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According to a recent research by the Japan Center for Economic Research, China's objective of doubling its gross domestic product by 2035 is in jeopardy if the country's real estate bubble explodes and causes a financial crisis. The country's economic growth would be stuck at about 1%.

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The European union is turning its focus onto social media giant X as it launches an investigation under the digital services act. The probe, triggered partly by posts following Hamas' attacks on Israel, marks the first major examination under the new regulations. With the digital services act in force, very large online platforms like x are now under scrutiny for potential breaches.

EU probes social media giant X for content violations

Recent attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea have triggered significant disruptions in maritime trade, prompting urgent efforts by the US to establish a coalition to address the escalating threat. The Houthi group claimed responsibility for a drone attack on two cargo vessels on Monday, part of a series of strikes it attributes to Israel's actions in the Gaza Strip.<o:p></o:p>

US mobilises coalition in response<o:p></o:p>

US Defence Secretary Lloyd Austin, during his visit to Israel, revealed that Washington is actively working to build a coalition to counter the Houthi threat. Defence ministers from the region and beyond are set to engage in virtual talks on the matter, with Norway offering naval officers, and other NATO states expressing readiness to consider support.<o:p></o:p>

Rerouting and disruptions in shipping<o:p></o:p>

Approximately 15 per cent of global shipping traffic passes through the Suez Canal, making it a critical route between Europe and Asia. In response to the heightened risks, major freight firms, including MSC, are rerouting vessels around the Cape of Good Hope, causing added costs and delays. The London marine insurance market has expanded the Red Sea area deemed high risk, impacting premiums ships must pay.<o:p></o:p>

Broader implications on trade and energy<o:p></o:p>

The ongoing conflict between Israel and Hamas, initiated on October 7, has sent shockwaves through the region, leading to a broader potential conflict. The Red Sea attacks underscore the ability of West Asian paramilitary forces, backed by Iran, to disrupt global trade at a time of heightened tensions between Iran, the United States, and Israel.<o:p></o:p>

Oil major BP temporarily halted transits through the Red Sea, while the oil tanker group Frontline announced the avoidance of the waterway, signalling a widening crisis that now includes energy shipments. Concerns over potential supply chain disruptions have led to a rise in crude oil prices.<o:p></o:p>

Impact on shipping companies and supply chains<o:p></o:p>

The companies diverting vessels control a substantial portion of the global container shipping market, heightening concerns about the sustainability of current supply chains. Frontline CEO Lars Barstad warned of rising war risk insurance premiums and tighter shipping supply as vessels are rerouted around Africa.<o:p></o:p>

Task force considerations and geopolitical analysis<o:p></o:p>

In response to the shipping attacks, discussions are underway among the United States and its allies to form a task force aimed at protecting Red Sea routes. However, Tehran, a longstanding adversary of the US and Israel, has warned against such a move. Observers note that despite the Houthi group's claims of targeting only Israeli-affiliated vessels, their strikes have impacted ships with no such affiliations, indicating a broader geopolitical strategy.<o:p></o:p>

Economic ramifications and consumer impact<o:p></o:p>

The rerouting of shipping could lead to significantly slower shipments, with potential knock-on effects on prices for consumers. Analysts predict at least a week of additional sailing time for container liners, impacting the timely delivery of goods. Delays are expected to affect the supply of consumer goods, particularly ahead of the Chinese New Year, potentially driving up prices for consumers.<o:p></o:p>

French food group Danone reported the diversion of most of its shipments, adding transit time. Marco Forgione, Director General at the Institute of Export and International Trade, highlighted concerns about unsellable stock and rising prices for consumers if the situation persists.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Recent attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea have triggered significant disruptions in maritime trade, prompting urgent efforts by the US to establish a coalition to address the escalating threat.

Recent attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea have triggered significant disruptions in maritime trade, prompting urgent efforts by the US to establish a coalition to address the escalating threat. The Houthi group claimed responsibility for a drone attack on two cargo vessels on Monday, part of a series of strikes it attributes to Israel's actions in the Gaza Strip. US mobilises coalition in response US Defence Secretary Lloyd Austin, during his visit to Israel, revealed that Washington is actively working to build a coalition to counter the Houthi threat. Defence ministers from the region and beyond are set to engage in virtual talks on the matter, with Norway offering naval officers, and other NATO states expressing readiness to consider support. Rerouting and disruptions in shipping Approximately 15 per cent of global shipping traffic passes through the Suez Canal, making it a critical route between Europe and Asia. In response to the heightened risks, major freight firms, including MSC, are rerouting vessels around the Cape of Good Hope, causing added costs and delays. The London marine insurance market has expanded the Red Sea area deemed high risk, impacting premiums ships must pay. Broader implications on trade and energy The ongoing conflict between Israel and Hamas, initiated on October 7, has sent shockwaves through the region, leading to a broader potential conflict. The Red Sea attacks underscore the ability of West Asian paramilitary forces, backed by Iran, to disrupt global trade at a time of heightened tensions between Iran, the United States, and Israel. Oil major BP temporarily halted transits through the Red Sea, while the oil tanker group Frontline announced the avoidance of the waterway, signalling a widening crisis that now includes energy shipments. Concerns over potential supply chain disruptions have led to a rise in crude oil prices. Impact on shipping companies and supply chains The companies diverting vessels control a substantial portion of the global container shipping market, heightening concerns about the sustainability of current supply chains. Frontline CEO Lars Barstad warned of rising war risk insurance premiums and tighter shipping supply as vessels are rerouted around Africa. Task force considerations and geopolitical analysis In response to the shipping attacks, discussions are underway among the United States and its allies to form a task force aimed at protecting Red Sea routes. However, Tehran, a longstanding adversary of the US and Israel, has warned against such a move. Observers note that despite the Houthi group's claims of targeting only Israeli-affiliated vessels, their strikes have impacted ships with no such affiliations, indicating a broader geopolitical strategy. Economic ramifications and consumer impact The rerouting of shipping could lead to significantly slower shipments, with potential knock-on effects on prices for consumers. Analysts predict at least a week of additional sailing time for container liners, impacting the timely delivery of goods. Delays are expected to affect the supply of consumer goods, particularly ahead of the Chinese New Year, potentially driving up prices for consumers. French food group Danone reported the diversion of most of its shipments, adding transit time. Marco Forgione, Director General at the Institute of Export and International Trade, highlighted concerns about unsellable stock and rising prices for consumers if the situation persists. (With inputs from Reuters) WATCH WION LIVE HERE

Red Sea attacks disrupt global shipping: Coalition forming to tackle threat

The International Monetary Fund (IMF) has lauded India's stellar economic performance, projecting the nation to contribute more than 16 per cent to global growth, thanks to robust growth fuelled by key reforms in digitisation and infrastructure. <o:p></o:p>

Nada Choueiri, the Mission of India at IMF, highlighted India's progress in an exclusive interview with PTI. She emphasised that India stands out among its peer countries as one of the fastest-growing large emerging markets, stating, "It's one of the fastest-growing large emerging markets and it's contributing, in our current projections, more than 16 per cent of global growth this year."<o:p></o:p>

The IMF's annual Article IV consultation with India, released on Monday, affirms the country's trajectory as one of the fastest-growing major economies globally. Despite facing global headwinds, including a slowdown in a fragmented world, India's prudent macroeconomic policies continue to drive its economic momentum.<o:p></o:p>

Choueiri underscored the government's commitment to infrastructure development, citing it as a crucial foundation for sustained growth. She noted India's sizable, young, and growing population, emphasising the potential for even stronger growth if harnessed through strategic structural reforms.<o:p></o:p>

Digitalisation stands out as a flagship reform, building a strong platform for increased productivity and future growth. The IMF's annual report recommends focusing on policy priorities such as replenishing fiscal buffers, ensuring price stability, maintaining financial stability, and fostering inclusive growth through comprehensive structural reforms while preserving debt sustainability.<o:p></o:p>

India's rebound from the pandemic has positioned it as a vital driver of global growth. Headline inflation, after a surge in FY2022-23, has moderated, and employment has surpassed pre-pandemic levels. The informal sector dominates, but formalisation is progressing, reflecting a resilient financial sector largely unaffected by global financial stress.<o:p></o:p>

The report also highlights India's hosting of the G20 presidency in 2023, showcasing the nation's role in advancing multilateral policy priorities on the global stage. According to the report, "Globally, India's 2023 G20 presidency has demonstrated the country's important role in advancing multilateral policy priorities."<o:p></o:p>

As the country prepares for general elections in April 2024, the IMF report notes that India has the potential for higher growth with additional labour and human capital, provided comprehensive reforms are implemented.<o:p></o:p>

Choueiri stressed the importance of political stability for investment and growth, citing research that underscores the need for a transparent and stable policy environment. The government's efforts to encourage the business environment, including the single national window, have been acknowledged, but there is still work to be done to streamline bureaucracy in some states. S<o:p></o:p>

he remarked, "It's a glass half full, they're still important procedures that are needed to simplify further. But there are important steps that were taken. For example, the single national window, the one-stop shop for companies is a very important one. But still, in many states, there's a lot of bureaucracy that needs to be tackled and streamlined and a lot of red tape. So this is also a work in progress that needs to be continued."<o:p></o:p>

The IMF advocates for labour reform in India, pointing out the abundance of untapped labour potential that needs concerted efforts in education, skilling, and increasing female labour force participation. Choueiri expressed the view, "India has in abundance labour. And Labour is not used to its potential in India. And so, in our view, there has to be a very concerted effort to make sure that the advantages and demographics in India are played up to the maximum.”<o:p></o:p>

Addressing risks, Choueiri mentioned the tricky external environment and the potential medium-term risks from climate change. She emphasized the need for proper management of these risks to ensure India's continued success. She cautioned that India was performing well and had tremendous potential, adding that several important policies needed to be addressed to harness that potential.<o:p></o:p>

(With inputs from PTI)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The International Monetary Fund (IMF) has lauded India's stellar economic performance, projecting the nation to contribute more than 16 per cent to global growth, thanks to robust growth fuelled by key reforms in digitisation and infrastructure.

The International Monetary Fund (IMF) has lauded India's stellar economic performance, projecting the nation to contribute more than 16 per cent to global growth, thanks to robust growth fuelled by key reforms in digitisation and infrastructure. Nada Choueiri, the Mission of India at IMF, highlighted India's progress in an exclusive interview with PTI. She emphasised that India stands out among its peer countries as one of the fastest-growing large emerging markets, stating, "It's one of the fastest-growing large emerging markets and it's contributing, in our current projections, more than 16 per cent of global growth this year." The IMF's annual Article IV consultation with India, released on Monday, affirms the country's trajectory as one of the fastest-growing major economies globally. Despite facing global headwinds, including a slowdown in a fragmented world, India's prudent macroeconomic policies continue to drive its economic momentum. Choueiri underscored the government's commitment to infrastructure development, citing it as a crucial foundation for sustained growth. She noted India's sizable, young, and growing population, emphasising the potential for even stronger growth if harnessed through strategic structural reforms. Digitalisation stands out as a flagship reform, building a strong platform for increased productivity and future growth. The IMF's annual report recommends focusing on policy priorities such as replenishing fiscal buffers, ensuring price stability, maintaining financial stability, and fostering inclusive growth through comprehensive structural reforms while preserving debt sustainability. India's rebound from the pandemic has positioned it as a vital driver of global growth. Headline inflation, after a surge in FY2022-23, has moderated, and employment has surpassed pre-pandemic levels. The informal sector dominates, but formalisation is progressing, reflecting a resilient financial sector largely unaffected by global financial stress. The report also highlights India's hosting of the G20 presidency in 2023, showcasing the nation's role in advancing multilateral policy priorities on the global stage. According to the report, "Globally, India's 2023 G20 presidency has demonstrated the country's important role in advancing multilateral policy priorities." As the country prepares for general elections in April 2024, the IMF report notes that India has the potential for higher growth with additional labour and human capital, provided comprehensive reforms are implemented. Choueiri stressed the importance of political stability for investment and growth, citing research that underscores the need for a transparent and stable policy environment. The government's efforts to encourage the business environment, including the single national window, have been acknowledged, but there is still work to be done to streamline bureaucracy in some states. S he remarked, "It's a glass half full, they're still important procedures that are needed to simplify further. But there are important steps that were taken. For example, the single national window, the one-stop shop for companies is a very important one. But still, in many states, there's a lot of bureaucracy that needs to be tackled and streamlined and a lot of red tape. So this is also a work in progress that needs to be continued." The IMF advocates for labour reform in India, pointing out the abundance of untapped labour potential that needs concerted efforts in education, skilling, and increasing female labour force participation. Choueiri expressed the view, "India has in abundance labour. And Labour is not used to its potential in India. And so, in our view, there has to be a very concerted effort to make sure that the advantages and demographics in India are played up to the maximum.” Addressing risks, Choueiri mentioned the tricky external environment and the potential medium-term risks from climate change. She emphasized the need for proper management of these risks to ensure India's continued success. She cautioned that India was performing well and had tremendous potential, adding that several important policies needed to be addressed to harness that potential. (With inputs from PTI) WATCH WION LIVE HERE

India contributes over 16% to global growth, IMF report reveals strong economic performance

The Yen's three years of sharp drops are expected to come to an end in 2024 as the monetary policy gap starts to narrow. According to a bloomberg survey, analysts expect the yen to appreciate as the Bank of Japan is expected to end its decades-long negative interest rate regime.

Prolonged slump in the Yen expected to end next year

The European Union (EU) has initiated its inaugural investigation under the Digital Services Act (DSA), focusing on social media giant X over suspected breaches, particularly related to posts following Hamas' attacks on Israel. <o:p></o:p>

The DSA, implemented in November last year, mandates large online platforms to take more robust measures against illegal content and threats to public security. The investigation will centre on combatting the dissemination of illegal content within the EU and assessing the effectiveness of measures, including X's recently introduced "Community Notes" feature for user-driven fact-checking, Reuters reported.<o:p></o:p>

The inquiry will scrutinise the data access X provides to researchers. Notably, over 100 studies on X, formerly known as Twitter, were altered or suspended due to restrictions imposed by its owner, Elon Musk, limiting access to the platform.<o:p></o:p>

While the investigation does not pronounce X guilty of any infringement, a senior EU official emphasised the grounds prompting the detailed scrutiny. X maintains its commitment to complying with the DSA and is actively cooperating with the regulatory process, asserting the importance of a non-politically influenced and law-abiding investigative process.<o:p></o:p>

In response to the EU's action, Elon Musk, owner of X, took to the platform, questioning EU industry chief Thierry Breton about similar actions against other social media platforms. Musk defended X's position, stating, "Because if you have those issues with this platform, and none are perfect, the others are much worse."<o:p></o:p>

The investigation stems from concerns raised by fake images and misleading information flooding X and other social media platforms following Hamas' attacks on Israel in October. EU Commissioner Thierry Breton reminded X, Meta, TikTok, and Alphabet of their DSA obligations. X, along with other platforms, highlighted steps to combat disinformation, while Musk challenged Breton over the disinformation charge.<o:p></o:p>

The EU Commission plans to conduct an in-depth investigation, involving additional information requests, interviews, and inspections. It will also review X's measures to enhance transparency and Blue check subscriptions. The DSA, imposing new rules on content moderation, user privacy, and transparency, holds the potential for fines up to 6 per cent of a firm's global turnover for any breach.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The European Union (EU) has initiated its inaugural investigation under the Digital Services Act (DSA), focusing on social media giant X over suspected breaches, particularly related to posts following Hamas' attacks on Israel.

The European Union (EU) has initiated its inaugural investigation under the Digital Services Act (DSA), focusing on social media giant X over suspected breaches, particularly related to posts following Hamas' attacks on Israel. The DSA, implemented in November last year, mandates large online platforms to take more robust measures against illegal content and threats to public security. The investigation will centre on combatting the dissemination of illegal content within the EU and assessing the effectiveness of measures, including X's recently introduced "Community Notes" feature for user-driven fact-checking, Reuters reported. The inquiry will scrutinise the data access X provides to researchers. Notably, over 100 studies on X, formerly known as Twitter, were altered or suspended due to restrictions imposed by its owner, Elon Musk, limiting access to the platform. While the investigation does not pronounce X guilty of any infringement, a senior EU official emphasised the grounds prompting the detailed scrutiny. X maintains its commitment to complying with the DSA and is actively cooperating with the regulatory process, asserting the importance of a non-politically influenced and law-abiding investigative process. In response to the EU's action, Elon Musk, owner of X, took to the platform, questioning EU industry chief Thierry Breton about similar actions against other social media platforms. Musk defended X's position, stating, "Because if you have those issues with this platform, and none are perfect, the others are much worse." The investigation stems from concerns raised by fake images and misleading information flooding X and other social media platforms following Hamas' attacks on Israel in October. EU Commissioner Thierry Breton reminded X, Meta, TikTok, and Alphabet of their DSA obligations. X, along with other platforms, highlighted steps to combat disinformation, while Musk challenged Breton over the disinformation charge. The EU Commission plans to conduct an in-depth investigation, involving additional information requests, interviews, and inspections. It will also review X's measures to enhance transparency and Blue check subscriptions. The DSA, imposing new rules on content moderation, user privacy, and transparency, holds the potential for fines up to 6 per cent of a firm's global turnover for any breach. (With inputs from Reuters) WATCH WION LIVE HERE

EU launches first probe under Digital Services Act, targets X over suspected violations

Turkiye has become a powerhouse in the realm of energy, saving $2 billion by ramping up imports of discounted russian oil. Despite western sanctions, ankara remains unfazed, even expressing interest in further collaboration with its eastern neighbour.

Turkiye emerges as top Russian energy importer amid western sanctions

As investors brace themselves for uncertainties ahead of Indonesia's national elections in february, the rupiah is set to weaken heading until 2024. Before elections, the Rupiah has historically lagged its peers.

Indonesian Rupiah looks poised to weaken heading into 2024

The Empowered Group of Secretaries (EGoS) has asked the Department for Promotion of Industry &amp; Internal Trade to amend guidelines in the Production Linked Incentive (PLI) scheme for some sectors – Automobile/Auto Components (AUTO), Advance Chemistry Cells (ACC) and Textiles among them – to bring them up to speed.

For PLI-AUTO, the EGoS headed by the Cabinet Secretary approved that the initial year of its implementation be extended by one year to start from fiscal 2023-24 because though the scheme’s performance period began from April 2022, the firms were onboarded only in March 2022.

“Since it was non-feasible to meet the performance criterion of minimum 50 per cent domestic value addition in a month’s time, it was decided that the scheme start date be shifted to April 2023 for all parameters, except investment,” said an official.

In PLI-ACC, the Ministry of Heavy Industries (MHI) has been directed to earmark 10 GWh capacity for grid scale stationery storage application out of the residual 20 GWh while seeking bids under the second round. The PLI-ACC scheme aims at setting up manufacturing capacity of 50 GWh of which 30 GWh capacity was allocated in the first round.

The official said that successful bidders who got production capacity below 20 GWh in the first round would be eligible to participate in the second round where all selected companies would get two years for gestation and five years for claiming the incentives as in the first round.

The MHI, through a letter in October 2023, had opposed such segregation saying that “bid for 20 GWh ACC capacity under PLI-ACC scheme should be floated without demarcating part capacity for any specific end-use applications".

PLI projects for Textile Products, which fell behind due to delays in securing statutory approvals, would get a one-year extension of gestation period for investment from&nbsp; March 31, 2024 to March 31, 2025 and hence, the last year of incentive release would be extended to March 31, 2030.

Textiles, like IT Hardware and Specialty Steel, has been struggling to get the PLI scheme going as investments have not been forthcoming. Textiles Ministry has had to twice extend the application period for second PLI round which targets investment of nearly Rs 1100 billion.

Extensions would also be given in PLI Scheme for Bulk Drugs as incentive funds lie unutilised either because there are no investors or due to project delays. For chemical synthesis products, the tenure is being extended from fiscal 2027-28 to fiscal 2028-29 and for fermentation-based products, it would be extended from fiscal 2028-29 to fiscal 2029-30.

Out of 41 products under the PLI scheme for bulk drugs, there were no takers for eight products whereby an incentive outlay of Rs 1.6 billion lies unallocated. In the case of chemical synthesis and fermentation-based products, many applicants are unable to claim incentives due to the delay in commissioning of projects.

The PLI scheme for Medical Devices schemes is also being extended from fiscal 2027-28 to fiscal 2028-29 as there have been delays in commissioning of projects leading to under achievement of targets.

Through DPIIT changes, the Ministry of New &amp; Renewable Energy would be empowered to utilize the estimated Rs 5.5 billion saving in PLI for High-Efficiency Solar Photo Voltaic modules to promote the production of polysilicon and ingots-wafers required in the manufacturing of Solar PV modules.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-contributes-over-16pc-to-global-growth-imf-report-reveals-strong-economic-performance-671140">India contributes over 16% to global growth, IMF report reveals</a>

Similarly, the Department of Food Processing would get to utilize savings of nearly Rs 10&nbsp;billion to implement PLI Scheme for Millet Based Products 2.0 from fiscal 2024-25, handing out 10 per cent incentive on incremental sales for the first four years, 9 per cent for the&nbsp;fifth and 8 per cent in the last year.

PLI schemes are a crucial part of Prime Minister Narendra Modi’s vision of making India a $5 trillion economy by strengthening the nation’s manufacturing sector by incentivising domestic and foreign investments.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/chennai-rains-armed-forces-join-rescue-efforts-imd-predicts-further-heavy-rainfall-671143">Chennai rains: Three dead, 800 stranded on railway station; IMD predicts more rainfall</a>

Through these schemes, the government encourages companies to increase their manufacturing capabilities by spending on plant, machinery, associated utilities, R&amp;D and transfer of technology. It provides incentives for five years on the increased manufacturing where the percentage varies for different sectors.

It currently targets 14 sectors of strategic and economic importance. As of November 2023, investments of nearly Rs 950 billion had materialised resulting in creation of nearly 450,000&nbsp;direct jobs, production of Rs 7.8 trillion and exports Rs 2.8 trillion.

&nbsp;

The Empowered Group of Secretaries (EGoS) has asked the Department for Promotion of Industry & Internal Trade to amend guidelines in the Production Linked Incentive (PLI) scheme for some sectors – Automobile/Auto Components (AUTO), Advance Chemistry Cells (ACC) and Textiles among them – to bring them up to speed.

The Empowered Group of Secretaries (EGoS) has asked the Department for Promotion of Industry & Internal Trade to amend guidelines in the Production Linked Incentive (PLI) scheme for some sectors – Automobile/Auto Components (AUTO), Advance Chemistry Cells (ACC) and Textiles among them – to bring them up to speed. For PLI-AUTO, the EGoS headed by the Cabinet Secretary approved that the initial year of its implementation be extended by one year to start from fiscal 2023-24 because though the scheme’s performance period began from April 2022, the firms were onboarded only in March 2022. “Since it was non-feasible to meet the performance criterion of minimum 50 per cent domestic value addition in a month’s time, it was decided that the scheme start date be shifted to April 2023 for all parameters, except investment,” said an official. In PLI-ACC, the Ministry of Heavy Industries (MHI) has been directed to earmark 10 GWh capacity for grid scale stationery storage application out of the residual 20 GWh while seeking bids under the second round. The PLI-ACC scheme aims at setting up manufacturing capacity of 50 GWh of which 30 GWh capacity was allocated in the first round. The official said that successful bidders who got production capacity below 20 GWh in the first round would be eligible to participate in the second round where all selected companies would get two years for gestation and five years for claiming the incentives as in the first round. The MHI, through a letter in October 2023, had opposed such segregation saying that “bid for 20 GWh ACC capacity under PLI-ACC scheme should be floated without demarcating part capacity for any specific end-use applications". PLI projects for Textile Products, which fell behind due to delays in securing statutory approvals, would get a one-year extension of gestation period for investment from March 31, 2024 to March 31, 2025 and hence, the last year of incentive release would be extended to March 31, 2030. Textiles, like IT Hardware and Specialty Steel, has been struggling to get the PLI scheme going as investments have not been forthcoming. Textiles Ministry has had to twice extend the application period for second PLI round which targets investment of nearly Rs 1100 billion. Extensions would also be given in PLI Scheme for Bulk Drugs as incentive funds lie unutilised either because there are no investors or due to project delays. For chemical synthesis products, the tenure is being extended from fiscal 2027-28 to fiscal 2028-29 and for fermentation-based products, it would be extended from fiscal 2028-29 to fiscal 2029-30. Out of 41 products under the PLI scheme for bulk drugs, there were no takers for eight products whereby an incentive outlay of Rs 1.6 billion lies unallocated. In the case of chemical synthesis and fermentation-based products, many applicants are unable to claim incentives due to the delay in commissioning of projects. The PLI scheme for Medical Devices schemes is also being extended from fiscal 2027-28 to fiscal 2028-29 as there have been delays in commissioning of projects leading to under achievement of targets. Through DPIIT changes, the Ministry of New & Renewable Energy would be empowered to utilize the estimated Rs 5.5 billion saving in PLI for High-Efficiency Solar Photo Voltaic modules to promote the production of polysilicon and ingots-wafers required in the manufacturing of Solar PV modules. Also read | India contributes over 16% to global growth, IMF report reveals Similarly, the Department of Food Processing would get to utilize savings of nearly Rs 10 billion to implement PLI Scheme for Millet Based Products 2.0 from fiscal 2024-25, handing out 10 per cent incentive on incremental sales for the first four years, 9 per cent for the fifth and 8 per cent in the last year. PLI schemes are a crucial part of Prime Minister Narendra Modi’s vision of making India a $5 trillion economy by strengthening the nation’s manufacturing sector by incentivising domestic and foreign investments. Also read | Chennai rains: Three dead, 800 stranded on railway station; IMD predicts more rainfall Through these schemes, the government encourages companies to increase their manufacturing capabilities by spending on plant, machinery, associated utilities, R&D and transfer of technology. It provides incentives for five years on the increased manufacturing where the percentage varies for different sectors. It currently targets 14 sectors of strategic and economic importance. As of November 2023, investments of nearly Rs 950 billion had materialised resulting in creation of nearly 450,000 direct jobs, production of Rs 7.8 trillion and exports Rs 2.8 trillion.

Exclusive: PLI schemes for auto, battery, textiles, among others, to be tweaked to spur investments

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 contributes over 16pc to global growth, IMF report reveals strong economic performance<o:p></o:p>

India's strong economic performance has been lauded by the International Monetary Fund (IMF), which has projected that the country will contribute more than 16 per cent to global growth as a result of significant infrastructure and digitalisation reforms.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-contributes-over-16pc-to-global-growth-imf-report-reveals-strong-economic-performance-671140">Read more here</a><o:p></o:p>

EU launches first probe under Digital Services Act, targets X over suspected violations<o:p></o:p>

Under the Digital Services Act (DSA), the European Union (EU) has launched its first inquiry, targeting social media behemoth X for alleged breaches, mostly pertaining to posts made in the wake of Hamas's attacks on Israel.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-launches-first-probe-under-digital-services-act-targets-x-over-suspected-violations-671151">Read more here</a><o:p></o:p>

Red Sea attacks disrupt global shipping: Coalition forming to tackle threat<o:p></o:p>

The United States is working quickly to form a coalition to counter the growing threat posed by recent attacks on ships in the Red Sea by Houthi insurgents from Yemen affiliated with Iran.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/red-sea-attacks-disrupt-global-shipping-coalition-forming-to-tackle-threat-671164">Read more here</a><o:p></o:p>

Rupiah faces testing times as Indonesia gears up for elections<o:p></o:p>

The strength of the rupiah is being closely watched as Indonesia gets ready for its national elections in February 2024; experts see a possible downward trend in the value of the currency.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/rupiah-faces-testing-times-as-indonesia-gears-up-for-elections-671201">Read more here</a><o:p></o:p>

India leads global remittance surge with projected 23pc increase to $125 bn in 2023<o:p></o:p>

As per the World Bank's latest Migration and Development Brief, India is expected to become the world's largest recipient of remittances in 2023, with an expected increase of more than 11 per cent, culminating in $125 billion.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-leads-global-remittance-surge-with-projected-23pc-increase-to-125-bn-in-2023-671207">Read more here</a><o:p></o:p>

Turkey saves billions on Russian oil amid sanctions, boosting imports<o:p></o:p>

Turkey and Turkish businesses were able to dramatically increase imports of Russian oil and refined goods in 2023, saving them almost $2 billion in energy costs.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/turkey-saves-billions-on-russian-oil-amid-sanctions-boosting-imports-671228">Read more here</a><o:p></o:p>

UPI transactions skyrocket, marking a 147pc surge in five years: Government Reports<o:p></o:p>

The Unified Payments Interface (UPI) has become the driving force behind an increase in digital payments, resulting in a 7.8 per cent growth in banknotes in circulation during the most recent fiscal year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/upi-transactions-skyrocket-marking-a-147pc-surge-in-five-years-government-reports-671247">Read more here</a><o:p></o:p>

Apple halts US sales of Series 9 and Ultra 2 smartwatches amid patent dispute<o:p></o:p>

Apple has announced the temporary suspension of sales for its Series 9 and Ultra 2 smartwatches in the United States due to a legal issue that affects the blood oxygen feature.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/apple-halts-us-sales-of-series-9-and-ultra-2-smartwatches-amid-patent-dispute-671263">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 contributes over 16pc to global growth, IMF report reveals strong economic performance India's strong economic performance has been lauded by the International Monetary Fund (IMF), which has projected that the country will contribute more than 16 per cent to global growth as a result of significant infrastructure and digitalisation reforms.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. India contributes over 16pc to global growth, IMF report reveals strong economic performance India's strong economic performance has been lauded by the International Monetary Fund (IMF), which has projected that the country will contribute more than 16 per cent to global growth as a result of significant infrastructure and digitalisation reforms. Read more here EU launches first probe under Digital Services Act, targets X over suspected violations Under the Digital Services Act (DSA), the European Union (EU) has launched its first inquiry, targeting social media behemoth X for alleged breaches, mostly pertaining to posts made in the wake of Hamas's attacks on Israel. Read more here Red Sea attacks disrupt global shipping: Coalition forming to tackle threat The United States is working quickly to form a coalition to counter the growing threat posed by recent attacks on ships in the Red Sea by Houthi insurgents from Yemen affiliated with Iran. Read more here Rupiah faces testing times as Indonesia gears up for elections The strength of the rupiah is being closely watched as Indonesia gets ready for its national elections in February 2024; experts see a possible downward trend in the value of the currency. Read more here India leads global remittance surge with projected 23pc increase to $125 bn in 2023 As per the World Bank's latest Migration and Development Brief, India is expected to become the world's largest recipient of remittances in 2023, with an expected increase of more than 11 per cent, culminating in $125 billion. Read more here Turkey saves billions on Russian oil amid sanctions, boosting imports Turkey and Turkish businesses were able to dramatically increase imports of Russian oil and refined goods in 2023, saving them almost $2 billion in energy costs. Read more here UPI transactions skyrocket, marking a 147pc surge in five years: Government Reports The Unified Payments Interface (UPI) has become the driving force behind an increase in digital payments, resulting in a 7.8 per cent growth in banknotes in circulation during the most recent fiscal year. Read more here Apple halts US sales of Series 9 and Ultra 2 smartwatches amid patent dispute Apple has announced the temporary suspension of sales for its Series 9 and Ultra 2 smartwatches in the United States due to a legal issue that affects the blood oxygen feature. Read more here WATCH WION LIVE HERE

WION Business Wrap | India’s 16pc contribution to global growth, EU’s probe on X, Red sea attacks & more

In response to a patent dispute affecting the blood oxygen feature, Apple has announced the temporary suspension of sales for its Series 9 and Ultra 2 smartwatches in the United States, as reported by Reuters.

The move follows an October order from the US International Trade Commission (ITC) that could prohibit Apple from importing these smartwatches due to alleged patent violations against medical technology company Masimo.<o:p></o:p>

The ITC order, currently under review by President Joe Biden until December 25, may take effect on December 26 if not vetoed. Apple has indicated that it will comply with the ruling if it stands. The ban would restrict the import of Apple Watches and is based on the allegation that the devices violate Masimo's patent rights.<o:p></o:p>

Apple has outlined its compliance plan, announcing a pause in sales on its website starting from December 21 and in Apple retail locations after December 24. However, models without the blood oxygen sensor, such as Apple's lower-priced Apple Watch SE, remain unaffected.<o:p></o:p>

While the impact on holiday sales is expected to be minimal, Ryan Reith, program vice president for research firm IDC's mobile device tracking efforts, anticipates the full effect in January and February. Reith notes that Apple has sufficient inventory of Watch 8 and SE to meet demand during this period.<o:p></o:p>

Masimo CEO Joe Kiani expressed openness to negotiating a deal with Apple in October. The company, in a statement, emphasised the importance of respecting the ITC decision to protect intellectual property rights. Apple, holding about a quarter of the global smartwatch market, plans to appeal the decision to the Federal Circuit.<o:p></o:p>

In response to the ban, Apple is reportedly making changes to algorithms in the smartwatches to address the dispute. The technology's oxygen saturation calculation and consumer data presentation are being tweaked by engineers. Apple is exploring legal and technical options and has begun preparing stores for potential changes.<o:p></o:p>

While the ban does not impact sales outside the United States, Apple's wearables, home, and accessory business, including the Apple Watch, generated $8.28 billion in revenue during the third quarter of 2023.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In response to a patent dispute affecting the blood oxygen feature, Apple has announced the temporary suspension of sales for its Series 9 and Ultra 2 smartwatches in the United States, as reported by Reuters.

In response to a patent dispute affecting the blood oxygen feature, Apple has announced the temporary suspension of sales for its Series 9 and Ultra 2 smartwatches in the United States, as reported by Reuters. The move follows an October order from the US International Trade Commission (ITC) that could prohibit Apple from importing these smartwatches due to alleged patent violations against medical technology company Masimo. The ITC order, currently under review by President Joe Biden until December 25, may take effect on December 26 if not vetoed. Apple has indicated that it will comply with the ruling if it stands. The ban would restrict the import of Apple Watches and is based on the allegation that the devices violate Masimo's patent rights. Apple has outlined its compliance plan, announcing a pause in sales on its website starting from December 21 and in Apple retail locations after December 24. However, models without the blood oxygen sensor, such as Apple's lower-priced Apple Watch SE, remain unaffected. While the impact on holiday sales is expected to be minimal, Ryan Reith, program vice president for research firm IDC's mobile device tracking efforts, anticipates the full effect in January and February. Reith notes that Apple has sufficient inventory of Watch 8 and SE to meet demand during this period. Masimo CEO Joe Kiani expressed openness to negotiating a deal with Apple in October. The company, in a statement, emphasised the importance of respecting the ITC decision to protect intellectual property rights. Apple, holding about a quarter of the global smartwatch market, plans to appeal the decision to the Federal Circuit. In response to the ban, Apple is reportedly making changes to algorithms in the smartwatches to address the dispute. The technology's oxygen saturation calculation and consumer data presentation are being tweaked by engineers. Apple is exploring legal and technical options and has begun preparing stores for potential changes. While the ban does not impact sales outside the United States, Apple's wearables, home, and accessory business, including the Apple Watch, generated $8.28 billion in revenue during the third quarter of 2023. (With inputs from Reuters) WATCH WION LIVE HERE

Apple halts US sales of Series 9 and Ultra 2 smartwatches amid patent dispute

As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency.<o:p></o:p>

According to a Bloomberg report, BNY Mellon Corp., HSBC Holdings Plc., and PT Bank Mandiri project the rupiah to trade around 15,800 against the dollar in the first quarter of the coming year, citing historical trends and concerns over the change of leadership after a decade.<o:p></o:p>

Historically, the rupiah has exhibited underperformance compared to its emerging market peers leading up to elections. Analysts point to worries about political stability and policy continuity, especially as Indonesia is on the brink of selecting a successor to President Joko Widodo after his decade-long tenure. <o:p></o:p>

Bloomberg cited Joey Chew, the head of Asian FX research at HSBC, who noted, "During the past three elections, the rupiah consistently underperformed select EM peers in the four to six weeks prior."<o:p></o:p>

The impact of election uncertainty is already evident in the rupiah's performance. Despite being Asia's best performer earlier this year, the currency has weakened the most against the dollar this quarter. Foreign investors withdrew nearly $600 million from Indonesian equities since October, but a cushion was provided by inflows of about $900 million in bonds. <o:p></o:p>

However, Bloomberg's scorecard ranks the nation's sovereign debt near the bottom among emerging economies.<o:p></o:p>

The upcoming elections hold the key to the rupiah's trajectory, with the results indicating whether the new government will adhere to President Widodo's policies that supported export earnings and reduced the current account deficit. <o:p></o:p>

While leading candidates Prabowo Subianto and Ganjar Pranowo pledge to continue Widodo's economic policies, rival contestant Anies Baswedan has expressed intentions to revisit some, including plans for a new capital.<o:p></o:p>

President Widodo, widely known as Jokowi, will complete his 10-year term next year. His fiscal policies successfully narrowed the fiscal deficit from pandemic-induced highs, and the economy outpaced regional peers. The official declaration of the winner is expected in March, but a runoff poll in June could occur if no candidate secures more than 50 per cent of the votes.<o:p></o:p>

Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon, highlights potential risks from an extended lag between elections and new government formation, which could expose the rupiah to policy uncertainty. He adds that the central bank is expected to remain on hold through the elections, providing a buffer against political uncertainty in the months ahead.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency.

As Indonesia approaches its national elections in February 2024, the resilience of the rupiah is under scrutiny, with analysts predicting a potential weakening trend in the currency. According to a Bloomberg report, BNY Mellon Corp., HSBC Holdings Plc., and PT Bank Mandiri project the rupiah to trade around 15,800 against the dollar in the first quarter of the coming year, citing historical trends and concerns over the change of leadership after a decade. Historically, the rupiah has exhibited underperformance compared to its emerging market peers leading up to elections. Analysts point to worries about political stability and policy continuity, especially as Indonesia is on the brink of selecting a successor to President Joko Widodo after his decade-long tenure. Bloomberg cited Joey Chew, the head of Asian FX research at HSBC, who noted, "During the past three elections, the rupiah consistently underperformed select EM peers in the four to six weeks prior." The impact of election uncertainty is already evident in the rupiah's performance. Despite being Asia's best performer earlier this year, the currency has weakened the most against the dollar this quarter. Foreign investors withdrew nearly $600 million from Indonesian equities since October, but a cushion was provided by inflows of about $900 million in bonds. However, Bloomberg's scorecard ranks the nation's sovereign debt near the bottom among emerging economies. The upcoming elections hold the key to the rupiah's trajectory, with the results indicating whether the new government will adhere to President Widodo's policies that supported export earnings and reduced the current account deficit. While leading candidates Prabowo Subianto and Ganjar Pranowo pledge to continue Widodo's economic policies, rival contestant Anies Baswedan has expressed intentions to revisit some, including plans for a new capital. President Widodo, widely known as Jokowi, will complete his 10-year term next year. His fiscal policies successfully narrowed the fiscal deficit from pandemic-induced highs, and the economy outpaced regional peers. The official declaration of the winner is expected in March, but a runoff poll in June could occur if no candidate secures more than 50 per cent of the votes. Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon, highlights potential risks from an extended lag between elections and new government formation, which could expose the rupiah to policy uncertainty. He adds that the central bank is expected to remain on hold through the elections, providing a buffer against political uncertainty in the months ahead. (With inputs from Bloomberg) WATCH WION LIVE HERE

Rupiah faces testing times as Indonesia gears up for elections

The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.8 per cent in the last fiscal year, according to a government statement reported by Hindustan Times.<o:p></o:p>

Minister of State for Finance Bhagwat K Karad revealed in a written reply to Lok Sabha that UPI transactions have skyrocketed from 92 crore rupees ($11 million) in FY 2017-18 to 8,375 crore rupees ($1 billion) in FY 2022-23, boasting an impressive Compound Annual Growth Rate (CAGR) of 147 per cent in terms of volume.<o:p></o:p>

Simultaneously, the value of UPI transactions has soared from 1 lakh crore rupees ($1 trillion) in FY 2017-18 to 139 lakh crore rupees ($16 trillion) in FY 2022-23, demonstrating a robust CAGR of 168 per cent. 

In the ongoing financial year until December 11, UPI has achieved a staggering 8,572 crore transactions. UPI constitutes 62 per cent of digital payment transactions in FY 2022-23, contributing significantly to the decline in the Year-on-Year growth of banknotes in circulation.<o:p></o:p>

The journey of UPI, initiated in 2016 as an instant payment system by the National Payments Corporation of India (NPCI), has seen continuous evolution.

Recently, the Reserve Bank of India (RBI) granted approval to link RuPay credit cards to UPI, eliminating the need for a physical plastic card. This move enables customers to use RuPay credit cards seamlessly at small merchant outlets equipped with QR codes.<o:p></o:p>

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The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.

The Unified Payments Interface (UPI) has emerged as the powerhouse behind a remarkable surge in digital payments, reducing the growth of banknotes in circulation to 7.8 per cent in the last fiscal year, according to a government statement reported by Hindustan Times. Minister of State for Finance Bhagwat K Karad revealed in a written reply to Lok Sabha that UPI transactions have skyrocketed from 92 crore rupees ($11 million) in FY 2017-18 to 8,375 crore rupees ($1 billion) in FY 2022-23, boasting an impressive Compound Annual Growth Rate (CAGR) of 147 per cent in terms of volume. Simultaneously, the value of UPI transactions has soared from 1 lakh crore rupees ($1 trillion) in FY 2017-18 to 139 lakh crore rupees ($16 trillion) in FY 2022-23, demonstrating a robust CAGR of 168 per cent. In the ongoing financial year until December 11, UPI has achieved a staggering 8,572 crore transactions. UPI constitutes 62 per cent of digital payment transactions in FY 2022-23, contributing significantly to the decline in the Year-on-Year growth of banknotes in circulation. The journey of UPI, initiated in 2016 as an instant payment system by the National Payments Corporation of India (NPCI), has seen continuous evolution. Recently, the Reserve Bank of India (RBI) granted approval to link RuPay credit cards to UPI, eliminating the need for a physical plastic card. This move enables customers to use RuPay credit cards seamlessly at small merchant outlets equipped with QR codes. WATCH WION LIVE HERE

UPI transactions skyrocket, marking a 147pc surge in five years: Government Reports

The year 2023 ended up being one of the worst years for the financial centre in recent memory. The hang seng index has dropped 15%, placing it among the largest decliners in the world.

Hong Kong stocks slip on weak | Hang Seng is among the biggest decliners

Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed. Despite Western sanctions, Ankara expresses its intention to further strengthen ties with Russia, emerging as the primary importer of Russian energy in the Western hemisphere.<o:p></o:p>

Rising Russian Imports and Savings<o:p></o:p>

Following Russia's invasion of Ukraine, European countries reduced imports of Russian oil and gas, turning Turkey into the largest importer of Russian energy in the Western hemisphere. Proximity to Russian ports grants Turkey substantial savings on freight costs, with estimates suggesting savings of $2 billion on energy bills this year.<o:p></o:p>

Record High Crude Shipments to Turkey<o:p></o:p>

In November 2023, shipments of Russian Urals crude oil to Turkey reached an all-time high of 400,000 barrels per day, accounting for 14 per cent of Russia's overall seaborne oil exports last month. This surge in crude oil imports contributes significantly to Turkey's energy cost savings.<o:p></o:p>

Expanding Energy Partnership<o:p></o:p>

Private Russian oil producer Lukoil recently signed a deal with Azeri firm SOCAR to refine up to 200,000 barrels per day of its oil at Socar’s Turkish STAR refinery, suggesting a further increase in supplies to Turkey. While Russia's energy ministry declined to comment, Turkey's energy ministry, Turpas, and STAR refiner did not respond to requests for comments.<o:p></o:p>

Surge in Refined Product Imports<o:p></o:p>

In addition to rising crude supplies, Turkey has witnessed a 200 per cent increase in imports of Russian diesel, heating oil, jet fuel, and marine fuel from January to November 2023, reaching approximately 0.29 million barrels per day. Russia supplied Turkey with 13 million tonnes of distillates during this period, compared to 4.3 million tonnes in the same period in 2022.<o:p></o:p>

Economic Impact on Turkey<o:p></o:p>

Turkey's strategy of importing discounted Russian oil has proven economically beneficial, with reported savings of between $25 and $150 per ton of Russia diesel and $5-20 per barrel for crude. These savings have played a crucial role in helping Turkey narrow its trade deficit and alleviate pressure on its currency, which has devalued by 30 per cent this year.<o:p></o:p>

Accusations and Denials<o:p></o:p>

While accusations from activists and supporters of Ukraine suggest that Turkey is aiding Russia in bypassing sanctions, the country denies these claims, asserting that it is exporting fuels refined from various types of crude. Critics argue that Turkey's actions may indirectly be helping Russia channel its products to Europe.<o:p></o:p>

A Global Trend<o:p></o:p>

Turkey's approach to save on Russian oil purchases is not unique, as India, refusing to join sanctions against Moscow, has increased imports of Russian oil by 77 per cent in 2023, saving roughly $2.7 billion. Both countries enjoy significant savings on freight rates compared to other importers like India.<o:p></o:p>

Strategic Talks on Russian Gas Hub<o:p></o:p>

In the midst of these developments, Moscow and Ankara are engaged in discussions to set up a hub for Russian gas in Turkey. This initiative aligns with Ankara's longstanding desire to become a major energy distribution hub for southern Europe, offering Russia an alternative route for its gas exports amidst reduced purchases by the EU.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p></o:p>

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Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed.

Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed. Despite Western sanctions, Ankara expresses its intention to further strengthen ties with Russia, emerging as the primary importer of Russian energy in the Western hemisphere. Rising Russian Imports and Savings Following Russia's invasion of Ukraine, European countries reduced imports of Russian oil and gas, turning Turkey into the largest importer of Russian energy in the Western hemisphere. Proximity to Russian ports grants Turkey substantial savings on freight costs, with estimates suggesting savings of $2 billion on energy bills this year. Record High Crude Shipments to Turkey In November 2023, shipments of Russian Urals crude oil to Turkey reached an all-time high of 400,000 barrels per day, accounting for 14 per cent of Russia's overall seaborne oil exports last month. This surge in crude oil imports contributes significantly to Turkey's energy cost savings. Expanding Energy Partnership Private Russian oil producer Lukoil recently signed a deal with Azeri firm SOCAR to refine up to 200,000 barrels per day of its oil at Socar’s Turkish STAR refinery, suggesting a further increase in supplies to Turkey. While Russia's energy ministry declined to comment, Turkey's energy ministry, Turpas, and STAR refiner did not respond to requests for comments. Surge in Refined Product Imports In addition to rising crude supplies, Turkey has witnessed a 200 per cent increase in imports of Russian diesel, heating oil, jet fuel, and marine fuel from January to November 2023, reaching approximately 0.29 million barrels per day. Russia supplied Turkey with 13 million tonnes of distillates during this period, compared to 4.3 million tonnes in the same period in 2022. Economic Impact on Turkey Turkey's strategy of importing discounted Russian oil has proven economically beneficial, with reported savings of between $25 and $150 per ton of Russia diesel and $5-20 per barrel for crude. These savings have played a crucial role in helping Turkey narrow its trade deficit and alleviate pressure on its currency, which has devalued by 30 per cent this year. Accusations and Denials While accusations from activists and supporters of Ukraine suggest that Turkey is aiding Russia in bypassing sanctions, the country denies these claims, asserting that it is exporting fuels refined from various types of crude. Critics argue that Turkey's actions may indirectly be helping Russia channel its products to Europe. A Global Trend Turkey's approach to save on Russian oil purchases is not unique, as India, refusing to join sanctions against Moscow, has increased imports of Russian oil by 77 per cent in 2023, saving roughly $2.7 billion. Both countries enjoy significant savings on freight rates compared to other importers like India. Strategic Talks on Russian Gas Hub In the midst of these developments, Moscow and Ankara are engaged in discussions to set up a hub for Russian gas in Turkey. This initiative aligns with Ankara's longstanding desire to become a major energy distribution hub for southern Europe, offering Russia an alternative route for its gas exports amidst reduced purchases by the EU. (With inputs from Reuters) WATCH WION LIVE HERE

Turkey saves billions on Russian oil amid sanctions, boosting imports

During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday.<o:p></o:p>

This marks a pivotal moment in bilateral relations, with Sultan Haitham being the first Omani ruler to visit India since 1997. Mint cited Foreign Secretary Vinay Mohan Kwatra, who emphasised the recent advancements, stating, "Although the negotiations on CEPA have started only recently, they have made substantial progress in the last few rounds of discussion." <o:p></o:p>

The proposed CEPA aims to eliminate import duties, benefiting key sectors like motor gasoline, textiles, electronics, machinery, and iron and steel.<o:p></o:p>

Boosting economic cooperation and investments<o:p></o:p>

Prime Minister Narendra Modi and Sultan Haitham discussed the multifaceted aspects of economic cooperation, with a focus on the release of the third tranche of the Oman India Joint Investment Fund, totalling $300 million. The objective of this joint venture between the Oman Investment Authority and the State Bank of India is to direct investments towards the rapidly expanding sectors of India.<o:p></o:p>

According to a report by the Hindustan Times, Modi expressed optimism about the ongoing CEPA discussions, stating, "I am glad that discussions on CEPA are ongoing between the two sides. Two rounds of talks have been successfully completed, in which consensus has been reached on many important issues."<o:p></o:p>

The leaders adopted the "India-Oman Joint Vision: A partnership for the future," outlining concrete action points for 10 sectors.<o:p></o:p>

Exploring new avenues of cooperation<o:p></o:p>

Beyond economic ties, the discussions between India and Oman delved into various sectors. Foreign Secretary Kwatra highlighted the exploration of financial technologies, the possibility of establishing rupee trade, and cooperation in space-related activities, including services, satellite building and launching, and capacity building. The talks also extended to green hydrogen, renewable energy, and the strategic utilisation of Oman's Duqm port by Indian navy ships for logistical and humanitarian purposes.<o:p></o:p>

Shared vision for the future<o:p></o:p>

The joint vision document, shaped by the Oman Vision 2040 and India's development vision till 2047, focuses on 10 key areas. These include maritime cooperation, energy security, space cooperation, digital payments, health, tourism, disaster management, agriculture, and the use of cricket to enhance people-to-people ties. Sultan Haitham and Modi expressed confidence that the joint vision would pave the way for a new and modern shape to their partnership.<o:p></o:p>

Challenges and regional issues<o:p></o:p>

The discussions also addressed challenges in West Asia, with a specific mention of the crisis in the region. Foreign Secretary Kwatra emphasised a shared appreciation of the challenges arising from the Israel-Hamas conflict, describing it as an "important element of the discussions." <o:p></o:p>

The leaders exchanged perspectives on terrorism, advocating for a two-state solution as a way forward. Additionally, agreements were signed on cooperation in combating financial crimes, information technology, culture, and the establishment of a Hindi chair of the Indian Council for Cultural Relations (ICCR) in Oman.<o:p></o:p>

Maritime security and defence engagement<o:p></o:p>

India and Oman reaffirmed their partnership in maritime security in the western Indian Ocean, with robust defence engagement. Maritime cooperation is extensive, and Oman's Duqm port is positioned as a logistical base for joint efforts in humanitarian assistance and disaster relief. Foreign Secretary Kwatra underscored the vital role of the Indian community in Oman, with 700,000 members contributing significantly to the country's economic development.

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During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday.

During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday. This marks a pivotal moment in bilateral relations, with Sultan Haitham being the first Omani ruler to visit India since 1997. Mint cited Foreign Secretary Vinay Mohan Kwatra, who emphasised the recent advancements, stating, "Although the negotiations on CEPA have started only recently, they have made substantial progress in the last few rounds of discussion." The proposed CEPA aims to eliminate import duties, benefiting key sectors like motor gasoline, textiles, electronics, machinery, and iron and steel. Boosting economic cooperation and investments Prime Minister Narendra Modi and Sultan Haitham discussed the multifaceted aspects of economic cooperation, with a focus on the release of the third tranche of the Oman India Joint Investment Fund, totalling $300 million. The objective of this joint venture between the Oman Investment Authority and the State Bank of India is to direct investments towards the rapidly expanding sectors of India. According to a report by the Hindustan Times, Modi expressed optimism about the ongoing CEPA discussions, stating, "I am glad that discussions on CEPA are ongoing between the two sides. Two rounds of talks have been successfully completed, in which consensus has been reached on many important issues." The leaders adopted the "India-Oman Joint Vision: A partnership for the future," outlining concrete action points for 10 sectors. Exploring new avenues of cooperation Beyond economic ties, the discussions between India and Oman delved into various sectors. Foreign Secretary Kwatra highlighted the exploration of financial technologies, the possibility of establishing rupee trade, and cooperation in space-related activities, including services, satellite building and launching, and capacity building. The talks also extended to green hydrogen, renewable energy, and the strategic utilisation of Oman's Duqm port by Indian navy ships for logistical and humanitarian purposes. Shared vision for the future The joint vision document, shaped by the Oman Vision 2040 and India's development vision till 2047, focuses on 10 key areas. These include maritime cooperation, energy security, space cooperation, digital payments, health, tourism, disaster management, agriculture, and the use of cricket to enhance people-to-people ties. Sultan Haitham and Modi expressed confidence that the joint vision would pave the way for a new and modern shape to their partnership. Challenges and regional issues The discussions also addressed challenges in West Asia, with a specific mention of the crisis in the region. Foreign Secretary Kwatra emphasised a shared appreciation of the challenges arising from the Israel-Hamas conflict, describing it as an "important element of the discussions." The leaders exchanged perspectives on terrorism, advocating for a two-state solution as a way forward. Additionally, agreements were signed on cooperation in combating financial crimes, information technology, culture, and the establishment of a Hindi chair of the Indian Council for Cultural Relations (ICCR) in Oman. Maritime security and defence engagement India and Oman reaffirmed their partnership in maritime security in the western Indian Ocean, with robust defence engagement. Maritime cooperation is extensive, and Oman's Duqm port is positioned as a logistical base for joint efforts in humanitarian assistance and disaster relief. Foreign Secretary Kwatra underscored the vital role of the Indian community in Oman, with 700,000 members contributing significantly to the country's economic development. WATCH WION LIVE HERE

India and Oman strengthen economic ties: CEPA progress and joint vision

A recent analysis reveals that almost half of 217 global firms have significantly reduced their business travel carbon emissions by a minimum of 50 per cent between 2019 and 2022. <o:p></o:p>

According to Reuters, the data, published on Monday, highlights a shift in corporate behaviour as many businesses continue to curtail air travel in favour of more sustainable alternatives. Major companies such as SAP, PwC, and Lloyd's Banking Group stand out for slashing corporate air travel emissions by over 75 per cent, signalling a concerted effort to prioritise environmental concerns.<o:p></o:p>

Despite the global rebound from the pandemic, business travel has lagged behind leisure flights in its recovery. A multitude of corporations, including tech giant SAP, accounting firm PwC, and Lloyd's Banking Group, have actively embraced sustainable practices, reducing their carbon footprint through a significant reduction in air travel. <o:p></o:p>

The Travel Smart Emissions Tracker analysis suggests that this trend aligns with the goals set by advocacy group Transport and Environment, which advocates for a 50 per cent reduction in business travel from pre-COVID levels to cap global warming at 1.5 degrees Celsius.<o:p></o:p>

Reuters cited Denise Auclair, the Travel Smart campaign manager, who emphasised the importance of collaborative efforts to further reduce emissions, stating, "The way forward is collaboration with more online meetings, more travel by train and less by plane." <o:p></o:p>

The study, however, identifies 21 companies that surpassed their 2019 flying levels, with L3Harris, Boston Scientific, and Marriott International witnessing a carbon emissions increase of more than 69 per cent.<o:p></o:p>

While the decline in corporate travel is a positive environmental development, concerns are raised about potential impacts on corporate relationships. Airlines remain anxious about the decline in business travel, bearing in mind its importance to their revenue and economic growth. <o:p></o:p>

Despite this, post-pandemic consumer demand for flying has alleviated some fears, indicating that the aviation industry may find ways to adapt to the evolving landscape.<o:p></o:p>

A joint survey by American Express Global Business Travel (Amex GBT) and the Harvard Business Review, released in September, reported that 84 per cent of businesses believe in-person trips still bring "tangible business value." <o:p></o:p>

This sentiment underscores the ongoing debate within the business community about the necessity and efficacy of in-person meetings versus virtual alternatives. Before the pandemic, business trips accounted for as much as half of passenger revenue at US airlines, illustrating the significant impact on the aviation industry.<o:p></o:p>

In response to the shift, European airlines, such as Air France, are adjusting strategies to cater to the changing dynamics, with a focus on selling more premium trips to leisure travellers to compensate for the decline in business travel.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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A recent analysis reveals that almost half of 217 global firms have significantly reduced their business travel carbon emissions by a minimum of 50 per cent between 2019 and 2022.

A recent analysis reveals that almost half of 217 global firms have significantly reduced their business travel carbon emissions by a minimum of 50 per cent between 2019 and 2022. According to Reuters, the data, published on Monday, highlights a shift in corporate behaviour as many businesses continue to curtail air travel in favour of more sustainable alternatives. Major companies such as SAP, PwC, and Lloyd's Banking Group stand out for slashing corporate air travel emissions by over 75 per cent, signalling a concerted effort to prioritise environmental concerns. Despite the global rebound from the pandemic, business travel has lagged behind leisure flights in its recovery. A multitude of corporations, including tech giant SAP, accounting firm PwC, and Lloyd's Banking Group, have actively embraced sustainable practices, reducing their carbon footprint through a significant reduction in air travel. The Travel Smart Emissions Tracker analysis suggests that this trend aligns with the goals set by advocacy group Transport and Environment, which advocates for a 50 per cent reduction in business travel from pre-COVID levels to cap global warming at 1.5 degrees Celsius. Reuters cited Denise Auclair, the Travel Smart campaign manager, who emphasised the importance of collaborative efforts to further reduce emissions, stating, "The way forward is collaboration with more online meetings, more travel by train and less by plane." The study, however, identifies 21 companies that surpassed their 2019 flying levels, with L3Harris, Boston Scientific, and Marriott International witnessing a carbon emissions increase of more than 69 per cent. While the decline in corporate travel is a positive environmental development, concerns are raised about potential impacts on corporate relationships. Airlines remain anxious about the decline in business travel, bearing in mind its importance to their revenue and economic growth. Despite this, post-pandemic consumer demand for flying has alleviated some fears, indicating that the aviation industry may find ways to adapt to the evolving landscape. A joint survey by American Express Global Business Travel (Amex GBT) and the Harvard Business Review, released in September, reported that 84 per cent of businesses believe in-person trips still bring "tangible business value." This sentiment underscores the ongoing debate within the business community about the necessity and efficacy of in-person meetings versus virtual alternatives. Before the pandemic, business trips accounted for as much as half of passenger revenue at US airlines, illustrating the significant impact on the aviation industry. In response to the shift, European airlines, such as Air France, are adjusting strategies to cater to the changing dynamics, with a focus on selling more premium trips to leisure travellers to compensate for the decline in business travel. (With inputs from Reuters) WATCH WION LIVE HERE

Business travel emissions plummet as companies embrace sustainable practices

Global firms are making a significant impact by reducing their business travel carbon emissions. A recent analysis reveals that almost half of 217 major companies achieved a remarkable 50% cut in travel emissions between 2019 and 2022.

Global firms slash business travel emissions by 50%

Stricter regulations are underway as iraq confronts challenges like the smuggling of dollars to nations facing US Sanctions. The government, keen on consolidating its monetary sovereignty, restricts new money wired from abroad to dinars. To tackle illicit trade, iraq adopts the swift system and encourages importers to use official channels.

Iraq pushes to shift away from dollar dependency

Japan is gearing up for a monumental shift in its defence strategy. Government sources reveal plans to allocate 7.7 trillion yen, roughly 54 billion dollars, to the defence budget for the fiscal year 2024.

Japan’s fiscal 2024 defence budget set to break records

In a significant stride towards economic recovery, greece has given the green light to its 2024 budget. With a forecasted surge in growth fueled by robust tourist revenues and crucial eu funds, the nation aims to achieve a 2.9% economic upswing.

Greece's journey from debt crisis to investment-grade status

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight. Golden World Innovation Aluminium, overwhelmed by the economic headwinds, has suspended production, compelling its staff to take five months of leave with reduced salaries, the South China Morning Post reported.<o:p></o:p>

Unemployment pressures mount despite official figures<o:p></o:p>

China's economy showed few positive signs in 2023, defying support measures and putting significant pressure on employment. Official unemployment figures remain within the government target of 5.5 per cent, but signs of companies implementing unpaid leave or reductions indicate underlying challenges. Analysts call for more policy support to revive domestic demand and stabilise manufacturing production. The Foshan government's labour market report in November pointed to hefty pressure on manufacturing industries due to economic headwinds.<o:p></o:p>

Private sector struggles impact China's economic growth<o:p></o:p>

The private sector, historically the backbone of China's economic growth, is yet to fully recover. Fixed-asset investment in the private sector contracted by 0.5 per cent in the first 11 months of the year, in contrast to a rise of 6.5 per cent in the state sector. <o:p></o:p>

Golden World Innovation Aluminium, once thriving during the property sector's heyday, is now grappling with declining orders amid the real estate crisis. The slump has become a major drag on the economy, affecting various sectors.<o:p></o:p>

Real estate crisis hits multiple sectors<o:p></o:p>

The slump in the real estate market has had a cascading effect on industries beyond aluminium production. Yaxin Iron and Steel Group in Henan announced a suspension of production, and Raymond Zheng, owner of a piling company, placed most of his staff on unpaid leave. <o:p></o:p>

The funding chain in various industries is broken, leading to solvency problems and compromising the quality of construction projects. Despite these widespread issues, China is still on track to meet its growth target for the year.<o:p></o:p>

Challenges persist despite economic growth pledges<o:p></o:p>

China's top leadership, at the central economic work conference, emphasised development as the top political priority and pledged efforts to consolidate economic growth. However, challenges such as high youth unemployment, weak business expectations, a drop in exports, a bleak manufacturing sector recovery, and rising local government debts loom large.<o:p></o:p>

According to the South China Morning Post, Peng Peng, the executive chairman of the Guangdong Society of Reform, urged increased supportive policies to address the severity of the economic situation.<o:p></o:p>

Wide-ranging impact on various sectors<o:p></o:p>

The economic slowdown is not confined to specific industries; electronics, plastics producers, and the printing industry have also felt the pinch. Simatelex, a Hong Kong-based electronics producer, closed its Shenzhen factory after 38 years, affecting hundreds of workers. <o:p></o:p>

Plastics manufacturers Shenli and Forward, as well as Good Printing, have closed their Shenzhen factories, impacting thousands of jobs. The closures have not only economic ramifications but also affect nearby businesses relying on the workers.<o:p></o:p>

China struggles to replace real estate as economic pillar<o:p></o:p>

The challenge lies in finding emerging industries powerful enough to replace real estate as a pillar for the national economy. Paris-based investment bank Natixis highlights this concern, emphasising that China has yet to identify industries capable of filling the void left by the real estate sector. <o:p></o:p>

The Guangzhou Institute of Greater Bay Area warns of investment conditions' deterioration and funding difficulties for private businesses in 2024 if confidence is not revived.<o:p></o:p>

Policy room available, but challenges loom<o:p></o:p>

While China maintains a growth target for the year, concerns persist about a protracted weakness in private investment. A report by the Guangzhou Institute of Greater Bay Area urges caution, stating that if confidence isn't revived, private entrepreneurs may continue to face challenges.<o:p></o:p>

&nbsp;Xu Qiyuan from the Chinese Academy of Social Sciences emphasised the need for additional gauges beyond the urban surveyed unemployment rate to better reflect the real job pressures.

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Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight.

Amid an ongoing real estate crisis, a privately run aluminium producer in Guangdong, China's manufacturing hub, has thrust the challenges faced by private businesses into the spotlight. Golden World Innovation Aluminium, overwhelmed by the economic headwinds, has suspended production, compelling its staff to take five months of leave with reduced salaries, the South China Morning Post reported. Unemployment pressures mount despite official figures China's economy showed few positive signs in 2023, defying support measures and putting significant pressure on employment. Official unemployment figures remain within the government target of 5.5 per cent, but signs of companies implementing unpaid leave or reductions indicate underlying challenges. Analysts call for more policy support to revive domestic demand and stabilise manufacturing production. The Foshan government's labour market report in November pointed to hefty pressure on manufacturing industries due to economic headwinds. Private sector struggles impact China's economic growth The private sector, historically the backbone of China's economic growth, is yet to fully recover. Fixed-asset investment in the private sector contracted by 0.5 per cent in the first 11 months of the year, in contrast to a rise of 6.5 per cent in the state sector. Golden World Innovation Aluminium, once thriving during the property sector's heyday, is now grappling with declining orders amid the real estate crisis. The slump has become a major drag on the economy, affecting various sectors. Real estate crisis hits multiple sectors The slump in the real estate market has had a cascading effect on industries beyond aluminium production. Yaxin Iron and Steel Group in Henan announced a suspension of production, and Raymond Zheng, owner of a piling company, placed most of his staff on unpaid leave. The funding chain in various industries is broken, leading to solvency problems and compromising the quality of construction projects. Despite these widespread issues, China is still on track to meet its growth target for the year. Challenges persist despite economic growth pledges China's top leadership, at the central economic work conference, emphasised development as the top political priority and pledged efforts to consolidate economic growth. However, challenges such as high youth unemployment, weak business expectations, a drop in exports, a bleak manufacturing sector recovery, and rising local government debts loom large. According to the South China Morning Post, Peng Peng, the executive chairman of the Guangdong Society of Reform, urged increased supportive policies to address the severity of the economic situation. Wide-ranging impact on various sectors The economic slowdown is not confined to specific industries; electronics, plastics producers, and the printing industry have also felt the pinch. Simatelex, a Hong Kong-based electronics producer, closed its Shenzhen factory after 38 years, affecting hundreds of workers. Plastics manufacturers Shenli and Forward, as well as Good Printing, have closed their Shenzhen factories, impacting thousands of jobs. The closures have not only economic ramifications but also affect nearby businesses relying on the workers. China struggles to replace real estate as economic pillar The challenge lies in finding emerging industries powerful enough to replace real estate as a pillar for the national economy. Paris-based investment bank Natixis highlights this concern, emphasising that China has yet to identify industries capable of filling the void left by the real estate sector. The Guangzhou Institute of Greater Bay Area warns of investment conditions' deterioration and funding difficulties for private businesses in 2024 if confidence is not revived. Policy room available, but challenges loom While China maintains a growth target for the year, concerns persist about a protracted weakness in private investment. A report by the Guangzhou Institute of Greater Bay Area urges caution, stating that if confidence isn't revived, private entrepreneurs may continue to face challenges. Xu Qiyuan from the Chinese Academy of Social Sciences emphasised the need for additional gauges beyond the urban surveyed unemployment rate to better reflect the real job pressures. WATCH WION LIVE HERE

China's economic woes deepen as private sector struggles with challenges surrounding unemployment

Faced with escalating tensions and potential sanctions, China is seeking Malaysian expertise for assembling high-end chips, particularly graphics processing units (GPUS).

China turns to Malaysia for chip assembly amid US Sanction concerns

The private sector, long the backbone of China's economic growth, is struggling to recover. Fixed-asset investment contracted by 0.5% in the first 11 months of the year, in stark contrast to a 6.5% rise in the state sector. The once-prosperous golden world innovation aluminium, amid declining orders and a real estate crisis, finds itself unable to break even.

Guangdong's manufacturing hub faces unemployment wave