Pakistan to head IMF, World Bank boards after 74 years  amid persistent economic crisis

Russian woman and Bihar boy's love story goes viral after she reaches India to marry him

'We are not sitting in ivory towers, we are aware': SC issues notice to Rahul Gandhi, Akhilesh Yadav

Group's fibre-optic drones pose new challenge for Israel

CJP's Tiranga march: People hit streets of Delhi again, reiterate call for Gyanesh Kumar's resignation

US midterms 2026: Ken Paxton may have Elon Musk to thank if he wins the Texas Senate race. Here's why

Trump invokes national interest to waive new Russia sanctions, tariffs; India gets relief from 100% tariff threat

Ankita Bhandari murder case: Parents meet CBI, seek impartial investigation

US budget deficit nears $2 trn as tariff refunds rise; debt crosses $40 trn

Gravitas | Iran threatens to hit key bridges in 7 countries if US resumes strikes

‘Pee-wee Herman’: Trump mocks Jon Ossoff’s appearance at Georgia rally, repeats false claim about El-Sayed

Ukraine drone strike disrupts 22 Russian airports, over 200 flights

Not Khan but Pal: Why did Imran Khan choose his mother's surname over his father's? Family tree explained

A secret code, a midnight escape and 300 deaths: The Russian officer who turned on Putin

Oregon school shooting: 16-year-old shooter identified, used shotgun bought by mother; Trump praises bystander who shot gunman as 'great hero'

After ODIs, T20Is and Tests, cricket set to introduce a new format: All you need to know

China tells Israel to stop West Bank settlements, calls Palestine issue ‘historic injustice’

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

China responds to Trump's Press Secretary Katie Zacharia after toilet remark: 'Visit China more often'

Who left the White House podium the fastest? Press secretaries with the shortest stints

Vijay Deverakonda and Rashmika Mandanna's Ranabaali X Review: Netizens call it history-rich but overstuffed

Israel examines Russia's Shahed-type drones sent by Ukraine to combat Iran | Gravitas

US midterms 2026: Alexandria Ocasio-Cortez donates $1 million to Abdul El-Sayed’s as Michigan race heats up

Here’s who is eyeing the White House press secretary role after Katie Zacharia’s exit

BCCI names India’s ODI squad for New Zealand tour, Gill and Iyer to share captaincy

Abhishek Sharma sets all-time record for most T20I sixes in a year

US midterms 2026: Dan Sullivan’s ‘gotcha’ attempt backfires against Mary Peltola in fiery Alaska Senate debate

Inside Tesla's Roadster: 10 features of Elon Musk's 'flying car' that push the limits of electric vehicles | In Pics

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

New Friday OTT releases (October 16, 2026): DC, Sacrifice, Aasha- 6 new movies and TV shows coming on Netflix, Zee 5, Prime Video and more

India's Gen Z rebellion: Can the 'Lehra Do Tiranga' movement reshape the political order? | The Verdict

US ends automatic work permit extensions; Indian workers lose 540-day safety net: What it means

Salman Khan-Karisma Kapoor reunion at Koffee with Karan season 9 sparks nostalgia: A look at their most loved films

Delhi police places CJP's Abhijeet Dipke under preventive arrest over breach of peace, AISA Chief Neha Bora released

Did Trump just fire Katie Zacharia as his new press secretary? Here’s what he said

Iran rejects Saudi allegations of backing Houthi attacks, renews mediation offer

As India prepares for the highly anticipated 2024 budget, the nation finds itself at the forefront of global economic resilience. Recent findings from a Reuters poll of economists reveal a promising trajectory, solidifying India's position as the fastest-growing major economy in the upcoming fiscal years. This economic saga unfolds against robust government spending, propelling growth momentum as the country approaches a pivotal election.

The poll indicates that the nation is poised to maintain its status as the fastest-growing major economy, with an expected growth rate of 6.9% in the current fiscal year—an upgrade from the earlier estimate of 6.7%. Prime Minister Narendra Modi's administration, known for its strategic investments, directs significant funds into infrastructure development, laying the foundation for a resilient economic surge.

Inflation's brief spotlight

While economic resilience takes centre stage, a brief spike in inflation, driven primarily by food prices, captured attention in December. However, economists predict a swift decline in the coming months. The survey projects that consumer price inflation will average 5.4% and 4.7% in the current and next fiscal years, respectively. The challenge arises in the realm of consumer spending, which constitutes 60% of India's economy and experiences a notable slowdown. The enduring sluggishness, especially in private consumption, poses a nuanced challenge to sustained growth.

Job optimism amid consumption challenges

As we navigate through the intricacies, optimism emerges on the job front. Twenty-five out of twenty-eight economists foresee improvements in employment over the next six months. However, the optimism stands in contrast to a critical misalignment—job growth does not quite match the overall economic growth rate. With millions entering the workforce annually, the dip in consumption becomes a focal point, potentially impacting India's economic trajectory. Analysts underscore the pivotal role of government measures in generating employment and enhancing disposable incomes to strike a delicate balance for sustained prosperity.

Bottomline

The forthcoming budget gains heightened significance as India stands at the crossroads of economic growth and challenges. Navigating through inflation, consumer spending hurdles, and job dynamics, the nation looks to the government for strategic interventions. The delicate balance required for sustained prosperity hinges on comprehensive measures to fortify the economic landscape. In the unfolding chapters of India's economic story, resilience remains key, but the challenges call for strategic solutions as the nation forges ahead into 2024 and beyond.

As India prepares for the highly anticipated 2024 budget, the nation finds itself at the forefront of global economic resilience. Recent findings from a Reuters poll of economists reveal a promising trajectory, solidifying India's position as the fastest-growing major economy in the upcoming fiscal years.

As India prepares for the highly anticipated 2024 budget, the nation finds itself at the forefront of global economic resilience. Recent findings from a Reuters poll of economists reveal a promising trajectory, solidifying India's position as the fastest-growing major economy in the upcoming fiscal years. This economic saga unfolds against robust government spending, propelling growth momentum as the country approaches a pivotal election. The poll indicates that the nation is poised to maintain its status as the fastest-growing major economy, with an expected growth rate of 6.9% in the current fiscal year—an upgrade from the earlier estimate of 6.7%. Prime Minister Narendra Modi's administration, known for its strategic investments, directs significant funds into infrastructure development, laying the foundation for a resilient economic surge. Inflation's brief spotlight While economic resilience takes centre stage, a brief spike in inflation, driven primarily by food prices, captured attention in December. However, economists predict a swift decline in the coming months. The survey projects that consumer price inflation will average 5.4% and 4.7% in the current and next fiscal years, respectively. The challenge arises in the realm of consumer spending, which constitutes 60% of India's economy and experiences a notable slowdown. The enduring sluggishness, especially in private consumption, poses a nuanced challenge to sustained growth. Job optimism amid consumption challenges As we navigate through the intricacies, optimism emerges on the job front. Twenty-five out of twenty-eight economists foresee improvements in employment over the next six months. However, the optimism stands in contrast to a critical misalignment—job growth does not quite match the overall economic growth rate. With millions entering the workforce annually, the dip in consumption becomes a focal point, potentially impacting India's economic trajectory. Analysts underscore the pivotal role of government measures in generating employment and enhancing disposable incomes to strike a delicate balance for sustained prosperity. Bottomline The forthcoming budget gains heightened significance as India stands at the crossroads of economic growth and challenges. Navigating through inflation, consumer spending hurdles, and job dynamics, the nation looks to the government for strategic interventions. The delicate balance required for sustained prosperity hinges on comprehensive measures to fortify the economic landscape. In the unfolding chapters of India's economic story, resilience remains key, but the challenges call for strategic solutions as the nation forges ahead into 2024 and beyond.

Budgeting for growth: India's resilient economy set to shine in 2024

China, once synonymous with rapid economic growth, is grappling with a profound real estate crisis that emerged with Evergrande's insolvency declaration two years ago. This event triggered a series of defaults and business losses, sending shockwaves through the nation's economy.

The aftershocks of Evergrande's collapse have reverberated across the Chinese economic landscape. Several multibillion-dollar companies have succumbed to the crisis, and key business executives have either been detained or vanished. The shadow banking industry, a cornerstone of China's real estate boom, faces insolvency. Zhongzhi Enterprise Group has revealed itself as "severely insolvent" with $64 billion in liabilities. These developments have created a ripple effect, with existing home prices in China's four wealthiest cities plummeting between 11% and 14%, and sales of new homes witnessing a 6% decline.

Unorthodox marketing strategies unveiled

Desperation has driven Chinese property developers to embrace unconventional and, at times, bizarre marketing tactics. One notable instance involves a Tianjin-based company's audacious offer – "buy a house, get a wife for free." Despite being a play on a traditional Chinese expression, this promotion incurred a $4,184 fine from regulators. Meanwhile, a company in Zhejiang province promised gold bars as an incentive for potential homebuyers. These attention-grabbing strategies underscore the lengths developers are willing to go to attract buyers amid a real estate downturn.

Economic ramifications and future outlook

Beyond the spectacle of unusual promotions lies the stark reality of China's evolving economic landscape. The nation's economy, which once boasted double-digit growth a decade ago, grew by a modest 5.2% in the fourth quarter, falling below economists' expectations. The transition from a property-dependent economy to one reliant on the manufacturing and service sectors is underway, a shift not without its challenges. The question that looms large is when this transition will reach its fruition. Former head of the statistics department at the People’s Bank of China, Sheng Songcheng, predicts a two-year downturn, setting the stage for a prolonged period of economic recalibration.

China, once synonymous with rapid economic growth, is grappling with a profound real estate crisis that emerged with Evergrande's insolvency declaration two years ago.

China, once synonymous with rapid economic growth, is grappling with a profound real estate crisis that emerged with Evergrande's insolvency declaration two years ago. This event triggered a series of defaults and business losses, sending shockwaves through the nation's economy. The aftershocks of Evergrande's collapse have reverberated across the Chinese economic landscape. Several multibillion-dollar companies have succumbed to the crisis, and key business executives have either been detained or vanished. The shadow banking industry, a cornerstone of China's real estate boom, faces insolvency. Zhongzhi Enterprise Group has revealed itself as "severely insolvent" with $64 billion in liabilities. These developments have created a ripple effect, with existing home prices in China's four wealthiest cities plummeting between 11% and 14%, and sales of new homes witnessing a 6% decline. Unorthodox marketing strategies unveiled Desperation has driven Chinese property developers to embrace unconventional and, at times, bizarre marketing tactics. One notable instance involves a Tianjin-based company's audacious offer – "buy a house, get a wife for free." Despite being a play on a traditional Chinese expression, this promotion incurred a $4,184 fine from regulators. Meanwhile, a company in Zhejiang province promised gold bars as an incentive for potential homebuyers. These attention-grabbing strategies underscore the lengths developers are willing to go to attract buyers amid a real estate downturn. Economic ramifications and future outlook Beyond the spectacle of unusual promotions lies the stark reality of China's evolving economic landscape. The nation's economy, which once boasted double-digit growth a decade ago, grew by a modest 5.2% in the fourth quarter, falling below economists' expectations. The transition from a property-dependent economy to one reliant on the manufacturing and service sectors is underway, a shift not without its challenges. The question that looms large is when this transition will reach its fruition. Former head of the statistics department at the People’s Bank of China, Sheng Songcheng, predicts a two-year downturn, setting the stage for a prolonged period of economic recalibration.

From free wives to insolvency: Decoding China's real estate turmoil

French regulatory body CNIL has levied a hefty fine of €32 million ($35 million) on Amazon France Logistique, citing an "excessively intrusive" surveillance system designed to monitor staff performance. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The CNIL revealed on Tuesday that the company had implemented indicators tracking the inactivity time of employees' scanners, a measure deemed illegal. Additionally, a system gauging the speed at which items were scanned was considered "excessive" by the regulator. <o:p></o:p>

CNIL expressed concern over the storage and retention of data and statistical indicators for all employees and temporary workers for a prolonged period of 31 days. Amazon France Logistique, responsible for managing Amazon's large warehouses in France, is said to disagree with the fine and retains the right to appeal.<o:p></o:p>

The regulatory action comes as CNIL raises objections to the surveillance practices applied within Amazon's warehouses, deeming them overly intrusive. The use of indicators tracking employee inactivity and the speed of item scanning was flagged as a violation. <o:p></o:p>

While Amazon contends that such warehouse management systems are industry standards necessary for safety and efficiency, CNIL argues that the extent and duration of data retention go beyond acceptable limits.<o:p></o:p>

An Amazon spokesperson expressed disagreement with the fine and indicated the company's intention to appeal. The spokesperson emphasised the industry-wide acceptance of such systems in ensuring the timely and accurate processing of packages and tracking inventory storage. <o:p></o:p>

Amazon France Logistique oversees the operation of Amazon's extensive warehouses in France, where the dispute over surveillance practices has unfolded.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

French regulatory body CNIL has levied a hefty fine of €32 million ($35 million) on Amazon France Logistique, citing an "excessively intrusive" surveillance system designed to monitor staff performance.

French regulatory body CNIL has levied a hefty fine of €32 million ($35 million) on Amazon France Logistique, citing an "excessively intrusive" surveillance system designed to monitor staff performance. This is based on a Reuters report. The CNIL revealed on Tuesday that the company had implemented indicators tracking the inactivity time of employees' scanners, a measure deemed illegal. Additionally, a system gauging the speed at which items were scanned was considered "excessive" by the regulator. CNIL expressed concern over the storage and retention of data and statistical indicators for all employees and temporary workers for a prolonged period of 31 days. Amazon France Logistique, responsible for managing Amazon's large warehouses in France, is said to disagree with the fine and retains the right to appeal. The regulatory action comes as CNIL raises objections to the surveillance practices applied within Amazon's warehouses, deeming them overly intrusive. The use of indicators tracking employee inactivity and the speed of item scanning was flagged as a violation. While Amazon contends that such warehouse management systems are industry standards necessary for safety and efficiency, CNIL argues that the extent and duration of data retention go beyond acceptable limits. An Amazon spokesperson expressed disagreement with the fine and indicated the company's intention to appeal. The spokesperson emphasised the industry-wide acceptance of such systems in ensuring the timely and accurate processing of packages and tracking inventory storage. Amazon France Logistique oversees the operation of Amazon's extensive warehouses in France, where the dispute over surveillance practices has unfolded. (With inputs from Reuters)

CNIL imposes €32 mn fine on Amazon France Logistique over employee surveillance

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. <o:p></o:p>

Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30.<o:p></o:p>

Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. <o:p></o:p>

Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market.<o:p></o:p>

Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&amp;P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. <o:p></o:p>

Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs."<o:p></o:p>

Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. <o:p></o:p>

Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report.

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report. This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30. Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market. Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs." Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy." (With inputs from Reuters)

Bitcoin plummets to $40,000, hits lowest point since ETF debut

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.<o:p></o:p>

As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal.<o:p></o:p>

"The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. <o:p></o:p>

In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. <o:p></o:p>

However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force.

Malaysia is exploring the possibility of initiating legal proceedings against foreign banks implicated in the massive 1Malaysia Development Berhad (1MDB) corruption scandal, according to Johari Abdul Ghani, the chairman of the 1MDB asset recovery task force. As per a Reuters report, Ghani did not disclose the names of the foreign banks but asserted that they failed to conduct adequate due diligence before facilitating fund transfers linked to the sovereign fund. The 1MDB scandal, involving an estimated $4.5 billion misappropriation, has ensnared figures such as former Malaysian Prime Minister Najib Razak, Goldman Sachs staff, and officials at the highest levels. Najib is currently serving a 12-year jail sentence for his role in the scandal. "The 1MDB task force is firmly committed to addressing the 1MDB matter transparently and holding all parties accountable," emphasised Ghani in a statement. In a related development, Ghani disclosed that Malaysia responded on November 8 to an arbitration request from Goldman Sachs. The two parties are presently in the process of agreeing on a procedural timetable. Goldman Sachs had previously agreed to a $3.9 billion settlement in 2020 to resolve Malaysia's criminal probe into its involvement in the 1MDB scandal. However, disputes have arisen over the settlement terms, particularly regarding an interim payment clause. Goldman insists on an interim payment if Malaysia fails to recover at least $500 million from the firm by August 2022. This discrepancy has led to legal actions, with Goldman suing Malaysia in a British court, alleging a breach of the settlement agreement. Malaysia vehemently denies these allegations. (With inputs from Reuters)

Malaysia contemplates legal action against foreign banks in 1MDB scandal fallout

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. <o:p></o:p>

Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022.<o:p></o:p>

In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." <o:p></o:p>

The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift".<o:p></o:p>

Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. <o:p></o:p>

Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees. This is based on a Reuters report. The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022. In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift". Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games. (With inputs from Reuters)

Tencent's Riot Games announces significant workforce reductions

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The conglomerate's ambitious move signals a determined challenge to both domestic and international players in the burgeoning Indian EV market, which accounted for approximately 2 per cent of total car sales last year. Leading the charge was Tata Motors, although the government is fervently eyeing a formidable 30 per cent share by 2023.<o:p></o:p>

JSW Group's colossal investment will unfold in three phases, according to a statement released on Monday. In the initial two phases, a whopping 250 billion rupees will be injected into the establishment of an EV battery manufacturing plant and an EV components plant. The third phase will witness an additional infusion of 150 billion rupees to set up a cutting-edge EV components manufacturing complex. <o:p></o:p>

The conglomerate's strategic partnership with China's SAIC Motor, formed in November, intensifies its commitment to green mobility and the development of a robust electric vehicle ecosystem in India. This collaboration reflects the broader trend of international cooperation to accelerate advancements in EV technology and infrastructure.<o:p></o:p>

Despite these ambitious strides, India is still at a crossroads regarding the potential reduction of import taxes on EVs. A top government official informed Reuters that a decision is pending under a proposed policy for carmakers committing to local manufacturing. <o:p></o:p>

The outcome could potentially pave the way for the entry of global giant Tesla into the Indian market, disrupting the status quo. However, stakeholders like Tata, Mahindra &amp; Mahindra, and South Korea's Hyundai Motor have urged New Delhi to maintain the current policy, discouraging any reduction in taxes on hybrids.<o:p></o:p>

JSW Group's monumental investment marks a significant chapter in India's transition towards sustainable and eco-friendly transportation.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha.

In a stride towards bolstering India's electric vehicle (EV) landscape, JSW Group has announced an investment of 400 billion rupees ($4.81 billion) in EV manufacturing projects in the coastal state of Odisha. This is based on a Reuters report. The conglomerate's ambitious move signals a determined challenge to both domestic and international players in the burgeoning Indian EV market, which accounted for approximately 2 per cent of total car sales last year. Leading the charge was Tata Motors, although the government is fervently eyeing a formidable 30 per cent share by 2023. JSW Group's colossal investment will unfold in three phases, according to a statement released on Monday. In the initial two phases, a whopping 250 billion rupees will be injected into the establishment of an EV battery manufacturing plant and an EV components plant. The third phase will witness an additional infusion of 150 billion rupees to set up a cutting-edge EV components manufacturing complex. The conglomerate's strategic partnership with China's SAIC Motor, formed in November, intensifies its commitment to green mobility and the development of a robust electric vehicle ecosystem in India. This collaboration reflects the broader trend of international cooperation to accelerate advancements in EV technology and infrastructure. Despite these ambitious strides, India is still at a crossroads regarding the potential reduction of import taxes on EVs. A top government official informed Reuters that a decision is pending under a proposed policy for carmakers committing to local manufacturing. The outcome could potentially pave the way for the entry of global giant Tesla into the Indian market, disrupting the status quo. However, stakeholders like Tata, Mahindra & Mahindra, and South Korea's Hyundai Motor have urged New Delhi to maintain the current policy, discouraging any reduction in taxes on hybrids. JSW Group's monumental investment marks a significant chapter in India's transition towards sustainable and eco-friendly transportation. (With inputs from Reuters)

JSW Group unleashes $5 bn investment surge into Eastern India's EV revolution

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn.<o:p></o:p>

This is based on a Reuters report. <o:p></o:p>

With the benchmark Shanghai Composite index marking its largest one-day drop since April 2022, falling by 2.7 per cent, the move aimed to prevent the yuan from depreciating too rapidly, signalling a clear policy effort to stabilise the currency amid&nbsp;negative market sentiment on equities.<o:p></o:p>

"It is a clear policy signal to stabilise the yuan and counter the negative market sentiment on equities," Reuters quoted Gary Ng, Senior Economist for Asia Pacific at Natixis as saying. The aggressive support measures come at a time when overseas funds have offloaded around $1.6 billion in Chinese equities this year, reflecting waning investor confidence amid signs of an economic slowdown in the world's second-largest economy.<o:p></o:p>

In response to the market dynamics, offshore yuan tomorrow-next forwards surged to a more than two-month high of 4.25 points, indicating a tightening of liquidity conditions. State-owned banks in the offshore market curtailed lending to their peers, further intensifying liquidity constraints and increasing the cost of shorting the currency.<o:p></o:p>

Concurrently, in a bid to prevent swift declines in the yuan, state banks were actively selling dollars in the onshore spot foreign exchange market, with a focus on defending the 7.2 per dollar level.<o:p></o:p>

The sources, speaking on the condition of anonymity due to market regulations, highlighted the crucial role of state banks, which often act on behalf of China's central bank in the foreign exchange market. While their primary mission is to stabilise the yuan, they may also engage in trading on their own behalf or execute clients' orders. The onshore yuan concluded trading at 7.1963 per dollar, reflecting a nearly 1.4 per cent decline year-to-date, while its offshore counterpart settled at 7.2047.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn.

China's major state-owned banks took decisive action on Monday to shore up the yuan, tightening liquidity in the offshore foreign exchange market and actively selling US dollars onshore as domestic equities experienced a significant downturn. This is based on a Reuters report. With the benchmark Shanghai Composite index marking its largest one-day drop since April 2022, falling by 2.7 per cent, the move aimed to prevent the yuan from depreciating too rapidly, signalling a clear policy effort to stabilise the currency amid negative market sentiment on equities. "It is a clear policy signal to stabilise the yuan and counter the negative market sentiment on equities," Reuters quoted Gary Ng, Senior Economist for Asia Pacific at Natixis as saying. The aggressive support measures come at a time when overseas funds have offloaded around $1.6 billion in Chinese equities this year, reflecting waning investor confidence amid signs of an economic slowdown in the world's second-largest economy. In response to the market dynamics, offshore yuan tomorrow-next forwards surged to a more than two-month high of 4.25 points, indicating a tightening of liquidity conditions. State-owned banks in the offshore market curtailed lending to their peers, further intensifying liquidity constraints and increasing the cost of shorting the currency. Concurrently, in a bid to prevent swift declines in the yuan, state banks were actively selling dollars in the onshore spot foreign exchange market, with a focus on defending the 7.2 per dollar level. The sources, speaking on the condition of anonymity due to market regulations, highlighted the crucial role of state banks, which often act on behalf of China's central bank in the foreign exchange market. While their primary mission is to stabilise the yuan, they may also engage in trading on their own behalf or execute clients' orders. The onshore yuan concluded trading at 7.1963 per dollar, reflecting a nearly 1.4 per cent decline year-to-date, while its offshore counterpart settled at 7.2047. (With inputs from Reuters)

China's state-owned banks rally to stabilise yuan amid stock market turmoil

<o:p></o:p>

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS). <o:p></o:p>

This is based on a Reuters.<o:p></o:p>

The fine was imposed over allegations of Apple's abuse of its dominant market position in relation to in-app payments. The FAS revealed that Apple made the payment on January 19, and the funds have since been transferred to Russia's federal budget.<o:p></o:p>

The fine is a result of a previous ruling where the FAS asserted that Apple's distribution of apps through its iOS operating system provided its own products with a competitive advantage. <o:p></o:p>

Apple, in response, had "respectfully disagreed" with the FAS ruling. The tech giant, which did not provide immediate comments on Monday, has been entangled in antitrust cases, with this fine following a $12.1-million payment in February 2023 over another antitrust dispute related to its dominance in the mobile apps market.<o:p></o:p>

The FAS's move comes against the backdrop of Russia's tense relations with foreign technology companies, particularly regarding concerns over unlawful content and the failure to store user data locally. 

Disputes with tech giants have escalated since Russia dispatched troops to Ukraine in February 2022. In response to the conflict, Apple temporarily halted all product sales in Russia and restricted its Apple Pay service in the country.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS).

In a resolution to an ongoing dispute, US tech giant Apple has reportedly paid a substantial fine of 1.2 billion roubles ($13.65 million) to Russia's Federal Antimonopoly Service (FAS). This is based on a Reuters. The fine was imposed over allegations of Apple's abuse of its dominant market position in relation to in-app payments. The FAS revealed that Apple made the payment on January 19, and the funds have since been transferred to Russia's federal budget. The fine is a result of a previous ruling where the FAS asserted that Apple's distribution of apps through its iOS operating system provided its own products with a competitive advantage. Apple, in response, had "respectfully disagreed" with the FAS ruling. The tech giant, which did not provide immediate comments on Monday, has been entangled in antitrust cases, with this fine following a $12.1-million payment in February 2023 over another antitrust dispute related to its dominance in the mobile apps market. The FAS's move comes against the backdrop of Russia's tense relations with foreign technology companies, particularly regarding concerns over unlawful content and the failure to store user data locally. Disputes with tech giants have escalated since Russia dispatched troops to Ukraine in February 2022. In response to the conflict, Apple temporarily halted all product sales in Russia and restricted its Apple Pay service in the country. (With inputs from Reuters)

Apple settles Russian antitrust fine of $13.7 million: Report

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. <o:p></o:p>

According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.33 trillion, edging past Hong Kong's $4.29 trillion as of the latest market close.<o:p></o:p>

The surge in India's stock market can be attributed to several factors. A rapidly expanding retail investor base and robust corporate earnings have fuelled the boom in Indian equities. With a stable political environment and a consumption-driven economy that remains one of the fastest-growing among major nations, India has positioned itself as an attractive alternative to China. <o:p></o:p>

Bloomberg quoted Ashish Gupta, Chief Investment Officer at Axis Mutual Fund in Mumbai, who affirmed, "India has all the right ingredients in place to set the growth momentum further."<o:p></o:p>

In contrast, Hong Kong has faced a historic slump, grappling with stringent anti-Covid-19 measures, regulatory crackdowns, a property-sector crisis, and geopolitical tensions. This downturn has led to an equities rout, with the total market value of Chinese and Hong Kong stocks plummeting by over $6 trillion since their peaks in 2021. The once-bustling initial public offering scene in Hong Kong has dried up, marking a stark departure from its status as one of the world's busiest venues.<o:p></o:p>

While some strategists anticipate a turnaround for Chinese stocks, India's momentum appears unwavering. UBS Group AG suggests that Chinese stocks may outperform Indian peers in 2024, with battered valuations in the former indicating significant upside potential. In contrast, Bernstein sees the Indian market as expensive and recommends taking profits on Indian stocks. However, the prevailing trend suggests that India currently holds the upper hand.<o:p></o:p>

Pessimism toward China and Hong Kong has deepened in the new year, with the Hang Seng China Enterprises Index already down about 13 per cent. Meanwhile, India's stock benchmarks continue to trade near record-high levels. Foreign investors, once enamoured with the China narrative, are redirecting their funds towards India. <o:p></o:p>

A recent study by the Official Monetary and Financial Institutions Forum reveals that global pension and sovereign wealth managers are increasingly favouring India, reinforcing the clear consensus that India is perceived as the best long-term investment opportunity.<o:p></o:p>

In 2023, overseas funds poured over $21 billion into Indian shares, contributing to the eighth consecutive year of gains for India's benchmark S&amp;P BSE Sensex Index. Goldman Sachs Group Inc. strategists, including Guillaume Jaisson and Peter Oppenheimer, emphasized this sentiment, stating, "There is a clear consensus that India is the best long-term investment opportunity" based on results from the firm's Global Strategy Conference.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.

In a historic achievement, India's stock market has outshone Hong Kong's, claiming the coveted fourth position in the global equity market ranking. According to Bloomberg data, the combined value of shares listed on Indian exchanges reached a staggering $4.33 trillion, edging past Hong Kong's $4.29 trillion as of the latest market close. The surge in India's stock market can be attributed to several factors. A rapidly expanding retail investor base and robust corporate earnings have fuelled the boom in Indian equities. With a stable political environment and a consumption-driven economy that remains one of the fastest-growing among major nations, India has positioned itself as an attractive alternative to China. Bloomberg quoted Ashish Gupta, Chief Investment Officer at Axis Mutual Fund in Mumbai, who affirmed, "India has all the right ingredients in place to set the growth momentum further." In contrast, Hong Kong has faced a historic slump, grappling with stringent anti-Covid-19 measures, regulatory crackdowns, a property-sector crisis, and geopolitical tensions. This downturn has led to an equities rout, with the total market value of Chinese and Hong Kong stocks plummeting by over $6 trillion since their peaks in 2021. The once-bustling initial public offering scene in Hong Kong has dried up, marking a stark departure from its status as one of the world's busiest venues. While some strategists anticipate a turnaround for Chinese stocks, India's momentum appears unwavering. UBS Group AG suggests that Chinese stocks may outperform Indian peers in 2024, with battered valuations in the former indicating significant upside potential. In contrast, Bernstein sees the Indian market as expensive and recommends taking profits on Indian stocks. However, the prevailing trend suggests that India currently holds the upper hand. Pessimism toward China and Hong Kong has deepened in the new year, with the Hang Seng China Enterprises Index already down about 13 per cent. Meanwhile, India's stock benchmarks continue to trade near record-high levels. Foreign investors, once enamoured with the China narrative, are redirecting their funds towards India. A recent study by the Official Monetary and Financial Institutions Forum reveals that global pension and sovereign wealth managers are increasingly favouring India, reinforcing the clear consensus that India is perceived as the best long-term investment opportunity. In 2023, overseas funds poured over $21 billion into Indian shares, contributing to the eighth consecutive year of gains for India's benchmark S&P BSE Sensex Index. Goldman Sachs Group Inc. strategists, including Guillaume Jaisson and Peter Oppenheimer, emphasized this sentiment, stating, "There is a clear consensus that India is the best long-term investment opportunity" based on results from the firm's Global Strategy Conference. (With inputs from Bloomberg)

India surpasses Hong Kong, securing the fourth spot in global stock markets

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures. According to a recent Reuters poll of 41 economists, the government is expected to target a reduced fiscal deficit of 5.30 per cent of GDP in the 2024-25 fiscal year, down from the current year's 5.90 per cent. Despite increased capital expenditure, an emphasis on infrastructure investment is anticipated, with the government eyeing a fiscal deficit of 4.50 per cent by the end of 2025-26.<o:p></o:p>

In the ongoing fiscal year, capital spending in India has soared over 33 per cent, exceeding $120 billion, and is projected to further rise by 15 per cent in the next fiscal year. The surge in government investment has been a key driver of the country's economic growth. Economists emphasise the need for sustained improvements in India's infrastructure to stimulate private investment. However, there is a consensus that enhancing human capital through increased spending on education should be a top priority for long-term, inclusive growth.<o:p></o:p>

The consensus among economists points to infrastructure investment as the top budget priority (34 respondents), followed by rural development (17) and job creation (16). Despite the need for a focus on education and healthcare, none of the economists cited these areas as the main budget priorities. The emphasis on infrastructure investment aligns with the government's goal to fuel economic expansion and revive the private investment cycle.<o:p></o:p>

Challenges persist in India's growth landscape, with modest aggregate domestic demand and notable absence of private non-infrastructure business capital expenditure. While the wealthy continue to drive demand, the informal sector, especially micro, small, and medium enterprises (MSMEs), grapples with stress, particularly in rural areas. As the budget balances competing priorities, a cautious approach is warranted in addressing growth challenges and supporting sectors facing ongoing struggles.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures.

As India gears up for its interim budget in an election year, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) aims to strike a balance between fiscal responsibility and popular measures. According to a recent Reuters poll of 41 economists, the government is expected to target a reduced fiscal deficit of 5.30 per cent of GDP in the 2024-25 fiscal year, down from the current year's 5.90 per cent. Despite increased capital expenditure, an emphasis on infrastructure investment is anticipated, with the government eyeing a fiscal deficit of 4.50 per cent by the end of 2025-26. In the ongoing fiscal year, capital spending in India has soared over 33 per cent, exceeding $120 billion, and is projected to further rise by 15 per cent in the next fiscal year. The surge in government investment has been a key driver of the country's economic growth. Economists emphasise the need for sustained improvements in India's infrastructure to stimulate private investment. However, there is a consensus that enhancing human capital through increased spending on education should be a top priority for long-term, inclusive growth. The consensus among economists points to infrastructure investment as the top budget priority (34 respondents), followed by rural development (17) and job creation (16). Despite the need for a focus on education and healthcare, none of the economists cited these areas as the main budget priorities. The emphasis on infrastructure investment aligns with the government's goal to fuel economic expansion and revive the private investment cycle. Challenges persist in India's growth landscape, with modest aggregate domestic demand and notable absence of private non-infrastructure business capital expenditure. While the wealthy continue to drive demand, the informal sector, especially micro, small, and medium enterprises (MSMEs), grapples with stress, particularly in rural areas. As the budget balances competing priorities, a cautious approach is warranted in addressing growth challenges and supporting sectors facing ongoing struggles. (With inputs from Reuters)

India's upcoming budget likely to target lower fiscal deficit, says Reuters poll

Dow Jones Industrial Average achieved an unprecedented milestone, closing above the 38,000 mark for the first time in history on Monday (Jan 22). Accompanying this surge, the S&amp;P 500 also notched a new record, closing at approximately 4,850, while the Nasdaq saw an uptick, reaching 15,360 at the close of Monday's trading session.

The early days of the year witnessed a sluggish performance across major stock indexes. However, a notable reversal occurred in the middle of last week, propelling the market to its current heights.

Investors have been buoyed by the anticipation of inflation reverting to normal levels without succumbing to a recession. Adding to the momentum, investor enthusiasm for artificial intelligence (AI) has played a significant role in driving returns in the market.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/ftc-prohibits-turbotax-maker-intuit-from-advertising-free-services-682776">FTC prohibits TurboTax maker Intuit from advertising 'free' services</a>

Moreover, the recovery may also be attributed, in part, to expectations among certain investors of potential interest rate cuts by the Federal Reserve&nbsp;as early as March.

Federal Reserve Governor Christopher Waller indicated early last week that the central bank anticipates rate cuts in the coming year but also called for a cautious approach, stating that decisions won't be made in a hurry.

Waller's comments initially caused treasury yields to surge and major stock indexes to decline.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-plummets-to-40000-hits-lowest-point-since-etf-debut-682753">Bitcoin plummets to $40,000, hits lowest point since ETF debut</a>

Since then, however, the stock market has shown resilience and climbed steadily.&nbsp;

If implemented, these cuts could reduce borrowing costs for both consumers and businesses, potentially stimulating economic activity through increased household spending and corporate investment.

<section>
Watch |&nbsp;<a href="https://www.wionews.com/videos/brazils-re-industrialisation-plan-682714">Brazil's 're-industrialisation' plan</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/brazils-re-industrialisation-plan-682714/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

However, the Federal Reserve faces a delicate balancing act.
</section>

This is because a swift interest rate cut could risk triggering a rebound in inflation. The concern is that heightened consumer demand might lead to an acceleration of price increases.

(With inputs from agencies)

Dow Jones Industrial Average achieved an unprecedented milestone, closing above the 38,000 mark for the first time in history on Monday (Jan 22). Accompanying this surge, the S&P 500 also notched a new record, closing at approximately 4,850, while the Nasdaq saw an uptick, reaching 15,360 at the close of Monday's trading session.

Dow Jones Industrial Average achieved an unprecedented milestone, closing above the 38,000 mark for the first time in history on Monday (Jan 22). Accompanying this surge, the S&P 500 also notched a new record, closing at approximately 4,850, while the Nasdaq saw an uptick, reaching 15,360 at the close of Monday's trading session. The early days of the year witnessed a sluggish performance across major stock indexes. However, a notable reversal occurred in the middle of last week, propelling the market to its current heights. Investors have been buoyed by the anticipation of inflation reverting to normal levels without succumbing to a recession. Adding to the momentum, investor enthusiasm for artificial intelligence (AI) has played a significant role in driving returns in the market. Also Read | FTC prohibits TurboTax maker Intuit from advertising 'free' services Moreover, the recovery may also be attributed, in part, to expectations among certain investors of potential interest rate cuts by the Federal Reserve as early as March. Federal Reserve Governor Christopher Waller indicated early last week that the central bank anticipates rate cuts in the coming year but also called for a cautious approach, stating that decisions won't be made in a hurry. Waller's comments initially caused treasury yields to surge and major stock indexes to decline. Also Read | Bitcoin plummets to $40,000, hits lowest point since ETF debut Since then, however, the stock market has shown resilience and climbed steadily. If implemented, these cuts could reduce borrowing costs for both consumers and businesses, potentially stimulating economic activity through increased household spending and corporate investment. Watch | Brazil's 're-industrialisation' plan × However, the Federal Reserve faces a delicate balancing act. This is because a swift interest rate cut could risk triggering a rebound in inflation. The concern is that heightened consumer demand might lead to an acceleration of price increases. (With inputs from agencies)

Dow Jones closes above 38,000, a record high as market registers recovery

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist. Reuters reports that the kingdom's ambitious goal to produce 500,000 EVs annually by 2030 encounters scepticism and competition from established global players.

Investments and partnerships

Saudi Crown Prince Mohammed bin Salman's vision to diversify the economy led to a $10 billion investment in Lucid Motors, the creation of the domestic brand Ceer, and the establishment of an EV metals plant. The Public Investment Fund (PIF) aims for substantial EV production, targeting 500,000 units by 2030. However, the kingdom's sole auto factory, operational since September 2023, has only assembled around 800 vehicles.

Historical challenges &amp; current initiatives

Saudi Arabia's past attempts to attract automotive manufacturing faced setbacks. Toyota declined a deal in 2019, citing high labour costs, a lack of local suppliers, and a small market. The current push encounters similar obstacles, with analysts highlighting the need for local industry to supply auto components.

Ceer, a joint venture between PIF and Foxconn, plans to launch a car by 2025, but scepticism persists regarding achieving high production numbers. Hyundai's joint venture with PIF, alongside Lucid and Ceer, aims to create an automotive cluster in Jeddah. However, analysts doubt these efforts will sufficiently attract original equipment manufacturers to localise production.

China's dominance in the EV supply chain and production poses a significant challenge. BYD, surpassing Tesla as the world's largest EV maker, exemplifies China's prowess. The Inflation Reduction Act in the United States could channel significant investment into EV manufacturing, intensifying global competition.

Challenges in localisation &amp; sustainability

Attracting producers of auto components remains a major hurdle due to the lack of a significant local industry. Ceer's plan to source components, including batteries, from Germany's BMW raises questions about achieving true localisation. Lucid's strategy to keep its supply chain in the U.S. might limit the expansion of local manufacturing.

Saudi Arabia, keen to enhance its sustainability credentials, showcased Lucid cars prominently at state conferences. The government committed to purchasing up to 100,000 Lucid vehicles over the next decade. Lucid's tie-up with the PIF is seen as a strategic relationship, emphasising the broader goal of developing the automotive ecosystem in the kingdom.

Raw material challenges

To become a centre for EV battery manufacturing, Saudi Arabia needs raw materials, notably lithium. Despite ambitions to produce lithium locally, reserves are yet to be announced. Efforts to extract lithium from saltwater are in the pilot stage, prompting the need for external sourcing.

Despite the hurdles, international industry executives acknowledge Saudi Arabia's financial strength, backed by the PIF. While money can solve challenges, the scale of investment required may surpass initial expectations.

Bottomline

Ambitious investments, partnerships, and sustainability goals mark Saudi Arabia's pursuit of becoming an EV manufacturing hub. However, overcoming historical challenges, intense global competition, and the need for a robust local industry present formidable obstacles. The kingdom's success hinges on effectively navigating these challenges by leveraging its financial prowess.

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist.

Saudi Arabia's bold endeavour to transform into an electric vehicle (EV) hub, fuelled by billions in investments, faces formidable challenges. Despite significant financial commitments, hurdles such as infrastructure gaps, talent shortages, and the lack of a robust local industry persist. Reuters reports that the kingdom's ambitious goal to produce 500,000 EVs annually by 2030 encounters scepticism and competition from established global players. Investments and partnerships Saudi Crown Prince Mohammed bin Salman's vision to diversify the economy led to a $10 billion investment in Lucid Motors, the creation of the domestic brand Ceer, and the establishment of an EV metals plant. The Public Investment Fund (PIF) aims for substantial EV production, targeting 500,000 units by 2030. However, the kingdom's sole auto factory, operational since September 2023, has only assembled around 800 vehicles. Historical challenges & current initiatives Saudi Arabia's past attempts to attract automotive manufacturing faced setbacks. Toyota declined a deal in 2019, citing high labour costs, a lack of local suppliers, and a small market. The current push encounters similar obstacles, with analysts highlighting the need for local industry to supply auto components. Ceer, a joint venture between PIF and Foxconn, plans to launch a car by 2025, but scepticism persists regarding achieving high production numbers. Hyundai's joint venture with PIF, alongside Lucid and Ceer, aims to create an automotive cluster in Jeddah. However, analysts doubt these efforts will sufficiently attract original equipment manufacturers to localise production. China's dominance in the EV supply chain and production poses a significant challenge. BYD, surpassing Tesla as the world's largest EV maker, exemplifies China's prowess. The Inflation Reduction Act in the United States could channel significant investment into EV manufacturing, intensifying global competition. Challenges in localisation & sustainability Attracting producers of auto components remains a major hurdle due to the lack of a significant local industry. Ceer's plan to source components, including batteries, from Germany's BMW raises questions about achieving true localisation. Lucid's strategy to keep its supply chain in the U.S. might limit the expansion of local manufacturing. Saudi Arabia, keen to enhance its sustainability credentials, showcased Lucid cars prominently at state conferences. The government committed to purchasing up to 100,000 Lucid vehicles over the next decade. Lucid's tie-up with the PIF is seen as a strategic relationship, emphasising the broader goal of developing the automotive ecosystem in the kingdom. Raw material challenges To become a centre for EV battery manufacturing, Saudi Arabia needs raw materials, notably lithium. Despite ambitions to produce lithium locally, reserves are yet to be announced. Efforts to extract lithium from saltwater are in the pilot stage, prompting the need for external sourcing. Despite the hurdles, international industry executives acknowledge Saudi Arabia's financial strength, backed by the PIF. While money can solve challenges, the scale of investment required may surpass initial expectations. Bottomline Ambitious investments, partnerships, and sustainability goals mark Saudi Arabia's pursuit of becoming an EV manufacturing hub. However, overcoming historical challenges, intense global competition, and the need for a robust local industry present formidable obstacles. The kingdom's success hinges on effectively navigating these challenges by leveraging its financial prowess.

Saudi Arabia's billion-dollar gamble: Can it transform into an Electric Vehicle powerhouse?

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices. <o:p></o:p>

In response to the ruling, Intuit announced its intention to appeal, expressing confidence in eventual success. The FTC's final order, following a September administrative ruling, mandates that Intuit cannot advertise any service as free unless it is genuinely free for all consumers or accurately discloses the percentage of eligible users for the free product. The commission characterised Intuit's prior violations as "egregious," accusing the company of running deceptive ads nationwide for at least six years.<o:p></o:p>

"We believe that when the matter ultimately returns to a neutral body, we will prevail," stated Intuit in response to the FTC's decision. The company emphasised that there is no monetary penalty associated with the FTC's order, expecting no significant impact on its business. <o:p></o:p>

Despite the regulatory setback, Intuit shares closed up 1.4 per cent at $630.61 on Monday. The FTC's ruling comes in the wake of Intuit's agreement in May 2022 to pay $141 million in restitution to settle claims from all 50 US states and Washington, D.C. The settlement addressed allegations that Intuit deceptively advertised its online TurboTax products as "free" and misled millions of customers, particularly those with low incomes.<o:p></o:p>

The FTC's ruling requires Intuit to ensure accurate and transparent communication regarding the eligibility of users for free tax preparation services. It was further pointed out that Intuit knowingly ran ads misleading consumers into believing they could file their returns for free, even though a significant portion of taxpayers did not qualify.<o:p></o:p>

Intuit, while maintaining its commitment to free tax preparation, had previously agreed to suspend ads containing slogans like "TurboTax Free is free. Free free free free" as part of the settlement with states in May 2022.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices.

The US Federal Trade Commission (FTC) has taken a decisive step by prohibiting Intuit, the creator of TurboTax, from advertising or marketing its services as "free" when many consumers do not qualify, citing deceptive practices. In response to the ruling, Intuit announced its intention to appeal, expressing confidence in eventual success. The FTC's final order, following a September administrative ruling, mandates that Intuit cannot advertise any service as free unless it is genuinely free for all consumers or accurately discloses the percentage of eligible users for the free product. The commission characterised Intuit's prior violations as "egregious," accusing the company of running deceptive ads nationwide for at least six years. "We believe that when the matter ultimately returns to a neutral body, we will prevail," stated Intuit in response to the FTC's decision. The company emphasised that there is no monetary penalty associated with the FTC's order, expecting no significant impact on its business. Despite the regulatory setback, Intuit shares closed up 1.4 per cent at $630.61 on Monday. The FTC's ruling comes in the wake of Intuit's agreement in May 2022 to pay $141 million in restitution to settle claims from all 50 US states and Washington, D.C. The settlement addressed allegations that Intuit deceptively advertised its online TurboTax products as "free" and misled millions of customers, particularly those with low incomes. The FTC's ruling requires Intuit to ensure accurate and transparent communication regarding the eligibility of users for free tax preparation services. It was further pointed out that Intuit knowingly ran ads misleading consumers into believing they could file their returns for free, even though a significant portion of taxpayers did not qualify. Intuit, while maintaining its commitment to free tax preparation, had previously agreed to suspend ads containing slogans like "TurboTax Free is free. Free free free free" as part of the settlement with states in May 2022. (With inputs from Reuters)

FTC prohibits TurboTax maker Intuit from advertising 'free' services

Global fashion giant H&amp;M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls.<o:p></o:p>

Launched in Australia, the ad prominently showcased two girls in gray H&amp;M pinafore dresses, accompanied by the slogan, "Make those heads turn in H&amp;M's Back to School fashion." <o:p></o:p>

Responding to the public outcry, an H&amp;M spokesperson stated on Monday, "We have removed this ad. We are deeply sorry for the offense this has caused, and we are looking into how we present campaigns going forward.”<o:p></o:p>

The controversial ad, seemingly endorsing the idea of making heads turn in a school context, triggered significant backlash, prompting H&amp;M to take immediate corrective action. <o:p></o:p>

The withdrawal of the advertisement comes amid a notable dip in H&amp;M's shares, which hit a two-month low, experiencing a 1.4 per cent decline by 1540 GMT, underperforming compared to its industry peers. <o:p></o:p>

H&amp;M's retraction adds to a growing list of instances where fashion brands have faced backlash due to misjudged advertising campaigns. <o:p></o:p>

In December, Zara faced severe criticism and calls for a boycott after unveiling a campaign featuring statues wrapped in white. <o:p></o:p>

The imagery prompted protests, with many drawing parallels between the visuals and the war in Gaza. <o:p></o:p>

Zara ultimately pulled the campaign in response to the public outcry.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Global fashion giant H&M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls.

Global fashion giant H&M has swiftly withdrawn an advertisement following mounting complaints that the campaign in question fostered the inappropriate sexualization of underage girls. Launched in Australia, the ad prominently showcased two girls in gray H&M pinafore dresses, accompanied by the slogan, "Make those heads turn in H&M's Back to School fashion." Responding to the public outcry, an H&M spokesperson stated on Monday, "We have removed this ad. We are deeply sorry for the offense this has caused, and we are looking into how we present campaigns going forward.” The controversial ad, seemingly endorsing the idea of making heads turn in a school context, triggered significant backlash, prompting H&M to take immediate corrective action. The withdrawal of the advertisement comes amid a notable dip in H&M's shares, which hit a two-month low, experiencing a 1.4 per cent decline by 1540 GMT, underperforming compared to its industry peers. H&M's retraction adds to a growing list of instances where fashion brands have faced backlash due to misjudged advertising campaigns. In December, Zara faced severe criticism and calls for a boycott after unveiling a campaign featuring statues wrapped in white. The imagery prompted protests, with many drawing parallels between the visuals and the war in Gaza. Zara ultimately pulled the campaign in response to the public outcry. (With inputs from Reuters)

H&M Retreats: Ad pulled amid criticism for sexualization of school girls

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts.

Kelly Andersen, a Los Angeles copywriter, exemplifies this predicament. Despite never missing a payment before, she's now buried under $1,700 in BNPL debt from Klarna and PayPal purchases, resorting to selling clothes and shoes to make ends meet. "It's definitely a concern," she confessed to CNBC.

BNPL usage surged 14 per cent over the holidays, contributing $16.6 billion to online spending. However, with inflation and record interest rates squeezing budgets, holiday cheer has given way to financial anxieties for many who relied on BNPL.

While BNPL proponents tout its interest-free nature compared to credit cards, Ted Rossman of Bankrate tells CNBC of overspending temptations: "It can still encourage you to overspend and kind of trick yourself." This concern resonates with Alaina Fingal, a financial coach, who saw a tenfold increase in clients seeking help after overspending with BNPL.

The opacity surrounding BNPL adds to the worry. Unlike credit cards, BNPL debts aren't reported to credit bureaus, making it difficult to gauge delinquency rates. Klarna claims a global default rate below 1 per cent, but independent data is scarce. This lack of transparency fuels concerns about a potential "phantom debt" crisis, as Andersen jokingly compared it to the 2008 housing bubble.

The Consumer Financial Protection Bureau (CFPB) study sheds some light, revealing that BNPL users are twice as likely to be delinquent on other credit products and tend to have lower credit scores. This suggests a potential link between BNPL and broader financial struggles.

Consumers themselves express mixed feelings about BNPL. While some on social media praised it for enabling gift-giving, others vowed to ditch it after facing overdraft fees and even using rent money for repayments. Hensley Resiere, a loyal Klarna user, acknowledges the potential pitfalls but insists on being the "bigger beast" by managing her payments responsibly.

Branika Pride, a mom of three, used BNPL for holiday gifts like a PlayStation 5 and concert tickets. While appreciative of the service's flexibility, she admits it can encourage overspending and hinder long-term financial goals. "Every year I say I don't want to take it into the New Year," she says with a hint of resignation.

The surge in BNPL use raises concerns about its long-term impact on Americans' financial health. While its convenience and interest-free appeal are undeniable, its potential to exacerbate debt problems and financial instability can't be ignored. As more people embrace BNPL, responsible usage and clear regulations are crucial to prevent holiday cheer from turning into a year-long financial hangover.

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts.

The ease of buy now, pay later (BNPL) services offered a tempting alternative to credit cards for holiday shopping, but the post-holiday reality is proving harsh for many Americans struggling to repay their festive debts. Kelly Andersen, a Los Angeles copywriter, exemplifies this predicament. Despite never missing a payment before, she's now buried under $1,700 in BNPL debt from Klarna and PayPal purchases, resorting to selling clothes and shoes to make ends meet. "It's definitely a concern," she confessed to CNBC. BNPL usage surged 14 per cent over the holidays, contributing $16.6 billion to online spending. However, with inflation and record interest rates squeezing budgets, holiday cheer has given way to financial anxieties for many who relied on BNPL. While BNPL proponents tout its interest-free nature compared to credit cards, Ted Rossman of Bankrate tells CNBC of overspending temptations: "It can still encourage you to overspend and kind of trick yourself." This concern resonates with Alaina Fingal, a financial coach, who saw a tenfold increase in clients seeking help after overspending with BNPL. The opacity surrounding BNPL adds to the worry. Unlike credit cards, BNPL debts aren't reported to credit bureaus, making it difficult to gauge delinquency rates. Klarna claims a global default rate below 1 per cent, but independent data is scarce. This lack of transparency fuels concerns about a potential "phantom debt" crisis, as Andersen jokingly compared it to the 2008 housing bubble. The Consumer Financial Protection Bureau (CFPB) study sheds some light, revealing that BNPL users are twice as likely to be delinquent on other credit products and tend to have lower credit scores. This suggests a potential link between BNPL and broader financial struggles. Consumers themselves express mixed feelings about BNPL. While some on social media praised it for enabling gift-giving, others vowed to ditch it after facing overdraft fees and even using rent money for repayments. Hensley Resiere, a loyal Klarna user, acknowledges the potential pitfalls but insists on being the "bigger beast" by managing her payments responsibly. Branika Pride, a mom of three, used BNPL for holiday gifts like a PlayStation 5 and concert tickets. While appreciative of the service's flexibility, she admits it can encourage overspending and hinder long-term financial goals. "Every year I say I don't want to take it into the New Year," she says with a hint of resignation. The surge in BNPL use raises concerns about its long-term impact on Americans' financial health. While its convenience and interest-free appeal are undeniable, its potential to exacerbate debt problems and financial instability can't be ignored. As more people embrace BNPL, responsible usage and clear regulations are crucial to prevent holiday cheer from turning into a year-long financial hangover.

Holiday Cheer Turns January Hangover for Buy Now, Pay Later Users

As India awaits its 2024 budget, all eyes are on the education sector. Will the decade-long transformation that has seen a 64% budget increase and a shift from teacher shortages to skill development, research, and internationalisation continue? Will it stay on track to fulfil the ambitious promise of the National Education Policy (NEP) 2020?

Since 2014, the Modi government's approach to education has evolved in three distinct phases:

Building&nbsp;foundations&nbsp;(2014-2016)

The initial focus was on addressing immediate needs. Teacher training programs tackled the critical problem of staff shortages, while "CLICK" classrooms and the School Assessment Programme aimed to improve quality and access. Skill development initiatives like Pradhan Mantri Kaushal Vikas Yojana (PMKVY) laid the groundwork for future workforce preparedness.

Expanding horizons&nbsp;(2015-2019)

Higher education took centre stage with increased funding for research, new institutes, and the modernisation of secondary schools. The Higher Education Funding Agency (HEFA) and "Study in India" schemes aimed to strengthen infrastructure and attract foreign students. Initiatives like the National Testing Agency and online courses like SWAYAM emphasised quality control and digital access.

Embracing transformation&nbsp;(2020-present)

The National Education Policy 2020 has become the guiding light for education reforms. Early childhood education, vocational training, and online degree programmes have received significant funding boosts. Sports education through the National Sports Education Board and ventures into new domains like AI reflect the need for holistic development and future-proof skills.

Budget 2024: Building on the legacy

While progress is undeniable, challenges remain. Reaching the 6% of GDP target for education necessitates continued investment and innovative solutions. Bridging the digital divide and ensuring quality education for all, especially in rural areas and for underprivileged groups, needs focused attention.

The upcoming budget is an opportunity to build on the existing momentum and address these challenges. Will it further incentivise private participation in education? Will it prioritise teacher training and development alongside increased funding? Will it bridge the gap between education and employability through focused skill development initiatives?

As India stands poised to become a knowledge economy, the 2024 budget will shape the path of its education system. It will determine how effectively the nation equips future generations with the skills and knowledge needed to thrive in an ever-evolving world.

As India awaits its 2024 budget, all eyes are on the education sector. Will the decade-long transformation that has seen a 64% budget increase and a shift from teacher shortages to skill development, research, and internationalisation continue?

As India awaits its 2024 budget, all eyes are on the education sector. Will the decade-long transformation that has seen a 64% budget increase and a shift from teacher shortages to skill development, research, and internationalisation continue? Will it stay on track to fulfil the ambitious promise of the National Education Policy (NEP) 2020? Since 2014, the Modi government's approach to education has evolved in three distinct phases: Building foundations (2014-2016) The initial focus was on addressing immediate needs. Teacher training programs tackled the critical problem of staff shortages, while "CLICK" classrooms and the School Assessment Programme aimed to improve quality and access. Skill development initiatives like Pradhan Mantri Kaushal Vikas Yojana (PMKVY) laid the groundwork for future workforce preparedness. Expanding horizons (2015-2019) Higher education took centre stage with increased funding for research, new institutes, and the modernisation of secondary schools. The Higher Education Funding Agency (HEFA) and "Study in India" schemes aimed to strengthen infrastructure and attract foreign students. Initiatives like the National Testing Agency and online courses like SWAYAM emphasised quality control and digital access. Embracing transformation (2020-present) The National Education Policy 2020 has become the guiding light for education reforms. Early childhood education, vocational training, and online degree programmes have received significant funding boosts. Sports education through the National Sports Education Board and ventures into new domains like AI reflect the need for holistic development and future-proof skills. Budget 2024: Building on the legacy While progress is undeniable, challenges remain. Reaching the 6% of GDP target for education necessitates continued investment and innovative solutions. Bridging the digital divide and ensuring quality education for all, especially in rural areas and for underprivileged groups, needs focused attention. The upcoming budget is an opportunity to build on the existing momentum and address these challenges. Will it further incentivise private participation in education? Will it prioritise teacher training and development alongside increased funding? Will it bridge the gap between education and employability through focused skill development initiatives? As India stands poised to become a knowledge economy, the 2024 budget will shape the path of its education system. It will determine how effectively the nation equips future generations with the skills and knowledge needed to thrive in an ever-evolving world.

India's Education Budget: Can 2024 deliver on a decade of transformation?

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth.

Winds of change &amp; eager expectations

Having witnessed substantial regulatory reforms in 2023, the fintech industry now craves the Budget's support in fueling its next phase of expansion. Key expectations revolve around:

India Fintech Credit Fund:&nbsp;A dedicated fund offering affordable financing to fintech companies, particularly small and medium players, could unlock vital growth opportunities.

Tax breaks for financial inclusion:&nbsp;Incentivising fintechs operating in underserved areas is crucial to bridging the financial gap and empowering marginalized communities. GST rationalization measures would further ease this journey.

Empowering MSMEs:&nbsp;Streamlined lending platforms and tax benefits dedicated to small businesses can unlock their potential, contributing significantly to India's economic engine.

Upskilling the workforce:&nbsp;Investments in training programs and infrastructure to equip young workers with the skills needed for the digital financial landscape are vital for sustained growth.

Beyond buzzwords: Insights into key expectations

Digital infrastructure boost:&nbsp;Initiatives like&nbsp;Open Network for Digital Commerce (ONDC)&nbsp;and&nbsp;Open Credit Enablement Network (OCEN)&nbsp;hold immense promise for streamlining digital commerce and fintech integration. Budgetary allocations for their development would be a welcome catalyst.

Regulatory flexibility: While consumer protection remains paramount, a balanced regulatory approach fosters responsible innovation and prevents stifling entrepreneurship. A sandbox-like environment for controlled experimentation could be a valuable tool.

Incubator and Accelerator support:&nbsp;Access to funding and infrastructure is critical for nurturing early-stage fintech startups. The Budget can be vital in promoting a vibrant ecosystem conducive to innovation.

Gift City's global ambitions:&nbsp;With its potential as a global fintech hub, Gift City benefits from targeted investments in infrastructure, regulatory enhancements, and technology integration.

Beyond India's shores: Global implications

India's success in nurturing its fintech ecosystem will have far-reaching consequences. A thriving fintech sector can:

Drive Global Financial Inclusion:&nbsp;India's innovative solutions can provide valuable lessons for other developing economies grappling with similar challenges.

Attract International Investment:&nbsp;A robust and transparent regulatory framework along with a supportive Budget can make India a prime destination for global fintech players.

Position India as a tech leader:&nbsp;Continued advancements in India's fintech landscape can solidify its position as a global leader in technology and innovation.

The big picture: Beyond the budgetary numbers:

Ultimately, the Union Budget 2024 is not just about numbers and allocations. It represents a crucial opportunity to shape the future of India's financial landscape. By prioritising fintech growth, inclusivity, and innovation, the government can unlock the immense potential of this sector to empower individuals, propel businesses, and fuel India's ambitious economic journey.

As the countdown to the Budget begins, the Indian fintech industry holds its breath, eager to see the blueprint for its future etched in bold strokes.

Additional insights:

The Indian fintech market is projected to reach $110 billion by 2024.

The digital lending landscape is expected to experience explosive growth, reaching $350 billion by 2027.

Collaboration between fintech and e-commerce platforms like ONDC has the potential to revolutionise India's digital commerce landscape and empower rural communities.

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth.

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth. Winds of change & eager expectations Having witnessed substantial regulatory reforms in 2023, the fintech industry now craves the Budget's support in fueling its next phase of expansion. Key expectations revolve around: India Fintech Credit Fund: A dedicated fund offering affordable financing to fintech companies, particularly small and medium players, could unlock vital growth opportunities. Tax breaks for financial inclusion: Incentivising fintechs operating in underserved areas is crucial to bridging the financial gap and empowering marginalized communities. GST rationalization measures would further ease this journey. Empowering MSMEs: Streamlined lending platforms and tax benefits dedicated to small businesses can unlock their potential, contributing significantly to India's economic engine. Upskilling the workforce: Investments in training programs and infrastructure to equip young workers with the skills needed for the digital financial landscape are vital for sustained growth. Beyond buzzwords: Insights into key expectations Digital infrastructure boost: Initiatives like Open Network for Digital Commerce (ONDC) and Open Credit Enablement Network (OCEN) hold immense promise for streamlining digital commerce and fintech integration. Budgetary allocations for their development would be a welcome catalyst. Regulatory flexibility: While consumer protection remains paramount, a balanced regulatory approach fosters responsible innovation and prevents stifling entrepreneurship. A sandbox-like environment for controlled experimentation could be a valuable tool. Incubator and Accelerator support: Access to funding and infrastructure is critical for nurturing early-stage fintech startups. The Budget can be vital in promoting a vibrant ecosystem conducive to innovation. Gift City's global ambitions: With its potential as a global fintech hub, Gift City benefits from targeted investments in infrastructure, regulatory enhancements, and technology integration. Beyond India's shores: Global implications India's success in nurturing its fintech ecosystem will have far-reaching consequences. A thriving fintech sector can: Drive Global Financial Inclusion: India's innovative solutions can provide valuable lessons for other developing economies grappling with similar challenges. Attract International Investment: A robust and transparent regulatory framework along with a supportive Budget can make India a prime destination for global fintech players. Position India as a tech leader: Continued advancements in India's fintech landscape can solidify its position as a global leader in technology and innovation. The big picture: Beyond the budgetary numbers: Ultimately, the Union Budget 2024 is not just about numbers and allocations. It represents a crucial opportunity to shape the future of India's financial landscape. By prioritising fintech growth, inclusivity, and innovation, the government can unlock the immense potential of this sector to empower individuals, propel businesses, and fuel India's ambitious economic journey. As the countdown to the Budget begins, the Indian fintech industry holds its breath, eager to see the blueprint for its future etched in bold strokes. Additional insights: The Indian fintech market is projected to reach $110 billion by 2024. The digital lending landscape is expected to experience explosive growth, reaching $350 billion by 2027. Collaboration between fintech and e-commerce platforms like ONDC has the potential to revolutionise India's digital commerce landscape and empower rural communities.

India's fintech boom: Budget blueprint for growth and inclusion?

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences.

Prime Minister Narendra Modi's recent visit to Lakshadweep has undeniably played a pivotal role in propelling the island to the top of jetsetters' wishlists. Travel platforms report a substantial uptick in inquiries, with users expressing a keen interest in exploring the pristine beauty of Lakshadweep. The surge in travel searches has prompted Paytm to align its offerings with this emerging trend, presenting an enticing discount for travelers eager to experience the island's charm.

Lakshadweep's skies are getting busier as more Indians opt for domestic travel, a trend that has gained momentum in recent times. With Air India operating flights to Lakshadweep's sole airport in Agatti Island, accessible via Kerala, the island has become a convenient yet exotic destination for those seeking a tropical paradise.

The 'Visit Lakshadweep' campaign has gained significant momentum post-Prime Minister Modi's visit, sparking discussions about the destination's newfound popularity. Travel companies are quick to capitalize on this trend by offering steep discounts, further fueling interest among potential tourists.

As Lakshadweep emerges as an alternative to traditional favorites like the Maldives, the debate intensifies over whether it will become the preferred choice for Indian beachgoers. Celebrities, travel agencies, and even foreign embassies are joining the chorus, endorsing Lakshadweep as the new jetsetter's paradise.

The island's allure, coupled with the surge in domestic travel, paints a promising picture for Lakshadweep's tourism industry. With the 'Visit Lakshadweep' campaign gaining widespread support and Indians taking to the skies more frequently, the archipelago is poised to become the sought-after destination for those seeking sun, sand, and serenity.

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences.

In a fascinating turn of events, Lakshadweep has captured the imagination of Indian travelers, witnessing an astonishing 50-fold surge in travel searches. Riding this wave of unprecedented interest, India's digital payments giant, Paytm, has introduced an exclusive 10% discount on flight tickets to this mesmerizing archipelago, signaling a shift in travel preferences. Prime Minister Narendra Modi's recent visit to Lakshadweep has undeniably played a pivotal role in propelling the island to the top of jetsetters' wishlists. Travel platforms report a substantial uptick in inquiries, with users expressing a keen interest in exploring the pristine beauty of Lakshadweep. The surge in travel searches has prompted Paytm to align its offerings with this emerging trend, presenting an enticing discount for travelers eager to experience the island's charm. Lakshadweep's skies are getting busier as more Indians opt for domestic travel, a trend that has gained momentum in recent times. With Air India operating flights to Lakshadweep's sole airport in Agatti Island, accessible via Kerala, the island has become a convenient yet exotic destination for those seeking a tropical paradise. The 'Visit Lakshadweep' campaign has gained significant momentum post-Prime Minister Modi's visit, sparking discussions about the destination's newfound popularity. Travel companies are quick to capitalize on this trend by offering steep discounts, further fueling interest among potential tourists. As Lakshadweep emerges as an alternative to traditional favorites like the Maldives, the debate intensifies over whether it will become the preferred choice for Indian beachgoers. Celebrities, travel agencies, and even foreign embassies are joining the chorus, endorsing Lakshadweep as the new jetsetter's paradise. The island's allure, coupled with the surge in domestic travel, paints a promising picture for Lakshadweep's tourism industry. With the 'Visit Lakshadweep' campaign gaining widespread support and Indians taking to the skies more frequently, the archipelago is poised to become the sought-after destination for those seeking sun, sand, and serenity.

Lakshadweep Tops Indian Beachgoers' Wishlists

Mercedes-Benz celebrates a remarkable milestone in India, citing a record-breaking 10% surge in sales, reaching 17,408 units in 2023. This achievement reflects a burgeoning trend in India's economic affluence, with a significant focus on luxury spending.

As the leader in the luxury car market, Mercedes-Benz has experienced unprecedented growth, surpassing its previous all-time high of 15,822 units. Notably, the German automaker achieved its best-ever H2 and Q4 sales in India, maintaining its dominance for the ninth consecutive year.

Santosh Iyer, MD &amp; CEO of Mercedes-Benz India, highlights the evolving customer profile, emphasizing a notable increase in salaried backgrounds and a significant rise in female buyers, up by 50% compared to pre-COVID times. This shift is indicative of the changing demographics and the growing aspiration among young achievers.

Mercedes-Benz sees mini-metros as future growth engines, underlining the brand's strategic vision. The luxury carmaker notes a surge in SUV body styles, constituting 55% of its portfolio, with strong products like the new GLC SUV driving increased adoption.

A remarkable revelation is the substantial contribution from Top End Vehicles (TEVs), constituting nearly 25% of sales. The average age of buyers for these high-end vehicles, such as the S-Class, is a mere 38 years, showcasing the appeal to a younger demographic.

Furthermore, Mercedes-Benz emphasizes its commitment to the electric car segment, witnessing a 3X growth in the BEV portfolio, contributing 4% to CY 2023 sales. The company plans to add three more electric models to its lineup, acknowledging the gradual adoption of EVs among Indian customers.

Mercedes-Benz India, buoyed by this success, has launched the facelifted version of the GLS SUV, showcasing continued investment with Rs 200 crore allocated for new products, production enhancement, and digitization of manufacturing processes. Despite challenges in supply and demand, the company expresses optimism, targeting double-digit growth in 2024.

This achievement stands as a testament to India's rising economic affluence, with a discernible trend toward luxury spending, exemplified by the growing preference for premium vehicles and a forward-looking embrace of electric cars.

Mercedes-Benz celebrates a remarkable milestone in India, citing a record-breaking 10% surge in sales, reaching 17,408 units in 2023. This achievement reflects a burgeoning trend in India's economic affluence, with a significant focus on luxury spending.

Mercedes-Benz celebrates a remarkable milestone in India, citing a record-breaking 10% surge in sales, reaching 17,408 units in 2023. This achievement reflects a burgeoning trend in India's economic affluence, with a significant focus on luxury spending. As the leader in the luxury car market, Mercedes-Benz has experienced unprecedented growth, surpassing its previous all-time high of 15,822 units. Notably, the German automaker achieved its best-ever H2 and Q4 sales in India, maintaining its dominance for the ninth consecutive year. Santosh Iyer, MD & CEO of Mercedes-Benz India, highlights the evolving customer profile, emphasizing a notable increase in salaried backgrounds and a significant rise in female buyers, up by 50% compared to pre-COVID times. This shift is indicative of the changing demographics and the growing aspiration among young achievers. Mercedes-Benz sees mini-metros as future growth engines, underlining the brand's strategic vision. The luxury carmaker notes a surge in SUV body styles, constituting 55% of its portfolio, with strong products like the new GLC SUV driving increased adoption. A remarkable revelation is the substantial contribution from Top End Vehicles (TEVs), constituting nearly 25% of sales. The average age of buyers for these high-end vehicles, such as the S-Class, is a mere 38 years, showcasing the appeal to a younger demographic. Furthermore, Mercedes-Benz emphasizes its commitment to the electric car segment, witnessing a 3X growth in the BEV portfolio, contributing 4% to CY 2023 sales. The company plans to add three more electric models to its lineup, acknowledging the gradual adoption of EVs among Indian customers. Mercedes-Benz India, buoyed by this success, has launched the facelifted version of the GLS SUV, showcasing continued investment with Rs 200 crore allocated for new products, production enhancement, and digitization of manufacturing processes. Despite challenges in supply and demand, the company expresses optimism, targeting double-digit growth in 2024. This achievement stands as a testament to India's rising economic affluence, with a discernible trend toward luxury spending, exemplified by the growing preference for premium vehicles and a forward-looking embrace of electric cars.

What Mercedes-Benz India's latest results say about the economy

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024. In 2023, 1.3 million tourists ventured to foreign destinations, marking 88% of pre-pandemic levels and a 44% increase from 2022. West Asia leads the recovery, exceeding pre-pandemic levels by 22%, while Europe, the most visited region, reached 94% of 2019 levels, propelled by U.S. tourists and robust intra-regional demand.

The recovery is attributed to pent-up demand, enhanced air connectivity, and a robust resurgence in Asian markets, positioning Asia as a key contributor to the sector's full recovery by the end of 2024. Asia and the Pacific reached 65% of pre-pandemic levels in 2023, with South Asia leading at 87% recovery of 2019 levels. The United Nations World Tourism Organization Secretary-General, Zurab Pololikashvili, emphasizes the resilience of tourism and its significant impact on economies, jobs, growth, and community opportunities.

This positive outlook is bolstered by preliminary estimates indicating a substantial economic impact, with tourism receipts hitting $1.4 trillion in 2023—93% of the $1.5 trillion earned in 2019. The recovery is expected to surpass 2019 levels by 2%, reflecting the industry's robust comeback.

The COVID-19 pandemic severely disrupted the tourism sector, leading to a sharp decline in global travel. However, factors such as increased air connectivity, pent-up demand, and a stronger recovery in Asian markets contribute to the industry's resurgence. The Madrid-based agency highlights significant room for recovery across Asia, anticipating that the reopening of source markets and destinations will drive global recovery.

From a consumer perspective, this resurgence offers a range of opportunities. With more destinations reopening and increased air capacity, travelers can explore diverse cultures and attractions. Additionally, the acceleration of China's outbound and inbound tourism in 2024, facilitated by improved visa processes and enhanced air capacity, presents exciting prospects for global travelers.

As the tourism industry inches closer to pre-pandemic levels, countries heavily reliant on tourism can anticipate economic revitalization, job creation, and increased growth, signaling a positive turn for both the industry and eager travelers worldwide.

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024.

The World Tourism Organization (WTO) reports a promising rebound for the global tourism industry, projecting international tourism levels to surpass pre-pandemic figures by 2024. In 2023, 1.3 million tourists ventured to foreign destinations, marking 88% of pre-pandemic levels and a 44% increase from 2022. West Asia leads the recovery, exceeding pre-pandemic levels by 22%, while Europe, the most visited region, reached 94% of 2019 levels, propelled by U.S. tourists and robust intra-regional demand. The recovery is attributed to pent-up demand, enhanced air connectivity, and a robust resurgence in Asian markets, positioning Asia as a key contributor to the sector's full recovery by the end of 2024. Asia and the Pacific reached 65% of pre-pandemic levels in 2023, with South Asia leading at 87% recovery of 2019 levels. The United Nations World Tourism Organization Secretary-General, Zurab Pololikashvili, emphasizes the resilience of tourism and its significant impact on economies, jobs, growth, and community opportunities. This positive outlook is bolstered by preliminary estimates indicating a substantial economic impact, with tourism receipts hitting $1.4 trillion in 2023—93% of the $1.5 trillion earned in 2019. The recovery is expected to surpass 2019 levels by 2%, reflecting the industry's robust comeback. The COVID-19 pandemic severely disrupted the tourism sector, leading to a sharp decline in global travel. However, factors such as increased air connectivity, pent-up demand, and a stronger recovery in Asian markets contribute to the industry's resurgence. The Madrid-based agency highlights significant room for recovery across Asia, anticipating that the reopening of source markets and destinations will drive global recovery. From a consumer perspective, this resurgence offers a range of opportunities. With more destinations reopening and increased air capacity, travelers can explore diverse cultures and attractions. Additionally, the acceleration of China's outbound and inbound tourism in 2024, facilitated by improved visa processes and enhanced air capacity, presents exciting prospects for global travelers. As the tourism industry inches closer to pre-pandemic levels, countries heavily reliant on tourism can anticipate economic revitalization, job creation, and increased growth, signaling a positive turn for both the industry and eager travelers worldwide.

Global Travel Industry To Surpass Pre-Pandemic Levels in 2024

India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor. Prime Minister Narendra Modi's commitment to leaving "no stone unturned" reflects a national aspiration for a prominent role in the international sports arena.

The recent successes of Indian athletes at the Tokyo Olympics, Birmingham Commonwealth Games, and Asian Games in Hangzhou have boosted confidence in India's ability to compete at the highest level. The government, under Modi's leadership, has implemented strategic initiatives like the "Khelo India" program and the "Target Olympic Podium Scheme" to foster talent and improve sports infrastructure, signaling a comprehensive approach to sports development.

However, challenges persist, as highlighted by the setbacks during the 2010 Commonwealth Games in Delhi. Infrastructure deficiencies and organizational issues raised doubts about India's readiness to host major sporting events. The choice of Ahmedabad as a potential host city for the 2036 Olympics has raised concerns about its capacity and preparedness.

While Ahmedabad has ambitious plans and has broken ground on facilities, questions about the city's ability to accommodate the expected influx of visitors and sustain the upgraded infrastructure post-Olympics remain. The need for substantial growth in hotel capacity and long-term planning for facility utilization poses logistical challenges.

India's dominance in cricket, often viewed as a hurdle for other sports, could be mitigated by the inclusion of cricket in the 2028 Los Angeles Olympics, offering a chance for the sport to share the spotlight. This aligns with Modi's vision of using sports as a tool for national integration and showcasing India's capabilities on a global stage.

In conclusion, India's bid to host the 2036 Olympics signifies a bold step towards establishing itself as a sports powerhouse. While challenges exist, the government's commitment to sports development and the nation's recent sporting achievements provide a strong foundation. Hosting the Olympics could potentially elevate India's global standing, attract investments, and foster a culture of sports beyond cricket.

India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor.

India's bid to host the 2036 Olympics marks a significant shift in its sports landscape. The country, with its large population and booming economy, aims to showcase its global prowess through this endeavor. Prime Minister Narendra Modi's commitment to leaving "no stone unturned" reflects a national aspiration for a prominent role in the international sports arena. The recent successes of Indian athletes at the Tokyo Olympics, Birmingham Commonwealth Games, and Asian Games in Hangzhou have boosted confidence in India's ability to compete at the highest level. The government, under Modi's leadership, has implemented strategic initiatives like the "Khelo India" program and the "Target Olympic Podium Scheme" to foster talent and improve sports infrastructure, signaling a comprehensive approach to sports development. However, challenges persist, as highlighted by the setbacks during the 2010 Commonwealth Games in Delhi. Infrastructure deficiencies and organizational issues raised doubts about India's readiness to host major sporting events. The choice of Ahmedabad as a potential host city for the 2036 Olympics has raised concerns about its capacity and preparedness. While Ahmedabad has ambitious plans and has broken ground on facilities, questions about the city's ability to accommodate the expected influx of visitors and sustain the upgraded infrastructure post-Olympics remain. The need for substantial growth in hotel capacity and long-term planning for facility utilization poses logistical challenges. India's dominance in cricket, often viewed as a hurdle for other sports, could be mitigated by the inclusion of cricket in the 2028 Los Angeles Olympics, offering a chance for the sport to share the spotlight. This aligns with Modi's vision of using sports as a tool for national integration and showcasing India's capabilities on a global stage. In conclusion, India's bid to host the 2036 Olympics signifies a bold step towards establishing itself as a sports powerhouse. While challenges exist, the government's commitment to sports development and the nation's recent sporting achievements provide a strong foundation. Hosting the Olympics could potentially elevate India's global standing, attract investments, and foster a culture of sports beyond cricket.

What India's bid for the 2036 Olympics means for its economy

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023. Chinese customs data reveals that Russia surpassed Saudi Arabia, previously the largest supplier, by shipping a record-breaking 107.02 million metric tons of crude oil to China, equivalent to an impressive 2.14 million barrels per day (bpd).<o:p></o:p>

The shift in allegiance to Russia can be attributed to China's strategic move to purchase substantial quantities of discounted oil, defying Western sanctions imposed in the aftermath of Russia's 2022 invasion of Ukraine. Russian crude oil, facing international reluctance, traded at significant discounts to global benchmarks for a considerable part of the year, boosting China's imports and reshaping its oil landscape.<o:p></o:p>

While Saudi Arabia, a dominant player in China's oil market, experienced a 1.8 per cent decline in imports to 85.96 million tons, Russia's competitively priced crude allowed it to gain market share at the expense of the Middle East giant. The discounted Russian ESPO crude witnessed increasing demand from Chinese and Indian refiners throughout 2023, surpassing the Group of Seven's $60-a-barrel price cap imposed in December 2022.<o:p></o:p>

Despite Western sanctions, Chinese refiners adeptly navigated the situation by employing intermediary traders to manage the shipping and insurance aspects of Russian crude. This strategic move allowed China to uphold its oil requirements while avoiding direct violations of the imposed sanctions.<o:p></o:p>

Furthermore, the rising demand for discounted oil prompted changes in the pricing dynamics. December deliveries of ESPO crude were priced at a discount ranging from 50 cents to 20 cents per barrel to the ICE Brent benchmark. This shift in pricing reflected the increased options available for shipping and insurance that circumvented the Western sanctions.<o:p></o:p>

In contrast, Saudi Arabia responded to these market dynamics by raising prices for its signature Arab Light crude from July onwards. The decision aimed to maintain revenue but led some refiners to explore alternatives, given the availability of more cost-effective cargoes.<o:p></o:p>

To stabilise prices, both Saudi Arabia and Russia, two of the world's top three oil producers, announced output and export cuts. While Saudi Arabia extended output cuts of 1 million bpd for the current quarter, Russia declared an increase in its export cut to 500,000 bpd from 300,000 bpd, signalling its commitment to market stability.<o:p></o:p>

In the backdrop of these geopolitical shifts, China's overall crude imports for 2023 reached a record high of 563.99 million metric tons, equivalent to a staggering 11.28 million bpd. The surge in imports from the US, despite geopolitical tensions between Beijing and Washington, contributed to this record, with shipments rising by an impressive 81.1 per cent.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023.

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023. Chinese customs data reveals that Russia surpassed Saudi Arabia, previously the largest supplier, by shipping a record-breaking 107.02 million metric tons of crude oil to China, equivalent to an impressive 2.14 million barrels per day (bpd). The shift in allegiance to Russia can be attributed to China's strategic move to purchase substantial quantities of discounted oil, defying Western sanctions imposed in the aftermath of Russia's 2022 invasion of Ukraine. Russian crude oil, facing international reluctance, traded at significant discounts to global benchmarks for a considerable part of the year, boosting China's imports and reshaping its oil landscape. While Saudi Arabia, a dominant player in China's oil market, experienced a 1.8 per cent decline in imports to 85.96 million tons, Russia's competitively priced crude allowed it to gain market share at the expense of the Middle East giant. The discounted Russian ESPO crude witnessed increasing demand from Chinese and Indian refiners throughout 2023, surpassing the Group of Seven's $60-a-barrel price cap imposed in December 2022. Despite Western sanctions, Chinese refiners adeptly navigated the situation by employing intermediary traders to manage the shipping and insurance aspects of Russian crude. This strategic move allowed China to uphold its oil requirements while avoiding direct violations of the imposed sanctions. Furthermore, the rising demand for discounted oil prompted changes in the pricing dynamics. December deliveries of ESPO crude were priced at a discount ranging from 50 cents to 20 cents per barrel to the ICE Brent benchmark. This shift in pricing reflected the increased options available for shipping and insurance that circumvented the Western sanctions. In contrast, Saudi Arabia responded to these market dynamics by raising prices for its signature Arab Light crude from July onwards. The decision aimed to maintain revenue but led some refiners to explore alternatives, given the availability of more cost-effective cargoes. To stabilise prices, both Saudi Arabia and Russia, two of the world's top three oil producers, announced output and export cuts. While Saudi Arabia extended output cuts of 1 million bpd for the current quarter, Russia declared an increase in its export cut to 500,000 bpd from 300,000 bpd, signalling its commitment to market stability. In the backdrop of these geopolitical shifts, China's overall crude imports for 2023 reached a record high of 563.99 million metric tons, equivalent to a staggering 11.28 million bpd. The surge in imports from the US, despite geopolitical tensions between Beijing and Washington, contributed to this record, with shipments rising by an impressive 81.1 per cent. (With inputs from Reuters)

China defies sanctions, secures Russia as top oil supplier in 2023

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb. 8 in Taiwan.

Background

The union contends that Eva Airways has failed to raise salaries adequately and has allegedly recruited foreign pilots to address manpower shortages without adhering to the law. On the other hand, Eva Airways asserts that it has consistently increased salaries and has not violated any recruitment laws.

Negotiations between the union and the airline broke down, prompting the union to initiate a ballot among its members last month. The outcome of the vote authorised the union to proceed with strike action, with the expectation that strikes would occur around the Lunar New Year, though specific dates were not disclosed.

This potential strike would be a major blow to travellers and the wider economy. With the Lunar New Year being a crucial time for family reunions and tourism, the consequences of a pilot strike could be even more significant.

Both sides are facing pressure to avoid such a scenario. The Civil Aviation Administration urged Eva and the union to prioritize passenger rights and communicate well. While emphasizing its willingness to negotiate "until the last moment," the union is adamant about its demands for better pay and working conditions.

Industry impact

Eva Airways, recognized internationally for its distinctive Hello Kitty livery, operates flights across Asia, North America, Europe, and Australia, making it Taiwan's second-largest carrier after China Airlines. This labour dispute follows a significant flight attendants' strike in 2019, during which hundreds of flights were cancelled, marking the longest-ever strike in Taiwan's aviation history.

Despite the current labour dispute, Eva Airways recently finalised an order for 33 Airbus aircraft, signalling continued growth. The deal is estimated to be worth up to $10.1 billion.

Investors reacted negatively to the strike news, with Eva's shares falling 1.8% on Monday. The uncertainty surrounding the situation could further impact the airline's financial performance, especially considering its recent major aircraft order with Airbus.

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb.

The Taoyuan Union of Pilots voted in favour of a strike at Taiwan's Eva Airways, intensifying a dispute over salaries and working conditions. The standoff raises concerns about potential flight disruptions during the crucial Lunar New Year holidays, which commence on Feb. 8 in Taiwan. Background The union contends that Eva Airways has failed to raise salaries adequately and has allegedly recruited foreign pilots to address manpower shortages without adhering to the law. On the other hand, Eva Airways asserts that it has consistently increased salaries and has not violated any recruitment laws. Negotiations between the union and the airline broke down, prompting the union to initiate a ballot among its members last month. The outcome of the vote authorised the union to proceed with strike action, with the expectation that strikes would occur around the Lunar New Year, though specific dates were not disclosed. This potential strike would be a major blow to travellers and the wider economy. With the Lunar New Year being a crucial time for family reunions and tourism, the consequences of a pilot strike could be even more significant. Both sides are facing pressure to avoid such a scenario. The Civil Aviation Administration urged Eva and the union to prioritize passenger rights and communicate well. While emphasizing its willingness to negotiate "until the last moment," the union is adamant about its demands for better pay and working conditions. Industry impact Eva Airways, recognized internationally for its distinctive Hello Kitty livery, operates flights across Asia, North America, Europe, and Australia, making it Taiwan's second-largest carrier after China Airlines. This labour dispute follows a significant flight attendants' strike in 2019, during which hundreds of flights were cancelled, marking the longest-ever strike in Taiwan's aviation history. Despite the current labour dispute, Eva Airways recently finalised an order for 33 Airbus aircraft, signalling continued growth. The deal is estimated to be worth up to $10.1 billion. Investors reacted negatively to the strike news, with Eva's shares falling 1.8% on Monday. The uncertainty surrounding the situation could further impact the airline's financial performance, especially considering its recent major aircraft order with Airbus.

Lunar New Year flights in jeopardy as Eva Air pilots vote for strike

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year. According to data released by LCH Investments and cited by Reuters, activist TCI Fund Management emerged as the leader, setting an impressive pace for the industry.

Bridgewater Associates, founded by billionaire Ray Dalio, and Caxton were the only two firms among the top 20 whose funds posted losses. However, it is essential to highlight that the ranking excludes some of Bridgewater's funds, like All Weather, which follows broader market moves and showed a robust 10.6% gain in 2023. Overall, the top 20 hedge funds achieved an average return of 10.5%, significantly outperforming the industry's 6.4% average.

Citadel, Millennium Management, and D. E. Shaw emerged as the top three hedge funds by lifetime gains. Despite representing only 4.6% of the industry's assets under management, these three firms generated 38.3% of the entire industry's returns over the past three years. Multi-strategy hedge funds are known for using leverage to enhance returns. Their ability to attract top talent, supported by a fee structure covering most operational costs, has been a key factor in their success.

In a noteworthy comeback, William Ackman's Pershing Square, an activist fund, re-entered the rankings for the first time since 2015, securing the 20th position for 2023. The fund generated $18.8 billion for investors since 2004, delivering a remarkable 26.7% return in the past year, surpassing broader stock market gains.

Market rebound and resilience

The strong performance in 2023 marked a significant rebound for the hedge fund industry after a challenging 2022. During the previous year, market turbulence ignited by the war in Ukraine and Federal Reserve interest rate hikes led to losses for at least eight of the top 20 hedge funds.

Still, the question remains: can this momentum be sustained? The ever-evolving economic landscape, with potential challenges like inflation and geopolitical tensions, will undoubtedly test the mettle of even the most successful hedge funds.

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year.

The world's top hedge funds delivered a resounding comeback in 2023, generating $67 billion for investors – three times their haul in 2022. This windfall marks a sharp turnaround from the market turbulence of the previous year. According to data released by LCH Investments and cited by Reuters, activist TCI Fund Management emerged as the leader, setting an impressive pace for the industry. Bridgewater Associates, founded by billionaire Ray Dalio, and Caxton were the only two firms among the top 20 whose funds posted losses. However, it is essential to highlight that the ranking excludes some of Bridgewater's funds, like All Weather, which follows broader market moves and showed a robust 10.6% gain in 2023. Overall, the top 20 hedge funds achieved an average return of 10.5%, significantly outperforming the industry's 6.4% average. Citadel, Millennium Management, and D. E. Shaw emerged as the top three hedge funds by lifetime gains. Despite representing only 4.6% of the industry's assets under management, these three firms generated 38.3% of the entire industry's returns over the past three years. Multi-strategy hedge funds are known for using leverage to enhance returns. Their ability to attract top talent, supported by a fee structure covering most operational costs, has been a key factor in their success. In a noteworthy comeback, William Ackman's Pershing Square, an activist fund, re-entered the rankings for the first time since 2015, securing the 20th position for 2023. The fund generated $18.8 billion for investors since 2004, delivering a remarkable 26.7% return in the past year, surpassing broader stock market gains. Market rebound and resilience The strong performance in 2023 marked a significant rebound for the hedge fund industry after a challenging 2022. During the previous year, market turbulence ignited by the war in Ukraine and Federal Reserve interest rate hikes led to losses for at least eight of the top 20 hedge funds. Still, the question remains: can this momentum be sustained? The ever-evolving economic landscape, with potential challenges like inflation and geopolitical tensions, will undoubtedly test the mettle of even the most successful hedge funds.

Global hedge funds reap record profits in 2023, outpacing a turbulent market

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. <o:p></o:p>

Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&amp;P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters)<o:p></o:p>

Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. 

The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures.<o:p></o:p>

On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. <o:p></o:p>

Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing.<o:p></o:p>

Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. <o:p></o:p>

The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters) Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures. On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing. Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market. (With inputs from Reuters)

Japan leads Asian stocks amid AI surge; global markets await Central Bank decisions