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Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected.

The stock fell by as much as 4.6 per cent in New York, the steepest decline since September 28. However, Micron's shares have surged 55 per cent this year. &nbsp;

Micron adjusted its operating expenses for the fiscal first quarter to $990 million, up from the previous estimate of approximately $900 million. Despite the upward revision in revenue outlook to $4.7 billion from $4.6 billion, investors were anticipating a significant increase. &nbsp;

Wolfe Research analyst Chris Caso explained that the stock decline may be attributed to elevated expectations as a result of increasing pricing trends toward the year-end. Investors have been closely monitoring the semiconductor industry, anticipating that heightened demand for smartphones and personal computers would benefit chipmakers like Micron. &nbsp;

The rebound in semiconductor prices had initially fuelled optimism, but it seems that expectations may have surpassed the current reality. "We believe the stock is down due to rising expectations given increasing pricing trends heading into year-end,” Bloomberg quoted Caso as saying.

Micron's Chief Executive Officer, Sanjay Mehrotra, addressed concerns at the UBS Global Mobility Technology Conference, acknowledging that expenses for the quarter were notably higher than predicted due to increased research and development costs. However, Mehrotra assured investors that these expenses would decrease in the quarter ending in February. &nbsp;

Despite the challenges, Micron remains optimistic about pricing outlook, asserting that a return to profitability is imminent. "We have said that for a while that 2025 we believe will be a record year for the industry. 2024 will be the year of recovery," the company’s statement read.

Micron is scheduled to release its official first-quarter results on December 20.

(With inputs from Bloomberg)

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Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected.

Micron Technology, the leading US producer of computer memory semiconductors, witnessed a stock decline on Monday, marking its sharpest drop in two months. According to a Bloomberg report, the dip follows the company's announcement that it is incurring higher operational expenses than initially projected. The stock fell by as much as 4.6 per cent in New York, the steepest decline since September 28. However, Micron's shares have surged 55 per cent this year. Micron adjusted its operating expenses for the fiscal first quarter to $990 million, up from the previous estimate of approximately $900 million. Despite the upward revision in revenue outlook to $4.7 billion from $4.6 billion, investors were anticipating a significant increase. Wolfe Research analyst Chris Caso explained that the stock decline may be attributed to elevated expectations as a result of increasing pricing trends toward the year-end. Investors have been closely monitoring the semiconductor industry, anticipating that heightened demand for smartphones and personal computers would benefit chipmakers like Micron. The rebound in semiconductor prices had initially fuelled optimism, but it seems that expectations may have surpassed the current reality. "We believe the stock is down due to rising expectations given increasing pricing trends heading into year-end,” Bloomberg quoted Caso as saying. Micron's Chief Executive Officer, Sanjay Mehrotra, addressed concerns at the UBS Global Mobility Technology Conference, acknowledging that expenses for the quarter were notably higher than predicted due to increased research and development costs. However, Mehrotra assured investors that these expenses would decrease in the quarter ending in February. Despite the challenges, Micron remains optimistic about pricing outlook, asserting that a return to profitability is imminent. "We have said that for a while that 2025 we believe will be a record year for the industry. 2024 will be the year of recovery," the company’s statement read. Micron is scheduled to release its official first-quarter results on December 20. (With inputs from Bloomberg) WATCH WION LIVE HERE

US chip maker Micron stock dips despite upbeat earnings forecast

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&amp;P Global Ratings.

"Outside of China, economies have generally held up well. Asia-Pacific continues to grow despite meagre support from external sources," says the report.

China's economic struggle to continue

China, the central figure of the region's economy, is still reeling from the downturn in the property sector. However, the report suggests that growth momentum has "slightly improved" because of policy support.

The world's second-biggest economy has announced several measures to support the property sector, constituting a quarter of China's economic output.

In addition, the Xi Jinping administration has also taken other steps to revitalise the larger economy, including approval of a $137 billion sovereign bond issue and allowing local governments to frontload part of their 2024 bond quotas.

However, more than these measures may be needed for China to escape the economic downturn.

The report predicts that China's economic growth will be 5.4 per cent in 2023. But it will fall to 4.6 per cent in 2024. Interestingly, these figures align with the International Monetary Fund's forecast for 2023 and 2024.

"Our GDP growth forecast for 2024 suggests the slack in the economy that is weighing on profit margins and prices in many sectors in China's economy will persist next year," notes the report.

Asia-Pacific region shows resilience.

While the overall picture is not rosy, the Asia Pacific region has been able to withstand the global economic slowdown.

The region is expected to grow by 4.7 per cent in 2023, just 0.1 per cent higher than the IMF forecast of 4.6 per cent growth.

Next year, growth is likely to fall to 4.4 per cent, according to the report.

Emerging economies are the region's stars, with India, Indonesia, Malaysia, and the Philippines standing out from the rest due to strong domestic demand.

"Growth this year and next is on track to be the strongest in emerging market economies," says the report.

It also notes that India will continue to grow by 6.4 per cent in 2024, remaining the fastest-growing emerging economy in the region.

Developed economies like Japan, South Korea and Taiwan have been able to withstand the downturn through robust labour markets and service sectors.

One big catalyst for these developed economies has been the surge in the semiconductor sector, which is likely to remain strong next year, too.

Nevertheless, growth in the Asia Pacific region will be the lowest among developed countries for two reasons: weak global trade and high-interest rates.

The larger outlook

The report says that risks remain for the Asia-Pacific region.

A lot will depend on the economic trajectory embarked on by China and Europe in 2024.

Any unexpected increases in inflation in the United States will force the Federal Reserve to continue with its tight monetary policy, exacerbating the pressure on Asian currencies and markets.

Geopolitical risks emanating from the Ukraine war and tensions in West Asia will likely continue impacting commodity and energy prices.

This will stoke inflation, increase external deficits, and trigger a domino effect on the world economy.

"Risks remain, but so too does the potential for growth in the region," the report ends on a positive note. &nbsp;

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&P Global Ratings.

Asia-Pacific countries, led by emerging economies, continue to show resilience amid the downturn in the Chinese economy, according to the latest economic outlook by S&P Global Ratings. "Outside of China, economies have generally held up well. Asia-Pacific continues to grow despite meagre support from external sources," says the report. China's economic struggle to continue China, the central figure of the region's economy, is still reeling from the downturn in the property sector. However, the report suggests that growth momentum has "slightly improved" because of policy support. The world's second-biggest economy has announced several measures to support the property sector, constituting a quarter of China's economic output. In addition, the Xi Jinping administration has also taken other steps to revitalise the larger economy, including approval of a $137 billion sovereign bond issue and allowing local governments to frontload part of their 2024 bond quotas. However, more than these measures may be needed for China to escape the economic downturn. The report predicts that China's economic growth will be 5.4 per cent in 2023. But it will fall to 4.6 per cent in 2024. Interestingly, these figures align with the International Monetary Fund's forecast for 2023 and 2024. "Our GDP growth forecast for 2024 suggests the slack in the economy that is weighing on profit margins and prices in many sectors in China's economy will persist next year," notes the report. Asia-Pacific region shows resilience. While the overall picture is not rosy, the Asia Pacific region has been able to withstand the global economic slowdown. The region is expected to grow by 4.7 per cent in 2023, just 0.1 per cent higher than the IMF forecast of 4.6 per cent growth. Next year, growth is likely to fall to 4.4 per cent, according to the report. Emerging economies are the region's stars, with India, Indonesia, Malaysia, and the Philippines standing out from the rest due to strong domestic demand. "Growth this year and next is on track to be the strongest in emerging market economies," says the report. It also notes that India will continue to grow by 6.4 per cent in 2024, remaining the fastest-growing emerging economy in the region. Developed economies like Japan, South Korea and Taiwan have been able to withstand the downturn through robust labour markets and service sectors. One big catalyst for these developed economies has been the surge in the semiconductor sector, which is likely to remain strong next year, too. Nevertheless, growth in the Asia Pacific region will be the lowest among developed countries for two reasons: weak global trade and high-interest rates. The larger outlook The report says that risks remain for the Asia-Pacific region. A lot will depend on the economic trajectory embarked on by China and Europe in 2024. Any unexpected increases in inflation in the United States will force the Federal Reserve to continue with its tight monetary policy, exacerbating the pressure on Asian currencies and markets. Geopolitical risks emanating from the Ukraine war and tensions in West Asia will likely continue impacting commodity and energy prices. This will stoke inflation, increase external deficits, and trigger a domino effect on the world economy. "Risks remain, but so too does the potential for growth in the region," the report ends on a positive note.

Emerging economies will be the stars of the Asia-Pacific region. Here's why

In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year. &nbsp;

According to a Bloomberg report, citing data compiled by consultancy Evident, Goldman Sachs witnessed a net outflow of 60 AI professionals to competitors like Morgan Stanley and Citigroup in the 12 months through September. This represents the largest exodus among major rivals. &nbsp;

While this departure is a fraction of Goldman Sachs' global workforce of nearly 46,000, it sheds light on the fierce competition for top AI talent.

Commenting on the data, Alexandra Mousavizadeh, CEO of Evident, emphasised the importance of not just hiring but also nurturing and retaining AI talent.

Evident's analysis covered roles in AI development, model risk, data engineering, and software development, showcasing the intense rivalry for AI expertise. Despite the small proportion of departures among thousands of AI staff in banks, these roles are highly coveted and often command some of the highest salaries. &nbsp;

Last year, median compensation for employees in AI-related roles in the US was $901,000, while their European counterparts earned $676,000, according to a report by Heidrick &amp; Struggles. The data presented by Evident does not encompass banks' hiring of AI talent directly from universities and consultancies.

Goldman Sachs, facing a net loss of 106 AI-focused staffers to rivals, has been actively hiring to attract top AI talent. However, this outflow highlights the intense competition in the field. Other banks, such as Bank of America and Wells Fargo, have also experienced shifts in their AI talent pool. &nbsp;

Bank of America saw a net loss of 55 staffers, while Wells Fargo witnessed the largest net increase with 130 people. While JPMorgan Chase &amp; Co. lost 224 AI-focused staffers, it added 325 over the same period, securing one of the most significant net increases in talent among peers.

AI has become integral to the strategies of major banks, with JPMorgan’s CEO Jamie Dimon stating that he believes AI will enable employers to reduce the workweek to just 3.5 days. The recognition of AI's importance is also evident at Citigroup, which plans to empower its 40,000 coders with the ability to experiment with different AI technologies by the end of the first quarter.

(With inputs from Bloomberg)

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In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year.

In a heated battle for the best minds in artificial intelligence (AI), Wall Street banks are poaching rival talent, with Goldman Sachs taking a notable hit in the past year. According to a Bloomberg report, citing data compiled by consultancy Evident, Goldman Sachs witnessed a net outflow of 60 AI professionals to competitors like Morgan Stanley and Citigroup in the 12 months through September. This represents the largest exodus among major rivals. While this departure is a fraction of Goldman Sachs' global workforce of nearly 46,000, it sheds light on the fierce competition for top AI talent. Commenting on the data, Alexandra Mousavizadeh, CEO of Evident, emphasised the importance of not just hiring but also nurturing and retaining AI talent. Evident's analysis covered roles in AI development, model risk, data engineering, and software development, showcasing the intense rivalry for AI expertise. Despite the small proportion of departures among thousands of AI staff in banks, these roles are highly coveted and often command some of the highest salaries. Last year, median compensation for employees in AI-related roles in the US was $901,000, while their European counterparts earned $676,000, according to a report by Heidrick & Struggles. The data presented by Evident does not encompass banks' hiring of AI talent directly from universities and consultancies. Goldman Sachs, facing a net loss of 106 AI-focused staffers to rivals, has been actively hiring to attract top AI talent. However, this outflow highlights the intense competition in the field. Other banks, such as Bank of America and Wells Fargo, have also experienced shifts in their AI talent pool. Bank of America saw a net loss of 55 staffers, while Wells Fargo witnessed the largest net increase with 130 people. While JPMorgan Chase & Co. lost 224 AI-focused staffers, it added 325 over the same period, securing one of the most significant net increases in talent among peers. AI has become integral to the strategies of major banks, with JPMorgan’s CEO Jamie Dimon stating that he believes AI will enable employers to reduce the workweek to just 3.5 days. The recognition of AI's importance is also evident at Citigroup, which plans to empower its 40,000 coders with the ability to experiment with different AI technologies by the end of the first quarter. (With inputs from Bloomberg) WATCH WION LIVE HERE

Wall Street talent war: Banks engage in cutthroat competition for AI experts

JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war. &nbsp;

Emphasising the impact on currencies resulting from potential trade tariffs, JPMorgan's foreign-exchange strategists, Meera Chandan and Patrick Locke, underscored Trump's protectionist stance among Republican nominees as a key factor.

"Renewed tariff risk will be dollar positive," the analysts said. They add that the potential expansion of tariffs to regions beyond China, such as Europe, Mexico, and broader Asia could significantly strengthen the dollar.

Specifically, a universal 10 per cent tariff might result in a 4 per cent to 6 per cent boost in the greenback's trade-weighted value, particularly as an expanding trade war influences pro-cyclical, growth-sensitive currencies.

As the presidential election looms, JPMorgan highlighted the likelihood of a Biden-Trump matchup "if current polling persists". The strategists emphasise that under President Biden, tariffs inherited from the Trump era have largely remained in place.

While fiscal policy played a pivotal role in influencing currency markets during the 2016 and 2020 elections, JPMorgan anticipates diminished significance as the 2024 election progresses. The strategists assert that potential fiscal changes, which were once instrumental in foreign exchange risk, may not have the same capacity to differentiate US growth from that of its peers. &nbsp;

With ongoing geopolitical uncertainties and trade tensions, this month had earlier witnessed the Bloomberg Dollar Spot Index registering its worst week since July, erasing year-to-date gains. The index is presently on track for its worst monthly decline in a year, reflecting a shift that has caught investors off guard.

(With inputs from Bloomberg)

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JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war.

JPMorgan analysts anticipate that the 2024 US presidential election, likely featuring President Joe Biden and former President Donald Trump, will elevate the dollar's status, driven by the potential for an intensified trade war. Emphasising the impact on currencies resulting from potential trade tariffs, JPMorgan's foreign-exchange strategists, Meera Chandan and Patrick Locke, underscored Trump's protectionist stance among Republican nominees as a key factor. "Renewed tariff risk will be dollar positive," the analysts said. They add that the potential expansion of tariffs to regions beyond China, such as Europe, Mexico, and broader Asia could significantly strengthen the dollar. Specifically, a universal 10 per cent tariff might result in a 4 per cent to 6 per cent boost in the greenback's trade-weighted value, particularly as an expanding trade war influences pro-cyclical, growth-sensitive currencies. As the presidential election looms, JPMorgan highlighted the likelihood of a Biden-Trump matchup "if current polling persists". The strategists emphasise that under President Biden, tariffs inherited from the Trump era have largely remained in place. While fiscal policy played a pivotal role in influencing currency markets during the 2016 and 2020 elections, JPMorgan anticipates diminished significance as the 2024 election progresses. The strategists assert that potential fiscal changes, which were once instrumental in foreign exchange risk, may not have the same capacity to differentiate US growth from that of its peers. With ongoing geopolitical uncertainties and trade tensions, this month had earlier witnessed the Bloomberg Dollar Spot Index registering its worst week since July, erasing year-to-date gains. The index is presently on track for its worst monthly decline in a year, reflecting a shift that has caught investors off guard. (With inputs from Bloomberg) WATCH WION LIVE HERE

2024 election to propel US dollar amid, predicts JPMorgan. Here's why

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

The formative years

Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set.

Meeting of minds

The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends.

The Berkshire era

Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate.

Investing wisdom and wit

Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance.

Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective.

End of an era

Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide.

As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan.

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Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership.

Charles Munger, the influential vice chairman of Berkshire Hathaway and long-time confidante of Warren Buffett, died on Tuesday at the age of 99. Munger's journey from working for Buffett's grandfather during the Great Depression to becoming a key figure in Berkshire's success is a remarkable tale of business acumen and enduring partnership. The formative years Born on January 1, 1924, Munger's early connection with Buffett's family set the stage for a unique partnership. Despite a significant age gap, their paths crossed in Omaha, Nebraska, where Munger worked part-time at a grocery run by Buffett's grandfather. Later, Munger's trajectory led him to the University of Michigan and eventually Harvard Law School, shaping his diverse skill set. Meeting of minds The encounter between Munger and Buffett in 1959 laid the foundation for a partnership that would shape the investment landscape. United by the principles of value investing, inspired by economist Benjamin Graham, they sought well-run companies with undervalued stocks, avoiding the pitfalls of fleeting trends. The Berkshire era Munger officially joined forces with Buffett at Berkshire Hathaway in 1975, becoming vice chairman in 1978. Despite political differences and divergent personal interests, their collaboration thrived. Munger's architectural passion and Buffett's financial savvy complemented each other, creating a powerhouse that transformed Berkshire into a multi-billion dollar conglomerate. Investing wisdom and wit Known for his blunt one-liners, Munger's commentary on investing, the economy, and human nature resonated globally. From likening bankers to 'heroin addicts' to dismissing Bitcoin as 'rat poison,' Munger's wit was a hallmark of Berkshire's annual meetings. His philosophy emphasised the importance of avoiding stupidity rather than relying solely on brilliance. Munger's impact extended beyond the business realm. A philanthropist pledging over $100 million to build housing at the University of Michigan, he embraced a rational approach to life instilled by his upbringing. Munger's modest lifestyle, preference for long-term investments, and scepticism towards the latest trends reflected his timeless perspective. End of an era Munger's passing leaves a void at Berkshire Hathaway, marking the end of an era in corporate America. Described by Buffett as instrumental to Berkshire's success, Munger's role as a sounding board and critical thinker was unparalleled. While Berkshire has a succession plan in place, Munger's absence is deeply felt by investors and followers worldwide. As Berkshire navigates the future without Munger, questions arise about the annual shareholder weekend, a renowned event where Munger and Buffett share their wisdom. With Munger's absence, the dynamic may shift, but Berkshire's journey remains intact under Buffett's leadership and the established succession plan. WATCH WION LIVE HERE

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday.

The 9.6 per cent year-over-year spending surge marked the largest online shopping day in history, according to data from Adobe Inc. The surge in spending was facilitated by strong Black Friday sales and the popularity of buy-now-pay-later options, allowing shoppers to extend their budgets with credit.

Despite uncertainties at the start of the 2023 holiday shopping season, consumers responded strongly to discounts, propelling Cyber Week — spanning Thanksgiving to Cyber Monday — to generate a total of $38 billion, a 7.8 per cent increase from the previous year. &nbsp;

Black Friday exceeded projections, reaching $9.8 billion, a 7.5 per cent jump from last year. Thanksgiving spending also saw a boost, reaching $5.6 billion, up 5.5 per cent, highlighting the impact of discounts on consumer demand during the holiday season. From November 1 to November 27, online spending reached $109.3 billion, reflecting a 7.3 per cent increase from 2022.

The surge in online spending during Cyber Monday was complemented by a record high in “buy-now-pay-later usage”, contributing $940 million, a 42.5 per cent increase from the previous year. Consumers embraced these credit facilities for more significant purchases, revealing a shifting trend in shopping behaviour. &nbsp;

Bloomberg quoted Vivek Pandya, a lead analyst at Adobe Digital Insights, as saying, "The record online spending across Cyber Week... shows the impact that discounts can have on consumer demand."

Top-selling items during Cyber Monday included Hot Wheels, the Xbox Series X gaming console, televisions, and small kitchen appliances. The insights were derived from Adobe's extensive tracking, monitoring over 1 trillion visits to retail websites and analysing sales of more than 100 million products.

While traditional big sale days like Black Friday and Cyber Monday have seen a decline in exclusivity, they remain crucial for retailers aiming to gauge consumer preferences and strategically offer targeted discounts leading up to Christmas. &nbsp;

(With inputs from Bloomberg)

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US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday.

US consumers defied economic headwinds, shelling out a $12.4 billion on Cyber Monday, underscoring the resilience of the retail sector even as pandemic-era savings dwindle and interest rates soar, Bloomberg reported on Tuesday. The 9.6 per cent year-over-year spending surge marked the largest online shopping day in history, according to data from Adobe Inc. The surge in spending was facilitated by strong Black Friday sales and the popularity of buy-now-pay-later options, allowing shoppers to extend their budgets with credit. Despite uncertainties at the start of the 2023 holiday shopping season, consumers responded strongly to discounts, propelling Cyber Week — spanning Thanksgiving to Cyber Monday — to generate a total of $38 billion, a 7.8 per cent increase from the previous year. Black Friday exceeded projections, reaching $9.8 billion, a 7.5 per cent jump from last year. Thanksgiving spending also saw a boost, reaching $5.6 billion, up 5.5 per cent, highlighting the impact of discounts on consumer demand during the holiday season. From November 1 to November 27, online spending reached $109.3 billion, reflecting a 7.3 per cent increase from 2022. The surge in online spending during Cyber Monday was complemented by a record high in “buy-now-pay-later usage”, contributing $940 million, a 42.5 per cent increase from the previous year. Consumers embraced these credit facilities for more significant purchases, revealing a shifting trend in shopping behaviour. Bloomberg quoted Vivek Pandya, a lead analyst at Adobe Digital Insights, as saying, "The record online spending across Cyber Week... shows the impact that discounts can have on consumer demand." Top-selling items during Cyber Monday included Hot Wheels, the Xbox Series X gaming console, televisions, and small kitchen appliances. The insights were derived from Adobe's extensive tracking, monitoring over 1 trillion visits to retail websites and analysing sales of more than 100 million products. While traditional big sale days like Black Friday and Cyber Monday have seen a decline in exclusivity, they remain crucial for retailers aiming to gauge consumer preferences and strategically offer targeted discounts leading up to Christmas. (With inputs from Bloomberg) WATCH WION LIVE HERE

Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds

Micron, the largest US chip maker, saw its shares tumble the most in two months. The decline comes after the company's warning that operating costs are surging more than predicted. The stock price dropped 4.6%, its worst since september 28. As of monday's closing, it had risen 55% for the year, boosted by hopes that the chip sector recovered from a slump. Micron announced $990 million in adjusted operating expenditures for the quarter. That was higher than the market prediction of $900 million.

Micron's optimistic market view

WION's business Desk brings you this daily round up of global stories from the world of business and economy.

The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond

Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success.

<a href="https://www.wionews.com/business-economy/the-oracle-of-pasadena-charles-mungers-impact-on-investing-business-and-beyond-664149">Read more here&nbsp;</a>

Emerging economies will be the stars of the Asia-Pacific region

In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&amp;P Global Ratings' most recent economic assessment.

<a href="https://www.wionews.com/business-economy/emerging-economies-will-be-the-stars-of-the-asia-pacific-region-heres-why-664168">Read more here&nbsp;</a>

Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds

US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise.

<a href="https://www.wionews.com/business-economy/record-breaking-cyber-monday-americans-spend-124-bn-amid-economic-headwinds-664143">Read more here&nbsp;</a>

2024 election to propel US dollar amid, predicts JPMorgan. Here's why

Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump.

<a href="https://www.wionews.com/business-economy/2024-election-to-propel-us-dollar-amid-predicts-jpmorgan-heres-why-664155">Read more here&nbsp;</a>

Wall Street talent war: Banks engage in cutthroat competition for AI experts

Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months.

<a href="https://www.wionews.com/business-economy/wall-street-talent-war-banks-engage-in-cutthroat-competition-for-ai-experts-664162">Read more here</a>

US chip maker Micron stock dips despite upbeat earnings forecast

The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months.

<a href="https://www.wionews.com/business-economy/us-chip-maker-micron-stock-dips-despite-upbeat-earnings-forecast-664169">Read more here&nbsp;</a>

Fraudulent pandemic-era loans cost UK $1.8 bn: Report

Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government.

<a href="https://www.wionews.com/business-economy/fraudulent-pandemic-era-loans-cost-uk-18-bn-report-664205">Read more here&nbsp;</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. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99.

WION's business Desk brings you this daily round up of global stories from the world of business and economy. The Oracle of Pasadena: Charles Munger's impact on investing, business, and beyond Warren Buffett's longtime confidant and powerful vice chairman of Berkshire Hathaway, Charles Munger, passed away on Tuesday at the age of 99. Munger's journey began when he worked for Buffett's grandfather during the Great Depression and culminated in his pivotal role in Berkshire's success. Read more here Emerging economies will be the stars of the Asia-Pacific region In spite of the slowdown in China's economy, Asia-Pacific nations—led by developing economies—remain resilient, according to S&P Global Ratings' most recent economic assessment. Read more here Record-breaking Cyber Monday: Americans spend $12.4 bn amid economic headwinds US shoppers spent $12.4 billion on Cyber Monday, despite economic difficulties, demonstrating the retail sector's resiliency as savings from the pandemic era disappear while interest rates rise. Read more here 2024 election to propel US dollar amid, predicts JPMorgan. Here's why Analysts at JPMorgan predict that the possibility of a more intense trade war will boost the dollar's standing in the 2024 US presidential race, which is expected to feature President Joe Biden and former President Donald Trump. Read more here Wall Street talent war: Banks engage in cutthroat competition for AI experts Wall Street firms are scooping up rival talent in an intense battle for the brightest minds in artificial intelligence (AI), with Goldman Sachs suffering a significant setback in the last 12 months. Read more here US chip maker Micron stock dips despite upbeat earnings forecast The shares of Micron Technology, the top US manufacturer of semiconductors for computer memory, fell on Monday, marking the company's biggest decrease in the previous two months. Read more here Fraudulent pandemic-era loans cost UK $1.8 bn: Report Post the Covid-19 pandemic, banks that gave small businesses loans that ultimately proved out to be fraudulent received payments totalling $1.8 billion from the UK government. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Emerging Asia-Pacific economies, Charles Munger's impact on business and more

The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported. This marks a significant increase from the $810 million refunded by the end of 2022. &nbsp;

Banks involved in the state-guaranteed emergency support programs are currently managing a total of £77 billion in loans, raising concerns about the widespread nature of fraudulent activities.

As the financial toll rises, the Opposition is criticising the government for swiftly implementing support programs without adequate consideration for the potential cost to taxpayers.

The Bounce Back Loan Scheme (BBLS) announced during the Covid-19 pandemic is in the eye of the financial storm. As per the government's estimates, 3.75 per cent of loans by value under the scheme have been flagged as suspected fraud. &nbsp;

Barclays, a key player in the program, reported that over 6 per cent of its loans could be fraudulent, a significant increase from 2.3 per cent earlier this year. Starling Bank, having lent £1.6 billion under BBLS, has a similar percentage of its loans under scrutiny for suspected fraud.

"We continue to proactively tackle BBLS fraud, going above and beyond the requirements of the government lending schemes," Bloomberg quoted a Barclays spokesperson as saying.

The bank emphasised its efforts in investigating and recovering funds through "collaboration with liquidators and a litigation funder". In fact, last year, the institution sought the closure of nearly 100 businesses through UK courts in an attempt to recover Covid-19 debts.

While the Bounce Back Loan Scheme faces a surge in suspected fraudulent activities, the Coronavirus Business Interruption Loan Scheme (CBILS), aimed at larger companies, presents a more reassuring picture. With just £50 million of the £25.8 billion program flagged for potential fraud, it stands in stark contrast to the challenges encountered by its smaller-scale counterpart.

In response to the current situation, lawmakers are intensifying calls for a thorough investigation into the lapses that allowed fraudulent loans to reach such staggering proportions. The government, acknowledging the concerns, maintains that most businesses have either repaid or are adhering to the repayment schedules. &nbsp;

However, the $10.79 billion received by banks for defaulted loans has only intensified scrutiny over the hasty deployment of support measures during the pandemic.

(With inputs from Bloomberg)

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The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported.

The UK government has paid $1.8 billion to banks that provided loans to small businesses during the Covid-19 pandemic that later turned fraudulent, Bloomberg reported. This marks a significant increase from the $810 million refunded by the end of 2022. Banks involved in the state-guaranteed emergency support programs are currently managing a total of £77 billion in loans, raising concerns about the widespread nature of fraudulent activities. As the financial toll rises, the Opposition is criticising the government for swiftly implementing support programs without adequate consideration for the potential cost to taxpayers. The Bounce Back Loan Scheme (BBLS) announced during the Covid-19 pandemic is in the eye of the financial storm. As per the government's estimates, 3.75 per cent of loans by value under the scheme have been flagged as suspected fraud. Barclays, a key player in the program, reported that over 6 per cent of its loans could be fraudulent, a significant increase from 2.3 per cent earlier this year. Starling Bank, having lent £1.6 billion under BBLS, has a similar percentage of its loans under scrutiny for suspected fraud. "We continue to proactively tackle BBLS fraud, going above and beyond the requirements of the government lending schemes," Bloomberg quoted a Barclays spokesperson as saying. The bank emphasised its efforts in investigating and recovering funds through "collaboration with liquidators and a litigation funder". In fact, last year, the institution sought the closure of nearly 100 businesses through UK courts in an attempt to recover Covid-19 debts. While the Bounce Back Loan Scheme faces a surge in suspected fraudulent activities, the Coronavirus Business Interruption Loan Scheme (CBILS), aimed at larger companies, presents a more reassuring picture. With just £50 million of the £25.8 billion program flagged for potential fraud, it stands in stark contrast to the challenges encountered by its smaller-scale counterpart. In response to the current situation, lawmakers are intensifying calls for a thorough investigation into the lapses that allowed fraudulent loans to reach such staggering proportions. The government, acknowledging the concerns, maintains that most businesses have either repaid or are adhering to the repayment schedules. However, the $10.79 billion received by banks for defaulted loans has only intensified scrutiny over the hasty deployment of support measures during the pandemic. (With inputs from Bloomberg) WATCH WION LIVE HERE

Fraudulent pandemic-era loans cost UK $1.8 bn: Report

India's two-wheeler market is undergoing a significant transformation led by Ola Electric, often dubbed 'India's Tesla.' In just two years, the company has skyrocketed to 338,000 e-scooter sales, vowing to accelerate India's shift to a cleaner, electric future. However, Ola's rapid success has challenges, particularly in its service network.

An electric revolution

Bhavish Aggarwal, the visionary behind Ola Electric, envisions replacing internal combustion engines (ICE) in India, where two-wheelers dominate the streets. Ola, valued at $5.4 billion, plans to quadruple its annual production capacity to 2 million e-scooters by the new year.

Service network strain

Despite Ola's sales surge, the company's network of over 400 service hubs is showing signs of strain. Reuters investigations reveal backlogs, insufficient spare parts, and repair waiting times ranging from three days to two weeks, particularly in major metropolitan areas like Mumbai, Chennai, and Bengaluru.

Ola, faced with an unprecedented surge in demand, grapples with service capacity issues. Aggarwal acknowledges the challenges, citing aggressive efforts to expand the service network by adding 100 new centres and hiring more technicians. However, reports suggest that the scale and quality of the service operations may differ from the company's claims.

Industry dynamics &amp; Ola's goals

Reuters quoted Ravi Bhatia of JATO Dynamics, who emphasised the critical role of a robust service network in India, the world's largest two-wheeler market. With Indians adapting to tech-packed EVs navigating challenging roads, Ola's service infrastructure becomes pivotal to ensure customer satisfaction.

Aggarwal's ambitious goal is to make all new scooters and motorbikes in India electric by the end of 2025, surpassing the government's 2030 target of 70% EV adoption in new two-wheeler sales. Ola has positioned itself as the leader in India's two-wheeler EV market, claiming a third of sales by volume.

Customer experience challenges

Service issues reported by customers include battery drainage, software glitches, and damaged wires. Some attribute the surge in service demands to the inexperience of Indian riders with e-scooters, leading to damages, especially during challenging weather conditions like the monsoon season.

A growing number of customers express frustration online about repair times and difficulties in securing servicing slots. Aggarwal dismisses much of the online criticism as 'mudslinging' by rivals, emphasising that the business has seen unprecedented success, with e-scooters reportedly selling every 10 seconds during India's festive season.

Bottomline

While Ola Electric celebrates its phenomenal success in India's evolving EV landscape, the service challenges highlight the complexities of scaling up in a demanding market. As Ola gears up for a $700 million IPO, overcoming these hurdles in service infrastructure becomes paramount for sustaining its leadership in India's electric revolution.

India's two-wheeler market is undergoing a significant transformation led by Ola Electric, often dubbed 'India's Tesla.' In just two years, the company has skyrocketed to 338,000 e-scooter sales, vowing to accelerate India's shift to a cleaner, electric future.

India's two-wheeler market is undergoing a significant transformation led by Ola Electric, often dubbed 'India's Tesla.' In just two years, the company has skyrocketed to 338,000 e-scooter sales, vowing to accelerate India's shift to a cleaner, electric future. However, Ola's rapid success has challenges, particularly in its service network. An electric revolution Bhavish Aggarwal, the visionary behind Ola Electric, envisions replacing internal combustion engines (ICE) in India, where two-wheelers dominate the streets. Ola, valued at $5.4 billion, plans to quadruple its annual production capacity to 2 million e-scooters by the new year. Service network strain Despite Ola's sales surge, the company's network of over 400 service hubs is showing signs of strain. Reuters investigations reveal backlogs, insufficient spare parts, and repair waiting times ranging from three days to two weeks, particularly in major metropolitan areas like Mumbai, Chennai, and Bengaluru. Ola, faced with an unprecedented surge in demand, grapples with service capacity issues. Aggarwal acknowledges the challenges, citing aggressive efforts to expand the service network by adding 100 new centres and hiring more technicians. However, reports suggest that the scale and quality of the service operations may differ from the company's claims. Industry dynamics & Ola's goals Reuters quoted Ravi Bhatia of JATO Dynamics, who emphasised the critical role of a robust service network in India, the world's largest two-wheeler market. With Indians adapting to tech-packed EVs navigating challenging roads, Ola's service infrastructure becomes pivotal to ensure customer satisfaction. Aggarwal's ambitious goal is to make all new scooters and motorbikes in India electric by the end of 2025, surpassing the government's 2030 target of 70% EV adoption in new two-wheeler sales. Ola has positioned itself as the leader in India's two-wheeler EV market, claiming a third of sales by volume. Customer experience challenges Service issues reported by customers include battery drainage, software glitches, and damaged wires. Some attribute the surge in service demands to the inexperience of Indian riders with e-scooters, leading to damages, especially during challenging weather conditions like the monsoon season. A growing number of customers express frustration online about repair times and difficulties in securing servicing slots. Aggarwal dismisses much of the online criticism as 'mudslinging' by rivals, emphasising that the business has seen unprecedented success, with e-scooters reportedly selling every 10 seconds during India's festive season. Bottomline While Ola Electric celebrates its phenomenal success in India's evolving EV landscape, the service challenges highlight the complexities of scaling up in a demanding market. As Ola gears up for a $700 million IPO, overcoming these hurdles in service infrastructure becomes paramount for sustaining its leadership in India's electric revolution.

Ola Electric's promise and peril: Scaling up sales amid growing service concerns

In the intricate world of global oil trade, a profound transformation is unfolding, challenging the longstanding dominance of the U.S. dollar. Recent geopolitical tensions surrounding the Ukraine conflict have intensified this shift, leading to a clash between Russia and India over oil payments.

The Petro-Dollar era unravelled

The U.S. dollar has been the undisputed currency in international oil transactions for decades. However, as Western sanctions gripped Russia in response to the Ukraine conflict, Moscow began steering away from the dollar and euro. Currently, less than 10 per cent&nbsp;of Russia's daily oil output is sold in these dominant currencies. The Russian central bank, restricted by sanctions, faces challenges in dollar operations, prompting a strategic shift in how Russia engages in global trade.

Pivot to India

Amid this shift, India emerged as a pivotal player, becoming Russia's largest buyer of seaborne oil. In a bold move, India insisted on paying for oil in rupees, disrupting established norms. However, this stance faced resistance, as the Russian central bank provided informal guidance against accepting the Indian currency. The resulting standoff almost derailed crucial trading activities, revealing the complexities that arise when traditional powers navigate new and assertive players.

Seeking alternatives amid sanctions

As Moscow faces limited access to the international banking system due to sanctions, Russian oil executives sought alternative currencies to facilitate transactions. The challenge lies in finding a viable substitute for the dollar, a quest that has implications not only for Russia and India but also for other key players such as buyers in Africa, China, and Turkey – all significant purchasers of Russian oil.

The Yuan factor and diplomatic sensitivities

Russian officials and oil executives, pressed by the limitations on the dollar, advocated for transactions in the Chinese yuan. While advantageous for Russia, this proposition faced resistance from India, given the sensitive nature of using the currency of a regional rival. The complexity deepened as Indian state refiners turned to the UAE dirham, introducing additional clearing requirements amidst Washington's tightened stance on enforcing price caps.

The story takes a dramatic turn as at least two major Russian oil companies threatened to redirect tankers carrying millions of tonnes of oil away from India. This move underscored the severity of the clash and the challenges in finding swift solutions. With Washington imposing sanctions on owners of tankers carrying Russian oil, the situation escalates, leaving a cloud of uncertainty over the future dynamics of global oil trade.

Bottomline

This exploration into the clash between Russia and India over oil payments unveils a narrative that goes beyond economic transactions. It reflects geopolitical shifts, the impact of sanctions, and the delicate dance between established and emerging players in the ever-evolving global trade landscape. As we witness the consequences of this clash reverberating across markets, one thing becomes clear – the tides of the global oil trade are shifting, and the implications are profound.

In the intricate world of global oil trade, a profound transformation is unfolding, challenging the longstanding dominance of the U.S. dollar. Recent geopolitical tensions surrounding the Ukraine conflict have intensified this shift, leading to a clash between Russia and India over oil payments.

In the intricate world of global oil trade, a profound transformation is unfolding, challenging the longstanding dominance of the U.S. dollar. Recent geopolitical tensions surrounding the Ukraine conflict have intensified this shift, leading to a clash between Russia and India over oil payments. The Petro-Dollar era unravelled The U.S. dollar has been the undisputed currency in international oil transactions for decades. However, as Western sanctions gripped Russia in response to the Ukraine conflict, Moscow began steering away from the dollar and euro. Currently, less than 10 per cent of Russia's daily oil output is sold in these dominant currencies. The Russian central bank, restricted by sanctions, faces challenges in dollar operations, prompting a strategic shift in how Russia engages in global trade. Pivot to India Amid this shift, India emerged as a pivotal player, becoming Russia's largest buyer of seaborne oil. In a bold move, India insisted on paying for oil in rupees, disrupting established norms. However, this stance faced resistance, as the Russian central bank provided informal guidance against accepting the Indian currency. The resulting standoff almost derailed crucial trading activities, revealing the complexities that arise when traditional powers navigate new and assertive players. Seeking alternatives amid sanctions As Moscow faces limited access to the international banking system due to sanctions, Russian oil executives sought alternative currencies to facilitate transactions. The challenge lies in finding a viable substitute for the dollar, a quest that has implications not only for Russia and India but also for other key players such as buyers in Africa, China, and Turkey – all significant purchasers of Russian oil. The Yuan factor and diplomatic sensitivities Russian officials and oil executives, pressed by the limitations on the dollar, advocated for transactions in the Chinese yuan. While advantageous for Russia, this proposition faced resistance from India, given the sensitive nature of using the currency of a regional rival. The complexity deepened as Indian state refiners turned to the UAE dirham, introducing additional clearing requirements amidst Washington's tightened stance on enforcing price caps. The story takes a dramatic turn as at least two major Russian oil companies threatened to redirect tankers carrying millions of tonnes of oil away from India. This move underscored the severity of the clash and the challenges in finding swift solutions. With Washington imposing sanctions on owners of tankers carrying Russian oil, the situation escalates, leaving a cloud of uncertainty over the future dynamics of global oil trade. Bottomline This exploration into the clash between Russia and India over oil payments unveils a narrative that goes beyond economic transactions. It reflects geopolitical shifts, the impact of sanctions, and the delicate dance between established and emerging players in the ever-evolving global trade landscape. As we witness the consequences of this clash reverberating across markets, one thing becomes clear – the tides of the global oil trade are shifting, and the implications are profound.

Oil's new currency landscape: Russia's struggle beyond the dollar

Tesla finds itself in the midst of a legal storm in sweden as strikes cripple operations and ignite a courtroom battle.

Tesla takes legal action amid swedish strikes

Deutsche bank economists predict an aggressive move by the federal reserve, anticipating a substantial 1.75 percentage points in rate cuts for the year 2024. Currently standing at 5.25%-5.5%, this projection would bring the fed rate down to 3.5%-3.75% by the end of the year.

Deutsche bank forecasts aggressive fed rate cuts in 2024

Foxconn, the world's largest electronics contract manufacturer, unveiled its latest game-changing move in India. A staggering $1.5 billion investment is set to reshape India's technological future. This massive financial injection is part of Foxconn's aggressive expansion plan, positioning India as a key player in its global manufacturing network.

Foxconn's $1.5 billion infusion sparks tech boom in India

Italy has approved a groundbreaking $29.89 billion plan to supercharge renewable energy and enhance energy security. The ambitious plan unfolds key measures spanning offshore wind projects, carbon capture, and lng terminals. As part of the approved decree, the italian government is earmarking $383 million annually until 2032 to fund projects addressing local opposition to renewable plant installations. Additionally, two maritime state-owned areas in southern italy are set to become hubs for offshore wind projects.

Italy approves bold plan to boost renewable energy

S&P global ratings' latest economic outlook shows that the region has surprisingly held up well, even amid the global economic downturn and china's property crisis. The property downturn will continue to remain a pain point for china's economy. While growth momentum has slightly improved because of policy support, the report is not good news for china. The credit rating agency pegs china's growth at 5.4% in 2023, but it will slow to 4.6% in 2024.

Report: Asia-Pacific region holding up well despite China crisis

We delve into the high-stakes world of global oil trade, where Russia faces a formidable challenge in one of its most lucrative routes. The decades-long dominance of the U.S. Dollar in international oil transactions is now under scrutiny due to political hurdles and the complexities of currency conversion. India, asserting its position as a major buyer, insisted on paying for oil in rupees. This demand collided with informal guidance from the russian central bank, signalling non-acceptance of the currency. The consequence? Nearly derailing trading activities.

India's currency clash threatens major Russian oil routes

In what has been described as one of the most detailed assessments yet, Israel’s central bank in the latest outlook of the country’s economy published on Monday (Nov 27) laid out the economic implications of the war with the Palestinian militant group Hamas in Gaza, reported Bloomberg. The war is reportedly set to cost the country over $50 billion.&nbsp;

The Bank of Israel in its outlook has also lowered the country’s economic growth projections by 0.3 per cent and 0.8 per cent for 2023 and 2024, respectively.&nbsp;

<h2>‘Gross effect’</h2>

A report by Bloomberg citing an updated outlook from the bank’s research department said that the war’s “gross effect” on Israel will be as high as $53 billion (198 billion shekels), with more than half of it being spent on defence.&nbsp;

Multiple reports over the past month or so by different entities have also estimated the war’s fiscal price tag around $50 billion.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/nothing-will-happen-to-you-hamas-chief-yahya-sinwar-met-israeli-hostages-in-a-tunnel-663684">'Nothing will happen to you,' Hamas chief Yahya Sinwar met Israeli hostages in a tunnel</a>

A report by Tel Aviv-based investment banking and financial advisory firm, Leader Capital Markets, said that the war would cost an estimated 180 billion shekels ($48.5 billion) in 2023-24.&nbsp;

Meanwhile, the Israeli finance ministry, as per Bloomberg, reported that the war is costing the economy close to $270 million every day.

Separately, the Calcalist financial newspaper citing preliminary finance ministry figures, earlier this month, said that the war will cost Israel $51 billion. The estimate, which equals up to 10 per cent of the country’s GDP, was premised on the war lasting between eight to 12 months.&nbsp;

<h2>Growth forecast reduced, no change in key rate</h2>

Bank of Israel’s in-house research team also lowered the country’s economic growth projections for this and the next year and now expects the gross domestic product (GDP) to expand by two per cent as opposed to the previous estimates of 2.3 per cent in 2023 and 2.8 per cent in 2024.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/egypt-and-qatar-successfully-mediate-two-day-extension-of-truce-between-israel-and-hamas-663513">Egypt and Qatar successfully mediate two-day extension of truce between Israel and Hamas</a>

Meanwhile, the monetary committee left its key rate at 4.75 per cent, in line with the latest forecasts. The announcement on Monday has also been attributed as the cause of the shekel trading stronger against the dollar.&nbsp;

<h2>What does the govt plan on doing?</h2>

Israel’s Finance Minister Bezalel Smotrich said that the government was readying an economic aid package for those affected by Palestinian attacks that will be “bigger and broader” than during the COVID-19 pandemic.&nbsp;

While the Israeli government is still in the midst of hammering out the new budget, Governor Amir Yaron, speaking about the decision, warned about the fiscal ramifications of the war which the country would have to endure for at least a medium-term and urged caution.

“Alongside the need to provide a budgetary response to needs created by the war, in emergency times as well there is considerable importance to maintaining a responsible fiscal framework,” said Yaron, as quoted by Bloomberg.&nbsp;

ALSO READ |<a href="https://www.wionews.com/world/israel-frees-33-palestinian-prisoners-in-exchange-of-11-hostages-after-extension-of-truce-663590">&nbsp;Israel frees 33 Palestinian prisoners in exchange for 11 hostages after extension of truce</a>

He added, “It is important that the government cut new expenditures of a prolonged nature.”&nbsp;

The central bank officials have also reportedly criticised the ruling government of Prime Minister Benjamin Netanyahu’s reluctance to scrap expenditure on religious programmes and West Bank settlements given they are already under pressure to raise funds to finance the war effort.&nbsp;

(With inputs from agencies)

In what has been described as one of the most detailed assessments yet, Israel’s central bank in the latest outlook of the country’s economy published on Monday (Nov 27) laid out the economic implications of the war with the Palestinian militant group Hamas in Gaza, reported Bloomberg.

In what has been described as one of the most detailed assessments yet, Israel’s central bank in the latest outlook of the country’s economy published on Monday (Nov 27) laid out the economic implications of the war with the Palestinian militant group Hamas in Gaza, reported Bloomberg. The war is reportedly set to cost the country over $50 billion. The Bank of Israel in its outlook has also lowered the country’s economic growth projections by 0.3 per cent and 0.8 per cent for 2023 and 2024, respectively. ‘Gross effect’ A report by Bloomberg citing an updated outlook from the bank’s research department said that the war’s “gross effect” on Israel will be as high as $53 billion (198 billion shekels), with more than half of it being spent on defence. Multiple reports over the past month or so by different entities have also estimated the war’s fiscal price tag around $50 billion. ALSO READ | 'Nothing will happen to you,' Hamas chief Yahya Sinwar met Israeli hostages in a tunnel A report by Tel Aviv-based investment banking and financial advisory firm, Leader Capital Markets, said that the war would cost an estimated 180 billion shekels ($48.5 billion) in 2023-24. Meanwhile, the Israeli finance ministry, as per Bloomberg, reported that the war is costing the economy close to $270 million every day. Separately, the Calcalist financial newspaper citing preliminary finance ministry figures, earlier this month, said that the war will cost Israel $51 billion. The estimate, which equals up to 10 per cent of the country’s GDP, was premised on the war lasting between eight to 12 months. Growth forecast reduced, no change in key rate Bank of Israel’s in-house research team also lowered the country’s economic growth projections for this and the next year and now expects the gross domestic product (GDP) to expand by two per cent as opposed to the previous estimates of 2.3 per cent in 2023 and 2.8 per cent in 2024. ALSO READ | Egypt and Qatar successfully mediate two-day extension of truce between Israel and Hamas Meanwhile, the monetary committee left its key rate at 4.75 per cent, in line with the latest forecasts. The announcement on Monday has also been attributed as the cause of the shekel trading stronger against the dollar. What does the govt plan on doing? Israel’s Finance Minister Bezalel Smotrich said that the government was readying an economic aid package for those affected by Palestinian attacks that will be “bigger and broader” than during the COVID-19 pandemic. While the Israeli government is still in the midst of hammering out the new budget, Governor Amir Yaron, speaking about the decision, warned about the fiscal ramifications of the war which the country would have to endure for at least a medium-term and urged caution. “Alongside the need to provide a budgetary response to needs created by the war, in emergency times as well there is considerable importance to maintaining a responsible fiscal framework,” said Yaron, as quoted by Bloomberg. ALSO READ | Israel frees 33 Palestinian prisoners in exchange for 11 hostages after extension of truce He added, “It is important that the government cut new expenditures of a prolonged nature.” The central bank officials have also reportedly criticised the ruling government of Prime Minister Benjamin Netanyahu’s reluctance to scrap expenditure on religious programmes and West Bank settlements given they are already under pressure to raise funds to finance the war effort. (With inputs from agencies)

Israel-Hamas war to cost Tel Aviv more than $50 billion, says Israeli central bank

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities. According to a Reuters report,&nbsp;industry executives and experts reveal a growing trend favouring Indian manufacturers over their Chinese counterparts.

China has been the preferred destination for pharmaceutical research and manufacturing services for nearly two decades, thanks to cost-effectiveness and rapid production capabilities offered by contract drugmakers. This relationship endured challenges from the U.S-China trade war and disruptions caused by the COVID-19 pandemic.

Changing dynamics: Seeking to 'de-risk' supply chains

Rising tensions with China have prompted Western governments to advise companies to 'de-risk' their supply chains. As a result, some biotech firms are now considering manufacturers in India to produce active pharmaceutical ingredients (API) for clinical trials and other outsourced work.

Tommy Erdei, Global Co-head of Healthcare Investment Banking at Jefferies, told Reuters, "Today, you're probably not sending an RFP to a Chinese company. It's like, I don't want to know. It doesn't matter if they can do it for cheaper, I'm not going to start putting my product into China."&nbsp;

Biotech companies turn to India: A growing trend

Dr. Ashish Nimgaonkar, the founder of Glyscend Therapeutics, told Reuters that factors over the past several years have made China a less attractive option. When issuing Requests for Proposal (RFP) for medicines in later development stages, Indian contract development and manufacturing organizations (CDMOs) are now preferred over Chinese ones.

Four of India's largest CDMOs—Syngene, Aragen Life Sciences, Piramal Pharma Solutions, and Sai Life Sciences—report increased interest and requests from Western pharma companies, including major multinationals.

While the full benefit for Indian manufacturers won't be immediate, there is a notable surge in interest. India aims to strengthen its position in the pharma services sector, boosting sales and enhancing the reputation of its $42 billion pharmaceutical industry. Despite concerns over oversight, Indian CDMOs are actively working to match Western and Chinese standards in quality.

Regulatory scrutiny and growth projections

The U.S. Food and Drug Administration (FDA) warned about an eye drop made in India in February. However, Indian CDMOs stress routine inspections by the FDA. Mordor Intelligence estimates India's CDMO industry revenue to be $15.6 billion in 2023, with a projected annual growth rate of over 11% for the next five years.

Some clients request 'backward integration to India' where even basic raw materials are sourced from India instead of China. Piramal Pharma Solutions has received such requests, indicating a broader shift in the supply chain.

Sai Life Sciences reports almost doubling its manufacturing capacity since 2019 and is set to add another 25% in the next year to meet growing demand. The industry shift is particularly evident in drug discovery work for conventional pharmaceuticals.

Bottomline

The pharmaceutical industry's move to diversify its manufacturing sources marks a pivotal moment, with Indian manufacturers poised to significantly reshape global supply chains. As tensions persist and the industry navigates geopolitical uncertainties, the landscape of pharmaceutical manufacturing is undergoing a transformative shift.

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities.

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities. According to a Reuters report, industry executives and experts reveal a growing trend favouring Indian manufacturers over their Chinese counterparts. China has been the preferred destination for pharmaceutical research and manufacturing services for nearly two decades, thanks to cost-effectiveness and rapid production capabilities offered by contract drugmakers. This relationship endured challenges from the U.S-China trade war and disruptions caused by the COVID-19 pandemic. Changing dynamics: Seeking to 'de-risk' supply chains Rising tensions with China have prompted Western governments to advise companies to 'de-risk' their supply chains. As a result, some biotech firms are now considering manufacturers in India to produce active pharmaceutical ingredients (API) for clinical trials and other outsourced work. Tommy Erdei, Global Co-head of Healthcare Investment Banking at Jefferies, told Reuters, "Today, you're probably not sending an RFP to a Chinese company. It's like, I don't want to know. It doesn't matter if they can do it for cheaper, I'm not going to start putting my product into China." Biotech companies turn to India: A growing trend Dr. Ashish Nimgaonkar, the founder of Glyscend Therapeutics, told Reuters that factors over the past several years have made China a less attractive option. When issuing Requests for Proposal (RFP) for medicines in later development stages, Indian contract development and manufacturing organizations (CDMOs) are now preferred over Chinese ones. Four of India's largest CDMOs—Syngene, Aragen Life Sciences, Piramal Pharma Solutions, and Sai Life Sciences—report increased interest and requests from Western pharma companies, including major multinationals. While the full benefit for Indian manufacturers won't be immediate, there is a notable surge in interest. India aims to strengthen its position in the pharma services sector, boosting sales and enhancing the reputation of its $42 billion pharmaceutical industry. Despite concerns over oversight, Indian CDMOs are actively working to match Western and Chinese standards in quality. Regulatory scrutiny and growth projections The U.S. Food and Drug Administration (FDA) warned about an eye drop made in India in February. However, Indian CDMOs stress routine inspections by the FDA. Mordor Intelligence estimates India's CDMO industry revenue to be $15.6 billion in 2023, with a projected annual growth rate of over 11% for the next five years. Some clients request 'backward integration to India' where even basic raw materials are sourced from India instead of China. Piramal Pharma Solutions has received such requests, indicating a broader shift in the supply chain. Sai Life Sciences reports almost doubling its manufacturing capacity since 2019 and is set to add another 25% in the next year to meet growing demand. The industry shift is particularly evident in drug discovery work for conventional pharmaceuticals. Bottomline The pharmaceutical industry's move to diversify its manufacturing sources marks a pivotal moment, with Indian manufacturers poised to significantly reshape global supply chains. As tensions persist and the industry navigates geopolitical uncertainties, the landscape of pharmaceutical manufacturing is undergoing a transformative shift.

Indian pharma manufacturers gain momentum as alternatives to Chinese partners

In the global commerce landscape, the intersection of business and geopolitics often yields unexpected challenges. Recently, West Asia witnessed a surge in consumer activism, with citizens expressing discontent through targeted boycotts against global brands perceived to have affiliations with the Israel-Gaza conflict. As corporations grapple with the repercussions, questions arise on how brands can intelligently navigate the complex geopolitics that inevitably shape their operations.

In a conversation with Harish Bijoor, a luminary in the realm of brand and business strategy, we dissect the lessons to be learnt from the recent West Asian boycott trend, offering insights that transcend borders.

Avoiding the peril of taking sides

In a world where every move is scrutinised, brands must tread carefully to avoid aligning with divisive geopolitical issues. Bijoor underscores the strategic quandary global brands face. "Brands are meant for everyone. They are meant to unite and not divide," cautions Bijoor. The lesson here is clear - neutrality becomes a brand's most potent ally in the delicate dance between politics and commerce.

War vulturism - A risk for global brands

The term "war vulturism" resonates as a cautionary note against brands exploiting geopolitical crises for marketing gains. Bijoor elucidates the risk involved in such practices, emphasising that the allure of short-term benefits can lead to long-term damage. In a world increasingly shaped by ethical considerations, brands must resist the temptation to capitalise on wars, politics, or religious conflicts. This lesson underscores the importance of a conscientious approach that transcends profit motives.

Inclusivity as a shield against storms of dissent

In the wake of divisive narratives, Bijoor advocates crafting brand stories emphasising inclusivity. By steering clear of controversial issues and aligning with universal values, brands can cultivate resilience in the face of geopolitical storms. The lesson here is profound - in an age where consumers seek alignment with brands that mirror their values, inclusivity becomes not just a virtue but a strategic imperative.

Bottomline

In the geopolitical orchestra, where every note resonates globally, the melody brands choose to play can either unite or divide. The success of a brand lies not just in its products but in the resonance it creates with the values of a diverse and interconnected world. As global citizens scrutinise brand moves through a nuanced lens, the era of intelligence in brand strategy is not an option but a necessity for sustained resonance and relevance.

In the global commerce landscape, the intersection of business and geopolitics often yields unexpected challenges. Recently, West Asia witnessed a surge in consumer activism, with citizens expressing discontent through targeted boycotts against global brands perceived to have affiliations with the Israel-Gaza conflict.

In the global commerce landscape, the intersection of business and geopolitics often yields unexpected challenges. Recently, West Asia witnessed a surge in consumer activism, with citizens expressing discontent through targeted boycotts against global brands perceived to have affiliations with the Israel-Gaza conflict. As corporations grapple with the repercussions, questions arise on how brands can intelligently navigate the complex geopolitics that inevitably shape their operations. In a conversation with Harish Bijoor, a luminary in the realm of brand and business strategy, we dissect the lessons to be learnt from the recent West Asian boycott trend, offering insights that transcend borders. Avoiding the peril of taking sides In a world where every move is scrutinised, brands must tread carefully to avoid aligning with divisive geopolitical issues. Bijoor underscores the strategic quandary global brands face. "Brands are meant for everyone. They are meant to unite and not divide," cautions Bijoor. The lesson here is clear - neutrality becomes a brand's most potent ally in the delicate dance between politics and commerce. War vulturism - A risk for global brands The term "war vulturism" resonates as a cautionary note against brands exploiting geopolitical crises for marketing gains. Bijoor elucidates the risk involved in such practices, emphasising that the allure of short-term benefits can lead to long-term damage. In a world increasingly shaped by ethical considerations, brands must resist the temptation to capitalise on wars, politics, or religious conflicts. This lesson underscores the importance of a conscientious approach that transcends profit motives. Inclusivity as a shield against storms of dissent In the wake of divisive narratives, Bijoor advocates crafting brand stories emphasising inclusivity. By steering clear of controversial issues and aligning with universal values, brands can cultivate resilience in the face of geopolitical storms. The lesson here is profound - in an age where consumers seek alignment with brands that mirror their values, inclusivity becomes not just a virtue but a strategic imperative. Bottomline In the geopolitical orchestra, where every note resonates globally, the melody brands choose to play can either unite or divide. The success of a brand lies not just in its products but in the resonance it creates with the values of a diverse and interconnected world. As global citizens scrutinise brand moves through a nuanced lens, the era of intelligence in brand strategy is not an option but a necessity for sustained resonance and relevance.

Navigating geopolitical minefields: Insights for brands in an era of activism

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Leadership's review and focus

Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions.

Targeted division and rationale

The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years.

Financial impact

Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now.

Ongoing discussions and alternatives

The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion.

Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector.

Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell.

Bottomline

As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena. 
&nbsp;

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office. Leadership's review and focus Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions. Targeted division and rationale The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years. Financial impact Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now. Ongoing discussions and alternatives The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion. Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector. Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell. Bottomline As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena.

Barclays unveils $1.25 billion restructuring plan, contemplates 2,000 job cuts

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the&nbsp;bank.

The move allows&nbsp;Morgan Stanley to optimise its capital allocation by transferring the associated risks to investors, reducing the capital required to cover potential loan losses. Morgan Stanley and Blackstone have yet to reply to this.

This transaction is part of a broader trend where U.S. banks, including JPMorgan Chase, Merchants Bank of Indiana, and U.S. Bancorp, explore various credit risk transfer transactions following a crisis in the sector earlier this year. The objective is to meet stringent capital requirements more efficiently, ensuring the profitability of key businesses.

Reuters quoted Jill Cetina, Associate Managing Director at Moody's, who emphasised the need for transparent disclosure in regulatory filings to address potential risks.

While these deals provide banks with the means to maintain profitable operations, they are not without risks. The involvement of lightly regulated entities, such as hedge funds, in these transactions shifts risks to the shadow banking sector. This lack of transparency raises concerns about regulators' ability to comprehend potential dangers within the financial system.

Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who highlighted the need for careful monitoring and setting transaction limits to prevent misuse.

The surge in interest in these credit risk transfer transactions follows the proposal of tougher capital requirements by regulators. Banks are exploring these deals as an alternative to selling loan portfolios or businesses, allowing them to optimise existing assets amid challenging market conditions.

Reuters quoted Missy Dolski, Global Head of Capital Markets at Varde Partners, who noted that banks are actively assessing their loan books to identify optimisation opportunities.

Notably, U.S. banks are exploring different structures for these transactions. Apollo's ATLAS expects U.S. banks to issue credit-linked notes for around $100 billion of assets in the next 12 months, potentially freeing up nearly $15 billion in equity capital. Investors participating in these transactions can expect 8% to 15% yields.

Reuters quoted Jon-Claude Zucconi, Head of Tactical Situations at Apollo's ATLAS, who anticipated a significant increase in credit risk transfer deals.

The Federal Reserve, while approving these transactions, remains vigilant, imposing limits on size and closely monitoring their impact. If these transactions prove effective, they could become more widespread, but any emerging risks may lead to restrictions on their use for capital mitigation.

Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who emphasised a cautious approach based on the performance of these transactions.

In contrast to the European model of transferring loans to off-balance sheet entities, U.S. banks like Morgan Stanley are opting to keep the loans on their balance sheets while using credit-linked notes. This approach provides a distinctive structure, potentially simplifying the process compared to the European synthetic credit-linked notes.

Reuters quoted Jed Miller, a Partner at Cadwalader, Wickersham &amp; Taft, who noted that structured transactions like Morgan Stanley's may involve retaining proceeds on deposit for the trade's duration.

Other banks, like Merchants Bank, have embraced synthetic credit-linked notes, selling the riskiest tranches of loan portfolios to investors. JPMorgan executed one of the largest transactions, placing synthetic credit-linked notes worth $2.5 billion with investors, referencing a pool of mortgages and loans totalling about $20 billion.

Reuters quoted Deborah Staudinger, Banking and Loan Finance Partner at Hogan Lovells, who highlighted the consideration of insurance deals to lower risks on single loans or portfolios.

Bottomline

As banks navigate evolving regulatory landscapes and market challenges, these innovative financial instruments offer a dynamic approach to risk management and capital optimisation. However, the delicate balance between mitigating risks and maintaining transparency remains a critical consideration for regulators and financial institutions alike.

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the bank.

In a strategic move earlier this fall, Morgan Stanley executed a $300 million risk transfer deal, obtaining protection against potential losses on loans. The deal, undisclosed until now and quoted by Reuters, involves issuing credit-linked notes, essentially serving as insurance for the bank. The move allows Morgan Stanley to optimise its capital allocation by transferring the associated risks to investors, reducing the capital required to cover potential loan losses. Morgan Stanley and Blackstone have yet to reply to this. This transaction is part of a broader trend where U.S. banks, including JPMorgan Chase, Merchants Bank of Indiana, and U.S. Bancorp, explore various credit risk transfer transactions following a crisis in the sector earlier this year. The objective is to meet stringent capital requirements more efficiently, ensuring the profitability of key businesses. Reuters quoted Jill Cetina, Associate Managing Director at Moody's, who emphasised the need for transparent disclosure in regulatory filings to address potential risks. While these deals provide banks with the means to maintain profitable operations, they are not without risks. The involvement of lightly regulated entities, such as hedge funds, in these transactions shifts risks to the shadow banking sector. This lack of transparency raises concerns about regulators' ability to comprehend potential dangers within the financial system. Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who highlighted the need for careful monitoring and setting transaction limits to prevent misuse. The surge in interest in these credit risk transfer transactions follows the proposal of tougher capital requirements by regulators. Banks are exploring these deals as an alternative to selling loan portfolios or businesses, allowing them to optimise existing assets amid challenging market conditions. Reuters quoted Missy Dolski, Global Head of Capital Markets at Varde Partners, who noted that banks are actively assessing their loan books to identify optimisation opportunities. Notably, U.S. banks are exploring different structures for these transactions. Apollo's ATLAS expects U.S. banks to issue credit-linked notes for around $100 billion of assets in the next 12 months, potentially freeing up nearly $15 billion in equity capital. Investors participating in these transactions can expect 8% to 15% yields. Reuters quoted Jon-Claude Zucconi, Head of Tactical Situations at Apollo's ATLAS, who anticipated a significant increase in credit risk transfer deals. The Federal Reserve, while approving these transactions, remains vigilant, imposing limits on size and closely monitoring their impact. If these transactions prove effective, they could become more widespread, but any emerging risks may lead to restrictions on their use for capital mitigation. Reuters quoted Fed Vice Chair for Supervision, Michael Barr, who emphasised a cautious approach based on the performance of these transactions. In contrast to the European model of transferring loans to off-balance sheet entities, U.S. banks like Morgan Stanley are opting to keep the loans on their balance sheets while using credit-linked notes. This approach provides a distinctive structure, potentially simplifying the process compared to the European synthetic credit-linked notes. Reuters quoted Jed Miller, a Partner at Cadwalader, Wickersham & Taft, who noted that structured transactions like Morgan Stanley's may involve retaining proceeds on deposit for the trade's duration. Other banks, like Merchants Bank, have embraced synthetic credit-linked notes, selling the riskiest tranches of loan portfolios to investors. JPMorgan executed one of the largest transactions, placing synthetic credit-linked notes worth $2.5 billion with investors, referencing a pool of mortgages and loans totalling about $20 billion. Reuters quoted Deborah Staudinger, Banking and Loan Finance Partner at Hogan Lovells, who highlighted the consideration of insurance deals to lower risks on single loans or portfolios. Bottomline As banks navigate evolving regulatory landscapes and market challenges, these innovative financial instruments offer a dynamic approach to risk management and capital optimisation. However, the delicate balance between mitigating risks and maintaining transparency remains a critical consideration for regulators and financial institutions alike.

Financial creativity or regulatory concerns? The unveiling of Banks' strategies in credit risk transfer

The Indian government has announced a phased introduction of blending compressed biogas with natural gas. Starting at 1% from april 2025, this initiative aims to reach a 5% blend by 2028. For a nation that imports about half of its overall gas consumption, this move serves as a pivotal strategy to cut import costs and enhance energy sustainability.

India to blend biogas with natural gas to cut imports

The Indian stock market is seeing a tectonic shift toward industrial stocks. Long seen as a consumption-driven economy, India is now transforminh into one driven by manufacturing. This shift is creating new opportunities for infrastructure companies and boosting their stocks. The S&P BSE industrials index, which includes makers of bridges, helicopters and wind turbines, has surged almost 54% this year. The combined market value of its 214 members has risen by about $125 billion.

S&P BSE industrials index surges almost 54% this year

The holiday shopping season is in full swing in the U.S, and consumers are making headlines with their strategic pursuit of the best deals. Black friday saw a remarkable surge in online spending, hitting a staggering $16.4 billion in the U.S. We now gear up for the pinnacle of cyber monday, where a $12 billion e-commerce record is anticipated.

Cyber monday to hit $12 billion as shoppers seize last-minute deals

Breaking diplomatic barriers in Asia, China, Japan, and South Korea have announced a pivotal agreement to reignite cooperation, setting the stage for a trilateral summit. Chinese foreign minister Wang Yi hailed this cooperation as essential to sustaining regional and global stability.

China, Japan, & South Korea agree on trilateral summit revival