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A high-stakes battle unfolds in the European Union as tech giants and emerging start-ups join forces to fend off what they call 'innovation-strangling' regulations on Artificial Intelligence. As EU countries and lawmakers enter the final stretch of negotiations, the spotlight is on foundation models, including OpenAI's ChatGPT.

Tech giants & start-ups unite against overregulation | World Business Watch

China's singles day shopping festival reveals a striking shift in smartphone supremacy. While Huawei and Xiaomi celebrate robust sales, Apple faces a 4% dip, signaling a captivating clash among industry giants.

Apple faces sales decline in China's singles day

In recent weeks, a wave of consumer discontent has swept through West Asia, targeting brands over their perceived affiliations with Israel. From Cairo to Kuwait, fast-food giants like McDonald's and Starbucks find themselves at the centre of a silent protest. The trigger: Israel's military offensive in Gaza.

Western fast-food chains & brands targeted in anti-Israel boycott

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money? It appears there's a fat chance. European Central Bank President Christine Lagarde has admitted that her own son lost "almost all" of his money due to investment in cryptocurrency. And she did try to advice him before he lost the big bucks.

"He ignored me royally, which is his privilege," Lagarde told a town hall with students in Frankfurt. "And he lost almost all the money that he had invested."

"It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. "So when I then had another talk with him about it, he reluctantly accepted that I was right."

Lagarde has two sons who are in their mid-30s. The ECB chief did not say which one lost the money.

Also Read | <a href="https://www.wionews.com/business-economy/barclays-unveils-ambitious-125-billion-restructuring-plan-contemplating-2000-job-cuts-662384">Barclays unveils ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts</a>

She has for long spoken against cryptocurrency saying they are speculative and worthless and worse, a tool often used by criminal to fund their unlawful activities.

The ECB has suggested that there should be global regulation of assets held in cryptocurrencies in order to protect customers who don't know about the risk and also to close a loophole that lets terrorists channel funding or money launderers to launder cash.

Also Read | <a href="https://www.wionews.com/world/is-britains-king-charles-iii-profiting-from-deaths-of-thousands-of-people-662175">Is Britain's King Charles III profiting from deaths of thousands of people?</a>

There are worries that currencies issued privately may potentially displace currencies issued by governments. The ECB has launched a digital euro project but there will be a few years before any digital money is issued.

In October, the ECB began "preparatory phase" for digital euro but it added that it would need two more years before it decide if it will roll it out or not.

"I have, as you can tell, a very low opinion of cryptos," Lagarde said. "People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses."

(With inputs from agencies)

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money?

Anyone would be forgiven to assume the family of chief of one world's most powerful central banks would have their finances in tip-top shape. After all, when truly world-class financial advice is freely available right in your house, what's the chance that you'll lose money? It appears there's a fat chance. European Central Bank President Christine Lagarde has admitted that her own son lost "almost all" of his money due to investment in cryptocurrency. And she did try to advice him before he lost the big bucks. "He ignored me royally, which is his privilege," Lagarde told a town hall with students in Frankfurt. "And he lost almost all the money that he had invested." "It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added. "So when I then had another talk with him about it, he reluctantly accepted that I was right." Lagarde has two sons who are in their mid-30s. The ECB chief did not say which one lost the money. Also Read | Barclays unveils ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts She has for long spoken against cryptocurrency saying they are speculative and worthless and worse, a tool often used by criminal to fund their unlawful activities. The ECB has suggested that there should be global regulation of assets held in cryptocurrencies in order to protect customers who don't know about the risk and also to close a loophole that lets terrorists channel funding or money launderers to launder cash. Also Read | Is Britain's King Charles III profiting from deaths of thousands of people? There are worries that currencies issued privately may potentially displace currencies issued by governments. The ECB has launched a digital euro project but there will be a few years before any digital money is issued. In October, the ECB began "preparatory phase" for digital euro but it added that it would need two more years before it decide if it will roll it out or not. "I have, as you can tell, a very low opinion of cryptos," Lagarde said. "People are free to invest their money where they want, people are free to speculate as much as they want, (but) people should not be free to participate in criminally sanctioned trade and businesses." (With inputs from agencies)

'He ignored me royally': ECB chief admits her son lost cash invested in crypto

In a recent turn of events, Western brands are grappling with an unforeseen backlash across West Asia, driven by widespread discontent over Israel's military offensive in Gaza. From the bustling streets of Cairo to the quiet corners of Kuwait, iconic names like McDonald's and Starbucks find themselves entangled in a growing consumer movement.

The silent protest unfolds

The story begins with deserted tables in McDonald's and Starbucks outlets as consumers express their dissatisfaction through a silent protest. The trigger—an Israeli military offensive that has led to an unprecedented humanitarian crisis. The boycott, largely fuelled by social media campaigns, marks a shift towards local alternatives as consumers make their voices heard through their purchasing power.

This protest goes beyond symbolism; it's a tangible manifestation of citizens aligning their choices with their values, creating a unique form of dissent where the consumer actively participates in geopolitical conversations.

Regional impact &amp; escalation

As the boycott gains momentum, it's not confined to Egypt and Jordan; signs of the movement are cropping up in other Arab nations, including Kuwait and Morocco. Pro-boycott residents actively encourage others to redirect their business away from Western brands. The impact extends beyond empty seats; it reverberates through the economic landscape, with some outlets reporting sales plunging by significant percentages.

This regional escalation reflects a groundswell of anger over the conflict and the perceived affiliations and financial ties of these Western brands. It's a unique form of civic engagement where citizens, restricted by security measures, find&nbsp;alternative means to express their discontent.

Corporate response and economic ripples

In response to the boycott, targeted companies like McDonald's expressed dismay and attempted to clarify their positions. The economic toll becomes evident as sales plummet, raising questions about the sustainability of these businesses in the region. The story reveals an uneven take-up of boycotts in various countries, reflecting the complexity of consumer sentiments and the nuanced nature of these geopolitical protests.

Beyond the corporate statements, the financial repercussions highlight the evolving dynamics between corporations and socially conscious consumers. It poses a broader question about the role of businesses in geopolitics and how global brands navigate a landscape where consumer choices can influence diplomatic narratives.

Bottomline

As Western brands grapple with the aftermath of this unexpected backlash, the story unfolds as a testament to the evolving relationship between consumers, corporations, and geopolitics. The silent protest in West Asia serves as a poignant reminder that in an interconnected world, consumer choices can reverberate far beyond the confines of a local fast-food outlet.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a recent turn of events, Western brands are grappling with an unforeseen backlash across West Asia, driven by widespread discontent over Israel's military offensive in Gaza.

In a recent turn of events, Western brands are grappling with an unforeseen backlash across West Asia, driven by widespread discontent over Israel's military offensive in Gaza. From the bustling streets of Cairo to the quiet corners of Kuwait, iconic names like McDonald's and Starbucks find themselves entangled in a growing consumer movement. The silent protest unfolds The story begins with deserted tables in McDonald's and Starbucks outlets as consumers express their dissatisfaction through a silent protest. The trigger—an Israeli military offensive that has led to an unprecedented humanitarian crisis. The boycott, largely fuelled by social media campaigns, marks a shift towards local alternatives as consumers make their voices heard through their purchasing power. This protest goes beyond symbolism; it's a tangible manifestation of citizens aligning their choices with their values, creating a unique form of dissent where the consumer actively participates in geopolitical conversations. Regional impact & escalation As the boycott gains momentum, it's not confined to Egypt and Jordan; signs of the movement are cropping up in other Arab nations, including Kuwait and Morocco. Pro-boycott residents actively encourage others to redirect their business away from Western brands. The impact extends beyond empty seats; it reverberates through the economic landscape, with some outlets reporting sales plunging by significant percentages. This regional escalation reflects a groundswell of anger over the conflict and the perceived affiliations and financial ties of these Western brands. It's a unique form of civic engagement where citizens, restricted by security measures, find alternative means to express their discontent. Corporate response and economic ripples In response to the boycott, targeted companies like McDonald's expressed dismay and attempted to clarify their positions. The economic toll becomes evident as sales plummet, raising questions about the sustainability of these businesses in the region. The story reveals an uneven take-up of boycotts in various countries, reflecting the complexity of consumer sentiments and the nuanced nature of these geopolitical protests. Beyond the corporate statements, the financial repercussions highlight the evolving dynamics between corporations and socially conscious consumers. It poses a broader question about the role of businesses in geopolitics and how global brands navigate a landscape where consumer choices can influence diplomatic narratives. Bottomline As Western brands grapple with the aftermath of this unexpected backlash, the story unfolds as a testament to the evolving relationship between consumers, corporations, and geopolitics. The silent protest in West Asia serves as a poignant reminder that in an interconnected world, consumer choices can reverberate far beyond the confines of a local fast-food outlet. WATCH WION LIVE HERE

Fast-Food Diplomacy: West Asia's silent boycott sends a resounding message

In WION's "Billion Dollar Idea" show, we cover the inspiring story of a maverick enabling entrepreneurs and empowering businesses. Saurabh Nanda, an accomplished Founder with a proven track record in the marketing and advertising sector, is making significant contributions to the evolution of the startup ecosystem. His impact extends beyond personal success, as he becomes a guiding figure for aspiring entrepreneurs. Join Jasper Reid as he delves into the success narrative of this seasoned businessman, who has achieved a god-like status among entrepreneurs.

Billion Dollar Idea | Episode 10 | Combonation

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 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 ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades. Geopolitical tensions between China and the United States have raised the spectre of trade fragmenting among allied blocks.

The disruption caused by Covid lockdowns continues to have lingering effects, seen via China's lacklustre growth and the rising debt burden. Add the ongoing tensions in West Asia to this mix, and the world has enough reasons to worry.

The world will welcome 2024 in a couple of weeks. But expectations of a brighter future may be far-fetched if Moody's latest outlook on 2024 is considered.

Moody's Global Macro Outlook 2024-25 suggests that the world economy will slow in 2024 as high-interest rates "percolate through credit channels to the real economy".

This means households would only feel the true impact of the high interest rates next year.

While the high-interest rates may help central banks reduce inflation, it won't be by the end of 2025 that prices will come under the tolerance limits of G-20 central banks.

Conversely, consumer demand will weaken in 2024 as central banks will likely maintain a tight policy stance. However, the report cautions policymakers about climate uncertainties or geopolitical events triggering volatility in energy and food prices in 2024.

The report particularly focuses on the G-20 nations, which account for at least 80 per cent of the world's Gross Domestic Product, 75 per cent of global trade, and two-thirds of the total population.

Moody's expects growth in the G20 countries to fall to 2.1 per cent in 2024 from 2.8 per cent in 2023. However, the pace of growth would be different across all the member nations.

Economic growth would fall from 1.7 per cent in 2023 to just one per cent in advanced G-20 economies -- these are also OECD members.

The growth in emerging markets of the G20 would fall from 4.3 per cent in 2023 to 3.7 per cent next year. But the true story lies in the fine print.

Economic growth will moderate in the United States while remaining "subdued" in the 20-nation euro zone area. China's economy- the world's second-biggest- is likely to decelerate from its 5 percent growth target in 2023 to 4 percent in 2024.

However, China's emerging rivals like India, Mexico and Indonesia will likely show resilience next year. In fact, at 6.1 per cent, India is expected to be the fastest-growing economy among the G20 nations.

The outlook is more complicated in South Africa, Türkiye, and Argentina, which are facing a prolonged economic downturn.

"South Africa's economy remains vulnerable to rolling power cuts, curtailing the productive capacity of the economy," says the report, while noting the uncertain economic outlooks for Türkiye and Argentina.

Türkiye's economy is expected to slow to 2.6 per cent in 2024, with inflation likely to recede slowly to 60% in 2024. But everything would hinge on a tighter monetary policy and the lira's stability.

Argentina's economy will be a mystery waiting to be unravelled in 2024. A lot would depend upon how the incoming Libertarian maverick Javier Milei responds to the South American country's economic challenges.

Geopolitical risks like the Israel-Hamas war in Gaza and the ongoing tensions between the US and China will be sources of uncertainty for the global economy next year.

If the ongoing conflict in Gaza spills over to the larger West Asia region, the world may see higher volatility in oil and gas prices.

"We expect oil prices to remain volatile in the $80-$90 per barrel range and periodically overshoot $90 due to increased geopolitical uncertainty," the report adds.

After the US ' export restrictions on semiconductors, China's tit-for-tat measure to impose export controls on graphite underscores the threat of trade tensions disrupting the global supply of critical materials.

But the tensions can also end up helping other emerging economies to emerge as supply chain hubs, with India, Brazil, Mexico and Indonesia "well-positioned to take advantage of this shift".

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades.

This year has not been kind to the global economy. The Ukraine war led to soaring global inflation, forcing central banks to hike interest rates to highs not seen in decades. Geopolitical tensions between China and the United States have raised the spectre of trade fragmenting among allied blocks. The disruption caused by Covid lockdowns continues to have lingering effects, seen via China's lacklustre growth and the rising debt burden. Add the ongoing tensions in West Asia to this mix, and the world has enough reasons to worry. The world will welcome 2024 in a couple of weeks. But expectations of a brighter future may be far-fetched if Moody's latest outlook on 2024 is considered. Moody's Global Macro Outlook 2024-25 suggests that the world economy will slow in 2024 as high-interest rates "percolate through credit channels to the real economy". This means households would only feel the true impact of the high interest rates next year. While the high-interest rates may help central banks reduce inflation, it won't be by the end of 2025 that prices will come under the tolerance limits of G-20 central banks. Conversely, consumer demand will weaken in 2024 as central banks will likely maintain a tight policy stance. However, the report cautions policymakers about climate uncertainties or geopolitical events triggering volatility in energy and food prices in 2024. The report particularly focuses on the G-20 nations, which account for at least 80 per cent of the world's Gross Domestic Product, 75 per cent of global trade, and two-thirds of the total population. Moody's expects growth in the G20 countries to fall to 2.1 per cent in 2024 from 2.8 per cent in 2023. However, the pace of growth would be different across all the member nations. Economic growth would fall from 1.7 per cent in 2023 to just one per cent in advanced G-20 economies -- these are also OECD members. The growth in emerging markets of the G20 would fall from 4.3 per cent in 2023 to 3.7 per cent next year. But the true story lies in the fine print. Economic growth will moderate in the United States while remaining "subdued" in the 20-nation euro zone area. China's economy- the world's second-biggest- is likely to decelerate from its 5 percent growth target in 2023 to 4 percent in 2024. However, China's emerging rivals like India, Mexico and Indonesia will likely show resilience next year. In fact, at 6.1 per cent, India is expected to be the fastest-growing economy among the G20 nations. The outlook is more complicated in South Africa, Türkiye, and Argentina, which are facing a prolonged economic downturn. "South Africa's economy remains vulnerable to rolling power cuts, curtailing the productive capacity of the economy," says the report, while noting the uncertain economic outlooks for Türkiye and Argentina. Türkiye's economy is expected to slow to 2.6 per cent in 2024, with inflation likely to recede slowly to 60% in 2024. But everything would hinge on a tighter monetary policy and the lira's stability. Argentina's economy will be a mystery waiting to be unravelled in 2024. A lot would depend upon how the incoming Libertarian maverick Javier Milei responds to the South American country's economic challenges. Geopolitical risks like the Israel-Hamas war in Gaza and the ongoing tensions between the US and China will be sources of uncertainty for the global economy next year. If the ongoing conflict in Gaza spills over to the larger West Asia region, the world may see higher volatility in oil and gas prices. "We expect oil prices to remain volatile in the $80-$90 per barrel range and periodically overshoot $90 due to increased geopolitical uncertainty," the report adds. After the US ' export restrictions on semiconductors, China's tit-for-tat measure to impose export controls on graphite underscores the threat of trade tensions disrupting the global supply of critical materials. But the tensions can also end up helping other emerging economies to emerge as supply chain hubs, with India, Brazil, Mexico and Indonesia "well-positioned to take advantage of this shift".

2024 Outlook: Slow growth, elevated inflation & geopolitical tensions to keep the world economy on its toes

Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest, according to a senior official cited by Reuters.&nbsp;

This marks a significant step for the Amazon Fund, supported by four nations and managed by BNDES. The project, endorsed by the justice ministry and overseen by Brazil's Federal Police, aims to tackle illegal activities threatening the rainforest, such as logging and mining, which persist despite the government's efforts to reduce deforestation. The Amazon, crucial for absorbing carbon and combating global warming, faces ongoing challenges from unauthorised activities.&nbsp;

Humberto Freire, the Federal Police's director for the Amazon and environmental crime, emphasised the need for collaborative action. "Without us all having the same purpose, integrated, sharing information and intelligence and acting together to strengthen the fight against environmental crimes, we will not move forward," Reuters quoted him as saying.&nbsp;

Freire, who will attend the UN Climate Change Conference COP28 in Dubai, highlighted the importance of transitioning from rhetoric to concrete actions in the Amazon, necessitating adequate funding. &nbsp;

The initial allocation from the Amazon Fund will fund the purchase of helicopters and essential equipment. Simultaneously, an International Police Cooperation Centre is set to be established in Manaus by early next year, facilitating collaboration with neighbouring countries' authorities, Freire revealed.&nbsp;

The law enforcement project, budgeted at 2 billion reais over the next few years, will receive its first disbursement from the Amazon Fund in the coming days. Established in 2008 to promote rainforest preservation, the Amazon Fund initially received contributions from Norway ($1.2 billion), Germany ($89 million), Petrobras ($7.7 million), Switzerland ($5.6 million), and the United States ($3 million). &nbsp;

Despite a notable reduction in deforestation this year, President Luiz Inacio Lula da Silva aims to address environmental challenges that persist, committing to a zero-deforestation target by 2030.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest, according to a senior official cited by Reuters.

Brazil's National Development Bank (BNDES) has given the green signal to allocate 318 million reais ($65 million) from the $1.3 billion Amazon Fund to establish a law enforcement initiative targeting deforestation and environmental crimes in the rainforest, according to a senior official cited by Reuters. This marks a significant step for the Amazon Fund, supported by four nations and managed by BNDES. The project, endorsed by the justice ministry and overseen by Brazil's Federal Police, aims to tackle illegal activities threatening the rainforest, such as logging and mining, which persist despite the government's efforts to reduce deforestation. The Amazon, crucial for absorbing carbon and combating global warming, faces ongoing challenges from unauthorised activities. Humberto Freire, the Federal Police's director for the Amazon and environmental crime, emphasised the need for collaborative action. "Without us all having the same purpose, integrated, sharing information and intelligence and acting together to strengthen the fight against environmental crimes, we will not move forward," Reuters quoted him as saying. Freire, who will attend the UN Climate Change Conference COP28 in Dubai, highlighted the importance of transitioning from rhetoric to concrete actions in the Amazon, necessitating adequate funding. The initial allocation from the Amazon Fund will fund the purchase of helicopters and essential equipment. Simultaneously, an International Police Cooperation Centre is set to be established in Manaus by early next year, facilitating collaboration with neighbouring countries' authorities, Freire revealed. The law enforcement project, budgeted at 2 billion reais over the next few years, will receive its first disbursement from the Amazon Fund in the coming days. Established in 2008 to promote rainforest preservation, the Amazon Fund initially received contributions from Norway ($1.2 billion), Germany ($89 million), Petrobras ($7.7 million), Switzerland ($5.6 million), and the United States ($3 million). Despite a notable reduction in deforestation this year, President Luiz Inacio Lula da Silva aims to address environmental challenges that persist, committing to a zero-deforestation target by 2030. (With inputs from Reuters) WATCH WION LIVE HERE

Brazil approves $65 million Amazon fund to combat rainforest crimes 

In a bold move to reignite the UK's sluggish economy, Finance Minister Jeremy Hunt has announced sweeping changes. Social security contributions are set to plummet, with major cuts to national insurance rates for both employees and the self-employed.

British Finance Minister unveils bold economic stimulus plan | World Business Watch

A storm of controversy surrounds Elon Musk's ambitious venture, Neuralink. Four U.S. Lawmakers have called for a securities and exchange commission investigation, alleging securities fraud over claims that musk misled investors about the safety of neuralink's groundbreaking brain implant.

Safety concerns surround Neuralink's human brain implant trials

Did a big breakthrough in AI technology trigger Sam Altman's ouster as OpenAI CEO last week? that's what an explosive Reuters report suggests. The report claims that days before Altman's exit last week, several staff researchers sent the board of directors a letter warning of a powerful artificial intelligence discovery that could threaten humanity.

AI breakthrough triggered Sam Altman's initial ouster: Report | World Business Watch

China's policymakers are on an overdrive to rescue its once-booming property sector from a certain doom. The Chinese government has prepared a draft list of 50 developers, who will be eligible for a range of financing support. Bloomberg reports that country garden, China's most-indebted private realty firm, is on the top of the list.

Report: China prepares list of firms for financial support

In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

Bullish momentum

Despite a recent 3% dip, the benchmark BSE Sensex index, having touched an all-time high of 67,927.23 in September, continues to exhibit resilience. The index, up almost 8% for the year, signifies a robust performance in the face of uncertainties.

Analysts predict a notable upswing, with the BSE Sensex expected to gain over 6% from its current position, reaching a lifetime high of 70,000 by mid-2024. Looking further ahead, an additional 3.6% is forecasted, propelling the index to 72,500 by the close of 2024. A staggering 90% of analysts concur, underscoring the confidence in India's stock market hitting record highs in the next six months.

Driving forces behind growth

India's robust economic growth, currently the fastest among major economies, is pivotal in driving higher domestic equities. With an anticipated growth rate of over 6% in the next couple of years, India's economic momentum has catalysed stock market success. A unique aspect contributing to this surge is the rise of young Indian investors. The influx of these investors, coupled with better financial literacy and increased access to financial services, has seen a surge in mutual fund accounts from under 60 million in 2016 to over 150 million today.

In a year marked by earnings extending by more than 20%, analysts believe India's stock market is positioned for sustained growth. Reuters quoted Rajat Agarwal, Asia equity strategist at Societe Generale, who notes that while some moderation in growth is expected next year, India remains a well-favoured market due to its resilient growth and strong macro momentum.

Market insights and trends

In a noteworthy trend, value stocks are predicted to outperform growth stocks in the coming six months. This shift in preference is attributed to the expectation of high or rising interest rates. Reuters quoted Nishit Master, portfolio manager at Axis Securities, who emphasised that value st2in an environment where interest rates are expected to remain high, value stocks typically fare better.

While the BSE's current price-to-earnings ratio of 21.45 is second only to the U.S. S&amp;P 500 ratio of 23.11, the impressive run-up in domestic equity prices positions India as one of the best-performing markets. Despite the market's expensive valuation compared to regional peers and other major indices, the consensus remains strong among analysts, with nearly 90% predicting record highs in the coming six months.

Bottomline

India's stock market narrative unfolds against the backdrop of a global economy with conservative growth expectations. As the nation steers its financial course with confidence, the convergence of economic resilience, youthful investor vigour, and a shift towards value stocks propels India's stock market into a spotlight of optimism, challenging and outshining global trends.

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In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024. Bullish momentum Despite a recent 3% dip, the benchmark BSE Sensex index, having touched an all-time high of 67,927.23 in September, continues to exhibit resilience. The index, up almost 8% for the year, signifies a robust performance in the face of uncertainties. Analysts predict a notable upswing, with the BSE Sensex expected to gain over 6% from its current position, reaching a lifetime high of 70,000 by mid-2024. Looking further ahead, an additional 3.6% is forecasted, propelling the index to 72,500 by the close of 2024. A staggering 90% of analysts concur, underscoring the confidence in India's stock market hitting record highs in the next six months. Driving forces behind growth India's robust economic growth, currently the fastest among major economies, is pivotal in driving higher domestic equities. With an anticipated growth rate of over 6% in the next couple of years, India's economic momentum has catalysed stock market success. A unique aspect contributing to this surge is the rise of young Indian investors. The influx of these investors, coupled with better financial literacy and increased access to financial services, has seen a surge in mutual fund accounts from under 60 million in 2016 to over 150 million today. In a year marked by earnings extending by more than 20%, analysts believe India's stock market is positioned for sustained growth. Reuters quoted Rajat Agarwal, Asia equity strategist at Societe Generale, who notes that while some moderation in growth is expected next year, India remains a well-favoured market due to its resilient growth and strong macro momentum. Market insights and trends In a noteworthy trend, value stocks are predicted to outperform growth stocks in the coming six months. This shift in preference is attributed to the expectation of high or rising interest rates. Reuters quoted Nishit Master, portfolio manager at Axis Securities, who emphasised that value st2in an environment where interest rates are expected to remain high, value stocks typically fare better. While the BSE's current price-to-earnings ratio of 21.45 is second only to the U.S. S&P 500 ratio of 23.11, the impressive run-up in domestic equity prices positions India as one of the best-performing markets. Despite the market's expensive valuation compared to regional peers and other major indices, the consensus remains strong among analysts, with nearly 90% predicting record highs in the coming six months. Bottomline India's stock market narrative unfolds against the backdrop of a global economy with conservative growth expectations. As the nation steers its financial course with confidence, the convergence of economic resilience, youthful investor vigour, and a shift towards value stocks propels India's stock market into a spotlight of optimism, challenging and outshining global trends. WATCH WION LIVE HERE

India's stock market predicted to hit record highs amid global caution

Popular food delivery giants Swiggy and Zomato are facing the heat, as the directorate general of gst intelligence issues a whopping $90 million demand notice. The authorities allege non-payment of gst on delivery fees collected from consumers, sparking a debate on the platform's role versus that of gig workers.

Demand notices issued to Swiggy & Zomato over $90 million in non-payment

Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. &nbsp;

The reported adjusted earnings per share of $4.02 and revenue of $18.12 billion exceeded analysts' expectations, with analysts anticipating $3.36 earnings per share on $16.1 billion in revenue. The robust Q3 report card showed a 34 per cent increase in revenue from the previous quarter and a whopping 206 per cent surge compared to the same period last year.

The company's guidance for the current quarter also outpaced estimates, with a projected revenue of $20 billion, plus or minus 2 per cent, while analysts were foreseeing a fourth-quarter guidance of $17.8 billion. &nbsp;

Nvidia CEO Jensen Huang attributed the growth to the industry's transition towards accelerated computing and generative AI large language models, with consumer internet companies and global cloud service providers leading the way.

Falling stocks

Despite these achievements, Nvidia's stock saw a 3 per cent decline on Wednesday, a reaction potentially tied to the company's acknowledgement of new restrictions on chip exports to China impacting its results. &nbsp;

Colette Kress, Nvidia's CFO, noted that sales to China and other affected destinations, representing about 20-25 per cent of Data Centre revenue, would decline significantly in Q4 of fiscal 2024 due to licensing requirements. However, Kress expressed confidence in mitigating this decline through strong growth in other regions.

Kress expanded on the impact of export restrictions, stating that the fourth-quarter guidance could have been higher without the restrictions. Yet, there's a possibility Nvidia might collaborate with the US government to launch new products. She acknowledged the uncertainty surrounding the magnitude and duration of the impact on their China business.

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Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge.

Chip making giant Nvidia released its third-quarter earnings on Tuesday, once again surpassing Wall Street expectations as the demand for its chips fuelled by the artificial intelligence boom continues to surge. The reported adjusted earnings per share of $4.02 and revenue of $18.12 billion exceeded analysts' expectations, with analysts anticipating $3.36 earnings per share on $16.1 billion in revenue. The robust Q3 report card showed a 34 per cent increase in revenue from the previous quarter and a whopping 206 per cent surge compared to the same period last year. The company's guidance for the current quarter also outpaced estimates, with a projected revenue of $20 billion, plus or minus 2 per cent, while analysts were foreseeing a fourth-quarter guidance of $17.8 billion. Nvidia CEO Jensen Huang attributed the growth to the industry's transition towards accelerated computing and generative AI large language models, with consumer internet companies and global cloud service providers leading the way. Falling stocks Despite these achievements, Nvidia's stock saw a 3 per cent decline on Wednesday, a reaction potentially tied to the company's acknowledgement of new restrictions on chip exports to China impacting its results. Colette Kress, Nvidia's CFO, noted that sales to China and other affected destinations, representing about 20-25 per cent of Data Centre revenue, would decline significantly in Q4 of fiscal 2024 due to licensing requirements. However, Kress expressed confidence in mitigating this decline through strong growth in other regions. Kress expanded on the impact of export restrictions, stating that the fourth-quarter guidance could have been higher without the restrictions. Yet, there's a possibility Nvidia might collaborate with the US government to launch new products. She acknowledged the uncertainty surrounding the magnitude and duration of the impact on their China business. WATCH WION LIVE HERE

Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom

While global market growth forecasts for 2024 remain modest, there's a beacon of optimism in India. According to a recent Reuters poll, the Indian stock market is gearing up for a remarkable surge, with projections indicating a substantial 10% rise by the end of 2024.

Indian stocks to scale new peaks, 10% growth on horizon: Poll | World Business Watch

India's Directorate General of GST Intelligence (DGGI) has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers, CNBC-TV18 reported on Wednesday.

The notice, worth over 750 crore rupees ($90 million), comes after the Pune zone of DGGI initiated an investigation into the period from July 2017 to March 2023. The DGGI contends that, as food delivery is a service, Zomato and Swiggy are liable to pay GST at an 18 per cent rate, the report said. &nbsp;

The industry, however, has a different perspective. It considers Zomato and Swiggy as platforms that hire gig workers on a per-delivery basis. According to the industry, since each gig worker falls below the 20 lakh rupees threshold, they are exempt from GST. Currently, food delivery platforms are required to pay 5 per cent GST on food orders. Besides the food bill, they also collect charges for delivery, which are passed on to gig workers.

Experts anticipate that both Zomato and Swiggy will contest the demand. An ideal solution suggested for the GST Council is to make a prospective change, mandating food platforms to pay GST on these charges (similar to the food bill) at 5 per cent. However, the decision is pending. The lack of clarity on this issue has led to confusion and litigation in various cases.

Speaking to CNBC-TV18, Saurabh Agarwal, a partner at EY, emphasised the ongoing debate on the taxation of delivery charges and the need for clear guidelines from the GST Council. Industry experts hope for clarity, given similar views by authorities in other cases, leading to confusion and litigation. The real question at hand is whether the service is considered to be provided directly by the platform or by the delivery personnel.

The tax authorities' contention that food delivery platforms are required to pay GST on these charges has sparked debate, with experts highlighting the potential impact on the cash flow of these platforms. Clarity and guidelines from the GST Council are deemed essential to address the ongoing controversy surrounding the taxation of delivery charges.

WATCH WION LIVE HERE

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India's Directorate General of GST Intelligence (DGGI) has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers, CNBC-TV18 reported on Wednesday.

India's Directorate General of GST Intelligence (DGGI) has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers, CNBC-TV18 reported on Wednesday. The notice, worth over 750 crore rupees ($90 million), comes after the Pune zone of DGGI initiated an investigation into the period from July 2017 to March 2023. The DGGI contends that, as food delivery is a service, Zomato and Swiggy are liable to pay GST at an 18 per cent rate, the report said. The industry, however, has a different perspective. It considers Zomato and Swiggy as platforms that hire gig workers on a per-delivery basis. According to the industry, since each gig worker falls below the 20 lakh rupees threshold, they are exempt from GST. Currently, food delivery platforms are required to pay 5 per cent GST on food orders. Besides the food bill, they also collect charges for delivery, which are passed on to gig workers. Experts anticipate that both Zomato and Swiggy will contest the demand. An ideal solution suggested for the GST Council is to make a prospective change, mandating food platforms to pay GST on these charges (similar to the food bill) at 5 per cent. However, the decision is pending. The lack of clarity on this issue has led to confusion and litigation in various cases. Speaking to CNBC-TV18, Saurabh Agarwal, a partner at EY, emphasised the ongoing debate on the taxation of delivery charges and the need for clear guidelines from the GST Council. Industry experts hope for clarity, given similar views by authorities in other cases, leading to confusion and litigation. The real question at hand is whether the service is considered to be provided directly by the platform or by the delivery personnel. The tax authorities' contention that food delivery platforms are required to pay GST on these charges has sparked debate, with experts highlighting the potential impact on the cash flow of these platforms. Clarity and guidelines from the GST Council are deemed essential to address the ongoing controversy surrounding the taxation of delivery charges. WATCH WION LIVE HERE

Zomato, Swiggy hit with GST demand notice, face tax troubles: Report  

The Crypto industry has been plagued by bad headlines almost every other day for over a year. this is the reason why the world & global regulators are eying the digital industry with distrust. After FTX's Sam Bankman-Fried, Binance's founder Changpeng Zhao is the latest high-profile name charged by regulators.

Binance founder plead guilty to anti-money laundering offence | World Business Watch

Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity, Reuters report quoting sources said on Thursday. &nbsp;

This revelation -- the development of an AI algorithm named Q* (pronounced Q-star) -- played a pivotal role in the board's decision to remove Altman. The letter was cited as one of several factors leading to Altman's dismissal, amidst a broader set of grievances related to the commercialisation of advancements without a full understanding of consequences.

The letter and emergence of the Q* project, undisclosed until now, were significant events leading to Altman's temporary removal. Over 700 employees had reportedly threatened to resign in solidarity with Altman, bringing out a sense of discontent within the company. &nbsp;

OpenAI acknowledged the Q* project and the letter in an internal message to staff. The message, sent by executive Mira Murati, informed employees about certain media stories without commenting on their accuracy.

The Q* project, believed by some at OpenAI to be a breakthrough in the quest for artificial general intelligence (AGI), demonstrated promising capabilities in solving specific mathematical problems. Though currently limited to the level of grade-school students, the model's success in mathematical tasks fuelled optimism among researchers about its future potential.

The researchers, in their letter to the board, emphasised AI's prowess and potential risks, without specifying the exact safety concerns. The field of AI has long grappled with discussions about the potential dangers posed by highly intelligent machines, especially if they develop decision-making capabilities that could threaten humanity. &nbsp;

Additionally, researchers pointed to the work of an "AI scientist" team tasked with optimising existing AI models for improved reasoning and scientific work, further emphasising OpenAI's explorations in advancing AI capabilities.

To steer ChatGPT's rapid growth, Altman drew substantial investment and computing resources from Microsoft to propel OpenAI closer to AGI. In a recent summit, Altman hinted at major advances on the horizon. "Four times now in the history of OpenAI... I've gotten to be in the room when we sort of push the veil of ignorance back and the frontier of discovery forward,” Reuters quoted him as saying.

(With inputs from Reuters)

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Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity, Reuters report quoting sources said on Thursday.

Prior to the abrupt ouster of OpenAI CEO Sam Altman, a group of staff researchers reportedly penned a letter to the board revealing a significant breakthrough in artificial intelligence (AI) that could pose risks to humanity, Reuters report quoting sources said on Thursday. This revelation -- the development of an AI algorithm named Q* (pronounced Q-star) -- played a pivotal role in the board's decision to remove Altman. The letter was cited as one of several factors leading to Altman's dismissal, amidst a broader set of grievances related to the commercialisation of advancements without a full understanding of consequences. The letter and emergence of the Q* project, undisclosed until now, were significant events leading to Altman's temporary removal. Over 700 employees had reportedly threatened to resign in solidarity with Altman, bringing out a sense of discontent within the company. OpenAI acknowledged the Q* project and the letter in an internal message to staff. The message, sent by executive Mira Murati, informed employees about certain media stories without commenting on their accuracy. The Q* project, believed by some at OpenAI to be a breakthrough in the quest for artificial general intelligence (AGI), demonstrated promising capabilities in solving specific mathematical problems. Though currently limited to the level of grade-school students, the model's success in mathematical tasks fuelled optimism among researchers about its future potential. The researchers, in their letter to the board, emphasised AI's prowess and potential risks, without specifying the exact safety concerns. The field of AI has long grappled with discussions about the potential dangers posed by highly intelligent machines, especially if they develop decision-making capabilities that could threaten humanity. Additionally, researchers pointed to the work of an "AI scientist" team tasked with optimising existing AI models for improved reasoning and scientific work, further emphasising OpenAI's explorations in advancing AI capabilities. To steer ChatGPT's rapid growth, Altman drew substantial investment and computing resources from Microsoft to propel OpenAI closer to AGI. In a recent summit, Altman hinted at major advances on the horizon. "Four times now in the history of OpenAI... I've gotten to be in the room when we sort of push the veil of ignorance back and the frontier of discovery forward,” Reuters quoted him as saying. (With inputs from Reuters) WATCH WION LIVE HERE

OpenAI researchers warned of potent AI discovery before Sam Altman's ouster

British finance minister Jeremy Hunt surprised everyone with big tax cuts on Wednesday (Nov 22). The populist move may help the ruling Conservative Party win some favour among British voters, but it may create problems for the next government, irrespective of which party wins the upcoming elections.

Conservatives cheered Hunt in the parliament when he announced lowering social security contributions for employees by two percentage points. This was bigger than expected. A smaller cut has been awarded to self-employed workers.

The latest measure along with another taken earlier this year is going to be worth about 20 billion pounds ($25 billion) a year by the 2028-29 tax year. Earlier this year, Hunt made incentives for business investment permanent.

That represented Britain's biggest giveaway package since 1988, apart from the huge tax cut plans last year of former Prime Minister Liz Truss which hammered the bond market and were quickly dropped, the Resolution Foundation think tank said as reported by Reuters.

The big tax increases announced by Hunt and UK Prime Minister Rishi Sunak last year dwarf Wednesday's tax cuts.

Currently, the Labour Party has about a 20-point lead over the Conservatives in opinion polls. An election is likely next year.

However, if it indeed forms the next government, it will likely have a hard time adhering to public spending that may result from Hunt's Autumn Statement plan.

"The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said as quoted by Reuters.

Since the financial crisis of 2007-08, many of public services in Britain have had to withstand deep funding cuts when inflation is considered.

It is likely that Hunt will come under pressure from his own party for more tax cuts in a budget expected in March. It is likely to be a pre-election budget.

Paul Johnson, head of the Institute for Fiscal Studies, told Reuters that the cost of tax cuts along with that of servicing Britain's 2.6 trillion-pound debt may possibly undermine Hunt's aim of boosting growth.

"There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

(With inputs from agencies) 
&nbsp;

British finance minister Jeremy Hunt surprised everyone with big tax cuts on Wednesday (Nov 22). The populist move may help the ruling Conservative Party win some favour among British voters, but it may create problems for the next government, irrespective of which party wins the upcoming elections.

British finance minister Jeremy Hunt surprised everyone with big tax cuts on Wednesday (Nov 22). The populist move may help the ruling Conservative Party win some favour among British voters, but it may create problems for the next government, irrespective of which party wins the upcoming elections. Conservatives cheered Hunt in the parliament when he announced lowering social security contributions for employees by two percentage points. This was bigger than expected. A smaller cut has been awarded to self-employed workers. The latest measure along with another taken earlier this year is going to be worth about 20 billion pounds ($25 billion) a year by the 2028-29 tax year. Earlier this year, Hunt made incentives for business investment permanent. That represented Britain's biggest giveaway package since 1988, apart from the huge tax cut plans last year of former Prime Minister Liz Truss which hammered the bond market and were quickly dropped, the Resolution Foundation think tank said as reported by Reuters. The big tax increases announced by Hunt and UK Prime Minister Rishi Sunak last year dwarf Wednesday's tax cuts. Currently, the Labour Party has about a 20-point lead over the Conservatives in opinion polls. An election is likely next year. However, if it indeed forms the next government, it will likely have a hard time adhering to public spending that may result from Hunt's Autumn Statement plan. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said as quoted by Reuters. Since the financial crisis of 2007-08, many of public services in Britain have had to withstand deep funding cuts when inflation is considered. It is likely that Hunt will come under pressure from his own party for more tax cuts in a budget expected in March. It is likely to be a pre-election budget. Paul Johnson, head of the Institute for Fiscal Studies, told Reuters that the cost of tax cuts along with that of servicing Britain's 2.6 trillion-pound debt may possibly undermine Hunt's aim of boosting growth. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said. (With inputs from agencies)

Britain's Conservative government annouces surprise tax cuts

Sony interactive entertainment is facing a massive legal battle worth up to $7.9 billion over allegations of abusing its dominant position and imposing unfair prices on customers. The London Tribunal ruled in favor of the lawsuit, filed on behalf of nearly 9 million UK consumers who purchased digital games or add-on content through Sony's playstation store.

London Tribunal allows $7.9 bn lawsuit against Sony to proceed

Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud.&nbsp;

According to Reuters, the lawmakers allege that Musk misled investors regarding the safety of Neuralink's brain implant, urging the SEC to scrutinise the CEO's statements about the device's safety.&nbsp;

Neuralink, Musk's ambitious venture, is on the verge of testing its brain implant in humans, a significant step toward addressing paralysis and various neurological conditions. &nbsp;

The lawmakers' request is rooted in veterinary records from Neuralink's monkey experiments, revealing "debilitating health effects," including paralysis, seizures, and brain swelling. Notably, at least 12 monkeys were euthanised due to issues with the company's implant, according to the letter sent to the SEC.&nbsp;

Despite concerns raised by the animal testing results, Musk reportedly downplayed the issues. In a social media post on September 10, Musk stated, "no monkey has died as a result of a Neuralink implant," emphasising the use of "terminal" monkeys to minimise risks to healthy ones. Lawmakers argue that evidence suggests a direct link between animal deaths and the safety and marketability of Neuralink's brain-computer interface, potentially violating SEC rules by denying this connection.&nbsp;

Neuralink has yet to respond to requests for comment on the lawmakers' letter to the SEC. Last year, Reuters reported on allegations from Neuralink employees about rushed and flawed surgeries on animals, contributing to unnecessary deaths. &nbsp;

The push for speed, as revealed by Reuters, was attributed to Musk, who pressured staff to provide necessary safety data for FDA approval. In May, Neuralink announced FDA clearance for its first-in-human clinical trial without disclosing specific study details. &nbsp;

(With inputs from Reuters)&nbsp;

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Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud.

Four US lawmakers, including Democratic House Reps. Earl Blumenauer, Jim McGovern, Barbara Lee, and Tony Cardenas, have formally requested the Securities and Exchange Commission (SEC) to investigate Elon Musk for potential securities fraud. According to Reuters, the lawmakers allege that Musk misled investors regarding the safety of Neuralink's brain implant, urging the SEC to scrutinise the CEO's statements about the device's safety. Neuralink, Musk's ambitious venture, is on the verge of testing its brain implant in humans, a significant step toward addressing paralysis and various neurological conditions. The lawmakers' request is rooted in veterinary records from Neuralink's monkey experiments, revealing "debilitating health effects," including paralysis, seizures, and brain swelling. Notably, at least 12 monkeys were euthanised due to issues with the company's implant, according to the letter sent to the SEC. Despite concerns raised by the animal testing results, Musk reportedly downplayed the issues. In a social media post on September 10, Musk stated, "no monkey has died as a result of a Neuralink implant," emphasising the use of "terminal" monkeys to minimise risks to healthy ones. Lawmakers argue that evidence suggests a direct link between animal deaths and the safety and marketability of Neuralink's brain-computer interface, potentially violating SEC rules by denying this connection. Neuralink has yet to respond to requests for comment on the lawmakers' letter to the SEC. Last year, Reuters reported on allegations from Neuralink employees about rushed and flawed surgeries on animals, contributing to unnecessary deaths. The push for speed, as revealed by Reuters, was attributed to Musk, who pressured staff to provide necessary safety data for FDA approval. In May, Neuralink announced FDA clearance for its first-in-human clinical trial without disclosing specific study details. (With inputs from Reuters) WATCH WION LIVE HERE

Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns 

Indian travellers embarked on a staggering 1.7 billion leisure trips. yet, a mere 1% ventured beyond their borders, as revealed by booking.com and McKinsey. the report decodes all the dynamic trends and projections shaping India's travel narrative.

India: Five billion leisure trips projected by 2030 | World Business Watch

Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga.

The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business.

However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/decoded-how-red-bull-racing-gives-wings-to-its-energy-drinks-661907">Decoded: How Red Bull Racing gives wings to its energy drinks&nbsp;</a>

China's regulatory approval came through on Tuesday after ongoing tensions with the U.S. around tougher chip export control measures had stoked fears among some investors on the company's ability to close the deal before the Nov. 26 deadline.

"The improved mood music after the meeting between China's President Xi Jinping and U.S. President Joe Biden earlier this month helped to settle remaining nerves," Danni Hewson, head of financial analysis at AJ Bell, said on Tuesday, after the companies said they planned to close the transaction on Nov. 22.

Also Read |&nbsp;<a href="https://www.wionews.com/world/faroe-island-pm-johannesen-keen-on-collaborating-with-india-on-fishing-tourism-and-arctic-661904">Faroe Island PM Johannesen keen on collaborating with India on fishing, tourism, and arctic</a>

The European Commission had approved the acquisition after Broadcom offered remedies to help rival Marvell Technology (MRVL.O) while the UK's Competition and Markets Authority (CMA) gave its green light following an in-depth investigation.

Watch |&nbsp;<a href="https://www.wionews.com/videos/who-asks-china-to-provide-more-clinical-details-on-pneumonia-outbreak-in-live-discussion-661902">WHO asks China to provide more clinical details on Pneumonia outbreak | In-Live discussion</a>

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"Perhaps we will see some boards being willing to move forward now that we have seen the (Activision Blizzard) and (VMware) get blessing, but don't think we can count on it," said Cabot Henderson, market strategist at JonesTrading, on Tuesday.

Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga.

Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga. The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business. However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times. Also Read | Decoded: How Red Bull Racing gives wings to its energy drinks China's regulatory approval came through on Tuesday after ongoing tensions with the U.S. around tougher chip export control measures had stoked fears among some investors on the company's ability to close the deal before the Nov. 26 deadline. "The improved mood music after the meeting between China's President Xi Jinping and U.S. President Joe Biden earlier this month helped to settle remaining nerves," Danni Hewson, head of financial analysis at AJ Bell, said on Tuesday, after the companies said they planned to close the transaction on Nov. 22. Also Read | Faroe Island PM Johannesen keen on collaborating with India on fishing, tourism, and arctic The European Commission had approved the acquisition after Broadcom offered remedies to help rival Marvell Technology (MRVL.O) while the UK's Competition and Markets Authority (CMA) gave its green light following an in-depth investigation. Watch | WHO asks China to provide more clinical details on Pneumonia outbreak | In-Live discussion × "Perhaps we will see some boards being willing to move forward now that we have seen the (Activision Blizzard) and (VMware) get blessing, but don't think we can count on it," said Cabot Henderson, market strategist at JonesTrading, on Tuesday. Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Broadcom closes $69 billion VMware deal after China approval

In the high-octane world of Formula 1, Red Bull Racing is orchestrating a masterful performance that propels its energy drink sales into overdrive, leaving competitors in the dust.&nbsp;

With a staggering 19 out of 20 Grand Prix victories this season, Red Bull's dominance isn't merely a win; it's a checkered flag waved with the flair of a seasoned racing champion, echoing through the corridors of the energy drink market.

Undoubtedly, Red Bull Racing has become the roaring engine of the energy drink's global advertising campaign, burning rubber and leaving an indelible mark on millions of fans during 23 high-speed race weekends each year. This isn't just motorsport; it's a strategic spectacle designed to captivate audiences and elevate the Red Bull brand to new heights.

As the maestro of Red Bull Racing, Max Verstappen, clinched his third title in early October, the team secured the constructors championship in Japan, executing flawless pit stops and overtaking competitors with the finesse of a well-tuned racing machine. This isn't just a team; it's a billion-dollar powerhouse that understands the art of winning both on and off the track.

While specific sales metrics remain guarded, Red Bull isn't merely selling energy drinks; it's offering consumers a front-row seat to the thrilling spectacle of speed, power, and the sweet taste of victory.&nbsp;

In the fiercely competitive energy drink market, where every drop counts, Red Bull's Formula 1 dominance isn't just a marketing strategy; it's a podium finish.&nbsp;

The team's relentless pursuit of excellence mirrors the very qualities that consumers seek in their energy boost – the adrenaline rush of a high-speed chase, the precision of a perfectly executed pit stop, and the taste of triumph.

As the Formula 1 season hurtles towards its grand finale, Red Bull Racing isn't just leading the pack; it's setting the track ablaze, leaving rivals in the rearview mirror.&nbsp;

In the world of energy drinks, Red Bull Racing isn't just a team; it's a roaring testament to the fusion of speed, precision, and the unrivaled taste of victory.&nbsp;

For the business-savvy audience with a thrill for motorsport, Red Bull is the undisputed champion, turning each race into a billion-dollar spectacle that transcends the racetrack and ignites the market.

In the high-octane world of Formula 1, Red Bull Racing is orchestrating a masterful performance that propels its energy drink sales into overdrive, leaving competitors in the dust.

In the high-octane world of Formula 1, Red Bull Racing is orchestrating a masterful performance that propels its energy drink sales into overdrive, leaving competitors in the dust. With a staggering 19 out of 20 Grand Prix victories this season, Red Bull's dominance isn't merely a win; it's a checkered flag waved with the flair of a seasoned racing champion, echoing through the corridors of the energy drink market. Undoubtedly, Red Bull Racing has become the roaring engine of the energy drink's global advertising campaign, burning rubber and leaving an indelible mark on millions of fans during 23 high-speed race weekends each year. This isn't just motorsport; it's a strategic spectacle designed to captivate audiences and elevate the Red Bull brand to new heights. As the maestro of Red Bull Racing, Max Verstappen, clinched his third title in early October, the team secured the constructors championship in Japan, executing flawless pit stops and overtaking competitors with the finesse of a well-tuned racing machine. This isn't just a team; it's a billion-dollar powerhouse that understands the art of winning both on and off the track. While specific sales metrics remain guarded, Red Bull isn't merely selling energy drinks; it's offering consumers a front-row seat to the thrilling spectacle of speed, power, and the sweet taste of victory. In the fiercely competitive energy drink market, where every drop counts, Red Bull's Formula 1 dominance isn't just a marketing strategy; it's a podium finish. The team's relentless pursuit of excellence mirrors the very qualities that consumers seek in their energy boost – the adrenaline rush of a high-speed chase, the precision of a perfectly executed pit stop, and the taste of triumph. As the Formula 1 season hurtles towards its grand finale, Red Bull Racing isn't just leading the pack; it's setting the track ablaze, leaving rivals in the rearview mirror. In the world of energy drinks, Red Bull Racing isn't just a team; it's a roaring testament to the fusion of speed, precision, and the unrivaled taste of victory. For the business-savvy audience with a thrill for motorsport, Red Bull is the undisputed champion, turning each race into a billion-dollar spectacle that transcends the racetrack and ignites the market.

Decoded: How Red Bull Racing gives wings to its energy drinks 