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Chipmaker AMD on Tuesday announced a $1.5 billion boost to its 2024 forecast for artificial intelligence (AI) processors, aiming for a total of $3.5 billion. However, this optimistic projection fell short of meeting the high expectations set by Wall Street, leaving investors wanting more. <o:p></o:p>

According to Reuters, AMD's stock, which has surged approximately 140 per cent in the past year, saw a decline of about 6 per cent in extended trading as the company also provided first-quarter revenue estimates below Wall Street's predictions.<o:p></o:p>

Investing.com analyst Jesse Cohn expressed disappointment with AMD's performance, highlighting a "notable miss on operating income and operating margins." <o:p></o:p>

Cohn emphasised the challenge the company faced amid elevated expectations, stating, "The company had little margin for error amid lofty expectations, and investors were disappointed with the forward guidance provided for the current quarter." <o:p></o:p>

AMD's CEO Lisa Su acknowledged the company's potential to surpass the projected $3.5 billion worth of AI chip sales once additional capacity comes online in the second half of the year. <o:p></o:p>

However, analysts, who had previously projected figures ranging from $4 billion to $8 billion for the AI segment, found the update fell short of their expectations, impacting the stock valuation.<o:p></o:p>

During a conference call, Lisa Su commented on the soft demand from cloud computing companies within AMD's data centre segment, which includes both traditional server chips and AI processors. <o:p></o:p>

Su noted that as companies strive to develop their own generative AI applications, enterprise budgets are directed towards processors used in AI servers. <o:p></o:p>

With Nvidia holding a dominant 80 per cent market share, AMD's position as a viable alternative in the market is crucial. <o:p></o:p>

Despite the overall growth of AMD's data centre segment by 38 per cent to $2.3 billion, the company faces challenges in the evolving landscape of AI and cloud computing.<o:p></o:p>

AMD's struggles extend beyond the AI segment, with weaknesses evident in the programmable chip market, which has seen a downturn due to a chip supply glut impacting industries like automotive and industrial. <o:p></o:p>

The fourth-quarter embedded segment revenue for AMD fell roughly 24 per cent to $1.1 billion. Additionally, the gaming segment experienced a 17 per cent contraction to $1.4 billion, influenced by reaching peak revenue from chip designs for gaming consoles like Microsoft's Xbox and Sony's PlayStation 5. <o:p></o:p>

While AMD anticipates growth in the PC market with built-in AI capabilities, scepticism remains among investors and analysts regarding the company's ability to meet the expectations set by its competitors.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chipmaker AMD on Tuesday announced a $1.5 billion boost to its 2024 forecast for artificial intelligence (AI) processors, aiming for a total of $3.5 billion. However, this optimistic projection fell short of meeting the high expectations set by Wall Street, leaving investors wanting more.

Chipmaker AMD on Tuesday announced a $1.5 billion boost to its 2024 forecast for artificial intelligence (AI) processors, aiming for a total of $3.5 billion. However, this optimistic projection fell short of meeting the high expectations set by Wall Street, leaving investors wanting more. According to Reuters, AMD's stock, which has surged approximately 140 per cent in the past year, saw a decline of about 6 per cent in extended trading as the company also provided first-quarter revenue estimates below Wall Street's predictions. Investing.com analyst Jesse Cohn expressed disappointment with AMD's performance, highlighting a "notable miss on operating income and operating margins." Cohn emphasised the challenge the company faced amid elevated expectations, stating, "The company had little margin for error amid lofty expectations, and investors were disappointed with the forward guidance provided for the current quarter." AMD's CEO Lisa Su acknowledged the company's potential to surpass the projected $3.5 billion worth of AI chip sales once additional capacity comes online in the second half of the year. However, analysts, who had previously projected figures ranging from $4 billion to $8 billion for the AI segment, found the update fell short of their expectations, impacting the stock valuation. During a conference call, Lisa Su commented on the soft demand from cloud computing companies within AMD's data centre segment, which includes both traditional server chips and AI processors. Su noted that as companies strive to develop their own generative AI applications, enterprise budgets are directed towards processors used in AI servers. With Nvidia holding a dominant 80 per cent market share, AMD's position as a viable alternative in the market is crucial. Despite the overall growth of AMD's data centre segment by 38 per cent to $2.3 billion, the company faces challenges in the evolving landscape of AI and cloud computing. AMD's struggles extend beyond the AI segment, with weaknesses evident in the programmable chip market, which has seen a downturn due to a chip supply glut impacting industries like automotive and industrial. The fourth-quarter embedded segment revenue for AMD fell roughly 24 per cent to $1.1 billion. Additionally, the gaming segment experienced a 17 per cent contraction to $1.4 billion, influenced by reaching peak revenue from chip designs for gaming consoles like Microsoft's Xbox and Sony's PlayStation 5. While AMD anticipates growth in the PC market with built-in AI capabilities, scepticism remains among investors and analysts regarding the company's ability to meet the expectations set by its competitors. (With inputs from Reuters)

AMD's AI Chip ambitions face Wall Street skepticism despite $1.5 bn boost in forecast

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion. India now has the third-largest start-up ecosystem in the world.&nbsp;

Despite these glitzy numbers, 2023 was a less-than-ideal year for the start-up ecosystem in India.&nbsp;

Only two start-ups turned unicorn last year - quick delivery service Zepto and financial services Incred. The 'unicorns' are considered important since they act as a catalyst for the larger ecosystem and help usher in more investments.

Overall funding dried up.&nbsp; In 2023, startups received $4.2 billion in late-stage funding. This was a 73 per cent drop from 2022. Had it not been for December, this figure would have been much higher.&nbsp;

Late-stage funding refers to funds infused to start-ups that show steady revenue growth.&nbsp;

The weak venture capital activity worldwide played a role in 'funding winter', with investments falling to its lowest level in the last seven years.&nbsp;

Moreover, last year saw at least eight big start-ups facing markdown in their valuations. Unsustainable business models, especially after the pandemic-driven boost in 2021 and 2022, and frequent regulatory crackdowns were some of the reasons for the markdowns.&nbsp;

The recent reports of layoffs at IPO-bound start-ups Swiggy and Flipkart have only added to the uncertainty in the ecosystem.&nbsp;

WION&nbsp;spoke to a number of start-up founders to get a sense of what lies ahead for India’s startup sector.&nbsp;

Outlook for 2024 and beyond<o:p></o:p>

Ashish Bhatia, Founder and CEO, India Accelerator, is optimistic about the next five years, seeing them as the era of "exciting possibilities".&nbsp; 

"It is a time where startups can grow like never before, bring in fresh ideas, and bounce back from challenges stronger than ever," says Bhatia.&nbsp;

Debleena Majumdar, Vice-President of Strategy and Research at the Artha School of Entrepreneurship, does not expect any immediate or drastic changes in the start-up ecosystem.&nbsp;

But she expects more inclusivity in the ecosystem in the next few years. A recent WISER report shows that women occupy more senior roles at startups compared to corporates, but only five in 10 women end up at director-level positions at the end of a decade.&nbsp;

"A more inclusive ecosystem could mean a higher presence of women founders, more localised entrepreneurship across sectors and more pathways for value creation, from mergers, acquisitions to well planned IPOs," she says.&nbsp;

Samyak Chakrabarty, Founder of ed-tech platform Workverse, predicts a major shift in perspective of both founders and investors, when it comes to valuing a start-up.&nbsp;

"Start-ups and investors will move from chasing valuations to creating real value - for customers, employees and selves. The initial startup boom was fuelled by the 'burn more than you earn' approach which eventually led to more failures than sustainable success stories," Chakrabarty said.

Chakrabarty's statement is a reminder of the perennial struggle that start-ups face to turn a profit. An Inc42 analysis shows that 82 out of the 112 top start-ups recorded a combined loss of nearly $7 billion dollars last year.&nbsp;

Harkunwar Singh, Co-founder and CEO of ed-tech platform Novatr, believes that the next few years will be a "great time" for tech-first edtech/up-skilling startups.

With over 230 million students in the k-12 system, India is a huge untapped market for the education and skills sector. It is estimated that the sector will be worth $313 billion by 2030, fuelled by cheap data and internet penetration.&nbsp;

"Increasing internet accessibility and the demographic dividend of a burgeoning youth will boost entrepreneurship and make way for innovative solutions that address the diversity of needs in our country," argues Singh.&nbsp;

While&nbsp;funding crunches, regulatory complexities, and problems securing skilled talent exist, he adds that the ecosystem will remain resilient.&nbsp;

Yamini Bhat, CEO and Co-founder of fin-tech start-up Vymo, says start-ups will be in a recovery phase in 2024. Investors, she adds, will look out for logically innovative startups with strong control of their finances.&nbsp;

"Increasing focus on deep-tech start-ups and how their applications can impact the broader industry," she says, adding that start-ups focusing on clean energy and climate change could define the ecosystem in the future.&nbsp;

A new report by data intelligence firm Tracnx has dubbed the 2013-2023 period as the “decade of growth in tech start-ups”. However, a Nasscom-Zinnov report shows that cash flow issues and low customer demand were among the top challenges faced by the tech start-up sector last year.&nbsp;&nbsp;

Tech entrepreneurs like Darshil Shah, Founder and Director, TreadBinary, feel that pivoting to innovative technologies such as Generative AI and advanced data analytics would be the future.&nbsp;

"A supportive ecosystem and government initiatives would create a conducive environment for start-ups over the next five years," he adds.&nbsp;

Budget expectations&nbsp;<o:p></o:p>

Given the Modi government’s push for entrepreneurship and start-ups, a lot rides on the upcoming interim budget.&nbsp;&nbsp;

Bhatia seeks a dedicated fund to help finance start-ups in the emerging industries, adding that the budget must focus on improving the ease of doing business and enhancing innovation.&nbsp;

“The budget, rather than being just a set of numbers, holds the potential to act as the catalyst that propels Indian startups into a new era of unprecedented innovation and global influence,” he argues.&nbsp;

Majumdar says that the Interim Budget needs to provide increased support to entrepreneurs in India's hinterland, often called 'Bharat' by India-watchers.&nbsp;

"Access to credit for small and medium businesses in 'Bharat' remains one of their key growth challenges. The government also needs to enable more multimodal infrastructure access for seamless movement of goods and people in rural and semi-urban India," she adds.

Chakrabarty argues that the biggest enabler for start-ups will be if the mindset of the Income Tax department and the Registrar of Companies can evolve and be more adaptive to realities of young companies.&nbsp;

“If the government wants more start ups to receive funding, the IT authorities need to be briefed that this is as much the country's gain as it is that of private entities,” he says.&nbsp;

Singh wants the upcoming budget to support incubation centres, foster collaboration with academia, or offer skills training programs relevant to the start-up ecosystem.&nbsp;

“The government’s vision of making India a developed country by 2047 will require concentrated investment into the education as well as the infrastructure sector,” he adds.&nbsp;

Bhatt adds that the Interim Budget must focus on grants and incentives for research and development in tech space, including fintech, clean energy, cyber security, agritech and robotics.

The tech start-ups anticipate a forward-looking 'Make in India' approach. The Interim Budget, Shah&nbsp;argues, must emphasise on streamlining Advanced Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs).&nbsp;

Both relate to global agreements between taxpayers and national administrations that offer greater transactional certainty.&nbsp;

“Clarity in these areas is expected to foster innovation and collaboration, aligning seamlessly with the 'Make in India' initiative,” the&nbsp;TreadBinary CEO adds.

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion.

India has come a long way in its start-up story. From just 350 in 2014, India had over 90,000 start-ups in 2023. At least 111 of them are unicorns - start-ups that are valued over $1 billion. India now has the third-largest start-up ecosystem in the world. Despite these glitzy numbers, 2023 was a less-than-ideal year for the start-up ecosystem in India. Only two start-ups turned unicorn last year - quick delivery service Zepto and financial services Incred. The 'unicorns' are considered important since they act as a catalyst for the larger ecosystem and help usher in more investments. Overall funding dried up. In 2023, startups received $4.2 billion in late-stage funding. This was a 73 per cent drop from 2022. Had it not been for December, this figure would have been much higher. Late-stage funding refers to funds infused to start-ups that show steady revenue growth. The weak venture capital activity worldwide played a role in 'funding winter', with investments falling to its lowest level in the last seven years. Moreover, last year saw at least eight big start-ups facing markdown in their valuations. Unsustainable business models, especially after the pandemic-driven boost in 2021 and 2022, and frequent regulatory crackdowns were some of the reasons for the markdowns. The recent reports of layoffs at IPO-bound start-ups Swiggy and Flipkart have only added to the uncertainty in the ecosystem. WION spoke to a number of start-up founders to get a sense of what lies ahead for India’s startup sector. Outlook for 2024 and beyond Ashish Bhatia, Founder and CEO, India Accelerator, is optimistic about the next five years, seeing them as the era of "exciting possibilities". "It is a time where startups can grow like never before, bring in fresh ideas, and bounce back from challenges stronger than ever," says Bhatia. Debleena Majumdar, Vice-President of Strategy and Research at the Artha School of Entrepreneurship, does not expect any immediate or drastic changes in the start-up ecosystem. But she expects more inclusivity in the ecosystem in the next few years. A recent WISER report shows that women occupy more senior roles at startups compared to corporates, but only five in 10 women end up at director-level positions at the end of a decade. "A more inclusive ecosystem could mean a higher presence of women founders, more localised entrepreneurship across sectors and more pathways for value creation, from mergers, acquisitions to well planned IPOs," she says. Samyak Chakrabarty, Founder of ed-tech platform Workverse, predicts a major shift in perspective of both founders and investors, when it comes to valuing a start-up. "Start-ups and investors will move from chasing valuations to creating real value - for customers, employees and selves. The initial startup boom was fuelled by the 'burn more than you earn' approach which eventually led to more failures than sustainable success stories," Chakrabarty said. Chakrabarty's statement is a reminder of the perennial struggle that start-ups face to turn a profit. An Inc42 analysis shows that 82 out of the 112 top start-ups recorded a combined loss of nearly $7 billion dollars last year. Harkunwar Singh, Co-founder and CEO of ed-tech platform Novatr, believes that the next few years will be a "great time" for tech-first edtech/up-skilling startups. With over 230 million students in the k-12 system, India is a huge untapped market for the education and skills sector. It is estimated that the sector will be worth $313 billion by 2030, fuelled by cheap data and internet penetration. "Increasing internet accessibility and the demographic dividend of a burgeoning youth will boost entrepreneurship and make way for innovative solutions that address the diversity of needs in our country," argues Singh. While funding crunches, regulatory complexities, and problems securing skilled talent exist, he adds that the ecosystem will remain resilient. Yamini Bhat, CEO and Co-founder of fin-tech start-up Vymo, says start-ups will be in a recovery phase in 2024. Investors, she adds, will look out for logically innovative startups with strong control of their finances. "Increasing focus on deep-tech start-ups and how their applications can impact the broader industry," she says, adding that start-ups focusing on clean energy and climate change could define the ecosystem in the future. A new report by data intelligence firm Tracnx has dubbed the 2013-2023 period as the “decade of growth in tech start-ups”. However, a Nasscom-Zinnov report shows that cash flow issues and low customer demand were among the top challenges faced by the tech start-up sector last year. Tech entrepreneurs like Darshil Shah, Founder and Director, TreadBinary, feel that pivoting to innovative technologies such as Generative AI and advanced data analytics would be the future. "A supportive ecosystem and government initiatives would create a conducive environment for start-ups over the next five years," he adds. Budget expectations Given the Modi government’s push for entrepreneurship and start-ups, a lot rides on the upcoming interim budget. Bhatia seeks a dedicated fund to help finance start-ups in the emerging industries, adding that the budget must focus on improving the ease of doing business and enhancing innovation. “The budget, rather than being just a set of numbers, holds the potential to act as the catalyst that propels Indian startups into a new era of unprecedented innovation and global influence,” he argues. Majumdar says that the Interim Budget needs to provide increased support to entrepreneurs in India's hinterland, often called 'Bharat' by India-watchers. "Access to credit for small and medium businesses in 'Bharat' remains one of their key growth challenges. The government also needs to enable more multimodal infrastructure access for seamless movement of goods and people in rural and semi-urban India," she adds. Chakrabarty argues that the biggest enabler for start-ups will be if the mindset of the Income Tax department and the Registrar of Companies can evolve and be more adaptive to realities of young companies. “If the government wants more start ups to receive funding, the IT authorities need to be briefed that this is as much the country's gain as it is that of private entities,” he says. Singh wants the upcoming budget to support incubation centres, foster collaboration with academia, or offer skills training programs relevant to the start-up ecosystem. “The government’s vision of making India a developed country by 2047 will require concentrated investment into the education as well as the infrastructure sector,” he adds. Bhatt adds that the Interim Budget must focus on grants and incentives for research and development in tech space, including fintech, clean energy, cyber security, agritech and robotics. The tech start-ups anticipate a forward-looking 'Make in India' approach. The Interim Budget, Shah argues, must emphasise on streamlining Advanced Pricing Agreements (APAs) and Mutual Agreement Procedures (MAPs). Both relate to global agreements between taxpayers and national administrations that offer greater transactional certainty. “Clarity in these areas is expected to foster innovation and collaboration, aligning seamlessly with the 'Make in India' initiative,” the TreadBinary CEO adds.

Budget 2024: India’s start-up ecosystem seeks redemption after a tepid 2023 

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores." <o:p></o:p>

Amazon's General Counsel, David Zapolsky, expressed disappointment, stating, "We're believers in the future of consumer robotics in the home and have always been fans of iRobot's products."<o:p></o:p>

In response to the collapsed merger, iRobot has announced a significant restructuring plan, aiming to reduce costs. <o:p></o:p>

As part of this plan, approximately 31 per cent of iRobot's workforce, equivalent to 350 jobs, will be cut.<o:p></o:p>

Additionally, founder Colin Angle has stepped down as the CEO of the Roomba robot vacuum manufacturer, with Angle and the board mutually agreeing that a new leader with turnaround experience would better serve iRobot in the face of current challenges. <o:p></o:p>

The termination of the merger deal comes after the EU and US antitrust regulators raised concerns about potential anti-competitive practices.<o:p></o:p>

The EU antitrust chief, Vestager, explained that the preliminary investigation suggested Amazon's acquisition of iRobot could have resulted in adverse effects on competition. <o:p></o:p>

Vestager highlighted concerns that Amazon might delist rival robot vacuum cleaners, reduce their visibility, or raise advertising costs for competitors on Amazon's marketplace, particularly in key European markets. <o:p></o:p>

The Federal Trade Commission (FTC) in the US was also set to reject the deal, planning to recommend a legal challenge to block the acquisition before the companies officially abandoned it.<o:p></o:p>

While Amazon expressed disappointment over the deal's failure, iRobot faces financial implications. <o:p></o:p>

The robot vacuum manufacturer anticipates reporting a 25 per cent reduction in full-year 2023 revenue, amounting to $891 million, with an expected loss between $265 and $285 million. <o:p></o:p>

As per the terms of the merger agreement, Amazon will pay iRobot a termination fee of $94 million. iRobot shares experienced a 7.2 per cent drop in afternoon trading on Monday, continuing a downward trend since the EU regulators' initial reports about potential blocks two weeks ago.<o:p></o:p>

In contrast, Amazon shares saw a rise of nearly 1 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. This is based on a Reuters report. The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores.

Amazon and iRobot have abandoned their $1.4 billion merger plans, citing opposition from both EU and US antitrust regulators. This is based on a Reuters report. The decision follows concerns raised by EU antitrust chief Margrethe Vestager, who revealed that an in-depth investigation indicated the acquisition "would have enabled Amazon to foreclose iRobot's rivals by restricting or degrading access to Amazon stores." Amazon's General Counsel, David Zapolsky, expressed disappointment, stating, "We're believers in the future of consumer robotics in the home and have always been fans of iRobot's products." In response to the collapsed merger, iRobot has announced a significant restructuring plan, aiming to reduce costs. As part of this plan, approximately 31 per cent of iRobot's workforce, equivalent to 350 jobs, will be cut. Additionally, founder Colin Angle has stepped down as the CEO of the Roomba robot vacuum manufacturer, with Angle and the board mutually agreeing that a new leader with turnaround experience would better serve iRobot in the face of current challenges. The termination of the merger deal comes after the EU and US antitrust regulators raised concerns about potential anti-competitive practices. The EU antitrust chief, Vestager, explained that the preliminary investigation suggested Amazon's acquisition of iRobot could have resulted in adverse effects on competition. Vestager highlighted concerns that Amazon might delist rival robot vacuum cleaners, reduce their visibility, or raise advertising costs for competitors on Amazon's marketplace, particularly in key European markets. The Federal Trade Commission (FTC) in the US was also set to reject the deal, planning to recommend a legal challenge to block the acquisition before the companies officially abandoned it. While Amazon expressed disappointment over the deal's failure, iRobot faces financial implications. The robot vacuum manufacturer anticipates reporting a 25 per cent reduction in full-year 2023 revenue, amounting to $891 million, with an expected loss between $265 and $285 million. As per the terms of the merger agreement, Amazon will pay iRobot a termination fee of $94 million. iRobot shares experienced a 7.2 per cent drop in afternoon trading on Monday, continuing a downward trend since the EU regulators' initial reports about potential blocks two weeks ago. In contrast, Amazon shares saw a rise of nearly 1 per cent. (With inputs from Reuters)

Amazon & iRobot scrap $1.4 billion merger amid antitrust concerns

Teradyne, a prominent supplier of semiconductor testing equipment, has relocated manufacturing operations worth approximately $1 billion out of China, citing disruptions caused by US export controls.<o:p></o:p>

According to Reuters, the Massachusetts-based company made this strategic move in response to US regulations issued in October 2022, which restricted exports to semiconductor manufacturing facilities in China, aiming to safeguard US technology from contributing to the country's military capabilities.<o:p></o:p>

The main manufacturing site affected by Teradyne's decision was a factory in Suzhou, where the company subcontracted semiconductor test equipment production to Flextronics. <o:p></o:p>

The relocation of manufacturing activities followed the US rules implemented in October 2022, reflecting a broader trend among US companies seeking to reduce dependence on China amid heightened tensions and regulatory constraints in the US-China tech battle. <o:p></o:p>

Teradyne's annual report for 2022 had already cautioned investors about potential repercussions from the October regulations, emphasizing the impact on sales and operations in China.<o:p></o:p>

Brian Amero, Teradyne's Director of Global Compliance and Ethics, revealed details of the move during a virtual export conference. <o:p></o:p>

Amero explained, "We did manufacturing in China, so we had to get an emergency authorization to continue that activity. We decided that was too risky, so we moved manufacturing out of China — at no insignificant expense."<o:p></o:p>

&nbsp;The company faced supply chain disruptions as some suppliers hesitated to ship to Teradyne, despite authorisation. <o:p></o:p>

However, Amero noted that Teradyne eventually obtained licenses to mitigate the impact of the regulations. <o:p></o:p>

He emphasised that the US updated the rules in October 2023, carving out an exception for testing equipment used after a wafer is created.<o:p></o:p>

Amero acknowledged the ongoing challenges posed by the evolving export controls, stating, "It's still a front-burner issue." <o:p></o:p>

While Teradyne was not a "direct target" of the regulations, the company experienced significant impacts, particularly in market share. <o:p></o:p>

Although Amero did not provide specific figures, Teradyne's financials for the three months ending October 1, 2023, revealed a shift, with China accounting for 12 per cent of revenues, down from 16 per cent during the same quarter the previous year. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Teradyne, a prominent supplier of semiconductor testing equipment, has relocated manufacturing operations worth approximately $1 billion out of China, citing disruptions caused by US export controls.

Teradyne, a prominent supplier of semiconductor testing equipment, has relocated manufacturing operations worth approximately $1 billion out of China, citing disruptions caused by US export controls. According to Reuters, the Massachusetts-based company made this strategic move in response to US regulations issued in October 2022, which restricted exports to semiconductor manufacturing facilities in China, aiming to safeguard US technology from contributing to the country's military capabilities. The main manufacturing site affected by Teradyne's decision was a factory in Suzhou, where the company subcontracted semiconductor test equipment production to Flextronics. The relocation of manufacturing activities followed the US rules implemented in October 2022, reflecting a broader trend among US companies seeking to reduce dependence on China amid heightened tensions and regulatory constraints in the US-China tech battle. Teradyne's annual report for 2022 had already cautioned investors about potential repercussions from the October regulations, emphasizing the impact on sales and operations in China. Brian Amero, Teradyne's Director of Global Compliance and Ethics, revealed details of the move during a virtual export conference. Amero explained, "We did manufacturing in China, so we had to get an emergency authorization to continue that activity. We decided that was too risky, so we moved manufacturing out of China — at no insignificant expense." The company faced supply chain disruptions as some suppliers hesitated to ship to Teradyne, despite authorisation. However, Amero noted that Teradyne eventually obtained licenses to mitigate the impact of the regulations. He emphasised that the US updated the rules in October 2023, carving out an exception for testing equipment used after a wafer is created. Amero acknowledged the ongoing challenges posed by the evolving export controls, stating, "It's still a front-burner issue." While Teradyne was not a "direct target" of the regulations, the company experienced significant impacts, particularly in market share. Although Amero did not provide specific figures, Teradyne's financials for the three months ending October 1, 2023, revealed a shift, with China accounting for 12 per cent of revenues, down from 16 per cent during the same quarter the previous year. (With inputs from Reuters)

Teradyne shifts $1 billion manufacturing out of China amid US export controls

Pandora, the world's leading jeweller in terms of products sold, has made a groundbreaking decision to cease the use of mined silver and gold in its manufacturing process. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The Danish company, renowned for its popular charm bracelets ranging from $65 to $95, now exclusively utilises recycled precious metals, significantly reducing its carbon footprint. <o:p></o:p>

"Using recycled metals cuts Pandora's indirect CO2 emissions by around 58,000 tonnes annually,” Reuters quoted Mads Twomey-Madsen, the Senior Vice President of Communications and Sustainability at Pandora, as saying.<o:p></o:p>

Previously, Pandora used to purchase about 340 tonnes of silver and one tonne of gold, generating about 264,224 tonnes of CO2 though its supply chain.<o:p></o:p>

The shift to recycled metals aligns with Pandora's broader environmental goals, aiming to mitigate the ecological impact of its operations. <o:p></o:p>

The move is part of a significant investment by the company, allocating approximately $10 million annually to facilitate the transition, a cost that Pandora intends to absorb without passing it on to consumers through price hikes.<o:p></o:p>

While the adoption of recycled metals presents environmental benefits, it also introduces unique challenges, notably the risk associated with stolen gold being sold as scrap for recycling. <o:p></o:p>

In response, Pandora has implemented a chain of custody standard developed by the Responsible Jewellery Council (RJC). <o:p></o:p>

This standard includes exclusions, such as gold coins and gold bars, as a source of recycled gold. <o:p></o:p>

Twomey-Madsen noted that Pandora requires suppliers to adhere to the RJC standard, ensuring transparency and accountability in the sourcing of recycled silver and gold. <o:p></o:p>

As part of this transition, suppliers are mandated to segregate certified recycled metals from non-certified ones.<o:p></o:p>

Twomey-Madsen also highlighted the company's willingness to pay a premium for recycled metals, emphasising the support provided to suppliers in making this transition. <o:p></o:p>

Rivals in the industry, such as Monica Vinader and Missoma, also tout their commitment to using 100 per cent recycled silver and gold, aligning with the growing trend towards sustainable practices in the jewellery sector.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Pandora, the world's leading jeweller in terms of products sold, has made a groundbreaking decision to cease the use of mined silver and gold in its manufacturing process.

Pandora, the world's leading jeweller in terms of products sold, has made a groundbreaking decision to cease the use of mined silver and gold in its manufacturing process. This is based on a Reuters report. The Danish company, renowned for its popular charm bracelets ranging from $65 to $95, now exclusively utilises recycled precious metals, significantly reducing its carbon footprint. "Using recycled metals cuts Pandora's indirect CO2 emissions by around 58,000 tonnes annually,” Reuters quoted Mads Twomey-Madsen, the Senior Vice President of Communications and Sustainability at Pandora, as saying. Previously, Pandora used to purchase about 340 tonnes of silver and one tonne of gold, generating about 264,224 tonnes of CO2 though its supply chain. The shift to recycled metals aligns with Pandora's broader environmental goals, aiming to mitigate the ecological impact of its operations. The move is part of a significant investment by the company, allocating approximately $10 million annually to facilitate the transition, a cost that Pandora intends to absorb without passing it on to consumers through price hikes. While the adoption of recycled metals presents environmental benefits, it also introduces unique challenges, notably the risk associated with stolen gold being sold as scrap for recycling. In response, Pandora has implemented a chain of custody standard developed by the Responsible Jewellery Council (RJC). This standard includes exclusions, such as gold coins and gold bars, as a source of recycled gold. Twomey-Madsen noted that Pandora requires suppliers to adhere to the RJC standard, ensuring transparency and accountability in the sourcing of recycled silver and gold. As part of this transition, suppliers are mandated to segregate certified recycled metals from non-certified ones. Twomey-Madsen also highlighted the company's willingness to pay a premium for recycled metals, emphasising the support provided to suppliers in making this transition. Rivals in the industry, such as Monica Vinader and Missoma, also tout their commitment to using 100 per cent recycled silver and gold, aligning with the growing trend towards sustainable practices in the jewellery sector. (With inputs from Reuters)

World's largest jeweller, shifts to 100pc recycled metals, abandoning mined gold & silver

Logistics giant&nbsp;UPS&nbsp;said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts.

In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with&nbsp;UPS'&nbsp;priorities, adding that the cuts would save it around $1 billion in costs this year.

Three-quarters of the reductions are set to come in the first half, Tome noted.&nbsp;UPS&nbsp;has around 500,000 employees.

The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again.

The announcement came shortly after&nbsp;UPS&nbsp;reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022.

This was markedly less than the $25.4 billion figure that analysts expected as well.

For the full year,&nbsp;UPS&nbsp;reported a revenue fall of 9.3 per cent to $91 billion.

"2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement.

In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues.

For the final quarter last year,&nbsp;UPS&nbsp;reported earnings per share of $1.87.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year. Three-quarters of the reductions are set to come in the first half, Tome noted. UPS has around 500,000 employees. The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again. The announcement came shortly after UPS reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022. This was markedly less than the $25.4 billion figure that analysts expected as well. For the full year, UPS reported a revenue fall of 9.3 per cent to $91 billion. "2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement. In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues. For the final quarter last year, UPS reported earnings per share of $1.87.

Logistics giant UPS says it will cut 12,000 jobs, closes challenging year

In a comprehensive report titled "The Indian Economy: A Review," prepared by V Anantha Nageswaran, Chief Economic Advisor to the government, and his team of economists, India takes stock of its economic journey over the past decade.

According to Nageswaran, India is confident in weathering emerging disturbances, transitioning from fragility to stability and strength.

The report emphasises India's deft management of crude oil supply and predicts a growth rate pegged at or above 7 per cent for FY24 and FY25, marking a resilient economic recovery after the Covid-era disruptions.&nbsp;

<div dir="auto">Moreover, it projects India's economy could potentially reach $7 trillion by 2030.</div>

Trends and challenges in the coming years

The report highlights three key trends India will face in the years ahead.

Firstly, the era of hyper-globalisation in global manufacturing has ended.

Secondly, India is not expected to witness de-globalisation soon, but the government plans to focus on onshoring and friend-shoring of production.

Thirdly, India will have to address challenges such as supply chain disruptions, the impact of Artificial Intelligence on services trade and employment, and the energy transition.

Government's green initiatives and infrastructure development

The report also covers rising concerns over climate change and the increasing focus on reducing carbon emissions.&nbsp;

In the report, Nageswaran commends India's skilful navigation of the trade-off between economic growth and energy transition.

He applauds the government's progress in building infrastructure at an unprecedented rate, noting a significant increase in public sector capital investment from 5.6 lakh crore rupees in FY15 to 18.6 lakh crore rupees in FY24.

The report details advancements in highways, freight corridors, airports, metro rail networks, and trans-sea links, showcasing tangible and transformative growth in physical and digital infrastructure.

Financial sector's strength and key reforms post 2014&nbsp;

India's financial sector, with a stronger balance sheet, active lending, and robust non-food credit growth is also in a healthy position.

The report points out that 51 crore Jan Dhan Yojana bank accounts, holding over 2.1 lakh crore rupees in deposits, indicate good financial health among Indian households.

It calls India's journey in the last 10 years as the 'decade of transformative growth' in the last decade, with key reforms such as the Goods and Services Tax and the Insolvency and Bankruptcy Code, and the government's&nbsp;all-inclusive welfare approach boosting India's economic profile.

The Finance Ministry document also notes the transformative impact of India's Digital Public Infrastructure on e-commerce and middle-class consumption.&nbsp;

The report, in short, argues that India's 'transformative growth' has helped its economy remain a bright spot in an otherwise gloomy global economy.&nbsp;

In a comprehensive report titled "The Indian Economy: A Review," prepared by V Anantha Nageswaran, Chief Economic Advisor to the government, and his team of economists, India takes stock of its economic journey over the past decade.

In a comprehensive report titled "The Indian Economy: A Review," prepared by V Anantha Nageswaran, Chief Economic Advisor to the government, and his team of economists, India takes stock of its economic journey over the past decade. According to Nageswaran, India is confident in weathering emerging disturbances, transitioning from fragility to stability and strength. The report emphasises India's deft management of crude oil supply and predicts a growth rate pegged at or above 7 per cent for FY24 and FY25, marking a resilient economic recovery after the Covid-era disruptions. Moreover, it projects India's economy could potentially reach $7 trillion by 2030. Trends and challenges in the coming years The report highlights three key trends India will face in the years ahead. Firstly, the era of hyper-globalisation in global manufacturing has ended. Secondly, India is not expected to witness de-globalisation soon, but the government plans to focus on onshoring and friend-shoring of production. Thirdly, India will have to address challenges such as supply chain disruptions, the impact of Artificial Intelligence on services trade and employment, and the energy transition. Government's green initiatives and infrastructure development The report also covers rising concerns over climate change and the increasing focus on reducing carbon emissions. In the report, Nageswaran commends India's skilful navigation of the trade-off between economic growth and energy transition. He applauds the government's progress in building infrastructure at an unprecedented rate, noting a significant increase in public sector capital investment from 5.6 lakh crore rupees in FY15 to 18.6 lakh crore rupees in FY24. The report details advancements in highways, freight corridors, airports, metro rail networks, and trans-sea links, showcasing tangible and transformative growth in physical and digital infrastructure. Financial sector's strength and key reforms post 2014 India's financial sector, with a stronger balance sheet, active lending, and robust non-food credit growth is also in a healthy position. The report points out that 51 crore Jan Dhan Yojana bank accounts, holding over 2.1 lakh crore rupees in deposits, indicate good financial health among Indian households. It calls India's journey in the last 10 years as the 'decade of transformative growth' in the last decade, with key reforms such as the Goods and Services Tax and the Insolvency and Bankruptcy Code, and the government's all-inclusive welfare approach boosting India's economic profile. The Finance Ministry document also notes the transformative impact of India's Digital Public Infrastructure on e-commerce and middle-class consumption. The report, in short, argues that India's 'transformative growth' has helped its economy remain a bright spot in an otherwise gloomy global economy.

India to be a $7 trillion economy by 2030? Here's what the Finance Ministry report says 

<o:p></o:p>Boeing has officially withdrawn its request for a safety exemption for the Boeing 737 MAX 7, a move that comes in the wake of heightened safety concerns and opposition from key figures within the aviation industry. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The request, submitted to the Federal Aviation Administration (FAA) last year, sought exemption from a safety standard crucial for the certification of the 737 MAX 7. <o:p></o:p>

The decision to withdraw the bid was confirmed by Boeing on Monday.<o:p></o:p>

Senator Tammy Duckworth, who chairs an aviation subcommittee, expressed her strong opposition to Boeing's exemption request, emphasising that it could allow the 737 MAX 7 to enter commercial service prematurely. <o:p></o:p>

Senator Duckworth highlighted a specific safety concern related to the exemption, stating, "This involves an anti-ice system that can overheat and cause the engine nacelle to break apart and fall off. This could generate fuselage-penetrating debris, which could endanger passengers in window seats behind the wing."<o:p></o:p>

In a statement released on Monday, the company stated, "While we are confident that the proposed time-limited exemption for that system follows established FAA processes to ensure safe operation, we will instead incorporate an engineering solution that will be completed during the certification process." <o:p></o:p>

The withdrawal of the exemption request is likely to have implications for the overall timeline of the 737 MAX 7 certification, as Boeing now pivots towards integrating an engineering solution to meet safety standards.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p>&nbsp;</o:p>

Boeing has officially withdrawn its request for a safety exemption for the Boeing 737 MAX 7, a move that comes in the wake of heightened safety concerns and opposition from key figures within the aviation industry.

Boeing has officially withdrawn its request for a safety exemption for the Boeing 737 MAX 7, a move that comes in the wake of heightened safety concerns and opposition from key figures within the aviation industry. This is based on a Reuters report. The request, submitted to the Federal Aviation Administration (FAA) last year, sought exemption from a safety standard crucial for the certification of the 737 MAX 7. The decision to withdraw the bid was confirmed by Boeing on Monday. Senator Tammy Duckworth, who chairs an aviation subcommittee, expressed her strong opposition to Boeing's exemption request, emphasising that it could allow the 737 MAX 7 to enter commercial service prematurely. Senator Duckworth highlighted a specific safety concern related to the exemption, stating, "This involves an anti-ice system that can overheat and cause the engine nacelle to break apart and fall off. This could generate fuselage-penetrating debris, which could endanger passengers in window seats behind the wing." In a statement released on Monday, the company stated, "While we are confident that the proposed time-limited exemption for that system follows established FAA processes to ensure safe operation, we will instead incorporate an engineering solution that will be completed during the certification process." The withdrawal of the exemption request is likely to have implications for the overall timeline of the 737 MAX 7 certification, as Boeing now pivots towards integrating an engineering solution to meet safety standards. (With inputs from Reuters)

Boeing withdraws safety exemption bid for 737 MAX 7: Report

Toyota Motor has issued a warning urging approximately 50,000 owners of older US vehicles to stop driving immediately and seek prompt recall repairs due to a potentially lethal defect in the air bag inflators. <o:p></o:p>

The advisory specifically covers certain 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and 2004-2005 RAV4s equipped with Takata air bag inflators. The Japanese automaker highlighted the gravity of the situation, stating that the faulty inflator could explode, posing a severe threat.<o:p></o:p>

Toyota's precautionary measure comes as a response to the longstanding global issue of Takata air bag inflators, linked to over 30 deaths worldwide, including 26 in the United States, and hundreds of injuries across various automakers since 2009. <o:p></o:p>

The defect causes the inflators to explode, releasing dangerous metal shrapnel within vehicles. This alarming situation has led to the recall of more than 67 million Takata air bag inflators in the United States alone by over 20 automakers, constituting the largest auto safety callback in history.<o:p></o:p>

In this latest recall by Toyota, the focus is on specific models, with the RAV4 recall involving the driver's airbag and the other recalls concerning the front passenger airbag only. Additionally, certain Corolla and Corolla Matrix models are subject to a second recall that may cause the airbag to deploy even in the absence of a crash. <o:p></o:p>

Toyota refrained from disclosing whether the "Do Not Drive" warning stemmed from a specific incident, such as a serious injury or fatality. The National Highway Traffic Safety Administration is yet to provide immediate comment on the matter.<o:p></o:p>

The urgency surrounding air bag safety recalls is not new to the automotive industry. Stellantis, the parent company of Chrysler, issued a similar warning in July for 29,000 owners of 2003 Dodge Ram pickups after a fatal incident involving a Takata air-bag inflator. <o:p></o:p>

Stellantis had previously urged owners of 276,000 older US vehicles to stop driving in November 2022 following three crash deaths linked to faulty Takata air bag inflators reported that year. Honda Motor also faced a similar situation in February 2023, issuing a "Do Not Drive" warning for 8,200 Acura and Honda vehicles after a driver's death in Kentucky from a defective Takata air bag inflator.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Toyota Motor has issued a warning urging approximately 50,000 owners of older US vehicles to stop driving immediately and seek prompt recall repairs due to a potentially lethal defect in the air bag inflators.

Toyota Motor has issued a warning urging approximately 50,000 owners of older US vehicles to stop driving immediately and seek prompt recall repairs due to a potentially lethal defect in the air bag inflators. The advisory specifically covers certain 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and 2004-2005 RAV4s equipped with Takata air bag inflators. The Japanese automaker highlighted the gravity of the situation, stating that the faulty inflator could explode, posing a severe threat. Toyota's precautionary measure comes as a response to the longstanding global issue of Takata air bag inflators, linked to over 30 deaths worldwide, including 26 in the United States, and hundreds of injuries across various automakers since 2009. The defect causes the inflators to explode, releasing dangerous metal shrapnel within vehicles. This alarming situation has led to the recall of more than 67 million Takata air bag inflators in the United States alone by over 20 automakers, constituting the largest auto safety callback in history. In this latest recall by Toyota, the focus is on specific models, with the RAV4 recall involving the driver's airbag and the other recalls concerning the front passenger airbag only. Additionally, certain Corolla and Corolla Matrix models are subject to a second recall that may cause the airbag to deploy even in the absence of a crash. Toyota refrained from disclosing whether the "Do Not Drive" warning stemmed from a specific incident, such as a serious injury or fatality. The National Highway Traffic Safety Administration is yet to provide immediate comment on the matter. The urgency surrounding air bag safety recalls is not new to the automotive industry. Stellantis, the parent company of Chrysler, issued a similar warning in July for 29,000 owners of 2003 Dodge Ram pickups after a fatal incident involving a Takata air-bag inflator. Stellantis had previously urged owners of 276,000 older US vehicles to stop driving in November 2022 following three crash deaths linked to faulty Takata air bag inflators reported that year. Honda Motor also faced a similar situation in February 2023, issuing a "Do Not Drive" warning for 8,200 Acura and Honda vehicles after a driver's death in Kentucky from a defective Takata air bag inflator. (With inputs from Reuters)

Toyota urges immediate repairs for 50,000 US vehicles over air bag threats

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements.

This comes as inadequate policy decisions, coupled with a sequence of setbacks such as the impact of COVID-19, the devastating floods in 2022, and unfavorable global circumstances, have led to a deceleration in Pakistan's economic growth. The country has seen a rise in poverty while human development indicators persist at levels comparable to much less affluent nations, and per capita income growth has been diminishing.&nbsp;

SBP governor also provided insight into the timeline, mentioning that the design framework for the new notes had already commenced, with an expectation to finalise it by March.&nbsp;“I hope that their design framework will be finalised by March," he said.&nbsp;

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Reports citing sources familiar with the matter disclosed that the central bank's decision stems from concerns about counterfeit currency notes circulating in the country. Financial expert Khurram Schehzad, CEO of Alpha Beta Core, cautiously appraised the SBP's move as a "positive development" but also said that it is early to say how the decision proves out to be.

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He further dismissed the idea that the introduction of new notes alone would tackle the issue of black money. Schehzad emphasised the necessity to concurrently address the large circulation of higher denomination currency notes.

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Schehzad stressed the importance of assessing the extent of cash hoarded by the public, noting that, in times of heightened inflation, people tend to convert cash into assets such as property, cars, gold, or foreign currencies. "It is to be seen how the central bank moves forward, whether it's discontinuing the higher denomination currency notes, or is simply introducing new ones," he said.

Schehzad highlighted the need for the SBP to control the printing of currency notes, identifying it as an important&nbsp;factor contributing to rising inflation.

(With inputs from agencies)

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements.

The State Bank of Pakistan (SBP) has announced its plans to introduce new currency notes embedded with enhanced international security features. The central bank's governor Jameel Ahmad said that the upcoming notes would showcase new serial numbers, designs, and advanced security elements. This comes as inadequate policy decisions, coupled with a sequence of setbacks such as the impact of COVID-19, the devastating floods in 2022, and unfavorable global circumstances, have led to a deceleration in Pakistan's economic growth. The country has seen a rise in poverty while human development indicators persist at levels comparable to much less affluent nations, and per capita income growth has been diminishing. SBP governor also provided insight into the timeline, mentioning that the design framework for the new notes had already commenced, with an expectation to finalise it by March. “I hope that their design framework will be finalised by March," he said. Also Read | Cipher case: Imran Khan, Shah Mahmood sentenced to 10 years in prison Reports citing sources familiar with the matter disclosed that the central bank's decision stems from concerns about counterfeit currency notes circulating in the country. Financial expert Khurram Schehzad, CEO of Alpha Beta Core, cautiously appraised the SBP's move as a "positive development" but also said that it is early to say how the decision proves out to be. Also Read | Ex-IRS contractor who stole and leaked Trump’s tax records, sentenced to 5 years in prison He further dismissed the idea that the introduction of new notes alone would tackle the issue of black money. Schehzad emphasised the necessity to concurrently address the large circulation of higher denomination currency notes. Watch | US and UK sanction network accused of plotting to kill Iranian dissidents × Schehzad stressed the importance of assessing the extent of cash hoarded by the public, noting that, in times of heightened inflation, people tend to convert cash into assets such as property, cars, gold, or foreign currencies. "It is to be seen how the central bank moves forward, whether it's discontinuing the higher denomination currency notes, or is simply introducing new ones," he said. Schehzad highlighted the need for the SBP to control the printing of currency notes, identifying it as an important factor contributing to rising inflation. (With inputs from agencies)

Pakistan to soon roll out new currency notes with advanced security features: Report

<o:p></o:p>

Byju’s, the leading edtech startup and once India's most valuable, has launched a rights issue aiming to raise $200 million as it grapples with a severe funding crunch. <o:p></o:p>

According to a Techcrunch report, the company has significantly reduced its valuation asks by 99 per cent, seeking essential capital to address liabilities and operational costs. <o:p></o:p>

If successful, the post-money valuation is expected to be in the range of $220 million to $225 million, marking a substantial drop from its $22 billion valuation in 2022.<o:p></o:p>

Byju Raveendran, the founder of Byju’s, communicated to shareholders in a letter the urgency of the rights issue, emphasising personal investments of $1.1 billion by the founders in the last 18 months.<o:p></o:p>

As per the Techcrunch report, Raveendran highlighted the sacrifices made for the company, stating, "We have spent our lives building this company and are fervent believers in its mission." <o:p></o:p>

The rights issue provides existing investors with an opportunity to participate, but failure to do so would result in a loss of their entire equity position in the startup.<o:p></o:p>

The move comes as Byju’s faces a challenging financial landscape, having spent $2.5 billion on acquisitions in 2021 and 2022. The startup has raised over $5 billion in equity and debt from notable backers such as General Atlantic, Silver Lake, Lightspeed, and others. <o:p></o:p>

Byju’s anticipates the rights issue to conclude within 30 days and views it as imperative for creating a glidepath to deliver strong shareholder value.<o:p></o:p>

Byju’s, aiming to go public in early 2022 through a SPAC deal, had to put its IPO plans on hold due to market uncertainties caused by Russia’s invasion of Ukraine. <o:p></o:p>

The startup faced challenges in raising capital, with the auditor Deloitte resigning, and three key board members quitting. <o:p></o:p>

The rights issue allows Byju’s to part ways with dissenting investors, as those who do not participate stand to lose their entire equity position in the startup.<o:p></o:p>

Byju’s, the leading edtech startup and once India's most valuable, has launched a rights issue aiming to raise $200 million as it grapples with a severe funding crunch.

Byju’s, the leading edtech startup and once India's most valuable, has launched a rights issue aiming to raise $200 million as it grapples with a severe funding crunch. According to a Techcrunch report, the company has significantly reduced its valuation asks by 99 per cent, seeking essential capital to address liabilities and operational costs. If successful, the post-money valuation is expected to be in the range of $220 million to $225 million, marking a substantial drop from its $22 billion valuation in 2022. Byju Raveendran, the founder of Byju’s, communicated to shareholders in a letter the urgency of the rights issue, emphasising personal investments of $1.1 billion by the founders in the last 18 months. As per the Techcrunch report, Raveendran highlighted the sacrifices made for the company, stating, "We have spent our lives building this company and are fervent believers in its mission." The rights issue provides existing investors with an opportunity to participate, but failure to do so would result in a loss of their entire equity position in the startup. The move comes as Byju’s faces a challenging financial landscape, having spent $2.5 billion on acquisitions in 2021 and 2022. The startup has raised over $5 billion in equity and debt from notable backers such as General Atlantic, Silver Lake, Lightspeed, and others. Byju’s anticipates the rights issue to conclude within 30 days and views it as imperative for creating a glidepath to deliver strong shareholder value. Byju’s, aiming to go public in early 2022 through a SPAC deal, had to put its IPO plans on hold due to market uncertainties caused by Russia’s invasion of Ukraine. The startup faced challenges in raising capital, with the auditor Deloitte resigning, and three key board members quitting. The rights issue allows Byju’s to part ways with dissenting investors, as those who do not participate stand to lose their entire equity position in the startup.

Byju’s valuation falls 99 pc in $200m rights issue: Report

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms. <o:p></o:p>

Reuters cited three sources with knowledge who revealed that the government and IMF officials mutually agreed to defer the last review, initially slated for September, to November. <o:p></o:p>

The extension aims to "ensure that the program delivers on its objectives," with the source emphasising that it does not imply any fresh financing. <o:p></o:p>

This marks the first alteration to the schedule for a loan agreed upon in 2022.<o:p></o:p>

The agreement between Argentina and the IMF comes amid efforts to address the challenges posed by the country's economic situation. <o:p></o:p>

President Javier Milei, who assumed office on December 10, faced delays in the seventh review of the existing program due to the change in leadership. <o:p></o:p>

The IMF's executive board is anticipated to approve the extension and disburse $4.7 billion in funding during a meeting scheduled for Wednesday. <o:p></o:p>

While an IMF spokesperson did not respond immediately to requests for comment, a spokesperson for Argentina's economy ministry confirmed expectations of an IMF board meeting on January 31 to discuss the program.<o:p></o:p>

The extension of the loan review provides Argentina with additional flexibility in deciding the way forward. <o:p></o:p>

"The country could always negotiate a new program before the current loan ends, but now it has more breathing room until the end of the year to decide what it wants to do," Reuters quoted one source as saying. <o:p></o:p>

The extension does not alter the overall quantity of reviews, and the remaining three reviews from May onwards are poised to trigger disbursements totalling approximately $1.9 billion. <o:p></o:p>

The latest staff report is expected to highlight that the current program went "significantly off track," with missed goals such as international reserves accumulation and a reduction in the primary fiscal deficit.<o:p></o:p>

Argentina's economic challenges, particularly in meeting program goals, have been acknowledged by the new administration. <o:p></o:p>

President Milei's ambitious agenda aims to achieve fiscal balance and accumulate $10 billion in net international reserves by the end of 2024. <o:p></o:p>

The IMF expects the country to address issues such as public hearings for energy prices, buyback of government debt held by the central bank, and resolution of external commercial debt. <o:p></o:p>

Economy Minister Luis Caputo recently withdrew major spending reforms from a comprehensive bill in Congress to facilitate approval, citing insufficient support for measures like tax reforms. <o:p></o:p>

The IMF has stressed the need for Argentina to navigate these challenges and meet the specified program goals.<o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms.

The International Monetary Fund (IMF) has granted Argentina a two-month extension for the final review of its $44 billion loan, offering the government additional time to implement reforms. Reuters cited three sources with knowledge who revealed that the government and IMF officials mutually agreed to defer the last review, initially slated for September, to November. The extension aims to "ensure that the program delivers on its objectives," with the source emphasising that it does not imply any fresh financing. This marks the first alteration to the schedule for a loan agreed upon in 2022. The agreement between Argentina and the IMF comes amid efforts to address the challenges posed by the country's economic situation. President Javier Milei, who assumed office on December 10, faced delays in the seventh review of the existing program due to the change in leadership. The IMF's executive board is anticipated to approve the extension and disburse $4.7 billion in funding during a meeting scheduled for Wednesday. While an IMF spokesperson did not respond immediately to requests for comment, a spokesperson for Argentina's economy ministry confirmed expectations of an IMF board meeting on January 31 to discuss the program. The extension of the loan review provides Argentina with additional flexibility in deciding the way forward. "The country could always negotiate a new program before the current loan ends, but now it has more breathing room until the end of the year to decide what it wants to do," Reuters quoted one source as saying. The extension does not alter the overall quantity of reviews, and the remaining three reviews from May onwards are poised to trigger disbursements totalling approximately $1.9 billion. The latest staff report is expected to highlight that the current program went "significantly off track," with missed goals such as international reserves accumulation and a reduction in the primary fiscal deficit. Argentina's economic challenges, particularly in meeting program goals, have been acknowledged by the new administration. President Milei's ambitious agenda aims to achieve fiscal balance and accumulate $10 billion in net international reserves by the end of 2024. The IMF expects the country to address issues such as public hearings for energy prices, buyback of government debt held by the central bank, and resolution of external commercial debt. Economy Minister Luis Caputo recently withdrew major spending reforms from a comprehensive bill in Congress to facilitate approval, citing insufficient support for measures like tax reforms. The IMF has stressed the need for Argentina to navigate these challenges and meet the specified program goals. (With inputs from Reuters)

IMF grants Argentina extension on $44 bn loan review, allowing for further reforms

China plans to merge three of its biggest state-owned bad debt asset managers under the wing of its sovereign wealth fund, the China Investment Corp (CIC). This announcement, reported by Xinhua news agency on Sunday, comes alongside other recent financial reforms, signalling Beijing's quest to stabilise its capital markets.

The three asset managers – China Cinda, Orient, and Great Wall – specialise in handling non-performing loans and distressed assets. Bringing them under the umbrella of the CIC, one of the world's largest sovereign wealth funds aims to centralise bad debt management and potentially unlock new avenues for restructuring and recovery.

This consolidation forms part of a broader package of financial reforms unveiled in recent weeks. Just a day earlier, China's securities regulator temporarily suspended lending for restricted shares, another measure intended to inject stability into the stock market. These initiatives follow a period of market turbulence triggered by growing financial risks, particularly within the real estate sector.

China's property market has faced significant headwinds since 2020, when authorities tightened regulations on developers' debt-fueled growth. While promoting long-term financial health, this crackdown led to a slump in the sector, impacting consumer spending and overall economic growth. Evergrande's recent liquidation struggles are a testament to this downfall.

The real estate troubles in China are not isolated but intricately linked with local government finances. Historically, local governments have heavily relied on revenue from land sales to developers. However, the recent clampdown has disrupted this traditional revenue stream, creating financial challenges for local authorities.

Last week, the central bank's cut in mandatory cash reserves aimed to ease liquidity constraints for banks. At the same time, a new policy mandate specifically targets alleviating the cash crunch developers face. The consolidation of bad debt management under the CIC adds another piece to this reform puzzle.

By centralising expertise and resources, the merger potentially allows for more efficient restructuring of distressed assets, mitigating risks within the financial system and ultimately contributing to a more stable and resilient property market. The full details of the merger and its long-term implications remain to be seen.

China plans to merge three of its biggest state-owned bad debt asset managers under the wing of its sovereign wealth fund, the China Investment Corp (CIC). This announcement, reported by Xinhua news agency on Sunday, comes alongside other recent financial reforms, signalling Beijing's quest to stabilise its capital markets.

China plans to merge three of its biggest state-owned bad debt asset managers under the wing of its sovereign wealth fund, the China Investment Corp (CIC). This announcement, reported by Xinhua news agency on Sunday, comes alongside other recent financial reforms, signalling Beijing's quest to stabilise its capital markets. The three asset managers – China Cinda, Orient, and Great Wall – specialise in handling non-performing loans and distressed assets. Bringing them under the umbrella of the CIC, one of the world's largest sovereign wealth funds aims to centralise bad debt management and potentially unlock new avenues for restructuring and recovery. This consolidation forms part of a broader package of financial reforms unveiled in recent weeks. Just a day earlier, China's securities regulator temporarily suspended lending for restricted shares, another measure intended to inject stability into the stock market. These initiatives follow a period of market turbulence triggered by growing financial risks, particularly within the real estate sector. China's property market has faced significant headwinds since 2020, when authorities tightened regulations on developers' debt-fueled growth. While promoting long-term financial health, this crackdown led to a slump in the sector, impacting consumer spending and overall economic growth. Evergrande's recent liquidation struggles are a testament to this downfall. The real estate troubles in China are not isolated but intricately linked with local government finances. Historically, local governments have heavily relied on revenue from land sales to developers. However, the recent clampdown has disrupted this traditional revenue stream, creating financial challenges for local authorities. Last week, the central bank's cut in mandatory cash reserves aimed to ease liquidity constraints for banks. At the same time, a new policy mandate specifically targets alleviating the cash crunch developers face. The consolidation of bad debt management under the CIC adds another piece to this reform puzzle. By centralising expertise and resources, the merger potentially allows for more efficient restructuring of distressed assets, mitigating risks within the financial system and ultimately contributing to a more stable and resilient property market. The full details of the merger and its long-term implications remain to be seen.

China consolidates bad debt management amid market reforms

Towering skyscrapers were once the signature of China's economic boom, and Evergrande Group, the world's most indebted developer, stood proudly at the forefront. But in a recent blow to the industry, a Hong Kong court has ordered Evergrande's liquidation, sending shockwaves through global markets and leaving behind a mountain of debt and uncertainty.

Evergrande's troubles stemmed from its aggressive borrowing strategy, fueled by China's rapid real estate expansion. With around $300 billion in liabilities owed to banks, suppliers, and millions of individual investors, the company eventually became too big to sustain itself.

The court-ordered liquidation marks the beginning of a complex process. Liquidators will take control of Evergrande's assets, aiming to recoup some of the outstanding debts. However, this task is far from easy. Most valuable assets have already been seized by creditors or are tied up in unfinished projects, leaving behind significantly diminished holdings.

Creditors holding offshore debt might receive a small portion of their money back, with estimates suggesting a meagre 3.4% recovery rate. But ongoing investigations into the company's leadership could further reduce this already slim hope.

Beyond the numbers: Human cost and uncertainty

The story of Evergrande's downfall goes beyond financial figures. Thousands of homeowners face the unsettling reality of unfinished apartments and uncertain futures. The social and political implications are also significant as authorities grapple with maintaining stability while addressing the anxieties of the public and the demands of creditors.

Evergrande's collapse is a major blow to China's already fragile real estate sector. Analysts worry about a domino effect, with other embattled developers potentially facing similar fates. This could lead to job losses, decreased investment, and even social unrest.

The full impact of Evergrande's liquidation is still unfolding. Can China navigate this unprecedented crisis without widespread economic turmoil? Will Evergrande's demise serve as a cautionary tale or a blueprint for handling future defaults in the property sector? These are questions that only time will answer.

Towering skyscrapers were once the signature of China's economic boom, and Evergrande Group, the world's most indebted developer, stood proudly at the forefront.

Towering skyscrapers were once the signature of China's economic boom, and Evergrande Group, the world's most indebted developer, stood proudly at the forefront. But in a recent blow to the industry, a Hong Kong court has ordered Evergrande's liquidation, sending shockwaves through global markets and leaving behind a mountain of debt and uncertainty. Evergrande's troubles stemmed from its aggressive borrowing strategy, fueled by China's rapid real estate expansion. With around $300 billion in liabilities owed to banks, suppliers, and millions of individual investors, the company eventually became too big to sustain itself. The court-ordered liquidation marks the beginning of a complex process. Liquidators will take control of Evergrande's assets, aiming to recoup some of the outstanding debts. However, this task is far from easy. Most valuable assets have already been seized by creditors or are tied up in unfinished projects, leaving behind significantly diminished holdings. Creditors holding offshore debt might receive a small portion of their money back, with estimates suggesting a meagre 3.4% recovery rate. But ongoing investigations into the company's leadership could further reduce this already slim hope. Beyond the numbers: Human cost and uncertainty The story of Evergrande's downfall goes beyond financial figures. Thousands of homeowners face the unsettling reality of unfinished apartments and uncertain futures. The social and political implications are also significant as authorities grapple with maintaining stability while addressing the anxieties of the public and the demands of creditors. Evergrande's collapse is a major blow to China's already fragile real estate sector. Analysts worry about a domino effect, with other embattled developers potentially facing similar fates. This could lead to job losses, decreased investment, and even social unrest. The full impact of Evergrande's liquidation is still unfolding. Can China navigate this unprecedented crisis without widespread economic turmoil? Will Evergrande's demise serve as a cautionary tale or a blueprint for handling future defaults in the property sector? These are questions that only time will answer.

Evergrande crumbles: China's real estate giant faces liquidation

As India continues to surge ahead as the fastest-growing major economy, the world's attention is turning toward the upcoming budget announcement with heightened anticipation.

Decoding India's economic growth story

A report by the center for Monitoring the Indian Economy highlights the significant disparity between women's enrollment in schools and their representation in the workforce. The report shows that only 10% of working-age Indian women were either employed or actively seeking jobs in 2022.

Only 10% of working-age Indian women engaged in the workforce: Report

Only 10% Indian women employed or seeking jobs

Major players in the tech industry, including Microsoft, google, amazon, and more, are under the regulatory lens. The US Federal Trade Commission has launched an investigation into their partnerships and investments involving generative AI.

Microsoft, Google, Amazon face antitrust questions

15 US Companies, including prominent semiconductor firms, are keen to pour $8 billion into Vietnam's clean energy infrastructure. This major commitment comes with a strategic shift, as US businesses actively explore new avenues amid efforts to de-risk from China.

US companies eye $8 billion investment in Vietnam

In a dazzling display of economic optimism, luxury giant LVMH's latest results have sparked a $70 billion buying spree across the luxury shares market, adding a touch of glamour to the financial landscape.

What LVMH's results tell us about the global economy

Pizza Hut is facing consumer boycotts after the chain reportedly provided free meals to soldiers on Israeli military bases. The pizza chain has not publicly responded to the boycotts nor verified that the pizzas were provided to soldiers for free.

Israel Gaza war: Pizza Hut under fire

Tesla stock&nbsp;tumbled over 12% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition.

Musk said on Wednesday that growth would be "notably lower" as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.

But he said ramping up production of the new model would be challenging because it would involve cutting-edge technologies.

Tesla's stock suffered its sharpest intraday percentage loss in more than a year, with $80 billion in market value wiped out on Thursday. That pushed its market capitalization loss for the month to about $210 billion.

"The Tesla headlines have essentially gone from bad to worse," said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.

Shares of other EV makers also fell, with Rivian Automotive Inc (RIVN.O), opens new tab, Lucid Group (LCID.O), opens new tab and Fisker (FSR.N), opens new tab down between 4.7% and 8.8%.

The EV industry has been grappling with a slowdown in demand for more than a year and the price cuts by Tesla will likely worsen the pressure on the startups and automakers such as Ford (F.N), opens new tab.

"The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere," said Michael Hewson, chief market analyst at CMC Markets.

At least nine brokerages downgraded the stock, while seven raised their ratings. The company, on average, has a "hold" rating with a median price target of $225, 23% higher than the share's closing price of $182.63 on Thursday.

Tesla short sellers have made $3.45 billion so far this year, making it the most profitable U.S. short trade, according to data and analytics firm Ortex.

The company's stock trades at nearly 60 times its 12-month forward earnings estimates, according to LSEG data. That gives it a more premium valuation than the other "Magnificent Seven" stocks – a group that includes Apple, Microsoft and Nvidia.

Some analysts said valuation could become tough to justify if Tesla's sales growth and margin weaken further.

"Tesla is increasingly looking like a traditional auto company," said Bernstein analyst Toni Sacconaghi.

Tesla stock tumbled over 12% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition.

Tesla stock tumbled over 12% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition. Musk said on Wednesday that growth would be "notably lower" as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries. But he said ramping up production of the new model would be challenging because it would involve cutting-edge technologies. Tesla's stock suffered its sharpest intraday percentage loss in more than a year, with $80 billion in market value wiped out on Thursday. That pushed its market capitalization loss for the month to about $210 billion. "The Tesla headlines have essentially gone from bad to worse," said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations. Shares of other EV makers also fell, with Rivian Automotive Inc (RIVN.O), opens new tab, Lucid Group (LCID.O), opens new tab and Fisker (FSR.N), opens new tab down between 4.7% and 8.8%. The EV industry has been grappling with a slowdown in demand for more than a year and the price cuts by Tesla will likely worsen the pressure on the startups and automakers such as Ford (F.N), opens new tab. "The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere," said Michael Hewson, chief market analyst at CMC Markets. At least nine brokerages downgraded the stock, while seven raised their ratings. The company, on average, has a "hold" rating with a median price target of $225, 23% higher than the share's closing price of $182.63 on Thursday. Tesla short sellers have made $3.45 billion so far this year, making it the most profitable U.S. short trade, according to data and analytics firm Ortex. The company's stock trades at nearly 60 times its 12-month forward earnings estimates, according to LSEG data. That gives it a more premium valuation than the other "Magnificent Seven" stocks – a group that includes Apple, Microsoft and Nvidia. Some analysts said valuation could become tough to justify if Tesla's sales growth and margin weaken further. "Tesla is increasingly looking like a traditional auto company," said Bernstein analyst Toni Sacconaghi.

Tesla erases $80 billion in valuation after Musk's sales warning

A top US antitrust regulator on Thursday said it was probing investments made by Microsoft, Google and Amazon into generative&nbsp;AI&nbsp;startups OpenAI and Anthropic. The move is part of efforts by authorities to make sure regulatory oversight can keep up with developments in artificial intelligence and stop major players shutting out competitors in a field promising upheaval in multiple sectors.

"Our study will shed light on whether investments and partnerships pursued by dominant companies risk distorting innovation and undermining fair competition," said Lina Khan, head of the Federal Trade Commission (FTC), in a statement.

One major concern is that generative&nbsp;AI, which allows for human-level content to be produced by software in just seconds, requires a massive&nbsp;amount of computing power, something that big tech companies are almost uniquely capable of delivering.

Amazon -- through its Amazon Web Services (AWS) arm -- Microsoft and Google are the world's biggest providers of cloud-based data centers, which store and process data on a vast scale, in addition to being some of the world's richest companies.

Microsoft has moved the fastest in the generative&nbsp;AI&nbsp;revolution with a reported $13 billion investment into OpenAI, the creator of ChatGPT.

And after a boardroom fight that saw OpenAI chief executive Sam Altman temporarily sidelined, Microsoft now holds a&nbsp;non-voting seat on the company's board.

Anthropic, founded by former staff of OpenAI, received major investments from both Google and Amazon last year and is seen as a potential major player in the fast-emerging generative&nbsp;AI&nbsp;sector.

Amazon had already announced it aimed to soup up its Alexa voice assistant with generative&nbsp;AI, which the firm said would allow users to have smoother conversations with the device.

Anthropic also agreed to use Amazon's chips to develop its next models and the two firms said they would collaborate on developing a next generation of&nbsp;AI&nbsp;chips.

The startup also agreed to use Amazon's cloud infrastructure.

Such cooperation is what the FTC will be taking a closer look at.

With regulators in Britain, the European Union "and now the FTC investigating, the walls are quickly closing in on these so-called&nbsp;AI&nbsp;'partnerships' -- better described as acquisitions in all but name," said Max von Thun, Europe Director for Open Markets, an anti-monopoly activist group.

<h2>'House of horrors'</h2>

FTC studies are intended to gain a "deeper understanding of market trends and business practices" and any conclusions can guide the commission toward taking legal action, the regulator said.

In a statement, Microsoft Vice President Rima Alaily said it would provide the FTC with the information it requests.&nbsp;

"Partnerships between independent companies like Microsoft and OpenAI, as well as among many others, are promoting competition and accelerating innovation," she added.&nbsp;

Google said it hoped the FTC "will shine a bright light on companies that don't offer the openness of Google Cloud or have a long history of locking-in customers -- and who are bringing that same approach to&nbsp;AI&nbsp;services."

This seemed to be a veiled swipe at Microsoft and its close partnership with OpenAI that gives Microsoft exclusive access to OpenAI's industry-leading technology and profits until its investment is recouped.

Anthropic and Amazon declined to comment.&nbsp;

Khan, a former antitrust academic, has targeted big tech since taking office in 2021 but has yet to score any major victories.

This summer, for example, the FTC had to suspend its proceedings to block Microsoft's acquisition of Activision Blizzard, the video game giant, after a judge threw out the commission's bid.

The FTC launched a major case against Amazon in September, for allegedly making it harder for small businesses to compete on its platform.

The European Commission, the EU's executive arm, earlier this month&nbsp;started its own preliminary study of Microsoft's multibillion-dollar investment in OpenAI to see if it could be a disguised merger.

Britain's competition watchdog launched a similar case in December.

"Artificial intelligence has the potential to become antitrust's house of horrors if we do nothing," said Benoit Coeure, chairman of the French Competition Authority, in November.

A top US antitrust regulator on Thursday said it was probing investments made by Microsoft, Google and Amazon into generative AI startups OpenAI and Anthropic. The move is part of efforts by authorities to make sure regulatory oversight can keep up with developments in artificial intelligence and stop major players shutting out competitors in a field promising upheaval in multiple sectors.

A top US antitrust regulator on Thursday said it was probing investments made by Microsoft, Google and Amazon into generative AI startups OpenAI and Anthropic. The move is part of efforts by authorities to make sure regulatory oversight can keep up with developments in artificial intelligence and stop major players shutting out competitors in a field promising upheaval in multiple sectors. "Our study will shed light on whether investments and partnerships pursued by dominant companies risk distorting innovation and undermining fair competition," said Lina Khan, head of the Federal Trade Commission (FTC), in a statement. One major concern is that generative AI, which allows for human-level content to be produced by software in just seconds, requires a massive amount of computing power, something that big tech companies are almost uniquely capable of delivering. Amazon -- through its Amazon Web Services (AWS) arm -- Microsoft and Google are the world's biggest providers of cloud-based data centers, which store and process data on a vast scale, in addition to being some of the world's richest companies. Microsoft has moved the fastest in the generative AI revolution with a reported $13 billion investment into OpenAI, the creator of ChatGPT. And after a boardroom fight that saw OpenAI chief executive Sam Altman temporarily sidelined, Microsoft now holds a non-voting seat on the company's board. Anthropic, founded by former staff of OpenAI, received major investments from both Google and Amazon last year and is seen as a potential major player in the fast-emerging generative AI sector. Amazon had already announced it aimed to soup up its Alexa voice assistant with generative AI, which the firm said would allow users to have smoother conversations with the device. Anthropic also agreed to use Amazon's chips to develop its next models and the two firms said they would collaborate on developing a next generation of AI chips. The startup also agreed to use Amazon's cloud infrastructure. Such cooperation is what the FTC will be taking a closer look at. With regulators in Britain, the European Union "and now the FTC investigating, the walls are quickly closing in on these so-called AI 'partnerships' -- better described as acquisitions in all but name," said Max von Thun, Europe Director for Open Markets, an anti-monopoly activist group. 'House of horrors' FTC studies are intended to gain a "deeper understanding of market trends and business practices" and any conclusions can guide the commission toward taking legal action, the regulator said. In a statement, Microsoft Vice President Rima Alaily said it would provide the FTC with the information it requests. "Partnerships between independent companies like Microsoft and OpenAI, as well as among many others, are promoting competition and accelerating innovation," she added. Google said it hoped the FTC "will shine a bright light on companies that don't offer the openness of Google Cloud or have a long history of locking-in customers -- and who are bringing that same approach to AI services." This seemed to be a veiled swipe at Microsoft and its close partnership with OpenAI that gives Microsoft exclusive access to OpenAI's industry-leading technology and profits until its investment is recouped. Anthropic and Amazon declined to comment. Khan, a former antitrust academic, has targeted big tech since taking office in 2021 but has yet to score any major victories. This summer, for example, the FTC had to suspend its proceedings to block Microsoft's acquisition of Activision Blizzard, the video game giant, after a judge threw out the commission's bid. The FTC launched a major case against Amazon in September, for allegedly making it harder for small businesses to compete on its platform. The European Commission, the EU's executive arm, earlier this month started its own preliminary study of Microsoft's multibillion-dollar investment in OpenAI to see if it could be a disguised merger. Britain's competition watchdog launched a similar case in December. "Artificial intelligence has the potential to become antitrust's house of horrors if we do nothing," said Benoit Coeure, chairman of the French Competition Authority, in November.

US regulator probes AI investments by tech giants

India marks its 75th Republic Day on January 26 -- the day its Constitution came into effect. A 1976 amendment to the Constitution added the word 'socialist' to the preamble.&nbsp;

Although never explicitly mentioned in the Constitution prior to 1976, socialist ideals have been a part of the Directive Principles of State Policy since Independence. For instance: Article 43 of the Constitution states that the State shall secure a living wage and a decent standard of life for workers.&nbsp;

India's socialism, however, differs from the Communist variety. Under Jawaharlal Nehru, India adopted a mixed economy, wherein the 'commanding heights of the economy' remained under the government's grip, but the private sector co-existed.&nbsp;

The 1948 Industrial policy and the second five-year plan (1956-1961) firmly established India's credentials as a mixed economy. However, the blueprint for the country's post-Independent economy could be traced to a pre-Independence plan.&nbsp;

The 'Bombay Plan'

In January 1944, a group of industrialists in Bombay (now Mumbai) came together to envision an economic policy for the soon-to-be-Independent India. The economic plan, titled 'Memorandum Outlining A Plan of Economic Development for India', is now popularly known as the 'Bombay Plan'.&nbsp;

The who's who of British India's business world, namely Purshotamdas Thakurdas, JRD Tata, GD Birla, Ardeshir Dalal, Shri Ram, Kasturbhai Lalbhai, AD Shroff and John Mathai, signed the vision document, which was released in two parts between 1944 and 1945.&nbsp;

The plan sought to double the per capita income of India within fifteen years, as part of three five-year plans.&nbsp;

"A threefold increase in our total national dividend would in effect mean a per capita income of Rs 135, representing a doubling of the 1931-32 figure (Rs 65)," the document read.&nbsp;

Boosting the per capita income was closely linked to raising the standard of living to a reasonable level by focusing on food, clothing, housing, health and education.&nbsp;

The 'Bombay Plan' argued that every Indian must get 2,800 calories per day on an average; a family of five must get a minimum of 500 square feet of housing; each person must get 30 yards of clothing.&nbsp;

In addition, it aimed for better healthcare facilities in towns and villages and full literacy for those between the ages of 11 and 50.&nbsp;

The key argument of the document was that State (read government) intervention would be necessary to fuel India's post-Independent economic growth.&nbsp;

"It is inevitable that in executing a comprehensive plan of economic development, especially in a country where the beginnings of such development have yet to be laid, the State should exercise in the interests of the community a considerable measure of intervention and control," the memorandum read.

Long story short: The decument urged the State to control strategic economic sectors, protect local industries from foreign competition, and ensure equitable distribution of resources across India.&nbsp;

Impact of 'Bombay Plan'&nbsp;

A striking aspect of the 1944 document is that it spoke of everything that Independent India carried out&nbsp;in the next four decades.&nbsp;

The plan also illustrated the need for a 'mixed economy' without even mentioning the concept.

It argued that the "distinction between capitalism and socialism has lost much of its significance from a practical standpoint".&nbsp;

There is little evidence to back that Nehru accepted the 'Bombay Plan'. But given how the economy shaped up&nbsp;after 1947, the plan has achieved a sort of "mythical status"&nbsp;in India's economic history.&nbsp;

However, the 'Hindu rate of growth' and the 'license-permit raj' witnessed between 1952 and 1991&nbsp;exposed the shortcomings of State control over resources,&nbsp;

The vision document also had its set of detractors. The Communists criticised it for not addressing the questions of income inequality and land reforms.&nbsp;

Veteran Communist leader BT Ranadive dismissed the plan, stating, “Without an equitable distribution of wealth... an all-round increase in the standard of living is not possible. A plan which defers distribution or ignores it cannot be called a ‘plan’."&nbsp;

That the vision emanated from a group of capitalists raised suspicion among the Communists and democratic socialists in the Congress party. Moreover, the plan did not have the approval of the entire business class, severely limiting its acceptability.&nbsp;

But the idea of a group of competing industrialists coming together to create an economic vision for a diverse country like India continues to capture the imagination of scholars in 2024.&nbsp;

India marks its 75th Republic Day on January 26 -- the day its Constitution came into effect. A 1976 amendment to the Constitution added the word 'socialist' to the preamble.

India marks its 75th Republic Day on January 26 -- the day its Constitution came into effect. A 1976 amendment to the Constitution added the word 'socialist' to the preamble. Although never explicitly mentioned in the Constitution prior to 1976, socialist ideals have been a part of the Directive Principles of State Policy since Independence. For instance: Article 43 of the Constitution states that the State shall secure a living wage and a decent standard of life for workers. India's socialism, however, differs from the Communist variety. Under Jawaharlal Nehru, India adopted a mixed economy, wherein the 'commanding heights of the economy' remained under the government's grip, but the private sector co-existed. The 1948 Industrial policy and the second five-year plan (1956-1961) firmly established India's credentials as a mixed economy. However, the blueprint for the country's post-Independent economy could be traced to a pre-Independence plan. The 'Bombay Plan' In January 1944, a group of industrialists in Bombay (now Mumbai) came together to envision an economic policy for the soon-to-be-Independent India. The economic plan, titled 'Memorandum Outlining A Plan of Economic Development for India', is now popularly known as the 'Bombay Plan'. The who's who of British India's business world, namely Purshotamdas Thakurdas, JRD Tata, GD Birla, Ardeshir Dalal, Shri Ram, Kasturbhai Lalbhai, AD Shroff and John Mathai, signed the vision document, which was released in two parts between 1944 and 1945. The plan sought to double the per capita income of India within fifteen years, as part of three five-year plans. "A threefold increase in our total national dividend would in effect mean a per capita income of Rs 135, representing a doubling of the 1931-32 figure (Rs 65)," the document read. Boosting the per capita income was closely linked to raising the standard of living to a reasonable level by focusing on food, clothing, housing, health and education. The 'Bombay Plan' argued that every Indian must get 2,800 calories per day on an average; a family of five must get a minimum of 500 square feet of housing; each person must get 30 yards of clothing. In addition, it aimed for better healthcare facilities in towns and villages and full literacy for those between the ages of 11 and 50. The key argument of the document was that State (read government) intervention would be necessary to fuel India's post-Independent economic growth. "It is inevitable that in executing a comprehensive plan of economic development, especially in a country where the beginnings of such development have yet to be laid, the State should exercise in the interests of the community a considerable measure of intervention and control," the memorandum read. Long story short: The decument urged the State to control strategic economic sectors, protect local industries from foreign competition, and ensure equitable distribution of resources across India. Impact of 'Bombay Plan' A striking aspect of the 1944 document is that it spoke of everything that Independent India carried out in the next four decades. The plan also illustrated the need for a 'mixed economy' without even mentioning the concept. It argued that the "distinction between capitalism and socialism has lost much of its significance from a practical standpoint". There is little evidence to back that Nehru accepted the 'Bombay Plan'. But given how the economy shaped up after 1947, the plan has achieved a sort of "mythical status" in India's economic history. However, the 'Hindu rate of growth' and the 'license-permit raj' witnessed between 1952 and 1991 exposed the shortcomings of State control over resources, The vision document also had its set of detractors. The Communists criticised it for not addressing the questions of income inequality and land reforms. Veteran Communist leader BT Ranadive dismissed the plan, stating, “Without an equitable distribution of wealth... an all-round increase in the standard of living is not possible. A plan which defers distribution or ignores it cannot be called a ‘plan’." That the vision emanated from a group of capitalists raised suspicion among the Communists and democratic socialists in the Congress party. Moreover, the plan did not have the approval of the entire business class, severely limiting its acceptability. But the idea of a group of competing industrialists coming together to create an economic vision for a diverse country like India continues to capture the imagination of scholars in 2024.

Flashback Friday: Revisiting the 1944 'Bombay Plan' and its vision for India

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt.<o:p></o:p>

CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. <o:p></o:p>

Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights."<o:p></o:p>

The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. <o:p></o:p>

Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree.<o:p></o:p>

The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. <o:p></o:p>

The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt.<o:p></o:p>

Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei.

Argentina witnessed a major upheaval on Wednesday as the country's largest union initiated a 12-hour strike, accompanied by tens of thousands of workers protesting in Buenos Aires against the tough economic austerity measures and reforms implemented by President Javier Milei. This is based on a Reuters report. The General Confederation of Labour (CGT), a powerful umbrella union, led the strike, affecting various sectors, including transport, banks, and public services. This represents the most significant opposition to Milei's economic agenda since he assumed office, promising to address an economy grappling with 211 per cent inflation and substantial debt. CGT's coordinated strike and protest were fuelled by discontent over Milei's ambitious reform plans, which include spending cuts and privatisation efforts. The demonstration took aim at two key initiatives by Milei: an "omnibus" bill currently in Congress and a "mega-decree" aimed at deregulating the economy. Pablo Moyano, leader of the influential truckers union, voiced the sentiment at the main union event in Buenos Aires, stating, "The first cut this government is making is to the workers. Their labour reform aims to take away workers' rights." The strike, which commenced at noon local time, had a significant impact on essential services, with disruptions reported in transport, banks, hospitals, and public services. Local airlines were compelled to cancel hundreds of flights, reflecting the widespread influence of the labour action. Despite the challenges posed by the strike, Milei's government remains resolute in adhering to its reform plans. The CGT had previously used legal means to temporarily suspend certain labour-related measures in Milei's decree. The focal points of discontent, the "omnibus" bill and the "mega-decree," are integral parts of Milei's strategy to stabilize Argentina's economy, grappling with triple-digit inflation and a substantial fiscal deficit. The omnibus bill, recently approved by a committee in the lower chamber of deputies, faces opposition from the powerful Peronist bloc. Milei, an economist and former TV pundit, secured a surprising election victory last year, promising a delicate balancing act to rescue Argentina's economy while addressing deep-seated issues of poverty and debt. Milei's government argues that the austerity measures are indispensable after years of excessive spending, resulting in substantial debts to both local and international creditors. A precarious $44 billion deal with the International Monetary Fund further underscores the economic challenges facing Argentina. In response to the strike, Milei's security minister, Patricia Bullrich, and former presidential election rival expressed determination, stating, "There is no strike that stops us, there is no threat that intimidates us." (With inputs from Reuters)

Argentina's largest union launches massive strike against Milei's Economic reforms

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