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Macy's, the US department store chain, has revealed plans to cut 2,350 jobs and shut five stores, constituting 3.5 per cent of its total workforce. <o:p></o:p>

The company, which operated 722 stores as of January 2023, employs around 94,570 full- and part-time staff, excluding seasonal hires. <o:p></o:p>

According to Reuters, the restructuring initiative is part of Macy's broader strategy to adapt to evolving consumer trends and marketplace dynamics. <o:p></o:p>

The decision to slash jobs aligns with an ongoing $5.8 billion offer by an investor group, Arkhouse Management and Brigade Capital, to take Macy's private.<o:p></o:p>

Incoming CEO Tony Spring is spearheading efforts to trim expenses on promotions, aiming to enhance profit margins following the inventory surplus experienced by Macy's in 2022.<o:p></o:p>

The job cuts are integral to the company's strategic shift and its commitment to meeting the demands of an ever-changing consumer landscape. <o:p></o:p>

Macy's spokesperson stated that the layoffs are part of a comprehensive plan to deploy a new strategy aligned with market shifts. <o:p></o:p>

As the company assesses the optimal mix of on- and off-mall locations, it plans to close five full-line stores in the coming year.<o:p></o:p>

The Wall Street Journal, citing an internal memo to employees, reported that the layoffs are scheduled for January 26. <o:p></o:p>

The move follows Macy's robust performance in November, where it surpassed analysts' profit estimates for the quarter. <o:p></o:p>

Lower inventories and robust demand for beauty products contributed to the positive results. <o:p></o:p>

The streamlining effort, while driven by internal factors, also responds to external pressures from investor groups eyeing Macy's privatisation. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Macy's, the US department store chain, has revealed plans to cut 2,350 jobs and shut five stores, constituting 3.5 per cent of its total workforce. The company, which operated 722 stores as of January 2023, employs around 94,570 full- and part-time staff, excluding seasonal hires.

Macy's, the US department store chain, has revealed plans to cut 2,350 jobs and shut five stores, constituting 3.5 per cent of its total workforce. The company, which operated 722 stores as of January 2023, employs around 94,570 full- and part-time staff, excluding seasonal hires. According to Reuters, the restructuring initiative is part of Macy's broader strategy to adapt to evolving consumer trends and marketplace dynamics. The decision to slash jobs aligns with an ongoing $5.8 billion offer by an investor group, Arkhouse Management and Brigade Capital, to take Macy's private. Incoming CEO Tony Spring is spearheading efforts to trim expenses on promotions, aiming to enhance profit margins following the inventory surplus experienced by Macy's in 2022. The job cuts are integral to the company's strategic shift and its commitment to meeting the demands of an ever-changing consumer landscape. Macy's spokesperson stated that the layoffs are part of a comprehensive plan to deploy a new strategy aligned with market shifts. As the company assesses the optimal mix of on- and off-mall locations, it plans to close five full-line stores in the coming year. The Wall Street Journal, citing an internal memo to employees, reported that the layoffs are scheduled for January 26. The move follows Macy's robust performance in November, where it surpassed analysts' profit estimates for the quarter. Lower inventories and robust demand for beauty products contributed to the positive results. The streamlining effort, while driven by internal factors, also responds to external pressures from investor groups eyeing Macy's privatisation. (With inputs from Reuters)

Macy's Initiates Streamlining Effort: 2,350 Job cuts & 5 store closures disclosed

The Sensex has fallen by over 1800 points between Tuesday & Thursday. This has led to investors losing about 100 billion dollars in just 3 days. The losing streak has reduced the market cap of all listed companies from nearly 4.6 trillion dollars to 4.5 trillion dollars.

Decoding Sensex three-day losing streak

In West Bank, the echoes of the Israel-Hamas conflict reverberate through once-bustling markets and silent streets. Businesses, once thriving, now face an unprecedented economic downturn.

West Bank economy plunges amid Gaza war fallout

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

Reddit, valued at approximately $10 billion in a 2021 funding round, faces fierce competition from platforms like TikTok and Facebook for advertising revenue. <o:p></o:p>

The IPO would also be a litmus test for Reddit users' willingness to support the company's stock market entry, considering the platform's history of fuelling "meme" stock rallies.<o:p></o:p>

The San Francisco-based company, founded in 2005, plans to make its public filing in late February, initiate its roadshow in early March, and complete the IPO by the end of the same month. <o:p></o:p>

Reddit, seeking to sell about 10 per cent of its shares, will decide on the IPO valuation closer to the listing. <o:p></o:p>

While these plans could face delays, as seen in the past, sources caution that Reddit's IPO aspirations might encounter hurdles.<o:p></o:p>

Known for its niche discussion groups, Reddit generates revenue primarily through advertising and offers premium access for a monthly fee. Despite its popularity, the platform has yet to turn a profit. <o:p></o:p>

Reddit CEO Steve Huffman acknowledged the losses, attributing them to investments in the platform and lower user engagement with advertising compared to other social media. <o:p></o:p>

The company held off on its IPO plans until it neared profitability, also navigating market volatility that disrupted IPOs in recent years.<o:p></o:p>

The IPO move comes after Reddit expected to generate over $800 million in advertising revenue in 2023, reflecting a 20 per cent increase from the previous year. <o:p></o:p>

While the company looks to tap into its vast user base for financial gains, it introduced charges for accessing its application programming interface (API), causing discontent among users relying on third-party apps. <o:p></o:p>

This strategic shift signals Reddit's effort to monetise its services beyond traditional advertising models.<o:p></o:p>

Despite Reddit's delayed profitability, the broader social media sector has experienced a rebound, driven by a rally in technology stocks. <o:p></o:p>

Meta Platforms, operating Facebook, witnessed a threefold surge in shares over the past 12 months, while Snap's shares rose by 60 per cent during the same period.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019.

Social media giant Reddit is gearing up for its long-anticipated initial public offering (IPO) in March, marking the sector's first major debut since Pinterest in 2019. This is based on a Reuters report. Reddit, valued at approximately $10 billion in a 2021 funding round, faces fierce competition from platforms like TikTok and Facebook for advertising revenue. The IPO would also be a litmus test for Reddit users' willingness to support the company's stock market entry, considering the platform's history of fuelling "meme" stock rallies. The San Francisco-based company, founded in 2005, plans to make its public filing in late February, initiate its roadshow in early March, and complete the IPO by the end of the same month. Reddit, seeking to sell about 10 per cent of its shares, will decide on the IPO valuation closer to the listing. While these plans could face delays, as seen in the past, sources caution that Reddit's IPO aspirations might encounter hurdles. Known for its niche discussion groups, Reddit generates revenue primarily through advertising and offers premium access for a monthly fee. Despite its popularity, the platform has yet to turn a profit. Reddit CEO Steve Huffman acknowledged the losses, attributing them to investments in the platform and lower user engagement with advertising compared to other social media. The company held off on its IPO plans until it neared profitability, also navigating market volatility that disrupted IPOs in recent years. The IPO move comes after Reddit expected to generate over $800 million in advertising revenue in 2023, reflecting a 20 per cent increase from the previous year. While the company looks to tap into its vast user base for financial gains, it introduced charges for accessing its application programming interface (API), causing discontent among users relying on third-party apps. This strategic shift signals Reddit's effort to monetise its services beyond traditional advertising models. Despite Reddit's delayed profitability, the broader social media sector has experienced a rebound, driven by a rally in technology stocks. Meta Platforms, operating Facebook, witnessed a threefold surge in shares over the past 12 months, while Snap's shares rose by 60 per cent during the same period. (With inputs from Reuters)

Reddit plans IPO launch in March amid intense social media competition

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Day 4 at Davos: AI governance takes center stage

India's state-owned company, Khanij Bidesh India ltd or Kabil, has signed a $24 million lithium exploration pact in Argentina. Speaking to Wion's diplomatic correspondent Siddhant Sibal, argentina's envoy Hugo Javier Gobbi welcomed the lithium deal.

India-Argentina cooperation on lithium

China faces a formidable economic challenge as its ageing population threatens key policy goals, including boosting domestic consumption and tackling growing debt. <o:p></o:p>

According to Reuters, a record low birth rate in 2023 and the impact of COVID-19 deaths have resulted in a second consecutive year of population decline, raising concerns about the country's long-term growth prospects. <o:p></o:p>

The decline in the working-age population will exacerbate structural imbalances, impacting household consumption and straining pension and elderly care systems. This situation poses a significant hurdle to China's economic objectives for the coming decade.<o:p></o:p>

China's household consumption already constitutes one of the lowest proportions of economic output globally. Policymakers are grappling with the prospect of large segments of the population exiting the labour pool, entering retirement, and surpassing a prime period for consumption. <o:p></o:p>

About 300 million people, the country's largest demographic group aged 50 to 60, equivalent to the entire US population, are expected to leave the workforce in the next decade.<o:p></o:p>

This comes at a time when pension budgets are already stretched, with the Chinese Academy of Sciences predicting the pension system running out of money by 2035.<o:p></o:p>

China's retirement age, among the world's lowest, raises concerns about the financial preparedness of those entering retirement. People are expressing worries about relying solely on pension income. <o:p></o:p>

As China experiences rapid urbanisation, traditional expectations of children financially supporting aging parents are shifting. The demographic shift will reduce the ratio of workers supporting retirees, intensifying China's pension crisis. Demographers warn that by 2050, this crisis could become a humanitarian catastrophe.<o:p></o:p>

The ageing population not only affects the pension system but also has broader economic implications. China's second-largest demographic group, aged 30 to 49, currently in a prime consumption period, is expected to participate less in domestic consumption as they age. <o:p></o:p>

The subsequent generation, in their 20s, is the smallest since the 1950s due to China's one-child policy. This demographic trend poses challenges to sectors like real estate, which accounted for a significant portion of China's economic output. <o:p></o:p>

As demand for housing declines, China's reliance on exports may increase, affecting innovation and productivity improvement.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China faces a formidable economic challenge as its ageing population threatens key policy goals, including boosting domestic consumption and tackling growing debt.

China faces a formidable economic challenge as its ageing population threatens key policy goals, including boosting domestic consumption and tackling growing debt. According to Reuters, a record low birth rate in 2023 and the impact of COVID-19 deaths have resulted in a second consecutive year of population decline, raising concerns about the country's long-term growth prospects. The decline in the working-age population will exacerbate structural imbalances, impacting household consumption and straining pension and elderly care systems. This situation poses a significant hurdle to China's economic objectives for the coming decade. China's household consumption already constitutes one of the lowest proportions of economic output globally. Policymakers are grappling with the prospect of large segments of the population exiting the labour pool, entering retirement, and surpassing a prime period for consumption. About 300 million people, the country's largest demographic group aged 50 to 60, equivalent to the entire US population, are expected to leave the workforce in the next decade. This comes at a time when pension budgets are already stretched, with the Chinese Academy of Sciences predicting the pension system running out of money by 2035. China's retirement age, among the world's lowest, raises concerns about the financial preparedness of those entering retirement. People are expressing worries about relying solely on pension income. As China experiences rapid urbanisation, traditional expectations of children financially supporting aging parents are shifting. The demographic shift will reduce the ratio of workers supporting retirees, intensifying China's pension crisis. Demographers warn that by 2050, this crisis could become a humanitarian catastrophe. The ageing population not only affects the pension system but also has broader economic implications. China's second-largest demographic group, aged 30 to 49, currently in a prime consumption period, is expected to participate less in domestic consumption as they age. The subsequent generation, in their 20s, is the smallest since the 1950s due to China's one-child policy. This demographic trend poses challenges to sectors like real estate, which accounted for a significant portion of China's economic output. As demand for housing declines, China's reliance on exports may increase, affecting innovation and productivity improvement. (With inputs from Reuters)

China's Demographic Challenge: Ageing population threatens economic shift & growth

The Gaza conflict has brought a harsh new economic reality to Ramallah, the West Bank's de facto capital. Supermarkets have employed security guards to deter shoplifters. Thousands of businesses have closed. One official believes the current economic situation is worse than the one produced by the COVID-19 lockdowns.

Economic crisis deepen in West Bank amid Gaza turmoil

Tata Steel is planning to cut around 3000 jobs at a plant in Wales in the UK, AFP reported on Thursday (January 18) citing sources. The news agency said that the Indian steel giant is set to close two blast furnaces at the Port Talbot Steelworks and will announce this on Friday. The reported closure of the blast furnaces will result in more than one-third of the staff losing their jobs. The report has come following talks between the company and the unions.

AFP said that unions described Tata Steel's decision as "a crushing blow".

In a statement, Tata Steel said that it had "been engaging regularly and constructively with... trades union colleagues and their advisors for some time about the best way forward to create a sustainable green steel future for Tata Steel in the UK."

"When we have any formal announcement to make about our proposals for the future, we will always share these with our employees first," it added.

Watch | India's gold reserves now larger than Saudi Arabia &amp; UK

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The steel industry is struggling with the issue of "greener" production of steel. Last year the UK government provided funds of GBP 500 million (USD 634 million) to encourage the production of steel with more environment-friendly methods. The government, however, had said that 3000 jobs were at risk in spite of the funding. The number came down from an initial 8000 after 5000 jobs were safeguarded because of funding for an electric furnace.

<h2>'Crushing blow'</h2>

"Large-scale job losses would be a crushing blow to Port Talbot and UK manufacturing in general," Charlotte Brumpton-Childs, a senior official at the GMB union, said Thursday as quoted by AFP.

"It doesn't have to be this way. Unions provided a realistic, costed alternative that would rule out all compulsory redundancies.

"This plan appears to have fallen on deaf ears and now steelworkers and their families will suffer," she added in a statement.

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The Port Talbot steelworks is the single biggest carbon emitter in the UK. The British government has been trying to support Tata Steel and British Steel, a company run by a Chinese group to replace the blast furnaces causing the pollution.

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Tata Steel has already said that in the UK, it would need state aid to take steps towards decarbonisation and cutting emissions.

(With inputs from agencies)

Tata Steel is planning to cut around 3000 jobs at a plant in Wales in the UK, AFP reported on Thursday (January 18) citing sources. The news agency said that the Indian steel giant is set to close two blast furnaces at the Port Talbot Steelworks and will announce this on Friday.

Tata Steel is planning to cut around 3000 jobs at a plant in Wales in the UK, AFP reported on Thursday (January 18) citing sources. The news agency said that the Indian steel giant is set to close two blast furnaces at the Port Talbot Steelworks and will announce this on Friday. The reported closure of the blast furnaces will result in more than one-third of the staff losing their jobs. The report has come following talks between the company and the unions. AFP said that unions described Tata Steel's decision as "a crushing blow". In a statement, Tata Steel said that it had "been engaging regularly and constructively with... trades union colleagues and their advisors for some time about the best way forward to create a sustainable green steel future for Tata Steel in the UK." "When we have any formal announcement to make about our proposals for the future, we will always share these with our employees first," it added. Watch | India's gold reserves now larger than Saudi Arabia & UK × The steel industry is struggling with the issue of "greener" production of steel. Last year the UK government provided funds of GBP 500 million (USD 634 million) to encourage the production of steel with more environment-friendly methods. The government, however, had said that 3000 jobs were at risk in spite of the funding. The number came down from an initial 8000 after 5000 jobs were safeguarded because of funding for an electric furnace. 'Crushing blow' "Large-scale job losses would be a crushing blow to Port Talbot and UK manufacturing in general," Charlotte Brumpton-Childs, a senior official at the GMB union, said Thursday as quoted by AFP. "It doesn't have to be this way. Unions provided a realistic, costed alternative that would rule out all compulsory redundancies. "This plan appears to have fallen on deaf ears and now steelworkers and their families will suffer," she added in a statement. Also Read | Budget 2024: Concessional corporate taxes to get another extension, say reports The Port Talbot steelworks is the single biggest carbon emitter in the UK. The British government has been trying to support Tata Steel and British Steel, a company run by a Chinese group to replace the blast furnaces causing the pollution. Also Read | India seeks $100 billion in annual FDI in coming years: Minister Tata Steel has already said that in the UK, it would need state aid to take steps towards decarbonisation and cutting emissions. (With inputs from agencies)

Tata Steel may cut thousands of jobs in Wales: Report

Air India showcased its first A350 to the world on Thursday (Jan 18)&nbsp;at the Begumpet Airport&nbsp;in Hyderabad as part of the ongoing air show Wings 2024.

The first of a batch of 20&nbsp;arrived on the 23&nbsp;Dec, 2023, from Toulouse in France and was showcased for the first time on Jan 18.&nbsp;

Five more such premium passenger aircraft&nbsp;are scheduled to&nbsp;arrive by March this year. This makes Air India the first Indian carrier to be operating the A350.&nbsp;

Commercial operations for the same are scheduled to&nbsp;begin on Jan 22 later this month.&nbsp;

With the induction of the A350,&nbsp;Air India is hoping to overhaul its image and service to the passenger with a&nbsp;hope to blunt its biggest criticism in passenger care.

The A350 comes equipped with a powerful and fuel-efficient Rolls-Royce Trent xwb engine. Once you step inside the aircraft, you can immediately see the three-class cabin configuration: business, premium economy, and economy spread across 316 seats.&nbsp;<img alt="Air India A350 inside look" data-entity-type="file" data-entity-uuid="e2a55d09-e6d7-4a5d-8952-26c400b5c8dc" src="//cdn.wionews.com/sites/default/files/inline-images/Air_IndiaA350%20%285%29.png" />

First look of the interiors of Air India A350 | WION

The cabin includes 28 private business class suites with full-flat beds, 24 premium seats, and 264 seats in economy.

The top-end suite chairs convert into full-sized beds. Each suite has a personal wardrobe, storage space for electronic devices, a 21-inch HD touchscreen, and a video handset for infotainment and entertainment.&nbsp;<img alt="Air India A350 first look: The HD touchscreen for infotainment and entertainment | WION" data-entity-type="file" data-entity-uuid="27f2504c-ed54-40c2-bddf-7be912a9d223" src="//cdn.wionews.com/sites/default/files/inline-images/Air_IndiaA350%20%287%29.png" />

Air India A350 first look: The HD touchscreen for infotainment and entertainment | WION

Campbell Wilson, CEO and MD&nbsp;of Air India said that "the A350 is a game-changer for Air India,"

"It will not only elevate our passenger experience but also open up new routes and opportunities for expansion. Together with the full interior refit of our legacy widebody aircraft commencing mid-2024, this upgradation of fleet and product is a key pillar of returning Air India to the upper echelons of world aviation."&nbsp;<img alt="Air India A350 first look | WION" data-entity-type="file" data-entity-uuid="f6811789-de65-4a59-8e82-f9da4ebbeda2" src="//cdn.wionews.com/sites/default/files/inline-images/Air_IndiaA350%20%281%29.png" />

Air India A350 first look | WION

Air India will be flying the A350 on domestic routes initially before expanding to global long-haul routes. The airline has confirmed that the first route will be between Bengaluru and&nbsp;Mumbai.&nbsp;

Globally, Qatar Airways was the first to induct the A350 in 2015.&nbsp;

At last check, Singapore Airlines currently has the largest fleet with 63 a350-900 aircraft.&nbsp;

The aircraft fleet reported its only second safety accident two weeks ago when Japan Airlines‘ Airbus A350-900 collided on the ground with a Japanese Coast Guard De Havilland Canada Dash 8 at Tokyo’s Haneda Airport.

Air India showcased its first A350 to the world on Thursday (Jan 18) at the Begumpet Airport in Hyderabad as part of the ongoing air show Wings 2024. The first of a batch of 20 arrived on the 23 Dec, 2023, from Toulouse in France and was showcased for the first time on Jan 18.

Air India showcased its first A350 to the world on Thursday (Jan 18) at the Begumpet Airport in Hyderabad as part of the ongoing air show Wings 2024. The first of a batch of 20 arrived on the 23 Dec, 2023, from Toulouse in France and was showcased for the first time on Jan 18. Five more such premium passenger aircraft are scheduled to arrive by March this year. This makes Air India the first Indian carrier to be operating the A350. Commercial operations for the same are scheduled to begin on Jan 22 later this month. With the induction of the A350, Air India is hoping to overhaul its image and service to the passenger with a hope to blunt its biggest criticism in passenger care. The A350 comes equipped with a powerful and fuel-efficient Rolls-Royce Trent xwb engine. Once you step inside the aircraft, you can immediately see the three-class cabin configuration: business, premium economy, and economy spread across 316 seats. First look of the interiors of Air India A350 | WION The cabin includes 28 private business class suites with full-flat beds, 24 premium seats, and 264 seats in economy. The top-end suite chairs convert into full-sized beds. Each suite has a personal wardrobe, storage space for electronic devices, a 21-inch HD touchscreen, and a video handset for infotainment and entertainment. Air India A350 first look: The HD touchscreen for infotainment and entertainment | WION Campbell Wilson, CEO and MD of Air India said that "the A350 is a game-changer for Air India," "It will not only elevate our passenger experience but also open up new routes and opportunities for expansion. Together with the full interior refit of our legacy widebody aircraft commencing mid-2024, this upgradation of fleet and product is a key pillar of returning Air India to the upper echelons of world aviation." Air India A350 first look | WION Air India will be flying the A350 on domestic routes initially before expanding to global long-haul routes. The airline has confirmed that the first route will be between Bengaluru and Mumbai. Globally, Qatar Airways was the first to induct the A350 in 2015. At last check, Singapore Airlines currently has the largest fleet with 63 a350-900 aircraft. The aircraft fleet reported its only second safety accident two weeks ago when Japan Airlines‘ Airbus A350-900 collided on the ground with a Japanese Coast Guard De Havilland Canada Dash 8 at Tokyo’s Haneda Airport.

Exclusive: First look of Air India A350 that breathes luxury and comfort

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7. As we explore the repercussions through interviews recorded by AFP, we witness a region grappling with unprecedented challenges, where businesses that once flourished now face an uncertain future.

The human toll on local businesses

Hafeth Ghazawneh, owner of a famous falafel stall, shares his journey from prosperity to uncertainty. Before the conflict, his vibrant breakfast and lunch offerings attracted artisans from nearby workshops. In the aftermath of the attacks, his once-bustling stall sits abandoned, and his income has plunged from 7,000 to 2,000 shekels per month.

The ripple effect on the West Bank economy

Beyond the faltering stalls, the broader West Bank economy is in turmoil. The World Bank predicts a potential six per cent decline in GDP this year.

The International Labour Organization reports 32 per cent job loss. Israel's withdrawal of 130,000 work permits from Palestinians compounds the crisis, leaving many without a source of income and exacerbating an already dire situation.

Businesses struggle to stay afloat

Bishara Jubran, manager of a household products factory, provides insights into the challenges faced by businesses. With losses totalling $200,000 in the past year, his factory, once thriving on exports to Gaza, now struggles to find a market. Increased transport costs, checkpoints, and sealed-off towns further exacerbate the situation, with the West Bank's economy operating at only 50 per cent of its capacity.

Researcher Taher al-Labadi sheds light on the inherent fragility of the Palestinian economy. Hindered by Israel's control over borders and tax collection, the economic downturn has been compounded by unpaid taxes since the war outbreak. The Palestinian Authority, grappling with financial strain, has struggled to pay public servants, intensifying the economic challenges faced by the population.

Bottomline

As the West Bank grapples with the aftermath of the conflict, businesses and communities face an uphill battle. The fear of the unknown looms large, echoing the sentiments of Bishara Jubran: 'We don't know if we'll be able to go to work tomorrow.'&nbsp;

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7.

In the quiet corners of the West Bank, once-thriving markets now stand deserted, echoing the economic fallout from the Israel-Hamas conflict that erupted on October 7. As we explore the repercussions through interviews recorded by AFP, we witness a region grappling with unprecedented challenges, where businesses that once flourished now face an uncertain future. The human toll on local businesses Hafeth Ghazawneh, owner of a famous falafel stall, shares his journey from prosperity to uncertainty. Before the conflict, his vibrant breakfast and lunch offerings attracted artisans from nearby workshops. In the aftermath of the attacks, his once-bustling stall sits abandoned, and his income has plunged from 7,000 to 2,000 shekels per month. The ripple effect on the West Bank economy Beyond the faltering stalls, the broader West Bank economy is in turmoil. The World Bank predicts a potential six per cent decline in GDP this year. The International Labour Organization reports 32 per cent job loss. Israel's withdrawal of 130,000 work permits from Palestinians compounds the crisis, leaving many without a source of income and exacerbating an already dire situation. Businesses struggle to stay afloat Bishara Jubran, manager of a household products factory, provides insights into the challenges faced by businesses. With losses totalling $200,000 in the past year, his factory, once thriving on exports to Gaza, now struggles to find a market. Increased transport costs, checkpoints, and sealed-off towns further exacerbate the situation, with the West Bank's economy operating at only 50 per cent of its capacity. Researcher Taher al-Labadi sheds light on the inherent fragility of the Palestinian economy. Hindered by Israel's control over borders and tax collection, the economic downturn has been compounded by unpaid taxes since the war outbreak. The Palestinian Authority, grappling with financial strain, has struggled to pay public servants, intensifying the economic challenges faced by the population. Bottomline As the West Bank grapples with the aftermath of the conflict, businesses and communities face an uphill battle. The fear of the unknown looms large, echoing the sentiments of Bishara Jubran: 'We don't know if we'll be able to go to work tomorrow.'

Gaza's shockwaves: West Bank economy plunges, leaving livelihoods in limbo

The Al Nahyan royal family of Dubai, led by UAE president Sheikh Mohamed bin Zayed Al Nahyan, has been identified as the wealthiest family globally, possessing an opulent array of assets including a $490 million (₹4,078 crore) presidential palace, eight private jets, and even a football club, according to a recent report by GQ. <o:p></o:p>

With a staggering fortune derived from their ownership of approximately six per cent of the world's oil reserves, the family's holdings extend from a football empire, including Manchester City, to strategic investments in major companies such as Rihanna's beauty brand Fenty and Elon Musk's SpaceX.<o:p></o:p>

The family, boasting 18 brothers and 11 sisters alongside nine children and 18 grandchildren, resides in the lavish Qasr Al-Watan presidential palace in Abu Dhabi, covering nearly 94 acres and adorned with a magnificent chandelier composed of 350,000 crystals.<o:p></o:p>

The sheer scale of their wealth is further highlighted by their expansive car collection, managed by Sheikh Hamad bin Hamdan al Nahyan, featuring over 700 cars, including the world's largest SUV and high-end vehicles like Bugatti Veyrons, a Lamborghini Reventon, a Mercedes-Benz CLK GTR, a Ferrari 599XX, and a McLaren MC12. Their luxurious lifestyle extends globally, with posh properties in Paris and London under their ownership. <o:p></o:p>

The family's influence extends beyond their opulent lifestyle. Tahnoun bin Zayed Al Nahyan, the president's brother, oversees the family's chief investment company, which has witnessed an astronomical surge of almost 28,000 percent in the last five years.<o:p></o:p>

Currently valued at $235 billion, the company holds interests in agriculture, energy, entertainment, and maritime businesses, impacting various sectors globally. The substantial growth in their investment company emphasises their significant economic impact, providing employment opportunities to tens of thousands of individuals.<o:p></o:p>

The Al Nahyan family's football ventures have left an indelible mark on the sports landscape. In 2008, MBZ's Abu Dhabi United Group acquired the UK football team Manchester City for $255 million (₹2,122 crore). <o:p></o:p>

The family's company, the City Football Group, owns 81 percent of the football empire, managing clubs not only in the UK but also in global cities like Mumbai, Melbourne, and New York. Their foray into football aligns with their expansive portfolio, showcasing their diverse and influential investments across various sectors.<o:p></o:p>

This revelation about the Al Nahyan royal family's wealth places them in a league comparable to the British royal family, as reported by the New Yorker in 2015. <o:p></o:p>

<o:p>&nbsp;</o:p>

The Al Nahyan royal family of Dubai, led by UAE president Sheikh Mohamed bin Zayed Al Nahyan, has been identified as the wealthiest family globally, possessing an opulent array of assets including a $490 million (₹4,078 crore) presidential palace, eight private jets, and even a football club, according to a recent report by GQ.

The Al Nahyan royal family of Dubai, led by UAE president Sheikh Mohamed bin Zayed Al Nahyan, has been identified as the wealthiest family globally, possessing an opulent array of assets including a $490 million (₹4,078 crore) presidential palace, eight private jets, and even a football club, according to a recent report by GQ. With a staggering fortune derived from their ownership of approximately six per cent of the world's oil reserves, the family's holdings extend from a football empire, including Manchester City, to strategic investments in major companies such as Rihanna's beauty brand Fenty and Elon Musk's SpaceX. The family, boasting 18 brothers and 11 sisters alongside nine children and 18 grandchildren, resides in the lavish Qasr Al-Watan presidential palace in Abu Dhabi, covering nearly 94 acres and adorned with a magnificent chandelier composed of 350,000 crystals. The sheer scale of their wealth is further highlighted by their expansive car collection, managed by Sheikh Hamad bin Hamdan al Nahyan, featuring over 700 cars, including the world's largest SUV and high-end vehicles like Bugatti Veyrons, a Lamborghini Reventon, a Mercedes-Benz CLK GTR, a Ferrari 599XX, and a McLaren MC12. Their luxurious lifestyle extends globally, with posh properties in Paris and London under their ownership. The family's influence extends beyond their opulent lifestyle. Tahnoun bin Zayed Al Nahyan, the president's brother, oversees the family's chief investment company, which has witnessed an astronomical surge of almost 28,000 percent in the last five years. Currently valued at $235 billion, the company holds interests in agriculture, energy, entertainment, and maritime businesses, impacting various sectors globally. The substantial growth in their investment company emphasises their significant economic impact, providing employment opportunities to tens of thousands of individuals. The Al Nahyan family's football ventures have left an indelible mark on the sports landscape. In 2008, MBZ's Abu Dhabi United Group acquired the UK football team Manchester City for $255 million (₹2,122 crore). The family's company, the City Football Group, owns 81 percent of the football empire, managing clubs not only in the UK but also in global cities like Mumbai, Melbourne, and New York. Their foray into football aligns with their expansive portfolio, showcasing their diverse and influential investments across various sectors. This revelation about the Al Nahyan royal family's wealth places them in a league comparable to the British royal family, as reported by the New Yorker in 2015.

Inside the Royal Vault: The world's wealthiest family, the Al Nahyans of Dubai

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market.

Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold.

Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. 
 
WATCH:&nbsp;Bitcoin enters its sweet sixteen

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An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia.

 
ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock.

Also read: <a href="https://www.wionews.com/business-economy/us-sec-claims-its-x-account-hacked-after-giving-fake-nod-to-bitcoin-etfs-678529">US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs</a> 
 
 
Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold.

 
According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin.

 
"BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported.

 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-etfs-make-a-splash-on-debut-trading-at-46-billion-in-the-first-day-679243">Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day</a> 
 
Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's&nbsp; "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets".

&nbsp;

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<blockquote class="twitter-tweet">
Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/AtL0lgzI3C">https://t.co/AtL0lgzI3C</a>
— Ophelia Snyder (@OpheliaBSnyder) <a href="https://twitter.com/OpheliaBSnyder/status/1748071064578466083?ref_src=twsrc%5Etfw">January 18, 2024</a></blockquote>
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<h2>How big is the 10bn volume of Bitcoin ETF? Putting things in context</h2>

"Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X.

He pointed out that 500 ETFs were launched in 2023.&nbsp;

"Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going."

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> alone is seeing more activity than the entire '23 Freshman… <a href="https://t.co/wV1zQFtPW1">https://t.co/wV1zQFtPW1</a>
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1747385703971860617?ref_src=twsrc%5Etfw">January 16, 2024</a></blockquote>
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&nbsp;

 
But there's a note of caution: Bitcoin prices are still falling in the spot market.

 
The cryptocurrency fell another 4.5 per cent&nbsp;on Thursday (Jan 18) to $40,800. That's the lowest in a month.

(With inputs from agencies)

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account. The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold. Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. WATCH: Bitcoin enters its sweet sixteen × An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia. ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock. Also read: US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold. According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin. "BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported. Also read: Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets". Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! #Bitcoin https://t.co/AtL0lgzI3C — Ophelia Snyder (@OpheliaBSnyder) January 18, 2024 × How big is the 10bn volume of Bitcoin ETF? Putting things in context "Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X. He pointed out that 500 ETFs were launched in 2023. "Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going." Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1 — Eric Balchunas (@EricBalchunas) January 16, 2024 × But there's a note of caution: Bitcoin prices are still falling in the spot market. The cryptocurrency fell another 4.5 per cent on Thursday (Jan 18) to $40,800. That's the lowest in a month. (With inputs from agencies)

ETFs for Bitcoin are now second only to gold, ahead of silver: Digital gold?

Global e-commerce giant Amazon has revealed plans to cut jobs in its Buy with Prime unit, marking a 5 per cent reduction in the service's workforce. While the exact number of affected employees remains undisclosed, it's estimated that around 30 individuals have been impacted by this decision, according to sources cited by Reuters.

Launched in 2022, Buy with Prime offers fulfilment and delivery services to retailers outside Amazon's platform, utilising the company's extensive logistics network. Amazon emphasised the unit's continued importance despite the workforce reduction, committing to substantial ongoing investments.

Amazon spokesperson stated, 'We regularly review the structure of our teams and make adjustments based on the needs of the business, and, following a recent review, we've made the difficult decision to eliminate a small number of roles on our Buy with Prime team.' The company reassured affected employees of active support in securing roles within or outside Amazon.

Broader workforce adjustments across Amazon divisions

Amazon's announcement follows recent layoffs in various divisions, with several hundred employees affected in its streaming and studio operations. Notably, Twitch, Amazon's live-streaming platform, disclosed a significant 33% reduction in its workforce, impacting 500 employees. Simultaneously, the Audible audiobook unit revealed plans for a 5 per cent cut in its workforce.

This trend of job cuts extends beyond Amazon, with Google, a tech giant under Alphabet's ownership, recently announcing layoffs within its advertising sales team. The landscape reflects a shift in tech companies' strategies as they transition from pandemic-induced hiring surges to focusing on profitability and AI adoption amid rising inflation and interest rates.

Bottomline

The tech industry, once characterised by aggressive hiring during the pandemic, is undergoing a notable shift as companies reassess their structures. The trend of job cuts extends beyond Amazon, indicating a broader industry-wide realignment.

As global uncertainty rages on, tech companies must balance growth with cost-cutting measures. The job cuts, while challenging for affected employees, reflect the evolving priorities of these industry giants.

Global e-commerce giant Amazon has revealed plans to cut jobs in its Buy with Prime unit, marking a 5 per cent reduction in the service's workforce. While the exact number of affected employees remains undisclosed, it's estimated that around 30 individuals have been impacted by this decision, according to sources cited by Reuters.

Global e-commerce giant Amazon has revealed plans to cut jobs in its Buy with Prime unit, marking a 5 per cent reduction in the service's workforce. While the exact number of affected employees remains undisclosed, it's estimated that around 30 individuals have been impacted by this decision, according to sources cited by Reuters. Launched in 2022, Buy with Prime offers fulfilment and delivery services to retailers outside Amazon's platform, utilising the company's extensive logistics network. Amazon emphasised the unit's continued importance despite the workforce reduction, committing to substantial ongoing investments. Amazon spokesperson stated, 'We regularly review the structure of our teams and make adjustments based on the needs of the business, and, following a recent review, we've made the difficult decision to eliminate a small number of roles on our Buy with Prime team.' The company reassured affected employees of active support in securing roles within or outside Amazon. Broader workforce adjustments across Amazon divisions Amazon's announcement follows recent layoffs in various divisions, with several hundred employees affected in its streaming and studio operations. Notably, Twitch, Amazon's live-streaming platform, disclosed a significant 33% reduction in its workforce, impacting 500 employees. Simultaneously, the Audible audiobook unit revealed plans for a 5 per cent cut in its workforce. This trend of job cuts extends beyond Amazon, with Google, a tech giant under Alphabet's ownership, recently announcing layoffs within its advertising sales team. The landscape reflects a shift in tech companies' strategies as they transition from pandemic-induced hiring surges to focusing on profitability and AI adoption amid rising inflation and interest rates. Bottomline The tech industry, once characterised by aggressive hiring during the pandemic, is undergoing a notable shift as companies reassess their structures. The trend of job cuts extends beyond Amazon, indicating a broader industry-wide realignment. As global uncertainty rages on, tech companies must balance growth with cost-cutting measures. The job cuts, while challenging for affected employees, reflect the evolving priorities of these industry giants.

Amazon's workforce reduction in 'Buy with Prime' unit reflects shifting priorities

Reddit has unveiled plans for its Initial Public Offering (IPO) set for march. With the IPO countdown underway, Reddit aims to capture a portion of the advertising market amid the resurgence of social media stocks.

Reddit eyeing stock market debut, plans IPO amid fierce competition

Airbus is optimistic about the future of Indian aviation, projecting a robust demand for 2,840 new aircraft and a need for 41,000 pilots alongside 47,000 technical staff in the next 20 years. <o:p></o:p>

Rémi Maillard, Airbus India and South Asia President, emphasized this outlook during a press conference at the 'Wings India 2024' aviation conclave in Hyderabad. <o:p></o:p>

He anticipates India's aviation market to be a driving force globally, with an estimated investment of $12 billion for new airports and renovations, expanding the current 150 to approximately 200 airports within five years.<o:p></o:p>

Maillard underscored India's pivotal role in Airbus's operations, revealing plans to double the company's sourcing from India to $1.5 billion by the end of the decade, up from the existing $750 million. <o:p></o:p>

The President and Managing Director expressed confidence in India's economic growth, projecting it to be the world's fastest-growing aviation market, fuelled by a 6.2 per cent annual growth rate. <o:p></o:p>

Last year, Airbus secured a record order of 750 aircraft, with 75 units already delivered to Indian carriers, including Indigo, Air India, Vistara, and Go First.<o:p></o:p>

To meet the evolving needs of India's aviation sector, Airbus commits to enhancing its manufacturing presence in the country. The company, in collaboration with Air India, is set to expand its joint venture training centre in Gurugram. <o:p></o:p>

Equipped with 10 simulators, the centre aims to train 5,000 pilots over the next decade. Earlier collaborations, such as the deal with Tata Advanced Systems Limited (TASL) in 2021 to manufacture C-295 transport aircraft for the Indian Air Force, showcase Airbus's commitment to strengthening its ties with India. <o:p></o:p>

The agreement includes delivering the initial 16 aircraft from Spain and subsequent manufacturing in India through an industrial partnership with TASL.<o:p></o:p>

Maillard highlighted the transformative role of the A350 aircraft in revolutionizing international travel in India. Six of these planes were delivered to Air India in the previous year, symbolising a significant step in the country's aviation landscape. <o:p></o:p>

The Airbus executive anticipates sustained economic growth for India over the next two decades, supporting the need for extensive aircraft, skilled pilots, and technical staff.<o:p></o:p>

<span lang="EN-GB" style="font-size:12.0pt;line-height:107%;font-family:&quot;Aptos&quot;,sans-serif;
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Aptos;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:&quot;Times New Roman&quot;;
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-GB;mso-fareast-language:
EN-GB;mso-bidi-language:AR-SA">(With inputs from PTI)

Airbus is optimistic about the future of Indian aviation, projecting a robust demand for 2,840 new aircraft and a need for 41,000 pilots alongside 47,000 technical staff in the next 20 years.

Airbus is optimistic about the future of Indian aviation, projecting a robust demand for 2,840 new aircraft and a need for 41,000 pilots alongside 47,000 technical staff in the next 20 years. Rémi Maillard, Airbus India and South Asia President, emphasized this outlook during a press conference at the 'Wings India 2024' aviation conclave in Hyderabad. He anticipates India's aviation market to be a driving force globally, with an estimated investment of $12 billion for new airports and renovations, expanding the current 150 to approximately 200 airports within five years. Maillard underscored India's pivotal role in Airbus's operations, revealing plans to double the company's sourcing from India to $1.5 billion by the end of the decade, up from the existing $750 million. The President and Managing Director expressed confidence in India's economic growth, projecting it to be the world's fastest-growing aviation market, fuelled by a 6.2 per cent annual growth rate. Last year, Airbus secured a record order of 750 aircraft, with 75 units already delivered to Indian carriers, including Indigo, Air India, Vistara, and Go First. To meet the evolving needs of India's aviation sector, Airbus commits to enhancing its manufacturing presence in the country. The company, in collaboration with Air India, is set to expand its joint venture training centre in Gurugram. Equipped with 10 simulators, the centre aims to train 5,000 pilots over the next decade. Earlier collaborations, such as the deal with Tata Advanced Systems Limited (TASL) in 2021 to manufacture C-295 transport aircraft for the Indian Air Force, showcase Airbus's commitment to strengthening its ties with India. The agreement includes delivering the initial 16 aircraft from Spain and subsequent manufacturing in India through an industrial partnership with TASL. Maillard highlighted the transformative role of the A350 aircraft in revolutionizing international travel in India. Six of these planes were delivered to Air India in the previous year, symbolising a significant step in the country's aviation landscape. The Airbus executive anticipates sustained economic growth for India over the next two decades, supporting the need for extensive aircraft, skilled pilots, and technical staff. (With inputs from PTI)

Airbus Forecasts Soaring Demand: India to require 2,840 aircraft and 41,000 pilots in next 2 decades

Citigroup's CEO, Jane Fraser, engaged in a conference call on Thursday with managing directors, revealing further details of the bank's extensive restructuring, according to two undisclosed sources cited by Reuters.<o:p></o:p>

The call follows the bank's announcement last week of its intention to cut 20,000 jobs over the next two years, aiming to streamline operations and enhance financial performance. <o:p></o:p>

In separate discussions, managers in markets, risk, and investment banking were informed of their layoffs as part of the ongoing reorganisation. Citigroup remains vigilant in addressing the impact on its workforce, with more details on severance payments expected next week.<o:p></o:p>

While Citigroup has periodically updated on the job cuts, the recent call with managing directors offered insights into the broader plan. Fraser discussed various aspects of the reorganisation, emphasising that the current phase would reduce headcount by 5,000, with an additional 5,000 jobs to be cut from divesting businesses. <o:p></o:p>

Another 10,000 staff reductions are planned in support functions like technology and operations. Fraser's strategy to cut approximately 8 per cent of the staff aligns with her broader goal of enhancing the bank's efficiency and elevating its returns and share price. Investors and employees are keenly observing the timing and specifics of these organisational changes. <o:p></o:p>

The bank's fourth quarter was marked by a $1.8 billion loss due to one-off charges, prompting Citigroup to make decisive restructuring moves. Fraser's leadership has underscored the commitment to address internal deficiencies and enhance the bank's overall performance. <o:p></o:p>

The call with managing directors provided a forum for Fraser to communicate the intricacies of the reorganisation and elaborate on the phased job cuts, addressing concerns among employees and investors. Citigroup's planned layoffs stand out as one of the most significant workforce reductions on Wall Street in recent times. <o:p></o:p>

Citigroup is concurrently navigating a regulatory challenge, dealing with a 2020 consent order that demands corrections to longstanding deficiencies in internal controls. <o:p></o:p>

As part of its commitment to regulatory compliance, the bank appointed Jagdish Rao as the regulatory reporting and remediation head. This move is aligned with Citigroup's proactive measures to strengthen its internal controls and regulatory standing.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Citigroup's CEO, Jane Fraser, engaged in a conference call on Thursday with managing directors, revealing further details of the bank's extensive restructuring, according to two undisclosed sources cited by Reuters.

Citigroup's CEO, Jane Fraser, engaged in a conference call on Thursday with managing directors, revealing further details of the bank's extensive restructuring, according to two undisclosed sources cited by Reuters. The call follows the bank's announcement last week of its intention to cut 20,000 jobs over the next two years, aiming to streamline operations and enhance financial performance. In separate discussions, managers in markets, risk, and investment banking were informed of their layoffs as part of the ongoing reorganisation. Citigroup remains vigilant in addressing the impact on its workforce, with more details on severance payments expected next week. While Citigroup has periodically updated on the job cuts, the recent call with managing directors offered insights into the broader plan. Fraser discussed various aspects of the reorganisation, emphasising that the current phase would reduce headcount by 5,000, with an additional 5,000 jobs to be cut from divesting businesses. Another 10,000 staff reductions are planned in support functions like technology and operations. Fraser's strategy to cut approximately 8 per cent of the staff aligns with her broader goal of enhancing the bank's efficiency and elevating its returns and share price. Investors and employees are keenly observing the timing and specifics of these organisational changes. The bank's fourth quarter was marked by a $1.8 billion loss due to one-off charges, prompting Citigroup to make decisive restructuring moves. Fraser's leadership has underscored the commitment to address internal deficiencies and enhance the bank's overall performance. The call with managing directors provided a forum for Fraser to communicate the intricacies of the reorganisation and elaborate on the phased job cuts, addressing concerns among employees and investors. Citigroup's planned layoffs stand out as one of the most significant workforce reductions on Wall Street in recent times. Citigroup is concurrently navigating a regulatory challenge, dealing with a 2020 consent order that demands corrections to longstanding deficiencies in internal controls. As part of its commitment to regulatory compliance, the bank appointed Jagdish Rao as the regulatory reporting and remediation head. This move is aligned with Citigroup's proactive measures to strengthen its internal controls and regulatory standing. (With inputs from Reuters)

Citigroup continues overhaul with CEO Fraser addressing managing directors

Walmart, the retail giant, announced on Thursday its decision to increase the annual average salary and bonus for US store managers, effective February 1. <o:p></o:p>

The move aims to boost the average hourly wage at Walmart to over $18, with the average salary for store managers rising from $117,000 to $128,000 annually. The annual bonus, based on meeting targets and store profits, could reach up to 200 per cent of the base salary. <o:p></o:p>

The adjustments to the salary and bonus structure are part of Walmart's strategy to invest in its front-line hourly associates. The average hourly pay, which was $17.50 in January of the previous year, is expected to exceed $18 with this change. <o:p></o:p>

The new bonus structure extends to all US store managers, offering them an opportunity to earn an annual bonus linked to their salary, potentially up to 200 per cent. <o:p></o:p>

Walmart's decision follows a broader trend where companies are prioritising competitive compensation to secure and retain talented employees. The move aligns with the company's commitment to providing equitable compensation across all job roles and departments. <o:p></o:p>

The US labour market has experienced robust wage growth and strong retail sales, contributing to increased hiring by employers. Walmart is adapting to these market dynamics by enhancing its wage and benefit structures. <o:p></o:p>

This salary and bonus adjustment is part of Walmart's ongoing initiatives to invest in its store workers. In November, the company raised its sales and profit forecast for fiscal 2024, highlighting the growing importance of grocery shopping, particularly during periods of higher interest rates. <o:p></o:p>

Walmart, with approximately 1.6 million associates in the United States at the end of fiscal 2023, seeks to reinforce its position in the market by prioritizing employee welfare and satisfaction. <o:p></o:p>

Shares of Walmart responded positively to the announcement, rising by 1.4 per cent in late afternoon trade. The stock movement indicates a favourable market response to the news of enhanced wages for US store managers.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Walmart, the retail giant, announced on Thursday its decision to increase the annual average salary and bonus for US store managers, effective February 1. The move aims to boost the average hourly wage at Walmart to over $18, with the average salary for store managers rising from $117,000 to $128,000 annually.

Walmart, the retail giant, announced on Thursday its decision to increase the annual average salary and bonus for US store managers, effective February 1. The move aims to boost the average hourly wage at Walmart to over $18, with the average salary for store managers rising from $117,000 to $128,000 annually. The annual bonus, based on meeting targets and store profits, could reach up to 200 per cent of the base salary. The adjustments to the salary and bonus structure are part of Walmart's strategy to invest in its front-line hourly associates. The average hourly pay, which was $17.50 in January of the previous year, is expected to exceed $18 with this change. The new bonus structure extends to all US store managers, offering them an opportunity to earn an annual bonus linked to their salary, potentially up to 200 per cent. Walmart's decision follows a broader trend where companies are prioritising competitive compensation to secure and retain talented employees. The move aligns with the company's commitment to providing equitable compensation across all job roles and departments. The US labour market has experienced robust wage growth and strong retail sales, contributing to increased hiring by employers. Walmart is adapting to these market dynamics by enhancing its wage and benefit structures. This salary and bonus adjustment is part of Walmart's ongoing initiatives to invest in its store workers. In November, the company raised its sales and profit forecast for fiscal 2024, highlighting the growing importance of grocery shopping, particularly during periods of higher interest rates. Walmart, with approximately 1.6 million associates in the United States at the end of fiscal 2023, seeks to reinforce its position in the market by prioritizing employee welfare and satisfaction. Shares of Walmart responded positively to the announcement, rising by 1.4 per cent in late afternoon trade. The stock movement indicates a favourable market response to the news of enhanced wages for US store managers. (With inputs from Reuters)

Walmart raises wages for US store managers starting February

In response to uncertainties surrounding electric-vehicle (EV) demand, Tesla has implemented significant price reductions for its Model Y cars across Europe, including Germany.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This move comes on the heels of Tesla's recent price cuts in China. <o:p></o:p>

The reductions aim to enhance Tesla's competitiveness in the European market amid shifting dynamics.<o:p></o:p>

The adjustments, coupled with revised price targets from UBS and Wells Fargo, led to a nearly 3 per cent decline in Tesla's shares, contributing to a challenging start for the stock in 2024.<o:p></o:p>

The price adjustments in Germany specifically target the Model Y Long Range and Model Y Performance, with reductions of 5,000 euros, bringing their prices to 49,990 euros and 55,990 euros, respectively. <o:p></o:p>

This reflects discounts of 9 per cent and 8.1 per cent compared to their previous prices. <o:p></o:p>

Additionally, Tesla cut the prices of Model Y rear-wheel drive models by 4.2 per cent. <o:p></o:p>

Similar adjustments were made in other European countries, including France, Denmark, the Netherlands, and Norway, with price reductions ranging from 4.2 per cent to 10.8 per cent. <o:p></o:p>

The rationale behind these moves was not explicitly provided, but it aligns with the broader trend of slowing EV demand, influenced by reduced state subsidies and higher borrowing costs.<o:p></o:p>

Tesla's struggle in the German EV market during 2023 is noteworthy, as it faced a 9 per cent decline in new registrations, totalling 63,685 vehicles. <o:p></o:p>

This contrasted with an 11.4 per cent increase in EV sales in Germany overall. <o:p></o:p>

Volkswagen surpassed Tesla as the largest seller of EVs in Germany during this period, claiming a 13.5 per cent market share compared to Tesla's 12.1 per cent. <o:p></o:p>

The dynamics in the German market could have influenced Tesla's decision to adjust its pricing strategy to regain market share.<o:p></o:p>

Wells Fargo and UBS responded to Tesla's market challenges by reducing their price targets on Tesla's stock by more than 8 per cent and nearly 11 per cent, respectively. <o:p></o:p>

These adjustments reflect the stock's decline of about 11.5 per cent in January alone. <o:p></o:p>

The EV manufacturer's recent decision to halt most car production at its Berlin factory from January 29 to February 11 due to component shortages also contributed to the stock's challenges. <o:p></o:p>

Tesla attributed the component issues to changes in transport routes following Red Sea vessel attacks.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In response to uncertainties surrounding electric-vehicle (EV) demand, Tesla has implemented significant price reductions for its Model Y cars across Europe, including Germany.

In response to uncertainties surrounding electric-vehicle (EV) demand, Tesla has implemented significant price reductions for its Model Y cars across Europe, including Germany. This is based on a Reuters report. This move comes on the heels of Tesla's recent price cuts in China. The reductions aim to enhance Tesla's competitiveness in the European market amid shifting dynamics. The adjustments, coupled with revised price targets from UBS and Wells Fargo, led to a nearly 3 per cent decline in Tesla's shares, contributing to a challenging start for the stock in 2024. The price adjustments in Germany specifically target the Model Y Long Range and Model Y Performance, with reductions of 5,000 euros, bringing their prices to 49,990 euros and 55,990 euros, respectively. This reflects discounts of 9 per cent and 8.1 per cent compared to their previous prices. Additionally, Tesla cut the prices of Model Y rear-wheel drive models by 4.2 per cent. Similar adjustments were made in other European countries, including France, Denmark, the Netherlands, and Norway, with price reductions ranging from 4.2 per cent to 10.8 per cent. The rationale behind these moves was not explicitly provided, but it aligns with the broader trend of slowing EV demand, influenced by reduced state subsidies and higher borrowing costs. Tesla's struggle in the German EV market during 2023 is noteworthy, as it faced a 9 per cent decline in new registrations, totalling 63,685 vehicles. This contrasted with an 11.4 per cent increase in EV sales in Germany overall. Volkswagen surpassed Tesla as the largest seller of EVs in Germany during this period, claiming a 13.5 per cent market share compared to Tesla's 12.1 per cent. The dynamics in the German market could have influenced Tesla's decision to adjust its pricing strategy to regain market share. Wells Fargo and UBS responded to Tesla's market challenges by reducing their price targets on Tesla's stock by more than 8 per cent and nearly 11 per cent, respectively. These adjustments reflect the stock's decline of about 11.5 per cent in January alone. The EV manufacturer's recent decision to halt most car production at its Berlin factory from January 29 to February 11 due to component shortages also contributed to the stock's challenges. Tesla attributed the component issues to changes in transport routes following Red Sea vessel attacks. (With inputs from Reuters)

Tesla Reacts to EV Market Dynamics: Slashes model Y prices in Europe following China adjustments

Speaking about where New Delhi stands amid the US-China chip wars at the World Economic Forum’s (WEF) annual meeting, the Indian Information Technology Minister Ashwini Vaishnaw, on Wednesday (Jan 17) said that it is not a battle since there is enough for everyone and how the semiconductor industry will evolve in several ways.&nbsp;

<h2>‘Trust is our biggest capital’</h2>

In response to a question about how India will navigate through the&nbsp;chip war between the US and China, Vaishnaw said that the world has developed a certain trust in New Delhi because of how the country has conducted itself, in terms of economic and foreign policies, on the international stage.&nbsp;

“Trust is our biggest capital. That trust gels the entire world into a harmonious way,” said the IT minister during a roundtable discussion at the gathering of global leaders in Davos, Switzerland.&nbsp;

WATCH |&nbsp;Decoding the hypocrisy of global elite at Davos

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/decoding-the-hypocrisy-of-global-elite-at-davos-679816/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

He also spoke about how India has signed agreements with several countries including the US, Japan and some countries in Europe on semiconductors, adding that New Delhi is also working with the South Korean government and companies.&nbsp;

“It’s like practically every company wants to collaborate with India in one way or another,” said Vaishnaw. He added, “So we don’t think it’s a battle, we think there is enough for everybody.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/alibaba-cancels-cloud-computing-spinoff-amid-us-china-chip-war-659601">Alibaba cancels cloud computing spinoff amid US-China chip war&nbsp;</a>

The US restricts certain chip exports, to countries such as China, Iran and Russia in a bid to prevent the development of machine learning models that power Artificial Intelligence tools.

<h2>Industry will evolve and so will we: Vaishnaw</h2>

Speaking about how dynamic and ever-changing the semiconductor industry is, he said it is not easy to predict what changes will happen in the next 10 years. “It’s something which is too complex and too dynamic and too uncertain for anyone to bet that this is how the sector will be.”&nbsp;

He went on to give an example of how five years ago no one thought that 28-nanometre or 40-nanometre chips would not be viable anymore but the way that the electric vehicle industry has evolved, those “legacy nodes” have become important.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-leads-global-public-distrust-in-innovation-survey-unveils-concerns-ahead-of-davos-summit-680080">US leads global public distrust in innovation, survey unveils concerns ahead of Davos Summit</a>

The IT minister also said that New Delhi’s “biggest priority” is on design and it is also the country’s strength given that we have around 300,000 design engineers who “practically” design every complex chip manufactured across the world and asserted that India&nbsp;is the right place to develop the semiconductor industry.&nbsp;

(With inputs from agencies)

Speaking about where New Delhi stands amid the US-China chip wars at the World Economic Forum’s (WEF) annual meeting, the Indian Information Technology Minister Ashwini Vaishnaw, on Wednesday (Jan 17) said that it is not a battle since there is enough for everyone and how the semiconductor industry will evolve in several ways.

Speaking about where New Delhi stands amid the US-China chip wars at the World Economic Forum’s (WEF) annual meeting, the Indian Information Technology Minister Ashwini Vaishnaw, on Wednesday (Jan 17) said that it is not a battle since there is enough for everyone and how the semiconductor industry will evolve in several ways. ‘Trust is our biggest capital’ In response to a question about how India will navigate through the chip war between the US and China, Vaishnaw said that the world has developed a certain trust in New Delhi because of how the country has conducted itself, in terms of economic and foreign policies, on the international stage. “Trust is our biggest capital. That trust gels the entire world into a harmonious way,” said the IT minister during a roundtable discussion at the gathering of global leaders in Davos, Switzerland. WATCH | Decoding the hypocrisy of global elite at Davos He also spoke about how India has signed agreements with several countries including the US, Japan and some countries in Europe on semiconductors, adding that New Delhi is also working with the South Korean government and companies. “It’s like practically every company wants to collaborate with India in one way or another,” said Vaishnaw. He added, “So we don’t think it’s a battle, we think there is enough for everybody.” ALSO READ | Alibaba cancels cloud computing spinoff amid US-China chip war The US restricts certain chip exports, to countries such as China, Iran and Russia in a bid to prevent the development of machine learning models that power Artificial Intelligence tools. Industry will evolve and so will we: Vaishnaw Speaking about how dynamic and ever-changing the semiconductor industry is, he said it is not easy to predict what changes will happen in the next 10 years. “It’s something which is too complex and too dynamic and too uncertain for anyone to bet that this is how the sector will be.” He went on to give an example of how five years ago no one thought that 28-nanometre or 40-nanometre chips would not be viable anymore but the way that the electric vehicle industry has evolved, those “legacy nodes” have become important. ALSO READ | US leads global public distrust in innovation, survey unveils concerns ahead of Davos Summit The IT minister also said that New Delhi’s “biggest priority” is on design and it is also the country’s strength given that we have around 300,000 design engineers who “practically” design every complex chip manufactured across the world and asserted that India is the right place to develop the semiconductor industry. (With inputs from agencies)

‘We don’t think it’s a battle’: Indian IT minister about US-China chip war at Davos

The Suez Canal, a critical artery for global trade, is experiencing a significant decline in commercial ship transits, reaching the lowest levels since the infamous blockage by the Ever Given almost three years ago.<o:p></o:p>

This is based on a report published by Bloomberg.<o:p></o:p>

Data from the International Monetary Fund and Oxford University reveals that the seven-day moving average of daily Suez crossings has dropped to 49 as of Sunday. <o:p></o:p>

This decline is attributed to attacks on vessels near the Red Sea, prompting a shift in global trade routes to longer and more expensive alternatives.<o:p></o:p>

The seven-day moving average of daily Suez crossings, which includes bulk cargo ships, container carriers, and tankers, has seen a notable decrease from its 2023 peak of 83 transits in late June. <o:p></o:p>

This downturn is also reflected in a year-on-year comparison, with the current average of 49 transits standing lower than the corresponding figure of 70 a year earlier. <o:p></o:p>

The drop in traffic echoes the aftermath of the Ever Given blockage in March 2021, which caused widespread disruptions in supply chains. <o:p></o:p>

A notable consequence of the decreased Suez traffic is the corresponding increase in the number of ships opting for the longer journey around the Cape of Good Hope, near the southern tip of Africa. <o:p></o:p>

The Cape route has become an alternative for vessels rerouting their courses due to the challenges and risks posed by the Red Sea. <o:p></o:p>

Maritime experts emphasise that these diversions not only result in longer voyage durations but also incur higher costs for shipping companies, impacting the overall efficiency of global trade networks.<o:p></o:p>

As the Suez Canal experiences reduced traffic, the Ever Given, the vessel at the centre of the 2021 blockage, has taken an alternative route. <o:p></o:p>

Ship-tracking data reveals that the Ever Given is currently positioned in the middle of the Indian Ocean, heading east toward Sri Lanka. <o:p></o:p>

The ship's journey began in mid-December, coinciding with the onset of diversions prompted by security concerns near the Red Sea. <o:p></o:p>

&nbsp;(With inputs from Bloomberg)<o:p></o:p>

<o:p>&nbsp;</o:p>

The Suez Canal, a critical artery for global trade, is experiencing a significant decline in commercial ship transits, reaching the lowest levels since the infamous blockage by the Ever Given almost three years ago.

The Suez Canal, a critical artery for global trade, is experiencing a significant decline in commercial ship transits, reaching the lowest levels since the infamous blockage by the Ever Given almost three years ago. This is based on a report published by Bloomberg. Data from the International Monetary Fund and Oxford University reveals that the seven-day moving average of daily Suez crossings has dropped to 49 as of Sunday. This decline is attributed to attacks on vessels near the Red Sea, prompting a shift in global trade routes to longer and more expensive alternatives. The seven-day moving average of daily Suez crossings, which includes bulk cargo ships, container carriers, and tankers, has seen a notable decrease from its 2023 peak of 83 transits in late June. This downturn is also reflected in a year-on-year comparison, with the current average of 49 transits standing lower than the corresponding figure of 70 a year earlier. The drop in traffic echoes the aftermath of the Ever Given blockage in March 2021, which caused widespread disruptions in supply chains. A notable consequence of the decreased Suez traffic is the corresponding increase in the number of ships opting for the longer journey around the Cape of Good Hope, near the southern tip of Africa. The Cape route has become an alternative for vessels rerouting their courses due to the challenges and risks posed by the Red Sea. Maritime experts emphasise that these diversions not only result in longer voyage durations but also incur higher costs for shipping companies, impacting the overall efficiency of global trade networks. As the Suez Canal experiences reduced traffic, the Ever Given, the vessel at the centre of the 2021 blockage, has taken an alternative route. Ship-tracking data reveals that the Ever Given is currently positioned in the middle of the Indian Ocean, heading east toward Sri Lanka. The ship's journey began in mid-December, coinciding with the onset of diversions prompted by security concerns near the Red Sea. (With inputs from Bloomberg)

Suez Canal Traffic Nosedives: Global shipping seeks alternate routes amid security concerns

The Indian government is considering a significant boost to the "make in India" initiative by contemplating an extension of favorable corporate tax rates for new manufacturing companies. Media reports reveal that discussions are ongoing to potentially prolong the existing concession for one to two years. That means the current sunset clause, set to expire on march 31, 2024, could see an extension.

Budget 2024: Government to give 'Make in India' a big push | World Business Watch

Budget 2024: Focus on domestic manufacturing

Researchers at the Abu Dhabi's Mohamed Bin Zayed university of artificial intelligence (MBZUAI), have patented a technology capable of mimicking handwriting styles. From potential medical aid to commercial collaborations, our next report explores the limitless possibilities and challenges posed by this pioneering ai handwriting system.

Implications of AI-generated handwriting