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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

Surat, the diamond cutting and polishing capital of the world, processes 90% of the globe's rough diamonds. With the inauguration of this massive bourse, the city aims to solidify its position as the world's diamond capital.

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Greece has approved its 2024 budget, anticipating a boost in economic growth to 2.9 per cent from this year's 2.4 per cent, propelled by robust tourist revenues and increased EU funds for investment.<o:p></o:p>

According to Reuters, the approval, backed by 158 votes, reflects the majority support from Prime Minister Kyriakos Mitsotakis's conservative government in the 300-seat house.<o:p></o:p>

The Greek government, aiming to strengthen its financial position, sets a target of a 2.1 per cent primary budget surplus next year, an increase from the 1.1 per cent surplus recorded in the current fiscal year. The nation, once the most indebted in the euro zone, has seen a robust recovery since emerging from international bailouts in 2018, culminating in the restoration of its investment-grade status in 2023 after a 13-year hiatus.<o:p></o:p>

The 2024 budget allocates 1.4 billion euros to enhance income, including the long-awaited pay raises for civil servants, marking the first increase since 2010.<o:p></o:p>

According to the Associated Press, Prime Minister Mitsotakis expressed optimism, aiming for a 3 per cent economic growth based on the anticipated increase in investment spending. The forecasted GDP, adjusted for inflation, is expected to surpass 200 billion euros, a notable achievement since 2010.<o:p></o:p>

Mitsotakis addressed concerns over inflation, projecting an average of 2.8 per cent and allocating approximately 2.5 billion euros in subsidies to mitigate the impact on lower incomes, especially with soaring electricity prices.<o:p></o:p>

Despite the positive projections, Mitsotakis acknowledged persistent challenges, emphasising the need for bolder and deeper reforms to address structural weaknesses in the economy. The minimum wage is set to rise for the fourth time in three years in April, aiming to counter opposition claims of a job market dominated by low-paying precarious positions. Furthermore, civil servants, numbering 660,000, are set to witness real pay hikes in January, the first in 14 years.<o:p></o:p>

&nbsp;(With inputs from agencies)<o:p></o:p>

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Greece has approved its 2024 budget, anticipating a boost in economic growth to 2.9 per cent from this year's 2.4 per cent, propelled by robust tourist revenues and increased EU funds for investment.

Greece has approved its 2024 budget, anticipating a boost in economic growth to 2.9 per cent from this year's 2.4 per cent, propelled by robust tourist revenues and increased EU funds for investment. According to Reuters, the approval, backed by 158 votes, reflects the majority support from Prime Minister Kyriakos Mitsotakis's conservative government in the 300-seat house. The Greek government, aiming to strengthen its financial position, sets a target of a 2.1 per cent primary budget surplus next year, an increase from the 1.1 per cent surplus recorded in the current fiscal year. The nation, once the most indebted in the euro zone, has seen a robust recovery since emerging from international bailouts in 2018, culminating in the restoration of its investment-grade status in 2023 after a 13-year hiatus. The 2024 budget allocates 1.4 billion euros to enhance income, including the long-awaited pay raises for civil servants, marking the first increase since 2010. According to the Associated Press, Prime Minister Mitsotakis expressed optimism, aiming for a 3 per cent economic growth based on the anticipated increase in investment spending. The forecasted GDP, adjusted for inflation, is expected to surpass 200 billion euros, a notable achievement since 2010. Mitsotakis addressed concerns over inflation, projecting an average of 2.8 per cent and allocating approximately 2.5 billion euros in subsidies to mitigate the impact on lower incomes, especially with soaring electricity prices. Despite the positive projections, Mitsotakis acknowledged persistent challenges, emphasising the need for bolder and deeper reforms to address structural weaknesses in the economy. The minimum wage is set to rise for the fourth time in three years in April, aiming to counter opposition claims of a job market dominated by low-paying precarious positions. Furthermore, civil servants, numbering 660,000, are set to witness real pay hikes in January, the first in 14 years. (With inputs from agencies) WATCH WION LIVE HERE

Greece approves 2024 budget with optimistic growth projections and investment focus

India and Oman are rapidly advancing towards a lucrative trade deal that promises significant economic gains. With a focus extending beyond petroleum, the negotiations reveal strategic manoeuvres and opportunities.

Oman deal offers gains for India

International investors have finally bought into India's growth story in the final trading sessions of 2023. After reversing their selling trend in november, foreign portfolio investors (F.P.I.S) have invested rs 42,733 crore, or nearly $52 billion, in indian shares in the first 15 days of december.

Foreign investors reverse their november selling streak

In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported.<o:p></o:p>

The sources told Reuters that these collaborations focus solely on the assembly aspect, steering clear of US restrictions, with contracts already finalised in some cases.<o:p></o:p>

The heightened restrictions by Washington to limit China's access to advanced GPUs, crucial for artificial intelligence and military applications, have left smaller Chinese semiconductor design firms struggling to secure adequate advanced packaging services domestically. As a result, some are turning to Malaysia for these critical services.<o:p></o:p>

While US restrictions do not currently apply to advanced chip packaging services, Chinese firms fear potential future curbs on exports to China in this domain. Malaysia, a key player in the semiconductor supply chain, is viewed as an ideal alternative for Chinese chip firms looking to diversify assembly locations outside China.<o:p></o:p>

Unisem, majority-owned by China's Huatian Technology, has reported increased business and inquiries from Chinese clients. The chairman, John Chia, underlined the legitimacy and compliance of Unisem's business dealings.<o:p></o:p>

Chinese chip design firms find Malaysia attractive due to its perceived positive relationship with China, affordability, skilled workforce, and advanced equipment. Chia acknowledged that most of Unisem's customers in Malaysia are from the US.<o:p></o:p>

Despite potential concerns over US reactions, Chia asserted that Unisem's business dealings are fully legitimate and compliant.<o:p></o:p>

Malaysia, currently contributing 13 per cent to the global market for semiconductor packaging, assembly, and testing, aims to increase its share to 15 per cent by 2030. Chinese chip firms, including Xfusion and StarFive, have announced plans to expand in Malaysia, attracted by the country's incentives and established infrastructure.<o:p></o:p>

In a bid to minimise geopolitical risks, other countries such as Vietnam and India are also actively seeking to expand their presence in chip manufacturing services, providing alternative options for clients looking to navigate US-Sino uncertainties.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported.

In a move to mitigate potential risks associated with US sanctions on China's chip industry, an increasing number of Chinese semiconductor design companies are exploring partnerships with Malaysian firms for the assembly of high-end chips, particularly graphics processing units (GPUs), Reuters reported. The sources told Reuters that these collaborations focus solely on the assembly aspect, steering clear of US restrictions, with contracts already finalised in some cases. The heightened restrictions by Washington to limit China's access to advanced GPUs, crucial for artificial intelligence and military applications, have left smaller Chinese semiconductor design firms struggling to secure adequate advanced packaging services domestically. As a result, some are turning to Malaysia for these critical services. While US restrictions do not currently apply to advanced chip packaging services, Chinese firms fear potential future curbs on exports to China in this domain. Malaysia, a key player in the semiconductor supply chain, is viewed as an ideal alternative for Chinese chip firms looking to diversify assembly locations outside China. Unisem, majority-owned by China's Huatian Technology, has reported increased business and inquiries from Chinese clients. The chairman, John Chia, underlined the legitimacy and compliance of Unisem's business dealings. Chinese chip design firms find Malaysia attractive due to its perceived positive relationship with China, affordability, skilled workforce, and advanced equipment. Chia acknowledged that most of Unisem's customers in Malaysia are from the US. Despite potential concerns over US reactions, Chia asserted that Unisem's business dealings are fully legitimate and compliant. Malaysia, currently contributing 13 per cent to the global market for semiconductor packaging, assembly, and testing, aims to increase its share to 15 per cent by 2030. Chinese chip firms, including Xfusion and StarFive, have announced plans to expand in Malaysia, attracted by the country's incentives and established infrastructure. In a bid to minimise geopolitical risks, other countries such as Vietnam and India are also actively seeking to expand their presence in chip manufacturing services, providing alternative options for clients looking to navigate US-Sino uncertainties. (With inputs from Reuters) WATCH WION LIVE HERE

Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears<o:p></o:p>

To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinese-semiconductor-firms-turn-to-malaysia-for-high-end-chip-assembly-amid-us-sanction-fears-670708">Read more here </a><o:p></o:p>

Greece approves 2024 budget with optimistic growth projections and investment focus<o:p></o:p>

Greece's 2024 budget was passed with the expectation that strong tourism and more EU investment money will accelerate the country's economy to 2.9 per cent growth from 2.4 per cent this year.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/greece-approves-2024-budget-with-optimistic-growth-projections-and-investment-focus-670746">Read more here</a><o:p></o:p>

China's economic woes deepen as private sector struggles with challenges surrounding unemployment<o:p></o:p>

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.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-economic-woes-deepen-as-private-sector-struggles-with-challenges-surrounding-unemployment-670754">Read more here</a><o:p></o:p>

Business travel emissions plummet as companies embrace sustainable practices<o:p></o:p>

According to a recent survey, nearly half of 217 multinational companies have cut their carbon emissions from business travel by at least 50 per cent between 2019 and 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/business-travel-emissions-plummet-as-companies-embrace-sustainable-practices-670770">Read more here</a><o:p></o:p>

India and Oman strengthen economic ties: CEPA progress and joint vision<o:p></o:p>

Discussions between India and Oman over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and possible bilateral rupee trade have advanced during Sultan Haitham bin Tarik's state visit to the country on Saturday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-and-oman-strengthen-economic-ties-cepa-progress-and-joint-vision-670778">Read more here</a><o:p></o:p>

Nissan partners with top Chinese university, plans global export of locally developed EVs<o:p></o:p>

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/nissan-partners-with-top-chinese-university-plans-global-export-of-locally-developed-evs-670806">Read more here</a><o:p></o:p>

Hong Kong luxury retailers adapt as Chinese tourist spending declines<o:p></o:p>

As the city adapts to a decline in Chinese tourists and a change in consumer preferences, Hong Kong's luxury retail industry is changing.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/hong-kong-luxury-retailers-adapt-as-chinese-tourist-spending-declines-670813">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. Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs).

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Chinese semiconductor firms turn to Malaysia for high-end chip assembly amid US sanction fears To reduce the possible negative effects of US sanctions on China's semiconductor industry, more Chinese semiconductor design companies are looking into joint ventures with Malaysian companies to assemble high-end circuits, specifically graphics processing units (GPUs). Read more here Greece approves 2024 budget with optimistic growth projections and investment focus Greece's 2024 budget was passed with the expectation that strong tourism and more EU investment money will accelerate the country's economy to 2.9 per cent growth from 2.4 per cent this year. Read more here China's economic woes deepen as private sector struggles with challenges surrounding unemployment 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. Read more here Business travel emissions plummet as companies embrace sustainable practices According to a recent survey, nearly half of 217 multinational companies have cut their carbon emissions from business travel by at least 50 per cent between 2019 and 2022. Read more here India and Oman strengthen economic ties: CEPA progress and joint vision Discussions between India and Oman over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and possible bilateral rupee trade have advanced during Sultan Haitham bin Tarik's state visit to the country on Saturday. Read more here Nissan partners with top Chinese university, plans global export of locally developed EVs Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. Read more here Hong Kong luxury retailers adapt as Chinese tourist spending declines As the city adapts to a decline in Chinese tourists and a change in consumer preferences, Hong Kong's luxury retail industry is changing. Read more here WATCH WION LIVE HERE

WION Business Wrap | Chinese semiconductor firms, Greece’s 2024 budget, Business travel emissions & more

Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences. Once a global hub for multi-brand department stores and ultra-luxury brands, the city is now facing challenges from competing shopping destinations, changing consumer behaviour, and the rise of online shopping, impacting the demand for luxury goods in the region.<o:p></o:p>

Shift in Visitor Focus: From shopping to experience<o:p></o:p>

Before the pandemic, Hong Kong attracted high-spending mainland Chinese visitors, boosting its luxury retail sector. However, the focus of visitors has now shifted from extravagant shopping sprees to a greater desire for local culture and experience-based tourism, according to Rosanna Tang, an executive director at Cushman &amp; Wakefield. Overnight and same-day visitor shopping spend has significantly decreased, prompting retailers to redirect their focus towards food and beverage outlets.<o:p></o:p>

"The focus of visitors in Hong Kong has shifted from 'shop till you drop' to a greater desire for local culture and experience-based touring ," Reuters quoted Tang as saying.<o:p></o:p>

Impact on Luxury Retailers: Harvey Nichols closes flagship store<o:p></o:p>

British luxury department store Harvey Nichols, a symbol of Hong Kong's luxury retail scene, is at the forefront of these changes. Its owner, Dickson Concepts, recently announced the relinquishment of its lease on the flagship five-level store in the upscale Landmark mall after almost two decades. The company stated, "Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic."<o:p></o:p>

Luxury retailers, including Valentino, Burberry, and LVMH's Tiffany, have also closed some of their stores in Hong Kong, where retail rents remain the highest in Asia despite a 40 per cent drop since 2019.<o:p></o:p>

Government and Tourism Sector Response: A shift towards nature and leisure attractions<o:p></o:p>

With total retail sales down about 20 per cent from 2018 levels, the government and tourism sector in Hong Kong are making efforts to reduce reliance on luxury spending by Chinese shoppers. Initiatives include promoting nature and leisure attractions, developing large-scale festivals, and green tourism projects in outlying islands. However, the effectiveness of these strategies remains uncertain as the city grapples with the aftermath of anti-government protests in 2019 and strict COVID-19 rules.<o:p></o:p>

Luxury sector's repositioning and future prospects<o:p></o:p>

Despite closures and challenges, Hong Kong has reclaimed its position as the number one location in per-capita spending on luxury goods in 2023, surpassing Switzerland and Singapore, according to Euromonitor International. The city is expected to recover to its pre-COVID personal luxury goods sales levels by mid-2024.<o:p></o:p>

Caroline Reyl, Head of Premium Brands at Pictet Asset Management, anticipates improvement in the luxury sector but acknowledges the competition from China's Hainan island. She mentions, "There was probably some over-distribution in the past," suggesting that major luxury labels saturated Hong Kong with their stores. As some brands reduce exposure to Hong Kong, opportunities emerge for others to fill the void.<o:p></o:p>

Luxury brands such as Louis Vuitton and Chanel remain optimistic about Hong Kong's future prospects. Louis Vuitton recently held a star-studded fashion show in the city, signalling a luxury renaissance. Chanel and other brands have opened new retail spaces, demonstrating confidence in the city's resilience despite current challenges.<o:p></o:p>

While property developer Hong Kong Land reports a return to pre-pandemic levels in tenant sales and footfall in its city centre malls, the closure of Harvey Nichols highlights the changing dynamics in the luxury retail landscape.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences.

Hong Kong's luxury retail sector is undergoing a transformation as the city adjusts to a decrease in high-spending Chinese tourists and a shift in consumer preferences. Once a global hub for multi-brand department stores and ultra-luxury brands, the city is now facing challenges from competing shopping destinations, changing consumer behaviour, and the rise of online shopping, impacting the demand for luxury goods in the region. Shift in Visitor Focus: From shopping to experience Before the pandemic, Hong Kong attracted high-spending mainland Chinese visitors, boosting its luxury retail sector. However, the focus of visitors has now shifted from extravagant shopping sprees to a greater desire for local culture and experience-based tourism, according to Rosanna Tang, an executive director at Cushman & Wakefield. Overnight and same-day visitor shopping spend has significantly decreased, prompting retailers to redirect their focus towards food and beverage outlets. "The focus of visitors in Hong Kong has shifted from 'shop till you drop' to a greater desire for local culture and experience-based touring ," Reuters quoted Tang as saying. Impact on Luxury Retailers: Harvey Nichols closes flagship store British luxury department store Harvey Nichols, a symbol of Hong Kong's luxury retail scene, is at the forefront of these changes. Its owner, Dickson Concepts, recently announced the relinquishment of its lease on the flagship five-level store in the upscale Landmark mall after almost two decades. The company stated, "Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic." Luxury retailers, including Valentino, Burberry, and LVMH's Tiffany, have also closed some of their stores in Hong Kong, where retail rents remain the highest in Asia despite a 40 per cent drop since 2019. Government and Tourism Sector Response: A shift towards nature and leisure attractions With total retail sales down about 20 per cent from 2018 levels, the government and tourism sector in Hong Kong are making efforts to reduce reliance on luxury spending by Chinese shoppers. Initiatives include promoting nature and leisure attractions, developing large-scale festivals, and green tourism projects in outlying islands. However, the effectiveness of these strategies remains uncertain as the city grapples with the aftermath of anti-government protests in 2019 and strict COVID-19 rules. Luxury sector's repositioning and future prospects Despite closures and challenges, Hong Kong has reclaimed its position as the number one location in per-capita spending on luxury goods in 2023, surpassing Switzerland and Singapore, according to Euromonitor International. The city is expected to recover to its pre-COVID personal luxury goods sales levels by mid-2024. Caroline Reyl, Head of Premium Brands at Pictet Asset Management, anticipates improvement in the luxury sector but acknowledges the competition from China's Hainan island. She mentions, "There was probably some over-distribution in the past," suggesting that major luxury labels saturated Hong Kong with their stores. As some brands reduce exposure to Hong Kong, opportunities emerge for others to fill the void. Luxury brands such as Louis Vuitton and Chanel remain optimistic about Hong Kong's future prospects. Louis Vuitton recently held a star-studded fashion show in the city, signalling a luxury renaissance. Chanel and other brands have opened new retail spaces, demonstrating confidence in the city's resilience despite current challenges. While property developer Hong Kong Land reports a return to pre-pandemic levels in tenant sales and footfall in its city centre malls, the closure of Harvey Nichols highlights the changing dynamics in the luxury retail landscape. (With inputs from Reuters) WATCH WION LIVE HERE

Hong Kong luxury retailers adapt as Chinese tourist spending declines

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. According to Reuters, the collaboration aims to leverage local resources and expedite research and development in the field of electrification.<o:p></o:p>

Masashi Matsuyama, Vice President of Nissan Motor and President of Nissan China, revealed the company's plans during a press conference in Beijing. "We are considering exporting our current internal combustion engine vehicles, as well as the upcoming pure electric and plug-in hybrid cars developed and manufactured in China to overseas markets," Reuters quoted him as saying. <o:p></o:p>

In addition, Matsuyama highlighted the company's aspiration to target markets already tapped by Chinese competitors such as BYD. <o:p></o:p>

As part of a growing trend among foreign automakers, Nissan joins the ranks of Tesla, BMW, and Ford, all seeking to exploit China's lower manufacturing costs by expanding exports of cars produced within the country. This move reflects a broader industry strategy to optimise factory capacity utilisation while maintaining cost efficiency.<o:p></o:p>

Despite accounting for just over a fifth of Nissan's global sales in the first 10 months of the year, a decrease from the previous year's one-third, China remains a crucial market for the Japanese automaker. Intense competition from domestic brands and the rapid shift towards EVs have posed significant challenges for Japanese automakers in the world's largest auto market.<o:p></o:p>

In response to the evolving market dynamics, Nissan has announced the establishment of a joint research centre with Tsinghua University, scheduled to commence operations next year. This centre will focus on comprehensive research and development of EVs, encompassing areas such as charging infrastructure and battery recycling. <o:p></o:p>

Nissan's President and CEO, Makoto Uchida, expressed optimism about the collaboration. "We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Reuters quoted him.<o:p></o:p>

The forthcoming research centre represents an extension of Nissan's existing collaboration with Tsinghua University, which began in 2016. The previous joint efforts centred on intelligent mobility and autonomous driving technology. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University.

Nissan Motor on Sunday announced that the company would globally export electric vehicles (EVs) developed in China, as part of a deal with the country's prestigious Tsinghua University. According to Reuters, the collaboration aims to leverage local resources and expedite research and development in the field of electrification. Masashi Matsuyama, Vice President of Nissan Motor and President of Nissan China, revealed the company's plans during a press conference in Beijing. "We are considering exporting our current internal combustion engine vehicles, as well as the upcoming pure electric and plug-in hybrid cars developed and manufactured in China to overseas markets," Reuters quoted him as saying. In addition, Matsuyama highlighted the company's aspiration to target markets already tapped by Chinese competitors such as BYD. As part of a growing trend among foreign automakers, Nissan joins the ranks of Tesla, BMW, and Ford, all seeking to exploit China's lower manufacturing costs by expanding exports of cars produced within the country. This move reflects a broader industry strategy to optimise factory capacity utilisation while maintaining cost efficiency. Despite accounting for just over a fifth of Nissan's global sales in the first 10 months of the year, a decrease from the previous year's one-third, China remains a crucial market for the Japanese automaker. Intense competition from domestic brands and the rapid shift towards EVs have posed significant challenges for Japanese automakers in the world's largest auto market. In response to the evolving market dynamics, Nissan has announced the establishment of a joint research centre with Tsinghua University, scheduled to commence operations next year. This centre will focus on comprehensive research and development of EVs, encompassing areas such as charging infrastructure and battery recycling. Nissan's President and CEO, Makoto Uchida, expressed optimism about the collaboration. "We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Reuters quoted him. The forthcoming research centre represents an extension of Nissan's existing collaboration with Tsinghua University, which began in 2016. The previous joint efforts centred on intelligent mobility and autonomous driving technology. (With inputs from Reuters) WATCH WION LIVE HERE

Nissan partners with top Chinese university, plans global export of locally developed EVs

Activision blizzard, the maker of 'call of duty,' has agreed to pay approximately $50 million to settle a lawsuit filed by california's civil rights department. The suit, initiated after a two-year investigation, alleged systematic gender discrimination, including underpayment and denial of promotion opportunities for female employees.

Activision blizzard settles $50 million lawsuit over gender discrimination | World Business Watch

There's no good news for the Chinese economy. The world bank has said that china's recovery remains fragile. The economy will continue to slow next year. That's despite more investments into factories & a boost to service sector demand. China's growth will fall from 5.2 this year to 4.5% next year.

World Bank on China's economy

Are we facing a job revolution or simply adapting to a new era of work? From staggering layoff statistics to the evolving nature of job roles, let’s unravel the real impact of ai on employment.

From layoffs to learning: adapting in the age of ai | World Business Watch

In a recent all-hands meeting, google and alphabet ceo sundar pichai faced tough questions as he addressed the company's massive 2022 layoffs. Defending the decision to cut 6% of alphabet's workforce, pichai acknowledged the impact on morale while emphasising the necessity of adapting to economic shifts for future growth.

CEO Sundar Pichai addresses layoffs at google's all-hands meeting | World Business Watch

The german government is tightening its purse strings and the first casualty seems to be the electric vehicles industry. The federal government has decided to end its subsidy programme for the sector.

Germany ends e-vehicle subsidy | World Business Watch

The ongoing political tensions have an underlying economic dimension to them. The thickly forested esequibo region is at the centre the dispute. While it is a part of english-speaking guyana, venezuela has revived its claim to the region. The dispute is at least two centuries old and has its origins in european colonialism. The dispute would have lingered without any flare up. But things took a drastic turn in 2015. U.s. Firm exxon found crude oil reserves in esequibo's offshore waters.

How oil discovery transformed esequibo dispute | World Business Watch

The Bank Of Canada remains resolute in its decision to keep interest rates steady, diverging from the US Federal Reserve's considerations of easing. Governor tiff macklem underscores caution, emphasising the nation's economic stability.

Bank of Canada holds steady amid global divergence

Indonesia workers are making a beeline for japan and this trend is likely to continue for the next few years. This is being seen as a win-win for both countries, as workers from indonesia secure employment while japan gets much-needed manpower.

Indonesian workers flock to japan | World Business Watch

Russia's battle against inflation continues. Its central bank has hiked interest rates for the fifth time in a row. The bank of russia has hiked the lending rates from 15 to 16 per cent. That's the highest level since april 2022, and shows that inflation continues to trouble the sanctions-hit country.

Bank of Russia hikes lending rates from 15 to 16 per cent

The international energy agency is urging nations, companies, and investors to take decisive actions to accelerate the global shift away from fossil fuels. The climate summit in dubai saw a historic agreement to transition towards cleaner energy, aligning with some of the iea's recommendations. However, challenges remain, especially in financing clean energy transitions for developing nations.

IEA flags financial challenge for clean energy at COP28

In a year where a large portion of the tech industry has resorted to cost cuts, startups have been severely impacted. Investors were ready to finance the expansion of fledgling firms at any cost during the pandemic boom. Now that fresh financing rounds have all but vanished, budget cutbacks are the norm of the day.

Funding dries up for startups

Western banks' exposure to russia is decreasing to levels last seen before the demise of the soviet union. The reasons: western sanctions & chinese lenders. Analysts at raiffeisen bank international say that banks from europe and the u.s. Will have less than $60 billion in exposure to russia in 2023. Compare that with about $40 billion at the end of the 1980s & $10 billion at the beginning of that decade. That is a decrease from $119 billion in 2021, just before the ukraine war began.

Western banks' exposure to Russia at a 3-decade low

Germany makes a bold fiscal move as it approves the 2023 supplementary budget, breaking free from its self-imposed borrowing cap. A recent constitutional court ruling forced the government to rethink spending plans, leading to a dramatic shift in financial strategy. The absolute majority in the bundestag, with 414 votes in favor, 242 against, and 9 abstentions, paves the way for the unprecedented move to exceed the debt brake by 44.8 billion euros, addressing a 60-billion-euro financial gap.

Green transition & fiscal strain: Impact of Germany's debt brake suspension

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

US Securities regulator says no to crypto rules

Sri lankan economy has expanded for the first time since the end of 2021. Government data suggests that the economy grew by 1.6% in the quarter ending in september. That was largely due to moderating inflation, a strengthening currency & lower interest rates.

Economy expands for the first time since 2021| World Business Watch

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.

India's diamond dominance eases blow from G7 restrictions on Russia| World Business Watch

Pfizer's shares take a nosedive after a disappointing forecast for next year, revealing that its ambitious $43 billion takeover of seagen may not be enough to counter the diminishing returns from its covid franchise.

Pfizer struggles amid Covid decline