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Indian state refiners set to join forces to bolster Venezuelan crude buying

Microsoft achieved a significant milestone on Wednesday as its stock market value crossed the $3 trillion mark for the first time, solidifying its position as the world's second most valuable company, trailing closely behind Apple.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The ongoing tug-of-war between Microsoft and Apple for the top spot in market capitalisation has been a highlight since the beginning of the year. Microsoft briefly claimed the lead earlier in January, and now, with shares hitting a record high of $405.63, the company's market cap reached $2.99 trillion.<o:p></o:p>

Microsoft's ascent is attributed, in part, to its strategic investment in OpenAI, the creator of ChatGPT. This investment positions Microsoft as a frontrunner in the competitive landscape of generative artificial intelligence (AI). The company is in fierce competition with other tech giants such as Google owner Alphabet, Amazon.com, Oracle, and Meta Platforms. <o:p></o:p>

Leveraging OpenAI's technology, Microsoft has introduced newer versions of its flagship productivity software and Bing search engine, enhancing its competitive edge against Google's dominant search offering.<o:p></o:p>

On the other hand, Apple faces challenges as demand for its iPhones slows, particularly in China. The company is responding with rare discounts in an effort to boost sales in the face of tough competition from local rivals like Huawei Technologies. <o:p></o:p>

Reuters cited Stifel analyst Brad Reback, who highlighted Microsoft's advantage, stating, "I think it's AI optimism for Microsoft," noting that Apple lacks a "clear AI story" and faces concerns about iPhone sales growth rates and penetration. Apple's shares closed down 0.35 per cent at $194.50, maintaining its $3 trillion market value.<o:p></o:p>

Analysts, optimistic about Microsoft's future, have set a median price target of $425 for the stock. This target reflects a positive trend, having risen from $415 a month ago. The average recommendation from the 54 analysts covering Microsoft is "buy," according to LSEG data. <o:p></o:p>

Microsoft's shares gained nearly 57 per cent in 2023, and the momentum continues with a 7 per cent increase this year. In contrast, Apple's stock, which rose by 48 per cent last year, has seen a more modest uptick of about 1 per cent year-to-date.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Microsoft achieved a significant milestone on Wednesday as its stock market value crossed the $3 trillion mark for the first time, solidifying its position as the world's second most valuable company, trailing closely behind Apple.

Microsoft achieved a significant milestone on Wednesday as its stock market value crossed the $3 trillion mark for the first time, solidifying its position as the world's second most valuable company, trailing closely behind Apple. This is based on a Reuters report. The ongoing tug-of-war between Microsoft and Apple for the top spot in market capitalisation has been a highlight since the beginning of the year. Microsoft briefly claimed the lead earlier in January, and now, with shares hitting a record high of $405.63, the company's market cap reached $2.99 trillion. Microsoft's ascent is attributed, in part, to its strategic investment in OpenAI, the creator of ChatGPT. This investment positions Microsoft as a frontrunner in the competitive landscape of generative artificial intelligence (AI). The company is in fierce competition with other tech giants such as Google owner Alphabet, Amazon.com, Oracle, and Meta Platforms. Leveraging OpenAI's technology, Microsoft has introduced newer versions of its flagship productivity software and Bing search engine, enhancing its competitive edge against Google's dominant search offering. On the other hand, Apple faces challenges as demand for its iPhones slows, particularly in China. The company is responding with rare discounts in an effort to boost sales in the face of tough competition from local rivals like Huawei Technologies. Reuters cited Stifel analyst Brad Reback, who highlighted Microsoft's advantage, stating, "I think it's AI optimism for Microsoft," noting that Apple lacks a "clear AI story" and faces concerns about iPhone sales growth rates and penetration. Apple's shares closed down 0.35 per cent at $194.50, maintaining its $3 trillion market value. Analysts, optimistic about Microsoft's future, have set a median price target of $425 for the stock. This target reflects a positive trend, having risen from $415 a month ago. The average recommendation from the 54 analysts covering Microsoft is "buy," according to LSEG data. Microsoft's shares gained nearly 57 per cent in 2023, and the momentum continues with a 7 per cent increase this year. In contrast, Apple's stock, which rose by 48 per cent last year, has seen a more modest uptick of about 1 per cent year-to-date. (With inputs from Reuters)

Microsoft surpasses $3 trillion market value, nearing Apple's pinnacle

India, the rising economic powerhouse, is set to become the main driver of incremental oil use by 2030, surpassing China. With urbanisation, industrialization, and a burgeoning middle class propelling a surge in petroleum consumption, India's impact on the oil market is poised to reshape the world's energy dynamics.

India's petroleum dominance to steer global markets by 2030

The US Federal Aviation Administration (FAA) has imposed a freeze on Boeing's plan to expand production of its 737 MAX narrowbody planes, citing "unacceptable" quality issues, Reuters reported.<o:p></o:p>

This decision comes as a blow to Boeing's efforts to meet the rising demand for its best-selling aircraft. <o:p></o:p>

Simultaneously, the FAA has granted approval for the grounded 737 MAX 9 to resume flying once inspections are completed, offering relief to operators Alaska Airlines and United Airlines, which had faced numerous flight cancellations. <o:p></o:p>

"We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved," Reuters quoted FAA Administrator Mike Whitaker as saying.<o:p></o:p>

While Boeing can continue producing at the current monthly rate, any increase is currently barred. Boeing responded by stating it would cooperate fully with the FAA and take action to strengthen safety and quality. The FAA did not provide an estimate of how long the production limitation would last.<o:p></o:p>

Boeing had plans to ramp up production, with CEO Dave Calhoun aiming for 38 MAX planes per month by the end of 2023. The FAA's decision challenges Boeing's latest 737 master schedule, which proposes increasing production to 42 jets per month in February, eventually reaching 57.7 in October 2025. <o:p></o:p>

The freeze could also impact the establishment of a new 737 MAX line in Everett, Washington, by mid-2024. Industry experts express concerns that the scrutiny following recent incidents could hamper production increases, potentially affecting Boeing's competition with Airbus.<o:p></o:p>

The FAA's intervention signifies a significant shift in its oversight approach. Analysts suggest that the halt on expansion appears "restrictive" and lacks a definitive timeline. The potential impact on airlines, particularly those with significant MAX deliveries scheduled for the year, is a cause for concern. <o:p></o:p>

United, for instance, has 100 MAX deliveries scheduled for this year. Boeing shares experienced a 2 per cent decline in after-hours trading following the FAA's announcement. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Federal Aviation Administration (FAA) has imposed a freeze on Boeing's plan to expand production of its 737 MAX narrowbody planes, citing "unacceptable" quality issues, Reuters reported.

The US Federal Aviation Administration (FAA) has imposed a freeze on Boeing's plan to expand production of its 737 MAX narrowbody planes, citing "unacceptable" quality issues, Reuters reported. This decision comes as a blow to Boeing's efforts to meet the rising demand for its best-selling aircraft. Simultaneously, the FAA has granted approval for the grounded 737 MAX 9 to resume flying once inspections are completed, offering relief to operators Alaska Airlines and United Airlines, which had faced numerous flight cancellations. "We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved," Reuters quoted FAA Administrator Mike Whitaker as saying. While Boeing can continue producing at the current monthly rate, any increase is currently barred. Boeing responded by stating it would cooperate fully with the FAA and take action to strengthen safety and quality. The FAA did not provide an estimate of how long the production limitation would last. Boeing had plans to ramp up production, with CEO Dave Calhoun aiming for 38 MAX planes per month by the end of 2023. The FAA's decision challenges Boeing's latest 737 master schedule, which proposes increasing production to 42 jets per month in February, eventually reaching 57.7 in October 2025. The freeze could also impact the establishment of a new 737 MAX line in Everett, Washington, by mid-2024. Industry experts express concerns that the scrutiny following recent incidents could hamper production increases, potentially affecting Boeing's competition with Airbus. The FAA's intervention signifies a significant shift in its oversight approach. Analysts suggest that the halt on expansion appears "restrictive" and lacks a definitive timeline. The potential impact on airlines, particularly those with significant MAX deliveries scheduled for the year, is a cause for concern. United, for instance, has 100 MAX deliveries scheduled for this year. Boeing shares experienced a 2 per cent decline in after-hours trading following the FAA's announcement. (With inputs from Reuters)

FAA halts Boeing's 737 MAX expansion over quality concerns; clears 737 MAX 9 for flights

The Indian government has given the green signal for the direct listing of securities by Indian companies on the international exchanges of GIFT IFSC to enhance foreign investments.<o:p></o:p>

This is based on a PTI report.<o:p></o:p>

The Department of Economic Affairs (DEA) in the Ministry of Finance has made amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, introducing the 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme.' <o:p></o:p>

Simultaneously, the Ministry of Corporate Affairs (MCA) has rolled out the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024.<o:p></o:p>

Finance Minister Nirmala Sitharaman, in an announcement on July 28 last year, expressed the government's commitment to enabling the direct listing of Indian companies at GIFT-IFSC exchanges in the first phase. <o:p></o:p>

The Finance Ministry stated, "These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges." <o:p></o:p>

The move is seen as a strategic initiative to not only boost foreign investment flows but also unlock growth opportunities and broaden the investor base for Indian companies.<o:p></o:p>

The new regulatory framework currently permits unlisted public Indian companies to list their shares on an international exchange. Currently, the Securities and Exchange Board of India (SEBI) is working on developing operational rules for Indian public businesses that are listed. <o:p></o:p>

The designated international stock exchanges at GIFT-IFSC, namely India International Exchange and NSE International Exchange, are currently prescribed as permitted stock exchanges under the regulatory supervision of the International Financial Services Centres Authority (IFSCA).<o:p></o:p>

The government's decision to allow direct listings is expected to encourage more Indian companies to explore international exchanges, providing them with access to a broader pool of investors. The move aligns with the government's vision to position GIFT-IFSC as a global financial hub and attract foreign capital. <o:p></o:p>

(With inputs from PTI)<o:p></o:p>

The Indian government has given the green signal for the direct listing of securities by Indian companies on the international exchanges of GIFT IFSC to enhance foreign investments.

The Indian government has given the green signal for the direct listing of securities by Indian companies on the international exchanges of GIFT IFSC to enhance foreign investments. This is based on a PTI report. The Department of Economic Affairs (DEA) in the Ministry of Finance has made amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, introducing the 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme.' Simultaneously, the Ministry of Corporate Affairs (MCA) has rolled out the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024. Finance Minister Nirmala Sitharaman, in an announcement on July 28 last year, expressed the government's commitment to enabling the direct listing of Indian companies at GIFT-IFSC exchanges in the first phase. The Finance Ministry stated, "These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges." The move is seen as a strategic initiative to not only boost foreign investment flows but also unlock growth opportunities and broaden the investor base for Indian companies. The new regulatory framework currently permits unlisted public Indian companies to list their shares on an international exchange. Currently, the Securities and Exchange Board of India (SEBI) is working on developing operational rules for Indian public businesses that are listed. The designated international stock exchanges at GIFT-IFSC, namely India International Exchange and NSE International Exchange, are currently prescribed as permitted stock exchanges under the regulatory supervision of the International Financial Services Centres Authority (IFSCA). The government's decision to allow direct listings is expected to encourage more Indian companies to explore international exchanges, providing them with access to a broader pool of investors. The move aligns with the government's vision to position GIFT-IFSC as a global financial hub and attract foreign capital. (With inputs from PTI)

Indian companies granted direct listing on GIFT-IFSC international exchanges

The United States Federal Aviation Administration (FAA), on Wednesday (Jan 24), announced that it has approved an inspection procedure for grounded Boeing 737 Max 9 aircraft which may pave the way for 171 grounded planes to come back into service.&nbsp;

The announcement comes weeks after the dramatic emergency landing of an Alaska Airlines flight due to a near-catastrophic incident where a panel known as a “door plug” blew out of the plane over the US state of Oregon.&nbsp;

<h2>FAA’s stern warning</h2>

While the FAA has approved an inspection procedure for the grounded Boeing planes, it also issued a stern warning to the American planemaker. “The January 5 Boeing 737-9 Max incident must never happen again,” said the US aviation watchdog, referring to the Alaska Airlines incident.&nbsp;

WATCH |&nbsp;Gravitas: Boeing 737 Max: Parts missing from Indian plane

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&nbsp;

The FAA also said that it would not grant Boeing any production expansion of the 737 Max lineup while the safety probe is still underway.

&nbsp;“We grounded the Boeing 737-9 MAX within hours of the incident over Portland and made clear this aircraft would not go back into service until it was safe,” FAA Administrator Mike Whitaker said in a statement.

“The exhaustive, enhanced review our team completed after several weeks of information gathering gives me and the FAA confidence to proceed to the inspection and maintenance phase,” it added.&nbsp;

In line with this, each of the 171 grounded aircraft must be thoroughly inspected, including the bolts, fittings and guide tracks for the door plug, the piece of fuselage that flew off during the Alaska Airlines incident.&nbsp;

The process would also include “detailed inspections of…dozens of associated components”.&nbsp;

ALSO READ |<a href="https://www.wionews.com/world/alaska-airlines-inspection-shows-loose-bolts-on-many-boeing-737-max-9-planes-683047">&nbsp;Alaska Airlines inspection found loose bolts on 'many' Boeing 737 MAX 9 planes, CEO says</a>

In a statement Wednesday, the American planemaker said it will “continue to cooperate fully and transparently with the FAA and follow their direction as we take action to strengthen safety and quality at Boeing.”

<h2>‘Not business as usual’</h2>

Whitaker noted that the American planemaker is not out of the woods just yet. “However, let me be clear: This won’t be back to business as usual for Boeing,” said the FAA official.&nbsp;

He added, “We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved.”

In a statement, United Airlines said it is targeting its Max 9s return to the skies on Sunday (Jan 28).&nbsp;

“In the days ahead, our teams will continue to proceed in a way that is thorough and puts safety and compliance first,” United Airlines Executive Vice President and Chief Operations Officer, Toby Enqvist, said in a statement on Wednesday evening.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/boeing-urges-bolt-tightening-after-737-max-9-hardware-issues-683119">Boeing urges bolt tightening after 737 MAX 9 hardware issues</a>

Meanwhile, Alaska Airlines, on Wednesday, said it expects the inspections to take 12 hours and for the first of its 737 Max 9 planes to return to service Friday (Jan 26). It said inspections would be completed next week.

Notably, several airlines, particularly Alaska and United Airlines have faced hundreds of cancellations a day because of the grounding.

(With inputs from agencies)

The United States Federal Aviation Administration (FAA), on Wednesday (Jan 24), announced that it has approved an inspection procedure for grounded Boeing 737 Max 9 aircraft which may pave the way for 171 grounded planes to come back into service.

The United States Federal Aviation Administration (FAA), on Wednesday (Jan 24), announced that it has approved an inspection procedure for grounded Boeing 737 Max 9 aircraft which may pave the way for 171 grounded planes to come back into service. The announcement comes weeks after the dramatic emergency landing of an Alaska Airlines flight due to a near-catastrophic incident where a panel known as a “door plug” blew out of the plane over the US state of Oregon. FAA’s stern warning While the FAA has approved an inspection procedure for the grounded Boeing planes, it also issued a stern warning to the American planemaker. “The January 5 Boeing 737-9 Max incident must never happen again,” said the US aviation watchdog, referring to the Alaska Airlines incident. WATCH | Gravitas: Boeing 737 Max: Parts missing from Indian plane The FAA also said that it would not grant Boeing any production expansion of the 737 Max lineup while the safety probe is still underway. “We grounded the Boeing 737-9 MAX within hours of the incident over Portland and made clear this aircraft would not go back into service until it was safe,” FAA Administrator Mike Whitaker said in a statement. “The exhaustive, enhanced review our team completed after several weeks of information gathering gives me and the FAA confidence to proceed to the inspection and maintenance phase,” it added. In line with this, each of the 171 grounded aircraft must be thoroughly inspected, including the bolts, fittings and guide tracks for the door plug, the piece of fuselage that flew off during the Alaska Airlines incident. The process would also include “detailed inspections of…dozens of associated components”. ALSO READ | Alaska Airlines inspection found loose bolts on 'many' Boeing 737 MAX 9 planes, CEO says In a statement Wednesday, the American planemaker said it will “continue to cooperate fully and transparently with the FAA and follow their direction as we take action to strengthen safety and quality at Boeing.” ‘Not business as usual’ Whitaker noted that the American planemaker is not out of the woods just yet. “However, let me be clear: This won’t be back to business as usual for Boeing,” said the FAA official. He added, “We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved.” In a statement, United Airlines said it is targeting its Max 9s return to the skies on Sunday (Jan 28). “In the days ahead, our teams will continue to proceed in a way that is thorough and puts safety and compliance first,” United Airlines Executive Vice President and Chief Operations Officer, Toby Enqvist, said in a statement on Wednesday evening. ALSO READ | Boeing urges bolt tightening after 737 MAX 9 hardware issues Meanwhile, Alaska Airlines, on Wednesday, said it expects the inspections to take 12 hours and for the first of its 737 Max 9 planes to return to service Friday (Jan 26). It said inspections would be completed next week. Notably, several airlines, particularly Alaska and United Airlines have faced hundreds of cancellations a day because of the grounding. (With inputs from agencies)

Boeing 737 Max 9s may return to operations as US aviation watchdog approves inspection procedure

In a significant development, Ford Motor on Wednesday announced a global recall of 2.24 million older Explorer sport utility vehicles, with 1.89 million of them in the United States alone. <o:p></o:p>

The recall, as reported by Reuters, is due to concerns over trim retention clips not being properly engaged, potentially leading to the detachment of the A-pillar trim. The National Highway Traffic Safety Administration (NHTSA) specified that the affected vehicles range from the 2011 through 2019 model years. <o:p></o:p>

Ford assured that it was unaware of any crashes or injuries linked to the issue. The recall comes after an investigation initiated by NHTSA in 2018, citing potential road safety hazards.<o:p></o:p>

Ford highlighted that it anticipates around 5 per cent of the vehicle population to be impacted. Owners of the affected Explorer SUVs may notice gaps around a loose A-pillar trim or detect audible rattles or excessive wind noise from the A-pillar area. The automaker revealed that it initially received an informal inquiry from NHTSA in 2018, and in 2021, it determined no recall was necessary. <o:p></o:p>

However, in August 2023, Ford received an inquiry from Transport Canada over the same issue. NHTSA emphasised that trim detachment while driving posed a road safety hazard to other vehicles.<o:p></o:p>

Ford acknowledged 14,337 warranty reports related to missing or detached A-pillar trim parts.<o:p></o:p>

Ford’s Q4 results<o:p></o:p>

Meanwhile, Ford is bracing for a financial hit in its fourth-quarter results. As reported by Reuters, the Detroit automaker expects to record a pre-tax remeasurement loss of approximately $1.7 billion, related to its employees' pension and other post-retirement benefits. <o:p></o:p>

On an after-tax basis, this loss is projected to lower the net income by about $1.3 billion. The loss is attributed to lower discount rates from a year ago, and it involves a re-evaluation of the value of long-term assets or foreign currency. This announcement comes just a week ahead of Detroit rival General Motors' fourth-quarter results.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant development, Ford Motor on Wednesday announced a global recall of 2.24 million older Explorer sport utility vehicles, with 1.89 million of them in the United States alone.

In a significant development, Ford Motor on Wednesday announced a global recall of 2.24 million older Explorer sport utility vehicles, with 1.89 million of them in the United States alone. The recall, as reported by Reuters, is due to concerns over trim retention clips not being properly engaged, potentially leading to the detachment of the A-pillar trim. The National Highway Traffic Safety Administration (NHTSA) specified that the affected vehicles range from the 2011 through 2019 model years. Ford assured that it was unaware of any crashes or injuries linked to the issue. The recall comes after an investigation initiated by NHTSA in 2018, citing potential road safety hazards. Ford highlighted that it anticipates around 5 per cent of the vehicle population to be impacted. Owners of the affected Explorer SUVs may notice gaps around a loose A-pillar trim or detect audible rattles or excessive wind noise from the A-pillar area. The automaker revealed that it initially received an informal inquiry from NHTSA in 2018, and in 2021, it determined no recall was necessary. However, in August 2023, Ford received an inquiry from Transport Canada over the same issue. NHTSA emphasised that trim detachment while driving posed a road safety hazard to other vehicles. Ford acknowledged 14,337 warranty reports related to missing or detached A-pillar trim parts. Ford’s Q4 results Meanwhile, Ford is bracing for a financial hit in its fourth-quarter results. As reported by Reuters, the Detroit automaker expects to record a pre-tax remeasurement loss of approximately $1.7 billion, related to its employees' pension and other post-retirement benefits. On an after-tax basis, this loss is projected to lower the net income by about $1.3 billion. The loss is attributed to lower discount rates from a year ago, and it involves a re-evaluation of the value of long-term assets or foreign currency. This announcement comes just a week ahead of Detroit rival General Motors' fourth-quarter results. (With inputs from Reuters)

Ford recalls 2.24 million Explorer SUVs worldwide over safety concerns

Azim Premji, the founding chairman of Indian IT giant Wipro, has recently presented a substantial gift to his sons, Rishad A Premji and Tariq Premji. This generous offering comprises slightly over 10 million Wipro shares, costing approximately ₹500 crore ($60.12mn).

Following this noteworthy transaction, Azim Premji's stake in Wipro now stands at around 215.5 million shares

The distribution of shares saw each son, Rishad and Tariq, receiving a commendable 5.1 million shares from their father, elevating their holdings from 0.03 per cent to a significant 0.13 per cent each.

Azim Premji's overall ownership in the company experienced a marginal decline from 4.32 per cent to 4.12 per cen, as reported by the Bombay Stock Exchange (BSE). In the preceding quarter of FY24, the senior Premji held 225.8 million Wipro shares.&nbsp;

However, after the recent gifting transaction, this figure reduced to 215.5 million shares.

The transfer of ownership involved 10.23 million shares, each priced at an estimated ₹489 ($5.88). The move was executed on January 20.&nbsp;

The Premji family members are now collective owners of 4.43 per cent of Wipro shares, including a 0.05 per cent holding by Azim Premji's wife, Yasmeen.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/wipro-to-invest-1billion-in-ai-over-next-three-years-614655">Wipro to invest $1billion in AI over next three years</a>

Meanwhile, the broader promoter group remains formidable, commanding an impressive 72.9 per cent stake in Wipro.

Simultaneously, Wipro has offered insights into its financial performance, projecting the revenue outlook for its IT services business segment in Q4. The company anticipates a range of (-)1.5 per cent to 0.5 per cent in constant currency terms, following Q3's earlier guidance of (-)3.5 per cent to (-)1.5 per cent.

Also watch |&nbsp;India's Wipro: CFO Jatin Dalal resigns, Aparna Iyer takes charge&nbsp;

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The IT major, known for its strategic foresight, has also declared an interim dividend of ₹1 per equity share, while asserting its commitment to delivering value to shareholders.

(With inputs from agencies)

Azim Premji, the founding chairman of Indian IT giant Wipro, has recently presented a substantial gift to his sons, Rishad A Premji and Tariq Premji. This generous offering comprises slightly over 10 million Wipro shares, costing approximately ₹500 crore ($60.

Azim Premji, the founding chairman of Indian IT giant Wipro, has recently presented a substantial gift to his sons, Rishad A Premji and Tariq Premji. This generous offering comprises slightly over 10 million Wipro shares, costing approximately ₹500 crore ($60.12mn). Following this noteworthy transaction, Azim Premji's stake in Wipro now stands at around 215.5 million shares The distribution of shares saw each son, Rishad and Tariq, receiving a commendable 5.1 million shares from their father, elevating their holdings from 0.03 per cent to a significant 0.13 per cent each. Azim Premji's overall ownership in the company experienced a marginal decline from 4.32 per cent to 4.12 per cen, as reported by the Bombay Stock Exchange (BSE). In the preceding quarter of FY24, the senior Premji held 225.8 million Wipro shares. However, after the recent gifting transaction, this figure reduced to 215.5 million shares. The transfer of ownership involved 10.23 million shares, each priced at an estimated ₹489 ($5.88). The move was executed on January 20. The Premji family members are now collective owners of 4.43 per cent of Wipro shares, including a 0.05 per cent holding by Azim Premji's wife, Yasmeen. Also read | Wipro to invest $1billion in AI over next three years Meanwhile, the broader promoter group remains formidable, commanding an impressive 72.9 per cent stake in Wipro. Simultaneously, Wipro has offered insights into its financial performance, projecting the revenue outlook for its IT services business segment in Q4. The company anticipates a range of (-)1.5 per cent to 0.5 per cent in constant currency terms, following Q3's earlier guidance of (-)3.5 per cent to (-)1.5 per cent. Also watch | India's Wipro: CFO Jatin Dalal resigns, Aparna Iyer takes charge × The IT major, known for its strategic foresight, has also declared an interim dividend of ₹1 per equity share, while asserting its commitment to delivering value to shareholders. (With inputs from agencies)

Indian IT billionaire Azim Premji gifts over $60mn worth shares to sons Rishad and Tariq

India's space budget for the fiscal year 2024 has become a focal point of attention, with the success of Chandraayan 3 last year, the country continues its ambitious journey to establish itself as a global space power. The funding allocated to the Department of Space, encompassing the Indian Space Research Organisation (ISRO), and the notable increase in support for private companies in the space sector has sparked discussions about the nation's commitment to space exploration and innovation.&nbsp;

Recap of the 2023 Space Budget&nbsp;

In the preceding fiscal year, the Indian government allocated 12,543 crore rupees to the Department of Space. While this amount is slightly higher than the budget two years ago, it marks an 8 per cent decrease from the initially promised 13,700 crore rupees for the year. Notably, the government significantly increased support for N-SPACe, an organisation aiding private companies in the space domain, with a fourfold increase in funding.&nbsp;

Significance of the Allocations&nbsp;

Despite the reduction in the overall space budget, India remains a significant investor in its space program. The shift in focus towards supporting private companies is indicative of a strategic move to foster innovation and growth within the sector.&nbsp;

Challenges of Limited Funds&nbsp;

India has historically struggled with constrained space budgets, with its space spending as a percentage of GDP remaining relatively low. In comparison, the US allocates 0.28 per cent of its GDP to space, positioning India at seventh globally with a modest 0.04 per cent. However, ISRO's ability to design cost-effective solutions, such as the SSLV rocket, has given India a competitive edge in the global launch industry.&nbsp;

Privatisation and Future Prospects&nbsp;

Under Prime Minister Modi's directives, India has been encouraging private investments in the space sector, aiming to increase its share of the global satellite launch market fivefold within the next decade. The recent policy changes have already attracted interest from 20 companies for bids to build small satellite launch rockets. While this diversification may reduce dependence on government funding, it is crucial to balance financial independence with maintaining ISRO's cost advantage.&nbsp;

Industry Recommendations for 2024-25 Union Budget&nbsp;

The Indian Space Association, representing private space companies, has proposed recommendations for the upcoming Union Budget. Key suggestions include expanding GST exemptions, providing tax holidays, and concessions on customs duties. The association emphasises the need for clarity on FDI policies, production-linked incentives, and subsidies to boost manufacturing, investments, and innovation in the private space industry.&nbsp;

Vision for the Future&nbsp;

The 10-year vision outlined by IN-SPACe targets a $44 billion space economy by 2033. The association believes that implementing recommended measures will not only spur economic growth but also position India as an attractive investment destination in the global space arena.&nbsp;

As per a press release, Lieutenant General&nbsp;Anil Kumar&nbsp;Bhatt&nbsp;(retired), Director General of the Indian Space Association, urged the government to develop a comprehensive regulatory framework and address fiscal challenges to drive the growth of private space enterprises. &nbsp;

“We welcome the government’s recent reforms and its groundbreaking initiative to allocate satellite spectrum through an administrative approach. These initiatives undoubtedly have the potential to boost the nascent private space industry in India. Now, to propel this promising industry and drive innovation, it is crucial for the government for the development of a comprehensive regulatory framework and address existing fiscal and taxation challenges. We urge the government to consider our recommendations for incentivising the growth of private space enterprises. By leveraging the momentum provided by the Government and its visionary policy, these enterprises can deliver significant socio-economic benefits to the nation,” he said. &nbsp;

As the space industry evolves, India's commitment to balancing financial prudence and technological advancement will play a crucial role in determining its trajectory as a global space leader. The unveiling of the Union Budget 2024-25 will be closely watched by stakeholders in the space sector for signals on the nation's future in space exploration and technology.&nbsp;

India's space budget for the fiscal year 2024 has become a focal point of attention, with the success of Chandraayan 3 last year, the country continues its ambitious journey to establish itself as a global space power.

India's space budget for the fiscal year 2024 has become a focal point of attention, with the success of Chandraayan 3 last year, the country continues its ambitious journey to establish itself as a global space power. The funding allocated to the Department of Space, encompassing the Indian Space Research Organisation (ISRO), and the notable increase in support for private companies in the space sector has sparked discussions about the nation's commitment to space exploration and innovation. Recap of the 2023 Space Budget In the preceding fiscal year, the Indian government allocated 12,543 crore rupees to the Department of Space. While this amount is slightly higher than the budget two years ago, it marks an 8 per cent decrease from the initially promised 13,700 crore rupees for the year. Notably, the government significantly increased support for N-SPACe, an organisation aiding private companies in the space domain, with a fourfold increase in funding. Significance of the Allocations Despite the reduction in the overall space budget, India remains a significant investor in its space program. The shift in focus towards supporting private companies is indicative of a strategic move to foster innovation and growth within the sector. Challenges of Limited Funds India has historically struggled with constrained space budgets, with its space spending as a percentage of GDP remaining relatively low. In comparison, the US allocates 0.28 per cent of its GDP to space, positioning India at seventh globally with a modest 0.04 per cent. However, ISRO's ability to design cost-effective solutions, such as the SSLV rocket, has given India a competitive edge in the global launch industry. Privatisation and Future Prospects Under Prime Minister Modi's directives, India has been encouraging private investments in the space sector, aiming to increase its share of the global satellite launch market fivefold within the next decade. The recent policy changes have already attracted interest from 20 companies for bids to build small satellite launch rockets. While this diversification may reduce dependence on government funding, it is crucial to balance financial independence with maintaining ISRO's cost advantage. Industry Recommendations for 2024-25 Union Budget The Indian Space Association, representing private space companies, has proposed recommendations for the upcoming Union Budget. Key suggestions include expanding GST exemptions, providing tax holidays, and concessions on customs duties. The association emphasises the need for clarity on FDI policies, production-linked incentives, and subsidies to boost manufacturing, investments, and innovation in the private space industry. Vision for the Future The 10-year vision outlined by IN-SPACe targets a $44 billion space economy by 2033. The association believes that implementing recommended measures will not only spur economic growth but also position India as an attractive investment destination in the global space arena. As per a press release, Lieutenant General Anil Kumar Bhatt (retired), Director General of the Indian Space Association, urged the government to develop a comprehensive regulatory framework and address fiscal challenges to drive the growth of private space enterprises. “We welcome the government’s recent reforms and its groundbreaking initiative to allocate satellite spectrum through an administrative approach. These initiatives undoubtedly have the potential to boost the nascent private space industry in India. Now, to propel this promising industry and drive innovation, it is crucial for the government for the development of a comprehensive regulatory framework and address existing fiscal and taxation challenges. We urge the government to consider our recommendations for incentivising the growth of private space enterprises. By leveraging the momentum provided by the Government and its visionary policy, these enterprises can deliver significant socio-economic benefits to the nation,” he said. As the space industry evolves, India's commitment to balancing financial prudence and technological advancement will play a crucial role in determining its trajectory as a global space leader. The unveiling of the Union Budget 2024-25 will be closely watched by stakeholders in the space sector for signals on the nation's future in space exploration and technology.

Tracking India's space budget for 2024 

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.4 per cent&nbsp;year-on-year increase, setting a record at 114.8 million yen ($778,041).

The surge in apartment prices is attributed to multiple factors. Elevated labour and construction costs play a role, but a significant influence comes from the influx of foreign investors, taking advantage of the yen's decline to a multi-decade low,&nbsp;reported news agency Reuters.

Japan's resilient property and stock markets are experiencing an investment boom after years of deflation and stagnant growth.

The country's low-interest rates create an appealing environment, drawing foreign buyers to&nbsp;capitalise on the weak yen. At a 33-year low, the yen's depreciation becomes a driving force for international investors.

Additionally, individuals seeking to shift funds from China, amidst a real estate crisis and geopolitical concerns, contribute to the surge in Tokyo's property prices.

<a href="https://www.wionews.com/entertainment/lifestyle/news-what-does-it-mean-to-be-japanese-ukraine-born-model-wins-miss-japan-amid-social-media-backlash-683446">Also read |&nbsp;What does it mean to be Japanese? Ukraine-born model wins Miss Japan amid social media backlash</a>

<h2>Staggering price tags and affordability challenges</h2>

With the average apartment price now at 114.8 million yen, it reflects a stark reality: Tokyo apartments cost approximately 25 times the country's nationwide salary average of 4.6 million yen ($31,175.87). The escalating prices pose challenges to local residents and prospective buyers.

The Tokyo metropolitan area witnessed a notable trend in 2023, with over 4,000 units of luxury apartments priced over 100 million yen. Notable examples include Mita Garden Hills in central Tokyo, where a 376.50 square-meter unit sold for a staggering 4.5 billion yen.

Also watch |&nbsp;Ukrainian-born model crowned Miss Japan 2024 sparks national identity debate

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/ukrainian-born-model-crowned-miss-japan-2024-sparks-national-identity-debate-683471/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As demand for apartments expands beyond central Tokyo, the greater Tokyo area experienced a surge in average apartment prices, reaching a new record at 81 million yen. This 28.8 per cent&nbsp;increase further underscores the broader impact of Tokyo's property boom.

Japan's property market, buoyed by low-interest rates and heightened investor interest, stands as a dynamic player in the global real estate landscape, attracting attention and reshaping the city's skyline.

(With inputs from agencies)

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.4 per cent year-on-year increase, setting a record at 114.8 million yen ($778,041). The surge in apartment prices is attributed to multiple factors. Elevated labour and construction costs play a role, but a significant influence comes from the influx of foreign investors, taking advantage of the yen's decline to a multi-decade low, reported news agency Reuters. Japan's resilient property and stock markets are experiencing an investment boom after years of deflation and stagnant growth. The country's low-interest rates create an appealing environment, drawing foreign buyers to capitalise on the weak yen. At a 33-year low, the yen's depreciation becomes a driving force for international investors. Additionally, individuals seeking to shift funds from China, amidst a real estate crisis and geopolitical concerns, contribute to the surge in Tokyo's property prices. Also read | What does it mean to be Japanese? Ukraine-born model wins Miss Japan amid social media backlash Staggering price tags and affordability challenges With the average apartment price now at 114.8 million yen, it reflects a stark reality: Tokyo apartments cost approximately 25 times the country's nationwide salary average of 4.6 million yen ($31,175.87). The escalating prices pose challenges to local residents and prospective buyers. The Tokyo metropolitan area witnessed a notable trend in 2023, with over 4,000 units of luxury apartments priced over 100 million yen. Notable examples include Mita Garden Hills in central Tokyo, where a 376.50 square-meter unit sold for a staggering 4.5 billion yen. Also watch | Ukrainian-born model crowned Miss Japan 2024 sparks national identity debate As demand for apartments expands beyond central Tokyo, the greater Tokyo area experienced a surge in average apartment prices, reaching a new record at 81 million yen. This 28.8 per cent increase further underscores the broader impact of Tokyo's property boom. Japan's property market, buoyed by low-interest rates and heightened investor interest, stands as a dynamic player in the global real estate landscape, attracting attention and reshaping the city's skyline. (With inputs from agencies)

Japan: In a first, average Tokyo apartment prices exceed $778k in 2023

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction. What makes the difference? And how can companies tap into the "joy at work" formula?&nbsp;

The Manager's Touch: A Key Ingredient&nbsp;

The survey points to a clear culprit for workplace blues: a lack of managerial involvement. A staggering 95 per cent of employees believe their manager holds the key to their happiness. &nbsp;

Rohan Sylvester, Talent Strategy Advisor at Indeed India, emphasises, "Data shows that prioritising employee happiness leads to better performance and engagement, ultimately driving business success." &nbsp;

The research further underscores the importance of supportive managers who offer guidance and encouragement. Employees also crave meaningful work that adds purpose to their daily work. Feeling like they're using their skills and facing challenges that lead to a sense of achievement are also crucial happiness boosters.&nbsp;

Beyond the Paycheck: The Perks of Purpose&nbsp;

While salary and benefits remain crucial, the survey reveals that employees value more than just the bottom line. A positive work culture and interactions are highly desired, along with alignment with the company's ideology and strategies, its vision for growth, and even its reputation.&nbsp;

Small, Medium, or Large: Happiness Hangs in the Balance&nbsp;

Interestingly, the survey finds that both small and large organisations have higher levels of happy employees, while medium-sized ones struggle slightly more. This suggests that focusing on building a strong company culture and nurturing individual growth might be key for mid-sized companies.&nbsp;

Work-Life Harmony: The Sweet Spot&nbsp;

The survey also highlights the importance of work flexibility. With the rise of remote work and hybrid models, offering employees control over their schedules can be a major happiness booster.&nbsp;

The Recipe for Workplace Joy: A Multi-Ingredient Approach&nbsp;

Creating a happy workplace isn't about a single magic bullet. It's about understanding that employee happiness is a complex dish with many ingredients. From supportive managers and meaningful work to a positive culture and opportunities for growth, companies that prioritise these elements are more likely to have employees who are not just content, but truly joyful at work.

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction.

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction. What makes the difference? And how can companies tap into the "joy at work" formula? The Manager's Touch: A Key Ingredient The survey points to a clear culprit for workplace blues: a lack of managerial involvement. A staggering 95 per cent of employees believe their manager holds the key to their happiness. Rohan Sylvester, Talent Strategy Advisor at Indeed India, emphasises, "Data shows that prioritising employee happiness leads to better performance and engagement, ultimately driving business success." The research further underscores the importance of supportive managers who offer guidance and encouragement. Employees also crave meaningful work that adds purpose to their daily work. Feeling like they're using their skills and facing challenges that lead to a sense of achievement are also crucial happiness boosters. Beyond the Paycheck: The Perks of Purpose While salary and benefits remain crucial, the survey reveals that employees value more than just the bottom line. A positive work culture and interactions are highly desired, along with alignment with the company's ideology and strategies, its vision for growth, and even its reputation. Small, Medium, or Large: Happiness Hangs in the Balance Interestingly, the survey finds that both small and large organisations have higher levels of happy employees, while medium-sized ones struggle slightly more. This suggests that focusing on building a strong company culture and nurturing individual growth might be key for mid-sized companies. Work-Life Harmony: The Sweet Spot The survey also highlights the importance of work flexibility. With the rise of remote work and hybrid models, offering employees control over their schedules can be a major happiness booster. The Recipe for Workplace Joy: A Multi-Ingredient Approach Creating a happy workplace isn't about a single magic bullet. It's about understanding that employee happiness is a complex dish with many ingredients. From supportive managers and meaningful work to a positive culture and opportunities for growth, companies that prioritise these elements are more likely to have employees who are not just content, but truly joyful at work.

70pc of India Inc. found joy at work in 2023, but here's what needs tuning 

<o:p></o:p>A recent report released on Tuesday by the Bureau of Labour Statistics revealed that unemployment rates increased in 15 US states in December, with Massachusetts and Rhode Island experiencing the most significant month-over-month rise at 0.3 percentage points. <o:p></o:p>

On the positive side, Minnesota was the sole state to witness a decrease in unemployment, with its rate falling by 0.2 percentage points. Meanwhile, the majority of states and the District of Columbia saw unchanged unemployment rates. Nonfarm payroll employment levels remained essentially stable across all states from November to December.<o:p></o:p>

From a year earlier, employment rose in 30 states, while it remained essentially unchanged in 20 states and the District of Columbia. Maryland and North Dakota boasted the lowest jobless rates at 1.9 per cent, highlighting regional variations in economic conditions. In contrast, Nevada reported the highest unemployment rate, holding steady at 5.4 per cent from November. The national unemployment rate remained unchanged at 3.7 per cent in December, and the economy added 216,000 jobs, up from the 173,000 added in November.<o:p></o:p>

The data also indicates that thirteen states and the District of Columbia have unemployment rates at or above 4 per cent, the highest count since December 2022. Notably, this includes three crucial battleground states for the upcoming presidential election: Michigan, Nevada, and Arizona. Nationally, the jobless rate remains near its lowest levels since the 1960s, with job participation and wage growth becoming key talking points in President Joe Biden's bid for re-election against former President Donald Trump.<o:p></o:p>

President Biden's success in swing states like Michigan, where he led against Trump by 4 percentage points for the week ending Jan. 10, according to data compiled by polling analysis site 538, becomes crucial. Last year, Biden showed support for workers in Michigan by joining United Auto Workers members on the picket line during their walkouts against Ford, General Motors, and Stellantis. This marked the first time a sitting president participated in such an action, responding to pressure from Michigan Democrats.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent report released on Tuesday by the Bureau of Labour Statistics revealed that unemployment rates increased in 15 US states in December, with Massachusetts and Rhode Island experiencing the most significant month-over-month rise at 0.

A recent report released on Tuesday by the Bureau of Labour Statistics revealed that unemployment rates increased in 15 US states in December, with Massachusetts and Rhode Island experiencing the most significant month-over-month rise at 0.3 percentage points. On the positive side, Minnesota was the sole state to witness a decrease in unemployment, with its rate falling by 0.2 percentage points. Meanwhile, the majority of states and the District of Columbia saw unchanged unemployment rates. Nonfarm payroll employment levels remained essentially stable across all states from November to December. From a year earlier, employment rose in 30 states, while it remained essentially unchanged in 20 states and the District of Columbia. Maryland and North Dakota boasted the lowest jobless rates at 1.9 per cent, highlighting regional variations in economic conditions. In contrast, Nevada reported the highest unemployment rate, holding steady at 5.4 per cent from November. The national unemployment rate remained unchanged at 3.7 per cent in December, and the economy added 216,000 jobs, up from the 173,000 added in November. The data also indicates that thirteen states and the District of Columbia have unemployment rates at or above 4 per cent, the highest count since December 2022. Notably, this includes three crucial battleground states for the upcoming presidential election: Michigan, Nevada, and Arizona. Nationally, the jobless rate remains near its lowest levels since the 1960s, with job participation and wage growth becoming key talking points in President Joe Biden's bid for re-election against former President Donald Trump. President Biden's success in swing states like Michigan, where he led against Trump by 4 percentage points for the week ending Jan. 10, according to data compiled by polling analysis site 538, becomes crucial. Last year, Biden showed support for workers in Michigan by joining United Auto Workers members on the picket line during their walkouts against Ford, General Motors, and Stellantis. This marked the first time a sitting president participated in such an action, responding to pressure from Michigan Democrats. (With inputs from Reuters)

Unemployment rises in nearly a third of US states in December: Report

China's stock market is grappling with a brutal downcycle that has erased over $6 trillion in valuations since 2021, leading to increased confusion among investors and analysts. <o:p></o:p>

According to a Business Insider report, markets in China and Hong Kong experienced extended declines, only recovering some losses after reports surfaced that Beijing is contemplating a massive 2 trillion Chinese yuan (approximately $282 billion) package to stabilise the market.<o:p></o:p>

The Hang Seng Index in Hong Kong, which had fallen about 10 per cent year-to-date, showed a 2.6 per cent rebound as of 5 p.m. local time on Tuesday. However, the CSI 300, tracking 300 Shanghai and Shenzhen-listed stocks with the largest market capitalisations, remained 0.4 per cent higher but was still down 6 per cent for the year.<o:p></o:p>

Investors are on edge as China's signals on the economy appear to be perplexing, especially after the People's Bank of China (PBOC) kept benchmark lending rates unchanged, disappointing those hoping for a rate cut to stimulate the broader economy.<o:p></o:p>

"There has been increasing confusion over Beijing's policy stance on the economy," noted Nomura economists in a Monday note, reflecting the challenges of interpreting China's signals. <o:p></o:p>

While the largest state-owned banks reduced deposit rates in December, anticipating a similar move by the central bank, such adjustments did not materialise. Top officials' statements indicate Beijing's reluctance to prioritize short-term growth at the expense of increasing long-term risks, emphasising a commitment to a more sustainable and stable economy after decades of rapid growth.<o:p></o:p>

China faces economic challenges as it grapples with post-pandemic recovery, a property crisis, and a demographic problem marked by a record-low birth-rate. The nation's population contracted for the second consecutive year in 2023. <o:p></o:p>

President Xi Jinping's administration seems to be dialling back some aggressive measures, as seen in regrets expressed over a private-sector crackdown and damage control efforts after new draft rules on video gaming triggered an $80 billion market meltdown.<o:p></o:p>

Despite the ongoing struggles in China's stock market, some experts see opportunities ahead. Amundi, Europe's largest asset manager, maintains a long-term positive view on Chinese equity, considering it a core component of a strategic asset allocation. They cite appealing valuations and attractive longer-term rewards as reasons to remain optimistic amid the current challenges.

<o:p>(With inputs from Bloomberg)</o:p>

China's stock market is grappling with a brutal downcycle that has erased over $6 trillion in valuations since 2021, leading to increased confusion among investors and analysts.

China's stock market is grappling with a brutal downcycle that has erased over $6 trillion in valuations since 2021, leading to increased confusion among investors and analysts. According to a Business Insider report, markets in China and Hong Kong experienced extended declines, only recovering some losses after reports surfaced that Beijing is contemplating a massive 2 trillion Chinese yuan (approximately $282 billion) package to stabilise the market. The Hang Seng Index in Hong Kong, which had fallen about 10 per cent year-to-date, showed a 2.6 per cent rebound as of 5 p.m. local time on Tuesday. However, the CSI 300, tracking 300 Shanghai and Shenzhen-listed stocks with the largest market capitalisations, remained 0.4 per cent higher but was still down 6 per cent for the year. Investors are on edge as China's signals on the economy appear to be perplexing, especially after the People's Bank of China (PBOC) kept benchmark lending rates unchanged, disappointing those hoping for a rate cut to stimulate the broader economy. "There has been increasing confusion over Beijing's policy stance on the economy," noted Nomura economists in a Monday note, reflecting the challenges of interpreting China's signals. While the largest state-owned banks reduced deposit rates in December, anticipating a similar move by the central bank, such adjustments did not materialise. Top officials' statements indicate Beijing's reluctance to prioritize short-term growth at the expense of increasing long-term risks, emphasising a commitment to a more sustainable and stable economy after decades of rapid growth. China faces economic challenges as it grapples with post-pandemic recovery, a property crisis, and a demographic problem marked by a record-low birth-rate. The nation's population contracted for the second consecutive year in 2023. President Xi Jinping's administration seems to be dialling back some aggressive measures, as seen in regrets expressed over a private-sector crackdown and damage control efforts after new draft rules on video gaming triggered an $80 billion market meltdown. Despite the ongoing struggles in China's stock market, some experts see opportunities ahead. Amundi, Europe's largest asset manager, maintains a long-term positive view on Chinese equity, considering it a core component of a strategic asset allocation. They cite appealing valuations and attractive longer-term rewards as reasons to remain optimistic amid the current challenges. (With inputs from Bloomberg)

China's stock market struggles amid policy confusion, $6 tn wiped out since 2021

In a major development, healthcare giant Johnson &amp; Johnson has reached a tentative settlement to address an investigation by more than 40 states regarding allegations that the company misled consumers about the safety of its talc baby powder and other talc-based products, as reported by CNBC.<o:p></o:p>

The settlement, totalling $700 million, was confirmed by Johnson &amp; Johnson in a statement to CNBC. However, it is crucial to note that this settlement does not resolve the multitude of consumer lawsuits, some of which are slated for trial this year, claiming that these products caused cancer.<o:p></o:p>

Johnson &amp; Johnson, a company that has faced financial and public relations challenges for decades due to these cases, asserts that its talc-based products, including the now-discontinued talc baby powder, are safe for consumers. The settlement is part of a broader effort by the company to address the legal and financial implications of the ongoing talc litigation. <o:p></o:p>

CFO Joseph Wolk mentioned in an interview with The Wall Street Journal that the company is committed to achieving a comprehensive and final resolution of the talc litigation.<o:p></o:p>

Last October, Johnson &amp; Johnson revealed in a securities filing that 42 states and Washington, D.C., had initiated a joint investigation into the marketing of its talc-based products. The $700 million settlement is a significant increase from the approximately $400 million that the company set aside last year to resolve US state consumer protection claims. <o:p></o:p>

Notably, Johnson &amp; Johnson has attempted twice to resolve the consumer talc cases by transferring liabilities into a subsidiary, LTL Management, and having that unit file for Chapter 11 bankruptcy protection. Both attempts were rejected by the courts, and as part of the latest failed bankruptcy attempt, J&amp;J proposed to pay $8.9 billion to talc claimants. <o:p></o:p>

The company is currently seeking Supreme Court intervention to overturn the lower court rulings denying bankruptcy protection to LTL Management. Additionally, Johnson &amp; Johnson ceased global sales of its talc-based baby powder last year.<o:p></o:p>

In a major development, healthcare giant Johnson & Johnson has reached a tentative settlement to address an investigation by more than 40 states regarding allegations that the company misled consumers about the safety of its talc baby powder and other talc-based products, as reported by CNBC.

In a major development, healthcare giant Johnson & Johnson has reached a tentative settlement to address an investigation by more than 40 states regarding allegations that the company misled consumers about the safety of its talc baby powder and other talc-based products, as reported by CNBC. The settlement, totalling $700 million, was confirmed by Johnson & Johnson in a statement to CNBC. However, it is crucial to note that this settlement does not resolve the multitude of consumer lawsuits, some of which are slated for trial this year, claiming that these products caused cancer. Johnson & Johnson, a company that has faced financial and public relations challenges for decades due to these cases, asserts that its talc-based products, including the now-discontinued talc baby powder, are safe for consumers. The settlement is part of a broader effort by the company to address the legal and financial implications of the ongoing talc litigation. CFO Joseph Wolk mentioned in an interview with The Wall Street Journal that the company is committed to achieving a comprehensive and final resolution of the talc litigation. Last October, Johnson & Johnson revealed in a securities filing that 42 states and Washington, D.C., had initiated a joint investigation into the marketing of its talc-based products. The $700 million settlement is a significant increase from the approximately $400 million that the company set aside last year to resolve US state consumer protection claims. Notably, Johnson & Johnson has attempted twice to resolve the consumer talc cases by transferring liabilities into a subsidiary, LTL Management, and having that unit file for Chapter 11 bankruptcy protection. Both attempts were rejected by the courts, and as part of the latest failed bankruptcy attempt, J&J proposed to pay $8.9 billion to talc claimants. The company is currently seeking Supreme Court intervention to overturn the lower court rulings denying bankruptcy protection to LTL Management. Additionally, Johnson & Johnson ceased global sales of its talc-based baby powder last year.

Johnson & Johnson agrees to $700 mn settlement in talc baby powder investigation

Senior European Union officials have indicated that the EU is unlikely to proceed with the confiscation of Russian central bank assets frozen in Europe. This decision comes despite G7 plans to discuss the legality of such a move at an upcoming meeting in February. <o:p></o:p>

According to a Reuters report, the EU, along with the United States, Japan, and Canada, had frozen approximately $300 billion of Russian central bank assets in 2022 in response to Russia's invasion of Ukraine, with a substantial portion, around $200 billion, held in Europe, primarily within the Belgian clearing house Euroclear.<o:p></o:p>

While there are discussions within the G7 regarding the legality of confiscating these assets and redirecting them to support Ukraine's war effort, European officials are cautious. <o:p></o:p>

One senior official told Reuters, "Confiscation of the capital of the Russian assets is not going to happen. There is no agreement on this among EU member states." <o:p></o:p>

Luxembourg Foreign Minister Xavier Bettel expressed his reservations, stating, "Imagine if we decide politically to give billions to Ukraine. And in six months, we have a judicial decision saying we are not allowed to give it to them. Who will pay then?"<o:p></o:p>

European officials are grappling not only with the legal complexities of seizing sovereign assets but also with concerns about potential repercussions for the euro currency. The fear is that investors might withdraw from euro assets due to apprehensions that their funds could be subject to seizure in the future. Additionally, Moscow has threatened retaliation by confiscating Western assets in Russia, potentially amounting to $288 billion.<o:p></o:p>

Belgian Finance Minister Vincent van Peteghem, holding the rotating presidency of the EU until July, expressed caution about the possibility of confiscating Russian assets. He emphasised the importance of a legally sound proposal that avoids any impact on financial stability. Euroclear, a major player in this scenario, manages substantial amounts of assets in Russia, which, if seized, could pose a financial stability risk with significant repercussions.<o:p></o:p>

Instead of outright confiscation, EU governments are leaning towards supporting a European Commission proposal from December. This proposal suggests taking over only the profits generated by the frozen Russian assets, leaving the principal untouched. This alternative approach could generate an estimated 15-17 billion euros over four years, which could then be directed towards supporting Ukraine.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Senior European Union officials have indicated that the EU is unlikely to proceed with the confiscation of Russian central bank assets frozen in Europe. This decision comes despite G7 plans to discuss the legality of such a move at an upcoming meeting in February.

Senior European Union officials have indicated that the EU is unlikely to proceed with the confiscation of Russian central bank assets frozen in Europe. This decision comes despite G7 plans to discuss the legality of such a move at an upcoming meeting in February. According to a Reuters report, the EU, along with the United States, Japan, and Canada, had frozen approximately $300 billion of Russian central bank assets in 2022 in response to Russia's invasion of Ukraine, with a substantial portion, around $200 billion, held in Europe, primarily within the Belgian clearing house Euroclear. While there are discussions within the G7 regarding the legality of confiscating these assets and redirecting them to support Ukraine's war effort, European officials are cautious. One senior official told Reuters, "Confiscation of the capital of the Russian assets is not going to happen. There is no agreement on this among EU member states." Luxembourg Foreign Minister Xavier Bettel expressed his reservations, stating, "Imagine if we decide politically to give billions to Ukraine. And in six months, we have a judicial decision saying we are not allowed to give it to them. Who will pay then?" European officials are grappling not only with the legal complexities of seizing sovereign assets but also with concerns about potential repercussions for the euro currency. The fear is that investors might withdraw from euro assets due to apprehensions that their funds could be subject to seizure in the future. Additionally, Moscow has threatened retaliation by confiscating Western assets in Russia, potentially amounting to $288 billion. Belgian Finance Minister Vincent van Peteghem, holding the rotating presidency of the EU until July, expressed caution about the possibility of confiscating Russian assets. He emphasised the importance of a legally sound proposal that avoids any impact on financial stability. Euroclear, a major player in this scenario, manages substantial amounts of assets in Russia, which, if seized, could pose a financial stability risk with significant repercussions. Instead of outright confiscation, EU governments are leaning towards supporting a European Commission proposal from December. This proposal suggests taking over only the profits generated by the frozen Russian assets, leaving the principal untouched. This alternative approach could generate an estimated 15-17 billion euros over four years, which could then be directed towards supporting Ukraine. (With inputs from Reuters)

EU officials rule out confiscation of Russian central bank assets despite G7 talks

In a strategic move poised to reshape the gaming landscape, Netflix is seamlessly integrating the Grand Theft Auto series into its digital terrain. Set for release on December 14th, Grand Theft Auto: the trilogy, will quietly roll out on mobile platforms for Netflix members.

How Netflix is winning the streaming wars

A promising forecast for the gaming industry as it gears up for a significant rebound in 2024. Research firm Newzoo reports a projected 2.8% surge, & a market value of $189.3 billion. This resurgence follows a modest 0.6% growth in the previous year, marking the end of a post-COVID decline that led to layoffs in the industry.

Consoles lead gaming resurgence

We put the spotlight on the great Indian consumption story. India's growth engine has been able to keep pace because of indians' spending power. But the future of this great consumption narrative is currently a subject of debate, reflecting a nuanced blend of optimism and concerns.

Can budget 2024 boost consumption?

The central government has announced an increase in import duties on gold and silver coins, and other items made of precious metals.<o:p></o:p>

Effective January 22, the duty on these items will rise from the existing 10 per cent to 15 per cent, comprising a basic customs duty of 10 per cent and an additional Agriculture Infrastructure and Development Cess (AIDC) of 5 per cent.<o:p></o:p>

According to government sources, the decision to hike import duties aims to streamline the imports of precious metals and enhance the economic landscape. The move not only covers gold and silver coins but also includes articles like hooks and clips, integral components in the jewellery-making process.<o:p></o:p>

Furthermore, the government has increased the duty on spent catalysts, essential for extracting precious metals, to 14.35 per cent.<o:p></o:p>

This development follows the government's decision during the budget of 2023 to align import duties on silver dore, bars, and articles with those on gold and platinum. <o:p></o:p>

The basic customs duty on silver was increased to 10 per cent from 7.5 per cent, with an additional 5 per cent AIDC on imports, up from 2.5 per cent. <o:p></o:p>

For silver dore, the duty now stands at 10 per cent basic import duty and 4.35 per cent AIDC. Articles made of precious metals also witnessed an increase in import duties, rising to 25 per cent from the previous 22 per cent. <o:p></o:p>

However, there is no change in the import duties on gold.<o:p></o:p>

The central government has announced an increase in import duties on gold and silver coins, and other items made of precious metals. Effective January 22, the duty on these items will rise from the existing 10 per cent to 15 per cent, comprising a basic customs duty of 10 per cent and an additional Agriculture Infrastructure and Development Cess (AIDC) of 5 per cent.

The central government has announced an increase in import duties on gold and silver coins, and other items made of precious metals. Effective January 22, the duty on these items will rise from the existing 10 per cent to 15 per cent, comprising a basic customs duty of 10 per cent and an additional Agriculture Infrastructure and Development Cess (AIDC) of 5 per cent. According to government sources, the decision to hike import duties aims to streamline the imports of precious metals and enhance the economic landscape. The move not only covers gold and silver coins but also includes articles like hooks and clips, integral components in the jewellery-making process. Furthermore, the government has increased the duty on spent catalysts, essential for extracting precious metals, to 14.35 per cent. This development follows the government's decision during the budget of 2023 to align import duties on silver dore, bars, and articles with those on gold and platinum. The basic customs duty on silver was increased to 10 per cent from 7.5 per cent, with an additional 5 per cent AIDC on imports, up from 2.5 per cent. For silver dore, the duty now stands at 10 per cent basic import duty and 4.35 per cent AIDC. Articles made of precious metals also witnessed an increase in import duties, rising to 25 per cent from the previous 22 per cent. However, there is no change in the import duties on gold.

India raises import duties on precious metals: Gold & silver hit 15pc duty mark

In a strategic move to align with its business growth, eBay Inc revealed plans on Tuesday to slash approximately 1,000 jobs, constituting around 9 per cent of its existing workforce. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The e-commerce giant's CEO, Jamie Iannone, conveyed in a letter to employees that the decision was a response to the company's headcount and expenses outpacing the growth of its business.<o:p></o:p>

"While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," stated Iannone in the internal communication cited by Reuters.<o:p></o:p>

He further explained that the organisational changes were aimed at aligning and consolidating certain teams to enhance the end-to-end experience for customers globally.<o:p></o:p>

This move comes amid a broader trend of tech layoffs in the US following a period of significant hiring during the pandemic, observed notably in industry giants such as Amazon and Google.<o:p></o:p>

In addition to the reduction in jobs, eBay announced its intention to scale back the number of contracts within its alternative workforce over the next few months. <o:p></o:p>

This recent announcement follows eBay's decision last February to lay off 500 employees globally, which represented 4 per cent of its total workforce at that time.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a strategic move to align with its business growth, eBay Inc revealed plans on Tuesday to slash approximately 1,000 jobs, constituting around 9 per cent of its existing workforce.

In a strategic move to align with its business growth, eBay Inc revealed plans on Tuesday to slash approximately 1,000 jobs, constituting around 9 per cent of its existing workforce. This is based on a Reuters report. The e-commerce giant's CEO, Jamie Iannone, conveyed in a letter to employees that the decision was a response to the company's headcount and expenses outpacing the growth of its business. "While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business," stated Iannone in the internal communication cited by Reuters. He further explained that the organisational changes were aimed at aligning and consolidating certain teams to enhance the end-to-end experience for customers globally. This move comes amid a broader trend of tech layoffs in the US following a period of significant hiring during the pandemic, observed notably in industry giants such as Amazon and Google. In addition to the reduction in jobs, eBay announced its intention to scale back the number of contracts within its alternative workforce over the next few months. This recent announcement follows eBay's decision last February to lay off 500 employees globally, which represented 4 per cent of its total workforce at that time. (With inputs from Reuters)

eBay announces major workforce reduction and contract scaling

Essel group chairman Dr Subhash Chandra has launched a new app that lets you become a news creator. The app, which is seen as a revolution in the news and digital space, focuses on hyperlocal news and uses AI to deal with fake news.

PINEWZ: An AI-powered news app

After a brief dip in 2022, the video game industry is gearing up for a positive year in 2024. Projections from research firm NewZoo predict a growth of nearly 3%, pushing the market value to $189.3 billion. This resurgence is fueled by several key factors:

Console comeback:&nbsp;Strong sales of both Xbox and PlayStation consoles, driven by new hardware like the slimmed-down PlayStation 5, are powering the market's hardware growth. The lingering impact of major titles released in 2023, such as "Star Wars Jedi: Survivor" and "Hogwarts Legacy," also continues to contribute to the positive outlook.

Live-service games:&nbsp;&nbsp;While free-to-play giants like "Fortnite" remain dominant, attracting players with constant content updates, data suggests a growing trend towards single-player, premium experiences. This indicates a diversification in player preferences, with both "buffet-style" content and individual narratives holding appeal.

Subscription services:&nbsp;Services like PlayStation Plus and Xbox Game Pass, offering access to vast libraries of games for a monthly fee, are still expanding, albeit at a slower pace than previously. This signifies a shift towards stability and a reliable revenue stream for the industry.

A year of continuity:&nbsp;Unlike unexpected plot twists in a game, 2024 is expected to be a year of consistent growth. Established trends will continue to play out, with consoles fueling hardware sales, live-service games adapting to evolving preferences, and subscription services maintaining their steady expansion.

Outlook - Positive &amp; Diverse:&nbsp;For gamers, this translates to a vibrant and diverse market catering to various tastes. Whether you seek epic multiplayer adventures or immersive solo experiences, the industry offers something for everyone. 2024 promises a blend of familiar comfort and exciting evolution, demonstrating that the video game market is not simply rebounding, but thriving and entering a new chapter of growth.

After a brief dip in 2022, the video game industry is gearing up for a positive year in 2024. Projections from research firm NewZoo predict a growth of nearly 3%, pushing the market value to $189.

After a brief dip in 2022, the video game industry is gearing up for a positive year in 2024. Projections from research firm NewZoo predict a growth of nearly 3%, pushing the market value to $189.3 billion. This resurgence is fueled by several key factors: Console comeback: Strong sales of both Xbox and PlayStation consoles, driven by new hardware like the slimmed-down PlayStation 5, are powering the market's hardware growth. The lingering impact of major titles released in 2023, such as "Star Wars Jedi: Survivor" and "Hogwarts Legacy," also continues to contribute to the positive outlook. Live-service games: While free-to-play giants like "Fortnite" remain dominant, attracting players with constant content updates, data suggests a growing trend towards single-player, premium experiences. This indicates a diversification in player preferences, with both "buffet-style" content and individual narratives holding appeal. Subscription services: Services like PlayStation Plus and Xbox Game Pass, offering access to vast libraries of games for a monthly fee, are still expanding, albeit at a slower pace than previously. This signifies a shift towards stability and a reliable revenue stream for the industry. A year of continuity: Unlike unexpected plot twists in a game, 2024 is expected to be a year of consistent growth. Established trends will continue to play out, with consoles fueling hardware sales, live-service games adapting to evolving preferences, and subscription services maintaining their steady expansion. Outlook - Positive & Diverse: For gamers, this translates to a vibrant and diverse market catering to various tastes. Whether you seek epic multiplayer adventures or immersive solo experiences, the industry offers something for everyone. 2024 promises a blend of familiar comfort and exciting evolution, demonstrating that the video game market is not simply rebounding, but thriving and entering a new chapter of growth.

Video game market rebounds: A steady climb back in 2024

In a dazzling display of opulence, Gucci's parent company, Kering, has unleashed a retail revolution by splurging a mind-boggling $963 million on a prime Fifth Avenue property, sending shockwaves through the high-end fashion cosmos. This retail spectacle not only cements Gucci's stronghold on the famed shopping street but sets the stage for a runway rivalry that promises to reshape the fabric of luxury shopping.

The 115,000 square-foot retail haven at 715-717 Fifth Ave., nestled at the base of the Corning Glass Building, isn't just real estate; it's a battleground where fashion titans vie for supremacy. This audacious move by Kering follows recent triumphs by Prada, LVMH, Rolex, and Harry Winston, turning Fifth Avenue into the ultimate arena for a high-stakes couture clash.

Beyond the glitz and glamour, what does this billion-dollar blitz mean for lovers of high street fashion? Brace yourselves, fashionistas, as the retail war escalates, promising a whirlwind of change and excitement. With major players like Gucci now calling the shots, consumers can expect a redefined shopping experience dripping with luxury and innovation.

 
But what about the current tenants caught in the crossfire? The Armani boutique and restaurant at 717 Fifth Ave. face an uncertain future as their lease reportedly teeters on the brink of expiration. Meanwhile, Gucci's flagship store at Trump Tower adds a spicy twist, hinting at a strategic chess move in the competitive retail landscape.

As the giants of fashion jostle for the spotlight, consumers are poised to be the ultimate winners in this glitzy showdown. Brace yourself for an era of unprecedented choices, unparalleled services, and perhaps even a dash of price wars as these fashion powerhouses vie for the loyalty of the discerning elite.

While Armani contemplates its next move, the spotlight shifts to 760 Madison Ave., where a new chapter is set to unfold. The retail war is in full swing on Fifth Avenue, and the front-row seat belongs to the consumers, eagerly anticipating a fashion spectacle that will redefine luxury in the city that never sleeps.

In a dazzling display of opulence, Gucci's parent company, Kering, has unleashed a retail revolution by splurging a mind-boggling $963 million on a prime Fifth Avenue property, sending shockwaves through the high-end fashion cosmos.

In a dazzling display of opulence, Gucci's parent company, Kering, has unleashed a retail revolution by splurging a mind-boggling $963 million on a prime Fifth Avenue property, sending shockwaves through the high-end fashion cosmos. This retail spectacle not only cements Gucci's stronghold on the famed shopping street but sets the stage for a runway rivalry that promises to reshape the fabric of luxury shopping. The 115,000 square-foot retail haven at 715-717 Fifth Ave., nestled at the base of the Corning Glass Building, isn't just real estate; it's a battleground where fashion titans vie for supremacy. This audacious move by Kering follows recent triumphs by Prada, LVMH, Rolex, and Harry Winston, turning Fifth Avenue into the ultimate arena for a high-stakes couture clash. Beyond the glitz and glamour, what does this billion-dollar blitz mean for lovers of high street fashion? Brace yourselves, fashionistas, as the retail war escalates, promising a whirlwind of change and excitement. With major players like Gucci now calling the shots, consumers can expect a redefined shopping experience dripping with luxury and innovation. But what about the current tenants caught in the crossfire? The Armani boutique and restaurant at 717 Fifth Ave. face an uncertain future as their lease reportedly teeters on the brink of expiration. Meanwhile, Gucci's flagship store at Trump Tower adds a spicy twist, hinting at a strategic chess move in the competitive retail landscape. As the giants of fashion jostle for the spotlight, consumers are poised to be the ultimate winners in this glitzy showdown. Brace yourself for an era of unprecedented choices, unparalleled services, and perhaps even a dash of price wars as these fashion powerhouses vie for the loyalty of the discerning elite. While Armani contemplates its next move, the spotlight shifts to 760 Madison Ave., where a new chapter is set to unfold. The retail war is in full swing on Fifth Avenue, and the front-row seat belongs to the consumers, eagerly anticipating a fashion spectacle that will redefine luxury in the city that never sleeps.

Gucci's Grand Grab: Billion-Dollar Blitz on Fifth Avenue Unleashes Fashion Fury

India's upcoming interim budget on February 1 is highly anticipated, especially by the nation's women. With the general elections looming, the government is expected to unveil policies that empower women and boost their participation in the economy.

Financial Support for Female Farmers

One of the most anticipated announcements is a potential doubling of the annual payout to landowning women. This move, estimated to cost the government an additional $1.44 billion, could resonate with female voters and provide much-needed financial support to a crucial segment of the population.

Boosting Women Entrepreneurship

The budget is also expected to focus on supporting women entrepreneurs, particularly in smaller cities. Schemes like Pradhan Mantri Mudra Yojana and women entrepreneurship platforms have already been helpful, but there is a demand for greater mentorship and networking opportunities.

Increasing Female Labor Force Participation

India's female labour force participation rate currently stands at 24%, contributing about 17% to the GDP. The government is expected to announce a 25% increase in allocation towards women-centric schemes compared to 2023, aiming to drive up these numbers and ensure greater inclusion of women in the workforce.

A Budget for Gender Equity

India's women have high hopes for the upcoming budget, seeing it as an opportunity to kickstart a revolution in gender budgeting. Empowering women is not just about social justice; it is also about unlocking their full potential and making them equal stakeholders in India's growth story.

February 1 budget will be closely watched not only by India's women but also by policymakers and economists around the world. It has the potential to set a precedent for gender-inclusive budgeting and pave the way for a more equitable and prosperous future for India.

India's upcoming interim budget on February 1 is highly anticipated, especially by the nation's women. With the general elections looming, the government is expected to unveil policies that empower women and boost their participation in the economy.

India's upcoming interim budget on February 1 is highly anticipated, especially by the nation's women. With the general elections looming, the government is expected to unveil policies that empower women and boost their participation in the economy. Financial Support for Female Farmers One of the most anticipated announcements is a potential doubling of the annual payout to landowning women. This move, estimated to cost the government an additional $1.44 billion, could resonate with female voters and provide much-needed financial support to a crucial segment of the population. Boosting Women Entrepreneurship The budget is also expected to focus on supporting women entrepreneurs, particularly in smaller cities. Schemes like Pradhan Mantri Mudra Yojana and women entrepreneurship platforms have already been helpful, but there is a demand for greater mentorship and networking opportunities. Increasing Female Labor Force Participation India's female labour force participation rate currently stands at 24%, contributing about 17% to the GDP. The government is expected to announce a 25% increase in allocation towards women-centric schemes compared to 2023, aiming to drive up these numbers and ensure greater inclusion of women in the workforce. A Budget for Gender Equity India's women have high hopes for the upcoming budget, seeing it as an opportunity to kickstart a revolution in gender budgeting. Empowering women is not just about social justice; it is also about unlocking their full potential and making them equal stakeholders in India's growth story. February 1 budget will be closely watched not only by India's women but also by policymakers and economists around the world. It has the potential to set a precedent for gender-inclusive budgeting and pave the way for a more equitable and prosperous future for India.

Budget 2024: India’s women hope for greater gender equity

Boeing has issued a bulletin to its suppliers urging them to tighten bolts after multiple airlines reported loose hardware during inspections of the grounded 737 MAX 9, according to a Reuters report. <o:p></o:p>

The US aircraft manufacturer emphasised the importance of meeting quality requirements in a memo dated Jan. 17, issued weeks after an incident where a panel ripped off a 737 MAX 9 jet mid-air. <o:p></o:p>

Boeing stated, "Ensure that work instructions are mistake-proof and quality is continuously monitored - particularly torquing requirements." <o:p></o:p>

The bulletin recommends documenting torque requirements on work instructions, recording torque application by mechanics, and ensuring tools are properly calibrated for bolt tightening. <o:p></o:p>

This comes in response to an Alaska Airlines flight's emergency landing on Jan. 5 after a door plug panel blew off, leading to the grounding of 171 MAX 9 planes by the Federal Aviation Administration.<o:p></o:p>

Alaska Airlines CEO Ben Minicucci expressed concerns about Boeing's in-house quality programs in response to the incident. In an NBC News interview, Minicucci stated, "My demand on Boeing is, what are they going to do to improve their quality programs in house?" <o:p></o:p>

Boeing, in a separate communication to suppliers, affirmed that it has not altered its 737 supplier master schedule post-incident. The schedule, outlining production rate expectations, calls for 42 737s per month starting in February 2024. While the actual production rate may differ, Boeing has urged suppliers to "continue to perform to your established requirements" while working with the FAA to unground the 737 MAX 9 and enhancing quality across the production system.<o:p></o:p>

The incident has raised questions about the manufacturing process, with FAA Administrator Mike Whitaker stating on Jan. 12 that it was "pretty clear" the cabin blowout was a manufacturing issue, not a design problem. <o:p></o:p>

Whitaker emphasised the need for robust quality control, especially considering the vast number of parts involved in the MAX 9. He highlighted that the MAX 9 has around 500,000 parts, underscoring the critical importance of ensuring proper assembly of every bolt. <o:p></o:p>

Boeing is set to update investors on its production plans on Jan. 31 amid speculation from Wall Street about potential impacts on the ramp-up due to increased checks.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Boeing has issued a bulletin to its suppliers urging them to tighten bolts after multiple airlines reported loose hardware during inspections of the grounded 737 MAX 9, according to a Reuters report.

Boeing has issued a bulletin to its suppliers urging them to tighten bolts after multiple airlines reported loose hardware during inspections of the grounded 737 MAX 9, according to a Reuters report. The US aircraft manufacturer emphasised the importance of meeting quality requirements in a memo dated Jan. 17, issued weeks after an incident where a panel ripped off a 737 MAX 9 jet mid-air. Boeing stated, "Ensure that work instructions are mistake-proof and quality is continuously monitored - particularly torquing requirements." The bulletin recommends documenting torque requirements on work instructions, recording torque application by mechanics, and ensuring tools are properly calibrated for bolt tightening. This comes in response to an Alaska Airlines flight's emergency landing on Jan. 5 after a door plug panel blew off, leading to the grounding of 171 MAX 9 planes by the Federal Aviation Administration. Alaska Airlines CEO Ben Minicucci expressed concerns about Boeing's in-house quality programs in response to the incident. In an NBC News interview, Minicucci stated, "My demand on Boeing is, what are they going to do to improve their quality programs in house?" Boeing, in a separate communication to suppliers, affirmed that it has not altered its 737 supplier master schedule post-incident. The schedule, outlining production rate expectations, calls for 42 737s per month starting in February 2024. While the actual production rate may differ, Boeing has urged suppliers to "continue to perform to your established requirements" while working with the FAA to unground the 737 MAX 9 and enhancing quality across the production system. The incident has raised questions about the manufacturing process, with FAA Administrator Mike Whitaker stating on Jan. 12 that it was "pretty clear" the cabin blowout was a manufacturing issue, not a design problem. Whitaker emphasised the need for robust quality control, especially considering the vast number of parts involved in the MAX 9. He highlighted that the MAX 9 has around 500,000 parts, underscoring the critical importance of ensuring proper assembly of every bolt. Boeing is set to update investors on its production plans on Jan. 31 amid speculation from Wall Street about potential impacts on the ramp-up due to increased checks. (With inputs from Reuters)

Boeing urges bolt tightening after 737 MAX 9 hardware issues

In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners. This is the first time the oil company has blocked a project of this kind by legal means, which raises questions about its environmental duty and may create a difficult legal precedent.

A proposal by investors led by Arjuna Capital and Follow This, which calls for Exxon to set "Scope 3 targets"—goals for cutting greenhouse gas emissions generated by the firm as well as by customers who purchase its oil and gas products—is the subject of the case. As the only significant Western oil corporation without such targets, activist investors contend that Exxon ought to adopt them to comply with the climate goals of the Paris Agreement.

However, Exxon portrays the investors as driven by an&nbsp;"extreme agenda" and asserts that the long-term shareholders' interests are not served by their repeated suggestions. The corporation requests that the vote be removed from its proxy statement by the court because&nbsp;shareholders have already rejected similar proposals in the past.

Exxon deliberately filed the action in the Northern District of Texas, where cases are frequently assigned to judges with conservative slants, adding to the dispute. Judge Reed O'Connor, a George W. Bush appointment noted for his decisions supporting conservative causes on matters like healthcare and gun rights, heard the case. Remarkably, O'Connor previously ruled that Obamacare was unconstitutional; however, the Supreme Court reversed his ruling.

This legal strategy shows how confident Exxon is in its legal approach, but it also runs the danger of upsetting investors who care about the environment and damaging the company's reputation. Observe For example, this argues that establishing Paris-aligned objectives protects shareholders by averting risks like as stranded assets and lost capital access.

For the May 29th shareholder meeting, Exxon needs to file its proxy statement by April 11th, therefore the company is looking for a court ruling by March 19th. The verdict in this case may have a big impact on how corporations are held accountable for climate change, since Exxon's legal risk may have an impact on how other businesses respond to comparable demands from activist shareholders.

(With inputs from Reuters)

In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners.

In an attempt to stop a shareholder vote on tougher emissions targets at its May meeting, Exxon Mobil Corp. filed a lawsuit in a Texas court, launching a legal onslaught against climate campaigners. This is the first time the oil company has blocked a project of this kind by legal means, which raises questions about its environmental duty and may create a difficult legal precedent. A proposal by investors led by Arjuna Capital and Follow This, which calls for Exxon to set "Scope 3 targets"—goals for cutting greenhouse gas emissions generated by the firm as well as by customers who purchase its oil and gas products—is the subject of the case. As the only significant Western oil corporation without such targets, activist investors contend that Exxon ought to adopt them to comply with the climate goals of the Paris Agreement. However, Exxon portrays the investors as driven by an "extreme agenda" and asserts that the long-term shareholders' interests are not served by their repeated suggestions. The corporation requests that the vote be removed from its proxy statement by the court because shareholders have already rejected similar proposals in the past. Exxon deliberately filed the action in the Northern District of Texas, where cases are frequently assigned to judges with conservative slants, adding to the dispute. Judge Reed O'Connor, a George W. Bush appointment noted for his decisions supporting conservative causes on matters like healthcare and gun rights, heard the case. Remarkably, O'Connor previously ruled that Obamacare was unconstitutional; however, the Supreme Court reversed his ruling. This legal strategy shows how confident Exxon is in its legal approach, but it also runs the danger of upsetting investors who care about the environment and damaging the company's reputation. Observe For example, this argues that establishing Paris-aligned objectives protects shareholders by averting risks like as stranded assets and lost capital access. For the May 29th shareholder meeting, Exxon needs to file its proxy statement by April 11th, therefore the company is looking for a court ruling by March 19th. The verdict in this case may have a big impact on how corporations are held accountable for climate change, since Exxon's legal risk may have an impact on how other businesses respond to comparable demands from activist shareholders. (With inputs from Reuters)

Exxon Mobil to block climate proposal in Texas court