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Sheryl Sandberg, the former Chief Operating Officer of Meta Platforms, revealed her intention to step down from the company's board of directors after 12 years of service, as announced in her Facebook post on Wednesday. <o:p></o:p>

Sandberg, a key figure at Meta for over 14 years, emphasised that Meta's business is strong and well-positioned for the future, making this an opportune moment for her departure. <o:p></o:p>

She expressed her commitment to continue serving as an adviser to the company even after her board tenure concludes in May.<o:p></o:p>

Meta CEO Mark Zuckerberg responded to Sandberg's decision, expressing anticipation for "a new chapter together." <o:p></o:p>

Sandberg, once the second-in-command to Zuckerberg, has played a pivotal role in shaping Meta's trajectory and was a prominent figure during her tenure as Chief Operating Officer, overseeing the company's operations for over a decade. <o:p></o:p>

Sandberg decided to step down from her operational role in 2022, marking a significant transition in her longstanding association with Meta.<o:p></o:p>

Sandberg's departure marks the end of an era, given her instrumental role as the lead architect of Meta's ads-based business model. <o:p></o:p>

Throughout the challenges and controversies faced by the company, she remained a steadfast defender of Meta, consistently asserting that lessons were learned from mistakes, and efforts were made to enhance tools for better content moderation. <o:p></o:p>

Before joining Meta, Sheryl Sandberg held prominent roles at Google, where she served as the Vice President of Global Online Sales and Operations.<o:p></o:p>

&nbsp;Her extensive professional journey also includes being the Chief of Staff for the United States Treasury Department under former President Bill Clinton. <o:p></o:p>

A Harvard University graduate, Sandberg is not only recognised for her corporate leadership but is also an accomplished author, known for her influential work, including the feminist manifesto "Lean In: Women, Work, and the Will to Lead," published in 2013.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Sheryl Sandberg, the former Chief Operating Officer of Meta Platforms, revealed her intention to step down from the company's board of directors after 12 years of service, as announced in her Facebook post on Wednesday.

Sheryl Sandberg, the former Chief Operating Officer of Meta Platforms, revealed her intention to step down from the company's board of directors after 12 years of service, as announced in her Facebook post on Wednesday. Sandberg, a key figure at Meta for over 14 years, emphasised that Meta's business is strong and well-positioned for the future, making this an opportune moment for her departure. She expressed her commitment to continue serving as an adviser to the company even after her board tenure concludes in May. Meta CEO Mark Zuckerberg responded to Sandberg's decision, expressing anticipation for "a new chapter together." Sandberg, once the second-in-command to Zuckerberg, has played a pivotal role in shaping Meta's trajectory and was a prominent figure during her tenure as Chief Operating Officer, overseeing the company's operations for over a decade. Sandberg decided to step down from her operational role in 2022, marking a significant transition in her longstanding association with Meta. Sandberg's departure marks the end of an era, given her instrumental role as the lead architect of Meta's ads-based business model. Throughout the challenges and controversies faced by the company, she remained a steadfast defender of Meta, consistently asserting that lessons were learned from mistakes, and efforts were made to enhance tools for better content moderation. Before joining Meta, Sheryl Sandberg held prominent roles at Google, where she served as the Vice President of Global Online Sales and Operations. Her extensive professional journey also includes being the Chief of Staff for the United States Treasury Department under former President Bill Clinton. A Harvard University graduate, Sandberg is not only recognised for her corporate leadership but is also an accomplished author, known for her influential work, including the feminist manifesto "Lean In: Women, Work, and the Will to Lead," published in 2013. (With inputs from Reuters)

Sheryl Sandberg, former COO of Meta Platforms, announces exit from board after 12 years

India is setting its sights on attracting a whopping $100 billion in annual foreign direct investment (FDI) in the coming years, according to Information Technology Minister Ashwini Vaishnaw.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

In an interview at the World Economic Forum in Davos, Vaishnaw outlined a comprehensive growth strategy, foreseeing a consistent growth rate of 6-8 per cent over the next decade. <o:p></o:p>

The strategy revolves around four major engines: investment in physical and digital infrastructure, uplifting the bottom pyramid of the population, boosting manufacturing, and simplifying business processes to enhance the ease of doing business. <o:p></o:p>

Vaishnaw highlighted the key components of India's growth strategy, emphasising the significance of investment in infrastructure, both physical and digital.<o:p></o:p>

"We see 6-8 per cent consistent growth rate over the next full decade, and this is based on a very clearly thought-out strategy," he told Reuters. <o:p></o:p>

Foreign direct investment is a pivotal aspect of this plan, and Vaishnaw expressed optimism, asserting that India is now perceived as the "most important investment destination" by global investors. <o:p></o:p>

Despite previous critiques of Modi's protectionist policies, foreign investors, including major players like Apple, Samsung, Kia, and Airbus, have made substantial investments in India.<o:p></o:p>

India has been a magnet for foreign investment since Prime Minister Narendra Modi assumed office in 2014. Despite occasional criticism of protectionist policies, the country recorded FDI inflows of $33 billion in the first half of the current financial year and $71 billion in the 2022-23 financial year. <o:p></o:p>

The ambitious target of $100 billion in annual FDI is aimed at sustaining India's economic growth, which is projected to be the highest among major global economies at 7.3 per cent for the current financial year. <o:p></o:p>

This move aligns with Prime Minister Modi's efforts to attract investors ahead of the upcoming elections, addressing crucial issues such as unemployment among the youth.<o:p></o:p>

Vaishnaw drew a parallel with China's success in consistently attracting substantial FDI over more than a decade. <o:p></o:p>

He emphasised that investors now view India as the "most important investment destination". <o:p></o:p>

While India has made significant strides in various sectors, Vaishnaw underscored his role in overseeing India's push to become a powerhouse in electronics manufacturing, aligning with Modi's broader business agenda. <o:p></o:p>

He also highlighted ongoing efforts to enhance collaboration with Apple, aiming to boost the company's manufacturing and retail presence in India, where it currently contributes to approximately 12-14 per cent of global iPhone shipments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

India is setting its sights on attracting a whopping $100 billion in annual foreign direct investment (FDI) in the coming years, according to Information Technology Minister Ashwini Vaishnaw.

India is setting its sights on attracting a whopping $100 billion in annual foreign direct investment (FDI) in the coming years, according to Information Technology Minister Ashwini Vaishnaw. This is based on a Reuters report. In an interview at the World Economic Forum in Davos, Vaishnaw outlined a comprehensive growth strategy, foreseeing a consistent growth rate of 6-8 per cent over the next decade. The strategy revolves around four major engines: investment in physical and digital infrastructure, uplifting the bottom pyramid of the population, boosting manufacturing, and simplifying business processes to enhance the ease of doing business. Vaishnaw highlighted the key components of India's growth strategy, emphasising the significance of investment in infrastructure, both physical and digital. "We see 6-8 per cent consistent growth rate over the next full decade, and this is based on a very clearly thought-out strategy," he told Reuters. Foreign direct investment is a pivotal aspect of this plan, and Vaishnaw expressed optimism, asserting that India is now perceived as the "most important investment destination" by global investors. Despite previous critiques of Modi's protectionist policies, foreign investors, including major players like Apple, Samsung, Kia, and Airbus, have made substantial investments in India. India has been a magnet for foreign investment since Prime Minister Narendra Modi assumed office in 2014. Despite occasional criticism of protectionist policies, the country recorded FDI inflows of $33 billion in the first half of the current financial year and $71 billion in the 2022-23 financial year. The ambitious target of $100 billion in annual FDI is aimed at sustaining India's economic growth, which is projected to be the highest among major global economies at 7.3 per cent for the current financial year. This move aligns with Prime Minister Modi's efforts to attract investors ahead of the upcoming elections, addressing crucial issues such as unemployment among the youth. Vaishnaw drew a parallel with China's success in consistently attracting substantial FDI over more than a decade. He emphasised that investors now view India as the "most important investment destination". While India has made significant strides in various sectors, Vaishnaw underscored his role in overseeing India's push to become a powerhouse in electronics manufacturing, aligning with Modi's broader business agenda. He also highlighted ongoing efforts to enhance collaboration with Apple, aiming to boost the company's manufacturing and retail presence in India, where it currently contributes to approximately 12-14 per cent of global iPhone shipments. (With inputs from Reuters)

India seeks $100 billion in annual FDI in coming years: Minister

In the bustling metropolis of Shanghai, the economic downturn in China is leaving a profound impact on the aspirations of its youth, Reuters reported.<o:p></o:p>

Melody Zhang, a recent graduate from Renmin University, experienced the harsh reality of the job market, shedding tears the night before China's civil service exam. With over 2.6 million applicants vying for a mere 39,600 government positions, Zhang's dreams of a media career were shattered. <o:p></o:p>

In the midst of a youth unemployment crisis, she remarked, "We were born in the wrong era."<o:p></o:p>

Economics professor Zhu Tian from China Europe International Business School in Shanghai is among those who argue that China is already in a recession. Despite the nation's 5.2 per cent economic growth last year, many feel the pinch of unemployment and decreasing income. <o:p></o:p>

Zhu emphasizes the need for urgent stimulus measures to break the potentially vicious cycle of low confidence, especially affecting the younger generation entering the job market. <o:p></o:p>

Vanishing aspirations and shifting job landscape<o:p></o:p>

China's Generation Z, comprising those aged 16-24, faces a pessimistic job market. In June, over one in four Chinese in this age group were unemployed, with the latest data in December showing a youth unemployment rate of 14.9 per cent. <o:p></o:p>

Those fortunate enough to secure jobs often earn less than expected due to cost-cutting measures by businesses responding to poor domestic demand. Reuters cited Janice Zhang, who worked in the tech industry, lamenting that the state of the economy makes her feel like a "grain of sand on the beach," unable to control her own destiny.<o:p></o:p>

China's economic success, which expanded significantly since the 1980s, is facing a historical shift in mood. The country's model of massive investments in manufacturing and infrastructure has led to a debt burden that is challenging to sustain. <o:p></o:p>

Regulatory crackdowns on finance, technology, and education, coupled with subdued household consumption, have further limited opportunities for high-skilled jobs in the services sector. <o:p></o:p>

Property crisis and middle-income trap<o:p></o:p>

The property market in China is grappling with a crisis as 96 per cent of urban households owned at least one apartment in 2019. With property values plummeting in some cities since 2021, many homeowners feel less wealthy, resulting in reduced spending. <o:p></o:p>

Vincent Li, owner of a high-end coffee shop in Shanghai, shares his experience of the property market saturation, stating that cheaper coffee is preferred as Chinese consumers cut spending. <o:p></o:p>

The property sector, which once contributed a quarter of economic activity, is now seen as a major threat to China's attempts to escape the middle-income trap.<o:p></o:p>

Diplomatic tensions impacting businesses<o:p></o:p>

Beyond domestic challenges, diplomatic tensions between China and the West are causing disruptions. David Fincher, owner of a consultancy in Shanghai, faces challenges due to US tech restrictions on China, preventing his business from engaging in leading-edge semiconductors. <o:p></o:p>

Concerns about potential diplomatic tensions and regulatory shifts are prompting Fincher to consider moving his business overseas. Reflecting on the situation, he told Reuters, "You feel like a lobster in a pot. The water gets hotter, and you just kind of sit there."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In the bustling metropolis of Shanghai, the economic downturn in China is leaving a profound impact on the aspirations of its youth, Reuters reported. Melody Zhang, a recent graduate from Renmin University, experienced the harsh reality of the job market, shedding tears the night before China's civil service exam.

In the bustling metropolis of Shanghai, the economic downturn in China is leaving a profound impact on the aspirations of its youth, Reuters reported. Melody Zhang, a recent graduate from Renmin University, experienced the harsh reality of the job market, shedding tears the night before China's civil service exam. With over 2.6 million applicants vying for a mere 39,600 government positions, Zhang's dreams of a media career were shattered. In the midst of a youth unemployment crisis, she remarked, "We were born in the wrong era." Economics professor Zhu Tian from China Europe International Business School in Shanghai is among those who argue that China is already in a recession. Despite the nation's 5.2 per cent economic growth last year, many feel the pinch of unemployment and decreasing income. Zhu emphasizes the need for urgent stimulus measures to break the potentially vicious cycle of low confidence, especially affecting the younger generation entering the job market. Vanishing aspirations and shifting job landscape China's Generation Z, comprising those aged 16-24, faces a pessimistic job market. In June, over one in four Chinese in this age group were unemployed, with the latest data in December showing a youth unemployment rate of 14.9 per cent. Those fortunate enough to secure jobs often earn less than expected due to cost-cutting measures by businesses responding to poor domestic demand. Reuters cited Janice Zhang, who worked in the tech industry, lamenting that the state of the economy makes her feel like a "grain of sand on the beach," unable to control her own destiny. China's economic success, which expanded significantly since the 1980s, is facing a historical shift in mood. The country's model of massive investments in manufacturing and infrastructure has led to a debt burden that is challenging to sustain. Regulatory crackdowns on finance, technology, and education, coupled with subdued household consumption, have further limited opportunities for high-skilled jobs in the services sector. Property crisis and middle-income trap The property market in China is grappling with a crisis as 96 per cent of urban households owned at least one apartment in 2019. With property values plummeting in some cities since 2021, many homeowners feel less wealthy, resulting in reduced spending. Vincent Li, owner of a high-end coffee shop in Shanghai, shares his experience of the property market saturation, stating that cheaper coffee is preferred as Chinese consumers cut spending. The property sector, which once contributed a quarter of economic activity, is now seen as a major threat to China's attempts to escape the middle-income trap. Diplomatic tensions impacting businesses Beyond domestic challenges, diplomatic tensions between China and the West are causing disruptions. David Fincher, owner of a consultancy in Shanghai, faces challenges due to US tech restrictions on China, preventing his business from engaging in leading-edge semiconductors. Concerns about potential diplomatic tensions and regulatory shifts are prompting Fincher to consider moving his business overseas. Reflecting on the situation, he told Reuters, "You feel like a lobster in a pot. The water gets hotter, and you just kind of sit there." (With inputs from Reuters)

China's Economic Downturn: A looming recession shadows aspirations and property markets

Your Apple Watch might just be shorn off one of its key features: the blood oxygen level display. A US court on Thursday (Jan 17) upheld a ban on the sale of Apple watches, allegedly infringing on a patent related to this medical technology. 
 
The dispute involves a smaller company which claims to have introduced the feature.

Blood oxygen level&nbsp;is a key feature used by those wearing Apple Watches, particularly fitness enthusiasts, and is very useful in medical situations. 
 
On the other side&nbsp;of the patent dispute is Masimo,&nbsp;a health technology and consumer electronics company based in Irvine, California. 
 
The Cupertino, California-based giant was earlier allowed to sell Series 9 and Ultra 2&nbsp;as the patent case was continuing.

WATCH:&nbsp;Apple overtakes Samsung as world's biggest seller of smartphones

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However, as per the court ruling, the models facing the dispute cannot be imported from 5:00 PM local time on Thursday. 
&nbsp;

<h2>Apple reacts to court ruling on smartwatch</h2>

On Thursday, Apple, which "strongly disagreed" that it violated patents, hinted it might disable the oximeter feature.

"Pending the appeal, Apple is taking steps to comply with the ruling while ensuring customers have access to Apple Watch with limited disruption," it said in a release.

 
Masimo,&nbsp;a health technology and consumer electronics company based in Irvine, California, reacted to the ruling in a press release, with its CEO sharing on X that the ruling was a "victory for American innovation".

&nbsp;

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Today marks a victory for American Innovation and hospital-grade wearables consumers can trust. <a href="https://twitter.com/hashtag/PressRelease?src=hash&amp;ref_src=twsrc%5Etfw">#PressRelease</a> <a href="https://t.co/1LlQi0Cw3I">https://t.co/1LlQi0Cw3I</a> <a href="https://t.co/h2jnxtJu1H">pic.twitter.com/h2jnxtJu1H</a>
— Joe Kiani (@JoeKiani) <a href="https://twitter.com/JoeKiani/status/1747834852492169362?ref_src=twsrc%5Etfw">January 18, 2024</a></blockquote>
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&nbsp;

“The Federal Circuit's decision to lift the temporary stay is a victory for the integrity of the American patent system and the safety of people relying on pulse oximetry,” a Masimo release quoted Kiani as saying. 
&nbsp;

“It affirms that even the largest and most powerful companies must respect the intellectual rights of American inventors and must deal with the consequences when they are caught infringing others’ patents.”

Also read:&nbsp;<a href="https://www.wionews.com/technology/biden-administration-allows-apple-watch-import-ban-in-us-following-tribunal-ruling-673768">Biden administration allows Apple Watch import ban in US following tribunal ruling</a>

<h2>Masimo's allegations against Apple on patent infringement</h2>

Masimo claimed in its release that the company had&nbsp;earlier made available a study showing that Apple Watch’s pulse oximetry missed over 90 per cent&nbsp;of potentially life-threatening events.

"The Apple Watch pulse oximeter was not cleared by the United States Food and Drug Administration for medical use," Masimo claimed in the release&nbsp;while adding that&nbsp;the Masimo W1 health watch "was recently cleared by the FDA for its indicated medical uses, including continuous pulse oximetry".

also read:&nbsp;<a href="https://www.wionews.com/technology/apple-begins-disbursing-batterygate-settlement-payments-to-us-iphone-users-report-677832">Apple begins disbursing ‘batterygate’ settlement payments to US iPhone users: Report</a>

Masimo said in its release that its pulse oximetry technology "is used on over 200 million patients in hospitals a year".

According to the company, the feature helped save babies’ eyesight in the neonatal ICU, detect critical congenital heart defects in newborns and save the lives of patients in post-surgical wards who are taking opioids.

Masimo and sister company Cercacor claimed that Apple poached its key staff, and accused the tech giant of stealing its blood oxygen level detection technology.

The US trade commission agreed to some of these claims last&nbsp;October and banned imports and sales of some of the Apple Watch models. But this ban was halted as hearings were going on Apple's appeal.

Most versions of Apple's watches, including the Series 9 and Ultra 2, have included the feature since 2020, BBC said in a report, adding some models do not have the feature.

(With inputs from agencies) 
&nbsp;

&nbsp;

Your Apple Watch might just be shorn off one of its key features: the blood oxygen level display. A US court on Thursday (Jan 17) upheld a ban on the sale of Apple watches, allegedly infringing on a patent related to this medical technology.

Your Apple Watch might just be shorn off one of its key features: the blood oxygen level display. A US court on Thursday (Jan 17) upheld a ban on the sale of Apple watches, allegedly infringing on a patent related to this medical technology. The dispute involves a smaller company which claims to have introduced the feature. Blood oxygen level is a key feature used by those wearing Apple Watches, particularly fitness enthusiasts, and is very useful in medical situations. On the other side of the patent dispute is Masimo, a health technology and consumer electronics company based in Irvine, California. The Cupertino, California-based giant was earlier allowed to sell Series 9 and Ultra 2 as the patent case was continuing. WATCH: Apple overtakes Samsung as world's biggest seller of smartphones × However, as per the court ruling, the models facing the dispute cannot be imported from 5:00 PM local time on Thursday. Apple reacts to court ruling on smartwatch On Thursday, Apple, which "strongly disagreed" that it violated patents, hinted it might disable the oximeter feature. "Pending the appeal, Apple is taking steps to comply with the ruling while ensuring customers have access to Apple Watch with limited disruption," it said in a release. Masimo, a health technology and consumer electronics company based in Irvine, California, reacted to the ruling in a press release, with its CEO sharing on X that the ruling was a "victory for American innovation". Today marks a victory for American Innovation and hospital-grade wearables consumers can trust. #PressRelease https://t.co/1LlQi0Cw3I pic.twitter.com/h2jnxtJu1H — Joe Kiani (@JoeKiani) January 18, 2024 × “The Federal Circuit's decision to lift the temporary stay is a victory for the integrity of the American patent system and the safety of people relying on pulse oximetry,” a Masimo release quoted Kiani as saying. “It affirms that even the largest and most powerful companies must respect the intellectual rights of American inventors and must deal with the consequences when they are caught infringing others’ patents.” Also read: Biden administration allows Apple Watch import ban in US following tribunal ruling Masimo's allegations against Apple on patent infringement Masimo claimed in its release that the company had earlier made available a study showing that Apple Watch’s pulse oximetry missed over 90 per cent of potentially life-threatening events. "The Apple Watch pulse oximeter was not cleared by the United States Food and Drug Administration for medical use," Masimo claimed in the release while adding that the Masimo W1 health watch "was recently cleared by the FDA for its indicated medical uses, including continuous pulse oximetry". also read: Apple begins disbursing ‘batterygate’ settlement payments to US iPhone users: Report Masimo said in its release that its pulse oximetry technology "is used on over 200 million patients in hospitals a year". According to the company, the feature helped save babies’ eyesight in the neonatal ICU, detect critical congenital heart defects in newborns and save the lives of patients in post-surgical wards who are taking opioids. Masimo and sister company Cercacor claimed that Apple poached its key staff, and accused the tech giant of stealing its blood oxygen level detection technology. The US trade commission agreed to some of these claims last October and banned imports and sales of some of the Apple Watch models. But this ban was halted as hearings were going on Apple's appeal. Most versions of Apple's watches, including the Series 9 and Ultra 2, have included the feature since 2020, BBC said in a report, adding some models do not have the feature. (With inputs from agencies)

Apple watch patent row: As US upholds ban on sale, tech giant might disable oxygen display in some devices

In a significant development at the World Economic Forum in Davos, Western officials expressed openness to the idea of confiscating around $300 billion of Russian assets to support Ukraine.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The move comes in response to President Vladimir Putin's deployment of troops into Ukraine in 2022, prompting the United States and its allies to impose sanctions, blocking significant sovereign Russian assets in the West. While the proposition is under consideration, officials caution that navigating the legal intricacies and determining the impact on the global financial system present formidable challenges.<o:p></o:p>

Legal complexities and potential limitations<o:p></o:p>

Addressing the complexities involved in seizing Russian assets, Penny Pritzker, US special representative for Ukraine's economic recovery, emphasised the need for legal scrutiny and collective decision-making.<o:p></o:p>

"No decisions have been made. It's a misperception to think this is going to be a panacea effect. There's real effort going on, but we are far from a conclusion,” Reuters quoted her as saying.<o:p></o:p>

Russia, not represented at Davos, has voiced its opposition, arguing that such confiscation contradicts free-market principles. The Kremlin has warned of reciprocal actions, threatening to seize US, European, and other assets in retaliation.<o:p></o:p>

Janet Yellen's concerns and mitigation efforts<o:p></o:p>

US Treasury Secretary Janet Yellen, who has consistently expressed concerns about the legal authority for confiscating Russian assets, recently embraced exploring seizure options based on international law.<o:p></o:p>

According to Reuters, Yellen highlighted the challenges, stating, "It would be a question of understanding and seeing if mitigation could be put in place and seeing if the G7 could agree on international law rationale." <o:p></o:p>

Some officials worry about potential repercussions on storing reserves in dollars or euros. Seizing Russian assets invested in government bonds could pose risks to the willingness of central banks to store reserves with each other.<o:p></o:p>

Belgian Prime Minister's Perspective<o:p></o:p>

Belgian Prime Minister Alexander De Croo expressed a nuanced stance, not opposing asset confiscation but emphasising the necessity of a clear mechanism. He suggested a potential avenue by stating, "For example, they can be used as collateral for raising funds for Ukraine." <o:p></o:p>

De Croo conveyed openness to further discussions and participation in finding a legal basis for transferring the assets to Ukraine without destabilising the global financial system. Acknowledging the complexity of the situation, he highlighted the need for a structured approach and proposed utilising any taxable revenue for the benefit of Ukraine.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

In a significant development at the World Economic Forum in Davos, Western officials expressed openness to the idea of confiscating around $300 billion of Russian assets to support Ukraine.

In a significant development at the World Economic Forum in Davos, Western officials expressed openness to the idea of confiscating around $300 billion of Russian assets to support Ukraine. This is based on a Reuters report. The move comes in response to President Vladimir Putin's deployment of troops into Ukraine in 2022, prompting the United States and its allies to impose sanctions, blocking significant sovereign Russian assets in the West. While the proposition is under consideration, officials caution that navigating the legal intricacies and determining the impact on the global financial system present formidable challenges. Legal complexities and potential limitations Addressing the complexities involved in seizing Russian assets, Penny Pritzker, US special representative for Ukraine's economic recovery, emphasised the need for legal scrutiny and collective decision-making. "No decisions have been made. It's a misperception to think this is going to be a panacea effect. There's real effort going on, but we are far from a conclusion,” Reuters quoted her as saying. Russia, not represented at Davos, has voiced its opposition, arguing that such confiscation contradicts free-market principles. The Kremlin has warned of reciprocal actions, threatening to seize US, European, and other assets in retaliation. Janet Yellen's concerns and mitigation efforts US Treasury Secretary Janet Yellen, who has consistently expressed concerns about the legal authority for confiscating Russian assets, recently embraced exploring seizure options based on international law. According to Reuters, Yellen highlighted the challenges, stating, "It would be a question of understanding and seeing if mitigation could be put in place and seeing if the G7 could agree on international law rationale." Some officials worry about potential repercussions on storing reserves in dollars or euros. Seizing Russian assets invested in government bonds could pose risks to the willingness of central banks to store reserves with each other. Belgian Prime Minister's Perspective Belgian Prime Minister Alexander De Croo expressed a nuanced stance, not opposing asset confiscation but emphasising the necessity of a clear mechanism. He suggested a potential avenue by stating, "For example, they can be used as collateral for raising funds for Ukraine." De Croo conveyed openness to further discussions and participation in finding a legal basis for transferring the assets to Ukraine without destabilising the global financial system. Acknowledging the complexity of the situation, he highlighted the need for a structured approach and proposed utilising any taxable revenue for the benefit of Ukraine. (With inputs from Reuters)

Western officials explore confiscating $300 bn Russian assets: Report

The Indian government is considering a significant boost to the manufacturing sector by extending the favorable corporate tax rates for new companies, say several media reports.

These reports reveal that discussions are underway to prolong the existing concession for one to two years. This means the current sunset clause, set to expire on March 31, 2024, could see an extension. However, a final decision has not been reached yet.

At present, newly established domestic manufacturing firms enjoy a concessional corporate tax rate of 15 per cent. To qualify for this benefit, manufacturing units must begin operations by the end of March 2024.

This clause, first announced in the 2019 Budget, aims to attract more investments and stimulate growth in the manufacturing sector.

By offering favorable tax rates to new manufacturing companies, the government aims to make india a more appealing destination for businesses looking to set up manufacturing operations.

This aligns with the broader "Make in India" initiative, which encourages domestic production and reduces reliance on imported goods.

Experts believe that the concessions need to be extended for a period of two more years to see the full extent of the initiative's potential in bringing in new investments.

Abhishek Mundada, Partner, Dhruva Advisors, tells WION that the initiative must be extended for at least five to six years, if India wants to attract global manufacturers.

"Manufacturing sector is the thrust of this government, in terms of making India a global leader," Mundada says, adding that the government introduced this provision to take India's small manufacturing sector to "the next level".

Extending the concessional corporate tax rates would provide a financial incentive for companies to establish and expand their manufacturing units in india. This, in turn, could lead to job creation, technology transfer, and an overall boost to the economy.

The concessions can boost India's ambition to become the world's third-largest economy by the next decade. Mundada argues that countries have and will become a superpower, only with a strong manufacturing base.

With multinational firms increasingly 'de-risking' their supply chains away from China, India has the opportunity to divert manufacturers away from the world's 'factory'.

"After COVID-19 pandemic, the global market dynamics have changed. Boardroom are discussing a 'China +1' strategy and India is at the forefront of it. So, this (concessional tax) regime is important," he adds.

The Indian government is considering a significant boost to the manufacturing sector by extending the favorable corporate tax rates for new companies, say several media reports.

The Indian government is considering a significant boost to the manufacturing sector by extending the favorable corporate tax rates for new companies, say several media reports. These reports reveal that discussions are underway to prolong the existing concession for one to two years. This means the current sunset clause, set to expire on March 31, 2024, could see an extension. However, a final decision has not been reached yet. At present, newly established domestic manufacturing firms enjoy a concessional corporate tax rate of 15 per cent. To qualify for this benefit, manufacturing units must begin operations by the end of March 2024. This clause, first announced in the 2019 Budget, aims to attract more investments and stimulate growth in the manufacturing sector. By offering favorable tax rates to new manufacturing companies, the government aims to make india a more appealing destination for businesses looking to set up manufacturing operations. This aligns with the broader "Make in India" initiative, which encourages domestic production and reduces reliance on imported goods. Experts believe that the concessions need to be extended for a period of two more years to see the full extent of the initiative's potential in bringing in new investments. Abhishek Mundada, Partner, Dhruva Advisors, tells WION that the initiative must be extended for at least five to six years, if India wants to attract global manufacturers. "Manufacturing sector is the thrust of this government, in terms of making India a global leader," Mundada says, adding that the government introduced this provision to take India's small manufacturing sector to "the next level". Extending the concessional corporate tax rates would provide a financial incentive for companies to establish and expand their manufacturing units in india. This, in turn, could lead to job creation, technology transfer, and an overall boost to the economy. The concessions can boost India's ambition to become the world's third-largest economy by the next decade. Mundada argues that countries have and will become a superpower, only with a strong manufacturing base. With multinational firms increasingly 'de-risking' their supply chains away from China, India has the opportunity to divert manufacturers away from the world's 'factory'. "After COVID-19 pandemic, the global market dynamics have changed. Boardroom are discussing a 'China +1' strategy and India is at the forefront of it. So, this (concessional tax) regime is important," he adds.

Budget 2024: Concessional corporate taxes to get another extension, say reports

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space. <o:p></o:p>

The court hearing, scheduled for Wednesday, will be a pivotal moment in the ongoing legal tussle, with Coinbase arguing that the SEC should drop its case. <o:p></o:p>

The central contention is that the tokens traded on Coinbase's platform should not be classified as securities, challenging the SEC's jurisdiction over the rapidly evolving digital asset landscape.<o:p></o:p>

Coinbase plans to underscore a fundamental argument in its defense: that the SEC is overreaching its regulatory boundaries. The exchange asserts that the crypto assets it lists for trading are distinct from traditional securities like stocks and bonds, emphasising that the SEC's attempt to oversee these assets constitutes an overstep. <o:p></o:p>

This perspective aligns with the broader sentiment within the crypto industry, where various firms share similar views on the need for a more nuanced regulatory framework tailored to the unique characteristics of digital assets.<o:p></o:p>

The SEC initiated legal action against Coinbase in June, accusing the platform of facilitating the trading of crypto tokens that, according to the regulator, should have been registered as securities. The SEC contended that Coinbase was operating illegally as a national securities exchange, broker, and clearing agency without proper registration.<o:p></o:p>

&nbsp;Additionally, the regulator targeted Coinbase's "staking" program, arguing that it should have been registered with the agency. Coinbase's response, expected to be reiterated in the court hearing, is rooted in its assertion that the SEC's claims are unfounded, emphasising distinctions between crypto assets and traditional securities.<o:p></o:p>

The outcome of this legal battle holds far-reaching implications for the broader crypto sector. The case may provide clarity on the SEC's jurisdiction over digital assets, affecting how various crypto platforms operate and whether they fall under traditional securities regulations. <o:p></o:p>

Coinbase's strategy to challenge the SEC's authority is part of a broader resistance within the crypto industry against the SEC's characterisation of many crypto assets as securities.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space.

Coinbase, the world's largest publicly traded cryptocurrency exchange, is set to confront the US Securities and Exchange Commission (SEC) in federal court over the regulator's asserted authority in the crypto space. The court hearing, scheduled for Wednesday, will be a pivotal moment in the ongoing legal tussle, with Coinbase arguing that the SEC should drop its case. The central contention is that the tokens traded on Coinbase's platform should not be classified as securities, challenging the SEC's jurisdiction over the rapidly evolving digital asset landscape. Coinbase plans to underscore a fundamental argument in its defense: that the SEC is overreaching its regulatory boundaries. The exchange asserts that the crypto assets it lists for trading are distinct from traditional securities like stocks and bonds, emphasising that the SEC's attempt to oversee these assets constitutes an overstep. This perspective aligns with the broader sentiment within the crypto industry, where various firms share similar views on the need for a more nuanced regulatory framework tailored to the unique characteristics of digital assets. The SEC initiated legal action against Coinbase in June, accusing the platform of facilitating the trading of crypto tokens that, according to the regulator, should have been registered as securities. The SEC contended that Coinbase was operating illegally as a national securities exchange, broker, and clearing agency without proper registration. Additionally, the regulator targeted Coinbase's "staking" program, arguing that it should have been registered with the agency. Coinbase's response, expected to be reiterated in the court hearing, is rooted in its assertion that the SEC's claims are unfounded, emphasising distinctions between crypto assets and traditional securities. The outcome of this legal battle holds far-reaching implications for the broader crypto sector. The case may provide clarity on the SEC's jurisdiction over digital assets, affecting how various crypto platforms operate and whether they fall under traditional securities regulations. Coinbase's strategy to challenge the SEC's authority is part of a broader resistance within the crypto industry against the SEC's characterisation of many crypto assets as securities. (With inputs from Reuters)

Coinbase challenges SEC's authority in landmark court battle

Verizon, the US telecom giant, announced a huge hit to its fourth-quarter earnings, revealing a $5.8 billion write-down attributed to the devaluation of its declining wireline business. <o:p></o:p>

According to Reuters, this move comes as part of Verizon's strategic reassessment of its Business unit, a key segment catering to businesses and government clients.<o:p></o:p>

&nbsp;The wireline business, encompassing traditional voice and data services, has faced considerable challenges stemming from intense competition, economic uncertainties, and the ongoing industry-wide shift toward wireless services.<o:p></o:p>

Verizon's decision to re-evaluate its Business unit underscores the persistent challenges in the wireline business, which has experienced a decline in revenue. <o:p></o:p>

The five-year review prompted a downward adjustment in the financial projections for this unit, which contributes to over a fifth of Verizon's overall revenue. <o:p></o:p>

The competitive landscape, economic conditions, and the increasing popularity of wireless alternatives have collectively impacted the wireline segment. <o:p></o:p>

As a result, Verizon has recalibrated the value of its Business unit.<o:p></o:p>

After the $5.8 billion write-down, the goodwill balance of the wireline unit stood at $1.7 billion as of December 31. <o:p></o:p>

Verizon's shares responded to the announcement with a decline of over 1 per cent. <o:p></o:p>

Verizon's upcoming fourth-quarter results, scheduled for release on January 23, will provide a detailed overview of the impact of this strategic move on its overall financial performance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Verizon, the US telecom giant, announced a huge hit to its fourth-quarter earnings, revealing a $5.8 billion write-down attributed to the devaluation of its declining wireline business.

Verizon, the US telecom giant, announced a huge hit to its fourth-quarter earnings, revealing a $5.8 billion write-down attributed to the devaluation of its declining wireline business. According to Reuters, this move comes as part of Verizon's strategic reassessment of its Business unit, a key segment catering to businesses and government clients. The wireline business, encompassing traditional voice and data services, has faced considerable challenges stemming from intense competition, economic uncertainties, and the ongoing industry-wide shift toward wireless services. Verizon's decision to re-evaluate its Business unit underscores the persistent challenges in the wireline business, which has experienced a decline in revenue. The five-year review prompted a downward adjustment in the financial projections for this unit, which contributes to over a fifth of Verizon's overall revenue. The competitive landscape, economic conditions, and the increasing popularity of wireless alternatives have collectively impacted the wireline segment. As a result, Verizon has recalibrated the value of its Business unit. After the $5.8 billion write-down, the goodwill balance of the wireline unit stood at $1.7 billion as of December 31. Verizon's shares responded to the announcement with a decline of over 1 per cent. Verizon's upcoming fourth-quarter results, scheduled for release on January 23, will provide a detailed overview of the impact of this strategic move on its overall financial performance. (With inputs from Reuters)

Verizon faces $5.8 billion write-down as wireline business struggles

Your Apple Watch might just be shorn off one of its key features: the blood oxygen level display. A US court on Thursday (Jan 17) upheld a ban on the sale of Apple watches, allegedly infringing on a patent related to this medical technology. 
 
The dispute involves a smaller company which claims to have introduced the feature.

Blood oxygen levels is a key feature used by those wearing Apple Watches, particularly fitness enthusiasts, and is very useful in medical situations. 
 
On the other side&nbsp;of the patent dispute is Masimo,&nbsp;a health technology and consumer electronics company based in Irvine, California. 
 
The Cupertino, California-based giant was earlier allowed to sell Series 9 and Ultra 2&nbsp; as the patent case was continuing.

WATCH:&nbsp;Apple overtakes Samsung as world's biggest seller of smartphones

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As per the court ruling, the models facing the dispute cannot be imported from 17:00 PM local time on Thursday. 
 
 
On Thursday, Apple said it will release watches without the disputed blood oxygen feature to keep them on shelves.

 
Masimo reacted to the ruling in a press release, with its CEO sharing on X that the ruling was a "victory for American innovation."

&nbsp;

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Today marks a victory for American Innovation and hospital-grade wearables consumers can trust. <a href="https://twitter.com/hashtag/PressRelease?src=hash&amp;ref_src=twsrc%5Etfw">#PressRelease</a> <a href="https://t.co/1LlQi0Cw3I">https://t.co/1LlQi0Cw3I</a> <a href="https://t.co/h2jnxtJu1H">pic.twitter.com/h2jnxtJu1H</a>
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&nbsp;

“the Federal Circuit's decision to lift the temporary stay is a victory for the integrity of the American patent system and the safety of people relying on pulse oximetry,” said Joe Kiani, Founder and CEO of Masimo.

“It affirms that even the largest and most powerful companies must respect the intellectual rights of American inventors and must deal with the consequences when they are caught infringing others’ patents.”

Also read:&nbsp;<a href="https://www.wionews.com/technology/biden-administration-allows-apple-watch-import-ban-in-us-following-tribunal-ruling-673768">Biden administration allows Apple Watch import ban in US following tribunal ruling</a>

Masimo said in its release that the company had&nbsp;earlier made available a study showing that Apple Watch’s pulse oximetry missed over 90% of potentially life-threatening events.

"The Apple Watch pulse oximeter was not cleared by the United Stated Food and Drug Administration for medical use," Masimo claimed in the release while claiming that&nbsp;the Masimo W1 health watch was recently cleared by the FDA for its indicated medical uses, including continuous pulse oximetry.

also read:&nbsp;<a href="https://www.wionews.com/technology/apple-begins-disbursing-batterygate-settlement-payments-to-us-iphone-users-report-677832">Apple begins disbursing ‘batterygate’ settlement payments to US iPhone users: Report</a>

Masimo said in its release that its pulse oximetry technology "is used on over 200 million patients in hospitals a year."

&nbsp;

According to the company, the feature helped save babies’ eyesight in the neonatal ICU, detect critical congenital heart defects in newborns, and save the lives of patients in post-surgical wards who are taking opioids.

 
Masimo and sister company Cercacor claimed that Apple poached its key staff, and accused the tech giant of stealing its blood oxygen level detection technology.

The US trade commission had agreed to some of this claims last&nbsp;October and banned imports and sales of some of the Apple Watch models. But this ban was halted as hearings were going on Apple's appeal.

&nbsp;

Most versions of Apple's watches, including the Series 9 and Ultra 2, have included the feature since 2020, BBC said in a report, adding some models do not have the feature.

&nbsp;

(With inputs from agencies) 
&nbsp;

&nbsp;

Your Apple Watch might just be shorn off one of its key features: the blood oxygen level display. A US court on Thursday (Jan 17) upheld a ban on the sale of Apple watches, allegedly infringing on a patent related to this medical technology. The dispute involves a smaller company which claims to have introduced the feature. Blood oxygen levels is a key feature used by those wearing Apple Watches, particularly fitness enthusiasts, and is very useful in medical situations. On the other side of the patent dispute is Masimo, a health technology and consumer electronics company based in Irvine, California. The Cupertino, California-based giant was earlier allowed to sell Series 9 and Ultra 2 as the patent case was continuing. WATCH: Apple overtakes Samsung as world's biggest seller of smartphones × As per the court ruling, the models facing the dispute cannot be imported from 17:00 PM local time on Thursday. On Thursday, Apple said it will release watches without the disputed blood oxygen feature to keep them on shelves. Masimo reacted to the ruling in a press release, with its CEO sharing on X that the ruling was a "victory for American innovation." Today marks a victory for American Innovation and hospital-grade wearables consumers can trust. #PressRelease https://t.co/1LlQi0Cw3I pic.twitter.com/h2jnxtJu1H — Joe Kiani (@JoeKiani) January 18, 2024 × “the Federal Circuit's decision to lift the temporary stay is a victory for the integrity of the American patent system and the safety of people relying on pulse oximetry,” said Joe Kiani, Founder and CEO of Masimo. “It affirms that even the largest and most powerful companies must respect the intellectual rights of American inventors and must deal with the consequences when they are caught infringing others’ patents.” Also read: Biden administration allows Apple Watch import ban in US following tribunal ruling Masimo said in its release that the company had earlier made available a study showing that Apple Watch’s pulse oximetry missed over 90% of potentially life-threatening events. "The Apple Watch pulse oximeter was not cleared by the United Stated Food and Drug Administration for medical use," Masimo claimed in the release while claiming that the Masimo W1 health watch was recently cleared by the FDA for its indicated medical uses, including continuous pulse oximetry. also read: Apple begins disbursing ‘batterygate’ settlement payments to US iPhone users: Report Masimo said in its release that its pulse oximetry technology "is used on over 200 million patients in hospitals a year." According to the company, the feature helped save babies’ eyesight in the neonatal ICU, detect critical congenital heart defects in newborns, and save the lives of patients in post-surgical wards who are taking opioids. Masimo and sister company Cercacor claimed that Apple poached its key staff, and accused the tech giant of stealing its blood oxygen level detection technology. The US trade commission had agreed to some of this claims last October and banned imports and sales of some of the Apple Watch models. But this ban was halted as hearings were going on Apple's appeal. Most versions of Apple's watches, including the Series 9 and Ultra 2, have included the feature since 2020, BBC said in a report, adding some models do not have the feature. (With inputs from agencies)

Apple watch patent row: As US upholds ban on sale, tech giant might disable this feature in iWatch

The Indian Union Budget, an annual ritual of economic pronouncements, arrives on February 1, amidst a charged atmosphere. With national elections casting long shadows, the tightrope walk between fiscal prudence and political expediency has never been more critical. This year's budget holds the key to India's economic trajectory, impacting not just domestic prosperity but also its standing in the global investment arena.

The central theme revolves around the fiscal deficit, the ever-present gap between the government's income and expenditure. Bridging this chasm requires a deft balancing act, juggling strategic borrowing with prudent spending. Finance Minister Nirmala Sitharaman set the stage last year with a bold 5.9 per cent fiscal deficit target, a significant deviation from the previous year's trajectory. This fiscal consolidation commitment has resonated with foreign investors seeking stability and structural reforms.

However, as election fever grips the nation, whispers of populism are starting to rise. The temptation to woo voters with short-term measures, sacrificing long-term stability for immediate gratification, is undeniably strong. Will the government succumb to these pressures, potentially jeopardising India's carefully cultivated image as a reliable investment destination?

Global investors are observing with keen interest. Growth and fiscal deficit targets are their barometers for India's economic health. Any deviation from the path of fiscal consolidation could trigger tremors in financial markets, raising concerns about India's commitment to responsible macroeconomic management.

The government, however, maintains its stance on the tightrope. They assert that the fiscal deficit remains under control, highlighting their dedication to responsible economic stewardship. But can this commitment withstand the mounting pressure of elections?

As Budget Day draws closer, the question resonates: will India bridge the fiscal gap or build a chasm? Will the government prioritise long-term fiscal discipline and structural reform, or will populism take centre stage? The pages of the Union Budget hold the answer, not just for domestic economic policies but also for India's standing in the global market.

This February 1, watch closely as the Indian government attempts to traverse the delicate tightrope between political expediency and responsible fiscal management. The world is watching, and the stakes have never been higher.

The Indian Union Budget, an annual ritual of economic pronouncements, arrives on February 1, amidst a charged atmosphere. With national elections casting long shadows, the tightrope walk between fiscal prudence and political expediency has never been more critical.

The Indian Union Budget, an annual ritual of economic pronouncements, arrives on February 1, amidst a charged atmosphere. With national elections casting long shadows, the tightrope walk between fiscal prudence and political expediency has never been more critical. This year's budget holds the key to India's economic trajectory, impacting not just domestic prosperity but also its standing in the global investment arena. The central theme revolves around the fiscal deficit, the ever-present gap between the government's income and expenditure. Bridging this chasm requires a deft balancing act, juggling strategic borrowing with prudent spending. Finance Minister Nirmala Sitharaman set the stage last year with a bold 5.9 per cent fiscal deficit target, a significant deviation from the previous year's trajectory. This fiscal consolidation commitment has resonated with foreign investors seeking stability and structural reforms. However, as election fever grips the nation, whispers of populism are starting to rise. The temptation to woo voters with short-term measures, sacrificing long-term stability for immediate gratification, is undeniably strong. Will the government succumb to these pressures, potentially jeopardising India's carefully cultivated image as a reliable investment destination? Global investors are observing with keen interest. Growth and fiscal deficit targets are their barometers for India's economic health. Any deviation from the path of fiscal consolidation could trigger tremors in financial markets, raising concerns about India's commitment to responsible macroeconomic management. The government, however, maintains its stance on the tightrope. They assert that the fiscal deficit remains under control, highlighting their dedication to responsible economic stewardship. But can this commitment withstand the mounting pressure of elections? As Budget Day draws closer, the question resonates: will India bridge the fiscal gap or build a chasm? Will the government prioritise long-term fiscal discipline and structural reform, or will populism take centre stage? The pages of the Union Budget hold the answer, not just for domestic economic policies but also for India's standing in the global market. This February 1, watch closely as the Indian government attempts to traverse the delicate tightrope between political expediency and responsible fiscal management. The world is watching, and the stakes have never been higher.

India's fiscal tightrope walk: Will Budget 2024 bridge the gap or develop a rift?

&nbsp;

Every October, amidst the hallowed halls of Parliament, a meticulous ballet unfolds. One that includes numbers and calculations, conducted by the Finance Minister and a symphony of advisors, ministries, and economic minds. This is the crafting of the Indian Union Budget, a delicate dance between aspirations and resources, woven into a financial roadmap for the nation.

The opening act commences with a grand gathering of voices. Industry leaders and economists offer their measured melodies, depicting the economic landscape. Ministries, like seasoned orchestral sections, present their financial proposals, requesting allocation of resources with careful precision. Meanwhile, the Chief Economic Advisor and financial advisors act as the meticulous conductors, harmonising expenditures and crafting the initial fiscal composition.

Act II sees the emergence of the deficit, the crucial gap between aspirations and realities. The government, in collaboration with the Reserve Bank of India, analyses revenue streams and assesses borrowing options, both external and domestic. It's a delicate balancing act, ensuring the financial bridge is solid without overburdening the nation.

Act III witnesses the meticulous fine-tuning of the fiscal score. Tax rates may be adjusted, expenditures reprioritised, and non-plan expenditures carefully evaluated, all in pursuit of the targeted deficit. It's a constant negotiation, ensuring the fiscal melody remains harmonious and sustainable.

The grand finale arrives with the presentation of the Budget in Parliament. The Finance Minister, Nirmala Sitaraman, the lead vocalist, narrates the financial narrative, detailing estimated receipts, expenditures, and proposed policies. Parliament, the discerning audience, scrutinises the composition, offering amendments and ensuring the budget aligns with national priorities.

This intricate performance culminates in the formal approval of the Appropriation Bills and the Finance Bill, authorising government spending and any proposed tax changes. However, the music may not always end there. The Vote-on-Account, a temporary financial bridge, allows for urgent expenditures until the full budget comes into effect on April 1st.

Thus, the Indian Budget is more than just a set of numbers; it's a meticulously orchestrated symphony of collaboration, responsibility, and parliamentary scrutiny. It shapes the economic narrative of the nation, paving the way for growth, development, and ultimately, the well-being of its citizens. So, the next time you hear whispers of fiscal targets or infrastructure spending, remember the grand performance behind it, the choreographed crescendo of India's Budget.

Every October, amidst the hallowed halls of Parliament, a meticulous ballet unfolds. One that includes numbers and calculations, conducted by the Finance Minister and a symphony of advisors, ministries, and economic minds.

Every October, amidst the hallowed halls of Parliament, a meticulous ballet unfolds. One that includes numbers and calculations, conducted by the Finance Minister and a symphony of advisors, ministries, and economic minds. This is the crafting of the Indian Union Budget, a delicate dance between aspirations and resources, woven into a financial roadmap for the nation. The opening act commences with a grand gathering of voices. Industry leaders and economists offer their measured melodies, depicting the economic landscape. Ministries, like seasoned orchestral sections, present their financial proposals, requesting allocation of resources with careful precision. Meanwhile, the Chief Economic Advisor and financial advisors act as the meticulous conductors, harmonising expenditures and crafting the initial fiscal composition. Act II sees the emergence of the deficit, the crucial gap between aspirations and realities. The government, in collaboration with the Reserve Bank of India, analyses revenue streams and assesses borrowing options, both external and domestic. It's a delicate balancing act, ensuring the financial bridge is solid without overburdening the nation. Act III witnesses the meticulous fine-tuning of the fiscal score. Tax rates may be adjusted, expenditures reprioritised, and non-plan expenditures carefully evaluated, all in pursuit of the targeted deficit. It's a constant negotiation, ensuring the fiscal melody remains harmonious and sustainable. The grand finale arrives with the presentation of the Budget in Parliament. The Finance Minister, Nirmala Sitaraman, the lead vocalist, narrates the financial narrative, detailing estimated receipts, expenditures, and proposed policies. Parliament, the discerning audience, scrutinises the composition, offering amendments and ensuring the budget aligns with national priorities. This intricate performance culminates in the formal approval of the Appropriation Bills and the Finance Bill, authorising government spending and any proposed tax changes. However, the music may not always end there. The Vote-on-Account, a temporary financial bridge, allows for urgent expenditures until the full budget comes into effect on April 1st. Thus, the Indian Budget is more than just a set of numbers; it's a meticulously orchestrated symphony of collaboration, responsibility, and parliamentary scrutiny. It shapes the economic narrative of the nation, paving the way for growth, development, and ultimately, the well-being of its citizens. So, the next time you hear whispers of fiscal targets or infrastructure spending, remember the grand performance behind it, the choreographed crescendo of India's Budget.

Budget 2024: Choreographing the peak of fiscal responsibility

The Chinese economy grew 5.2% in October-December. While this figure missed analysts' expectations, it has helped Beijing meet its 2023 growth target. For the full-year, the economy grew 5.2%. China's post-covid recovery remains sluggish.

Economy grows 5.2% in the October-December quarter

Google announced on Tuesday that the company would be&nbsp;laying off hundreds of employees within its advertising sales team.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This comes on the heels of recent job cuts at Google, including in its Voice Assistant units, hardware teams for Pixel, Nest, and Fitbit, as well as the augmented reality team.<o:p></o:p>

Google is reshaping its structure, with a focus on the customer solutions unit, serving medium-level advertiser clients, as the core team for future growth.<o:p></o:p>

The decision to reduce the workforce aligns with the broader industry trend as companies seek to integrate Artificial Intelligence (AI) software and automation to enhance efficiency. <o:p></o:p>

Google, once considered a pioneer in AI research, recently unveiled its long-awaited AI model, Gemini, in a move to catch up with its competitors, particularly Microsoft, in the rapidly evolving AI landscape.<o:p></o:p>

While specific details about the number of employees affected remain undisclosed, the move is in line with Google's strategic shift in organisational focus. <o:p></o:p>

The restructuring aims to position the customer solutions unit as the primary driver for growth, signalling a targeted approach in serving medium-level advertisers.<o:p></o:p>

The job cuts at Google are not isolated, as similar measures have been observed across the tech industry. <o:p></o:p>

Amazon, a major player in the tech landscape, recently announced layoffs in its streaming and studio operations, along with workforce reductions at its video streaming platform, Twitch. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Google announced on Tuesday that the company would be laying off hundreds of employees within its advertising sales team. This is based on a Reuters report. This comes on the heels of recent job cuts at Google, including in its Voice Assistant units, hardware teams for Pixel, Nest, and Fitbit, as well as the augmented reality team.

Google announced on Tuesday that the company would be laying off hundreds of employees within its advertising sales team. This is based on a Reuters report. This comes on the heels of recent job cuts at Google, including in its Voice Assistant units, hardware teams for Pixel, Nest, and Fitbit, as well as the augmented reality team. Google is reshaping its structure, with a focus on the customer solutions unit, serving medium-level advertiser clients, as the core team for future growth. The decision to reduce the workforce aligns with the broader industry trend as companies seek to integrate Artificial Intelligence (AI) software and automation to enhance efficiency. Google, once considered a pioneer in AI research, recently unveiled its long-awaited AI model, Gemini, in a move to catch up with its competitors, particularly Microsoft, in the rapidly evolving AI landscape. While specific details about the number of employees affected remain undisclosed, the move is in line with Google's strategic shift in organisational focus. The restructuring aims to position the customer solutions unit as the primary driver for growth, signalling a targeted approach in serving medium-level advertisers. The job cuts at Google are not isolated, as similar measures have been observed across the tech industry. Amazon, a major player in the tech landscape, recently announced layoffs in its streaming and studio operations, along with workforce reductions at its video streaming platform, Twitch. (With inputs from Reuters)

Google implements significant job cuts in advertising sales team amid AI adoption

When India grows, the world grows. And when India sows, the world hopes to end world hunger. So, finance minister Nirmala Sitharaman's budget presentation is key for the world because of its allocations for India's economic backbone.

Explained: Why Budget needs a focus on Agri sector

Ever since Infosys founder Narayana Murthy spoke about '70-hour work week', a debate has started in India with for and against camps being equally vocal with their opinions and reasoning. The debate has now seen the entry of one of India Inc's top names. Sanjeev Bikhchandani, the chairman of Naukri.com, a major job-search platform in India, has weighed in favour of Murthy. Bikhchandani emphasised that in India, you will have to put in the hours if you want&nbsp;to succeed.

"You can't push off at 5 pm and say 'ab ho gaya' [now I am done]. You can't say 'Saturday, Sunday main kaam nahi karta' [I don't work on weekends]. Apko karna padega [you will have to], if you want to succeed," Mr Bikhchandani said as he spoke on the Indian Silicon Valley Podcast.

He stressed that an entrepreneur absolutely has to put in that extra effort in the initial years when he or she is building their startup.

"Ek kamyab entrepreneur dikha do [show me one successful entrepreneur] who in the first 5-10 years did not have this work ethic and succeeded. It doesn't happen. So, nobody is saying work 70 hours by the clock, but you may have to," he said.

<h2>'Work-life integration'</h2>

Bikhchandani said that it is extremely tough in the initial years to achieve work-life balance. He opined that in initial years, one should look at what he called 'work-life integration'.

"If you look at any entrepreneur in India right now who has succeeded, ask 'tune kitni mehnat ki' [how hard have you worked?]. He will say 'maine bahot mehnat ki' [I have worked very hard']. Because to make something work in India you got to put in the hours. The truth is if you're doing a startup, there is no work-life balance. There's only work-life integration. You live for your work for the first few years," said Bikhchandani.

"70 hours a week is not religion. I think the concept was to be prepared to work as hard as required and that may be much harder than you're working right now. Aapko mehnat karni padegi [you will have to work hard]. Hopefully, you won't mind doing it, because you want to build that startup. This is not a lecture, this is reality,” he added.

Narayana Murthy said a few months ago that he used to work for 85-90 hours a week till he retired. He opined that professionals should look at working at least 70 hours a week.

He later clarified that the specific number of hours was not the focus of his comment but a push towards working hard and being productive was.

(With inputs from agencies)

Ever since Infosys founder Narayana Murthy spoke about '70-hour work week', a debate has started in India with for and against camps being equally vocal with their opinions and reasoning.

Ever since Infosys founder Narayana Murthy spoke about '70-hour work week', a debate has started in India with for and against camps being equally vocal with their opinions and reasoning. The debate has now seen the entry of one of India Inc's top names. Sanjeev Bikhchandani, the chairman of Naukri.com, a major job-search platform in India, has weighed in favour of Murthy. Bikhchandani emphasised that in India, you will have to put in the hours if you want to succeed. "You can't push off at 5 pm and say 'ab ho gaya' [now I am done]. You can't say 'Saturday, Sunday main kaam nahi karta' [I don't work on weekends]. Apko karna padega [you will have to], if you want to succeed," Mr Bikhchandani said as he spoke on the Indian Silicon Valley Podcast. He stressed that an entrepreneur absolutely has to put in that extra effort in the initial years when he or she is building their startup. "Ek kamyab entrepreneur dikha do [show me one successful entrepreneur] who in the first 5-10 years did not have this work ethic and succeeded. It doesn't happen. So, nobody is saying work 70 hours by the clock, but you may have to," he said. 'Work-life integration' Bikhchandani said that it is extremely tough in the initial years to achieve work-life balance. He opined that in initial years, one should look at what he called 'work-life integration'. "If you look at any entrepreneur in India right now who has succeeded, ask 'tune kitni mehnat ki' [how hard have you worked?]. He will say 'maine bahot mehnat ki' [I have worked very hard']. Because to make something work in India you got to put in the hours. The truth is if you're doing a startup, there is no work-life balance. There's only work-life integration. You live for your work for the first few years," said Bikhchandani. "70 hours a week is not religion. I think the concept was to be prepared to work as hard as required and that may be much harder than you're working right now. Aapko mehnat karni padegi [you will have to work hard]. Hopefully, you won't mind doing it, because you want to build that startup. This is not a lecture, this is reality,” he added. Narayana Murthy said a few months ago that he used to work for 85-90 hours a week till he retired. He opined that professionals should look at working at least 70 hours a week. He later clarified that the specific number of hours was not the focus of his comment but a push towards working hard and being productive was. (With inputs from agencies)

Naukri.com boss Sanjeev Bikhchandani supports Narayana Murthy’s 70-hour work week concept

Chip design software maker Synopsys announced on Tuesday that it would acquire Ansys in a monumental $35 billion cash-and-stock deal, solidifying its position in the technology sector.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This deal, representing the most substantial acquisition in the tech domain since Broadcom's takeover of VMware last November, reflects the strategic moves by companies amid&nbsp;a surge in economic sentiment and regulatory dynamics.<o:p></o:p>

The deal, boasting a per-share value of $390.19, signifies a premium of approximately 29 per cent over Ansys' last close on December 21, 2023. <o:p></o:p>

The acquisition will create a significant player in the highly consolidated business software sector, introducing regulatory uncertainties. <o:p></o:p>

Synopsys shares rose by 3.8 per cent to $513 after the announcement, while Ansys shares experienced a 4.8 per cent dip to $329.86.<o:p></o:p>

Reuters cited Synopsys CEO Sassine Ghazi, who emphasised the market demand for an integrated solution, stating, "Today, if you talk to a silicon company, their ability to continue innovating... is limited by not having a solution that is integrated." <o:p></o:p>

Ghazi highlighted the complementary nature of Synopsys, focusing on chip design, and Ansys, specialising in software for evaluating larger electronic systems. <o:p></o:p>

The deal comes on the heels of Synopsys co-founder Aart de Geus passing the CEO reins to Sassine Ghazi just two weeks ago.<o:p></o:p>

Ansys CEO Ajei Gopal and Synopsys CEO Sassine Ghazi acknowledged potential regulatory scrutiny, especially in critical markets like China. <o:p></o:p>

Both companies have retained independent advisers to evaluate regulatory risks. <o:p></o:p>

Ghazi expressed confidence in completing the deal within the first half of 2025, stating, "Based on many, many, many discussions, we believe that this deal should be done in the first half of '25."<o:p></o:p>

Synopsys and Ansys, both benefiting from the AI boom, initiated their partnership in 2017, offering solutions for chip designers to analyse chips for quality standards. <o:p></o:p>

The transaction is expected to enhance Synopsys' adjusted earnings within the second full year post-closing, with substantial accretion thereafter. <o:p></o:p>

However, specific circumstances, including antitrust hurdles, could lead to a termination fee of $1.5 billion from Synopsys to Ansys. <o:p></o:p>

If Ansys accepts a superior proposal, it will be obligated to pay Synopsys $950 million.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chip design software maker Synopsys announced on Tuesday that it would acquire Ansys in a monumental $35 billion cash-and-stock deal, solidifying its position in the technology sector.

Chip design software maker Synopsys announced on Tuesday that it would acquire Ansys in a monumental $35 billion cash-and-stock deal, solidifying its position in the technology sector. This is based on a Reuters report. This deal, representing the most substantial acquisition in the tech domain since Broadcom's takeover of VMware last November, reflects the strategic moves by companies amid a surge in economic sentiment and regulatory dynamics. The deal, boasting a per-share value of $390.19, signifies a premium of approximately 29 per cent over Ansys' last close on December 21, 2023. The acquisition will create a significant player in the highly consolidated business software sector, introducing regulatory uncertainties. Synopsys shares rose by 3.8 per cent to $513 after the announcement, while Ansys shares experienced a 4.8 per cent dip to $329.86. Reuters cited Synopsys CEO Sassine Ghazi, who emphasised the market demand for an integrated solution, stating, "Today, if you talk to a silicon company, their ability to continue innovating... is limited by not having a solution that is integrated." Ghazi highlighted the complementary nature of Synopsys, focusing on chip design, and Ansys, specialising in software for evaluating larger electronic systems. The deal comes on the heels of Synopsys co-founder Aart de Geus passing the CEO reins to Sassine Ghazi just two weeks ago. Ansys CEO Ajei Gopal and Synopsys CEO Sassine Ghazi acknowledged potential regulatory scrutiny, especially in critical markets like China. Both companies have retained independent advisers to evaluate regulatory risks. Ghazi expressed confidence in completing the deal within the first half of 2025, stating, "Based on many, many, many discussions, we believe that this deal should be done in the first half of '25." Synopsys and Ansys, both benefiting from the AI boom, initiated their partnership in 2017, offering solutions for chip designers to analyse chips for quality standards. The transaction is expected to enhance Synopsys' adjusted earnings within the second full year post-closing, with substantial accretion thereafter. However, specific circumstances, including antitrust hurdles, could lead to a termination fee of $1.5 billion from Synopsys to Ansys. If Ansys accepts a superior proposal, it will be obligated to pay Synopsys $950 million. (With inputs from Reuters)

Synopsys to acquire Ansys in $35 billion mega-deal: Report

British energy giant, Shell, is set to conclude nearly a century of onshore oil and gas operations in Nigeria, announcing the sale of its subsidiary to a consortium of mostly local companies for up to $2.4 billion.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This move comes after years of struggles with onshore oil spills due to theft, sabotage, and operational issues that led to costly repairs and legal challenges. <o:p></o:p>

Shell has been actively seeking to sell its Nigerian onshore assets since 2021 but will continue its presence in Nigeria's more lucrative and less problematic offshore sector.<o:p></o:p>

The sale involves The Shell Petroleum Development Company of Nigeria Limited (SPDC) and is valued at $1.3 billion, with the buyers making an additional payment of up to $1.1 billion relating to prior receivables at completion. <o:p></o:p>

The Renaissance consortium, comprising ND Western, Aradel Energy, First E&amp;P, Waltersmith, and Petrolin, a Swiss-based trading and investment company, will take over responsibility for handling spills, theft, and sabotage. <o:p></o:p>

However, the sale requires approval from the Nigerian government.<o:p></o:p>

Reuters cited Zoë Yujnovich, Shell's head of upstream, who highlighted the significance of the agreement, stating, "This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio, and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions." <o:p></o:p>

Yujnovich emphasised Shell's commitment to a disciplined investment strategy in Nigeria's offshore sector.<o:p></o:p>

The sale of onshore assets is part of a broader trend where western energy companies, including Exxon Mobil, Eni, and Equinor, are retreating from Nigeria to concentrate on more profitable operations. <o:p></o:p>

While Shell will part ways with onshore operations, it will retain other assets, including a liquefied natural gas plant, in Nigeria. <o:p></o:p>

Nnimmo Bassey, Executive Director of the Nigerian advocacy group Health of Mother Earth Foundation, stressed that Shell must take responsibility for the environmental damage caused by spills. <o:p></o:p>

"Shell must own up to its responsibility. This means full payment for the remediation and restoration of the polluted areas as well as reparations to the host communities. They cannot walk away from the virtually irreparable harm they have caused," he told Reuters.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

British energy giant, Shell, is set to conclude nearly a century of onshore oil and gas operations in Nigeria, announcing the sale of its subsidiary to a consortium of mostly local companies for up to $2.

British energy giant, Shell, is set to conclude nearly a century of onshore oil and gas operations in Nigeria, announcing the sale of its subsidiary to a consortium of mostly local companies for up to $2.4 billion. This is based on a Reuters report. This move comes after years of struggles with onshore oil spills due to theft, sabotage, and operational issues that led to costly repairs and legal challenges. Shell has been actively seeking to sell its Nigerian onshore assets since 2021 but will continue its presence in Nigeria's more lucrative and less problematic offshore sector. The sale involves The Shell Petroleum Development Company of Nigeria Limited (SPDC) and is valued at $1.3 billion, with the buyers making an additional payment of up to $1.1 billion relating to prior receivables at completion. The Renaissance consortium, comprising ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, a Swiss-based trading and investment company, will take over responsibility for handling spills, theft, and sabotage. However, the sale requires approval from the Nigerian government. Reuters cited Zoë Yujnovich, Shell's head of upstream, who highlighted the significance of the agreement, stating, "This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio, and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions." Yujnovich emphasised Shell's commitment to a disciplined investment strategy in Nigeria's offshore sector. The sale of onshore assets is part of a broader trend where western energy companies, including Exxon Mobil, Eni, and Equinor, are retreating from Nigeria to concentrate on more profitable operations. While Shell will part ways with onshore operations, it will retain other assets, including a liquefied natural gas plant, in Nigeria. Nnimmo Bassey, Executive Director of the Nigerian advocacy group Health of Mother Earth Foundation, stressed that Shell must take responsibility for the environmental damage caused by spills. "Shell must own up to its responsibility. This means full payment for the remediation and restoration of the polluted areas as well as reparations to the host communities. They cannot walk away from the virtually irreparable harm they have caused," he told Reuters. (With inputs from Reuters)

Shell bids farewell to onshore oil in Nigeria after almost a century

Tech giant Synopsys is all set to buy Ansys in a $35 billion cash-and-stock deal. This would be the biggest acquisition in the technology space since november last year.

Synopsys to buy Ansys in $35 billion cash-and-stock deal

In a noteworthy projection, Indian brokerage firm ICICI securities suggests that India could witness the emergence of not one but three companies with the potential to achieve a market value of 1 trillion rupees by 2032.

HDFC bank expected to reach Rs 1 trillion valuation soon

A global trade turbulence is unfolding as the red sea crisis sends shockwaves through key economies. In the united states, disruptions loom large as warnings heighten for maritime activities. China faces a critical juncture as attacks on commercial vessels put its strategic investments at risk.

Red sea attacks jeopardise vital interests

Reserve Bank Of India Governor Shaktikanta Das has expressed confidence in India's economic trajectory. Highlighting a recovery in the banking sector and international trust in India's stability, das emphasised the opportune moment for businesses to invest in the indian ecosystem.

India's economic revival in focus as rbi governor signals growth

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC. This comes as the iPhone accounted for a fifth of the global market with over 200 million shipments in 2023.&nbsp;

<h2>About the report</h2>

South Korea’s largest company, Samsung, witnessed a slump in shipments last year and stood at 226.6 million, according to IDC estimates. Meanwhile, Apple’s iPhone accounting for a fifth of the global market witnessed 235 million shipments in 2023 topping the list among smartphone makers.&nbsp;

WATCH |&nbsp;Economy grows 5.2% in the October-December quarter

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/economy-grows-52-in-the-october-december-quarter-680768/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

China’s Xiaomi Corp followed Samsung in the third spot. “While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple,” said IDC’s Director Nabila Popal, as quoted by Bloomberg.&nbsp;

“All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market. Apple’s ongoing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20% of the market,” Popal added.&nbsp;

<h2>How did Apple manage to do this?</h2>

Apple has reportedly been dominating the holiday season for some years now but its surge ahead of Samsung over a full year is unprecedented and suggests that the United States-based company is handling the industry-wide slump better than its rivals.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/apple-implements-rare-iphone-15-discounts-in-china-amid-demand-uncertainty-680432">Apple implements rare iPhone 15 discounts in China amid demand uncertainty</a>

Apple has also benefited from aggressive offers which have enticed users to shift towards a premium device and even managed to make it through a lukewarm welcome late last year for the iPhone 15 in China – one of its biggest international markets.&nbsp;

This comes amid a rise in the popularity of devices by Huawei Technologies Co. in China. The report also noted that while Apple was the only company in the top three to witness growth, the United States-based phone maker is not immune to the wider decline.&nbsp;

<h2>Apple’s bleak future in China?</h2>

iPhone sales in China dropped by 30 per cent in the first week of 2024, Jefferies analysts said in a note, as per Reuters. This drop has also been attributed to Huawei’s growing popularity.&nbsp;

ALSO READ |<a href="https://www.wionews.com/business-economy/india-invests-24-mn-in-lithium-exploration-boosting-energy-transition-bilateral-ties-with-argentina-680397">&nbsp;India invests $24 mn in lithium exploration: Boosting energy transition &amp; bilateral ties with Argentina</a>

However, the note published on Sunday (Jan 7)&nbsp;also said that a decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week this year.&nbsp;

While the Bloomberg report noted that the iPhone sales were driven by aggressive discounting, the note by Jefferies analysts said that this decline was despite the reduction in prices.&nbsp;

The 30 per cent drop represents an acceleration from the three per cent year-over-year decline Apple witnessed throughout the year in 2023 in its third-largest market, Jefferies said.&nbsp;

(With inputs from agencies)

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC.

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC. This comes as the iPhone accounted for a fifth of the global market with over 200 million shipments in 2023. About the report South Korea’s largest company, Samsung, witnessed a slump in shipments last year and stood at 226.6 million, according to IDC estimates. Meanwhile, Apple’s iPhone accounting for a fifth of the global market witnessed 235 million shipments in 2023 topping the list among smartphone makers. WATCH | Economy grows 5.2% in the October-December quarter China’s Xiaomi Corp followed Samsung in the third spot. “While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple,” said IDC’s Director Nabila Popal, as quoted by Bloomberg. “All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market. Apple’s ongoing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20% of the market,” Popal added. How did Apple manage to do this? Apple has reportedly been dominating the holiday season for some years now but its surge ahead of Samsung over a full year is unprecedented and suggests that the United States-based company is handling the industry-wide slump better than its rivals. ALSO READ | Apple implements rare iPhone 15 discounts in China amid demand uncertainty Apple has also benefited from aggressive offers which have enticed users to shift towards a premium device and even managed to make it through a lukewarm welcome late last year for the iPhone 15 in China – one of its biggest international markets. This comes amid a rise in the popularity of devices by Huawei Technologies Co. in China. The report also noted that while Apple was the only company in the top three to witness growth, the United States-based phone maker is not immune to the wider decline. Apple’s bleak future in China? iPhone sales in China dropped by 30 per cent in the first week of 2024, Jefferies analysts said in a note, as per Reuters. This drop has also been attributed to Huawei’s growing popularity. ALSO READ | India invests $24 mn in lithium exploration: Boosting energy transition & bilateral ties with Argentina However, the note published on Sunday (Jan 7) also said that a decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week this year. While the Bloomberg report noted that the iPhone sales were driven by aggressive discounting, the note by Jefferies analysts said that this decline was despite the reduction in prices. The 30 per cent drop represents an acceleration from the three per cent year-over-year decline Apple witnessed throughout the year in 2023 in its third-largest market, Jefferies said. (With inputs from agencies)

Apple dethrones Samsung as world’s top smartphone maker for 1st time since 2010

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore. <o:p></o:p>

According to a Hindustan Times report, the oil marketing companies (OMCs) have abstained from altering prices since April 2022, but with crude oil costs softening, a comprehensive pricing review is imminent. Officials suggest that the OMCs may be sitting on margins of ₹10 per litre, which could potentially be passed on to consumers. This move aims to alleviate inflation concerns and could have political ramifications ahead of the 2024 General Elections.<o:p></o:p>

The government, as the promoter and majority stakeholder in all three OMCs, might witness a change in petrol and diesel rates, hinting at a possible reduction of ₹5 to ₹10 per litre. <o:p></o:p>

Analysts project a continuation of the trend seen in the first two quarters of the financial year 2023-24 when the OMCs recorded significant profits due to higher marketing margins. The decision will be made after the release of the third-quarter results later this month, following consultations with stakeholders.<o:p></o:p>

In the first half of the financial year 2023-24, the three state-run oil companies reported a combined net profit of ₹57,091.87 crore, representing a 4,917 per cent increase compared to the entire financial year of 2022-23. <o:p></o:p>

The net profits, likely to be revealed in the upcoming results, could influence the decision to decrease fuel prices. Hindustan Petroleum Corporation Ltd (HPCL) is scheduled to announce its Q3 results on January 27, while Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are expected to follow suit around the same time.<o:p></o:p>

Despite the government's control over public sector OMCs, the companies have the flexibility to adjust fuel prices. The OMCs, holding a monopoly with over 90 per cent market share in domestic fuel retail, also influence pricing strategies adopted by private retailers. <o:p></o:p>

The potential reduction in fuel prices is seen as a proactive measure to manage inflation, which rose marginally to a four-month high of 5.69 per cent in December 2023. Analysts expect the government to make all efforts to keep inflation below the Reserve Bank of India's upper tolerance limit of 6 per cent.<o:p></o:p>

Since April 6, 2022, OMCs have maintained a freeze on petrol and diesel rates, responding to volatility in international oil prices. However, with the government's reduction in excise duty twice, a considerable price hike was avoided during periods of surging crude purchase prices. <o:p></o:p>

The subsequent decline in average oil prices of the Indian basket, coupled with a moderation in oil prices since September 2023, has contributed to the profitability of OMCs.<o:p></o:p>

The sustained downward trend in fuel rates, attributed to lower crude oil prices, is reflected not only in petrol and diesel but also in deregulated fuel products. Experts suggest that the gradual decline in windfall taxes on diesel exports, from ₹6 a litre since September 2023 to zero, and the removal of taxes on petrol and aviation turbine fuel (ATF) contribute to the favourable environment.<o:p></o:p>

Additionally, the windfall tax on domestically produced crude oil was recently reduced to ₹1,700 per tonne due to the softening of international oil prices.<o:p></o:p>

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore.

State-run oil companies in India are considering a significant reduction in petrol and diesel prices next month following robust third-quarter results that are expected to surpass a combined net profit of ₹75,000 crore. According to a Hindustan Times report, the oil marketing companies (OMCs) have abstained from altering prices since April 2022, but with crude oil costs softening, a comprehensive pricing review is imminent. Officials suggest that the OMCs may be sitting on margins of ₹10 per litre, which could potentially be passed on to consumers. This move aims to alleviate inflation concerns and could have political ramifications ahead of the 2024 General Elections. The government, as the promoter and majority stakeholder in all three OMCs, might witness a change in petrol and diesel rates, hinting at a possible reduction of ₹5 to ₹10 per litre. Analysts project a continuation of the trend seen in the first two quarters of the financial year 2023-24 when the OMCs recorded significant profits due to higher marketing margins. The decision will be made after the release of the third-quarter results later this month, following consultations with stakeholders. In the first half of the financial year 2023-24, the three state-run oil companies reported a combined net profit of ₹57,091.87 crore, representing a 4,917 per cent increase compared to the entire financial year of 2022-23. The net profits, likely to be revealed in the upcoming results, could influence the decision to decrease fuel prices. Hindustan Petroleum Corporation Ltd (HPCL) is scheduled to announce its Q3 results on January 27, while Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are expected to follow suit around the same time. Despite the government's control over public sector OMCs, the companies have the flexibility to adjust fuel prices. The OMCs, holding a monopoly with over 90 per cent market share in domestic fuel retail, also influence pricing strategies adopted by private retailers. The potential reduction in fuel prices is seen as a proactive measure to manage inflation, which rose marginally to a four-month high of 5.69 per cent in December 2023. Analysts expect the government to make all efforts to keep inflation below the Reserve Bank of India's upper tolerance limit of 6 per cent. Since April 6, 2022, OMCs have maintained a freeze on petrol and diesel rates, responding to volatility in international oil prices. However, with the government's reduction in excise duty twice, a considerable price hike was avoided during periods of surging crude purchase prices. The subsequent decline in average oil prices of the Indian basket, coupled with a moderation in oil prices since September 2023, has contributed to the profitability of OMCs. The sustained downward trend in fuel rates, attributed to lower crude oil prices, is reflected not only in petrol and diesel but also in deregulated fuel products. Experts suggest that the gradual decline in windfall taxes on diesel exports, from ₹6 a litre since September 2023 to zero, and the removal of taxes on petrol and aviation turbine fuel (ATF) contribute to the favourable environment. Additionally, the windfall tax on domestically produced crude oil was recently reduced to ₹1,700 per tonne due to the softening of international oil prices.

Indian fuel prices set for potential Rs 5-10 drop next month: Report