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The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year. <o:p></o:p>

This is based on an article published by PTI.<o:p></o:p>

The setback is attributed to ongoing monetary and geopolitical crises in various overseas markets.<o:p></o:p>

Passenger vehicle exports, however, defied the overall trend, registering a 5 per cent increase with 677,956 units shipped in 2023 compared to 644,842 units in 2022. <o:p></o:p>

Maruti Suzuki emerged as a key player in this segment, leading the passenger vehicle shipments. <o:p></o:p>

SIAM Director General Rajesh Menon highlighted, "In 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region."<o:p></o:p>

While passenger vehicles showed resilience, other segments faced significant declines. <o:p></o:p>

Two-wheeler exports witnessed a substantial drop of 20 per cent, recording 3243,673 units in 2023 compared to 4,053,254 units the previous year. <o:p></o:p>

Commercial vehicle shipments followed suit, decreasing to 68,473 units from 88,305 units. <o:p></o:p>

Three-wheelers experienced the most significant decline, with exports plummeting by 30 per cent to 291,919 units in 2023 from 417,178 units in 2022.<o:p></o:p>

Industry experts attribute the challenges in two-wheelers, commercial vehicles, and three-wheelers to the persisting economic uncertainties and geopolitical issues in key export markets. <o:p></o:p>

The impact on these segments underscores the need for strategic measures and market diversification for sustained growth in the face of external pressures.<o:p></o:p>

(Inputs from PTI)<o:p></o:p>

The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year.

The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year. This is based on an article published by PTI. The setback is attributed to ongoing monetary and geopolitical crises in various overseas markets. Passenger vehicle exports, however, defied the overall trend, registering a 5 per cent increase with 677,956 units shipped in 2023 compared to 644,842 units in 2022. Maruti Suzuki emerged as a key player in this segment, leading the passenger vehicle shipments. SIAM Director General Rajesh Menon highlighted, "In 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region." While passenger vehicles showed resilience, other segments faced significant declines. Two-wheeler exports witnessed a substantial drop of 20 per cent, recording 3243,673 units in 2023 compared to 4,053,254 units the previous year. Commercial vehicle shipments followed suit, decreasing to 68,473 units from 88,305 units. Three-wheelers experienced the most significant decline, with exports plummeting by 30 per cent to 291,919 units in 2023 from 417,178 units in 2022. Industry experts attribute the challenges in two-wheelers, commercial vehicles, and three-wheelers to the persisting economic uncertainties and geopolitical issues in key export markets. The impact on these segments underscores the need for strategic measures and market diversification for sustained growth in the face of external pressures. (Inputs from PTI)

Maruti Suzuki tops passenger vehicle exports amid 21pc decline in automobile shipments in 2023

Despite being a sought-after career choice, the tech services sector in india faces a persistent issue: low salaries for freshers. While top ceos in this sector enjoy substantial pay, entry-level salaries have stagnated around the $3000 - $4000 per annum range for years. Tcs and infosys, two tech giants, recently reported a decline in their headcount during the december quarter earnings.

Indian tech sector's pay gap in the spotlight

Concerns about a global return of inflationary pressures are being heightened by rising transportation costs and an increase in the oil price. Shops and manufacturers are once more dealing with delays and rising costs as Houthi rebel strikes in the red sea continue to disrupt a vital shipping route via the suez canal.

Shipping costs soar & oil prices jump on Red Sea attaks

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International Monetary Fund's Managing Director, Kristalina Georgieva, has highlighted the dual nature of artificial intelligence (AI) concerning job security globally. <o:p></o:p>

In an interview with Agence France-Presse, Georgieva expressed that AI is anticipated to impact 60 per cent of jobs in advanced economies, with around 40 per cent globally. <o:p></o:p>

Despite the perceived risks, Georgieva emphasised that AI presents a "tremendous opportunity" to enhance productivity levels and fuel global growth.<o:p></o:p>

Job displacement or enhancement: The AI dilemma<o:p></o:p>

Georgieva conveyed the nuanced impact of AI on employment, stating, "Your job may disappear altogether -- not good -- or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up." <o:p></o:p>

According to a new IMF report, only half of the jobs influenced by AI are expected to face negative consequences, while the remaining half might benefit from increased productivity due to AI integration into the workplace. <o:p></o:p>

The report suggests that higher-skilled jobs are likely to experience a more substantial impact.<o:p></o:p>

AI's uneven effects and global economic landscape<o:p></o:p>

The IMF report indicated that while labour markets in emerging and developing economies might initially experience a smaller impact from AI, they are also less likely to benefit from enhanced productivity gains. <o:p></o:p>

Georgieva stressed the importance of focusing on assisting low-income countries in adapting quickly to seize the opportunities presented by AI. <o:p></o:p>

As the IMF prepares to release updated economic forecasts later this month, Georgieva expressed optimism about the global economy, noting that it is on track to meet previous forecasts but cautioned that challenges remain in achieving a balanced monetary policy.<o:p></o:p>

AI's role in global productivity and challenges ahead<o:p></o:p>

In addressing the global economy's need for increased productivity, Georgieva emphasised the potential role of AI-related productivity boosts. <o:p></o:p>

She noted the continued growth of the global economy at historically subdued levels and expressed the necessity of unlocking productivity for a more favourable global narrative. <o:p></o:p>

Looking ahead, Georgieva predicted a challenging fiscal year in 2024, with countries grappling to address debt burdens from the COVID-19 pandemic and managing depleted buffers. <o:p></o:p>

The IMF's concern lies in the possibility of governments overspending and undermining efforts to combat inflation.<o:p></o:p>

IMF chief's future and institutional accomplishments<o:p></o:p>

Refusing to delve into her future plans, Georgieva, whose term at the IMF concludes this year, emphasised her current commitment to the role. <o:p></o:p>

She acknowledged the privilege of leading the IMF during turbulent times and expressed pride in the institution's resilience. <o:p></o:p>

Georgieva concluded by focusing on her immediate responsibilities, stating, "Let me do what is in front of me right now."<o:p></o:p>

(With inputs from AFP)<o:p></o:p>

International Monetary Fund's Managing Director, Kristalina Georgieva, has highlighted the dual nature of artificial intelligence (AI) concerning job security globally.

International Monetary Fund's Managing Director, Kristalina Georgieva, has highlighted the dual nature of artificial intelligence (AI) concerning job security globally. In an interview with Agence France-Presse, Georgieva expressed that AI is anticipated to impact 60 per cent of jobs in advanced economies, with around 40 per cent globally. Despite the perceived risks, Georgieva emphasised that AI presents a "tremendous opportunity" to enhance productivity levels and fuel global growth. Job displacement or enhancement: The AI dilemma Georgieva conveyed the nuanced impact of AI on employment, stating, "Your job may disappear altogether -- not good -- or artificial intelligence may enhance your job, so you actually will be more productive and your income level may go up." According to a new IMF report, only half of the jobs influenced by AI are expected to face negative consequences, while the remaining half might benefit from increased productivity due to AI integration into the workplace. The report suggests that higher-skilled jobs are likely to experience a more substantial impact. AI's uneven effects and global economic landscape The IMF report indicated that while labour markets in emerging and developing economies might initially experience a smaller impact from AI, they are also less likely to benefit from enhanced productivity gains. Georgieva stressed the importance of focusing on assisting low-income countries in adapting quickly to seize the opportunities presented by AI. As the IMF prepares to release updated economic forecasts later this month, Georgieva expressed optimism about the global economy, noting that it is on track to meet previous forecasts but cautioned that challenges remain in achieving a balanced monetary policy. AI's role in global productivity and challenges ahead In addressing the global economy's need for increased productivity, Georgieva emphasised the potential role of AI-related productivity boosts. She noted the continued growth of the global economy at historically subdued levels and expressed the necessity of unlocking productivity for a more favourable global narrative. Looking ahead, Georgieva predicted a challenging fiscal year in 2024, with countries grappling to address debt burdens from the COVID-19 pandemic and managing depleted buffers. The IMF's concern lies in the possibility of governments overspending and undermining efforts to combat inflation. IMF chief's future and institutional accomplishments Refusing to delve into her future plans, Georgieva, whose term at the IMF concludes this year, emphasised her current commitment to the role. She acknowledged the privilege of leading the IMF during turbulent times and expressed pride in the institution's resilience. Georgieva concluded by focusing on her immediate responsibilities, stating, "Let me do what is in front of me right now." (With inputs from AFP)

IMF chief acknowledges AI job risks but highlights 'tremendous opportunity'

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported.<o:p></o:p>

Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal. <o:p></o:p>

The resulting turmoil has doubled ocean freight rates for goods from Asia to Europe over the past four weeks, casting a shadow on hopes for a smooth economic recovery.<o:p></o:p>

Geopolitical tensions push up oil prices and add to inflation fears<o:p></o:p>

As geopolitical tensions escalate with persistent attacks in the Red Sea, oil prices experienced a significant surge after the US and UK led a military response. <o:p></o:p>

Global benchmark Brent briefly topped $80 a barrel, marking a 4.3 per cent increase. <o:p></o:p>

Mohamed El-Erian, President of Queens' College, Cambridge, and a Bloomberg Opinion columnist, expressed concern, stating, "This is a world in which we are fragile to begin with on the supply side, and then you get this additional shock."<o:p></o:p>

Supply chains vulnerable amid shipping disruptions<o:p></o:p>

While the shipping disruptions are not as severe as those witnessed during the pandemic, the blockages in two critical trade arteries – the Red Sea and Central America's Panama Canal – are raising alarms within the industry. <o:p></o:p>

Bloomberg cited Stephen Lamar, the President of the American Apparel &amp; Footwear Association, who said, "This is a very dramatic reminder that supply chains continue to be very fragile," and he highlighted its potential inflationary impact across the freight industry.<o:p></o:p>

Experts assess the inflationary impact and economic ramifications<o:p></o:p>

Analysts are grappling with the potential inflationary impact, particularly in Europe and the US, as the disruptions unfold. <o:p></o:p>

Ziad Daoud of Bloomberg Economics suggests that while the conflict in the Red Sea may not spill over into the wider region, limiting economic damage, the full extent of the inflationary impact will take time to become clear. <o:p></o:p>

Economists at Allianz Trade estimate that a doubling of shipping costs could lift inflation by 0.7 percentage points for Europe and the US. <o:p></o:p>

Oxford Economics projects that a permanent $10 increase in the price of a barrel of oil could add 0.22 percentage points to UK inflation and 0.29 points to global inflation in 2024.<o:p></o:p>

Companies react to mitigate disruption, impact on consumers uncertain<o:p></o:p>

Companies are already taking measures to mitigate the disruption caused by the Red Sea attacks. <o:p></o:p>

Volvo Car AB and Tesla Inc. are among those adjusting production schedules due to supply chain disruptions. <o:p></o:p>

Grocery chain Tesco Plc in the UK has warned of potential inflation pressures, anticipating extended shipping times and increased costs if vessels must circumnavigate Africa to reach Europe. <o:p></o:p>

Craig Akers, Director of Operations at the Toy Shippers Association, humorously termed this period the 'canal crisis,' highlighting the uncertainty retailers and manufacturers face in the coming months.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported. Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal.

Soaring shipping costs and a spike in oil prices have ignited concerns about a potential revival of inflation pressures worldwide, Bloomberg reported. Only a few days into 2024, anticipated as the year of waning inflation, manufacturers and retailers find themselves grappling with delays and increased expenses due to persistent attacks by Houthi rebels in the Red Sea, disrupting a crucial shipping route through the Suez Canal. The resulting turmoil has doubled ocean freight rates for goods from Asia to Europe over the past four weeks, casting a shadow on hopes for a smooth economic recovery. Geopolitical tensions push up oil prices and add to inflation fears As geopolitical tensions escalate with persistent attacks in the Red Sea, oil prices experienced a significant surge after the US and UK led a military response. Global benchmark Brent briefly topped $80 a barrel, marking a 4.3 per cent increase. Mohamed El-Erian, President of Queens' College, Cambridge, and a Bloomberg Opinion columnist, expressed concern, stating, "This is a world in which we are fragile to begin with on the supply side, and then you get this additional shock." Supply chains vulnerable amid shipping disruptions While the shipping disruptions are not as severe as those witnessed during the pandemic, the blockages in two critical trade arteries – the Red Sea and Central America's Panama Canal – are raising alarms within the industry. Bloomberg cited Stephen Lamar, the President of the American Apparel & Footwear Association, who said, "This is a very dramatic reminder that supply chains continue to be very fragile," and he highlighted its potential inflationary impact across the freight industry. Experts assess the inflationary impact and economic ramifications Analysts are grappling with the potential inflationary impact, particularly in Europe and the US, as the disruptions unfold. Ziad Daoud of Bloomberg Economics suggests that while the conflict in the Red Sea may not spill over into the wider region, limiting economic damage, the full extent of the inflationary impact will take time to become clear. Economists at Allianz Trade estimate that a doubling of shipping costs could lift inflation by 0.7 percentage points for Europe and the US. Oxford Economics projects that a permanent $10 increase in the price of a barrel of oil could add 0.22 percentage points to UK inflation and 0.29 points to global inflation in 2024. Companies react to mitigate disruption, impact on consumers uncertain Companies are already taking measures to mitigate the disruption caused by the Red Sea attacks. Volvo Car AB and Tesla Inc. are among those adjusting production schedules due to supply chain disruptions. Grocery chain Tesco Plc in the UK has warned of potential inflation pressures, anticipating extended shipping times and increased costs if vessels must circumnavigate Africa to reach Europe. Craig Akers, Director of Operations at the Toy Shippers Association, humorously termed this period the 'canal crisis,' highlighting the uncertainty retailers and manufacturers face in the coming months. (With inputs from Bloomberg)

Red Sea attacks spark global inflation fears, disrupting supply chains

China is on the verge of achieving its growth target of approximately 5 per cent for the year 2023, shifting the focus to potential hurdles that could impede momentum in 2024.<o:p></o:p>

This is based on a Bloomberg report. <o:p></o:p>

Wednesday's expected release of data is projected to reveal a 5.2 per cent expansion in China's gross domestic product for the entire preceding year. <o:p></o:p>

However, concerns linger about deflation risks, a housing crisis, and a lingering confidence crunch that could pose challenges to the nation's economic trajectory.<o:p></o:p>

Mixed Signals as 2024 unfolds<o:p></o:p>

As 2024 unfolds, China encounters a mixed bag of economic indicators. While the consumer prices registered a third consecutive monthly fall in December, marking their longest deflation streak since 2009, exports are displaying signs of stabilisation after a continual decline throughout 2023. <o:p></o:p>

Analysts suggest that the slow and bumpy recovery of domestic demand, coupled with a sluggish property market rebound, may impact the pace of China's economic revival.<o:p></o:p>

Central bank's response to deflationary pressures<o:p></o:p>

Economists anticipate the People's Bank of China (PBOC) to respond to deflationary pressures and boost lending by potentially lowering the rate on its one-year policy loans by 10 basis points to 2.4 per cent.<o:p></o:p>

Additional measures, such as injecting more cash into the financial system and potential reductions in the cash reserve requirements for banks, are expected. <o:p></o:p>

However, some experts argue that these measures may not be sufficient to address the multifaceted challenges at hand.<o:p></o:p>

Analyst insights and expectations for 2024<o:p></o:p>

Bloomberg cited Duncan Wrigley, Chief China Economist at Pantheon Macroeconomics, who projected a slow and bumpy recovery in domestic demand as targeted stimulus measures gradually impact investment sectors. <o:p></o:p>

Societe Generale SA economists foresee a Chinese economic growth of 4.5 per cent in 2024, factoring in increased fiscal stimulus, some monetary policy easing, stable export growth, and support for the housing sector. <o:p></o:p>

Yao Wei, the bank’s Chief Economist and Head of Research for Asia Pacific, highlighted the potential for achieving 5 per cent growth if the Chinese government further escalates fiscal policy beyond current forecasts.<o:p></o:p>

Global implications and economic events elsewhere<o:p></o:p>

The economic landscape extends beyond China, with Indonesia's central bank likely to maintain its interest rate, Singapore expecting robust December exports, and Australia anticipating data that might indicate a slowdown in job growth. <o:p></o:p>

Internationally, German GDP for 2023, UK reports on wages and consumer prices, discussions at the World Economic Forum in Davos, and US retail sales are poised to impact global investor sentiment.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

China is on the verge of achieving its growth target of approximately 5 per cent for the year 2023, shifting the focus to potential hurdles that could impede momentum in 2024.

China is on the verge of achieving its growth target of approximately 5 per cent for the year 2023, shifting the focus to potential hurdles that could impede momentum in 2024. This is based on a Bloomberg report. Wednesday's expected release of data is projected to reveal a 5.2 per cent expansion in China's gross domestic product for the entire preceding year. However, concerns linger about deflation risks, a housing crisis, and a lingering confidence crunch that could pose challenges to the nation's economic trajectory. Mixed Signals as 2024 unfolds As 2024 unfolds, China encounters a mixed bag of economic indicators. While the consumer prices registered a third consecutive monthly fall in December, marking their longest deflation streak since 2009, exports are displaying signs of stabilisation after a continual decline throughout 2023. Analysts suggest that the slow and bumpy recovery of domestic demand, coupled with a sluggish property market rebound, may impact the pace of China's economic revival. Central bank's response to deflationary pressures Economists anticipate the People's Bank of China (PBOC) to respond to deflationary pressures and boost lending by potentially lowering the rate on its one-year policy loans by 10 basis points to 2.4 per cent. Additional measures, such as injecting more cash into the financial system and potential reductions in the cash reserve requirements for banks, are expected. However, some experts argue that these measures may not be sufficient to address the multifaceted challenges at hand. Analyst insights and expectations for 2024 Bloomberg cited Duncan Wrigley, Chief China Economist at Pantheon Macroeconomics, who projected a slow and bumpy recovery in domestic demand as targeted stimulus measures gradually impact investment sectors. Societe Generale SA economists foresee a Chinese economic growth of 4.5 per cent in 2024, factoring in increased fiscal stimulus, some monetary policy easing, stable export growth, and support for the housing sector. Yao Wei, the bank’s Chief Economist and Head of Research for Asia Pacific, highlighted the potential for achieving 5 per cent growth if the Chinese government further escalates fiscal policy beyond current forecasts. Global implications and economic events elsewhere The economic landscape extends beyond China, with Indonesia's central bank likely to maintain its interest rate, Singapore expecting robust December exports, and Australia anticipating data that might indicate a slowdown in job growth. Internationally, German GDP for 2023, UK reports on wages and consumer prices, discussions at the World Economic Forum in Davos, and US retail sales are poised to impact global investor sentiment. (With inputs from Bloomberg)

China's economic path in 2024: Growth achieved, but challenges loom

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The renewed speculation is driven by Germany's quest to bolster its budget by considering the sale of stakes in the multitude of companies it owns. <o:p></o:p>

Finance Minister Christian Lindner, while not indicating an immediate sale of the government's 15 per cent stake in Commerzbank, remains open to the idea, with a preference for the government eventually divesting its holding.<o:p></o:p>

Sources suggest that a potential merger could offer Deutsche Bank the opportunity to diversify away from the unpredictability of investment banking earnings, contributing to the bank's long-term stability.<o:p></o:p>

Although there are no active discussions at present, internal talks within Deutsche Bank have intensified, with considerations for acquisitions, including those of Commerzbank and ABN Amro.<o:p></o:p>

Deutsche Bank's Chairman, Alexander Wynaendts, expressed the bank's readiness for mergers and acquisitions in November, acknowledging the low probability of a substantial transaction in the near term due to various hurdles. <o:p></o:p>

Analyst Anke Reingen from RBC Europe noted that the bank's low valuation and potential job cuts might complicate a merger, as it currently trades at a fraction of its book value.<o:p></o:p>

As of Friday, Deutsche Bank shares closed down 1.23 per cent at 12.05 euros, valuing the bank at 25 billion euros ($27.37 billion), while Commerzbank shares remained relatively stable at 11.35 euros, with a valuation of 14 billion euros. <o:p></o:p>

The complexities of a potential merger include Deutsche Bank's low valuation, potential asset markdowns, and the necessity for substantial job cuts to realise the synergies of combining overlapping businesses.<o:p></o:p>

Documents from the German finance ministry reveal plans to raise up to 4 billion euros this year through the sale of company stakes, with the funds directed towards the state-owned rail company, Deutsche Bahn. <o:p></o:p>

The government's stake in Commerzbank, dating back to the 2008 financial crisis, has remained a loss-making venture, adding weight to the considerations for a sale.<o:p></o:p>

The situation is further complicated by Commerzbank's historical ties with UniCredit, which has been exploring potential mergers. <o:p></o:p>

Previous talks between Commerzbank and UniCredit reportedly took place before the geopolitical events surrounding Russia's invasion of Ukraine in 2022.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago. This is based on a Reuters report.

The possibility of a merger between Deutsche Bank and Commerzbank has resurfaced, after an attempt was called off five years ago. This is based on a Reuters report. The renewed speculation is driven by Germany's quest to bolster its budget by considering the sale of stakes in the multitude of companies it owns. Finance Minister Christian Lindner, while not indicating an immediate sale of the government's 15 per cent stake in Commerzbank, remains open to the idea, with a preference for the government eventually divesting its holding. Sources suggest that a potential merger could offer Deutsche Bank the opportunity to diversify away from the unpredictability of investment banking earnings, contributing to the bank's long-term stability. Although there are no active discussions at present, internal talks within Deutsche Bank have intensified, with considerations for acquisitions, including those of Commerzbank and ABN Amro. Deutsche Bank's Chairman, Alexander Wynaendts, expressed the bank's readiness for mergers and acquisitions in November, acknowledging the low probability of a substantial transaction in the near term due to various hurdles. Analyst Anke Reingen from RBC Europe noted that the bank's low valuation and potential job cuts might complicate a merger, as it currently trades at a fraction of its book value. As of Friday, Deutsche Bank shares closed down 1.23 per cent at 12.05 euros, valuing the bank at 25 billion euros ($27.37 billion), while Commerzbank shares remained relatively stable at 11.35 euros, with a valuation of 14 billion euros. The complexities of a potential merger include Deutsche Bank's low valuation, potential asset markdowns, and the necessity for substantial job cuts to realise the synergies of combining overlapping businesses. Documents from the German finance ministry reveal plans to raise up to 4 billion euros this year through the sale of company stakes, with the funds directed towards the state-owned rail company, Deutsche Bahn. The government's stake in Commerzbank, dating back to the 2008 financial crisis, has remained a loss-making venture, adding weight to the considerations for a sale. The situation is further complicated by Commerzbank's historical ties with UniCredit, which has been exploring potential mergers. Previous talks between Commerzbank and UniCredit reportedly took place before the geopolitical events surrounding Russia's invasion of Ukraine in 2022. (With inputs from Reuters)

Deutsche Bank & Commerzbank merger possibility resurfaces: Report

Chinese electric car giant BYD has engaged in talks with Brazilian lithium producer Sigma Lithium to obtain materials for Electric Vehicle (EV) manufacturing, the Financial Times reported.

The report cited Alexandre Baldy, BYD’s chair in Brazil, who revealed discussions about potential collaboration, be it through a supply agreement, joint venture, or acquisition.

Baldy emphasised the active nature of the dialogue with Sigma, a company valued at $2.9 billion, as BYD aims to solidify its position as the world's largest EV manufacturer.

BYD, backed by Warren Buffett's Berkshire Hathaway, recently surpassed Tesla in EV production and is investing $620 million in building its first electric car factory outside Asia in Brazil.

BYD's pursuit of an integrated supply chain in Brazil was highlighted by Alexandre Baldy in a statement to the Financial Times where he conveyed that various possibilities were under consideration, encompassing discussions about supply, potential joint ventures, and even the prospect of an acquisition.

However, he emphasised that, at the moment, none of these options had materialised into concrete plans.

The company is strategically positioning itself to secure a consistent and reliable lithium supply, a crucial element for EV batteries.

Baldy disclosed that BYD representatives met with Sigma’s CEO, Ana Cabral Gardner, in São Paulo last month, highlighting an evolving relationship that, for now, remains shrouded in confidentiality.

This potential move aligns with BYD's broader international expansion plans, including establishing an EV factory in Hungary and exploring opportunities in Mexico.

However, BYD's ambitions have not escaped scrutiny, as global concerns rise over China's quest for technological dominance and control over critical resources for clean tech industries.

With the Biden administration looking to reduce Chinese manufacturing in the US and Europe investigating China's EV industry for alleged unfair competition, BYD's strategic moves are under close observation on the international stage.

Sigma Lithium, despite posting a net loss of C$25.5 million in the first nine months of 2023, is a key player in Brazil's lithium market. Amid a sharp decline in lithium prices causing a drop in shares, Sigma's board is conducting a strategic review, contemplating a potential sale of the business or listing its Brazilian unit on Nasdaq and the Singapore Stock Exchange.

Notably, Volkswagen and Chinese battery maker CATL have been mentioned as potential bidders, but both companies have refrained from confirming or denying their involvement.

Chinese electric car giant BYD has engaged in talks with Brazilian lithium producer Sigma Lithium to obtain materials for Electric Vehicle (EV) manufacturing, the Financial Times reported.

Chinese electric car giant BYD has engaged in talks with Brazilian lithium producer Sigma Lithium to obtain materials for Electric Vehicle (EV) manufacturing, the Financial Times reported. The report cited Alexandre Baldy, BYD’s chair in Brazil, who revealed discussions about potential collaboration, be it through a supply agreement, joint venture, or acquisition. Baldy emphasised the active nature of the dialogue with Sigma, a company valued at $2.9 billion, as BYD aims to solidify its position as the world's largest EV manufacturer. BYD, backed by Warren Buffett's Berkshire Hathaway, recently surpassed Tesla in EV production and is investing $620 million in building its first electric car factory outside Asia in Brazil. BYD's pursuit of an integrated supply chain in Brazil was highlighted by Alexandre Baldy in a statement to the Financial Times where he conveyed that various possibilities were under consideration, encompassing discussions about supply, potential joint ventures, and even the prospect of an acquisition. However, he emphasised that, at the moment, none of these options had materialised into concrete plans. The company is strategically positioning itself to secure a consistent and reliable lithium supply, a crucial element for EV batteries. Baldy disclosed that BYD representatives met with Sigma’s CEO, Ana Cabral Gardner, in São Paulo last month, highlighting an evolving relationship that, for now, remains shrouded in confidentiality. This potential move aligns with BYD's broader international expansion plans, including establishing an EV factory in Hungary and exploring opportunities in Mexico. However, BYD's ambitions have not escaped scrutiny, as global concerns rise over China's quest for technological dominance and control over critical resources for clean tech industries. With the Biden administration looking to reduce Chinese manufacturing in the US and Europe investigating China's EV industry for alleged unfair competition, BYD's strategic moves are under close observation on the international stage. Sigma Lithium, despite posting a net loss of C$25.5 million in the first nine months of 2023, is a key player in Brazil's lithium market. Amid a sharp decline in lithium prices causing a drop in shares, Sigma's board is conducting a strategic review, contemplating a potential sale of the business or listing its Brazilian unit on Nasdaq and the Singapore Stock Exchange. Notably, Volkswagen and Chinese battery maker CATL have been mentioned as potential bidders, but both companies have refrained from confirming or denying their involvement.

China's BYD Initiates talks with Sigma Lithium for EV materials: Financial Times report

About 60 per cent of the global population has grown poorer since 2020, while the five richest men have more than doubled their wealth in the same period.&nbsp;

This is what the latest Oxfam report, released ahead of the World Economic Forum meeting at Davos, says about the widening global wealth gap.&nbsp; &nbsp;

The report, ‘Inequality Inc’, says it will take at least 230 years to end global poverty. However, the world may see its first trillionaire in the next ten years, it adds. &nbsp;

“The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 — at a rate of $14 million per hour,” reads the report. &nbsp;

Two contrasting statistics stand out in the report. &nbsp;

The five biggest billionaires will take 476 years to exhaust their wealth, if they spend a million US dollars every day. &nbsp;

But a female healthcare and social sector worker will take 1,200 years to match the salary of a Fortune 500 company’s Chief Executive Officer. &nbsp;

Corporate-driven inequality&nbsp;

Global corporations are only adding fuel to the already widening wealth gap, especially since the COVID-19 pandemic hit the world in 2020. &nbsp;

Currently, the world’s five largest corporations combined – Apple, Microsoft, Saudi Aramco, Alphabet and Amazon – are valued at more than the Gross Domestic Products of Africa, Latin America and the Caribbean. &nbsp;

The 148 biggest corporations earned over $1.8 trillion in profits in the 12 months leading up to June 2023.&nbsp;

That was a 52 per cent jump in profits compared to average profits between 2018 and 2021.&nbsp;

“New data shows that 2023 is set to shatter all records as the most profitable yet,” the report further notes.&nbsp; &nbsp;

Moreover, share ownership overwhelmingly benefits the richest. The top one per cent own 43 per cent of all global financial assets.&nbsp;

While corporate profits rose dramatically, 791 million workers failed to keep up with rising inflation.&nbsp;

They lost $1.5 trillion over the last two years, which is equal to 25 days of lost wages for each worker. &nbsp;

“We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom," argues&nbsp;Oxfam International interim Executive Director Amitabh Behar.&nbsp;

Behar argues&nbsp;that this inequality is no accident, adding that runaway corporate and monopoly power is an “inequality-generating machine.”&nbsp;

Oxfam’s solution?&nbsp;

The report bats for a more effective government to bridge the gap between the rich and the poor. &nbsp;

A more effective government, the Oxfam report argues, could protect workers, break monopolies &amp; ensure accountability. &nbsp;

The report estimates that a wealth tax on the world’s millionaires and billionaires could generate $1.8 trillion a year.&nbsp;

“No corporation or individual should have this much power over our economies and our lives,” says Behar. &nbsp;

About 60 per cent of the global population has grown poorer since 2020, while the five richest men have more than doubled their wealth in the same period. This is what the latest Oxfam report, released ahead of the World Economic Forum meeting at Davos, says about the widening global wealth gap.

About 60 per cent of the global population has grown poorer since 2020, while the five richest men have more than doubled their wealth in the same period. This is what the latest Oxfam report, released ahead of the World Economic Forum meeting at Davos, says about the widening global wealth gap. The report, ‘Inequality Inc’, says it will take at least 230 years to end global poverty. However, the world may see its first trillionaire in the next ten years, it adds. “The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 — at a rate of $14 million per hour,” reads the report. Two contrasting statistics stand out in the report. The five biggest billionaires will take 476 years to exhaust their wealth, if they spend a million US dollars every day. But a female healthcare and social sector worker will take 1,200 years to match the salary of a Fortune 500 company’s Chief Executive Officer. Corporate-driven inequality Global corporations are only adding fuel to the already widening wealth gap, especially since the COVID-19 pandemic hit the world in 2020. Currently, the world’s five largest corporations combined – Apple, Microsoft, Saudi Aramco, Alphabet and Amazon – are valued at more than the Gross Domestic Products of Africa, Latin America and the Caribbean. The 148 biggest corporations earned over $1.8 trillion in profits in the 12 months leading up to June 2023. That was a 52 per cent jump in profits compared to average profits between 2018 and 2021. “New data shows that 2023 is set to shatter all records as the most profitable yet,” the report further notes. Moreover, share ownership overwhelmingly benefits the richest. The top one per cent own 43 per cent of all global financial assets. While corporate profits rose dramatically, 791 million workers failed to keep up with rising inflation. They lost $1.5 trillion over the last two years, which is equal to 25 days of lost wages for each worker. “We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom," argues Oxfam International interim Executive Director Amitabh Behar. Behar argues that this inequality is no accident, adding that runaway corporate and monopoly power is an “inequality-generating machine.” Oxfam’s solution? The report bats for a more effective government to bridge the gap between the rich and the poor. A more effective government, the Oxfam report argues, could protect workers, break monopolies & ensure accountability. The report estimates that a wealth tax on the world’s millionaires and billionaires could generate $1.8 trillion a year. “No corporation or individual should have this much power over our economies and our lives,” says Behar.

World's 5 richest men more than doubled their wealth since 2020: Oxfam report

The anticipation is high as we approach the Indian Budget 2024. Now we focus on the Fintech sector and the specific schemes that could reshape its trajectory. From innovations to inclusivity, the budget is expected to unfold crucial initiatives.

Fintech's expectations in Indian Budget 2024

Indian tech stocks including giants like Tata Consultancy Services and Infosys have a major weightage in the country's benchmark index - Nifty 50. While the index rose over 20% in 2023, the tech giants lagged gains. But the latest earnings report by 4 major tech firms indicates that the worst may be over for the sector.

Can Indian tech firms boost market returns?

Is the worst over for Indian tech firms?

We look at what next for the crypto industry after US spot Bitcoin Exchange-Traded Funds (ETFs) were approved. The US regulator has authorised Bitcoin funds. But with all the hype now being fully realised, what's next? And how will these Bitcoin funds realistically impact the digital assets industry?

Crypto: What next after Bitcoin ETF approval?

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far.&nbsp;

The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world.&nbsp;

Geopolitical tensions, the rise of Artificial Intelligence, the ongoing economic slowdown and the climate emergency will be the top discussion points, when global leaders meet from January 15th&nbsp;to the 19th. &nbsp;

President Borge Brende expects much of this year's focus to be high-level diplomatic talks on the wars in Ukraine and West Asia. &nbsp;

“We will make sure that we bring together the right people ... To see how we can solve this very challenging world,” Brende said. &nbsp;

The annual meeting gives insight to the minds of global leaders, who decide the social, political and economic trajectories of their countries. &nbsp;

Yet, the Davos summit continues to attract criticism for being an ‘elite’ talking shop, disconnected to the grim realities of the outside world. &nbsp;&nbsp;

To begin with, the annual meeting remains a 'by invitation only' event. &nbsp;

World Economic Forum members can attend the event for free. But membership rates start from $69,000 and reach up to $600,000 for the corporate world. &nbsp;

That is not all. Estimates peg the cost of travel and stay at over $300,000 for the week, something the general public cannot afford. &nbsp;

Visuals of many attendees jet-setting to the meeting – many of them talk about climate change and sustainability – have attracted criticism. Last year, Greenpeace activists slammed attendees for the “distasteful master class in hypocrisy”. &nbsp;

The summit ends up being a holiday tour for the elite, with negligible returns.&nbsp;

For over a decade now, every Davos meeting raises one big question - is the annual summit losing relevance as the world turns more uncertain?&nbsp;

The war in Ukraine has dominated the last two World Economic Forum meetings, with very little change to the situation. &nbsp;

Ukraine President Volodymyr Zelensky is again expected to make a speech. But it is unclear if any Russian officials would attend.&nbsp;

On the economic front, the event has continued amid the COVID-19 pandemic, economic slowdown &amp; sky-rocketing inflation.&nbsp;

In the same period, corporate profits have reached record-levels while over 500 million people entered extreme poverty. &nbsp;

Karl Schwab, the WEF's founder, champions globalisation. In a 2017 article, he argued that globalisation has pulled over a billion people out of poverty. &nbsp;

But he did agree that “in its present form, globalisation is no longer fit for purpose in our current context.” &nbsp;

Data also points to the gradual decline of 'neoliberal' globalisation – of the kind&nbsp;often associated with the WEF.&nbsp;

Global trade, as a percentage of the world's Gross Domestic Product, is now at levels seen in 2008, when the global financial crisis disrupted&nbsp;the economic growth engine.&nbsp;

The ongoing US-China trade war, along with the tensions in West Asia and on the edge of Europe, are only going to make matters worse.&nbsp;

WEF organisers have also emphasised the attendance of key leaders from the 'Global South' – a term used for developing countries. &nbsp;

India, which aims to lead the ‘Global South’, will make make its presence felt at Davos. Several Indian states, including Maharashtra, Tamil Nadu and Karnataka, will pitch themselves as an investment destination. &nbsp;

Apart from India, the African continent will expand its presence this year, aiming to foster greater collaboration with the developed world. &nbsp;

The Davos summit provides a global platform for the ‘Global South’ to woo the world’s biggest corporations.&nbsp;

Nevertheless, previous meetings have not resulted in any meaningful investment in countries needing it badly. &nbsp;

This year's theme reflects the changing dynamics of the world, where geopolitics is increasingly dictating trade and economics. &nbsp;

Terms like ‘de-globalisation’, trade fragmentation and ‘nearshoring’ are becoming a&nbsp;reality. But is the World Economic Forum adapting to the changes? &nbsp;

The world will find out over the next five days.&nbsp;

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far. The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world.

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far. The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world. Geopolitical tensions, the rise of Artificial Intelligence, the ongoing economic slowdown and the climate emergency will be the top discussion points, when global leaders meet from January 15th to the 19th. President Borge Brende expects much of this year's focus to be high-level diplomatic talks on the wars in Ukraine and West Asia. “We will make sure that we bring together the right people ... To see how we can solve this very challenging world,” Brende said. The annual meeting gives insight to the minds of global leaders, who decide the social, political and economic trajectories of their countries. Yet, the Davos summit continues to attract criticism for being an ‘elite’ talking shop, disconnected to the grim realities of the outside world. To begin with, the annual meeting remains a 'by invitation only' event. World Economic Forum members can attend the event for free. But membership rates start from $69,000 and reach up to $600,000 for the corporate world. That is not all. Estimates peg the cost of travel and stay at over $300,000 for the week, something the general public cannot afford. Visuals of many attendees jet-setting to the meeting – many of them talk about climate change and sustainability – have attracted criticism. Last year, Greenpeace activists slammed attendees for the “distasteful master class in hypocrisy”. The summit ends up being a holiday tour for the elite, with negligible returns. For over a decade now, every Davos meeting raises one big question - is the annual summit losing relevance as the world turns more uncertain? The war in Ukraine has dominated the last two World Economic Forum meetings, with very little change to the situation. Ukraine President Volodymyr Zelensky is again expected to make a speech. But it is unclear if any Russian officials would attend. On the economic front, the event has continued amid the COVID-19 pandemic, economic slowdown & sky-rocketing inflation. In the same period, corporate profits have reached record-levels while over 500 million people entered extreme poverty. Karl Schwab, the WEF's founder, champions globalisation. In a 2017 article, he argued that globalisation has pulled over a billion people out of poverty. But he did agree that “in its present form, globalisation is no longer fit for purpose in our current context.” Data also points to the gradual decline of 'neoliberal' globalisation – of the kind often associated with the WEF. Global trade, as a percentage of the world's Gross Domestic Product, is now at levels seen in 2008, when the global financial crisis disrupted the economic growth engine. The ongoing US-China trade war, along with the tensions in West Asia and on the edge of Europe, are only going to make matters worse. WEF organisers have also emphasised the attendance of key leaders from the 'Global South' – a term used for developing countries. India, which aims to lead the ‘Global South’, will make make its presence felt at Davos. Several Indian states, including Maharashtra, Tamil Nadu and Karnataka, will pitch themselves as an investment destination. Apart from India, the African continent will expand its presence this year, aiming to foster greater collaboration with the developed world. The Davos summit provides a global platform for the ‘Global South’ to woo the world’s biggest corporations. Nevertheless, previous meetings have not resulted in any meaningful investment in countries needing it badly. This year's theme reflects the changing dynamics of the world, where geopolitics is increasingly dictating trade and economics. Terms like ‘de-globalisation’, trade fragmentation and ‘nearshoring’ are becoming a reality. But is the World Economic Forum adapting to the changes? The world will find out over the next five days.

Davos Summit 2024: World Economic Forum enters its most difficult year to date 

US investment giant BlackRock has agreed to buy Global Infrastructure Partners or GIP for about $12.5 billion. This will turn BlackRock into a top investor in the energy, transportation and digital infrastructure sector.

BlackRock to buy Global Infrastructure Partners for $12.5 bn

In a remarkable financial feat, JP Morgan chase reported unprecedented annual net income, soaring to a historic high of $49.6 billion, solidifying its position as the largest earner in the American banking industry. This achievement is particularly noteworthy as it unfolded against the backdrop of 2023, a year marked by unprecedented challenges for the financial sector, reminiscent of the 2008 financial crisis.

JP Morgan's net annual income comes in at $49.6 bn in 2023

The Red Sea crisis has unleashed a cascade of disruptions in global shipping. Container rates have skyrocketed for routes from India to the US and doubled or even tripled for certain European regions. Now, oil prices have surged as the US and its allies launched airstrikes against Houthi rebels in Yemen.

Oil prices surge: Red sea crisis hits global businesses

Nigeria's stock market has been among the best performers this year. Nigerian equities are beating all peers in Europe, West Asia & Africa. The reason for this surge? Pension funds and institutional investors. They anticipate record profits from banks gaining through naira's devaluation.

Nigeria's stock market among the best performers in 2024

Thousands of people will lose jobs at Citigroup in 2024 as part of Chief Executive Officer Jane Fraser's bid to boost the Wall Street giant's returns.&nbsp;

The New York City-headquartered firm said that it expects to incur as much as $1bn in severance and reorganisation costs. These costs would be incurred as part of the company's process to eliminate 20,000 roles.

The job cuts were announced in a presentation released in connection with the lender's fourth-quarter results in which it reported a large loss.&nbsp;

<h2>What Citigroup will look like after job cuts?</h2>

The move will put the headcount at about 180,000 in the 2026 time period, down from 240,000 at the end of 2022.

"Last month we announced consequential changes that align our organizational structure with our strategy and changes how we run the bank," Citi Chief Executive Jane Fraser said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/citigroup-considers-significant-job-cuts-in-major-restructuring-report-656007">Citigroup Inc to pull out from Russia | Banking | WION Business News</a>

"When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders," he added.

<h2>Citigroup's balance sheet</h2>

Overall, Citi reported a fourth-quarter loss of $1.9 billion compared with profits of $2.5 billion in the 2022 period. Revenues fell three percent to $17.4 billion.

The results were weighed down by several cost items, including $780 million for severance and other costs expenses connected to the reorganisation.

<h2>How many job cuts will occur in immediate future?</h2>

Citi Chief Financial Officer Mark Mason said the fourth-quarter charge means&nbsp;7,000 job cuts over the next year.

Other one-time costs include a $1.7 billion special assessment to fill in a Federal Deposit Insurance Corporation (FDIC) emergency fund after the failures of Silicon Valley Bank and Signature Bank.

Also watch |&nbsp;Citigroup Inc to pull out from Russia

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Citigroup also booked reserves of $1.3 billion associated with risks connected to Argentina and Russia, plus a hit of $880 million from the devaluation of the Argentine peso.

(With inputs from agencies)

Thousands of people will lose jobs at Citigroup in 2024 as part of Chief Executive Officer Jane Fraser's bid to boost the Wall Street giant's returns. The New York City-headquartered firm said that it expects to incur as much as $1bn in severance and reorganisation costs.

Thousands of people will lose jobs at Citigroup in 2024 as part of Chief Executive Officer Jane Fraser's bid to boost the Wall Street giant's returns. The New York City-headquartered firm said that it expects to incur as much as $1bn in severance and reorganisation costs. These costs would be incurred as part of the company's process to eliminate 20,000 roles. The job cuts were announced in a presentation released in connection with the lender's fourth-quarter results in which it reported a large loss. What Citigroup will look like after job cuts? The move will put the headcount at about 180,000 in the 2026 time period, down from 240,000 at the end of 2022. "Last month we announced consequential changes that align our organizational structure with our strategy and changes how we run the bank," Citi Chief Executive Jane Fraser said. Also read | Citigroup Inc to pull out from Russia | Banking | WION Business News "When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders," he added. Citigroup's balance sheet Overall, Citi reported a fourth-quarter loss of $1.9 billion compared with profits of $2.5 billion in the 2022 period. Revenues fell three percent to $17.4 billion. The results were weighed down by several cost items, including $780 million for severance and other costs expenses connected to the reorganisation. How many job cuts will occur in immediate future? Citi Chief Financial Officer Mark Mason said the fourth-quarter charge means 7,000 job cuts over the next year. Other one-time costs include a $1.7 billion special assessment to fill in a Federal Deposit Insurance Corporation (FDIC) emergency fund after the failures of Silicon Valley Bank and Signature Bank. Also watch | Citigroup Inc to pull out from Russia × Citigroup also booked reserves of $1.3 billion associated with risks connected to Argentina and Russia, plus a hit of $880 million from the devaluation of the Argentine peso. (With inputs from agencies)

Thousands to lose jobs as US banking giant Citigroup announces job cuts

BlackRock, the global asset manager, has taken a significant step by reducing the valuation of its stake in Indian edtech giant Byju's by 95 per cent, lowering it from $22 billion in early 2022 to a new valuation of $1 billion.<o:p></o:p>

According to a TechCrunch report, the asset manager's disclosed adjustment, indicates a significant devaluation of Byju's, which once held the title of India's most valuable startup. <o:p></o:p>

This markdown by BlackRock is the latest in a series of revaluations, with Prosus, another investor in Byju's, stating last year that it valued the startup at "sub $3 billion".<o:p></o:p>

The devaluation is a notable setback for Byju's, which was once hailed as a star in the Indian startup ecosystem. <o:p></o:p>

BlackRock's disclosures reveal a sharp decline in the implied valuation of Byju's shares, from about $4,660 at its peak in 2022 to $209.6 per share at the end of October last year. <o:p></o:p>

This drastic adjustment reflects the challenges faced by Byju's, once a high-flying unicorn. <o:p></o:p>

The startup, which raised substantial funds and achieved a valuation as high as $50 billion, now grapples with financial hurdles, missed revenue targets, and an uncertain business outlook.<o:p></o:p>

Byju's, backed by a roster of industry heavyweights such as Peak XV Partners, Lightspeed, UBS, and the Chan Zuckerberg Initiative, had ambitious plans for an IPO in early 2022. <o:p></o:p>

However, external factors, including Russia's invasion of Ukraine in February, disrupted market conditions and forced Byju's to postpone its IPO plans. <o:p></o:p>

The startup's challenges intensified as market conditions worsened, leading to increased scrutiny from investors and a halt in its business outlook. <o:p></o:p>

Byju's, once lauded for its innovative teaching methods, is now dealing with difficulties in raising capital, meeting payroll, and addressing substantial debt obligations.<o:p></o:p>

The departure of key personnel, including CFO Ajay Goel and auditor Deloitte, coupled with public criticism from investor Prosus, has added to Byju's woes. <o:p></o:p>

The company's failure to evolve and heed investor advice has been a point of contention, contributing to its current struggles. <o:p></o:p>

BlackRock, the global asset manager, has taken a significant step by reducing the valuation of its stake in Indian edtech giant Byju's by 95 per cent, lowering it from $22 billion in early 2022 to a new valuation of $1 billion.

BlackRock, the global asset manager, has taken a significant step by reducing the valuation of its stake in Indian edtech giant Byju's by 95 per cent, lowering it from $22 billion in early 2022 to a new valuation of $1 billion. According to a TechCrunch report, the asset manager's disclosed adjustment, indicates a significant devaluation of Byju's, which once held the title of India's most valuable startup. This markdown by BlackRock is the latest in a series of revaluations, with Prosus, another investor in Byju's, stating last year that it valued the startup at "sub $3 billion". The devaluation is a notable setback for Byju's, which was once hailed as a star in the Indian startup ecosystem. BlackRock's disclosures reveal a sharp decline in the implied valuation of Byju's shares, from about $4,660 at its peak in 2022 to $209.6 per share at the end of October last year. This drastic adjustment reflects the challenges faced by Byju's, once a high-flying unicorn. The startup, which raised substantial funds and achieved a valuation as high as $50 billion, now grapples with financial hurdles, missed revenue targets, and an uncertain business outlook. Byju's, backed by a roster of industry heavyweights such as Peak XV Partners, Lightspeed, UBS, and the Chan Zuckerberg Initiative, had ambitious plans for an IPO in early 2022. However, external factors, including Russia's invasion of Ukraine in February, disrupted market conditions and forced Byju's to postpone its IPO plans. The startup's challenges intensified as market conditions worsened, leading to increased scrutiny from investors and a halt in its business outlook. Byju's, once lauded for its innovative teaching methods, is now dealing with difficulties in raising capital, meeting payroll, and addressing substantial debt obligations. The departure of key personnel, including CFO Ajay Goel and auditor Deloitte, coupled with public criticism from investor Prosus, has added to Byju's woes. The company's failure to evolve and heed investor advice has been a point of contention, contributing to its current struggles.

Byju's faces setback as BlackRock slashes valuation by 95pc to $1 billion

Political ad spending in the United States is expected to skyrocket 30 per cent this year compared to the 2020 presidential election, driven largely by a surge in digital advertising, according to research firm Insider Intelligence.

According to a Reuters report, several factors are contributing to the spending spree. 

"Political candidates have bigger advertising budgets now," Peter Newman, the forecasting director at Insider Intelligence told Reuters.

He attributed this to "more polarised voters donating more to their preferred candidates" and easier fundraising platforms that allow for contributions to multiple campaigns.

While traditional television will remain the dominant platform, capturing the majority of the estimated $12.3 billion spent on political ads in 2024, digital platforms are poised for the most significant growth.

Insider Intelligence predicts a 156 per cent increase in digital ad revenue from 2020, reaching $3.46 billion this year.

Connected TV, which allows viewers to access streaming services like YouTube and Hulu on their television sets, is spearheading the digital surge. 

"Connected TV offers more precise ad targeting and can be cheaper than broadcast TV ads," Newman elaborated, making it an attractive option for campaigns with smaller budgets.

This opens the door for a wider range of candidates to compete for voter attention on the same screens as well-funded campaigns.

The increased spending is already evident on the airwaves, with supporters of Republican presidential hopefuls Ron DeSantis and Nikki Haley launching attack ads against each other ahead of their recent head-to-head debate in Iowa.

(With inputs from Reuters)

Political ad spending in the United States is expected to skyrocket 30 per cent this year compared to the 2020 presidential election, driven largely by a surge in digital advertising, according to research firm Insider Intelligence.

Political ad spending in the United States is expected to skyrocket 30 per cent this year compared to the 2020 presidential election, driven largely by a surge in digital advertising, according to research firm Insider Intelligence. According to a Reuters report, several factors are contributing to the spending spree. "Political candidates have bigger advertising budgets now," Peter Newman, the forecasting director at Insider Intelligence told Reuters. He attributed this to "more polarised voters donating more to their preferred candidates" and easier fundraising platforms that allow for contributions to multiple campaigns. While traditional television will remain the dominant platform, capturing the majority of the estimated $12.3 billion spent on political ads in 2024, digital platforms are poised for the most significant growth. Insider Intelligence predicts a 156 per cent increase in digital ad revenue from 2020, reaching $3.46 billion this year. Connected TV, which allows viewers to access streaming services like YouTube and Hulu on their television sets, is spearheading the digital surge. "Connected TV offers more precise ad targeting and can be cheaper than broadcast TV ads," Newman elaborated, making it an attractive option for campaigns with smaller budgets. This opens the door for a wider range of candidates to compete for voter attention on the same screens as well-funded campaigns. The increased spending is already evident on the airwaves, with supporters of Republican presidential hopefuls Ron DeSantis and Nikki Haley launching attack ads against each other ahead of their recent head-to-head debate in Iowa. (With inputs from Reuters)

US political ad spending set to surge 30 per cent in 2024, fuelled by digital boom

Tesla, the US electric vehicle giant, has announced a temporary halt to most car production at its Berlin factory from January 29 to February 11. <o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The company attributes the suspension to a shortage of components caused by shifts in transport routes due to ongoing attacks on vessels in the Red Sea. <o:p></o:p>

This marks the first disclosure of a production interruption directly linked to the Red Sea disruption, a consequence of Iranian-backed Houthi militants targeting vessels in solidarity with Hamas in Gaza.<o:p></o:p>

Several companies, including Geely and Ikea, have already warned of delivery delays.<o:p></o:p>

"The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide," Reuters quoted Tesla saying in a statement.<o:p></o:p>

The extended transportation times are leading to disruptions in supply chains, affecting Tesla's ability to maintain its regular production schedule.<o:p></o:p>

Auto industry analysts predict that other automakers may face similar challenges due to the Red Sea conflict. <o:p></o:p>

Reuters cited Sam Fiorani, the Vice President at AutoForecast Solutions, who emphasised the vulnerability in relying heavily on key components from Asia, especially China, where Tesla sources its battery components. <o:p></o:p>

Fiorani believes that Tesla might be the first, but not the only, automaker facing production issues due to the disrupted supply chain.<o:p></o:p>

The production stop comes at a challenging time for Tesla, as the company is already engaged in a labour dispute with Swedish trade union IF Metall over a collective bargaining agreement. <o:p></o:p>

This has triggered sympathy strikes across the Nordic region. The disruption caused by the Red Sea crisis adds further pressure on Tesla, impacting its production schedule and raising concerns about its ability to meet demand.<o:p></o:p>

While Tesla has not commented on the specific components affected, it stated that full production would resume on February 12. The company is yet to provide details on how it plans to address the missing components and restore production to normal levels. <o:p></o:p>

The Red Sea crisis, instigated by Houthi attacks, has compelled major shipping companies like Maersk and Hapag-Lloyd to reroute their vessels away from the Suez Canal, which accounts for about 12 per cent of global maritime traffic. <o:p></o:p>

This rerouting, via the longer and more expensive journey around South Africa's Cape of Good Hope, adds approximately 10 days to the journey from Asia to Northern Europe, incurring an extra $1 million in fuel costs.<o:p></o:p>

Maersk expects this rerouting to continue for the foreseeable future. <o:p></o:p>

Amid economic uncertainties, European carmakers and analysts have been cautioning that sales in the electric vehicle sector are not growing as anticipated, prompting some companies to reduce prices to stimulate demand.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla, the US electric vehicle giant, has announced a temporary halt to most car production at its Berlin factory from January 29 to February 11. This is based on a Reuters report.

Tesla, the US electric vehicle giant, has announced a temporary halt to most car production at its Berlin factory from January 29 to February 11. This is based on a Reuters report. The company attributes the suspension to a shortage of components caused by shifts in transport routes due to ongoing attacks on vessels in the Red Sea. This marks the first disclosure of a production interruption directly linked to the Red Sea disruption, a consequence of Iranian-backed Houthi militants targeting vessels in solidarity with Hamas in Gaza. Several companies, including Geely and Ikea, have already warned of delivery delays. "The armed conflicts in the Red Sea and the associated shifts in transport routes between Europe and Asia via the Cape of Good Hope are also having an impact on production in Gruenheide," Reuters quoted Tesla saying in a statement. The extended transportation times are leading to disruptions in supply chains, affecting Tesla's ability to maintain its regular production schedule. Auto industry analysts predict that other automakers may face similar challenges due to the Red Sea conflict. Reuters cited Sam Fiorani, the Vice President at AutoForecast Solutions, who emphasised the vulnerability in relying heavily on key components from Asia, especially China, where Tesla sources its battery components. Fiorani believes that Tesla might be the first, but not the only, automaker facing production issues due to the disrupted supply chain. The production stop comes at a challenging time for Tesla, as the company is already engaged in a labour dispute with Swedish trade union IF Metall over a collective bargaining agreement. This has triggered sympathy strikes across the Nordic region. The disruption caused by the Red Sea crisis adds further pressure on Tesla, impacting its production schedule and raising concerns about its ability to meet demand. While Tesla has not commented on the specific components affected, it stated that full production would resume on February 12. The company is yet to provide details on how it plans to address the missing components and restore production to normal levels. The Red Sea crisis, instigated by Houthi attacks, has compelled major shipping companies like Maersk and Hapag-Lloyd to reroute their vessels away from the Suez Canal, which accounts for about 12 per cent of global maritime traffic. This rerouting, via the longer and more expensive journey around South Africa's Cape of Good Hope, adds approximately 10 days to the journey from Asia to Northern Europe, incurring an extra $1 million in fuel costs. Maersk expects this rerouting to continue for the foreseeable future. Amid economic uncertainties, European carmakers and analysts have been cautioning that sales in the electric vehicle sector are not growing as anticipated, prompting some companies to reduce prices to stimulate demand. (With inputs from Reuters)

Tesla Berlin halts production amid Red Sea disruption crisis. Here are the details

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.<o:p></o:p>

The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. <o:p></o:p>

According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes.<o:p></o:p>

While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. <o:p></o:p>

The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. <o:p></o:p>

Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin.<o:p></o:p>

The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. <o:p></o:p>

Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. <o:p></o:p>

Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management.<o:p></o:p>

Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. <o:p></o:p>

Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. <o:p></o:p>

While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community.<o:p></o:p>

The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. <o:p></o:p>

Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. <o:p></o:p>

The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products.<o:p></o:p>

Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data. The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes. While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin. The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management. Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community. The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products. Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product. (With inputs from Reuters)

Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day