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In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. <o:p></o:p>

Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. <o:p></o:p>

"We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying.<o:p></o:p>

This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”.<o:p></o:p>

Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. <o:p></o:p>

His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise.<o:p></o:p>

&nbsp;Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York.<o:p></o:p>

Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms.<o:p></o:p>

In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." <o:p></o:p>

The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. <o:p></o:p>

Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. "We will be watchful of inflation expectations and pricing behavior. We stand ready to act in case of any deterioration in the inflation outlook," Reuters quoted Karahan as saying. This move comes on the heels of Erkan's resignation, who cited the need to protect her family amid what she described as a "reputation assassination”. Karahan, with nearly a decade of experience at the Federal Reserve Bank of New York and a background as an adjunct professor at prestigious institutions such as Columbia University and New York University, brings a wealth of knowledge to his new role. His previous stint at Amazon as a principal economist in 2022 adds a practical dimension to his academic expertise. Finance Minister Mehmet Simsek expressed optimism about Karahan's appointment, describing him as an "excellent fit" due to his extensive experience, particularly with the Federal Reserve Bank of New York. Simsek further highlighted the commitment to support the disinflation process through fiscal discipline and structural reforms. In his inaugural statement, Governor Karahan emphasised that the primary focus would be on achieving price stability. He expressed confidence in his team's ability to navigate the challenges, stating, "We will continue efforts to ensure disinflation, relying on a strong team." The central bank's decision to appoint one of its deputy governors, Karahan, to the top position aligns with the Turkish finance ministry's claim that the current central bank strategy enjoys full support from President Tayyip Erdogan. Goldman Sachs noted in a client memo that the appointment should allay concerns over potential political instability, asserting, "We view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank." (With inputs from Reuters)

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." <o:p></o:p>

This regulatory action has triggered a significant drop in Paytm's valuation, causing widespread concern among investors. Despite being no stranger to controversy, Sharma now confronts the daunting task of restoring investor confidence and keeping Paytm's operations afloat.<o:p></o:p>

A rocky road for Paytm's valuation<o:p></o:p>

The regulatory blow has hit Paytm hard, with its valuation plummeting to $3.7 billion, marking a stark decline from the approximately $20 billion valuation after its 2021 IPO. Paytm's stock has experienced a 75 per cent decline since its market debut, prompting analysts at JP Morgan to emphasise the urgent need for the company to "restore credibility" in the eyes of investors. Vijay Sharma, however, remains optimistic, referring to the regulatory setback as a mere "speed bump" during a recent conference call with analysts. <o:p></o:p>

Past controversies and public scrutiny<o:p></o:p>

Vijay Sharma's journey has been riddled with controversies, including the backlash following Paytm's 2021 IPO. Critics labelled him "too bombastic," highlighting the challenges faced by the firm as it grappled with investors' dissatisfaction and a subsequent tightening of IPO scrutiny by India's market regulator. Sharma's earlier success was attributed to his strategic alignment with India's demonetisation move in 2016, turning Paytm into the nation's premier digital payments platform. The recent regulatory action, however, has cast doubts on Paytm's ability to navigate these challenges.<o:p></o:p>

Investor confidence dwindles, markets skeptical<o:p></o:p>

As Paytm's valuation takes a hit, investors grow increasingly sceptical about a swift resolution to the regulatory hurdles. With nervous investors withdrawing $2 billion from Paytm, the markets reflect a lack of confidence in the company's ability to overcome the current crisis. Despite Sharma's reassurances that the Paytm app will continue to function, concerns linger about potential business disruptions, given the central role of Paytm's banking arm in supporting the payments app. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns.

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." This regulatory action has triggered a significant drop in Paytm's valuation, causing widespread concern among investors. Despite being no stranger to controversy, Sharma now confronts the daunting task of restoring investor confidence and keeping Paytm's operations afloat. A rocky road for Paytm's valuation The regulatory blow has hit Paytm hard, with its valuation plummeting to $3.7 billion, marking a stark decline from the approximately $20 billion valuation after its 2021 IPO. Paytm's stock has experienced a 75 per cent decline since its market debut, prompting analysts at JP Morgan to emphasise the urgent need for the company to "restore credibility" in the eyes of investors. Vijay Sharma, however, remains optimistic, referring to the regulatory setback as a mere "speed bump" during a recent conference call with analysts. Past controversies and public scrutiny Vijay Sharma's journey has been riddled with controversies, including the backlash following Paytm's 2021 IPO. Critics labelled him "too bombastic," highlighting the challenges faced by the firm as it grappled with investors' dissatisfaction and a subsequent tightening of IPO scrutiny by India's market regulator. Sharma's earlier success was attributed to his strategic alignment with India's demonetisation move in 2016, turning Paytm into the nation's premier digital payments platform. The recent regulatory action, however, has cast doubts on Paytm's ability to navigate these challenges. Investor confidence dwindles, markets skeptical As Paytm's valuation takes a hit, investors grow increasingly sceptical about a swift resolution to the regulatory hurdles. With nervous investors withdrawing $2 billion from Paytm, the markets reflect a lack of confidence in the company's ability to overcome the current crisis. Despite Sharma's reassurances that the Paytm app will continue to function, concerns linger about potential business disruptions, given the central role of Paytm's banking arm in supporting the payments app. (With inputs from Reuters)

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets

As the first month of 2024 concludes and more data comes in on the state of the global economy, economists are turning optimistic. However, the journey into the remainder of the year is not without challenges, as several uncertainties loom on the horizon. Economic commentators have turned bullish as key indicators signal optimism and recovery of major economies worldwide.

Global inflation seen moderating to 5.8%: IMF

Climate activists have been calling for immediate action against energy-related emissions. However, according to a recent estimate by the U.S. Energy Information Administration (E.I.A.), U.S. Bitcoin miners are using as much power as the state of Utah.

Bitcoin miners ignore climate action calls

Canada has taken decisive action to combat its housing affordability crisis. The government announced a two-year extension on the ban on foreign ownership of Canadian housing. Canada is grappling with a housing affordability crisis attributed to increased migration and international student numbers. The surge in demand for homes, coupled with rising costs hindering construction, has created a pressing issue.

Canada extends ban on foreign ownership amid affordability crisis

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well. However, the Paris-based organisation warned that the conflict in the Middle East posed a threat to global growth as disruptions in Red Sea shipping may increase consumer prices.

<h2>About India’s growth forecast</h2>

According to the OECD’s latest growth forecast, the Indian economy is expected to grow 6.2 per cent which is up from 6.1 per cent predicted in its November report. Meanwhile, the prediction for 2025 in both reports remained unchanged at 6.5 per cent.&nbsp;

The OECD’s latest report noted that “clear signs of strong near-term momentum continue in India, relative weakness in Europe, and mild near-term growth in most other major economies.”&nbsp;

ALSO READ |<a href="https://www.wionews.com/india-news/cancel-culture-to-370-seats-key-takeaways-from-pm-modis-parliament-speech-687202">&nbsp;'Cancel culture to 370+ seats': Key takeaways from PM Modi's Parliament speech</a>

India is also expected to expand steadily over the next two years, according to the OECD, due to “strong investment growth” and GDP rising by more than six per cent per annum.&nbsp;

The report also noted that in countries like Brazil, India, Indonesia, Mexico and South Africa, the inflation is expected to ease and converge on or towards the central bank targets by the end of next year.&nbsp;

<h2>What about global growth?</h2>

According to the Paris-based organisation, the global economy is on course to hold up better this year than expected with world economic growth expected at 2.9 per cent, which is up from 2.7 per cent predicted in its previous forecast.&nbsp;

Global growth “proved unexpectedly resilient” in 2023, reaching 3.1 per cent, according to the report and the inflation declined faster than anticipated.&nbsp;

“The global economy has shown real resilience amid the high inflation of the past two years and the necessary monetary policy tightening. Growth has held up, and we expect inflation to be back to central bank targets by the end of 2025 in most G20 economies,” said OECD Secretary-General Mathias Cormann, in a statement.&nbsp;

The global growth is also said to have been expanded as the United States economy is expected to grow 2.1 per cent in 2024 which is up from 1.5 per cent predicted in OECD’s November forecast as lower inflation boosted wage growth and is expected to trigger interest rate cuts, said the organisation.&nbsp;

The growth forecast for the US economy for 2025 remained unchanged at 1.7 per cent.&nbsp;

<h2>The Middle East factor</h2>

According to the OECD, the attacks on Red Sea shipping lanes by Yemen’s Houthi rebels and the ongoing war between Israel and the Palestinian militant group Hamas in Gaza could add to inflationary pressures.&nbsp;

Houthis have said that they are targeting Israel-linked ships in solidarity with the Palestinians. Meanwhile, the US and the United Kingdom have responded with strikes against the Houthis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/federal-reserve-chair-powell-signals-prudence-in-considering-rate-cuts-amid-strong-economy-687124">Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy</a>

“High geopolitical tensions are a significant near-term risk to activity and inflation, particularly if the conflict in the Middle East were to disrupt energy markets,” said the OECD report.&nbsp;

Similarly, OECD chief economist Clare Lombardelli, noted that the attacks on Red Sea shipping are already affecting the trade. “Freight rates have more than doubled since the end of last year,” Lombardelli said at a news conference.&nbsp;

The OECD warned that the increase in shipping costs, if persistent, could add 0.4 percentage points to consumer prices inflation after about a year.&nbsp;

(With inputs from agencies) 
&nbsp;

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well.

The Organisation for Economic Co-operation and Development (OECD) raised its world economic growth forecast for 2024, on Monday (Feb 5) and lifted the outlook for India’s economy as well. However, the Paris-based organisation warned that the conflict in the Middle East posed a threat to global growth as disruptions in Red Sea shipping may increase consumer prices. About India’s growth forecast According to the OECD’s latest growth forecast, the Indian economy is expected to grow 6.2 per cent which is up from 6.1 per cent predicted in its November report. Meanwhile, the prediction for 2025 in both reports remained unchanged at 6.5 per cent. The OECD’s latest report noted that “clear signs of strong near-term momentum continue in India, relative weakness in Europe, and mild near-term growth in most other major economies.” ALSO READ | 'Cancel culture to 370+ seats': Key takeaways from PM Modi's Parliament speech India is also expected to expand steadily over the next two years, according to the OECD, due to “strong investment growth” and GDP rising by more than six per cent per annum. The report also noted that in countries like Brazil, India, Indonesia, Mexico and South Africa, the inflation is expected to ease and converge on or towards the central bank targets by the end of next year. What about global growth? According to the Paris-based organisation, the global economy is on course to hold up better this year than expected with world economic growth expected at 2.9 per cent, which is up from 2.7 per cent predicted in its previous forecast. Global growth “proved unexpectedly resilient” in 2023, reaching 3.1 per cent, according to the report and the inflation declined faster than anticipated. “The global economy has shown real resilience amid the high inflation of the past two years and the necessary monetary policy tightening. Growth has held up, and we expect inflation to be back to central bank targets by the end of 2025 in most G20 economies,” said OECD Secretary-General Mathias Cormann, in a statement. The global growth is also said to have been expanded as the United States economy is expected to grow 2.1 per cent in 2024 which is up from 1.5 per cent predicted in OECD’s November forecast as lower inflation boosted wage growth and is expected to trigger interest rate cuts, said the organisation. The growth forecast for the US economy for 2025 remained unchanged at 1.7 per cent. The Middle East factor According to the OECD, the attacks on Red Sea shipping lanes by Yemen’s Houthi rebels and the ongoing war between Israel and the Palestinian militant group Hamas in Gaza could add to inflationary pressures. Houthis have said that they are targeting Israel-linked ships in solidarity with the Palestinians. Meanwhile, the US and the United Kingdom have responded with strikes against the Houthis. ALSO READ | Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy “High geopolitical tensions are a significant near-term risk to activity and inflation, particularly if the conflict in the Middle East were to disrupt energy markets,” said the OECD report. Similarly, OECD chief economist Clare Lombardelli, noted that the attacks on Red Sea shipping are already affecting the trade. “Freight rates have more than doubled since the end of last year,” Lombardelli said at a news conference. The OECD warned that the increase in shipping costs, if persistent, could add 0.4 percentage points to consumer prices inflation after about a year. (With inputs from agencies)

OECD raises India and global growth outlook for 2024, warns of Middle East crisis 'risk'

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. <o:p></o:p>

As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies.<o:p></o:p>

Both banks allegedly provided accounts to British front companies secretly owned by PCC. <o:p></o:p>

Elaborate network and complicated web of front entities<o:p></o:p>

Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. <o:p></o:p>

The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. <o:p></o:p>

The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. <o:p></o:p>

PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors.<o:p></o:p>

UK banks linked to Iranian front companies<o:p></o:p>

One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. <o:p></o:p>

Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records.<o:p></o:p>

Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. <o:p></o:p>

Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions.<o:p></o:p>

Banks respond and politicians react<o:p></o:p>

Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. <o:p></o:p>

Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. <o:p></o:p>

Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. <o:p></o:p>

David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. <o:p></o:p>

Continued operations and international connections<o:p></o:p>

As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. <o:p></o:p>

Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. <o:p></o:p>

PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.<o:p></o:p>

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

In a shocking revelation, documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. As per the FT report, the state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies. Both banks allegedly provided accounts to British front companies secretly owned by PCC. Elaborate network and complicated web of front entities Despite being under US sanctions, PCC's UK division continued to operate from an office in Grosvenor Gardens, Belgravia, using a complex network of front entities in the UK and other countries. The Royal Air Force recently joined US airstrikes against Iranian-backed Houthi rebels in Yemen, further escalating tensions. The UK and US have recently imposed sanctions on what they call a "transnational assassinations network" overseen by Iranian intelligence. PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors. UK banks linked to Iranian front companies One of the implicated companies, Pisco UK, registered to a house in Surrey, allegedly received a transfer from a Chinese company named Black Tulip through a Santander account. Internal documents reveal Pisco UK's full control by PCC, contradicting its official ownership records. Another front company, Aria Associates, with an account in Lloyds, is officially owned by Mohamed Ali Rejal, the deputy chief executive of PCC UK. Emails show Rejal's involvement in directing funds and concealing PCC's association with the transactions. Banks respond and politicians react Santander stated it was unable to comment on specific client relationships but emphasised its focus on sanctions compliance, indicating that the bank had closed Pisco's account. Lloyds Banking Group also refrained from commenting on individual customers but claimed compliance with sanctions laws. Politicians, including Alicia Kearns and Liam Byrne, expressed concerns about the UK's failure to curb such activities on its soil, calling for stronger actions against IRGC-connected entities. David Asher, a former US state department official, criticised UK banks for continuing business with IRGC-connected entities, deeming it inconsistent with the stated policy towards the Iranian regime. Continued operations and international connections As PCC continued operations in the UK, it entered contracts for equipment procurement with a Turkish company, ASB, later sanctioned by the US for collaborating with senior IRGC officials. Audit reports for PCC UK from 2021 indicate significant trading balances with PCC in Iran, allowing it to persist despite western banks being blocked from conducting business with the company. PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company, implicated in financing IRGC and Iranian military activities.

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal

US aircraft manufacturer&nbsp;Boeing&nbsp;said Sunday it has learned of new problems with the fuselage of its flagship 737 model which, while not posing an immediate in-flight danger, will require "rework" on dozens of planes.

"This past Thursday, a supplier notified us of a non-conformance in some 737 fuselages,"&nbsp; Boeing&nbsp;Commercial Airplanes chief executive Stan Deal said in a statement to employees that was released to reporters.

According to Deal, an employee working at the supplier "flagged to his manager that two holes may not have been drilled exactly to our requirements."&nbsp;

"While this potential condition is not an immediate flight safety issue and all 737s can continue operating safely, we currently believe we will have to perform rework on about 50 undelivered airplanes," an issue that "could delay some near-term 737 deliveries."

Deal described it as "the only course of action" to deliver perfect aircraft to clients.

Boeing&nbsp;has struggled over the past year with difficulties on its star plane, the 737 MAX, culminating with a major in-flight safety incident on Alaska Airlines in early January that prompted a sweeping investigation by the regulating body the Federal Aviation Administration.

In his letter, Deal said employees offered suggestions on more than 1,000 improvements since a series of training events following the January 5 incident.

Some have already been taken into account, Deal said, including a process to expedite the purchase of new tools and improve ease of access to certain parts of the plane.

US aircraft manufacturer Boeing said Sunday it has learned of new problems with the fuselage of its flagship 737 model which, while not posing an immediate in-flight danger, will require "rework" on dozens of planes.

US aircraft manufacturer Boeing said Sunday it has learned of new problems with the fuselage of its flagship 737 model which, while not posing an immediate in-flight danger, will require "rework" on dozens of planes. "This past Thursday, a supplier notified us of a non-conformance in some 737 fuselages," Boeing Commercial Airplanes chief executive Stan Deal said in a statement to employees that was released to reporters. According to Deal, an employee working at the supplier "flagged to his manager that two holes may not have been drilled exactly to our requirements." "While this potential condition is not an immediate flight safety issue and all 737s can continue operating safely, we currently believe we will have to perform rework on about 50 undelivered airplanes," an issue that "could delay some near-term 737 deliveries." Deal described it as "the only course of action" to deliver perfect aircraft to clients. Boeing has struggled over the past year with difficulties on its star plane, the 737 MAX, culminating with a major in-flight safety incident on Alaska Airlines in early January that prompted a sweeping investigation by the regulating body the Federal Aviation Administration. In his letter, Deal said employees offered suggestions on more than 1,000 improvements since a series of training events following the January 5 incident. Some have already been taken into account, Deal said, including a process to expedite the purchase of new tools and improve ease of access to certain parts of the plane.

Boeing says new problem found in flagship 737 model could delay deliveries

<o:p></o:p>WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal<o:p></o:p>

Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/irans-covert-cash-trail-lloyds-santander-implicated-in-global-sanctions-evasion-scandal-687029">Read more here</a> <o:p></o:p>

Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets<o:p></o:p>

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytms-peril-ceo-vijay-sharma-battles-regulatory-storm-as-valuation-plummets-687066">Read more here</a> <o:p></o:p>

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns<o:p></o:p>

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkeys-new-central-bank-chief-vows-to-maintain-tight-monetary-policy-amid-inflation-concerns-687074">Read more here</a> <o:p></o:p>

China's exporters on the brink as prolonged deflation threatens survival<o:p></o:p>

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-exporters-on-the-brink-as-prolonged-deflation-threatens-survival-687086">Read more here</a> <o:p></o:p>

Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report<o:p></o:p>

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/samsungs-lee-jae-yong-acquitted-in-stock-and-accounting-fraud-case-report-687108">Read more here</a> <o:p></o:p>

Meta Platforms shatters records with a $196 bn surge in stock market value<o:p></o:p>

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/meta-platforms-shatters-records-with-a-196-bn-surge-in-stock-market-value-687112">Read more here</a>

Canada extends ban on foreign ownership of housing amid housing affordability crisis<o:p></o:p>

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/canada-extends-ban-on-foreign-ownership-of-housing-amid-housing-affordability-crisis-687094">Read more here</a> <o:p></o:p>

Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025<o:p></o:p>

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/jeff-bezos-plans-to-offload-50-mn-amazon-shares-valued-at-86-bn-by-january-2025-687120">Read more here</a> <o:p></o:p>

Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy<o:p></o:p>

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes."<o:p></o:p>

<a href="https://www.wionews.com/business-economy/federal-reserve-chair-powell-signals-prudence-in-considering-rate-cuts-amid-strong-economy-687124">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. Read more here Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns." Read more here Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation. Read more here China's exporters on the brink as prolonged deflation threatens survival China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins. Read more here Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. Read more here Meta Platforms shatters records with a $196 bn surge in stock market value In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. Read more here Canada extends ban on foreign ownership of housing amid housing affordability crisis In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years. Read more here Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025 Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday. Read more here Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." Read more here

WION Business Wrap | Iran’s convert cash trail, Paytm’s regulatory storm and more

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Powell highlighted the need to give time for the data to confirm a sustainable move toward the Federal Reserve's 2 per cent inflation target.<o:p></o:p>

&nbsp;"The prudent thing to do is...to just give it some time and see that the data confirm that inflation is moving down to 2 per cent in a sustainable way," Reuters quoted him as saying. <o:p></o:p>

Powell emphasised the strength of the current economy, reducing the risk of recession as policymakers await conclusive data to support potential rate cuts.<o:p></o:p>

The interview, conducted on Thursday before a robust January jobs report on Friday, showcased Powell's measured approach amid a thriving US economy. <o:p></o:p>

The January jobs report revealed the addition of 353,000 new positions, robust wage growth, and a stable unemployment rate at 3.7 per cent over the past two years. <o:p></o:p>

Powell refrained from labelling the current situation as a "soft-landing" but acknowledged the unusual circumstances. <o:p></o:p>

He underlined the Federal Reserve's commitment to monitoring risks to both price stability and maximum employment, considering job growth as a factor that could influence the pace of rate cuts.<o:p></o:p>

Powell, addressing the widely watched "60 Minutes," emphasised the Federal Reserve's focus on the real economy and making decisions for the medium and long term. <o:p></o:p>

He expressed the need to strike a balance between the risk of moving too soon or too late in adjusting interest rates. <o:p></o:p>

Powell used the platform to communicate a positive outlook, stating, "We think the economy's in a good place. We think inflation is coming down." <o:p></o:p>

The Federal Reserve Chair reiterated the importance of gaining confidence in the sustainable decline of inflation toward the 2 per cent goal.<o:p></o:p>

In the wide-ranging conversation, Powell reiterated comments made during the press conference after the recent Federal Reserve meeting, where the benchmark interest rate was held steady. <o:p></o:p>

He indicated that the next meeting in March might be too soon for rate cuts to commence. <o:p></o:p>

Powell acknowledged the potential impact of outside shocks, including geopolitical crises globally. <o:p></o:p>

However, he downplayed some economic trouble spots, suggesting that issues like China's real estate problems and slowing growth might have less impact on the US than anticipated.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes.

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes." This is based on a Reuters report. Powell highlighted the need to give time for the data to confirm a sustainable move toward the Federal Reserve's 2 per cent inflation target. "The prudent thing to do is...to just give it some time and see that the data confirm that inflation is moving down to 2 per cent in a sustainable way," Reuters quoted him as saying. Powell emphasised the strength of the current economy, reducing the risk of recession as policymakers await conclusive data to support potential rate cuts. The interview, conducted on Thursday before a robust January jobs report on Friday, showcased Powell's measured approach amid a thriving US economy. The January jobs report revealed the addition of 353,000 new positions, robust wage growth, and a stable unemployment rate at 3.7 per cent over the past two years. Powell refrained from labelling the current situation as a "soft-landing" but acknowledged the unusual circumstances. He underlined the Federal Reserve's commitment to monitoring risks to both price stability and maximum employment, considering job growth as a factor that could influence the pace of rate cuts. Powell, addressing the widely watched "60 Minutes," emphasised the Federal Reserve's focus on the real economy and making decisions for the medium and long term. He expressed the need to strike a balance between the risk of moving too soon or too late in adjusting interest rates. Powell used the platform to communicate a positive outlook, stating, "We think the economy's in a good place. We think inflation is coming down." The Federal Reserve Chair reiterated the importance of gaining confidence in the sustainable decline of inflation toward the 2 per cent goal. In the wide-ranging conversation, Powell reiterated comments made during the press conference after the recent Federal Reserve meeting, where the benchmark interest rate was held steady. He indicated that the next meeting in March might be too soon for rate cuts to commence. Powell acknowledged the potential impact of outside shocks, including geopolitical crises globally. However, he downplayed some economic trouble spots, suggesting that issues like China's real estate problems and slowing growth might have less impact on the US than anticipated. (With inputs from Reuters)

Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.

<o:p>This is based on a Reuters report.</o:p>

The value of these securities stands at a staggering $8.6 billion at the current share price of $171.8. <o:p></o:p>

This strategic move, adopted on November 8 last year, is contingent upon specific conditions outlined in the company's latest annual report.<o:p></o:p>

&nbsp;Bezos, who stepped down as Amazon's CEO in 2021, is currently the world's third-richest person with a net worth of $185 billion.<o:p></o:p>

The sale announcement comes on the heels of Amazon's impressive performance in the holiday quarter, leading to an almost 8 per cent surge in Amazon shares. <o:p></o:p>

The e-commerce giant reported sales that exceeded expectations, and its cloud business showcased early gains from AI-powered features.<o:p></o:p>

In 2024, Amazon shares experienced an extraordinary surge of over 80 per cent, outpacing the benchmark S&amp;P 500 index. <o:p></o:p>

While the sale plan is set to unfold over the next year, it is important to note that Bezos founded Amazon in 1994 as a humble bookseller. <o:p></o:p>

Over the years, he has played a pivotal role in transforming the company into an e-commerce and technology behemoth. <o:p></o:p>

Bezos's decision to step down as CEO in 2021 marked a significant transition, with him assuming the role of executive chairman. <o:p></o:p>

This move allowed for a shift in leadership while ensuring Bezos's continued involvement in shaping Amazon's strategic direction.<o:p></o:p>

As Bezos charts a course to sell a substantial portion of his Amazon shares, he remains a central figure in the global business landscape.<o:p></o:p>

Currently ranked as the world's third-richest person, Bezos's net worth stands at an impressive $185 billion, according to the Bloomberg Billionaires Index. <o:p></o:p>

The sale of shares, valued at $8.6 billion, signifies a strategic financial move by Bezos and adds a new dimension to his evolving role within the Amazon ecosystem.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday. This is based on a Reuters report. The value of these securities stands at a staggering $8.6 billion at the current share price of $171.8. This strategic move, adopted on November 8 last year, is contingent upon specific conditions outlined in the company's latest annual report. Bezos, who stepped down as Amazon's CEO in 2021, is currently the world's third-richest person with a net worth of $185 billion. The sale announcement comes on the heels of Amazon's impressive performance in the holiday quarter, leading to an almost 8 per cent surge in Amazon shares. The e-commerce giant reported sales that exceeded expectations, and its cloud business showcased early gains from AI-powered features. In 2024, Amazon shares experienced an extraordinary surge of over 80 per cent, outpacing the benchmark S&P 500 index. While the sale plan is set to unfold over the next year, it is important to note that Bezos founded Amazon in 1994 as a humble bookseller. Over the years, he has played a pivotal role in transforming the company into an e-commerce and technology behemoth. Bezos's decision to step down as CEO in 2021 marked a significant transition, with him assuming the role of executive chairman. This move allowed for a shift in leadership while ensuring Bezos's continued involvement in shaping Amazon's strategic direction. As Bezos charts a course to sell a substantial portion of his Amazon shares, he remains a central figure in the global business landscape. Currently ranked as the world's third-richest person, Bezos's net worth stands at an impressive $185 billion, according to the Bloomberg Billionaires Index. The sale of shares, valued at $8.6 billion, signifies a strategic financial move by Bezos and adds a new dimension to his evolving role within the Amazon ecosystem. (With inputs from Reuters)

Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This remarkable one-day gain stands as the largest ever recorded by any company in the history of Wall Street. <o:p></o:p>

Meta's stock, listed as META.O, skyrocketed by 20.3 per cent, marking its most significant one-day percentage increase in a year and the third-largest since its debut in 2012. <o:p></o:p>

The company's stock market value has now reached $1.22 trillion, solidifying its position among the tech industry's heavyweights.<o:p></o:p>

Days before Facebook's 20th anniversary, Meta declared its first-ever dividend and announced a $50 billion share repurchase authorisation. <o:p></o:p>

This strategic move contributed to the surge, as investors responded positively to the company's commitment to shareholder value. <o:p></o:p>

Reuters cited investment analyst Dan Coatsworth from AJ Bell, who said, "Paying a dividend suggests the company wants to reboot its reputation and be taken more seriously. But ultimately the amount being paid is only a token gesture."<o:p></o:p>

Meta's increase in market capitalisation surpassed the previous record set by Amazon in 2022. Amazon saw a surge of $190 billion in market value after a stellar quarterly report. <o:p></o:p>

This surge comes after Meta experienced a historic loss of over $200 billion, the largest in US stock market history, just a day before, following a bleak forecast. <o:p></o:p>

Meta's recent decision to provide dividends signals a considerable payout for its CEO, Mark Zuckerberg, potentially amounting to about $175 million every quarter.<o:p></o:p>

The surge in Meta's stock is not merely a reflection of financial manoeuvres but also an endorsement of the company's performance. <o:p></o:p>

The world's largest social media platform reported strong ad sales and a rebound in user growth during its fourth-quarter results, leading to a 25 per cent increase in revenue. <o:p></o:p>

Meta's efficient cost management, including a significant workforce reduction of over 21,000 jobs since late 2022, contributed to tripling its net income to an impressive $14.02 billion. <o:p></o:p>

Jasmine Enberg, a principal analyst at Insider Intelligence, told Reuters, "The 'Year of Efficiency' has paid off, with both headcount and costs dropping, and Meta exceeding our expectations for full-year 2023 ad revenue."<o:p></o:p>

Despite Meta's dividend being relatively small compared to other companies, it could attract a broader range of investors, particularly those focused on dividends. <o:p></o:p>

Brian Jacobsen, Chief Economist at Annex Wealth Management, highlighted the potential impact, stating, "This can start attracting investors who really do look for dividends and more steady income."<o:p></o:p>

Meta's foray into dividend distribution could make its stock more appealing to investors, especially in the realm of Exchange Traded Funds (ETFs). <o:p></o:p>

ETFs focused on US dividend payers currently hold assets exceeding $400 billion, representing just over 5 per cent of the entire domestic ETF universe. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value. This is based on a Reuters report. This remarkable one-day gain stands as the largest ever recorded by any company in the history of Wall Street. Meta's stock, listed as META.O, skyrocketed by 20.3 per cent, marking its most significant one-day percentage increase in a year and the third-largest since its debut in 2012. The company's stock market value has now reached $1.22 trillion, solidifying its position among the tech industry's heavyweights. Days before Facebook's 20th anniversary, Meta declared its first-ever dividend and announced a $50 billion share repurchase authorisation. This strategic move contributed to the surge, as investors responded positively to the company's commitment to shareholder value. Reuters cited investment analyst Dan Coatsworth from AJ Bell, who said, "Paying a dividend suggests the company wants to reboot its reputation and be taken more seriously. But ultimately the amount being paid is only a token gesture." Meta's increase in market capitalisation surpassed the previous record set by Amazon in 2022. Amazon saw a surge of $190 billion in market value after a stellar quarterly report. This surge comes after Meta experienced a historic loss of over $200 billion, the largest in US stock market history, just a day before, following a bleak forecast. Meta's recent decision to provide dividends signals a considerable payout for its CEO, Mark Zuckerberg, potentially amounting to about $175 million every quarter. The surge in Meta's stock is not merely a reflection of financial manoeuvres but also an endorsement of the company's performance. The world's largest social media platform reported strong ad sales and a rebound in user growth during its fourth-quarter results, leading to a 25 per cent increase in revenue. Meta's efficient cost management, including a significant workforce reduction of over 21,000 jobs since late 2022, contributed to tripling its net income to an impressive $14.02 billion. Jasmine Enberg, a principal analyst at Insider Intelligence, told Reuters, "The 'Year of Efficiency' has paid off, with both headcount and costs dropping, and Meta exceeding our expectations for full-year 2023 ad revenue." Despite Meta's dividend being relatively small compared to other companies, it could attract a broader range of investors, particularly those focused on dividends. Brian Jacobsen, Chief Economist at Annex Wealth Management, highlighted the potential impact, stating, "This can start attracting investors who really do look for dividends and more steady income." Meta's foray into dividend distribution could make its stock more appealing to investors, especially in the realm of Exchange Traded Funds (ETFs). ETFs focused on US dividend payers currently hold assets exceeding $400 billion, representing just over 5 per cent of the entire domestic ETF universe. (With inputs from Reuters)

Meta Platforms shatters records with a $196 bn surge in stock market value

<o:p></o:p>Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. <o:p></o:p>

According to a New York Times report, the court's decision adds a new twist to the billionaire's legal saga linked to a merger that solidified his control over Samsung, the nation's largest conglomerate.<o:p></o:p>

Prosecutors had sought a five-year prison sentence and a fine of 500 million won, but Lee, who denies any wrongdoing, emerged victorious. <o:p></o:p>

Samsung Electronics, the group's electronics arm, represents about one-sixth of South Korea's exports, underscoring the significance of Lee's role.<o:p></o:p>

Lee's legal troubles began in the wake of massive protests in Seoul leading to the 2016 impeachment of former President Park Geun-hye, who faced charges related to bribes from Samsung and other chaebols. <o:p></o:p>

Lee was arrested in 2017, accused of bribing President Park and her confidante to gain government support for a 2015 merger. <o:p></o:p>

The merger was seen as a crucial step in Lee's bid to transfer control of Samsung from his father, Lee Kun-hee. <o:p></o:p>

A New York-based hedge fund, Elliott Management, opposed the merger, but the National Pension Service, a major shareholder, voted in favour, allegedly due to Lee's bribes. The legal journey involved multiple sentences, retrials, and a complex web of charges.<o:p></o:p>

In 2017, a Seoul district court sentenced Lee to five years in prison for offering bribes. <o:p></o:p>

However, the sentence was reduced, and he was released in 2018. The Supreme Court ordered a retrial in 2019. <o:p></o:p>

During this period, Lee faced another indictment related to stock price manipulation and accounting fraud in the 2015 merger. <o:p></o:p>

However, a court had refused to issue an arrest warrant, preventing prosecutors from detaining him.<o:p></o:p>

Business analysts differed on the impact of Lee's time in prison on Samsung, with the company maintaining its position as the world's most profitable technology company during his incarceration.<o:p></o:p>

While Lee was granted parole in 2021, along with 800 other prisoners, on a national holiday, the legal challenges continued. <o:p></o:p>

The retrial on bribery charges in 2021 resulted in a two-and-a-half-year prison sentence. His release came with a five-year ban on employment at Samsung. <o:p></o:p>

However, in 2022, President Yoon Suk Yeol granted him a pardon, lifting the employment ban. <o:p></o:p>

Two months later, Samsung Electronics appointed Lee as executive chairman, marking a swift return to a prominent role. <o:p></o:p>

The acquittal now adds a layer of legal reprieve for Lee Jae-yong, allowing him to continue his leadership at Samsung.<span lang="EN-GB" style="font-size:
8.0pt;line-height:115%;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:
&quot;Times New Roman&quot;;display:none;mso-hide:all;mso-ansi-language:EN-GB">Top of Form<o:p></o:p>

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud. According to a New York Times report, the court's decision adds a new twist to the billionaire's legal saga linked to a merger that solidified his control over Samsung, the nation's largest conglomerate. Prosecutors had sought a five-year prison sentence and a fine of 500 million won, but Lee, who denies any wrongdoing, emerged victorious. Samsung Electronics, the group's electronics arm, represents about one-sixth of South Korea's exports, underscoring the significance of Lee's role. Lee's legal troubles began in the wake of massive protests in Seoul leading to the 2016 impeachment of former President Park Geun-hye, who faced charges related to bribes from Samsung and other chaebols. Lee was arrested in 2017, accused of bribing President Park and her confidante to gain government support for a 2015 merger. The merger was seen as a crucial step in Lee's bid to transfer control of Samsung from his father, Lee Kun-hee. A New York-based hedge fund, Elliott Management, opposed the merger, but the National Pension Service, a major shareholder, voted in favour, allegedly due to Lee's bribes. The legal journey involved multiple sentences, retrials, and a complex web of charges. In 2017, a Seoul district court sentenced Lee to five years in prison for offering bribes. However, the sentence was reduced, and he was released in 2018. The Supreme Court ordered a retrial in 2019. During this period, Lee faced another indictment related to stock price manipulation and accounting fraud in the 2015 merger. However, a court had refused to issue an arrest warrant, preventing prosecutors from detaining him. Business analysts differed on the impact of Lee's time in prison on Samsung, with the company maintaining its position as the world's most profitable technology company during his incarceration. While Lee was granted parole in 2021, along with 800 other prisoners, on a national holiday, the legal challenges continued. The retrial on bribery charges in 2021 resulted in a two-and-a-half-year prison sentence. His release came with a five-year ban on employment at Samsung. However, in 2022, President Yoon Suk Yeol granted him a pardon, lifting the employment ban. Two months later, Samsung Electronics appointed Lee as executive chairman, marking a swift return to a prominent role. The acquittal now adds a layer of legal reprieve for Lee Jae-yong, allowing him to continue his leadership at Samsung.Top of Form

Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report

Indian Finance Minister Nirmala Sitharaman said during her Budget 2024 speech that India will solarise rooftops of 10 million households and provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt in an effort to achieve net-zero carbon emissions.&nbsp;

Sitharaman said that the government will mandate the phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and natural gas (PNG) for domestic purposes.&nbsp;

India has pledged to achieve net-zero emissions by 2070 and 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/what-do-experts-think-of-indias-health-budget-how-can-govt-improve-it-686930">What do experts think of India's health budget? How can govt improve it?</a>&nbsp;

The Indian finance minister stated that the government would enable 10 million homes to get up to 300 units of free electricity each month through the rooftop solar initiative which will result in savings of up to Rs 18,000 annually for households from selling the surplus solar electricity to distribution companies.&nbsp;

The International Renewable Energy Agency's Renewable Capacity Statistics 2023 noted that globally, India stands fourth in renewable energy installed capacity,&nbsp;fourth in wind power capacity and fifth in solar power capacity.&nbsp;

Saurabh Kumar, who is the Vice President - India, Global Energy Alliance for People and Planet (GEAPP), said: "The interim Union Budget 2024 not only signifies a landmark in India's journey to a net-zero economy by 2070 but reflects the government's vision of Viksit Bharat, which anchors on pillars of energy security and accessible, affordable clean energy."&nbsp;

"The rooftop solar scheme marks a significant milestone for scaling up India's clean energy ambitions. The push for an Electric Vehicle (EV) ecosystem creation and the large-scale roll-out of E-buses through payment security mechanisms will decarbonise the mobility sector while propelling India as a potential EV manufacturing hub. The announcement of the INR 1 lakh crore corpus is a remarkable step to attract private investment in innovation, research and development in the clean energy sector," Kumar added.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/election-year-vs-election-year-how-this-years-budget-different-from-2019-interim-budget-685936">Election year vs Election year: How this year's budget is different from 2019 Interim Budget</a>&nbsp;

<h2>What is Blue Economy 2.0?&nbsp;</h2>

Sitharaman also unveiled plans for the launch of Blue Economy 2.0, which is focused at promoting climate-resilient activities and sustainable development in coastal areas.&nbsp;

The scheme will prioritise restoration and adaptation measures, as well as the expansion of coastal aquaculture and mariculture while using an integrated and multi-sectoral approach.&nbsp;

Shailly Kedia, who is a Senior Fellow, at TERI and Curator of the World Sustainable Development Summit, said: "The government has continued to expand the mandate for green growth. It is encouraging to see allocations and green initiatives such as bio-manufacturing, bio-foundry, climate resilient blue economy, electric mobility and focus on clean energy including offshore wind energy."&nbsp;

While weighing in on the options on how to go about further in the future, Kedia said, "According to Demand No 28, budget estimates for Ministry of Environment, Forests and Climate Change (MOEFCC) are INR 3265 crores. This is less than 0.07% of the total expenditure for FY 2024-25. The expanding mandate for the environment and climate change in India also needs to be reflected through an increase in allocation to the MOEFCC."&nbsp;

"Statement 12 and Statement 13 in the Union Budget are on Gender Budget and Child Budgeting respectively. To give further impetus to environmental goals and equity, Union budgeting should include Green Budgeting as the third pillar of issue-based budgeting processes. If not a dedicated statement, a green tagging process as stated in the Union Budget 2020-21 should start," he added.&nbsp;

<h2>Moody's on India's Interim Budget 2024&nbsp;</h2>

Moody's Investors Service on Thursday said the interim budget for 2024-25 firmly conveys the government's commitment to its fiscal consolidation goals, set against a backdrop of healthy economic growth.&nbsp;

Moody's Investors Service Senior Vice President Christian de Guzman said the government demonstrated fiscal restraint in not resorting to large handouts or increasing discretionary spending ahead of this year's elections.&nbsp;

"The government anticipates that reduced spending as a percentage of GDP will largely drive the reduction in the fiscal deficit, despite ongoing increases in planned infrastructure spending," Guzman said.&nbsp;

Indian Finance Minister Nirmala Sitharaman said during her Budget 2024 speech that India will solarise rooftops of 10 million households and provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt in an effort to achieve net-zero carbon emissions.

Indian Finance Minister Nirmala Sitharaman said during her Budget 2024 speech that India will solarise rooftops of 10 million households and provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt in an effort to achieve net-zero carbon emissions. Sitharaman said that the government will mandate the phased blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and natural gas (PNG) for domestic purposes. India has pledged to achieve net-zero emissions by 2070 and 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030. Also read: What do experts think of India's health budget? How can govt improve it? The Indian finance minister stated that the government would enable 10 million homes to get up to 300 units of free electricity each month through the rooftop solar initiative which will result in savings of up to Rs 18,000 annually for households from selling the surplus solar electricity to distribution companies. The International Renewable Energy Agency's Renewable Capacity Statistics 2023 noted that globally, India stands fourth in renewable energy installed capacity, fourth in wind power capacity and fifth in solar power capacity. Saurabh Kumar, who is the Vice President - India, Global Energy Alliance for People and Planet (GEAPP), said: "The interim Union Budget 2024 not only signifies a landmark in India's journey to a net-zero economy by 2070 but reflects the government's vision of Viksit Bharat, which anchors on pillars of energy security and accessible, affordable clean energy." "The rooftop solar scheme marks a significant milestone for scaling up India's clean energy ambitions. The push for an Electric Vehicle (EV) ecosystem creation and the large-scale roll-out of E-buses through payment security mechanisms will decarbonise the mobility sector while propelling India as a potential EV manufacturing hub. The announcement of the INR 1 lakh crore corpus is a remarkable step to attract private investment in innovation, research and development in the clean energy sector," Kumar added. Also read: Election year vs Election year: How this year's budget is different from 2019 Interim Budget What is Blue Economy 2.0? Sitharaman also unveiled plans for the launch of Blue Economy 2.0, which is focused at promoting climate-resilient activities and sustainable development in coastal areas. The scheme will prioritise restoration and adaptation measures, as well as the expansion of coastal aquaculture and mariculture while using an integrated and multi-sectoral approach. Shailly Kedia, who is a Senior Fellow, at TERI and Curator of the World Sustainable Development Summit, said: "The government has continued to expand the mandate for green growth. It is encouraging to see allocations and green initiatives such as bio-manufacturing, bio-foundry, climate resilient blue economy, electric mobility and focus on clean energy including offshore wind energy." While weighing in on the options on how to go about further in the future, Kedia said, "According to Demand No 28, budget estimates for Ministry of Environment, Forests and Climate Change (MOEFCC) are INR 3265 crores. This is less than 0.07% of the total expenditure for FY 2024-25. The expanding mandate for the environment and climate change in India also needs to be reflected through an increase in allocation to the MOEFCC." "Statement 12 and Statement 13 in the Union Budget are on Gender Budget and Child Budgeting respectively. To give further impetus to environmental goals and equity, Union budgeting should include Green Budgeting as the third pillar of issue-based budgeting processes. If not a dedicated statement, a green tagging process as stated in the Union Budget 2020-21 should start," he added. Moody's on India's Interim Budget 2024 Moody's Investors Service on Thursday said the interim budget for 2024-25 firmly conveys the government's commitment to its fiscal consolidation goals, set against a backdrop of healthy economic growth. Moody's Investors Service Senior Vice President Christian de Guzman said the government demonstrated fiscal restraint in not resorting to large handouts or increasing discretionary spending ahead of this year's elections. "The government anticipates that reduced spending as a percentage of GDP will largely drive the reduction in the fiscal deficit, despite ongoing increases in planned infrastructure spending," Guzman said.

Climate Change: How Budget 2024 is a ‘landmark in India’s journey to net-zero economy’

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements.&nbsp;

When it comes to the health sector, the finance minister made only a slight increase in fund allocations for the ministries of health and family welfare and women and child development.&nbsp;

The Indian government announced the extension of the flagship Ayushman Bharat health insurance scheme to all ASHA and Anganwadi workers and helpers. It also upgraded and strengthened the POSHAN scheme, which aims to provide nutritious meals to children at government schools.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/health-and-wellness/world-cancer-day-redefining-support-for-breast-cancer-patients-in-india-and-iimportnce-of-palliative-care-686886">World Cancer Day: Redefining support for breast cancer patients in India, importance of palliative care</a>&nbsp;

Sitharaman announced ₹90,658 crore to the health ministry, which is an increase of only 1.68 per cent over the previous year. The Ministry for Women and Child Development (WCD) has been allocated ₹26,092 crore, a 2.53 per cent increase over last year.&nbsp;

In a release, Dr Vijayabhaskaran, Executive Director, Kauvery Hospital, Bengaluru &amp; Hosur weighed in on the interim budget 2024. He said, "The Indian Government's 2024 interim union budget for the healthcare sector underscores a multi-faceted approach towards enhancing healthcare education, broadening coverage, and emphasising preventive measures."&nbsp;

"The initiative to establish more medical colleges by leveraging existing hospital infrastructures aligns with global best practices, similar to the integration seen in teaching hospitals in the US, where clinical settings offer robust training grounds for medical students. This model fosters a blend of academic knowledge and practical experience, crucial for producing well-rounded healthcare professionals," Dr Vijayabhaskaran added.&nbsp;

He added that in order to "effectively manage the primary healthcare needs and address the shortage at the speciality level, it's essential to consider strategies beyond just increasing the number of medical colleges".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/health-and-wellness/cervical-cancer-experts-tell-importance-of-symptoms-and-preventive-measures-a-must-read-for-all-women-683639">Cervical Cancer: Experts talk about preventive measures. A must-read for all women</a>&nbsp;

Explaining with an example, Dr Vijayabhaskaran mentioned that India faces a nearly 80 per cent shortage of surgeons, physicians, gynaecologists, and paediatricians in rural community health centres. "Specialist doctors often prefer urban settings or overseas opportunities due to better infrastructure, resources, and professional growth prospects," he said.

Sitharaman's budget included the health of young girls as she said that the government will actively promote the vaccination of girls aged 9-14 for the prevention of cervical cancer.&nbsp;

Dr Sanjeev Kumar, who is Surgical Oncologist, at Manipal Hospital, Dwarka, told WION: "It's a welcome move by the government of India. Cervical cancer is one of the preventable cancers. HPV vaccination in the age group 9-14 years has&nbsp;been shown to be safe and effective in preventing HPV infection and cervical cancer. Routine HPV vaccination should be included in the National Immunisation Programme.&nbsp;

Sombrata Roy, Unit head of CMRI-CK Birla Hospitals, Kolkata, said in a release: "In the 2024 interim budget, our healthcare mission is firm. We commend the government's dedication to combat cervical cancer. The plan to establish additional medical colleges resonates with our commitment to advancing medical education. We eagerly anticipate contributing to these national initiatives, ensuring comprehensive and inclusive healthcare for all."&nbsp;

<h2>How govt can improve it?</h2>

After the Lok Sabha polls, a full budget will be presented probably in July by the new government. Experts expect that new policies and major policies will be announced then.&nbsp;

Dr Vijayabhaskaran said in the release that the government should explore adopting some of these strategies to address this imbalance.&nbsp;

1. Incentivising Rural Service: Offering financial incentives, housing, and opportunities for professional development for doctors serving in rural and underserved areas could help attract more specialists to these regions.&nbsp;

2. Enhanced Telemedicine Services: Leveraging telemedicine can help bridge the gap in specialist care in remote areas. This could involve setting up teleconsultation services that connect specialists in urban centres with patients in rural areas and can also help create younger entrepreneurs in tier two&nbsp;and rural areas.&nbsp;

3. Focused Training Programmes: Developing training programmes specifically designed for rural healthcare needs could help prepare specialists willing to work in these settings. This might include training in a broader range of skills to manage a variety of conditions in resource-limited settings.&nbsp;

4. Public-Private Partnerships: Encouraging partnerships between the government and private sector can lead to the development of healthcare infrastructure in underserved areas, making them more attractive places for specialists to work.&nbsp;

5. Regulatory Reforms: Simplifying the process for medical professionals trained abroad to practice in India could help alleviate the shortage of specialists.&nbsp;&nbsp;

<h2>Ayushman Bharat Expansion</h2>

Dr Vijayabhaskaran said, "The expansion of Ayushman Bharat to include all ASHA workers, Anganwadi Workers, and Helpers under its healthcare cover is a commendable move towards ensuring a healthier workforce at the grassroots level of healthcare delivery. Ayushman Bharat has already made significant strides by operationalising over 1.5 lakh Health and Wellness Centres (HWCs) across India, providing comprehensive primary healthcare services."

"This initiative has seen remarkable progress, with millions benefiting from screenings for non-communicable diseases and teleconsultations. With a proven and well-established system Ayushman Bharat can further strengthen its primary healthcare framework, ensuring early detection and management of diseases at the community level," he added.&nbsp;

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements.

Indian Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024, which included the announcement of the health outlay. It was an interim budget and it aims to take care of the fiscal needs of the intervening period until a government is formed after the general elections, hence, it didn't include major announcements. When it comes to the health sector, the finance minister made only a slight increase in fund allocations for the ministries of health and family welfare and women and child development. The Indian government announced the extension of the flagship Ayushman Bharat health insurance scheme to all ASHA and Anganwadi workers and helpers. It also upgraded and strengthened the POSHAN scheme, which aims to provide nutritious meals to children at government schools. Also read: World Cancer Day: Redefining support for breast cancer patients in India, importance of palliative care Sitharaman announced ₹90,658 crore to the health ministry, which is an increase of only 1.68 per cent over the previous year. The Ministry for Women and Child Development (WCD) has been allocated ₹26,092 crore, a 2.53 per cent increase over last year. In a release, Dr Vijayabhaskaran, Executive Director, Kauvery Hospital, Bengaluru & Hosur weighed in on the interim budget 2024. He said, "The Indian Government's 2024 interim union budget for the healthcare sector underscores a multi-faceted approach towards enhancing healthcare education, broadening coverage, and emphasising preventive measures." "The initiative to establish more medical colleges by leveraging existing hospital infrastructures aligns with global best practices, similar to the integration seen in teaching hospitals in the US, where clinical settings offer robust training grounds for medical students. This model fosters a blend of academic knowledge and practical experience, crucial for producing well-rounded healthcare professionals," Dr Vijayabhaskaran added. He added that in order to "effectively manage the primary healthcare needs and address the shortage at the speciality level, it's essential to consider strategies beyond just increasing the number of medical colleges". Also read: Cervical Cancer: Experts talk about preventive measures. A must-read for all women Explaining with an example, Dr Vijayabhaskaran mentioned that India faces a nearly 80 per cent shortage of surgeons, physicians, gynaecologists, and paediatricians in rural community health centres. "Specialist doctors often prefer urban settings or overseas opportunities due to better infrastructure, resources, and professional growth prospects," he said. Sitharaman's budget included the health of young girls as she said that the government will actively promote the vaccination of girls aged 9-14 for the prevention of cervical cancer. Dr Sanjeev Kumar, who is Surgical Oncologist, at Manipal Hospital, Dwarka, told WION: "It's a welcome move by the government of India. Cervical cancer is one of the preventable cancers. HPV vaccination in the age group 9-14 years has been shown to be safe and effective in preventing HPV infection and cervical cancer. Routine HPV vaccination should be included in the National Immunisation Programme. Sombrata Roy, Unit head of CMRI-CK Birla Hospitals, Kolkata, said in a release: "In the 2024 interim budget, our healthcare mission is firm. We commend the government's dedication to combat cervical cancer. The plan to establish additional medical colleges resonates with our commitment to advancing medical education. We eagerly anticipate contributing to these national initiatives, ensuring comprehensive and inclusive healthcare for all." How govt can improve it? After the Lok Sabha polls, a full budget will be presented probably in July by the new government. Experts expect that new policies and major policies will be announced then. Dr Vijayabhaskaran said in the release that the government should explore adopting some of these strategies to address this imbalance. 1. Incentivising Rural Service: Offering financial incentives, housing, and opportunities for professional development for doctors serving in rural and underserved areas could help attract more specialists to these regions. 2. Enhanced Telemedicine Services: Leveraging telemedicine can help bridge the gap in specialist care in remote areas. This could involve setting up teleconsultation services that connect specialists in urban centres with patients in rural areas and can also help create younger entrepreneurs in tier two and rural areas. 3. Focused Training Programmes: Developing training programmes specifically designed for rural healthcare needs could help prepare specialists willing to work in these settings. This might include training in a broader range of skills to manage a variety of conditions in resource-limited settings. 4. Public-Private Partnerships: Encouraging partnerships between the government and private sector can lead to the development of healthcare infrastructure in underserved areas, making them more attractive places for specialists to work. 5. Regulatory Reforms: Simplifying the process for medical professionals trained abroad to practice in India could help alleviate the shortage of specialists. Ayushman Bharat Expansion Dr Vijayabhaskaran said, "The expansion of Ayushman Bharat to include all ASHA workers, Anganwadi Workers, and Helpers under its healthcare cover is a commendable move towards ensuring a healthier workforce at the grassroots level of healthcare delivery. Ayushman Bharat has already made significant strides by operationalising over 1.5 lakh Health and Wellness Centres (HWCs) across India, providing comprehensive primary healthcare services." "This initiative has seen remarkable progress, with millions benefiting from screenings for non-communicable diseases and teleconsultations. With a proven and well-established system Ayushman Bharat can further strengthen its primary healthcare framework, ensuring early detection and management of diseases at the community level," he added.

What do health experts think of India’s interim budget? How can govt improve it?

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. <o:p></o:p>

According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders.<o:p></o:p>

Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. <o:p></o:p>

Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction."<o:p></o:p>

Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. <o:p></o:p>

Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk.<o:p></o:p>

Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. <o:p></o:p>

However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history.

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders. Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction." Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk. Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street. (With inputs from Reuters)

Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft.

<o:p>This is based on a Reuters report.</o:p>

The legal action follows a mid-air cabin panel blowout incident on an Alaska Airlines 737 MAX 9 that occurred on January 5. Shareholders claim that Boeing, despite the crashes of two MAX planes in 2018 and 2019 that resulted in 346 fatalities, assured investors of its unwavering focus on safety. <o:p></o:p>

The lawsuit contends that Boeing's statements concealed poor quality control on its assembly line, ultimately leading to an inflated stock price.<o:p></o:p>

Boeing's share price experienced a notable decline of 18.9 per cent from January 5 to January 25, 2024, the day after the Federal Aviation Commission (FAA) restricted Boeing from expanding MAX production due to safety concerns. This decline erased more than $28 billion of market value. <o:p></o:p>

The lawsuit, filed in the federal court in Alexandria, Virginia, covers shareholders from October 23, 2019, to January 24, 2024, and is led by Rhode Island General Treasurer James Diossa. Defendants include Boeing's Chief Executive Dave Calhoun, his predecessor Dennis Muilenburg, and Chief Financial Officer Brian West, along with his predecessor Gregory Smith.<o:p></o:p>

James Diossa, the lead plaintiff, highlighted the lawsuit's potential to drive changes in Boeing's practices, emphasising the importance of safeguarding passengers and ensuring their safety in the future. 

The legal action draws attention to the incident on January 5, which prompted the FAA to temporarily ground 171 MAX 9 planes, resulting in numerous flight cancellations for Alaska Air Group and United Airlines. While there were no fatalities in the Alaska Airlines incident, some passengers have initiated lawsuits against Boeing and the carrier.<o:p></o:p>

Boeing, in response to the legal proceedings, has refrained from commenting. The company recently faced uncertainty over its planes, leading to an inability to provide full-year financial targets. <o:p></o:p>

Despite this uncertainty, Boeing reported better-than-expected fourth-quarter results, including a $30 million loss, $22 billion of revenue, and $3.38 billion of cash flow.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft.

Aircraft manufacturer Boeing is now contending with a lawsuit from shareholders alleging that the company prioritised profits over safety and provided misleading information about its commitment to ensuring the safety of its aircraft. This is based on a Reuters report. The legal action follows a mid-air cabin panel blowout incident on an Alaska Airlines 737 MAX 9 that occurred on January 5. Shareholders claim that Boeing, despite the crashes of two MAX planes in 2018 and 2019 that resulted in 346 fatalities, assured investors of its unwavering focus on safety. The lawsuit contends that Boeing's statements concealed poor quality control on its assembly line, ultimately leading to an inflated stock price. Boeing's share price experienced a notable decline of 18.9 per cent from January 5 to January 25, 2024, the day after the Federal Aviation Commission (FAA) restricted Boeing from expanding MAX production due to safety concerns. This decline erased more than $28 billion of market value. The lawsuit, filed in the federal court in Alexandria, Virginia, covers shareholders from October 23, 2019, to January 24, 2024, and is led by Rhode Island General Treasurer James Diossa. Defendants include Boeing's Chief Executive Dave Calhoun, his predecessor Dennis Muilenburg, and Chief Financial Officer Brian West, along with his predecessor Gregory Smith. James Diossa, the lead plaintiff, highlighted the lawsuit's potential to drive changes in Boeing's practices, emphasising the importance of safeguarding passengers and ensuring their safety in the future. The legal action draws attention to the incident on January 5, which prompted the FAA to temporarily ground 171 MAX 9 planes, resulting in numerous flight cancellations for Alaska Air Group and United Airlines. While there were no fatalities in the Alaska Airlines incident, some passengers have initiated lawsuits against Boeing and the carrier. Boeing, in response to the legal proceedings, has refrained from commenting. The company recently faced uncertainty over its planes, leading to an inability to provide full-year financial targets. Despite this uncertainty, Boeing reported better-than-expected fourth-quarter results, including a $30 million loss, $22 billion of revenue, and $3.38 billion of cash flow. (With inputs from Reuters)

Boeing faces shareholder lawsuit over safety concerns following MAX 9 incident

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability.<o:p></o:p>

The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings.<o:p></o:p>

Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision.<o:p></o:p>

In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." <o:p></o:p>

This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple.

The European Union's financial watchdogs have turned a watchful eye towards Big Tech's foray into the region's financial services sector. In a joint effort, the EU's banking, insurance, and securities regulators meticulously examined the presence of major tech players, including Google's Alphabet, Amazon, Meta, Alibaba, Tencent, Rakuten, Orange, Vodafone, Tesla, and Apple. This is based on a Reuters report. While acknowledging the increasing footprint of Big Tech subsidiaries as direct providers of financial services in Europe, the regulators emphasized that, at present, it doesn't pose an immediate threat to financial stability. The comprehensive stocktake revealed a growing but still relatively modest influence of Big Tech in areas such as payments, e-money, and even insurance services. The regulators expressed concerns over poor visibility into Big Tech activities, citing unreliable notifications of cross-border activities and challenges in monitoring their financial service offerings. Despite the identified issues, the watchdogs asserted that there is currently no urgent need for immediate regulatory changes regarding Big Tech's direct involvement in financial services provision. In a joint statement, the financial watchdogs acknowledged the potential risks associated with any future escalation in Big Tech's financial activities. While refraining from immediate regulatory changes, they pledged to continue reinforcing their monitoring efforts using a newly introduced monitoring "matrix." This matrix aims to enhance the oversight of Big Tech's relevance in the EU financial services sector, ensuring a proactive approach to potential challenges and risks that may emerge. (With inputs from Reuters)

EU financial watchdogs intensify scrutiny as big tech ventures into finance

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales. <o:p></o:p>

Following the announcement, shares of Meta soared over 14 per cent after hours, propelling the company's market valuation up by more than $140 billion. This surge, part of Meta's long recovery, signifies a major milestone for the tech sector.<o:p></o:p>

Meta's dividend declaration, a historic move for a tech giant, comes at 50 cents per share, signalling a departure from the traditional model in the industry. The company also authorised an additional $50 billion in share repurchases. <o:p></o:p>

This makes Meta the first among its generation of internet steamrollers to issue a dividend, breaking new ground in a sector that has long been dominated by a handful of companies. Founded in 2004, Meta has evolved into the world's largest social media company, connecting over 3 billion people and revolutionising digital interactions.<o:p></o:p>

Despite its impressive financial achievements, Meta has not been immune to controversies. Accusations of neglecting user privacy and enabling incitements to violence have plagued the company's growth trajectory. Just a day before the financial results, Meta's CEO Mark Zuckerberg testified before the US Senate regarding child safety online, offering apologies to parents of children who experienced sexual abuses. <o:p></o:p>

In response to the ups and downs, Zuckerberg shared a reflective message on Thursday. "You're never as good as they say when you're up, or as bad as they say when you're down. Just keep building and doing good work over long periods of time,” Reuters quoted him as saying.<o:p></o:p>

The financial results for Meta's fourth quarter demonstrated an impressive performance. Revenue rose by 25 per cent to $40.1 billion, surpassing analyst expectations. Net income surged over 200 per cent to $14 billion, or $5.33 per share, exceeding expectations. <o:p></o:p>

The recovery of Meta's shares over the past year, after a meltdown in 2022, has been attributed to factors like increased investor excitement about artificial intelligence, rebounding user growth, and digital ad sales. The company's strategic austerity measures, involving shedding more than 21,000 employees, have also played a role.<o:p></o:p>

Looking forward, Meta forecasts a first-quarter revenue of $34.5 billion to $37 billion, surpassing Wall Street expectations. The company anticipates total expenses for the full year 2024 to remain unchanged at $94 billion to $99 billion. <o:p></o:p>

Meta's commitment to investments in the metaverse and artificial intelligence remains unwavering. Despite operating losses in its metaverse-oriented Reality Labs unit, the company continues to aggressively invest in augmented and virtual reality. Executives highlight the success of the latest version of Ray-Ban smart glasses, equipped with a built-in AI assistant, signalling potential shifts in consumer preferences.<span lang="EN-GB" style="font-size:8.0pt;line-height:107%;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;display:none;mso-hide:all;mso-font-kerning:
0pt;mso-ligatures:none;mso-fareast-language:EN-GB">Bottom of Form<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales.

Meta Platforms, the parent company of social media giant Facebook, has made a significant move just days ahead of Facebook's 20th anniversary. According to Reuters, the tech behemoth issued its first-ever dividend and reported impressive financials, surpassing revenue and profit expectations driven by robust holiday ad sales. Following the announcement, shares of Meta soared over 14 per cent after hours, propelling the company's market valuation up by more than $140 billion. This surge, part of Meta's long recovery, signifies a major milestone for the tech sector. Meta's dividend declaration, a historic move for a tech giant, comes at 50 cents per share, signalling a departure from the traditional model in the industry. The company also authorised an additional $50 billion in share repurchases. This makes Meta the first among its generation of internet steamrollers to issue a dividend, breaking new ground in a sector that has long been dominated by a handful of companies. Founded in 2004, Meta has evolved into the world's largest social media company, connecting over 3 billion people and revolutionising digital interactions. Despite its impressive financial achievements, Meta has not been immune to controversies. Accusations of neglecting user privacy and enabling incitements to violence have plagued the company's growth trajectory. Just a day before the financial results, Meta's CEO Mark Zuckerberg testified before the US Senate regarding child safety online, offering apologies to parents of children who experienced sexual abuses. In response to the ups and downs, Zuckerberg shared a reflective message on Thursday. "You're never as good as they say when you're up, or as bad as they say when you're down. Just keep building and doing good work over long periods of time,” Reuters quoted him as saying. The financial results for Meta's fourth quarter demonstrated an impressive performance. Revenue rose by 25 per cent to $40.1 billion, surpassing analyst expectations. Net income surged over 200 per cent to $14 billion, or $5.33 per share, exceeding expectations. The recovery of Meta's shares over the past year, after a meltdown in 2022, has been attributed to factors like increased investor excitement about artificial intelligence, rebounding user growth, and digital ad sales. The company's strategic austerity measures, involving shedding more than 21,000 employees, have also played a role. Looking forward, Meta forecasts a first-quarter revenue of $34.5 billion to $37 billion, surpassing Wall Street expectations. The company anticipates total expenses for the full year 2024 to remain unchanged at $94 billion to $99 billion. Meta's commitment to investments in the metaverse and artificial intelligence remains unwavering. Despite operating losses in its metaverse-oriented Reality Labs unit, the company continues to aggressively invest in augmented and virtual reality. Executives highlight the success of the latest version of Ray-Ban smart glasses, equipped with a built-in AI assistant, signalling potential shifts in consumer preferences.Bottom of Form (With inputs from Reuters)

Meta Platforms report first dividend while shares soar

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March. <o:p></o:p>

The announcement has triggered a significant decline in Paytm's shares, prompting concerns about the firm's future relationships with lending partners. Analysts warn that this could impede Paytm's journey towards net profitability.<o:p></o:p>

Founded in 2010 by Vijay Shekhar Sharma, Paytm initially focused on prepaid mobile and television bill payments. However, it rapidly evolved into a pivotal player in online instant payments through the Unified Payments Interface (UPI), with payments becoming its primary revenue source. The ban on high-denomination notes in 2016 propelled Paytm to fame, as online transactions soared, marking a turning point for the company.<o:p></o:p>

Despite early success, Paytm faced a challenging IPO launch in November 2021, raising questions about its profitability and lofty valuation. The stock currently trades about two-thirds below its listing price. The disappointment led to key investors, including Alibaba and Softbank, divesting their stakes in Paytm amid broader concerns about Chinese ownership in Indian fintech firms. Vijay Shekhar Sharma, once dropped from Forbes' billionaire list, emerged as the largest shareholder in August 2023 by acquiring a chunk of Ant Financial's stake.<o:p></o:p>

Paytm's revenue streams predominantly hinge on its merchant payment business and loan operations. Approximately 60 per cent of its income is derived from merchant payments, with loans contributing around 20 per cent. The company charges merchants a platform fee for utilising Paytm's payment gateway and offers additional subscription-based services. Furthermore, Paytm engages in partnerships with banks and non-bank financial companies to provide loans, taking a cut of the interest. Paytm Payments Bank, a key entity in this endeavour, now faces uncertainties due to the recent regulatory directive.

What has happened so far?

Paytm Payments Bank sought to reassure its customers on January 2, following the RBI's&nbsp;directive to halt new deposits and credit transactions starting from February 29, 2024. In response to the central bank's orders, Paytm communicated with its customers through emails and text messages. The communication, framed as an "important update," explicitly stated that customers' money is secure with the bank.

While acknowledging the RBI's directive that prevents customers from adding money to their wallets after February 29, Paytm assured uninterrupted withdrawal services. The communication emphasised, "There is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024." Additionally, Paytm encouraged customers to seek assistance through the 24x7 help section on the app.

The RBI's decision to bar Paytm Payments Bank from accepting customer deposits from March 1 comes after an audit revealed persistent non-compliances and continued material supervisory concerns. This move follows a previous restriction imposed almost two years ago, preventing the payments bank from onboarding new customers, a restriction that remains in force.

However, Paytm clarified that customers will not be impacted by this directive, as Paytm Payments Bank falls under the parent company, One 97 Communications. Moreover, the communication highlighted that UPI transactions would continue to function seamlessly on the app.

Despite the restriction on loading additional funds from March 1, 2024, the RBI allows customers to extinguish their balances with no restrictions on withdrawals or fund transfers from Paytm Payments Bank accounts.

(With inputs from agencies)<o:p></o:p>

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March.

Paytm, once hailed as one of India's leading payment platforms, finds itself in a major crisis following the Reserve Bank of India's (RBI’s) directive to halt fresh deposits in its banking unit from March. The announcement has triggered a significant decline in Paytm's shares, prompting concerns about the firm's future relationships with lending partners. Analysts warn that this could impede Paytm's journey towards net profitability. Founded in 2010 by Vijay Shekhar Sharma, Paytm initially focused on prepaid mobile and television bill payments. However, it rapidly evolved into a pivotal player in online instant payments through the Unified Payments Interface (UPI), with payments becoming its primary revenue source. The ban on high-denomination notes in 2016 propelled Paytm to fame, as online transactions soared, marking a turning point for the company. Despite early success, Paytm faced a challenging IPO launch in November 2021, raising questions about its profitability and lofty valuation. The stock currently trades about two-thirds below its listing price. The disappointment led to key investors, including Alibaba and Softbank, divesting their stakes in Paytm amid broader concerns about Chinese ownership in Indian fintech firms. Vijay Shekhar Sharma, once dropped from Forbes' billionaire list, emerged as the largest shareholder in August 2023 by acquiring a chunk of Ant Financial's stake. Paytm's revenue streams predominantly hinge on its merchant payment business and loan operations. Approximately 60 per cent of its income is derived from merchant payments, with loans contributing around 20 per cent. The company charges merchants a platform fee for utilising Paytm's payment gateway and offers additional subscription-based services. Furthermore, Paytm engages in partnerships with banks and non-bank financial companies to provide loans, taking a cut of the interest. Paytm Payments Bank, a key entity in this endeavour, now faces uncertainties due to the recent regulatory directive. What has happened so far? Paytm Payments Bank sought to reassure its customers on January 2, following the RBI's directive to halt new deposits and credit transactions starting from February 29, 2024. In response to the central bank's orders, Paytm communicated with its customers through emails and text messages. The communication, framed as an "important update," explicitly stated that customers' money is secure with the bank. While acknowledging the RBI's directive that prevents customers from adding money to their wallets after February 29, Paytm assured uninterrupted withdrawal services. The communication emphasised, "There is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024." Additionally, Paytm encouraged customers to seek assistance through the 24x7 help section on the app. The RBI's decision to bar Paytm Payments Bank from accepting customer deposits from March 1 comes after an audit revealed persistent non-compliances and continued material supervisory concerns. This move follows a previous restriction imposed almost two years ago, preventing the payments bank from onboarding new customers, a restriction that remains in force. However, Paytm clarified that customers will not be impacted by this directive, as Paytm Payments Bank falls under the parent company, One 97 Communications. Moreover, the communication highlighted that UPI transactions would continue to function seamlessly on the app. Despite the restriction on loading additional funds from March 1, 2024, the RBI allows customers to extinguish their balances with no restrictions on withdrawals or fund transfers from Paytm Payments Bank accounts. (With inputs from agencies)

Navigating Turbulent Waters: Indian fintech giant Paytm faces unprecedented crisis

A recent report by outplacement firm Challenger, Gray &amp; Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade. The data indicates a 136 per cent surge from December, with announced layoffs totalling 82,307. This unsettling spike marks the most substantial monthly increase since March 2023.<o:p></o:p>

While on a yearly basis, the report presents a 20 per cent decline in announced job cuts compared to January 2023, the financial and technology sectors witnessed a drastic rise. Employers in the financial industry announced a significant 23,238 job cuts, more than doubling the figures from the previous year. <o:p></o:p>

According to Andrew Challenger, Senior Vice President of Challenger, Gray &amp; Christmas, Inc., the surge is attributed to a combination of factors. <o:p></o:p>

He notes, "It is also an election year, and companies begin to plan for potential policy changes that may impact their industries. However, these layoffs are also driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs."<o:p></o:p>

The report indicates that the financial and technology sectors were the hardest hit, with employers frequently citing "restructuring" and the closure of plants, units, or stores as the primary reasons for layoffs. Notably, the earnings reporting season in January witnessed several prominent companies, including United Parcel Service, unveiling plans to shed jobs.<o:p></o:p>

The technology giants Amazon, Alphabet, and Microsoft also announced job reductions, aligning with a broader trend in the sector. A memo published on January 30 by digital payment heavyweight PayPal Holdings Inc. disclosed a 9 per cent cut in its workforce, with President and CEO Alex Chriss emphasizing the company's priority to "right-size."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent report by outplacement firm Challenger, Gray & Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade.

A recent report by outplacement firm Challenger, Gray & Christmas reveals that job cut announcements in the United States skyrocketed in January, reaching the highest level in a decade. The data indicates a 136 per cent surge from December, with announced layoffs totalling 82,307. This unsettling spike marks the most substantial monthly increase since March 2023. While on a yearly basis, the report presents a 20 per cent decline in announced job cuts compared to January 2023, the financial and technology sectors witnessed a drastic rise. Employers in the financial industry announced a significant 23,238 job cuts, more than doubling the figures from the previous year. According to Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc., the surge is attributed to a combination of factors. He notes, "It is also an election year, and companies begin to plan for potential policy changes that may impact their industries. However, these layoffs are also driven by broader economic trends and a strategic shift towards increased automation and AI adoption in various sectors, though in most cases, companies point to cost-cutting as the main driver for layoffs." The report indicates that the financial and technology sectors were the hardest hit, with employers frequently citing "restructuring" and the closure of plants, units, or stores as the primary reasons for layoffs. Notably, the earnings reporting season in January witnessed several prominent companies, including United Parcel Service, unveiling plans to shed jobs. The technology giants Amazon, Alphabet, and Microsoft also announced job reductions, aligning with a broader trend in the sector. A memo published on January 30 by digital payment heavyweight PayPal Holdings Inc. disclosed a 9 per cent cut in its workforce, with President and CEO Alex Chriss emphasizing the company's priority to "right-size." (With inputs from Reuters)

US job cuts soar in January, financial and tech sectors hit hard: Report

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent. <o:p></o:p>

Amid weeks of disruptive yet predominantly peaceful demonstrations by farmers from Germany, France, Italy, Belgium, and Greece, Georgieva emphasised the potential consequences if governments succumb to the pressure. <o:p></o:p>

In a press briefing at the IMF's Washington offices, Georgieva acknowledged the challenges faced by farmers but warned against compromising the economic strength of nations due to populist sentiments.<o:p></o:p>

AFP quoted Georgieva, who directly addressed the farmers' protests.<o:p></o:p>

"You see the farmers protesting. On the human level, I understand they face more hardship, and it is not easy to do the job they do,” she said. <o:p></o:p>

However, she stressed the importance of governments not allowing such sentiments to corner them into actions detrimental to the overall economic stability. Georgieva emphasised the possibility of regret if governments yield to the pressure and compromise their ability to take necessary measures for the strength of their economies.<o:p></o:p>

Thousands of European farmers converged in Brussels for protests during a meeting between French President Emmanuel Macron and European Commission Chief Ursula von der Leyen. <o:p></o:p>

The demonstrations aimed to secure concessions from European leaders ahead of upcoming elections. Post-summit, Macron announced that France had successfully advocated for "stricter rules" on cereal and poultry imports, including those from Ukraine. <o:p></o:p>

In a comprehensive briefing covering various topics, Georgieva highlighted the challenges associated with providing financial support, cautioning that while it's easy to offer support, retracting it poses significant difficulties. <o:p></o:p>

<span lang="EN-GB" style="font-size:12.0pt;line-height:107%;font-family:&quot;Calibri&quot;,sans-serif;
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;;
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB;mso-bidi-language:AR-SA">(With inputs from AFP)

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent.

The International Monetary Fund's (IMF's) Managing Director, Kristalina Georgieva, has cautioned European governments against yielding to demands for increased financial support from protesting farmers across the continent. Amid weeks of disruptive yet predominantly peaceful demonstrations by farmers from Germany, France, Italy, Belgium, and Greece, Georgieva emphasised the potential consequences if governments succumb to the pressure. In a press briefing at the IMF's Washington offices, Georgieva acknowledged the challenges faced by farmers but warned against compromising the economic strength of nations due to populist sentiments. AFP quoted Georgieva, who directly addressed the farmers' protests. "You see the farmers protesting. On the human level, I understand they face more hardship, and it is not easy to do the job they do,” she said. However, she stressed the importance of governments not allowing such sentiments to corner them into actions detrimental to the overall economic stability. Georgieva emphasised the possibility of regret if governments yield to the pressure and compromise their ability to take necessary measures for the strength of their economies. Thousands of European farmers converged in Brussels for protests during a meeting between French President Emmanuel Macron and European Commission Chief Ursula von der Leyen. The demonstrations aimed to secure concessions from European leaders ahead of upcoming elections. Post-summit, Macron announced that France had successfully advocated for "stricter rules" on cereal and poultry imports, including those from Ukraine. In a comprehensive briefing covering various topics, Georgieva highlighted the challenges associated with providing financial support, cautioning that while it's easy to offer support, retracting it poses significant difficulties. (With inputs from AFP)

IMF Chief urges caution as European farmers protest: Report

A coalition of prominent shareholders, led by tech investor Prosus, is ramping up its push to oust the founders of Indian edtech giant Byju's and initiate a leadership overhaul.<o:p></o:p>

The once-celebrated startup, controlled by billionaire Byju Raveendran and valued at $22 billion in 2022, has recently been grappling with a series of setbacks, including the resignations of its auditor Deloitte and key board members. <o:p></o:p>

A lawsuit in the US challenging loan terms and payment has further fuelled the company's struggles.<o:p></o:p>

Byju's, which has witnessed a downturn in fortunes, marked by mass layoffs and a substantial drop in valuation, is now at the centre of a shareholder revolt. <o:p></o:p>

The concerned shareholders, expressing apprehensions about the future stability of the company, released a statement, demanding a comprehensive resolution to "outstanding governance, financial mismanagement, and compliance issues." <o:p></o:p>

They are advocating for a restructuring of the Board of Directors, aiming to dilute the founders' control, and a change in the company's leadership.<o:p></o:p>

Prosus, holding approximately 9 per cent stake in Byju's, disclosed the statement and asserted that it enjoys support from "a number of major investors," although they refrained from specifying names. <o:p></o:p>

Other backers of this initiative reportedly include Sofina and Peak XV, formerly known as Sequoia Capital India.<o:p></o:p>

The shareholders' concerns gained momentum following the resignation of Byju's auditor Deloitte last year. The departure was triggered by the edtech company's delay in presenting financial statements for the year ending March 31, 2022. <o:p></o:p>

Deloitte expressed frustration, stating that despite numerous letters, essential documents were not provided by the company's board. <o:p></o:p>

Additionally, board members affiliated with Peak XV, Prosus, and Chan Zuckerberg Initiative also stepped down from Byju's board in the same period.<o:p></o:p>

As the tug-of-war intensifies, some of Byju's investors are asserting that the company's valuation has experienced a substantial dip, plummeting to a range between $1 billion and $3 billion. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A coalition of prominent shareholders, led by tech investor Prosus, is ramping up its push to oust the founders of Indian edtech giant Byju's and initiate a leadership overhaul.

A coalition of prominent shareholders, led by tech investor Prosus, is ramping up its push to oust the founders of Indian edtech giant Byju's and initiate a leadership overhaul. The once-celebrated startup, controlled by billionaire Byju Raveendran and valued at $22 billion in 2022, has recently been grappling with a series of setbacks, including the resignations of its auditor Deloitte and key board members. A lawsuit in the US challenging loan terms and payment has further fuelled the company's struggles. Byju's, which has witnessed a downturn in fortunes, marked by mass layoffs and a substantial drop in valuation, is now at the centre of a shareholder revolt. The concerned shareholders, expressing apprehensions about the future stability of the company, released a statement, demanding a comprehensive resolution to "outstanding governance, financial mismanagement, and compliance issues." They are advocating for a restructuring of the Board of Directors, aiming to dilute the founders' control, and a change in the company's leadership. Prosus, holding approximately 9 per cent stake in Byju's, disclosed the statement and asserted that it enjoys support from "a number of major investors," although they refrained from specifying names. Other backers of this initiative reportedly include Sofina and Peak XV, formerly known as Sequoia Capital India. The shareholders' concerns gained momentum following the resignation of Byju's auditor Deloitte last year. The departure was triggered by the edtech company's delay in presenting financial statements for the year ending March 31, 2022. Deloitte expressed frustration, stating that despite numerous letters, essential documents were not provided by the company's board. Additionally, board members affiliated with Peak XV, Prosus, and Chan Zuckerberg Initiative also stepped down from Byju's board in the same period. As the tug-of-war intensifies, some of Byju's investors are asserting that the company's valuation has experienced a substantial dip, plummeting to a range between $1 billion and $3 billion. (With inputs from Reuters)

Prosus-led shareholders push for leadership change at Byju's: Report

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The enhancements to the Crisis Preparedness and Response Toolkit will empower countries to promptly access up to 10 per cent of undisbursed funds from existing project loans or facilities dedicated to emergency response.<o:p></o:p>

“When a crisis hits, we're unprepared financially, and we're having to make all kinds of terrible trade-offs that we don't want to have to make," World Bank Managing Director for Operations, Anna Bjerde, told Reuters.<o:p></o:p>

For instance, a country with $3 billion undisbursed from a $5 billion loan portfolio could swiftly access $300 million in case of a hurricane, earthquake, or pandemic, providing a crucial liquidity injection to mitigate the impact of the crisis.<o:p></o:p>

Expanding on these reforms, the World Bank is set to increase access to pre-arranged emergency crisis financing as part of future loan programs. <o:p></o:p>

These programs will necessitate crisis-preparedness reforms and other institutional measures, contributing to the overall resilience of nations in the face of adversities.<o:p></o:p>

Additionally, the executive board of the World Bank has approved a third component, aiming to broaden the use of catastrophe insurance products. <o:p></o:p>

This includes innovative financial instruments like catastrophe bonds, which offer insurance payouts in the event of disasters meeting specific criteria.<o:p></o:p>

Jamaica has been at the forefront of utilising catastrophe bonds, and World Bank President Ajay Banga advocates for their expanded use to safeguard vulnerable countries' budgets from climate and other threats, providing them with a much-needed "peace of mind." <o:p></o:p>

Under this initiative, funds from project loans that catastrophe bonds would protect can be redirected to cover fees associated with arranging their issuance, alleviating the financial burden on the issuing countries.<o:p></o:p>

These transformative changes are part of the World Bank's broader reform efforts to amplify its mission, addressing global challenges such as climate change. <o:p></o:p>

Described as a step towards building a "better bank," these measures align with President Ajay Banga's operational improvement agenda, intending to enhance the institution's effectiveness before seeking a general capital increase from shareholders.<o:p></o:p>

In addition to the financial reforms, the World Bank is actively working to streamline its operational processes. Bjerde revealed plans to expedite the approval and disbursement of loans, aiming to reduce the average approval time from 27 months to 12 months by June 2025. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises.

The World Bank on Thursday announced innovative measures to provide swift financial assistance to member countries grappling with the aftermath of natural disasters and other crises. This is based on a Reuters report. The enhancements to the Crisis Preparedness and Response Toolkit will empower countries to promptly access up to 10 per cent of undisbursed funds from existing project loans or facilities dedicated to emergency response. “When a crisis hits, we're unprepared financially, and we're having to make all kinds of terrible trade-offs that we don't want to have to make," World Bank Managing Director for Operations, Anna Bjerde, told Reuters. For instance, a country with $3 billion undisbursed from a $5 billion loan portfolio could swiftly access $300 million in case of a hurricane, earthquake, or pandemic, providing a crucial liquidity injection to mitigate the impact of the crisis. Expanding on these reforms, the World Bank is set to increase access to pre-arranged emergency crisis financing as part of future loan programs. These programs will necessitate crisis-preparedness reforms and other institutional measures, contributing to the overall resilience of nations in the face of adversities. Additionally, the executive board of the World Bank has approved a third component, aiming to broaden the use of catastrophe insurance products. This includes innovative financial instruments like catastrophe bonds, which offer insurance payouts in the event of disasters meeting specific criteria. Jamaica has been at the forefront of utilising catastrophe bonds, and World Bank President Ajay Banga advocates for their expanded use to safeguard vulnerable countries' budgets from climate and other threats, providing them with a much-needed "peace of mind." Under this initiative, funds from project loans that catastrophe bonds would protect can be redirected to cover fees associated with arranging their issuance, alleviating the financial burden on the issuing countries. These transformative changes are part of the World Bank's broader reform efforts to amplify its mission, addressing global challenges such as climate change. Described as a step towards building a "better bank," these measures align with President Ajay Banga's operational improvement agenda, intending to enhance the institution's effectiveness before seeking a general capital increase from shareholders. In addition to the financial reforms, the World Bank is actively working to streamline its operational processes. Bjerde revealed plans to expedite the approval and disbursement of loans, aiming to reduce the average approval time from 27 months to 12 months by June 2025. (With inputs from Reuters)

World Bank revolutionises emergency funding system for crisis-prone nations

Mark Zuckerberg, the Chief Executive Officer of Meta Platforms Inc, the parent company overseeing social media giants Facebook, Instagram, and WhatsApp, is poised to receive an annual dividend of $700 million. The announcement follows Meta's disclosure on Thursday that it would issue its first-ever quarterly dividend to investors, in a significant development since Facebook's Initial Public Offering in 2012.

The development comes a day after Zuckerberg faced one of the most significant moments of public scrutiny during a US Senate judiciary committee hearing on Wednesday (Feb 1), where Zuckerberg and other tech executives were questioned about the impact of their platforms on young users.

Also read |&nbsp;<a href="https://www.wionews.com/world/no-one-should-go-through-zuckerberg-issues-apology-over-harm-caused-to-children-due-to-social-media-685688">Watch: Meta's Zuckerberg faces accusation of having 'blood on his hands', apologises to families</a>

During the hearing, lawmakers discussed potential legislation that could remove legal immunity for content posted on Meta and similar platforms. This follows a massive lawsuit filed by the attorneys general of 41 states, criticising Meta's impact on young users.&nbsp;

<h2>How Meta is in position to give $700mn to Zuckerberg?</h2>

Despite Meta's decision to cut its workforce by 22 per cent, reducing the total headcount to approximately 19,000, the company reported $40 billion in revenues for the final quarter of the previous year, surpassing Wall Street expectations.&nbsp;

Quarterly profits tripled to $14 billion, driven by a rebound in advertising sales. Meta also launched a substantial $50 billion share buyback program.

Also watch |&nbsp;Gravitas | Meta CEO grilled: The sorry state of Mark Zuckerberg

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Zuckerberg, also said that Meta would pay its first dividend as a public company at 50 cents per share. He&nbsp;announced that this $1.25 billion distribution to investors would be the inaugural installment of regular payouts.&nbsp;

With approximately 350 million shares in his possession, Zuckerberg stands to accumulate around $700 million in dividends over the first year of this new policy.

<h2>Meta turns 20 in Feb 2024</h2>

The 39-year-old CEO, whose total compensation in 2022 amounted to $27 million, made this financial revelation as Meta commemorates its 20th anniversary this month.&nbsp;

(With inputs from agencies)

Mark Zuckerberg, the Chief Executive Officer of Meta Platforms Inc, the parent company overseeing social media giants Facebook, Instagram, and WhatsApp, is poised to receive an annual dividend of $700 million.

Mark Zuckerberg, the Chief Executive Officer of Meta Platforms Inc, the parent company overseeing social media giants Facebook, Instagram, and WhatsApp, is poised to receive an annual dividend of $700 million. The announcement follows Meta's disclosure on Thursday that it would issue its first-ever quarterly dividend to investors, in a significant development since Facebook's Initial Public Offering in 2012. The development comes a day after Zuckerberg faced one of the most significant moments of public scrutiny during a US Senate judiciary committee hearing on Wednesday (Feb 1), where Zuckerberg and other tech executives were questioned about the impact of their platforms on young users. Also read | Watch: Meta's Zuckerberg faces accusation of having 'blood on his hands', apologises to families During the hearing, lawmakers discussed potential legislation that could remove legal immunity for content posted on Meta and similar platforms. This follows a massive lawsuit filed by the attorneys general of 41 states, criticising Meta's impact on young users. How Meta is in position to give $700mn to Zuckerberg? Despite Meta's decision to cut its workforce by 22 per cent, reducing the total headcount to approximately 19,000, the company reported $40 billion in revenues for the final quarter of the previous year, surpassing Wall Street expectations. Quarterly profits tripled to $14 billion, driven by a rebound in advertising sales. Meta also launched a substantial $50 billion share buyback program. Also watch | Gravitas | Meta CEO grilled: The sorry state of Mark Zuckerberg × Zuckerberg, also said that Meta would pay its first dividend as a public company at 50 cents per share. He announced that this $1.25 billion distribution to investors would be the inaugural installment of regular payouts. With approximately 350 million shares in his possession, Zuckerberg stands to accumulate around $700 million in dividends over the first year of this new policy. Meta turns 20 in Feb 2024 The 39-year-old CEO, whose total compensation in 2022 amounted to $27 million, made this financial revelation as Meta commemorates its 20th anniversary this month. (With inputs from agencies)

Zuckerberg to get $700mn in Meta dividends day after apologising to parents over children safety

An A-Z of budgetary terms, explained in layman’s language.&nbsp;

A:&nbsp;

Allocation:&nbsp;Amount of money set aside for specific programs or sectors.&nbsp;

Ayushman Bharat Yojana (ABY):&nbsp;Government health insurance scheme for low-income households.&nbsp;

Agriculture credit target:&nbsp;Annual target for loans provided to farmers by banks.&nbsp;

B:&nbsp;

Balanced Budget Act (BBA):&nbsp;Legislation setting fiscal deficit targets for the government.&nbsp;

Banking sector:&nbsp;Financial institutions accepting deposits and providing loans.&nbsp;

Bharat Net (BNET):&nbsp;Government scheme to provide broadband connectivity to villages.&nbsp;

C:&nbsp;

Capital expenditure (capex):&nbsp;Government spending on infrastructure and assets.&nbsp;

Central Plan Expenditure:&nbsp;A part of the budget that is allocated to specific economic and social development programs.&nbsp;

D:&nbsp;

Direct benefits transfer (DBT):&nbsp;A scheme&nbsp;to transfer subsidies directly to beneficiaries' bank accounts.&nbsp;

Direct taxes:&nbsp;Taxes levied directly on individuals and businesses, like income tax or corporate tax.&nbsp;

Deficit:&nbsp;The gap between government income and expenditure.&nbsp;

Developed Economy vs Developing Economy:&nbsp;A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes.

E:&nbsp;

Excise duty:&nbsp;Tax levied on goods produced domestically.&nbsp;

Economic Survey:&nbsp;Annual report published by the Ministry of Finance before the Budget presentation.&nbsp;

Expenditure Budget:&nbsp;Document detailing the government's planned spending for the year.&nbsp;

F:&nbsp;

Fiscal deficit:&nbsp;Difference between total government spending and total non-borrowed revenue.&nbsp;

Food Security Act (FSA):&nbsp;Law guaranteeing subsidized food grains to millions of people.&nbsp;

Finance Act:&nbsp;Legislation passed by Parliament to implement the Budget proposals.&nbsp;

G:&nbsp;

Goods and Services Tax (GST):&nbsp;Indirect tax applied to most goods and services in India.&nbsp;

Grants:&nbsp;Financial assistance provided by the government to individuals, institutions, or states.&nbsp;

Green Climate Fund (GCF):&nbsp;International fund to support developing countries in climate action.&nbsp;

H:&nbsp;

Human Development Index (HDI):&nbsp;Measure of a country's progress in health, education, and living standards.&nbsp;

Housing for All:&nbsp;Urban and rural housing schemes for low-income groups.&nbsp;

I:&nbsp;

Indirect taxes:&nbsp;Taxes levied on goods and services at various stages of production and distribution, like GST.&nbsp;

Interest rates:&nbsp;Rates charged by banks for loans or paid on investments.&nbsp;

J:&nbsp;

Jan Dhan Yojana:&nbsp;Financial inclusion scheme providing bank accounts to all households.&nbsp;

Job creation:&nbsp;Number of new jobs created in the economy during a specific period.&nbsp;

K:&nbsp;

Kisan Credit Card (KCC):&nbsp;Government scheme providing credit to farmers at subsidized interest rates.&nbsp;

Krishi Vikas Yojana (KVK):&nbsp;Scheme to provide agricultural extension services to farmers.&nbsp;

L:&nbsp;

Local Area Development (LAD) funds:&nbsp;Funds allocated to MPs for development projects in their constituencies.&nbsp;

MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act):&nbsp;Scheme guaranteeing 100 days of work per year to rural adults.&nbsp;

M:&nbsp;

Manufacturing sector:&nbsp;Industry involved in the production of goods.&nbsp;

Monetary policy:&nbsp;Government policies influencing the money supply and interest rates.&nbsp;

Micro, Small and Medium Enterprises (MSMEs):&nbsp;Sector comprising small businesses contributing to the economy.&nbsp;

N:&nbsp;

Net Domestic Product (NDP):&nbsp;Value of all final goods and services produced within a country's borders in a given year.&nbsp;

Non-tax revenue:&nbsp;Government income from sources other than taxes, like dividends or fees.&nbsp;

O:&nbsp;

Off-budget financing:&nbsp;Government financial activities not included in the official budget.&nbsp;

Open Government Platform (OGP):&nbsp;Initiative promoting transparency and citizen participation in government.&nbsp;

P:&nbsp;

Plan versus non-plan expenditure:&nbsp;Categorisation of spending based on whether it contributes to development plans.&nbsp;

Public debt:&nbsp;Total amount of money owed by the government to creditors.&nbsp;

Q:&nbsp;

Quasi-expenditure:&nbsp;Expenses not directly reflected in the budget but incurred through government guarantees or loans.&nbsp;

R:&nbsp;

Revenue deficit: The difference&nbsp;between the government's non-tax revenue and its non-debt expenditure.&nbsp;

Revenue Expenditure vs Capital Expenditure:&nbsp;Revenue expenditure refers to expenditure that occurs&nbsp;regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is&nbsp;used for the purchase of&nbsp;assets or for giving loans and advances.

S:&nbsp;

Sarva Shiksha Abhiyan (SSA):&nbsp;Government scheme for achieving universal elementary education.&nbsp;

Samagra Shiksha:&nbsp;Scheme for holistic development of school education.&nbsp;

Subsidies:&nbsp;Financial assistance provided by the government to producers or consumers to reduce the price of goods or services.&nbsp;

Sustainable Development Goals (SDGs):&nbsp;Global goals for environmental,&nbsp;economic,&nbsp;and social development.&nbsp;

T:&nbsp;

Tax incentives:&nbsp;Special tax benefits offered by the government to encourage certain activities.&nbsp;

Tariff:&nbsp;Tax levied on imported goods.&nbsp;

Transparency:&nbsp;Openness and accountability in government policies and spending.&nbsp;

U:&nbsp;

Union Budget:&nbsp;Annual statement of the government's finances including income,&nbsp;expenditure,&nbsp;and deficit.&nbsp;

Urban development:&nbsp;Government programs aimed at improving infrastructure and services in cities.&nbsp;

V:&nbsp;

Value Added Tax (VAT):&nbsp;Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST).&nbsp;

Village Health and Sanitation Scheme (VHSN):&nbsp;Program to improve public health and sanitation in rural areas.&nbsp;

W:&nbsp;

Women empowerment:&nbsp;Government initiatives to improve women's social and economic status.&nbsp;

X:&nbsp;

X-Factor:&nbsp;Unforeseen events or changes that might impact the budget projections.&nbsp;

Y:&nbsp;

Youth development:&nbsp;Government programs aimed at developing the skills and opportunities for young people.&nbsp;

Z:&nbsp;

Zero-based budgeting:&nbsp;Approach where each expense needs to be justified from scratch,&nbsp;rather than simply rolling over previous allocations.&nbsp;

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households.

An A-Z of budgetary terms, explained in layman’s language. A: Allocation: Amount of money set aside for specific programs or sectors. Ayushman Bharat Yojana (ABY): Government health insurance scheme for low-income households. Agriculture credit target: Annual target for loans provided to farmers by banks. B: Balanced Budget Act (BBA): Legislation setting fiscal deficit targets for the government. Banking sector: Financial institutions accepting deposits and providing loans. Bharat Net (BNET): Government scheme to provide broadband connectivity to villages. C: Capital expenditure (capex): Government spending on infrastructure and assets. Central Plan Expenditure: A part of the budget that is allocated to specific economic and social development programs. D: Direct benefits transfer (DBT): A scheme to transfer subsidies directly to beneficiaries' bank accounts. Direct taxes: Taxes levied directly on individuals and businesses, like income tax or corporate tax. Deficit: The gap between government income and expenditure. Developed Economy vs Developing Economy: A developed economy usually belongs to a developed country that's doing well economically and has good stability. In contrast, developing economies, previously called lesser-developed economies, face challenges like poor infrastructure, slower growth, an uneven economy, and very low personal incomes. E: Excise duty: Tax levied on goods produced domestically. Economic Survey: Annual report published by the Ministry of Finance before the Budget presentation. Expenditure Budget: Document detailing the government's planned spending for the year. F: Fiscal deficit: Difference between total government spending and total non-borrowed revenue. Food Security Act (FSA): Law guaranteeing subsidized food grains to millions of people. Finance Act: Legislation passed by Parliament to implement the Budget proposals. G: Goods and Services Tax (GST): Indirect tax applied to most goods and services in India. Grants: Financial assistance provided by the government to individuals, institutions, or states. Green Climate Fund (GCF): International fund to support developing countries in climate action. H: Human Development Index (HDI): Measure of a country's progress in health, education, and living standards. Housing for All: Urban and rural housing schemes for low-income groups. I: Indirect taxes: Taxes levied on goods and services at various stages of production and distribution, like GST. Interest rates: Rates charged by banks for loans or paid on investments. J: Jan Dhan Yojana: Financial inclusion scheme providing bank accounts to all households. Job creation: Number of new jobs created in the economy during a specific period. K: Kisan Credit Card (KCC): Government scheme providing credit to farmers at subsidized interest rates. Krishi Vikas Yojana (KVK): Scheme to provide agricultural extension services to farmers. L: Local Area Development (LAD) funds: Funds allocated to MPs for development projects in their constituencies. MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act): Scheme guaranteeing 100 days of work per year to rural adults. M: Manufacturing sector: Industry involved in the production of goods. Monetary policy: Government policies influencing the money supply and interest rates. Micro, Small and Medium Enterprises (MSMEs): Sector comprising small businesses contributing to the economy. N: Net Domestic Product (NDP): Value of all final goods and services produced within a country's borders in a given year. Non-tax revenue: Government income from sources other than taxes, like dividends or fees. O: Off-budget financing: Government financial activities not included in the official budget. Open Government Platform (OGP): Initiative promoting transparency and citizen participation in government. P: Plan versus non-plan expenditure: Categorisation of spending based on whether it contributes to development plans. Public debt: Total amount of money owed by the government to creditors. Q: Quasi-expenditure: Expenses not directly reflected in the budget but incurred through government guarantees or loans. R: Revenue deficit: The difference between the government's non-tax revenue and its non-debt expenditure. Revenue Expenditure vs Capital Expenditure: Revenue expenditure refers to expenditure that occurs regularly, like routine expenses for running government departments and providing services. On the other hand, Capital expenditure is not regular; it is used for the purchase of assets or for giving loans and advances. S: Sarva Shiksha Abhiyan (SSA): Government scheme for achieving universal elementary education. Samagra Shiksha: Scheme for holistic development of school education. Subsidies: Financial assistance provided by the government to producers or consumers to reduce the price of goods or services. Sustainable Development Goals (SDGs): Global goals for environmental, economic, and social development. T: Tax incentives: Special tax benefits offered by the government to encourage certain activities. Tariff: Tax levied on imported goods. Transparency: Openness and accountability in government policies and spending. U: Union Budget: Annual statement of the government's finances including income, expenditure, and deficit. Urban development: Government programs aimed at improving infrastructure and services in cities. V: Value Added Tax (VAT): Indirect tax levied on the added value of goods and services at each stage of production and distribution (predecessor to GST). Village Health and Sanitation Scheme (VHSN): Program to improve public health and sanitation in rural areas. W: Women empowerment: Government initiatives to improve women's social and economic status. X: X-Factor: Unforeseen events or changes that might impact the budget projections. Y: Youth development: Government programs aimed at developing the skills and opportunities for young people. Z: Zero-based budgeting: Approach where each expense needs to be justified from scratch, rather than simply rolling over previous allocations.

Business Jargon Buster: Budget edition 