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The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25). The layoffs reportedly took place over the last few months.&nbsp;

<h2>10 per cent employees affected</h2>

The layoffs, according to ET, took place as the company is in the process of realigning various businesses and looking to cut costs, and will affect 10 per cent of the entire workforce at Paytm.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/paytm-share-price-faces-scrutiny-amid-strategic-shifts-analyst-concerns-667459">Paytm share price faces scrutiny amid strategic shifts &amp; analyst concerns</a>

The reported layoffs, if confirmed, would be among the steepest job cuts by an Indian new-age tech firm in 2023. According to the ET report, Paytm’s lending business which saw a major expansion in the last year or so, may witness most of the job losses due to the layoffs.&nbsp;

The report also comes on the heels of the UPI platform’s withdrawal of small-ticket consumer lending and its ‘buy now pay later’ lending segment after a <a href="https://www.wionews.com/business-economy/rbi-slaps-paytm-payments-bank-with-a-massive-penalty-heres-why-646206">crackdown</a> on unsecured loans by RBI.&nbsp;

The layoffs have affected employees across payments, lending and executives in operations in sales, said ET citing sources. Reportedly, performance issues have resulted in most people getting fired as the company has sought to increase portability.&nbsp;

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<h2>AI takes over jobs&nbsp;</h2>

In response to the report, a spokesperson for the financial services firm disputed the number of people fired but acknowledged layoffs. The Paytm spokesperson also said that it intends to save 10-15 per cent of staff costs over the current fiscal year. Additionally, most of the impacted roles have been replaced.&nbsp;

“We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing,” said the Paytm spokesperson.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/uk-supreme-court-rules-against-ai-as-patent-inventor-in-landmark-case-672020">UK Supreme Court rules against AI as patent 'Inventor' in landmark case&nbsp;</a>

The company’s spokesperson also told ET that their core business of payment might see a manpower increase of 15,000 people in the upcoming year.&nbsp;

(With inputs from agencies) 
&nbsp;

The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25).

The parent company of Paytm, One 97 Communications, has decided to fire more than 1,000 employees across various departments, said a report by Economic Times citing sources, on Monday (Dec 25). The layoffs reportedly took place over the last few months. 10 per cent employees affected The layoffs, according to ET, took place as the company is in the process of realigning various businesses and looking to cut costs, and will affect 10 per cent of the entire workforce at Paytm. ALSO READ | Paytm share price faces scrutiny amid strategic shifts & analyst concerns The reported layoffs, if confirmed, would be among the steepest job cuts by an Indian new-age tech firm in 2023. According to the ET report, Paytm’s lending business which saw a major expansion in the last year or so, may witness most of the job losses due to the layoffs. The report also comes on the heels of the UPI platform’s withdrawal of small-ticket consumer lending and its ‘buy now pay later’ lending segment after a crackdown on unsecured loans by RBI. The layoffs have affected employees across payments, lending and executives in operations in sales, said ET citing sources. Reportedly, performance issues have resulted in most people getting fired as the company has sought to increase portability. ALSO WATCH | Google's shift to AI automation sparks ad sales reorganisation AI takes over jobs In response to the report, a spokesperson for the financial services firm disputed the number of people fired but acknowledged layoffs. The Paytm spokesperson also said that it intends to save 10-15 per cent of staff costs over the current fiscal year. Additionally, most of the impacted roles have been replaced. “We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing,” said the Paytm spokesperson. ALSO READ | UK Supreme Court rules against AI as patent 'Inventor' in landmark case The company’s spokesperson also told ET that their core business of payment might see a manpower increase of 15,000 people in the upcoming year. (With inputs from agencies)

Paytm lays off more than 1,000 employees across various departments: Report

China has declared its commitment to offering consular protection and assistance to two Chinese employees of smartphone manufacturing company Vivo, who were recently arrested by Indian authorities.

The Chinese foreign ministry spokesperson, Mao Ning, extended&nbsp;the government's firm support to Chinese companies in defending their lawful rights and interests.

“We are closely following what you mentioned. The Chinese government firmly supports Chinese companies to safeguard their lawful rights and interests,” Mao Ning said in&nbsp;press conference.

He also urged India not to discriminate against Chinese companies.&nbsp;

Also watch |&nbsp;China's fiscal push with 9,600 projects to revitalise economy

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinas-fiscal-push-with-9600-projects-to-revitalise-economy-673270/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>Legal challenges ahead of&nbsp;Vivo&nbsp;</h2>

India's financial crime-fighting agency took action last week, arresting two senior employees from Vivo's India unit.

In response, Vivo has expressed its determination to legally challenge these arrests, indicating a forthcoming legal dispute between the company and Indian authorities.

The arrested Vivo employees&nbsp;were presented in a Delhi court and subsequently placed in the custody of the Enforcement Directorate (ED). The Enforcement Directorate's involvement suggests a financial crime dimension to the case.

<div class="videoWrapper trancodeVideo"><a href="https://www.wionews.com/world/beijings-top-govt-advisor-asks-christian-community-groups-to-align-beliefs-with-chinese-culture-673329">Also read |&nbsp;Beijing’s top govt advisor asks Christian community groups to align beliefs with Chinese culture</a></div>

According to an anonymous source who spoke to Reuters, the Vivo employees are scheduled to appear in court on Tuesday. The anonymity of the source is maintained due to a lack of authorisation to speak to the media.&nbsp;

These arrests come on the heels of a previous incident where the Enforcement Directorate apprehended four industry executives, including a Chinese national, associated with Vivo's Indian unit. The charges in that case revolved around alleged money laundering, which Vivo vehemently denied.

(With inputs from agencies)

China has declared its commitment to offering consular protection and assistance to two Chinese employees of smartphone manufacturing company Vivo, who were recently arrested by Indian authorities.

China has declared its commitment to offering consular protection and assistance to two Chinese employees of smartphone manufacturing company Vivo, who were recently arrested by Indian authorities. The Chinese foreign ministry spokesperson, Mao Ning, extended the government's firm support to Chinese companies in defending their lawful rights and interests. “We are closely following what you mentioned. The Chinese government firmly supports Chinese companies to safeguard their lawful rights and interests,” Mao Ning said in press conference. He also urged India not to discriminate against Chinese companies. Also watch | China's fiscal push with 9,600 projects to revitalise economy Legal challenges ahead of Vivo India's financial crime-fighting agency took action last week, arresting two senior employees from Vivo's India unit. In response, Vivo has expressed its determination to legally challenge these arrests, indicating a forthcoming legal dispute between the company and Indian authorities. The arrested Vivo employees were presented in a Delhi court and subsequently placed in the custody of the Enforcement Directorate (ED). The Enforcement Directorate's involvement suggests a financial crime dimension to the case. Also read | Beijing’s top govt advisor asks Christian community groups to align beliefs with Chinese culture According to an anonymous source who spoke to Reuters, the Vivo employees are scheduled to appear in court on Tuesday. The anonymity of the source is maintained due to a lack of authorisation to speak to the media. These arrests come on the heels of a previous incident where the Enforcement Directorate apprehended four industry executives, including a Chinese national, associated with Vivo's Indian unit. The charges in that case revolved around alleged money laundering, which Vivo vehemently denied. (With inputs from agencies)

China pledges consular support to Vivo employees arrested in India

As we head into 2024, the dynamics of geopolitics are at the core of global markets. 
 
So far, America has imposed sanctions against countries to cut them off from the global payment systems and dollars. 
 
Many countries, including Russia, are looking at alternatives to the dollar. 
 
For a very long time, the US dollar has dominated international markets. It still does so, although, during the past 20 years, the US economy has produced a decreasing percentage of the world's production. 
 
Central banks are no longer keeping as much of the US dollar in reserves as they formerly did, even though the currency is still far more prevalent in international commerce, international debt, and non-bank borrowing than it is in the US share of trade, bond issuance, and international borrowing and lending. 
 
Dollar demand waning? 
 
The latest International Monetary Fund's (IMF) data shows a decline in the dollar's share in global central banks' foreign currency reserves.&nbsp; 
 
The data shows the dollar's share is down in the September quarter to the lowest since the final three months of last year. 
 
The extensive use of dollars in international commerce, particularly for commodities and energy, has helped the greenback over the years. 
 
The dollar's dominance among trade partners has allowed the US to sustain budget deficits and control funding costs by directing cash into US government bonds.&nbsp; 
 
Additionally, it helps US businesses since firms often find it less expensive to borrow money due to the extensive usage of dollars in international commerce, particularly for commodities and energy. 
 
The dollar has been the preferred reserve currency for most of the world's central banks.&nbsp; 
 
However, the dollar has progressively lost dominance since 2000, when its share was above 70%. &nbsp; 
 
The US currency's share is down to 59.2% in the September quarter, marking the lowest since it fell below 60% last year. 
 
The euro's share in the reserves fell slightly while the Japanese yen rose. The shares of the Chinese yuan, the British pound, the Australian and Canadian dollars, and the Swiss franc were changed only slightly. 
 
A group of "other currencies." including the rupee, rose in the previous quarter.&nbsp; 
 
What does it mean to global trade and currencies? 
 
This reflects the global mood towards the dollar and the US. 
 
Most countries are slowly but surely moving away from dollar-denominated trade.&nbsp; 
 
Instead, they seek to settle trade in their own currencies. India, for example, has set up a rupee-trade mechanism for trade settlements.&nbsp; 
 
China has also pushed for trade settlements in the yuan. These alternative trade settlement mechanisms are slowly gaining traction. 
 
But the dollar's share is still over 50%.&nbsp; 
 
Still, the shift away is clear and noticeable. 
 
Dollar lacks competition 
 
Despite a two-decade drop in its proportion of global foreign currency reserves, the US dollar is still utilised more than all other currencies combined. 
 
A new IMF working paper shows that the diminished significance of the US dollar has not been balanced by rises in the proportions of the other traditional reserve currencies - the euro, yen, and pound.&nbsp; 
 
Furthermore, even while the proportion of reserves kept in the renminbi has increased somewhat, this only makes up 25% of the recent move away from dollars, partially attributable to China's highly tight capital account.&nbsp; 
 
An update to the data in the IMF's working paper reveals that about one-third of the world's renminbi reserves were held by one nation, Russia. 
 
However, three-quarters of the shift away from dollars is accounted for by the currencies of smaller economies that haven't typically played a significant role in reserve portfolios, such as the South Korean won, the Swedish krona, and the Australian and Canadian dollars. 
 
The cost of employing credit derivatives to guarantee against default is a measure of economic risk premium, and a regression study of global reserve currency shares indicates that a greater premium deters a currency's position in global reserves.&nbsp; 
 
Holders prefer the currencies of nations with reputable governments, stable economies, and strong financial systems. 
 
So, it will take a long time for other currencies to be able to overshadow the greenback.

As we head into 2024, the dynamics of geopolitics are at the core of global markets. So far, America has imposed sanctions against countries to cut them off from the global payment systems and dollars.

As we head into 2024, the dynamics of geopolitics are at the core of global markets. So far, America has imposed sanctions against countries to cut them off from the global payment systems and dollars. Many countries, including Russia, are looking at alternatives to the dollar. For a very long time, the US dollar has dominated international markets. It still does so, although, during the past 20 years, the US economy has produced a decreasing percentage of the world's production. Central banks are no longer keeping as much of the US dollar in reserves as they formerly did, even though the currency is still far more prevalent in international commerce, international debt, and non-bank borrowing than it is in the US share of trade, bond issuance, and international borrowing and lending. Dollar demand waning? The latest International Monetary Fund's (IMF) data shows a decline in the dollar's share in global central banks' foreign currency reserves. The data shows the dollar's share is down in the September quarter to the lowest since the final three months of last year. The extensive use of dollars in international commerce, particularly for commodities and energy, has helped the greenback over the years. The dollar's dominance among trade partners has allowed the US to sustain budget deficits and control funding costs by directing cash into US government bonds. Additionally, it helps US businesses since firms often find it less expensive to borrow money due to the extensive usage of dollars in international commerce, particularly for commodities and energy. The dollar has been the preferred reserve currency for most of the world's central banks. However, the dollar has progressively lost dominance since 2000, when its share was above 70%. The US currency's share is down to 59.2% in the September quarter, marking the lowest since it fell below 60% last year. The euro's share in the reserves fell slightly while the Japanese yen rose. The shares of the Chinese yuan, the British pound, the Australian and Canadian dollars, and the Swiss franc were changed only slightly. A group of "other currencies." including the rupee, rose in the previous quarter. What does it mean to global trade and currencies? This reflects the global mood towards the dollar and the US. Most countries are slowly but surely moving away from dollar-denominated trade. Instead, they seek to settle trade in their own currencies. India, for example, has set up a rupee-trade mechanism for trade settlements. China has also pushed for trade settlements in the yuan. These alternative trade settlement mechanisms are slowly gaining traction. But the dollar's share is still over 50%. Still, the shift away is clear and noticeable. Dollar lacks competition Despite a two-decade drop in its proportion of global foreign currency reserves, the US dollar is still utilised more than all other currencies combined. A new IMF working paper shows that the diminished significance of the US dollar has not been balanced by rises in the proportions of the other traditional reserve currencies - the euro, yen, and pound. Furthermore, even while the proportion of reserves kept in the renminbi has increased somewhat, this only makes up 25% of the recent move away from dollars, partially attributable to China's highly tight capital account. An update to the data in the IMF's working paper reveals that about one-third of the world's renminbi reserves were held by one nation, Russia. However, three-quarters of the shift away from dollars is accounted for by the currencies of smaller economies that haven't typically played a significant role in reserve portfolios, such as the South Korean won, the Swedish krona, and the Australian and Canadian dollars. The cost of employing credit derivatives to guarantee against default is a measure of economic risk premium, and a regression study of global reserve currency shares indicates that a greater premium deters a currency's position in global reserves. Holders prefer the currencies of nations with reputable governments, stable economies, and strong financial systems. So, it will take a long time for other currencies to be able to overshadow the greenback.

Is the dollar's status as a global reserve currency at risk?

Geopolitical tensions to impact the energy sector. Top energy sector outlook predictions for 2024 include a decline in global coal consumption. Watch our guest, Pulkit Agarwal, Head of India content, S&P Global Platts decode the 2024 energy outlook.

Energy Sector: What to expect in 2024?

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the centre of WION's headquarters, a joint initiative with DMAasia. What Social Media means to leaders from different businesses in conversation with WION.

Brand leaders from different businesses and brands in conversation with WION

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMA.asia. "The reason why consumers are there is because Social Media is innovating faster than other media channels," says Lalatendu Das CEO Performics India to Jasper Reid.

Lalatendu Das CEO Performics India speaks to WION

A unique conversational show that brings the top leaders across all industries, sharing their insights on different agendas, right at the center of WION's headquarters, a joint initiative with DMA.asia. "After the digital phase has kicked in lot of people are susceptible to fraud. There is a duty we have in terms of creating awareness, educating customers," says Ashish Morone, Senior Vice President & Head - Brand, Marketing Communications and Retail Marketing to Jasper Reid.

Ashish Morone, Senior VP & Head Brand Marketing HDFC Bank speaks to WION

In World Business Watch insights on Inflation took a favourable turn in 2023, major central banks shut the books on rate hikes in 2023, and watch the video to know more!

2024 View: Hope for interest rate cuts

Microsoft’s decision to cease support for the Windows 10 operating system could result in the disposal of approximately 240 million personal computers (PCs), potentially contributing to a significant increase in landfill waste, according to a report by Canalys Research. <o:p></o:p>

The electronic waste generated from these PCs is estimated to weigh around 480 million kilograms, equivalent to the weight of 320,000 cars.<o:p></o:p>

While many PCs could remain functional for years beyond the end of OS support, Canalys Research has raised concerns about the potential low demand for devices lacking security updates. Microsoft plans to offer security updates for Windows 10 devices until October 2028, with an undisclosed annual cost. <o:p></o:p>

However, if the pricing structure follows past trends, transitioning to newer PCs may become more cost-effective, leading to a higher number of older PCs being discarded.<o:p></o:p>

Microsoft aims to discontinue support for Windows 10 by October 2025, prompting a potential surge in electronic waste. <o:p></o:p>

The upcoming generation, Windows 11, expected to introduce advanced artificial intelligence technology to PCs, could potentially revitalise the stagnant PC market. Despite inquiries, Microsoft has not responded to requests for comments on the environmental impact of disposing of Windows 11-incompatible devices.<o:p></o:p>

Canalys Research emphasises the importance of recycling hard drives from personal computers and data storage servers. These recycled hard drives can provide materials for electric vehicle motors and renewable power generation. <o:p></o:p>

Noveon Magnetics Chief Commercial Officer Peter Afiuny highlighted the positive impact of repurposing end-of-life computers, turning them into magnets that power sustainable technologies like electric vehicles and wind turbines.<o:p></o:p>

Afiuny noted that hard drives are often discarded prematurely, contributing to an excess of rare earth magnetic material waste. In contrast, battery recycling firm Redwood Materials emphasised the near-infinite recyclability of batteries, recovering essential metals like lithium, cobalt, nickel, and copper. This recycling process helps address environmental concerns by reducing the environmental impact of discarded batteries.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<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>

Microsoft’s decision to cease support for the Windows 10 operating system could result in the disposal of approximately 240 million personal computers (PCs), potentially contributing to a significant increase in landfill waste, according to a report by Canalys Research.

Microsoft’s decision to cease support for the Windows 10 operating system could result in the disposal of approximately 240 million personal computers (PCs), potentially contributing to a significant increase in landfill waste, according to a report by Canalys Research. The electronic waste generated from these PCs is estimated to weigh around 480 million kilograms, equivalent to the weight of 320,000 cars. While many PCs could remain functional for years beyond the end of OS support, Canalys Research has raised concerns about the potential low demand for devices lacking security updates. Microsoft plans to offer security updates for Windows 10 devices until October 2028, with an undisclosed annual cost. However, if the pricing structure follows past trends, transitioning to newer PCs may become more cost-effective, leading to a higher number of older PCs being discarded. Microsoft aims to discontinue support for Windows 10 by October 2025, prompting a potential surge in electronic waste. The upcoming generation, Windows 11, expected to introduce advanced artificial intelligence technology to PCs, could potentially revitalise the stagnant PC market. Despite inquiries, Microsoft has not responded to requests for comments on the environmental impact of disposing of Windows 11-incompatible devices. Canalys Research emphasises the importance of recycling hard drives from personal computers and data storage servers. These recycled hard drives can provide materials for electric vehicle motors and renewable power generation. Noveon Magnetics Chief Commercial Officer Peter Afiuny highlighted the positive impact of repurposing end-of-life computers, turning them into magnets that power sustainable technologies like electric vehicles and wind turbines. Afiuny noted that hard drives are often discarded prematurely, contributing to an excess of rare earth magnetic material waste. In contrast, battery recycling firm Redwood Materials emphasised the near-infinite recyclability of batteries, recovering essential metals like lithium, cobalt, nickel, and copper. This recycling process helps address environmental concerns by reducing the environmental impact of discarded batteries. (With inputs from Reuters)

Microsoft's Windows 10 end-of-support plan may lead to massive PC disposal

Sportswear giant Nike has revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotional activities. <o:p></o:p>

According to Reuters, the company plans to implement a $2 billion savings initiative over the next three years, involving measures like supply chain adjustments, management layer reductions, and enhanced automation. <o:p></o:p>

These moves come as Nike faces persistent pressure in its wholesale business due to reduced retailer orders amid fluctuating demand, with online sales impacted and promotions heightened. The announcement led to an 11 per cent drop in Nike's shares.<o:p></o:p>

Nike's finance chief, Matthew Friend, highlighted the challenges, stating, "We are seeing indications of more cautious consumer behaviour around the world." <o:p></o:p>

The company now projects a 1 per cent increase in full fiscal-year revenue, down from its earlier forecast of mid-single-digit percentage growth. Analysts, expecting a 3.8 per cent increase, expressed concerns over the global economic landscape affecting Nike's performance.<o:p></o:p>

The savings plan includes supply chain adjustments, with Nike seeking to cut the supply of certain products. Analyst David Swartz noted, "Nike's talking about reducing the number of products ... perhaps the company feels there are too many products that are not high-margin and not really generating significant sales." <o:p></o:p>

However, Nike emphasized its commitment to innovation, launching new styles like the Sabrina 1, LeBron 21, and Tatum 1 basketball shoes to attract consumers in a challenging market.<o:p></o:p>

While Nike did not specify the product franchises facing supply cuts, the company assured that its iconic lines, including Air Force 1, Dunk, and Court, continue to perform well. The fiscal second quarter's total revenue of $13.39 billion fell slightly short of estimates, but per-share earnings of $1.03 surpassed expectations, benefiting from lower freight costs and inventories. <o:p></o:p>

Nike's shares have seen modest gains this year compared to a significant rally in the S&amp;P 500 index and its rival, Adidas.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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>

Sportswear giant Nike has revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotional activities.

Sportswear giant Nike has revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotional activities. According to Reuters, the company plans to implement a $2 billion savings initiative over the next three years, involving measures like supply chain adjustments, management layer reductions, and enhanced automation. These moves come as Nike faces persistent pressure in its wholesale business due to reduced retailer orders amid fluctuating demand, with online sales impacted and promotions heightened. The announcement led to an 11 per cent drop in Nike's shares. Nike's finance chief, Matthew Friend, highlighted the challenges, stating, "We are seeing indications of more cautious consumer behaviour around the world." The company now projects a 1 per cent increase in full fiscal-year revenue, down from its earlier forecast of mid-single-digit percentage growth. Analysts, expecting a 3.8 per cent increase, expressed concerns over the global economic landscape affecting Nike's performance. The savings plan includes supply chain adjustments, with Nike seeking to cut the supply of certain products. Analyst David Swartz noted, "Nike's talking about reducing the number of products ... perhaps the company feels there are too many products that are not high-margin and not really generating significant sales." However, Nike emphasized its commitment to innovation, launching new styles like the Sabrina 1, LeBron 21, and Tatum 1 basketball shoes to attract consumers in a challenging market. While Nike did not specify the product franchises facing supply cuts, the company assured that its iconic lines, including Air Force 1, Dunk, and Court, continue to perform well. The fiscal second quarter's total revenue of $13.39 billion fell slightly short of estimates, but per-share earnings of $1.03 surpassed expectations, benefiting from lower freight costs and inventories. Nike's shares have seen modest gains this year compared to a significant rally in the S&P 500 index and its rival, Adidas. (With inputs from Reuters) WATCH WION LIVE HERE

Nike cuts sales outlook and unveils $2 bn savings plan amid global economic uncertainty

Walmart, the largest shareholder in Indian e-commerce powerhouse Flipkart, is gearing up to invest around $600 million in the latest fundraise for the start-up, according to a Flipkart spokesperson. <o:p></o:p>

The move comes as part of Flipkart's ongoing discussions to secure a total of $1 billion in fresh funds, with new investors also in talks to join the funding round. The Economic Times, citing insiders, reported that the injection is expected to value Flipkart at a premium of approximately 5 per cent to 10 per cent above its current $33 billion valuation.<o:p></o:p>

While the current funding falls short of the near-$38 billion valuation reached in 2021, it underscores Walmart's commitment to accelerating its growth in India. <o:p></o:p>

In 2018, Walmart made a significant investment by acquiring a 77 per cent stake in Flipkart for about $16 billion, marking its most substantial investment at the time. In early 2020, Walmart further increased its control by purchasing the remaining stakes from hedge fund Tiger Global and venture capital firm Accel for $1.4 billion.<o:p></o:p>

Flipkart, a leading online marketplace in India, has strategically focused on catering to small towns and cities, setting itself apart from its urban-centric rival Amazon. The infusion of funds comes as Flipkart aims to solidify its position in the competitive Indian e-commerce landscape. <o:p></o:p>

Although the current valuation is expected to be a premium to the existing $33 billion, it falls short of the high of nearly $38 billion reached in the previous year.<o:p></o:p>

Walmart's consistent financial backing has contributed to Flipkart's growth in the Indian market. In 2022, Walmart's $600 million investment is anticipated to be a key factor as Flipkart adjusts its plans to go public, delaying the initial public offering (IPO) until 2023. Additionally, sources with direct knowledge of the plan reveal that Flipkart has internally raised its IPO valuation target to a range of $60-$70 billion.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Walmart, the largest shareholder in Indian e-commerce powerhouse Flipkart, is gearing up to invest around $600 million in the latest fundraise for the start-up, according to a Flipkart spokesperson.

Walmart, the largest shareholder in Indian e-commerce powerhouse Flipkart, is gearing up to invest around $600 million in the latest fundraise for the start-up, according to a Flipkart spokesperson. The move comes as part of Flipkart's ongoing discussions to secure a total of $1 billion in fresh funds, with new investors also in talks to join the funding round. The Economic Times, citing insiders, reported that the injection is expected to value Flipkart at a premium of approximately 5 per cent to 10 per cent above its current $33 billion valuation. While the current funding falls short of the near-$38 billion valuation reached in 2021, it underscores Walmart's commitment to accelerating its growth in India. In 2018, Walmart made a significant investment by acquiring a 77 per cent stake in Flipkart for about $16 billion, marking its most substantial investment at the time. In early 2020, Walmart further increased its control by purchasing the remaining stakes from hedge fund Tiger Global and venture capital firm Accel for $1.4 billion. Flipkart, a leading online marketplace in India, has strategically focused on catering to small towns and cities, setting itself apart from its urban-centric rival Amazon. The infusion of funds comes as Flipkart aims to solidify its position in the competitive Indian e-commerce landscape. Although the current valuation is expected to be a premium to the existing $33 billion, it falls short of the high of nearly $38 billion reached in the previous year. Walmart's consistent financial backing has contributed to Flipkart's growth in the Indian market. In 2022, Walmart's $600 million investment is anticipated to be a key factor as Flipkart adjusts its plans to go public, delaying the initial public offering (IPO) until 2023. Additionally, sources with direct knowledge of the plan reveal that Flipkart has internally raised its IPO valuation target to a range of $60-$70 billion. (With inputs from Reuters) WATCH WION LIVE HERE

Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round

Breaking free from the constraints of Western sanctions, Russia has invested $12 billion to fortify its aviation sector. A reuters analysis reveals a nation grappling with the fallout, as critical supplies and maintenance services from western sources were severed.

Russia pours billions into domestic aircraft industry amid sanctions

South Korea and Japan engaged in high-level economic talks on Thursday, marking the resumption of discussions that had been stalled for eight years, Reuters reported.<o:p></o:p>

The talks, initiated in 1999, faced a hiatus since 2016 due to strained relations stemming from historical disputes related to Japan's occupation of Korea from 1910 to 1945. South Korean President Yoon Suk Yeol, prioritising diplomatic mending, has taken significant steps to improve ties with Tokyo since assuming office in 2022.<o:p></o:p>

Kang Jae-kwon, South Korea's deputy foreign minister for economic affairs, met with his Japanese counterpart Keiichi Ono, senior deputy foreign minister, to assess bilateral economic cooperation and discuss economic security policy. Kang expressed optimism, stating, "I hope that today's meeting will be a constructive time to contribute to restoring and deepening economic relations between the two countries."<o:p></o:p>

The thaw in relations reflects a broader trend of increasing cooperation driven by shared geopolitical concerns. Earlier this year, South Korea announced plans for its companies to compensate individuals who were forced to work under Japan's occupation from 1910 to 1945, signalling efforts to resolve historical disputes. This move aimed to strengthen unity among US-led efforts against common challenges posed by China and North Korea.<o:p></o:p>

In a demonstration of enhanced trilateral collaboration, Japan, South Korea, and the United States recently launched a real-time missile data-sharing system to monitor Pyongyang's nuclear and missile programs. <o:p></o:p>

Furthermore, Japan reinstated South Korea to its "white list" for exports, granting fast-track trade status, and lifted export curbs on high-tech materials in March. However, despite these positive steps, lingering friction remains in the ties between Japan and South Korea.<o:p></o:p>

Ongoing challenges include South Korea's decade-long ban on seafood from the vicinity of the Fukushima nuclear power plant and a recent South Korean court ruling in favour of "comfort women" – women forced to work in Japanese wartime brothels. <o:p></o:p>

Notably, South Korea's Supreme Court on Thursday upheld rulings ordering two Japanese companies to compensate South Koreans who were forced to work under Japan's colonial rule, prompting a swift protest from Tokyo.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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South Korea and Japan engaged in high-level economic talks on Thursday, marking the resumption of discussions that had been stalled for eight years, Reuters reported.

South Korea and Japan engaged in high-level economic talks on Thursday, marking the resumption of discussions that had been stalled for eight years, Reuters reported. The talks, initiated in 1999, faced a hiatus since 2016 due to strained relations stemming from historical disputes related to Japan's occupation of Korea from 1910 to 1945. South Korean President Yoon Suk Yeol, prioritising diplomatic mending, has taken significant steps to improve ties with Tokyo since assuming office in 2022. Kang Jae-kwon, South Korea's deputy foreign minister for economic affairs, met with his Japanese counterpart Keiichi Ono, senior deputy foreign minister, to assess bilateral economic cooperation and discuss economic security policy. Kang expressed optimism, stating, "I hope that today's meeting will be a constructive time to contribute to restoring and deepening economic relations between the two countries." The thaw in relations reflects a broader trend of increasing cooperation driven by shared geopolitical concerns. Earlier this year, South Korea announced plans for its companies to compensate individuals who were forced to work under Japan's occupation from 1910 to 1945, signalling efforts to resolve historical disputes. This move aimed to strengthen unity among US-led efforts against common challenges posed by China and North Korea. In a demonstration of enhanced trilateral collaboration, Japan, South Korea, and the United States recently launched a real-time missile data-sharing system to monitor Pyongyang's nuclear and missile programs. Furthermore, Japan reinstated South Korea to its "white list" for exports, granting fast-track trade status, and lifted export curbs on high-tech materials in March. However, despite these positive steps, lingering friction remains in the ties between Japan and South Korea. Ongoing challenges include South Korea's decade-long ban on seafood from the vicinity of the Fukushima nuclear power plant and a recent South Korean court ruling in favour of "comfort women" – women forced to work in Japanese wartime brothels. Notably, South Korea's Supreme Court on Thursday upheld rulings ordering two Japanese companies to compensate South Koreans who were forced to work under Japan's colonial rule, prompting a swift protest from Tokyo. (With inputs from Reuters) WATCH WION LIVE HERE

Diplomatic Thaw: South Korea and Japan renew economic talks after eight-year hiatus

Breaking an eight-year silence, South Korea and Japan have resumed high-level economic talks in a diplomatic milestone. The meeting in Seoul signifies a thaw in relations driven by shared geopolitical concerns.

South Korea & Japan rekindle economic dialogue after 8-year pause

In a move to safeguard its dominance in the rare earths sector, China, the world's leading processor of these critical materials, has officially prohibited the export of technology crucial for extracting and separating rare earths. <o:p></o:p>

According to Reuters, the ban, announced on Thursday, is anticipated to have an impact on "heavy rare earths," vital for electric vehicle (EV) motors, medical devices, and weaponry, where China currently holds a virtual monopoly. Rare earths, a group of 17 metals, are indispensable for manufacturing magnets used in EVs, wind turbines, and electronics.<o:p></o:p>

China's commerce ministry-initiated discussions in December last year, seeking public input on the potential addition of this technology to its "Catalogue of Technologies Prohibited and Restricted from Export." <o:p></o:p>

The move aligns with the country's broader efforts to tighten regulations on the export of critical minerals, citing national security and public interest as primary objectives. <o:p></o:p>

Reuters cited Nathan Picarsic, the co-founder of the geopolitical consulting firm Horizon Advisory, who highlighted the significance of this development, stating, "This should be a clarion call that dependence on China in any part of the value chain is not sustainable." <o:p></o:p>

The ban underscores China's commitment to maintaining its market dominance, sparking concerns and intensifying the global race to secure alternative rare earth processing capabilities.<o:p></o:p>

As China asserts control over its rare earth technology, the West faces challenges in reducing dependence on Chinese rare earths, constituting nearly 90 per cent of global refined output. Western countries, including the US and Europe, are striving to establish their rare earth processing operations. <o:p></o:p>

The struggle is particularly pronounced in heavy rare earths, where China excels and has recently banned the export of production technology for rare earth metals, alloy materials, and certain rare earth magnets.<o:p></o:p>

Shares of MP Materials, a Western rare earth company, surged more than 10 per cent following China's announcement. MP Materials has been gradually increasing rare earth processing in California. Ucore Rare Metals, another player in the sector, reported the completion of commissioning a facility for testing its rare earths processing technology, partly funded by the US Department of Defence.<o:p></o:p>

Experts suggest that the ban's impact may impede the development of heavy rare earth separation capacity outside China. While the West is making strides in processing "light" rare earths, including neodymium and praseodymium, the challenge remains in reducing reliance on China for critical elements like dysprosium.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a move to safeguard its dominance in the rare earths sector, China, the world's leading processor of these critical materials, has officially prohibited the export of technology crucial for extracting and separating rare earths.

In a move to safeguard its dominance in the rare earths sector, China, the world's leading processor of these critical materials, has officially prohibited the export of technology crucial for extracting and separating rare earths. According to Reuters, the ban, announced on Thursday, is anticipated to have an impact on "heavy rare earths," vital for electric vehicle (EV) motors, medical devices, and weaponry, where China currently holds a virtual monopoly. Rare earths, a group of 17 metals, are indispensable for manufacturing magnets used in EVs, wind turbines, and electronics. China's commerce ministry-initiated discussions in December last year, seeking public input on the potential addition of this technology to its "Catalogue of Technologies Prohibited and Restricted from Export." The move aligns with the country's broader efforts to tighten regulations on the export of critical minerals, citing national security and public interest as primary objectives. Reuters cited Nathan Picarsic, the co-founder of the geopolitical consulting firm Horizon Advisory, who highlighted the significance of this development, stating, "This should be a clarion call that dependence on China in any part of the value chain is not sustainable." The ban underscores China's commitment to maintaining its market dominance, sparking concerns and intensifying the global race to secure alternative rare earth processing capabilities. As China asserts control over its rare earth technology, the West faces challenges in reducing dependence on Chinese rare earths, constituting nearly 90 per cent of global refined output. Western countries, including the US and Europe, are striving to establish their rare earth processing operations. The struggle is particularly pronounced in heavy rare earths, where China excels and has recently banned the export of production technology for rare earth metals, alloy materials, and certain rare earth magnets. Shares of MP Materials, a Western rare earth company, surged more than 10 per cent following China's announcement. MP Materials has been gradually increasing rare earth processing in California. Ucore Rare Metals, another player in the sector, reported the completion of commissioning a facility for testing its rare earths processing technology, partly funded by the US Department of Defence. Experts suggest that the ban's impact may impede the development of heavy rare earth separation capacity outside China. While the West is making strides in processing "light" rare earths, including neodymium and praseodymium, the challenge remains in reducing reliance on China for critical elements like dysprosium. (With inputs from Reuters) WATCH WION LIVE HERE

China tightens grip on rare earths industry, bans key technology exports for national security

China has decided to stop exporting a variety of rare-earth technology. The world's top supplier of minerals is acting in response to Beijing's geopolitical adversaries' call for a reduction in China's reliance on imported commodities.

China bans exports of some rare-earth processing tech

Retail giant Walmart will pump $600 million into Indian e-commerce giant Flipkart. This infusion will be a part of Flipkart's larger $1 billion funding plan.

Walmart to pump $600 million into Indian e-commerce giant Flipkart

Elon Musk says prototypes are easy, production is hell. And when it comes to the long-awaited Cybertruck, Tesla's hell is its pioneering 4680 battery. Tesla delivered the first of its futuristic stainless steel-plated electric pickups last month and CEO Musk said in October that it would probably hit an annual production rate of a quarter of a million vehicles at some point during 2025.

Tesla Cybertruck deliveries hostage to battery production hell

Angola has shocked OPEC by announcing its departure from the oil-producing group led by Saudi Arabia. The oil minister stated that Angola gains nothing by staying in OPEC and opposes the group's decision to cut its 2024 output quota. This unexpected move has dealt a blow to OPEC's efforts to stabilize oil prices, leading to a nearly 2% drop in prices.

Angola quits OPEC grouping

The U.S. inflation outlook seemed to improve, but during the recent federal reserve meeting, reports revealed that inflation had already hit the central bank's 2% target. This unexpected news led some fed officials to revise their estimates, and now there's a growing consensus that the next six months may not be as inflation-free as initially thought. In simple terms, the U.S. is facing an inflation surprise, and economic forecasts are adjusting accordingly.

US inflation to show FED's battle is now all but complete | World Business Watch | WION

Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99. <o:p></o:p>

Solow's contributions earned him the 1987 Nobel Prize in economics, awarded by the Royal Swedish Academy of Sciences. The academy praised Solow for his development of a mathematical model that expanded the understanding of production, laying the foundation for modern macroeconomic theory. Solow's son confirmed his passing at his Lexington residence on Thursday, as reported by the New York Times.<o:p></o:p>

In a series of articles from 1956 to 1960, Solow challenged prevailing growth models, asserting that they were inadequate in their narrow focus on capital and labour. He highlighted the pivotal role of technological progress in economic growth, emphasising its contribution to at least half of the economic expansion. Despite acknowledging the challenge of quantifying technological innovation, Solow's work spurred advancements in economic thought.<o:p></o:p>

Solow's advocacy for an active government role in managing the economy, akin to his colleague Paul Samuelson, earned him a senior economist position in President John F. Kennedy's Council of Economic Advisers. Solow's analysis influenced industrialised countries to allocate more resources to education and scientific research. He won the Nobel Prize during Ronald Reagan's administration, criticising Reaganomics for its aversion to tax hikes.<o:p></o:p>

"The best thing you can say about Reaganomics is that it probably happened in a fit of inattention," Solow remarked during the award press conference. <o:p></o:p>

Solow's enduring impact is evident in his 2017 contribution to the book "After Piketty: The Agenda for Economics and Inequality," where he endorsed Thomas Piketty's call for an annual progressive tax on wealth, deeming the wealth gap an "ominous anti-democratic trend."<o:p></o:p>

Born in Brooklyn in 1924, Solow earned scholarships to Harvard University, where he delved into economics after serving in World War II. His academic journey included an undergraduate degree in 1947, a master's in 1949, and a Ph.D. in 1951, all from Harvard.<o:p></o:p>

Joining MIT's faculty in 1950, Solow initially intended to focus on statistics and econometrics, but his proximity to Paul Samuelson sparked a four-decade-long engagement in "straight" economics. Solow retired from MIT in 1995.<o:p></o:p>

Noteworthy among Solow's many students was Mario Draghi, who would later lead the European Central Bank and serve as Italy's prime minister. The John Bates Clark Medal in 1961 recognised Solow's significant contributions, and from 1975 to 1980, he served on the board of the Federal Reserve Bank of Boston. <o:p></o:p>

Solow's impact extended to the Manpower Demonstration Research Corp., where he served as a founding director and chairman, testing policies aimed at helping the poor.<o:p></o:p>

Robert Solow is survived by three children, John, Andrew, and Katherine, from his marriage to Barbara Lewis, an economic historian who passed away in 2014.

<o:p>(Inputs from Bloomberg)</o:p>

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Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99.

Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99. Solow's contributions earned him the 1987 Nobel Prize in economics, awarded by the Royal Swedish Academy of Sciences. The academy praised Solow for his development of a mathematical model that expanded the understanding of production, laying the foundation for modern macroeconomic theory. Solow's son confirmed his passing at his Lexington residence on Thursday, as reported by the New York Times. In a series of articles from 1956 to 1960, Solow challenged prevailing growth models, asserting that they were inadequate in their narrow focus on capital and labour. He highlighted the pivotal role of technological progress in economic growth, emphasising its contribution to at least half of the economic expansion. Despite acknowledging the challenge of quantifying technological innovation, Solow's work spurred advancements in economic thought. Solow's advocacy for an active government role in managing the economy, akin to his colleague Paul Samuelson, earned him a senior economist position in President John F. Kennedy's Council of Economic Advisers. Solow's analysis influenced industrialised countries to allocate more resources to education and scientific research. He won the Nobel Prize during Ronald Reagan's administration, criticising Reaganomics for its aversion to tax hikes. "The best thing you can say about Reaganomics is that it probably happened in a fit of inattention," Solow remarked during the award press conference. Solow's enduring impact is evident in his 2017 contribution to the book "After Piketty: The Agenda for Economics and Inequality," where he endorsed Thomas Piketty's call for an annual progressive tax on wealth, deeming the wealth gap an "ominous anti-democratic trend." Born in Brooklyn in 1924, Solow earned scholarships to Harvard University, where he delved into economics after serving in World War II. His academic journey included an undergraduate degree in 1947, a master's in 1949, and a Ph.D. in 1951, all from Harvard. Joining MIT's faculty in 1950, Solow initially intended to focus on statistics and econometrics, but his proximity to Paul Samuelson sparked a four-decade-long engagement in "straight" economics. Solow retired from MIT in 1995. Noteworthy among Solow's many students was Mario Draghi, who would later lead the European Central Bank and serve as Italy's prime minister. The John Bates Clark Medal in 1961 recognised Solow's significant contributions, and from 1975 to 1980, he served on the board of the Federal Reserve Bank of Boston. Solow's impact extended to the Manpower Demonstration Research Corp., where he served as a founding director and chairman, testing policies aimed at helping the poor. Robert Solow is survived by three children, John, Andrew, and Katherine, from his marriage to Barbara Lewis, an economic historian who passed away in 2014. (Inputs from Bloomberg) WATCH WION LIVE HERE

Renowned economist Robert Solow, Nobel laureate in tech-driven growth, passes away at 99

Angola, Africa's second-largest oil producer, has announced its exit from OPEC following disagreements over production targets, delivering a setback to the oil cartel chaired by Saudi Arabia.

This decision comes after OPEC reduced Angola's oil output target last month as part of broader production cuts led by Saudi Arabia to support prices.

In response to the announcement, Brent, the international crude oil benchmark, fell by 1.8 per cent&nbsp;to $78.26 per barrel, while the US benchmark, West Texas Intermediate, dropped 2.1 per cent&nbsp;to $72.69 per barrel.

<a href="https://www.wionews.com/world/opec-head-told-members-to-block-any-deal-at-cop28-that-targets-fossil-fuels-report-667897">Also read |&nbsp;OPEC head told members to block any deal at COP28 that targets fossil fuels: Report</a>

<h2>Background: Angola's ongoing dispute&nbsp;with OPEC</h2>

Angola, an OPEC member since 2007, has been in conflict with Saudi Arabia over attempts to lower its production baseline. The production baseline determines each member's output quota and is adjusted to reflect declines in the country's production capacity.

In June, Angola walked out of an OPEC meeting but later agreed, along with Nigeria and the Republic of Congo, to have its production baseline reviewed by an independent third party. The review resulted in the reduction of all three countries' baselines for 2024 during the November OPEC meeting.

Helima Croft, head of commodities research at RBC Capital Markets, emphasized that the seeds of Angola's exit were sown in June. The country had not fully accepted the agreement that allowed the UAE to increase its 2024 baseline while reducing Angola's baseline. Additionally, Angola has been characterized as a somewhat unpredictable member, staging multiple walkouts at OPEC secretariat meetings.

While Angola's departure is a blow to OPEC, it is not expected to significantly affect the group's ability to influence the market. Angola's daily production of 1.2 million barrels accounts for about 2 per cent&nbsp;of the total output of the OPEC+ alliance, which includes Russia.

Bjarne Schieldrop, chief commodities analyst at SEB, cautioned against interpreting Angola's departure as indicative of larger problems within OPEC. He emphasised that the crucial factors influencing OPEC's stability are Russia and Saudi Arabia, and Angola's exit should not be seen as a signal of broader disintegration.

Also watch |&nbsp;Top OPEC official opposes any deal targeting fossil fuels

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The decision to leave OPEC aligns with Angola's evolving foreign policy under President João Lourenço, characterized by an increasingly "à la carte" approach. Despite historic ties with the Soviet Union, Angola has become more critical of Russia's actions, such as the invasion of Ukraine, expressing dissatisfaction with OPEC's direction set by Saudi Arabia and Russia.

The growing proximity between the US and Angola was highlighted by President Joe Biden's recent meeting with President Lourenço. The US has committed to investing over $1 billion in Angola, including $900 million in a solar project to accelerate the country's diversification away from oil. While the departure aligns with a pro-western approach, analysts question its automatic alignment with US interests.

(With inputs from agencies)

Angola, Africa's second-largest oil producer, has announced its exit from OPEC following disagreements over production targets, delivering a setback to the oil cartel chaired by Saudi Arabia.

Angola, Africa's second-largest oil producer, has announced its exit from OPEC following disagreements over production targets, delivering a setback to the oil cartel chaired by Saudi Arabia. This decision comes after OPEC reduced Angola's oil output target last month as part of broader production cuts led by Saudi Arabia to support prices. In response to the announcement, Brent, the international crude oil benchmark, fell by 1.8 per cent to $78.26 per barrel, while the US benchmark, West Texas Intermediate, dropped 2.1 per cent to $72.69 per barrel. Also read | OPEC head told members to block any deal at COP28 that targets fossil fuels: Report Background: Angola's ongoing dispute with OPEC Angola, an OPEC member since 2007, has been in conflict with Saudi Arabia over attempts to lower its production baseline. The production baseline determines each member's output quota and is adjusted to reflect declines in the country's production capacity. In June, Angola walked out of an OPEC meeting but later agreed, along with Nigeria and the Republic of Congo, to have its production baseline reviewed by an independent third party. The review resulted in the reduction of all three countries' baselines for 2024 during the November OPEC meeting. Helima Croft, head of commodities research at RBC Capital Markets, emphasized that the seeds of Angola's exit were sown in June. The country had not fully accepted the agreement that allowed the UAE to increase its 2024 baseline while reducing Angola's baseline. Additionally, Angola has been characterized as a somewhat unpredictable member, staging multiple walkouts at OPEC secretariat meetings. While Angola's departure is a blow to OPEC, it is not expected to significantly affect the group's ability to influence the market. Angola's daily production of 1.2 million barrels accounts for about 2 per cent of the total output of the OPEC+ alliance, which includes Russia. Bjarne Schieldrop, chief commodities analyst at SEB, cautioned against interpreting Angola's departure as indicative of larger problems within OPEC. He emphasised that the crucial factors influencing OPEC's stability are Russia and Saudi Arabia, and Angola's exit should not be seen as a signal of broader disintegration. Also watch | Top OPEC official opposes any deal targeting fossil fuels The decision to leave OPEC aligns with Angola's evolving foreign policy under President João Lourenço, characterized by an increasingly "à la carte" approach. Despite historic ties with the Soviet Union, Angola has become more critical of Russia's actions, such as the invasion of Ukraine, expressing dissatisfaction with OPEC's direction set by Saudi Arabia and Russia. The growing proximity between the US and Angola was highlighted by President Joe Biden's recent meeting with President Lourenço. The US has committed to investing over $1 billion in Angola, including $900 million in a solar project to accelerate the country's diversification away from oil. While the departure aligns with a pro-western approach, analysts question its automatic alignment with US interests. (With inputs from agencies)

Angola quits OPEC following disputes with Saudi Arabia over production targets

In the quiet evolution of interior design, a subtle yet profound transformation is underway, led by the unassuming genius of artificial intelligence (AI). Today, we explore the nuanced themes of personalisation, convenience, and the futuristic touch.

In an exclusive discussion with Varun Poddar, CEO of Vox India, an interior design brand based in Europe, we explore the profound impact of artificial intelligence (AI) on the interior design industry. As technology redefines the world, AI emerges as a transformative force, reshaping how designers conceptualise, execute, and experience their creations.

Personalisation

Imagine a space that isn't just aesthetically pleasing but intimately aligns with your identity. Personalisation, a cornerstone of AI in design, goes beyond surface-level choices. Varun Poddar articulates AI as a silent design companion, enhancing human creativity rather than replacing it. By decoding vast datasets, AI delves into design trends and the essence of individual preferences and lifestyles. It's not just creating spaces; it's crafting personalised narratives that resonate profoundly with those who call these spaces home.

Convenience

VR technology takes centre stage as we discuss the theme of convenience. VR offers a seamless integration of practicality and aesthetics. Varun Poddar paints a vivid picture of virtual walkthroughs evolving from a luxury to a necessity, transcending visual delights to become a pragmatic tool. These walkthroughs not only showcase the beauty of a space but act as vigilant guardians, detecting execution errors in real-time. Convenience in the era of AI is not an afterthought; it's a foundational principle, ensuring that spaces are visually stunning and functionally impeccable.

The future

As our journey into the future unfolds, Varun Poddar offers a glimpse into the subtle influence of AI in design—the unassuming story of Wall Ceilings. Picture the prospect of designing your wall ceilings, guided not by an array of options but by the discreet intelligence of AI. It is a narrative that goes beyond endorsement, becoming a quiet companion in shaping a future where surfaces adapt intuitively to the ebb and flow of ever-changing needs and preferences.

But this narrative echoes in the global landscape, finding resonance across corners, such as the innovative strides of Ikea. Varun Poddar's insights interlace with the story of Ikea, where call centre workers are metamorphosed into AI-assisted interior design advisers. Billie, the AI bot, seamlessly handles queries, symbolising the amalgamation of human expertise and AI intelligence. This is not a flashy trend; it's a testimony to AI's transformative role in enhancing customer experiences.

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>

In the quiet evolution of interior design, a subtle yet profound transformation is underway, led by the unassuming genius of artificial intelligence (AI). Today, we explore the nuanced themes of personalisation, convenience, and the futuristic touch.

In the quiet evolution of interior design, a subtle yet profound transformation is underway, led by the unassuming genius of artificial intelligence (AI). Today, we explore the nuanced themes of personalisation, convenience, and the futuristic touch. In an exclusive discussion with Varun Poddar, CEO of Vox India, an interior design brand based in Europe, we explore the profound impact of artificial intelligence (AI) on the interior design industry. As technology redefines the world, AI emerges as a transformative force, reshaping how designers conceptualise, execute, and experience their creations. Personalisation Imagine a space that isn't just aesthetically pleasing but intimately aligns with your identity. Personalisation, a cornerstone of AI in design, goes beyond surface-level choices. Varun Poddar articulates AI as a silent design companion, enhancing human creativity rather than replacing it. By decoding vast datasets, AI delves into design trends and the essence of individual preferences and lifestyles. It's not just creating spaces; it's crafting personalised narratives that resonate profoundly with those who call these spaces home. Convenience VR technology takes centre stage as we discuss the theme of convenience. VR offers a seamless integration of practicality and aesthetics. Varun Poddar paints a vivid picture of virtual walkthroughs evolving from a luxury to a necessity, transcending visual delights to become a pragmatic tool. These walkthroughs not only showcase the beauty of a space but act as vigilant guardians, detecting execution errors in real-time. Convenience in the era of AI is not an afterthought; it's a foundational principle, ensuring that spaces are visually stunning and functionally impeccable. The future As our journey into the future unfolds, Varun Poddar offers a glimpse into the subtle influence of AI in design—the unassuming story of Wall Ceilings. Picture the prospect of designing your wall ceilings, guided not by an array of options but by the discreet intelligence of AI. It is a narrative that goes beyond endorsement, becoming a quiet companion in shaping a future where surfaces adapt intuitively to the ebb and flow of ever-changing needs and preferences. But this narrative echoes in the global landscape, finding resonance across corners, such as the innovative strides of Ikea. Varun Poddar's insights interlace with the story of Ikea, where call centre workers are metamorphosed into AI-assisted interior design advisers. Billie, the AI bot, seamlessly handles queries, symbolising the amalgamation of human expertise and AI intelligence. This is not a flashy trend; it's a testimony to AI's transformative role in enhancing customer experiences. WATCH WION LIVE HERE

​​​​​​​Crafting tomorrow's spaces: The intelligent intersection of AI and Interior Design

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Renowned economist Robert Solow, Nobel laureate in tech-driven growth, passes away at 99<o:p></o:p>

Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/renowned-economist-robert-solow-nobel-laureate-in-tech-driven-growth-passes-away-at-99-672385">Read more here</a><o:p></o:p>

China tightens grip on rare earths industry, bans key technology exports for national security<o:p></o:p>

In a move to safeguard its dominance in the rare earths sector, China, the world's leading processor of these critical materials, has officially prohibited the export of technology crucial for extracting and separating rare earths.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/china-tightens-grip-on-rare-earths-industry-bans-key-technology-exports-for-national-security-672401">Read more here</a><o:p></o:p>

Diplomatic Thaw: South Korea and Japan renew economic talks after eight-year hiatus<o:p></o:p>

South Korea and Japan engaged in high-level economic talks on Thursday, marking the resumption of discussions that had been stalled for eight years.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/diplomatic-thaw-south-korea-and-japan-renew-economic-talks-after-eight-year-hiatus-672408">Read more here</a><o:p></o:p>

Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round<o:p></o:p>

Walmart, the largest shareholder in Indian e-commerce powerhouse Flipkart, is gearing up to invest around $600 million in the latest fundraise for the start-up, according to a Flipkart spokesperson.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/walmart-boosts-indian-e-commerce-giant-flipkart-with-600-mn-infusion-in-latest-funding-round-672417">Read more here</a><o:p></o:p>

Nike cuts sales outlook and unveils $2 bn savings plan amid global economic uncertainty<o:p></o:p>

Sportswear giant Nike has revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotional activities.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nike-cuts-sales-outlook-and-unveils-2-bn-savings-plan-amid-global-economic-uncertainty-672426">Read more here</a>

Microsoft's Windows 10 end-of-support plan may lead to massive PC disposal<o:p></o:p>

Microsoft’s decision to cease support for the Windows 10 operating system could result in the disposal of approximately 240 million personal computers (PCs), potentially contributing to a significant increase in landfill waste, according to a report by Canalys Research.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/microsofts-windows-10-end-of-support-plan-may-lead-to-massive-pc-disposal-672434">Read more here</a><o:p></o:p>

Honda recalls 4.5 mn vehicles globally over fuel pump concerns<o:p></o:p>

Honda Motor's American unit has initiated a global recall of approximately 4.5 million vehicles due to potential risks associated with fuel pump failure, according to the Japanese automaker.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/honda-recalls-45-mn-vehicles-globally-over-fuel-pump-concerns-672439">Read more here</a><o:p></o:p>

BSNL suffers data breach, hacker posted some data on dark web: Report<o:p></o:p>

India's state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) has reportedly suffered a data breach that puts at risk thousands of users.<o:p></o:p>

<a href="https://www.wionews.com/india-news/bsnl-suffers-data-breach-hacker-posted-some-data-on-dark-web-report-672431">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. Renowned economist Robert Solow, Nobel laureate in tech-driven growth, passes away at 99 Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Renowned economist Robert Solow, Nobel laureate in tech-driven growth, passes away at 99 Robert Solow, the distinguished economics professor at the Massachusetts Institute of Technology (MIT) renowned for his groundbreaking work linking technology to economic growth, has died at the age of 99. Read more here China tightens grip on rare earths industry, bans key technology exports for national security In a move to safeguard its dominance in the rare earths sector, China, the world's leading processor of these critical materials, has officially prohibited the export of technology crucial for extracting and separating rare earths. Read more here Diplomatic Thaw: South Korea and Japan renew economic talks after eight-year hiatus South Korea and Japan engaged in high-level economic talks on Thursday, marking the resumption of discussions that had been stalled for eight years. Read more here Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round Walmart, the largest shareholder in Indian e-commerce powerhouse Flipkart, is gearing up to invest around $600 million in the latest fundraise for the start-up, according to a Flipkart spokesperson. Read more here Nike cuts sales outlook and unveils $2 bn savings plan amid global economic uncertainty Sportswear giant Nike has revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotional activities. Read more here Microsoft's Windows 10 end-of-support plan may lead to massive PC disposal Microsoft’s decision to cease support for the Windows 10 operating system could result in the disposal of approximately 240 million personal computers (PCs), potentially contributing to a significant increase in landfill waste, according to a report by Canalys Research. Read more here Honda recalls 4.5 mn vehicles globally over fuel pump concerns Honda Motor's American unit has initiated a global recall of approximately 4.5 million vehicles due to potential risks associated with fuel pump failure, according to the Japanese automaker. Read more here BSNL suffers data breach, hacker posted some data on dark web: Report India's state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) has reportedly suffered a data breach that puts at risk thousands of users. Read more here WATCH WION LIVE HERE

WION Business Wrap | China’s rare earth’s industry, Talks between Japan and South Korea & more

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent&nbsp;in India, said Sharad Agarwal, the India Head of Lamborghini.

This growth is against the 18-20 per cent&nbsp;slowdown in the super luxury segment to which the brand belongs.

The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi.

The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION.

The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds.&nbsp;

The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said.&nbsp;

Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions&nbsp;that Lamborghinis are known for. We still see it(Electric sports car) some time away,&nbsp;as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added.

While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others.

Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini. This growth is against the 18-20 per cent slowdown in the super luxury segment to which the brand belongs. The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi. The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION. The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds. The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said. Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions that Lamborghinis are known for. We still see it(Electric sports car) some time away, as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added. While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others. Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

Flashback Friday: Looking at Amazon’s evolution from ‘earth’s biggest bookstore’ to an e-commerce giant  

A weak Yen has helped Toyota earns huge profits in the July-September quarter this year. A turbocharged Toyota has also raised its outlook for 2023 after its car sales rose across the world. The world's top-selling automaker reported a record operating profit of 9.5 billion dollars in the quarter ending September. That was a 155.6% increase from a year earlier

Toyota shares slump on safety scandal at Daihatsu, vehicle recall