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India's economy is expected to maintain its growth momentum amid a fall in inflation. The government is optimistic after the economy beat expectations in July-September. This has also raised expectations that Asia's third-largest economy will outperform its estimates for the full year.

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2023 was a comeback year for the world's wealthiest. The Bloomberg billionaires index states the collective net worth of the 500 richest increased by $1.5 trillion in 2023. to put that into context: the gains in 2023 is about half the GDP of UK, the world's sixth largest economy.

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All eyes are on the Red Sea, where shipping routes have been disrupted due to attacks by Houthi rebels.<o:p>&nbsp;</o:p>

The Yemen-based rebels have apparently stepped up attacks on container ships in solidarity with Palestine, amid the ongoing Israel-Gaza war.<o:p>&nbsp;</o:p>

After initially stopping traffic via the Red Sea, several top shipping firms, including Denmark's Maersk and France's CMA CGM, have partially restarted operations under the protection of a US-led multinational naval force.<o:p>&nbsp;</o:p>

The blockade of the Red Sea has economic costs for the world economy. The Red Sea lies at the heart of the oil-producing Gulf region and is the gateway to the Suez Canal, which connects the Indian Ocean and the Mediterranean Sea.<o:p>&nbsp;</o:p>

The man-made canal, built between 1859 and 1969, accounts for about 12 per cent of the global trade, 9 per cent of oil demand, 6 per cent of LNG imports and 30 per cent of container shipments.<o:p>&nbsp;</o:p>

More importantly, it cuts down travel time by an average of eight to ten days for ships bound for Europe &amp; North America. In the absence of the Suez Canal, ships have had to travel through the Cape of Good Hope in the Southern Atlantic Ocean -- something that several ships have been forced to do now.<o:p>&nbsp;</o:p>

So, it is the easy access to the Suez Canal which is at stake in the ongoing tensions with the Houthis.<o:p>&nbsp;</o:p>

However, this is not the first time that the Suez Canal has been at the centre of geopolitics.<o:p>&nbsp;</o:p>

Let's rewind the clock to July 26, 1956.<o:p>&nbsp;</o:p>

Then-President of Egypt, Gamal Abdel Nasser, announced the nationalisation of the Suez Canal Company, the British-French firm that controlled the canal.<o:p>&nbsp;</o:p>

This decision irked the United Kingdom, France and neighbouring Israel. The canal provided a strategic foothold to the two colonial powers, while Israel depended on access to the canal for trade.<o:p>&nbsp;</o:p>

Tensions reached a tipping point in October 1956, when Israel, followed by the UK and France, invaded the Sinai Peninsula in order to secure the Suez Canal.<o:p>&nbsp;</o:p>

But things did not go as per the plans. The new superpowers -- the United States and the Soviet Union -- came down heavily on the three countries, warning them to withdraw their troops from Egypt.<o:p>&nbsp;</o:p>

With international opinion against them, the three countries withdrew their&nbsp;troops and Nasser had the last laugh. It&nbsp;was a loss of prestige for the UK and France, the two colonial powers, with the former entering geopolitical oblivion.<o:p>&nbsp;</o:p>

But the economic cost of the nationalisation and subsequent hostilities lingered for many years.<o:p>&nbsp;</o:p>

The biggest impact was on Egypt which, despite securing a political victory, lost out economically. The country lost all American aid as well as its foreign currency reserves held in the UK and France.<o:p>&nbsp;</o:p>

Global oil production fell about 38 per cent in the immediate aftermath of the crisis, largely due to the disruption of traffic at the canal. &nbsp;<o:p>&nbsp;</o:p>

The disruptions at the canal had a major impact on Europe, which was largely dependent on Suez for its supplies. The United Kingdom, in particular, witnessed an economic panic as the Pound Sterling lost its international value.<o:p>&nbsp;</o:p>

This Suez crisis was the first-ever challenge for the International Monetary Fund, considering it&nbsp;as the 'first financial crisis of the post-war era'.

IMF, as the lender of the last resort for governments, was in pole position to squeeze or release key funds for the four combatants during the crisis. Untested for crises until then, the IMF emerged as a stronger organisation from the crisis, which ended by March 1957.<o:p>&nbsp;</o:p>

Overall, the economic fallout of the crisis was subtle and temporary. But the deadlock did highlight the interplay between geopolitics and international trade, something which we are witnessing during the ongoing crisis in 2023.&nbsp;<o:p>&nbsp;</o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1"></iframe>

All eyes are on the Red Sea, where shipping routes have been disrupted due to attacks by Houthi rebels. The Yemen-based rebels have apparently stepped up attacks on container ships in solidarity with Palestine, amid the ongoing Israel-Gaza war.

All eyes are on the Red Sea, where shipping routes have been disrupted due to attacks by Houthi rebels. The Yemen-based rebels have apparently stepped up attacks on container ships in solidarity with Palestine, amid the ongoing Israel-Gaza war. After initially stopping traffic via the Red Sea, several top shipping firms, including Denmark's Maersk and France's CMA CGM, have partially restarted operations under the protection of a US-led multinational naval force. The blockade of the Red Sea has economic costs for the world economy. The Red Sea lies at the heart of the oil-producing Gulf region and is the gateway to the Suez Canal, which connects the Indian Ocean and the Mediterranean Sea. The man-made canal, built between 1859 and 1969, accounts for about 12 per cent of the global trade, 9 per cent of oil demand, 6 per cent of LNG imports and 30 per cent of container shipments. More importantly, it cuts down travel time by an average of eight to ten days for ships bound for Europe & North America. In the absence of the Suez Canal, ships have had to travel through the Cape of Good Hope in the Southern Atlantic Ocean -- something that several ships have been forced to do now. So, it is the easy access to the Suez Canal which is at stake in the ongoing tensions with the Houthis. However, this is not the first time that the Suez Canal has been at the centre of geopolitics. Let's rewind the clock to July 26, 1956. Then-President of Egypt, Gamal Abdel Nasser, announced the nationalisation of the Suez Canal Company, the British-French firm that controlled the canal. This decision irked the United Kingdom, France and neighbouring Israel. The canal provided a strategic foothold to the two colonial powers, while Israel depended on access to the canal for trade. Tensions reached a tipping point in October 1956, when Israel, followed by the UK and France, invaded the Sinai Peninsula in order to secure the Suez Canal. But things did not go as per the plans. The new superpowers -- the United States and the Soviet Union -- came down heavily on the three countries, warning them to withdraw their troops from Egypt. With international opinion against them, the three countries withdrew their troops and Nasser had the last laugh. It was a loss of prestige for the UK and France, the two colonial powers, with the former entering geopolitical oblivion. But the economic cost of the nationalisation and subsequent hostilities lingered for many years. The biggest impact was on Egypt which, despite securing a political victory, lost out economically. The country lost all American aid as well as its foreign currency reserves held in the UK and France. Global oil production fell about 38 per cent in the immediate aftermath of the crisis, largely due to the disruption of traffic at the canal. The disruptions at the canal had a major impact on Europe, which was largely dependent on Suez for its supplies. The United Kingdom, in particular, witnessed an economic panic as the Pound Sterling lost its international value. This Suez crisis was the first-ever challenge for the International Monetary Fund, considering it as the 'first financial crisis of the post-war era'. IMF, as the lender of the last resort for governments, was in pole position to squeeze or release key funds for the four combatants during the crisis. Untested for crises until then, the IMF emerged as a stronger organisation from the crisis, which ended by March 1957. Overall, the economic fallout of the crisis was subtle and temporary. But the deadlock did highlight the interplay between geopolitics and international trade, something which we are witnessing during the ongoing crisis in 2023. WATCH WION LIVE HERE

Flashback Friday: How the interplay between geopolitics & trade triggered the 1956 Suez Crisis 

On December 15, Guyana and Venezuela agreed to resolve the Essequibo dispute without the use of force. With that, the threat of a military conflict is over - at least for now.

Esequibo is a part of English-speaking Guyana, constituting two-thirds of the total land. However the densely-forested region has been claimed by Venezuela for the last two centuries.

The territorial dispute took a dramatic turn on May 20, 2015, when US energy giant ExxonMobil announced that it had discovered crude oil deposits in the region.

"In 2013, the Guyanese explored the waters off the Essequibo coast for oil reserves and awarded a license to ExxonMobil to drill for oil. Without this oil discovery, the dispute would not have escalated to the current level," argues Latin America expert &nbsp;Hari Seshasayee. &nbsp;

The offshore waters of Essequibo hold over 11.2 billion oil-equivalent barrels and 17 trillion cubic feet of natural gas reserves.

The discovery, nevertheless, opened Guyana's door to economic prosperity.

Until 2019, when commercial oil exploration began, Guyana's economy depended on agriculture and mining. But the discovery of oil &amp; natural gas has helped change the economy, as they now constitute nearly half of the country's Gross Domestic Product.

The country has been the fastest growing economy since 2020, even as the global economy slowed under the weight of Covid-19 lockdowns and the Ukraine war.

In 2022, Guyana's economy grew by a whopping 62.3 per cent. The Caribbean country is expected to end 2023 with a growth rate of over 38 per cent. The momentum is likely to continue in 2024 too, with the economy expected to grow at an average of 20 per cent.

Guyana's oil and gas reserves are expected to potentially alter the global energy panorama.

As per some estimates, the South American country is set to become a top per capita oil producer by 2030. Thanks to its new-found oil wealth, Guyana now ranks high in GDP per capita in the Americas. Some estimates also suggest that the oil reserves can also help the country of 800,000 people to become richer than Kuwait or the UAE.

The dispute, however, imparts some lessons about the close link between politics and economics.

Seshasayee blames the current escalation on Venezuelan President Nicolas Maduro who, he argues, is fueling the dispute to appease his domestic constituency. "Maduro is essentially making a storm in a teacup. This will likely amount to nothing," he says.

In fact, Maduro held a referendum in November over the question of annexing Essequibo, which was marred by poor voter turnout and allegations of irregularities. Interestingly, the referendum took place just days after Guyana discovered another oil reserve in the region.

The fears of a military confrontation are not new. Reports suggest that Venezuela was eyeing the region during the Falkland war between the UK and Argentina.

However, the discovery of fossil fuels immediately triggered fears of a military confrontation in Guyana. "Guyana at the moment is facing a challenge to its survival by a larger state,"&nbsp;President David Granger said in 2015.&nbsp;

Venezuela already is a top oil producer and is known to possess the largest-proven oil reserves in the world.&nbsp;

Experts argue that adding Guyana's proven oil reserves in its kitty is unlikely to make much of a difference. So, the general view is that this issue has been whipped up only to save Maduro's presidency, due for expiry next year.

Nevertheless, the timing of the escalation underlines the difference that natural resources can make to the economic and political importance of a region.

The Arabian peninsula is a prime example. Once an arid and resource-scarce region, the discovery of oil in the late 1930s transformed Saudi Arabia - the kingdom occupies most of the peninsula - into a geopolitical hub, where the superpowers vie for influence.

Thanks to Essequibo, Guyana has the opportunity to turn its oil reserves into 'black gold'. But the looming fear of a Venezuelan invasion and other uncertainties could force Guyana to never achieve its full economic potential.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

On December 15, Guyana and Venezuela agreed to resolve the Essequibo dispute without the use of force. With that, the threat of a military conflict is over - at least for now.

On December 15, Guyana and Venezuela agreed to resolve the Essequibo dispute without the use of force. With that, the threat of a military conflict is over - at least for now. Esequibo is a part of English-speaking Guyana, constituting two-thirds of the total land. However the densely-forested region has been claimed by Venezuela for the last two centuries. The territorial dispute took a dramatic turn on May 20, 2015, when US energy giant ExxonMobil announced that it had discovered crude oil deposits in the region. "In 2013, the Guyanese explored the waters off the Essequibo coast for oil reserves and awarded a license to ExxonMobil to drill for oil. Without this oil discovery, the dispute would not have escalated to the current level," argues Latin America expert Hari Seshasayee. The offshore waters of Essequibo hold over 11.2 billion oil-equivalent barrels and 17 trillion cubic feet of natural gas reserves. The discovery, nevertheless, opened Guyana's door to economic prosperity. Until 2019, when commercial oil exploration began, Guyana's economy depended on agriculture and mining. But the discovery of oil & natural gas has helped change the economy, as they now constitute nearly half of the country's Gross Domestic Product. The country has been the fastest growing economy since 2020, even as the global economy slowed under the weight of Covid-19 lockdowns and the Ukraine war. In 2022, Guyana's economy grew by a whopping 62.3 per cent. The Caribbean country is expected to end 2023 with a growth rate of over 38 per cent. The momentum is likely to continue in 2024 too, with the economy expected to grow at an average of 20 per cent. Guyana's oil and gas reserves are expected to potentially alter the global energy panorama. As per some estimates, the South American country is set to become a top per capita oil producer by 2030. Thanks to its new-found oil wealth, Guyana now ranks high in GDP per capita in the Americas. Some estimates also suggest that the oil reserves can also help the country of 800,000 people to become richer than Kuwait or the UAE. The dispute, however, imparts some lessons about the close link between politics and economics. Seshasayee blames the current escalation on Venezuelan President Nicolas Maduro who, he argues, is fueling the dispute to appease his domestic constituency. "Maduro is essentially making a storm in a teacup. This will likely amount to nothing," he says. In fact, Maduro held a referendum in November over the question of annexing Essequibo, which was marred by poor voter turnout and allegations of irregularities. Interestingly, the referendum took place just days after Guyana discovered another oil reserve in the region. The fears of a military confrontation are not new. Reports suggest that Venezuela was eyeing the region during the Falkland war between the UK and Argentina. However, the discovery of fossil fuels immediately triggered fears of a military confrontation in Guyana. "Guyana at the moment is facing a challenge to its survival by a larger state," President David Granger said in 2015. Venezuela already is a top oil producer and is known to possess the largest-proven oil reserves in the world. Experts argue that adding Guyana's proven oil reserves in its kitty is unlikely to make much of a difference. So, the general view is that this issue has been whipped up only to save Maduro's presidency, due for expiry next year. Nevertheless, the timing of the escalation underlines the difference that natural resources can make to the economic and political importance of a region. The Arabian peninsula is a prime example. Once an arid and resource-scarce region, the discovery of oil in the late 1930s transformed Saudi Arabia - the kingdom occupies most of the peninsula - into a geopolitical hub, where the superpowers vie for influence. Thanks to Essequibo, Guyana has the opportunity to turn its oil reserves into 'black gold'. But the looming fear of a Venezuelan invasion and other uncertainties could force Guyana to never achieve its full economic potential. WATCH WION LIVE HERE

Guyana-Venezuela tensions: How oil discovery revived Essequibo crisis

n the world of finance, this year has been a roller coaster of highs and lows, from soaring stock markets to unexpected economic challenges.

2023: A Roller Coaster Ride | Soaring stock markets | NASDAQ records trillion-dollar valuations

In a resounding endorsement of India's economic prospects, global investors have propelled foreign portfolio inflows into Indian stocks to remarkable heights. December witnessed an influx of 6.92 billion dollars, marking the second-highest level ever and affirming India's allure amid global uncertainties. We talk to author Monika Halan for more perspective.

Indian markets scale new highs; Indian markets among top performers in 2023

European Central Bank's governing council member Robert Holzmann has argued that it's premature to discuss any cut in borrowing costs. His statement emphasises uncertainty regarding any rate cuts in 2024.

European Central Bank official warns against early rate cuts | World Business Watch

In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell.&nbsp;

Commencing in January 2024, this landmark agreement entails the supply of up to 18 million barrels per annum of Qatar’s indigenous crude oils, including Qatar Land and Qatar Marine, CNBC reported. &nbsp;

Expressing his enthusiasm, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, said: "We are delighted to sign our first-ever five-year crude sales agreement," CNBC quoted him as saying.&nbsp;

Emphasising the broader significance, he added, "This agreement further strengthens QatarEnergy’s relationship with Shell, a major customer and a strategic partner. Our historic relationship with Shell extends beyond mere transactional interactions to deeper, more strategic cooperation."&nbsp;

While the recent deal marks a new chapter in the ongoing collaboration between QatarEnergy and Shell, the roots of their relationship run deep, nurtured over the years through shared investments in the energy industry. &nbsp;

Key joint ventures include QatarEnergy LNG projects, the Pearl GTL Plant, and various other substantial investments, showcasing the synergies derived from combining QatarEnergy’s resources with Shell’s global energy expertise.&nbsp;

This strategic move aligns with QatarEnergy's overarching strategy to expand its global footprint and solidify its standing as a leading energy supplier. &nbsp;

By bridging Qatar's local resources with Shell’s extensive international market reach, this agreement sets a precedent for future long-term partnerships in the dynamic and competitive global energy market.&nbsp;

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In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell.

In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell. Commencing in January 2024, this landmark agreement entails the supply of up to 18 million barrels per annum of Qatar’s indigenous crude oils, including Qatar Land and Qatar Marine, CNBC reported. Expressing his enthusiasm, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, said: "We are delighted to sign our first-ever five-year crude sales agreement," CNBC quoted him as saying. Emphasising the broader significance, he added, "This agreement further strengthens QatarEnergy’s relationship with Shell, a major customer and a strategic partner. Our historic relationship with Shell extends beyond mere transactional interactions to deeper, more strategic cooperation." While the recent deal marks a new chapter in the ongoing collaboration between QatarEnergy and Shell, the roots of their relationship run deep, nurtured over the years through shared investments in the energy industry. Key joint ventures include QatarEnergy LNG projects, the Pearl GTL Plant, and various other substantial investments, showcasing the synergies derived from combining QatarEnergy’s resources with Shell’s global energy expertise. This strategic move aligns with QatarEnergy's overarching strategy to expand its global footprint and solidify its standing as a leading energy supplier. By bridging Qatar's local resources with Shell’s extensive international market reach, this agreement sets a precedent for future long-term partnerships in the dynamic and competitive global energy market. WATCH WION LIVE HERE

QatarEnergy forges strategic five-year crude oil pact with Shell  

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

QatarEnergy forges strategic five-year crude oil pact with Shell<o:p></o:p>

In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/qatarenergy-forges-strategic-five-year-crude-oil-pact-with-shell-674571">Read more here</a><o:p></o:p>

Singapore implements sales tax hike amid concerns over rising living costs, demographic shift<o:p></o:p>

Singapore is gearing up for an increase in sales tax in 2024 as the government takes measures to strengthen its financial position in anticipation of heightened social spending, driven by the city-state's rapidly ageing population. &nbsp;<o:p></o:p>

<a href="https://wionews.com/business-economy/singapore-implements-sales-tax-hike-amid-concerns-over-rising-living-costs-demographic-shift-674612">Read more here</a><o:p></o:p>

Zomato share price dips after $4.8 bn tax show cause notice<o:p></o:p>

Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/zomato-share-prices-dip-with-a-48-bn-tax-show-cause-notice-674616">Read more here</a> <o:p></o:p>

China's manufacturing faces third consecutive contraction in Dec, calls for policy support intensify<o:p></o:p>

China's manufacturing sector is anticipated to contract for the third straight month, as per a Reuters poll, reflecting subdued demand for manufactured goods and heightening the clamour for additional policy support. &nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-faces-third-consecutive-contraction-in-dec-calls-for-policy-support-intensify-674620">Read more here</a><o:p></o:p>

Francoise Bettencourt Meyers: First woman to break $100 billion net worth barrier<o:p></o:p>

In a historic milestone, Francoise Bettencourt Meyers has become the first woman to amass a staggering $100 billion fortune, securing her position as the world's 12th-richest individual<o:p></o:p>

<a href="https://www.wionews.com/business-economy/francoise-bettencourt-meyers-first-woman-to-break-100-billion-net-worth-barrier-674629">Read more here</a><o:p></o:p>

Huawei projects 9pc revenue surge in 2023, marking a resilient comeback<o:p></o:p>

Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.3 billion yuan reported in 2022.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/huawei-projects-9pc-revenue-surge-in-2023-marking-a-resilient-comeback-674635">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. QatarEnergy forges strategic five-year crude oil pact with Shell In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. QatarEnergy forges strategic five-year crude oil pact with Shell In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell. Read more here Singapore implements sales tax hike amid concerns over rising living costs, demographic shift Singapore is gearing up for an increase in sales tax in 2024 as the government takes measures to strengthen its financial position in anticipation of heightened social spending, driven by the city-state's rapidly ageing population. Read more here Zomato share price dips after $4.8 bn tax show cause notice Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion). Read more here China's manufacturing faces third consecutive contraction in Dec, calls for policy support intensify China's manufacturing sector is anticipated to contract for the third straight month, as per a Reuters poll, reflecting subdued demand for manufactured goods and heightening the clamour for additional policy support. Read more here Francoise Bettencourt Meyers: First woman to break $100 billion net worth barrier In a historic milestone, Francoise Bettencourt Meyers has become the first woman to amass a staggering $100 billion fortune, securing her position as the world's 12th-richest individual Read more here Huawei projects 9pc revenue surge in 2023, marking a resilient comeback Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.3 billion yuan reported in 2022. Read more here WATCH WION LIVE HERE

WION Business Wrap | QatarEnergy’s pact with Shell, Singapore’s sales tax, China’s manufacturing & more

Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.3 billion yuan reported in 2022.&nbsp;

The announcement, made by rotating chairman Ken Hu in an internal new year message, signals Huawei's resilience after facing challenges from US sanctions that impacted crucial business lines, including access to advanced chips.&nbsp;

Expressing gratitude to partners and the Huawei team, Hu acknowledged the collective effort in overcoming obstacles, stating, "Thanks to our partners across the value chain for standing with us through thick and thin. And I'd also like to thank every member of the Huawei team for embracing the struggle – for never giving up." &nbsp;

Hu emphasised that the company has weathered the storm and is now back on track after years of hard work.&nbsp;

Huawei's optimism is bolstered by the better-than-expected performance of its device business segment, which includes the smartphone business. In the internal message, Hu highlighted the segment's resilience and success in 2023. &nbsp;

The launch of the Mate60 series of smartphones in August, powered by domestically developed chipsets, is seen as a significant move marking Huawei's return to the high-end smartphone market after grappling with US sanctions. &nbsp;

Notably, Huawei's smartphone shipments surged by 83 per cent in October year-on-year, contributing to an 11 per cent growth in the overall Chinese smartphone market over the same period, according to Counterpoint.&nbsp;

Looking ahead to 2024, Huawei is strategically focusing on expanding its device business, aiming to double down on its commitment to developing best-in-class products and building a high-end brand with a human touch. &nbsp;

Despite the positive outlook, Huawei acknowledges significant challenges ahead, citing "geopolitical and economic uncertainties" and the ongoing impact of technology restrictions and trade barriers. &nbsp;

In response, Huawei plans to enhance the efficiency of its business operations through initiatives to streamline headquarters, simplify management, and ensure consistent policies, making necessary adjustments where needed.&nbsp;

(With inputs from Reuters)&nbsp;

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Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.

Huawei Technologies, the Chinese tech giant, is optimistic about its financial prospects in 2023, forecasting a revenue exceeding 700 billion yuan ($98.5 billion), representing a substantial 9 per cent year-over-year growth from the 642.3 billion yuan reported in 2022. The announcement, made by rotating chairman Ken Hu in an internal new year message, signals Huawei's resilience after facing challenges from US sanctions that impacted crucial business lines, including access to advanced chips. Expressing gratitude to partners and the Huawei team, Hu acknowledged the collective effort in overcoming obstacles, stating, "Thanks to our partners across the value chain for standing with us through thick and thin. And I'd also like to thank every member of the Huawei team for embracing the struggle – for never giving up." Hu emphasised that the company has weathered the storm and is now back on track after years of hard work. Huawei's optimism is bolstered by the better-than-expected performance of its device business segment, which includes the smartphone business. In the internal message, Hu highlighted the segment's resilience and success in 2023. The launch of the Mate60 series of smartphones in August, powered by domestically developed chipsets, is seen as a significant move marking Huawei's return to the high-end smartphone market after grappling with US sanctions. Notably, Huawei's smartphone shipments surged by 83 per cent in October year-on-year, contributing to an 11 per cent growth in the overall Chinese smartphone market over the same period, according to Counterpoint. Looking ahead to 2024, Huawei is strategically focusing on expanding its device business, aiming to double down on its commitment to developing best-in-class products and building a high-end brand with a human touch. Despite the positive outlook, Huawei acknowledges significant challenges ahead, citing "geopolitical and economic uncertainties" and the ongoing impact of technology restrictions and trade barriers. In response, Huawei plans to enhance the efficiency of its business operations through initiatives to streamline headquarters, simplify management, and ensure consistent policies, making necessary adjustments where needed. (With inputs from Reuters) WATCH WION LIVE HERE

Huawei projects 9pc revenue surge in 2023, marking a resilient comeback  

In a historic milestone, Francoise Bettencourt Meyers has become the first woman to amass a staggering $100 billion fortune, securing her position as the world's 12th-richest individual, Bloomberg reported.

The heiress's wealth surged to $100.1 billion, propelled by the record-high shares of L'Oreal SA, the renowned beauty products empire founded by her grandfather, Eugene Schueller.

Bettencourt Meyers,70, serves as the vice-chair of the board of L'Oreal, a company valued at approximately $268 billion, where her family holds nearly 35 per cent of the shares. &nbsp;

Her sons, Jean-Victor Meyers and Nicolas Meyers, are also directors in the company. &nbsp;

Despite her wealth, Bettencourt Meyers keeps a low profile, opting for a private life, focusing on her passion for playing the piano and authoring books, including a five-volume study of the Bible and a genealogy of the Greek gods.

The fortune milestone places Bettencourt Meyers just behind Mexico's Carlos Slim in the global ranking. However, her wealth remains significantly less than that of French tycoon Bernard Arnault, the founder of luxury goods giant LVMH, who holds the second spot globally with $179 billion. &nbsp;

The growing dominance of France in luxury retail has spawned several other ultra-rich families, including those behind Hermes International SCA and the Wertheimer brothers, owners of Chanel.

Bettencourt Meyers inherited her wealth following the 2017 death of her mother, Liliane Bettencourt, and the subsequent legal battles that ensued. &nbsp;

The documentary series, 'L'Affaire Bettencourt', released by Netflix last month, delves into the family saga, including a political scandal and secret recordings made by a butler. &nbsp;

L'Oreal, founded in 1909, faced challenges during the pandemic but rebounded swiftly as consumers returned to luxury items, boosting the company's shares by 35 per cent this year.

As the chair of her family's holding company, Tethys, Bettencourt Meyers oversees the family's L'Oreal stake. Her husband, Jean-Pierre Meyers, serves as the chief executive. The couple established Tethys Invest SAS in 2016, focusing on non-competing areas, making direct long-term investments in entrepreneurial projects. &nbsp;

Recent acquisitions include stakes in French insurance broker April Group and investments in the fashion brand Sezane and the private hospital operator Elsan. Tethys Invest is partly funded by L'Oreal dividends.

(With inputs from Bloomberg)

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In a historic milestone, Francoise Bettencourt Meyers has become the first woman to amass a staggering $100 billion fortune, securing her position as the world's 12th-richest individual, Bloomberg reported.

In a historic milestone, Francoise Bettencourt Meyers has become the first woman to amass a staggering $100 billion fortune, securing her position as the world's 12th-richest individual, Bloomberg reported. The heiress's wealth surged to $100.1 billion, propelled by the record-high shares of L'Oreal SA, the renowned beauty products empire founded by her grandfather, Eugene Schueller. Bettencourt Meyers,70, serves as the vice-chair of the board of L'Oreal, a company valued at approximately $268 billion, where her family holds nearly 35 per cent of the shares. Her sons, Jean-Victor Meyers and Nicolas Meyers, are also directors in the company. Despite her wealth, Bettencourt Meyers keeps a low profile, opting for a private life, focusing on her passion for playing the piano and authoring books, including a five-volume study of the Bible and a genealogy of the Greek gods. The fortune milestone places Bettencourt Meyers just behind Mexico's Carlos Slim in the global ranking. However, her wealth remains significantly less than that of French tycoon Bernard Arnault, the founder of luxury goods giant LVMH, who holds the second spot globally with $179 billion. The growing dominance of France in luxury retail has spawned several other ultra-rich families, including those behind Hermes International SCA and the Wertheimer brothers, owners of Chanel. Bettencourt Meyers inherited her wealth following the 2017 death of her mother, Liliane Bettencourt, and the subsequent legal battles that ensued. The documentary series, 'L'Affaire Bettencourt', released by Netflix last month, delves into the family saga, including a political scandal and secret recordings made by a butler. L'Oreal, founded in 1909, faced challenges during the pandemic but rebounded swiftly as consumers returned to luxury items, boosting the company's shares by 35 per cent this year. As the chair of her family's holding company, Tethys, Bettencourt Meyers oversees the family's L'Oreal stake. Her husband, Jean-Pierre Meyers, serves as the chief executive. The couple established Tethys Invest SAS in 2016, focusing on non-competing areas, making direct long-term investments in entrepreneurial projects. Recent acquisitions include stakes in French insurance broker April Group and investments in the fashion brand Sezane and the private hospital operator Elsan. Tethys Invest is partly funded by L'Oreal dividends. (With inputs from Bloomberg) WATCH WION LIVE HERE

Francoise Bettencourt Meyers: First woman to break $100 billion net worth barrier

China's manufacturing sector is anticipated to contract for the third straight month, as per a Reuters poll, reflecting subdued demand for manufactured goods and heightening the clamour for additional policy support. &nbsp;

According to the median forecast of 24 economists surveyed from December 22 to 28, the official purchasing managers' index (PMI) for December is expected to be 49.5, a marginal increase from November's 49.4. &nbsp;

Only three out of the 24 economists surveyed foresee an expansion in factory activity in December. The highest forecast reading is 50.5, underscoring the prevailing headwinds. &nbsp;

The official manufacturing figures for December are scheduled for release on Sunday, providing a comprehensive overview of the sector's performance. &nbsp;

Additionally, the private Caixin factory survey, expected on Tuesday, is projected to show a slowdown to 50.4 from an unexpected expansion reading of 50.7 in November.

This continuous contraction signals the challenges faced by the world's second-largest economy, struggling with a feeble post-pandemic recovery, a property crisis, local government debt risks, and sluggish global growth.

The Chinese government, in response to the economic challenges, has introduced a series of measures to bolster growth. &nbsp;

Despite the central bank's efforts to maintain an accommodative policy to boost confidence and stimulate recovery, new bank lending in China saw a less-than-expected increase in November.

Moody's, the credit rating agency, added to China's economic concerns by issuing a downgrade warning in December. The warning comes as the property market exerts pressure on the economy, compounding existing challenges. &nbsp;

In a parallel development, an interim report on China's 14th five-year plan, published by parliament on Wednesday, emphasised the country's commitment to expanding domestic demand, ensuring a swift economic recovery, and promoting stable growth.

(With inputs from Reuters)

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China's manufacturing sector is anticipated to contract for the third straight month, as per a Reuters poll, reflecting subdued demand for manufactured goods and heightening the clamour for additional policy support.

China's manufacturing sector is anticipated to contract for the third straight month, as per a Reuters poll, reflecting subdued demand for manufactured goods and heightening the clamour for additional policy support. According to the median forecast of 24 economists surveyed from December 22 to 28, the official purchasing managers' index (PMI) for December is expected to be 49.5, a marginal increase from November's 49.4. Only three out of the 24 economists surveyed foresee an expansion in factory activity in December. The highest forecast reading is 50.5, underscoring the prevailing headwinds. The official manufacturing figures for December are scheduled for release on Sunday, providing a comprehensive overview of the sector's performance. Additionally, the private Caixin factory survey, expected on Tuesday, is projected to show a slowdown to 50.4 from an unexpected expansion reading of 50.7 in November. This continuous contraction signals the challenges faced by the world's second-largest economy, struggling with a feeble post-pandemic recovery, a property crisis, local government debt risks, and sluggish global growth. The Chinese government, in response to the economic challenges, has introduced a series of measures to bolster growth. Despite the central bank's efforts to maintain an accommodative policy to boost confidence and stimulate recovery, new bank lending in China saw a less-than-expected increase in November. Moody's, the credit rating agency, added to China's economic concerns by issuing a downgrade warning in December. The warning comes as the property market exerts pressure on the economy, compounding existing challenges. In a parallel development, an interim report on China's 14th five-year plan, published by parliament on Wednesday, emphasised the country's commitment to expanding domestic demand, ensuring a swift economic recovery, and promoting stable growth. (With inputs from Reuters) WATCH WION LIVE HERE

China's manufacturing faces third consecutive contraction in Dec, calls for policy support intensify

Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion).

The reason: for allegedly not paying taxes on delivery fee collections from customers between October 29, 2019, and March 31, 2022. &nbsp;

Zomato's shares experienced a downturn, opening 1.69 per cent lower on BSE at ₹124.90 and 1.77 per cent lower on NSE at ₹124.80. &nbsp;

Zomato, in a regulatory filing, clarified that the sum in question is derived from delivery charges collected from customers on behalf of delivery partners during the specified period. &nbsp;

The development adds to the challenges faced by Zomato, as it deals with regulatory scrutiny and financial obligations. This SCN comes at a time when Zomato's share prices are showing signs of recovery after a period of volatility.

In parallel news, Zomato's Live Entertainment vertical is set to expand its presence by entering new cities and creating fresh intellectual properties (IPs). This move aligns with Zomato's recent introduction of a dedicated tab on its app, facilitating users in discovering and engaging with anticipated events across cities. &nbsp;

Zomato Live Entertainment, launched in 2018, started with the Zomaland IP, a food carnival and music festival spanning eight cities, attracting approximately 200,000 customers with its immersive blend of food, entertainment, and music.

Zeenah Vilcassim, CEO of Zomato Live, said that the company aims for a substantial double-digit contribution to Zomato's topline within three years.

She asserted that despite Zomato Live's current contribution being a single-digit percentage to Zomato's overall revenue, achieving a low double-digit contribution would be substantial, given the scale and size of the business in online ordering.

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Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.

Zomato, the online food delivery platform, has been served with a show cause notice (SCN) by the Goods and Services Tax (GST) office, amounting to ₹401.7 crore ($4.8 billion). The reason: for allegedly not paying taxes on delivery fee collections from customers between October 29, 2019, and March 31, 2022. Zomato's shares experienced a downturn, opening 1.69 per cent lower on BSE at ₹124.90 and 1.77 per cent lower on NSE at ₹124.80. Zomato, in a regulatory filing, clarified that the sum in question is derived from delivery charges collected from customers on behalf of delivery partners during the specified period. The development adds to the challenges faced by Zomato, as it deals with regulatory scrutiny and financial obligations. This SCN comes at a time when Zomato's share prices are showing signs of recovery after a period of volatility. In parallel news, Zomato's Live Entertainment vertical is set to expand its presence by entering new cities and creating fresh intellectual properties (IPs). This move aligns with Zomato's recent introduction of a dedicated tab on its app, facilitating users in discovering and engaging with anticipated events across cities. Zomato Live Entertainment, launched in 2018, started with the Zomaland IP, a food carnival and music festival spanning eight cities, attracting approximately 200,000 customers with its immersive blend of food, entertainment, and music. Zeenah Vilcassim, CEO of Zomato Live, said that the company aims for a substantial double-digit contribution to Zomato's topline within three years. She asserted that despite Zomato Live's current contribution being a single-digit percentage to Zomato's overall revenue, achieving a low double-digit contribution would be substantial, given the scale and size of the business in online ordering. WATCH WION LIVE HERE

Zomato share price dips after $4.8 bn tax show cause notice

Singapore is gearing up for an increase in sales tax in 2024 as the government takes measures to strengthen its financial position in anticipation of heightened social spending, driven by the city-state's rapidly ageing population. &nbsp;

The goods and services tax, affecting a range of items from groceries to luxury goods, will see a one-percentage-point hike to 9 per cent starting Monday, marking the second phase of a two-stage rate increase. This follows the increment earlier this year when the sales tax rose from 7 per cent to 8 per cent, after remaining unchanged for 15 years.

The upcoming tax hike is compounding concerns over the already escalating living costs, prompting opposition lawmakers to call for a delay in its implementation.

Core inflation in Singapore moderated to 3.2 per cent in November from its peak of 5.5 per cent in the early months of the year.

However, it remains stubborn, with the central bank projecting an average of 2.5–3.5 per cent in 2024.

With a quarter of the population predicted to be 65 or older by 2030, the government argues that the tax adjustment is essential to strengthen state finances in anticipation of the anticipated spike in healthcare expenses and population ageing.

Deputy Prime Minister Lawrence Wong has defended the decision, emphasising that deferring the GST increase would only lead to more significant challenges in the future, limiting resources to address growing fiscal needs. &nbsp;

In response to the potential burden on households, the government has rolled out an "assurance package" worth over S$10 billion ($7.55 billion). The package includes payouts ranging from S$200 to S$800 distributed to all adult Singaporeans this month. &nbsp;

While the tax hike raises concerns about its impact on citizens, the relief measures aim to alleviate the immediate financial strain. &nbsp;

Some retailers, like IKEA and FairPrice Group, have pledged to absorb the tax increases for the time being, with IKEA not specifying when it would conclude the initiative, and FairPrice Group committing to absorb the hike on essential items such as rice and vegetables.

(With inputs from Reuters)

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Singapore is gearing up for an increase in sales tax in 2024 as the government takes measures to strengthen its financial position in anticipation of heightened social spending, driven by the city-state's rapidly ageing population.

Singapore is gearing up for an increase in sales tax in 2024 as the government takes measures to strengthen its financial position in anticipation of heightened social spending, driven by the city-state's rapidly ageing population. The goods and services tax, affecting a range of items from groceries to luxury goods, will see a one-percentage-point hike to 9 per cent starting Monday, marking the second phase of a two-stage rate increase. This follows the increment earlier this year when the sales tax rose from 7 per cent to 8 per cent, after remaining unchanged for 15 years. The upcoming tax hike is compounding concerns over the already escalating living costs, prompting opposition lawmakers to call for a delay in its implementation. Core inflation in Singapore moderated to 3.2 per cent in November from its peak of 5.5 per cent in the early months of the year. However, it remains stubborn, with the central bank projecting an average of 2.5–3.5 per cent in 2024. With a quarter of the population predicted to be 65 or older by 2030, the government argues that the tax adjustment is essential to strengthen state finances in anticipation of the anticipated spike in healthcare expenses and population ageing. Deputy Prime Minister Lawrence Wong has defended the decision, emphasising that deferring the GST increase would only lead to more significant challenges in the future, limiting resources to address growing fiscal needs. In response to the potential burden on households, the government has rolled out an "assurance package" worth over S$10 billion ($7.55 billion). The package includes payouts ranging from S$200 to S$800 distributed to all adult Singaporeans this month. While the tax hike raises concerns about its impact on citizens, the relief measures aim to alleviate the immediate financial strain. Some retailers, like IKEA and FairPrice Group, have pledged to absorb the tax increases for the time being, with IKEA not specifying when it would conclude the initiative, and FairPrice Group committing to absorb the hike on essential items such as rice and vegetables. (With inputs from Reuters) WATCH WION LIVE HERE

Singapore implements sales tax hike amid concerns over rising living costs, demographic shift

In a move indicating a potential shift in policy, China approved 105 domestic games on Monday, signalling a softening stance after a recent tightening of industry restrictions resulted in an $80 billion market value loss last week, Bloomberg reported.<o:p></o:p>

Notably, the approved titles include games operated by Tencent Holdings Ltd. and NetEase Inc., China's leading game publishers that were significantly impacted by Beijing's stringent regulations. <o:p></o:p>

The approvals underscore the Chinese authorities' apparent support for the development of the online gaming sector, as mentioned by an industry association in a WeChat post republished by the official Xinhua news agency.<o:p></o:p>

The recent approvals come on the heels of a Friday announcement by the National Press and Publication Administration (NPPA), signalling new rules to limit the development of online games in China. <o:p></o:p>

These rules include an unspecified cap on spending by adult players, a ban on rewards for frequent logins, forced player-duels, and a prohibition on content violating national security.<o:p></o:p>

The announcement triggered a market reaction, causing Tencent and NetEase's market value to plunge by tens of billions of dollars in Hong Kong. <o:p></o:p>

Despite the NPPA's subsequent approval of 40 imported gaming titles during trading hours on Friday, investor confidence remained subdued.<o:p></o:p>

Industry analysts, including those from Citi, initially suggested that Tencent and NetEase might not be significantly affected by the new restrictions. However, the shares of both companies experienced a decline in US trading. <o:p></o:p>

The NPPA, responding to the market concerns, stated on Saturday that it would consider feedback from stakeholders, including companies and players, to enhance the rules. <o:p></o:p>

The sudden and sweeping restrictions have reminded many of the tech-sector crackdown in 2021, where various agencies imposed abrupt curbs on sectors ranging from e-commerce to entertainment, impacting companies like Ant Group Co. and Alibaba Group Holding Ltd.<o:p></o:p>

Bloomberg quoted Yang Wenfeng, a senior vice president with Shanghai-based games studio Paper Games, as saying, "The latest events reflect the government’s desire for a larger, more diverse gaming landscape with innovative content of higher quality but one without excessive monetisation or ‘pay-to-win’ games." <o:p></o:p>

He added, "The government prefers publishers to earn profits through fair practices and product innovation, rather than deepening monetisation strategies." <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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In a move indicating a potential shift in policy, China approved 105 domestic games on Monday, signalling a softening stance after a recent tightening of industry restrictions resulted in an $80 billion market value loss last week, Bloomberg reported.

In a move indicating a potential shift in policy, China approved 105 domestic games on Monday, signalling a softening stance after a recent tightening of industry restrictions resulted in an $80 billion market value loss last week, Bloomberg reported. Notably, the approved titles include games operated by Tencent Holdings Ltd. and NetEase Inc., China's leading game publishers that were significantly impacted by Beijing's stringent regulations. The approvals underscore the Chinese authorities' apparent support for the development of the online gaming sector, as mentioned by an industry association in a WeChat post republished by the official Xinhua news agency. The recent approvals come on the heels of a Friday announcement by the National Press and Publication Administration (NPPA), signalling new rules to limit the development of online games in China. These rules include an unspecified cap on spending by adult players, a ban on rewards for frequent logins, forced player-duels, and a prohibition on content violating national security. The announcement triggered a market reaction, causing Tencent and NetEase's market value to plunge by tens of billions of dollars in Hong Kong. Despite the NPPA's subsequent approval of 40 imported gaming titles during trading hours on Friday, investor confidence remained subdued. Industry analysts, including those from Citi, initially suggested that Tencent and NetEase might not be significantly affected by the new restrictions. However, the shares of both companies experienced a decline in US trading. The NPPA, responding to the market concerns, stated on Saturday that it would consider feedback from stakeholders, including companies and players, to enhance the rules. The sudden and sweeping restrictions have reminded many of the tech-sector crackdown in 2021, where various agencies imposed abrupt curbs on sectors ranging from e-commerce to entertainment, impacting companies like Ant Group Co. and Alibaba Group Holding Ltd. Bloomberg quoted Yang Wenfeng, a senior vice president with Shanghai-based games studio Paper Games, as saying, "The latest events reflect the government’s desire for a larger, more diverse gaming landscape with innovative content of higher quality but one without excessive monetisation or ‘pay-to-win’ games." He added, "The government prefers publishers to earn profits through fair practices and product innovation, rather than deepening monetisation strategies." (With inputs from Bloomberg) WATCH WION LIVE HERE

China approves 105 domestic games in shift amid $80 bn gaming industry setback

The US dollar hit a five-month low against the euro and a basket of currencies on Wednesday, driven by expectations that the Federal Reserve might consider cutting interest rates. &nbsp;

The dollar index, measuring the U.S. currency against six others, fell 0.48 per cent to 100.98, the lowest since July 27. Despite the holiday season resulting in reduced trading activity and heightened volatility due to low liquidity, the dollar is set for a 2.45 per cent drop in 2023, marking a shift from two years of robust gains driven by anticipated and actual interest rate hikes by the Fed to combat inflation.&nbsp;

The Federal Reserve is currently perceived as adopting a dovish stance relative to other major central banks, contributing to market expectations of potential rate cuts. The shift in sentiment occurred after Fed Chairman Jerome Powell unexpectedly expressed a dovish outlook at the central bank's December meeting. &nbsp;

Policymakers projected a 75-basis-point easing in 2024. In contrast, central banks like the European Central Bank (ECB) have maintained a "higher for longer" stance, while the Bank of Japan has signalled a potential end to its negative rate policy. &nbsp;

The euro saw a 0.54 per cent increase to $1.1102, reaching its highest level since July 27. For the year, the single currency is poised to gain 3.61 per cent. Similarly, the British pound rose by 0.56 per cent to $1.2793, hitting $1.2802 earlier in the session, the highest since August 10. Sterling is on track for a 5.79 per cent return in 2023. &nbsp;

The Japanese yen experienced a 0.35 per cent decline to 141.89 against the dollar, but the dollar is set for an 8.22 per cent gain for the year. The Bank of Japan's recent announcement included a reduction in the amount of bonds purchased in the January-March quarter, and policymakers emphasized the need to maintain the current policy while hinting at future discussions on an exit from massive stimulus.&nbsp;

Meanwhile, the Australian and New Zealand dollars reached more than five-month highs during the session, with the Australian dollar rising 0.21 per cent to $0.6841, and the kiwi gaining 0.10 per cent at $0.6335. &nbsp;

(With inputs from Reuters)&nbsp;

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The US dollar hit a five-month low against the euro and a basket of currencies on Wednesday, driven by expectations that the Federal Reserve might consider cutting interest rates.

The US dollar hit a five-month low against the euro and a basket of currencies on Wednesday, driven by expectations that the Federal Reserve might consider cutting interest rates. The dollar index, measuring the U.S. currency against six others, fell 0.48 per cent to 100.98, the lowest since July 27. Despite the holiday season resulting in reduced trading activity and heightened volatility due to low liquidity, the dollar is set for a 2.45 per cent drop in 2023, marking a shift from two years of robust gains driven by anticipated and actual interest rate hikes by the Fed to combat inflation. The Federal Reserve is currently perceived as adopting a dovish stance relative to other major central banks, contributing to market expectations of potential rate cuts. The shift in sentiment occurred after Fed Chairman Jerome Powell unexpectedly expressed a dovish outlook at the central bank's December meeting. Policymakers projected a 75-basis-point easing in 2024. In contrast, central banks like the European Central Bank (ECB) have maintained a "higher for longer" stance, while the Bank of Japan has signalled a potential end to its negative rate policy. The euro saw a 0.54 per cent increase to $1.1102, reaching its highest level since July 27. For the year, the single currency is poised to gain 3.61 per cent. Similarly, the British pound rose by 0.56 per cent to $1.2793, hitting $1.2802 earlier in the session, the highest since August 10. Sterling is on track for a 5.79 per cent return in 2023. The Japanese yen experienced a 0.35 per cent decline to 141.89 against the dollar, but the dollar is set for an 8.22 per cent gain for the year. The Bank of Japan's recent announcement included a reduction in the amount of bonds purchased in the January-March quarter, and policymakers emphasized the need to maintain the current policy while hinting at future discussions on an exit from massive stimulus. Meanwhile, the Australian and New Zealand dollars reached more than five-month highs during the session, with the Australian dollar rising 0.21 per cent to $0.6841, and the kiwi gaining 0.10 per cent at $0.6335. (With inputs from Reuters) WATCH WION LIVE HERE

Dollar slides to 5-month low against Euro as Fed signals possible rate cuts

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;<o:p></o:p>

Daihatsu announces compensation plans amid production halt due to safety concerns<o:p></o:p>

In the wake of safety concerns leading to the suspension of its Japanese plants, Toyota Motor's subsidiary, Daihatsu Motor, has announced plans to compensate 423 domestic suppliers directly affected by the production halt.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/daihatsu-announces-compensation-plans-amid-production-halt-due-to-safety-concerns-673551">Read more here</a><o:p></o:p>

Libya's stock market resumes trading after 9-year hiatus<o:p></o:p>

Libya's Stock Market reopened its doors on Monday in the capital, Tripoli, after being closed for over nine years due to political and security challenges.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/libyas-stock-market-resumes-trading-after-9-year-hiatus-673558">Read more here</a><o:p></o:p>

Japanese automakers inject $4.3 billion into Thailand's EV transition<o:p></o:p>

In a boost to Thailand's electric vehicle (EV) ambitions, major Japanese automakers are set to invest 150 billion baht ($4.34 billion) over the next five years, according to a Thai government spokesperson.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/japanese-automakers-inject-43-billion-into-thailands-ev-transition-673578">Read more here</a><o:p></o:p>

Putin clears Rosbank's acquisition of Societe Generale's Russian holdings<o:p></o:p>

Russian President Vladimir Putin has given the green light for Rosbank to acquire stakes in key Russian companies previously owned by Societe Generale, according to a decree signed on Sunday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/putin-clears-rosbanks-acquisition-of-societe-generales-russian-holdings-673589">Read more here</a><o:p></o:p>

Yandex's restructuring faces delay, expected to extend into 2024<o:p></o:p>

The anticipated completion of Yandex's restructuring, a Nasdaq-listed Russian tech company is likely to be postponed until early 2024<o:p></o:p>

<a href="https://www.wionews.com/business-economy/yandexs-restructuring-faces-delay-expected-to-extend-into-2024-673606">Read more here</a><o:p></o:p>

Bayer breaks losing streak with victory in roundup cancer trial<o:p></o:p>

Bayer has emerged victorious in a Roundup weedkiller cancer trial, putting an end to a troubling five-trial losing streak for the company.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bayer-breaks-losing-streak-with-victory-in-roundup-cancer-trial-673621">Read more here</a><o:p></o:p>

China approves 105 domestic games in shift amid $80 bn gaming industry setback<o:p></o:p>

In a move indicating a potential shift in policy, China approved 105 domestic games on Monday, signalling a softening stance after a recent tightening of industry restrictions resulted in an $80 billion market value loss last week.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/china-approves-105-domestic-games-in-shift-amid-80-bn-gaming-industry-setback-673637">Read more here</a><o:p></o:p>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Daihatsu announces compensation plans amid production halt due to safety concerns In the wake of safety concerns leading to the suspension of its Japanese plants, Toyota Motor's subsidiary, Daihatsu Motor, has announced plans to compensate 423 domestic suppliers directly affected by the production halt.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Daihatsu announces compensation plans amid production halt due to safety concerns In the wake of safety concerns leading to the suspension of its Japanese plants, Toyota Motor's subsidiary, Daihatsu Motor, has announced plans to compensate 423 domestic suppliers directly affected by the production halt. Read more here Libya's stock market resumes trading after 9-year hiatus Libya's Stock Market reopened its doors on Monday in the capital, Tripoli, after being closed for over nine years due to political and security challenges. Read more here Japanese automakers inject $4.3 billion into Thailand's EV transition In a boost to Thailand's electric vehicle (EV) ambitions, major Japanese automakers are set to invest 150 billion baht ($4.34 billion) over the next five years, according to a Thai government spokesperson. Read more here Putin clears Rosbank's acquisition of Societe Generale's Russian holdings Russian President Vladimir Putin has given the green light for Rosbank to acquire stakes in key Russian companies previously owned by Societe Generale, according to a decree signed on Sunday. Read more here Yandex's restructuring faces delay, expected to extend into 2024 The anticipated completion of Yandex's restructuring, a Nasdaq-listed Russian tech company is likely to be postponed until early 2024 Read more here Bayer breaks losing streak with victory in roundup cancer trial Bayer has emerged victorious in a Roundup weedkiller cancer trial, putting an end to a troubling five-trial losing streak for the company. Read more here China approves 105 domestic games in shift amid $80 bn gaming industry setback In a move indicating a potential shift in policy, China approved 105 domestic games on Monday, signalling a softening stance after a recent tightening of industry restrictions resulted in an $80 billion market value loss last week. Read more here WATCH WION LIVE HERE

WION Business Wrap | Daihatsu’s compensation plans, Libya’s stock market, Thailand’s EV transition & more

Jacques delors, former European Commission Chief and the founding father of the Euro, died in his sleep at his paris home on Wednesday. He was 98. Delors served as president of the european commission from January 1985 to december 1994.

Jacques delors, 98, dies in his sleep at his Paris home

In 2023, the global economic landscape has seen significant shifts, mirrored by the performance of various currencies. This next report puts the spotlight on the top and worst performing currencies and decodes what's in store for their economies going forward.

Explained: What currency movements say about economies | World Business Watch

As 2023 comes to a close, Beijing seeks to expand its domestic demand for a quick economic recovery next year and beyond. China's economic planning body states that the country will prioritise consumption and expand the country's middle-class.

China to prioritise consumption & boost middle class: Report | World Business Watch

General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill. &nbsp;

According to Reuters, the lawsuit, filed in California Superior Court, claims that GM was charged a higher tax amount than warranted due to the improper inclusion of its Cruise self-driving car unit in the calculations. GM is pursuing $108 million in recoveries, along with an additional $13 million in penalties and interest. &nbsp;

The automaker contends that Cruise, based in San Francisco, operates independently from GM, generating minimal sales and should not be factored into the parent company's tax liabilities in a city where GM's presence is limited. &nbsp;

According to the lawsuit, GM reported only about $677,000 worth of goods sold in San Francisco in 2022. &nbsp;

GM's legal action raises questions about the accuracy of the city's tax calculations and highlights the contentious relationship between the automaker and San Francisco. The lawsuit argues that the California Government Code mandates fair taxation, ensuring that city taxes accurately reflect the proportion of business conducted within its limits. &nbsp;

GM contends that the current tax calculations, particularly involving the Cruise unit, do not align with this mandate. While the funds involved represent a fraction of GM's reported $156.7 billion in sales in 2022, the legal dispute comes at a challenging time for San Francisco. &nbsp;

The city faces an $800 million budget deficit over the next two fiscal years due to pandemic-related economic challenges. Mayor London Breed has requested city agencies to implement 10 per cent budget cuts to address the fiscal gap.

The legal action follows an October incident involving Cruise in San Francisco, resulting in safety concerns and regulatory scrutiny. The aftermath prompted Cruise to withdraw its U.S. cars from roads, conduct a safety review, and reduce its staff by nearly 25 per cent nationwide. &nbsp;

(With inputs from Reuters)

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General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill.

General Motors (GM) has initiated legal proceedings against the city of San Francisco, seeking to recover over $100 million, alleging an unjustly inflated tax bill. According to Reuters, the lawsuit, filed in California Superior Court, claims that GM was charged a higher tax amount than warranted due to the improper inclusion of its Cruise self-driving car unit in the calculations. GM is pursuing $108 million in recoveries, along with an additional $13 million in penalties and interest. The automaker contends that Cruise, based in San Francisco, operates independently from GM, generating minimal sales and should not be factored into the parent company's tax liabilities in a city where GM's presence is limited. According to the lawsuit, GM reported only about $677,000 worth of goods sold in San Francisco in 2022. GM's legal action raises questions about the accuracy of the city's tax calculations and highlights the contentious relationship between the automaker and San Francisco. The lawsuit argues that the California Government Code mandates fair taxation, ensuring that city taxes accurately reflect the proportion of business conducted within its limits. GM contends that the current tax calculations, particularly involving the Cruise unit, do not align with this mandate. While the funds involved represent a fraction of GM's reported $156.7 billion in sales in 2022, the legal dispute comes at a challenging time for San Francisco. The city faces an $800 million budget deficit over the next two fiscal years due to pandemic-related economic challenges. Mayor London Breed has requested city agencies to implement 10 per cent budget cuts to address the fiscal gap. The legal action follows an October incident involving Cruise in San Francisco, resulting in safety concerns and regulatory scrutiny. The aftermath prompted Cruise to withdraw its U.S. cars from roads, conduct a safety review, and reduce its staff by nearly 25 per cent nationwide. (With inputs from Reuters) WATCH WION LIVE HERE

General Motors sues San Francisco for $121 mn over alleged tax overcharge

In a big set back for crypto firms in the united states, the US Securities and exchange commission has denied a petition by Coinbase, which sought new rules for the digital asset sector. The crypto exchange is all set to challenge this decision in court.

Crypto hacks reach $2 billion in 2023 | Regulating Crypto: Need of the hour | World DNA

Jacques Delors, a key architect of the European Union's historic single currency project, died at 98 on Wednesday. &nbsp;

Martine Aubry, his daughter,&nbsp;confirmed that Delors died in his sleep at his home in Paris.&nbsp;

Delors, known for his unwavering support for European integration, served as the President of the European Commission for three terms, from January 1985 to the end of 1994.&nbsp;

His dynamic leadership during this decade saw the completion of the integrated single market, the agreement to introduce the euro, and the establishment of a common foreign and security policy. &nbsp;

During Delors's influential term leading the EU executive, the union grew and the groundwork was laid for the eventual admittance of the former communist republics of central and eastern Europe following the collapse of the Berlin Wall in 1989. &nbsp;

A staunch federalist, Delors championed the concept of an "ever closer union", leading to occasional clashes with then-UK Prime Minister Margaret Thatcher, who vigorously resisted any transfer of power to Brussels. &nbsp;

Delors' vision for monetary union drew attention, with The Sun tabloid in Britain famously running a front-page headline in 1990 reading 'Up Yours Delors'.&nbsp;

French President Emmanuel Macron hailed him as the "inexhaustible architect of our Europe" and a champion for human justice.

Michel Barnier, the EU's chief negotiator during Brexit, described Delors as an inspiration and a symbol of a certain idea of politics, France, and Europe.&nbsp;

Delors' influence extended beyond national borders, shaping the trajectory of European politics and fostering collaboration among member states. &nbsp;

In an interview marking the 50th anniversary of the Treaty of Rome in 2007, Delors expressed concerns about the EU unravelling unless institutional reforms were implemented. &nbsp;

Delors had foreseen the challenges facing the EU, warning of potential unravelling without reforms. Despite subsequent geopolitical shifts and the departure of member states, including Britain, Delors' legacy endures, with European Commission President Ursula von der Leyen acknowledging him as a 'visionary who made Europe stronger'.&nbsp;

(With inputs from Reuters)&nbsp;

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Jacques Delors, a key architect of the European Union's historic single currency project, died at 98 on Wednesday. Martine Aubry, his daughter, confirmed that Delors died in his sleep at his home in Paris.

Jacques Delors, a key architect of the European Union's historic single currency project, died at 98 on Wednesday. Martine Aubry, his daughter, confirmed that Delors died in his sleep at his home in Paris. Delors, known for his unwavering support for European integration, served as the President of the European Commission for three terms, from January 1985 to the end of 1994. His dynamic leadership during this decade saw the completion of the integrated single market, the agreement to introduce the euro, and the establishment of a common foreign and security policy. During Delors's influential term leading the EU executive, the union grew and the groundwork was laid for the eventual admittance of the former communist republics of central and eastern Europe following the collapse of the Berlin Wall in 1989. A staunch federalist, Delors championed the concept of an "ever closer union", leading to occasional clashes with then-UK Prime Minister Margaret Thatcher, who vigorously resisted any transfer of power to Brussels. Delors' vision for monetary union drew attention, with The Sun tabloid in Britain famously running a front-page headline in 1990 reading 'Up Yours Delors'. French President Emmanuel Macron hailed him as the "inexhaustible architect of our Europe" and a champion for human justice. Michel Barnier, the EU's chief negotiator during Brexit, described Delors as an inspiration and a symbol of a certain idea of politics, France, and Europe. Delors' influence extended beyond national borders, shaping the trajectory of European politics and fostering collaboration among member states. In an interview marking the 50th anniversary of the Treaty of Rome in 2007, Delors expressed concerns about the EU unravelling unless institutional reforms were implemented. Delors had foreseen the challenges facing the EU, warning of potential unravelling without reforms. Despite subsequent geopolitical shifts and the departure of member states, including Britain, Delors' legacy endures, with European Commission President Ursula von der Leyen acknowledging him as a 'visionary who made Europe stronger'. (With inputs from Reuters) WATCH WION LIVE HERE

Former EU Commission President Jacques Delors, architect of euro project, dies at 98 