Pakistan to head IMF, World Bank boards after 74 years  amid persistent economic crisis

IND-W vs ZIM-W, 1st T20I: Deepti Sharma, Niki Prasad shine as India beat Zimbabwe by four wickets

US midterms 2026: Ken Paxton may have Elon Musk to thank if he wins the Texas Senate race. Here's why

Trump invokes national interest to waive new Russia sanctions, tariffs; India gets relief from 100% tariff threat

Ankita Bhandari murder case: Parents meet CBI, seek impartial investigation

Lizard people? Ex-US Army sniper claims soldier killed by 'reptilian beings' in battle near Area 51

Gravitas | Iran threatens to hit key bridges in 7 countries if US resumes strikes

Ukraine drone strike disrupts 22 Russian airports, over 200 flights

Not Khan but Pal: Why did Imran Khan choose his mother's surname over his father's? Family tree explained

A secret code, a midnight escape and 300 deaths: The Russian officer who turned on Putin

'Reason UN has lost credibility': Amid SIR protests India hits out at report alleging 'youth repression'

Oregon school shooting: 16-year-old shooter identified, used shotgun bought by mother; Trump praises bystander who shot gunman as 'great hero'

China tells Israel to stop West Bank settlements, calls Palestine issue ‘historic injustice’

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

China responds to Trump's Press Secretary Katie Zacharia after toilet remark: 'Visit China more often'

Who left the White House podium the fastest? Press secretaries with the shortest stints

Vijay Deverakonda and Rashmika Mandanna's Ranabaali X Review: Netizens call it history-rich but overstuffed

Israel examines Russia's Shahed-type drones sent by Ukraine to combat Iran | Gravitas

US midterms 2026: Alexandria Ocasio-Cortez donates $1 million to Abdul El-Sayed’s as Michigan race heats up

Here’s who is eyeing the White House press secretary role after Katie Zacharia’s exit

Infiltration bid foiled in Kupwara’s Keran sector, search operation underway

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Abhishek Sharma sets all-time record for most T20I sixes in a year

Inside Tesla's Roadster: 10 features of Elon Musk's 'flying car' that push the limits of electric vehicles | In Pics

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

Starlink says 'ready to connect India with high-speed internet' amid Reliance row

New Friday OTT releases (October 16, 2026): DC, Sacrifice, Aasha- 6 new movies and TV shows coming on Netflix, Zee 5, Prime Video and more

One species, two lineages: Why Sri Lanka’s spectacled cobra differs genetically from Indian variant

Oil tanker carrying over 2M barrels of crude hits mine in Strait of Hormuz, catches fire, says Iran

Selma Blair’s team responds to flight incident, says actress ‘did not intend to harm anyone’

US ends automatic work permit extensions; Indian workers lose 540-day safety net: What it means

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

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

RBI policy: Reserve Bank of India's hawkish pause keeps households on edge<o:p></o:p>

The central bank of India maintained the 6.5 per&nbsp;cent key repo rate on Friday, but cautioned that there is still cause for concern regarding high food inflation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-hawkish-pause-keeps-households-on-edge-667508">Read more here</a><o:p></o:p><o:p></o:p>

Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft<o:p></o:p>

Alphabet saw a 5.3 per cent increase in its stock price on Thursday as Wall Street hailed the release of Google's Gemini AI, a major step forward for the tech giant in its efforts to reclaim its position as the industry leader in artificial intelligence.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/gemini-ai-boosts-alphabets-stock-as-google-seeks-to-regain-ai-leadership-from-microsoft-667458">Read more here</a><o:p></o:p>

Paytm share price faces scrutiny amid strategic shifts &amp; analyst concerns<o:p></o:p>

Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack.

<a href="https://www.wionews.com/business-economy/paytm-share-price-faces-scrutiny-amid-strategic-shifts-analyst-concerns-667459">Read more here</a><o:p></o:p>

Tata Power shares surges to new heights, crossing $11 billion market cap<o:p></o:p>

For the second session in a row, Tata Power's shares saw an all-time high of Rs 322.30 ($3.87) on Thursday, setting a new record.&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/tata-power-shares-surges-to-new-heights-crossing-11-billion-market-cap-667467">Read more here</a><o:p></o:p>

India shifts focus from ethanol to sugar production amid supply concerns<o:p></o:p>

India is considering steps to prevent the diversion of sugar for the production of ethanol in an effort to ensure sufficient supplies of the commodity amid worries about a possible decline in production owing to below-normal rainfall in important growing areas.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/india-shifts-focus-from-ethanol-to-sugar-production-amid-supply-concerns-667476">Read more here</a><o:p></o:p>

Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation<o:p></o:p>

Argentina's central bank has placed limits on commercial lenders' foreign currency holdings in an effort to reduce the hoarding of US dollars and avert a predicted devaluation.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/argentina-imposes-limits-on-banks-dollar-holdings-amid-concerns-over-devaluation-667516">Read more here</a><o:p></o:p>

Russia's $11 bn end run around Western oil sanctions: Shadow fleet and deals unearthed<o:p></o:p>

Greece has unexpectedly become a centre for illicit oil trade, despite Western sanctions on Russia.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeing-signals-two-month-delay-to-737-production-ramp-up-report-667522">Read more here</a><o:p></o:p>

Boeing signals two-month delay to 737 production ramp-up: Report<o:p></o:p>

Boeing has announced a two-month delay in its plans to ramp up manufacturing of the 737 narrowbody airliner.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/boeing-signals-two-month-delay-to-737-production-ramp-up-report-667522">Read more here</a><o:p></o:p>

China's export rebound sparks hope, but challenges loom amid global economic uncertainties<o:p></o:p>

There’s good news for Chinese manufacturers as the country's exports increased by 0.5 per cent in November, which was the first increase in six months.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-export-rebound-sparks-hope-but-challenges-loom-amid-global-economic-uncertainties-667532">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. RBI policy: Reserve Bank of India's hawkish pause keeps households on edge The central bank of India maintained the 6.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. RBI policy: Reserve Bank of India's hawkish pause keeps households on edge The central bank of India maintained the 6.5 per cent key repo rate on Friday, but cautioned that there is still cause for concern regarding high food inflation. Read more here Gemini AI boosts Alphabet's stock as Google seeks to regain AI leadership from Microsoft Alphabet saw a 5.3 per cent increase in its stock price on Thursday as Wall Street hailed the release of Google's Gemini AI, a major step forward for the tech giant in its efforts to reclaim its position as the industry leader in artificial intelligence. Read more here Paytm share price faces scrutiny amid strategic shifts & analyst concerns Paytm’s share price showed signs of recovery on Thursday, though it remained the worst performer in the BSE500 pack. Read more here Tata Power shares surges to new heights, crossing $11 billion market cap For the second session in a row, Tata Power's shares saw an all-time high of Rs 322.30 ($3.87) on Thursday, setting a new record. Read more here India shifts focus from ethanol to sugar production amid supply concerns India is considering steps to prevent the diversion of sugar for the production of ethanol in an effort to ensure sufficient supplies of the commodity amid worries about a possible decline in production owing to below-normal rainfall in important growing areas. Read more here Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation Argentina's central bank has placed limits on commercial lenders' foreign currency holdings in an effort to reduce the hoarding of US dollars and avert a predicted devaluation. Read more here Russia's $11 bn end run around Western oil sanctions: Shadow fleet and deals unearthed Greece has unexpectedly become a centre for illicit oil trade, despite Western sanctions on Russia. Read more here Boeing signals two-month delay to 737 production ramp-up: Report Boeing has announced a two-month delay in its plans to ramp up manufacturing of the 737 narrowbody airliner. Read more here China's export rebound sparks hope, but challenges loom amid global economic uncertainties There’s good news for Chinese manufacturers as the country's exports increased by 0.5 per cent in November, which was the first increase in six months. Read more here WATCH WION LIVE HERE

WION Business Wrap | RBI policy unchanged, Paytm shares prices face scrutiny & more

Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. &nbsp;

The U.S. plane maker now expects to produce 42 of its 737s per month starting in February 2024, marking a shift from the initial target at the end of 2023. This adjustment comes as Boeing and its European rival Airbus face challenges in meeting soaring customer demand due to supply chain bottlenecks and production disruptions. &nbsp;

While Boeing declined to comment specifically on the new master schedule, the company reaffirmed&nbsp;its commitment to increasing production to 50 airplanes per month in the 2025-26 timeframe.&nbsp;

The updated schedule also affects subsequent rate increases, pushing Boeing's plan for 47.2 jets a month from June to August 2024, and the target to increase 737 productions to 52.5 jets a month moved from December 2024 to February 2025. &nbsp;

Boeing now anticipates achieving its pre-pandemic goal of 57.7 aircraft per month in October 2025, reflecting a three-month delay from the original target of July 2025.

Despite the adjustments, the company expressed&nbsp;its confidence in meeting production goals and satisfying customer demand. According to Deutsche Bank, a move to 42 jets a month in February will be perceived as "good news" by investors.&nbsp;

Boeing's CEO, Dave Calhoun, previously emphasised the company's intention to increase production levels, stating that Boeing is capitalised to manufacture 60 737s a month. However, the recent adjustments underscore the challenges posed by supply chain complexities. &nbsp;

Calhoun acknowledges the importance of ensuring planned rate increases can navigate through the supply chain effectively. The 737 master schedule, a crucial component of the global supply chain, provides insights into the industry's confidence and drumbeat, even though it may evolve due to various factors.&nbsp;

This development follows a supplier error discovered in August, which prompted Boeing to conduct time-consuming inspections of some of the 737 MAXs on its production line, contributing to the slowdown. &nbsp;

Despite the challenges, Boeing is set to ramp&nbsp;up production, having previously announced an increase from 31 to 38 jets per month in July.&nbsp;

(With inputs from Reuters)

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Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. The U.S.

Boeing is adjusting its plans to increase production of its popular 737 narrow body jetliner, signalling a two-month delay, Reuters reported on Thursday. The U.S. plane maker now expects to produce 42 of its 737s per month starting in February 2024, marking a shift from the initial target at the end of 2023. This adjustment comes as Boeing and its European rival Airbus face challenges in meeting soaring customer demand due to supply chain bottlenecks and production disruptions. While Boeing declined to comment specifically on the new master schedule, the company reaffirmed its commitment to increasing production to 50 airplanes per month in the 2025-26 timeframe. The updated schedule also affects subsequent rate increases, pushing Boeing's plan for 47.2 jets a month from June to August 2024, and the target to increase 737 productions to 52.5 jets a month moved from December 2024 to February 2025. Boeing now anticipates achieving its pre-pandemic goal of 57.7 aircraft per month in October 2025, reflecting a three-month delay from the original target of July 2025. Despite the adjustments, the company expressed its confidence in meeting production goals and satisfying customer demand. According to Deutsche Bank, a move to 42 jets a month in February will be perceived as "good news" by investors. Boeing's CEO, Dave Calhoun, previously emphasised the company's intention to increase production levels, stating that Boeing is capitalised to manufacture 60 737s a month. However, the recent adjustments underscore the challenges posed by supply chain complexities. Calhoun acknowledges the importance of ensuring planned rate increases can navigate through the supply chain effectively. The 737 master schedule, a crucial component of the global supply chain, provides insights into the industry's confidence and drumbeat, even though it may evolve due to various factors. This development follows a supplier error discovered in August, which prompted Boeing to conduct time-consuming inspections of some of the 737 MAXs on its production line, contributing to the slowdown. Despite the challenges, Boeing is set to ramp up production, having previously announced an increase from 31 to 38 jets per month in July. (With inputs from Reuters) WATCH WION LIVE HERE

Boeing signals two-month delay to 737 production ramp-up: Report  

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.&nbsp;

The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. &nbsp;

This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei.&nbsp;

Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. &nbsp;

The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation.&nbsp;

Milei's team has hinted at maintaining currency controls temporarily while&nbsp;seemingly deferring&nbsp;plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. &nbsp;

Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis.&nbsp;

(With inputs from Bloomberg)&nbsp;

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In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported. The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei. Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation. Milei's team has hinted at maintaining currency controls temporarily while seemingly deferring plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis. (With inputs from Bloomberg) WATCH WION LIVE HERE

Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation 

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia.&nbsp;

According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. &nbsp;

The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself.&nbsp;

Sanctions intended to constrain, but profits escalate &nbsp;

The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies.&nbsp;

Bloomberg quoted&nbsp;Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. &nbsp;

The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict.&nbsp;

Greek diplomacy and regulatory powerlessness &nbsp;

Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia.&nbsp;

While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters.&nbsp;

Shadow fleet entrenched and growing &nbsp;

The International Maritime Organisation (IMO) has expressed&nbsp;"grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. &nbsp;

The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade.&nbsp;

Shadowy traders and obscure affiliations&nbsp;

The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. &nbsp;

The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade.&nbsp;

US and allies' response and the unanswered question &nbsp;

Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said&nbsp;that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. &nbsp;

However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? &nbsp;

The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers.&nbsp;

(With inputs from Bloomberg)&nbsp;

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In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year.

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself. Sanctions intended to constrain, but profits escalate The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies. Bloomberg quoted Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict. Greek diplomacy and regulatory powerlessness Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia. While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters. Shadow fleet entrenched and growing The International Maritime Organisation (IMO) has expressed "grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade. Shadowy traders and obscure affiliations The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade. US and allies' response and the unanswered question Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers. (With inputs from Bloomberg) WATCH WION LIVE HERE

Decoding Russia's $11 bn end run around Western oil sanctions

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. <o:p></o:p>

Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. <o:p></o:p>

Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings.<o:p></o:p>

The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. <o:p></o:p>

Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. <o:p></o:p>

If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election.

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings. The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June. (With inputs from Bloomberg) WATCH WION LIVE HERE

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally

India's central bank left its key repo rate unchanged at 6.5 per cent on Friday but warned elevated food inflation is still a concern.

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.

“Monetary policy will remain actively disinflationary,” said the governor.

But the RBI more or less dashed those expectations by sounding hawkish in its assessment of inflation.

Households hoping for some relief from already stretched budgets will, for now, have to deal with high borrowing costs.

RBI Policy: Inflation still a worry?

While inflation has eased for a few months, the central bank voiced concerns about food prices.

Retail inflation will remain above 5 per cent&nbsp;this fiscal year and next.

So, for consumers dealing with higher monthly payments towards their loans, any hope for them to come down anytime soon is just that - hope.

RBI Policy: Robust growth outlook

Despite a gloomy outlook for the global economy from the ongoing geopolitical unrest in West Asia and on the edge of Europe, the central bank sounded positive about the domestic economy.

Governor Das said India remains the fastest-growing major economy globally and has surprised everyone with its upside.

"The Indian economy presents a picture of resilience and momentum," according to Das.

"Growth remains resilient and robust, surprising everyone," he said.

After faster-than-anticipated growth in the July–September quarter, the central bank projects the economy to grow by 7 per cent&nbsp;in the current fiscal year, up from 6.5% in the previous year.

That helps the narrative for India's monetary policy on hold for longer as the country's bane for decades - supply-driven high inflation - still weighs on central bank decisions.

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."

RBI Governor said the inflation outlook, however, remains uncertain. He added that the near-term outlook is "masked by risks to food inflation."

On policy easing, Das said "loosening" was off the table, at the moment.

RBI Policy:&nbsp;Ahead of the curve?

The RBI wants to be ahead of the curve after dismissing rising price pressures as "transitory" in 2021, similar to reactions from major global central banks 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.

The RBI's tone suggested otherwise and pushed back on expectations for a rate cut cycle to later than earlier.

RBI Policy: What does it mean for consumers?

Clearly, the RBI's plans and commentary suggest there will be no respite from higher borrowing costs, especially for those with home loans.

The central bank's aggressive rate hikes pushed up equated monthly instalments for borrowers already dealing with higher prices of almost everything.

For some, the loan duration was increased by about five years.

Even if the RBI does start to cut rates at some point, the translation to lending costs will take longer.

Indeed, usually, banks pass on any change in rates on the up almost immediately to consumers but take longer to transmit any easing in interest rates.

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India's central bank left its key repo rate unchanged at 6.5 per cent on Friday but warned elevated food inflation is still a concern. After six consecutive rate hikes between April 2022 and February this year, the Reserve Bank of India has kept monetary policy on hold.

India's central bank left its key repo rate unchanged at 6.5 per cent on Friday but warned elevated food inflation is still a concern. 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. “Monetary policy will remain actively disinflationary,” said the governor. But the RBI more or less dashed those expectations by sounding hawkish in its assessment of inflation. Households hoping for some relief from already stretched budgets will, for now, have to deal with high borrowing costs. RBI Policy: Inflation still a worry? While inflation has eased for a few months, the central bank voiced concerns about food prices. Retail inflation will remain above 5 per cent this fiscal year and next. So, for consumers dealing with higher monthly payments towards their loans, any hope for them to come down anytime soon is just that - hope. RBI Policy: Robust growth outlook Despite a gloomy outlook for the global economy from the ongoing geopolitical unrest in West Asia and on the edge of Europe, the central bank sounded positive about the domestic economy. Governor Das said India remains the fastest-growing major economy globally and has surprised everyone with its upside. "The Indian economy presents a picture of resilience and momentum," according to Das. "Growth remains resilient and robust, surprising everyone," he said. After faster-than-anticipated growth in the July–September quarter, the central bank projects the economy to grow by 7 per cent in the current fiscal year, up from 6.5% in the previous year. That helps the narrative for India's monetary policy on hold for longer as the country's bane for decades - supply-driven high inflation - still weighs on central bank decisions. 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." RBI Governor said the inflation outlook, however, remains uncertain. He added that the near-term outlook is "masked by risks to food inflation." On policy easing, Das said "loosening" was off the table, at the moment. RBI Policy: Ahead of the curve? The RBI wants to be ahead of the curve after dismissing rising price pressures as "transitory" in 2021, similar to reactions from major global central banks 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. The RBI's tone suggested otherwise and pushed back on expectations for a rate cut cycle to later than earlier. RBI Policy: What does it mean for consumers? Clearly, the RBI's plans and commentary suggest there will be no respite from higher borrowing costs, especially for those with home loans. The central bank's aggressive rate hikes pushed up equated monthly instalments for borrowers already dealing with higher prices of almost everything. For some, the loan duration was increased by about five years. Even if the RBI does start to cut rates at some point, the translation to lending costs will take longer. Indeed, usually, banks pass on any change in rates on the up almost immediately to consumers but take longer to transmit any easing in interest rates. WATCH WION LIVE HERE

RBI policy: Reserve Bank of India's hawkish pause keeps households on edge

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. 

The family managed to repay the 1.2-billion-pound debt to Lloyds Bank, securing the newspaper and the Spectator political magazine.

<o:p></o:p>The&nbsp;successful debt resolution is expected to translate into a higher pay-out for shareholders in February, as Lloyds anticipates writing back more than 500 million pounds on the value of the loans.<o:p></o:p>

While the Barclay family&nbsp;celebrated their successful bid to regain control of the media outlets closely read by the governing Conservative Party, a proposed transfer of the newspaper to RedBird IMI now faces uncertainty. 

RedBird IMI is led by former CNN executive Jeff Zucker and backed by Mansour bin Zayed Al Nahyan, a member of the ruling family of Abu Dhabi.&nbsp;

Under the initial plan, RedBird IMI was poised to swiftly gain control of the assets through a debt-for-equity swap.

The British government intervened last week, officially blocking the move and initiating an investigation into whether any takeover would impede freedom of expression under the new owner. <o:p></o:p>

Reuters cited Culture Secretary Lucy Frazer, who expressed the need for examinations by competition and media regulators, stating, "With the UAE's increasingly influential position...the risk for interference in Britain's national conversation seems self-evident if the acquisition is allowed to go ahead."<o:p></o:p> <o:p></o:p>

The planned auction had attracted interest from potential buyers, including DMGT, Mediahuis, and notable individuals like Paul Marshall and Daniel Kretinsky.&nbsp;

(With inputs from Reuters)<o:p></o:p>

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The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. The family managed to repay the 1.2-billion-pound debt to Lloyds Bank, securing the newspaper and the Spectator political magazine. The successful debt resolution is expected to translate into a higher pay-out for shareholders in February, as Lloyds anticipates writing back more than 500 million pounds on the value of the loans. While the Barclay family celebrated their successful bid to regain control of the media outlets closely read by the governing Conservative Party, a proposed transfer of the newspaper to RedBird IMI now faces uncertainty. RedBird IMI is led by former CNN executive Jeff Zucker and backed by Mansour bin Zayed Al Nahyan, a member of the ruling family of Abu Dhabi. Under the initial plan, RedBird IMI was poised to swiftly gain control of the assets through a debt-for-equity swap. The British government intervened last week, officially blocking the move and initiating an investigation into whether any takeover would impede freedom of expression under the new owner. Reuters cited Culture Secretary Lucy Frazer, who expressed the need for examinations by competition and media regulators, stating, "With the UAE's increasingly influential position...the risk for interference in Britain's national conversation seems self-evident if the acquisition is allowed to go ahead." The planned auction had attracted interest from potential buyers, including DMGT, Mediahuis, and notable individuals like Paul Marshall and Daniel Kretinsky. (With inputs from Reuters) WATCH WION LIVE HERE

Barclay family reclaims Telegraph newspaper after suport from Abu Dhabi investor

Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds. &nbsp;

According to Reuters, the guilty plea, entered before U.S. District Judge Eric Vitaliano in Brooklyn, was part of a deal where Legkodymov agreed to forfeit $23 million in assets. The case, brought by U.S. authorities, sheds light on the alleged criminal activities within Bitzlato, a platform that has recently come under scrutiny.

In court, Legkodymov, a 41-year-old Russian national, admitted to being aware that some Bitzlato clients had used the platform to transfer cryptocurrency derived from illicit activities. He specifically acknowledged the presence of ransomware proceeds from Hydra Market on Bitzlato. &nbsp;

Hydra Market, described by prosecutors as an online marketplace involved in drugs, stolen financial information, and money laundering services, was shut down by U.S. and German law enforcement in April 2022. Breon Peace, the top federal prosecutor in Brooklyn, highlighted that Legkodymov knew Bitzlato was being utilised as an "open turnstile by criminals". &nbsp;

Bitzlato's website no longer functions, as it has been seized by French authorities as part of an international law enforcement operation. Legkodymov's guilty plea is the latest development in the U.S. law enforcement's ongoing efforts to combat fraud and illicit finance in the cryptocurrency markets. &nbsp;

FTX founder Sam Bankman-Fried recently faced conviction on charges of stealing billions, and Binance, a top counterparty of Bitzlato, settled for $4.3 billion, with its CEO pleading guilty to violating U.S. anti-money laundering laws.

An important detail revealed in the case is that Binance was among Bitzlato's significant counterparties, as per U.S. authorities. The interconnection between these major cryptocurrency exchanges raises questions about the broader implications and interconnected nature of illicit financial activities within the crypto sphere. Bitzlato's downfall adds to the recent legal troubles faced by prominent figures in the cryptocurrency industry.

Legkodymov, who ran Bitzlato from Shenzhen, could face up to five years in prison pending his sentencing. The sentencing date has not been set. He has been in custody since his arrest in Miami on January 17 and has been held at the Metropolitan Detention Centre in Brooklyn.

Russia's embassy in Washington had called for Legkodymov's release in April, emphasising diplomatic tensions surrounding his detention. However, the U.S. State Department revealed on Tuesday that Russia rejected a recent proposal for the release of two Americans, including Wall Street Journal reporter Evan Gershkovich, considered to be wrongfully detained in Russia.

(With inputs from Reuters)

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Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds.

Anatoly Legkodymov, the co-founder and majority owner of the Hong Kong-registered virtual currency exchange Bitzlato, pleaded guilty in a U.S. court to operating a money-transmitting business that processed approximately $700 million in illicit funds. According to Reuters, the guilty plea, entered before U.S. District Judge Eric Vitaliano in Brooklyn, was part of a deal where Legkodymov agreed to forfeit $23 million in assets. The case, brought by U.S. authorities, sheds light on the alleged criminal activities within Bitzlato, a platform that has recently come under scrutiny. In court, Legkodymov, a 41-year-old Russian national, admitted to being aware that some Bitzlato clients had used the platform to transfer cryptocurrency derived from illicit activities. He specifically acknowledged the presence of ransomware proceeds from Hydra Market on Bitzlato. Hydra Market, described by prosecutors as an online marketplace involved in drugs, stolen financial information, and money laundering services, was shut down by U.S. and German law enforcement in April 2022. Breon Peace, the top federal prosecutor in Brooklyn, highlighted that Legkodymov knew Bitzlato was being utilised as an "open turnstile by criminals". Bitzlato's website no longer functions, as it has been seized by French authorities as part of an international law enforcement operation. Legkodymov's guilty plea is the latest development in the U.S. law enforcement's ongoing efforts to combat fraud and illicit finance in the cryptocurrency markets. FTX founder Sam Bankman-Fried recently faced conviction on charges of stealing billions, and Binance, a top counterparty of Bitzlato, settled for $4.3 billion, with its CEO pleading guilty to violating U.S. anti-money laundering laws. An important detail revealed in the case is that Binance was among Bitzlato's significant counterparties, as per U.S. authorities. The interconnection between these major cryptocurrency exchanges raises questions about the broader implications and interconnected nature of illicit financial activities within the crypto sphere. Bitzlato's downfall adds to the recent legal troubles faced by prominent figures in the cryptocurrency industry. Legkodymov, who ran Bitzlato from Shenzhen, could face up to five years in prison pending his sentencing. The sentencing date has not been set. He has been in custody since his arrest in Miami on January 17 and has been held at the Metropolitan Detention Centre in Brooklyn. Russia's embassy in Washington had called for Legkodymov's release in April, emphasising diplomatic tensions surrounding his detention. However, the U.S. State Department revealed on Tuesday that Russia rejected a recent proposal for the release of two Americans, including Wall Street Journal reporter Evan Gershkovich, considered to be wrongfully detained in Russia. (With inputs from Reuters) WATCH WION LIVE HERE

Russian co-founder of crypto exchange Bitzlato pleads guilty to money laundering charges 

Taiwan-based manufacturing giants, Foxconn and Pegatron, have temporarily halted the production of Apple iPhones at their factories near Chennai in southern India due to the adverse impact of heavy rains, Reuters reported citing sources familiar with the matter.<o:p></o:p>

The city of Chennai in India's Tamil Nadu state, a major electronics and manufacturing hub, is experiencing&nbsp;severe flooding amid heavy rains, leading to the shutdown of the airport and disrupting regular operations. <o:p></o:p>

The extreme weather conditions are attributed to Cyclone Michaung, which is progressing down the coast towards the neighbouring state of Andhra Pradesh.<o:p></o:p>

"Foxconn, which employs about 35,000 people at its Tamil Nadu iPhone factory, has yet to decide whether to resume production on Tuesday," revealed two sources familiar with the situation. <o:p></o:p>

Foxconn has been actively expanding its presence in India, investing in manufacturing locations in the southern part of the country as part of Apple's strategy to diversify production away from China.<o:p></o:p>

In the quarter ending September, Apple witnessed its highest-ever quarterly shipments from India, exceeding 2.5 million units, as per data from market analytics firm Counterpoint Research.<o:p></o:p>

However, the current disruption in production raises concerns about the potential impact on Apple's supply chain and its ability to meet market demands.<o:p></o:p>

This isn't the first time Pegatron has faced production disruptions in recent months. The company had to temporarily cease iPhone assembly in September due to a fire incident at its factory.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Taiwan-based manufacturing giants, Foxconn and Pegatron, have temporarily halted the production of Apple iPhones at their factories near Chennai in southern India due to the adverse impact of heavy rains, Reuters reported citing sources familiar with the matter.

Taiwan-based manufacturing giants, Foxconn and Pegatron, have temporarily halted the production of Apple iPhones at their factories near Chennai in southern India due to the adverse impact of heavy rains, Reuters reported citing sources familiar with the matter. The city of Chennai in India's Tamil Nadu state, a major electronics and manufacturing hub, is experiencing severe flooding amid heavy rains, leading to the shutdown of the airport and disrupting regular operations. The extreme weather conditions are attributed to Cyclone Michaung, which is progressing down the coast towards the neighbouring state of Andhra Pradesh. "Foxconn, which employs about 35,000 people at its Tamil Nadu iPhone factory, has yet to decide whether to resume production on Tuesday," revealed two sources familiar with the situation. Foxconn has been actively expanding its presence in India, investing in manufacturing locations in the southern part of the country as part of Apple's strategy to diversify production away from China. In the quarter ending September, Apple witnessed its highest-ever quarterly shipments from India, exceeding 2.5 million units, as per data from market analytics firm Counterpoint Research. However, the current disruption in production raises concerns about the potential impact on Apple's supply chain and its ability to meet market demands. This isn't the first time Pegatron has faced production disruptions in recent months. The company had to temporarily cease iPhone assembly in September due to a fire incident at its factory. (With inputs from Reuters) WATCH WION LIVE HERE

Extreme weather halts iPhone production in India: Foxconn & Pegatron face disruptions

Israeli authorities are delving into allegations raised by U.S. researchers, indicating that certain investors might have possessed foresight&nbsp;of a Hamas plan to attack Israel on October 7, Reuters reported on Monday.<o:p></o:p>

The researchers, law professors Robert Jackson Jr from New York University and Joshua Mitts of Columbia University, uncovered substantial short-selling of shares leading up to the attacks, which has ignited the ongoing conflict.<o:p></o:p>

Signals of anticipation<o:p></o:p>

Days preceding the attack, traders seemingly anticipated the unfolding events, as outlined by the researchers. They noted a surge in short interest in the MSCI Israel Exchange Traded Fund (ETF) on October 2, based on data from the Financial Industry Regulatory Authority (FINRA). Furthermore, just before the attack, short selling of Israeli securities on the Tel Aviv Stock Exchange (TASE) notably surged. <o:p></o:p>

The researchers highlighted the unprecedented nature of this short-selling, surpassing levels observed during other periods of crisis, including the 2008 financial crisis, the 2014 Israel-Gaza war, and the COVID-19 pandemic.<o:p></o:p>

Israeli response and ongoing investigation<o:p></o:p>

In response to these findings, the Tel Aviv Stock Exchange (TASE) redirected inquiries to the Israel Securities Authority, stating, "The matter is known to the authority and is under investigation by all the relevant parties." The Israel Securities Authority confirmed the investigation but provided no further details. Israeli police did not immediately comment on the matter.<o:p></o:p>

Profits and unusual trading activity<o:p></o:p>

The researchers brought to light the profits reaped through short-selling, particularly focusing on Leumi, Israel's largest bank. Between September 14 and October 5, 4.43 million new shares sold short yielded profits of 3.2 billion shekels ($862 million). It was further pointed out that a sharp and unusual increase in trading risky short-dated options on Israeli companies took place just before the attacks, emphasising the potential exploitation of tragic events by informed traders. <o:p></o:p>

The study indicates a pattern reminiscent of early April when initial reports suggested Hamas was planning an attack. Short volume in the MSCI Israel ETF peaked on April 3, resembling patterns observed just before the October 7 attacks.<o:p></o:p>

Traders profiting from tragic events<o:p></o:p>

The researchers concluded that traders informed about the impending attacks profited from the tragic events, highlighting a concerning gap in U.S. and international enforcement of legal prohibitions on informed trading.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Israeli authorities are delving into allegations raised by U.S. researchers, indicating that certain investors might have possessed foresight of a Hamas plan to attack Israel on October 7, Reuters reported on Monday.

Israeli authorities are delving into allegations raised by U.S. researchers, indicating that certain investors might have possessed foresight of a Hamas plan to attack Israel on October 7, Reuters reported on Monday. The researchers, law professors Robert Jackson Jr from New York University and Joshua Mitts of Columbia University, uncovered substantial short-selling of shares leading up to the attacks, which has ignited the ongoing conflict. Signals of anticipation Days preceding the attack, traders seemingly anticipated the unfolding events, as outlined by the researchers. They noted a surge in short interest in the MSCI Israel Exchange Traded Fund (ETF) on October 2, based on data from the Financial Industry Regulatory Authority (FINRA). Furthermore, just before the attack, short selling of Israeli securities on the Tel Aviv Stock Exchange (TASE) notably surged. The researchers highlighted the unprecedented nature of this short-selling, surpassing levels observed during other periods of crisis, including the 2008 financial crisis, the 2014 Israel-Gaza war, and the COVID-19 pandemic. Israeli response and ongoing investigation In response to these findings, the Tel Aviv Stock Exchange (TASE) redirected inquiries to the Israel Securities Authority, stating, "The matter is known to the authority and is under investigation by all the relevant parties." The Israel Securities Authority confirmed the investigation but provided no further details. Israeli police did not immediately comment on the matter. Profits and unusual trading activity The researchers brought to light the profits reaped through short-selling, particularly focusing on Leumi, Israel's largest bank. Between September 14 and October 5, 4.43 million new shares sold short yielded profits of 3.2 billion shekels ($862 million). It was further pointed out that a sharp and unusual increase in trading risky short-dated options on Israeli companies took place just before the attacks, emphasising the potential exploitation of tragic events by informed traders. The study indicates a pattern reminiscent of early April when initial reports suggested Hamas was planning an attack. Short volume in the MSCI Israel ETF peaked on April 3, resembling patterns observed just before the October 7 attacks. Traders profiting from tragic events The researchers concluded that traders informed about the impending attacks profited from the tragic events, highlighting a concerning gap in U.S. and international enforcement of legal prohibitions on informed trading. (With inputs from Reuters) WATCH WION LIVE HERE

Israeli authorities probe suspected insider trading linked to Hamas attack

In a stark manifestation of the deepening economic and financial decoupling between Taiwan and China, the world's largest Chinese bond exchange-traded fund (ETF) market is on the brink of collapse. &nbsp;

According to Bloomberg, this rupture highlights the widening gap in relations fuelled by geopolitical tensions, de-risking of supply chains, and China's economic slowdown. Despite the impending critical presidential election in January, the trend of decoupling, from markets to finance and investments, is expected to persist.

ETF Meltdown: A 94 per cent plunge in Chinese bond assets

Taiwanese ETFs tracking Chinese bonds, once valued at over $58 billion in 2019, have witnessed a staggering 94 per cent decline in total assets under management as of early this month. &nbsp;

The nosedive reflects a broader global trend where funds are fleeing China's bond market due to significant yield differentials with the US. This financial rift mirrors Taiwan's pivotal role in US-China geopolitics, making the outcome of the upcoming election crucial as voters decide between maintaining political independence or seeking closer ties with Beijing.

Changing Dynamics: From promising yields to regulatory shifts

The local market for investing in China-linked fixed-income securities in Taiwan, introduced five years ago, once thrived. Driven by promising yields for yuan-denominated bonds and the credibility of the Chinese government and policy banks as debtors, it faced a turning point with widening US-China yields. &nbsp;

Furthermore, stringent Taiwanese government regulations, requiring insurers to hold at least a BBB- rating, rendered it impossible for them to invest in China-backed ETFs. KGI Securities notes that until these restrictions ease, Taiwanese life insurance firms would need credit ratings from major global agencies to re-enter the market.

Financial Exodus: Taiwanese banks scale back in China

Taiwanese banks have been steadily reducing their financial footprint in China, with exposure to the world's second-largest economy hitting record lows. This withdrawal aligns with a global trend known as "China+1," where firms diversify and set up operations in other regions to manage supply chain risks. &nbsp;

Taiwanese firms, including Cathay United Bank and Fubon Financial Holding, are adjusting their strategies, expanding in Southeast Asia and capping positions in China, respectively.

Investment Slump: Cross-Strait tensions take a toll

Taiwanese direct investment into China has plummeted nearly 40 per cent in the first ten months of this year compared to 2022, poised for the sharpest year-on-year decline since 2019. Increased cross-strait tensions, ongoing US-China trade disputes, and the geopolitical landscape contribute to this significant drop. Analysts believe that even if a Beijing-friendly candidate were to replace President Tsai, the trend of looser ties in terms of foreign direct investment (FDI) and visitor flows is likely to persist.

China's share in Taiwan's exports shrinks

China and Hong Kong's share in Taiwan's total overseas shipments has decreased from 44 per cent in 2020 to 35 per cent in the first ten months of 2023. This shift is attributed to a decline in goods sent from Taiwan to China across various categories. &nbsp;

Rising wages, reduced local subsidies, and geopolitical strains, including Washington's export bans on Beijing, contribute to the diminishing attractiveness of China as a manufacturing hub.

(With inputs from Bloomberg)

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In a stark manifestation of the deepening economic and financial decoupling between Taiwan and China, the world's largest Chinese bond exchange-traded fund (ETF) market is on the brink of collapse.

In a stark manifestation of the deepening economic and financial decoupling between Taiwan and China, the world's largest Chinese bond exchange-traded fund (ETF) market is on the brink of collapse. According to Bloomberg, this rupture highlights the widening gap in relations fuelled by geopolitical tensions, de-risking of supply chains, and China's economic slowdown. Despite the impending critical presidential election in January, the trend of decoupling, from markets to finance and investments, is expected to persist. ETF Meltdown: A 94 per cent plunge in Chinese bond assets Taiwanese ETFs tracking Chinese bonds, once valued at over $58 billion in 2019, have witnessed a staggering 94 per cent decline in total assets under management as of early this month. The nosedive reflects a broader global trend where funds are fleeing China's bond market due to significant yield differentials with the US. This financial rift mirrors Taiwan's pivotal role in US-China geopolitics, making the outcome of the upcoming election crucial as voters decide between maintaining political independence or seeking closer ties with Beijing. Changing Dynamics: From promising yields to regulatory shifts The local market for investing in China-linked fixed-income securities in Taiwan, introduced five years ago, once thrived. Driven by promising yields for yuan-denominated bonds and the credibility of the Chinese government and policy banks as debtors, it faced a turning point with widening US-China yields. Furthermore, stringent Taiwanese government regulations, requiring insurers to hold at least a BBB- rating, rendered it impossible for them to invest in China-backed ETFs. KGI Securities notes that until these restrictions ease, Taiwanese life insurance firms would need credit ratings from major global agencies to re-enter the market. Financial Exodus: Taiwanese banks scale back in China Taiwanese banks have been steadily reducing their financial footprint in China, with exposure to the world's second-largest economy hitting record lows. This withdrawal aligns with a global trend known as "China+1," where firms diversify and set up operations in other regions to manage supply chain risks. Taiwanese firms, including Cathay United Bank and Fubon Financial Holding, are adjusting their strategies, expanding in Southeast Asia and capping positions in China, respectively. Investment Slump: Cross-Strait tensions take a toll Taiwanese direct investment into China has plummeted nearly 40 per cent in the first ten months of this year compared to 2022, poised for the sharpest year-on-year decline since 2019. Increased cross-strait tensions, ongoing US-China trade disputes, and the geopolitical landscape contribute to this significant drop. Analysts believe that even if a Beijing-friendly candidate were to replace President Tsai, the trend of looser ties in terms of foreign direct investment (FDI) and visitor flows is likely to persist. China's share in Taiwan's exports shrinks China and Hong Kong's share in Taiwan's total overseas shipments has decreased from 44 per cent in 2020 to 35 per cent in the first ten months of 2023. This shift is attributed to a decline in goods sent from Taiwan to China across various categories. Rising wages, reduced local subsidies, and geopolitical strains, including Washington's export bans on Beijing, contribute to the diminishing attractiveness of China as a manufacturing hub. (With inputs from Bloomberg) WATCH WION LIVE HERE

Taiwan's financial ties with China unravel as ETF market nears collapse

After facing mounting pressure to address record net migration figures, UK Prime Minister Rishi Sunak announced a series of stringent measures to curtail the influx of migrants arriving by legal routes. <o:p></o:p>

According to Reuters, the move comes in response to the staggering annual net migration figure of 745,000 in 2022, with concerns raised about the impact on various sectors, including healthcare, and the persistently tight labour market. <o:p></o:p>

Sunak emphasised the need for "radical action" to bring down immigration levels.<o:p></o:p>

Salient measures to reduce migration<o:p></o:p>

The proposed measures include a significant increase in the minimum salary threshold for foreign skilled workers, raising it to £38,700 (approximately $49,000) from the current £26,200 ($33,000). Notably, health and social workers would be exempted from this adjustment. <o:p></o:p>

Home Secretary James Cleverly said that these measures could potentially reduce net migration by 300,000. The government also intends to halt foreign health workers from bringing in family members on their visas, increase the surcharge migrants pay for using the health service by 66 per cent, and elevate the minimum income requirement for family visas.<o:p></o:p>

Impact on businesses and trade unions<o:p></o:p>

While the government asserts that these measures aim to prioritise British workers and prevent immigration from undercutting their salaries, businesses and trade unions have voiced concerns. Critics argue that the reforms could exacerbate labour shortages, particularly in sectors already grappling with recruitment challenges. <o:p></o:p>

The proposed abolition of the shortage occupations list, a vital route for businesses to hire migrant workers in sectors facing severe staff shortages, has sparked further debate. Trade unions, including UNISON, the primary health sector union, warn of a "total disaster" for the health service, predicting that migrants might opt for more welcoming countries.<o:p></o:p>

Challenges and scepticism<o:p></o:p>

Despite the government's intent to address concerns about immigration, scepticism prevails. Some studies suggest that foreign workers have minimal impact on overall wage and employment levels. The acute shortage of candidates to fill vacancies remains a significant challenge for businesses. <o:p></o:p>

Kate Nicholls, the Chief Executive of trade body, UKHospitality, expressed the need for developing an immigration system that caters to business needs and the labour market. The Bank of England acknowledged persistent skills shortages in certain sectors, even as hiring becomes slightly more manageable.<o:p></o:p>

Controversial moves and future outlook<o:p></o:p>

As the UK embarks on this immigration overhaul, controversies loom, particularly regarding the potential fallout for businesses and essential services like healthcare. The government's pledge to review the list of shortage occupations and eliminate the practice of paying migrants less than the going rate for jobs with labour shortages adds another layer to the unfolding reforms. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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After facing mounting pressure to address record net migration figures, UK Prime Minister Rishi Sunak announced a series of stringent measures to curtail the influx of migrants arriving by legal routes.

After facing mounting pressure to address record net migration figures, UK Prime Minister Rishi Sunak announced a series of stringent measures to curtail the influx of migrants arriving by legal routes. According to Reuters, the move comes in response to the staggering annual net migration figure of 745,000 in 2022, with concerns raised about the impact on various sectors, including healthcare, and the persistently tight labour market. Sunak emphasised the need for "radical action" to bring down immigration levels. Salient measures to reduce migration The proposed measures include a significant increase in the minimum salary threshold for foreign skilled workers, raising it to £38,700 (approximately $49,000) from the current £26,200 ($33,000). Notably, health and social workers would be exempted from this adjustment. Home Secretary James Cleverly said that these measures could potentially reduce net migration by 300,000. The government also intends to halt foreign health workers from bringing in family members on their visas, increase the surcharge migrants pay for using the health service by 66 per cent, and elevate the minimum income requirement for family visas. Impact on businesses and trade unions While the government asserts that these measures aim to prioritise British workers and prevent immigration from undercutting their salaries, businesses and trade unions have voiced concerns. Critics argue that the reforms could exacerbate labour shortages, particularly in sectors already grappling with recruitment challenges. The proposed abolition of the shortage occupations list, a vital route for businesses to hire migrant workers in sectors facing severe staff shortages, has sparked further debate. Trade unions, including UNISON, the primary health sector union, warn of a "total disaster" for the health service, predicting that migrants might opt for more welcoming countries. Challenges and scepticism Despite the government's intent to address concerns about immigration, scepticism prevails. Some studies suggest that foreign workers have minimal impact on overall wage and employment levels. The acute shortage of candidates to fill vacancies remains a significant challenge for businesses. Kate Nicholls, the Chief Executive of trade body, UKHospitality, expressed the need for developing an immigration system that caters to business needs and the labour market. The Bank of England acknowledged persistent skills shortages in certain sectors, even as hiring becomes slightly more manageable. Controversial moves and future outlook As the UK embarks on this immigration overhaul, controversies loom, particularly regarding the potential fallout for businesses and essential services like healthcare. The government's pledge to review the list of shortage occupations and eliminate the practice of paying migrants less than the going rate for jobs with labour shortages adds another layer to the unfolding reforms. (With inputs from Reuters)

UK discloses immigration reforms: Stricter visas aim to curb soaring migration

Investors in US tech giant Dell are questioning the soaring 90 per cent rally in the stock, wondering if the high price justifies growth that has yet to materialise. According to a Bloomberg report, the surge, propelling the personal computer giant's shares to a record high by the end of November, was driven by optimistic expectations of a boost from artificial intelligence (AI) demand. &nbsp;

However, Dell's recent third-quarter report revealed that the much-anticipated AI growth is not on the immediate horizon, prompting cautious sentiments among investors.

The stock, currently trading above its five-year average at about 10 times forward earnings, has encountered headwinds as Dell’s third-quarter results indicated that the expected AI boost is not imminent. &nbsp;

Bloomberg cited analysts, like Hendi Susanto from Gabelli Funds, who are adopting a patient approach, stating, “We are waiting to seek a better entry point.” &nbsp;

Susanto further acknowledged the run-up in the stock and emphasised the need for caution in light of the uncertain AI growth prospects.

Mixed signals from Dell’s second quarter report

Dell initially fuelled optimism in August when it surpassed sales expectations in the second quarter and expressed confidence in the long-term potential of servers supporting AI workloads. However, the recent third-quarter results painted a different picture. While Dell recorded $500 million in revenue from high-powered servers, this was insufficient to offset the decline in PC sales. &nbsp;

Morningstar’s William Kerwin, who downgraded Dell to a sell rating in September, warned that the stock is overvalued at current levels, echoing concerns about the company’s ability to navigate challenges in the PC and server/storage markets.

Barclays analysts, led by Tim Long, joined the chorus of scepticism, downgrading Dell shares to a sell-equivalent rating in September. They attributed the downgrade to macroeconomic pressures, anticipating difficulty in the PC and server/storage markets that AI might struggle to offset.

Future growth hinges on AI-Based devices

Daniel Newman, CEO of The Futurum Group, emphasised the crucial role AI-based devices will play in Dell's future growth. “Growth in this area will require a cycle when people are upgrading because AI enables them to do something new on the device,” Bloomberg quoted Newman as saying. He believes that genuine growth won't materialise until AI-based PCs and phones enter the market. However, he predicts this may not happen until the latter half of 2024.

Current consensus projections indicate that Dell's sales will decrease to roughly $21 billion in the fiscal first quarter of 2025 before increasing to approximately $23 billion in the second quarter and continuing to rise through the end of the year. Despite these projections, over 70 per cent of analysts covering the company maintain a buy-equivalent rating, with an average $79 price target, implying nearly 14 per cent upside.

A silver lining in Dell’s solid financial position

While concerns about Dell's growth persist, some investors find solace in the company's solid financial position. &nbsp;

Jack Ablin, CIO of Cresset Capital LLC, stated, “We like companies that have a very sterling balance sheet, don’t borrow very much and aren’t as subject to the vicissitudes of the market and the economy.” &nbsp;

Ablin believes that Dell's robust financials position it well to weather a slowdown, potentially benefiting from the next wave of AI demand. The lingering question remains whether AI will serve as the catalyst to drive the next hardware cycle.

(With inputs from Bloomberg)

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Investors in US tech giant Dell are questioning the soaring 90 per cent rally in the stock, wondering if the high price justifies growth that has yet to materialise.

Investors in US tech giant Dell are questioning the soaring 90 per cent rally in the stock, wondering if the high price justifies growth that has yet to materialise. According to a Bloomberg report, the surge, propelling the personal computer giant's shares to a record high by the end of November, was driven by optimistic expectations of a boost from artificial intelligence (AI) demand. However, Dell's recent third-quarter report revealed that the much-anticipated AI growth is not on the immediate horizon, prompting cautious sentiments among investors. The stock, currently trading above its five-year average at about 10 times forward earnings, has encountered headwinds as Dell’s third-quarter results indicated that the expected AI boost is not imminent. Bloomberg cited analysts, like Hendi Susanto from Gabelli Funds, who are adopting a patient approach, stating, “We are waiting to seek a better entry point.” Susanto further acknowledged the run-up in the stock and emphasised the need for caution in light of the uncertain AI growth prospects. Mixed signals from Dell’s second quarter report Dell initially fuelled optimism in August when it surpassed sales expectations in the second quarter and expressed confidence in the long-term potential of servers supporting AI workloads. However, the recent third-quarter results painted a different picture. While Dell recorded $500 million in revenue from high-powered servers, this was insufficient to offset the decline in PC sales. Morningstar’s William Kerwin, who downgraded Dell to a sell rating in September, warned that the stock is overvalued at current levels, echoing concerns about the company’s ability to navigate challenges in the PC and server/storage markets. Barclays analysts, led by Tim Long, joined the chorus of scepticism, downgrading Dell shares to a sell-equivalent rating in September. They attributed the downgrade to macroeconomic pressures, anticipating difficulty in the PC and server/storage markets that AI might struggle to offset. Future growth hinges on AI-Based devices Daniel Newman, CEO of The Futurum Group, emphasised the crucial role AI-based devices will play in Dell's future growth. “Growth in this area will require a cycle when people are upgrading because AI enables them to do something new on the device,” Bloomberg quoted Newman as saying. He believes that genuine growth won't materialise until AI-based PCs and phones enter the market. However, he predicts this may not happen until the latter half of 2024. Current consensus projections indicate that Dell's sales will decrease to roughly $21 billion in the fiscal first quarter of 2025 before increasing to approximately $23 billion in the second quarter and continuing to rise through the end of the year. Despite these projections, over 70 per cent of analysts covering the company maintain a buy-equivalent rating, with an average $79 price target, implying nearly 14 per cent upside. A silver lining in Dell’s solid financial position While concerns about Dell's growth persist, some investors find solace in the company's solid financial position. Jack Ablin, CIO of Cresset Capital LLC, stated, “We like companies that have a very sterling balance sheet, don’t borrow very much and aren’t as subject to the vicissitudes of the market and the economy.” Ablin believes that Dell's robust financials position it well to weather a slowdown, potentially benefiting from the next wave of AI demand. The lingering question remains whether AI will serve as the catalyst to drive the next hardware cycle. (With inputs from Bloomberg) WATCH WION LIVE HERE

Dell's stock rally faces reality check as AI demand fails to keep pace

India's Paytm will issue fewer personal loans of 600 dollars or less. This annoucement comes weeks after India's Central Bank tightened rules on consumer lending after a surge in demand.

Paytm to issue fewer personal loans of 600 dollars or less | World Business Watch

The International Air Transport Association (IATA) has released optimistic projections for the airline industry, anticipating a substantial rebound in 2024. &nbsp;

Despite a few challenging years, IATA predicts global net profits to reach $25.7 billion in 2024, reflecting a 2.7 per cent net profit margin. This outlook follows the $23.3 billion net profit that is expected in 2023.

The recovery is attributed to increased demand for air travel, especially in China, as the world emerges from the COVID-19 pandemic.

Resilience amid challenges

IATA Director General Willie Walsh acknowledged the aviation industry's resilience, saying, “The $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience.”

He emphasised on the extraordinary speed at which the industry is recovering while noting that the pandemic has set aviation back approximately four years in terms of growth.

Despite this comeback, the 2.7 per cent net profit margin is significantly lower than what would be acceptable in many other industries, highlighting the ongoing challenges airlines face.

Key projections and drivers

Revenue surge and operating profit growth

IATA's projections highlight a robust financial outlook for 2024. Total revenues are expected to reach a record-breaking $964 billion, growing at a rate of 7.6 per cent. Operating profits are set to increase from $40.7 billion in 2023 to $49.3 billion in 2024. &nbsp;

This positive trend is driven by a surge in air travel demand, with an estimated 4.7 billion people expected to travel in 2024, surpassing pre-pandemic levels.

Passenger and cargo dynamics

Passenger revenues are anticipated to reach $717 billion in 2024, a 12 per cent increase from 2023, driven by strong demand and improved passenger yields. Cargo revenues, on the other hand, are projected to decrease to $111 billion in 2024 due to a decline in demand compared to the exceptional peak observed in 2021. Despite this reduction, yields will remain historically high.

Expenses and fuel challenges

While revenues are expected to outpace expenses, the industry is not without challenges. Expenses are projected to grow to $914 billion in 2024, with fuel costs accounting for 31 per cent of total operating costs. The average fuel price is estimated to be $113.8 per barrel, contributing to a total fuel bill of $281 billion. Airlines are expected to consume 99 billion gallons of fuel in 2024.

Sustainability efforts and carbon footprint

Recognising the environmental impact of the aviation industry, IATA has outlined efforts to address carbon emissions. Sustainable Aviation Fuels (SAF) and carbon credits are expected to play a crucial role in reducing the industry's carbon footprint. SAF production could reach 0.53 per cent of total fuel consumption in 2024, adding $2.4 billion to the fuel bill. The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is estimated to cost $1 billion in 2024.

Regional roundup

North America leads financial recovery

Financial performances across regions vary. North America stands out, having returned to profitability in 2022 and strengthening further in 2023. Consumer spending remains solid, and demand for air travel is expected to outpace capacity growth into 2024.

Europe's resilience amid challenges

Europe's performance in 2023 exceeded expectations, with strong demand expected to continue in 2024. However, risks related to the tight labour market and geopolitical tensions pose potential challenges.

Asia Pacific's recovery

While some domestic markets in Asia Pacific recovered quickly, international travel remained subdued until mid-2023. The region is expected to post a small loss in 2023 but is projected to return to profitability in 2024.

Latin America and Africa face challenges

Latin America is expected to face economic and social turmoil impacting airline performance in 2024, with reducing losses. Meanwhile, African carriers are anticipated to generate losses in both 2023 and 2024 due to economic, infrastructure, and connectivity challenges.

West Asia's swift recovery

West Asia is set to deliver strong financial performances in both 2023 and 2024, driven by swift rebuilding of international networks and efficient fleets.

2023: Better than expected

In 2023, the industry outperformed earlier projections, reaching $23.3 billion in net profit, significantly higher than the forecasted $9.8 billion in June. Passenger business drove this improvement, with revenues surpassing expectations by $96 billion, reaching $642 billion. Cargo revenues, however, fell short of projections at $134.7 billion.

Traveller satisfaction and industry perception

Public opinion polls conducted by IATA reveal high levels of traveller satisfaction. A vast majority, 97 per cent, expressed satisfaction with their travel experiences, with 88 per cent believing air travel enhances their lives and 80 per cent considering it good value for money. Travellers have expressed confidence in the industry's commitment to sustainability, with 84 per cent supporting the goal of achieving net zero emissions by 2050.

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The International Air Transport Association (IATA) has released optimistic projections for the airline industry, anticipating a substantial rebound in 2024. Despite a few challenging years, IATA predicts global net profits to reach $25.

The International Air Transport Association (IATA) has released optimistic projections for the airline industry, anticipating a substantial rebound in 2024. Despite a few challenging years, IATA predicts global net profits to reach $25.7 billion in 2024, reflecting a 2.7 per cent net profit margin. This outlook follows the $23.3 billion net profit that is expected in 2023. The recovery is attributed to increased demand for air travel, especially in China, as the world emerges from the COVID-19 pandemic. Resilience amid challenges IATA Director General Willie Walsh acknowledged the aviation industry's resilience, saying, “The $25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience.” He emphasised on the extraordinary speed at which the industry is recovering while noting that the pandemic has set aviation back approximately four years in terms of growth. Despite this comeback, the 2.7 per cent net profit margin is significantly lower than what would be acceptable in many other industries, highlighting the ongoing challenges airlines face. Key projections and drivers Revenue surge and operating profit growth IATA's projections highlight a robust financial outlook for 2024. Total revenues are expected to reach a record-breaking $964 billion, growing at a rate of 7.6 per cent. Operating profits are set to increase from $40.7 billion in 2023 to $49.3 billion in 2024. This positive trend is driven by a surge in air travel demand, with an estimated 4.7 billion people expected to travel in 2024, surpassing pre-pandemic levels. Passenger and cargo dynamics Passenger revenues are anticipated to reach $717 billion in 2024, a 12 per cent increase from 2023, driven by strong demand and improved passenger yields. Cargo revenues, on the other hand, are projected to decrease to $111 billion in 2024 due to a decline in demand compared to the exceptional peak observed in 2021. Despite this reduction, yields will remain historically high. Expenses and fuel challenges While revenues are expected to outpace expenses, the industry is not without challenges. Expenses are projected to grow to $914 billion in 2024, with fuel costs accounting for 31 per cent of total operating costs. The average fuel price is estimated to be $113.8 per barrel, contributing to a total fuel bill of $281 billion. Airlines are expected to consume 99 billion gallons of fuel in 2024. Sustainability efforts and carbon footprint Recognising the environmental impact of the aviation industry, IATA has outlined efforts to address carbon emissions. Sustainable Aviation Fuels (SAF) and carbon credits are expected to play a crucial role in reducing the industry's carbon footprint. SAF production could reach 0.53 per cent of total fuel consumption in 2024, adding $2.4 billion to the fuel bill. The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is estimated to cost $1 billion in 2024. Regional roundup North America leads financial recovery Financial performances across regions vary. North America stands out, having returned to profitability in 2022 and strengthening further in 2023. Consumer spending remains solid, and demand for air travel is expected to outpace capacity growth into 2024. Europe's resilience amid challenges Europe's performance in 2023 exceeded expectations, with strong demand expected to continue in 2024. However, risks related to the tight labour market and geopolitical tensions pose potential challenges. Asia Pacific's recovery While some domestic markets in Asia Pacific recovered quickly, international travel remained subdued until mid-2023. The region is expected to post a small loss in 2023 but is projected to return to profitability in 2024. Latin America and Africa face challenges Latin America is expected to face economic and social turmoil impacting airline performance in 2024, with reducing losses. Meanwhile, African carriers are anticipated to generate losses in both 2023 and 2024 due to economic, infrastructure, and connectivity challenges. West Asia's swift recovery West Asia is set to deliver strong financial performances in both 2023 and 2024, driven by swift rebuilding of international networks and efficient fleets. 2023: Better than expected In 2023, the industry outperformed earlier projections, reaching $23.3 billion in net profit, significantly higher than the forecasted $9.8 billion in June. Passenger business drove this improvement, with revenues surpassing expectations by $96 billion, reaching $642 billion. Cargo revenues, however, fell short of projections at $134.7 billion. Traveller satisfaction and industry perception Public opinion polls conducted by IATA reveal high levels of traveller satisfaction. A vast majority, 97 per cent, expressed satisfaction with their travel experiences, with 88 per cent believing air travel enhances their lives and 80 per cent considering it good value for money. Travellers have expressed confidence in the industry's commitment to sustainability, with 84 per cent supporting the goal of achieving net zero emissions by 2050. WATCH WION LIVE HERE

Global aviation is all set to emerge out of Covid shadow. Here's why 

The global fast-food giant, McDonald's, is all set to expand in the next few years. That's what the fast-food giant said while revealing its future plans. The plan includes expanding to 50,000 restaurants by 2027.

McDonald's global plans include expanding to 50,000 restaurants by 2027 | World Business News

Dell investors are talking about the mismatch between the revenue growth & the high stock price. The company's stock rose over 90% in november to a record high on predictions of higher demand for Artificial Intelligence. But the stock has fallen since dell's september-quarter report revealed the rise in demand is far off.

Dell stock rises over 90% in November to a record high

Moody's on Wednesday (Dec 6)&nbsp;put Hong Kong, Macau and a large number of Chinese state-owned banks and firms on a downgrade warning. The development has come just a day after a similar move by the agency on the Chinese mainland government's ratings.

Moody's said that the downgrade warning was due to Hong Kong's tight political, institutional, financial and economic links with China under the "One Country, Two Systems" arrangement.

Watch | Japan worries of an influx of refugees amid China-Taiwan tensions

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Hong Kong has been rated one step higher at Aa3 versus China's A1. It hit out at Moody's decision and released a statement that said its ties with Beijing were "a source of strength for long-term development."

Moody's has also said that after the passage of a National Security Law in 2020 and changes in Hong Kong's election system, it was expected that the city's autonomy would be eroded incrementally.

The Chinese economy has slowed down, and this may potentially affect Hong Kong as well. This may in turn affect the Hong Kong government's fiscal buffers.

Also Read | <a href="https://www.wionews.com/india-news/blow-for-china-apple-prefers-india-to-manufacture-batteries-for-next-gen-iphone-16-report-666875">Blow for China: Apple prefers India to manufacture batteries for next-gen iPhone 16 - Report</a>

Moody's also lowered the prospects of 26 financing vehicles for local governments in China and for four state-owned enterprises. Together, all 30 of them were on the "review for downgrade". This normally means that a decision will be made about this within three months.

Also Read | <a href="https://www.wionews.com/business-economy/german-companies-seek-diversification-to-mitigate-risks-amid-chinas-geopolitical-tensions-666775">German companies seek diversification to mitigate risks amid China's geopolitical tensions&nbsp;</a>

The ratings agency cut the outlooks of eight Chinese banks to negative. However, these banks were not put on review for a downgrade.

The banks included, the Agricultural Development Bank of China, China Development Bank and the Export-Import Bank of China (2544.HK), as well as five large state-owned commercial banks: Agricultural Bank of China (601288.SS), Bank of China (601988.SS), China Construction Bank (601939.SS), Industrial &amp; Commercial Bank of China and Postal Savings Bank of China (1658.HK).

(With inputs from agencies)

Moody's on Wednesday (Dec 6) put Hong Kong, Macau and a large number of Chinese state-owned banks and firms on a downgrade warning. The development has come just a day after a similar move by the agency on the Chinese mainland government's ratings.

Moody's on Wednesday (Dec 6) put Hong Kong, Macau and a large number of Chinese state-owned banks and firms on a downgrade warning. The development has come just a day after a similar move by the agency on the Chinese mainland government's ratings. Moody's said that the downgrade warning was due to Hong Kong's tight political, institutional, financial and economic links with China under the "One Country, Two Systems" arrangement. Watch | Japan worries of an influx of refugees amid China-Taiwan tensions × Hong Kong has been rated one step higher at Aa3 versus China's A1. It hit out at Moody's decision and released a statement that said its ties with Beijing were "a source of strength for long-term development." Moody's has also said that after the passage of a National Security Law in 2020 and changes in Hong Kong's election system, it was expected that the city's autonomy would be eroded incrementally. The Chinese economy has slowed down, and this may potentially affect Hong Kong as well. This may in turn affect the Hong Kong government's fiscal buffers. Also Read | Blow for China: Apple prefers India to manufacture batteries for next-gen iPhone 16 - Report Moody's also lowered the prospects of 26 financing vehicles for local governments in China and for four state-owned enterprises. Together, all 30 of them were on the "review for downgrade". This normally means that a decision will be made about this within three months. Also Read | German companies seek diversification to mitigate risks amid China's geopolitical tensions The ratings agency cut the outlooks of eight Chinese banks to negative. However, these banks were not put on review for a downgrade. The banks included, the Agricultural Development Bank of China, China Development Bank and the Export-Import Bank of China (2544.HK), as well as five large state-owned commercial banks: Agricultural Bank of China (601288.SS), Bank of China (601988.SS), China Construction Bank (601939.SS), Industrial & Commercial Bank of China and Postal Savings Bank of China (1658.HK). (With inputs from agencies)

Moody's cuts Hong Kong, Macau outlooks, banks under scanner too

Global aviation is all set to emerge out of Covid shadow. Here's why<o:p></o:p>

The airline industry is expected to have a significant upturn in 2024, according to optimistic estimates issued by the International Air Transport Association (IATA).&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/global-aviation-is-all-set-to-emerge-out-of-covid-shadow-heres-why-667080">Read more here</a><o:p></o:p>

Dell's stock rally faces reality check as AI demand fails to keep pace<o:p></o:p>

US tech company, Dell’s stock has surged 90 per cent, but investors remain doubtful if the high value is justified by growth that hasn't yet materialised.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/dells-stock-rally-faces-reality-check-as-ai-demand-fails-to-keep-pace-667085">Read more here</a><o:p></o:p>

Taiwan's financial ties with China unravel as ETF market nears collapse<o:p></o:p>

The world’s largest Chinese bond exchange-traded fund (ETF) market is on the verge of collapsing, indicating the increasing economic and financial divergence between Taiwan and China.&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/taiwans-financial-ties-with-china-unravel-as-etf-market-nears-collapse-667106">Read more here</a><o:p></o:p>

Russian co-founder of crypto exchange Bitzlato pleads guilty to money laundering charges<o:p></o:p>

Co-founder and principal proprietor of the virtual currency exchange Bitzlato, registered in Hong Kong, Anatoly Legkodymov pleaded guilty in a U.S. court for operating a money-transmitting enterprise that handled around $700 million of illicit funding.&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/russian-co-founder-of-crypto-exchange-bitzlato-pleads-guilty-to-money-laundering-charges-667112">Read more here</a>

McDonald's unveils ambitious expansion plans, aiming for 50,000 restaurants by 2027<o:p></o:p>

McDonald's presented its most ambitious development strategy in 68 years on Wednesday, along with its strategic vision for the future.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/mcdonalds-unveils-ambitious-expansion-plans-aiming-for-50000-restaurants-by-2027-667143">Read more here</a><o:p></o:p>

Paytm share price falls 18pc amid plans to scale back post-paid loans<o:p></o:p>

Paytm’s share price, dropped by an shocking 18 per cent on Thursday. The company's disclosure of strategic plans to cut down its small-ticket post-paid loans was preceded by this market upheaval.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-share-price-falls-18pc-amid-plans-to-scale-back-post-paid-loans-667147">Read more here</a><o:p></o:p>

SpaceX initiates tender offer, eyes valuation of $175 billion in share sale<o:p></o:p>

Elon Musk's SpaceX is looking out for a tender offer that could potentially be worth up to $175 billion for the private space exploration corporation.&nbsp; <o:p></o:p>

<a href="https://www.wionews.com/business-economy/spacex-initiates-tender-offer-eyes-valuation-of-175-billion-in-share-sale-667153">Read more here</a>

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Global aviation is all set to emerge out of Covid shadow. Here's why The airline industry is expected to have a significant upturn in 2024, according to optimistic estimates issued by the International Air Transport Association (IATA).

Global aviation is all set to emerge out of Covid shadow. Here's why The airline industry is expected to have a significant upturn in 2024, according to optimistic estimates issued by the International Air Transport Association (IATA). Read more here Dell's stock rally faces reality check as AI demand fails to keep pace US tech company, Dell’s stock has surged 90 per cent, but investors remain doubtful if the high value is justified by growth that hasn't yet materialised. Read more here Taiwan's financial ties with China unravel as ETF market nears collapse The world’s largest Chinese bond exchange-traded fund (ETF) market is on the verge of collapsing, indicating the increasing economic and financial divergence between Taiwan and China. Read more here Russian co-founder of crypto exchange Bitzlato pleads guilty to money laundering charges Co-founder and principal proprietor of the virtual currency exchange Bitzlato, registered in Hong Kong, Anatoly Legkodymov pleaded guilty in a U.S. court for operating a money-transmitting enterprise that handled around $700 million of illicit funding. Read more here McDonald's unveils ambitious expansion plans, aiming for 50,000 restaurants by 2027 McDonald's presented its most ambitious development strategy in 68 years on Wednesday, along with its strategic vision for the future. Read more here Paytm share price falls 18pc amid plans to scale back post-paid loans Paytm’s share price, dropped by an shocking 18 per cent on Thursday. The company's disclosure of strategic plans to cut down its small-ticket post-paid loans was preceded by this market upheaval. Read more here SpaceX initiates tender offer, eyes valuation of $175 billion in share sale Elon Musk's SpaceX is looking out for a tender offer that could potentially be worth up to $175 billion for the private space exploration corporation. Read more here WATCH WION LIVE HERE

WION Business Wrap | Global aviation emerges optimistc, Dell’s stock rally, Taiwan-China financial ties & more

SpaceX, under Elon Musk, is in the process of exploring a tender offer that values the private space exploration company at $175 billion or more. &nbsp;

A Bloomberg report, citing sources familiar with the matter, revealed that discussions are underway regarding insider shares, with the tender offer potentially ranging between $500 million to $750 million. The proposed share price is around $95 per share, though terms and the offer's size may evolve based on interest from both sellers and buyers within the company.

This valuation represents a significant premium compared to the $150 billion valuation SpaceX secured through a tender offer earlier this summer. &nbsp;

SpaceX, headquartered in Hawthorne, California, currently stands as the most valuable start-up in the United States, dominating the commercial space launch services market with its highly successful Falcon rockets. &nbsp;

In addition to its achievements in space launches, SpaceX is recognised for its role in sending payloads into orbit for private-sector clients, the National Aeronautics and Space Administration (NASA), and various government agencies. The company's diverse portfolio includes the revolutionary Starlink service, providing internet from space. Anchored by a growing constellation of satellites in low-Earth orbit, Starlink has contributed to SpaceX's expanding influence in the broader space industry.

While details of the tender offer remain confidential, the move signifies SpaceX's continued efforts to leverage its market dominance and technological innovations to attract investment. The space exploration company has been at the forefront of industry advancements, and this financial manoeuvre further highlights its commitment to pushing boundaries and securing a prominent position in the evolving landscape of space exploration and satellite-based services. &nbsp;

(With inputs from Bloomberg)

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SpaceX, under Elon Musk, is in the process of exploring a tender offer that values the private space exploration company at $175 billion or more. A Bloomberg report, citing sources familiar with the matter, revealed that discussions are underway regarding insider shares, with the tender offer potentially ranging between $500 million to $750 million.

SpaceX, under Elon Musk, is in the process of exploring a tender offer that values the private space exploration company at $175 billion or more. A Bloomberg report, citing sources familiar with the matter, revealed that discussions are underway regarding insider shares, with the tender offer potentially ranging between $500 million to $750 million. The proposed share price is around $95 per share, though terms and the offer's size may evolve based on interest from both sellers and buyers within the company. This valuation represents a significant premium compared to the $150 billion valuation SpaceX secured through a tender offer earlier this summer. SpaceX, headquartered in Hawthorne, California, currently stands as the most valuable start-up in the United States, dominating the commercial space launch services market with its highly successful Falcon rockets. In addition to its achievements in space launches, SpaceX is recognised for its role in sending payloads into orbit for private-sector clients, the National Aeronautics and Space Administration (NASA), and various government agencies. The company's diverse portfolio includes the revolutionary Starlink service, providing internet from space. Anchored by a growing constellation of satellites in low-Earth orbit, Starlink has contributed to SpaceX's expanding influence in the broader space industry. While details of the tender offer remain confidential, the move signifies SpaceX's continued efforts to leverage its market dominance and technological innovations to attract investment. The space exploration company has been at the forefront of industry advancements, and this financial manoeuvre further highlights its commitment to pushing boundaries and securing a prominent position in the evolving landscape of space exploration and satellite-based services. (With inputs from Bloomberg) WATCH WION LIVE HERE

SpaceX initiates tender offer, eyes valuation of $175 billion in share sale

Indian digital payment giant Paytm witnessed a staggering 18 per cent decline in its share price on Thursday. This market turmoil followed the company's announcement of strategic plans to slow down its small-ticket post-paid loans. &nbsp;

According to media reports, Paytm aims to divert its focus towards high-ticket personal loans and merchant loans, a move that has raised concerns among investors and prompted several brokerages to revise their revenue estimates for the company.

At 12:42 pm on the National Stock Exchange (NSE), Paytm's share price plummeted to 666.50 rupees ($8), marking an 18 percent drop. The stock had earlier hit a 20 per cent lower circuit in early trade, triggering an increase in trading volume. Approximately 3 crore shares changed hands, a stark contrast to the one-month daily traded average of 50 lakh shares. &nbsp;

During an analyst meet, Paytm revealed its intention to slash post-paid loans by half. The company assured stakeholders that this move would have minimal impact on margins or revenue, as post-paid loans had the lowest take rate. However, market experts expressed reservations about the decision, emphasising that it might lead to a reduction in Paytm's disbursement run rate over the near term.

Jefferies, a leading brokerage firm, attributed Paytm's decision to recalibrate its 'Buy now pay later' (BNPL) business to the recent regulatory changes by the Reserve Bank of India (RBI) affecting unsecured lending. The firm predicted a 50 per cent reduction in BNPL disbursals over the next 3-4 months. &nbsp;

Despite Paytm's plans to offset this decline through high-ticket personal loans and merchant loans, Jefferies expressed concerns about the unexpected tightening in the BNPL business. Consequently, Jefferies revised its revenue estimates for Paytm for FY24-26 by 3-10 per cent and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) estimates by 12-15 per cent, along with a downward revision of the stock's price target by over 19 per cent to Rs 1,050 ($12.6).

Goldman Sachs took a cautious stance, downgrading Paytm's stock to a 'neutral' rating and setting a price target of Rs 840 ($10.08). The brokerage firm also lowered its revenue and adjusted EBITDA estimates for FY24-25 by up to 10 per cent and 40 per cent, respectively. &nbsp;

Similarly, Morgan Stanley, maintaining an 'equal weight' call on the stock, predicted a decline in Paytm's disbursement run rate due to the decision to scale down low-ticket post-paid lending. The brokerage assigned a price target of Rs 830 ($9.96).

While Motilal Oswal Financial Services acknowledged Paytm's efforts to adapt, it expressed reservations about the long-term impact on low-ticket unsecured loans. The firm trimmed its FY24/FY25 disbursement estimates by 15 per cent-18 per cent, resulting in an 11-16 per cent cut in adjusted EBITDA forecasts for FY24-25. Despite keeping a watchful eye on the situation, the brokerage highlighted uncertainties regarding the longevity of these measures and the outlook for low-ticket unsecured loans.

WATCH WION LIVE HERE

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Indian digital payment giant Paytm witnessed a staggering 18 per cent decline in its share price on Thursday. This market turmoil followed the company's announcement of strategic plans to slow down its small-ticket post-paid loans.

Indian digital payment giant Paytm witnessed a staggering 18 per cent decline in its share price on Thursday. This market turmoil followed the company's announcement of strategic plans to slow down its small-ticket post-paid loans. According to media reports, Paytm aims to divert its focus towards high-ticket personal loans and merchant loans, a move that has raised concerns among investors and prompted several brokerages to revise their revenue estimates for the company. At 12:42 pm on the National Stock Exchange (NSE), Paytm's share price plummeted to 666.50 rupees ($8), marking an 18 percent drop. The stock had earlier hit a 20 per cent lower circuit in early trade, triggering an increase in trading volume. Approximately 3 crore shares changed hands, a stark contrast to the one-month daily traded average of 50 lakh shares. During an analyst meet, Paytm revealed its intention to slash post-paid loans by half. The company assured stakeholders that this move would have minimal impact on margins or revenue, as post-paid loans had the lowest take rate. However, market experts expressed reservations about the decision, emphasising that it might lead to a reduction in Paytm's disbursement run rate over the near term. Jefferies, a leading brokerage firm, attributed Paytm's decision to recalibrate its 'Buy now pay later' (BNPL) business to the recent regulatory changes by the Reserve Bank of India (RBI) affecting unsecured lending. The firm predicted a 50 per cent reduction in BNPL disbursals over the next 3-4 months. Despite Paytm's plans to offset this decline through high-ticket personal loans and merchant loans, Jefferies expressed concerns about the unexpected tightening in the BNPL business. Consequently, Jefferies revised its revenue estimates for Paytm for FY24-26 by 3-10 per cent and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) estimates by 12-15 per cent, along with a downward revision of the stock's price target by over 19 per cent to Rs 1,050 ($12.6). Goldman Sachs took a cautious stance, downgrading Paytm's stock to a 'neutral' rating and setting a price target of Rs 840 ($10.08). The brokerage firm also lowered its revenue and adjusted EBITDA estimates for FY24-25 by up to 10 per cent and 40 per cent, respectively. Similarly, Morgan Stanley, maintaining an 'equal weight' call on the stock, predicted a decline in Paytm's disbursement run rate due to the decision to scale down low-ticket post-paid lending. The brokerage assigned a price target of Rs 830 ($9.96). While Motilal Oswal Financial Services acknowledged Paytm's efforts to adapt, it expressed reservations about the long-term impact on low-ticket unsecured loans. The firm trimmed its FY24/FY25 disbursement estimates by 15 per cent-18 per cent, resulting in an 11-16 per cent cut in adjusted EBITDA forecasts for FY24-25. Despite keeping a watchful eye on the situation, the brokerage highlighted uncertainties regarding the longevity of these measures and the outlook for low-ticket unsecured loans. WATCH WION LIVE HERE

Paytm share price falls 18pc amid plans to scale back post-paid loans

McDonald's on Wednesday unveiled its strategic vision for the future, which marks its most ambitious growth plan in 68 years.

According to a media report, the iconic fast-food giant revealed plans to surge to 50,000 restaurants by 2027, propelled by its fastest pace of expansion in history.&nbsp;

The announcement follows robust sales growth in both international operated markets and international developed licensed markets, signalling the brand's resilience and global appeal. McDonald's recent agreement to buy back Carlyle's minority ownership stake in its China business for $1.8 billion underscores its commitment to strategic investments. &nbsp;

McDonald's CEO and president, Chris Kempczinski, emphasised the brand's trajectory for future growth, citing its robust brand strength, global footprint, and digital ecosystem.

"We have a clear trajectory for future growth as we continue to build on the brand strength, global footprint, and digital ecosystem that have resulted in unparalleled competitive advantages and cemented McDonald’s as one of the world’s leading consumer-facing brands," Bloomberg quoted Kempczinski as saying. &nbsp;

The company plans to focus on its core menu items, introducing the "Best Burger" to all markets by 2026, impacting favourites like the Big Mac, McDouble burger, cheeseburger, double cheeseburger, and hamburger. Additionally, McDonald's aims to elevate its chicken business, making the McCrispy sandwich available in all markets by the end of 2025 and expanding it into wraps and tenders. &nbsp;

In the last quarter, McDonald's witnessed a boost in U.S. sales attributed to higher menu prices, innovative marketing campaigns such as the "As Featured In Meal", and the growing adoption of digital and delivery orders.&nbsp;

The company, having actively participated in the chicken sandwich wars three years ago, reported gaining market share in both chicken and beef during a call with investors following its Q3 results. The strategic focus on burgers and chicken aligns with McDonald's ongoing commitment towards meeting evolving consumer preferences.

Digital transformation remains at the forefront of McDonald's agenda, with systemwide digital sales reaching $9 billion in Q3 across its six largest markets. This accounted for 40 per cent of total sales, marking a notable increase from Q2. McDonald's plans to continue investing in digital, delivery, and drive-throughs, with a keen eye on expanding its loyalty program. By 2027, the company aims to grow its active loyalty user base from 150 million to a 250 million 90-day active users, with an ambitious target of reeling in $45 billion in annual systemwide sales. &nbsp;

In a strategic move, McDonald's has partnered with Google Cloud to enhance operations, customer experience, and crew efficiency. This collaboration, set to commence in 2024, will leverage generative AI at McDonald's restaurants to accelerate innovation, reduce complexity, and ensure accurate orders. Google CEO Sundar Pichai expressed eagerness about the collaboration, highlighting the potential for McDonald's to leverage Google's generative AI, cloud, and edge computing tools to enhance the dining experience globally. &nbsp;

The announcement comes after McDonald's sold its automated ordering business, McD Tech Labs, to IBM in 2021. Competitor Wendy's has also ventured into automation, revealing plans to automate its drive-through with Google Cloud, known as Wendy’s FreshAI.

WATCH WION LIVE HERE

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McDonald's on Wednesday unveiled its strategic vision for the future, which marks its most ambitious growth plan in 68 years. According to a media report, the iconic fast-food giant revealed plans to surge to 50,000 restaurants by 2027, propelled by its fastest pace of expansion in history.

McDonald's on Wednesday unveiled its strategic vision for the future, which marks its most ambitious growth plan in 68 years. According to a media report, the iconic fast-food giant revealed plans to surge to 50,000 restaurants by 2027, propelled by its fastest pace of expansion in history. The announcement follows robust sales growth in both international operated markets and international developed licensed markets, signalling the brand's resilience and global appeal. McDonald's recent agreement to buy back Carlyle's minority ownership stake in its China business for $1.8 billion underscores its commitment to strategic investments. McDonald's CEO and president, Chris Kempczinski, emphasised the brand's trajectory for future growth, citing its robust brand strength, global footprint, and digital ecosystem. "We have a clear trajectory for future growth as we continue to build on the brand strength, global footprint, and digital ecosystem that have resulted in unparalleled competitive advantages and cemented McDonald’s as one of the world’s leading consumer-facing brands," Bloomberg quoted Kempczinski as saying. The company plans to focus on its core menu items, introducing the "Best Burger" to all markets by 2026, impacting favourites like the Big Mac, McDouble burger, cheeseburger, double cheeseburger, and hamburger. Additionally, McDonald's aims to elevate its chicken business, making the McCrispy sandwich available in all markets by the end of 2025 and expanding it into wraps and tenders. In the last quarter, McDonald's witnessed a boost in U.S. sales attributed to higher menu prices, innovative marketing campaigns such as the "As Featured In Meal", and the growing adoption of digital and delivery orders. The company, having actively participated in the chicken sandwich wars three years ago, reported gaining market share in both chicken and beef during a call with investors following its Q3 results. The strategic focus on burgers and chicken aligns with McDonald's ongoing commitment towards meeting evolving consumer preferences. Digital transformation remains at the forefront of McDonald's agenda, with systemwide digital sales reaching $9 billion in Q3 across its six largest markets. This accounted for 40 per cent of total sales, marking a notable increase from Q2. McDonald's plans to continue investing in digital, delivery, and drive-throughs, with a keen eye on expanding its loyalty program. By 2027, the company aims to grow its active loyalty user base from 150 million to a 250 million 90-day active users, with an ambitious target of reeling in $45 billion in annual systemwide sales. In a strategic move, McDonald's has partnered with Google Cloud to enhance operations, customer experience, and crew efficiency. This collaboration, set to commence in 2024, will leverage generative AI at McDonald's restaurants to accelerate innovation, reduce complexity, and ensure accurate orders. Google CEO Sundar Pichai expressed eagerness about the collaboration, highlighting the potential for McDonald's to leverage Google's generative AI, cloud, and edge computing tools to enhance the dining experience globally. The announcement comes after McDonald's sold its automated ordering business, McD Tech Labs, to IBM in 2021. Competitor Wendy's has also ventured into automation, revealing plans to automate its drive-through with Google Cloud, known as Wendy’s FreshAI. WATCH WION LIVE HERE

McDonald's unveils ambitious expansion plans, aiming for 50,000 restaurants by 2027

Responding to a report by US researchers, the Tel Aviv Stock Exchange (TASE) refuted claims of unusual trading activities before&nbsp;the October 7 Hamas attack, Reuters reported.&nbsp;

The study, conducted by law professors Robert Jackson Jr. from New York University and Joshua Mitts of Columbia University, alleged that certain investors in Israel may have profited from prior knowledge of the attack, citing significant short-selling of shares leading up to the event.&nbsp;

TASE, in a statement on Tuesday, dismissed the report as inaccurate and irresponsible, asserting that the researchers miscalculated the potential short-sale profits due to a misunderstanding of the currency in which share prices are listed. &nbsp;

Reuters cited, Yaniv Pagot, the head of trading at TASE, who emphasised that there was nothing unusual in short positions in the stock exchange in the two months before the attack. He noted an increase in short interest in Leumi, Israel's largest bank, in the week ending September 21, but stated that the position remained stable thereafter.&nbsp;

Pagot remarked, "I don't see in the data something even close to what they wrote in the paper." He also highlighted that the researchers did not consult with TASE or its members before publishing their findings. &nbsp;

He further downplayed concerns about the ETF and short-dated options activity identified by the researchers, expressing confusion about the theory behind it.&nbsp;

The Israel Securities Authority (ISA) also weighed in, stating that no significant trading abnormalities necessitating further investigation were detected in the days preceding the Hamas terrorist attack. The ISA's examinations found a decline in average short balances for shares traded on TASE during the period leading up to October 7th. &nbsp;

The regulator disputed the researchers' calculations, estimating the value of theoretical returns of the short balance in Bank Leumi shares to be in the tens of millions of shekels, rather than the alleged three billion shekels.&nbsp;

Joshua Mitts, one of the researchers, acknowledged via email that the 67-page report had been corrected to address currency issues. However, he maintained that the correction did not impact the "highly unusual" exchange-traded fund (ETF) and short-dated options activity identified in their study. The report highlighted a sudden and significant spike in short interest in the MSCI Israel ETF on October 2, based on data from the Financial Industry Regulatory Authority (FINRA).&nbsp;

Despite the TASE's denial, media speculation has suggested the involvement of a terror organisation in the short-selling. Pagot, however, dismissed this notion, stating that the short position in Leumi was taken by an unidentified Israeli bank known to the TASE. He emphasised the strict compliance standards of the involved bank, making it unlikely for such a position to pass through without scrutiny.&nbsp;

Israel's securities regulator confirmed its awareness of the report for a week and stated it is in contact with the researchers. However, the regulator declined to comment further while it investigates the TASE's rebuttal.&nbsp;

(With inputs from Reuters)&nbsp;

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Responding to a report by US researchers, the Tel Aviv Stock Exchange (TASE) refuted claims of unusual trading activities before the October 7 Hamas attack, Reuters reported.

Responding to a report by US researchers, the Tel Aviv Stock Exchange (TASE) refuted claims of unusual trading activities before the October 7 Hamas attack, Reuters reported. The study, conducted by law professors Robert Jackson Jr. from New York University and Joshua Mitts of Columbia University, alleged that certain investors in Israel may have profited from prior knowledge of the attack, citing significant short-selling of shares leading up to the event. TASE, in a statement on Tuesday, dismissed the report as inaccurate and irresponsible, asserting that the researchers miscalculated the potential short-sale profits due to a misunderstanding of the currency in which share prices are listed. Reuters cited, Yaniv Pagot, the head of trading at TASE, who emphasised that there was nothing unusual in short positions in the stock exchange in the two months before the attack. He noted an increase in short interest in Leumi, Israel's largest bank, in the week ending September 21, but stated that the position remained stable thereafter. Pagot remarked, "I don't see in the data something even close to what they wrote in the paper." He also highlighted that the researchers did not consult with TASE or its members before publishing their findings. He further downplayed concerns about the ETF and short-dated options activity identified by the researchers, expressing confusion about the theory behind it. The Israel Securities Authority (ISA) also weighed in, stating that no significant trading abnormalities necessitating further investigation were detected in the days preceding the Hamas terrorist attack. The ISA's examinations found a decline in average short balances for shares traded on TASE during the period leading up to October 7th. The regulator disputed the researchers' calculations, estimating the value of theoretical returns of the short balance in Bank Leumi shares to be in the tens of millions of shekels, rather than the alleged three billion shekels. Joshua Mitts, one of the researchers, acknowledged via email that the 67-page report had been corrected to address currency issues. However, he maintained that the correction did not impact the "highly unusual" exchange-traded fund (ETF) and short-dated options activity identified in their study. The report highlighted a sudden and significant spike in short interest in the MSCI Israel ETF on October 2, based on data from the Financial Industry Regulatory Authority (FINRA). Despite the TASE's denial, media speculation has suggested the involvement of a terror organisation in the short-selling. Pagot, however, dismissed this notion, stating that the short position in Leumi was taken by an unidentified Israeli bank known to the TASE. He emphasised the strict compliance standards of the involved bank, making it unlikely for such a position to pass through without scrutiny. Israel's securities regulator confirmed its awareness of the report for a week and stated it is in contact with the researchers. However, the regulator declined to comment further while it investigates the TASE's rebuttal. (With inputs from Reuters) WATCH WION LIVE HERE

Tel Aviv stock exchange denies allegations of insider trading ahead of Hamas Attack 

The Indian Government has informed the parliament that banks have written off nearly 129 billion dollars in the last 5 years. what's significant is that nearly 50 per cent of the write off belongs to large industrial houses.

India Govt: Banks write off $129 billion in last 5 years | World Business Watch

In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports.&nbsp;

Amid a liquidity crisis and efforts to raise funds, Raveendran acknowledged the difficulties and apologised for the limited engagement with the team. He mentioned that he regretted not providing sufficient capital. He assured leaders that Byju’s would rebound in a few months, outlining plans to address key issues such as term loan challenges, Enforcement Directorate notices, asset sales, and liquidity positions.&nbsp;

Raveendran updated leaders on active negotiations with lenders, highlighting that the term loan challenges should be resolved post the sale of Epic, a subsidiary in the US. With three bids received for Epic, the company anticipates tapping into significant funds from the transaction, helping alleviate the liquidity crunch. &nbsp;

Regarding the Enforcement Directorate (ED) notice, Raveendran clarified that it pertains to procedural deficiencies under FEMA, emphasising that most issues have already been addressed. He also addressed challenges related to FY23 statutory audits and litigation surrounding loans raised against Aakash Educational Services Ltd, assuring resolution and a promising admissions season for Aakash.&nbsp;

A Moneycontrol report cited CEO Arjun Mohan, who shared Byju’s plan to enhance productivity through the incorporation of Artificial Intelligence across business aspects. Describing the approach as Byju's 3.0, Mohan emphasised selling the right products to the right people without maximising sales aggressively.&nbsp;

The company aims to better monetise existing assets, offer diverse options across price points, and enhance product ranges for potential customers. Byju’s has concurrently reduced the employee notice period to 15-30 days, a move aligned with ongoing efforts to address various challenges.&nbsp;

Byju's, India's most-valued startup, has faced a series of challenges, including accounting irregularities, ED notices, mass layoffs, and term loan issues. The company, confident in weathering the liquidity crisis without external help, is focused on raising funds through asset sales and strategic divestments. Despite setbacks, Raveendran has been actively investing to keep the company afloat, and Byju’s is in discussions to divest assets like Great Learning and Epic.&nbsp;

WATCH WION LIVE HERE

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In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports.

In a closed-door meeting with 50 top leaders, Byju Raveendran, the founder of edtech giant Byju’s, compared the company's current challenges to a "war on multiple fronts," expressing confidence that they would emerge victorious, according to media reports. Amid a liquidity crisis and efforts to raise funds, Raveendran acknowledged the difficulties and apologised for the limited engagement with the team. He mentioned that he regretted not providing sufficient capital. He assured leaders that Byju’s would rebound in a few months, outlining plans to address key issues such as term loan challenges, Enforcement Directorate notices, asset sales, and liquidity positions. Raveendran updated leaders on active negotiations with lenders, highlighting that the term loan challenges should be resolved post the sale of Epic, a subsidiary in the US. With three bids received for Epic, the company anticipates tapping into significant funds from the transaction, helping alleviate the liquidity crunch. Regarding the Enforcement Directorate (ED) notice, Raveendran clarified that it pertains to procedural deficiencies under FEMA, emphasising that most issues have already been addressed. He also addressed challenges related to FY23 statutory audits and litigation surrounding loans raised against Aakash Educational Services Ltd, assuring resolution and a promising admissions season for Aakash. A Moneycontrol report cited CEO Arjun Mohan, who shared Byju’s plan to enhance productivity through the incorporation of Artificial Intelligence across business aspects. Describing the approach as Byju's 3.0, Mohan emphasised selling the right products to the right people without maximising sales aggressively. The company aims to better monetise existing assets, offer diverse options across price points, and enhance product ranges for potential customers. Byju’s has concurrently reduced the employee notice period to 15-30 days, a move aligned with ongoing efforts to address various challenges. Byju's, India's most-valued startup, has faced a series of challenges, including accounting irregularities, ED notices, mass layoffs, and term loan issues. The company, confident in weathering the liquidity crisis without external help, is focused on raising funds through asset sales and strategic divestments. Despite setbacks, Raveendran has been actively investing to keep the company afloat, and Byju’s is in discussions to divest assets like Great Learning and Epic. WATCH WION LIVE HERE

Byju's founder rallying leadership amidst challenges, confident of victory in ongoing crisis 

The Tel Aviv stock exchange has hit back at researchers who claimed insider trading before the October 7 attack by the Hamas. The stock exchange has called the research inaccurate and its publication irresponsible.

Israel Stock Exchange: Research inaccurate & its publication irresponsible | World Business Watch