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US lawmaker Pramila Jaypal writes to Rubio, urges to raise handling of CJP protest with India

Japan's ruling Liberal Democratic Party (LDP) is facing one of its biggest challenges in decades. There are allegations that some LDP lawmakers received thousands of dollars in unreported funds.

Japan's ruling Liberal Democratic Party (LDP) is facing one of its biggest challenges in decades. There are allegations that some LDP lawmakers received thousands of dollars in unreported funds. Heads will roll, as Prime Minister Fumio Kishida is set to replace some tainted ministers as early as Thursday (Dec 14), according to reports. This scandal comes as Japan is heading to a national election in October 2025. Even though the LDP has held power for almost all of Japan's post-war history, the scandal might weaken its hopes of retaining power. A poll showed that Prime Minister Kishida's government's popularity hit a record low, while the LDP's coalition partner warned that any rule-breaking would not be tolerated, Reuters reported on Monday (Dec 11). Addressing a press conference on Monday, Prime Minister Kishida said his government would consider appropriate measures at the right time to restore public trust. What is the Japan funding scandal about? In Japan, politicians, political parties and their factions hold fundraising events to increase revenue through ticket sales. According to a report by Nikkei Asia, these fundraisers are often hosted by groups supporting political parties and politicians or by factions' administrative bodies. One ticket for such an event would cost around $138 (20,000 yen). Profits from such an event can go towards political parties. Citing a political funding statement, the report said that Prime Minister Kishida raised about $1.03 million from eight fundraisers last year. They cost a total of 19 million yen, leaving 87% of the money raised as profit, the report added. Also read: Japan PM Kishida's popularity further depletes over 'secret funds' scandal According to the law, political parties are required to report revenue from fundraising events if any individual or company purchases more than $1,375 of tickets in a year. A report by The Japan Times said that as long as the flow of money is reported adequately as stated in the law, there is nothing wrong with holding a fundraising event. What caused the recent scandals? The Japan Times report said that underreporting allegations surfaced last month when news came out that five major LDP factions made nearly $275,000 from ticket sales that were not reported under law in the four years through 2021. The factions here were the Kishida faction; the faction of former secretary-general Toshihiro Nikai; the Aso faction; the faction of LDP Secretary-General Toshihiro Motegi, and the faction that was led by the former PM Shinzo Abe- who was assassinated in July last year. The factions claimed that there had been a mistake and they revised their political funds report. At that time, the damage appeared limited, the report said. However, on Dec 1, a report by Asahi Shimbun said that the Abe faction, the largest in the LDP, made off-the-book income in ticket sales worth over $687,000. Faction members who sold more tickets than the allocated quota were given the surplus as kickbacks. The Nikai faction, meanwhile, was suspected of underreporting income from ticket sales for fundraising parties, and of rewarding lawmakers who sold excess tickets with the surplus cash. The report further said that the Abe faction was suspected of failing to report both the excess revenue and expenditure for lawmakers. The Nikki faction, on the other hand, failed to report the revenue but reported the expenditure as a donation. PM planning to purge ministers embroiled in scandal Facing heat over the scandal, Prime Minister Kishida pledged on Monday to restore trust in his government. There have been reports that Kishida was planning to purge ministers embroiled in the scandal. Last Sunday, a report by the Asahi newspaper said that the prime minister decided to replace four ministers and 11 other ministerial positions in his cabinet. The reshuffle could come as early as Thursday. Also read: Deputy finance minister of Japan resigns after tax scandal in another blow to PM Fumio Kishida Those to be replaced include Chief Cabinet Secretary Matsuno Trade Minister Yasutoshi Nishimura, Internal Affairs Minister Junji Suzuki and Agriculture Minister Ichiro Miyashita. Trade Minister Nishimura said that he would stay in his post and review his political funding. "I am closely examining my own political financing report, and would like to provide a thorough explanation at the appropriate time," Nishimura told reporters on Sunday. On Tuesday, the main opposition party- Constitutional Democratic Party- is preparing to bring a no-confidence motion against Kishida's cabinet, local media reported. A decline in Kishida govt's popularity Fumio Kishida, who became prime minister in 2021, has seen his cabinet's approval rating slide in recent months. This was mainly due to worries about rising living costs and looming tax hikes to fund his military build-up plans. During the weekend, a survey by the Fuji News Network-Sankei said his administration's popularity sunk to a record low of 22.5 per cent, down 5.3 percentage points from the previous month. About 46 per cent of responders in the survey said they wanted Kishida to stay in power until his tenure as LDP leader expires in September next year, while about 41 per cent wanted him replaced immediately. (With inputs from agencies)

Explained: What is the Japanese fundraising scandal that has engulfed Fumio Kishida govt?

Bitcoin has once again seized the spotlight, experiencing an almost threefold surge in value throughout 2023. Yet, the persisting criticism revolves around its perceived lack of utility. Bitcoin is merely a store of value. While environmentalists vehemently oppose bitcoin due to its energy-intensive nature, a new perspective is emerging from economists who believe the cryptocurrency's substantial market cap could serve a groundbreaking purpose: supporting climate initiatives. Can bitcoin potentially go from climate culprit to carbon champion? Take a look at this report to find out...

Analysing bitcoin and it's carbon footprint | It's bit on environment

Rising investments in ai prove that it's going to be the most disruptive technology of the decade. But what about regulating this new tech? The EU seems to have cracked the code to that problem. Take a look to find out more...

EU strikes deal on 'historic' AI law | Achieves agreement

Tucker carlson, a renowned conservative figure and former fox news host, recently launched a subscription-based streaming service known as the tucker carlson network, available at $9 per month. Carlson, recognized for his popularity among conservative viewers, departed from fox news in april amidst a $787.5 million settlement with dominion voting systems over false election fraud claims.

Tucker Carlson's streaming service goes live, charges $9 per month

In the midst of a global economic slowdown, the indian stock markets have remained in a state of euphoria, with the nifty 50 recently shattering the 21,000-point barrier. This meteoric rise, from 20,000 to 21,000 unfolded in a mere 61 trading sessions, prompting seasoned market veterans to underscore the impact of the power of compounding on investor wealth.

How power of compounding works | World Business Watch

A recent Reuters report sparks a current of uncertainty in the electric vehicle landscape, revealing a potential speed bump on the road to an all-electric future. Buckle up as we navigate the twists and turns of the ev market, where projections might be hitting a few potholes.

Explained: why EVs are hitting a speed bump globally? | World Business News

Asian markets edged higher with japan stocks leading gains for a second straight session ahead of the final US Federal reserve meeting of the year.

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Saudi Arabia’s Public Investment Fund (PIF) has announced that it has entered into a share purchase agreement to acquire a 10% stake in TopCo, the holding company of Heathrow Airport Holdings. This deal is subject to regulatory approval. This year, Heathrow Airport has faced financial difficulties as a result of significant debt, which has been exacerbated by sharp increases in borrowing costs.

Saudi set to buy more stake in Heathrow: London's biggest airport

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Nigeria's Naira crashes 23% amid dollar shortage in Nigeria

The dream of making it big in Canada is turning into a battle for survival for many immigrants due to the high cost of living and rental shortages, as rising emigration numbers hint at newcomers being forced to turn their back on a country that they chose to make their adopted home.

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The issue at the heart of COP28 in Dubai is...whether or not a worldwide agreement to phase out fossil fuels will be reached at this year's UN Climate summit. Approximately 80% of the world's energy still comes from fossil fuels, which are the primary climate change driver. Take a look at this report to understand which countries are in favor of that agreement and those that are not.

COP28: Fossil fuel debate divides members at COP28 summit | World Business Watch

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform.

The central bank will enhance the transaction limit from ₹1 lakh to ₹5 lakh per transaction. This, the RBI said, will help consumers make UPI payments of higher amounts for education and healthcare purposes.

Given the rising popularity of e-Mandates for making recurring payments, transaction limits for e-Mandates have been hiked from ₹15,000 to ₹1 lakh. This is likely to help consumers make recurring payments for mutual funds, insurance premium and credit cards.

Medical, education sectors welcome move

Welcoming the hike in the transaction limits, Gaurav Gupta, Co-Founder, CarePay, said that the previous limit of ₹1 lakh was simply too low, especially for major surgeries in metropolitan and Tier 1 cities.&nbsp;

"UPI is already the preferred payment method for many patients. Patients are understandably worried about their treatment during such critical times. Technologies like UPI empower them to focus on getting better without the stress of managing large payments," he said.&nbsp;

The education sector, estimated to be worth $117 billion, too lauded the move, arguing that the limit hike will ease large educational transactions.&nbsp;

"Education expenses can be quite significant and are usually accompanied by strict deadlines. However, the forward-looking move will help students and their parents to make seamless payments without relying on alternatives like demand drafts," said Dr Christopher Abraham, Head of Campus (Dubai), SP Jain School of Global Management.&nbsp;

He added that the move will not only empower institutes to effectively manage their finances but also smoothen financial processes involving research grants, infrastructure development, and other institutional expenses.&nbsp;

Echoing similar views, Neeti Sharma, Co-founder of TeamLease Edtech, said that the enhanced UPI limit will make education-related transactions "more student-friendly".&nbsp;

Boost to fintech sector&nbsp;

During his presser, RBI Governor Shaktikanta Das also proposed to set-up a 'Fintech Repository', which is expected to help give a better understanding of developments in the Fintech ecosystem. "This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier," he added.&nbsp;

Anand Agrawal, Co-Founder, Credgenics, called the proposal a "positive move", adding that it will act as a catalyst for further innovation in the fintech sector.&nbsp;

"It will foster collaboration among fin-techs, financial services industry, and regulators. Encouraging voluntary contributions from fin-techs will empower regulators with real-time insights and enable informed, agile, and risk-mitigating decision-making," he said.&nbsp;

Led by the UPI platform, India's fintech sector is making waves across the world. As per various reports, India's fintech sector is the third-largest and is among the fastest-growing in terms of funding and deal volumes.&nbsp;

Helped by a robust Digital Public Infrastructure, consulting giant BCG predicts that Indian fintech revenues will grow 35 per cent each year to reach $190 billion by 2030.&nbsp;

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform.

In yet another boost for the Unified Payments Interface (UPI), the Reserve Bank of India on Friday raised the transaction limit for payments to hospitals and educational institutions via the homegrown platform. The central bank will enhance the transaction limit from ₹1 lakh to ₹5 lakh per transaction. This, the RBI said, will help consumers make UPI payments of higher amounts for education and healthcare purposes. Given the rising popularity of e-Mandates for making recurring payments, transaction limits for e-Mandates have been hiked from ₹15,000 to ₹1 lakh. This is likely to help consumers make recurring payments for mutual funds, insurance premium and credit cards. Medical, education sectors welcome move Welcoming the hike in the transaction limits, Gaurav Gupta, Co-Founder, CarePay, said that the previous limit of ₹1 lakh was simply too low, especially for major surgeries in metropolitan and Tier 1 cities. "UPI is already the preferred payment method for many patients. Patients are understandably worried about their treatment during such critical times. Technologies like UPI empower them to focus on getting better without the stress of managing large payments," he said. The education sector, estimated to be worth $117 billion, too lauded the move, arguing that the limit hike will ease large educational transactions. "Education expenses can be quite significant and are usually accompanied by strict deadlines. However, the forward-looking move will help students and their parents to make seamless payments without relying on alternatives like demand drafts," said Dr Christopher Abraham, Head of Campus (Dubai), SP Jain School of Global Management. He added that the move will not only empower institutes to effectively manage their finances but also smoothen financial processes involving research grants, infrastructure development, and other institutional expenses. Echoing similar views, Neeti Sharma, Co-founder of TeamLease Edtech, said that the enhanced UPI limit will make education-related transactions "more student-friendly". Boost to fintech sector During his presser, RBI Governor Shaktikanta Das also proposed to set-up a 'Fintech Repository', which is expected to help give a better understanding of developments in the Fintech ecosystem. "This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier," he added. Anand Agrawal, Co-Founder, Credgenics, called the proposal a "positive move", adding that it will act as a catalyst for further innovation in the fintech sector. "It will foster collaboration among fin-techs, financial services industry, and regulators. Encouraging voluntary contributions from fin-techs will empower regulators with real-time insights and enable informed, agile, and risk-mitigating decision-making," he said. Led by the UPI platform, India's fintech sector is making waves across the world. As per various reports, India's fintech sector is the third-largest and is among the fastest-growing in terms of funding and deal volumes. Helped by a robust Digital Public Infrastructure, consulting giant BCG predicts that Indian fintech revenues will grow 35 per cent each year to reach $190 billion by 2030.

India: RBI hiking UPI transaction limits gets an industry thumbs up

In WION's "Billion Dollar Idea" show, we delve into Religare Enterprises Limited's turnaround and success story. Led by visionary executive chairperson Dr Rashmi Saluja, Religare is a force in financial services, excelling in wealth management, health insurance, and asset management. Discover with Jasper Reid how Dr Saluja led Religare's innovative, citizen-focused approach, making it a leader in the financial industry.

Billion Dollar Idea Ep 11- Religare Enterprises

India's Monetary Policy Committee (MPC) unanimously decided to keep interest rates unchanged for the fifth consecutive time.&nbsp;

The Reserve Bank of India left the repo rate at 6.5 per cent while taking into account easing inflationary pressures and robust economic growth data.

"The rate action so far is still working its way into the economy. Hence, the Monetary Policy Committee decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting growth," RBI Governor Shaktikanta Das said.&nbsp;

'Withdrawal of accommodation' is a term used by the central bank to denote a tighter monetary policy which reduces liquidity to control inflation.&nbsp;&nbsp;

The RBI hiked the repo rate from 4 per cent to 6.5 per cent between May 2022 and February 2023 before pausing the hikes.&nbsp;

The central bank retained its projection for retail (CPI) inflation – which includes food &amp; essential commodities – at 5.4 per cent for the current fiscal year, 2023-24.&nbsp;

However, inflation is expected to fall below five per cent by 2024, provided India receives normal rainfall.&nbsp;

"Policymakers have to be mindful of the risk of being carried away by a few months of good data or by the fact that CPI inflation has come within the target range," Das said, indicating that the RBI will continue to maintain a hawkish stance on inflation.&nbsp;

The Ukraine war disrupted the already distorted pandemic-led global supply chain, which led to high consumer inflation in India. However, things have eased out since then.&nbsp;

Retail inflation remained under the RBI's target range of 4-6% in October -- 4.87%. However, the central bank added that India is still far from bringing inflation under four per cent.&nbsp;

India is doing well, but headwinds remain

Das said the Indian economy presents a picture of 'resilience and momentum', pointing to the July-September quarter growth rate of 7.6 per cent that defied expectation.&nbsp;

"The fundamentals of the Indian economy remain strong... Consumer and business optimism create congenial conditions for sustained growth of the Indian economy," Das added.&nbsp;

The central bank also revised the real GDP growth rate for 2023-24 from 6.5 per cent to 7.0 per cent.&nbsp;

Improving rural demand, strengthening manufacturing activity, buoyancy in services, and government infrastructure spending could help India end the current financial year on a high.&nbsp;

Even with the bright economic forecast, challenges will persist in 2024 due to the fragile global economy.&nbsp;

"Elevated debt levels, geopolitical hostilities and extreme weather conditions remain risks to the inflation outlook," RBI Governor Shaktikanta Das said.

Uncertain food prices are likely to impact inflation in the near term, with elevated sugar prices likely to be a cause for concern.&nbsp;

What is the repo rate?

The repo rate or repurchase rate is when the central bank lends money to commercial banks in India. A change in the repo rate affects the money flow in the economy.&nbsp;

A cut in repo rate leads to increased money circulation -- colloquially called easy money policy. On the other hand, if the repo rate rises, money circulation is curtailed, and borrowing costs rise.&nbsp;

In India, the repo rate is a tool the central bank uses to curb economic inflation.

Industry&nbsp;speaks&nbsp;

Adhil Shetty, CEO of Bankbazaar, welcomed the pause in the repo rate, pointing out that a stable lending rate can encourage investments and foster economic growth.&nbsp;

The policy stability, he argued, may bolster buyer sentiments in the real estate sector.&nbsp;

"Existing borrowers can rest assured that their EMIs won't be immediately affected. Prospective homebuyers may find relief in the stable repo rate, allowing them to plan their moves without the imminent threat of rate hikes," he said.

Terming the rate pause 'hawkish', Bhuvan Rustagi, Co-Founder, Lendbox, added that the announcement is good news for Indian retail investors.

"While interest rates remain unchanged in the short term, a stable economic environment and controlled inflation can provide a positive long-term outlook for investment. Savings and Deposit rates are likely to remain stable which translates into a positive investment option for investors looking for stable returns," he said.&nbsp;

WATCH WION LIVE HERE

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India's Monetary Policy Committee (MPC) unanimously decided to keep interest rates unchanged for the fifth consecutive time. The Reserve Bank of India left the repo rate at 6.

India's Monetary Policy Committee (MPC) unanimously decided to keep interest rates unchanged for the fifth consecutive time. The Reserve Bank of India left the repo rate at 6.5 per cent while taking into account easing inflationary pressures and robust economic growth data. "The rate action so far is still working its way into the economy. Hence, the Monetary Policy Committee decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting growth," RBI Governor Shaktikanta Das said. 'Withdrawal of accommodation' is a term used by the central bank to denote a tighter monetary policy which reduces liquidity to control inflation. The RBI hiked the repo rate from 4 per cent to 6.5 per cent between May 2022 and February 2023 before pausing the hikes. The central bank retained its projection for retail (CPI) inflation – which includes food & essential commodities – at 5.4 per cent for the current fiscal year, 2023-24. However, inflation is expected to fall below five per cent by 2024, provided India receives normal rainfall. "Policymakers have to be mindful of the risk of being carried away by a few months of good data or by the fact that CPI inflation has come within the target range," Das said, indicating that the RBI will continue to maintain a hawkish stance on inflation. The Ukraine war disrupted the already distorted pandemic-led global supply chain, which led to high consumer inflation in India. However, things have eased out since then. Retail inflation remained under the RBI's target range of 4-6% in October -- 4.87%. However, the central bank added that India is still far from bringing inflation under four per cent. India is doing well, but headwinds remain Das said the Indian economy presents a picture of 'resilience and momentum', pointing to the July-September quarter growth rate of 7.6 per cent that defied expectation. "The fundamentals of the Indian economy remain strong... Consumer and business optimism create congenial conditions for sustained growth of the Indian economy," Das added. The central bank also revised the real GDP growth rate for 2023-24 from 6.5 per cent to 7.0 per cent. Improving rural demand, strengthening manufacturing activity, buoyancy in services, and government infrastructure spending could help India end the current financial year on a high. Even with the bright economic forecast, challenges will persist in 2024 due to the fragile global economy. "Elevated debt levels, geopolitical hostilities and extreme weather conditions remain risks to the inflation outlook," RBI Governor Shaktikanta Das said. Uncertain food prices are likely to impact inflation in the near term, with elevated sugar prices likely to be a cause for concern. What is the repo rate? The repo rate or repurchase rate is when the central bank lends money to commercial banks in India. A change in the repo rate affects the money flow in the economy. A cut in repo rate leads to increased money circulation -- colloquially called easy money policy. On the other hand, if the repo rate rises, money circulation is curtailed, and borrowing costs rise. In India, the repo rate is a tool the central bank uses to curb economic inflation. Industry speaks Adhil Shetty, CEO of Bankbazaar, welcomed the pause in the repo rate, pointing out that a stable lending rate can encourage investments and foster economic growth. The policy stability, he argued, may bolster buyer sentiments in the real estate sector. "Existing borrowers can rest assured that their EMIs won't be immediately affected. Prospective homebuyers may find relief in the stable repo rate, allowing them to plan their moves without the imminent threat of rate hikes," he said. Terming the rate pause 'hawkish', Bhuvan Rustagi, Co-Founder, Lendbox, added that the announcement is good news for Indian retail investors. "While interest rates remain unchanged in the short term, a stable economic environment and controlled inflation can provide a positive long-term outlook for investment. Savings and Deposit rates are likely to remain stable which translates into a positive investment option for investors looking for stable returns," he said. WATCH WION LIVE HERE

India's central bank keeps the pause on key rates

The angular design of the recently launched Tesla Cybertruck has sparked safety concerns among experts, who are demanding that the vehicle's crash test data be shared, the news agency Reuters reported early Saturday (Dec 9).

The angular design of the recently launched Tesla Cybertruck has sparked safety concerns among experts, who are demanding that the vehicle's crash test data be shared, the news agency Reuters reported early Saturday (Dec 9). On Nov 30, Tesla launched the Cybertruck in its factory in Austin, and the crash test videos that it live-streamed were heavily discussed on social media. Tesla touted the structures of the truck as that absorb impact during the crash. In a post on X, Tesla's Chief Executive Officer (CEO) said on Tuesday that he was "highly confident" that Cybertruck would be safer than other trucks for occupants and pedestrians. The safety concerns Speaking to Reuters, safety experts said that the electric pickup truck's stiff stainless-steel exoskeleton could hurt pedestrians and cyclists and damage other vehicles on roads. As Tesla live-streamed the crash test videos during the launch event, experts demanded crash-test data to reach firm conclusions about safety. Also read: Tesla begins Cybertruck delivery, price starts from $60,990. Know more "The big problem there is if they really make the skin of the vehicle very stiff by using thick stainless steel, then when people hit their heads on it, it's going to cause more damage to them," said Adrian Lund, the former president of the Insurance Institute for Highway Safety (IIHS), whose vehicle crash tests are an industry standard. Samer Hamdar, a professor of auto safety at George Washington University raised concerns about limited crumple zones- which are parts of the car that can deform in a crash in a way to more safely absorb the energy of an impact. "There might be a possibility of shock-absorbent mechanism that will limit the fact that you have a limited crumple zone," Professor Hamdar said. "If you're in a crash with another vehicle that has a crumple zone and your car is more stiff, then their cars are going to crush and yours is resistant," David Friedman, the former acting head of the National Highway Traffic Safety Administration, said. Meanwhile, Julia Griswold, director of the University of California, Berkeley's Safe Transportation Research and Education Center, said she was alarmed by the crash test videos that Tesla live-streamed. She said the heavy weight of the trucks and their high acceleration "raise red flags for non-occupants." The Cybertruck is available at a starting price of $60,990, and Musk has said the vehicle will likely reach a production rate of roughly 250,000 Cybertrucks a year in 2025. (With inputs from agencies)

Tesla Cybertruck's angular design sparks safety concerns, experts demand crash test data

Ah, the good old days when Japan was the talk of the economic town, and Sony products were the cool kids on the block. Born in the '90s, I vividly recall a time when the mere thought of a Sony Walkman had us all daydreaming. Fast forward to today, and it seems like my collection of outdated Sony gadgets is more of a nostalgia trip than a testament to cutting-edge tech. 
 
Rewinding Back to Japan's Economic Peak 
 
Back in the late 20th century, Japan was the economic superhero, flexing its muscles with technological marvels, sleek automobiles, and a manufacturing prowess that left the world in awe. But, oh boy, did the bubble burst in the '90s! The economic party took a nosedive, leaving a lingering period of stagnation and deflation. 
 
Japan's economic playlist took a hit from all sides. The burst of the asset price bubble, an aging population, and a corporate structure that resisted innovation. Global competition, especially from emerging players like China, added a twist to Japan's economic saga. 
 
Sony's Glory Days From My Personal Walkman Chronicles 
 
Now, let's talk Sony—the brand that once made me the envy of the neighborhood. My first Walkman was a treasure; I practically wore it like a badge of honor. The sleek music players are long gone, but back then, it was my musical escape. 
 
Sony, born in 1946, didn't just make gadgets, it crafted experiences. From the Walkman era to the PlayStation frenzy, Sony was the cool older sibling of the tech world. My first PlayStation was a rush like no other—hours spent immersed in virtual worlds, conquering levels and forming friendships over multiplayer games. 
 
But then came the 21st century, and Sony found itself in a game where the rules kept changing. Apple and the gang showed up, and suddenly, my allegiance to Sony wavered. Now, if you ask me which PlayStation version is in production, I'd probably draw a blank. The gaming world evolved, and so did gaming preferences. 
 
The decline of Sony's smartphone empire hit close to home. I remember when owning a Sony phone felt like holding a piece of the future. Fast forward, and my sleek Sony phone faced fierce competition from Apple's iPhone and a whole parade of Chinese tech contenders. 
 
Sony's struggle to snag a piece of the smartphone pie mirrored Japan's broader economic challenges. The corporate culture in Japan seemed to resist change and innovation, hindering Sony's groove in the face of evolving consumer tastes. 
 
As a '90s kid, I've seen the rise and fall—a rollercoaster ride of economic highs and technological lows. Japan, still a powerhouse, is at a crossroads, wrestling with the need for change and innovation. 
 
The fall of Sony, a brand that once fueled our aspirations, serves as a wake-up call. Agility and adaptability, I've learned, are the keys to staying in the game. As we look back on these Flashback Fridays, it's not just about remembering the Walkman days but understanding the importance of staying in tune with the times.

WATCH WION LIVE HERE

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Ah, the good old days when Japan was the talk of the economic town, and Sony products were the cool kids on the block. Born in the '90s, I vividly recall a time when the mere thought of a Sony Walkman had us all daydreaming.

Ah, the good old days when Japan was the talk of the economic town, and Sony products were the cool kids on the block. Born in the '90s, I vividly recall a time when the mere thought of a Sony Walkman had us all daydreaming. Fast forward to today, and it seems like my collection of outdated Sony gadgets is more of a nostalgia trip than a testament to cutting-edge tech. Rewinding Back to Japan's Economic Peak Back in the late 20th century, Japan was the economic superhero, flexing its muscles with technological marvels, sleek automobiles, and a manufacturing prowess that left the world in awe. But, oh boy, did the bubble burst in the '90s! The economic party took a nosedive, leaving a lingering period of stagnation and deflation. Japan's economic playlist took a hit from all sides. The burst of the asset price bubble, an aging population, and a corporate structure that resisted innovation. Global competition, especially from emerging players like China, added a twist to Japan's economic saga. Sony's Glory Days From My Personal Walkman Chronicles Now, let's talk Sony—the brand that once made me the envy of the neighborhood. My first Walkman was a treasure; I practically wore it like a badge of honor. The sleek music players are long gone, but back then, it was my musical escape. Sony, born in 1946, didn't just make gadgets, it crafted experiences. From the Walkman era to the PlayStation frenzy, Sony was the cool older sibling of the tech world. My first PlayStation was a rush like no other—hours spent immersed in virtual worlds, conquering levels and forming friendships over multiplayer games. But then came the 21st century, and Sony found itself in a game where the rules kept changing. Apple and the gang showed up, and suddenly, my allegiance to Sony wavered. Now, if you ask me which PlayStation version is in production, I'd probably draw a blank. The gaming world evolved, and so did gaming preferences. The decline of Sony's smartphone empire hit close to home. I remember when owning a Sony phone felt like holding a piece of the future. Fast forward, and my sleek Sony phone faced fierce competition from Apple's iPhone and a whole parade of Chinese tech contenders. Sony's struggle to snag a piece of the smartphone pie mirrored Japan's broader economic challenges. The corporate culture in Japan seemed to resist change and innovation, hindering Sony's groove in the face of evolving consumer tastes. As a '90s kid, I've seen the rise and fall—a rollercoaster ride of economic highs and technological lows. Japan, still a powerhouse, is at a crossroads, wrestling with the need for change and innovation. The fall of Sony, a brand that once fueled our aspirations, serves as a wake-up call. Agility and adaptability, I've learned, are the keys to staying in the game. As we look back on these Flashback Fridays, it's not just about remembering the Walkman days but understanding the importance of staying in tune with the times. WATCH WION LIVE HERE

Flashback Friday | Navigating Japan's Economic Rollercoaster Through My Sony Time Capsule

In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters.&nbsp;

The move aims to boost sugar output and may involve urging mills not to use sugar cane juice and B-heavy molasses (contains less sugar and does not spontaneously crystallise) for ethanol production. The decision comes as a response to the demand-supply situation, with the government intending to prioritise sugar production in the current marketing year, which commenced on November 1. The potential shift is seen as a setback for an industry that has made significant investments in increasing ethanol production capacity over the last five years.&nbsp;

Government sources, speaking on condition of anonymity, indicated that the authorities could specifically allow mills to produce ethanol only from C-heavy molasses, a cane by-product with minimal sugar content. &nbsp;

This decision aligns with the government's focus on addressing the challenges posed by patchy rains in Maharashtra and Karnataka, key sugar cane-growing states, raising concerns about the potential decline in sugar output for the 2023-24 marketing year. The Indian Sugar Mills Association has already projected an 8 per cent drop in sugar production, estimating it at 33.7 million metric tons. &nbsp;

Ethanol procurement guidelines for the ongoing marketing year are expected to be finalised soon, with oil marketing companies likely to honour contracts already awarded. The government's decision to prioritise sugar production is seen as a short-term setback by industry insiders, who hope for a shift in focus back to ethanol once sugar cane supplies improve.&nbsp;

India's fuel retailers, who blend ethanol with gasoline, have been paying higher prices for ethanol produced from sugar cane juice and B-heavy molasses. The potential restriction on using these sources for ethanol production could impact the economics of the industry.&nbsp;

Local sugar prices have already surged to their highest levels in nearly 14 years.&nbsp;

(With inputs from Reuters)&nbsp;

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In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters.

In a bid to secure ample supplies of sugar amid concerns of a potential fall in production due to below-normal rainfall in key growing states, India is contemplating measures to discourage the diversion of sugar for ethanol production, according to government and trade sources cited by Reuters. The move aims to boost sugar output and may involve urging mills not to use sugar cane juice and B-heavy molasses (contains less sugar and does not spontaneously crystallise) for ethanol production. The decision comes as a response to the demand-supply situation, with the government intending to prioritise sugar production in the current marketing year, which commenced on November 1. The potential shift is seen as a setback for an industry that has made significant investments in increasing ethanol production capacity over the last five years. Government sources, speaking on condition of anonymity, indicated that the authorities could specifically allow mills to produce ethanol only from C-heavy molasses, a cane by-product with minimal sugar content. This decision aligns with the government's focus on addressing the challenges posed by patchy rains in Maharashtra and Karnataka, key sugar cane-growing states, raising concerns about the potential decline in sugar output for the 2023-24 marketing year. The Indian Sugar Mills Association has already projected an 8 per cent drop in sugar production, estimating it at 33.7 million metric tons. Ethanol procurement guidelines for the ongoing marketing year are expected to be finalised soon, with oil marketing companies likely to honour contracts already awarded. The government's decision to prioritise sugar production is seen as a short-term setback by industry insiders, who hope for a shift in focus back to ethanol once sugar cane supplies improve. India's fuel retailers, who blend ethanol with gasoline, have been paying higher prices for ethanol produced from sugar cane juice and B-heavy molasses. The potential restriction on using these sources for ethanol production could impact the economics of the industry. Local sugar prices have already surged to their highest levels in nearly 14 years. (With inputs from Reuters) WATCH WION LIVE HERE

India shifts focus from ethanol to sugar production amid supply concerns 

Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. &nbsp;

According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power. The company's stock has been on an upward trajectory, gaining 45.47 per cent in the last six months and an astonishing 50 per cent in the current year. &nbsp;

This momentum led to a record market capitalisation Rs 1.01 lakh crore (approximately $11 billion), reflecting investor confidence in Tata Power's strategic moves.

Analyst insights and projections

Business Today quoted Mandar Bhojane, Equity Research Analyst at Choice Broking, as saying that Tata Power's all-time high level of Rs 322 indicates a robust bullish momentum in the stock.

Supporting the sentiment, Aditya Gaggar, Director of Progressive Shares, added that the year-long consolidation may come to an end.

Strategic recalibration and market cap milestone

The 11 per cent surge in Tata Power’s shares comes close on heels of JM Financial upgrading Tata Power's stock to a 'buy' rating from 'hold’. &nbsp;

JM Financial has also increased the price target on the stock by 40 per cent to Rs 350 ($4.20), envisioning a potential rally of 24 per cent over the next 12 months.

It further highlighted the key elements of Tata Power's strategic plan: capitalising on group captive renewables, divesting from low-value businesses, entering the brownfield hydro storage sector, and extending the transmission business beyond distribution.

Positive resolutions and technical outlook

JM Financial projects a 15 per cent Compound Annual Growth Rate (CAGR) for revenue, a 23 per cent growth in EBITDA, and a 32 per cent increase in net profit from FY 2023 to 2026.

Tata Power's consistent acquisition of new orders, including the Bikaner-Neemrana transmission project, positions it for further growth. Moneycontrol quoted Jigar S Patel of Anand Rathi Shares &amp; Stock Brokers as saying that technical analysis supports the bullish momentum.

He explained that since March 2023, Tata Power stock has been making higher highs and higher lows, indicating a strong bull trend.

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Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power.

Tata Power witnessed its shares hitting a record high for the second consecutive session, reaching an all-time high of Rs 322.30 ($3.87) on Thursday. According to a Business Today report, this surge, amid a mild correction in the broader market, marked a notable uptrend for Tata Power. The company's stock has been on an upward trajectory, gaining 45.47 per cent in the last six months and an astonishing 50 per cent in the current year. This momentum led to a record market capitalisation Rs 1.01 lakh crore (approximately $11 billion), reflecting investor confidence in Tata Power's strategic moves. Analyst insights and projections Business Today quoted Mandar Bhojane, Equity Research Analyst at Choice Broking, as saying that Tata Power's all-time high level of Rs 322 indicates a robust bullish momentum in the stock. Supporting the sentiment, Aditya Gaggar, Director of Progressive Shares, added that the year-long consolidation may come to an end. Strategic recalibration and market cap milestone The 11 per cent surge in Tata Power’s shares comes close on heels of JM Financial upgrading Tata Power's stock to a 'buy' rating from 'hold’. JM Financial has also increased the price target on the stock by 40 per cent to Rs 350 ($4.20), envisioning a potential rally of 24 per cent over the next 12 months. It further highlighted the key elements of Tata Power's strategic plan: capitalising on group captive renewables, divesting from low-value businesses, entering the brownfield hydro storage sector, and extending the transmission business beyond distribution. Positive resolutions and technical outlook JM Financial projects a 15 per cent Compound Annual Growth Rate (CAGR) for revenue, a 23 per cent growth in EBITDA, and a 32 per cent increase in net profit from FY 2023 to 2026. Tata Power's consistent acquisition of new orders, including the Bikaner-Neemrana transmission project, positions it for further growth. Moneycontrol quoted Jigar S Patel of Anand Rathi Shares & Stock Brokers as saying that technical analysis supports the bullish momentum. He explained that since March 2023, Tata Power stock has been making higher highs and higher lows, indicating a strong bull trend. WATCH WION LIVE HERE

Tata Power shares surges to new heights, crossing $11 billion market cap

With key state elections being concluded in India, the focus shifts to the General Elections where Prime Minister Narendra Modi will be looking to secure a third term in office. But how are markets placing their bets for the biggest democratic exercise in the world. That's what this report decodes.

Indian markets surge on political optimism | World Business Watch

US chip making giant nvidia has decided to comply with US curbs on chips exports to China. A Reuters report suggests that the chip maker is making chips that comply with the curbs announced earlier this year.

Nvidia working on chips that comply with export curbs: Reports | World Business Watch

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack.

Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment. &nbsp;

A Business Today report cited Shivaji Thapliyal, Head of Research at Yes Securities, who expressed scepticism about Paytm's transformation narrative, stating, "The key question to ask is what proportion of its overall customer base Paytm would ultimately be able to convert into loan customers in the long run."

Strategic shift and profitability concerns

Thapliyal raised concerns about the impact on profitability as Paytm shifts focus from a payments-centric model to a loan distribution-focused approach. He questioned the viability of this shift, emphasising the need to understand the long-term customer conversion strategy. Thapliyal disclosed that Yes Securities had a "Sell" rating on Paytm at the time of its IPO and maintains a less-than-bullish 'ADD' rating on the stock currently.

Denying speculations and growth projections

Contrary to recent speculations, Motilal Oswal clarified that Paytm is not losing lending partners. The company affirmed its association with seven NBFC partners for loan distribution, with plans to integrate one large bank and two large NBFCs by Q4FY24 and Q1FY25. Motilal Oswal suggested a target of Rs 1,025 ($12.30) on the stock and trimmed disbursement estimates for FY24/FY25, anticipating a calibrated approach in the post-paid segment. The brokerage valued Paytm at 20 times FY28E EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), factoring in a discount rate of 14 per cent to FY25E.

Analyst downgrades and target adjustments

Morgan Stanley maintained an "equal weight" on Paytm with a target of Rs 830 ($9.96), while JPMorgan and Goldman Sachs downgraded the stock to 'neutral'. Jefferies retained a 'Buy' rating but lowered the target to Rs 1,050 ($12.60), and Bernstein reduced its target to Rs 950 ($11.40) from Rs 1,100 ($13.20). &nbsp;

Impact on stock rally and future expectations

JM Financial noted that the rally in Paytm shares was driven by strong loan distribution business revenues and operational efficiencies. However, with an abrupt pullback on this growth lever, the brokerage anticipates a negative reaction in Paytm's stock price until growth trends stabilise. JM Financial revised Paytm's FY24E EBITDA loss and adjusted EBITDA, lowering the target price to Rs 1,120 ($13.44).

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Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment.

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Amid this recovery, some brokerages adjusted target prices after Paytm's revelation during an analyst meet that it would be scaling down monthly disbursements in its small-ticket 'postpaid' segment. A Business Today report cited Shivaji Thapliyal, Head of Research at Yes Securities, who expressed scepticism about Paytm's transformation narrative, stating, "The key question to ask is what proportion of its overall customer base Paytm would ultimately be able to convert into loan customers in the long run." Strategic shift and profitability concerns Thapliyal raised concerns about the impact on profitability as Paytm shifts focus from a payments-centric model to a loan distribution-focused approach. He questioned the viability of this shift, emphasising the need to understand the long-term customer conversion strategy. Thapliyal disclosed that Yes Securities had a "Sell" rating on Paytm at the time of its IPO and maintains a less-than-bullish 'ADD' rating on the stock currently. Denying speculations and growth projections Contrary to recent speculations, Motilal Oswal clarified that Paytm is not losing lending partners. The company affirmed its association with seven NBFC partners for loan distribution, with plans to integrate one large bank and two large NBFCs by Q4FY24 and Q1FY25. Motilal Oswal suggested a target of Rs 1,025 ($12.30) on the stock and trimmed disbursement estimates for FY24/FY25, anticipating a calibrated approach in the post-paid segment. The brokerage valued Paytm at 20 times FY28E EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), factoring in a discount rate of 14 per cent to FY25E. Analyst downgrades and target adjustments Morgan Stanley maintained an "equal weight" on Paytm with a target of Rs 830 ($9.96), while JPMorgan and Goldman Sachs downgraded the stock to 'neutral'. Jefferies retained a 'Buy' rating but lowered the target to Rs 1,050 ($12.60), and Bernstein reduced its target to Rs 950 ($11.40) from Rs 1,100 ($13.20). Impact on stock rally and future expectations JM Financial noted that the rally in Paytm shares was driven by strong loan distribution business revenues and operational efficiencies. However, with an abrupt pullback on this growth lever, the brokerage anticipates a negative reaction in Paytm's stock price until growth trends stabilise. JM Financial revised Paytm's FY24E EBITDA loss and adjusted EBITDA, lowering the target price to Rs 1,120 ($13.44). WATCH WION LIVE HERE

Paytm share price faces scrutiny amid strategic shifts & analyst concerns

Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported.

Gemini is poised to close the gap with Microsoft-backed OpenAI, according to analysts. Alphabet's renewed focus on AI innovation comes after it temporarily lost ground to OpenAI's ChatGPT last year, allowing Microsoft to seize the initiative in deploying AI-powered software to businesses.

The Gemini AI model has garnered attention for its potential to outpace OpenAI's latest offering. Alphabet emphasised Gemini's speed and its capability to process various media formats, including video, audio, and text.

&nbsp;J.P. Morgan analysts noted that the launch of Gemini addresses investor concerns about the high costs associated with running generative AI models, showcasing Google's commitment to innovation in the AI landscape. The company's market value surged by over $80 billion, signalling a positive market response to Gemini's capabilities.

In response to Gemini's release, Google's parent company intends to alleviate concerns raised by OpenAI users who have expressed dissatisfaction with recent updates affecting the quality of GPT model output. Macquarie analysts see the potential for Gemini to surpass the capabilities of GPT-4, providing Google with a competitive edge and attracting users and developers. &nbsp;

Additionally, some of Gemini's technology has been integrated into Alphabet's Bard chatbot, with plans to unveil the most advanced Gemini version through Bard early next year.

A six-minute video showcasing Gemini's capabilities highlighted its proficiency in recognising sleight-of-hand magic tricks and assisting users in creating art by suggesting ideas based on materials and colours. This demonstration highlights Gemini's versatility in handling diverse tasks, from entertainment to creative work. &nbsp;

Despite Alphabet's leadership in AI research, Microsoft has maintained a lead in the race for AI-driven cloud revenue. Google Cloud's growth slowed in the September quarter, prompting Alphabet to refocus its efforts on reclaiming market share. Microsoft's strategy of targeting established businesses contrasts with Google's approach of engaging startups, which have limited spending capacity in an uncertain economic environment. Both companies have experienced significant stock rallies this year, driven by the broader surge in big technology stocks fuelled by AI advancements.

Reuters cited Ken Mahoney, the CEO of Mahoney Asset Management in New Jersey, who acknowledged that some criticism might label Google as late to the AI party. However, he emphasised that Google's commitment to getting it right and seizing its opportunity in the AI space, positions Gemini as a crucial driver for the company's growth.

(With inputs from Reuters)

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Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported.

Alphabet recorded a 5.3 per cent surge in its shares on Thursday as Wall Street celebrated the debut of Google's Gemini AI, marking a significant leap in the tech giant's quest to regain dominance in the artificial intelligence sector, Reuters reported. Gemini is poised to close the gap with Microsoft-backed OpenAI, according to analysts. Alphabet's renewed focus on AI innovation comes after it temporarily lost ground to OpenAI's ChatGPT last year, allowing Microsoft to seize the initiative in deploying AI-powered software to businesses. The Gemini AI model has garnered attention for its potential to outpace OpenAI's latest offering. Alphabet emphasised Gemini's speed and its capability to process various media formats, including video, audio, and text. J.P. Morgan analysts noted that the launch of Gemini addresses investor concerns about the high costs associated with running generative AI models, showcasing Google's commitment to innovation in the AI landscape. The company's market value surged by over $80 billion, signalling a positive market response to Gemini's capabilities. In response to Gemini's release, Google's parent company intends to alleviate concerns raised by OpenAI users who have expressed dissatisfaction with recent updates affecting the quality of GPT model output. Macquarie analysts see the potential for Gemini to surpass the capabilities of GPT-4, providing Google with a competitive edge and attracting users and developers. Additionally, some of Gemini's technology has been integrated into Alphabet's Bard chatbot, with plans to unveil the most advanced Gemini version through Bard early next year. A six-minute video showcasing Gemini's capabilities highlighted its proficiency in recognising sleight-of-hand magic tricks and assisting users in creating art by suggesting ideas based on materials and colours. This demonstration highlights Gemini's versatility in handling diverse tasks, from entertainment to creative work. Despite Alphabet's leadership in AI research, Microsoft has maintained a lead in the race for AI-driven cloud revenue. Google Cloud's growth slowed in the September quarter, prompting Alphabet to refocus its efforts on reclaiming market share. Microsoft's strategy of targeting established businesses contrasts with Google's approach of engaging startups, which have limited spending capacity in an uncertain economic environment. Both companies have experienced significant stock rallies this year, driven by the broader surge in big technology stocks fuelled by AI advancements. Reuters cited Ken Mahoney, the CEO of Mahoney Asset Management in New Jersey, who acknowledged that some criticism might label Google as late to the AI party. However, he emphasised that Google's commitment to getting it right and seizing its opportunity in the AI space, positions Gemini as a crucial driver for the company's growth. (With inputs from Reuters) WATCH WION LIVE HERE

Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft

More and more data points to the fact that tight lending and monetary policy have peaked and are now effectively bringing down inflation.

But as major central banks prepare to announce decisions next week, the Federal Reserve and Bank of England won't want to support the recent surge in rate-cut expectations in financial markets.

On Friday, the Reserve Bank of India sounded 'hawkish' compared to predictions for hints of policy easing.

The reason is concerns over elevated food inflation.

The other reason is they don't want to falter again as they did in 2021 when they called surging inflation "transitory."

After six consecutive rate hikes between April 2022 and February this year, the Reserve Bank of India has kept monetary policy on hold.

The likelihood the central bank hints at rate cuts was factored in before today's decision and comments from Governor Shaktikanta Das.

But RBI more or less dashed those expectations by sounding hawkish in its assessment of inflation.

<a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-hawkish-pause-keeps-households-on-edge-667508">Read about RBI's policy </a><a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-hawkish-pause-keeps-households-on-edge-667508">here</a><a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-hawkish-pause-keeps-households-on-edge-667508">.</a>

Governor Das said rate cuts were off the table.

The deputy chief economist for emerging markets at Capital Economics, Shilan Shah, said, "The economy is performing exceptionally well, which limits any immediate need for looser policy."

US: Pushback from the Fed

At the FOMC meeting next week, it is generally anticipated that the Federal Reserve will maintain the Fed funds target range at 5.25–5.5 per cent.

Key Federal Reserve officials actively support the theory that monetary policy is sufficiently tight to drive inflation sustainably down to 2 per cent&nbsp;in the upcoming months, as evidenced by softer activity, cooling labour data, and benign inflation prints.

James Knightley, Chief International Economist at ING Markets, said, "The bigger story is likely to be contained in the individual Fed member forecasts – how far will they look to back the market perceptions that major rate cuts are on their way?"

"We strongly suspect there will be a lot of pushback here," he added.

Global central banks want to be ahead of the curve after dismissing rising price pressures as "transitory" in 2021.

Back then, the world underestimated surging inflation and had to react more aggressively when price pressures soared to multi-decade highs globally.

But bets in recent months have increased for global interest rates to ease next year.

Still, central banks worldwide will be in pain to stave off those expectations and, at the same time, stay away from sounding the alarm bells.

"We think the Fed will eventually shift to a more dovish stance, but this may not come until late in the first quarter of 2024," said ING's Knightley.

"The US economy continues to perform well for now, and the jobs market remains tight. However, there is growing evidence that the Federal Reserve's interest rate increases and the associated tightening of credit conditions are starting to have the desired effect. We look for 150bp of rate cuts in 2024, with a further 100bp in early 2025," he added.

Bank of England to push back, too

With the "higher for longer" mantra that central banks have been hammering home for months, financial markets are quickly giving up.

The Bank of England (BoE) has yet to be as active with its market repricing.

However, the BoE is beginning to raise the alarm with three rate cuts already scheduled for 2024.

Recently, Governor Andrew Bailey stated that he is "against assumptions that we're talking about cutting interest rates".

Those remarks came after the Bank strengthened its guidance in November, indicating that it anticipated rates to remain restrictive for "an extended period of time".

The fact that the data is at least beginning to trend in the right direction will also satisfy the BoE.

Inflation in services fell short of the Bank's most recent estimate. The market's assumption that the BoE will start cutting rates later than its European counterparts may be accurate.

Could the Bank take a step further and declare in the announcement next week that markets are overpricing the 2024 easing?

It has yet to make a statement like this since November 2022, at a volatile period in the market.

"Policymakers may be uneasy about the recent repricing of UK rate expectations, but central banks globally have learned the hard way over the last couple of years that trying to predict and commit to future policy, with relative certainty, is a fool's game," said James Smith, Developed Markets Economist at ING.

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More and more data points to the fact that tight lending and monetary policy have peaked and are now effectively bringing down inflation. But as major central banks prepare to announce decisions next week, the Federal Reserve and Bank of England won't want to support the recent surge in rate-cut expectations in financial markets.

More and more data points to the fact that tight lending and monetary policy have peaked and are now effectively bringing down inflation. But as major central banks prepare to announce decisions next week, the Federal Reserve and Bank of England won't want to support the recent surge in rate-cut expectations in financial markets. On Friday, the Reserve Bank of India sounded 'hawkish' compared to predictions for hints of policy easing. The reason is concerns over elevated food inflation. The other reason is they don't want to falter again as they did in 2021 when they called surging inflation "transitory." After six consecutive rate hikes between April 2022 and February this year, the Reserve Bank of India has kept monetary policy on hold. The likelihood the central bank hints at rate cuts was factored in before today's decision and comments from Governor Shaktikanta Das. But RBI more or less dashed those expectations by sounding hawkish in its assessment of inflation. Read about RBI's policy here. Governor Das said rate cuts were off the table. The deputy chief economist for emerging markets at Capital Economics, Shilan Shah, said, "The economy is performing exceptionally well, which limits any immediate need for looser policy." US: Pushback from the Fed At the FOMC meeting next week, it is generally anticipated that the Federal Reserve will maintain the Fed funds target range at 5.25–5.5 per cent. Key Federal Reserve officials actively support the theory that monetary policy is sufficiently tight to drive inflation sustainably down to 2 per cent in the upcoming months, as evidenced by softer activity, cooling labour data, and benign inflation prints. James Knightley, Chief International Economist at ING Markets, said, "The bigger story is likely to be contained in the individual Fed member forecasts – how far will they look to back the market perceptions that major rate cuts are on their way?" "We strongly suspect there will be a lot of pushback here," he added. Global central banks want to be ahead of the curve after dismissing rising price pressures as "transitory" in 2021. Back then, the world underestimated surging inflation and had to react more aggressively when price pressures soared to multi-decade highs globally. But bets in recent months have increased for global interest rates to ease next year. Still, central banks worldwide will be in pain to stave off those expectations and, at the same time, stay away from sounding the alarm bells. "We think the Fed will eventually shift to a more dovish stance, but this may not come until late in the first quarter of 2024," said ING's Knightley. "The US economy continues to perform well for now, and the jobs market remains tight. However, there is growing evidence that the Federal Reserve's interest rate increases and the associated tightening of credit conditions are starting to have the desired effect. We look for 150bp of rate cuts in 2024, with a further 100bp in early 2025," he added. Bank of England to push back, too With the "higher for longer" mantra that central banks have been hammering home for months, financial markets are quickly giving up. The Bank of England (BoE) has yet to be as active with its market repricing. However, the BoE is beginning to raise the alarm with three rate cuts already scheduled for 2024. Recently, Governor Andrew Bailey stated that he is "against assumptions that we're talking about cutting interest rates". Those remarks came after the Bank strengthened its guidance in November, indicating that it anticipated rates to remain restrictive for "an extended period of time". The fact that the data is at least beginning to trend in the right direction will also satisfy the BoE. Inflation in services fell short of the Bank's most recent estimate. The market's assumption that the BoE will start cutting rates later than its European counterparts may be accurate. Could the Bank take a step further and declare in the announcement next week that markets are overpricing the 2024 easing? It has yet to make a statement like this since November 2022, at a volatile period in the market. "Policymakers may be uneasy about the recent repricing of UK rate expectations, but central banks globally have learned the hard way over the last couple of years that trying to predict and commit to future policy, with relative certainty, is a fool's game," said James Smith, Developed Markets Economist at ING. WATCH WION LIVE HERE

Global central banks pushing back on rate cut expectations; why?

In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand. &nbsp;

Zhiwei Zhang, Chief Economist at Pinpoint Asset Management, notes that the improvement in exports aligns with market expectations, indicating sequential growth in China's exports in recent months. Zhang also highlights positive trends in other Asian countries' export data, offering a glimmer of hope amidst global economic uncertainties.&nbsp;

Challenges and discounted exports&nbsp;

While the export growth is encouraging, challenges persist for Chinese manufacturers. The official purchasing managers' index (PMI) reveals that new export orders have contracted for a ninth consecutive month. &nbsp;

A private sector survey echoes these challenges, indicating the struggles of factory owners to attract overseas buyers for a fifth month. Zichun Huang, China economist at Capital Economics, notes that while export volumes have hit a fresh high, this robustness is supported by exporters reducing prices, a strategy that may not be sustainable in the long run. &nbsp;

Analysts caution that the pressure on Chinese manufacturers shows little sign of easing off completely.&nbsp;

Upbeat global trade indicators&nbsp;

Despite the challenges, global trade indicators present a more optimistic picture. The Baltic Dry Index, a gauge of global trade, reached a three-year high in November, fuelled by increased demand for industrial commodities, particularly from China. &nbsp;

South Korean exports, another indicator of global trade health, rose for a second consecutive month, buoyed by chip exports. Trade with China's major peers, including the United States, Japan, South Korea, and Taiwan, also witnessed positive growth in November. These indicators point to a potential revival in global trade, providing some relief for China's export-oriented economy.

Cautionary Notes and uneven recovery &nbsp;

Despite the positive signals, analysts remain cautious about the sustainability of the export rebound and its impact on domestic demand. Dan Wang, Chief Economist at Hang Seng Bank China, emphasises that while overseas demand appears stronger than expected, domestic demand remains weaker. &nbsp;

The uneven recovery raises concerns about property, unemployment, and weak household and business confidence, threatening a sustained rebound at home. Analysts stress that it is too early to determine the long-term impact of recent policy support measures and whether they will be sufficient to bolster both domestic and overseas demand.&nbsp;

Global economic landscape and future challenges &nbsp;

The International Monetary Fund (IMF) upgraded China's growth forecasts for 2023 and 2024, reflecting some optimism. However, Moody's recent warning of a downgrade to China's A1 credit rating and the cautious response of Chinese markets suggest lingering uncertainties. &nbsp;

The cooling economies of Europe and the United States pose challenges for China's export-led growth strategy. While export demand has improved, concerns remain about the contribution of exports as a growth pillar into the next year. Analysts highlight the need for China to depend on domestic demand as the main driver for growth in 2024, given the evolving global economic landscape.&nbsp;

(With inputs from Reuters)&nbsp;

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In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand.

In a relief for Chinese factories, the country's exports grew by 0.5 per cent in November, marking the first positive growth in six months. According to Reuters, this unexpected uptick suggests that Chinese manufacturers are attracting buyers through discount pricing to overcome the prolonged slump in demand. Zhiwei Zhang, Chief Economist at Pinpoint Asset Management, notes that the improvement in exports aligns with market expectations, indicating sequential growth in China's exports in recent months. Zhang also highlights positive trends in other Asian countries' export data, offering a glimmer of hope amidst global economic uncertainties. Challenges and discounted exports While the export growth is encouraging, challenges persist for Chinese manufacturers. The official purchasing managers' index (PMI) reveals that new export orders have contracted for a ninth consecutive month. A private sector survey echoes these challenges, indicating the struggles of factory owners to attract overseas buyers for a fifth month. Zichun Huang, China economist at Capital Economics, notes that while export volumes have hit a fresh high, this robustness is supported by exporters reducing prices, a strategy that may not be sustainable in the long run. Analysts caution that the pressure on Chinese manufacturers shows little sign of easing off completely. Upbeat global trade indicators Despite the challenges, global trade indicators present a more optimistic picture. The Baltic Dry Index, a gauge of global trade, reached a three-year high in November, fuelled by increased demand for industrial commodities, particularly from China. South Korean exports, another indicator of global trade health, rose for a second consecutive month, buoyed by chip exports. Trade with China's major peers, including the United States, Japan, South Korea, and Taiwan, also witnessed positive growth in November. These indicators point to a potential revival in global trade, providing some relief for China's export-oriented economy. Cautionary Notes and uneven recovery Despite the positive signals, analysts remain cautious about the sustainability of the export rebound and its impact on domestic demand. Dan Wang, Chief Economist at Hang Seng Bank China, emphasises that while overseas demand appears stronger than expected, domestic demand remains weaker. The uneven recovery raises concerns about property, unemployment, and weak household and business confidence, threatening a sustained rebound at home. Analysts stress that it is too early to determine the long-term impact of recent policy support measures and whether they will be sufficient to bolster both domestic and overseas demand. Global economic landscape and future challenges The International Monetary Fund (IMF) upgraded China's growth forecasts for 2023 and 2024, reflecting some optimism. However, Moody's recent warning of a downgrade to China's A1 credit rating and the cautious response of Chinese markets suggest lingering uncertainties. The cooling economies of Europe and the United States pose challenges for China's export-led growth strategy. While export demand has improved, concerns remain about the contribution of exports as a growth pillar into the next year. Analysts highlight the need for China to depend on domestic demand as the main driver for growth in 2024, given the evolving global economic landscape. (With inputs from Reuters) WATCH WION LIVE HERE

China's export rebound in November sparks hope, but challenges remain  