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Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.4 million central government employees and pensioners. <o:p></o:p>

"There is nothing in the offing regarding setting up the 8th Pay Commission. It's not due at present," NDTV quoted Somanathan as saying.<o:p></o:p>

Previously, political parties, especially in the run-up to elections, have strategically employed the announcement of Pay Commissions to gain support from central government employees and armed forces personnel. <o:p></o:p>

The 7th Pay Commission was instituted by the Congress-led UPA government months before state and general elections. However, the BJP has opted for a different approach, focusing on reviewing the controversial new pension scheme affecting state and central government employees.<o:p></o:p>

Under the existing scheme, employees contribute 10 per cent of their basic salary, while the government contributes 14 per cent, sparking political debates.<o:p></o:p>

According to NDTV, Finance Secretary Somanathan, who leads the committee assigned with the review, mentioned that they had concluded consultations with all relevant parties and added that their report would be submitted shortly. The proposed changes aim to ensure that employees receive a minimum of 40 to 45 per cent of their last salary.

As the&nbsp;elections inch&nbsp;closer, political pressure is mounting on the Finance Ministry to announce the 8th Pay Commission, irrespective of the upcoming state poll results. <o:p></o:p>

These results, expected on Sunday, are viewed as a prelude to the 2024 national election, where Prime Minister Narendra Modi seeks a third consecutive term.<o:p></o:p>

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Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.

Dismissing speculations, Finance Secretary TV Somanathan on Thursday, announced that the Indian government has no immediate plans to establish the eighth Pay Commission for the 5.4 million central government employees and pensioners. "There is nothing in the offing regarding setting up the 8th Pay Commission. It's not due at present," NDTV quoted Somanathan as saying. Previously, political parties, especially in the run-up to elections, have strategically employed the announcement of Pay Commissions to gain support from central government employees and armed forces personnel. The 7th Pay Commission was instituted by the Congress-led UPA government months before state and general elections. However, the BJP has opted for a different approach, focusing on reviewing the controversial new pension scheme affecting state and central government employees. Under the existing scheme, employees contribute 10 per cent of their basic salary, while the government contributes 14 per cent, sparking political debates. According to NDTV, Finance Secretary Somanathan, who leads the committee assigned with the review, mentioned that they had concluded consultations with all relevant parties and added that their report would be submitted shortly. The proposed changes aim to ensure that employees receive a minimum of 40 to 45 per cent of their last salary. As the elections inch closer, political pressure is mounting on the Finance Ministry to announce the 8th Pay Commission, irrespective of the upcoming state poll results. These results, expected on Sunday, are viewed as a prelude to the 2024 national election, where Prime Minister Narendra Modi seeks a third consecutive term. WATCH WION LIVE HERE

Indian government dispels talks of 8th pay commission before upcoming elections

Indian stock markets are in a record-high territory. Nifty 50 crossed the 20,000 mark. But what does that mean going forward? Is the Indian stock market in a bubble, or can it rally beyond the psychological number of 20,000

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In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office. <o:p></o:p>

Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million. 

Andrea Nahles, chairwoman of the Federal Employment Agency, commented on the impact of the economic downturn on the German labour market, stating, "The economic downturn continues to leave its mark on the German labour market."<o:p></o:p>

The seasonally adjusted jobless rate in Germany edged up from 5.8 per cent in October to 5.9 per cent in November. This uptick in unemployment coincides with a decline in job openings, with 733,000 positions available—a decrease of 90,000 compared to the previous year. 

According to Reuters, Nahles emphasised the modest growth in employment and noted a simultaneous decrease in labour demand. "Employment is only growing slightly and labour demand is still declining," she said.<o:p></o:p>

The Ifo employment barometer revealed a dip in the willingness of German companies to hire new staff in November. <o:p></o:p>

Klaus Wohlrabe, head of surveys at Ifo, commented on the cautious approach of businesses, saying, "With a solid foundation for recovery still not in sight, companies are putting off hiring new staff." 

This sentiment aligns with the broader trend of companies hesitating to expand their workforce amid economic uncertainties, contributing to the challenges faced by the German job market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office.

In a reflection of the ongoing economic challenges, Germany has witnessed a rise in unemployment numbers in November, aligning with analysts' expectations, according to figures released by the Federal Labour Office. Reuters reported that the seasonally adjusted data revealed an increase of 22,000 people out of work, bringing the total to 2.702 million. Andrea Nahles, chairwoman of the Federal Employment Agency, commented on the impact of the economic downturn on the German labour market, stating, "The economic downturn continues to leave its mark on the German labour market." The seasonally adjusted jobless rate in Germany edged up from 5.8 per cent in October to 5.9 per cent in November. This uptick in unemployment coincides with a decline in job openings, with 733,000 positions available—a decrease of 90,000 compared to the previous year. According to Reuters, Nahles emphasised the modest growth in employment and noted a simultaneous decrease in labour demand. "Employment is only growing slightly and labour demand is still declining," she said. The Ifo employment barometer revealed a dip in the willingness of German companies to hire new staff in November. Klaus Wohlrabe, head of surveys at Ifo, commented on the cautious approach of businesses, saying, "With a solid foundation for recovery still not in sight, companies are putting off hiring new staff." This sentiment aligns with the broader trend of companies hesitating to expand their workforce amid economic uncertainties, contributing to the challenges faced by the German job market. (With inputs from Reuters) WATCH WION LIVE HERE

German unemployment inches upward in November amid economic strain

Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday.<o:p></o:p>

This surge being the largest monthly inflow since at least 2000, is attributed to growing optimism surrounding technology shares, fuelled by the belief that the Federal Reserve has concluded its interest-rate hikes.<o:p></o:p>

The Taiwan Stock Exchange (TWSE) Index has surged by an impressive 8.6 per cent in November, positioning itself as one of the top-performing indices in the Asia Pacific region. This rally aligns with a global trend as investors re-evaluate tech valuations amid expectations of a peak in borrowing costs.<o:p></o:p>

Bloomberg cited Caroline Yu Maurer, Head of China and Specialised Asia Strategies at HSBC Asset Management, who emphasised the close correlation between Taiwan's market and the U.S. cycle, particularly the AI-related cycle. She noted that Taiwan's leading stocks do not exhibit extreme valuations, providing an attractive proposition for investors. Maurer remarked that Taiwan “is very much geared toward the US cycle, essentially the AI-related cycle. (The leading stocks) are not really extreme on valuations, they’re not as expensive."<o:p></o:p>

As the tech-heavy market in Taiwan experiences this financial influx, its neighbour, South Korea, also attracted substantial inflows amounting to $3.1 billion. In contrast, Indian equities, while increasingly becoming a structural bet for many foreigners, saw relatively lower popularity, gathering $614 million in inflows. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday.

Foreign investors are set to channel significant capital into Taiwan stocks in November, creating a record-setting inflow of $8.2 billion on a net basis, Bloomberg reported on Thursday. This surge being the largest monthly inflow since at least 2000, is attributed to growing optimism surrounding technology shares, fuelled by the belief that the Federal Reserve has concluded its interest-rate hikes. The Taiwan Stock Exchange (TWSE) Index has surged by an impressive 8.6 per cent in November, positioning itself as one of the top-performing indices in the Asia Pacific region. This rally aligns with a global trend as investors re-evaluate tech valuations amid expectations of a peak in borrowing costs. Bloomberg cited Caroline Yu Maurer, Head of China and Specialised Asia Strategies at HSBC Asset Management, who emphasised the close correlation between Taiwan's market and the U.S. cycle, particularly the AI-related cycle. She noted that Taiwan's leading stocks do not exhibit extreme valuations, providing an attractive proposition for investors. Maurer remarked that Taiwan “is very much geared toward the US cycle, essentially the AI-related cycle. (The leading stocks) are not really extreme on valuations, they’re not as expensive." As the tech-heavy market in Taiwan experiences this financial influx, its neighbour, South Korea, also attracted substantial inflows amounting to $3.1 billion. In contrast, Indian equities, while increasingly becoming a structural bet for many foreigners, saw relatively lower popularity, gathering $614 million in inflows. (With inputs from Bloomberg) WATCH WION LIVE HERE

Taiwan stocks ride high with record inflows as tech optimism surges

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

The announcement was made on Thursday (Nov 30) following a relentless push from Saudi to make additional production cuts since July. The kingdom wanted its OPEC+ allies to reduce oil production on the back of crude prices falling by more than 10 per cent from their September high.

The move follows a meeting in June where OPEC+ agreed on a complex deal that revised production targets for several members.

<h2>Individual members revise targets</h2>

Final details of the accord, including national production levels, will be announced individually by each country rather than in the customary OPEC+ communique, Bloomberg reported citing delegates of the group.

Russia, on the other hand, has voluntarily agreed to a supply cut of 500,000 bpd through the end of the first quarter, according to a statement by Deputy Prime Minister Alexander Novak.

A source in the Saudi Energy Ministry told the Saudi Press Agency that the kingdom will extend its voluntary production cut through the end of the first quarter of 2024.

While Algeria agreed to cut January oil production by another 50,000 bpd.

The are 14 countries that are members of the OPEC+ cartel, with Brazil declaring it to be the 15th member on Thursday.

These 14 countries represent around 40 per cent of world oil production.

<h2>Oil cuts to drive up prices</h2>

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The announcement comes at a time when the prices of oil were down to a near $98 a barrel in September due to the sluggish global economy and growing supplies outside the cartel’s quota system.

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It has been further predicted that the price could fall even further next year, when forecasters including the International Energy Agency anticipate a sharp slowdown in demand growth.

Meanwhile, the move boosted Brent crude above $84 a barrel, up about 1.3 per cent on the day and up 6 per cent since Friday to its highest level in three weeks.

(With inputs from agencies)

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world.

The OPEC+ cartel has agreed to cut oil production by a further 1 million barrels per day (BPD) for early next year, with Saudi Arabia also announcing voluntary cuts of a similar amount, in a move that would likely drive up the oil prices across the world. The announcement was made on Thursday (Nov 30) following a relentless push from Saudi to make additional production cuts since July. The kingdom wanted its OPEC+ allies to reduce oil production on the back of crude prices falling by more than 10 per cent from their September high. The move follows a meeting in June where OPEC+ agreed on a complex deal that revised production targets for several members. Individual members revise targets Final details of the accord, including national production levels, will be announced individually by each country rather than in the customary OPEC+ communique, Bloomberg reported citing delegates of the group. Russia, on the other hand, has voluntarily agreed to a supply cut of 500,000 bpd through the end of the first quarter, according to a statement by Deputy Prime Minister Alexander Novak. A source in the Saudi Energy Ministry told the Saudi Press Agency that the kingdom will extend its voluntary production cut through the end of the first quarter of 2024. While Algeria agreed to cut January oil production by another 50,000 bpd. The are 14 countries that are members of the OPEC+ cartel, with Brazil declaring it to be the 15th member on Thursday. These 14 countries represent around 40 per cent of world oil production. Oil cuts to drive up prices Also read | Brazil confirms joining OPEC+ from next year, minister says 'all set' The announcement comes at a time when the prices of oil were down to a near $98 a barrel in September due to the sluggish global economy and growing supplies outside the cartel’s quota system. Also read | Henry Kissinger, America's most controversial and equally influential diplomat, dies at 100 It has been further predicted that the price could fall even further next year, when forecasters including the International Energy Agency anticipate a sharp slowdown in demand growth. Meanwhile, the move boosted Brent crude above $84 a barrel, up about 1.3 per cent on the day and up 6 per cent since Friday to its highest level in three weeks. (With inputs from agencies)

OPEC+ announces significant oil production cuts

In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets. <o:p></o:p>

The memo, obtained by Bloomberg News,&nbsp;warns analysts against revealing compensation and restricts the wearing of luxury brands. This clampdown comes in the wake of Beijing's efforts to align the financial industry with President Xi Jinping's "common prosperity" initiative and curtail ostentatious behaviour among bankers.<o:p></o:p>

Analysts at CICC are now under strict guidelines to exercise caution when sharing views with clients outside China, with an emphasis on reducing national security and political risks. The bank has urged analysts to conduct due diligence on experts invited to conferences and deal pitches. <o:p></o:p>

This move reflects a broader trend, with at least two other major investment banks in China providing verbal guidance to analysts, discouraging negative comments on the domestic economy or discussions about compensation. The atmosphere has made it challenging for financial conference organisers to secure speakers willing to share candid views on the Chinese economy.<o:p></o:p>

CICC's internal memo goes beyond market analysis, encompassing conduct guidelines for various aspects, including client engagement, social media use, and expense reimbursement. Amid slumping profits and a leadership reshuffle, CICC has implemented cost-cutting measures. <o:p></o:p>

The document strictly controls business-related expenses, including analysts being discouraged from taking taxis home after road shows and ordering drinks at business banquets. Earlier this year, the bank reduced senior bankers' compensation by over 40 per cent and scaled back travel perks.<o:p></o:p>

As China's parliament signals the possibility of further profit declines in the financial industry and regulators press banks to support the stressed property sector, the challenges for bankers in China may intensify. A coalition of 19 Chinese brokerages, including JPMorgan Chase &amp; Co. and Morgan Stanley's local ventures, recently pledged to combat corruption in their investment-bank businesses. <o:p></o:p>

President Xi's ongoing anti-graft campaign has already resulted in the removal of over 100 senior financial executives and officials this year alone. While China aims to restore investor confidence in its economy and markets, its historic crackdown on information deemed harmful is likely to persist.<o:p></o:p>

The memo reveals additional restrictions imposed on CICC analysts, emphasising discretion in social media commentary, avoidance of politically sensitive content, and active participation in party-building activities. Analysts are instructed to refrain from making comments inconsistent with government policies, sharing unpublished views on social media platforms like WeChat, and to ensure that family members abide by basic moral standards. Furthermore, analysts are cautioned against using their full per diem allowance on meals when working overtime.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets.

In a move indicative of China's growing scrutiny on financial institutions, China International Capital Corp. (CICC), one of the country's largest investment banks, has issued internal directives prohibiting its analysts from making bearish calls on the economy or markets. The memo, obtained by Bloomberg News, warns analysts against revealing compensation and restricts the wearing of luxury brands. This clampdown comes in the wake of Beijing's efforts to align the financial industry with President Xi Jinping's "common prosperity" initiative and curtail ostentatious behaviour among bankers. Analysts at CICC are now under strict guidelines to exercise caution when sharing views with clients outside China, with an emphasis on reducing national security and political risks. The bank has urged analysts to conduct due diligence on experts invited to conferences and deal pitches. This move reflects a broader trend, with at least two other major investment banks in China providing verbal guidance to analysts, discouraging negative comments on the domestic economy or discussions about compensation. The atmosphere has made it challenging for financial conference organisers to secure speakers willing to share candid views on the Chinese economy. CICC's internal memo goes beyond market analysis, encompassing conduct guidelines for various aspects, including client engagement, social media use, and expense reimbursement. Amid slumping profits and a leadership reshuffle, CICC has implemented cost-cutting measures. The document strictly controls business-related expenses, including analysts being discouraged from taking taxis home after road shows and ordering drinks at business banquets. Earlier this year, the bank reduced senior bankers' compensation by over 40 per cent and scaled back travel perks. As China's parliament signals the possibility of further profit declines in the financial industry and regulators press banks to support the stressed property sector, the challenges for bankers in China may intensify. A coalition of 19 Chinese brokerages, including JPMorgan Chase & Co. and Morgan Stanley's local ventures, recently pledged to combat corruption in their investment-bank businesses. President Xi's ongoing anti-graft campaign has already resulted in the removal of over 100 senior financial executives and officials this year alone. While China aims to restore investor confidence in its economy and markets, its historic crackdown on information deemed harmful is likely to persist. The memo reveals additional restrictions imposed on CICC analysts, emphasising discretion in social media commentary, avoidance of politically sensitive content, and active participation in party-building activities. Analysts are instructed to refrain from making comments inconsistent with government policies, sharing unpublished views on social media platforms like WeChat, and to ensure that family members abide by basic moral standards. Furthermore, analysts are cautioned against using their full per diem allowance on meals when working overtime. (With inputs from Bloomberg) WATCH WION LIVE HERE

China investment bank enforces strict measures on analysts amid regulatory crackdown

Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. <o:p></o:p>

According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off. Mango has plans to expand its presence in the U.S., aiming to double the number of stores to 40 by the next year.<o:p></o:p>

&nbsp;De Vicente expressed confidence that Mango's sales will maintain similar levels of growth throughout the remaining holiday shopping season.<o:p></o:p>

"We had record sales in these days of operation, both online and in stores," Cesar de Vicente told Reuters.<o:p></o:p>

Mango's strategy of offering discounts of up to 50 per cent, both globally and online, contributed to its robust performance during Cyber Week. The company is capitalising on its expansion in key markets like the U.S., Italy, and India. <o:p></o:p>

With a focus on in-house design, a strong emphasis on party wear, and plans to increase the number of stores, Mango aims to compete with newer players in the fashion industry. Currently, the company's online sales account for 36 per cent of its total revenues.<o:p></o:p>

As the holiday shopping season progresses, Mango anticipates sustained growth levels, building on the momentum gained during Cyber Week. The company's approach of providing substantial discounts aligns with the broader trend observed by the National Retail Federation in the U.S., expecting retail sales growth of 3 per cent to 4 per cent for the entire November-December holiday shopping period.<o:p></o:p>

Mango's expansion strategy and ability to offer competitive discounts have positioned it favourably in the retail landscape, enabling it to outperform pre-pandemic levels and achieve impressive sales figures in recent years.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off.

Spanish clothing retailer Mango has reported remarkable double-digit growth in sales during the recent Black Friday and Cyber Monday shopping events. According to Reuters, the company's global retail director, Cesar de Vicente, shared that Mango experienced record-breaking sales both online and in stores, attributing the success to discounts of up to 50 per cent off. Mango has plans to expand its presence in the U.S., aiming to double the number of stores to 40 by the next year. De Vicente expressed confidence that Mango's sales will maintain similar levels of growth throughout the remaining holiday shopping season. "We had record sales in these days of operation, both online and in stores," Cesar de Vicente told Reuters. Mango's strategy of offering discounts of up to 50 per cent, both globally and online, contributed to its robust performance during Cyber Week. The company is capitalising on its expansion in key markets like the U.S., Italy, and India. With a focus on in-house design, a strong emphasis on party wear, and plans to increase the number of stores, Mango aims to compete with newer players in the fashion industry. Currently, the company's online sales account for 36 per cent of its total revenues. As the holiday shopping season progresses, Mango anticipates sustained growth levels, building on the momentum gained during Cyber Week. The company's approach of providing substantial discounts aligns with the broader trend observed by the National Retail Federation in the U.S., expecting retail sales growth of 3 per cent to 4 per cent for the entire November-December holiday shopping period. Mango's expansion strategy and ability to offer competitive discounts have positioned it favourably in the retail landscape, enabling it to outperform pre-pandemic levels and achieve impressive sales figures in recent years. (With inputs from Reuters) WATCH WION LIVE HERE

Spanish retailer Mango celebrates record sales with double-digit growth during Black Friday & Cyber Monday

Walmart is gradually preferring&nbsp;to import more goods from India to the US&nbsp;than from China, said Reuters citing data from Import Yeti. The move by the world's largest retailer appears to be aimed at cutting costs and diversifying supply chains.

Between January and August this year, Walmart shipped a quarter of its imports to the US from India. In 2018, the figure was just 2 per cent.

During the same period in the year 2018, the retailer shipped 80 per cent of its imports from China. The number has come down to 60 per cent. China still remains Walmart's biggest country for imports.

The shift is reportedly due to rising import costs from China. Political tension between the US and China is making large US firms make more imports from countries like India, Thailand and Vietnam.

"We want the best prices," said Andrea Albright, Walmart's executive vice president of sourcing as quoted by Reuters.

"That means I need resiliency in our supply chains. I can't be reliant on any one supplier or geography for my product because we're constantly managing things from hurricanes and earthquakes to shortages in raw materials."

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In&nbsp;a statement, Walmart reportedly said that the data was reflecting reality in a partial manner and that it "does not necessarily mean" that the retail giant was moving away from one of its sourcing markets.

"We're a growth business and are working to source more manufacturing capacity," Walmart said.

<h2>The India shift</h2>

Walmart bought a 77 per cent stake in Indian e-commerce firm Flipkart in the year 2018. Since then, it has been growing operations. It has committed that it will import USD 10 billion worth of goods from India each year by 2027. The company is on track to hit the target, said Albright.

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At present, Walmart is importing USD 3 billion worth of goods from India per year.

India is increasingly being viewed as a country that's best positioned and equipped to compete with and outperform China when low-cost, large-scale manufacturing is concerned.

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In May this year, Walmart CEO Doug McMillon met Indian Prime Minister Narendra Modi. The PM later described the meeting as "a fruitful one".

"Happy to see India emerge as an attractive destination for investment," Modi wrote on X (formerly Twitter) on May 14.

Walmart is gradually preferring to import more goods from India to the US than from China, said Reuters citing data from Import Yeti. The move by the world's largest retailer appears to be aimed at cutting costs and diversifying supply chains.

Walmart is gradually preferring to import more goods from India to the US than from China, said Reuters citing data from Import Yeti. The move by the world's largest retailer appears to be aimed at cutting costs and diversifying supply chains. Between January and August this year, Walmart shipped a quarter of its imports to the US from India. In 2018, the figure was just 2 per cent. During the same period in the year 2018, the retailer shipped 80 per cent of its imports from China. The number has come down to 60 per cent. China still remains Walmart's biggest country for imports. The shift is reportedly due to rising import costs from China. Political tension between the US and China is making large US firms make more imports from countries like India, Thailand and Vietnam. "We want the best prices," said Andrea Albright, Walmart's executive vice president of sourcing as quoted by Reuters. "That means I need resiliency in our supply chains. I can't be reliant on any one supplier or geography for my product because we're constantly managing things from hurricanes and earthquakes to shortages in raw materials." Watch | China's mystery illness puts India on guard × In a statement, Walmart reportedly said that the data was reflecting reality in a partial manner and that it "does not necessarily mean" that the retail giant was moving away from one of its sourcing markets. "We're a growth business and are working to source more manufacturing capacity," Walmart said. The India shift Walmart bought a 77 per cent stake in Indian e-commerce firm Flipkart in the year 2018. Since then, it has been growing operations. It has committed that it will import USD 10 billion worth of goods from India each year by 2027. The company is on track to hit the target, said Albright. Also Read | Tiangong space station: China releases beautiful panoramic image with fully visible structure At present, Walmart is importing USD 3 billion worth of goods from India per year. India is increasingly being viewed as a country that's best positioned and equipped to compete with and outperform China when low-cost, large-scale manufacturing is concerned. Also Read | China: It would be serious mistake if Argentina cuts ties with Beijing In May this year, Walmart CEO Doug McMillon met Indian Prime Minister Narendra Modi. The PM later described the meeting as "a fruitful one". "Happy to see India emerge as an attractive destination for investment," Modi wrote on X (formerly Twitter) on May 14.

Walmart is preferring import from India than China, data shows

Tech giant Microsoft, which has invested billions of dollars in ChatGPT maker OpenAI, has now got a seat on the board that&nbsp;recently fired CEO Sam Altman, kicking off an incredible series of events that saw him joining Microsoft, then returning to OpenAI as CEO.

A memo was shared with OpenAI staff on Wednesday (Nov 29) apprising them of the development.

The memo was later posted to OpenAI's blog.

It also had a list of priorities from CEO Sam Altman as to how the company would move forward.

The startup went through a chaotic phase on November 17 when Sam Altman was fired.

Soon after his firing, OpenAI staff and investors rebelled, forcing OpenAI's hand to rehire Altman.

Watch | OpenAI's CEO Shake-Up | What it means for the future of AI

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"Thank you for everything you have done since the very beginning, and for how you handled things from the moment this started and over the last week," Altman told employees in the memo.

When the dramatic events were unfolding less than two weeks ago, Microsoft had offered to hire not only Altman but OpenAI's 750-strong staff, essentially creating an existential crisis for the startup.

With Altman's return, there was an overhaul of the OpenAI board. Microsoft has now got a seat in a non-voting capacity.

Also Read | <a href="https://www.wionews.com/world/microsoft-ceo-satya-nadella-had-this-to-say-on-sam-altmans-return-to-openai-661543">Microsoft CEO Satya Nadella had this to say on Sam Altman’s return to OpenAI</a>

Last week, former US Treasury Secretary and political power broker Larry Summers and Silicon Valley veteran Bret Taylor were added to the board.

Also Read | <a href="https://www.wionews.com/world/explained-how-openais-boardroom-coup-was-defeated-by-sam-altman-ai-worlds-disruptor-in-chief-662088">Explained: How OpenAI's boardroom coup was defeated by Sam Altman, AI world's disruptor-in-chief</a>

OpenAI's chief scientist Ilya Sutskever's presence in the board has not been renewed.

Sutskever sat on the board that sacked Altman.

Altman lauded Sutskever as an AI "guiding light" and added that discussions were going on to find him a role&nbsp;within the company.

(With inputs from agencies)

Tech giant Microsoft, which has invested billions of dollars in ChatGPT maker OpenAI, has now got a seat on the board that recently fired CEO Sam Altman, kicking off an incredible series of events that saw him joining Microsoft, then returning to OpenAI as CEO.

Tech giant Microsoft, which has invested billions of dollars in ChatGPT maker OpenAI, has now got a seat on the board that recently fired CEO Sam Altman, kicking off an incredible series of events that saw him joining Microsoft, then returning to OpenAI as CEO. A memo was shared with OpenAI staff on Wednesday (Nov 29) apprising them of the development. The memo was later posted to OpenAI's blog. It also had a list of priorities from CEO Sam Altman as to how the company would move forward. The startup went through a chaotic phase on November 17 when Sam Altman was fired. Soon after his firing, OpenAI staff and investors rebelled, forcing OpenAI's hand to rehire Altman. Watch | OpenAI's CEO Shake-Up | What it means for the future of AI × "Thank you for everything you have done since the very beginning, and for how you handled things from the moment this started and over the last week," Altman told employees in the memo. When the dramatic events were unfolding less than two weeks ago, Microsoft had offered to hire not only Altman but OpenAI's 750-strong staff, essentially creating an existential crisis for the startup. With Altman's return, there was an overhaul of the OpenAI board. Microsoft has now got a seat in a non-voting capacity. Also Read | Microsoft CEO Satya Nadella had this to say on Sam Altman’s return to OpenAI Last week, former US Treasury Secretary and political power broker Larry Summers and Silicon Valley veteran Bret Taylor were added to the board. Also Read | Explained: How OpenAI's boardroom coup was defeated by Sam Altman, AI world's disruptor-in-chief OpenAI's chief scientist Ilya Sutskever's presence in the board has not been renewed. Sutskever sat on the board that sacked Altman. Altman lauded Sutskever as an AI "guiding light" and added that discussions were going on to find him a role within the company. (With inputs from agencies)

As Altman crisis draws to a close, Microsoft gets observer seat at OpenAI board

Wells Fargo &amp; Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.S. branch workers. <o:p></o:p>

According to Reuters, the proposed class action, filed in a San Francisco federal court, alleges that Wells Fargo misclassified "senior premier bankers" as exempt from overtime pay, a classification the lawsuit claims is improper under federal and state laws. <o:p></o:p>

These bankers, responsible for customer service and generating referrals to financial advisers, often work unpaid overtime due to persistent understaffing in Wells Fargo branches, according to the lawsuit. Sabrina Perez, an advocate for unionising and a Wells Fargo employee in Albuquerque, New Mexico, initiated the lawsuit.<o:p></o:p>

Michael Scimone, a lawyer representing Sabrina Perez, criticised Wells Fargo's classification practices. "Companies like Wells Fargo should know better than to withhold overtime pay from workers like Ms. Perez," Reuters quoted him as saying. <o:p></o:p>

The lawsuit seeks unspecified damages, penalties, and legal costs, and Perez's legal team suggests that the proposed class could encompass hundreds of senior premier bankers across the U.S. Wells Fargo, currently facing an unprecedented campaign to unionise its workforce, has not yet responded to the allegations. <o:p></o:p>

This legal challenge adds to the bank's recent struggles and controversies, including the push for union elections in Albuquerque and Alaska, marking the first such efforts within Wells Fargo in decades.<o:p></o:p>

The lawsuit sheds light on the broader issue of overtime pay and worker rights at Wells Fargo, where understaffing has allegedly led to senior premier bankers working unpaid overtime hours. The legal action coincides with the recent move by workers in Albuquerque, spearheaded by Sabrina Perez, to file a petition for a union election—a rare occurrence for Wells Fargo and a significant development in the broader context of unionisation within the U.S. financial industry. <o:p></o:p>

The campaign for unionisation aims to address workers' concerns and negotiate better working conditions. While Wells Fargo emphasises recent investments in employee support, including improvements to pay and benefits, the mounting legal and unionisation challenges indicate ongoing tensions between the bank and its workforce.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p>&nbsp;</o:p>

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Wells Fargo & Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.

Wells Fargo & Co finds itself entangled in legal woes as an employee filed a lawsuit on Thursday, accusing the bank of denying overtime pay to hundreds of its U.S. branch workers. According to Reuters, the proposed class action, filed in a San Francisco federal court, alleges that Wells Fargo misclassified "senior premier bankers" as exempt from overtime pay, a classification the lawsuit claims is improper under federal and state laws. These bankers, responsible for customer service and generating referrals to financial advisers, often work unpaid overtime due to persistent understaffing in Wells Fargo branches, according to the lawsuit. Sabrina Perez, an advocate for unionising and a Wells Fargo employee in Albuquerque, New Mexico, initiated the lawsuit. Michael Scimone, a lawyer representing Sabrina Perez, criticised Wells Fargo's classification practices. "Companies like Wells Fargo should know better than to withhold overtime pay from workers like Ms. Perez," Reuters quoted him as saying. The lawsuit seeks unspecified damages, penalties, and legal costs, and Perez's legal team suggests that the proposed class could encompass hundreds of senior premier bankers across the U.S. Wells Fargo, currently facing an unprecedented campaign to unionise its workforce, has not yet responded to the allegations. This legal challenge adds to the bank's recent struggles and controversies, including the push for union elections in Albuquerque and Alaska, marking the first such efforts within Wells Fargo in decades. The lawsuit sheds light on the broader issue of overtime pay and worker rights at Wells Fargo, where understaffing has allegedly led to senior premier bankers working unpaid overtime hours. The legal action coincides with the recent move by workers in Albuquerque, spearheaded by Sabrina Perez, to file a petition for a union election—a rare occurrence for Wells Fargo and a significant development in the broader context of unionisation within the U.S. financial industry. The campaign for unionisation aims to address workers' concerns and negotiate better working conditions. While Wells Fargo emphasises recent investments in employee support, including improvements to pay and benefits, the mounting legal and unionisation challenges indicate ongoing tensions between the bank and its workforce. (With inputs from Reuters) WATCH WION LIVE HERE

Wells Fargo faces lawsuit over alleged overtime violations amid unionisation push

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. <o:p></o:p>

The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. <o:p></o:p>

The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections.<o:p></o:p>

Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving India's buoyant growth, emphasising robust corporate profits, a strong fiscal impulse, and front-loaded government spending in a pre-election year. <o:p></o:p>

Prime Minister Narendra Modi's administration is actively investing in infrastructure and offering subsidies to attract companies to set up production in India. These initiatives, coupled with healthy consumption patterns, contribute to gains in private sector investments. Gross fixed capital formation, a proxy for investment, surged by 11.04 per cent compared to 7.95 per cent in the previous quarter.<o:p></o:p>

While the services sector, constituting over half of India's GDP, expanded at a slower pace due to moderating global demand for financial services, the manufacturing sector's significant growth played a pivotal role in overall economic expansion. Agriculture, however, experienced a slowdown attributed to below-normal rains, resulting in a weaker summer crop harvest.<o:p></o:p>

India faced its weakest monsoon rains in five years, leading to government interventions such as extending curbs on the export of farm commodities like sugar, rice, and wheat. The GDP figures, representing a sharp upside surprise, received positive reactions from economists, with Upasna Bhardwaj, an economist with Kotak Mahindra Bank Ltd., noting the broader economic pickup across most non-agricultural sectors.<o:p></o:p>

As India experiences this robust economic growth, the challenge remains for the Reserve Bank of India (RBI), which aims to bring down inflation to its 4 per cent target on a durable basis. The strong demand poses a dilemma for the central bank, which has maintained interest rates unchanged for four policy meetings.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday.

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections. Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving India's buoyant growth, emphasising robust corporate profits, a strong fiscal impulse, and front-loaded government spending in a pre-election year. Prime Minister Narendra Modi's administration is actively investing in infrastructure and offering subsidies to attract companies to set up production in India. These initiatives, coupled with healthy consumption patterns, contribute to gains in private sector investments. Gross fixed capital formation, a proxy for investment, surged by 11.04 per cent compared to 7.95 per cent in the previous quarter. While the services sector, constituting over half of India's GDP, expanded at a slower pace due to moderating global demand for financial services, the manufacturing sector's significant growth played a pivotal role in overall economic expansion. Agriculture, however, experienced a slowdown attributed to below-normal rains, resulting in a weaker summer crop harvest. India faced its weakest monsoon rains in five years, leading to government interventions such as extending curbs on the export of farm commodities like sugar, rice, and wheat. The GDP figures, representing a sharp upside surprise, received positive reactions from economists, with Upasna Bhardwaj, an economist with Kotak Mahindra Bank Ltd., noting the broader economic pickup across most non-agricultural sectors. As India experiences this robust economic growth, the challenge remains for the Reserve Bank of India (RBI), which aims to bring down inflation to its 4 per cent target on a durable basis. The strong demand poses a dilemma for the central bank, which has maintained interest rates unchanged for four policy meetings. (With inputs from Bloomberg) WATCH WION LIVE HERE

India's economic growth surpasses expectations, maintains fastest-growing major economy status

In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday. &nbsp;<o:p></o:p>

As Alibaba's market value dipped to about HK$1.46 trillion ($187 billion) in Hong Kong, PDD Holdings closed nearly 2 per cent higher in New York, reaching $188.3 billion. This shift marks a significant departure from the dominance that Jack Ma's Alibaba has held over the Chinese internet industry for over a decade.<o:p></o:p>

Jack Ma, Alibaba's billionaire co-founder, took to an internal forum to acknowledge the rise of PDD and called on Alibaba's vast workforce to "correct course" and regain momentum. <o:p></o:p>

Ma's rare public address underscores the gravity of the situation and the challenges Alibaba faces in the wake of Beijing's 2020 crackdown on the tech sector. Bloomberg cited Vey-Sern Ling, Managing Director at Union Bancaire Privee, who commented on Alibaba's situation, stating, "On hindsight, you can say that Alibaba was resting on its laurels given they had so much of a head start but they didn’t execute or innovate as fast."<o:p></o:p>

Alibaba, once considered China's prime candidate to become a trillion-dollar company, now navigates a tumultuous period. Its stock is trading at its lowest point this year, signalling a stark contrast to its peak in 2020. The company is presently grappling with internal upheavals, including a proposed breakup plan and the reversal of the spinoff and listing of its $11 billion cloud arm. <o:p></o:p>

Meanwhile, PDD has captured investor attention with impressive growth and aggressive global expansion, even as rising marketing costs pressure margins.<o:p></o:p>

This week, PDD reported an 18 per cent surge in its stock following a doubling in revenue, propelled by the success of its hit shopping app, Temu. During the Singles' Day shopping festival, PDD outpaced Alibaba with an estimated 20 per cent growth in transactions compared to its rivals' single-digit rises, according to Goldman Sachs. PDD's strategy, particularly with Temu, mirrors a disruptive force in global e-commerce, challenging Alibaba's more traditional approach to overseas markets.<o:p></o:p>

While PDD's meteoric ascent has been driven by its aggressive promotions and disruptive strategies, Alibaba is not conceding defeat. "One can argue that Alibaba had its chance and didn’t take it, but in recent quarters, Alibaba’s international business has been growing very fast as well so I think they’re stepping up efforts there,” Bloomberg quote Ling as saying. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday.

In a landmark development for China's tech landscape, Alibaba Group faces a momentous shift as it is poised to lose its position as the country's most valuable e-commerce firm to the eight-year-old upstart Pinduoduo (PDD Holdings), Bloomberg reported on Thursday. As Alibaba's market value dipped to about HK$1.46 trillion ($187 billion) in Hong Kong, PDD Holdings closed nearly 2 per cent higher in New York, reaching $188.3 billion. This shift marks a significant departure from the dominance that Jack Ma's Alibaba has held over the Chinese internet industry for over a decade. Jack Ma, Alibaba's billionaire co-founder, took to an internal forum to acknowledge the rise of PDD and called on Alibaba's vast workforce to "correct course" and regain momentum. Ma's rare public address underscores the gravity of the situation and the challenges Alibaba faces in the wake of Beijing's 2020 crackdown on the tech sector. Bloomberg cited Vey-Sern Ling, Managing Director at Union Bancaire Privee, who commented on Alibaba's situation, stating, "On hindsight, you can say that Alibaba was resting on its laurels given they had so much of a head start but they didn’t execute or innovate as fast." Alibaba, once considered China's prime candidate to become a trillion-dollar company, now navigates a tumultuous period. Its stock is trading at its lowest point this year, signalling a stark contrast to its peak in 2020. The company is presently grappling with internal upheavals, including a proposed breakup plan and the reversal of the spinoff and listing of its $11 billion cloud arm. Meanwhile, PDD has captured investor attention with impressive growth and aggressive global expansion, even as rising marketing costs pressure margins. This week, PDD reported an 18 per cent surge in its stock following a doubling in revenue, propelled by the success of its hit shopping app, Temu. During the Singles' Day shopping festival, PDD outpaced Alibaba with an estimated 20 per cent growth in transactions compared to its rivals' single-digit rises, according to Goldman Sachs. PDD's strategy, particularly with Temu, mirrors a disruptive force in global e-commerce, challenging Alibaba's more traditional approach to overseas markets. While PDD's meteoric ascent has been driven by its aggressive promotions and disruptive strategies, Alibaba is not conceding defeat. "One can argue that Alibaba had its chance and didn’t take it, but in recent quarters, Alibaba’s international business has been growing very fast as well so I think they’re stepping up efforts there,” Bloomberg quote Ling as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Alibaba's reign in China's E-commerce market threatened as PDD surges ahead

The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research. <o:p></o:p>

The report anticipates that nearly 700 cities worldwide will embrace metaverse infrastructure by 2030. WEF highlighted the advantages of cities exploring the metaverse, citing potential cost savings in urban infrastructure design and operation. The metaverse also offers a pathway for cities to gain 'political capital' by fostering tech-friendly communities.<o:p></o:p>

In Santa Monica, the metaverse has manifested through FlickPlay, a social media app enabling users to navigate the city virtually. FlickPlay encourages users to explore less-traveled areas, creating economic activity and reducing crime. <o:p></o:p>

In Dubai, the metaverse plays a pivotal role in the city's economic growth campaign, aiming to become one of the world's top cities in terms of GDP. Dubai plans to attract 1,000 firms in blockchain and metaverse sectors and host over 40,000 Web3 professionals in the next seven years. The WEF report noted that over 50 per cent of Dubai consumers are eager to create and monetise metaverse content.<o:p></o:p>

Seoul's metaverse expansion is government-backed, with South Korea committing $180 million to develop a national metaverse ecosystem. Metaverse Seoul, in its initial phase, offers an urban metaverse app for residents to play games, explore attractions, and complete tasks. Seoul's future metaverse plans include connecting local industries with foreign investors and integrating virtual and augmented reality into the city's infrastructure. The WEF report emphasises the Korean government's dedication to fostering metaverse growth.<o:p></o:p>

Despite challenges faced by the metaverse sector, including consecutive losses in Meta's metaverse-dedicated unit, industry leaders like Mark Zuckerberg remain optimistic. 

The global metaverse market, estimated at $65.5 billion in 2022, is expected to reach $82 billion in 2023 and surge to an impressive $936.6 billion by 2030, according to Statista. As cities worldwide invest in metaverse infrastructure, the sector's projected growth aligns with the continued enthusiasm and commitment from influential figures like Zuckerberg.<o:p></o:p>

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The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research.

The World Economic Forum (WEF) has identified Seoul, Dubai, and Santa Monica as the leading cities in the growing metaverse sector, as per a report by technology intelligence firm ABI Research. The report anticipates that nearly 700 cities worldwide will embrace metaverse infrastructure by 2030. WEF highlighted the advantages of cities exploring the metaverse, citing potential cost savings in urban infrastructure design and operation. The metaverse also offers a pathway for cities to gain 'political capital' by fostering tech-friendly communities. In Santa Monica, the metaverse has manifested through FlickPlay, a social media app enabling users to navigate the city virtually. FlickPlay encourages users to explore less-traveled areas, creating economic activity and reducing crime. In Dubai, the metaverse plays a pivotal role in the city's economic growth campaign, aiming to become one of the world's top cities in terms of GDP. Dubai plans to attract 1,000 firms in blockchain and metaverse sectors and host over 40,000 Web3 professionals in the next seven years. The WEF report noted that over 50 per cent of Dubai consumers are eager to create and monetise metaverse content. Seoul's metaverse expansion is government-backed, with South Korea committing $180 million to develop a national metaverse ecosystem. Metaverse Seoul, in its initial phase, offers an urban metaverse app for residents to play games, explore attractions, and complete tasks. Seoul's future metaverse plans include connecting local industries with foreign investors and integrating virtual and augmented reality into the city's infrastructure. The WEF report emphasises the Korean government's dedication to fostering metaverse growth. Despite challenges faced by the metaverse sector, including consecutive losses in Meta's metaverse-dedicated unit, industry leaders like Mark Zuckerberg remain optimistic. The global metaverse market, estimated at $65.5 billion in 2022, is expected to reach $82 billion in 2023 and surge to an impressive $936.6 billion by 2030, according to Statista. As cities worldwide invest in metaverse infrastructure, the sector's projected growth aligns with the continued enthusiasm and commitment from influential figures like Zuckerberg. WATCH WION LIVE HERE

Global Metaverse Leaders Emerge: Seoul, Dubai, and Santa Monica spearhead WEF report's list

In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi.

An SBI official was quoted in a Free Press Journal report as noting that the action was a calculated strategy to get back some of the $140 million (or 1,168.90 crore rupees) that PC Jeweller owes.

Following the financial setback, PC Jeweller experienced operational interruptions, which caused its fiscal year 2024 second-quarter revenues to drop drastically. The company's Q2 FY24 revenues showed a sharp contrast in performance, falling from&nbsp;836 crore rupees ($100 million) in the same quarter the previous year to a meagre&nbsp;33 crore rupees ($39 million).&nbsp;

SBI is aggressively using the National Company Law Tribunal (NCLT) and the Debt Recovery Appellate Tribunal as legal channels to handle the growing debts. The bank wants to get back a sizable amount of its unpaid debt to PC Jeweller, or 1,267 crore rupees ($152 million).&nbsp;

PC Jeweller has taken strong measures in reaction to the financial crisis, closing seventeen stores total—thirteen of which are owned and three of which are franchises. The 152 crore rupees ($18 million) in reported losses highlight the difficulties the Indian jewellery industry faces in resolving credit and market trust issues. In order to lessen its financial load, PC Jeweller is concurrently negotiating out-of-court settlements with a number of institutions.&nbsp;

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In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi.

In response to PC Jeweller's default of more than 3,466 crore rupees ($415 million) that was disclosed in October, the State Bank of India (SBI) has seized custody of two its prime properties in New Delhi. An SBI official was quoted in a Free Press Journal report as noting that the action was a calculated strategy to get back some of the $140 million (or 1,168.90 crore rupees) that PC Jeweller owes. Following the financial setback, PC Jeweller experienced operational interruptions, which caused its fiscal year 2024 second-quarter revenues to drop drastically. The company's Q2 FY24 revenues showed a sharp contrast in performance, falling from 836 crore rupees ($100 million) in the same quarter the previous year to a meagre 33 crore rupees ($39 million). SBI is aggressively using the National Company Law Tribunal (NCLT) and the Debt Recovery Appellate Tribunal as legal channels to handle the growing debts. The bank wants to get back a sizable amount of its unpaid debt to PC Jeweller, or 1,267 crore rupees ($152 million). PC Jeweller has taken strong measures in reaction to the financial crisis, closing seventeen stores total—thirteen of which are owned and three of which are franchises. The 152 crore rupees ($18 million) in reported losses highlight the difficulties the Indian jewellery industry faces in resolving credit and market trust issues. In order to lessen its financial load, PC Jeweller is concurrently negotiating out-of-court settlements with a number of institutions. WATCH WION LIVE HERE

SBI seizes PC Jeweller's New Delhi assets as loan default hits $415 million 

As November comes&nbsp;to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion.

While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8.

The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions.

The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector.

Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth.

The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year.

The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector.

Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability.

(With inputs from Reuters)

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As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll.

As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion. While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8. The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions. The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector. Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth. The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year. The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector. Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability. (With inputs from Reuters) WATCH WION LIVE HERE

China's manufacturing sector faces second consecutive month of contraction. Here are the details

In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024. London's black cab drivers, known for their stringent "Knowledge" test, have been at odds with Uber, citing concerns about the impact on their livelihoods. 

According to Reuters, the new service from Uber will allow black cab drivers to register on the app for booked journeys, with an enticing offer of no commission for the first six months. Despite this move, a significant group of black cab drivers, represented by the Licensed Taxi Drivers Association (LTDA), rejected the offer, expressing concerns about associating with Uber's safety record. 

Uber's initiative comes as an attempt to bring London's black cabs into its service, a move already seen in other cities like Paris, New York, and Rome. Uber contends that both passengers and taxi drivers can benefit from collaboration. 

This effort marks a notable shift in relations, especially given the history of disputes, with a peak in 2014 when cab drivers protested against Uber by blocking streets. The current offer, if accepted by a good number of London's black cab drivers, could represent a significant thaw in their relationship, bringing about a new era of collaboration. 

While Uber is extending an olive branch, the LTDA, representing the majority of black cab drivers, remains sceptical, asserting that there is no demand from its members for such a partnership. 

Reuters cited Steve McNamara, the general secretary of LTDA, who expressed the association's disinterest, emphasising a reluctance to tarnish the reputation of London's iconic black cab trade by aligning with Uber and its perceived shortcomings. 

Despite this resistance, one driver, Hameed Hameedi, has already embraced the opportunity, becoming the first London cab driver to join Uber's platform. Hameedi sees this move as a potential "huge advantage" for the trade, emphasising that more passengers shall translate to increased earnings for cabbies. 

(With inputs from Reuters)

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In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024.

In a bid to ease a decade-long tension with London's black cab drivers, Uber has announced plans to open its platform to London’s iconic taxis starting in early 2024. London's black cab drivers, known for their stringent "Knowledge" test, have been at odds with Uber, citing concerns about the impact on their livelihoods. According to Reuters, the new service from Uber will allow black cab drivers to register on the app for booked journeys, with an enticing offer of no commission for the first six months. Despite this move, a significant group of black cab drivers, represented by the Licensed Taxi Drivers Association (LTDA), rejected the offer, expressing concerns about associating with Uber's safety record. Uber's initiative comes as an attempt to bring London's black cabs into its service, a move already seen in other cities like Paris, New York, and Rome. Uber contends that both passengers and taxi drivers can benefit from collaboration. This effort marks a notable shift in relations, especially given the history of disputes, with a peak in 2014 when cab drivers protested against Uber by blocking streets. The current offer, if accepted by a good number of London's black cab drivers, could represent a significant thaw in their relationship, bringing about a new era of collaboration. While Uber is extending an olive branch, the LTDA, representing the majority of black cab drivers, remains sceptical, asserting that there is no demand from its members for such a partnership. Reuters cited Steve McNamara, the general secretary of LTDA, who expressed the association's disinterest, emphasising a reluctance to tarnish the reputation of London's iconic black cab trade by aligning with Uber and its perceived shortcomings. Despite this resistance, one driver, Hameed Hameedi, has already embraced the opportunity, becoming the first London cab driver to join Uber's platform. Hameedi sees this move as a potential "huge advantage" for the trade, emphasising that more passengers shall translate to increased earnings for cabbies. (With inputs from Reuters) WATCH WION LIVE HERE

Uber aims to mend ties with London's black cabs in new initiative

Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO. <o:p></o:p>

According to Bloomberg, the IPO, Dubai's first privatisation in over a year, received overwhelming interest, with the institutional investor tranche nearly 135 times oversubscribed. The government of Dubai sold a 25 per cent stake, amounting to 624.75 million shares, at 1.85 dirhams each, the top end of the marketed range, valuing Dubai Taxi at 4.62 billion dirhams. Trading is set to commence on December 7.<o:p></o:p>

This demand for Dubai Taxi's IPO highlights the stark contrast between the thriving listings market in the Gulf region and the subdued global sentiment, marked by challenges such as high interest rates and market volatility over the past two years. The Gulf region, buoyed by elevated oil prices, robust local investor demand, and government initiatives to list state-owned companies, has become a hotspot for IPOs. <o:p></o:p>

Dubai, in particular, has outperformed, with its benchmark index surging 20 per cent this year, driven by a rise in property-related shares.<o:p></o:p>

The investor demand for Dubai Taxi's IPO contributes to the Gulf's standout performance in listings this year, with approximately $8.4 billion raised through IPOs in the region, accounting for over a third of the total listing volumes in Europe, the Middle East, and Africa.<o:p></o:p>

Dubai's success in raising $8.3 billion through stake sales in state-owned companies in 2022 underscores its commitment to listing state-owned entities, aligning with similar initiatives in Abu Dhabi and Riyadh. Dubai Taxi marks the city's second IPO of 2023, following the successful listing of Al Ansari Financial Services PJSC in March.<o:p></o:p>

Citigroup Inc., Emirates NBD Capital, and Bank of America Corp. are serving as joint global coordinators for the IPO, with Rothschild &amp; Co. acting as an independent financial adviser. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO.

Dubai Taxi Co. has set a record for investor demand in its $315 million initial public offering (IPO), securing over 150 billion dirhams ($41 billion) in orders, marking the highest oversubscription level ever for a Dubai IPO. According to Bloomberg, the IPO, Dubai's first privatisation in over a year, received overwhelming interest, with the institutional investor tranche nearly 135 times oversubscribed. The government of Dubai sold a 25 per cent stake, amounting to 624.75 million shares, at 1.85 dirhams each, the top end of the marketed range, valuing Dubai Taxi at 4.62 billion dirhams. Trading is set to commence on December 7. This demand for Dubai Taxi's IPO highlights the stark contrast between the thriving listings market in the Gulf region and the subdued global sentiment, marked by challenges such as high interest rates and market volatility over the past two years. The Gulf region, buoyed by elevated oil prices, robust local investor demand, and government initiatives to list state-owned companies, has become a hotspot for IPOs. Dubai, in particular, has outperformed, with its benchmark index surging 20 per cent this year, driven by a rise in property-related shares. The investor demand for Dubai Taxi's IPO contributes to the Gulf's standout performance in listings this year, with approximately $8.4 billion raised through IPOs in the region, accounting for over a third of the total listing volumes in Europe, the Middle East, and Africa. Dubai's success in raising $8.3 billion through stake sales in state-owned companies in 2022 underscores its commitment to listing state-owned entities, aligning with similar initiatives in Abu Dhabi and Riyadh. Dubai Taxi marks the city's second IPO of 2023, following the successful listing of Al Ansari Financial Services PJSC in March. Citigroup Inc., Emirates NBD Capital, and Bank of America Corp. are serving as joint global coordinators for the IPO, with Rothschild & Co. acting as an independent financial adviser. (With inputs from Bloomberg) WATCH WION LIVE HERE

Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO

In a world where sound is both a melody and a lifeline, Artificial Intelligence (AI) emerges as the virtuoso, reshaping the entire audio tech landscape. According to WHO estimates, over 430 million individuals grapple with hearing loss. The annual economic burden on the health sector due to unaddressed hearing loss is estimated to surpass $100 billion, according to a report by EClinicalMedicine. When factoring in the additional cost attributed to lost productivity, the total reaches a staggering $750-790 billion annually. Policymakers are rightly directing their efforts towards cost-effective interventions in hearing healthcare to alleviate this substantial disease-related burden. As we navigate through the crescendo of data and technical prowess, it becomes evident that AI is not to just augment audio gadgets; it's to craft a new symphony where personalisation, accessibility, and innovation converge in an extraordinary auditory experience. Piyush Jalan, Co-founder &amp; COO of GOVO, sheds light on the transformative role of AI in the development of audio gadgets, particularly in the realm of hearing aids.

Unveiling AI's crescendo in audio gadgets

The audio tech industry is undergoing a metamorphosis, and at the heart of this evolution is the omnipresent force of AI. Piyush Jalan paints a vivid picture of this paradigm shift. AI algorithms, fuelled by data availability and computational power explosion, enhance and revolutionise audio gadgets. They have transcended the realm of mere tools, becoming intuitive companions that adapt to individual preferences and the intricacies of diverse environments.

AI orchestrates a symphony of personalised soundscapes. The ability to process vast volumes of data, distinguish patterns in unstructured audio, video, and text, and employ techniques like Deep Learning (DL) marks a pinnacle in audio innovation. The audiology landscape, too, is touched by this transformative power, as AI-driven hearing aids intelligently distinguish between various sounds, dynamically adjust to users' auditory environments, and continuously learn to enhance hearing ability.

AI's role in crafting a unique auditory experience

Gone are the days when hearing aids were mere amplifiers. AI, the avant-garde of this revolution, steps into the spotlight. It's not just about amplifying sound; it's about pre-processing signals to help our brains understand and distinguish the sounds that matter.

However, every virtuoso needs training; for AI, this comes in the form of a rich library of curated data. AI-driven hearing aids deliver more sound to the brain If we expose AI systems to diverse sound combinations.

AI-driven hearing devices with powerful onboard processors automatically adjust settings according to the user's current environment. Ohio State University's study showcasing a 55% improvement in hearing amid background noise with AI-driven hearing aids echoes the adaptability and efficiency AI brings to the auditory landscape.

Fusion of style &amp; substance

Hearing aids, once clunky add-ons, are metamorphosing into stylish devices that resemble the latest Bluetooth earbuds. Piyush Jalan points out that the future promises enhanced auditory experiences and a fusion of functionality and fashion.

Yet, as AI conducts this symphony of innovation, challenges persist. The quality and quantity of data used to train AI algorithms dictate their performance, raising concerns about data privacy and security. The human brain's intricate capability to fully emulate sound processing remains a frontier yet to be fully conquered.

A harmonious future awaits

In this era where AI is seamlessly woven into the fabric of our lives, it's not just about predicting outcomes or selecting the next Netflix binge series. It's about crafting a symphony where AI and audio technology converge, enriching human experiences. As AI continues to evolve, the future promises a harmonious blend of innovation, accessibility, and personalised audio experiences—truly a symphony for the senses.

WATCH WION LIVE HERE

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In a world where sound is both a melody and a lifeline, Artificial Intelligence (AI) emerges as the virtuoso, reshaping the entire audio tech landscape. According to WHO estimates, over 430 million individuals grapple with hearing loss.

In a world where sound is both a melody and a lifeline, Artificial Intelligence (AI) emerges as the virtuoso, reshaping the entire audio tech landscape. According to WHO estimates, over 430 million individuals grapple with hearing loss. The annual economic burden on the health sector due to unaddressed hearing loss is estimated to surpass $100 billion, according to a report by EClinicalMedicine. When factoring in the additional cost attributed to lost productivity, the total reaches a staggering $750-790 billion annually. Policymakers are rightly directing their efforts towards cost-effective interventions in hearing healthcare to alleviate this substantial disease-related burden. As we navigate through the crescendo of data and technical prowess, it becomes evident that AI is not to just augment audio gadgets; it's to craft a new symphony where personalisation, accessibility, and innovation converge in an extraordinary auditory experience. Piyush Jalan, Co-founder & COO of GOVO, sheds light on the transformative role of AI in the development of audio gadgets, particularly in the realm of hearing aids. Unveiling AI's crescendo in audio gadgets The audio tech industry is undergoing a metamorphosis, and at the heart of this evolution is the omnipresent force of AI. Piyush Jalan paints a vivid picture of this paradigm shift. AI algorithms, fuelled by data availability and computational power explosion, enhance and revolutionise audio gadgets. They have transcended the realm of mere tools, becoming intuitive companions that adapt to individual preferences and the intricacies of diverse environments. AI orchestrates a symphony of personalised soundscapes. The ability to process vast volumes of data, distinguish patterns in unstructured audio, video, and text, and employ techniques like Deep Learning (DL) marks a pinnacle in audio innovation. The audiology landscape, too, is touched by this transformative power, as AI-driven hearing aids intelligently distinguish between various sounds, dynamically adjust to users' auditory environments, and continuously learn to enhance hearing ability. AI's role in crafting a unique auditory experience Gone are the days when hearing aids were mere amplifiers. AI, the avant-garde of this revolution, steps into the spotlight. It's not just about amplifying sound; it's about pre-processing signals to help our brains understand and distinguish the sounds that matter. However, every virtuoso needs training; for AI, this comes in the form of a rich library of curated data. AI-driven hearing aids deliver more sound to the brain If we expose AI systems to diverse sound combinations. AI-driven hearing devices with powerful onboard processors automatically adjust settings according to the user's current environment. Ohio State University's study showcasing a 55% improvement in hearing amid background noise with AI-driven hearing aids echoes the adaptability and efficiency AI brings to the auditory landscape. Fusion of style & substance Hearing aids, once clunky add-ons, are metamorphosing into stylish devices that resemble the latest Bluetooth earbuds. Piyush Jalan points out that the future promises enhanced auditory experiences and a fusion of functionality and fashion. Yet, as AI conducts this symphony of innovation, challenges persist. The quality and quantity of data used to train AI algorithms dictate their performance, raising concerns about data privacy and security. The human brain's intricate capability to fully emulate sound processing remains a frontier yet to be fully conquered. A harmonious future awaits In this era where AI is seamlessly woven into the fabric of our lives, it's not just about predicting outcomes or selecting the next Netflix binge series. It's about crafting a symphony where AI and audio technology converge, enriching human experiences. As AI continues to evolve, the future promises a harmonious blend of innovation, accessibility, and personalised audio experiences—truly a symphony for the senses. WATCH WION LIVE HERE

AI-Driven Hearing: A symphony of adaptability in noisy environments

Pakistan’s stock market is witnessing a red-hot surge as foreign investors flock to the country amid easing financial & political tensions

Pakistan's stocks emerge as top choice in emerging markets

Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges.

The allegations

Plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis claim in a lawsuit that they suffered losses as a result of Ronaldo's promotion of unregistered securities offered by Binance. The legal filing contends that Ronaldo, with his vast influence and 850 million social media followers, actively sold these securities without adequate disclosure.

The crux of the matter revolves around Ronaldo's multi-year partnership with Binance, initiated in mid-2022. The lawsuit argues that his promotion of the exchange, mainly through the sale of his exclusive NFT collection, led users to engage in transactions involving unregistered securities on the Binance platform.

Ronaldo's role in Binance partnership

Amid the cryptocurrency fervour in 2022, Ronaldo entered into a multi-year agreement with Binance to provide spokesperson and marketing services. This included promoting his NFT collection exclusively on the Binance platform. As alleged in the lawsuit, the success of these NFT sales significantly boosted Binance's visibility, resulting in a 500% increase in searches for the exchange in the week following the initial sale.

Given his investment experience and vast resources, the lawsuit claims that Ronaldo should have been aware of Binance selling unregistered crypto securities. It further highlights the lack of disclosure regarding payments received for endorsing cryptocurrencies, a requirement outlined by the U.S. Securities and Exchange Commission (SEC).

The ripple effect

As the legal battle unfolds, questions arise about Ronaldo's responsibility in promoting financial products and the broader implications for celebrity endorsements in the cryptocurrency market. The interconnected fate of Ronaldo and Binance underscores the increasing scrutiny faced by the industry and the necessity for transparency.

Bottomline

Cristiano Ronaldo's foray into cryptocurrency has taken an unexpected turn as a proposed class-action lawsuit brings attention to the potential ramifications of celebrity endorsements. As legal proceedings advance, the outcome will likely resonate beyond Ronaldo's personal reputation, shaping crypto endorsements' evolving landscape and associated responsibilities.

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Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges.

Cristiano Ronaldo, renowned for his achievements on the football pitch and commanding social media presence, is now grappling with legal challenges stemming from his partnership with Binance, one of the world's largest cryptocurrency exchanges. The allegations Plaintiffs Michael Sizemore, Mikey Vongdara, and Gordon Lewis claim in a lawsuit that they suffered losses as a result of Ronaldo's promotion of unregistered securities offered by Binance. The legal filing contends that Ronaldo, with his vast influence and 850 million social media followers, actively sold these securities without adequate disclosure. The crux of the matter revolves around Ronaldo's multi-year partnership with Binance, initiated in mid-2022. The lawsuit argues that his promotion of the exchange, mainly through the sale of his exclusive NFT collection, led users to engage in transactions involving unregistered securities on the Binance platform. Ronaldo's role in Binance partnership Amid the cryptocurrency fervour in 2022, Ronaldo entered into a multi-year agreement with Binance to provide spokesperson and marketing services. This included promoting his NFT collection exclusively on the Binance platform. As alleged in the lawsuit, the success of these NFT sales significantly boosted Binance's visibility, resulting in a 500% increase in searches for the exchange in the week following the initial sale. Given his investment experience and vast resources, the lawsuit claims that Ronaldo should have been aware of Binance selling unregistered crypto securities. It further highlights the lack of disclosure regarding payments received for endorsing cryptocurrencies, a requirement outlined by the U.S. Securities and Exchange Commission (SEC). The ripple effect As the legal battle unfolds, questions arise about Ronaldo's responsibility in promoting financial products and the broader implications for celebrity endorsements in the cryptocurrency market. The interconnected fate of Ronaldo and Binance underscores the increasing scrutiny faced by the industry and the necessity for transparency. Bottomline Cristiano Ronaldo's foray into cryptocurrency has taken an unexpected turn as a proposed class-action lawsuit brings attention to the potential ramifications of celebrity endorsements. As legal proceedings advance, the outcome will likely resonate beyond Ronaldo's personal reputation, shaping crypto endorsements' evolving landscape and associated responsibilities. WATCH WION LIVE HERE

Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit

China’s lottery sales in October reached $6.65 billion. Compared to last year, lottery sales rose by over 59% in October. There has been a 38% spike in new lottery firms in 2023.

Lottery sales in China reach $6.65 billion in October

In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions.&nbsp;

The Global Landscape: A critical 40 per cent &nbsp;

Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050.&nbsp;

Pathways to Net-Zero: A blend of solutions&nbsp;

The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives.&nbsp;

Five Key Takeaways from the 2023 Tracker&nbsp;

1. Technology: Gradual growth demands rapid acceleration&nbsp;

Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available.&nbsp;

2. Infrastructure: Balancing financing needs and investments&nbsp;

Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations.&nbsp;

3. Demand: Navigating the green premium&nbsp;

Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale.&nbsp;

4. Policy: A shifting landscape demands global alignment&nbsp;

Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative.&nbsp;

5. Capital: A call for investment in sustainable solutions&nbsp;

Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital.&nbsp;

Charting the course to net-zero&nbsp;

Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow.&nbsp;

WATCH WION LIVE HERE

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In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide.

In the quest for a sustainable future, the World Economic Forum's ‘Net-Zero Industry Tracker’ 2023 Edition released on Tuesday, sheds light on the developments and challenges in emission-intensive industrial sectors worldwide. With a keen focus on key players in production, energy, and transport, this report unveils a comprehensive analysis of the industries responsible for over 40 per cent of global greenhouse gas emissions. The Global Landscape: A critical 40 per cent Process- and energy-related emissions from sectors such as steel, cement, aluminium, oil and gas, aviation, shipping, and trucking collectively contribute to more than 40 per cent of global greenhouse gas emissions, surpassing those of any individual country. Transparency in their progress becomes imperative for timely interventions and ensuring we remain on course for net-zero emissions by 2050. Pathways to Net-Zero: A blend of solutions The journey to net-zero varies across sectors, but a common thread emerges — a combination of electrification (clean power), clean hydrogen, and fossil fuels abated by carbon capture utilisation and storage (CCUS) form the bedrock of industrial decarbonisation. However, a robust enabling environment is crucial, supported by a standardised conceptual framework, to meet sector-specific decarbonisation objectives. Five Key Takeaways from the 2023 Tracker 1. Technology: Gradual growth demands rapid acceleration Low-emission technologies are making strides, with promising early signs in sectors like aluminium and trucking. However, a significant acceleration is needed to support commercial deployment by 2030. Prioritising material circularity, recycling, and transition fuels can bridge the gap until technologies become more widely available. 2. Infrastructure: Balancing financing needs and investments Financing requirements for low-emission technologies are substantial, overshadowed by larger infrastructure investments. Clean hydrogen, CCUS, and electrification dominate, emphasising the need for shared infrastructure hubs to accelerate decarbonisation, especially in remote locations. 3. Demand: Navigating the green premium Standardised definitions for low-emission products gain consensus, signalling early market demand across sectors. Challenges like reporting standards, supply chain instability, and transparency gaps persist, with business-to-business (B2B) green premiums largely untested at scale. 4. Policy: A shifting landscape demands global alignment Evolution in policy landscapes, driven by industrial initiatives in select countries, bolsters investment. However, the risk of concentrating industrial activity in developed nations necessitates multilateral cooperation. Global alignment on emissions reduction requirements and policies tailored to individual country needs are imperative. 5. Capital: A call for investment in sustainable solutions Sectors need approximately $11 trillion in additional investments for clean energy adoption and legacy asset retrofitting. Strong business cases are lacking, emphasising the need for market-stabilising policies and companies embedding decarbonisation into their strategies to attract capital. Charting the course to net-zero Achieving net-zero emissions requires a multi-faceted approach across production, energy, and transport sectors. The 2023 tracker report recognises progress but underscores the need for collaborative efforts, aligning demand, policy incentives, capital, and infrastructure expansion. As industries navigate this net-zero frontier, innovative collaborations and leveraging enabling levers can pave the way for a greener, more resilient, and prosperous future. The report acknowledges the challenges but emphasises the global industrial community's positive trajectory towards a sustainable tomorrow. WATCH WION LIVE HERE

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023

Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June. <o:p></o:p>

The nation's stock market is now the world's second-best performer in this period, following Argentina. Foreign traders, encouraged by signs of stability, have injected $26.3 million into Pakistani stocks in November, marking the highest monthly total in over four years, as per exchange data compiled by Bloomberg.<o:p></o:p>

The rally is fuelled by positive developments, including Pakistan's ability to secure a loan agreement with the International Monetary Fund in July, averting a potential default. With national elections scheduled for February, the country is experiencing a reduction in political and economic uncertainty. <o:p></o:p>

Inflation, a key concern, has also shown signs of cooling, providing the central bank with some flexibility after implementing interest rate hikes over the past two years.<o:p></o:p>

Bloomberg cited Mattias Martinsson, the Chief Information Officer at Tundra Fonder AB, a Stockholm-based frontier market investor, who noted that foreign investors are factoring in diminishing political and economic uncertainty. <o:p></o:p>

"What they see now is that there appears to have come into place a sort of political stability, at the same time as economic indicators are improving and there is a strong likelihood of significant cuts in the policy rate during 2024," Bloomberg quoted him as saying.<o:p></o:p>

While the stock rally continues to attract bullish sentiment, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes in Dubai, highlights Pakistan's attractiveness compared to other emerging markets. He anticipates foreign cash inflow to persist, emphasising that Pakistani stocks like Lucky Cement Ltd., United Bank Ltd., and Habib Bank Ltd. are appealing with their cost-effectiveness, high quality, and attractive dividend yields.<o:p></o:p>

Simultaneously, Pakistan's sovereign dollar bonds are delivering robust returns, among the best in emerging markets this month, approaching 15 per cent total returns. On Wednesday, these bonds outperformed their counterparts in developing nations.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June.

Pakistan's surging stock market rally received a significant boost as foreign investors return, contributing to a 50 per cent surge in the benchmark KSE-100 Index since late June. The nation's stock market is now the world's second-best performer in this period, following Argentina. Foreign traders, encouraged by signs of stability, have injected $26.3 million into Pakistani stocks in November, marking the highest monthly total in over four years, as per exchange data compiled by Bloomberg. The rally is fuelled by positive developments, including Pakistan's ability to secure a loan agreement with the International Monetary Fund in July, averting a potential default. With national elections scheduled for February, the country is experiencing a reduction in political and economic uncertainty. Inflation, a key concern, has also shown signs of cooling, providing the central bank with some flexibility after implementing interest rate hikes over the past two years. Bloomberg cited Mattias Martinsson, the Chief Information Officer at Tundra Fonder AB, a Stockholm-based frontier market investor, who noted that foreign investors are factoring in diminishing political and economic uncertainty. "What they see now is that there appears to have come into place a sort of political stability, at the same time as economic indicators are improving and there is a strong likelihood of significant cuts in the policy rate during 2024," Bloomberg quoted him as saying. While the stock rally continues to attract bullish sentiment, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes in Dubai, highlights Pakistan's attractiveness compared to other emerging markets. He anticipates foreign cash inflow to persist, emphasising that Pakistani stocks like Lucky Cement Ltd., United Bank Ltd., and Habib Bank Ltd. are appealing with their cost-effectiveness, high quality, and attractive dividend yields. Simultaneously, Pakistan's sovereign dollar bonds are delivering robust returns, among the best in emerging markets this month, approaching 15 per cent total returns. On Wednesday, these bonds outperformed their counterparts in developing nations. (With inputs from Bloomberg) WATCH WION LIVE HERE

Pakistan's stock rally ignited by foreign investors hits four-year high

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023<o:p></o:p>

Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.<o:p></o:p>

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Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit<o:p></o:p>

Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world.<o:p></o:p>

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Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene.<o:p></o:p>

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Pakistan's stock rally ignited by f736mnn investors hits four-year high<o:p></o:p>

The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/pakistans-stock-rally-ignited-by-foreign-investors-hits-four-year-high-664525">Read more here</a> 

Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO <o:p></o:p>

With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/dubai-taxi-breaks-records-with-41-bn-in-orders-for-315-mn-ipo-664557">Read more here</a>

Uber aims to mend ties with London's black cabs in new initiative<o:p></o:p>

Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uber-aims-to-mend-ties-with-londons-black-cabs-in-new-initiative-664575">Read more here</a>

China's manufacturing sector faces second consecutive month of contraction. Here are the details<o:p></o:p>

A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583">Read more here</a><a href="https://www.wionews.com/business-economy/chinas-manufacturing-sector-faces-second-consecutive-month-of-contraction-here-are-the-details-664583"> </a>

India unveils $141 billion plan to extend free food grains program<o:p></o:p>

According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion).

<o:p></o:p><a href="https://www.wionews.com/business-economy/india-unveils-141-billion-plan-to-extend-free-food-grains-program-664593">Read more here</a>

Angolan woman billionaire battles $736mn asset freeze, alleges political persecution<o:p></o:p>

In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression".<o:p></o:p>

<a href="https://www.wionews.com/business-economy/angolan-woman-billionaire-battles-736m-asset-freeze-alleges-political-persecution-664597">Read more here </a>

Walmart is preferring import from India than China, data shows<o:p></o:p>

Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438">Read more here</a><a href="https://www.wionews.com/business-economy/walmart-is-preferring-import-from-india-than-china-data-shows-664438"> </a>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Navigating the Net-Zero frontier: Insights from the World Economic Forum's industry tracker 2023 Released on Tuesday, the World Economic Forum's "Net-Zero Industry Tracker" 2023 Edition highlights significant players in transportation, energy, and industry along with a thorough analysis of the sectors accountable for more than 40 per cent of the world's greenhouse gas emissions. Read more here Legal kickoff: Ronaldo's role in Binance NFT push sparks investor lawsuit Cristiano Ronaldo, the well-known football player, is currently facing legal issues resulting from his affiliation with Binance, one of the biggest cryptocurrency exchanges in the world. Read more here AI-Driven Hearing: A symphony of adaptability in noisy environments Artificial Intelligence (AI) becomes the virtuoso in a world where sound is both a melody and a lifeline, completely changing the audio tech scene. Read more here Pakistan's stock rally ignited by f736mnn investors hits four-year high The return of foreign investors has significantly bolstered Pakistan's stock market rise, leading to a 50 per cent increase in the benchmark KSE-100 Index since late June. Read more here Dubai Taxi breaks records with $41 bn in orders for $315 mn IPO With over 150 billion dirhams ($41 billion) in orders, Dubai Taxi Co. achieved a record for investor demand in its $315 million initial public offering (IPO). This is the highest degree of oversubscription for a Dubai IPO to date. Read more here Uber aims to mend ties with London's black cabs in new initiative Uber has declared plans to extend its platform to London's famous cabs beginning in early 2024 in an effort to ease tensions that have existed with the city's black taxi drivers for the past ten years. Uber has caused friction with London's black taxi drivers, who are well-known for their strict "Knowledge" exam, as they fear for their jobs. Read more here China's manufacturing sector faces second consecutive month of contraction. Here are the details A Reuters survey indicates that as November draws to a close, there are signs that China's manufacturing activity is probably going to decline for the second straight month. Read more here India unveils $141 billion plan to extend free food grains program According to Information Minister Anurag Thakur, India has extended its free food grains programme for the next five years with a significant allocation of 11.8 trillion rupees ($141.63 billion). Read more here Angolan woman billionaire battles $736mn asset freeze, alleges political persecution In opposition to a note to freeze over £580 million ($736 million) of her assets, Angolan billionaire Isabel dos Santos says she is a victim of the country's "campaign of oppression". Read more here Walmart is preferring import from India than China, data shows Walmart is gradually shifting its import operations from China to India, according to Reuters, which used Import Yeti data. The largest retailer in the world seems to be trying to diversify supplier networks and reduce costs with this move. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Navigating the Net-Zero frontier, Ronaldo’s investor lawsuit, AI-driven hearing & more

<o:p></o:p>Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression." <o:p></o:p>

According to Reuters, Dos Santos, Africa's first female billionaire and daughter of former President Jose Eduardo dos Santos, has faced longstanding corruption allegations in Angola. She rejects the charges, asserting that they are part of a protracted political vendetta, resulting in the freezing or seizure of her assets in Angola and Portugal. <o:p></o:p>

The legal battle centres on loans made by Angolan telecoms operator Unitel to Dutch company Unitel International Holdings (UIH) in 2012 and 2013, during dos Santos' tenure as a Unitel director. Dos Santos contends that Unitel is complicit in Angola's unlawful seizure of UIH's assets, leading to the outstanding debt.<o:p></o:p>

Dos Santos accuses Unitel of playing a role in the inability of UIH to repay the loans and frames the case as part of a broader political struggle. Unitel disputes dos Santos' narrative, stating that she is attempting to turn the legal proceedings into "another battle in a PR war against her father's successor", Joao Lourenco. <o:p></o:p>

The ongoing legal confrontation sheds light on dos Santos' wealth accumulation, characterised by Unitel as a "classic tale of kleptocracy (and) corruption". The telecoms company is seeking a global freezing order to prevent dos Santos from moving her assets out of its reach.<o:p></o:p>

In the courtroom, dos Santos' lawyer, Richard Hill, asserts that Unitel's application is part of a "politically motivated campaign by the Angolan state”. He challenges the legitimacy of the Angolan freezing order, alleging that it was obtained with "fabricated evidence, which included a forged copy of her passport featuring the signature of Bruce Lee." <o:p></o:p>

The legal proceedings are unfolding amid broader geopolitical dynamics, with dos Santos framing herself as a victim of political persecution. The hearing of Unitel's freezing order application is set to conclude on Thursday, and a ruling is expected at a later date, bringing further clarity to this high-stakes legal battle. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression.

Angolan billionaire Isabel dos Santos is contesting an application to freeze approximately £580 million ($736 million) of her assets, claiming she is a victim of Angola's "campaign of oppression." According to Reuters, Dos Santos, Africa's first female billionaire and daughter of former President Jose Eduardo dos Santos, has faced longstanding corruption allegations in Angola. She rejects the charges, asserting that they are part of a protracted political vendetta, resulting in the freezing or seizure of her assets in Angola and Portugal. The legal battle centres on loans made by Angolan telecoms operator Unitel to Dutch company Unitel International Holdings (UIH) in 2012 and 2013, during dos Santos' tenure as a Unitel director. Dos Santos contends that Unitel is complicit in Angola's unlawful seizure of UIH's assets, leading to the outstanding debt. Dos Santos accuses Unitel of playing a role in the inability of UIH to repay the loans and frames the case as part of a broader political struggle. Unitel disputes dos Santos' narrative, stating that she is attempting to turn the legal proceedings into "another battle in a PR war against her father's successor", Joao Lourenco. The ongoing legal confrontation sheds light on dos Santos' wealth accumulation, characterised by Unitel as a "classic tale of kleptocracy (and) corruption". The telecoms company is seeking a global freezing order to prevent dos Santos from moving her assets out of its reach. In the courtroom, dos Santos' lawyer, Richard Hill, asserts that Unitel's application is part of a "politically motivated campaign by the Angolan state”. He challenges the legitimacy of the Angolan freezing order, alleging that it was obtained with "fabricated evidence, which included a forged copy of her passport featuring the signature of Bruce Lee." The legal proceedings are unfolding amid broader geopolitical dynamics, with dos Santos framing herself as a victim of political persecution. The hearing of Unitel's freezing order application is set to conclude on Thursday, and a ruling is expected at a later date, bringing further clarity to this high-stakes legal battle. (With inputs from Reuters) WATCH WION LIVE HERE

Angolan woman billionaire battles $736mn asset freeze, alleges political persecution

India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur. <o:p></o:p>

The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population. Prime Minister Narendra Modi's government had previously declared the extension of the welfare scheme, slated to conclude in December, by an additional five years. <o:p></o:p>

The decision, approved in a recent cabinet meeting, underscores the commitment to fortify food security and alleviate financial challenges for the marginalised segments of society.<o:p></o:p>

The ambitious initiative comes just ahead of the upcoming general elections in early 2024.<o:p></o:p>

"Free food grains will strengthen food security and mitigate any financial hardship of the poor and vulnerable sections of the population," stated the government in response to the decision. <o:p></o:p>

Despite the financial commitment, the government remains optimistic about achieving its fiscal deficit target for the current financial year. According to Reuters, Economic Affairs Secretary Ajay Seth expressed confidence in maintaining fiscal discipline while allocating resources to vital social welfare programs.<o:p></o:p>

Ajay Seth, while addressing a separate event, assured that the government is on track to meet its fiscal deficit target of reducing it to 5.9 per cent of gross domestic product (GDP) for the fiscal year ending March 31. <o:p></o:p>

The commitment to fiscal responsibility is part of a broader strategy, with India aiming to further reduce the fiscal deficit to 4.5 per cent of GDP by the fiscal year 2025-26. This disciplined approach to fiscal management demonstrates the government's intent to balance social welfare initiatives with fiscal prudence, an attempt towards ensuring sustainable economic growth. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

WATCH WION LIVE HERE

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India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur.

India has announced a substantial allocation of 11.8 trillion rupees ($141.63 billion) to extend its free food grains program for the next five years, according to Information Minister Anurag Thakur. The program, aimed at ensuring food and nutrition security for 813.5 million people, will address the needs of the poor and vulnerable sections of the population. Prime Minister Narendra Modi's government had previously declared the extension of the welfare scheme, slated to conclude in December, by an additional five years. The decision, approved in a recent cabinet meeting, underscores the commitment to fortify food security and alleviate financial challenges for the marginalised segments of society. The ambitious initiative comes just ahead of the upcoming general elections in early 2024. "Free food grains will strengthen food security and mitigate any financial hardship of the poor and vulnerable sections of the population," stated the government in response to the decision. Despite the financial commitment, the government remains optimistic about achieving its fiscal deficit target for the current financial year. According to Reuters, Economic Affairs Secretary Ajay Seth expressed confidence in maintaining fiscal discipline while allocating resources to vital social welfare programs. Ajay Seth, while addressing a separate event, assured that the government is on track to meet its fiscal deficit target of reducing it to 5.9 per cent of gross domestic product (GDP) for the fiscal year ending March 31. The commitment to fiscal responsibility is part of a broader strategy, with India aiming to further reduce the fiscal deficit to 4.5 per cent of GDP by the fiscal year 2025-26. This disciplined approach to fiscal management demonstrates the government's intent to balance social welfare initiatives with fiscal prudence, an attempt towards ensuring sustainable economic growth. (With inputs from Reuters) WATCH WION LIVE HERE

India unveils $141 billion plan to extend free food grains program