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In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down.

These developments come almost a year after Daihatsu disclosed the manipulation of safety tests, marking a pivotal moment for the small-car unit as Toyota endeavours to reinstate the brand's reputation as one of Japan's foremost compact car manufacturers.

The move signals one of the most significant shifts within the company since the scandal emerged. Toyota's efforts to restore Daihatsu's standing align with its broader objectives to address governance issues across its affiliates, including truck maker Hino Motors and Toyota Industries. These challenges have prompted an apology from Toyota Chairman Akio Toyoda, acknowledging the severity of the situation.

Toyota wasted no time in announcing replacements for the outgoing executives at Daihatsu. Masahiro Inoue, currently serving as the chief executive officer for the Latin America and Caribbean region, is slated to assume the role of president effective March 1.

This move reflects Toyota's proactive approach to instilling fresh leadership and direction within Daihatsu. Meanwhile, the chairman position will remain vacant, indicating a streamlined leadership structure moving forward.

While some may interpret these leadership changes as disciplinary&nbsp;measures, Toyota's Chief Executive Koji Sato emphasised that the reorganisation within Daihatsu is not solely a response to the misconduct but rather a strategic decision.

The outgoing president, Soichiro Okudaira, brought nearly four decades of experience at Toyota to his role at Daihatsu, assuming the presidency in 2017 following its full acquisition by Toyota. This tenure underscores the deep ties between the two companies.

Daihatsu's significance within Toyota's broader operations is notable, accounting for 7 per cent of the conglomerate's total group sales in 2023. Despite this, the safety certification lapses necessitated actions to address the issue, including Daihatsu's removal from the Commercial Japan Partnership Technologies (CJPT).

This partnership, initially established by Toyota, Hino, and Isuzu Motors for technology development in commercial vehicles, saw Daihatsu's participation alongside Suzuki Motor. The decision to transfer Daihatsu's 10 per cent equity stake in CJPT to Toyota underscores the gravity of the situation.

(With inputs from Reuters)<o:p></o:p>

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down.

In response to the revelation of rigged collision safety-tests, Toyota Motor Corp announced significant leadership changes within Daihatsu Motor, with both the president and chairman set to step down. These developments come almost a year after Daihatsu disclosed the manipulation of safety tests, marking a pivotal moment for the small-car unit as Toyota endeavours to reinstate the brand's reputation as one of Japan's foremost compact car manufacturers. The move signals one of the most significant shifts within the company since the scandal emerged. Toyota's efforts to restore Daihatsu's standing align with its broader objectives to address governance issues across its affiliates, including truck maker Hino Motors and Toyota Industries. These challenges have prompted an apology from Toyota Chairman Akio Toyoda, acknowledging the severity of the situation. Toyota wasted no time in announcing replacements for the outgoing executives at Daihatsu. Masahiro Inoue, currently serving as the chief executive officer for the Latin America and Caribbean region, is slated to assume the role of president effective March 1. This move reflects Toyota's proactive approach to instilling fresh leadership and direction within Daihatsu. Meanwhile, the chairman position will remain vacant, indicating a streamlined leadership structure moving forward. While some may interpret these leadership changes as disciplinary measures, Toyota's Chief Executive Koji Sato emphasised that the reorganisation within Daihatsu is not solely a response to the misconduct but rather a strategic decision. The outgoing president, Soichiro Okudaira, brought nearly four decades of experience at Toyota to his role at Daihatsu, assuming the presidency in 2017 following its full acquisition by Toyota. This tenure underscores the deep ties between the two companies. Daihatsu's significance within Toyota's broader operations is notable, accounting for 7 per cent of the conglomerate's total group sales in 2023. Despite this, the safety certification lapses necessitated actions to address the issue, including Daihatsu's removal from the Commercial Japan Partnership Technologies (CJPT). This partnership, initially established by Toyota, Hino, and Isuzu Motors for technology development in commercial vehicles, saw Daihatsu's participation alongside Suzuki Motor. The decision to transfer Daihatsu's 10 per cent equity stake in CJPT to Toyota underscores the gravity of the situation. (With inputs from Reuters)

Toyota announces leadership changes at Daihatsu following safety test scandal

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon.

As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms.

The trial date was determined by US District Judge John Chun in response to the long-awaited legal action following a four-year investigation.

The FTC's lawsuit against Amazon aims to address what it perceives as unlawful conduct by the company. The agency is seeking a permanent injunction to halt practices it considers anti-competitive.

In addition, the FTC has raised the possibility of remedies that could include divesting parts of Amazon's business.

However, both Amazon and the FTC declined to provide comments regarding the trial date or the allegations outlined in the lawsuit.

Amazon, in its defence against the FTC's claims, argues that the agency has misconstrued standard retail practices as anticompetitive behaviour. The company asserts that the FTC has failed to demonstrate any harm to consumers resulting from its business operations.

Last December, Amazon moved to dismiss the lawsuit, emphasising the disparity between what the FTC characterises as antitrust violations and the actual impact on consumers.

Responding to Amazon's motion to dismiss, the FTC argued that the government has clearly outlined Amazon's status as a monopolist and its methods for maintaining dominance in the market.

The FTC alleges that Amazon has utilised various illegal strategies to increase profits, including the implementation of an algorithm known as "Project Nessie." This algorithm allegedly led to over $1 billion in increased prices for US households.

Amazon, with its vast online marketplace offering over a billion items, reportedly used Project Nessie to identify products for price increases, directly impacting consumers' wallets.

However Amazon, refuses the FTC's claims regarding the pricing tool, stating that it has ceased using Project Nessie several years ago. The company maintains that the algorithm was primarily employed to prevent price-matching scenarios that could result in unsustainable price reductions.

Amazon asserts that the FTC's portrayal of Project Nessie is misleading and does not accurately reflect its intentions or practices. The ongoing legal battle between Amazon and the FTC underscores the complexity of antitrust regulations in the digital age and their implications for e-commerce giants.

(With inputs from Reuters)<o:p></o:p>

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon. As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms.

A US federal judge has set an October 2026 trial date for the Federal Trade Commission's (FTC) antitrust lawsuit against Amazon. As per a Reuters report, the lawsuit, filed on September 26 and joined by 17 state attorneys general, accuses the e-commerce giant of operating an illegal monopoly, particularly by impeding sellers from offering lower prices on other platforms. The trial date was determined by US District Judge John Chun in response to the long-awaited legal action following a four-year investigation. The FTC's lawsuit against Amazon aims to address what it perceives as unlawful conduct by the company. The agency is seeking a permanent injunction to halt practices it considers anti-competitive. In addition, the FTC has raised the possibility of remedies that could include divesting parts of Amazon's business. However, both Amazon and the FTC declined to provide comments regarding the trial date or the allegations outlined in the lawsuit. Amazon, in its defence against the FTC's claims, argues that the agency has misconstrued standard retail practices as anticompetitive behaviour. The company asserts that the FTC has failed to demonstrate any harm to consumers resulting from its business operations. Last December, Amazon moved to dismiss the lawsuit, emphasising the disparity between what the FTC characterises as antitrust violations and the actual impact on consumers. Responding to Amazon's motion to dismiss, the FTC argued that the government has clearly outlined Amazon's status as a monopolist and its methods for maintaining dominance in the market. The FTC alleges that Amazon has utilised various illegal strategies to increase profits, including the implementation of an algorithm known as "Project Nessie." This algorithm allegedly led to over $1 billion in increased prices for US households. Amazon, with its vast online marketplace offering over a billion items, reportedly used Project Nessie to identify products for price increases, directly impacting consumers' wallets. However Amazon, refuses the FTC's claims regarding the pricing tool, stating that it has ceased using Project Nessie several years ago. The company maintains that the algorithm was primarily employed to prevent price-matching scenarios that could result in unsustainable price reductions. Amazon asserts that the FTC's portrayal of Project Nessie is misleading and does not accurately reflect its intentions or practices. The ongoing legal battle between Amazon and the FTC underscores the complexity of antitrust regulations in the digital age and their implications for e-commerce giants. (With inputs from Reuters)

FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial

Roses are red, violets are blue, but this Valentine's Day, will your wallet feel the squeeze too?<o:p></o:p>

While millions prepare to celebrate love with chocolates, cards, and cosy dinners, the question arises: how much does this day of affection truly cost the economy, and is the pressure to spend worth it?<o:p></o:p>

Hearts open, wallets open wider?<o:p></o:p>

According to the National Retail Federation (NRF), Americans are expected to shower their significant others with a record-breaking $14.2 billion this Valentine's Day, totalling a whopping $25.8 billion in overall spending.<o:p></o:p>

That's an average of $185.81 per person, marking an $8 increase from the past five years. While inflation undoubtedly plays a role, experts suggest a shift in priorities, with celebrants focusing their spending on romantic partners rather than broader circles.<o:p></o:p>

"People are normalising their Valentine's spending when it comes to what they purchase for non-romantic relationships," says Katherine Cullen, NRF's vice president for industry and consumer insights. "They're getting back to the true purpose of celebrating romantic relationships."<o:p></o:p>

But is love measured in dollars?<o:p></o:p>

Despite the economic boom, a Trustpilot study reveals a concerning trend: younger generations (millennials and Gen Z) feel the most pressure to overspend on Valentine's Day.<o:p></o:p>

33 per cent of millennials and 21 per cent of Gen Z in relationships reported feeling more pressure to splurge this year compared to 2023.<o:p></o:p>

This pressure can lead to concerning choices, with 26 per cent of both Gen Z and millennials willing to sacrifice essential expenses like rent or food to afford the "perfect" celebration.<o:p></o:p>

Even more alarming, 25 per cent of millennials would resort to credit card debt, potentially jeopardising their financial well-being for a single day.<o:p></o:p>

Valentine's day: a global love fest with economic twists<o:p></o:p>

Valentine's Day isn't just a Hallmark holiday; it's a global phenomenon with a significant economic impact.<o:p></o:p>

But how does this day of love translate into economic ripples?<o:p></o:p>

Locally loved, globally felt<o:p></o:p>

While the US leads the spending spree, other countries join the celebration. Japan sees a boom in chocolate sales, with women traditionally gifting men.<o:p></o:p>

In China, couples shower each other with roses and other romantic gestures, boosting the flower industry.<o:p></o:p>

Even in countries where the holiday isn't deeply ingrained, like India, Valentine's Day has gained traction, influencing spending on restaurants, gifts, and travel.<o:p></o:p>

Booming businesses, buzzing jobs<o:p></o:p>

From florists and jewellers to restaurants and travel agencies, Valentine's Day fuels a surge in business activity.<o:p></o:p>

Small businesses often reap significant benefits, with personalized gifts and unique experiences attracting customers.<o:p></o:p>

This temporary spike in demand creates temporary jobs in retail, hospitality, and service sectors, contributing to the overall economic activity.<o:p></o:p>

Beyond the glitter<o:p></o:p>

It's important to acknowledge the complexities alongside the economic boosts.<o:p></o:p>

The pressure to spend heavily can strain budgets, particularly for younger generations, leading to potential debt and financial stress.<o:p></o:p>

Additionally, ethical concerns may arise regarding unsustainable production practices associated with certain Valentine's Day staples like flowers.<o:p></o:p>

Celebrating responsibly<o:p></o:p>

As we celebrate love, it's crucial to approach Valentine's Day thoughtfully.<o:p></o:p>

Supporting local businesses, choosing eco-friendly options, and focusing on shared experiences over extravagant gifts can ensure a meaningful celebration that benefits both hearts and wallets, globally.<o:p></o:p>

Remember, true love doesn't have a price tag. Let's celebrate responsibly and ensure the economic pulse of Valentine's Day beats for everyone, ethically and sustainably.<o:p></o:p>

Roses are red, violets are blue, but this Valentine's Day, will your wallet feel the squeeze too? While millions prepare to celebrate love with chocolates, cards, and cosy dinners, the question arises: how much does this day of affection truly cost the economy, and is the pressure to spend worth it?

Roses are red, violets are blue, but this Valentine's Day, will your wallet feel the squeeze too? While millions prepare to celebrate love with chocolates, cards, and cosy dinners, the question arises: how much does this day of affection truly cost the economy, and is the pressure to spend worth it? Hearts open, wallets open wider? According to the National Retail Federation (NRF), Americans are expected to shower their significant others with a record-breaking $14.2 billion this Valentine's Day, totalling a whopping $25.8 billion in overall spending. That's an average of $185.81 per person, marking an $8 increase from the past five years. While inflation undoubtedly plays a role, experts suggest a shift in priorities, with celebrants focusing their spending on romantic partners rather than broader circles. "People are normalising their Valentine's spending when it comes to what they purchase for non-romantic relationships," says Katherine Cullen, NRF's vice president for industry and consumer insights. "They're getting back to the true purpose of celebrating romantic relationships." But is love measured in dollars? Despite the economic boom, a Trustpilot study reveals a concerning trend: younger generations (millennials and Gen Z) feel the most pressure to overspend on Valentine's Day. 33 per cent of millennials and 21 per cent of Gen Z in relationships reported feeling more pressure to splurge this year compared to 2023. This pressure can lead to concerning choices, with 26 per cent of both Gen Z and millennials willing to sacrifice essential expenses like rent or food to afford the "perfect" celebration. Even more alarming, 25 per cent of millennials would resort to credit card debt, potentially jeopardising their financial well-being for a single day. Valentine's day: a global love fest with economic twists Valentine's Day isn't just a Hallmark holiday; it's a global phenomenon with a significant economic impact. But how does this day of love translate into economic ripples? Locally loved, globally felt While the US leads the spending spree, other countries join the celebration. Japan sees a boom in chocolate sales, with women traditionally gifting men. In China, couples shower each other with roses and other romantic gestures, boosting the flower industry. Even in countries where the holiday isn't deeply ingrained, like India, Valentine's Day has gained traction, influencing spending on restaurants, gifts, and travel. Booming businesses, buzzing jobs From florists and jewellers to restaurants and travel agencies, Valentine's Day fuels a surge in business activity. Small businesses often reap significant benefits, with personalized gifts and unique experiences attracting customers. This temporary spike in demand creates temporary jobs in retail, hospitality, and service sectors, contributing to the overall economic activity. Beyond the glitter It's important to acknowledge the complexities alongside the economic boosts. The pressure to spend heavily can strain budgets, particularly for younger generations, leading to potential debt and financial stress. Additionally, ethical concerns may arise regarding unsustainable production practices associated with certain Valentine's Day staples like flowers. Celebrating responsibly As we celebrate love, it's crucial to approach Valentine's Day thoughtfully. Supporting local businesses, choosing eco-friendly options, and focusing on shared experiences over extravagant gifts can ensure a meaningful celebration that benefits both hearts and wallets, globally. Remember, true love doesn't have a price tag. Let's celebrate responsibly and ensure the economic pulse of Valentine's Day beats for everyone, ethically and sustainably.

Love is in the air, but is it in your budget? Exploring the economic impact of Valentine's Day

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported.<o:p></o:p>

The iconic "iron rice bowl" concept, symbolising guaranteed job security, may no longer hold true as demographic shifts pave the way for an estimated surplus of 1.9 million teachers by 2035. <o:p></o:p>

This sudden change poses significant challenges, not just for educators but for the broader societal and economic landscape of the country.<o:p></o:p>

Demographic transition and educational implications<o:p></o:p>

The dramatic decline in newborns since 2017, coupled with dwindling kindergarten and primary school enrolments, paints a sobering picture of China's demographic future.<o:p></o:p>

The SCMP report cited &nbsp;Chu Zhaohui, a senior researcher at the China National Academy of Educational Sciences, who warned, "With fewer students, there will inevitably be redundancies at schools within a certain period or a certain region." <o:p></o:p>

This trend, if unabated, could lead to a surplus of 1.5 million primary school teachers and 370,000 middle school teachers by 2035.<o:p></o:p>

Government response and local initiatives<o:p></o:p>

Local authorities are feeling the strain, grappling with fiscal pressures exacerbated by economic challenges. <o:p></o:p>

In response, regions like Hunan province have begun strategising for the long term, urging better allocation of education resources based on birth rates and urbanisation.<o:p></o:p>

Furthermore, several governments have curtailed the supply of teachers by discontinuing major degree programs related to education at certain universities.<o:p></o:p>

Educational quality and opportunities for improvement<o:p></o:p>

Amidst these challenges lies an opportunity for China to enhance the quality of its education system.<o:p></o:p>

The SCMP report mentioned Huang Bin, a professor at Nanjing University’s Institute of Education, who emphasised the importance of upgrading rural teachers and improving educational standards.<o:p></o:p>

Additionally, Maggie Chen, a veteran teacher in Zhejiang province, suggested that smaller class sizes could enable teachers to provide better individual attention to students.<o:p></o:p>

Parental concerns and societal implications<o:p></o:p>

Despite government measures to alleviate educational pressures, parental anxiety over children’s education remains high, as highlighted in a survey by youth36kr. <o:p></o:p>

This pervasive stress, coupled with broader societal trends of declining birth rates, underscores the multifaceted challenges facing China's educational landscape and society at large.<o:p></o:p>

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported.

In the wake of China's plummeting birth rate, the future of teaching, once considered a steadfast career choice in the nation, is now cast in uncertainty, the South China Morning Post (SCMP) reported. The iconic "iron rice bowl" concept, symbolising guaranteed job security, may no longer hold true as demographic shifts pave the way for an estimated surplus of 1.9 million teachers by 2035. This sudden change poses significant challenges, not just for educators but for the broader societal and economic landscape of the country. Demographic transition and educational implications The dramatic decline in newborns since 2017, coupled with dwindling kindergarten and primary school enrolments, paints a sobering picture of China's demographic future. The SCMP report cited Chu Zhaohui, a senior researcher at the China National Academy of Educational Sciences, who warned, "With fewer students, there will inevitably be redundancies at schools within a certain period or a certain region." This trend, if unabated, could lead to a surplus of 1.5 million primary school teachers and 370,000 middle school teachers by 2035. Government response and local initiatives Local authorities are feeling the strain, grappling with fiscal pressures exacerbated by economic challenges. In response, regions like Hunan province have begun strategising for the long term, urging better allocation of education resources based on birth rates and urbanisation. Furthermore, several governments have curtailed the supply of teachers by discontinuing major degree programs related to education at certain universities. Educational quality and opportunities for improvement Amidst these challenges lies an opportunity for China to enhance the quality of its education system. The SCMP report mentioned Huang Bin, a professor at Nanjing University’s Institute of Education, who emphasised the importance of upgrading rural teachers and improving educational standards. Additionally, Maggie Chen, a veteran teacher in Zhejiang province, suggested that smaller class sizes could enable teachers to provide better individual attention to students. Parental concerns and societal implications Despite government measures to alleviate educational pressures, parental anxiety over children’s education remains high, as highlighted in a survey by youth36kr. This pervasive stress, coupled with broader societal trends of declining birth rates, underscores the multifaceted challenges facing China's educational landscape and society at large.

China's declining birth rate puts teachers' jobs at risk: Millions face uncertain future by 2035

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022.

Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny.

The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years.

As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns.

Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months.

While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin.

Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies.

Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta.

With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets.

In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing.

(With inputs from Reuters)

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether. Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022. Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny. The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years. As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns. Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months. While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin. Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies. Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta. With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets. In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing. (With inputs from Reuters)

Founders fund backs bitcoin, ether investments, reflecting renewed silicon valley interest in crypto

<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.<o:p></o:p>

According to Reuters, HP's lawyers presented their case to the court on Monday, accusing Lynch of artificially inflating Autonomy's value through fraudulent means.<o:p></o:p>

Highlighting the magnitude of the case, HP seeks to recoup losses through a lawsuit targeting Lynch and Autonomy's former chief financial officer, Sushovan Hussain. <o:p></o:p>

The tech giant's acquisition of Autonomy for $11.1 billion in 2011, once hailed as one of the UK's most significant tech deals, ended in turmoil as HP wrote down Autonomy's value by $8.8 billion within a year.<o:p></o:p>

HP's legal team argued that Lynch's alleged fraud inflicted substantial financial harm on the company, justifying the pursuit of approximately $4 billion in damages. <o:p></o:p>

However, Lynch, currently facing criminal charges in the United States related to the deal, maintains his innocence and denies any wrongdoing. <o:p></o:p>

His lawyer, David Wolfson, countered HP's claims, suggesting that the price HP would have paid for Autonomy would not have significantly differed due to the company's unique technology and strategic value.<o:p></o:p>

The legal dispute stems from one of the longest civil trials in English legal history, where HP emerged largely victorious in 2022. <o:p></o:p>

Despite the court's ruling in favour of HP, the determination of damages remains pending, with Lynch intending to seek permission to appeal. <o:p></o:p>

This delay prolongs the legal saga, casting uncertainty over the resolution of the contentious lawsuit.<o:p></o:p>

Echoing Lynch's stance, lawyers representing Sushovan Hussain, who was previously convicted of fraud in the US, expressed agreement with Lynch's defence. <o:p></o:p>

Hussain, sentenced to five years in prison in 2019, aligns with Lynch's assertion that HP suffered no actual loss due to the alleged fraudulent activities surrounding the Autonomy deal.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch. According to Reuters, HP's lawyers presented their case to the court on Monday, accusing Lynch of artificially inflating Autonomy's value through fraudulent means. Highlighting the magnitude of the case, HP seeks to recoup losses through a lawsuit targeting Lynch and Autonomy's former chief financial officer, Sushovan Hussain. The tech giant's acquisition of Autonomy for $11.1 billion in 2011, once hailed as one of the UK's most significant tech deals, ended in turmoil as HP wrote down Autonomy's value by $8.8 billion within a year. HP's legal team argued that Lynch's alleged fraud inflicted substantial financial harm on the company, justifying the pursuit of approximately $4 billion in damages. However, Lynch, currently facing criminal charges in the United States related to the deal, maintains his innocence and denies any wrongdoing. His lawyer, David Wolfson, countered HP's claims, suggesting that the price HP would have paid for Autonomy would not have significantly differed due to the company's unique technology and strategic value. The legal dispute stems from one of the longest civil trials in English legal history, where HP emerged largely victorious in 2022. Despite the court's ruling in favour of HP, the determination of damages remains pending, with Lynch intending to seek permission to appeal. This delay prolongs the legal saga, casting uncertainty over the resolution of the contentious lawsuit. Echoing Lynch's stance, lawyers representing Sushovan Hussain, who was previously convicted of fraud in the US, expressed agreement with Lynch's defence. Hussain, sentenced to five years in prison in 2019, aligns with Lynch's assertion that HP suffered no actual loss due to the alleged fraudulent activities surrounding the Autonomy deal. (With inputs from Reuters)

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million).<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This initiative aims to empower individuals across the continent to harness the potential of artificial intelligence for personal and professional growth. <o:p></o:p>

The tech giant unveiled its funding commitment on Monday, inviting applications from social enterprises and nonprofits dedicated to delivering targeted training to underserved communities.<o:p></o:p>

Adrian Brown, executive director of the Centre for Public Impact, emphasised the significance of this program in addressing potential inequalities arising from AI advancements. <o:p></o:p>

"Research shows that the benefits of AI could exacerbate existing inequalities — especially in terms of economic security and employment," Reuters quoted Brown as saying. <o:p></o:p>

He further highlighted the program's goal of ensuring equitable access to AI education and opportunities, thereby preventing anyone from being left behind.<o:p></o:p>

Google's initiative extends beyond financial support, as the company plans to establish "growth academies" to assist businesses in leveraging AI to scale their operations. <o:p></o:p>

Additionally, Google has expanded its collection of free online AI training courses, now available in 18 languages. <o:p></o:p>

Last month, Google unveiled plans to invest $1 billion in constructing a data centre just outside London, in response to the growing demand for internet services in the region. <o:p></o:p>

The data centre, situated on a 33-acre site acquired by Google in 2020, will be located in Waltham Cross, approximately 15 miles north of central London. <o:p></o:p>

The announcement of Google's investment in AI education and infrastructure comes amid increasing recognition of the transformative potential of artificial intelligence across various sectors. <o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). This is based on a Reuters report.

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). This is based on a Reuters report. This initiative aims to empower individuals across the continent to harness the potential of artificial intelligence for personal and professional growth. The tech giant unveiled its funding commitment on Monday, inviting applications from social enterprises and nonprofits dedicated to delivering targeted training to underserved communities. Adrian Brown, executive director of the Centre for Public Impact, emphasised the significance of this program in addressing potential inequalities arising from AI advancements. "Research shows that the benefits of AI could exacerbate existing inequalities — especially in terms of economic security and employment," Reuters quoted Brown as saying. He further highlighted the program's goal of ensuring equitable access to AI education and opportunities, thereby preventing anyone from being left behind. Google's initiative extends beyond financial support, as the company plans to establish "growth academies" to assist businesses in leveraging AI to scale their operations. Additionally, Google has expanded its collection of free online AI training courses, now available in 18 languages. Last month, Google unveiled plans to invest $1 billion in constructing a data centre just outside London, in response to the growing demand for internet services in the region. The data centre, situated on a 33-acre site acquired by Google in 2020, will be located in Waltham Cross, approximately 15 miles north of central London. The announcement of Google's investment in AI education and infrastructure comes amid increasing recognition of the transformative potential of artificial intelligence across various sectors. (With inputs from Reuters)

Google commits 25 million euros to empower AI skills across Europe

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. <o:p></o:p>

This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine.<o:p></o:p>

Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. <o:p></o:p>

Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. <o:p></o:p>

However, EU officials have deemed this approach legally precarious.<o:p></o:p>

The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. <o:p></o:p>

Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government.<o:p></o:p>

Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities.<o:p></o:p>

This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds.<o:p></o:p>

The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. <o:p></o:p>

Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv.<o:p></o:p>

Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision.<o:p></o:p>

He urged ambitious and prompt actions in this regard.<o:p></o:p>

Meanwhile, the Kremlin has yet to respond to the EU's move. <o:p></o:p>

Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. This decision marks a pivotal moment in the EU's efforts to utilise funds accrued from sanctions imposed on Russia following its invasion of Ukraine. Since the invasion, both the EU and the Group of Seven nations (G7) have collectively frozen around 300 billion euros ($323 billion) of Russian central bank assets. Deliberations on the utilisation of these funds have persisted for over a year, with the United States proposing outright confiscation. However, EU officials have deemed this approach legally precarious. The majority of the frozen assets, approximately two-thirds, are held within the EU, with a significant portion managed by Belgium's Euroclear. Until now, only taxes on these assets in Belgium have been directed towards a dedicated fund for Ukraine, overseen by the Belgian government. Under the newly passed law, central securities depositaries (CSDs) like Euroclear will be mandated to segregate net profits and revenues from Russian assets, ensuring they are kept separate from other financial activities. This regulation applies to institutions holding over 1 million euros ($1.1 million) of the Central Bank of Russia’s assets, providing clarity on the legal framework surrounding the utilisation of these funds. The EU estimates that approximately 15 billion euros ($16.17 billion) in profits could be allocated for Ukraine's benefit over the next four years from these assets. Additionally, the EU has committed to providing 50 billion euros ($53.89 billion) in aid to Kyiv. Ukrainian Foreign Minister Dmytro Kuleba expressed appreciation for the EU's decision. He urged ambitious and prompt actions in this regard. Meanwhile, the Kremlin has yet to respond to the EU's move. Moscow has previously stated that any attempt to use frozen Russian assets for Ukraine would be deemed illegal and subject to prolonged litigation, asserting that they would challenge such measures. (With inputs from Reuters)

EU to channel frozen Russian assets for Ukraine's reconstruction: Report

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. <o:p></o:p>

According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. <o:p></o:p>

At present, bitcoin is trading at $49,899, up 4.96 per cent for the day.<o:p></o:p>

Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. <o:p></o:p>

Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. <o:p></o:p>

Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum.<o:p></o:p>

Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. <o:p></o:p>

This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. <o:p></o:p>

Market analysts anticipate rate cuts as early as May, further fueling investor optimism.<o:p></o:p>

Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. <o:p></o:p>

The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities.<o:p></o:p>

Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs.<o:p></o:p>

Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. <o:p></o:p>

Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. <o:p></o:p>

Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment.<o:p></o:p>

(With inputs from Reuters)

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. At present, bitcoin is trading at $49,899, up 4.96 per cent for the day. Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum. Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. Market analysts anticipate rate cuts as early as May, further fueling investor optimism. Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities. Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs. Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment. (With inputs from Reuters)

Bitcoin surges past $50k mark for first time in over 2 years: Report

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

The protest, set to sweep across the United States, targets companies such as Uber, Lyft, and DoorDash, which have faced mounting criticism over their compensation policies.

The impending strike follows Lyft's recent announcement of guaranteed weekly earnings for drivers, a move aimed at enticing more drivers to its platform.

However, driver dissatisfaction persists, with accusations of platforms disproportionately pocketing high commissions.

"We are constantly working to improve the driver experience," Reuters cited Lyft as saying in a statement.

Jonathan Cruz, a driver from Miami and a member of the Justice For App Workers coalition, expressed the magnitude of the upcoming strike, anticipating widespread participation.

"This is the biggest strike I've ever seen, thousands and thousands of drivers... it's going to be nationwide," Cruz stated.

Uber CEO Dara Khosrowshahi acknowledged that only a minority of their drivers partake in such strikes, often with minimal impact on business.

Despite Khosrowshahi's remarks, drivers continue to voice grievances, citing significant drops in earnings despite long hours on the road.

Nicole Moore, president of the California-based Rideshare Drivers United union, highlighted the detrimental impact of algorithmic pricing on driver earnings.

"A year into algorithmic pricing, drivers have seen incredible decrease of our pay... whatever calculations and algorithms they're using, it's absolutely useless," Moore emphasised.

According to Gridwise, an analyst of gig mobility data, Uber drivers experienced a notable 17.1 per cent decrease in monthly average gross earnings in 2023, while Lyft drivers saw a modest 2.5 per cent increase.

Shantwan Humphrey, a driver from Dallas, Texas, lamented the struggles faced by drivers to make ends meet due to inadequate compensation.

As the strike looms, DoorDash, another major player in the gig economy, remained silent on the impending action.

(With inputs from Reuters)<o:p></o:p>

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups. The protest, set to sweep across the United States, targets companies such as Uber, Lyft, and DoorDash, which have faced mounting criticism over their compensation policies. The impending strike follows Lyft's recent announcement of guaranteed weekly earnings for drivers, a move aimed at enticing more drivers to its platform. However, driver dissatisfaction persists, with accusations of platforms disproportionately pocketing high commissions. "We are constantly working to improve the driver experience," Reuters cited Lyft as saying in a statement. Jonathan Cruz, a driver from Miami and a member of the Justice For App Workers coalition, expressed the magnitude of the upcoming strike, anticipating widespread participation. "This is the biggest strike I've ever seen, thousands and thousands of drivers... it's going to be nationwide," Cruz stated. Uber CEO Dara Khosrowshahi acknowledged that only a minority of their drivers partake in such strikes, often with minimal impact on business. Despite Khosrowshahi's remarks, drivers continue to voice grievances, citing significant drops in earnings despite long hours on the road. Nicole Moore, president of the California-based Rideshare Drivers United union, highlighted the detrimental impact of algorithmic pricing on driver earnings. "A year into algorithmic pricing, drivers have seen incredible decrease of our pay... whatever calculations and algorithms they're using, it's absolutely useless," Moore emphasised. According to Gridwise, an analyst of gig mobility data, Uber drivers experienced a notable 17.1 per cent decrease in monthly average gross earnings in 2023, while Lyft drivers saw a modest 2.5 per cent increase. Shantwan Humphrey, a driver from Dallas, Texas, lamented the struggles faced by drivers to make ends meet due to inadequate compensation. As the strike looms, DoorDash, another major player in the gig economy, remained silent on the impending action. (With inputs from Reuters)

Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide

Across Asian markets, we're witnessing a surge in activity as trading resumes post the Lunar New Year holiday, with notable gains in Japan's Nikkei 225, which soared by 1.82 per cent on opening, breaching the significant 37,000 mark and hitting heights unseen in 34 years.&nbsp;<o:p></o:p>

The Nikkei is poised to establish a new 34-year high if it sustains these gains until closure, having initially breached 37,000 on an intraday basis just last Friday. South Korea's Kospi, meanwhile, marked its return to trading with a respectable 1.16 per cent increase.

Shifting focus to the US, the Dow Jones Industrial Average surged to a fresh record high as investors eagerly await updates on inflation and earnings. Conversely, the S&amp;P 500 experienced a marginal decline of 0.09 per cent, while the Nasdaq Composite slipped by 0.3 per cent.<o:p></o:p>

Oil markets, on the other hand, have displayed stability for the second consecutive day, as concerns regarding potential US interest rate adjustments and their implications on fuel demand offset anxieties surrounding tensions in West Asia, which could disrupt supply chains. This follows a similar trend from the previous session, where oil prices remained nearly unchanged after experiencing a notable 6 per cent increase the prior week.<o:p></o:p>

Yet, it's the realm of cryptocurrency that's truly captivating this week. Bitcoin, in particular, surged above the $50,000 mark on Monday, achieving its highest level in over two years. Noteworthy is the robust demand for spot-bitcoin ETFs, evident from substantial net inflows of $1.1 billion over the past week and a staggering $2.8 billion since their launch.<o:p></o:p>

Across Asian markets, we're witnessing a surge in activity as trading resumes post the Lunar New Year holiday, with notable gains in Japan's Nikkei 225, which soared by 1.

Across Asian markets, we're witnessing a surge in activity as trading resumes post the Lunar New Year holiday, with notable gains in Japan's Nikkei 225, which soared by 1.82 per cent on opening, breaching the significant 37,000 mark and hitting heights unseen in 34 years. The Nikkei is poised to establish a new 34-year high if it sustains these gains until closure, having initially breached 37,000 on an intraday basis just last Friday. South Korea's Kospi, meanwhile, marked its return to trading with a respectable 1.16 per cent increase. Shifting focus to the US, the Dow Jones Industrial Average surged to a fresh record high as investors eagerly await updates on inflation and earnings. Conversely, the S&P 500 experienced a marginal decline of 0.09 per cent, while the Nasdaq Composite slipped by 0.3 per cent. Oil markets, on the other hand, have displayed stability for the second consecutive day, as concerns regarding potential US interest rate adjustments and their implications on fuel demand offset anxieties surrounding tensions in West Asia, which could disrupt supply chains. This follows a similar trend from the previous session, where oil prices remained nearly unchanged after experiencing a notable 6 per cent increase the prior week. Yet, it's the realm of cryptocurrency that's truly captivating this week. Bitcoin, in particular, surged above the $50,000 mark on Monday, achieving its highest level in over two years. Noteworthy is the robust demand for spot-bitcoin ETFs, evident from substantial net inflows of $1.1 billion over the past week and a staggering $2.8 billion since their launch.

Global Markets Roundup | Japan's Nikkei 225 at 34-year highs

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide<o:p></o:p>

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/valentines-day-strike-uber-lyft-doordash-drivers-demand-fair-pay-nationwide-689705">Read more here </a><o:p></o:p>

Bitcoin surges past $50k mark for first time in over 2 years: Report<o:p></o:p>

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-50k-mark-for-first-time-in-over-2-years-report-689726">Read more here</a><o:p></o:p>

EU to channel frozen Russian assets for Ukraine's reconstruction: Report<o:p></o:p>

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-to-channel-frozen-russian-assets-for-ukraines-reconstruction-report-689731">Read more here</a><o:p></o:p>

Google commits 25 million euros to empower AI skills across Europe<o:p></o:p>

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/google-commits-25-million-euros-to-empower-ai-skills-across-europe-689740">Read more here</a><o:p></o:p>

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/hp-pursues-4-bn-in-damages-in-london-lawsuit-against-autonomy-founders-over-alleged-fraud-689753">Read more here</a><o:p></o:p>

India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns<o:p></o:p>

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-slips-to-3-month-low-yet-rate-cuts-unlikely-amid-lingering-concerns-689780">Read more here</a><o:p></o:p>

Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto<o:p></o:p>

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/founders-fund-backs-bitcoin-ether-investments-reflecting-renewed-silicon-valley-interest-in-crypto-689784">Read more here</a><o:p></o:p>

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul<o:p></o:p>

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/citigroup-faces-regulatory-scrutiny-amid-urgent-calls-for-risk-management-overhaul-689790">Read more here</a><o:p></o:p>

Arm holdings sees surge in investor interest amid AI stock craze<o:p></o:p>

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/arm-holdings-sees-surge-in-investor-interest-amid-ai-stock-craze-689811">Read more here</a><o:p></o:p>

Bulgaria and Romania set to join Schengen zone: What you need to know<o:p></o:p>

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bulgaria-and-romania-set-to-join-schengen-zone-what-you-need-to-know-689826">Read more here</a><o:p></o:p>

US universities settle lawsuit over admission practices<o:p></o:p>

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-universities-settle-lawsuit-over-admission-practices-689838">Read more here</a><o:p></o:p>

IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details<o:p></o:p>

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imfs-georgieva-warns-of-challenges-ahead-for-russias-war-economy-here-are-the-details-689841">Read more here</a><o:p></o:p>

US January deficit plummets amid record receipts and reduced tax refunds<o:p></o:p>

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-january-deficit-plummets-amid-record-receipts-and-reduced-tax-refunds-689846">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. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups. Read more here Bitcoin surges past $50k mark for first time in over 2 years: Report Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. Read more here EU to channel frozen Russian assets for Ukraine's reconstruction: Report In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. Read more here Google commits 25 million euros to empower AI skills across Europe In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). Read more here HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch. Read more here India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. Read more here Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether. Read more here Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts. Read more here Arm holdings sees surge in investor interest amid AI stock craze Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. Read more here Bulgaria and Romania set to join Schengen zone: What you need to know Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration. Read more here US universities settle lawsuit over admission practices A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday. Read more here IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). Read more here US January deficit plummets amid record receipts and reduced tax refunds The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. Read more here

WION Business Wrap | Valentine's day workers' strike, Bitcoin's surge and more

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. <o:p></o:p>

This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns.<o:p></o:p>

"This January's comparison with a year ago was also significantly helped by the $36 billion bailout of a Teamsters union pension fund in January 2023, as no similar large one-time outlays were recorded this year," noted Treasury officials.<o:p></o:p>

Despite this, outlays for the month increased by 3 per cent to $499 billion, while receipts surged by 7 per cent to $477 billion.<o:p></o:p>

For the fiscal year's first four months, the deficit expanded by $72 billion, reaching $532 billion. <o:p></o:p>

This increase, amounting to 16 per cent, was attributed to rising costs associated with servicing the national debt, as well as heightened outlays for programs such as Social Security, Medicare, and military expenditures.<o:p></o:p>

The Treasury Department reported that both receipts and outlays for the period were at record levels, with receipts climbing by $112 billion to $1.585 trillion, and outlays rising by $184 billion to $2.117 trillion. <o:p></o:p>

Notably, individual tax refunds decreased by $15 billion compared to the previous January, reflecting the IRS's enhanced processing capabilities for paper returns. <o:p></o:p>

Meanwhile, individual withheld receipts experienced a $20 billion increase, driven by robust employment trends.<o:p></o:p>

However, the Treasury's interest costs on the public debt surged by $18 billion in January compared to the previous year, reaching 3.15 per cent due to higher debt levels and an increased weighted average interest rate. <o:p></o:p>

Year-to-date, debt interest costs rose by $96 billion, outpacing outlays for Medicare. <o:p></o:p>

Additionally, costs for Medicare and Social Security saw notable increases, driven by factors such as higher payments for Medicare Advantage plans and cost-of-living adjustments for Social Security beneficiaries.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns.

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. This sharp decrease was attributed to record receipts for the month, partially driven by a reduction in tax refunds following the Internal Revenue Service's (IRS) clearance of a backlog of pandemic-delayed tax returns. "This January's comparison with a year ago was also significantly helped by the $36 billion bailout of a Teamsters union pension fund in January 2023, as no similar large one-time outlays were recorded this year," noted Treasury officials. Despite this, outlays for the month increased by 3 per cent to $499 billion, while receipts surged by 7 per cent to $477 billion. For the fiscal year's first four months, the deficit expanded by $72 billion, reaching $532 billion. This increase, amounting to 16 per cent, was attributed to rising costs associated with servicing the national debt, as well as heightened outlays for programs such as Social Security, Medicare, and military expenditures. The Treasury Department reported that both receipts and outlays for the period were at record levels, with receipts climbing by $112 billion to $1.585 trillion, and outlays rising by $184 billion to $2.117 trillion. Notably, individual tax refunds decreased by $15 billion compared to the previous January, reflecting the IRS's enhanced processing capabilities for paper returns. Meanwhile, individual withheld receipts experienced a $20 billion increase, driven by robust employment trends. However, the Treasury's interest costs on the public debt surged by $18 billion in January compared to the previous year, reaching 3.15 per cent due to higher debt levels and an increased weighted average interest rate. Year-to-date, debt interest costs rose by $96 billion, outpacing outlays for Medicare. Additionally, costs for Medicare and Social Security saw notable increases, driven by factors such as higher payments for Medicare Advantage plans and cost-of-living adjustments for Social Security beneficiaries. (With inputs from Reuters)

US January deficit plummets amid record receipts and reduced tax refunds

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Georgieva highlighted the difficulties arising from an exodus of people and technology shortages, despite the apparent boost in economic growth driven by high military spending.<o:p></o:p>

Speaking to CNBC, Georgieva expressed concerns about Russia's economic trajectory, emphasizing that the current growth relies heavily on state-funded arms production. <o:p></o:p>

She noted that while military production is on the rise, consumption levels are declining, reminiscent of the economic dynamics of the Soviet Union. <o:p></o:p>

Georgieva's remarks underscore the complexities of Russia's economic landscape, where apparent growth masks underlying challenges.<o:p></o:p>

Russia's economy rebounded strongly in 2023, registering a growth of 3.6 per cent following a contraction of 1.2 per cent in the previous year. <o:p></o:p>

However, Russia-based economists have raised concerns about the quality of this growth, highlighting the limited benefits to the population from increased military spending. <o:p></o:p>

Georgieva cautioned that Russia's economic outlook remains precarious due to significant factors such as the outflow of people and reduced access to technology resulting from international sanctions.<o:p></o:p>

Despite the IMF's forecast of 2.6 per cent GDP growth for Russia in the current year, Georgieva stressed that underlying issues pose substantial risks to sustained economic prosperity. <o:p></o:p>

These challenges paint a complex picture of Russia's economic landscape, characterized by short-term growth prospects and long-term uncertainties.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). This is based on a Reuters report. Georgieva highlighted the difficulties arising from an exodus of people and technology shortages, despite the apparent boost in economic growth driven by high military spending. Speaking to CNBC, Georgieva expressed concerns about Russia's economic trajectory, emphasizing that the current growth relies heavily on state-funded arms production. She noted that while military production is on the rise, consumption levels are declining, reminiscent of the economic dynamics of the Soviet Union. Georgieva's remarks underscore the complexities of Russia's economic landscape, where apparent growth masks underlying challenges. Russia's economy rebounded strongly in 2023, registering a growth of 3.6 per cent following a contraction of 1.2 per cent in the previous year. However, Russia-based economists have raised concerns about the quality of this growth, highlighting the limited benefits to the population from increased military spending. Georgieva cautioned that Russia's economic outlook remains precarious due to significant factors such as the outflow of people and reduced access to technology resulting from international sanctions. Despite the IMF's forecast of 2.6 per cent GDP growth for Russia in the current year, Georgieva stressed that underlying issues pose substantial risks to sustained economic prosperity. These challenges paint a complex picture of Russia's economic landscape, characterized by short-term growth prospects and long-term uncertainties. (With inputs from Reuters)

IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US&nbsp;District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.

The lawsuit, initiated in 2022, accused universities, including Brown, Columbia, and Yale, of unlawfully considering applicants' financial backgrounds in their admission decisions, contrary to claims of being "need-blind." The plaintiffs sought billions of dollars in damages on behalf of hundreds of thousands of current and former students.

Notably, settlements were reached with Brown, Columbia, Yale, Duke, and Emory, among others. Yale and Emory agreed to pay $18.5 million each, Brown committed $19.5 million, and Columbia and Duke pledged $24 million each. Despite the settlements, the universities denied any liability.

According to court filings, average payouts to class members are projected to be $750, with additional settlements pending, including with Vanderbilt University. Eric Cramer, chairman of Berger Montague and legal representative for the students.

Cramer highlighted the students' pursuit of a resolution "at the right amount" with willing institutions, juxtaposed with the determination to litigate against those unwilling to settle reasonably.

The legal battle has also involved disputes over access to student records and depositions of senior leaders at prominent colleges, underscoring the complexity and intensity of the litigation.

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants.

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday. The lawsuit, initiated in 2022, accused universities, including Brown, Columbia, and Yale, of unlawfully considering applicants' financial backgrounds in their admission decisions, contrary to claims of being "need-blind." The plaintiffs sought billions of dollars in damages on behalf of hundreds of thousands of current and former students. Notably, settlements were reached with Brown, Columbia, Yale, Duke, and Emory, among others. Yale and Emory agreed to pay $18.5 million each, Brown committed $19.5 million, and Columbia and Duke pledged $24 million each. Despite the settlements, the universities denied any liability. According to court filings, average payouts to class members are projected to be $750, with additional settlements pending, including with Vanderbilt University. Eric Cramer, chairman of Berger Montague and legal representative for the students. Cramer highlighted the students' pursuit of a resolution "at the right amount" with willing institutions, juxtaposed with the determination to litigate against those unwilling to settle reasonably. The legal battle has also involved disputes over access to student records and depositions of senior leaders at prominent colleges, underscoring the complexity and intensity of the litigation.

US universities settle lawsuit over admission practices

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The emergence of homegrown Chinese brands like BYD, offering affordable electric vehicles tailored to local preferences, has intensified competition, leading to a significant erosion of market share for foreign automakers like Nissan.<o:p></o:p>

Reuters cited James Hong, the head of mobility research at Macquarie, who emphasised Nissan's vulnerability in China compared to its Japanese counterparts, Toyota and Honda.<o:p></o:p>

"Compared to rivals Toyota Motor and Honda Motor, Nissan is the 'most vulnerable' in China," he said.<o:p></o:p>

Nissan's recent 11.6 per cent stock decline resulted in a $1.8 billion loss in market value, reflecting investor concerns over the company's performance and outlook. <o:p></o:p>

The automaker reported a third-quarter operating profit significantly below analyst expectations and revised its global vehicle sales forecast downwards, citing challenges in China and other key markets such as the United States.<o:p></o:p>

Stephen Ma, Nissan's Chief Financial Officer, attributed the downward revision in sales forecasts to the company's performance in China, where sales plummeted by a quarter in the nine months leading to December 31. <o:p></o:p>

Ma also acknowledged intensified competition in other crucial markets, including the United States, prompting Nissan to recalibrate its strategies and incentives to enhance competitiveness.<o:p></o:p>

Amidst the cut-throat competition in China's auto market, Nissan faces the spectre of a "zero-margin business," wherein sales may barely break even due to price cuts necessitated by fierce competition.<o:p></o:p>

Analysts warn that Japanese automakers must align their product offerings with local preferences to stage a recovery in China, a process that could span several years.<o:p></o:p>

To address the shifting preferences of Chinese consumers, particularly younger buyers, Japanese automakers may need to focus on incorporating advanced technology features such as driving assist systems and automated parking. <o:p></o:p>

Nissan has expressed intentions to leverage excess capacity in its Chinese plants to manufacture models catering to both local and export markets, with plans to commence exports from China to overseas markets by 2025.<o:p></o:p>

Nissan's CFO Stephen Ma highlighted the company's efforts to regain traction in China, particularly in regions where electrification is progressing at a slower pace.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market.

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. This is based on a Reuters report. The emergence of homegrown Chinese brands like BYD, offering affordable electric vehicles tailored to local preferences, has intensified competition, leading to a significant erosion of market share for foreign automakers like Nissan. Reuters cited James Hong, the head of mobility research at Macquarie, who emphasised Nissan's vulnerability in China compared to its Japanese counterparts, Toyota and Honda. "Compared to rivals Toyota Motor and Honda Motor, Nissan is the 'most vulnerable' in China," he said. Nissan's recent 11.6 per cent stock decline resulted in a $1.8 billion loss in market value, reflecting investor concerns over the company's performance and outlook. The automaker reported a third-quarter operating profit significantly below analyst expectations and revised its global vehicle sales forecast downwards, citing challenges in China and other key markets such as the United States. Stephen Ma, Nissan's Chief Financial Officer, attributed the downward revision in sales forecasts to the company's performance in China, where sales plummeted by a quarter in the nine months leading to December 31. Ma also acknowledged intensified competition in other crucial markets, including the United States, prompting Nissan to recalibrate its strategies and incentives to enhance competitiveness. Amidst the cut-throat competition in China's auto market, Nissan faces the spectre of a "zero-margin business," wherein sales may barely break even due to price cuts necessitated by fierce competition. Analysts warn that Japanese automakers must align their product offerings with local preferences to stage a recovery in China, a process that could span several years. To address the shifting preferences of Chinese consumers, particularly younger buyers, Japanese automakers may need to focus on incorporating advanced technology features such as driving assist systems and automated parking. Nissan has expressed intentions to leverage excess capacity in its Chinese plants to manufacture models catering to both local and export markets, with plans to commence exports from China to overseas markets by 2025. Nissan's CFO Stephen Ma highlighted the company's efforts to regain traction in China, particularly in regions where electrification is progressing at a slower pace. (With inputs from Reuters)

Nissan shares plunge amid market concerns in China: Report

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. This remarkable growth has been attributed to the company's optimistic quarterly forecast, driven by the increasing demand for its technology in designing chips for AI features.

Options traders -- individuals who engage in the buying and selling of options contracts, are capitalising on this momentum, with a significant surge in trading activity observed in Arm Holdings' options market. According to Trade Alert data, the options volume has surged to approximately 490,000 contracts per day over the last three sessions, marking a substantial increase compared to the average Daily trade volume in the month preceding the results report.

Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group, highlighted the significance of this surge in bullish options activity, suggesting that investors are seeking the 'next NVIDIA'. NVIDIA, a chip heavyweight and a key player in the AI industry, has experienced a remarkable rise of about 220 per cent over the past year, making it the best-performing stock in the S&amp;P 500 during that period. The surge in bullish options activity is likely contributing to the upward trajectory of Arm Holdings' stock.

On Monday, the options trading frenzy for Arm Holdings reached unprecedented levels, with a staggering 600,000 contracts changing hands by early afternoon, and the day's volume projected to hit a record 816,000 contracts. This surge in trading activity underscores the heightened investor interest in Arm Holdings and reflects the growing enthusiasm for AI-related investments.

With Arm's shares soaring by 20 per cent to $137.72 on Monday, call options betting on further upside were among the most actively traded contracts. Call options, which confer the right to buy shares at a predetermined price in the future, have seen heightened interest, particularly those speculating on Arm's shares rising above $185 by the end of the week. Such options trading activity reflects investors' bullish outlook on Arm Holdings' future performance.

Despite the substantial gains in Arm Holdings' stock, some traders remain optimistic and continue to hold onto their bullish options bets. For instance, a trader who invested in ARM January 2026 calls on February 7 witnessed a significant increase in the value of their contracts, from approximately $12.2 million to about $42 million on Monday. This bullish stance from traders further reinforces the positive sentiment surrounding Arm Holdings' prospects.

In addition to the surge in call options trading, Arm puts were also active on Monday, suggesting that some investors may be looking to secure profits from the recent rally in the stock price. This dynamic options trading landscape reflects the diverse strategies employed by investors to navigate the volatile market conditions and capitalise on potential opportunities in the AI sector.

While Arm's technology is not directly involved in AI work, companies like NVIDIA are opting for its central processing units to complement their AI-specific chips. This strategic choice underscores the importance of Arm Holdings' technology in the broader ecosystem of AI-related developments and further fuels investor interest in the company's growth prospects.

Option traders explained further<o:p></o:p>

Option traders are individuals or entities who engage in the buying and selling of options contracts. Options are financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset (such as stocks, commodities, or indices) at a specified price (known as the strike price) within a certain time frame (until the expiration date).

Option traders participate in the options market to speculate on the future price movements of the underlying asset, hedge against potential risks, or generate income through options trading strategies.

They analyse market trends, evaluate risk-reward ratios, and employ various trading strategies to achieve their financial objectives.

<o:p>&nbsp;</o:p>

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday.

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. This remarkable growth has been attributed to the company's optimistic quarterly forecast, driven by the increasing demand for its technology in designing chips for AI features. Options traders -- individuals who engage in the buying and selling of options contracts, are capitalising on this momentum, with a significant surge in trading activity observed in Arm Holdings' options market. According to Trade Alert data, the options volume has surged to approximately 490,000 contracts per day over the last three sessions, marking a substantial increase compared to the average Daily trade volume in the month preceding the results report. Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group, highlighted the significance of this surge in bullish options activity, suggesting that investors are seeking the 'next NVIDIA'. NVIDIA, a chip heavyweight and a key player in the AI industry, has experienced a remarkable rise of about 220 per cent over the past year, making it the best-performing stock in the S&P 500 during that period. The surge in bullish options activity is likely contributing to the upward trajectory of Arm Holdings' stock. On Monday, the options trading frenzy for Arm Holdings reached unprecedented levels, with a staggering 600,000 contracts changing hands by early afternoon, and the day's volume projected to hit a record 816,000 contracts. This surge in trading activity underscores the heightened investor interest in Arm Holdings and reflects the growing enthusiasm for AI-related investments. With Arm's shares soaring by 20 per cent to $137.72 on Monday, call options betting on further upside were among the most actively traded contracts. Call options, which confer the right to buy shares at a predetermined price in the future, have seen heightened interest, particularly those speculating on Arm's shares rising above $185 by the end of the week. Such options trading activity reflects investors' bullish outlook on Arm Holdings' future performance. Despite the substantial gains in Arm Holdings' stock, some traders remain optimistic and continue to hold onto their bullish options bets. For instance, a trader who invested in ARM January 2026 calls on February 7 witnessed a significant increase in the value of their contracts, from approximately $12.2 million to about $42 million on Monday. This bullish stance from traders further reinforces the positive sentiment surrounding Arm Holdings' prospects. In addition to the surge in call options trading, Arm puts were also active on Monday, suggesting that some investors may be looking to secure profits from the recent rally in the stock price. This dynamic options trading landscape reflects the diverse strategies employed by investors to navigate the volatile market conditions and capitalise on potential opportunities in the AI sector. While Arm's technology is not directly involved in AI work, companies like NVIDIA are opting for its central processing units to complement their AI-specific chips. This strategic choice underscores the importance of Arm Holdings' technology in the broader ecosystem of AI-related developments and further fuels investor interest in the company's growth prospects. Option traders explained further Option traders are individuals or entities who engage in the buying and selling of options contracts. Options are financial derivatives that give the holder the right, but not the obligation, to buy or sell an underlying asset (such as stocks, commodities, or indices) at a specified price (known as the strike price) within a certain time frame (until the expiration date). Option traders participate in the options market to speculate on the future price movements of the underlying asset, hedge against potential risks, or generate income through options trading strategies. They analyse market trends, evaluate risk-reward ratios, and employ various trading strategies to achieve their financial objectives.

Arm holdings sees surge in investor interest amid AI stock craze

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. <o:p></o:p>

While this decline aligns with economists' forecasts, the Reserve Bank of India (RBI) is expected to maintain its cautious stance on interest rates, considering inflation remains above its target rate.<o:p></o:p>

"The CPI inflation came in slightly softer than our expectations," Reuters quoted Upasna Bhardwaj, chief economist at Kotak Mahindra Bank as saying. <o:p></o:p>

However, she emphasised uncertainties surrounding food inflation, which are likely to keep the central bank vigilant in the near term.<o:p></o:p>

Food inflation, a significant component of the overall consumer price basket, registered a notable decrease in January, standing at 8.30 per cent compared to 9.53 per cent in December. <o:p></o:p>

Prices of cereals and vegetables, in particular, witnessed moderation, offering a glimmer of hope for easing inflationary pressures. <o:p></o:p>

Despite these improvements, concerns persist over volatile food prices, driven by factors such as climate vagaries and supply shocks.<o:p></o:p>

Gaura Sen Gupta, an economist at IDFC First Bank, noted the persistent weakness in housing inflation, juxtaposed with robust urban demand. <o:p></o:p>

India's economic resilience has been evident, with growth outpacing expectations in recent quarters. <o:p></o:p>

The economy expanded by 7.6 per cent in the July-September quarter, surpassing earlier projections. <o:p></o:p>

Despite this growth momentum, the RBI remains cautious, citing ongoing challenges posed by food price shocks and geopolitical tensions.<o:p></o:p>

In response to inflationary pressures, India has implemented measures such as lowering stock limits for certain commodities and imposing export bans to stabilise prices. <o:p></o:p>

Economists anticipate that these initiatives, coupled with moderating food prices, could provide relief from inflationary pressures in the coming months. <o:p></o:p>

Shilan Shah, deputy chief emerging markets economist at Capital Economics, expressed optimism, suggesting that rate cuts might become a consideration in the latter half of the year.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. While this decline aligns with economists' forecasts, the Reserve Bank of India (RBI) is expected to maintain its cautious stance on interest rates, considering inflation remains above its target rate. "The CPI inflation came in slightly softer than our expectations," Reuters quoted Upasna Bhardwaj, chief economist at Kotak Mahindra Bank as saying. However, she emphasised uncertainties surrounding food inflation, which are likely to keep the central bank vigilant in the near term. Food inflation, a significant component of the overall consumer price basket, registered a notable decrease in January, standing at 8.30 per cent compared to 9.53 per cent in December. Prices of cereals and vegetables, in particular, witnessed moderation, offering a glimmer of hope for easing inflationary pressures. Despite these improvements, concerns persist over volatile food prices, driven by factors such as climate vagaries and supply shocks. Gaura Sen Gupta, an economist at IDFC First Bank, noted the persistent weakness in housing inflation, juxtaposed with robust urban demand. India's economic resilience has been evident, with growth outpacing expectations in recent quarters. The economy expanded by 7.6 per cent in the July-September quarter, surpassing earlier projections. Despite this growth momentum, the RBI remains cautious, citing ongoing challenges posed by food price shocks and geopolitical tensions. In response to inflationary pressures, India has implemented measures such as lowering stock limits for certain commodities and imposing export bans to stabilise prices. Economists anticipate that these initiatives, coupled with moderating food prices, could provide relief from inflationary pressures in the coming months. Shilan Shah, deputy chief emerging markets economist at Capital Economics, expressed optimism, suggesting that rate cuts might become a consideration in the latter half of the year. (With inputs from Reuters)

India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns

US banking giant Citigroup Inc&nbsp;faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.

As per a Reuters report these regulatory concerns, including directives from the Federal Reserve, highlight ongoing deficiencies in risk management and internal oversight, hindering the bank's recovery plans.

Last year, the Federal Reserve issued three Notices Requiring Immediate Attention (MRIAs) to Citigroup, urging swift action on how the bank assesses default risk in derivative transactions. These notices, typically confidential, underscore pressing concerns about the bank's risk assessment practices.

Meanwhile, Citigroup's internal audit flagged shortcomings in addressing issues previously identified by regulators. Specifically, deficiencies were noted in improving risk management and ensuring comprehensive reporting to the board and senior management, highlighting persistent challenges in internal oversight.

Additionally, the Office of the Comptroller of the Currency (OCC) conducted examinations to assess Citigroup's progress on data integrity, revealing shortcomings and prompting additional remedial work. These regulatory actions coincide with Citigroup's efforts to address two 2020 consent orders related to deficiencies in risk management and internal controls, stemming from a payment mishap involving cosmetics firm Revlon.

The complexity of Citigroup's regulatory challenges underscores the scale of CEO Jane Fraser's overhaul efforts. While the bank has embarked on a significant restructuring to enhance profitability and shareholder value, regulatory hurdles pose a formidable obstacle to its ambitions.

In response to inquiries, Citigroup emphasized its commitment to meeting regulatory expectations and ongoing efforts to modernise and simplify its operations. The bank acknowledged the iterative nature of its progress, citing learnings in regulatory reporting and infrastructure enhancements.

The regulatory scrutiny has immediate implications for Citigroup's financial performance, with shares dipping amid news of regulatory pressures. While regulatory notices are common in banking supervision, Citigroup's challenges underscore the severity of its compliance issues.

Professor Julie Hill of the University of Alabama School of Law underscored the gravity of regulatory demands and incomplete compliance with prior consent orders, warning of potential consequences for Citigroup's regulatory standing and operational costs.

The MRIAs issued by the Federal Reserve highlight specific areas requiring urgent attention from Citigroup. These include improvements in data governance and clarity in governance structures to address counterparty credit risk concerns.

Internal audits at Citigroup also reveal delays in addressing regulatory concerns, with revised timelines indicating prolonged remedial efforts. The bank faces pressure to expedite corrective measures to meet regulatory expectations.

(With inputs from Reuters)

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts. As per a Reuters report these regulatory concerns, including directives from the Federal Reserve, highlight ongoing deficiencies in risk management and internal oversight, hindering the bank's recovery plans. Last year, the Federal Reserve issued three Notices Requiring Immediate Attention (MRIAs) to Citigroup, urging swift action on how the bank assesses default risk in derivative transactions. These notices, typically confidential, underscore pressing concerns about the bank's risk assessment practices. Meanwhile, Citigroup's internal audit flagged shortcomings in addressing issues previously identified by regulators. Specifically, deficiencies were noted in improving risk management and ensuring comprehensive reporting to the board and senior management, highlighting persistent challenges in internal oversight. Additionally, the Office of the Comptroller of the Currency (OCC) conducted examinations to assess Citigroup's progress on data integrity, revealing shortcomings and prompting additional remedial work. These regulatory actions coincide with Citigroup's efforts to address two 2020 consent orders related to deficiencies in risk management and internal controls, stemming from a payment mishap involving cosmetics firm Revlon. The complexity of Citigroup's regulatory challenges underscores the scale of CEO Jane Fraser's overhaul efforts. While the bank has embarked on a significant restructuring to enhance profitability and shareholder value, regulatory hurdles pose a formidable obstacle to its ambitions. In response to inquiries, Citigroup emphasized its commitment to meeting regulatory expectations and ongoing efforts to modernise and simplify its operations. The bank acknowledged the iterative nature of its progress, citing learnings in regulatory reporting and infrastructure enhancements. The regulatory scrutiny has immediate implications for Citigroup's financial performance, with shares dipping amid news of regulatory pressures. While regulatory notices are common in banking supervision, Citigroup's challenges underscore the severity of its compliance issues. Professor Julie Hill of the University of Alabama School of Law underscored the gravity of regulatory demands and incomplete compliance with prior consent orders, warning of potential consequences for Citigroup's regulatory standing and operational costs. The MRIAs issued by the Federal Reserve highlight specific areas requiring urgent attention from Citigroup. These include improvements in data governance and clarity in governance structures to address counterparty credit risk concerns. Internal audits at Citigroup also reveal delays in addressing regulatory concerns, with revised timelines indicating prolonged remedial efforts. The bank faces pressure to expedite corrective measures to meet regulatory expectations. (With inputs from Reuters)

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

US Magistrate Judge Laurel Beeler's ruling, issued over the weekend, reinforces her previous stance in December, favouring the regulator's request for Musk's testimony.<o:p></o:p>

In October, the SEC filed a lawsuit against Musk, seeking his testimony as part of its inquiry into his acquisition of Twitter in 2022, which he later rebranded as X. <o:p></o:p>

Musk had declined to attend an interview in September, prompting the SEC to escalate the matter. <o:p></o:p>

The investigation centres on whether Musk adhered to legal requirements regarding disclosures of his Twitter stock purchases and the veracity of his statements related to the deal.<o:p></o:p>

Judge Beeler's order comes after Musk contested the SEC's attempts to interview him, alleging harassment and citing previous interactions with the regulator. <o:p></o:p>

However, Beeler dismissed Musk's argument, asserting the SEC's authority to issue subpoenas for pertinent information. <o:p></o:p>

She emphasised the relevance of the subpoena in the ongoing investigation.<o:p></o:p>

Should Musk and the SEC fail to reach a consensus on the interview logistics, Judge Beeler retains the authority to intervene and make a decision on their behalf. <o:p></o:p>

The conflict between Musk and the SEC traces back to 2018 when the regulator sued him over a tweet suggesting Tesla's privatisation with "funding secured." <o:p></o:p>

Subsequently, Musk agreed to have his Tesla-related tweets scrutinised by company lawyers to settle the matter. <o:p></o:p>

However, the SEC reignited legal proceedings in 2019, alleging Musk's failure to comply with this arrangement.<o:p></o:p>

Musk has sought recourse from the US Supreme Court, challenging the terms of the agreement on grounds of infringement of his constitutional right to free speech. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview.

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. This is based on a Reuters report. US Magistrate Judge Laurel Beeler's ruling, issued over the weekend, reinforces her previous stance in December, favouring the regulator's request for Musk's testimony. In October, the SEC filed a lawsuit against Musk, seeking his testimony as part of its inquiry into his acquisition of Twitter in 2022, which he later rebranded as X. Musk had declined to attend an interview in September, prompting the SEC to escalate the matter. The investigation centres on whether Musk adhered to legal requirements regarding disclosures of his Twitter stock purchases and the veracity of his statements related to the deal. Judge Beeler's order comes after Musk contested the SEC's attempts to interview him, alleging harassment and citing previous interactions with the regulator. However, Beeler dismissed Musk's argument, asserting the SEC's authority to issue subpoenas for pertinent information. She emphasised the relevance of the subpoena in the ongoing investigation. Should Musk and the SEC fail to reach a consensus on the interview logistics, Judge Beeler retains the authority to intervene and make a decision on their behalf. The conflict between Musk and the SEC traces back to 2018 when the regulator sued him over a tweet suggesting Tesla's privatisation with "funding secured." Subsequently, Musk agreed to have his Tesla-related tweets scrutinised by company lawyers to settle the matter. However, the SEC reignited legal proceedings in 2019, alleging Musk's failure to comply with this arrangement. Musk has sought recourse from the US Supreme Court, challenging the terms of the agreement on grounds of infringement of his constitutional right to free speech. (With inputs from Reuters)

US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement

If you have noticed fewer chips in a packet you bought or the size of the packet itself is smaller than it used to be, while you are paying the same amount if not more, in some cases, for that bag of chips, that’s shrinkflation. United States President Joe Biden, on Sunday (Feb 11) called on snack companies to stop shrinkflation and denounced the practice as a “rip-off.”&nbsp;

<h2>‘Give me a break’</h2>

“Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” said the US president in a video posted on X ahead of the annual American football championship Super Bowl LVIII.&nbsp;

He added, “Give me a break. The American public is tired of being played for suckers. I’m calling on companies to put a stop to this. Let's make sure businesses do the right thing now.”&nbsp;

However, Biden did not offer any tangible solutions or policies to address the practice.&nbsp;

WATCH |&nbsp;Voters concerned over Biden's handling of economy, finds poll

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Last year, US Senator Bob Casey, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children and Families released a report which found that companies had reduced the sizes of almost all their products from toilet paper to Oreos.&nbsp;

According to Casey’s report, household paper products were 34.9 per cent more expensive per unit than they were in January 2019 and more than 10 per cent of this increase has been attributed to shrinking the sizes of rolls and packages.

The US Senator’s office has also sent letters to the trade associations which represent household consumer products and food and beverage companies demanding that they explain these pricing strategies and package size practices, as well as the impact it has on consumers.&nbsp;

<h2>Shrinkflation and US economy</h2>

Shrinkflation is when companies reduce a product’s size or quantity but keep prices the same or in some cases increase the price of that commodity. The practice is particularly common in the food and beverage industries and can help them stealthily boost profit margins.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/biden-administration-set-to-overhaul-gig-economy-with-new-worker-classification-rule-678161">Biden administration set to overhaul gig economy with new worker classification rule</a>

This phenomenon, or at least the term, has been around for more than a decade now but became popular&nbsp;during and after the COVID-19 pandemic as the global economy grappled with supply chain issues and rising raw material costs.&nbsp;

After the pandemic, inflation in the US soared prompting the Federal Reserve to increase interest rates to cool down the rising prices. The central bank hiked its benchmark rate 11 times since March 2022 but no new increases were announced in December and January.&nbsp;

The inflation in the US has reportedly slowed down from over nine per cent to 3.4 per cent, if this number holds steady, the Federal Reserve may lower interest rates, according to media reports.&nbsp;

(With inputs from agencies)

If you have noticed fewer chips in a packet you bought or the size of the packet itself is smaller than it used to be, while you are paying the same amount if not more, in some cases, for that bag of chips, that’s shrinkflation.

If you have noticed fewer chips in a packet you bought or the size of the packet itself is smaller than it used to be, while you are paying the same amount if not more, in some cases, for that bag of chips, that’s shrinkflation. United States President Joe Biden, on Sunday (Feb 11) called on snack companies to stop shrinkflation and denounced the practice as a “rip-off.” ‘Give me a break’ “Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” said the US president in a video posted on X ahead of the annual American football championship Super Bowl LVIII. He added, “Give me a break. The American public is tired of being played for suckers. I’m calling on companies to put a stop to this. Let's make sure businesses do the right thing now.” However, Biden did not offer any tangible solutions or policies to address the practice. WATCH | Voters concerned over Biden's handling of economy, finds poll Last year, US Senator Bob Casey, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children and Families released a report which found that companies had reduced the sizes of almost all their products from toilet paper to Oreos. According to Casey’s report, household paper products were 34.9 per cent more expensive per unit than they were in January 2019 and more than 10 per cent of this increase has been attributed to shrinking the sizes of rolls and packages. The US Senator’s office has also sent letters to the trade associations which represent household consumer products and food and beverage companies demanding that they explain these pricing strategies and package size practices, as well as the impact it has on consumers. Shrinkflation and US economy Shrinkflation is when companies reduce a product’s size or quantity but keep prices the same or in some cases increase the price of that commodity. The practice is particularly common in the food and beverage industries and can help them stealthily boost profit margins. ALSO READ | Biden administration set to overhaul gig economy with new worker classification rule This phenomenon, or at least the term, has been around for more than a decade now but became popular during and after the COVID-19 pandemic as the global economy grappled with supply chain issues and rising raw material costs. After the pandemic, inflation in the US soared prompting the Federal Reserve to increase interest rates to cool down the rising prices. The central bank hiked its benchmark rate 11 times since March 2022 but no new increases were announced in December and January. The inflation in the US has reportedly slowed down from over nine per cent to 3.4 per cent, if this number holds steady, the Federal Reserve may lower interest rates, according to media reports. (With inputs from agencies)

US President Joe Biden calls on snack companies to stop shrinkflation. What is it?

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. <o:p></o:p>

According to Reuters, Georgieva pointed to factors such as oil production cuts and the Israel-Gaza conflict as major contributors to the region's economic challenges.<o:p></o:p>

Georgieva emphasised the resilience of the global economy amidst uncertainties but cautioned about the potential wider impact on regional economies due to continued conflict in Gaza.<o:p></o:p>

&nbsp;She stated, "Despite uncertainties, the global economy has been surprisingly resilient," underscoring the need for vigilance amid ongoing conflicts.<o:p></o:p>

The IMF's regional economic report for the West Asia and North Africa last month downgraded GDP growth forecasts to 2.9 per cent for the year, citing short-term oil production cuts and the conflict in Gaza as significant factors. <o:p></o:p>

This revision lagged below previous projections made in October, reflecting persistent challenges faced by economies in the region.<o:p></o:p>

Georgieva highlighted the adverse effects of the Israel-Gaza conflict on tourism revenues in neighbouring economies and the impact of Red Sea attacks on global freight costs. <o:p></o:p>

These challenges further exacerbate the recovery process for economies already grappling with previous shocks, she noted.<o:p></o:p>

The ongoing conflict in the region, particularly the attacks by Iran-aligned Houthis in Yemen targeting commercial vessels in the Red Sea, has disrupted global trade routes. <o:p></o:p>

Several major shippers have opted to divert traffic to the Cape of Good Hope, bypassing the Suez Canal, which could potentially impact Suez Canal revenues. <o:p></o:p>

Egypt's Finance Minister Mohamed Maait acknowledged the potential impact but expressed confidence in the region's resilience.<o:p></o:p>

Georgieva also highlighted the potential economic benefits of phasing out energy subsidies in West Asia. <o:p></o:p>

According to an upcoming IMF paper, eliminating these subsidies could result in savings of $336 billion, equivalent to the economies of Iraq and Libya combined. <o:p></o:p>

Georgieva underscored the importance of redirecting these resources towards social spending and addressing environmental concerns.<o:p></o:p>

The IMF's recommendations include the gradual unwinding of energy subsidies in the region, particularly for oil-exporting economies, with targeted support as an alternative. <o:p></o:p>

Additionally, Georgieva stressed the importance of investing in advanced technologies like Artificial Intelligence (AI) to drive economic growth and ensure competitiveness on a global scale.<o:p></o:p>

Countries in the Middle East, including the UAE and Saudi Arabia, have significantly ramped up investment in AI as part of broader strategies to diversify their income sources. <o:p></o:p>

However, Georgieva cautioned that countries lacking the necessary infrastructure and skilled workforce to embrace AI technology risk falling behind in the global economic landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies.

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. According to Reuters, Georgieva pointed to factors such as oil production cuts and the Israel-Gaza conflict as major contributors to the region's economic challenges. Georgieva emphasised the resilience of the global economy amidst uncertainties but cautioned about the potential wider impact on regional economies due to continued conflict in Gaza. She stated, "Despite uncertainties, the global economy has been surprisingly resilient," underscoring the need for vigilance amid ongoing conflicts. The IMF's regional economic report for the West Asia and North Africa last month downgraded GDP growth forecasts to 2.9 per cent for the year, citing short-term oil production cuts and the conflict in Gaza as significant factors. This revision lagged below previous projections made in October, reflecting persistent challenges faced by economies in the region. Georgieva highlighted the adverse effects of the Israel-Gaza conflict on tourism revenues in neighbouring economies and the impact of Red Sea attacks on global freight costs. These challenges further exacerbate the recovery process for economies already grappling with previous shocks, she noted. The ongoing conflict in the region, particularly the attacks by Iran-aligned Houthis in Yemen targeting commercial vessels in the Red Sea, has disrupted global trade routes. Several major shippers have opted to divert traffic to the Cape of Good Hope, bypassing the Suez Canal, which could potentially impact Suez Canal revenues. Egypt's Finance Minister Mohamed Maait acknowledged the potential impact but expressed confidence in the region's resilience. Georgieva also highlighted the potential economic benefits of phasing out energy subsidies in West Asia. According to an upcoming IMF paper, eliminating these subsidies could result in savings of $336 billion, equivalent to the economies of Iraq and Libya combined. Georgieva underscored the importance of redirecting these resources towards social spending and addressing environmental concerns. The IMF's recommendations include the gradual unwinding of energy subsidies in the region, particularly for oil-exporting economies, with targeted support as an alternative. Additionally, Georgieva stressed the importance of investing in advanced technologies like Artificial Intelligence (AI) to drive economic growth and ensure competitiveness on a global scale. Countries in the Middle East, including the UAE and Saudi Arabia, have significantly ramped up investment in AI as part of broader strategies to diversify their income sources. However, Georgieva cautioned that countries lacking the necessary infrastructure and skilled workforce to embrace AI technology risk falling behind in the global economic landscape. (With inputs from Reuters)

IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions

<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. <o:p></o:p>

According to a report by Indian Express published on Sunday, the proposed facility aims to produce cutting-edge 65 nanometre and 40 nanometre chips, catering to diverse sectors such as automotive and wearable electronics.<o:p></o:p>

This move follows a meeting held in October 2023 between India’s Minister of State for Electronics and IT, Rajeev Chandrasekhar, and Tower Semiconductor’s CEO, Russel C Ellwanger. <o:p></o:p>

Discussions during the meeting revolved around potential collaborations between Tower Semiconductor and India in the chip manufacturing domain, indicating the company's keen interest in bolstering its presence in the Indian market.<o:p></o:p>

If approved, Tower Semiconductor's proposal could mark a significant stride towards realising India's ambitions of becoming a global hub for chip manufacturing. <o:p></o:p>

The Indian government’s $10 billion chip manufacturing scheme, which offers a 50 per cent capital expenditure subsidy to successful applicants, aims to incentivise and accelerate investments in this crucial sector.<o:p></o:p>

Previously, Tower Semiconductor had expressed interest in setting up a $3 billion chip plant in Karnataka in partnership with the international consortium ISMC. <o:p></o:p>

However, this plan was put on hold due to the impending merger between Tower Semiconductor and Intel. <o:p></o:p>

Now, with renewed focus, the company seeks to solidify its footprint in India's burgeoning tech landscape.<o:p></o:p>

In parallel with Tower Semiconductor's proposal, CG Power and Industrial Solutions announced a strategic partnership with a unit of Japanese chipmaker Renesas Electronics and Thailand's Stars Microelectronics. <o:p></o:p>

The collaboration aims to establish a semiconductor facility in India at an investment of $222 million.<o:p></o:p>

The proposed venture will focus on setting up an outsourced semiconductor assembly and testing (OSAT) facility, a crucial component in the chip manufacturing process.<o:p></o:p>

In the joint venture, CG Power will hold the majority stake of 92.34 per cent.<o:p></o:p>

Renesas Electronics America and Stars Microelectronics will hold stakes of 6.76 per cent and 0.9 per cent, respectively.<o:p></o:p>

While India currently lacks indigenous chip manufacturing capabilities, initiatives like those proposed by Tower Semiconductor and CG Power signal a promising future for the country's tech industry. <o:p></o:p>

With global players eyeing India as a lucrative destination for chip production, the nation is poised to emerge as a key player in the global semiconductor market. <o:p></o:p>

Notably, other contenders like Foxconn and Vedanta are also vying to establish chip manufacturing facilities in India, highlighting the growing competition and potential for growth in this sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. According to a report by Indian Express published on Sunday, the proposed facility aims to produce cutting-edge 65 nanometre and 40 nanometre chips, catering to diverse sectors such as automotive and wearable electronics. This move follows a meeting held in October 2023 between India’s Minister of State for Electronics and IT, Rajeev Chandrasekhar, and Tower Semiconductor’s CEO, Russel C Ellwanger. Discussions during the meeting revolved around potential collaborations between Tower Semiconductor and India in the chip manufacturing domain, indicating the company's keen interest in bolstering its presence in the Indian market. If approved, Tower Semiconductor's proposal could mark a significant stride towards realising India's ambitions of becoming a global hub for chip manufacturing. The Indian government’s $10 billion chip manufacturing scheme, which offers a 50 per cent capital expenditure subsidy to successful applicants, aims to incentivise and accelerate investments in this crucial sector. Previously, Tower Semiconductor had expressed interest in setting up a $3 billion chip plant in Karnataka in partnership with the international consortium ISMC. However, this plan was put on hold due to the impending merger between Tower Semiconductor and Intel. Now, with renewed focus, the company seeks to solidify its footprint in India's burgeoning tech landscape. In parallel with Tower Semiconductor's proposal, CG Power and Industrial Solutions announced a strategic partnership with a unit of Japanese chipmaker Renesas Electronics and Thailand's Stars Microelectronics. The collaboration aims to establish a semiconductor facility in India at an investment of $222 million. The proposed venture will focus on setting up an outsourced semiconductor assembly and testing (OSAT) facility, a crucial component in the chip manufacturing process. In the joint venture, CG Power will hold the majority stake of 92.34 per cent. Renesas Electronics America and Stars Microelectronics will hold stakes of 6.76 per cent and 0.9 per cent, respectively. While India currently lacks indigenous chip manufacturing capabilities, initiatives like those proposed by Tower Semiconductor and CG Power signal a promising future for the country's tech industry. With global players eyeing India as a lucrative destination for chip production, the nation is poised to emerge as a key player in the global semiconductor market. Notably, other contenders like Foxconn and Vedanta are also vying to establish chip manufacturing facilities in India, highlighting the growing competition and potential for growth in this sector. (With inputs from Reuters)

Tower Semiconductor proposes $8 bn chip plant in India: Report

Retirement fund body EPFO on Saturday fixed a three-year-high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24.

In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22.

In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

"The EPFO's apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday,” a source said.

The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. 
 
After the CBT's decision, the interest rate on EPF deposits for 2023-24 will be sent to the Ministry of Finance for concurrence.

After the government's ratification, the interest rate on EPF for 2023-24 will be credited into accounts of over six crore subscribers of EPFO.

EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.

Retirement fund body EPFO on Saturday fixed a three-year-high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.

Retirement fund body EPFO on Saturday fixed a three-year-high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The EPFO's apex decision-making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday,” a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2023-24 will be sent to the Ministry of Finance for concurrence. After the government's ratification, the interest rate on EPF for 2023-24 will be credited into accounts of over six crore subscribers of EPFO. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry. In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19. EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.

India: EPFO fixes 8.25 per cent interest rate on employees' provident fund for 2023-24

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Tower Semiconductor proposes $8 bn chip plant in India: Report<o:p></o:p>

Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

<a href="https://www.wionews.com/business-economy/tower-semiconductor-proposes-8-bn-chip-plant-in-india-report-689376">Read more here</a> <o:p></o:p>

IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions<o:p></o:p>

In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies.

<a href="https://www.wionews.com/business-economy/imf-warns-of-slower-growth-in-west-asia-in-2024-citing-oil-cuts-regional-tensions-689382">Read more here </a><o:p></o:p>

US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement<o:p></o:p>

A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview.

<a href="https://www.wionews.com/business-economy/us-judge-orders-elon-musk-to-testify-in-secs-twitter-probe-deadline-set-for-agreement-689401">Read more here </a><o:p></o:p>

Israel economy poised for recovery despite Moody's downgrade, says bank of Israel Governor<o:p></o:p>

Amidst the backdrop of Moody's recent downgrade of Israel's sovereign credit rating, Bank of Israel Governor Amir Yaron remains optimistic about the country's economic prospects.

<a href="https://www.wionews.com/business-economy/israel-economy-poised-for-recovery-despite-moodys-downgrade-says-bank-of-israel-governor-689496">Read more here </a><o:p></o:p>

Nissan shares plunge amid market concerns in China: Report<o:p></o:p>

Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market.

<a href="https://www.wionews.com/business-economy/nissan-shares-plunge-amid-market-concerns-in-china-report-689508">Read more here </a><o:p></o:p>

Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant<o:p></o:p>

In a new development, US shale oil rivals Diamondback Energy and Endeavor Energy Resources are on the verge of finalising a deal worth approximately $25 billion in cash and stock, as reported by Reuters.

<a href="https://www.wionews.com/business-economy/diamondback-energy-and-endeavor-energy-to-merge-forming-50-billion-oil-giant-689517">Read more here</a> <o:p></o:p>

EU agrees on revised fiscal rules to spur investments and debt reduction<o:p></o:p>

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security.

<a href="https://www.wionews.com/business-economy/eu-agrees-on-revised-fiscal-rules-to-spur-investments-and-debt-reduction-689533">Read more here </a><o:p></o:p>

Germany faces economic challenges amid strikes and structural issues<o:p></o:p>

Germany, the fourth-largest economy, is grappling with a series of challenges as the new year unfolds. Recent strikes and protests have disrupted transportation networks and underscored deeper issues within the country's economy.

<a href="https://www.wionews.com/business-economy/germany-faces-economic-challenges-amidst-strikes-and-structural-issues-689440">Read more here </a><o:p></o:p>

Tesco sells retail banking operations to Barclays in $757 million deal<o:p></o:p>

Barclays has struck a deal to acquire Tesco's retail banking operations for £600 million ($757 million), a move set to reshape the landscape of the banking sector.

<a href="https://www.wionews.com/business-economy/tesco-sells-retail-banking-operations-to-barclays-in-757-million-deal-689444">Read more here </a><o:p></o:p>

Barclays announces new policies limiting funding for oil and gas projects<o:p></o:p>

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects.

<a href="https://www.wionews.com/business-economy/barclays-announces-new-policies-limiting-funding-for-oil-and-gas-projects-689451">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Tower Semiconductor proposes $8 bn chip plant in India: Report Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Tower Semiconductor proposes $8 bn chip plant in India: Report Tower Semiconductor, a leading Israeli chipmaker, has reportedly submitted a proposal to the Indian government for the establishment of an $8 billion chip manufacturing plant in the country. Read more here IMF warns of slower growth in West Asia in 2024 citing oil cuts, regional tensions In a recent address at the Arab Fiscal Forum in Dubai, International Monetary Fund (IMF) Managing Director Kristalina Georgieva highlighted concerns over the sluggish growth of West Asia economies. Read more here US judge orders Elon Musk to testify in SEC's Twitter probe, deadline set for agreement A federal judge has mandated Elon Musk to testify once again in the US Securities and Exchange Commission's investigation into his $44 billion acquisition of Twitter, setting a deadline for both parties to finalise the details of the interview. Read more here Israel economy poised for recovery despite Moody's downgrade, says bank of Israel Governor Amidst the backdrop of Moody's recent downgrade of Israel's sovereign credit rating, Bank of Israel Governor Amir Yaron remains optimistic about the country's economic prospects. Read more here Nissan shares plunge amid market concerns in China: Report Nissan Motor witnessed its sharpest stock decline in over two decades, plummeting by 12 per cent on Friday, following disappointing quarterly earnings and slashed car sales estimates, primarily attributed to fierce competition in the Chinese auto market. Read more here Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant In a new development, US shale oil rivals Diamondback Energy and Endeavor Energy Resources are on the verge of finalising a deal worth approximately $25 billion in cash and stock, as reported by Reuters. Read more here EU agrees on revised fiscal rules to spur investments and debt reduction EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. Read more here Germany faces economic challenges amid strikes and structural issues Germany, the fourth-largest economy, is grappling with a series of challenges as the new year unfolds. Recent strikes and protests have disrupted transportation networks and underscored deeper issues within the country's economy. Read more here Tesco sells retail banking operations to Barclays in $757 million deal Barclays has struck a deal to acquire Tesco's retail banking operations for £600 million ($757 million), a move set to reshape the landscape of the banking sector. Read more here Barclays announces new policies limiting funding for oil and gas projects Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects. Read more here

WION Business Wrap |Tower Semiconductor’s $8 bn India plant, IMF on West Asia’s slow growth and more

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This significant overhaul of the Stability and Growth Pact, established two decades ago, responds to soaring debt levels in several EU countries amid pandemic-induced spending and aims to align fiscal policies with ambitious green and industrial targets.<o:p></o:p>

European Commission Vice-President Valdis Dombrovskis hailed the revised fiscal rules as a response to evolving economic and geopolitical challenges, emphasising their role in providing clarity and predictability for member states' fiscal strategies. <o:p></o:p>

Dombrovskis underscored the importance of these rules in enhancing the sustainability of public finances and fostering sustainable growth through investment incentives.<o:p></o:p>

MEP Margarida Marques emphasised the nuanced approach embedded in the revised rules, highlighting the shift towards case-by-case assessments and medium-term strategies to prevent austerity measures.<o:p></o:p>

Marques stressed that increased member state ownership will equip nations with better tools to navigate fiscal challenges while promoting economic stability and growth.<o:p></o:p>

Under the revamped regulations, countries with excessive debt will have more flexibility in reducing their debt burden, with targets set at a more achievable level than before. <o:p></o:p>

The rules mandate gradual debt reduction over seven years, providing a longer timeframe for fiscal adjustments. <o:p></o:p>

Additionally, countries facing deficits above 3 per cent of GDP are required to halve them during periods of economic expansion, ensuring the creation of fiscal buffers for future economic downturns.<o:p></o:p>

The inclusion of defence spending in the assessment of high deficits underscores the geopolitical dimension of the revised fiscal rules, reflecting concerns raised by Russia's actions in Ukraine. <o:p></o:p>

This consideration reflects the EU's commitment to enhancing security measures while maintaining fiscal discipline. <o:p></o:p>

The extended timeline for debt reduction, coupled with a pragmatic approach to fiscal targets, aims to balance economic recovery with long-term sustainability.<o:p></o:p>

Negotiators from the EU Council of Ministers and the European Parliament brokered the preliminary agreement, which now awaits formal endorsement by EU member states and the Parliament before it can be implemented next year. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security.

EU member states and Members of the European Parliament (MEPs) reached a preliminary agreement on Saturday to relax the bloc's stringent fiscal regulations, providing governments with extended timelines to reduce debt while incentivising investments in critical areas such as climate, industry, and security. This is based on a Reuters report. This significant overhaul of the Stability and Growth Pact, established two decades ago, responds to soaring debt levels in several EU countries amid pandemic-induced spending and aims to align fiscal policies with ambitious green and industrial targets. European Commission Vice-President Valdis Dombrovskis hailed the revised fiscal rules as a response to evolving economic and geopolitical challenges, emphasising their role in providing clarity and predictability for member states' fiscal strategies. Dombrovskis underscored the importance of these rules in enhancing the sustainability of public finances and fostering sustainable growth through investment incentives. MEP Margarida Marques emphasised the nuanced approach embedded in the revised rules, highlighting the shift towards case-by-case assessments and medium-term strategies to prevent austerity measures. Marques stressed that increased member state ownership will equip nations with better tools to navigate fiscal challenges while promoting economic stability and growth. Under the revamped regulations, countries with excessive debt will have more flexibility in reducing their debt burden, with targets set at a more achievable level than before. The rules mandate gradual debt reduction over seven years, providing a longer timeframe for fiscal adjustments. Additionally, countries facing deficits above 3 per cent of GDP are required to halve them during periods of economic expansion, ensuring the creation of fiscal buffers for future economic downturns. The inclusion of defence spending in the assessment of high deficits underscores the geopolitical dimension of the revised fiscal rules, reflecting concerns raised by Russia's actions in Ukraine. This consideration reflects the EU's commitment to enhancing security measures while maintaining fiscal discipline. The extended timeline for debt reduction, coupled with a pragmatic approach to fiscal targets, aims to balance economic recovery with long-term sustainability. Negotiators from the EU Council of Ministers and the European Parliament brokered the preliminary agreement, which now awaits formal endorsement by EU member states and the Parliament before it can be implemented next year. (With inputs from Reuters)

EU agrees on revised fiscal rules to spur investments and debt reduction