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The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term, the Business Standard reported.&nbsp;

This alert, highlighted in the annual Article IV consultation report, emphasises the need for new financing sources, greater private sector investment, and climate-resilience measures. The IMF points out that substantial investment is required to enhance India's capacity to withstand climate stresses and natural disasters.&nbsp;

Government's Response and Disagreement &nbsp;

In response, the Indian government has asserted that sovereign debt risks are limited as it is primarily denominated in domestic currency. K.V. Subramanian, India's executive director at the IMF, challenged the IMF's claim, stating that despite historical shocks, India's public debt-to-GDP ratio has shown minimal fluctuations. The disagreement centres on the IMF's reclassification of India's exchange rate regime to a "stabilised arrangement".

IMF's Optimistic Outlook and Fiscal Consolidation&nbsp;

Despite the debt concerns, the IMF offers an optimistic outlook for India's economy in its Article IV report, projecting the potential for faster growth if key structural reforms are implemented. The report stresses the necessity for "ambitious" fiscal consolidation to curb public debt. It also outlines potential challenges, including global growth slowdown, commodity price volatility, and domestic weather shocks. The IMF underscored the impact of consumer demand and private investment on growth.&nbsp;

Steps to Tackle Public Debt&nbsp;

In October 2023, Finance Minister Nirmala Sitharaman revealed the government's commitment to exploring measures to reduce government debt. According to a report by Mint, the central government's debt, as of March 2023, stood at Rs 155.6 trillion, constituting 57.1 per cent of GDP. India faces challenges in enhancing credit ratings due to elevated debt levels and the heavy cost associated with servicing that debt. Despite being considered a 'bright spot' in the global economy, India grapples with challenges affecting sovereign investment ratings.&nbsp;

Challenges and the Rating Agencies' Perspective&nbsp;

The Economic Times reported that global rating agencies, including Fitch, S&amp;P, and Moody's, have accorded India the lowest investment-grade rating, citing concerns over weak fiscal performance, burdensome debt stock, and low GDP per capita. The 'K-shaped' growth phenomenon, exacerbated by the Covid-19 pandemic, has contributed to uneven income distribution, impacting India's sovereign rating. Experts contend that the quality of government expenditure improvement could positively influence economic growth.&nbsp;

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The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term, the Business Standard reported.

The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term, the Business Standard reported. This alert, highlighted in the annual Article IV consultation report, emphasises the need for new financing sources, greater private sector investment, and climate-resilience measures. The IMF points out that substantial investment is required to enhance India's capacity to withstand climate stresses and natural disasters. Government's Response and Disagreement In response, the Indian government has asserted that sovereign debt risks are limited as it is primarily denominated in domestic currency. K.V. Subramanian, India's executive director at the IMF, challenged the IMF's claim, stating that despite historical shocks, India's public debt-to-GDP ratio has shown minimal fluctuations. The disagreement centres on the IMF's reclassification of India's exchange rate regime to a "stabilised arrangement". IMF's Optimistic Outlook and Fiscal Consolidation Despite the debt concerns, the IMF offers an optimistic outlook for India's economy in its Article IV report, projecting the potential for faster growth if key structural reforms are implemented. The report stresses the necessity for "ambitious" fiscal consolidation to curb public debt. It also outlines potential challenges, including global growth slowdown, commodity price volatility, and domestic weather shocks. The IMF underscored the impact of consumer demand and private investment on growth. Steps to Tackle Public Debt In October 2023, Finance Minister Nirmala Sitharaman revealed the government's commitment to exploring measures to reduce government debt. According to a report by Mint, the central government's debt, as of March 2023, stood at Rs 155.6 trillion, constituting 57.1 per cent of GDP. India faces challenges in enhancing credit ratings due to elevated debt levels and the heavy cost associated with servicing that debt. Despite being considered a 'bright spot' in the global economy, India grapples with challenges affecting sovereign investment ratings. Challenges and the Rating Agencies' Perspective The Economic Times reported that global rating agencies, including Fitch, S&P, and Moody's, have accorded India the lowest investment-grade rating, citing concerns over weak fiscal performance, burdensome debt stock, and low GDP per capita. The 'K-shaped' growth phenomenon, exacerbated by the Covid-19 pandemic, has contributed to uneven income distribution, impacting India's sovereign rating. Experts contend that the quality of government expenditure improvement could positively influence economic growth. WATCH WION LIVE HERE

IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP 

The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights, Reuters reported on Wednesday. &nbsp;

The case revolved around US computer scientist Stephen Thaler, who sought to register patents in the UK for inventions generated by his AI system named DABUS. Thaler's attempt was rejected by the UK's Intellectual Property Office (IPO), which argued that patent rights should be attributed to a natural person or a company rather than a machine.&nbsp;

The UK Supreme Court, in a unanimous decision, dismissed Thaler's appeal, affirming that, under UK patent law, an inventor must be a natural person. While addressing the specific case at hand, Judge David Kitchin emphasised that the ruling did not address the broader question of whether technical advances produced autonomously by AI should be eligible for patents. &nbsp;

Thaler's legal team expressed concerns, stating that the ruling highlights the inadequacy of current UK patent law in protecting inventions autonomously generated by AI machines, potentially hindering industries reliant on AI-driven technological advancements.&nbsp;

The UK's IPO welcomed the Supreme Court's decision, providing clarity on the existing law regarding the patenting of AI-generated creations. Acknowledging the evolving landscape, the IPO spokesperson recognised the legitimate questions surrounding how the patent system and intellectual property, in general, should handle such AI-generated creations. The government expressed its commitment to keeping this area of law under review.&nbsp;

Earlier this year, Stephen Thaler experienced a similar defeat in the US when the US Supreme Court turned down his appeal against the US Patent and Trademark Office's denial of patents for discoveries produced by his AI system. &nbsp;

While the UK Supreme Court's ruling aligns with decisions from courts in Europe, Australia, and the US, legal experts anticipate potential changes in the medium term as AI evolves from being a tool to an agent.&nbsp;

Despite the current legal stance, Giles Parsons, a partner at law firm Browne Jacobson, noted that the decision is not expected to have a significant impact on the patent system at present. Parsons emphasised that as AI evolves, addressing potential challenges in patent law can be tackled when they arise. &nbsp;

Rajvinder Jagdev, an intellectual property partner at Powell Gilbert, highlighted that the judgment does not preclude individuals from using AI to devise inventions, provided that a natural person is identified as the inventor. In a separate case last month, London's High Court affirmed that artificial neural networks can attract patent protection under UK law.&nbsp;

(With inputs from Reuters)&nbsp;

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The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights, Reuters reported on Wednesday.

The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights, Reuters reported on Wednesday. The case revolved around US computer scientist Stephen Thaler, who sought to register patents in the UK for inventions generated by his AI system named DABUS. Thaler's attempt was rejected by the UK's Intellectual Property Office (IPO), which argued that patent rights should be attributed to a natural person or a company rather than a machine. The UK Supreme Court, in a unanimous decision, dismissed Thaler's appeal, affirming that, under UK patent law, an inventor must be a natural person. While addressing the specific case at hand, Judge David Kitchin emphasised that the ruling did not address the broader question of whether technical advances produced autonomously by AI should be eligible for patents. Thaler's legal team expressed concerns, stating that the ruling highlights the inadequacy of current UK patent law in protecting inventions autonomously generated by AI machines, potentially hindering industries reliant on AI-driven technological advancements. The UK's IPO welcomed the Supreme Court's decision, providing clarity on the existing law regarding the patenting of AI-generated creations. Acknowledging the evolving landscape, the IPO spokesperson recognised the legitimate questions surrounding how the patent system and intellectual property, in general, should handle such AI-generated creations. The government expressed its commitment to keeping this area of law under review. Earlier this year, Stephen Thaler experienced a similar defeat in the US when the US Supreme Court turned down his appeal against the US Patent and Trademark Office's denial of patents for discoveries produced by his AI system. While the UK Supreme Court's ruling aligns with decisions from courts in Europe, Australia, and the US, legal experts anticipate potential changes in the medium term as AI evolves from being a tool to an agent. Despite the current legal stance, Giles Parsons, a partner at law firm Browne Jacobson, noted that the decision is not expected to have a significant impact on the patent system at present. Parsons emphasised that as AI evolves, addressing potential challenges in patent law can be tackled when they arise. Rajvinder Jagdev, an intellectual property partner at Powell Gilbert, highlighted that the judgment does not preclude individuals from using AI to devise inventions, provided that a natural person is identified as the inventor. In a separate case last month, London's High Court affirmed that artificial neural networks can attract patent protection under UK law. (With inputs from Reuters) WATCH WION LIVE HERE

UK Supreme Court rules against AI as patent 'Inventor' in landmark case 

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major&nbsp;challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. &nbsp;

According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished.&nbsp;

President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. &nbsp;

Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes.&nbsp;

Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. &nbsp;

The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic.&nbsp;

President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. &nbsp;

The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.”&nbsp;

(With inputs from Reuters)&nbsp;

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In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending.

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished. President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes. Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic. President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.” (With inputs from Reuters) WATCH WION LIVE HERE

Protests erupt in Buenos Aires against Milei's economic overhaul 

As promised, Argentina's new President, Javier Milei, delivered the first set of his "Shock therapy" plans for the economy. In a televised address, Milei listed 30 initial points in sweeping reforms to rescue the nation from a severe economic crisis. Milei said these were only the first steps and part of a broader package of over 300 measures.

Argentina faces protests as President implements austerity measures

The cash-strapped nation is expected to get more financial aid after the election. This might help reduce the country's dollar shortages and encourage much-needed international investment. A bloomberg report quoting sources says that Egypt is close to reaching an agreement with the International Monetary Fund (IMF) to increase the size of its $3 billion rescue programme to about $6 billion. Egypt is yet to receive a majority of the imf's already agreed $3 billion bailout money.

Egypt's Financial Crisis: After elections, egypt's focus is loans

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported.&nbsp;

The G7's ban on Russian diamonds is set to commence on January 1, with phased-in restrictions on indirect imports beginning around March 1. However, India, home to 90 per cent of the world's diamond cutting and polishing industry, contends that the lack of clarity in tracing rules necessitates a postponement. &nbsp;

The proposed ban is part of broader G7 measures aimed at restricting Moscow's revenues supporting its invasion of Ukraine.&nbsp;

Sources reveal that India, a crucial player in the diamond industry, has sought more clarity in its discussions with G7 leaders. The timeline set by G7, initiating restrictions on indirect imports from Russia in three to four months, is deemed impractical by Indian authorities due to unclear rules on gem origin tracing. &nbsp;

Russia stands as the largest global producer of rough diamonds by volume, and the proposed restrictions aim to curtail revenues that fund its activities in Ukraine.&nbsp;

India has expressed reservations about G7's new "traceability-based verification and certification" system, which could necessitate the sharing of sensitive data about Indian businesses. &nbsp;

While India acknowledges the potential impact on its diamond sector, particularly in the western state of Gujarat, where the industry is concentrated, officials expect minimal disruption as they predominantly process smaller Russian diamonds. &nbsp;

However, concerns persist about the broader implications for the diamond supply chain, given the challenges the industry already faces due to weakened demand. During the first seven months of the current fiscal year, polished diamond exports from India declined by 29 per cent to $10 billion.&nbsp;

"The timeline to start restrictions on indirect imports from Russia in three-four months is impractical, as the rules on how the origin for a gem will be traced are not clear," Reuters cited one of the sources. &nbsp;

The federal trade ministry, involved in discussions with G7, has not provided an official comment on the matter. &nbsp;

(With inputs from Reuters)&nbsp;

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In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported.

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds, Reuters reported. The G7's ban on Russian diamonds is set to commence on January 1, with phased-in restrictions on indirect imports beginning around March 1. However, India, home to 90 per cent of the world's diamond cutting and polishing industry, contends that the lack of clarity in tracing rules necessitates a postponement. The proposed ban is part of broader G7 measures aimed at restricting Moscow's revenues supporting its invasion of Ukraine. Sources reveal that India, a crucial player in the diamond industry, has sought more clarity in its discussions with G7 leaders. The timeline set by G7, initiating restrictions on indirect imports from Russia in three to four months, is deemed impractical by Indian authorities due to unclear rules on gem origin tracing. Russia stands as the largest global producer of rough diamonds by volume, and the proposed restrictions aim to curtail revenues that fund its activities in Ukraine. India has expressed reservations about G7's new "traceability-based verification and certification" system, which could necessitate the sharing of sensitive data about Indian businesses. While India acknowledges the potential impact on its diamond sector, particularly in the western state of Gujarat, where the industry is concentrated, officials expect minimal disruption as they predominantly process smaller Russian diamonds. However, concerns persist about the broader implications for the diamond supply chain, given the challenges the industry already faces due to weakened demand. During the first seven months of the current fiscal year, polished diamond exports from India declined by 29 per cent to $10 billion. "The timeline to start restrictions on indirect imports from Russia in three-four months is impractical, as the rules on how the origin for a gem will be traced are not clear," Reuters cited one of the sources. The federal trade ministry, involved in discussions with G7, has not provided an official comment on the matter. (With inputs from Reuters) WATCH WION LIVE HERE

India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. &nbsp;

Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives.&nbsp;

For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. &nbsp;

Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." &nbsp;

The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain.&nbsp;

Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban.&nbsp;

Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying.&nbsp;

Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur.&nbsp;

The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. &nbsp;

Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. &nbsp;

However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices.&nbsp;

(With inputs from Reuters)&nbsp;

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The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Implemented on December 8 due to a significant domestic price hike, the ban has impacted traditional buyers such as Bangladesh, Malaysia, Nepal, and the United Arab Emirates. As India grapples with soaring onion prices, Asian consumers are facing the challenge of higher costs and limited alternatives. For Asian consumers, especially in countries like Bangladesh, where onions are a culinary staple, the sudden spike in prices is proving difficult to cope with. Reuters cited Mousumi Akhtar, a Dhaka resident who expressed the impact, stating, "Onions are needed for almost everything we cook. This sudden price hike is tough to swallow. I've had to cut back on how much I buy." The dependence on Indian onions for various regional dishes, from Malaysian belacan shrimp paste to Nepali chicken chillies, has led to a serious setback as India's ban disrupts the supply chain. Traders estimate that India contributes over half of all onion imports by Asian countries, emphasising its pivotal role in meeting the demand for this essential ingredient. The ban, has prompted importing nations like Bangladesh to explore alternative sources such as China, Egypt, and Turkey to overcome shortages. Bangladesh, anticipating general elections, has even initiated the sale of subsidised onions to mitigate the impact of the 50 per cent surge in prices caused by India's ban. Nepal, heavily reliant on onion imports, faces a particularly challenging situation. Tirtharaj Chiluwal from Nepal's commerce ministry highlighted the scarcity. "Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale," Reuters quoted him as saying. Nepal is considering imports from China and may seek an exception from India to resume exports, according to ministry spokesperson Gajendra Kumar Thakur. The ban has prompted importing nations to turn to more expensive alternatives from China, Iran, Pakistan, and Turkey, leading to a hike in prices. Ajit Shah, an Indian exporter, emphasised the significance of India's role in maintaining its global market position. He suggested that India, with an abundant domestic supply, should reconsider the ban to stabilise prices. However, the likelihood of lifting the ban before next year's general elections appears slim, given the Indian government's priority to curb food prices. (With inputs from Reuters) WATCH WION LIVE HERE

India's onion export ban sends shockwaves across Asia. Here's why

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

India's onion export ban sends shockwaves across Asia. Here's why<o:p></o:p>

The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources.&nbsp;<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-onion-export-ban-sends-shockwaves-across-asia-heres-why-671976">Read more here</a><o:p></o:p>

India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules<o:p></o:p>

In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-urges-to-g7-for-delay-russian-diamond-ban-seeks-clarity-on-tracing-rules-671978">Read more here</a><o:p></o:p>

Protests erupt in Buenos Aires against Milei's economic overhaul<o:p></o:p>

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/protests-erupt-in-buenos-aires-against-mileis-economic-overhaul-672016">Read more here</a><o:p></o:p>

UK Supreme Court rules against AI as patent 'Inventor' in landmark case<o:p></o:p>

The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-supreme-court-rules-against-ai-as-patent-inventor-in-landmark-case-672020">Read more here</a><o:p></o:p>

IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP<o:p></o:p>

The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imf-sounds-alarm-on-indias-rising-debt-warns-of-exceeding-100pc-of-gdp-672040">Read more here</a><o:p></o:p>

Toyota initiates global recall of 1.12 million vehicles over airbag concerns<o:p></o:p>

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/toyota-initiates-global-recall-of-112-million-vehicles-over-airbag-concerns-672057">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. India's onion export ban sends shockwaves across Asia.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India's onion export ban sends shockwaves across Asia. Here's why The recent ban on onion exports by India, the world's largest onion exporter, has created a ripple effect across Asia, causing a surge in prices and forcing countries to seek alternative sources. Read more here India urges to G7 for delay Russian diamond ban, seeks clarity on tracing rules In a bid to address uncertainties surrounding the tracing of diamond origins, India has urged the Group of Seven (G7) nations to delay the impending ban on Russian diamonds. Read more here Protests erupt in Buenos Aires against Milei's economic overhaul In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. Read more here UK Supreme Court rules against AI as patent 'Inventor' in landmark case The UK Supreme Court has ruled against the notion that artificial intelligence (AI) can be recognised as an inventor for patent rights. Read more here IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term. Read more here Toyota initiates global recall of 1.12 million vehicles over airbag concerns Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. Read more here WATCH WION LIVE HERE

WION Business Wrap | India’s onion ban, Russian diamond ban, Protests in Buenos Aires & more

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. &nbsp;

According to Reuters, the recall spans model years 2020 through 2022, encompassing various popular models such as Avalon, Camry, Corolla, RAV4, Lexus ES250, ES300H, ES350, RX350 Highlander, and Sienna Hybrid vehicles. The flaw, centred around the Occupant Classification System (OCS) sensors, poses a risk of airbags failing to deploy as intended, particularly if a small adult or child occupies the front seat. The recall includes one million vehicles in the US.&nbsp;

The specific concern revolves around the OCS sensors, crucial components that ensure airbags refrain from deploying when a small adult or child is detected in the front seat. The global recall aims to address the potential malfunction by having dealers inspect and replace the sensors if necessary. Toyota plans to commence notifying affected vehicle owners in February 2023, facilitating a swift response to rectify the identified issue.&nbsp;

This is not the first time Toyota has encountered airbag-related issues. In July 2022, the automaker issued a recall affecting 3,500 RAV4 vehicles in the US. The recall was prompted by concerns about potential interference between internal components that could lead to the OCS sensor incorrectly detecting the occupant. While frontal airbags have proven instrumental in saving over 50,000 lives in the US over the past 30 years, safety authorities emphasise the critical importance of addressing specific concerns to prevent injuries, especially to children and small adults.&nbsp;

The development of the new OCS sensors is rooted in the recognition that older airbags deployed uniformly for all occupants, potentially causing injuries and, in rare cases, fatalities. The National Highway Traffic Safety Administration (NHTSA) acknowledged that past airbag deployment methods posed risks to children, small adults, and unbelted passengers who were in close proximity to the airbag at the moment of deployment. The introduction of enhanced sensors seeks to mitigate such risks and further enhance the overall safety of Toyota vehicles.&nbsp;

(With inputs from Reuters)&nbsp;

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Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide.

Toyota Motor has announced a comprehensive recall due to a potential airbag issue linked to a sensor short circuit which in turn is set of affect 1.12 million vehicles worldwide. According to Reuters, the recall spans model years 2020 through 2022, encompassing various popular models such as Avalon, Camry, Corolla, RAV4, Lexus ES250, ES300H, ES350, RX350 Highlander, and Sienna Hybrid vehicles. The flaw, centred around the Occupant Classification System (OCS) sensors, poses a risk of airbags failing to deploy as intended, particularly if a small adult or child occupies the front seat. The recall includes one million vehicles in the US. The specific concern revolves around the OCS sensors, crucial components that ensure airbags refrain from deploying when a small adult or child is detected in the front seat. The global recall aims to address the potential malfunction by having dealers inspect and replace the sensors if necessary. Toyota plans to commence notifying affected vehicle owners in February 2023, facilitating a swift response to rectify the identified issue. This is not the first time Toyota has encountered airbag-related issues. In July 2022, the automaker issued a recall affecting 3,500 RAV4 vehicles in the US. The recall was prompted by concerns about potential interference between internal components that could lead to the OCS sensor incorrectly detecting the occupant. While frontal airbags have proven instrumental in saving over 50,000 lives in the US over the past 30 years, safety authorities emphasise the critical importance of addressing specific concerns to prevent injuries, especially to children and small adults. The development of the new OCS sensors is rooted in the recognition that older airbags deployed uniformly for all occupants, potentially causing injuries and, in rare cases, fatalities. The National Highway Traffic Safety Administration (NHTSA) acknowledged that past airbag deployment methods posed risks to children, small adults, and unbelted passengers who were in close proximity to the airbag at the moment of deployment. The introduction of enhanced sensors seeks to mitigate such risks and further enhance the overall safety of Toyota vehicles. (With inputs from Reuters) WATCH WION LIVE HERE

Toyota initiates global recall of 1.12 million vehicles over airbag concerns 

India's onion ban has an impact in the Asian markets. Buyers feel the pinch of onion export ban as prices rise across Asia. The export ban will likely continue until after 2024 General Elections. Watch to know more!

Asia in tears amid onion ban

We delve into the heart of the world's diamond industry as G7 countries announce a ban on Russian gems. India, home to 90% of the global diamond cutting and polishing sector, expects little disruption. That’s because it predominantly processes smaller Russian diamonds, cushioning the blow of the upcoming restrictions. Watch the video to know more!

India urges G7 to delay ban on Russian diamonds | World Business Watch

2023 marks a remarkable year for short-seller Hindenburg. for activist US short seller Hindenburg research, bearish bets on the Adani group and ICAHN enterprises have concluded another incredible year. Hindenburg kicked off the year accusing Indian billionaire Gautam Adani's conglomerate of accounting fraud and stock manipulation. At one point, those accusations caused the market value of Adani group to decline by over $150 billion. Big bet on the Indian giant made Hindenburg famous. Seven of the group's 10 stocks are still down compared to before Hindenburg's damning report on January 24.

Hindenburg's prominent bets this year | World Business Watch

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. &nbsp;

The conglomerate is now set to transition into private ownership through a $14 billion takeover led by a consortium of investors, including private equity firm Japan Industrial Partners (JIP), financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm, Reuters reported.&nbsp;

The delisting comes after prolonged battles with overseas activist investors, bringing Toshiba's diverse portfolio, encompassing batteries, chips, and nuclear and defence equipment, under the control of domestic hands. &nbsp;

In a statement, Toshiba expressed its anticipation of a "new future with a new shareholder" and sought continuous understanding and support from stakeholders.&nbsp;

While the exact trajectory under its new owners remains uncertain, Chief Executive Taro Shimada, retained after the buyout, is expected to steer Toshiba toward high-margin digital services. The shift in ownership prevented an earlier plan involving a state-backed fund, and industry insiders suggest that potential divestitures may be considered to enhance Toshiba's strategic positioning.&nbsp;

Toshiba's challenges, as noted by Damian Thong, head of Japan research at Macquarie Capital Securities, stemmed from a mix of strategic missteps and unfortunate circumstances. As the company undergoes this transformation, the hope is that its assets and human talent, through divestitures, find new avenues to unleash their full potential.&nbsp;

With four JIP executives, alongside representatives from Orix, Chubu Electric, and Sumitomo Mitsui Financial Group, joining the board, Toshiba's transition under new management is already underway. Strategic collaborations, such as the $2.7 billion investment with Rohm in manufacturing facilities for power chips, signify the company's proactive approach in reshaping its future.&nbsp;

As Toshiba navigates its path forward, there is a critical need to exit lower-margin businesses and strengthen commercial strategies for advanced technologies. &nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands.

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. The conglomerate is now set to transition into private ownership through a $14 billion takeover led by a consortium of investors, including private equity firm Japan Industrial Partners (JIP), financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm, Reuters reported. The delisting comes after prolonged battles with overseas activist investors, bringing Toshiba's diverse portfolio, encompassing batteries, chips, and nuclear and defence equipment, under the control of domestic hands. In a statement, Toshiba expressed its anticipation of a "new future with a new shareholder" and sought continuous understanding and support from stakeholders. While the exact trajectory under its new owners remains uncertain, Chief Executive Taro Shimada, retained after the buyout, is expected to steer Toshiba toward high-margin digital services. The shift in ownership prevented an earlier plan involving a state-backed fund, and industry insiders suggest that potential divestitures may be considered to enhance Toshiba's strategic positioning. Toshiba's challenges, as noted by Damian Thong, head of Japan research at Macquarie Capital Securities, stemmed from a mix of strategic missteps and unfortunate circumstances. As the company undergoes this transformation, the hope is that its assets and human talent, through divestitures, find new avenues to unleash their full potential. With four JIP executives, alongside representatives from Orix, Chubu Electric, and Sumitomo Mitsui Financial Group, joining the board, Toshiba's transition under new management is already underway. Strategic collaborations, such as the $2.7 billion investment with Rohm in manufacturing facilities for power chips, signify the company's proactive approach in reshaping its future. As Toshiba navigates its path forward, there is a critical need to exit lower-margin businesses and strengthen commercial strategies for advanced technologies. (With inputs from Reuters) WATCH WION LIVE HERE

After delisting, Toshiba navigates an uncertain future with new owners

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. &nbsp;

According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022.&nbsp;

Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns.&nbsp;

Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.”&nbsp;

Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend.&nbsp;

Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine.

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. According to Reuters, the sale, detailed in a regulatory filing, involves a significant financial setback, with Hyundai Motor anticipating a 287 billion won ($219.19 million) loss on the St. Petersburg plant, where operations were halted in March 2022. Hyundai Motor aims to finalise the deal with Russia's Art-Finance, incorporating a buyback option into the transaction, and expects to complete the process by December 28. While the company is set to receive a total of 10,000 roubles for the sale of all its Russian assets, the move aligns with a broader trend among major automakers opting for nominal fees and buyback options, potentially leaving the door open for future returns. Approval from Russia's government commission on foreign asset sales, known for requiring at least a 50 per cent discount on such deals, has been granted. Russian Industry and Trade Minister Denis Manturov, cited by the RIA news agency, stated that "Hyundai and Art-Finance are clarifying the parameters of the deal, including the buyback option.” Before the war in Ukraine, Hyundai and its affiliate Kia Corp were among the top three selling brands in Russia. However, with the global exodus of players and the influx of Chinese brands taking their place, Hyundai Motor's decision to sell aligns with the industry trend. Art-Finance, the acquiring entity, is linked to Andrei Pavlovich, who previously acquired Volkswagen's Russian assets, according to AGR Automotive. The Auto dealer group Avilon, which supported Art-Finance in the Volkswagen deal, clarifies that it is not connected to Art-Finance and AGR Automotive. (With inputs from Reuters) WATCH WION LIVE HERE

Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. &nbsp;

According to Reuters, the agreement comprises 40 Boeing 737 MAX 8 planes and 40 Airbus A220-300s, with options for additional purchases: 60 for the MAX 8, 20 for the A220, and 40 for Airbus A320s.&nbsp;

This deal signifies a major strategic shift for Lufthansa, as it not only marks its reentry into acquiring Boeing narrow-body planes but also represents its first-ever purchase of the 737 MAX model. Lufthansa, historically maintaining an all-Airbus single-aisle fleet since phasing out the 737 in 2016, has predominantly focused on Boeing wide-body aircraft, including the 787 Dreamliners, 777 freighters, and the upcoming 777X mini-jumbo.&nbsp;

Lufthansa CEO Carsten Spohr expressed the significance of the move, stating, "It is a good strategic decision for the Lufthansa Group to order Boeing 737 aircraft again for the first time since 1995," highlighting that the addition of the MAX 8 aligns with the company's commitment to carbon reduction requirements. The deal underscores Lufthansa's pivotal role as Airbus's largest airline customer, with a long-standing relationship that has seen the delivery of its 600th aircraft just months ago.&nbsp;

Boeing shares rose by 1.6 per cent in response to the news, while Airbus saw a 0.6 per cent increase. Lufthansa plans to finance this substantial purchase with net investments of 2.5-3 billion euros ($2.7-3.2 billion) in 2023 and a similar amount in the following year, emphasising that the order's impact on capital expenditure in 2023-2024 would not be significant.&nbsp;

(With inputs from Reuters)&nbsp;

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Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years.

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. According to Reuters, the agreement comprises 40 Boeing 737 MAX 8 planes and 40 Airbus A220-300s, with options for additional purchases: 60 for the MAX 8, 20 for the A220, and 40 for Airbus A320s. This deal signifies a major strategic shift for Lufthansa, as it not only marks its reentry into acquiring Boeing narrow-body planes but also represents its first-ever purchase of the 737 MAX model. Lufthansa, historically maintaining an all-Airbus single-aisle fleet since phasing out the 737 in 2016, has predominantly focused on Boeing wide-body aircraft, including the 787 Dreamliners, 777 freighters, and the upcoming 777X mini-jumbo. Lufthansa CEO Carsten Spohr expressed the significance of the move, stating, "It is a good strategic decision for the Lufthansa Group to order Boeing 737 aircraft again for the first time since 1995," highlighting that the addition of the MAX 8 aligns with the company's commitment to carbon reduction requirements. The deal underscores Lufthansa's pivotal role as Airbus's largest airline customer, with a long-standing relationship that has seen the delivery of its 600th aircraft just months ago. Boeing shares rose by 1.6 per cent in response to the news, while Airbus saw a 0.6 per cent increase. Lufthansa plans to finance this substantial purchase with net investments of 2.5-3 billion euros ($2.7-3.2 billion) in 2023 and a similar amount in the following year, emphasising that the order's impact on capital expenditure in 2023-2024 would not be significant. (With inputs from Reuters) WATCH WION LIVE HERE

Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus

In a major legal blow, a Washington state jury has ruled that&nbsp;Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. &nbsp;

The plaintiffs claimed that exposure to chemicals known as polychlorinated biphenyls (PCBs) from light fixtures made by Monsanto caused neurological, endocrine system, and other health concerns. &nbsp;

The jury found Monsanto liable for selling unsafe PCBs without adequate warnings, awarding $73 million in compensatory damages and $784 million in punitive damages.&nbsp;

Monsanto, now a part of Bayer, plans to challenge the verdict, calling the award "constitutionally excessive." The company asserts that it will seek to have the decision overturned or the damages reduced. &nbsp;

The U.S. Supreme Court typically recommends capping punitive damages at nine times compensatory damages, citing due process rights.&nbsp;

This verdict is the latest in a series of legal setbacks for Monsanto, which is already facing $870 million in verdicts related to alleged PCB exposure at the Sky Valley centre from other cases. &nbsp;

The company is currently appealing those previous decisions. Monsanto claims that tests conducted on blood, air, and other factors indicate that employees were not exposed to unsafe levels of PCBs at the school.&nbsp;

PCBs were widely used for insulating electrical equipment and in common products until the U.S. government banned them in 1979 due to links to cancer. Monsanto ceased PCB production in 1977.

The lawsuits against the company allege that exposure to PCBs at the Sky Valley centre led to various health problems, including cancer and thyroid conditions. Monsanto contends that the school was repeatedly warned since the 1990s about the need to retrofit its light fixtures, assertions that were allegedly ignored.&nbsp;

(With inputs from Reuters)&nbsp;

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In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington.

In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. The plaintiffs claimed that exposure to chemicals known as polychlorinated biphenyls (PCBs) from light fixtures made by Monsanto caused neurological, endocrine system, and other health concerns. The jury found Monsanto liable for selling unsafe PCBs without adequate warnings, awarding $73 million in compensatory damages and $784 million in punitive damages. Monsanto, now a part of Bayer, plans to challenge the verdict, calling the award "constitutionally excessive." The company asserts that it will seek to have the decision overturned or the damages reduced. The U.S. Supreme Court typically recommends capping punitive damages at nine times compensatory damages, citing due process rights. This verdict is the latest in a series of legal setbacks for Monsanto, which is already facing $870 million in verdicts related to alleged PCB exposure at the Sky Valley centre from other cases. The company is currently appealing those previous decisions. Monsanto claims that tests conducted on blood, air, and other factors indicate that employees were not exposed to unsafe levels of PCBs at the school. PCBs were widely used for insulating electrical equipment and in common products until the U.S. government banned them in 1979 due to links to cancer. Monsanto ceased PCB production in 1977. The lawsuits against the company allege that exposure to PCBs at the Sky Valley centre led to various health problems, including cancer and thyroid conditions. Monsanto contends that the school was repeatedly warned since the 1990s about the need to retrofit its light fixtures, assertions that were allegedly ignored. (With inputs from Reuters) WATCH WION LIVE HERE

Monsanto to pay $857 million in damages in PCB contamination case 

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.

Red Sea crisis weighs on already disrupted global supply chains

There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further. Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy.

<a href="https://www.wionews.com/business-economy/red-sea-crisis-weighs-on-already-disrupted-global-supply-chains-671563">Read more here</a>

India hits out at IMF on "excessive" currency intervention comment

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.&nbsp;

<a href="https://www.wionews.com/business-economy/india-hits-out-at-imf-on-excessive-currency-intervention-comment-671573">Read more here</a>

Tesla alters employee compensation strategy, opts out of merit-based stock awards&nbsp;

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact.

<a href="https://www.wionews.com/business-economy/tesla-alters-employee-compensation-strategy-opts-out-of-merit-based-stock-awards-671588">Read more here </a>

EU and US call a truce, postpone steel tariff showdown until after elections

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. &nbsp;

<a href="https://www.wionews.com/business-economy/eu-and-us-call-a-truce-postpone-steel-tariff-showdown-until-after-elections-671591">Read more here</a>

Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts

In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. &nbsp;

<a href="https://www.wionews.com/business-economy/hyundais-strategic-exit-korean-carmaker-to-sell-russian-plant-for-token-amount-amid-market-shifts-671597">Read more here</a>

After delisting, Toshiba navigates an uncertain future with new owners

Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. &nbsp;

<a href="https://www.wionews.com/business-economy/after-delisting-toshiba-navigates-an-uncertain-future-with-new-owners-671609">Read more here</a>

Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus

Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. &nbsp;

<a href="https://www.wionews.com/business-economy/lufthansas-9-bn-aircraft-bonanza-german-airline-orders-80-planes-from-boeing-and-airbus-671629">Read more here</a>

Monsanto to pay $857 million in damages in PCB contamination case&nbsp;

In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. &nbsp;

<a href="https://www.wionews.com/business-economy/monsanto-faces-857-million-verdict-in-pcb-contamination-case-at-washington-school-671634">Read more here</a>

Chinese retailers' shift to lower prices raises concerns of deepening deflation&nbsp;

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.&nbsp;

<a href="https://www.wionews.com/business-economy/chinese-retailers-shift-to-lower-prices-raises-concerns-of-deepening-deflation-671637">Read more here</a>

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Red Sea crisis weighs on already disrupted global supply chains There is no respite for battered global supply chains.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Red Sea crisis weighs on already disrupted global supply chains There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further. Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy. Read more here India hits out at IMF on "excessive" currency intervention comment India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee. Read more here Tesla alters employee compensation strategy, opts out of merit-based stock awards Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact. Read more here EU and US call a truce, postpone steel tariff showdown until after elections The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. Read more here Hyundai's Strategic Exit: Korean carmaker to sell Russian plant for token amount amid market shifts In a strategic move responding to geopolitical changes, South Korea's Hyundai Motor is set to sell its Russian plant for a nominal 7,000 roubles ($77.67), becoming the latest global automaker to divest from Russian assets since the outbreak of the war in Ukraine. Read more here After delisting, Toshiba navigates an uncertain future with new owners Toshiba has bid farewell to the Tokyo exchange after 74 years, marking the end of an era marred by a decade of turmoil and scandal that tarnished one of Japan's major brands. Read more here Lufthansa's $9 bn aircraft bonanza: German airline orders 80 planes from Boeing and Airbus Lufthansa on Tuesday inked a deal worth $9 billion, ordering a total of 80 planes from both Boeing and Airbus, with delivery set between 2026 and 2032, marking the German flagship carrier's first purchase of Boeing narrow-body planes in approximately 30 years. Read more here Monsanto to pay $857 million in damages in PCB contamination case In a major legal blow, a Washington state jury has ruled that Monsanto must pay $857 million to seven former students and parent volunteers of the Sky Valley Education Centre in Monroe, Washington. Read more here Chinese retailers' shift to lower prices raises concerns of deepening deflation In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy. Read more here

Wion Business Wrap | Red Sea crisis, Toshiba delisting, Monsanto's legal woes & more

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. &nbsp;

According to Bloomberg, the European Commission, the executive arm of the EU, revealed on Tuesday that retaliatory measures, initiated during the Trump era, will be put on hold for 15 months until March 31, 2025, providing a temporary respite in the steel tariff war.&nbsp;

While Brussels succeeded in extending the truce, negotiations failed to secure an improvement in the current tariff-rate quotas (TRQs) set by the US. The extension is anticipated to save EU steel and aluminium exporters around €1.5 billion ($1.6 billion) in annual tariffs. The EU, dissatisfied with the existing quota system, advocated for more flexibility, pushing for modifications such as annual quotas for the European market.&nbsp;

Expressing commitment, the EU asserted that it will continue engaging with the US to protect its legal rights and eliminate US 232 tariffs on EU exports permanently. The reference to Section 232 of US law highlights the authority granted to the president to impose duties on imports for national security reasons.&nbsp;

This development coincides with the ticking clock on the Global Arrangement on Sustainable Steel and Aluminium (GSA), poised to maintain tariff exemptions until after the upcoming US presidential election in November 2024. The GSA agreement holds the promise of a permanent resolution to the trade dispute sparked by Trump-era tariffs, with the EU insisting on lifting all tariff-rate quotas, a demand resisted by the US.&nbsp;

As the EU mulls its options, including a potential case at the World Trade Organisation or re-imposing tariffs, challenges loom large. Concerns among EU member states about escalating trade tensions in the lead-up to the election in 2024 cast a shadow over the prospect of decisive action.&nbsp;

(With inputs from Bloomberg)&nbsp;

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The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade.

The European Union (EU) and the US have decided to prolong their ceasefire on steel and aluminium imports, averting the looming threat of tariffs impacting transatlantic trade. According to Bloomberg, the European Commission, the executive arm of the EU, revealed on Tuesday that retaliatory measures, initiated during the Trump era, will be put on hold for 15 months until March 31, 2025, providing a temporary respite in the steel tariff war. While Brussels succeeded in extending the truce, negotiations failed to secure an improvement in the current tariff-rate quotas (TRQs) set by the US. The extension is anticipated to save EU steel and aluminium exporters around €1.5 billion ($1.6 billion) in annual tariffs. The EU, dissatisfied with the existing quota system, advocated for more flexibility, pushing for modifications such as annual quotas for the European market. Expressing commitment, the EU asserted that it will continue engaging with the US to protect its legal rights and eliminate US 232 tariffs on EU exports permanently. The reference to Section 232 of US law highlights the authority granted to the president to impose duties on imports for national security reasons. This development coincides with the ticking clock on the Global Arrangement on Sustainable Steel and Aluminium (GSA), poised to maintain tariff exemptions until after the upcoming US presidential election in November 2024. The GSA agreement holds the promise of a permanent resolution to the trade dispute sparked by Trump-era tariffs, with the EU insisting on lifting all tariff-rate quotas, a demand resisted by the US. As the EU mulls its options, including a potential case at the World Trade Organisation or re-imposing tariffs, challenges loom large. Concerns among EU member states about escalating trade tensions in the lead-up to the election in 2024 cast a shadow over the prospect of decisive action. (With inputs from Bloomberg) WATCH WION LIVE HERE

EU and US call a truce, postpone steel tariff showdown until after elections

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported.&nbsp;

Despite the absence of merit-based stock grants, employees did receive modest cost-of-living increases and adjustments to their base salaries.&nbsp;

Typically, during annual performance reviews, employees expect both salary adjustments and merit-based stock grants. However, this year, even high-performing individuals were omitted from the merit-based grants, raising questions about whether this marks a one-time deviation or signals a broader shift in Tesla's compensation philosophy. &nbsp;

Tesla’s CEO Elon Musk, known for emphasising the significance of employee stock ownership, has often credited this compensation approach with maintaining competitive pay while preserving cash and fending off unionisation efforts. &nbsp;

Musk's concerns about retaining talented individuals in a competitive job market were voiced at the New York Times DealBook Summit last month, where he discussed the challenge of retaining employees amidst numerous alternative opportunities.&nbsp;

The alteration in compensation comes amid Musk's expressed worries about the global economy. Musk, currently the world's richest person, has been vocal about his concerns regarding high-interest rates and the state of commercial real estate. &nbsp;

On Tesla's recent earnings call, Chief Financial Officer Vaibhav Taneja highlighted the company's focus on cost-cutting in response to the "challenging economic environment". The broader implications of this adjustment in Tesla's compensation strategy remain to be seen.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported.

Tesla has informed salaried employees that the company will not be offering merit-based equity awards this year. While no explicit reason was provided for this deviation from the norm, insights from four employees across different departments suggest a widespread impact, Bloomberg reported. Despite the absence of merit-based stock grants, employees did receive modest cost-of-living increases and adjustments to their base salaries. Typically, during annual performance reviews, employees expect both salary adjustments and merit-based stock grants. However, this year, even high-performing individuals were omitted from the merit-based grants, raising questions about whether this marks a one-time deviation or signals a broader shift in Tesla's compensation philosophy. Tesla’s CEO Elon Musk, known for emphasising the significance of employee stock ownership, has often credited this compensation approach with maintaining competitive pay while preserving cash and fending off unionisation efforts. Musk's concerns about retaining talented individuals in a competitive job market were voiced at the New York Times DealBook Summit last month, where he discussed the challenge of retaining employees amidst numerous alternative opportunities. The alteration in compensation comes amid Musk's expressed worries about the global economy. Musk, currently the world's richest person, has been vocal about his concerns regarding high-interest rates and the state of commercial real estate. On Tesla's recent earnings call, Chief Financial Officer Vaibhav Taneja highlighted the company's focus on cost-cutting in response to the "challenging economic environment". The broader implications of this adjustment in Tesla's compensation strategy remain to be seen. (With inputs from Bloomberg) WATCH WION LIVE HERE

Tesla alters employee compensation strategy, opts out of merit-based stock awards 

There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains.

Now, it is the Israel-Hamas war that is distorting them further.

Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy.

Global energy prices have jumped as tensions escalated around the vital shipping route.

"It's more a risk factor that we had hoped had gone and had passed away, in that namely supply chain frictions is back in play. It depends now all on how long the tensions will last, on whether the Suez Canal will really be blocked for good," said Carsten Brzeski, Chief Economist At ING Markets.

"But if you just look at the numbers: the Suez Canal accounts for more than 10% of global trade, more than 30% of container transportation. So if this canal is really blocked, it means bad news for world trade, bad news for the global economy and bad news for inflation," added Brzeski.

Economic costs of Red Sea attacks

On Monday, two major European oil and gas companies said their tankers would steer out of the waters off the coast of Yemen, a necessary stop for ships that use the Suez Canal to connect Europe and Asia.

They follow prominent container shippers who left the region last week as Houthi rebels backed by Iran escalated their attacks in support of Hamas.

Businesses from BP to A.P. Moller-Maersk face longer trips.

More major firms have now decided to pause shipping through the Red Sea and instead use the longer and more expensive Cape of God route.

The disruption will weigh on firms that carry consumer products and commodities like coal, maise, and energy supplies.

Businesses that have decided to pause shipping through the Red Sea include CMA shipping, Euronav, Evergreen, Frontline, Happag-Lloyds, HMM, Maersk, MSC, Ocean Network Services and OOCL.

Gas prices in Europe rose by 13% in response to the clearest indication yet of an interruption in energy supplies since the start of the Gaza war.

Tuesday saw increases in Brent oil futures, which had risen as high as 3.9% on Monday.

While considerable wiggle room exists in the world's supply chains to accommodate the current stresses on capacity, the abrupt shutdown of the Suez Canal in 2021 demonstrated the networks' vulnerability when important linkages fail.

What is the world's response?

Countries are under pressure to respond as international trade comes under threat.

The US Secretary of Defence announced that the US and its allies, which include the UK, Canada, France, and others, had decided to form a naval task force to fend against assaults on ships in the area.

India, too, has deployed ships to support the global response.

Lloyd J. Austin, U.S. Secretary of Defense, said: "This is an international challenge that demands collective action."

The US Defence Secretary has called a ministers meeting to decide the next action.

However, it's more complex, as the region's Gulf allies have differing views on the best course of action.

No respite anytime soon

As Israeli warplanes continue to batter the shattered Gaza Strip, Yemen's Houthis pledged to resist a US-led naval expedition and continue striking Red Sea cargo in support of the Palestinian enclave's ruling Hamas organisation.

As major shipping firms are forced to reroute, Washington established a task group on Tuesday to protect Red Sea commerce, raising concerns about long-term disruptions to global trade.

Defying a US-led military campaign, the Houthis pledged to continue targeting Red Sea ships.

A little over 12% of all maritime traffic in the world travels via the Suez Canal and the Red Sea.

Since most Middle Eastern fuel is exported via the Strait of Hormuz, observers noted that the impact on the oil supply has been little thus far.

But shipping costs are sure to jump and add to inflation woes.

The sudden disruption in global supply chains added to the uncertainty when the world's major central banks look at a return to normalising monetary policy.

"If it's just short-lived, consumers won't notice anything, maybe, except for higher energy prices. It's going to be temporary," said ING Markets' Brzeski.

"If it lasts longer, we will see that inflation goes up again, not at the same magnitude as we had it in 2021. But clearly, we would then have a completely new narrative, no longer the narrative that inflation is on its way down but that inflation will rebound in the first month of 2024," he added.

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There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further.

There is no respite for battered global supply chains. First, trade wars and then Covid-led restrictions disrupted global supply chains. Now, it is the Israel-Hamas war that is distorting them further. Oil tankers are idling, and cargo ships are rerouting around Africa as Red Sea shipping comes to a complete stop as violence related to the Israel-Hamas conflict threatens to destabilise the world economy. Global energy prices have jumped as tensions escalated around the vital shipping route. "It's more a risk factor that we had hoped had gone and had passed away, in that namely supply chain frictions is back in play. It depends now all on how long the tensions will last, on whether the Suez Canal will really be blocked for good," said Carsten Brzeski, Chief Economist At ING Markets. "But if you just look at the numbers: the Suez Canal accounts for more than 10% of global trade, more than 30% of container transportation. So if this canal is really blocked, it means bad news for world trade, bad news for the global economy and bad news for inflation," added Brzeski. Economic costs of Red Sea attacks On Monday, two major European oil and gas companies said their tankers would steer out of the waters off the coast of Yemen, a necessary stop for ships that use the Suez Canal to connect Europe and Asia. They follow prominent container shippers who left the region last week as Houthi rebels backed by Iran escalated their attacks in support of Hamas. Businesses from BP to A.P. Moller-Maersk face longer trips. More major firms have now decided to pause shipping through the Red Sea and instead use the longer and more expensive Cape of God route. The disruption will weigh on firms that carry consumer products and commodities like coal, maise, and energy supplies. Businesses that have decided to pause shipping through the Red Sea include CMA shipping, Euronav, Evergreen, Frontline, Happag-Lloyds, HMM, Maersk, MSC, Ocean Network Services and OOCL. Gas prices in Europe rose by 13% in response to the clearest indication yet of an interruption in energy supplies since the start of the Gaza war. Tuesday saw increases in Brent oil futures, which had risen as high as 3.9% on Monday. While considerable wiggle room exists in the world's supply chains to accommodate the current stresses on capacity, the abrupt shutdown of the Suez Canal in 2021 demonstrated the networks' vulnerability when important linkages fail. What is the world's response? Countries are under pressure to respond as international trade comes under threat. The US Secretary of Defence announced that the US and its allies, which include the UK, Canada, France, and others, had decided to form a naval task force to fend against assaults on ships in the area. India, too, has deployed ships to support the global response. Lloyd J. Austin, U.S. Secretary of Defense, said: "This is an international challenge that demands collective action." The US Defence Secretary has called a ministers meeting to decide the next action. However, it's more complex, as the region's Gulf allies have differing views on the best course of action. No respite anytime soon As Israeli warplanes continue to batter the shattered Gaza Strip, Yemen's Houthis pledged to resist a US-led naval expedition and continue striking Red Sea cargo in support of the Palestinian enclave's ruling Hamas organisation. As major shipping firms are forced to reroute, Washington established a task group on Tuesday to protect Red Sea commerce, raising concerns about long-term disruptions to global trade. Defying a US-led military campaign, the Houthis pledged to continue targeting Red Sea ships. A little over 12% of all maritime traffic in the world travels via the Suez Canal and the Red Sea. Since most Middle Eastern fuel is exported via the Strait of Hormuz, observers noted that the impact on the oil supply has been little thus far. But shipping costs are sure to jump and add to inflation woes. The sudden disruption in global supply chains added to the uncertainty when the world's major central banks look at a return to normalising monetary policy. "If it's just short-lived, consumers won't notice anything, maybe, except for higher energy prices. It's going to be temporary," said ING Markets' Brzeski. "If it lasts longer, we will see that inflation goes up again, not at the same magnitude as we had it in 2021. But clearly, we would then have a completely new narrative, no longer the narrative that inflation is on its way down but that inflation will rebound in the first month of 2024," he added. WATCH WION LIVE HERE

Red Sea crisis weighs on already disrupted global supply chains

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market.

The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.

What does the IMF's report show?

The Washington-based lender said that between December 2022 and October 2023, the rupee's value fluctuated within an extremely small range.

The report indicates that the central bank's involvement "likely exceeded levels necessary to address disorderly market conditions."

As a result, the IMF stated that it has reclassified India's foreign currency regime from a "floating" system to a "stabilised arrangement."

What's the difference?

In a floating system - a currency's value is determined by the foreign exchange market based on the demand and supply of the particular currency.

In contrast, in a stabilised arrangement or a fixed regime, a country's government, through its central bank, determines the currency rate.

But top Reserve Bank of India (RBI) officials have repeatedly stated that the bank intervenes in the currency market only to reduce volatility.

In reality, no country sits back and watches its currency take a roller-coaster ride. Almost every central bank intervenes.

How can they not? It's a question of economic stability and reducing the currency's volatility.

India's response

The IMF said India referred to the evaluation as "unjustified" and "strongly disagreed" with its report.

In its report, the Fund said: "The RBI strongly believes that such a view is incorrect as, in their view, it uses data selectively."

In 2022, the currency fell about 8%.

Between December 2022 and October 2023, the rupee lost around 2% against the US dollar.

However, the RBI rejected the IMF's assessment, calling the evaluation based on selective data sets referring to the Fund's report from December 2022 to October 2023.

The RBI said that the IMF is using data selectively.

India's central bank said that if the rupee's movement over two to five years is considered, then the assessment and allegation fall flat.

Forex reserves&nbsp;show a different story

Bloomberg estimates the RBI intervened in the currency market to the tune of $78 billion through those nine months.

Still, the nation's $604 billion foreign exchange reserves tell a different story.

Despite the intervention, India's import cover hovers close to 2021's all-time high of $642.5 billion.

IMF's outlook is not all bad

The IMF called India a bright spot in an otherwise gloomy global economic background.

However, the IMF's outlook must catch up with the RBI's growth projections for this year and next.

Still, the IMF predicts India will contribute more than 16 per cent of global growth.

The Fund said that was a result of economic changes in important areas like infrastructure and digitalisation, which have elevated India to a "star performer" among nations.

In addition, the IMF said in its annual report that attention be paid to restoring fiscal buffers, ensuring price stability, upholding financial stability, and boosting inclusive growth.

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India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee.

India hits out against the International Monetary Fund (IMF) for claiming that the central bank had interfered "excessively" in the foreign exchange market. The IMF's report suggested that the Indian government was attempting to manipulate the value of the rupee. What does the IMF's report show? The Washington-based lender said that between December 2022 and October 2023, the rupee's value fluctuated within an extremely small range. The report indicates that the central bank's involvement "likely exceeded levels necessary to address disorderly market conditions." As a result, the IMF stated that it has reclassified India's foreign currency regime from a "floating" system to a "stabilised arrangement." What's the difference? In a floating system - a currency's value is determined by the foreign exchange market based on the demand and supply of the particular currency. In contrast, in a stabilised arrangement or a fixed regime, a country's government, through its central bank, determines the currency rate. But top Reserve Bank of India (RBI) officials have repeatedly stated that the bank intervenes in the currency market only to reduce volatility. In reality, no country sits back and watches its currency take a roller-coaster ride. Almost every central bank intervenes. How can they not? It's a question of economic stability and reducing the currency's volatility. India's response The IMF said India referred to the evaluation as "unjustified" and "strongly disagreed" with its report. In its report, the Fund said: "The RBI strongly believes that such a view is incorrect as, in their view, it uses data selectively." In 2022, the currency fell about 8%. Between December 2022 and October 2023, the rupee lost around 2% against the US dollar. However, the RBI rejected the IMF's assessment, calling the evaluation based on selective data sets referring to the Fund's report from December 2022 to October 2023. The RBI said that the IMF is using data selectively. India's central bank said that if the rupee's movement over two to five years is considered, then the assessment and allegation fall flat. Forex reserves show a different story Bloomberg estimates the RBI intervened in the currency market to the tune of $78 billion through those nine months. Still, the nation's $604 billion foreign exchange reserves tell a different story. Despite the intervention, India's import cover hovers close to 2021's all-time high of $642.5 billion. IMF's outlook is not all bad The IMF called India a bright spot in an otherwise gloomy global economic background. However, the IMF's outlook must catch up with the RBI's growth projections for this year and next. Still, the IMF predicts India will contribute more than 16 per cent of global growth. The Fund said that was a result of economic changes in important areas like infrastructure and digitalisation, which have elevated India to a "star performer" among nations. In addition, the IMF said in its annual report that attention be paid to restoring fiscal buffers, ensuring price stability, upholding financial stability, and boosting inclusive growth. WATCH WION LIVE HERE

India hits out at IMF on "excessive" currency intervention comment

Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index. Jindal's wealth increased by USD 9.6 billion in past calendar year. Reliance Industries Chairman Mukesh Ambani's net worth increased by about USD 5 billion compared to this. The record rise in Savitri Jindal's wealth has made her the fifth richest person in India. Her total net worth stands at USD 25 billion, just ahead of Wipro's Azim Premji who is at USD 24 billion.

<h2>Who is Savitri Jindal?</h2>

Savitri Jindal is the chairperson of OP Jindal Group, the business conglomerate that has a commanding presence in the steel industry. The business was started by Om Prakash Jindal, Savitri Jindal's late husband.

The Jindal Group includes steel industry heavyweights like JSW Steel, Jindal Steel &amp; Power, JSW Energy, Jindal Holdings, JSW Saw and Jindal Stainless.

<h2>How did other India Inc magnets fare?</h2>

The data has revealed that Shiv Nadar, founder and chairman emeritus of HCL Technologies, saw his wealth rise by USD 8 billion in the past calendar year. DLF's KP Singh added USD 7 billion to his wealth.&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/india-leads-global-remittance-surge-with-projected-23pc-increase-to-125-bn-in-2023-671207">India leads global remittance surge with projected 23pc increase to $125 bn in 2023</a>

Kumar Mangalam Birla, the chairman of Aditya Birla Group along with Shapoor Mistry of Shapoorji Pallonji Group, registered a rise of USD 6.5 billion.

The Indian industrialists among the top gainers also included Sunil Mittal, MP Lodha, Ravi Jaipuria, and Dilip Shanghvi among others.&nbsp;

Exclusive: <a href="https://www.wionews.com/business-economy/exclusive-pli-schemes-for-auto-battery-textiles-among-others-to-be-tweaked-to-spur-investments-671193">PLI schemes for auto, battery, textiles, among others, to be tweaked to spur investments</a>

Gautam Adani was the only business magnate&nbsp;among the big names of India Inc who saw his wealth shrink, the data said. His net worth dropped by USD 35.4 billion to USD 85.1 billion.

He, however, maintains his position as the second-richest Indian behind Mukesh Ambani who is the richest Indian. Mukesh Ambani's net worth is USD 99.2 billion.

(With inputs from agencies)

Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index.

Savitri Jindal, India's richest woman, has beaten the likes of Mukesh Ambani, Gautam Adani and others by registering the highest net-worth rise among Indians in the past calendar years, revealed Bloomberg Billionaires Index. Jindal's wealth increased by USD 9.6 billion in past calendar year. Reliance Industries Chairman Mukesh Ambani's net worth increased by about USD 5 billion compared to this. The record rise in Savitri Jindal's wealth has made her the fifth richest person in India. Her total net worth stands at USD 25 billion, just ahead of Wipro's Azim Premji who is at USD 24 billion. Who is Savitri Jindal? Savitri Jindal is the chairperson of OP Jindal Group, the business conglomerate that has a commanding presence in the steel industry. The business was started by Om Prakash Jindal, Savitri Jindal's late husband. The Jindal Group includes steel industry heavyweights like JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Holdings, JSW Saw and Jindal Stainless. How did other India Inc magnets fare? The data has revealed that Shiv Nadar, founder and chairman emeritus of HCL Technologies, saw his wealth rise by USD 8 billion in the past calendar year. DLF's KP Singh added USD 7 billion to his wealth. Also Read | India leads global remittance surge with projected 23pc increase to $125 bn in 2023 Kumar Mangalam Birla, the chairman of Aditya Birla Group along with Shapoor Mistry of Shapoorji Pallonji Group, registered a rise of USD 6.5 billion. The Indian industrialists among the top gainers also included Sunil Mittal, MP Lodha, Ravi Jaipuria, and Dilip Shanghvi among others. Exclusive: PLI schemes for auto, battery, textiles, among others, to be tweaked to spur investments Gautam Adani was the only business magnate among the big names of India Inc who saw his wealth shrink, the data said. His net worth dropped by USD 35.4 billion to USD 85.1 billion. He, however, maintains his position as the second-richest Indian behind Mukesh Ambani who is the richest Indian. Mukesh Ambani's net worth is USD 99.2 billion. (With inputs from agencies)

Savitri Jindal, richest woman in India, beats Ambani and Adani in wealth growth

The economic crisis in China deepens, with retail investors abandoning mutual funds in favour of hoarding cash. Investors are disillusioned with the performance of China's mutual funds this year. Previously, mutual funds were the favoured investment vehicle for investors.

Flows into new China stock funds plunge to lowest in decade

A US Court has ordered the company to pay a whopping 857 million dollars to a group of seven ex-students and parent volunteers at a school in Washington state. They had claimed that the company's chemicals made them sick.

US court orders Monsanto to pay $857 million in damages

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.&nbsp;

The move involves widespread price cuts, the proliferation of bargain stores, and the introduction of scaled-down product versions, potentially leading to a damaging cycle of lower profit margins, restrained wage and job growth, and a diminished consumer appetite.&nbsp;

Deflationary Trends and Economic Impact&nbsp;

The aggressive competition for thrifty Chinese consumers is reshaping the retail landscape, drawing parallels with Japan's "lost decades" of stagnation. Falling income growth is contributing to lower consumption, with industries experiencing declining revenue as companies resort to lowering prices to maintain market share. Shanghai-based economist Wang Dan warns of a challenging economic landscape, stating, "It is definitely a price decrease or low inflation environment now."&nbsp;

Examples of Lower-Priced Alternatives&nbsp;

Chinese retailers are responding to consumer cost-cutting by offering lower-priced alternatives. Haidilao, known for premium hotpot service, introduced a lower-priced brand, Hailao Huoguo, offering beef dishes for as low as 28 yuan ($3.92). Spirits maker Moutai unveiled affordable latte and chocolate products infused with its trademark liquor. Walmart's Sam's Club and Alibaba's Freshippo are engaged in a price war, cutting prices on popular items by up to 34 per cent.&nbsp;

Impact on Consumer Behaviour&nbsp;

The pursuit of "value for money" among consumers is reversing the trend of trading up in various product categories. Discounting and the rollout of cheaper products have led to a decline in the average selling price for supplements, dairy, skincare, and cosmetics. Andy Yang, a Beijing student, emphasises the importance of affordability, stating, "For me, the cheaper, the better."&nbsp;

Rise of Discount Stores&nbsp;

The shift towards lower prices has given rise to a new breed of discount stores in China. Lingshi Henmang, a six-year-old snack brand, plans to expand to 10,000 stores in 2025 from 4,000 currently. Bestore, China's biggest snack brand, fought back by cutting prices on 300 products, with Hotmaxx targeting an expansion to 5,000 outlets, specialising in selling soon-to-expire products at lower prices.&nbsp;

While policymakers anticipate inflation, recent data shows consumer prices falling at their fastest pace in three years, deepening factory gate deflation. Despite an expected 5 per cent economic growth this year, the disconnect between growth and consumer experience, coupled with high youth unemployment, raises concerns about the long-term impact of the shift towards lower prices in the Chinese retail sector.&nbsp;

(With inputs from Reuters)&nbsp;

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In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy.

In a bid to attract cost-conscious consumers, Chinese retailers are strategically pivoting towards lower-priced goods and services. This shift, while aimed at boosting consumer spending, is raising concerns about the entrenchment of deflationary trends in China's economy. The move involves widespread price cuts, the proliferation of bargain stores, and the introduction of scaled-down product versions, potentially leading to a damaging cycle of lower profit margins, restrained wage and job growth, and a diminished consumer appetite. Deflationary Trends and Economic Impact The aggressive competition for thrifty Chinese consumers is reshaping the retail landscape, drawing parallels with Japan's "lost decades" of stagnation. Falling income growth is contributing to lower consumption, with industries experiencing declining revenue as companies resort to lowering prices to maintain market share. Shanghai-based economist Wang Dan warns of a challenging economic landscape, stating, "It is definitely a price decrease or low inflation environment now." Examples of Lower-Priced Alternatives Chinese retailers are responding to consumer cost-cutting by offering lower-priced alternatives. Haidilao, known for premium hotpot service, introduced a lower-priced brand, Hailao Huoguo, offering beef dishes for as low as 28 yuan ($3.92). Spirits maker Moutai unveiled affordable latte and chocolate products infused with its trademark liquor. Walmart's Sam's Club and Alibaba's Freshippo are engaged in a price war, cutting prices on popular items by up to 34 per cent. Impact on Consumer Behaviour The pursuit of "value for money" among consumers is reversing the trend of trading up in various product categories. Discounting and the rollout of cheaper products have led to a decline in the average selling price for supplements, dairy, skincare, and cosmetics. Andy Yang, a Beijing student, emphasises the importance of affordability, stating, "For me, the cheaper, the better." Rise of Discount Stores The shift towards lower prices has given rise to a new breed of discount stores in China. Lingshi Henmang, a six-year-old snack brand, plans to expand to 10,000 stores in 2025 from 4,000 currently. Bestore, China's biggest snack brand, fought back by cutting prices on 300 products, with Hotmaxx targeting an expansion to 5,000 outlets, specialising in selling soon-to-expire products at lower prices. While policymakers anticipate inflation, recent data shows consumer prices falling at their fastest pace in three years, deepening factory gate deflation. Despite an expected 5 per cent economic growth this year, the disconnect between growth and consumer experience, coupled with high youth unemployment, raises concerns about the long-term impact of the shift towards lower prices in the Chinese retail sector. (With inputs from Reuters) WATCH WION LIVE HERE

Chinese retailers' shift to lower prices raises concerns of deepening deflation 

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. <o:p></o:p>

This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits.<o:p></o:p>

The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home.<o:p></o:p>

However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects.<o:p></o:p>

Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore.<o:p></o:p>

The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022.<o:p></o:p>

WATCH WION LIVE HERE

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India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol.

India is poised to be the top recipient of remittances globally in 2023, with an anticipated surge of over 11 per cent, reaching $125 billion, according to the World Bank's latest Migration and Development Brief reported by Moneycontrol. This growth solidifies India's position ahead of countries like Mexico ($67 billion) and China ($50 billion). The report underscored the importance of remittances to India's economy, helping offset the impact of declining foreign direct investment and higher trade deficits. The World Bank highlighted a global growth of approximately 3.8 per cent in remittances to low- and middle-income countries (LMICs) in 2023, totalling $669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries contribute to migrants' ability to send money home. However, the World Bank expressed concern about the risk of a decline in real income for migrants in 2024, given the backdrop of global inflation and low growth prospects. Remittances to South Asia, estimated to grow by 7.2 per cent in 2023, reaching $189 billion, are primarily driven by remittances to India. The US remains the largest source of remittances globally, with Saudi Arabia ranking second. Factors contributing to India's robust remittance growth include declining inflation and strong labour markets in high-income source countries, particularly the US, UK, and Singapore. The regional breakdown reveals varied trends, with remittances growing for Latin America and the Caribbean (8 per cent), East Asia and the Pacific (3 per cent), and Sub-Saharan Africa (1.9 per cent). However, flows to the Middle East and North Africa experienced a 5.3 per cent decline for the second consecutive year, primarily attributed to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also saw a dip of 1.4 per cent after substantial gains in 2022. WATCH WION LIVE HERE

India leads global remittance surge with projected 23pc increase to $125 bn in 2023