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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.<o:p></o:p>

This merger is poised to create a colossal oil and gas entity valued at over $50 billion, positioning itself as the largest pure-play oil producer in the Permian shale field.<o:p></o:p>

Reuters cited Dan Pickering, the Chief Investment Officer of Pickering Energy Partners, who expressed confidence in the strategic alignment of the merger, stating, "This is a layup in terms of the acreage overlap and fit." <o:p></o:p>

He highlighted the combined company's potential to supersede Pioneer Natural Resources as the leading Permian producer, attributing the success to the synergistic consolidation of assets.<o:p></o:p>

The Permian Basin, a key battleground for energy companies, is witnessing a wave of consolidation driven by the imperative to secure future drilling inventory and enhance output efficiency.<o:p></o:p>

Analysts anticipate that this impending deal will exert pressure on other firms in the region to pursue similar mergers, aiming for enhanced operational efficiencies and scale in the fiercely competitive landscape.<o:p></o:p>

Andrew Dittmar, Senior Vice President at Enverus, underscored the significance of Diamondback's cash and stock utilisation in facilitating the retention of Endeavour founder Autry Stephens and family's substantial role in the newly formed entity. <o:p></o:p>

He also highlighted the high-quality drilling inventory possessed by both companies, anticipating a favourable reception from investors upon the deal's announcement.<o:p></o:p>

The merger marks a significant milestone for Endeavor Energy, which traces its roots back almost 45 years to its inception by Texas oil magnate Autry Stephens. <o:p></o:p>

Endeavor's operations span 350,000 acres in the Midland section of the Permian Basin, showcasing its robust presence in the heart of the prolific oilfield.<o:p></o:p>

(With inputs from Reuters)<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.

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. This merger is poised to create a colossal oil and gas entity valued at over $50 billion, positioning itself as the largest pure-play oil producer in the Permian shale field. Reuters cited Dan Pickering, the Chief Investment Officer of Pickering Energy Partners, who expressed confidence in the strategic alignment of the merger, stating, "This is a layup in terms of the acreage overlap and fit." He highlighted the combined company's potential to supersede Pioneer Natural Resources as the leading Permian producer, attributing the success to the synergistic consolidation of assets. The Permian Basin, a key battleground for energy companies, is witnessing a wave of consolidation driven by the imperative to secure future drilling inventory and enhance output efficiency. Analysts anticipate that this impending deal will exert pressure on other firms in the region to pursue similar mergers, aiming for enhanced operational efficiencies and scale in the fiercely competitive landscape. Andrew Dittmar, Senior Vice President at Enverus, underscored the significance of Diamondback's cash and stock utilisation in facilitating the retention of Endeavour founder Autry Stephens and family's substantial role in the newly formed entity. He also highlighted the high-quality drilling inventory possessed by both companies, anticipating a favourable reception from investors upon the deal's announcement. The merger marks a significant milestone for Endeavor Energy, which traces its roots back almost 45 years to its inception by Texas oil magnate Autry Stephens. Endeavor's operations span 350,000 acres in the Midland section of the Permian Basin, showcasing its robust presence in the heart of the prolific oilfield. (With inputs from Reuters)

Diamondback energy and Endeavor energy to merge, forming $50 billion oil giant

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.<o:p></o:p>

According to a Reuters report, Yaron asserted on Sunday that while the downgrade poses challenges, the Israeli economy is resilient and will bounce back from the impact of the recent conflict. <o:p></o:p>

He emphasised the need for proactive measures from the government to address the concerns highlighted by Moody's. <o:p></o:p>

Yaron urged the government and the Knesset to take decisive action to tackle the economic issues outlined in the report.<o:p></o:p>

Yaron's sentiments echo a broader confidence in Israel's ability to navigate through turbulent times. He highlighted the country's history of overcoming adversity and swiftly returning to prosperity. <o:p></o:p>

Despite the challenges posed by the conflict and Moody's downgrade, Yaron believes that the Israeli economy possesses the strength to ensure a robust recovery. <o:p></o:p>

He emphasised the importance of maintaining fiscal discipline and prioritising spending on initiatives directly related to addressing the repercussions of the conflict.<o:p></o:p>

Moody's decision to downgrade Israel's credit rating to "A2" - a first-ever for the country - underscores the economic and political risks stemming from the recent war with Hamas. <o:p></o:p>

The agency cited concerns about the budget deficit ballooning beyond initial expectations due to the conflict. <o:p></o:p>

The downgrade raises the spectre of increased borrowing costs for Israel and the possibility of implementing budget cuts and tax hikes to mitigate the deficit. <o:p></o:p>

Moody's projected Israel's debt-to-GDP ratio to peak at 67 per cent by 2025, up from 62.1 per cent in 2023.<o:p></o:p>

While the downgrade poses immediate challenges, Israel's policymakers are already taking steps to address the situation. <o:p></o:p>

Lawmakers recently gave preliminary approval to a revised state budget for 2024, allocating additional funds to finance the war effort and provide compensation to affected parties. <o:p></o:p>

The budget also includes provisions for a significant rise in the deficit to 6.6 per cent of GDP, up from 2.25 per cent previously. <o:p></o:p>

Prime Minister Benjamin Netanyahu expressed confidence in Israel's ability to reverse the downgrade, affirming that the rating would improve once the conflict is resolved.<o:p></o:p>

(With inputs from Reuters)<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.

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. According to a Reuters report, Yaron asserted on Sunday that while the downgrade poses challenges, the Israeli economy is resilient and will bounce back from the impact of the recent conflict. He emphasised the need for proactive measures from the government to address the concerns highlighted by Moody's. Yaron urged the government and the Knesset to take decisive action to tackle the economic issues outlined in the report. Yaron's sentiments echo a broader confidence in Israel's ability to navigate through turbulent times. He highlighted the country's history of overcoming adversity and swiftly returning to prosperity. Despite the challenges posed by the conflict and Moody's downgrade, Yaron believes that the Israeli economy possesses the strength to ensure a robust recovery. He emphasised the importance of maintaining fiscal discipline and prioritising spending on initiatives directly related to addressing the repercussions of the conflict. Moody's decision to downgrade Israel's credit rating to "A2" - a first-ever for the country - underscores the economic and political risks stemming from the recent war with Hamas. The agency cited concerns about the budget deficit ballooning beyond initial expectations due to the conflict. The downgrade raises the spectre of increased borrowing costs for Israel and the possibility of implementing budget cuts and tax hikes to mitigate the deficit. Moody's projected Israel's debt-to-GDP ratio to peak at 67 per cent by 2025, up from 62.1 per cent in 2023. While the downgrade poses immediate challenges, Israel's policymakers are already taking steps to address the situation. Lawmakers recently gave preliminary approval to a revised state budget for 2024, allocating additional funds to finance the war effort and provide compensation to affected parties. The budget also includes provisions for a significant rise in the deficit to 6.6 per cent of GDP, up from 2.25 per cent previously. Prime Minister Benjamin Netanyahu expressed confidence in Israel's ability to reverse the downgrade, affirming that the rating would improve once the conflict is resolved. (With inputs from Reuters)

Israel economy poised for recovery despite Moody's downgrade, says bank of Israel Governor

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects.

As per a report by BBC, the banking giant has declared its decision to cease direct funding for new ventures in the oil and gas sector and to limit lending to energy businesses seeking expansion in fossil fuel production. This move comes amid&nbsp;escalating pressure on Barclays to reduce its support for the fossil fuel industry, which has been intensifying from various stakeholders.

According to a report by the Rainforest Action Network, Barclays has been the largest funder of the fossil fuel sector in Europe between 2016 and 2021, contributing just under $16.5 billion in 2022. However, this amount marks a major&nbsp;decrease from previous years, indicating a shifting stance towards fossil fuel financing.

The decision by Barclays to restrict direct funding for oil and gas projects encompasses various aspects. It includes refraining from financing projects aimed at expanding oil and gas production, along with associated infrastructure.

Furthermore, the bank has pledged to halt direct funding for projects in environmentally sensitive areas such as the Amazon and the Arctic Circle. Additionally, Barclays will discontinue financing projects involved in oil extraction, processing, or transportation from oil sands. While this decision represents a significant shift, it's crucial to note that direct funding for specific projects constitutes only a fraction of Barclays' overall lending to the fossil fuel sector.

Barclays' new lending restrictions extend beyond oil and gas, encompassing coal mining and coal-fired power generation.

Several other European banks, including HSBC, Lloyds, BNP Paribas, Societe Generale, and Credit Agricole, have previously implemented similar commitments to limit funding for fossil fuels. Despite this, criticisms have emerged regarding perceived loopholes in Barclays' plan. ShareAction, a group advocating for responsible investment, has expressed concerns regarding the exclusion of companies solely focused on fossil fuel extraction, including fracking, which they argue poses significant environmental and social risks.

Responding to Barclays' announcement, Make My Money Matter, a group involving prominent figures like Emma Thompson and Richard Curtis, has deemed the plan inadequate in both scope and ambition. Tony Burdon, the chief executive of Make My Money Matter, emphasised that while Barclays has caught up with other European banks in ruling out direct project finance for fossil fuels, the limitations set forth cover only a fraction of its overall oil and gas lending.

Barclays has defended its position by highlighting that oil and gas funding constitutes a minor portion of its overall activities. Despite this assertion, the bank faces continued scrutiny from environmental campaigners, shareholder activists, and other stakeholders, reflecting the growing demand for financial institutions to align their practices with sustainable and climate-conscious principles.

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects. As per a report by BBC, the banking giant has declared its decision to cease direct funding for new ventures in the oil and gas sector and to limit lending to energy businesses seeking expansion in fossil fuel production.

Barclays, a major player in the banking industry, has announced significant changes to its funding policies concerning oil and gas projects. As per a report by BBC, the banking giant has declared its decision to cease direct funding for new ventures in the oil and gas sector and to limit lending to energy businesses seeking expansion in fossil fuel production. This move comes amid escalating pressure on Barclays to reduce its support for the fossil fuel industry, which has been intensifying from various stakeholders. According to a report by the Rainforest Action Network, Barclays has been the largest funder of the fossil fuel sector in Europe between 2016 and 2021, contributing just under $16.5 billion in 2022. However, this amount marks a major decrease from previous years, indicating a shifting stance towards fossil fuel financing. The decision by Barclays to restrict direct funding for oil and gas projects encompasses various aspects. It includes refraining from financing projects aimed at expanding oil and gas production, along with associated infrastructure. Furthermore, the bank has pledged to halt direct funding for projects in environmentally sensitive areas such as the Amazon and the Arctic Circle. Additionally, Barclays will discontinue financing projects involved in oil extraction, processing, or transportation from oil sands. While this decision represents a significant shift, it's crucial to note that direct funding for specific projects constitutes only a fraction of Barclays' overall lending to the fossil fuel sector. Barclays' new lending restrictions extend beyond oil and gas, encompassing coal mining and coal-fired power generation. Several other European banks, including HSBC, Lloyds, BNP Paribas, Societe Generale, and Credit Agricole, have previously implemented similar commitments to limit funding for fossil fuels. Despite this, criticisms have emerged regarding perceived loopholes in Barclays' plan. ShareAction, a group advocating for responsible investment, has expressed concerns regarding the exclusion of companies solely focused on fossil fuel extraction, including fracking, which they argue poses significant environmental and social risks. Responding to Barclays' announcement, Make My Money Matter, a group involving prominent figures like Emma Thompson and Richard Curtis, has deemed the plan inadequate in both scope and ambition. Tony Burdon, the chief executive of Make My Money Matter, emphasised that while Barclays has caught up with other European banks in ruling out direct project finance for fossil fuels, the limitations set forth cover only a fraction of its overall oil and gas lending. Barclays has defended its position by highlighting that oil and gas funding constitutes a minor portion of its overall activities. Despite this assertion, the bank faces continued scrutiny from environmental campaigners, shareholder activists, and other stakeholders, reflecting the growing demand for financial institutions to align their practices with sustainable and climate-conscious principles.

Barclays announces new policies limiting funding for oil and gas projects

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.

Under the agreement, Barclays will take over Tesco Bank's credit cards, loans, and savings accounts, while also gaining the rights to market Tesco-branded banking services.

Approximately 2,800 Tesco banking staff members are slated to transition to Barclays as part of the acquisition.

Tesco assured its customers that the transition would be seamless, with no immediate action required on their part. The supermarket giant plans to retain certain banking services, such as insurance, ATMs, travel money, and gift cards.

Additionally, a partnership between Tesco and Barclays has been established, wherein Barclays will market and distribute credit cards, personal loans, and deposits under the Tesco brand for an initial term of 10 years.

As per BBC, Ken Murphy, Tesco's chief executive, expressed optimism about the deal, highlighting its potential to bolster Tesco's financial position and facilitate growth in its core retail business.

He emphasised that the majority of the proceeds from the transaction would be returned to shareholders, including an approximately $315 million special dividend paid by Tesco Bank last year. Furthermore, the deal enables Tesco to release $126 million tied up for regulatory purposes, enhancing the shareholder return.

According to a report by BBC, Barclays Group CEO C.S. Venkatakrishnan underscored the strategic significance of the partnership with Tesco, emphasising the opportunities it presents for expanding Barclays' unsecured lending and deposit businesses. He noted the potential to leverage Barclays' expertise in partnership cards to enhance the Tesco Clubcard loyalty scheme.

Both companies expressed commitment to ensuring a smooth integration process and providing support for transferring staff.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, contextualised Tesco's decision within the broader retail landscape, highlighting a trend of grocers streamlining their operations and focusing on core business activities. She noted that Tesco's divestment of banking operations aligns with its strategy to concentrate on its food business amid intensifying competition in the retail sector.

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.

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. Under the agreement, Barclays will take over Tesco Bank's credit cards, loans, and savings accounts, while also gaining the rights to market Tesco-branded banking services. Approximately 2,800 Tesco banking staff members are slated to transition to Barclays as part of the acquisition. Tesco assured its customers that the transition would be seamless, with no immediate action required on their part. The supermarket giant plans to retain certain banking services, such as insurance, ATMs, travel money, and gift cards. Additionally, a partnership between Tesco and Barclays has been established, wherein Barclays will market and distribute credit cards, personal loans, and deposits under the Tesco brand for an initial term of 10 years. As per BBC, Ken Murphy, Tesco's chief executive, expressed optimism about the deal, highlighting its potential to bolster Tesco's financial position and facilitate growth in its core retail business. He emphasised that the majority of the proceeds from the transaction would be returned to shareholders, including an approximately $315 million special dividend paid by Tesco Bank last year. Furthermore, the deal enables Tesco to release $126 million tied up for regulatory purposes, enhancing the shareholder return. According to a report by BBC, Barclays Group CEO C.S. Venkatakrishnan underscored the strategic significance of the partnership with Tesco, emphasising the opportunities it presents for expanding Barclays' unsecured lending and deposit businesses. He noted the potential to leverage Barclays' expertise in partnership cards to enhance the Tesco Clubcard loyalty scheme. Both companies expressed commitment to ensuring a smooth integration process and providing support for transferring staff. Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, contextualised Tesco's decision within the broader retail landscape, highlighting a trend of grocers streamlining their operations and focusing on core business activities. She noted that Tesco's divestment of banking operations aligns with its strategy to concentrate on its food business amid intensifying competition in the retail sector.

Tesco sells retail banking operations to Barclays in $757 million deal

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.

According a CNN report, a strike by Lufthansa ground crew, following earlier walkouts by train drivers and road blockages by farmers, has compounded travel chaos. These events highlight the depth of the malaise gripping Germany, as it contends with economic headwinds and structural weaknesses.

The economic landscape in Germany presents a mixed picture. Despite being the fourth-largest economy globally, Germany experienced a contraction last year, the first since the onset of the Covid-19 pandemic. Forecasts for 2024 aren't optimistic, with the International Monetary Fund predicting sluggish growth. Factors contributing to this downturn include high energy prices, borrowing costs, and weakened demand both domestically and internationally.

The energy crisis, catalysed by Russia's war in Ukraine, has exacerbated Germany's industrial woes. Official data revealed a concerning trend of industrial production decline, marking the longest slump on record according to CNN. However, the challenges extend beyond external shocks. Germany's structural issues encompass labour shortages, bureaucratic red tape, and outdated infrastructure, impeding productivity.

Marcel Fratzcher, president of the German Institute for Economic Research, advocates for a fundamental economic transformation. He emphasises the need to reshape Germany's industry to address long-term challenges. While the government has initiated measures such as incentivizing investment and easing immigration rules, experts argue that more extensive reforms are necessary to navigate the economic overhaul.

Germany's economic narrative is intertwined with its historical resilience and adaptability. From the post-World War II "Wirtschaftswunder" to overcoming the challenges of reunification, Germany has demonstrated resilience in the face of adversity. However, cracks in its business model are emerging, with shifts in global dynamics posing significant challenges.

Constanze Stelzenmuller from the Brookings Institution told CNN about Germany's vulnerability due to its strategic dependencies. The reliance on external factors for security, growth, and energy needs exposes Germany to risks in an increasingly competitive global landscape. Slowing growth in China, a major export market, and protectionist measures in the United States further compound these challenges.

Amidst these challenges, Germany's economic strengths remain undeniable. The country continues to attract foreign investment and boasts a thriving manufacturing sector as per CNN. Companies like Jungheinrich and MAN Energy Solutions exemplify innovation and adaptation, offering solutions aligned with climate-friendly technologies and global market demands.

Karl Haeusgen, president of Germany's Machinery and Equipment Manufacturers Association, told CNN, emphasising the resilience of German industries despite challenges. He acknowledges the need for adaptation but underscores the profound strengths of the country's industrial base. As Germany navigates through economic turbulence, the path to recovery may lie in leveraging its inherent strengths and fostering innovation.

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.

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. According a CNN report, a strike by Lufthansa ground crew, following earlier walkouts by train drivers and road blockages by farmers, has compounded travel chaos. These events highlight the depth of the malaise gripping Germany, as it contends with economic headwinds and structural weaknesses. The economic landscape in Germany presents a mixed picture. Despite being the fourth-largest economy globally, Germany experienced a contraction last year, the first since the onset of the Covid-19 pandemic. Forecasts for 2024 aren't optimistic, with the International Monetary Fund predicting sluggish growth. Factors contributing to this downturn include high energy prices, borrowing costs, and weakened demand both domestically and internationally. The energy crisis, catalysed by Russia's war in Ukraine, has exacerbated Germany's industrial woes. Official data revealed a concerning trend of industrial production decline, marking the longest slump on record according to CNN. However, the challenges extend beyond external shocks. Germany's structural issues encompass labour shortages, bureaucratic red tape, and outdated infrastructure, impeding productivity. Marcel Fratzcher, president of the German Institute for Economic Research, advocates for a fundamental economic transformation. He emphasises the need to reshape Germany's industry to address long-term challenges. While the government has initiated measures such as incentivizing investment and easing immigration rules, experts argue that more extensive reforms are necessary to navigate the economic overhaul. Germany's economic narrative is intertwined with its historical resilience and adaptability. From the post-World War II "Wirtschaftswunder" to overcoming the challenges of reunification, Germany has demonstrated resilience in the face of adversity. However, cracks in its business model are emerging, with shifts in global dynamics posing significant challenges. Constanze Stelzenmuller from the Brookings Institution told CNN about Germany's vulnerability due to its strategic dependencies. The reliance on external factors for security, growth, and energy needs exposes Germany to risks in an increasingly competitive global landscape. Slowing growth in China, a major export market, and protectionist measures in the United States further compound these challenges. Amidst these challenges, Germany's economic strengths remain undeniable. The country continues to attract foreign investment and boasts a thriving manufacturing sector as per CNN. Companies like Jungheinrich and MAN Energy Solutions exemplify innovation and adaptation, offering solutions aligned with climate-friendly technologies and global market demands. Karl Haeusgen, president of Germany's Machinery and Equipment Manufacturers Association, told CNN, emphasising the resilience of German industries despite challenges. He acknowledges the need for adaptation but underscores the profound strengths of the country's industrial base. As Germany navigates through economic turbulence, the path to recovery may lie in leveraging its inherent strengths and fostering innovation.

Germany faces economic challenges amid strikes and structural issues

Amazon founder Jeff Bezos has sold off about $2 billion in shares of the online distribution giant, according to recent stock market filings.

Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share, according to documents sent to stock market regulatory authorities Friday.

A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million shares of the group he founded 30 years ago, and of which he is today executive chairman.

Bezos's fortune is estimated by Forbes at $195.5 billion, making him the third richest man on the planet, behind Frenchman Bernard Arnault, CEO of the LVMH group and Elon Musk, the boss at Tesla, Twitter and SpaceX.

Amazon most recently released financial results February 1, which far exceeded expectations.&nbsp;

The tech behemoth achieved a sales turnover of $170 billion and a net profit of $10.6 billion, driven by faster deliveries and a particularly successful holiday season.

Amazon stock jumped more than 13 percent the next day on the New York Stock Exchange.

Amazon founder Jeff Bezos has sold off about $2 billion in shares of the online distribution giant, according to recent stock market filings. Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share, according to documents sent to stock market regulatory authorities Friday.

Amazon founder Jeff Bezos has sold off about $2 billion in shares of the online distribution giant, according to recent stock market filings. Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share, according to documents sent to stock market regulatory authorities Friday. A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million shares of the group he founded 30 years ago, and of which he is today executive chairman. Bezos's fortune is estimated by Forbes at $195.5 billion, making him the third richest man on the planet, behind Frenchman Bernard Arnault, CEO of the LVMH group and Elon Musk, the boss at Tesla, Twitter and SpaceX. Amazon most recently released financial results February 1, which far exceeded expectations. The tech behemoth achieved a sales turnover of $170 billion and a net profit of $10.6 billion, driven by faster deliveries and a particularly successful holiday season. Amazon stock jumped more than 13 percent the next day on the New York Stock Exchange.

Jeff Bezos sells off $2 bn in Amazon shares

PayTM is facing more trouble as the Employee Provident Fund Organisation (EPFO) has announced that it will block deposits and credits into EPF accounts linked with Paytm Payments Bank. This comes after the Reserve Bank of India announced restriction on One 97 Communications' digital payments&nbsp;gateway, starting February 23rd.

<h2>EPFO instructions</h2>

In a circular dated February 8th, the EPFO directed its field officers to not accept claims associated with Paytm Payments Bank Limited (PPBL) accounts.&nbsp;

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"All the field officers are advised to refrain from accepting claims associated with bank accounts in Paytm Payment Bank w.e.f February 23, 2024. A vide publicity should be initiated to raise awareness about this change," said the circular.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
EPFO issue directions regarding PayTm Payment Bank Account. <a href="https://t.co/kzN7cK4bBe">pic.twitter.com/kzN7cK4bBe</a>
— EPFO CHANDIGARH (@epfochandigarh) <a href="https://twitter.com/epfochandigarh/status/1755833870841209121?ref_src=twsrc%5Etfw">February 9, 2024</a></blockquote>
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EPFO, which has a corpus of over 18 trillion rupees (over $216 billion) and covers nearly 300 million workers, had allowed the Paytm Payments Bank and Airtel Payment Bank to settle claims in November last year.

<h2>RBI orders</h2>

The Reserve Bank of India (RBI) on January 31 ordered Paytm's banking arm Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March.&nbsp;

In a statement, the RBI said that Paytm Payments Bank will not be allowed to take further deposits in any customer accounts after Feb 29, and no credit transactions will be allowed either, including via wallets.

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"The Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action," said the RBI.

"No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after Feb 29, 2024, other than any interest, cashback, or refunds which may be credited anytime," it added.

"Withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc. are to be permitted without any restrictions, up to their available balance," the RBI further said.

(With inputs from agencies)

PayTM is facing more trouble as the Employee Provident Fund Organisation (EPFO) has announced that it will block deposits and credits into EPF accounts linked with Paytm Payments Bank.

PayTM is facing more trouble as the Employee Provident Fund Organisation (EPFO) has announced that it will block deposits and credits into EPF accounts linked with Paytm Payments Bank. This comes after the Reserve Bank of India announced restriction on One 97 Communications' digital payments gateway, starting February 23rd. EPFO instructions In a circular dated February 8th, the EPFO directed its field officers to not accept claims associated with Paytm Payments Bank Limited (PPBL) accounts. Also read | Explained | RBI orders Paytm’s banking arm to stop fresh business. What happens next? "All the field officers are advised to refrain from accepting claims associated with bank accounts in Paytm Payment Bank w.e.f February 23, 2024. A vide publicity should be initiated to raise awareness about this change," said the circular. EPFO issue directions regarding PayTm Payment Bank Account. pic.twitter.com/kzN7cK4bBe — EPFO CHANDIGARH (@epfochandigarh) February 9, 2024 × EPFO, which has a corpus of over 18 trillion rupees (over $216 billion) and covers nearly 300 million workers, had allowed the Paytm Payments Bank and Airtel Payment Bank to settle claims in November last year. RBI orders The Reserve Bank of India (RBI) on January 31 ordered Paytm's banking arm Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets from March. In a statement, the RBI said that Paytm Payments Bank will not be allowed to take further deposits in any customer accounts after Feb 29, and no credit transactions will be allowed either, including via wallets. Also read | Snapchat experiences service disruption in India, users unable to send snaps, messages "The Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action," said the RBI. "No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after Feb 29, 2024, other than any interest, cashback, or refunds which may be credited anytime," it added. "Withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc. are to be permitted without any restrictions, up to their available balance," the RBI further said. (With inputs from agencies)

More trouble for Paytm, EPFO blocks transactions into accounts linked with Paytm Payments Bank

The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt. <o:p></o:p>

Operating renowned franchises such as Applebee's, Taco Bell, Panera Bread, Arby's, Pizza Hut, Wendy's, and Planet Fitness, Flynn Group has enlisted the support of Bank of America for the sale process, according to sources familiar with the matter.<o:p></o:p>

Sources suggest that Flynn Group, based in San Francisco, generates an impressive annual earnings figure exceeding $450 million before interest, taxes, depreciation, and amortisation. <o:p></o:p>

Private equity firms and sovereign wealth funds are among the potential suitors for the majority stake, with the sale process attracting considerable interest. <o:p></o:p>

The Ontario Teachers' Pension Plan (OTPP) and private equity firm Main Post Partners, both investors in Flynn Group, may consider selling part of their stakes while remaining invested after the deal. <o:p></o:p>

Flynn Group's management, and significant shareholders in the company, may also follow a similar path.<o:p></o:p>

Flynn Group's ownership structure reveals that OTPP holds approximately a third of the company, while Main Post owns slightly over a third. <o:p></o:p>

The remaining stake is owned by Flynn Group's management. <o:p></o:p>

The potential sale offers an opportunity for stakeholders to reassess their positions and explore options for ongoing involvement in the company. <o:p></o:p>

As the sale process unfolds, representatives for Flynn Group, OTPP, Main Post, and Bank of America have refrained from providing comments, maintaining confidentiality around the matter.<o:p></o:p>

Founded in 1999 by commercial real estate investor Greg Flynn, Flynn Group has grown into a powerhouse in the franchise industry. <o:p></o:p>

The company currently operates a vast network of over 2,600 restaurants and fitness clubs across the United States and Australia, boasting annual sales exceeding $4.5 billion, as highlighted on its website. <o:p></o:p>

Ontario Teachers' Pension Plan made a significant investment of approximately $300 million in Flynn Group in 2014, valuing the company at over $1 billion at that time.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt.

The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt. Operating renowned franchises such as Applebee's, Taco Bell, Panera Bread, Arby's, Pizza Hut, Wendy's, and Planet Fitness, Flynn Group has enlisted the support of Bank of America for the sale process, according to sources familiar with the matter. Sources suggest that Flynn Group, based in San Francisco, generates an impressive annual earnings figure exceeding $450 million before interest, taxes, depreciation, and amortisation. Private equity firms and sovereign wealth funds are among the potential suitors for the majority stake, with the sale process attracting considerable interest. The Ontario Teachers' Pension Plan (OTPP) and private equity firm Main Post Partners, both investors in Flynn Group, may consider selling part of their stakes while remaining invested after the deal. Flynn Group's management, and significant shareholders in the company, may also follow a similar path. Flynn Group's ownership structure reveals that OTPP holds approximately a third of the company, while Main Post owns slightly over a third. The remaining stake is owned by Flynn Group's management. The potential sale offers an opportunity for stakeholders to reassess their positions and explore options for ongoing involvement in the company. As the sale process unfolds, representatives for Flynn Group, OTPP, Main Post, and Bank of America have refrained from providing comments, maintaining confidentiality around the matter. Founded in 1999 by commercial real estate investor Greg Flynn, Flynn Group has grown into a powerhouse in the franchise industry. The company currently operates a vast network of over 2,600 restaurants and fitness clubs across the United States and Australia, boasting annual sales exceeding $4.5 billion, as highlighted on its website. Ontario Teachers' Pension Plan made a significant investment of approximately $300 million in Flynn Group in 2014, valuing the company at over $1 billion at that time. (With inputs from Reuters)

Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale

The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance. <o:p></o:p>

According to a Reuters report, the currency market witnessed adjustments as traders recalibrated their expectations concerning the timing of interest rate changes by the Bank of Japan (BOJ) and the potential for rate cuts by the Federal Reserve.<o:p></o:p>

The yen, barely flinching after Japanese Finance Minister Shunichi Suzuki's statement that he was "watching FX moves carefully," remained little changed at 149.315 per dollar in early Asian trading. <o:p></o:p>

The yen's lack of response to Suzuki's warning underscores the nuanced considerations at play in the currency market. <o:p></o:p>

Meanwhile, BOJ Deputy Governor Shinichi Uchida's recent remarks contributed to the yen's weakened position, stating that it is "hard to imagine" a rapid increase in rates even after ending the negative interest rate policy.<o:p></o:p>

In the realm of the dollar, the dollar index, measuring the currency against six major peers, stood steady at 104.15. <o:p></o:p>

The dollar's resilience was evident as it gained 0.1 per cent following fresh data pointing to the robustness of the US labour market. <o:p></o:p>

This follows a week where the dollar index has climbed 0.18 per cent, propelled by strong monthly payrolls data and a hawkish stance from Fed Chair Jerome Powell. <o:p></o:p>

Traders, once anticipating early Fed rate cuts, now lay just 16.5 per cent odds for a rate cut at the Fed's next policy meeting in March, a significant shift from 65.9 per cent odds a month ago.<o:p></o:p>

Reuters cited Richard Franulovich, Westpac's head of foreign exchange strategy, who predicts a potential rally toward 105.50 for the dollar index, emphasising latent upside fuel for the US currency. <o:p></o:p>

He notes that while pricing for the March Federal Open Market Committee (FOMC) has been reduced, there is still potential for a USD rally in subsequent FOMC meetings. <o:p></o:p>

Franulovich anticipates US resilience extending well into 2024, contributing to a potentially bumpy disinflation last mile.<o:p></o:p>

Turning attention to other currencies, the euro remained relatively stable at $1.0774, and the sterling showed little movement at $1.2619. Both currencies demonstrated resilience amid efforts by the European Central Bank and Bank of England officials to counter market expectations of early rate reductions. <o:p></o:p>

New Zealand's dollar, on the other hand, gained 0.34 per cent to $0.6117, supported by bets for a delayed start to Reserve Bank rate cuts or the potential for further hikes, following stronger-than-forecast job market data.<o:p></o:p>

In the realm of cryptocurrency, bitcoin traded little changed at around $45,300, maintaining its position as a significant player in the ever-evolving financial landscape. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance. According to a Reuters report, the currency market witnessed adjustments as traders recalibrated their expectations concerning the timing of interest rate changes by the Bank of Japan (BOJ) and the potential for rate cuts by the Federal Reserve.

The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance. According to a Reuters report, the currency market witnessed adjustments as traders recalibrated their expectations concerning the timing of interest rate changes by the Bank of Japan (BOJ) and the potential for rate cuts by the Federal Reserve. The yen, barely flinching after Japanese Finance Minister Shunichi Suzuki's statement that he was "watching FX moves carefully," remained little changed at 149.315 per dollar in early Asian trading. The yen's lack of response to Suzuki's warning underscores the nuanced considerations at play in the currency market. Meanwhile, BOJ Deputy Governor Shinichi Uchida's recent remarks contributed to the yen's weakened position, stating that it is "hard to imagine" a rapid increase in rates even after ending the negative interest rate policy. In the realm of the dollar, the dollar index, measuring the currency against six major peers, stood steady at 104.15. The dollar's resilience was evident as it gained 0.1 per cent following fresh data pointing to the robustness of the US labour market. This follows a week where the dollar index has climbed 0.18 per cent, propelled by strong monthly payrolls data and a hawkish stance from Fed Chair Jerome Powell. Traders, once anticipating early Fed rate cuts, now lay just 16.5 per cent odds for a rate cut at the Fed's next policy meeting in March, a significant shift from 65.9 per cent odds a month ago. Reuters cited Richard Franulovich, Westpac's head of foreign exchange strategy, who predicts a potential rally toward 105.50 for the dollar index, emphasising latent upside fuel for the US currency. He notes that while pricing for the March Federal Open Market Committee (FOMC) has been reduced, there is still potential for a USD rally in subsequent FOMC meetings. Franulovich anticipates US resilience extending well into 2024, contributing to a potentially bumpy disinflation last mile. Turning attention to other currencies, the euro remained relatively stable at $1.0774, and the sterling showed little movement at $1.2619. Both currencies demonstrated resilience amid efforts by the European Central Bank and Bank of England officials to counter market expectations of early rate reductions. New Zealand's dollar, on the other hand, gained 0.34 per cent to $0.6117, supported by bets for a delayed start to Reserve Bank rate cuts or the potential for further hikes, following stronger-than-forecast job market data. In the realm of cryptocurrency, bitcoin traded little changed at around $45,300, maintaining its position as a significant player in the ever-evolving financial landscape. (With inputs from Reuters)

Yen nears 10-week low, dollar strengthens as traders adjust rate expectations

To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model.<o:p></o:p>

According to a Reuters report, the tech giant announced the launch of a paid subscription service, Gemini Advanced, allowing US customers to access enhanced reasoning capabilities for $19.99 a month. <o:p></o:p>

This subscription includes the powerful Ultra 1.0 AI model and offers two terabytes of cloud storage, a value of $9.99 monthly. <o:p></o:p>

Subscribers can anticipate integration with Gmail and Google's productivity suite, forming the Google One AI Premium plan.<o:p></o:p>

Product Lead Jack Krawczyk emphasised the comprehensive nature of Google's subscription, stating, "When I pay $20 a month, access to a model alone is not really enough." <o:p></o:p>

The subscription aims to align with users' workflow by providing cloud storage, Gmail integration, and more. <o:p></o:p>

The move underscores Google's response to the evolving landscape of AI subscriptions, with Microsoft and OpenAI already offering competing services such as ChatGPT Plus. <o:p></o:p>

Both Google and Microsoft's subscriptions are priced at $20 a month in the United States, indicating the growing competition for consumers seeking advanced AI capabilities.<o:p></o:p>

Gemini Advanced targets users desiring the most capable generative AI technology, capable of creating content on demand and handling queries without obvious online answers.<o:p></o:p>

Google envisions Gemini becoming a product with billions of users, leveraging its extensive base of Android phone customers.<o:p></o:p>

Android users can opt into Gemini as their default digital assistant, accessible through an app, the power button, or voice commands like "Hey Google."<o:p></o:p>

The rollout of Gemini Advanced is set to expand globally, starting with the US and progressing to Asia-Pacific, Latin America, and other regions with additional language support in Japanese and Korean.<o:p></o:p>

According to Krawczyk, this shift represents "the artist formerly known as Bard" entering "the Gemini era." <o:p></o:p>

Gemini Advanced is now available in English in 150 countries, with a two-month subscription trial offered to users at no cost.<o:p></o:p>

(With inputs from Reuters)

To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model.

To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model. According to a Reuters report, the tech giant announced the launch of a paid subscription service, Gemini Advanced, allowing US customers to access enhanced reasoning capabilities for $19.99 a month. This subscription includes the powerful Ultra 1.0 AI model and offers two terabytes of cloud storage, a value of $9.99 monthly. Subscribers can anticipate integration with Gmail and Google's productivity suite, forming the Google One AI Premium plan. Product Lead Jack Krawczyk emphasised the comprehensive nature of Google's subscription, stating, "When I pay $20 a month, access to a model alone is not really enough." The subscription aims to align with users' workflow by providing cloud storage, Gmail integration, and more. The move underscores Google's response to the evolving landscape of AI subscriptions, with Microsoft and OpenAI already offering competing services such as ChatGPT Plus. Both Google and Microsoft's subscriptions are priced at $20 a month in the United States, indicating the growing competition for consumers seeking advanced AI capabilities. Gemini Advanced targets users desiring the most capable generative AI technology, capable of creating content on demand and handling queries without obvious online answers. Google envisions Gemini becoming a product with billions of users, leveraging its extensive base of Android phone customers. Android users can opt into Gemini as their default digital assistant, accessible through an app, the power button, or voice commands like "Hey Google." The rollout of Gemini Advanced is set to expand globally, starting with the US and progressing to Asia-Pacific, Latin America, and other regions with additional language support in Japanese and Korean. According to Krawczyk, this shift represents "the artist formerly known as Bard" entering "the Gemini era." Gemini Advanced is now available in English in 150 countries, with a two-month subscription trial offered to users at no cost. (With inputs from Reuters)

Google unveils Gemini AI, formerly Bard chatbot, introducing paid subscription service

Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee.<o:p></o:p>

Tesla reported revenue of nearly $97 billion in the last year, translating to just under $690,000 for each of its over 140,000 employees. <o:p></o:p>

This falls significantly behind General Motors (GM) and Ford Motor, which generated over $1 million and $937,000, respectively, for each of their employees in 2023.<o:p></o:p>

Investors are expressing growing concerns about soft demand for EVs and heightened competition, particularly after Tesla's January warning of "notably lower" sales growth for the year. <o:p></o:p>

With a heightened focus on costs, Tesla is evaluating each employee's position, fuelling speculations about potential layoffs. <o:p></o:p>

The company's stock witnessed a modest gain of over 1 per cent on Thursday, but its market capitalisation has plummeted by over $180 billion in 2024, currently standing at $603 billion, just ahead of chipmaker Broadcom at $601 billion.<o:p></o:p>

Tesla's gross margins, once the envy of other automakers, contracted to their lowest since 2019 in the December quarter. <o:p></o:p>

During the same period, its revenue experienced a modest 3 per cent growth, reaching $25.17 billion, marking the slowest pace of growth in more than three years. <o:p></o:p>

Despite trailing behind GM and Ford in revenue per worker, Tesla has shown improvement from the previous year, where it stood at $637,000. <o:p></o:p>

Notably, Tesla expanded its global workforce by about 10 per cent in 2023, according to recent filings.<o:p></o:p>

The broader context reveals a trend among tech-related heavyweights on Wall Street, with many laying off hundreds of thousands of workers over the past two years while continuing to grow their sales. <o:p></o:p>

Meta Platforms, for instance, reported a remarkable 25 per cent surge in December-quarter revenue last week, concurrently reducing costs and expenses by 8 per cent after eliminating over 21,000 jobs since late 2022. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee.

Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee. Tesla reported revenue of nearly $97 billion in the last year, translating to just under $690,000 for each of its over 140,000 employees. This falls significantly behind General Motors (GM) and Ford Motor, which generated over $1 million and $937,000, respectively, for each of their employees in 2023. Investors are expressing growing concerns about soft demand for EVs and heightened competition, particularly after Tesla's January warning of "notably lower" sales growth for the year. With a heightened focus on costs, Tesla is evaluating each employee's position, fuelling speculations about potential layoffs. The company's stock witnessed a modest gain of over 1 per cent on Thursday, but its market capitalisation has plummeted by over $180 billion in 2024, currently standing at $603 billion, just ahead of chipmaker Broadcom at $601 billion. Tesla's gross margins, once the envy of other automakers, contracted to their lowest since 2019 in the December quarter. During the same period, its revenue experienced a modest 3 per cent growth, reaching $25.17 billion, marking the slowest pace of growth in more than three years. Despite trailing behind GM and Ford in revenue per worker, Tesla has shown improvement from the previous year, where it stood at $637,000. Notably, Tesla expanded its global workforce by about 10 per cent in 2023, according to recent filings. The broader context reveals a trend among tech-related heavyweights on Wall Street, with many laying off hundreds of thousands of workers over the past two years while continuing to grow their sales. Meta Platforms, for instance, reported a remarkable 25 per cent surge in December-quarter revenue last week, concurrently reducing costs and expenses by 8 per cent after eliminating over 21,000 jobs since late 2022. (With inputs from Reuters)

Tesla's revenue per employee trails behind competitors, amid layoff speculations

World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future. <o:p></o:p>

According to a Reuters report, this surge has not only impacted the commodity market but is also trickling down to affect major players in the chocolate industry, with Hershey forecasting a slowdown in demand from cost-conscious consumers, following a 6.6 per cent drop in sales volumes in the fourth quarter. <o:p></o:p>

The chocolate giant's shares, down approximately 30 per cent since May 2023, also revealed expectations of reduced earnings growth due to the soaring cocoa prices.<o:p></o:p>

The repercussions of the escalating cocoa prices are evident on retail shelves, where Hershey is bracing for a further dip in demand. <o:p></o:p>

The aftermath of its fourth-quarter performance, coupled with the anticipation of a challenging year ahead, led the company to project limitations on its earnings growth. <o:p></o:p>

Rival chocolate manufacturer, Mondelez, also experienced a decline in volumes during the last quarter.<o:p></o:p>

Meteorologist and commodity trading advisor at Best Weather Inc., Jim Roemer, expressed his concern about the current cocoa market situation.<o:p></o:p>

"Going back 47 years, almost every major price blip was followed by a massive 20-50 per cent price break, within one to two years. Is this situation different? According to my sources in the cocoa bush of West Africa...yes," Reuters quoted him as saying. <o:p></o:p>

Roemer, citing damage to the cocoa crop from strong Harmattan winds in West Africa, suggested that the squeeze on cocoa prices might persist for another month or two.<o:p></o:p>

The benchmark ICE London cocoa futures soared to 4,577 pounds per metric ton, experiencing a 4.7 per cent increase to 4,546 pounds by 1246 GMT. <o:p></o:p>

Meanwhile, New York's benchmark ICE cocoa futures hit a new peak at $5,625 per ton, reflecting a 3.6 per cent surge at $5,602. <o:p></o:p>

These prices have approximately doubled since the beginning of the previous year.<o:p></o:p>

Reports from No. 2 cocoa producer Ghana indicate a significant decline in output for the current 2023-24 season, ranging between 475,000-500,000 tons compared to 655,000 tons the previous year. T<o:p></o:p>

his aligns with a recent Reuters cocoa poll projecting a global deficit of 375,000 tons in the 2023/24 season, more than double the previous poll in August. <o:p></o:p>

Experts fear that the shortage may extend into the next year, prompting concerns about filling the void with beans from subsequent crops if the current season's yields remain insufficient.<o:p></o:p>

Traders and experts are contemplating the possibility of a prolonged shortage, questioning the consequences if the next season's cocoa crop faces similar challenges. <o:p></o:p>

This unprecedented situation is not only impacting chocolate manufacturers but also sending ripples throughout the wider commodity market, affecting soft commodities like sugar and coffee.<o:p></o:p>

In the realm of other soft commodities, raw sugar experienced a 0.5 per cent slip to 23.77 cents per lb, while white sugar witnessed a 0.3 per cent rise to $658.20 per ton. <o:p></o:p>

Arabica coffee saw a 0.5 per cent decline to $1.8705 per lb, and Robusta remained relatively stable at $3,114 per ton, providing a broader context of the challenges facing the global soft commodity market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future.

World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future. According to a Reuters report, this surge has not only impacted the commodity market but is also trickling down to affect major players in the chocolate industry, with Hershey forecasting a slowdown in demand from cost-conscious consumers, following a 6.6 per cent drop in sales volumes in the fourth quarter. The chocolate giant's shares, down approximately 30 per cent since May 2023, also revealed expectations of reduced earnings growth due to the soaring cocoa prices. The repercussions of the escalating cocoa prices are evident on retail shelves, where Hershey is bracing for a further dip in demand. The aftermath of its fourth-quarter performance, coupled with the anticipation of a challenging year ahead, led the company to project limitations on its earnings growth. Rival chocolate manufacturer, Mondelez, also experienced a decline in volumes during the last quarter. Meteorologist and commodity trading advisor at Best Weather Inc., Jim Roemer, expressed his concern about the current cocoa market situation. "Going back 47 years, almost every major price blip was followed by a massive 20-50 per cent price break, within one to two years. Is this situation different? According to my sources in the cocoa bush of West Africa...yes," Reuters quoted him as saying. Roemer, citing damage to the cocoa crop from strong Harmattan winds in West Africa, suggested that the squeeze on cocoa prices might persist for another month or two. The benchmark ICE London cocoa futures soared to 4,577 pounds per metric ton, experiencing a 4.7 per cent increase to 4,546 pounds by 1246 GMT. Meanwhile, New York's benchmark ICE cocoa futures hit a new peak at $5,625 per ton, reflecting a 3.6 per cent surge at $5,602. These prices have approximately doubled since the beginning of the previous year. Reports from No. 2 cocoa producer Ghana indicate a significant decline in output for the current 2023-24 season, ranging between 475,000-500,000 tons compared to 655,000 tons the previous year. T his aligns with a recent Reuters cocoa poll projecting a global deficit of 375,000 tons in the 2023/24 season, more than double the previous poll in August. Experts fear that the shortage may extend into the next year, prompting concerns about filling the void with beans from subsequent crops if the current season's yields remain insufficient. Traders and experts are contemplating the possibility of a prolonged shortage, questioning the consequences if the next season's cocoa crop faces similar challenges. This unprecedented situation is not only impacting chocolate manufacturers but also sending ripples throughout the wider commodity market, affecting soft commodities like sugar and coffee. In the realm of other soft commodities, raw sugar experienced a 0.5 per cent slip to 23.77 cents per lb, while white sugar witnessed a 0.3 per cent rise to $658.20 per ton. Arabica coffee saw a 0.5 per cent decline to $1.8705 per lb, and Robusta remained relatively stable at $3,114 per ton, providing a broader context of the challenges facing the global soft commodity market. (With inputs from Reuters)

Cocoa prices skyrocket to unprecedented highs amid global supply concerns

India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations. <o:p></o:p>

A Bloomberg report cited sources familiar with the negotiations who revealed that the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein, have decided to invest in India as part of a trade pact currently in the advanced stages of discussion.<o:p></o:p>

Although the specific terms are yet to be disclosed, the foundational framework of the deal has been established, with deliberations now focusing on the precise investment amount.<o:p></o:p>

While India aims for a legally binding commitment, European officials suggest the figure may be presented as a target without legal obligation. <o:p></o:p>

If finalised, this agreement would mark a historic milestone as India secures an unprecedented investment commitment within a free trade agreement.<o:p></o:p>

Switzerland's Economy Minister Guy Parmelin hinted at the progress made, indicating that the deal's outline has been agreed upon. <o:p></o:p>

However, official details are pending legal clarifications, with efforts underway to expedite the signing process before India's anticipated elections slated for April. <o:p></o:p>

Despite attempts to reach out to India's commerce ministry, there has been no immediate response regarding the matter. <o:p></o:p>

Acknowledging the ongoing negotiations, the Swiss economy ministry emphasised that the agreement's text is yet to be finalised, withholding specific details at this juncture.<o:p></o:p>

Nevertheless, significant consensus has been reached on key areas such as patent protection and innovative investment promotion measures.<o:p></o:p>

Norway's government opted not to comment on the deal's specifics, maintaining discretion amidst the ongoing discussions. <o:p></o:p>

As Switzerland emerges as India's foremost trading partner within the EFTA bloc, with bilateral trade reaching $17.14 billion in the 2022-23 fiscal year, this prospective agreement holds immense significance for both parties.<o:p></o:p>

For the EFTA nations, the agreement, after 16 years in the making, promises expanded opportunities to export processed foods, electrical machinery, and engineering products to India, potentially reaching a market of 1.4 billion people. <o:p></o:p>

Furthermore, the EFTA bloc's pharmaceutical and medical devices sectors are poised to benefit significantly from this deal.<o:p></o:p>

The United Arab Emirates is also contemplating a substantial investment of up to $50 billion in India, further underlining the country's attractiveness to foreign investors. <o:p></o:p>

The proposed investment from EFTA countries is expected to primarily stem from private enterprises and state-backed entities, targeting existing and upcoming manufacturing ventures. <o:p></o:p>

Sources familiar with the discussions anticipate over 1 million job opportunities to be generated in India as a result of this investment influx.<o:p></o:p>

In addition to facilitating investment, the agreement aims to streamline the movement of Indian professionals to the EFTA bloc and enhance market access for select agricultural products. <o:p></o:p>

Despite Switzerland's traditional stance of protecting its agricultural sector, negotiations suggest a willingness to consider easier market access for Indian rice due to Switzerland's nominal domestic production.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations.

India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations. A Bloomberg report cited sources familiar with the negotiations who revealed that the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein, have decided to invest in India as part of a trade pact currently in the advanced stages of discussion. Although the specific terms are yet to be disclosed, the foundational framework of the deal has been established, with deliberations now focusing on the precise investment amount. While India aims for a legally binding commitment, European officials suggest the figure may be presented as a target without legal obligation. If finalised, this agreement would mark a historic milestone as India secures an unprecedented investment commitment within a free trade agreement. Switzerland's Economy Minister Guy Parmelin hinted at the progress made, indicating that the deal's outline has been agreed upon. However, official details are pending legal clarifications, with efforts underway to expedite the signing process before India's anticipated elections slated for April. Despite attempts to reach out to India's commerce ministry, there has been no immediate response regarding the matter. Acknowledging the ongoing negotiations, the Swiss economy ministry emphasised that the agreement's text is yet to be finalised, withholding specific details at this juncture. Nevertheless, significant consensus has been reached on key areas such as patent protection and innovative investment promotion measures. Norway's government opted not to comment on the deal's specifics, maintaining discretion amidst the ongoing discussions. As Switzerland emerges as India's foremost trading partner within the EFTA bloc, with bilateral trade reaching $17.14 billion in the 2022-23 fiscal year, this prospective agreement holds immense significance for both parties. For the EFTA nations, the agreement, after 16 years in the making, promises expanded opportunities to export processed foods, electrical machinery, and engineering products to India, potentially reaching a market of 1.4 billion people. Furthermore, the EFTA bloc's pharmaceutical and medical devices sectors are poised to benefit significantly from this deal. The United Arab Emirates is also contemplating a substantial investment of up to $50 billion in India, further underlining the country's attractiveness to foreign investors. The proposed investment from EFTA countries is expected to primarily stem from private enterprises and state-backed entities, targeting existing and upcoming manufacturing ventures. Sources familiar with the discussions anticipate over 1 million job opportunities to be generated in India as a result of this investment influx. In addition to facilitating investment, the agreement aims to streamline the movement of Indian professionals to the EFTA bloc and enhance market access for select agricultural products. Despite Switzerland's traditional stance of protecting its agricultural sector, negotiations suggest a willingness to consider easier market access for Indian rice due to Switzerland's nominal domestic production. (With inputs from Bloomberg)

India nears landmark $100 bn investment pact with Switzerland, Norway

OpenAI chief Sam Altman is seeking to raise trillions of dollars to reshape the global semiconductor industry, and has held talks with potential investors including the UAE government, the Wall Street Journal reported Thursday.

Altman is reportedly looking to resolve some of the biggest challenges faced by the rapidly expanding artificial intelligence sector — including a shortage of the expensive computer chips needed to power large-language models like OpenAI's ChatGPT.&nbsp;

The global chip industry is currently dominated by just a few firms, including Taiwan Semiconductor Manufacturing Company (TSMC) and US-based NVIDIA.&nbsp;

While many countries have unveiled plans to support domestic chip production, the financial support they have offered pales in comparison with the vast sums of money Altman has reportedly been discussing with investors.&nbsp;

The Journal estimated that the total cost of realising Altman's project could be as much as $7 trillion.&nbsp;

This is roughly a trillion dollars more than the market value of the world's two largest public companies -- Apple and Microsoft -- combined.&nbsp;

An OpenAI spokesperson told the Journal the company has held "productive discussions about increasing global infrastructure and supply chains for chips, energy, and data centres."

They added that they would "continue to keep the US government informed given the importance to national priorities."

Altman has held meetings with senior government officials from the United Arab Emirates, as well as SoftBank's chief executive Masayoshi Son and representatives from TSMC, according to the Journal.&nbsp;

Both Bloomberg and the Financial Times have also reported on some of Altman's meetings in recent weeks.&nbsp;

Altman has floated the idea of building dozens of chip-fabrication plants in the next few years with money from Middle East investors, and then paying TSMC to build and operate them, the Journal said.

After rising to prominence following the widely publicised release of ChatGPT, Altman's fortunes have wavered in recent months.&nbsp;

He was briefly fired from his position at the AI firm in November, only to be rehired a few days later after staff and investors rebelled.&nbsp;

OpenAI chief Sam Altman is seeking to raise trillions of dollars to reshape the global semiconductor industry, and has held talks with potential investors including the UAE government, the Wall Street Journal reported Thursday.

OpenAI chief Sam Altman is seeking to raise trillions of dollars to reshape the global semiconductor industry, and has held talks with potential investors including the UAE government, the Wall Street Journal reported Thursday. Altman is reportedly looking to resolve some of the biggest challenges faced by the rapidly expanding artificial intelligence sector — including a shortage of the expensive computer chips needed to power large-language models like OpenAI's ChatGPT. The global chip industry is currently dominated by just a few firms, including Taiwan Semiconductor Manufacturing Company (TSMC) and US-based NVIDIA. While many countries have unveiled plans to support domestic chip production, the financial support they have offered pales in comparison with the vast sums of money Altman has reportedly been discussing with investors. The Journal estimated that the total cost of realising Altman's project could be as much as $7 trillion. This is roughly a trillion dollars more than the market value of the world's two largest public companies -- Apple and Microsoft -- combined. An OpenAI spokesperson told the Journal the company has held "productive discussions about increasing global infrastructure and supply chains for chips, energy, and data centres." They added that they would "continue to keep the US government informed given the importance to national priorities." Altman has held meetings with senior government officials from the United Arab Emirates, as well as SoftBank's chief executive Masayoshi Son and representatives from TSMC, according to the Journal. Both Bloomberg and the Financial Times have also reported on some of Altman's meetings in recent weeks. Altman has floated the idea of building dozens of chip-fabrication plants in the next few years with money from Middle East investors, and then paying TSMC to build and operate them, the Journal said. After rising to prominence following the widely publicised release of ChatGPT, Altman's fortunes have wavered in recent months. He was briefly fired from his position at the AI firm in November, only to be rehired a few days later after staff and investors rebelled.

OpenAI chief Sam Altman looking to raise trillions to reshape semiconductor sector: Report

The Narendra Modi government released a white paper, claiming their strategic policies, commitment to reforms, and strong leadership led to India's economic transformation over the past decade on Friday.

Shifting gears

The document contrasts the current regime with the previous United Progressive Alliance (UPA) era, blaming "policy paralysis, fiscal irresponsibility, and corruption" for India's earlier struggles.

It credits the BJP-led government with propelling the nation from the "Fragile Five" to the world's fifth-largest economy through sound economic management.

UPA's legacy

The white paper criticises the UPA government for jeopardising macroeconomic stability, citing high inflation and irresponsible fiscal deficits.

The 2014 banking crisis, attributed to undisclosed bad loans, is labelled as a significant UPA legacy.

A Credit Suisse report highlighting "significant undisclosed liabilities" is used to emphasise the crisis's severity.

Modi's reform agenda

The document claims the Modi government tackled the banking crisis head-on, increased capital spending, and achieved fiscal consolidation upon taking office.

These measures, it argues, not only improved India's international standing but also paved the way for sustained high growth.

Investing in the future

The government claims to have addressed challenges inherited from the UPA era while investing in both the foundation and superstructure of the economy.

The white paper underlines that fiscal consolidation and improved government spending quality were achieved without compromising on welfare programs, citing statistics and observations from multilateral institutions as support.

Discipline amid crisis

Acknowledging that some improvements were influenced by external factors, the document criticises the UPA's "reckless lending" and ensuing bad loans crisis.

It commends the Modi government's ability to maintain fiscal discipline even during the pandemic and achieve faster-than-expected fiscal consolidation, attributing this to their "political capital."

Centralised approach

The white paper subtly attributes the success to a centralised approach under the current government, highlighting improved implementation of welfare and infrastructure programs.

It cites a shift from sporadic coverage to "saturation coverage," ensuring basic necessities reach beneficiaries through targeted support.

The share of capital expenditure in total spending has also increased, with efficiency in utilisation boosted by a "Whole of Government" approach leveraging Gati Shakti and Pragati initiatives.

The Narendra Modi government released a white paper, claiming their strategic policies, commitment to reforms, and strong leadership led to India's economic transformation over the past decade on Friday.

The Narendra Modi government released a white paper, claiming their strategic policies, commitment to reforms, and strong leadership led to India's economic transformation over the past decade on Friday. Shifting gears The document contrasts the current regime with the previous United Progressive Alliance (UPA) era, blaming "policy paralysis, fiscal irresponsibility, and corruption" for India's earlier struggles. It credits the BJP-led government with propelling the nation from the "Fragile Five" to the world's fifth-largest economy through sound economic management. UPA's legacy The white paper criticises the UPA government for jeopardising macroeconomic stability, citing high inflation and irresponsible fiscal deficits. The 2014 banking crisis, attributed to undisclosed bad loans, is labelled as a significant UPA legacy. A Credit Suisse report highlighting "significant undisclosed liabilities" is used to emphasise the crisis's severity. Modi's reform agenda The document claims the Modi government tackled the banking crisis head-on, increased capital spending, and achieved fiscal consolidation upon taking office. These measures, it argues, not only improved India's international standing but also paved the way for sustained high growth. Investing in the future The government claims to have addressed challenges inherited from the UPA era while investing in both the foundation and superstructure of the economy. The white paper underlines that fiscal consolidation and improved government spending quality were achieved without compromising on welfare programs, citing statistics and observations from multilateral institutions as support. Discipline amid crisis Acknowledging that some improvements were influenced by external factors, the document criticises the UPA's "reckless lending" and ensuing bad loans crisis. It commends the Modi government's ability to maintain fiscal discipline even during the pandemic and achieve faster-than-expected fiscal consolidation, attributing this to their "political capital." Centralised approach The white paper subtly attributes the success to a centralised approach under the current government, highlighting improved implementation of welfare and infrastructure programs. It cites a shift from sporadic coverage to "saturation coverage," ensuring basic necessities reach beneficiaries through targeted support. The share of capital expenditure in total spending has also increased, with efficiency in utilisation boosted by a "Whole of Government" approach leveraging Gati Shakti and Pragati initiatives.

Decoding the Modi government's white paper on Indian economy

Persistent non-compliance by Paytm with the regulatory guidelines despite nudges over a period of time ultimately led to the stern action against the fintech, the RBI said on Thursday and also made it clear that there are no systemic worries. 
 
Without disclosing specific details of what led to the action against the fintech, Governor Shaktikanta Das made it clear that Paytm's lack of compliance to regulations does not pose a systemic threat. 
 
"There is no worry about the system at the moment. Here we are talking about a specific institution, a specific payment bank," Das told reporters at the central bank headquarters here at the customary post-policy media briefing.

Deputy Governor Swaminathan J said the January 31 action against Paytm Payments Bank, wherein the RBI has barred it from onbaording new customers, and asked to stop services related to deposits, prepaid instruments and e-wallet after February 29, was the culmination of a long series of bilateral engagement.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/paytm-faces-regulatory-hurdles-in-india-while-walmart-google-seize-market-opportunity-687706">Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity</a> 
 
"This is a supervisory action on a regulated entity for persistent non-compliance. Such supervisory actions are invariably preceded by months and at times years of bilateral engagement, where we not only point out deficiencies but also provide more than adequate time for them to take corrective action," the commercial banker-turned-regulator said. 
 
Das said it starts with "nudges" from the regulator for corrective action and sometimes the RBI may give more than sufficient time to an entity to comply, and it is lack of compliance which ultimately leads to the business restrictions order. 
 
The proportionality aspect is taken into consideration before imposing any restriction, Das said, adding, "all our actions are in the best interest of systemic stability and protection of depositors or customers' interest.

"These aspects cannot be compromised. Individual entities should be mindful of these aspects for their long-term success."

Earlier in the day, Das' statement stressed on "good governance, robust risk management, sound compliance culture and protection of customers' interest" being of paramount importance for the Reserve Bank.

Das said there are a lot of questions and concerns in the minds of people, and the Reserve Bank will be coming out with a detailed FAQ (frequently asked questions) next week which will make things clear.

When asked about the decision to impose the rather strong action of business restrictions, without going for other alternatives like appointing a director on the board as it has done in some cases in the recent past, Swaminathan said an "one size fits all kind of solution may not work in such situations".

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/explained-rbi-orders-paytms-banking-arm-to-stop-fresh-business-what-happens-next-685969">Explained | RBI orders Paytm’s banking arm to stop fresh business. What happens next?</a>

"As a regulator, it's incumbent upon us to protect the interests of the ultimate consumer and thereby protecting the stability of the financial system," Swaminathan said.

He was tightlipped about the future course of action, but promised that customers' inconvenience will be minimized.

When asked about the reasons for the action, specifically if it has been triggered by the ownership structure at Paytm or if it is limited to KYC concerns, Das declined to reveal anything about the "bilateral engagements".

"The regulations are robust. It is not a case where there was a regulatory deficiency or there was a regulatory correction required. It's an issue of compliance, compliance with various parameters," he said.

Persistent non-compliance by Paytm with the regulatory guidelines despite nudges over a period of time ultimately led to the stern action against the fintech, the RBI said on Thursday and also made it clear that there are no systemic worries.

Persistent non-compliance by Paytm with the regulatory guidelines despite nudges over a period of time ultimately led to the stern action against the fintech, the RBI said on Thursday and also made it clear that there are no systemic worries. Without disclosing specific details of what led to the action against the fintech, Governor Shaktikanta Das made it clear that Paytm's lack of compliance to regulations does not pose a systemic threat. "There is no worry about the system at the moment. Here we are talking about a specific institution, a specific payment bank," Das told reporters at the central bank headquarters here at the customary post-policy media briefing. Deputy Governor Swaminathan J said the January 31 action against Paytm Payments Bank, wherein the RBI has barred it from onbaording new customers, and asked to stop services related to deposits, prepaid instruments and e-wallet after February 29, was the culmination of a long series of bilateral engagement. ALSO READ | Paytm faces regulatory hurdles in India while Walmart, Google seize market opportunity "This is a supervisory action on a regulated entity for persistent non-compliance. Such supervisory actions are invariably preceded by months and at times years of bilateral engagement, where we not only point out deficiencies but also provide more than adequate time for them to take corrective action," the commercial banker-turned-regulator said. Das said it starts with "nudges" from the regulator for corrective action and sometimes the RBI may give more than sufficient time to an entity to comply, and it is lack of compliance which ultimately leads to the business restrictions order. The proportionality aspect is taken into consideration before imposing any restriction, Das said, adding, "all our actions are in the best interest of systemic stability and protection of depositors or customers' interest. "These aspects cannot be compromised. Individual entities should be mindful of these aspects for their long-term success." Earlier in the day, Das' statement stressed on "good governance, robust risk management, sound compliance culture and protection of customers' interest" being of paramount importance for the Reserve Bank. Das said there are a lot of questions and concerns in the minds of people, and the Reserve Bank will be coming out with a detailed FAQ (frequently asked questions) next week which will make things clear. When asked about the decision to impose the rather strong action of business restrictions, without going for other alternatives like appointing a director on the board as it has done in some cases in the recent past, Swaminathan said an "one size fits all kind of solution may not work in such situations". ALSO READ | Explained | RBI orders Paytm’s banking arm to stop fresh business. What happens next? "As a regulator, it's incumbent upon us to protect the interests of the ultimate consumer and thereby protecting the stability of the financial system," Swaminathan said. He was tightlipped about the future course of action, but promised that customers' inconvenience will be minimized. When asked about the reasons for the action, specifically if it has been triggered by the ownership structure at Paytm or if it is limited to KYC concerns, Das declined to reveal anything about the "bilateral engagements". "The regulations are robust. It is not a case where there was a regulatory deficiency or there was a regulatory correction required. It's an issue of compliance, compliance with various parameters," he said.

Persistent non-compliance led to Paytm action, no systemic worries: RBI

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India nears landmark $100 bn investment pact with Switzerland, Norway

India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations.

<a href="https://www.wionews.com/business-economy/india-nearing-landmark-100-bn-investment-pact-with-switzerland-norway-688489">Read more</a>

S&amp;P 500 briefly touches the 5,000-mark. Here are the details

In a day marked by fluctuations, the S&amp;P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts.

<a href="https://www.wionews.com/business-economy/sp-500-inches-towards-5000-milestone-here-are-the-details-688492">Read more</a>

Cocoa prices skyrocket to unprecedented highs amid global supply concerns

World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future.

<a href="https://www.wionews.com/business-economy/cocoa-prices-skyrocket-to-unprecedented-highs-amid-global-supply-concerns-688501">Read more</a>

Tesla's revenue per employee trails behind competitors, amid layoff speculations

Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee.

<a href="https://www.wionews.com/business-economy/teslas-revenue-per-employee-trails-behind-competitors-amid-layoff-speculations-688508">Read more</a>

Google unveils Gemini AI, formerly Bard chatbot, introducing paid subscription service

To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model.

<a href="https://www.wionews.com/business-economy/google-unveils-gemini-ai-formerly-bard-chatbot-introducing-paid-subscription-service-688512">Read more</a>

Yen nears 10-week low, dollar strengthens as traders adjust rate expectations

The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance.

<a href="https://www.wionews.com/business-economy/yen-nears-10-week-low-dollar-strengthens-as-traders-adjust-rate-expectations-688518">Read more</a>

Trump's social media platform edges closer to $50 mn financing deal ahead of public debut

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal.

<a href="https://www.wionews.com/business-economy/trumps-social-media-platform-edges-closer-to-50-mn-financing-deal-ahead-of-public-debut-688545">Read more</a>

Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale

The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt.

<a href="https://www.wionews.com/business-economy/flynn-group-the-worlds-largest-franchisee-explores-potential-5-bn-plus-sale-688554">Read more</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India nears landmark $100 bn investment pact with Switzerland, Norway India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India nears landmark $100 bn investment pact with Switzerland, Norway India is on the brink of finalising a trade agreement that could potentially unleash a wave of investment worth $100 billion over 15 years from a select group of European nations. Read more S&P 500 briefly touches the 5,000-mark. Here are the details In a day marked by fluctuations, the S&P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts. Read more Cocoa prices skyrocket to unprecedented highs amid global supply concerns World cocoa prices reached historic highs on Thursday as traders scrambled to secure supplies, anticipating widening deficits for the ongoing season and expressing growing concerns for the future. Read more Tesla's revenue per employee trails behind competitors, amid layoff speculations Recent financial reports indicate that Tesla, the leading electric vehicle (EV) manufacturer, lags behind its automotive counterparts in the amount of revenue generated per employee. Read more Google unveils Gemini AI, formerly Bard chatbot, introducing paid subscription service To compete with Microsoft in the realm of artificial intelligence (AI) subscriptions, Google has rebranded its Bard chatbot as Gemini, powered by a new AI model. Read more Yen nears 10-week low, dollar strengthens as traders adjust rate expectations The yen found itself hovering near a 10-week low on Friday, while the dollar continued its upward trajectory towards a fourth consecutive weekly advance. Read more Trump's social media platform edges closer to $50 mn financing deal ahead of public debut Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal. Read more Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt. Read more

WION Business Wrap | S&P 500's historic high, soaring cocoa prices & more

<a name="OLE_LINK5"></a>

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal. <o:p></o:p>

A Reuters report cited sources familiar with the matter, who said that the deal, based on convertible notes, is expected to be announced in the coming days. <o:p></o:p>

The financing will play a crucial role in supporting DWAC as it navigates the final stages of its merger with Trump Media &amp; Technology Group (TMTG), the owner of the anticipated social media platform Truth Social.<o:p></o:p>

DWAC shares experienced a surge, closing 4.4 per cent higher at $47.66 following news of the impending financing deal. <o:p></o:p>

The stock has witnessed a remarkable threefold increase since January 15, coinciding with Trump's victory in the Iowa caucus, as investors anticipate the former president's return to the political arena, potentially enhancing the value of Truth Social. <o:p></o:p>

Investment firms, including Anson Funds, All Blue Capital, and Mangrove Partners, have reportedly expressed interest in purchasing the convertible notes, underscoring the financial community's keen interest in the venture.<o:p></o:p>

The merger journey for DWAC and TMTG has been marked by challenges and regulatory scrutiny. <o:p></o:p>

DWAC initially announced a $1 billion private-investment-in-public-equity (PIPE) transaction, which was later cancelled. <o:p></o:p>

Facing delays and regulatory scrutiny, the company amended its deal with TMTG in August 2021, giving Trump new shares in DWAC with increased voting power. <o:p></o:p>

The company has since faced investigations from the US Department of Justice and the Securities and Exchange Commission (SEC), leading to changes in its leadership and board. <o:p></o:p>

Despite these hurdles, DWAC is poised to draw $10 million from the $50 million convertible note raise for immediate use, with plans to tap the remainder upon completing the merger with TMTG.<o:p></o:p>

The path to completing the merger has been prolonged, with DWAC initially failing to meet the September 2022 deadline. <o:p></o:p>

A crucial amendment to the deal unwound the PIPE and granted Trump additional shares with enhanced voting authority.<o:p></o:p>

&nbsp;The company is currently awaiting SEC clearance to allow shareholders to vote on the merger with TMTG. <o:p></o:p>

DWAC's resilience is evidenced by its commitment to the process, as it expects to utilise $10 million from the convertible note raise immediately, with the remainder kept for the completion of the deal with TMTG.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal.

Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former US President Donald Trump's social media platform public, is reportedly on the brink of securing a $50 million financing deal. A Reuters report cited sources familiar with the matter, who said that the deal, based on convertible notes, is expected to be announced in the coming days. The financing will play a crucial role in supporting DWAC as it navigates the final stages of its merger with Trump Media & Technology Group (TMTG), the owner of the anticipated social media platform Truth Social. DWAC shares experienced a surge, closing 4.4 per cent higher at $47.66 following news of the impending financing deal. The stock has witnessed a remarkable threefold increase since January 15, coinciding with Trump's victory in the Iowa caucus, as investors anticipate the former president's return to the political arena, potentially enhancing the value of Truth Social. Investment firms, including Anson Funds, All Blue Capital, and Mangrove Partners, have reportedly expressed interest in purchasing the convertible notes, underscoring the financial community's keen interest in the venture. The merger journey for DWAC and TMTG has been marked by challenges and regulatory scrutiny. DWAC initially announced a $1 billion private-investment-in-public-equity (PIPE) transaction, which was later cancelled. Facing delays and regulatory scrutiny, the company amended its deal with TMTG in August 2021, giving Trump new shares in DWAC with increased voting power. The company has since faced investigations from the US Department of Justice and the Securities and Exchange Commission (SEC), leading to changes in its leadership and board. Despite these hurdles, DWAC is poised to draw $10 million from the $50 million convertible note raise for immediate use, with plans to tap the remainder upon completing the merger with TMTG. The path to completing the merger has been prolonged, with DWAC initially failing to meet the September 2022 deadline. A crucial amendment to the deal unwound the PIPE and granted Trump additional shares with enhanced voting authority. The company is currently awaiting SEC clearance to allow shareholders to vote on the merger with TMTG. DWAC's resilience is evidenced by its commitment to the process, as it expects to utilise $10 million from the convertible note raise immediately, with the remainder kept for the completion of the deal with TMTG. (With inputs from Reuters)

Truth Social deal partner set to receive $50 mn ahead of public debut: Report

In a day marked by fluctuations, the S&amp;P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Despite the market's initial excitement, the benchmark managed only a modest gain, highlighting the nuanced dynamics at play in the financial landscape.<o:p></o:p>

Beneath the surface, small-cap indexes demonstrated resilience, outperforming their larger counterparts. <o:p></o:p>

Semiconductor stocks, notably ARM Holdings, experienced a surge of 47.9 per cent after forecasting robust demand for artificial intelligence-related designs. <o:p></o:p>

Reflecting this positive trend, Keith Lerner, co-chief investment officer at Truist Advisory Services, noted a "risk-on appetite" and the ongoing leadership shown by the semiconductor sector.<o:p></o:p>

Walt Disney shares rose by 11.5 per cent, propelled by a profit that surpassed Wall Street estimates. <o:p></o:p>

The media giant also unveiled a comprehensive plan, including a $3 billion share repurchase initiative, a 50 per cent dividend increase, a gaming investment, and plans for an ESPN streaming service in 2025. <o:p></o:p>

Similarly, Spirit Airlines reported a narrower-than-expected loss, leading to a 3.3 per cent increase in its shares, with expectations of positive cash flow from the second quarter onwards.<o:p></o:p>

As more than half of S&amp;P 500 companies disclosed their quarterly earnings, an impressive 80.6 per cent exceeded expectations, surpassing the long-term average of 67 per cent. <o:p></o:p>

The economic data front revealed a slightly better-than-expected decrease in new claims for unemployment benefits, indicating underlying strength in the labour market.<o:p></o:p>

The S&amp;P 500, while closing just below the 5,000 mark, achieved a record high for the second consecutive day, underscoring investor optimism. <o:p></o:p>

Despite uncertainties surrounding interest rate cuts and concerns about regional bank stability, the index gained 2.85 points, or 0.06 per cent, to reach 4,997.91. <o:p></o:p>

The Dow Jones Industrial Average rose by 0.13 per cent, and the Nasdaq Composite posted a gain of 0.24 per cent.<o:p></o:p>

Leading the major-sector gains, the energy sector rose by 1.1 per cent in response to an increase in crude prices. <o:p></o:p>

Notably, the Russell 2000 small-cap index outperformed, closing up 1.5 per cent, while the Philadelphia semiconductor index ended 1.6 per cent higher, positioning itself as a significant beneficiary of artificial intelligence technology.<o:p></o:p>

However, amid the positive momentum, shares of New York Community Bancorp declined by 6.5 per cent following earlier gains. <o:p></o:p>

This shift came after the lender's appointment of a new executive chairman and considerations to reduce exposure to the troubled commercial real estate segment.<o:p></o:p>

Meanwhile, PayPal shares saw an 11.2 per cent decline after forecasting flat growth in adjusted profit for the current year, impacting the S&amp;P 500 financial sector.<o:p></o:p>

Market dynamics also witnessed notable movements in individual stocks, with Ralph Lauren's stock rallying by 16.8 per cent post a third-quarter revenue beat. <o:p></o:p>

Apparel maker Under Armour closed up 0.1 per cent, buoyed by an increased annual profit forecast.<o:p></o:p>

In the broader market context, advancing issues outnumbered decliners on both the NYSE and Nasdaq, highlighting a generally positive sentiment. <o:p></o:p>

The S&amp;P 500 recorded 56 new 52-week highs and 7 new lows, while the Nasdaq posted 249 new highs and 109 new lows, providing a comprehensive snapshot of the day's market activity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a day marked by fluctuations, the S&P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts.

In a day marked by fluctuations, the S&P 500 index made a brief but impactful touch on the 5,000-point milestone, leaving investors reacting to earnings reports, a steady jobs report, and insights from policymakers on potential interest rate cuts. This is based on a Reuters report. Despite the market's initial excitement, the benchmark managed only a modest gain, highlighting the nuanced dynamics at play in the financial landscape. Beneath the surface, small-cap indexes demonstrated resilience, outperforming their larger counterparts. Semiconductor stocks, notably ARM Holdings, experienced a surge of 47.9 per cent after forecasting robust demand for artificial intelligence-related designs. Reflecting this positive trend, Keith Lerner, co-chief investment officer at Truist Advisory Services, noted a "risk-on appetite" and the ongoing leadership shown by the semiconductor sector. Walt Disney shares rose by 11.5 per cent, propelled by a profit that surpassed Wall Street estimates. The media giant also unveiled a comprehensive plan, including a $3 billion share repurchase initiative, a 50 per cent dividend increase, a gaming investment, and plans for an ESPN streaming service in 2025. Similarly, Spirit Airlines reported a narrower-than-expected loss, leading to a 3.3 per cent increase in its shares, with expectations of positive cash flow from the second quarter onwards. As more than half of S&P 500 companies disclosed their quarterly earnings, an impressive 80.6 per cent exceeded expectations, surpassing the long-term average of 67 per cent. The economic data front revealed a slightly better-than-expected decrease in new claims for unemployment benefits, indicating underlying strength in the labour market. The S&P 500, while closing just below the 5,000 mark, achieved a record high for the second consecutive day, underscoring investor optimism. Despite uncertainties surrounding interest rate cuts and concerns about regional bank stability, the index gained 2.85 points, or 0.06 per cent, to reach 4,997.91. The Dow Jones Industrial Average rose by 0.13 per cent, and the Nasdaq Composite posted a gain of 0.24 per cent. Leading the major-sector gains, the energy sector rose by 1.1 per cent in response to an increase in crude prices. Notably, the Russell 2000 small-cap index outperformed, closing up 1.5 per cent, while the Philadelphia semiconductor index ended 1.6 per cent higher, positioning itself as a significant beneficiary of artificial intelligence technology. However, amid the positive momentum, shares of New York Community Bancorp declined by 6.5 per cent following earlier gains. This shift came after the lender's appointment of a new executive chairman and considerations to reduce exposure to the troubled commercial real estate segment. Meanwhile, PayPal shares saw an 11.2 per cent decline after forecasting flat growth in adjusted profit for the current year, impacting the S&P 500 financial sector. Market dynamics also witnessed notable movements in individual stocks, with Ralph Lauren's stock rallying by 16.8 per cent post a third-quarter revenue beat. Apparel maker Under Armour closed up 0.1 per cent, buoyed by an increased annual profit forecast. In the broader market context, advancing issues outnumbered decliners on both the NYSE and Nasdaq, highlighting a generally positive sentiment. The S&P 500 recorded 56 new 52-week highs and 7 new lows, while the Nasdaq posted 249 new highs and 109 new lows, providing a comprehensive snapshot of the day's market activity. (With inputs from Reuters)

S&P 500 briefly touches the 5,000-mark. Here are the details

In a significant economic shift, Mexico has emerged as the leading source of goods imported to the United States, overtaking China for the first time in more than two decades. <o:p></o:p>

According to a report by the Associated Press (AP), figures released by the US Commerce Department on Wednesday reveal that the value of goods imported from Mexico to the US rose nearly 5 per cent in 2023, reaching over $475 billion, while Chinese imports saw a significant decline of 20 per cent, totalling $427 billion.<o:p></o:p>

This historic change in import dynamics underscores the growing tensions between Washington and Beijing, with the US making deliberate efforts to diversify sources and foster relationships with countries closer to home. <o:p></o:p>

The Trump administration initiated tariffs on Chinese imports in 2018, a trend continued by President Biden, reflecting a bipartisan consensus on addressing trade imbalances and concerns about Beijing's trade practices.<o:p></o:p>

Amidst the strained US-China economic relations, the Biden administration has been encouraging companies to explore alternative sourcing strategies such as "friend-shoring" in allied countries or "reshoring" by bringing manufacturing back to the US.<o:p></o:p>

This shift is in response to the challenges posed by offshoring to China and the disruptions in global supply chains due to the COVID-19 pandemic, leading companies to seek suppliers closer to the United States, a strategy referred to as "near-shoring".<o:p></o:p>

The growing trend of importing goods from Mexico is not a straightforward narrative. <o:p></o:p>

While Mexico has benefited from the shift away from Chinese factories, some Chinese manufacturers have established operations in Mexico, leveraging the advantages of the US-Mexico-Canada Trade Agreement. <o:p></o:p>

This agreement, in effect for three years, facilitates duty-free trade in North America for many products. <o:p></o:p>

Derek Scissors, a China specialist at the American Enterprise Institute, highlighted that major drops in Chinese imports were observed in politically sensitive categories like computers, electronics, chemicals, and pharmaceuticals.<o:p></o:p>

Scissors suggested that the decline in US reliance on Chinese goods is influenced by wariness towards Beijing's economic policies, particularly under President Xi Jinping. <o:p></o:p>

Factors such as Xi's stringent COVID-19 lockdowns in 2022 and counterespionage investigations targeting foreign companies have contributed to a reassessment of China's reliability. <o:p></o:p>

He noted that the shift in import patterns may not be a temporary change, stating, "I don't see the US being comfortable with a rebound in those areas in 2024 and 2025."<o:p></o:p>

Overall, the US trade deficit in goods with the rest of the world narrowed by 10 per cent in the past year, amounting to $1.06 trillion.<o:p></o:p>

(With inputs from AP)<o:p></o:p>

In a significant economic shift, Mexico has emerged as the leading source of goods imported to the United States, overtaking China for the first time in more than two decades.

In a significant economic shift, Mexico has emerged as the leading source of goods imported to the United States, overtaking China for the first time in more than two decades. According to a report by the Associated Press (AP), figures released by the US Commerce Department on Wednesday reveal that the value of goods imported from Mexico to the US rose nearly 5 per cent in 2023, reaching over $475 billion, while Chinese imports saw a significant decline of 20 per cent, totalling $427 billion. This historic change in import dynamics underscores the growing tensions between Washington and Beijing, with the US making deliberate efforts to diversify sources and foster relationships with countries closer to home. The Trump administration initiated tariffs on Chinese imports in 2018, a trend continued by President Biden, reflecting a bipartisan consensus on addressing trade imbalances and concerns about Beijing's trade practices. Amidst the strained US-China economic relations, the Biden administration has been encouraging companies to explore alternative sourcing strategies such as "friend-shoring" in allied countries or "reshoring" by bringing manufacturing back to the US. This shift is in response to the challenges posed by offshoring to China and the disruptions in global supply chains due to the COVID-19 pandemic, leading companies to seek suppliers closer to the United States, a strategy referred to as "near-shoring". The growing trend of importing goods from Mexico is not a straightforward narrative. While Mexico has benefited from the shift away from Chinese factories, some Chinese manufacturers have established operations in Mexico, leveraging the advantages of the US-Mexico-Canada Trade Agreement. This agreement, in effect for three years, facilitates duty-free trade in North America for many products. Derek Scissors, a China specialist at the American Enterprise Institute, highlighted that major drops in Chinese imports were observed in politically sensitive categories like computers, electronics, chemicals, and pharmaceuticals. Scissors suggested that the decline in US reliance on Chinese goods is influenced by wariness towards Beijing's economic policies, particularly under President Xi Jinping. Factors such as Xi's stringent COVID-19 lockdowns in 2022 and counterespionage investigations targeting foreign companies have contributed to a reassessment of China's reliability. He noted that the shift in import patterns may not be a temporary change, stating, "I don't see the US being comfortable with a rebound in those areas in 2024 and 2025." Overall, the US trade deficit in goods with the rest of the world narrowed by 10 per cent in the past year, amounting to $1.06 trillion. (With inputs from AP)

Mexico surpasses China as top source of US imports amid global economic shifts

In a stark warning, TAG Immobilen, one of Germany's largest landlords, has forecasted that home prices in the country could plunge as much as 30 per cent below their 2022 peak, portraying a more pessimistic outlook than its counterparts. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The co-CEO of TAG Immobilen, Martin Thiel, expressed a somber view of Europe's largest residential property market, noting that while they anticipate a bottoming out at a 20 per cent decline, the company is preparing for a potential 25 per cent or 30 per cent drop. <o:p></o:p>

Thiel emphasised the need for financial precautions, stating, "The balance sheet must be able to withstand that. You simply need that cushion."<o:p></o:p>

Thiel's assessment contrasts sharply with the more optimistic outlook presented by Germany's largest listed property group, Vonovia. <o:p></o:p>

CEO Rolf Buch expressed cautious optimism that the worst might be over for the property market, acknowledging potential lower valuations in the next half-year but suggesting a turnaround soon. <o:p></o:p>

Despite a 10 per cent write-down of property value by Vonovia, Buch compared the market situation to Formula One racing, indicating an imminent acceleration after a period of braking.<o:p></o:p>

Germany's property industry, valued at 670 billion euros, plays a critical role in the country's economy, contributing significantly to jobs and output. <o:p></o:p>

Thiel's perspective diverges from other industry leaders, including LEG Immobilien's CEO Lars von Lackum, who remains more sanguine, stating, "The German property market is not going to implode." <o:p></o:p>

While Germany experienced a property boom in recent years, a sudden rise in interest rates and building costs has led to insolvencies and frozen deals, making it the hardest-hit country in Europe in the current property market upheaval.<o:p></o:p>

Thiel's comments offer a unique insight into an industry dominated by small, privately-owned companies. <o:p></o:p>

The reluctance to book losses among investors and executives has been a prevailing sentiment, hoping for an improvement in market conditions. <o:p></o:p>

Thiel highlighted the existing standstill in deals, with both buyers and sellers reluctant to bridge the gap in price expectations. <o:p></o:p>

He mentioned, "Potential buyers know that the prices have changed. Both sides are some way apart. That is why we partially have a standstill."<o:p></o:p>

Thiel admitted to misjudging the scale of the slump, leading to strategic measures such as withholding dividends, selling properties, and raising capital. <o:p></o:p>

The unforeseen volatility in the market has prompted a reassessment of stability, with Thiel reflecting, "If you had asked at the beginning of 2022 whether prices for apartments... would fall by 20 per cent, I probably would have said: impossible. The business is too stable for that.”<o:p></o:p>

Looking ahead, the forecast for the German property market in 2024 appears grim. Economic institute DIW predicts a decline in construction spending, marking the first decrease since the financial crisis, with stabilisation expected in 2025. <o:p></o:p>

The ongoing challenges in the property sector have led to calls for emergency aid, emphasising the broader economic implications of the downturn.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a stark warning, TAG Immobilen, one of Germany's largest landlords, has forecasted that home prices in the country could plunge as much as 30 per cent below their 2022 peak, portraying a more pessimistic outlook than its counterparts.

In a stark warning, TAG Immobilen, one of Germany's largest landlords, has forecasted that home prices in the country could plunge as much as 30 per cent below their 2022 peak, portraying a more pessimistic outlook than its counterparts. This is based on a Reuters report. The co-CEO of TAG Immobilen, Martin Thiel, expressed a somber view of Europe's largest residential property market, noting that while they anticipate a bottoming out at a 20 per cent decline, the company is preparing for a potential 25 per cent or 30 per cent drop. Thiel emphasised the need for financial precautions, stating, "The balance sheet must be able to withstand that. You simply need that cushion." Thiel's assessment contrasts sharply with the more optimistic outlook presented by Germany's largest listed property group, Vonovia. CEO Rolf Buch expressed cautious optimism that the worst might be over for the property market, acknowledging potential lower valuations in the next half-year but suggesting a turnaround soon. Despite a 10 per cent write-down of property value by Vonovia, Buch compared the market situation to Formula One racing, indicating an imminent acceleration after a period of braking. Germany's property industry, valued at 670 billion euros, plays a critical role in the country's economy, contributing significantly to jobs and output. Thiel's perspective diverges from other industry leaders, including LEG Immobilien's CEO Lars von Lackum, who remains more sanguine, stating, "The German property market is not going to implode." While Germany experienced a property boom in recent years, a sudden rise in interest rates and building costs has led to insolvencies and frozen deals, making it the hardest-hit country in Europe in the current property market upheaval. Thiel's comments offer a unique insight into an industry dominated by small, privately-owned companies. The reluctance to book losses among investors and executives has been a prevailing sentiment, hoping for an improvement in market conditions. Thiel highlighted the existing standstill in deals, with both buyers and sellers reluctant to bridge the gap in price expectations. He mentioned, "Potential buyers know that the prices have changed. Both sides are some way apart. That is why we partially have a standstill." Thiel admitted to misjudging the scale of the slump, leading to strategic measures such as withholding dividends, selling properties, and raising capital. The unforeseen volatility in the market has prompted a reassessment of stability, with Thiel reflecting, "If you had asked at the beginning of 2022 whether prices for apartments... would fall by 20 per cent, I probably would have said: impossible. The business is too stable for that.” Looking ahead, the forecast for the German property market in 2024 appears grim. Economic institute DIW predicts a decline in construction spending, marking the first decrease since the financial crisis, with stabilisation expected in 2025. The ongoing challenges in the property sector have led to calls for emergency aid, emphasising the broader economic implications of the downturn. (With inputs from Reuters)

German property market faces bleak outlook as TAG Immobilen warns of 30pc price decline

In a staggering downturn, Snap, the parent company of Snapchat, witnessed a sharp decline of over 32 per cent in its shares on Wednesday, following disappointing fourth-quarter revenue results that fell short of Wall Street expectations. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The plummeting stock value, coupled with the struggle to compete for advertising dollars against industry giants like Meta and Alphabet, raises concerns about Snap's ability to maintain its market momentum.<o:p></o:p>

Snap's fourth-quarter revenue reached $1.36 billion, missing the estimated $1.38 billion, marking a significant setback for the company in the fiercely competitive advertising landscape. <o:p></o:p>

Unlike Snap, Meta experienced a remarkable 25 per cent surge in advertising sales during the holiday quarter, while Alphabet's Google ad business grew by 11 per cent, with YouTube ad sales increasing by 16 per cent in the same period.<o:p></o:p>

Jasmine Enberg, principal analyst at Insider Intelligence, commented on Snap's performance, stating, "Once again, Snap's results have disappointed investors," noting that the company's rebound is struggling to keep pace with the significant successes of tech giants in the advertising arena. <o:p></o:p>

Susannah Streeter, head of money and markets at Hargreaves Lansdown, emphasised the concern over Snap's management, stating that the recent disappointing results have turned into a "crisis of confidence”.<o:p></o:p>

The market reaction to Snap's underwhelming performance is further intensified by the company's decision to lay off 10 per cent of its workforce, amounting to 528 employees. <o:p></o:p>

This move aims to "invest incrementally" in Snap's growth over time, but Bernstein analyst Mark Shmulik points out that despite these layoffs, the cost per employee remains high compared to industry benchmarks, while ad revenue growth lags behind. <o:p></o:p>

Snap's shares currently trade at a forward price-to-earnings (PE) ratio of 88.37, in stark contrast to Meta's 22.71 and Pinterest's 29.47, indicating a less attractive investment opportunity.<o:p></o:p>

"Investor patience has been tested, and it's clear fewer are optimistic about Snap's ability to bounce back from the ad slump," noted Susannah Streeter. <o:p></o:p>

The market response signals a crisis for Snap, with its shares heading for the worst day since July 2022.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a staggering downturn, Snap, the parent company of Snapchat, witnessed a sharp decline of over 32 per cent in its shares on Wednesday, following disappointing fourth-quarter revenue results that fell short of Wall Street expectations.

In a staggering downturn, Snap, the parent company of Snapchat, witnessed a sharp decline of over 32 per cent in its shares on Wednesday, following disappointing fourth-quarter revenue results that fell short of Wall Street expectations. This is based on a Reuters report. The plummeting stock value, coupled with the struggle to compete for advertising dollars against industry giants like Meta and Alphabet, raises concerns about Snap's ability to maintain its market momentum. Snap's fourth-quarter revenue reached $1.36 billion, missing the estimated $1.38 billion, marking a significant setback for the company in the fiercely competitive advertising landscape. Unlike Snap, Meta experienced a remarkable 25 per cent surge in advertising sales during the holiday quarter, while Alphabet's Google ad business grew by 11 per cent, with YouTube ad sales increasing by 16 per cent in the same period. Jasmine Enberg, principal analyst at Insider Intelligence, commented on Snap's performance, stating, "Once again, Snap's results have disappointed investors," noting that the company's rebound is struggling to keep pace with the significant successes of tech giants in the advertising arena. Susannah Streeter, head of money and markets at Hargreaves Lansdown, emphasised the concern over Snap's management, stating that the recent disappointing results have turned into a "crisis of confidence”. The market reaction to Snap's underwhelming performance is further intensified by the company's decision to lay off 10 per cent of its workforce, amounting to 528 employees. This move aims to "invest incrementally" in Snap's growth over time, but Bernstein analyst Mark Shmulik points out that despite these layoffs, the cost per employee remains high compared to industry benchmarks, while ad revenue growth lags behind. Snap's shares currently trade at a forward price-to-earnings (PE) ratio of 88.37, in stark contrast to Meta's 22.71 and Pinterest's 29.47, indicating a less attractive investment opportunity. "Investor patience has been tested, and it's clear fewer are optimistic about Snap's ability to bounce back from the ad slump," noted Susannah Streeter. The market response signals a crisis for Snap, with its shares heading for the worst day since July 2022. (With inputs from Reuters)

Snap faces investor backlash as ad revenue stumbles against tech giants Meta, Alphabet

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is preparing to launch a substantial $4-5 billion fund aimed at investing in India through the tax-neutral finance hub in Gujarat, known as Gujarat International Finance Tec-City (GIFT City). <o:p></o:p>

According to Reuters, two undisclosed sources with direct knowledge of the matter revealed that the regulatory authority for financial services at GIFT City has granted in-principal approval for ADIA to establish the fund.<o:p></o:p>

This strategic decision by ADIA, first announced in a joint statement by India and the UAE last July, positions the sovereign wealth fund as the pioneer in making investments in India through GIFT City. <o:p></o:p>

The regulatory approval, not previously reported, signifies a step forward for the fund's entry into the Indian market. <o:p></o:p>

ADIA's spokesperson declined to comment, and queries to the International Financial Services Authority (IFSCA), the hub's regulatory body, went unanswered.<o:p></o:p>

The $4-5 billion fund is expected to be operational by the middle of this year, as stated by one of the sources. <o:p></o:p>

These allocated funds will be systematically invested in India, marking a major financial development for the region. <o:p></o:p>

Investments can cover a diverse range of assets, including Indian and foreign equities, debt securities, and more.<o:p></o:p>

GIFT City, located in Prime Minister Narendra Modi's home state of Gujarat, has been gaining attention as Modi's government aims to enhance its financial significance. <o:p></o:p>

Recent initiatives include allowing unlisted Indian firms to list shares directly on exchanges within the city. <o:p></o:p>

Finance Minister Nirmala Sitharam emphasised during the budget announcement that GIFT City is envisioned as a "gateway for global capital and financial services for the economy".<o:p></o:p>

ADIA's approval to operate in GIFT City is seen as a landmark decision, coming just ahead of Prime Minister Modi's scheduled visit to Abu Dhabi to inaugurate a grand temple. <o:p></o:p>

This move strengthens the bilateral ties between India and the UAE, with trade reaching $85 billion for the financial year ending March 2023. <o:p></o:p>

The UAE is also home to one of the world's largest Indian diaspora populations, constituting almost 35 per cent of the country's total population.<o:p></o:p>

The financial landscape within GIFT City offers enticing benefits, including a 10-year tax holiday for companies establishing their presence there. <o:p></o:p>

Additionally, there are no taxes imposed on fund transfers from overseas jurisdictions, providing proximity to Indian markets. <o:p></o:p>

ADIA and its subsidiaries have been granted exemptions from long-term capital gains taxes on Indian investments, a special provision applicable until March 2025 ([Reuters]).<o:p></o:p>

As of December 2023, GIFT City had 95 local and global funds with commitments totalling $30 billion and investments exceeding $2.93 billion. <o:p></o:p>

The International Financial Services Authority (IFSCA) is actively engaging in early discussions with other sovereign wealth funds to set up operations in GIFT City, indicating the growing appeal of this finance hub.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is preparing to launch a substantial $4-5 billion fund aimed at investing in India through the tax-neutral finance hub in Gujarat, known as Gujarat International Finance Tec-City (GIFT City).

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is preparing to launch a substantial $4-5 billion fund aimed at investing in India through the tax-neutral finance hub in Gujarat, known as Gujarat International Finance Tec-City (GIFT City). According to Reuters, two undisclosed sources with direct knowledge of the matter revealed that the regulatory authority for financial services at GIFT City has granted in-principal approval for ADIA to establish the fund. This strategic decision by ADIA, first announced in a joint statement by India and the UAE last July, positions the sovereign wealth fund as the pioneer in making investments in India through GIFT City. The regulatory approval, not previously reported, signifies a step forward for the fund's entry into the Indian market. ADIA's spokesperson declined to comment, and queries to the International Financial Services Authority (IFSCA), the hub's regulatory body, went unanswered. The $4-5 billion fund is expected to be operational by the middle of this year, as stated by one of the sources. These allocated funds will be systematically invested in India, marking a major financial development for the region. Investments can cover a diverse range of assets, including Indian and foreign equities, debt securities, and more. GIFT City, located in Prime Minister Narendra Modi's home state of Gujarat, has been gaining attention as Modi's government aims to enhance its financial significance. Recent initiatives include allowing unlisted Indian firms to list shares directly on exchanges within the city. Finance Minister Nirmala Sitharam emphasised during the budget announcement that GIFT City is envisioned as a "gateway for global capital and financial services for the economy". ADIA's approval to operate in GIFT City is seen as a landmark decision, coming just ahead of Prime Minister Modi's scheduled visit to Abu Dhabi to inaugurate a grand temple. This move strengthens the bilateral ties between India and the UAE, with trade reaching $85 billion for the financial year ending March 2023. The UAE is also home to one of the world's largest Indian diaspora populations, constituting almost 35 per cent of the country's total population. The financial landscape within GIFT City offers enticing benefits, including a 10-year tax holiday for companies establishing their presence there. Additionally, there are no taxes imposed on fund transfers from overseas jurisdictions, providing proximity to Indian markets. ADIA and its subsidiaries have been granted exemptions from long-term capital gains taxes on Indian investments, a special provision applicable until March 2025 ([Reuters]). As of December 2023, GIFT City had 95 local and global funds with commitments totalling $30 billion and investments exceeding $2.93 billion. The International Financial Services Authority (IFSCA) is actively engaging in early discussions with other sovereign wealth funds to set up operations in GIFT City, indicating the growing appeal of this finance hub. (With inputs from Reuters)

UAE's ADIA unveils ambitious $4-5bn investment plan in India via Gujarat's finance hub

In a twist for the fixed-income market, uncertainty is making a comeback after the Federal Reserve's recent statements and robust economic data threw a curveball into expectations.<o:p></o:p>

According to a Reuters report, investors who rode the explosive rally that elevated bond prices at the close of 2023 are now facing heightened risks as they reassess their bets on when the Federal Reserve might cut interest rates this year.<o:p></o:p>

Late last year, a surge in Treasury investments was fuelled by the anticipation of a first-quarter rate cut by the Fed. <o:p></o:p>

However, the landscape is shifting following a blowout US jobs report and a cautious Federal Reserve message, warning that premature rate cuts could trigger an inflationary rebound.<o:p></o:p>

Yields on the 10-year Treasury, inversely related to prices, have surged by 20 basis points from December's lows, prompting investors to reconsider their strategies.<o:p></o:p>

Reuters quoted Robert Tipp, the chief investment strategist at PGIM Fixed Income, managing $794 billion in assets, who said, "The combination of the jobs numbers and the Fed press conference has really caused a splintering in the potential outcomes."<o:p></o:p>

Tipp suggests that 10-year yields could approach last year's high of approximately 5 per cent this year, up from the current level of around 4.1 per cent.<o:p></o:p>

The uncertainty reflects in the futures market as well, with investors now assigning only a 20 per cent chance of a Federal Reserve rate cut in March, down from 64 per cent a month ago. <o:p></o:p>

Federal Reserve Chair Jerome Powell, dismissing expectations of a March cut, emphasised the need for greater confidence in inflation moving towards its 2 per cent target.<o:p></o:p>

John Madziyire, head of US Treasuries and TIPS at Vanguard, expressed a shift in strategy, stating, "Now maybe we'll start scaling in at 4.25 per cent on the view that we could potentially go to 4.5 per cent, pricing a ... higher-for-longer scenario."<o:p></o:p>

The uncertainty is prompting some investors to reconsider their positions. <o:p></o:p>

Spencer Hakimian, CEO of Tolou Capital Management, has been reducing exposure to long-term Treasuries and adding shorter-term ones, anticipating elevated rates for a longer duration. <o:p></o:p>

The risk of higher interest rates impacting the value of long-duration bonds is a concern for many investors.<o:p></o:p>

The looming uncertainty is also fuelled by expectations of nearly $2 trillion in new US government bond issuance this year. <o:p></o:p>

Investors fear that rising yields may be necessary to attract buyers, given the potential fiscal impact and warnings from rating agencies Fitch and Moody's.<o:p></o:p>

Despite the rise in yields, the stock market has remained resilient. The S&amp;P 500 is up over 4 per cent for the year and near a record high.<o:p></o:p>

Matt Eagan, portfolio manager at Loomis, Sayles &amp; Company, predicts 10-year yields at 4.5 per cent, partly due to anticipated large government issuance.<o:p></o:p>

Amid the uncertainty, many still believe that the overall direction for rates is lower, contingent on inflation maintaining a cooling trend. <o:p></o:p>

Federal Reserve officials, projecting three quarter-point rate cuts this year, signal a cautious approach, adjusting the pace rather than ruling out rate cuts altogether.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a twist for the fixed-income market, uncertainty is making a comeback after the Federal Reserve's recent statements and robust economic data threw a curveball into expectations.

In a twist for the fixed-income market, uncertainty is making a comeback after the Federal Reserve's recent statements and robust economic data threw a curveball into expectations. According to a Reuters report, investors who rode the explosive rally that elevated bond prices at the close of 2023 are now facing heightened risks as they reassess their bets on when the Federal Reserve might cut interest rates this year. Late last year, a surge in Treasury investments was fuelled by the anticipation of a first-quarter rate cut by the Fed. However, the landscape is shifting following a blowout US jobs report and a cautious Federal Reserve message, warning that premature rate cuts could trigger an inflationary rebound. Yields on the 10-year Treasury, inversely related to prices, have surged by 20 basis points from December's lows, prompting investors to reconsider their strategies. Reuters quoted Robert Tipp, the chief investment strategist at PGIM Fixed Income, managing $794 billion in assets, who said, "The combination of the jobs numbers and the Fed press conference has really caused a splintering in the potential outcomes." Tipp suggests that 10-year yields could approach last year's high of approximately 5 per cent this year, up from the current level of around 4.1 per cent. The uncertainty reflects in the futures market as well, with investors now assigning only a 20 per cent chance of a Federal Reserve rate cut in March, down from 64 per cent a month ago. Federal Reserve Chair Jerome Powell, dismissing expectations of a March cut, emphasised the need for greater confidence in inflation moving towards its 2 per cent target. John Madziyire, head of US Treasuries and TIPS at Vanguard, expressed a shift in strategy, stating, "Now maybe we'll start scaling in at 4.25 per cent on the view that we could potentially go to 4.5 per cent, pricing a ... higher-for-longer scenario." The uncertainty is prompting some investors to reconsider their positions. Spencer Hakimian, CEO of Tolou Capital Management, has been reducing exposure to long-term Treasuries and adding shorter-term ones, anticipating elevated rates for a longer duration. The risk of higher interest rates impacting the value of long-duration bonds is a concern for many investors. The looming uncertainty is also fuelled by expectations of nearly $2 trillion in new US government bond issuance this year. Investors fear that rising yields may be necessary to attract buyers, given the potential fiscal impact and warnings from rating agencies Fitch and Moody's. Despite the rise in yields, the stock market has remained resilient. The S&P 500 is up over 4 per cent for the year and near a record high. Matt Eagan, portfolio manager at Loomis, Sayles & Company, predicts 10-year yields at 4.5 per cent, partly due to anticipated large government issuance. Amid the uncertainty, many still believe that the overall direction for rates is lower, contingent on inflation maintaining a cooling trend. Federal Reserve officials, projecting three quarter-point rate cuts this year, signal a cautious approach, adjusting the pace rather than ruling out rate cuts altogether. (With inputs from Reuters)

Uncertainty looms over US treasury market as Fed signals caution

<a name="OLE_LINK1"></a>The Reserve Bank of India (RBI) has opted to maintain the status quo on interest rates, keeping the repo rates unchanged at 6.5 per cent, as announced by Governor Shaktikanta Das following the Monetary Policy Committee (MPC) meeting on Thursday. <o:p></o:p>

This decision marks a continuation of the RBI's approach over the past year, where the repo rate has remained at 6.5 per cent since the last increase in February 2023, aimed at curbing inflation influenced by global factors.

"This decision underscores the central bank's cautious approach, balancing economic stability, and inflationary concerns in a volatile pre-election environment," Adhil Shetty, CEO of Bankbazaar.com said.

Shetty mentioned that in the current economic landscape, there is persistent concern about food inflation, whereas core inflation has exhibited signs of softening, prompting a positive response from the market.

He further noted that globally, growth remains stable, with indicators suggesting recovery in FY24.

However, Shetty also pointed out that central banks are exercising caution, prioritising financial stability before committing to major rate cuts.

On the subject of loans, Shetty noted, "While home buyers in India had hoped for rate reductions to bolster their purchasing confidence, the RBI's decision to maintain interest rates, albeit on the higher side, ensures loans remain relatively stable. Despite this, the residential real estate sector in India continues to show resilience, with an uptick in property purchases."

In addition to the interest rate decision, the RBI revised the GDP growth rate for the fiscal year 2023-24, indicating an upward adjustment from 7 per cent to 7.3 per cent. <o:p></o:p>

The central bank also provided insights into its inflation outlook, projecting consumer inflation at 5.4 per cent for the current financial year (2023-24) and further anticipating a decrease to 4.5 per cent in the upcoming fiscal year (2024-25).

Despite a decline in retail inflation from its peak of 7.44 per cent in July 2023, the current rate stands at 5.69 per cent as of December 2023.

Shetty stated that rural demand remains robust, supported by the extension of welfare schemes, which further bolsters economic activity.

Additionally, he&nbsp;mentioned that looking ahead, the projected real GDP growth for FY 2024-2025 stands at a promising 7 per cent, signalling optimism for sustained economic expansion.

<o:p></o:p><o:p></o:p>

While this remains elevated, it falls within the Reserve Bank's comfort zone of 4-6 per cent.<o:p></o:p>

The Reserve Bank of India (RBI) has opted to maintain the status quo on interest rates, keeping the repo rates unchanged at 6.5 per cent, as announced by Governor Shaktikanta Das following the Monetary Policy Committee (MPC) meeting on Thursday.

The Reserve Bank of India (RBI) has opted to maintain the status quo on interest rates, keeping the repo rates unchanged at 6.5 per cent, as announced by Governor Shaktikanta Das following the Monetary Policy Committee (MPC) meeting on Thursday. This decision marks a continuation of the RBI's approach over the past year, where the repo rate has remained at 6.5 per cent since the last increase in February 2023, aimed at curbing inflation influenced by global factors. "This decision underscores the central bank's cautious approach, balancing economic stability, and inflationary concerns in a volatile pre-election environment," Adhil Shetty, CEO of Bankbazaar.com said. Shetty mentioned that in the current economic landscape, there is persistent concern about food inflation, whereas core inflation has exhibited signs of softening, prompting a positive response from the market. He further noted that globally, growth remains stable, with indicators suggesting recovery in FY24. However, Shetty also pointed out that central banks are exercising caution, prioritising financial stability before committing to major rate cuts. On the subject of loans, Shetty noted, "While home buyers in India had hoped for rate reductions to bolster their purchasing confidence, the RBI's decision to maintain interest rates, albeit on the higher side, ensures loans remain relatively stable. Despite this, the residential real estate sector in India continues to show resilience, with an uptick in property purchases." In addition to the interest rate decision, the RBI revised the GDP growth rate for the fiscal year 2023-24, indicating an upward adjustment from 7 per cent to 7.3 per cent. The central bank also provided insights into its inflation outlook, projecting consumer inflation at 5.4 per cent for the current financial year (2023-24) and further anticipating a decrease to 4.5 per cent in the upcoming fiscal year (2024-25). Despite a decline in retail inflation from its peak of 7.44 per cent in July 2023, the current rate stands at 5.69 per cent as of December 2023. Shetty stated that rural demand remains robust, supported by the extension of welfare schemes, which further bolsters economic activity. Additionally, he mentioned that looking ahead, the projected real GDP growth for FY 2024-2025 stands at a promising 7 per cent, signalling optimism for sustained economic expansion. While this remains elevated, it falls within the Reserve Bank's comfort zone of 4-6 per cent.

RBI keeps interest rates steady at 6.5pc, revises GDP growth outlook for 2023-24

Finland, home to legendary telecom giant Nokia and several other beloved brands, is among the countries engaged in India's growing market for years now. Business Finland, a leader in promoting Finnish business interests in India, is bullish about the South Asian economy as a business and investment destination and is helping Finnish companies achieve global growth through strategic matchmaking with Indian system integrators.&nbsp;

<h2>Indian markets with Finnish expertise</h2>

"India is the most important market so we started this programme with India and we are going to expand this further," said Robin Singh, head of the System Integrator Programme at Business Finland, in an exclusive interview with WION.

By partnering with key Indian integrators like Infosys and HCl, Business Finland matches Finnish technological expertise with Indian market needs, fostering fruitful collaborations, said Singh, explaining the group's strategies and initiatives.&nbsp;

He was speaking on the sidelines of an event organised in collaboration with the Embassy of Finland in India on Wednesday (Feb 7).

"We understand their (Indian companies) needs and what their clients are looking for and we go back to Finland, search for the right technologies partner from Finland, and bring them here to matchmake them with Indian system integrators."&nbsp;

<h2>India as the market place: Cultural understanding and market navigation</h2>

Singh stressed the importance of patience and focus when entering a diverse and complex market like India.&nbsp;

"The most important part is for them [companies] to understand the complexity of the Indian market. There was this company which came to us last year and they told us that when they started working in India, 30 years back, India was the most loss-making country for them but today India is the biggest market both in terms of value and volumes for them globally," he shared.&nbsp;

"So, that is the kind of reward that you get from India and we always tell them that when you come to India, take our support, take our guidance and you will be rewarded really really well."

Also Read |&nbsp;<a data-ved="2ahUKEwjfr-mxipuEAxWpn2MGHQ4SDMEQxfQBKAB6BAgIEAE" href="https://www.wionews.com/world/g20-raised-indias-profile-as-voice-of-global-south-imec-has-potential-finnish-envoy-to-wion-660098" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/g20-raised-indias-profile-as-voice-of-global-south-imec-has-potential-finnish-envoy-to-wion-660098&amp;ved=2ahUKEwjfr-mxipuEAxWpn2MGHQ4SDMEQxfQBKAB6BAgIEAE">G20 raised India`s profile as voice of Global South, IMEC has potential: Finnish envoy to WION</a>

"India is a complex market. India is a big market," he said, adding, "But having said this, India is also a very rewarding market. India has already become, for some of our companies, either the biggest market already in the world for them or if not the biggest, one of the top three markets for our companies globally."

Business Finland provides essential support to Finnish companies, offering guidance on navigating cultural nuances and finding the right partners to ensure success in India's dynamic business landscape, he said.

"We explain that to Finnish companies and tell them that if you are looking at India, be patient, be focused. You just can't knock on the door, try and sell something and go back. It's not going to work that way in India. If you have to come and get rewarded in India, find the right partners, take our support and we can help them with market research, we can help them find the right partners. We can also guide them and navigate them in this complex Indian market," Singh said.&nbsp;

<h2>Fostering collaboration through strategic events</h2>

Business Finland creates opportunities for meaningful engagement and partnership building, by partnering with organisations like the Finnish Chamber of Commerce and participating in key tech summits.

Business Finland organises industry-specific meetings, networking events, and delegations to facilitate collaboration between Finnish and Indian companies.&nbsp;

"We also have the Finnish Chamber of Commerce, which has about 35 companies, part of the planning that they have and we organise events for Fincham. We also organise delegations with visits of Finnish companies to India," Singh pointed out. 
&nbsp; 
"These are our own events and then we also are the prime partners for other events such as the Bengaluru Tech Summit. We also have a collaboration with the government of Karnataka. We also participate in the India Mobile Congress (IMC) and then we also collaborate at the global scale for events Mobile World Congress etc."&nbsp;

Singh highlighted the significance of India's growing startup ecosystem and the potential for Finnish companies to thrive in collaboration. With a focus on emerging technologies like 6G, Artificial Intelligence, and sustainability, Business Finland looks forward to foster research partnerships and commercial ventures between Finnish and Indian entities.&nbsp;

<h2>6G Bridge programme: Seizing opportunities in emerging technologies</h2>

By leveraging India's aspirations in the 6G space in mobile telephony and Finland's expertise, the 6G Bridge programme seeks to facilitate collaboration between Indian system integrators and Finnish entities.&nbsp;

"There was a report where the government of India said that India would want to have at least 10 per cent of the total Intellectual Property Rights (IPR) registration globally in the 6G space and we at Finland and Finland as a country, we have decided to be the torchbearer of 6G globally."

"In the year 2018, we started working on 6G and the government has funded about 300 million euros to develop the right set of 6G skills and research within Finland and we believe that what India is looking for and what Finland can offer there is a great match."

<h2>6G Mobile World Congress 2024</h2>

Singh said that this year, at the 6G Mobile World Congress they are taking about 20 countries including Finland in the communication space, metaverse, and sustainability.&nbsp;

"Along with these 20 countries, we are also taking four research centres including the University of Oulu. We have already reached out to the system integrators from India. We have received a positive response and they have also agreed to do very focused matchmaking events in Barcelona."

<h2>Partnerships in AI</h2>

Finnish companies are seeking collaboration with Indian firms on AI, where India boasts a vast and rapidly growing market, fueled by a combination of technological advancements and increasing&nbsp;digitalisation.

WATCH | Finnish envoy speaks to WION on IMEC, G20, India-EU FTA &amp; more | WION Originals

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On this, Singh said, "We are the first country in Europe to have a metaverse strategy. We are the second in Europe to have an AI strategy. We are very strong. We are called the torchbearers of communication technologies and we are number one in sustainability solutions globally. Looking at the opportunities in India and the push from the government I think sustainability and AI... these are the two areas where I believe we are going to see a lot of opportunities for the Finnish companies, especially in the sustainability&nbsp;space."

&nbsp;

Finland, home to legendary telecom giant Nokia and several other beloved brands, is among the countries engaged in India's growing market for years now. Business Finland, a leader in promoting Finnish business interests in India, is bullish about the South Asian economy as a business and investment destination and is helping Finnish companies achieve global growth through strategic matchmaking with Indian system integrators.

Finland, home to legendary telecom giant Nokia and several other beloved brands, is among the countries engaged in India's growing market for years now. Business Finland, a leader in promoting Finnish business interests in India, is bullish about the South Asian economy as a business and investment destination and is helping Finnish companies achieve global growth through strategic matchmaking with Indian system integrators. Indian markets with Finnish expertise "India is the most important market so we started this programme with India and we are going to expand this further," said Robin Singh, head of the System Integrator Programme at Business Finland, in an exclusive interview with WION. By partnering with key Indian integrators like Infosys and HCl, Business Finland matches Finnish technological expertise with Indian market needs, fostering fruitful collaborations, said Singh, explaining the group's strategies and initiatives. He was speaking on the sidelines of an event organised in collaboration with the Embassy of Finland in India on Wednesday (Feb 7). "We understand their (Indian companies) needs and what their clients are looking for and we go back to Finland, search for the right technologies partner from Finland, and bring them here to matchmake them with Indian system integrators." India as the market place: Cultural understanding and market navigation Singh stressed the importance of patience and focus when entering a diverse and complex market like India. "The most important part is for them [companies] to understand the complexity of the Indian market. There was this company which came to us last year and they told us that when they started working in India, 30 years back, India was the most loss-making country for them but today India is the biggest market both in terms of value and volumes for them globally," he shared. "So, that is the kind of reward that you get from India and we always tell them that when you come to India, take our support, take our guidance and you will be rewarded really really well." Also Read | G20 raised India`s profile as voice of Global South, IMEC has potential: Finnish envoy to WION "India is a complex market. India is a big market," he said, adding, "But having said this, India is also a very rewarding market. India has already become, for some of our companies, either the biggest market already in the world for them or if not the biggest, one of the top three markets for our companies globally." Business Finland provides essential support to Finnish companies, offering guidance on navigating cultural nuances and finding the right partners to ensure success in India's dynamic business landscape, he said. "We explain that to Finnish companies and tell them that if you are looking at India, be patient, be focused. You just can't knock on the door, try and sell something and go back. It's not going to work that way in India. If you have to come and get rewarded in India, find the right partners, take our support and we can help them with market research, we can help them find the right partners. We can also guide them and navigate them in this complex Indian market," Singh said. Fostering collaboration through strategic events Business Finland creates opportunities for meaningful engagement and partnership building, by partnering with organisations like the Finnish Chamber of Commerce and participating in key tech summits. Business Finland organises industry-specific meetings, networking events, and delegations to facilitate collaboration between Finnish and Indian companies. "We also have the Finnish Chamber of Commerce, which has about 35 companies, part of the planning that they have and we organise events for Fincham. We also organise delegations with visits of Finnish companies to India," Singh pointed out. "These are our own events and then we also are the prime partners for other events such as the Bengaluru Tech Summit. We also have a collaboration with the government of Karnataka. We also participate in the India Mobile Congress (IMC) and then we also collaborate at the global scale for events Mobile World Congress etc." Singh highlighted the significance of India's growing startup ecosystem and the potential for Finnish companies to thrive in collaboration. With a focus on emerging technologies like 6G, Artificial Intelligence, and sustainability, Business Finland looks forward to foster research partnerships and commercial ventures between Finnish and Indian entities. 6G Bridge programme: Seizing opportunities in emerging technologies By leveraging India's aspirations in the 6G space in mobile telephony and Finland's expertise, the 6G Bridge programme seeks to facilitate collaboration between Indian system integrators and Finnish entities. "There was a report where the government of India said that India would want to have at least 10 per cent of the total Intellectual Property Rights (IPR) registration globally in the 6G space and we at Finland and Finland as a country, we have decided to be the torchbearer of 6G globally." "In the year 2018, we started working on 6G and the government has funded about 300 million euros to develop the right set of 6G skills and research within Finland and we believe that what India is looking for and what Finland can offer there is a great match." 6G Mobile World Congress 2024 Singh said that this year, at the 6G Mobile World Congress they are taking about 20 countries including Finland in the communication space, metaverse, and sustainability. "Along with these 20 countries, we are also taking four research centres including the University of Oulu. We have already reached out to the system integrators from India. We have received a positive response and they have also agreed to do very focused matchmaking events in Barcelona." Partnerships in AI Finnish companies are seeking collaboration with Indian firms on AI, where India boasts a vast and rapidly growing market, fueled by a combination of technological advancements and increasing digitalisation. WATCH | Finnish envoy speaks to WION on IMEC, G20, India-EU FTA & more | WION Originals × On this, Singh said, "We are the first country in Europe to have a metaverse strategy. We are the second in Europe to have an AI strategy. We are very strong. We are called the torchbearers of communication technologies and we are number one in sustainability solutions globally. Looking at the opportunities in India and the push from the government I think sustainability and AI... these are the two areas where I believe we are going to see a lot of opportunities for the Finnish companies, especially in the sustainability space."

Finnish businesses are entering India's dynamic market and Business Finland is empowering them