objectives. The government aims to progressively narrow the fiscal shortfall in the approaching years, intending to fall below the EU-mandated ceiling of 3 per cent by 2027. The downward modification in France's growth forecast aligns with recent corrections made by renowned international bodies, including the European Commission, the OECD, and France's statistics agency INSEE. The European Commission, in particular, cut its 2024 GDP growth outlook for France to 0.9 per cent, representing a decrease from the initially estimated 1.2 per cent in November, mentioning current economic challenges within the Eurozone. Similarly, the OECD decreased its growth forecast for France to 0.6 per cent, showing widespread worries over sluggish economic recovery. (With inputs from Reuters)

France cuts down on expected 2024 growth amid global uncertainties

<o:p></o:p>Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.<o:p></o:p>

According to sources familiar with the matter the fine is the culmination of a lengthy antitrust investigation probing allegations that Apple violated EU laws by allegedly leveraging its platform to prioritise its music streaming services over competitors.<o:p></o:p>

The investigation, initiated following a formal complaint by music-streaming giant Spotify in 2019, scrutinised whether Apple obstructed apps from informing iPhone users about potentially cheaper alternatives for accessing music subscriptions outside of its App Store ecosystem. <o:p></o:p>

The European Commission is expected to announce its findings early next month, asserting that Apple's actions contravene EU competition regulations designed to foster fair market competition.<o:p></o:p>

"This fine sends a clear message that the EU will not tolerate anti-competitive practices, particularly from dominant players in the market," FT quoted a spokesperson from the European Commission as saying.<o:p></o:p>

"Apple's conduct has stifled competition and undermined consumer choice," they added.<o:p></o:p>

According to insiders, Brussels will charge Apple of exploiting its dominant market position and enforcing unfair trading conditions on its rivals. <o:p></o:p>

The impending fine is anticipated to be one of the most substantial penalties imposed by the EU on major tech firms, rivalling the hefty fines previously levied against Google, which are currently under legal scrutiny.<o:p></o:p>

While Apple has never before faced fines for antitrust violations from Brussels, it encountered legal trouble in France in 2020, resulting in a €1.1 billion penalty, later reduced to €372 million following an appeal. <o:p></o:p>

In response to the impending ruling, Apple has emphasised its commitment to fostering a competitive environment while expressing disappointment in the EU's pursuit of what it deems a meritless complaint. <o:p></o:p>

Apple said that its App Store has played a pivotal role in enabling Spotify's success as the leading music streaming service in Europe. <o:p></o:p>

However, critics remain sceptical, citing ongoing concerns about Apple's alleged anti-competitive practices.<o:p></o:p>

Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.

Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday. According to sources familiar with the matter the fine is the culmination of a lengthy antitrust investigation probing allegations that Apple violated EU laws by allegedly leveraging its platform to prioritise its music streaming services over competitors. The investigation, initiated following a formal complaint by music-streaming giant Spotify in 2019, scrutinised whether Apple obstructed apps from informing iPhone users about potentially cheaper alternatives for accessing music subscriptions outside of its App Store ecosystem. The European Commission is expected to announce its findings early next month, asserting that Apple's actions contravene EU competition regulations designed to foster fair market competition. "This fine sends a clear message that the EU will not tolerate anti-competitive practices, particularly from dominant players in the market," FT quoted a spokesperson from the European Commission as saying. "Apple's conduct has stifled competition and undermined consumer choice," they added. According to insiders, Brussels will charge Apple of exploiting its dominant market position and enforcing unfair trading conditions on its rivals. The impending fine is anticipated to be one of the most substantial penalties imposed by the EU on major tech firms, rivalling the hefty fines previously levied against Google, which are currently under legal scrutiny. While Apple has never before faced fines for antitrust violations from Brussels, it encountered legal trouble in France in 2020, resulting in a €1.1 billion penalty, later reduced to €372 million following an appeal. In response to the impending ruling, Apple has emphasised its commitment to fostering a competitive environment while expressing disappointment in the EU's pursuit of what it deems a meritless complaint. Apple said that its App Store has played a pivotal role in enabling Spotify's success as the leading music streaming service in Europe. However, critics remain sceptical, citing ongoing concerns about Apple's alleged anti-competitive practices.

EU set to fine Apple €500 million in music streaming penalty: Report

<o:p></o:p>Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The strike is scheduled to begin at 4 am local time on Tuesday and conclude early Wednesday morning, affecting airports like Frankfurt, Munich, Hamburg, Berlin, Duesseldorf, Cologne, and Stuttgart. <o:p></o:p>

"This strike is an unfortunate development," remarked Michael Niggemann, a member of Lufthansa's executive board overseeing human resources, expressing regret over the impending disruption caused by the industrial action. <o:p></o:p>

Niggemann highlighted Lufthansa's efforts to reach an agreement, charactersing their offer during negotiations as "far-reaching," although it was rebuffed by Verdi. <o:p></o:p>

The strike, he emphasised, would inconvenience both passengers and staff. <o:p></o:p>

The impending strike follows a similar disturbance earlier in February, which led to the cancellation of 900 out of 1,000 planned flights, impacting approximately 100,000 passengers. <o:p></o:p>

The ongoing dispute centres on collective bargaining agreements, with Verdi advocating for a substantial wage increase for around 25,000 ground staff workers. <o:p></o:p>

The union is pushing for a 12.5 per cent wage rise or a minimum monthly increment of 500 euros over a 12-month period, accompanied by a one-time payment of 3,000 euros to counter inflation.<o:p></o:p>

Verdi's demand for higher wages mirrors the broader labour unrest across Germany, where workers in various sectors have staged nationwide strikes, disrupting air travel, railways, and public transportation.<o:p></o:p>

(With inputs from Reuters) <o:p></o:p>

Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector.

Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector. This is based on a Reuters report. The strike is scheduled to begin at 4 am local time on Tuesday and conclude early Wednesday morning, affecting airports like Frankfurt, Munich, Hamburg, Berlin, Duesseldorf, Cologne, and Stuttgart. "This strike is an unfortunate development," remarked Michael Niggemann, a member of Lufthansa's executive board overseeing human resources, expressing regret over the impending disruption caused by the industrial action. Niggemann highlighted Lufthansa's efforts to reach an agreement, charactersing their offer during negotiations as "far-reaching," although it was rebuffed by Verdi. The strike, he emphasised, would inconvenience both passengers and staff. The impending strike follows a similar disturbance earlier in February, which led to the cancellation of 900 out of 1,000 planned flights, impacting approximately 100,000 passengers. The ongoing dispute centres on collective bargaining agreements, with Verdi advocating for a substantial wage increase for around 25,000 ground staff workers. The union is pushing for a 12.5 per cent wage rise or a minimum monthly increment of 500 euros over a 12-month period, accompanied by a one-time payment of 3,000 euros to counter inflation. Verdi's demand for higher wages mirrors the broader labour unrest across Germany, where workers in various sectors have staged nationwide strikes, disrupting air travel, railways, and public transportation. (With inputs from Reuters)

Lufthansa ground staff set to strike amid wage dispute: Report

Indian taxpayers with lingering doubts can finally breathe a sigh of relief as the Central Board of Direct Taxes (CBDT) has initiated a taxpayer-friendly move, extinguishing eligible outstanding direct tax demands up to Rs 1 lakh per individual.

As per the&nbsp;order&nbsp;issued on February 13, 2024, the process to remit and extinguish qualifies for&nbsp;outstanding tax demands as of January 31, 2024.<o:p></o:p>

This initiative, outlined in the 2024 Interim Budget, aims to clear the books for millions and streamline the tax ecosystem.<o:p></o:p>

Wiping the slate clean<o:p></o:p>

This move targets a significant chunk of taxpayers burdened by "petty, non-verified, non-reconciled or disputed" demands dating back to 1962. <o:p></o:p>

These demands, often stemming from the Income-tax Act&nbsp;1961, Wealth-tax Act&nbsp;1957, and Gift-tax Act 1958, have caused undue anxiety and hindered refunds for many.<o:p></o:p>

How much relief?<o:p></o:p>

The remission varies based on assessment years:

<ul>
	<li class="MsoNormal">Assessment years 2010-11 onwards:&nbsp;Up to Rs 25,000 per demand entry.</li>
	<li class="MsoNormal">Assessment years 2011-12 to 2015-16:&nbsp;Up to Rs10,000 per demand entry.<o:p></o:p></li>
</ul>

Importantly, an overall cap of Rs 1 lakh per taxpayer exists, excluding demands related to tax deducted at source (TDS) or tax credited at source (TCS).<o:p></o:p>

Not everyone gets a free pass<o:p></o:p>

While offering widespread relief, the initiative excludes demands against tax deductors/collectors under TDS/TCS provisions and any ongoing criminal proceedings against taxpayers.<o:p></o:p>

Interest no more a burden<o:p></o:p>

In a welcome move, the order eliminates the need to calculate interest on delayed payments for extinguished demands. This further eases the financial burden on relieved taxpayers.<o:p></o:p>

Checking your status<o:p></o:p>

Taxpayers can easily verify their extinguished demands by logging into the income tax portal and navigating to "Pending Action &gt; Response to Outstanding Demand".<o:p></o:p>

Indian taxpayers with lingering doubts can finally breathe a sigh of relief as the Central Board of Direct Taxes (CBDT) has initiated a taxpayer-friendly move, extinguishing eligible outstanding direct tax demands up to Rs 1 lakh per individual.

Indian taxpayers with lingering doubts can finally breathe a sigh of relief as the Central Board of Direct Taxes (CBDT) has initiated a taxpayer-friendly move, extinguishing eligible outstanding direct tax demands up to Rs 1 lakh per individual. As per the order issued on February 13, 2024, the process to remit and extinguish qualifies for outstanding tax demands as of January 31, 2024. This initiative, outlined in the 2024 Interim Budget, aims to clear the books for millions and streamline the tax ecosystem. Wiping the slate clean This move targets a significant chunk of taxpayers burdened by "petty, non-verified, non-reconciled or disputed" demands dating back to 1962. These demands, often stemming from the Income-tax Act 1961, Wealth-tax Act 1957, and Gift-tax Act 1958, have caused undue anxiety and hindered refunds for many. How much relief? The remission varies based on assessment years: Assessment years 2010-11 onwards: Up to Rs 25,000 per demand entry. Assessment years 2011-12 to 2015-16: Up to Rs10,000 per demand entry. Importantly, an overall cap of Rs 1 lakh per taxpayer exists, excluding demands related to tax deducted at source (TDS) or tax credited at source (TCS). Not everyone gets a free pass While offering widespread relief, the initiative excludes demands against tax deductors/collectors under TDS/TCS provisions and any ongoing criminal proceedings against taxpayers. Interest no more a burden In a welcome move, the order eliminates the need to calculate interest on delayed payments for extinguished demands. This further eases the financial burden on relieved taxpayers. Checking your status Taxpayers can easily verify their extinguished demands by logging into the income tax portal and navigating to "Pending Action > Response to Outstanding Demand".

Indian Government waives tax demands up to Rs 1 lakh, providing relief to taxpayers

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

EU set to fine Apple €500 million in music streaming penalty: Report<o:p></o:p>

Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-set-to-fine-apple-eu500-million-in-music-streaming-penalty-report-691527">Read more here</a><o:p></o:p>

Lufthansa ground staff set to strike amid wage dispute: Report<o:p></o:p>

Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/lufthansa-ground-staff-set-to-strike-amid-wage-dispute-report-691532">Read more here</a><o:p></o:p>

France cuts down on expected 2024 growth amid global uncertainties<o:p></o:p>

In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/france-cuts-down-on-expected-2024-growth-amid-global-uncertainties-691540">Read more here</a><o:p></o:p>

UAE achieves record non-oil trade of $953 billion in 2023<o:p></o:p>

The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uae-achieves-record-non-oil-trade-of-953-billion-in-2023-691552">Read more here</a><o:p></o:p>

Argentina's poverty reaches 20-year peak during economic crisis, UCA study says<o:p></o:p>

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/argentinas-poverty-reaches-20-year-peak-during-economic-crisis-uca-study-says-691555">Read more here</a><o:p></o:p>

Major fire at French recycling plant engulfs 900 tonnes of lithium batteries<o:p></o:p>

A fire erupted at a battery recycling facility in southern France on Sunday, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/major-fire-at-french-recycling-plant-engulfs-900-tonnes-of-lithium-batteries-691583">Read more here</a><o:p></o:p>

China's C919 airliner makes historic international debut at Singapore Airshow<o:p></o:p>

China's aviation industry marked a significant milestone as its domestically developed C919 airliner, designed to rival Airbus and Boeing's passenger jets, made its maiden international appearance at the Singapore Airshow.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-c919-airliner-makes-historic-international-debut-at-singapore-airshow-691593">Read more here</a><o:p></o:p>

Nintendo stocks plummet as reports suggest delayed launch of switch successor<o:p></o:p>

Nintendo shares plummeted by 6 per cent on Monday following reports from gaming media outlets and Bloomberg indicating a potential delay in the release of its next-generation console.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nintendo-stocks-plummet-as-reports-suggest-delayed-launch-of-switch-successor-691601">Read more here</a><o:p></o:p>

China's Lunar New Year tourism revenues surge, but sustainability concerns linger<o:p></o:p>

Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-lunar-new-year-tourism-revenues-surge-but-sustainability-concerns-linger-691581">Read more here</a><o:p></o:p>

China’s Central Bank maintains policy stability while economic uncertainties persist<o:p></o:p>

China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-central-bank-maintains-policy-stability-while-economic-uncertainties-persist-691584">Read more here</a><o:p></o:p>

Seven Group Holdings makes a $1.24 billion bid for full control of Boral<o:p></o:p>

Australian conglomerate Seven Group Holdings has made a substantial bid of $1.24 billion to acquire full control of Boral, a leading building products group, signalling a confident wager on the sustained growth of Australia's infrastructure sector.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/seven-group-holdings-makes-a-124-billion-bid-for-full-control-of-boral-691590">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. EU set to fine Apple €500 million in music streaming penalty: Report Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. EU set to fine Apple €500 million in music streaming penalty: Report Brussels is gearing up to administer its first-ever fine against Apple, reportedly amounting to approximately €500 million (approximately $539 million), marking a significant milestone in the European Commission's efforts to regulate big tech, the Financial Times (FT) reported on Sunday. Read more here Lufthansa ground staff set to strike amid wage dispute: Report Ground staff at Lufthansa, are ready to start a strike on Tuesday, as stated by the Verdi union on Sunday, adding to numerous industrial actions unsettling Germany's transport sector. Read more here France cuts down on expected 2024 growth amid global uncertainties In reaction to rising uncertainties on a worldwide scale due to conflicts in Ukraine and Gaza, coupled with economic slowdowns in crucial trading partners like Germany and China, France has reduced its 2024 GDP growth forecast to 1 per cent, lower than the initially anticipated 1.4 per cent. Read more here UAE achieves record non-oil trade of $953 billion in 2023 The United Arab Emirates (UAE) has reported a record-high non-oil trade volume of $952.93 billion in 2023, which marked a 12.6 per cent increase from the previous year. Read more here Argentina's poverty reaches 20-year peak during economic crisis, UCA study says A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. Read more here Major fire at French recycling plant engulfs 900 tonnes of lithium batteries A fire erupted at a battery recycling facility in southern France on Sunday, engulfing approximately 900 tonnes of lithium batteries and releasing thick black smoke into the sky. Read more here China's C919 airliner makes historic international debut at Singapore Airshow China's aviation industry marked a significant milestone as its domestically developed C919 airliner, designed to rival Airbus and Boeing's passenger jets, made its maiden international appearance at the Singapore Airshow. Read more here Nintendo stocks plummet as reports suggest delayed launch of switch successor Nintendo shares plummeted by 6 per cent on Monday following reports from gaming media outlets and Bloomberg indicating a potential delay in the release of its next-generation console. Read more here China's Lunar New Year tourism revenues surge, but sustainability concerns linger Tourism revenues in China surged significantly during the Lunar New Year holidays, marking a remarkable rebound from previous years, according to official data released on Sunday. Read more here China’s Central Bank maintains policy stability while economic uncertainties persist China's central bank, the People's Bank of China (PBOC), has opted to maintain stability in its monetary policy by leaving a key policy rate unchanged on Sunday. Read more here Seven Group Holdings makes a $1.24 billion bid for full control of Boral Australian conglomerate Seven Group Holdings has made a substantial bid of $1.24 billion to acquire full control of Boral, a leading building products group, signalling a confident wager on the sustained growth of Australia's infrastructure sector. Read more here

WION Business Wrap | EU fines Apple €500 million, Lufthansa’s ground staff strike and more

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation.&nbsp;

AAs are streamlining how we manage and share our financial data. The AA framework heralds a new age of financial inclusivity and efficiency. It allows individuals to securely aggregate and share their financial information with banks and other financial institutions. The ease in data-sharing simplifies the process of accessing financial services and empowers consumers by placing them in control of their personal data.

What Are Account Aggregators?

Account Aggregators are digital intermediaries—essentially, non-lending NBFCs.

Their job is to facilitate the secure and consent-based sharing of financial data between individuals and financial institutions. Imagine needing a loan and being able to share your financial history with the bank digitally without the hassle of paperwork. AAs make this possible.

They collect data from various sources—banks, mutual funds, insurance companies—and with your permission share it with entities requiring it, such as lenders.

This mechanism significantly reduces the time and cost associated with manual data verification, thus leading to faster loan processing and sanction.&nbsp;

The Need forAAs

AAs address the challenge of financial fraud by ensuring data is directly sourced from financial institutions, mitigating the risk associated with forged documents.

Secondly, they bridge the gap in financial inclusion. For individuals in remote areas or those without a formal credit history, traditional banking services may be out of reach. AAs democratise access to financial services by leveraging digital data.

This is making it possible for more people to access loans and other services based on their financial behaviour rather than just their credit history.

Empowering Consumers Through Consent

Consumer empowerment is central to the AA framework. Before the ongoing digitalisation of finance, sharing personal information was cumbersome and fraught with privacy concerns.

Remember the days of printing several photocopies of your financial statements, and income and address proofs, and sharing them with strangers?

Now, with all this information available digitally, fintech innovation such as AAs is allowing for the data to be shared directly from its source, such as your bank. Also, consumers can dictate who accesses their data, for how long, and for what purpose.

This consent-based model not only protects privacy but also puts individuals in the driver's seat of their financial journey. An example of this empowerment is the ability for consumers to instantly revoke access.&nbsp;

Simplifying Account Openings&nbsp;

The AA ecosystem is streamlining the way financial accounts are opened and managed.

By using AAs, consumers can undergo a digital KYC process, linking their various financial accounts—from savings to investments—under one umbrella.

This consolidation can simplify the process of applying for financial services such as loans, investing, or purchasing insurance. The digital KYC process through AAs can reduce the account opening time from days to mere minutes.

The Future of Financial Services with AAs

The potential of AAs extends beyond just simplifying data sharing; it's about revolutionising finance again—just as UPI had done some years ago.

By integrating more forms of financial data, such as investments and insurance, AAs are set to offer a more holistic view of an individual's financial health.

This broader perspective on consumer data will enable lenders to make more informed decisions, which will help reduce the risks around frauds and NPAs. It's a win-win: consumers enjoy easier access to services, while institutions benefit from a deeper understanding of their customers' financial behaviours.

India's embrace of Account Aggregators is a significant step towards a more inclusive and efficient financial ecosystem. AAs are unlocking new possibilities for consumers and financial institutions alike. 
&nbsp;

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation.

India’s digital public goods are powering a transformative shift in the way financial services are delivered. In this regard, the recent arrival of Account Aggregators (AAs) is another shot in the arm for financial inclusion and democratisation. AAs are streamlining how we manage and share our financial data. The AA framework heralds a new age of financial inclusivity and efficiency. It allows individuals to securely aggregate and share their financial information with banks and other financial institutions. The ease in data-sharing simplifies the process of accessing financial services and empowers consumers by placing them in control of their personal data. What Are Account Aggregators? Account Aggregators are digital intermediaries—essentially, non-lending NBFCs. Their job is to facilitate the secure and consent-based sharing of financial data between individuals and financial institutions. Imagine needing a loan and being able to share your financial history with the bank digitally without the hassle of paperwork. AAs make this possible. They collect data from various sources—banks, mutual funds, insurance companies—and with your permission share it with entities requiring it, such as lenders. This mechanism significantly reduces the time and cost associated with manual data verification, thus leading to faster loan processing and sanction. The Need forAAs AAs address the challenge of financial fraud by ensuring data is directly sourced from financial institutions, mitigating the risk associated with forged documents. Secondly, they bridge the gap in financial inclusion. For individuals in remote areas or those without a formal credit history, traditional banking services may be out of reach. AAs democratise access to financial services by leveraging digital data. This is making it possible for more people to access loans and other services based on their financial behaviour rather than just their credit history. Empowering Consumers Through Consent Consumer empowerment is central to the AA framework. Before the ongoing digitalisation of finance, sharing personal information was cumbersome and fraught with privacy concerns. Remember the days of printing several photocopies of your financial statements, and income and address proofs, and sharing them with strangers? Now, with all this information available digitally, fintech innovation such as AAs is allowing for the data to be shared directly from its source, such as your bank. Also, consumers can dictate who accesses their data, for how long, and for what purpose. This consent-based model not only protects privacy but also puts individuals in the driver's seat of their financial journey. An example of this empowerment is the ability for consumers to instantly revoke access. Simplifying Account Openings The AA ecosystem is streamlining the way financial accounts are opened and managed. By using AAs, consumers can undergo a digital KYC process, linking their various financial accounts—from savings to investments—under one umbrella. This consolidation can simplify the process of applying for financial services such as loans, investing, or purchasing insurance. The digital KYC process through AAs can reduce the account opening time from days to mere minutes. The Future of Financial Services with AAs The potential of AAs extends beyond just simplifying data sharing; it's about revolutionising finance again—just as UPI had done some years ago. By integrating more forms of financial data, such as investments and insurance, AAs are set to offer a more holistic view of an individual's financial health. This broader perspective on consumer data will enable lenders to make more informed decisions, which will help reduce the risks around frauds and NPAs. It's a win-win: consumers enjoy easier access to services, while institutions benefit from a deeper understanding of their customers' financial behaviours. India's embrace of Account Aggregators is a significant step towards a more inclusive and efficient financial ecosystem. AAs are unlocking new possibilities for consumers and financial institutions alike.

Expert Voice | Account Aggregators: A leap towards financial democratisation

In the wake of the Red Sea crisis, which has ignited a surge in ocean freight rates, there are emerging indications that the upward trajectory of shipping costs on crucial trade routes may be tapering off, CNBC reported.

Analysis of cargo data by Xeneta reveals a decline in shipping rates from Asia to the US, offering potential respite for US shippers grappling with soaring freight expenses.

Recent data from Xeneta suggests a slight decrease in container rates, with rates per 40-foot equivalent unit (FEU) falling from $6,260 to $6,100 on February 15.

Similarly, rates from the Far East to the US West Coast have dipped from $4,730 to $4,680 during the same period.

While the threat marked by the recent attack on a bulk carrier near Yemen to maritime operations persists , the observed decline in shipping rates presents a contrasting trend.

Impact on US shippers

For US importers, the moderation in ocean freight rates signals a potential alleviation of financial strain.

Despite the ongoing maritime threats, the recent data suggests a peak in spot rates from the Far East to the US has potentially been reached, offering a glimmer of hope for importers navigating the aftermath of the Red Sea attacks.

However, US East Coast spot rates remain significantly elevated compared to previous months, highlighting the lingering impact of the crisis.

Future Projections and Industry Outlook

The timing of the rate adjustments holds significance for upcoming negotiations between ocean freight carriers and shippers in early March.

While carriers aim to maintain elevated rates, Xeneta's analysis hints at further rate decreases in the coming days, posing challenges for negotiations.

Moreover, the decline in shipping rates coincides with a period of decreased demand for Asian manufacturing, compounded by the Lunar New Year slowdown.

However, post-holiday resumption of manufacturing activities could influence pricing dynamics in the future.

In the wake of the Red Sea crisis, which has ignited a surge in ocean freight rates, there are emerging indications that the upward trajectory of shipping costs on crucial trade routes may be tapering off, CNBC reported.

In the wake of the Red Sea crisis, which has ignited a surge in ocean freight rates, there are emerging indications that the upward trajectory of shipping costs on crucial trade routes may be tapering off, CNBC reported. Analysis of cargo data by Xeneta reveals a decline in shipping rates from Asia to the US, offering potential respite for US shippers grappling with soaring freight expenses. Recent data from Xeneta suggests a slight decrease in container rates, with rates per 40-foot equivalent unit (FEU) falling from $6,260 to $6,100 on February 15. Similarly, rates from the Far East to the US West Coast have dipped from $4,730 to $4,680 during the same period. While the threat marked by the recent attack on a bulk carrier near Yemen to maritime operations persists , the observed decline in shipping rates presents a contrasting trend. Impact on US shippers For US importers, the moderation in ocean freight rates signals a potential alleviation of financial strain. Despite the ongoing maritime threats, the recent data suggests a peak in spot rates from the Far East to the US has potentially been reached, offering a glimmer of hope for importers navigating the aftermath of the Red Sea attacks. However, US East Coast spot rates remain significantly elevated compared to previous months, highlighting the lingering impact of the crisis. Future Projections and Industry Outlook The timing of the rate adjustments holds significance for upcoming negotiations between ocean freight carriers and shippers in early March. While carriers aim to maintain elevated rates, Xeneta's analysis hints at further rate decreases in the coming days, posing challenges for negotiations. Moreover, the decline in shipping rates coincides with a period of decreased demand for Asian manufacturing, compounded by the Lunar New Year slowdown. However, post-holiday resumption of manufacturing activities could influence pricing dynamics in the future.

Red Sea crisis: Relief to US shippers as ocean freight rates show signs of easing

In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel. <o:p></o:p>

Effective from February 16, 2024, the special additional excise duty (SAED) on crude oil rises to 3,300 rupees (approximately $40) per tonne, while diesel exports will now incur 1.50 rupees per litre duty.<o:p></o:p>

The recent adjustments mark a marginal uptick from the previous rates, reflecting the government's strategy to capitalise on energy sector profits amid global uncertainties. <o:p></o:p>

While SAED on petrol and aviation turbine fuel remains untouched, the reintroduction of duty on diesel exports underscores efforts to bolster domestic reserves amidst the Red Sea crisis.<o:p></o:p>

The fortnightly review mechanism, initiated in July 2022, ensures that tax rates align with prevailing oil prices, facilitating timely fiscal adjustments.<o:p></o:p>

The decision comes amidst a backdrop of fluctuating global oil prices. <o:p></o:p>

With Brent crude hovering around $81.97 per barrel and the Indian crude oil basket at $83.08 a barrel as of February 14, market volatility poses challenges and opportunities for oil-dependent economies like India.<o:p></o:p>

Forecasts from the International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (OPEC) paint divergent pictures of the oil market. <o:p></o:p>

While OPEC anticipates robust demand growth in 2024 and 2025, the IEA's revised projections signal a slowdown in global oil demand momentum.<o:p></o:p>

In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel.

In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel. Effective from February 16, 2024, the special additional excise duty (SAED) on crude oil rises to 3,300 rupees (approximately $40) per tonne, while diesel exports will now incur 1.50 rupees per litre duty. The recent adjustments mark a marginal uptick from the previous rates, reflecting the government's strategy to capitalise on energy sector profits amid global uncertainties. While SAED on petrol and aviation turbine fuel remains untouched, the reintroduction of duty on diesel exports underscores efforts to bolster domestic reserves amidst the Red Sea crisis. The fortnightly review mechanism, initiated in July 2022, ensures that tax rates align with prevailing oil prices, facilitating timely fiscal adjustments. The decision comes amidst a backdrop of fluctuating global oil prices. With Brent crude hovering around $81.97 per barrel and the Indian crude oil basket at $83.08 a barrel as of February 14, market volatility poses challenges and opportunities for oil-dependent economies like India. Forecasts from the International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (OPEC) paint divergent pictures of the oil market. While OPEC anticipates robust demand growth in 2024 and 2025, the IEA's revised projections signal a slowdown in global oil demand momentum.

India raises windfall tax on crude oil amid global market volatility

The Biden administration's push for a rapid transition to electric vehicles (EVs) is sparking a showdown with Detroit's automakers, threatening billions in profits and igniting debates over climate policy just as election tensions simmer. <o:p></o:p>

According to a Reuters analysis, the proposed Environmental Protection Agency (EPA) regulations aim to slash tailpipe emissions significantly, mandating a surge in US EV market share to 67 per cent &nbsp;by 2032 from less than 8 per cent &nbsp;in 2023.<o:p></o:p>

Industry's concerns<o:p></o:p>

Detroit's major players, including General Motors (GM), Ford, and Stellantis, have expressed apprehension, citing the hefty investments and time needed to transition their predominantly truck-heavy fleets. <o:p></o:p>

GM, Ford, and Stellantis have collectively voiced worries about the feasibility of meeting the proposed targets, highlighting potential financial strains and job risks.<o:p></o:p>

The Alliance for Automotive Innovation has warned of possible fines amounting to $14 billion for failing to meet carbon dioxide targets.<o:p></o:p>

Union's dilemma<o:p></o:p>

The United Auto Workers (UAW), representing thousands in the industry, initially endorsed Biden's EV ambitions. However, they've since raised concerns over job security amid the transition, echoing worries voiced by automakers. The pressure is mounting on Biden as Michigan, a crucial battleground, remains pivotal in the political landscape.<o:p></o:p>

Mixed reactions and challenges<o:p></o:p>

Elon Musk and Tesla, the leading EV manufacturer, have urged even stricter regulations, advocating for a 69 per cent EV market share by 2032 and 100 per cent &nbsp;by 2035. Meanwhile, traditional automakers have urged the administration to streamline regulations, citing potential conflicts that could impede the transition and impact investments. Stellantis, in particular, emphasised the importance of plug-in hybrid technology and criticized the EPA for overlooking its market benefits.<o:p></o:p>

Despite the urgency, the US EV market lags behind Europe and China, posing a significant challenge for Detroit's automakers. Legacy automakers, such as Ford and GM, face an uphill battle as EVs constitute a mere fraction of their total sales. Stellantis aims to launch several EV models by 2024, including an all-electric Ram pickup and Jeep EVs, but the transition remains daunting.<o:p></o:p>

Climate pressures<o:p></o:p>

Environmental groups argue for stricter mandates, insisting on an all-electric fleet by 2035 to address the climate crisis. They contend that years of lenient regulations incentivized Detroit's focus on lucrative trucks and SUVs, exacerbating emissions. The proposed regulations signal a significant departure from past policies, aiming to steer automakers towards cleaner alternatives.<o:p></o:p>

Technological hurdles<o:p></o:p>

Complying with Biden's proposals would require substantial overhauls from Detroit's automakers. GM, for instance, is shifting focus to plug-in hybrids after previously dismissing them as inefficient. Both Ford and GM have faced challenges with their full-sized EV pickups, grappling with production setbacks and tepid sales.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Biden administration's push for a rapid transition to electric vehicles (EVs) is sparking a showdown with Detroit's automakers, threatening billions in profits and igniting debates over climate policy just as election tensions simmer.

The Biden administration's push for a rapid transition to electric vehicles (EVs) is sparking a showdown with Detroit's automakers, threatening billions in profits and igniting debates over climate policy just as election tensions simmer. According to a Reuters analysis, the proposed Environmental Protection Agency (EPA) regulations aim to slash tailpipe emissions significantly, mandating a surge in US EV market share to 67 per cent by 2032 from less than 8 per cent in 2023. Industry's concerns Detroit's major players, including General Motors (GM), Ford, and Stellantis, have expressed apprehension, citing the hefty investments and time needed to transition their predominantly truck-heavy fleets. GM, Ford, and Stellantis have collectively voiced worries about the feasibility of meeting the proposed targets, highlighting potential financial strains and job risks. The Alliance for Automotive Innovation has warned of possible fines amounting to $14 billion for failing to meet carbon dioxide targets. Union's dilemma The United Auto Workers (UAW), representing thousands in the industry, initially endorsed Biden's EV ambitions. However, they've since raised concerns over job security amid the transition, echoing worries voiced by automakers. The pressure is mounting on Biden as Michigan, a crucial battleground, remains pivotal in the political landscape. Mixed reactions and challenges Elon Musk and Tesla, the leading EV manufacturer, have urged even stricter regulations, advocating for a 69 per cent EV market share by 2032 and 100 per cent by 2035. Meanwhile, traditional automakers have urged the administration to streamline regulations, citing potential conflicts that could impede the transition and impact investments. Stellantis, in particular, emphasised the importance of plug-in hybrid technology and criticized the EPA for overlooking its market benefits. Despite the urgency, the US EV market lags behind Europe and China, posing a significant challenge for Detroit's automakers. Legacy automakers, such as Ford and GM, face an uphill battle as EVs constitute a mere fraction of their total sales. Stellantis aims to launch several EV models by 2024, including an all-electric Ram pickup and Jeep EVs, but the transition remains daunting. Climate pressures Environmental groups argue for stricter mandates, insisting on an all-electric fleet by 2035 to address the climate crisis. They contend that years of lenient regulations incentivized Detroit's focus on lucrative trucks and SUVs, exacerbating emissions. The proposed regulations signal a significant departure from past policies, aiming to steer automakers towards cleaner alternatives. Technological hurdles Complying with Biden's proposals would require substantial overhauls from Detroit's automakers. GM, for instance, is shifting focus to plug-in hybrids after previously dismissing them as inefficient. Both Ford and GM have faced challenges with their full-sized EV pickups, grappling with production setbacks and tepid sales. (With inputs from Reuters)

Biden's EV push pits Detroit profit against climate drive, industry leaders at odds

Traders in the US equity options market are bracing for a substantial movement in Nvidia's shares following the upcoming earnings report of the leading artificial intelligence chipmaker. <o:p></o:p>

Analysts suggest that Nvidia's earnings report, scheduled for release on February 21, could trigger an extraordinary shift in the stock's value, with expectations indicating a potential swing of approximately 11 per cent in either direction. <o:p></o:p>

This move stands out as the most significant projection made by options traders in the past three years, signalling heightened volatility on the horizon.<o:p></o:p>

According to Matt Amberson, the founder of options analytics service ORATS, the predicted swing in Nvidia's shares is substantial, considering the company's market capitalization of $1.8 trillion. <o:p></o:p>

A movement of this magnitude could result in a market value shift of approximately $200 billion, surpassing the market capitalisation of prominent entities like Intel Corp and exceeding that of around 90 per cent of S&amp;P 500 constituents.<o:p></o:p>

The anticipation surrounding Nvidia's earnings is reflected in the options market activity, with over 750,000 Nvidia options exchanged by early Thursday afternoon, making it one of the most actively traded single stock names in the options market. <o:p></o:p>

Despite the significant upward trajectory of Nvidia's stock, there remains considerable demand for upside options bets, as indicated by the stock's 90-day 25 delta call skew, which is near a five-year high.<o:p></o:p>

Christopher Jacobson, a strategist at Susquehanna Financial Group, highlighted the significance of the elevated call skew, suggesting that investors continue to perceive substantial upside potential in Nvidia's stock.<o:p></o:p>

&nbsp;This sentiment persists despite the recent surge in volatility, with many investors turning to upside calls for lower-risk exposure amid the uncertainty.<o:p></o:p>

Nvidia's recent performance underscores its growing prominence in the market, as the company surpassed Google-parent Alphabet to become the third most valuable US company. <o:p></o:p>

Analysts are optimistic about Nvidia's earnings prospects, with expectations pinned on earnings of $4.56 per share and a substantial rise in quarterly revenue to $20.378 billion compared to $6.05 billion a year ago, according to estimates from 33 analysts.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Traders in the US equity options market are bracing for a substantial movement in Nvidia's shares following the upcoming earnings report of the leading artificial intelligence chipmaker.

Traders in the US equity options market are bracing for a substantial movement in Nvidia's shares following the upcoming earnings report of the leading artificial intelligence chipmaker. Analysts suggest that Nvidia's earnings report, scheduled for release on February 21, could trigger an extraordinary shift in the stock's value, with expectations indicating a potential swing of approximately 11 per cent in either direction. This move stands out as the most significant projection made by options traders in the past three years, signalling heightened volatility on the horizon. According to Matt Amberson, the founder of options analytics service ORATS, the predicted swing in Nvidia's shares is substantial, considering the company's market capitalization of $1.8 trillion. A movement of this magnitude could result in a market value shift of approximately $200 billion, surpassing the market capitalisation of prominent entities like Intel Corp and exceeding that of around 90 per cent of S&P 500 constituents. The anticipation surrounding Nvidia's earnings is reflected in the options market activity, with over 750,000 Nvidia options exchanged by early Thursday afternoon, making it one of the most actively traded single stock names in the options market. Despite the significant upward trajectory of Nvidia's stock, there remains considerable demand for upside options bets, as indicated by the stock's 90-day 25 delta call skew, which is near a five-year high. Christopher Jacobson, a strategist at Susquehanna Financial Group, highlighted the significance of the elevated call skew, suggesting that investors continue to perceive substantial upside potential in Nvidia's stock. This sentiment persists despite the recent surge in volatility, with many investors turning to upside calls for lower-risk exposure amid the uncertainty. Nvidia's recent performance underscores its growing prominence in the market, as the company surpassed Google-parent Alphabet to become the third most valuable US company. Analysts are optimistic about Nvidia's earnings prospects, with expectations pinned on earnings of $4.56 per share and a substantial rise in quarterly revenue to $20.378 billion compared to $6.05 billion a year ago, according to estimates from 33 analysts. (With inputs from Reuters)

Nvidia options traders anticipate volatility surge ahead of earnings report

In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself. <o:p></o:p>

The decision challenges Raiffeisen, one of Austria's largest banks, to clarify its plans regarding its ties with Russia, as revealed in a letter obtained by Reuters. <o:p></o:p>

Ukrainian officials expressed scepticism over the vague nature of Raiffeisen's exit strategy from Russia, citing concerns about the lack of a clear timeline and incomplete plans.<o:p></o:p>

"The sale timeline is missing... it remains unclear when, if at all, a spin-off scenario might come into action," Ukrainian officials emphasised in the letter. <o:p></o:p>

Raiffeisen had previously aimed to spin off its Russian business, but concrete steps in that direction have yet to materialise, adding to the ambiguity surrounding its departure from the region.<o:p></o:p>

Raiffeisen defended its position, citing the dependency on regulatory approvals as a key factor in determining the timeline for leaving Russia. <o:p></o:p>

Despite facing mounting pressure, the bank refrained from committing to a specific timeframe, stating that such decisions hinge on regulatory consent.<o:p></o:p>

The blacklist, although lacking legal implications, holds significant symbolic weight, serving as a point of contention between Ukraine and Austria. <o:p></o:p>

While Austria has publicly supported Ukraine, it has also been cautious not to sever longstanding ties with Russia completely. <o:p></o:p>

Austrian officials argue that Raiffeisen has been unfairly singled out, especially considering the presence of other international banks, like Italy's UniCredit, which continue to operate in Russia without facing similar repercussions.<o:p></o:p>

In December, Austrian politicians secured a temporary suspension for Raiffeisen from the blacklist, reflecting Austria's efforts to balance its support for Ukraine with its economic interests in Russia. <o:p></o:p>

However, the bank's name still appears on the list alongside other companies designated as "international sponsors of war" by Ukraine's National Agency of Corruption Prevention.<o:p></o:p>

Responding to the pressure, Raiffeisen disclosed its advanced talks to sell its Belarusian subsidiary to a buyer from the United Arab Emirates. <o:p></o:p>

This move suggests a shift in the bank's strategic focus away from Russia, potentially addressing some of the concerns raised by Ukrainian officials.<o:p></o:p>

Despite the suspension from the blacklist, Ukrainian authorities have maintained their stance, emphasising that Raiffeisen's "suspended" status would persist until concrete progress is made toward disengagement from Russia.<o:p></o:p>

&nbsp;The letter sent to the bank reiterated the possibility of removal from the blacklist contingent upon receiving "positive news," signalling Ukraine's willingness to reconsider its position based on tangible developments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself.

In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself. The decision challenges Raiffeisen, one of Austria's largest banks, to clarify its plans regarding its ties with Russia, as revealed in a letter obtained by Reuters. Ukrainian officials expressed scepticism over the vague nature of Raiffeisen's exit strategy from Russia, citing concerns about the lack of a clear timeline and incomplete plans. "The sale timeline is missing... it remains unclear when, if at all, a spin-off scenario might come into action," Ukrainian officials emphasised in the letter. Raiffeisen had previously aimed to spin off its Russian business, but concrete steps in that direction have yet to materialise, adding to the ambiguity surrounding its departure from the region. Raiffeisen defended its position, citing the dependency on regulatory approvals as a key factor in determining the timeline for leaving Russia. Despite facing mounting pressure, the bank refrained from committing to a specific timeframe, stating that such decisions hinge on regulatory consent. The blacklist, although lacking legal implications, holds significant symbolic weight, serving as a point of contention between Ukraine and Austria. While Austria has publicly supported Ukraine, it has also been cautious not to sever longstanding ties with Russia completely. Austrian officials argue that Raiffeisen has been unfairly singled out, especially considering the presence of other international banks, like Italy's UniCredit, which continue to operate in Russia without facing similar repercussions. In December, Austrian politicians secured a temporary suspension for Raiffeisen from the blacklist, reflecting Austria's efforts to balance its support for Ukraine with its economic interests in Russia. However, the bank's name still appears on the list alongside other companies designated as "international sponsors of war" by Ukraine's National Agency of Corruption Prevention. Responding to the pressure, Raiffeisen disclosed its advanced talks to sell its Belarusian subsidiary to a buyer from the United Arab Emirates. This move suggests a shift in the bank's strategic focus away from Russia, potentially addressing some of the concerns raised by Ukrainian officials. Despite the suspension from the blacklist, Ukrainian authorities have maintained their stance, emphasising that Raiffeisen's "suspended" status would persist until concrete progress is made toward disengagement from Russia. The letter sent to the bank reiterated the possibility of removal from the blacklist contingent upon receiving "positive news," signalling Ukraine's willingness to reconsider its position based on tangible developments. (With inputs from Reuters)

Ukraine refuses to remove Raiffeisen from "Sponsors of War" blacklist: Report

Landing that first job just got tougher for fresh graduates entering the workforce today.

A recent report by Indeed, paints a sobering picture, revealing a&nbsp;downward spiral in entry-level hiring since 2021.

The data indicates several new troubles&nbsp;for fresh graduates.

Shrinking opportunities

Fresher job postings have&nbsp;dropped 8.5 per cent since December 2021,&nbsp;and applications (job clicks) have&nbsp;plummeted by 34.3 per cent.&nbsp;This translates to fewer opportunities available in the job market.

Waning enthusiasm

Graduates themselves seem less eager,&nbsp;with demand for entry-level roles&nbsp;dipping 37.4 per cent year-on-year.&nbsp;

This decline in interest could be due to several factors,&nbsp;including hesitation to enter a volatile job market,&nbsp;skill mismatch with evolving tech landscapes,&nbsp;or differing salary expectations.

Economic instability

Global economic uncertainties and market fluctuations in the main culprit behind this double whammy.

With high economic instability, companies are&nbsp;adopting a cautious approach, holding off on large-scale fresher hiring until the outlook clears.

This is particularly evident in the tech sector, where companies are re-evaluating their recruitment strategies amidst dynamic market shifts, leading to a noticeable reduction in campus hiring initiatives.

Hope on the horizon

While the report sounds concerning, there are silver linings.

Sashi Kumar, Head of Sales at Indeed India, clarifies, "This doesn't mean fresher hiring is at a standstill. Other areas like admin, sales, marketing, etc., continue to have opportunities for new graduates."

He attributes the current cautiousness to companies waiting to see how the next few quarters pan out before committing to large-scale hiring.

Where are the jobs?

The report identifies specific sectors still actively seeking fresh talent:

Admin:&nbsp;Taking the lead with an 11.5 per cent share of fresher job postings.

Tech and Software:&nbsp;Despite the slowdown,&nbsp;still the second-largest recruiter.

Sales:&nbsp;Offering 6.39 per cent of entry-level opportunities.

Marketing:&nbsp;Accounting for 5.47 per cent of fresher job postings.

Management:&nbsp;With a 4.87 per cent share.

Sharpen your skills to stay ahead

While the job market might be cooling down, Kumar emphasises the importance of equipping oneself with relevant skills to stay competitive.

"As we observe the hiring landscape, it will be crucial for freshers to arm themselves with new-age digital skills that can be a competitive advantage as companies begin to hire again," he advises.

Landing that first job just got tougher for fresh graduates entering the workforce today. A recent report by Indeed, paints a sobering picture, revealing a downward spiral in entry-level hiring since 2021.

Landing that first job just got tougher for fresh graduates entering the workforce today. A recent report by Indeed, paints a sobering picture, revealing a downward spiral in entry-level hiring since 2021. The data indicates several new troubles for fresh graduates. Shrinking opportunities Fresher job postings have dropped 8.5 per cent since December 2021, and applications (job clicks) have plummeted by 34.3 per cent. This translates to fewer opportunities available in the job market. Waning enthusiasm Graduates themselves seem less eager, with demand for entry-level roles dipping 37.4 per cent year-on-year. This decline in interest could be due to several factors, including hesitation to enter a volatile job market, skill mismatch with evolving tech landscapes, or differing salary expectations. Economic instability Global economic uncertainties and market fluctuations in the main culprit behind this double whammy. With high economic instability, companies are adopting a cautious approach, holding off on large-scale fresher hiring until the outlook clears. This is particularly evident in the tech sector, where companies are re-evaluating their recruitment strategies amidst dynamic market shifts, leading to a noticeable reduction in campus hiring initiatives. Hope on the horizon While the report sounds concerning, there are silver linings. Sashi Kumar, Head of Sales at Indeed India, clarifies, "This doesn't mean fresher hiring is at a standstill. Other areas like admin, sales, marketing, etc., continue to have opportunities for new graduates." He attributes the current cautiousness to companies waiting to see how the next few quarters pan out before committing to large-scale hiring. Where are the jobs? The report identifies specific sectors still actively seeking fresh talent: Admin: Taking the lead with an 11.5 per cent share of fresher job postings. Tech and Software: Despite the slowdown, still the second-largest recruiter. Sales: Offering 6.39 per cent of entry-level opportunities. Marketing: Accounting for 5.47 per cent of fresher job postings. Management: With a 4.87 per cent share. Sharpen your skills to stay ahead While the job market might be cooling down, Kumar emphasises the importance of equipping oneself with relevant skills to stay competitive. "As we observe the hiring landscape, it will be crucial for freshers to arm themselves with new-age digital skills that can be a competitive advantage as companies begin to hire again," he advises.

Fresh Grad Blues: Entry-level hiring slumps as economic woes bite, says report

Alphabet's&nbsp;Waymo&nbsp;unit has recalled 444 self-driving vehicles after two minor collisions in quick succession in Arizona because a software error could result in them inaccurately predicting the movement of a towed vehicle.

All of the vehicles are in the company's possession and had software updates last month.

Waymo&nbsp;said in a filing Thursday with the National Highway Traffic Safety Administration (NHTSA) that in December one of its autonomous vehicles operating in Phoenix, Arizona made contact with a "pickup truck being towed backwards and at an angle relative to the towing vehicle."

The towing vehicle was "improperly traveling straight in the middle shared turn lane and the pickup truck being towed was partially occupying the travel lane immediately to the right of the middle shared turn lane."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-self-driving-car-vandalised-set-on-fire-by-crowd-in-san-francisco-689513">Self-driving car vandalised, set on fire by crowd in San Francisco</a>

The&nbsp;Waymo&nbsp;AV was in the same travel lane as a portion of the towed pickup truck when the front left of the&nbsp;Waymo&nbsp;AV made contact with the pickup truck, the company said.

Waymo&nbsp;said that several minutes later "a second&nbsp;Waymo&nbsp;AV made contact with the same off-angle towed pickup truck, which had continued after the first contact and was still occupying multiple lanes."

The two events were both at low relative speeds. Neither collision resulted in injuries,&nbsp;Waymo&nbsp;said. Waymo&nbsp;met with NHTSA on the issue on four separate occasions starting on Dec. 15 and most recently last week.

Waymo&nbsp;said it "carefully considered points raised by NHTSA in these discussions." Waymo’s Safety Board said due to the unique characteristics of the collisions that it" warranted submitting this report to NHTSA to fulfill relevant notification obligations."

The recall announcement comes days after a crowd vandalized and set fire to a&nbsp;Waymo&nbsp;self-driving car using a firework in San Francisco, marking the most destructive attack so far on driverless vehicles in the United States.

California lawmakers and labor unions rallied on Monday to call for laws to not allow autonomous trucks without human drivers, amid rising safety concerns after accidents.

Separately, NHTSA said electric automaker Lucid Group recalled 189 of its Air vehicles to fix a software issue that could have resulted in loss of drive power.

Waymo&nbsp;and Lucid did not respond to Reuters requests for comment.

Alphabet's Waymo unit has recalled 444 self-driving vehicles after two minor collisions in quick succession in Arizona because a software error could result in them inaccurately predicting the movement of a towed vehicle.

Alphabet's Waymo unit has recalled 444 self-driving vehicles after two minor collisions in quick succession in Arizona because a software error could result in them inaccurately predicting the movement of a towed vehicle. All of the vehicles are in the company's possession and had software updates last month. Waymo said in a filing Thursday with the National Highway Traffic Safety Administration (NHTSA) that in December one of its autonomous vehicles operating in Phoenix, Arizona made contact with a "pickup truck being towed backwards and at an angle relative to the towing vehicle." The towing vehicle was "improperly traveling straight in the middle shared turn lane and the pickup truck being towed was partially occupying the travel lane immediately to the right of the middle shared turn lane." Also read | Self-driving car vandalised, set on fire by crowd in San Francisco The Waymo AV was in the same travel lane as a portion of the towed pickup truck when the front left of the Waymo AV made contact with the pickup truck, the company said. Waymo said that several minutes later "a second Waymo AV made contact with the same off-angle towed pickup truck, which had continued after the first contact and was still occupying multiple lanes." The two events were both at low relative speeds. Neither collision resulted in injuries, Waymo said. Waymo met with NHTSA on the issue on four separate occasions starting on Dec. 15 and most recently last week. Waymo said it "carefully considered points raised by NHTSA in these discussions." Waymo’s Safety Board said due to the unique characteristics of the collisions that it" warranted submitting this report to NHTSA to fulfill relevant notification obligations." The recall announcement comes days after a crowd vandalized and set fire to a Waymo self-driving car using a firework in San Francisco, marking the most destructive attack so far on driverless vehicles in the United States. California lawmakers and labor unions rallied on Monday to call for laws to not allow autonomous trucks without human drivers, amid rising safety concerns after accidents. Separately, NHTSA said electric automaker Lucid Group recalled 189 of its Air vehicles to fix a software issue that could have resulted in loss of drive power. Waymo and Lucid did not respond to Reuters requests for comment.

Waymo recalls 444 self-driving vehicles over software error

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Ukraine refuses to remove Raiffeisen from "Sponsors of War" blacklist: Report

In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself.

<a href="https://www.wionews.com/business-economy/ukraine-refuses-to-remove-raiffeisen-from-sponsors-of-war-blacklist-report-690781">Read more here</a>

Nvidia options traders anticipate volatility surge ahead of earnings report

Traders in the US equity options market are bracing for a substantial movement in Nvidia's shares following the upcoming earnings report of the leading artificial intelligence chipmaker.

<a href="https://www.wionews.com/business-economy/nvidia-options-traders-anticipate-volatility-surge-ahead-of-earnings-report-690797">Read more here</a>

Biden's EV push pits Detroit profit against climate drive, industry leaders at odds

The Biden administration's push for a rapid transition to electric vehicles (EVs) is sparking a showdown with Detroit's automakers, threatening billions in profits and igniting debates over climate policy just as election tensions simmer.

<a href="https://www.wionews.com/business-economy/bidens-ev-push-pits-detroit-profit-against-climate-drive-industry-leaders-at-odds-690817">Read more here</a>

India raises windfall tax on crude oil amid global market volatility

In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel.

<a href="https://www.wionews.com/business-economy/india-raises-windfall-tax-on-crude-oil-amid-global-market-volatility-690829">Read more here</a>

Red Sea crisis: Relief to US shippers as ocean freight rates show signs of easing

In the wake of the Red Sea crisis, which has ignited a surge in ocean freight rates, there are emerging indications that the upward trajectory of shipping costs on crucial trade routes may be tapering off, CNBC reported.

<a href="https://www.wionews.com/business-economy/red-sea-crisis-relief-to-us-shippers-as-ocean-freight-rates-show-signs-of-easing-690857">Read more here</a>

Paytm Payments Bank excluded from authorised banks list for FASTags: Report

India's road tolling authority has excluded Paytm Payments Bank from its list of 32 authorised banks for purchasing FASTags, signalling significant changes for the estimated 20 million Paytm FASTag users.

<a href="https://www.wionews.com/business-economy/paytm-payments-bank-excluded-from-authorised-banks-list-for-fastags-report-690862">Read more here</a>

US lawmaker wants watchdog to scrutinise Shein's IPO bid. Here's why

Republican Senator Marco Rubio has urged the US Securities and Exchange Commission (SEC) to intervene in the potential public listing of Shein, a popular E-commerce platform, unless the company provides additional disclosures regarding its business operations and the risks associated with operating in China.

<a href="https://www.wionews.com/business-economy/us-lawmaker-wants-us-watchdog-to-scrutinise-sheins-ipo-bid-heres-why-690868">Read more here</a>

Lockheed Martin ramps up weapons production amid heightened security demands

Lockheed Martin has announced its strategic plans to ramp up production of essential weapons systems in response to growing global security concerns.

<a href="https://www.wionews.com/business-economy/lockheed-martin-ramps-up-weapons-production-amid-heightened-security-demands-690869">Read more here</a>

Decoding US Federal Reserve's annual bank stress test scenarios

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions.

<a href="https://www.wionews.com/business-economy/decoding-us-federal-reserves-annual-bank-stress-test-scenarios-690880">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Ukraine refuses to remove Raiffeisen from "Sponsors of War" blacklist: Report In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Ukraine refuses to remove Raiffeisen from "Sponsors of War" blacklist: Report In a move intensifying geopolitical tensions, Ukraine has stood firm on its decision not to remove Raiffeisen Bank International from its "sponsors of war" blacklist despite pressure from Austrian political leaders and the bank itself. Read more here Nvidia options traders anticipate volatility surge ahead of earnings report Traders in the US equity options market are bracing for a substantial movement in Nvidia's shares following the upcoming earnings report of the leading artificial intelligence chipmaker. Read more here Biden's EV push pits Detroit profit against climate drive, industry leaders at odds The Biden administration's push for a rapid transition to electric vehicles (EVs) is sparking a showdown with Detroit's automakers, threatening billions in profits and igniting debates over climate policy just as election tensions simmer. Read more here India raises windfall tax on crude oil amid global market volatility In response to ongoing market fluctuations, the Indian government under Prime Minister Narendra Modi has announced a slight increase in the windfall tax on domestically produced crude oil and diesel. Read more here Red Sea crisis: Relief to US shippers as ocean freight rates show signs of easing In the wake of the Red Sea crisis, which has ignited a surge in ocean freight rates, there are emerging indications that the upward trajectory of shipping costs on crucial trade routes may be tapering off, CNBC reported. Read more here Paytm Payments Bank excluded from authorised banks list for FASTags: Report India's road tolling authority has excluded Paytm Payments Bank from its list of 32 authorised banks for purchasing FASTags, signalling significant changes for the estimated 20 million Paytm FASTag users. Read more here US lawmaker wants watchdog to scrutinise Shein's IPO bid. Here's why Republican Senator Marco Rubio has urged the US Securities and Exchange Commission (SEC) to intervene in the potential public listing of Shein, a popular E-commerce platform, unless the company provides additional disclosures regarding its business operations and the risks associated with operating in China. Read more here Lockheed Martin ramps up weapons production amid heightened security demands Lockheed Martin has announced its strategic plans to ramp up production of essential weapons systems in response to growing global security concerns. Read more here Decoding US Federal Reserve's annual bank stress test scenarios The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions. Read more here

WION Business Wrap | Nvidia, Fed bank stress test, Paytm crisis and other stories

On Feb 14, 2024, chip making giant Nvidia made headlines as it replaced Alphabet as Wall Street’s third most valuable company, with its market value standing at $1.825 trillion. It even surpassed other tech giants including Jeff Bezo’s Amazon.

Market analysts now hold Nvidia in high regard due to increased demand for AI chips.

As the company stands victorious in the chip race, we go back to Nvidia’s beginning and try to answer the question: what has made Nvidia so successful today?

Early Days and Strategic Vision: From gaming to AI superpower (1993-2004)

Founded by CEO Jensen Huang in Sunnyvale, California, Nvidia entered the scene in 1993 with a focus on graphics processing units (GPUs) for the burgeoning gaming market.

Initially, the company's chips successfully powered iconic games like Quake and Unreal Tournament.

&nbsp;Huang recognised that GPUs held untapped potential beyond gaming, particularly in their parallel processing capabilities ideal for complex calculations.

This vision would become the cornerstone of Nvidia's future success.

By the early 2000s, Nvidia began shifting its focus towards artificial intelligence (AI) and high-performance computing (HPC).

This was a bold move, considering that AI was developing at its earliest stages.

Fortunately Huang's foresight came true, as the demand for AI applications began to rapidly grow.

This shift laid the groundwork for Nvidia's transformation from a gaming specialist to a leader in AI and HPC.

Innovation: Building the foundation for success

Nvidia's success story is deeply intertwined with its constant pursuit of innovation.

The company has invested heavily in research and development, leading to groundbreaking advancements in chip architecture and performance.

One of the well-known examples is the Tensor Core technology, a revolutionary design specifically developed for AI workloads.

This innovation boosted the performance of AI algorithms, solidifying Nvidia's position as a key player in the AI revolution.

But innovation was not limited to hardware.

Nvidia also recognised the importance of software development.

The company poured resources into creating Compute Unified Device Architecture (CUDA), a parallel programming platform that allowed developers to easily leverage the power of GPUs for AI and HPC applications.

This move fuelled internal development and also fostered a diverse ecosystem of third-party developers, which made companies quickly adopt Nvidia's technology.

Ecosystem Building: Power in collaboration

Nvidia realised that success in the realm of AI and HPC would not be achieved alone.

The company actively fostered a strong ecosystem of partners, including software developers, hardware manufacturers, and cloud service providers.

This collaborative approach proved highly successful.

Leading software developers like Microsoft and Amazon embraced CUDA, integrating Nvidia GPUs into their cloud platforms and AI frameworks.

This not only expanded the reach of Nvidia's technology but also created a self-reinforcing cycle of innovation within the ecosystem.

Strategic Acquisitions: Expanding the reach and expertise

While organic innovation was crucial, Nvidia also recognised the value of strategic acquisitions to bolster its capabilities and expand its reach.

In 2019, the company acquired Mellanox, a leader in data centre networking and HPC solutions.

This acquisition enhanced Nvidia's capabilities in data centre networking, a critical component for high-performance computing and AI workloads.

Additionally, it provided Nvidia with valuable expertise in HPC, further securing its position in this rapidly growing market.

Adaptability and Agility: Thriving in a dynamic landscape

The technology landscape is constantly evolving, and Nvidia has consistently demonstrated its ability to adapt and thrive in this dynamic environment.

From seizing the cryptocurrency mining boom in the early 2010s to capitalising on the rise of autonomous vehicles through its DRIVE platform, Nvidia has been able to identify and capitalise on emerging opportunities.

This agility has ensured that Nvidia remains relevant and continues to push the boundaries of what's possible with chip technology.

On Feb 14, 2024, chip making giant Nvidia made headlines as it replaced Alphabet as Wall Street’s third most valuable company, with its market value standing at $1.

On Feb 14, 2024, chip making giant Nvidia made headlines as it replaced Alphabet as Wall Street’s third most valuable company, with its market value standing at $1.825 trillion. It even surpassed other tech giants including Jeff Bezo’s Amazon. Market analysts now hold Nvidia in high regard due to increased demand for AI chips. As the company stands victorious in the chip race, we go back to Nvidia’s beginning and try to answer the question: what has made Nvidia so successful today? Early Days and Strategic Vision: From gaming to AI superpower (1993-2004) Founded by CEO Jensen Huang in Sunnyvale, California, Nvidia entered the scene in 1993 with a focus on graphics processing units (GPUs) for the burgeoning gaming market. Initially, the company's chips successfully powered iconic games like Quake and Unreal Tournament. Huang recognised that GPUs held untapped potential beyond gaming, particularly in their parallel processing capabilities ideal for complex calculations. This vision would become the cornerstone of Nvidia's future success. By the early 2000s, Nvidia began shifting its focus towards artificial intelligence (AI) and high-performance computing (HPC). This was a bold move, considering that AI was developing at its earliest stages. Fortunately Huang's foresight came true, as the demand for AI applications began to rapidly grow. This shift laid the groundwork for Nvidia's transformation from a gaming specialist to a leader in AI and HPC. Innovation: Building the foundation for success Nvidia's success story is deeply intertwined with its constant pursuit of innovation. The company has invested heavily in research and development, leading to groundbreaking advancements in chip architecture and performance. One of the well-known examples is the Tensor Core technology, a revolutionary design specifically developed for AI workloads. This innovation boosted the performance of AI algorithms, solidifying Nvidia's position as a key player in the AI revolution. But innovation was not limited to hardware. Nvidia also recognised the importance of software development. The company poured resources into creating Compute Unified Device Architecture (CUDA), a parallel programming platform that allowed developers to easily leverage the power of GPUs for AI and HPC applications. This move fuelled internal development and also fostered a diverse ecosystem of third-party developers, which made companies quickly adopt Nvidia's technology. Ecosystem Building: Power in collaboration Nvidia realised that success in the realm of AI and HPC would not be achieved alone. The company actively fostered a strong ecosystem of partners, including software developers, hardware manufacturers, and cloud service providers. This collaborative approach proved highly successful. Leading software developers like Microsoft and Amazon embraced CUDA, integrating Nvidia GPUs into their cloud platforms and AI frameworks. This not only expanded the reach of Nvidia's technology but also created a self-reinforcing cycle of innovation within the ecosystem. Strategic Acquisitions: Expanding the reach and expertise While organic innovation was crucial, Nvidia also recognised the value of strategic acquisitions to bolster its capabilities and expand its reach. In 2019, the company acquired Mellanox, a leader in data centre networking and HPC solutions. This acquisition enhanced Nvidia's capabilities in data centre networking, a critical component for high-performance computing and AI workloads. Additionally, it provided Nvidia with valuable expertise in HPC, further securing its position in this rapidly growing market. Adaptability and Agility: Thriving in a dynamic landscape The technology landscape is constantly evolving, and Nvidia has consistently demonstrated its ability to adapt and thrive in this dynamic environment. From seizing the cryptocurrency mining boom in the early 2010s to capitalising on the rise of autonomous vehicles through its DRIVE platform, Nvidia has been able to identify and capitalise on emerging opportunities. This agility has ensured that Nvidia remains relevant and continues to push the boundaries of what's possible with chip technology.

Flashback Friday: How Nvidia aced the global chip race

Japan's&nbsp;stock market is booming.&nbsp; The Japanese stock market index, Nikkei, has breached the 37,000-mark for the first time since 1990.

This marks the resurgence of Japan's&nbsp;share market, long shunned by global investors for its meagre returns.

The Tokyo stock market gained 28.2 per cent in 2023, surpassing the S&amp;P 500's 26.28 per cent increase last year.&nbsp;

Foreign investors continue to pour billions into the stock market, with the Nikkei rising by eight&nbsp;per cent in January.&nbsp;Two big factors have made the Tokyo Stock Exchange more attractive to foreign investors.&nbsp;

The recent corporate governance reforms have prompted companies to increase returns to shareholders. In addition, a weak yen has improved profits and helped Japanese stocks become more valuable.&nbsp;

No wonder, Warren Buffett, the greatest stock market trader alive, has been bullish about Japanese stocks.&nbsp;

Nikkei's 1989 record of 38.915 points is now in sight.&nbsp;

The stock market gains signal that Japan's three decades of economic stagnation may be nearing its end.&nbsp;

Japan's 'lost decades', which began in the 1990s and continues to this day, have been signified by "one-per cent" growth and deflation.

The country was once in the race to become a superpower, rivalling the economic might of the United States.&nbsp; In fact, the 1980s, American corporations faced tough competition from cutting-edge tech brands from Japan.&nbsp;

At the macro level, the US and Japan were locked in a tussle over&nbsp;trade.&nbsp; By the mid-1980s, the East Asian country had become the biggest trading partner of the United States.&nbsp;As the trade deficit began widening, the US&nbsp;began imposing several tariffs to bridge the gap.&nbsp;

Moreover, Japan became the biggest creditor of the US, further complicating the bilateral dynamics.&nbsp;

It won't be wrong to say that Japan of the 1980s closely mirrored present-day China.&nbsp;

So, what went wrong in the Japanese economic miracle?&nbsp;

It is generally believed that the asset price bubble of the 1980s shook the economy in the 1990s.&nbsp; The "euphoria" of consistent long-term economic growth boosted asset prices in Japan.&nbsp;

However, there was a major mismatch between the increase in asset prices and the actual economic fundamentals of the day.&nbsp;

Analysts narrow down the asset price bubble to the period between 1987 and 1990, when three major factors typical of a bubble co-existed.&nbsp;Prof Shigenori Shiratsuka put them as following: marked increase in asset prices, an expansion in money supply and credit, and an overheating economy.

The Bank of Japan's monetary easing -- increased money supply and easy credit -- played a big role in inflating the asset price bubble.&nbsp; Between 1986 and 1987, the Bank of Japan cut the borrowing rate from 5 per cent to the post-war low of 2.5 per cent.&nbsp;

External factors delayed a hike in the interest rates, especially the fear that a strong yen could hit Japan's vibrant export market.&nbsp;

By the time the central bank decided to hike rates in early 1989, the asset price bubble had grown too big to be ignored.&nbsp;

The two-year-long rate hike cycle pricked the proverbial "bubble", but not before prices&nbsp;peaked.&nbsp; As per estimates, the stock prices peaked in December 1989, land prices in the big cities peaked in September 1990, while the nationwide land prices peaked exactly a year later.&nbsp;

The central bank began to ease the monetary policy in mid-1991. But that failed to halt the contagion effect of the asset bubble burst.&nbsp;

The stock market plunged 60 per cent from December 1989 to August 1992, while land prices dropped throughout the 1990s, falling 70 per cent by 2001.&nbsp;

The immediate impact on Japan's real economy lingered&nbsp;for at least a decade.&nbsp;Between 1992 and 2003, the economy barely grew by over one per cent, while output could never achieve its earlier potential.&nbsp;

"Bubbles" are not a unique economic phenomena. Countries face them as part of the economic cycle. However, they mostly recover and grow.&nbsp;

But, as recent history tells us, Japan has never been able to mount a comeback since the price bubble burst. The asset price bubble and its aftermath is now a case study in economic management.&nbsp;

Of late, this crisis has re-entered the public sphere, as China's struggles with its weakening property sector.&nbsp; Many analysts believe that China is undergoing a 'Japanification', wherein demand collapses under the weight of deflation.&nbsp;

Whether China's 'Japanification' is a scare or an eventuality is still a matter of scholarly debates. Given China's massive size and influence, any comparison with the much-smaller Japan seems unfair.&nbsp;

But the island nation's crisis continues to serve as a reminder to maintain a stable macroeconomic policy, with one eye on "economic euphoria".&nbsp;

Japan's stock market is booming. The Japanese stock market index, Nikkei, has breached the 37,000-mark for the first time since 1990. This marks the resurgence of Japan's share market, long shunned by global investors for its meagre returns.

Japan's stock market is booming. The Japanese stock market index, Nikkei, has breached the 37,000-mark for the first time since 1990. This marks the resurgence of Japan's share market, long shunned by global investors for its meagre returns. The Tokyo stock market gained 28.2 per cent in 2023, surpassing the S&P 500's 26.28 per cent increase last year. Foreign investors continue to pour billions into the stock market, with the Nikkei rising by eight per cent in January. Two big factors have made the Tokyo Stock Exchange more attractive to foreign investors. The recent corporate governance reforms have prompted companies to increase returns to shareholders. In addition, a weak yen has improved profits and helped Japanese stocks become more valuable. No wonder, Warren Buffett, the greatest stock market trader alive, has been bullish about Japanese stocks. Nikkei's 1989 record of 38.915 points is now in sight. The stock market gains signal that Japan's three decades of economic stagnation may be nearing its end. Japan's 'lost decades', which began in the 1990s and continues to this day, have been signified by "one-per cent" growth and deflation. The country was once in the race to become a superpower, rivalling the economic might of the United States. In fact, the 1980s, American corporations faced tough competition from cutting-edge tech brands from Japan. At the macro level, the US and Japan were locked in a tussle over trade. By the mid-1980s, the East Asian country had become the biggest trading partner of the United States. As the trade deficit began widening, the US began imposing several tariffs to bridge the gap. Moreover, Japan became the biggest creditor of the US, further complicating the bilateral dynamics. It won't be wrong to say that Japan of the 1980s closely mirrored present-day China. So, what went wrong in the Japanese economic miracle? It is generally believed that the asset price bubble of the 1980s shook the economy in the 1990s. The "euphoria" of consistent long-term economic growth boosted asset prices in Japan. However, there was a major mismatch between the increase in asset prices and the actual economic fundamentals of the day. Analysts narrow down the asset price bubble to the period between 1987 and 1990, when three major factors typical of a bubble co-existed. Prof Shigenori Shiratsuka put them as following: marked increase in asset prices, an expansion in money supply and credit, and an overheating economy. The Bank of Japan's monetary easing -- increased money supply and easy credit -- played a big role in inflating the asset price bubble. Between 1986 and 1987, the Bank of Japan cut the borrowing rate from 5 per cent to the post-war low of 2.5 per cent. External factors delayed a hike in the interest rates, especially the fear that a strong yen could hit Japan's vibrant export market. By the time the central bank decided to hike rates in early 1989, the asset price bubble had grown too big to be ignored. The two-year-long rate hike cycle pricked the proverbial "bubble", but not before prices peaked. As per estimates, the stock prices peaked in December 1989, land prices in the big cities peaked in September 1990, while the nationwide land prices peaked exactly a year later. The central bank began to ease the monetary policy in mid-1991. But that failed to halt the contagion effect of the asset bubble burst. The stock market plunged 60 per cent from December 1989 to August 1992, while land prices dropped throughout the 1990s, falling 70 per cent by 2001. The immediate impact on Japan's real economy lingered for at least a decade. Between 1992 and 2003, the economy barely grew by over one per cent, while output could never achieve its earlier potential. "Bubbles" are not a unique economic phenomena. Countries face them as part of the economic cycle. However, they mostly recover and grow. But, as recent history tells us, Japan has never been able to mount a comeback since the price bubble burst. The asset price bubble and its aftermath is now a case study in economic management. Of late, this crisis has re-entered the public sphere, as China's struggles with its weakening property sector. Many analysts believe that China is undergoing a 'Japanification', wherein demand collapses under the weight of deflation. Whether China's 'Japanification' is a scare or an eventuality is still a matter of scholarly debates. Given China's massive size and influence, any comparison with the much-smaller Japan seems unfair. But the island nation's crisis continues to serve as a reminder to maintain a stable macroeconomic policy, with one eye on "economic euphoria".

Flashback Friday | How the asset price bubble dragged Japan's economy

3 of the world's largest asset managers - JPMorgan Chase, State Street, and BlackRock - have distanced themselves from a key investor coalition pushing companies to reduce emissions.

Departures &amp; impact

JPMorgan Chase and State Street have entirely withdrawn from the Climate Action 100+ (CA100+), a powerful coalition representing over $60 trillion in assets. BlackRock has shifted its membership to its international arm, effectively removing $6.6 trillion from the coalition's direct influence in North America. All three firms cited concerns about maintaining independence and control over their investment decisions and engagement strategies as reasons for their decisions.

This combined move removes nearly $14 trillion in assets from coordinated efforts on Wall Street, potentially weakening the collective pressure on companies to address climate risks. Some see the decision as influenced by growing political pressure from those who view such coalitions as anti-competitive or a breach of fiduciary duty.

The road ahead for CA100+

Despite the loss of these prominent asset managers, CA100+ continues to grow, with over 700 firms still onboard, including 60 new additions in the recent past. However, the departure raises questions about the future direction of groups like CA100+ as they grapple with balancing vocal advocacy with market dynamics.

While some critics argue that the firms succumbed to political pressure, others view the decisions as part of a broader trend of companies becoming less vocal about environmental, social, and governance (ESG) issues.

3 of the world's largest asset managers - JPMorgan Chase, State Street, and BlackRock - have distanced themselves from a key investor coalition pushing companies to reduce emissions.

3 of the world's largest asset managers - JPMorgan Chase, State Street, and BlackRock - have distanced themselves from a key investor coalition pushing companies to reduce emissions. Departures & impact JPMorgan Chase and State Street have entirely withdrawn from the Climate Action 100+ (CA100+), a powerful coalition representing over $60 trillion in assets. BlackRock has shifted its membership to its international arm, effectively removing $6.6 trillion from the coalition's direct influence in North America. All three firms cited concerns about maintaining independence and control over their investment decisions and engagement strategies as reasons for their decisions. This combined move removes nearly $14 trillion in assets from coordinated efforts on Wall Street, potentially weakening the collective pressure on companies to address climate risks. Some see the decision as influenced by growing political pressure from those who view such coalitions as anti-competitive or a breach of fiduciary duty. The road ahead for CA100+ Despite the loss of these prominent asset managers, CA100+ continues to grow, with over 700 firms still onboard, including 60 new additions in the recent past. However, the departure raises questions about the future direction of groups like CA100+ as they grapple with balancing vocal advocacy with market dynamics. While some critics argue that the firms succumbed to political pressure, others view the decisions as part of a broader trend of companies becoming less vocal about environmental, social, and governance (ESG) issues.

Major investors step back from climate coalition

Republican Senator Marco Rubio has urged the US Securities and Exchange Commission (SEC) to intervene in the potential public listing of Shein, a popular E-commerce platform, unless the company provides additional disclosures regarding its business operations and the risks associated with operating in China.

In a letter addressed to SEC Chair Gary Gensler, Rubio expressed concerns about Shein's recent move to seek approval from Beijing for an initial public offering (IPO), suggesting it could impact the accuracy of the company's filings.

Rubio highlighted the new regulations enacted by China's securities watchdog in 2023, which empower the China Securities Regulatory Commission to scrutinise offshore listings, potentially hindering Shein's ability to portray itself as an independent global retailer.

Shein, known for its affordable fashion offerings, primarily relies on thousands of third-party suppliers based in China, particularly in the textile hub of Guangdong province, to manufacture its products.

As per a Reuters report, the company's ties to China have raised concerns among US lawmakers, including Rubio, regarding the transparency of its operations and compliance with American regulations.

Rubio, who also serves as the vice-chair of the Senate Intelligence Committee, has previously advocated for measures targeting Chinese-owned platforms like TikTok, citing national security concerns.

Rubio's opposition adds to the mounting political challenges facing Shein as it endeavours to go public. Last year, a bipartisan group of US lawmakers urged the SEC to postpone Shein's IPO until the company could verify that it does not engage in forced labour practices.

The allegations stem from reports suggesting that Shein's supply chain may be linked to regions like Xinjiang, where concerns over human rights violations have drawn international scrutiny.

While Shein has denied any involvement in forced labour, Rubio insists on greater transparency and accountability from the company.

In his letter to Gensler, Rubio called for specific disclosures from Shein, including an acknowledgment of its use of cotton from the Xinjiang Uyghur Autonomous Region.

This demand aligns with ongoing efforts to address concerns related to human rights abuses in Xinjiang and ensure that companies operating in the region uphold ethical standards.

Additionally, Rubio urged Shein to disclose its reliance on the de minimis entry trade exemption, which allows the company to ship small packages directly to consumers without paying tariffs.

Shein has refuted claims that its business success is contingent on this exemption, emphasising its commitment to compliance with trade regulations.

(With inputs from Reuters)&nbsp;

Republican Senator Marco Rubio has urged the US Securities and Exchange Commission (SEC) to intervene in the potential public listing of Shein, a popular E-commerce platform, unless the company provides additional disclosures regarding its business operations and the risks associated with operating in China.

Republican Senator Marco Rubio has urged the US Securities and Exchange Commission (SEC) to intervene in the potential public listing of Shein, a popular E-commerce platform, unless the company provides additional disclosures regarding its business operations and the risks associated with operating in China. In a letter addressed to SEC Chair Gary Gensler, Rubio expressed concerns about Shein's recent move to seek approval from Beijing for an initial public offering (IPO), suggesting it could impact the accuracy of the company's filings. Rubio highlighted the new regulations enacted by China's securities watchdog in 2023, which empower the China Securities Regulatory Commission to scrutinise offshore listings, potentially hindering Shein's ability to portray itself as an independent global retailer. Shein, known for its affordable fashion offerings, primarily relies on thousands of third-party suppliers based in China, particularly in the textile hub of Guangdong province, to manufacture its products. As per a Reuters report, the company's ties to China have raised concerns among US lawmakers, including Rubio, regarding the transparency of its operations and compliance with American regulations. Rubio, who also serves as the vice-chair of the Senate Intelligence Committee, has previously advocated for measures targeting Chinese-owned platforms like TikTok, citing national security concerns. Rubio's opposition adds to the mounting political challenges facing Shein as it endeavours to go public. Last year, a bipartisan group of US lawmakers urged the SEC to postpone Shein's IPO until the company could verify that it does not engage in forced labour practices. The allegations stem from reports suggesting that Shein's supply chain may be linked to regions like Xinjiang, where concerns over human rights violations have drawn international scrutiny. While Shein has denied any involvement in forced labour, Rubio insists on greater transparency and accountability from the company. In his letter to Gensler, Rubio called for specific disclosures from Shein, including an acknowledgment of its use of cotton from the Xinjiang Uyghur Autonomous Region. This demand aligns with ongoing efforts to address concerns related to human rights abuses in Xinjiang and ensure that companies operating in the region uphold ethical standards. Additionally, Rubio urged Shein to disclose its reliance on the de minimis entry trade exemption, which allows the company to ship small packages directly to consumers without paying tariffs. Shein has refuted claims that its business success is contingent on this exemption, emphasising its commitment to compliance with trade regulations. (With inputs from Reuters)

US lawmaker wants watchdog to scrutinise Shein's IPO bid. Here's why

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions.

There is heightened investor, analyst, and regulatory attention this year due to the failure of three banks in 2023 and ongoing disputes between large banks and the Fed regarding proposed capital increases.

Last month's report of losses on commercial real estate loans by New York Community Bank has further intensified concerns, leading to a significant drop in its share value.

The commercial real estate (CRE) sector faces challenges stemming from financing constraints due to high interest rates and reduced office occupancy rates caused by the widespread adoption of remote work.

The stress test's most severe scenario mirrors last year's, featuring a 36 per cent decline in house prices and a 40 per cent decline in commercial real estate prices, along with the US unemployment rate reaching 10 per cent.

Kevin Fromer, CEO of the Financial Services Forum, representing the CEOs of the largest eight US banks, told Reuters: "The nation’s largest banks ... are strong, highly capitalized, and an important source of support to American households and businesses, even in the face of significant economic headwinds."

How is this year's test&nbsp;different?

This year's stress test introduces an "exploratory analysis" component that will assess banks' resilience to a broader array of risks beyond the traditional scenarios.

The Fed disclosed that this exploratory analysis will not impact capital requirements but will include simulations of funding stresses leading to the rapid repricing of a significant portion of deposits at large banks, akin to the stresses observed in March 2023.

Additionally, the largest and most complex banks will undergo testing against a scenario involving the failure of five large hedge funds.

The Federal Reserve has announced plans to release the stress test results, including firm-specific data, in June 2024. The findings of the exploratory shock analysis will be published in aggregate, offering insights into the banking system's overall resilience.

What is Stress Test?

A stress test, particularly in the context of banking, is a simulation conducted by regulatory authorities, such as the Federal Reserve in the United States, to assess the resilience of top financial institutions to adverse economic conditions.

These stress tests, initiated after the 2007-2009 financial crisis, determine the capital requirements for banks to maintain their health and assess their ability to distribute capital to shareholders through dividends and share buybacks.

These tests subject banks to hypothetical scenarios, such as severe economic downturns or financial crisis, to evaluate their ability to withstand such stress without becoming insolvent.

The aim is to ensure that banks hold sufficient capital to continue operating and lending even under adverse circumstances, thereby safeguarding financial stability.

(With inputs from Reuters)

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions.

The US Federal Reserve has unveiled the scenarios for its annual bank stress tests, which assess the resilience of financial institutions to adverse economic conditions. There is heightened investor, analyst, and regulatory attention this year due to the failure of three banks in 2023 and ongoing disputes between large banks and the Fed regarding proposed capital increases. Last month's report of losses on commercial real estate loans by New York Community Bank has further intensified concerns, leading to a significant drop in its share value. The commercial real estate (CRE) sector faces challenges stemming from financing constraints due to high interest rates and reduced office occupancy rates caused by the widespread adoption of remote work. The stress test's most severe scenario mirrors last year's, featuring a 36 per cent decline in house prices and a 40 per cent decline in commercial real estate prices, along with the US unemployment rate reaching 10 per cent. Kevin Fromer, CEO of the Financial Services Forum, representing the CEOs of the largest eight US banks, told Reuters: "The nation’s largest banks ... are strong, highly capitalized, and an important source of support to American households and businesses, even in the face of significant economic headwinds." How is this year's test different? This year's stress test introduces an "exploratory analysis" component that will assess banks' resilience to a broader array of risks beyond the traditional scenarios. The Fed disclosed that this exploratory analysis will not impact capital requirements but will include simulations of funding stresses leading to the rapid repricing of a significant portion of deposits at large banks, akin to the stresses observed in March 2023. Additionally, the largest and most complex banks will undergo testing against a scenario involving the failure of five large hedge funds. The Federal Reserve has announced plans to release the stress test results, including firm-specific data, in June 2024. The findings of the exploratory shock analysis will be published in aggregate, offering insights into the banking system's overall resilience. What is Stress Test? A stress test, particularly in the context of banking, is a simulation conducted by regulatory authorities, such as the Federal Reserve in the United States, to assess the resilience of top financial institutions to adverse economic conditions. These stress tests, initiated after the 2007-2009 financial crisis, determine the capital requirements for banks to maintain their health and assess their ability to distribute capital to shareholders through dividends and share buybacks. These tests subject banks to hypothetical scenarios, such as severe economic downturns or financial crisis, to evaluate their ability to withstand such stress without becoming insolvent. The aim is to ensure that banks hold sufficient capital to continue operating and lending even under adverse circumstances, thereby safeguarding financial stability. (With inputs from Reuters)

Decoding US Federal Reserve's annual bank stress test scenarios

Lockheed Martin has announced its strategic plans to ramp up production of essential weapons systems in response to growing global security concerns.

With conflicts such as the Russia-Ukraine war, the turmoil in West Asia, and escalating tensions involving China, the demand for cutting-edge weapons systems crafted by US defence companies has surged.

According to a Reuters report, the company revealed its intentions to significantly increase the production of its High Mobility Artillery Rocket Systems (HIMARS), a crucial component in modern military arsenals.

Production capacity has already seen a notable rise, with an increase from 48 units annually to 60 units, and projections suggest reaching an impressive capacity of 96 units by the conclusion of 2024.

Furthermore, Lockheed disclosed its strides in augmenting the production of the Javelin system, a highly versatile anti-tank missile system vital for ground operations.

Currently, production has escalated to 2,400 units per year, with plans underway to bolster this capacity to 3,960 Javelins annually by late 2026.

In addition to HIMARS and Javelin, Lockheed Martin aims to deliver over 10,000 Guided Multiple Launch Rocket Systems (GMLRS) this year alone.

The company is steadfast in its ambition to further enhance production capabilities, targeting an increase to 14,000 GMLRS units per year by 2025.

Moreover, Lockheed Martin has allocated resources to advance the production of air defense missile PAC-3 MSE, with plans to elevate annual production rates to 650 units by 2027.

(With inputs from Reuters)

Lockheed Martin has announced its strategic plans to ramp up production of essential weapons systems in response to growing global security concerns. With conflicts such as the Russia-Ukraine war, the turmoil in West Asia, and escalating tensions involving China, the demand for cutting-edge weapons systems crafted by US defence companies has surged.

Lockheed Martin has announced its strategic plans to ramp up production of essential weapons systems in response to growing global security concerns. With conflicts such as the Russia-Ukraine war, the turmoil in West Asia, and escalating tensions involving China, the demand for cutting-edge weapons systems crafted by US defence companies has surged. According to a Reuters report, the company revealed its intentions to significantly increase the production of its High Mobility Artillery Rocket Systems (HIMARS), a crucial component in modern military arsenals. Production capacity has already seen a notable rise, with an increase from 48 units annually to 60 units, and projections suggest reaching an impressive capacity of 96 units by the conclusion of 2024. Furthermore, Lockheed disclosed its strides in augmenting the production of the Javelin system, a highly versatile anti-tank missile system vital for ground operations. Currently, production has escalated to 2,400 units per year, with plans underway to bolster this capacity to 3,960 Javelins annually by late 2026. In addition to HIMARS and Javelin, Lockheed Martin aims to deliver over 10,000 Guided Multiple Launch Rocket Systems (GMLRS) this year alone. The company is steadfast in its ambition to further enhance production capabilities, targeting an increase to 14,000 GMLRS units per year by 2025. Moreover, Lockheed Martin has allocated resources to advance the production of air defense missile PAC-3 MSE, with plans to elevate annual production rates to 650 units by 2027. (With inputs from Reuters)

Lockheed Martin ramps up weapons production amid heightened security demands

<o:p></o:p>

India's road tolling authority has excluded Paytm Payments Bank from its list of 32 authorised banks for purchasing FASTags, signalling significant changes for the estimated 20 million Paytm FASTag users. <o:p></o:p>

FASTags refers to an electronic toll collection system in India which was introduced by the National Highways Authority of India (NHAI).<o:p></o:p>

The move follows regulatory restrictions imposed on Paytm Payments Bank by the Reserve Bank of India (RBI), which will result in Paytm FASTags becoming non-operative after February 29.<o:p></o:p>

This development implies that millions of Paytm FASTag users will need to acquire new RFID (Radio Frequency Identification) stickers to ensure seamless toll road access. <o:p></o:p>

Despite Paytm's market share, no banks are currently willing to accommodate Paytm FASTag users, leaving them with the option to switch to FASTags issued by other authorised banks.<o:p></o:p>

While the RBI's decision to restrict Paytm Payments Bank's operations remains unchanged, IHMCL emphasises the importance of facilitating a smooth transition for Paytm FASTag users to alternative bank-issued FASTags.<o:p></o:p>

With over 70 million FASTag users across India, ensuring minimal inconvenience during this transition period is paramount. <o:p></o:p>

According to a Times of India report, the authorised banks for issuing FASTags include major financial institutions such as Airtel Payments Bank, Axis Bank, HDFC Bank, and State Bank of India, among others.

India's road tolling authority has excluded Paytm Payments Bank from its list of 32 authorised banks for purchasing FASTags, signalling significant changes for the estimated 20 million Paytm FASTag users.

India's road tolling authority has excluded Paytm Payments Bank from its list of 32 authorised banks for purchasing FASTags, signalling significant changes for the estimated 20 million Paytm FASTag users. FASTags refers to an electronic toll collection system in India which was introduced by the National Highways Authority of India (NHAI). The move follows regulatory restrictions imposed on Paytm Payments Bank by the Reserve Bank of India (RBI), which will result in Paytm FASTags becoming non-operative after February 29. This development implies that millions of Paytm FASTag users will need to acquire new RFID (Radio Frequency Identification) stickers to ensure seamless toll road access. Despite Paytm's market share, no banks are currently willing to accommodate Paytm FASTag users, leaving them with the option to switch to FASTags issued by other authorised banks. While the RBI's decision to restrict Paytm Payments Bank's operations remains unchanged, IHMCL emphasises the importance of facilitating a smooth transition for Paytm FASTag users to alternative bank-issued FASTags. With over 70 million FASTag users across India, ensuring minimal inconvenience during this transition period is paramount. According to a Times of India report, the authorised banks for issuing FASTags include major financial institutions such as Airtel Payments Bank, Axis Bank, HDFC Bank, and State Bank of India, among others.

Paytm Payments Bank excluded from authorised banks list for FASTags: Report