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

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

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

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

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

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

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

Ukraine drone strike disrupts 22 Russian airports, over 200 flights

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

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

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

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

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

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

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

COVID-19 pandemic led to increase in divorce cases, observes Madras High Court

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

Ramayana Part 1: Sai Pallavi's warrior avatar as Sita steals the spotlight in new BTS footage

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

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

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

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

Sean ‘Diddy’ Combs transferred to new prison amid reports of special privileges

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

No Ravindra Jadeja, Yashasvi Jaiswal in India’s 2027 ODI World Cup plans: Report

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

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

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

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

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

'We feel like Mr India': Gujarat’s undercover SHE team guard garba nights at Navratri

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

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

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Turkey and turnaround: Thanksgiving's economic upswing

As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.&nbsp;

<a href="https://www.wionews.com/business-economy/turkey-and-turnaround-thanksgivings-economic-upswing-661858">Read more here</a>

OpenAI researchers warned of potent AI discovery before Sam Altman's ouster&nbsp;&nbsp; &nbsp;

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. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-researchers-warned-of-potent-ai-discovery-before-sam-altmans-ouster-661793">Read more here</a>

Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns

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;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/lawmakers-urge-sec-probe-into-musks-neuralink-amid-safety-concerns-661790">Read more here</a>

Zomato, Swiggy hit with GST demand notice, face tax troubles: Report&nbsp;&nbsp; &nbsp;

India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers.

<a href="https://www.wionews.com/business-economy/zomato-swiggy-hit-with-gst-demand-notice-face-tax-troubles-report-661795">Read more here</a>

Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom

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;&nbsp;&nbsp; &nbsp;

<a href="https://www.wionews.com/business-economy/nvidia-soars-beyond-wall-street-estimates-in-q3-but-china-concerns-loom-661797">Read more here</a>

Brazil approves $65 million Amazon fund to combat rainforest crimes&nbsp;

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.&nbsp;

<a href="https://www.wionews.com/business-economy/brazil-approves-65-million-amazon-fund-to-combat-rainforest-crimes-661827">Read more here</a>

India's stock market predicted to hit record highs amid global caution

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.

<a href="https://www.wionews.com/business-economy/indias-stock-market-predicted-to-hit-record-highs-amid-global-caution-661801">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Turkey and turnaround: Thanksgiving's economic upswing As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. Read more here OpenAI researchers warned of potent AI discovery before Sam Altman's ouster 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. Read more here Lawmakers urge SEC probe into Musk's Neuralink amid safety concerns 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. Read more here Zomato, Swiggy hit with GST demand notice, face tax troubles: Report India's Directorate General of GST Intelligence has issued demand notices to leading food delivery platforms Zomato and Swiggy, alleging non-payment of GST on delivery fees collected from consumers. Read more here Nvidia soars beyond Wall Street estimates in Q3, but China concerns loom 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. Read more here Brazil approves $65 million Amazon fund to combat rainforest crimes 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. Read more here India's stock market predicted to hit record highs amid global caution 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. Read more here

Wion Business Wrap | OpenAI mystery deepens, India's stock boom & more

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship. It serves as a vital reminder to pause, appreciate life's abundance, and embrace the enduring values uniting a diverse nation.

As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. While there's a slight respite from inflation, families continue to feel the strain on their finances.

According to the American Farm Bureau Federation (AFBF),&nbsp;the cost of a ten-person Thanksgiving dinner&nbsp;has decreased by 4.5 per cent from the previous year, totalling $61.17. This reduction is primarily attributed to a 5.6 per cent drop in the price of turkey, a staple of the Thanksgiving feast. However, despite this dip, the overall cost of meals remains 25 per cent higher than in 2019, underscoring the persistent challenges posed by inflation.

On the travel front, Americans are gearing up for a bustling Thanksgiving. AAA,&nbsp;the auto club&nbsp;group, expects&nbsp;a&nbsp;significant 6.6 per cent increase in air travel, reaching its highest point in almost two decades, as&nbsp;4.7 million people are expected to take to the skies.

Meanwhile, a staggering 49.1 million Americans are set to hit the roads, marking a 1.7 per cent rise from the previous year. According to a report by GasBuddy, affordable gas prices, currently averaging $3.27 per gallon, play a pivotal role in inspiring more road trips, having fallen 25.9 cents from last month and 36.9 cents from last year.

The drop in average flight prices by 9 per cent from the previous year, coupled with additional discounts during the Thanksgiving period reported by travel search engines like Kayak, further fuels the surge in travel plans. Transportation Security Administration (TSA) expects to screen 2.9 million passengers on November 26, marking one of the busiest days since June.

Notably, the port authority of New York and New Jersey is bracing for over 8.5 million travellers during the peak period, indicative of the substantial movement anticipated during this holiday season.

Thanksgiving, a symbol of gratitude and resilience, not only strengthens familial bonds but also serves as an economic barometer. As Americans navigate fluctuating costs and travel trends, the enduring significance of this holiday becomes evident, showcasing its ability to unite hearts while reflecting the economic pulse of the nation.

Thanksgiving 2023 stands as a testament to the resilience of traditions amid the ebb and flow of economic dynamics.

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>

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship.

Thanksgiving, a cherished American tradition, embodies unity and gratitude, tracing back to the Pilgrims' 1621 feast with Native Americans. This day transcends boundaries, fostering inclusivity as families gather to express thanks for health, prosperity, and kinship. It serves as a vital reminder to pause, appreciate life's abundance, and embrace the enduring values uniting a diverse nation. As Thanksgiving 2023 approaches, the economic landscape in the United States is painting a complex picture, influencing both the cost of celebrations and travel plans. While there's a slight respite from inflation, families continue to feel the strain on their finances. According to the American Farm Bureau Federation (AFBF), the cost of a ten-person Thanksgiving dinner has decreased by 4.5 per cent from the previous year, totalling $61.17. This reduction is primarily attributed to a 5.6 per cent drop in the price of turkey, a staple of the Thanksgiving feast. However, despite this dip, the overall cost of meals remains 25 per cent higher than in 2019, underscoring the persistent challenges posed by inflation. On the travel front, Americans are gearing up for a bustling Thanksgiving. AAA, the auto club group, expects a significant 6.6 per cent increase in air travel, reaching its highest point in almost two decades, as 4.7 million people are expected to take to the skies. Meanwhile, a staggering 49.1 million Americans are set to hit the roads, marking a 1.7 per cent rise from the previous year. According to a report by GasBuddy, affordable gas prices, currently averaging $3.27 per gallon, play a pivotal role in inspiring more road trips, having fallen 25.9 cents from last month and 36.9 cents from last year. The drop in average flight prices by 9 per cent from the previous year, coupled with additional discounts during the Thanksgiving period reported by travel search engines like Kayak, further fuels the surge in travel plans. Transportation Security Administration (TSA) expects to screen 2.9 million passengers on November 26, marking one of the busiest days since June. Notably, the port authority of New York and New Jersey is bracing for over 8.5 million travellers during the peak period, indicative of the substantial movement anticipated during this holiday season. Thanksgiving, a symbol of gratitude and resilience, not only strengthens familial bonds but also serves as an economic barometer. As Americans navigate fluctuating costs and travel trends, the enduring significance of this holiday becomes evident, showcasing its ability to unite hearts while reflecting the economic pulse of the nation. Thanksgiving 2023 stands as a testament to the resilience of traditions amid the ebb and flow of economic dynamics. WATCH WION LIVE HERE

Turkey and turnaround: Thanksgiving's economic upswing

Amazon is intensifying pressure on its corporate employees to comply with its return-to-office mandate, stating that those who do not adhere may face promotion hurdles. The mandate, requiring employees to be in the office at least three days a week, has sparked tensions with some of Amazon's 350,000 corporate staff.

The company asserts that promotions are contingent on compliance with guidelines and policies, emphasising the role of managers in evaluating an employee's readiness for advancement.

According to a report by CNBC, the announcement has stirred discontent among Amazon employees, with protests and petitions against the return-to-office policy. The company's shift from a Covid-era flexible work arrangement to a more office-centric culture has been met with resistance. Despite internal opposition, Amazon CEO Andy Jassy remains steadfast in the decision.

Amazon's policy adjustments during the pandemic have been marked by shifts in its stance on remote work. Initially, the company declared a return to an "office-centric culture," but it later embraced a more flexible approach.

The return-to-office mandate, implemented in February 2023, led to protests and petitions, but Amazon has remained firm in its commitment to office-based work, stating that teams are better connected when working in person.

The company's recent announcement about blocking promotions for non-compliant employees adds another layer to the ongoing debate about the future of work, with Amazon positioning face-to-face interactions as essential for effective collaboration. Critics argue that this approach may not align with evolving trends favoring hybrid and remote work arrangements.

"Teams tend to be better connected to one another when they see each other in person more frequently," CNBC quoted Jassy as saying. The company's internal memo outlines the responsibility of managers in the promotion process, emphasising compliance with office work requirements as a key factor.

Employees have raised concerns about the impact of this policy on their career growth, highlighting the challenges faced by those who prefer remote or hybrid work arrangements.

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>

Amazon is intensifying pressure on its corporate employees to comply with its return-to-office mandate, stating that those who do not adhere may face promotion hurdles.

Amazon is intensifying pressure on its corporate employees to comply with its return-to-office mandate, stating that those who do not adhere may face promotion hurdles. The mandate, requiring employees to be in the office at least three days a week, has sparked tensions with some of Amazon's 350,000 corporate staff. The company asserts that promotions are contingent on compliance with guidelines and policies, emphasising the role of managers in evaluating an employee's readiness for advancement. According to a report by CNBC, the announcement has stirred discontent among Amazon employees, with protests and petitions against the return-to-office policy. The company's shift from a Covid-era flexible work arrangement to a more office-centric culture has been met with resistance. Despite internal opposition, Amazon CEO Andy Jassy remains steadfast in the decision. Amazon's policy adjustments during the pandemic have been marked by shifts in its stance on remote work. Initially, the company declared a return to an "office-centric culture," but it later embraced a more flexible approach. The return-to-office mandate, implemented in February 2023, led to protests and petitions, but Amazon has remained firm in its commitment to office-based work, stating that teams are better connected when working in person. The company's recent announcement about blocking promotions for non-compliant employees adds another layer to the ongoing debate about the future of work, with Amazon positioning face-to-face interactions as essential for effective collaboration. Critics argue that this approach may not align with evolving trends favoring hybrid and remote work arrangements. "Teams tend to be better connected to one another when they see each other in person more frequently," CNBC quoted Jassy as saying. The company's internal memo outlines the responsibility of managers in the promotion process, emphasising compliance with office work requirements as a key factor. Employees have raised concerns about the impact of this policy on their career growth, highlighting the challenges faced by those who prefer remote or hybrid work arrangements. WATCH WION LIVE HERE

Amazon's Promotion Dilemma: Return to office or risk career growth

In the heart of Japan's Shizuoka region, Shizuoka Distillery stands as a pioneer in the country's burgeoning independent whisky movement. Fuelled by cedar from nearby forests, the distillery embraces innovation, including the world's only wood-fuelled blaze beneath a whisky still. As Japan commemorates a century of whisky making since Suntory's inception in 1923, the industry has exploded, boasting over 100 licensed distilleries – double the number a decade ago.

Crafting ambitions: A global journey

Inspired by a Scottish distillery, Taiko Nakamura founded Shizuoka Distillery in 2016 with a vision to share Japanese whisky globally. Despite their modest scale compared to industry giants like Suntory, smaller players like Nakamura's embrace world-class ambitions, contributing to the diversification of Japan's whisky landscape.

Craft boom and quality surge

The craft whisky surge in Japan catalysed around 2008, marked a shift from being perceived as Scotch imitators to international award-winners. By 2015, global demand outpaced supply, leading to soaring prices. Industry leaders Suntory and Nikka responded by investing billions to ramp up production, emphasising quality over quantity.

Welcoming new players: A harmonious blend

Chief blender Shinji Fukuyo of Suntory welcomes the influx of new distillers, offering guidance to startups, and highlighting the collective goal of maintaining and improving Japanese whisky's overall quality. Foreign investments, such as Diageo's stake in Komasa Kanosuke Distillery, further highlight the industry's global appeal.

Regulating success: Japanese whisky standards

Recognising the need to preserve the integrity of Japanese whisky, the Japan Spirits &amp; Liqueurs Makers Association implemented new labelling standards in 2021. While non-legally binding, these guidelines require adherence to specific production criteria, ensuring authenticity. This move aims to prevent poor-quality products from tarnishing Japan's whisky reputation.

From tradition to regulation: Guiding principles

To be labelled Japanese whisky, certain criteria must be met, including the use of malted grains, Japanese water extraction, in-country saccharification, fermentation, and distillation, maturation in Japanese wooden casks for at least three years, bottling in Japan at a minimum strength of 40% ABV, allowance of plain caramel colouring, and restrictions on labelling references to Japan.

Historical roots and global growth

Japanese whisky traces its origins to 1923 when Masataka Taketsuru and Shinjiro Torri embarked on a journey to master whisky making. Today, with around 24 distilleries, Japan ranks as the fourth-largest whisky producer globally. The industry's global market size reached $600.2 million in 2020, with projections of a 9.4% CAGR by 2025.

Popularity soars: A global whisky phenomenon

Japanese whisky's popularity skyrocketed internationally, driven by factors like the emphasis on master blenders, iconic movie moments, and numerous awards. Japan, now the fourth-largest whisky producer globally, has witnessed surging demand, particularly in the Asia-Pacific region, France, China, the U.S., and the Philippines.

Crafting the future of Japanese whisky

As Japanese whisky continues its global ascent, the industry faces challenges and opportunities. With a commitment to quality, adherence to new standards, and a rich history blending tradition with innovation, Japan's whisky makers are poised to shape the future of this beloved spirit on the world stage.

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 the heart of Japan's Shizuoka region, Shizuoka Distillery stands as a pioneer in the country's burgeoning independent whisky movement. Fuelled by cedar from nearby forests, the distillery embraces innovation, including the world's only wood-fuelled blaze beneath a whisky still.

In the heart of Japan's Shizuoka region, Shizuoka Distillery stands as a pioneer in the country's burgeoning independent whisky movement. Fuelled by cedar from nearby forests, the distillery embraces innovation, including the world's only wood-fuelled blaze beneath a whisky still. As Japan commemorates a century of whisky making since Suntory's inception in 1923, the industry has exploded, boasting over 100 licensed distilleries – double the number a decade ago. Crafting ambitions: A global journey Inspired by a Scottish distillery, Taiko Nakamura founded Shizuoka Distillery in 2016 with a vision to share Japanese whisky globally. Despite their modest scale compared to industry giants like Suntory, smaller players like Nakamura's embrace world-class ambitions, contributing to the diversification of Japan's whisky landscape. Craft boom and quality surge The craft whisky surge in Japan catalysed around 2008, marked a shift from being perceived as Scotch imitators to international award-winners. By 2015, global demand outpaced supply, leading to soaring prices. Industry leaders Suntory and Nikka responded by investing billions to ramp up production, emphasising quality over quantity. Welcoming new players: A harmonious blend Chief blender Shinji Fukuyo of Suntory welcomes the influx of new distillers, offering guidance to startups, and highlighting the collective goal of maintaining and improving Japanese whisky's overall quality. Foreign investments, such as Diageo's stake in Komasa Kanosuke Distillery, further highlight the industry's global appeal. Regulating success: Japanese whisky standards Recognising the need to preserve the integrity of Japanese whisky, the Japan Spirits & Liqueurs Makers Association implemented new labelling standards in 2021. While non-legally binding, these guidelines require adherence to specific production criteria, ensuring authenticity. This move aims to prevent poor-quality products from tarnishing Japan's whisky reputation. From tradition to regulation: Guiding principles To be labelled Japanese whisky, certain criteria must be met, including the use of malted grains, Japanese water extraction, in-country saccharification, fermentation, and distillation, maturation in Japanese wooden casks for at least three years, bottling in Japan at a minimum strength of 40% ABV, allowance of plain caramel colouring, and restrictions on labelling references to Japan. Historical roots and global growth Japanese whisky traces its origins to 1923 when Masataka Taketsuru and Shinjiro Torri embarked on a journey to master whisky making. Today, with around 24 distilleries, Japan ranks as the fourth-largest whisky producer globally. The industry's global market size reached $600.2 million in 2020, with projections of a 9.4% CAGR by 2025. Popularity soars: A global whisky phenomenon Japanese whisky's popularity skyrocketed internationally, driven by factors like the emphasis on master blenders, iconic movie moments, and numerous awards. Japan, now the fourth-largest whisky producer globally, has witnessed surging demand, particularly in the Asia-Pacific region, France, China, the U.S., and the Philippines. Crafting the future of Japanese whisky As Japanese whisky continues its global ascent, the industry faces challenges and opportunities. With a commitment to quality, adherence to new standards, and a rich history blending tradition with innovation, Japan's whisky makers are poised to shape the future of this beloved spirit on the world stage. WATCH WION LIVE HERE

Sipping success: Japan's whisky revolution pours a century of craft into global glasses

In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week.

According to Bloomberg, the probe, initiated by the European Union in September, has ignited trade tensions, prompting concerns of a potential tariff war. Colonna aims to advocate for a balanced relationship that respects EU sovereignty, emphasising the need to navigate these issues without jeopardising access to China's market.

French car manufacturers Stellantis NV and Renault SA are facing challenges due to increased imports of affordable EVs from China, where government support provides a competitive edge. In response, France is expected to introduce new criteria for EV support next month, likely excluding China-made vehicles based on their carbon footprint.

"The visit of Catherine Colonna is a pivotal moment as France has been at the forefront of advocating for a more assertive approach to China. The EU investigation into Chinese EVs has heightened tensions, and it's crucial to find common ground," Bloomberg quoted a diplomatic source as saying. The visit comes amid a series of high-profile European visits to Beijing, with Ursula von der Leyen and Charles Michel set to hold the first in-person summit with Chinese leadership in four years.

Beyond the EV tensions, France is also grappling with concerns over intellectual property rights for cosmetics giants such as LVMH and L’Oreal SA. China's request for detailed data from manufacturing processes to formula compositions has raised alarm.

Colonna's two-day visit, starting Thursday, is expected to address these concerns, along with broader geopolitical issues, including the war in Ukraine, the Israel-Hamas conflict, and North Korea’s support for Russia.

"The diplomatic efforts are crucial in managing not only the trade tensions related to EVs but also addressing broader geopolitical challenges. Colonna's discussions on cultural and scientific cooperation agreements and facilitating visas for Chinese businesspeople highlight the multifaceted nature of the diplomatic mission," an official in Macron's office told Bloomberg.

The visit comes after a phone call between Presidents Emmanuel Macron and Xi Jinping, where the Chinese leader expressed a welcome for more French investment. Xi's potential visit to France next year, coinciding with the 60th anniversary of bilateral relations, adds another dimension to the diplomatic landscape.

(With inputs from Bloomberg)

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In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week.

In an effort to mend ties strained by a European anti-subsidy investigation into Chinese electric vehicles (EVs), France's top diplomat, Catherine Colonna, is set to embark on a crucial visit to China this week. According to Bloomberg, the probe, initiated by the European Union in September, has ignited trade tensions, prompting concerns of a potential tariff war. Colonna aims to advocate for a balanced relationship that respects EU sovereignty, emphasising the need to navigate these issues without jeopardising access to China's market. French car manufacturers Stellantis NV and Renault SA are facing challenges due to increased imports of affordable EVs from China, where government support provides a competitive edge. In response, France is expected to introduce new criteria for EV support next month, likely excluding China-made vehicles based on their carbon footprint. "The visit of Catherine Colonna is a pivotal moment as France has been at the forefront of advocating for a more assertive approach to China. The EU investigation into Chinese EVs has heightened tensions, and it's crucial to find common ground," Bloomberg quoted a diplomatic source as saying. The visit comes amid a series of high-profile European visits to Beijing, with Ursula von der Leyen and Charles Michel set to hold the first in-person summit with Chinese leadership in four years. Beyond the EV tensions, France is also grappling with concerns over intellectual property rights for cosmetics giants such as LVMH and L’Oreal SA. China's request for detailed data from manufacturing processes to formula compositions has raised alarm. Colonna's two-day visit, starting Thursday, is expected to address these concerns, along with broader geopolitical issues, including the war in Ukraine, the Israel-Hamas conflict, and North Korea’s support for Russia. "The diplomatic efforts are crucial in managing not only the trade tensions related to EVs but also addressing broader geopolitical challenges. Colonna's discussions on cultural and scientific cooperation agreements and facilitating visas for Chinese businesspeople highlight the multifaceted nature of the diplomatic mission," an official in Macron's office told Bloomberg. The visit comes after a phone call between Presidents Emmanuel Macron and Xi Jinping, where the Chinese leader expressed a welcome for more French investment. Xi's potential visit to France next year, coinciding with the 60th anniversary of bilateral relations, adds another dimension to the diplomatic landscape. (With inputs from Bloomberg) WATCH WION LIVE HERE

French diplomat heads to China amid EV tensions. Here are the details

Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza. &nbsp;

According to reports, the announcement aims to address the humanitarian situation arising from the conflicts, which have claimed over 13,000 lives in the densely populated Gaza Strip. The decision comes at a time when Elon Musk faces challenges related to the social media platform's content and advertising policies.&nbsp;

Advertisers have been quitting the platform due to concerns about their ads appearing next to controversial content, including pro-Nazi materials and hate speech, The Times of Israel reported. &nbsp;

Notably, Musk responded to a user's query about ensuring funds do not reach Palestinian terror group Hamas, stating, "We will track how funds are spent and go through Red Cross/Crescent. Better ideas are welcome. We should care about the innocent regardless of race, creed, religion or anything else."

This move by Musk also follows his recent posts endorsing an antisemitic conspiracy theory, further heightening tensions on the platform.

Elon Musk's commitment to humanitarian aid extends beyond 'X'. Last month, he revealed that his satellite network, Starlink, would provide connectivity to recognised aid organisations in Gaza. This support became crucial after communication and internet services were disrupted in the region. Starlink, developed by Musk's SpaceX, aims to provide low-cost internet access to remote areas and has plans to deploy as many as 42,000 satellites in its mega constellation.

Despite the social media platform's efforts to contribute to humanitarian causes, the platform has been facing setbacks in retaining advertisers since Musk's takeover. Major companies like IBM, NBCUniversal, and its parent company Comcast halted advertising on X following reports that their ads were appearing alongside pro-Nazi content.

In response, 'X' filed a lawsuit against Media Matters, the organisation that reported the issue. Advertisers have been wary of the platform due to concerns about its content and Musk's controversial posts, including those that have been criticised as tolerating antisemitic messages.

WATCH WION LIVE HERE

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Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.

Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza. According to reports, the announcement aims to address the humanitarian situation arising from the conflicts, which have claimed over 13,000 lives in the densely populated Gaza Strip. The decision comes at a time when Elon Musk faces challenges related to the social media platform's content and advertising policies. Advertisers have been quitting the platform due to concerns about their ads appearing next to controversial content, including pro-Nazi materials and hate speech, The Times of Israel reported. Notably, Musk responded to a user's query about ensuring funds do not reach Palestinian terror group Hamas, stating, "We will track how funds are spent and go through Red Cross/Crescent. Better ideas are welcome. We should care about the innocent regardless of race, creed, religion or anything else." This move by Musk also follows his recent posts endorsing an antisemitic conspiracy theory, further heightening tensions on the platform. Elon Musk's commitment to humanitarian aid extends beyond 'X'. Last month, he revealed that his satellite network, Starlink, would provide connectivity to recognised aid organisations in Gaza. This support became crucial after communication and internet services were disrupted in the region. Starlink, developed by Musk's SpaceX, aims to provide low-cost internet access to remote areas and has plans to deploy as many as 42,000 satellites in its mega constellation. Despite the social media platform's efforts to contribute to humanitarian causes, the platform has been facing setbacks in retaining advertisers since Musk's takeover. Major companies like IBM, NBCUniversal, and its parent company Comcast halted advertising on X following reports that their ads were appearing alongside pro-Nazi content. In response, 'X' filed a lawsuit against Media Matters, the organisation that reported the issue. Advertisers have been wary of the platform due to concerns about its content and Musk's controversial posts, including those that have been criticised as tolerating antisemitic messages. WATCH WION LIVE HERE

Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza

Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage.

According to Bloomberg, the expected green signal from the US Securities and Exchange Commission (SEC) for these ETFs is fuelling a fresh hype cycle, with industry insiders eyeing a potential $100 billion market.

The regulatory pendulum, once a hindrance, is now swinging favourably, paving the way for institutional and retail investors to delve into the digital currency space.

As the SEC gears up to potentially approve Bitcoin ETFs by mid-January or sooner, the move is seen as a redemption opportunity for digital asset proponents. The involvement of heavyweight players like BlackRock, Fidelity, and Invesco is likely to contribute to the growth of the spot-Bitcoin ETF market.

Bloomberg Intelligence estimates suggest that, with these reputable players on board, the market has the potential to evolve into a $100 billion juggernaut over time.

expressed his confidence in the imminent SEC approval, Jeff Janson, a wealth adviser managing about $550 million,&nbsp;told Bloomberg: "I feel like we are now staring down the gun barrel of the SEC finally delivering approval."

He anticipates significant institutional-level interest once Bitcoin is accessible through the ETF wrapper. This sentiment aligns with the bullish outlook that the involvement of major institutions can transform the digital asset landscape.

However, despite the optimism surrounding the Bitcoin ETFs, the aftermath of the FTX implosion continues to cast a shadow on the crypto market. The shockwaves from the industry's largest existential crisis have restrained interest, especially from everyday investors.

Bitcoin, despite recent rallies, has not yet reached its 2021 high, and notable figures in finance, like hedge fund manager Paul Tudor Jones, have maintained a low profile on digital assets. Scam incidents, false claims, and market volatility have added complexities to the narrative of crypto's integration into traditional finance.

According to Chuck Cumello, president and CEO of Essex Financial Services, Bitcoin ETF would simplify trading and make it more accessible for clients. The ETF's introduction is viewed as a significant development, offering a direct and supervision-friendly method for institutions to include crypto investments in their portfolios. The ETF's appeal extends to both millennial investors and high-net-worth individuals.

Laila Pence, founder of Pence Wealth Management, offers a word of caution, highlighting the waning interest in digital assets among younger clients. She points out the solid performance of traditional markets, questioning the necessity of taking risks in the crypto space when more conventional options are considered safer. Pence's perspective underscores the diverse opinions within the financial advisory landscape regarding the adoption and potential risks associated with cryptocurrency.

To some, the introduction of Bitcoin ETFs is more than a market opportunity; it symbolises the normalisation of a once-discredited asset class. The transparency and liquidity offered by the ETF structure are seen as a compliance-friendly avenue for institutional players, potentially unlocking fresh lending and derivatives trades. Coinbase emphasises that the ETF represents more than immediate inflows, predicting it could reshape the market in entirely unprecedented ways, albeit over time.

(With inputs from Bloomberg)

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Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage.

Anticipation is building on Wall Street as the arrival of Bitcoin exchange-traded funds (ETFs) looms, heralding what is deemed as crypto's breakthrough on the institutional stage. According to Bloomberg, the expected green signal from the US Securities and Exchange Commission (SEC) for these ETFs is fuelling a fresh hype cycle, with industry insiders eyeing a potential $100 billion market. The regulatory pendulum, once a hindrance, is now swinging favourably, paving the way for institutional and retail investors to delve into the digital currency space. As the SEC gears up to potentially approve Bitcoin ETFs by mid-January or sooner, the move is seen as a redemption opportunity for digital asset proponents. The involvement of heavyweight players like BlackRock, Fidelity, and Invesco is likely to contribute to the growth of the spot-Bitcoin ETF market. Bloomberg Intelligence estimates suggest that, with these reputable players on board, the market has the potential to evolve into a $100 billion juggernaut over time. expressed his confidence in the imminent SEC approval, Jeff Janson, a wealth adviser managing about $550 million, told Bloomberg: "I feel like we are now staring down the gun barrel of the SEC finally delivering approval." He anticipates significant institutional-level interest once Bitcoin is accessible through the ETF wrapper. This sentiment aligns with the bullish outlook that the involvement of major institutions can transform the digital asset landscape. However, despite the optimism surrounding the Bitcoin ETFs, the aftermath of the FTX implosion continues to cast a shadow on the crypto market. The shockwaves from the industry's largest existential crisis have restrained interest, especially from everyday investors. Bitcoin, despite recent rallies, has not yet reached its 2021 high, and notable figures in finance, like hedge fund manager Paul Tudor Jones, have maintained a low profile on digital assets. Scam incidents, false claims, and market volatility have added complexities to the narrative of crypto's integration into traditional finance. According to Chuck Cumello, president and CEO of Essex Financial Services, Bitcoin ETF would simplify trading and make it more accessible for clients. The ETF's introduction is viewed as a significant development, offering a direct and supervision-friendly method for institutions to include crypto investments in their portfolios. The ETF's appeal extends to both millennial investors and high-net-worth individuals. Laila Pence, founder of Pence Wealth Management, offers a word of caution, highlighting the waning interest in digital assets among younger clients. She points out the solid performance of traditional markets, questioning the necessity of taking risks in the crypto space when more conventional options are considered safer. Pence's perspective underscores the diverse opinions within the financial advisory landscape regarding the adoption and potential risks associated with cryptocurrency. To some, the introduction of Bitcoin ETFs is more than a market opportunity; it symbolises the normalisation of a once-discredited asset class. The transparency and liquidity offered by the ETF structure are seen as a compliance-friendly avenue for institutional players, potentially unlocking fresh lending and derivatives trades. Coinbase emphasises that the ETF represents more than immediate inflows, predicting it could reshape the market in entirely unprecedented ways, albeit over time. (With inputs from Bloomberg) WATCH WION LIVE HERE

Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report

Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

Speculation about his return to OpenAI was confirmed by the company after it released a post on X (formerly Twitter) on Wednesday, stating, “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. We are collaborating to figure out the details. Thank you so much for your patience through this.”

In response Altman wrote on X saying, “I love OpenAI, and everything I’ve done over the past few days has been in service of keeping this team and its mission together. When I decided to join Microsoft on Sunday evening, it was clear that was the best path for me and the team. With the new board and with Satya’s support, I’m looking forward to returning to OpenAI, and building on our strong partnership with Microsoft.”

The OpenAI Saga

Previously, OpenAI announced the removal of CEO Sam Altman on November 17 after a board review revealed a lack of consistent communication.

Following this, Microsoft's Chief Satya Nadella confirmed continued collaboration with OpenAI, emphasising their commitment to AI benefits. Altman's departure prompted co-founder Greg Brockman to quit.

Later reports suggested disagreements between Altman and the board, especially with co-founder Ilya Sutskever. Speculations arose around AI safety, technology development speed, and commercialisation differences.

On November 19, investors urged reconsideration of Altman's dismissal, fearing employee exits and declining investments. OpenAI's board missed a crucial deadline on November 19, raising concerns about potential mass resignations.

Altman declined OpenAI's return despite discussions on November 20. Microsoft announced Altman and Brockman's leadership in a new AI research team. Sutskever expressed regret for his role in the board's actions.

Around 505 employees threatened mass resignation on November 20 if the board didn't step down. The letter suggested a shift to Microsoft's new AI team.

Altman shared a message of unity and commitment on November 21, continuing with Microsoft's partnership. Reports indicated investors considering legal action against OpenAI due to concerns about employee departures and investment devaluation.

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Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company. Speculation about his return to OpenAI was confirmed by the company after it released a post on X (formerly Twitter) on Wednesday, stating, “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo.

Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company. Speculation about his return to OpenAI was confirmed by the company after it released a post on X (formerly Twitter) on Wednesday, stating, “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. We are collaborating to figure out the details. Thank you so much for your patience through this.” In response Altman wrote on X saying, “I love OpenAI, and everything I’ve done over the past few days has been in service of keeping this team and its mission together. When I decided to join Microsoft on Sunday evening, it was clear that was the best path for me and the team. With the new board and with Satya’s support, I’m looking forward to returning to OpenAI, and building on our strong partnership with Microsoft.” The OpenAI Saga Previously, OpenAI announced the removal of CEO Sam Altman on November 17 after a board review revealed a lack of consistent communication. Following this, Microsoft's Chief Satya Nadella confirmed continued collaboration with OpenAI, emphasising their commitment to AI benefits. Altman's departure prompted co-founder Greg Brockman to quit. Later reports suggested disagreements between Altman and the board, especially with co-founder Ilya Sutskever. Speculations arose around AI safety, technology development speed, and commercialisation differences. On November 19, investors urged reconsideration of Altman's dismissal, fearing employee exits and declining investments. OpenAI's board missed a crucial deadline on November 19, raising concerns about potential mass resignations. Altman declined OpenAI's return despite discussions on November 20. Microsoft announced Altman and Brockman's leadership in a new AI research team. Sutskever expressed regret for his role in the board's actions. Around 505 employees threatened mass resignation on November 20 if the board didn't step down. The letter suggested a shift to Microsoft's new AI team. Altman shared a message of unity and commitment on November 21, continuing with Microsoft's partnership. Reports indicated investors considering legal action against OpenAI due to concerns about employee departures and investment devaluation. WATCH WION LIVE HERE

OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles

Japan is gearing up for a second consecutive year of significant wage hikes, presenting an opportunity for the Bank of Japan (BOJ) to consider stepping back from a decade-long monetary stimulus. The substantial pay increases witnessed this year, the largest in over 30 years, are expected to continue into 2024.&nbsp;

According to Reuters, the move is seen as a pivotal shift away from deflation, with major companies such as Suntory Holdings, Meiji Yasuda Life Insurance, and Bic Camera announcing plans for substantial pay bumps. Takeshi Niinami, CEO of Suntory Holdings, sees this as a paradigm shift, stating, "What's going on is a big paradigm shift away from deflation and towards inflation."

The consistent pressure from Prime Minister Fumio Kishida on companies to increase pay and offset the impact of rising living costs is a driving force behind this trend. The back-to-back annual wage increases align with Kishida's efforts to ensure robust pay hikes and prevent economic stagnation.

With inflation surpassing the BOJ's 2 per cent target for over a year, companies are under unprecedented pressure to sustain wage growth. Rengo, Japan's largest trade union confederation, demands further pay hikes, with plans to ask for "5 per cent or higher" in the upcoming negotiations. UA Zensen, another major union, is set to demand a 6 per cent rise.

Analysts and economists foresee sustained wage growth in 2024, exceeding the levels witnessed this year. Atsushi Takeda, Chief Economist at Itochu Economic Research Institute, notes that a combination of inflation, a tight labour market, and healthy corporate profits will contribute to maintaining momentum for wage hikes. The ability of companies to pass on higher costs in their supply chains further supports this trend. However, the key challenge remains ensuring that wage increases extend to smaller firms and regional areas, as highlighted by a BOJ report in October.

The potential continuation of robust wage growth offers Prime Minister Kishida a tool to navigate economic challenges and rebuild public support. Kishida's measures include subsidies and tax incentives for companies implementing significant pay hikes, benefiting even loss-making small and medium-sized enterprises (SMEs).

These strategies aim to empower SMEs in negotiations and stimulate broader wage growth. Kishida's call for the business community to surpass this year's wage growth in 2024 reflects the urgency and commitment to this economic agenda.

For the Bank of Japan, sustained wage growth becomes a crucial factor in considering an exit from its controversial monetary stimulus. Market speculation suggests the BOJ could end negative interest rates around April, pending further clarity on wages. Clues may emerge from the BOJ's quarterly tankan business survey in December and wage talks between major business lobbies and unions in January. However, the ultimate test lies in whether wage hikes extend beyond major corporations to smaller firms and regional economies, ensuring a comprehensive and inclusive economic recovery.

(With inputs from Reuters)

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Japan is gearing up for a second consecutive year of significant wage hikes, presenting an opportunity for the Bank of Japan (BOJ) to consider stepping back from a decade-long monetary stimulus.

Japan is gearing up for a second consecutive year of significant wage hikes, presenting an opportunity for the Bank of Japan (BOJ) to consider stepping back from a decade-long monetary stimulus. The substantial pay increases witnessed this year, the largest in over 30 years, are expected to continue into 2024. According to Reuters, the move is seen as a pivotal shift away from deflation, with major companies such as Suntory Holdings, Meiji Yasuda Life Insurance, and Bic Camera announcing plans for substantial pay bumps. Takeshi Niinami, CEO of Suntory Holdings, sees this as a paradigm shift, stating, "What's going on is a big paradigm shift away from deflation and towards inflation." The consistent pressure from Prime Minister Fumio Kishida on companies to increase pay and offset the impact of rising living costs is a driving force behind this trend. The back-to-back annual wage increases align with Kishida's efforts to ensure robust pay hikes and prevent economic stagnation. With inflation surpassing the BOJ's 2 per cent target for over a year, companies are under unprecedented pressure to sustain wage growth. Rengo, Japan's largest trade union confederation, demands further pay hikes, with plans to ask for "5 per cent or higher" in the upcoming negotiations. UA Zensen, another major union, is set to demand a 6 per cent rise. Analysts and economists foresee sustained wage growth in 2024, exceeding the levels witnessed this year. Atsushi Takeda, Chief Economist at Itochu Economic Research Institute, notes that a combination of inflation, a tight labour market, and healthy corporate profits will contribute to maintaining momentum for wage hikes. The ability of companies to pass on higher costs in their supply chains further supports this trend. However, the key challenge remains ensuring that wage increases extend to smaller firms and regional areas, as highlighted by a BOJ report in October. The potential continuation of robust wage growth offers Prime Minister Kishida a tool to navigate economic challenges and rebuild public support. Kishida's measures include subsidies and tax incentives for companies implementing significant pay hikes, benefiting even loss-making small and medium-sized enterprises (SMEs). These strategies aim to empower SMEs in negotiations and stimulate broader wage growth. Kishida's call for the business community to surpass this year's wage growth in 2024 reflects the urgency and commitment to this economic agenda. For the Bank of Japan, sustained wage growth becomes a crucial factor in considering an exit from its controversial monetary stimulus. Market speculation suggests the BOJ could end negative interest rates around April, pending further clarity on wages. Clues may emerge from the BOJ's quarterly tankan business survey in December and wage talks between major business lobbies and unions in January. However, the ultimate test lies in whether wage hikes extend beyond major corporations to smaller firms and regional economies, ensuring a comprehensive and inclusive economic recovery. (With inputs from Reuters) WATCH WION LIVE HERE

Japan's wage boom paves the way for BOJ exit, boosts inflation battle

In a turn of events, investors at OpenAI, the company behind ChatGPT, are reportedly exploring legal actions against the company's board following the abrupt firing of CEO Sam Altman.

Investors concerned about potential losses in the hundreds of millions of dollars are collaborating with legal advisers to evaluate their options, Reuters sources said.&nbsp;

The board's decision to remove Altman has triggered a potential mass exodus of employees, prompting a backlash from investors who fear the collapse of this leading startup in the rapidly expanding generative AI sector.

The internal memo seen by Reuters cited&nbsp;a "breakdown of communications" as the reason behind Altman's dismissal by OpenAI's board.

Microsoft, a major stakeholder with 49 per cent ownership of the for-profit operating company, is closely linked to the controversy. The board's move has not only jeopardised the company's stability but has also put a substantial portion of investors' portfolios at risk.

OpenAI, originally established as a nonprofit, incorporated a for-profit subsidiary in 2019 to attract capital. The unique corporate structure grants more influence to employees in influencing board decisions compared to traditional venture capitalists.

Amid the turmoil, over 700 of OpenAI's employees have reportedly threatened to resign unless the board undergoes a comprehensive replacement. The challenge faced by investors seeking legal action is the distinctive structure of OpenAI.

Controlled by its nonprofit parent company, OpenAI Nonprofit, the organisation emphasises a commitment to benefiting humanity rather than prioritising investor interests. This structure provides employees with more leverage in influencing board decisions compared to venture capitalists who played a crucial role in funding the company.

Legal experts suggest that, even if investors find a legal avenue, the case would be weak, as companies have broad legal latitude in making business decisions, even those with unfavorable outcomes.

OpenAI's trajectory, from nonprofit to a hybrid structure with a for-profit subsidiary, has defined its unique governance and mission. The nonprofit parent's control over operations allows it to preserve its core mission, governance, and oversight. While nonprofit boards have legal obligations, the flexibility within these obligations gives leadership considerable leeway in making decisions.

Even with potential legal challenges, experts believe that the corporate structure, including the use of a limited liability company, could further insulate the nonprofit's directors from investor actions.

(With inputs from Reuters)

WATCH WION LIVE HERE

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In a turn of events, investors at OpenAI, the company behind ChatGPT, are reportedly exploring legal actions against the company's board following the abrupt firing of CEO Sam Altman.

In a turn of events, investors at OpenAI, the company behind ChatGPT, are reportedly exploring legal actions against the company's board following the abrupt firing of CEO Sam Altman. Investors concerned about potential losses in the hundreds of millions of dollars are collaborating with legal advisers to evaluate their options, Reuters sources said. The board's decision to remove Altman has triggered a potential mass exodus of employees, prompting a backlash from investors who fear the collapse of this leading startup in the rapidly expanding generative AI sector. The internal memo seen by Reuters cited a "breakdown of communications" as the reason behind Altman's dismissal by OpenAI's board. Microsoft, a major stakeholder with 49 per cent ownership of the for-profit operating company, is closely linked to the controversy. The board's move has not only jeopardised the company's stability but has also put a substantial portion of investors' portfolios at risk. OpenAI, originally established as a nonprofit, incorporated a for-profit subsidiary in 2019 to attract capital. The unique corporate structure grants more influence to employees in influencing board decisions compared to traditional venture capitalists. Amid the turmoil, over 700 of OpenAI's employees have reportedly threatened to resign unless the board undergoes a comprehensive replacement. The challenge faced by investors seeking legal action is the distinctive structure of OpenAI. Controlled by its nonprofit parent company, OpenAI Nonprofit, the organisation emphasises a commitment to benefiting humanity rather than prioritising investor interests. This structure provides employees with more leverage in influencing board decisions compared to venture capitalists who played a crucial role in funding the company. Legal experts suggest that, even if investors find a legal avenue, the case would be weak, as companies have broad legal latitude in making business decisions, even those with unfavorable outcomes. OpenAI's trajectory, from nonprofit to a hybrid structure with a for-profit subsidiary, has defined its unique governance and mission. The nonprofit parent's control over operations allows it to preserve its core mission, governance, and oversight. While nonprofit boards have legal obligations, the flexibility within these obligations gives leadership considerable leeway in making decisions. Even with potential legal challenges, experts believe that the corporate structure, including the use of a limited liability company, could further insulate the nonprofit's directors from investor actions. (With inputs from Reuters) WATCH WION LIVE HERE

Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman's exit

Microsoft has found itself at the forefront of the OpenAI upheaval, capitalising on the turmoil by securing ousted CEO Sam Altman and essential staff. According to Reuters, the two-fold strategic move has prevented a potential talent drain to competitors and has sent Microsoft's valuation soaring.

This unexpected development is poised to significantly impact the tech giant's market value, with shares surging and the company on track to add nearly $30 billion at current levels.

Microsoft's shares experienced a surge, rising as much as 2 per cent to reach a record high, demonstrating the positive market response to the strategic hiring from OpenAI. The company was poised to add nearly $30 billion to its market value, approaching the valuation that OpenAI commanded in its last fundraising round.

"Microsoft has been able to turn a crisis into an opportunity with the hiring of Sam Altman and Greg Brockman," Reuters quoted Gil Luria, senior software analyst at D.A. Davidson as saying. The surge in Microsoft's shares showcases the market's favourable view of the company's ability to navigate the complexities of the OpenAI position and strengthen its base in the AI race.

The letter from around 500 OpenAI employees, threatening to leave unless Altman and Brockman were reinstated, adds another layer to the story. The potential exodus was driven by concerns over governance and the impact on a planned share sale at an $86 billion valuation, potentially affecting staff payouts at OpenAI. Microsoft's assurance to these employees of positions at the new subsidiary, combined with the surge in shares, is an added advantage.

"The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation. These 'Profit Participation Units' were going to be worth $10 million+ for key employees. Suffice it to say this is not going to happen now," a newsletter by SemiAnalysis said.

The valuation dynamics not only impact OpenAI but also position Microsoft as a key player in shaping the future of artificial intelligence.

(With inputs from Reuters)

WATCH WION LIVE HERE

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Microsoft has found itself at the forefront of the OpenAI upheaval, capitalising on the turmoil by securing ousted CEO Sam Altman and essential staff. According to Reuters, the two-fold strategic move has prevented a potential talent drain to competitors and has sent Microsoft's valuation soaring.

Microsoft has found itself at the forefront of the OpenAI upheaval, capitalising on the turmoil by securing ousted CEO Sam Altman and essential staff. According to Reuters, the two-fold strategic move has prevented a potential talent drain to competitors and has sent Microsoft's valuation soaring. This unexpected development is poised to significantly impact the tech giant's market value, with shares surging and the company on track to add nearly $30 billion at current levels. Microsoft's shares experienced a surge, rising as much as 2 per cent to reach a record high, demonstrating the positive market response to the strategic hiring from OpenAI. The company was poised to add nearly $30 billion to its market value, approaching the valuation that OpenAI commanded in its last fundraising round. "Microsoft has been able to turn a crisis into an opportunity with the hiring of Sam Altman and Greg Brockman," Reuters quoted Gil Luria, senior software analyst at D.A. Davidson as saying. The surge in Microsoft's shares showcases the market's favourable view of the company's ability to navigate the complexities of the OpenAI position and strengthen its base in the AI race. The letter from around 500 OpenAI employees, threatening to leave unless Altman and Brockman were reinstated, adds another layer to the story. The potential exodus was driven by concerns over governance and the impact on a planned share sale at an $86 billion valuation, potentially affecting staff payouts at OpenAI. Microsoft's assurance to these employees of positions at the new subsidiary, combined with the surge in shares, is an added advantage. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation. These 'Profit Participation Units' were going to be worth $10 million+ for key employees. Suffice it to say this is not going to happen now," a newsletter by SemiAnalysis said. The valuation dynamics not only impact OpenAI but also position Microsoft as a key player in shaping the future of artificial intelligence. (With inputs from Reuters) WATCH WION LIVE HERE

Microsoft's valuation soars as OpenAI turmoil unfurls: CEO and key staff join forces

The housing market desperation in Toronto has reached unprecedented levels, with individuals considering to rent half a bed for an exorbitant amount.

A recent TikTok video by Toronto-based realtor Anya Ettinger unveiled a shocking Facebook post (now deleted), wherein half a bed was priced for a staggering 900 Canadian dollars (over 54,000 rupees) per month.

The deleted Facebook post cited in the video read, "Looking for an easy-going female to share the master bedroom and the one Queen-sized bed. I have been previously sharing the bedroom which only has one queen size with a roommate I found on Facebook, and it worked out perfectly well!”

A Mint report quoted Ettinger, the person who brought attention to this alarming trend, as saying, "Renting out a space in your bed for 900 [Canadian] dollars a month? No wonder so many people hate it here."

Ettinger's TikTok video has not only gone viral but also exposed the severity of the housing crisis in Toronto. The city, known for its unreasonable property rates, remains one of the most expensive housing markets in Canada.

The average cost of a one-bedroom property in Toronto stands at $2,614 a month, driving more people to opt for unconventional living arrangements, such as sharing a bed, to cut costs.

According to a Moneycontrol report, this peculiar trend of renting half a bed is not confined to Toronto alone. Emerging evidence suggests that the practice of "hot bedding" --&nbsp;sharing a bed with a stranger to reduce rent costs --&nbsp;is gaining traction.

The report further cited a 2021 survey conducted by the University of Technology Sydney, which revealed that three per cent of respondents, mainly international students in Sydney and Melbourne, resorted to hot-bedding as a creative solution to combat exorbitant rental prices.

WATCH WION LIVE HERE

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The housing market desperation in Toronto has reached unprecedented levels, with individuals considering to rent half a bed for an exorbitant amount. A recent TikTok video by Toronto-based realtor Anya Ettinger unveiled a shocking Facebook post (now deleted), wherein half a bed was priced for a staggering 900 Canadian dollars (over 54,000 rupees) per month.

The housing market desperation in Toronto has reached unprecedented levels, with individuals considering to rent half a bed for an exorbitant amount. A recent TikTok video by Toronto-based realtor Anya Ettinger unveiled a shocking Facebook post (now deleted), wherein half a bed was priced for a staggering 900 Canadian dollars (over 54,000 rupees) per month. The deleted Facebook post cited in the video read, "Looking for an easy-going female to share the master bedroom and the one Queen-sized bed. I have been previously sharing the bedroom which only has one queen size with a roommate I found on Facebook, and it worked out perfectly well!” A Mint report quoted Ettinger, the person who brought attention to this alarming trend, as saying, "Renting out a space in your bed for 900 [Canadian] dollars a month? No wonder so many people hate it here." Ettinger's TikTok video has not only gone viral but also exposed the severity of the housing crisis in Toronto. The city, known for its unreasonable property rates, remains one of the most expensive housing markets in Canada. The average cost of a one-bedroom property in Toronto stands at $2,614 a month, driving more people to opt for unconventional living arrangements, such as sharing a bed, to cut costs. According to a Moneycontrol report, this peculiar trend of renting half a bed is not confined to Toronto alone. Emerging evidence suggests that the practice of "hot bedding" -- sharing a bed with a stranger to reduce rent costs -- is gaining traction. The report further cited a 2021 survey conducted by the University of Technology Sydney, which revealed that three per cent of respondents, mainly international students in Sydney and Melbourne, resorted to hot-bedding as a creative solution to combat exorbitant rental prices. WATCH WION LIVE HERE

Toronto's housing desperation: Half-a-bed for C$ 900 a month amid soaring prices

Nvidia, the frontrunner in artificial intelligence chips, is set to announce another robust revenue forecast, riding on the success of its AI-powered technologies on Tuesday. However, all eyes are on the potential impact of the expanding U.S. restrictions on the sale of its high-end chips to China, which has become a major concern for investors.

According to Reuters, the company, which has seen a meteoric rise in its stock value, is facing scrutiny amid worries that the recent bans on specific chip sales to China could disrupt its market presence in the country, which accounts for over one-fifth of its revenue.

"There is an underlying assumption that Nvidia has total market dominance ... so anything that affects that perception ... is going to temper enthusiasm," Reuters cited Kyle Rodda, an analyst at Capital.com.

The Biden administration's recent ban on the sale of H800 and A800 chips to China, Nvidia's third-largest market, has stirred concerns about the company's outlook. Nvidia downplayed the immediate effects of the restrictions but saw a dip in its stock value following reports that up to $5 billion in Chinese orders might be at risk.

Navigating China's Chip Challenges: Nvidia's strategies unveiled

Before the latest export curbs, Nvidia's H800 chip was a standout performer in the Chinese market, outpacing competitors due to its superior performance. In response to the restrictions, Nvidia has developed three new chips tailored for the Chinese market.

Analysts suggest that while these chips may experience a reduction in overall performance due to controls imposed by the U.S., they could still find traction among Chinese customers while remaining acceptable to U.S. regulators.

Stacy Rasgon, an analyst at Bernstein, told Reuters about the challenge Nvidia faces: “While the prior workarounds required only small changes to the memory bandwidth of the parts, this time around, the nature of the controls forces a sharp reduction in overall performance."

Despite these hurdles, Rasgon believes that the chips may still be attractive to the Chinese market, potentially mitigating the impact of the export curbs.

AI giant's growth trajectory continues amidst headwinds from China

Nvidia is expected to reveal a staggering 173 per cent surge in revenue for the third quarter, according to analysts polled by LSEG. Wall Street projections anticipate a further 195 per cent increase in revenue for the current quarter. Despite concerns about the impact of Chinese restrictions, Nvidia's stock trades at 31 times its 12-month forward earnings estimates, still below the price-to-earnings ratio of rival AMD.

The company's commitment to innovation is evident in the introduction of the H200, a top-of-the-line chip for AI applications. With higher bandwidth memory, the H200 aims to maintain Nvidia's competitive edge over AMD, which is gearing up to release its MI300 chip.

Major cloud service providers, including Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure, will offer access to H200 chips. Additionally, specialty AI cloud providers CoreWeave, Lambda, and Vultr are set to join the ranks, marking another strategic move by Nvidia.

However, Morningstar analysts suggest, Nvidia's growth may eventually reduce the material importance of revenue from China.

(With inputs from Reuters)

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Nvidia, the frontrunner in artificial intelligence chips, is set to announce another robust revenue forecast, riding on the success of its AI-powered technologies on Tuesday.

Nvidia, the frontrunner in artificial intelligence chips, is set to announce another robust revenue forecast, riding on the success of its AI-powered technologies on Tuesday. However, all eyes are on the potential impact of the expanding U.S. restrictions on the sale of its high-end chips to China, which has become a major concern for investors. According to Reuters, the company, which has seen a meteoric rise in its stock value, is facing scrutiny amid worries that the recent bans on specific chip sales to China could disrupt its market presence in the country, which accounts for over one-fifth of its revenue. "There is an underlying assumption that Nvidia has total market dominance ... so anything that affects that perception ... is going to temper enthusiasm," Reuters cited Kyle Rodda, an analyst at Capital.com. The Biden administration's recent ban on the sale of H800 and A800 chips to China, Nvidia's third-largest market, has stirred concerns about the company's outlook. Nvidia downplayed the immediate effects of the restrictions but saw a dip in its stock value following reports that up to $5 billion in Chinese orders might be at risk. Navigating China's Chip Challenges: Nvidia's strategies unveiled Before the latest export curbs, Nvidia's H800 chip was a standout performer in the Chinese market, outpacing competitors due to its superior performance. In response to the restrictions, Nvidia has developed three new chips tailored for the Chinese market. Analysts suggest that while these chips may experience a reduction in overall performance due to controls imposed by the U.S., they could still find traction among Chinese customers while remaining acceptable to U.S. regulators. Stacy Rasgon, an analyst at Bernstein, told Reuters about the challenge Nvidia faces: “While the prior workarounds required only small changes to the memory bandwidth of the parts, this time around, the nature of the controls forces a sharp reduction in overall performance." Despite these hurdles, Rasgon believes that the chips may still be attractive to the Chinese market, potentially mitigating the impact of the export curbs. AI giant's growth trajectory continues amidst headwinds from China Nvidia is expected to reveal a staggering 173 per cent surge in revenue for the third quarter, according to analysts polled by LSEG. Wall Street projections anticipate a further 195 per cent increase in revenue for the current quarter. Despite concerns about the impact of Chinese restrictions, Nvidia's stock trades at 31 times its 12-month forward earnings estimates, still below the price-to-earnings ratio of rival AMD. The company's commitment to innovation is evident in the introduction of the H200, a top-of-the-line chip for AI applications. With higher bandwidth memory, the H200 aims to maintain Nvidia's competitive edge over AMD, which is gearing up to release its MI300 chip. Major cloud service providers, including Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure, will offer access to H200 chips. Additionally, specialty AI cloud providers CoreWeave, Lambda, and Vultr are set to join the ranks, marking another strategic move by Nvidia. However, Morningstar analysts suggest, Nvidia's growth may eventually reduce the material importance of revenue from China. (With inputs from Reuters) WATCH WION LIVE HERE

Nvidia's high-stakes dance: AI triumphs amidst China conundrum

India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws.

An NDTV report citing&nbsp;sources revealed that&nbsp;Byju's received around 28,000 crore ($3 billion) rupees in foreign direct investment (FDI) between 2011 and 2023, remitting about 9,754 crore rupees overseas in the same period.

Byju's denies having received any such communication from the authorities, marking the latest twist in the unravelling saga of India's once most-valued startup.

The ED's notice adds a new chapter to Byju's tumultuous journey from a startup sensation to legal turmoil.

Founded by Byju Raveendran and Divya Gokulnath in 2011, Byju's initially offered online learning programs for competitive exams, expanding with its popular learning app in 2015. The app's widespread adoption during the pandemic fuelled its growth.

However, post-2021 losses, a decline in value, and allegations of coercive sales tactics and poor employee treatment have tarnished Byju's image. Earlier this year, the ED raided Byju's office over suspected foreign funding law violations.

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India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws.

India's ed-tech giant Byju's has been slapped with a whopping 9,000 crore rupees ($1 billion) penalty by the Enforcement Directorate (ED) for allegedly violating foreign funding laws. An NDTV report citing sources revealed that Byju's received around 28,000 crore ($3 billion) rupees in foreign direct investment (FDI) between 2011 and 2023, remitting about 9,754 crore rupees overseas in the same period. Byju's denies having received any such communication from the authorities, marking the latest twist in the unravelling saga of India's once most-valued startup. The ED's notice adds a new chapter to Byju's tumultuous journey from a startup sensation to legal turmoil. Founded by Byju Raveendran and Divya Gokulnath in 2011, Byju's initially offered online learning programs for competitive exams, expanding with its popular learning app in 2015. The app's widespread adoption during the pandemic fuelled its growth. However, post-2021 losses, a decline in value, and allegations of coercive sales tactics and poor employee treatment have tarnished Byju's image. Earlier this year, the ED raided Byju's office over suspected foreign funding law violations. WATCH WION LIVE HERE

Byju's faces $1 billion penalty amid foreign funding law violation probe

Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.

According to Reuters, despite US sanctions on advanced AI chip exports to China, Baidu's CEO Robin Li has&nbsp;assured analysts that the company's chip reserve and alternative options would sustain its AI developments, including upgrading its Ernie large language model (LLM) for up to two years.

"The restrictions on chip exports to China actually have limited impact on Baidu in the near term," Reuters quoted Li as saying.

Baidu's third-quarter results showcased strong performance, with revenue reaching 34.45 billion yuan ($4.7 billion), surpassing analyst estimates and marking a 6 per cent year-on-year increase. The company's US listed shares also experienced a 1.8 per cent rise in morning trading following the positive financial report. &nbsp;

Baidu's adjusted net income for the third quarter stood at 7.27 billion yuan, a notable 23 per cent increase from the same period last year. The adjusted profit per American Depositary Share (ADS) reached 20.4 yuan, surpassing analysts' average estimates and demonstrating the company's financial strength amidst global uncertainties.

Baidu's revenue grew due to increased spending on consumer advertising online, driven by China's forecasted economic growth of 5.4 per cent for the year, as reported by the International Monetary Fund. Online marketing revenue for the third quarter rose by 5 per cent to 19.7 billion yuan, reinforcing Baidu's position in the advertising sector.

While Baidu's AI cloud revenue faced a 2 per cent year-over-year decline in the third quarter due to weak demand in smart transportation projects, Li expressed confidence in a positive fourth quarter, anticipating increased demand for the company's generative AI services. &nbsp;

Li did not disclose specific alternative chips Baidu is exploring but highlighted the company's "unique AI architecture and strengths in algorithm" as factors that would&nbsp;enhance efficiency despite the limitations of alternative options compared to advanced US chips. &nbsp;

Reuters previously reported Baidu's order for domestically-made AI chips from Huawei in August, signalling the company's strategic move in anticipation of the chip curbs.

(With inputs from Reuters)

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Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.

Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts. According to Reuters, despite US sanctions on advanced AI chip exports to China, Baidu's CEO Robin Li has assured analysts that the company's chip reserve and alternative options would sustain its AI developments, including upgrading its Ernie large language model (LLM) for up to two years. "The restrictions on chip exports to China actually have limited impact on Baidu in the near term," Reuters quoted Li as saying. Baidu's third-quarter results showcased strong performance, with revenue reaching 34.45 billion yuan ($4.7 billion), surpassing analyst estimates and marking a 6 per cent year-on-year increase. The company's US listed shares also experienced a 1.8 per cent rise in morning trading following the positive financial report. Baidu's adjusted net income for the third quarter stood at 7.27 billion yuan, a notable 23 per cent increase from the same period last year. The adjusted profit per American Depositary Share (ADS) reached 20.4 yuan, surpassing analysts' average estimates and demonstrating the company's financial strength amidst global uncertainties. Baidu's revenue grew due to increased spending on consumer advertising online, driven by China's forecasted economic growth of 5.4 per cent for the year, as reported by the International Monetary Fund. Online marketing revenue for the third quarter rose by 5 per cent to 19.7 billion yuan, reinforcing Baidu's position in the advertising sector. While Baidu's AI cloud revenue faced a 2 per cent year-over-year decline in the third quarter due to weak demand in smart transportation projects, Li expressed confidence in a positive fourth quarter, anticipating increased demand for the company's generative AI services. Li did not disclose specific alternative chips Baidu is exploring but highlighted the company's "unique AI architecture and strengths in algorithm" as factors that would enhance efficiency despite the limitations of alternative options compared to advanced US chips. Reuters previously reported Baidu's order for domestically-made AI chips from Huawei in August, signalling the company's strategic move in anticipation of the chip curbs. (With inputs from Reuters) WATCH WION LIVE HERE

Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph

Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar, Reuters reported on Tuesday. &nbsp;

Simultaneously, local stocks and bonds experienced a surge fuelled by expectations of a more market-friendly economic approach. Argentina's S&amp;P Merval stock index surged by 23 per cent, with state energy firm YPF's shares rising by nearly 39 per cent, reflecting optimism amid hints of potential privatisation under Milei's administration.

Milei has proposed economic policies that include significant spending cuts. This has driven the weakening of peso in the black market, reaching 1,045 per dollar compared to the official exchange rate of 356 per dollar. Speculations around Milei's economic plans, potentially involving a peso devaluation or a parallel use of the peso and US dollar, have contributed to uncertainties in the local currency market.

While international bonds saw a second consecutive day of gains, reaching as high as 1.7 cents on the 2029 note, equities faced fluctuations. The Global X MSCI Argentina ETF dipped slightly after a significant jump on Monday, while US-listed shares of Argentine banks maintained substantial gains.

The S&amp;P Global Ratings analysts have noted Argentina's imminent policy shifts under Milei, emphasising the country's historical tendency for substantial policy swings with changing governments. &nbsp;

Milei, known for his critiques of major trading partners China and Brazil, has promised drastic economic reforms, with his presidency commencing on December 10. &nbsp;

Despite earlier indications of favouring complete "dollarisation", Milei's first speech did not reference such a move, leaving questions about the speed of peso abandonment.

Morgan Stanley analysts anticipate an 80 per cent drop in the peso over the next six weeks, reflecting concerns about the currency's future under Milei's administration. &nbsp;

(With inputs from Reuters)

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Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar, Reuters reported on Tuesday.

Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar, Reuters reported on Tuesday. Simultaneously, local stocks and bonds experienced a surge fuelled by expectations of a more market-friendly economic approach. Argentina's S&P Merval stock index surged by 23 per cent, with state energy firm YPF's shares rising by nearly 39 per cent, reflecting optimism amid hints of potential privatisation under Milei's administration. Milei has proposed economic policies that include significant spending cuts. This has driven the weakening of peso in the black market, reaching 1,045 per dollar compared to the official exchange rate of 356 per dollar. Speculations around Milei's economic plans, potentially involving a peso devaluation or a parallel use of the peso and US dollar, have contributed to uncertainties in the local currency market. While international bonds saw a second consecutive day of gains, reaching as high as 1.7 cents on the 2029 note, equities faced fluctuations. The Global X MSCI Argentina ETF dipped slightly after a significant jump on Monday, while US-listed shares of Argentine banks maintained substantial gains. The S&P Global Ratings analysts have noted Argentina's imminent policy shifts under Milei, emphasising the country's historical tendency for substantial policy swings with changing governments. Milei, known for his critiques of major trading partners China and Brazil, has promised drastic economic reforms, with his presidency commencing on December 10. Despite earlier indications of favouring complete "dollarisation", Milei's first speech did not reference such a move, leaving questions about the speed of peso abandonment. Morgan Stanley analysts anticipate an 80 per cent drop in the peso over the next six weeks, reflecting concerns about the currency's future under Milei's administration. (With inputs from Reuters) WATCH WION LIVE HERE

Argentina's black market peso plummets as libertarian Milei secures presidential win

As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.&nbsp;

The leadership transition at Binance follows Changpeng Zhao's guilty plea to anti-money laundering violations and an agreement to pay a $50 million fine. The deal, agreed upon with the Justice Department, aims to keep Binance operational amid a shifting regulatory landscape.&nbsp;

According to Bloomberg, Zhao's agreement to step down marks a pivotal moment for Binance, the world's largest crypto exchange, as Teng, a civil servant-turned-crypto executive, steps into the leadership role. &nbsp;

Teng is now responsible for running Binance through the aftermath of the Justice Department's lengthy investigation. In an X post, he stated that his main goals will be to reassure Binance's 150 million users about its "strength, security, and safety" and work with authorities "to uphold high standards globally."&nbsp;

Teng's appointment as CEO comes at a critical juncture for Binance, as it faces increased regulatory scrutiny across key jurisdictions. The shift in leadership is part of a broader effort to rebuild trust and confidence among Binance's 150 million users.&nbsp;

Teng, who previously served as head of all regional markets outside the US, is well-positioned to guide the company through the evolving regulatory landscape. His role includes the challenging task of restoring Binance's dominance in the digital-asset markets following the setbacks of 2022, which saw a decline in its influence amidst regulatory probes and challenges from competitors like FTX.&nbsp;

(With inputs from Bloomberg)&nbsp;

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As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday. The leadership transition at Binance follows Changpeng Zhao's guilty plea to anti-money laundering violations and an agreement to pay a $50 million fine.

As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday. The leadership transition at Binance follows Changpeng Zhao's guilty plea to anti-money laundering violations and an agreement to pay a $50 million fine. The deal, agreed upon with the Justice Department, aims to keep Binance operational amid a shifting regulatory landscape. According to Bloomberg, Zhao's agreement to step down marks a pivotal moment for Binance, the world's largest crypto exchange, as Teng, a civil servant-turned-crypto executive, steps into the leadership role. Teng is now responsible for running Binance through the aftermath of the Justice Department's lengthy investigation. In an X post, he stated that his main goals will be to reassure Binance's 150 million users about its "strength, security, and safety" and work with authorities "to uphold high standards globally." Teng's appointment as CEO comes at a critical juncture for Binance, as it faces increased regulatory scrutiny across key jurisdictions. The shift in leadership is part of a broader effort to rebuild trust and confidence among Binance's 150 million users. Teng, who previously served as head of all regional markets outside the US, is well-positioned to guide the company through the evolving regulatory landscape. His role includes the challenging task of restoring Binance's dominance in the digital-asset markets following the setbacks of 2022, which saw a decline in its influence amidst regulatory probes and challenges from competitors like FTX. (With inputs from Bloomberg) WATCH WION LIVE HERE

Richard Teng is new Binance CEO amid regulatory changes

Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.

In a post on X, Scott expressed Microsoft's appreciation for the OpenAI employees' petition and their potential interest in joining the new AI Research Lab at Microsoft. He assured them that if needed, Microsoft would offer roles matching their current compensation, aligning with the collective mission.

The future of OpenAI remains uncertain after Altman's departure, and it's unclear where he will work. &nbsp;

Microsoft CEO Satya Nadella announced that Altman and his colleagues would join Microsoft as part of a new AI research group, triggering more than 600 OpenAI employees to sign a letter threatening to follow their former manager unless the board members resigned. &nbsp;

In an interview with CNBC, Nadella emphasised the need for changes in OpenAI's governance but did not explicitly confirm Altman and Brockman's move to Microsoft, indicating a dynamic situation.

According to CNBC, Altman's dismissal from OpenAI stemmed from the board's assertion that he was "not consistently candid in his communications". &nbsp;

After a weekend of negotiations and the possibility of Altman's reinstatement, former Twitch CEO Emmett Shear was appointed interim head. &nbsp;

OpenAI's board, now reduced to four members, including chief scientist Ilya Sutskever, who expressed regret for his role in the decision, has not elaborated on the reasons behind Altman's ouster.

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Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.

Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman. In a post on X, Scott expressed Microsoft's appreciation for the OpenAI employees' petition and their potential interest in joining the new AI Research Lab at Microsoft. He assured them that if needed, Microsoft would offer roles matching their current compensation, aligning with the collective mission. The future of OpenAI remains uncertain after Altman's departure, and it's unclear where he will work. Microsoft CEO Satya Nadella announced that Altman and his colleagues would join Microsoft as part of a new AI research group, triggering more than 600 OpenAI employees to sign a letter threatening to follow their former manager unless the board members resigned. In an interview with CNBC, Nadella emphasised the need for changes in OpenAI's governance but did not explicitly confirm Altman and Brockman's move to Microsoft, indicating a dynamic situation. According to CNBC, Altman's dismissal from OpenAI stemmed from the board's assertion that he was "not consistently candid in his communications". After a weekend of negotiations and the possibility of Altman's reinstatement, former Twitch CEO Emmett Shear was appointed interim head. OpenAI's board, now reduced to four members, including chief scientist Ilya Sutskever, who expressed regret for his role in the decision, has not elaborated on the reasons behind Altman's ouster. WATCH WION LIVE HERE

Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues

Libertarian Javier Milei's victory in the presidential elections is leaving a huge impact on Argentina's markets. argentina's black market peso fell 12% on Tuesday to 1,045 per dollar, on the first trading day after he won the election. on the other hand, stocks and bonds jumped in hopes of a more market-friendly policy.

Argentina: All eyes on Milei's new plans | World Business Watch

Astonishingly, the planet's richest 1%, constituting a mere 77 million individuals, match the carbon footprint of the 66% poorest – a staggering 5 billion people. In a stark revelation, a recent report from Oxfam underscores the disproportionate impact of the world's wealthiest on global carbon emissions.

Tracking the top 1% and their Carbon footprint | World Business Watch

It was one big task for OpenAI, the ChatGPT maker, to reinstate Sam Altman as the CEO, backtracking its&nbsp;earlier measure of sacking him over his conduct with the board members. The entire saga which ended in Altman being given back his job again&nbsp;undid a long chain of developments that transpired following the bombshell announcement.&nbsp;

The reports now suggest that it was not a cakewalk for OpenAI to get back Altman and that it took "72 very intense hours of work" to crack a deal. Twitch co-founder Emmett Shear who was taken aboard as the interim CEO in the aftermath of the cooperate saga wrote, “I am deeply pleased by this result after ~72 very intense hours of work. Coming into OpenAI, I wasn’t sure what the right path would be."

Also Read |&nbsp;<a href="https://www.wionews.com/world/microsoft-ceo-satya-nadella-had-this-to-say-on-sam-altmans-return-to-openai-661543">Microsoft CEO Satya Nadella had this to say on Sam Altman’s return to OpenAI</a>

"This was the pathway that maximized safety alongside doing right by all stakeholders involved. I’m glad to have been a part of the solution,” Shear, whose designation on X still reads interim ex-CEO of OpenAI, added in a post on X after Altman was given back the top position.&nbsp;

Making an announcement over an "in principle" agreement reached with Altman, OpenAI said that the company now has a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo.&nbsp;

Watch |&nbsp;<a href="https://www.wionews.com/videos/north-korea-claims-launch-of-first-spy-satellite-661540">North Korea claims launch of first spy satellite</a>

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<h2>Poached by Microsoft&nbsp;</h2>

The reinstatement of Altman put an end to the week-long boardroom battle which also saw Altman poached by Microsoft to lead a new AI research team at the tech giant.&nbsp;&nbsp;

After removing Altman, OpenAI briefly roped in&nbsp;the firm's Chief Technology Officer (CTO) Mira Murati to take over Altman's job. Later, on November 20, the Twitch co-founder Shear&nbsp;was approached to lead OpenAI on an interim basis.

Media reports suggest that Altman also agreed to an internal investigation of his conduct, something which the OpenAI said was the reason why the company throw him out in the first place.

(With inputs from agencies)

&nbsp;

It was one big task for OpenAI, the ChatGPT maker, to reinstate Sam Altman as the CEO, backtracking its earlier measure of sacking him over his conduct with the board members.

It was one big task for OpenAI, the ChatGPT maker, to reinstate Sam Altman as the CEO, backtracking its earlier measure of sacking him over his conduct with the board members. The entire saga which ended in Altman being given back his job again undid a long chain of developments that transpired following the bombshell announcement. The reports now suggest that it was not a cakewalk for OpenAI to get back Altman and that it took "72 very intense hours of work" to crack a deal. Twitch co-founder Emmett Shear who was taken aboard as the interim CEO in the aftermath of the cooperate saga wrote, “I am deeply pleased by this result after ~72 very intense hours of work. Coming into OpenAI, I wasn’t sure what the right path would be." Also Read | Microsoft CEO Satya Nadella had this to say on Sam Altman’s return to OpenAI "This was the pathway that maximized safety alongside doing right by all stakeholders involved. I’m glad to have been a part of the solution,” Shear, whose designation on X still reads interim ex-CEO of OpenAI, added in a post on X after Altman was given back the top position. Making an announcement over an "in principle" agreement reached with Altman, OpenAI said that the company now has a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. Watch | North Korea claims launch of first spy satellite × Poached by Microsoft The reinstatement of Altman put an end to the week-long boardroom battle which also saw Altman poached by Microsoft to lead a new AI research team at the tech giant. After removing Altman, OpenAI briefly roped in the firm's Chief Technology Officer (CTO) Mira Murati to take over Altman's job. Later, on November 20, the Twitch co-founder Shear was approached to lead OpenAI on an interim basis. Media reports suggest that Altman also agreed to an internal investigation of his conduct, something which the OpenAI said was the reason why the company throw him out in the first place. (With inputs from agencies)

Getting Altman back as CEO was not a cakewalk. Interim CEO Emmett Shear shares why

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles 

Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

<a href="https://www.wionews.com/business-economy/sam-altman-confirms-his-return-to-openai-as-ceo-661426">Read more here</a>

Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph  

Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.  

<a href="https://www.wionews.com/business-economy/baidu-unfazed-by-us-chip-curbs-reveals-chip-stockpile-amid-q3-revenue-triumph-661356">Read more here</a>

Richard Teng is new Binance CEO amid regulatory changes

As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.&nbsp; 
      
<a href="https://www.wionews.com/business-economy/richard-teng-is-new-binance-ceo-amid-regulatory-changes-661363">Read more here</a>

Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues  

Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.   

<a href="https://www.wionews.com/business-economy/microsoft-cto-offers-matching-compensation-to-openai-employees-amid-leadership-issues-661399">Read more here</a>

OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. &nbsp;

<a href="https://www.wionews.com/business-economy/openai-microsoft-face-lawsuits-over-unauthorized-use-of-authors-work-in-ai-training-661473">Read more here</a>

Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza  

Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza. &nbsp; 

<a href="https://www.wionews.com/business-economy/elon-musk-to-donate-ad-revenue-from-x-to-israeli-hospitals-relief-work-in-gaza-661432">Read more here</a>

Argentina's black market peso plummets as libertarian Milei secures presidential win 

Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday. &nbsp;     

<a href="https://www.wionews.com/business-economy/argentinas-black-market-peso-plummets-as-libertarian-milei-secures-presidential-win-661403">Read more here</a>

Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost   

Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. &nbsp;

<a href="https://www.wionews.com/business-economy/canadas-fiscal-update-higher-deficits-slower-debt-reduction-and-housing-boost-661441">Read more here</a>

China's state banks drive yuan rally amidst dollar weakness: Report  

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar. &nbsp;   

<a href="https://www.wionews.com/business-economy/chinas-state-banks-drive-yuan-rally-amidst-dollar-weakness-report-661466">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles  Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company. Read more here Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph   Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.   Read more here Richard Teng is new Binance CEO amid regulatory changes As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.       Read more here Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues   Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.    Read more here OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. Read more here Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza   Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.   Read more here Argentina's black market peso plummets as libertarian Milei secures presidential win  Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday.       Read more here Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost    Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. Read more here China's state banks drive yuan rally amidst dollar weakness: Report   China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar.     Read more here

Wion Business Wrap | Sam Altman's dramatic comeback, Binance's troubles & more

Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. &nbsp;

According to Reuters, despite concerns surrounding inflation and rising interest rates, Prime Minister Justin Trudeau's government aims to address housing challenges with new measures. Analysts express worry about the sustainability of spending, especially as debt servicing costs surge.

The fiscal years 2024-25 and 2025-26 are projected to experience significantly higher deficits than previously estimated, reaching C$38.4 billion and C$38.3 billion, respectively. This contrasts with March predictions of C$35.0 billion and C$26.8 billion. &nbsp;

The federal debt-to-GDP ratio is set to rise for a second consecutive year in 2024-25 before a delayed decline, prompting concerns about the government's fiscal trajectory. &nbsp;

On the growth front, the government has adjusted its expectations based on market forecasts, projecting a lower real GDP growth of 0.4 per cent for next year, down from the March budget projection of 1.5 per cent. The Bank of Canada, which raised rates to a 22-year high of 5.00 per cent, maintains a watchful stance on inflation, presently at 3.1 per cent in October.

The fiscal update addresses concerns about housing affordability, a significant issue for Canadians grappling with higher living costs. &nbsp;

Acknowledging the challenges faced by Canadians, Finance Minister Chrystia Freeland said, "What Canadians deserve today is for us to address the very real pain that so many are feeling."

The Fall Economic Statement includes measures to boost the housing supply, such as C$15 billion in new loan financing for apartment construction and additional funding for affordable housing.

Among the initiatives, the government pledges to crack down on short-term rental companies like Airbnb in provinces where such practices are illegal.

The Fall Economic Statement also outlines commitments to investment tax credits for clean energy and technologies, with legislation to fund remaining credits scheduled for parliamentary consideration in 2024.

Additionally, the government plans to introduce legislation this month to provide subsidies for carbon capture and net-zero energy projects, aiming to bolster green investment and compete with the United States.

(With inputs from Reuters)

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Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday.

Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday. According to Reuters, despite concerns surrounding inflation and rising interest rates, Prime Minister Justin Trudeau's government aims to address housing challenges with new measures. Analysts express worry about the sustainability of spending, especially as debt servicing costs surge. The fiscal years 2024-25 and 2025-26 are projected to experience significantly higher deficits than previously estimated, reaching C$38.4 billion and C$38.3 billion, respectively. This contrasts with March predictions of C$35.0 billion and C$26.8 billion. The federal debt-to-GDP ratio is set to rise for a second consecutive year in 2024-25 before a delayed decline, prompting concerns about the government's fiscal trajectory. On the growth front, the government has adjusted its expectations based on market forecasts, projecting a lower real GDP growth of 0.4 per cent for next year, down from the March budget projection of 1.5 per cent. The Bank of Canada, which raised rates to a 22-year high of 5.00 per cent, maintains a watchful stance on inflation, presently at 3.1 per cent in October. The fiscal update addresses concerns about housing affordability, a significant issue for Canadians grappling with higher living costs. Acknowledging the challenges faced by Canadians, Finance Minister Chrystia Freeland said, "What Canadians deserve today is for us to address the very real pain that so many are feeling." The Fall Economic Statement includes measures to boost the housing supply, such as C$15 billion in new loan financing for apartment construction and additional funding for affordable housing. Among the initiatives, the government pledges to crack down on short-term rental companies like Airbnb in provinces where such practices are illegal. The Fall Economic Statement also outlines commitments to investment tax credits for clean energy and technologies, with legislation to fund remaining credits scheduled for parliamentary consideration in 2024. Additionally, the government plans to introduce legislation this month to provide subsidies for carbon capture and net-zero energy projects, aiming to bolster green investment and compete with the United States. (With inputs from Reuters) WATCH WION LIVE HERE

Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday. &nbsp;

Traditionally involved in selling dollars to prevent the yuan's decline, the state banks' unexpected yuan-buying this week has contributed to a 2 per cent gain, placing the currency at approximately 7.13 to the dollar, its highest in nearly four months. Observers suggest the move aims to hasten the yuan's appreciation and encourage exporters to convert more foreign exchange receipts into yuan.&nbsp;

Market analysts speculate that the state banks employed their usual combination of swaps and spot market activity. They were observed exchanging yuan for dollars in the onshore swap market and subsequently selling those dollars in the spot currency market. &nbsp;

The action coincided with a broader weakening of the US dollar, with the dollar index falling over 3 per cent in November due to diminishing US yields amid signs of a peak in Federal Reserve monetary tightening. Despite the recent gains, the Chinese currency is still down over 3 per cent against the dollar this year.&nbsp;

State banks' dollar-selling activities momentarily pushed the onshore spot yuan to 7.1296 per dollar, surpassing its daily official guidance for the first time in four months. The People's Bank of China (PBOC) has been consistently lowering the dollar-yuan daily fixing rate this week, setting it at a three-and-a-half month low of 7.1406 per dollar on Tuesday. &nbsp;

Analysts speculate that these actions might be in preparation for a potential policy rate cut, taking advantage of a favourable external environment to strengthen the Chinese yuan (CNY).&nbsp;

Reuters quoted Kiyong Seong, the lead Asia macro strategist at Societe Generale, who expressed astonishment at the continuous lowering of the fixing rate, suggesting it could be indicative of preparations for a policy rate cut.

While recent economic data revealed&nbsp;an uneven recovery in China, with positive surprises in industrial output and retail sales, concerns persist about the potential impact of further monetary easing on the Chinese currency. &nbsp;

The People's Bank of China has been injecting cash through medium-term lending facility loans but has kept the rate unchanged, prompting analysts to anticipate more policy easing in the future.&nbsp;

Zhi Xiaojia, chief China economist at Credit Agricole, acknowledged potential volatilities unless there are significant downside moves in the dollar or positive sentiment events.

She remains relatively constructive on the yuan's outlook into the end of the year and 2024, emphasising the wide yield gap and expectations of further policy easing, including potential rate and reserve requirement ratio cuts by the People's Bank of China.&nbsp;

(With inputs from Reuters)&nbsp;

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China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday.

China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar, according to undisclosed sources cited by Reuters on Tuesday. Traditionally involved in selling dollars to prevent the yuan's decline, the state banks' unexpected yuan-buying this week has contributed to a 2 per cent gain, placing the currency at approximately 7.13 to the dollar, its highest in nearly four months. Observers suggest the move aims to hasten the yuan's appreciation and encourage exporters to convert more foreign exchange receipts into yuan. Market analysts speculate that the state banks employed their usual combination of swaps and spot market activity. They were observed exchanging yuan for dollars in the onshore swap market and subsequently selling those dollars in the spot currency market. The action coincided with a broader weakening of the US dollar, with the dollar index falling over 3 per cent in November due to diminishing US yields amid signs of a peak in Federal Reserve monetary tightening. Despite the recent gains, the Chinese currency is still down over 3 per cent against the dollar this year. State banks' dollar-selling activities momentarily pushed the onshore spot yuan to 7.1296 per dollar, surpassing its daily official guidance for the first time in four months. The People's Bank of China (PBOC) has been consistently lowering the dollar-yuan daily fixing rate this week, setting it at a three-and-a-half month low of 7.1406 per dollar on Tuesday. Analysts speculate that these actions might be in preparation for a potential policy rate cut, taking advantage of a favourable external environment to strengthen the Chinese yuan (CNY). Reuters quoted Kiyong Seong, the lead Asia macro strategist at Societe Generale, who expressed astonishment at the continuous lowering of the fixing rate, suggesting it could be indicative of preparations for a policy rate cut. While recent economic data revealed an uneven recovery in China, with positive surprises in industrial output and retail sales, concerns persist about the potential impact of further monetary easing on the Chinese currency. The People's Bank of China has been injecting cash through medium-term lending facility loans but has kept the rate unchanged, prompting analysts to anticipate more policy easing in the future. Zhi Xiaojia, chief China economist at Credit Agricole, acknowledged potential volatilities unless there are significant downside moves in the dollar or positive sentiment events. She remains relatively constructive on the yuan's outlook into the end of the year and 2024, emphasising the wide yield gap and expectations of further policy easing, including potential rate and reserve requirement ratio cuts by the People's Bank of China. (With inputs from Reuters) WATCH WION LIVE HERE

China's state banks drive yuan rally amidst dollar weakness: Report

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. &nbsp;

According to Reuters, Hollywood Reporter editor Julian Sancton, leading the proposed class action filed in Manhattan federal court, claims that OpenAI copied tens of thousands of nonfiction books without permission to instruct its large language models in responding to human text prompts. &nbsp;

This lawsuit is part of a series of legal actions brought by copyright owners, including notable authors like John Grisham and George R.R. Martin, against tech companies, with OpenAI and others refuting the allegations.&nbsp;

Sancton's complaint stands out as the first author lawsuit against OpenAI to also name Microsoft as a defendant. Microsoft, a significant investor in OpenAI, has integrated the startup's AI systems into its products. &nbsp;

The lawsuit has brought out the tension between the value of OpenAI's AI platform and the alleged unauthorised use of copyrighted works, as highlighted by Sancton's attorney, Justin Nelson, who stated, "While OpenAI and Microsoft refuse to pay nonfiction authors, their AI platform is worth a fortune. The basis of OpenAI is nothing less than the rampant theft of copyrighted works."&nbsp;

The lawsuit details that OpenAI used nonfiction books, including Sancton's "Madhouse at the End of the Earth: The Belgica's Journey into the Dark Antarctic Night," for training its GPT large language models. It also claims that Microsoft played a significant role in the training and development of these models, making the company liable for copyright infringement.&nbsp;

Amid the legal battle, Sancton seeks unspecified monetary damages and a court order to prevent further alleged infringement.&nbsp;

(With inputs from Reuters)&nbsp;

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OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT.

OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT. According to Reuters, Hollywood Reporter editor Julian Sancton, leading the proposed class action filed in Manhattan federal court, claims that OpenAI copied tens of thousands of nonfiction books without permission to instruct its large language models in responding to human text prompts. This lawsuit is part of a series of legal actions brought by copyright owners, including notable authors like John Grisham and George R.R. Martin, against tech companies, with OpenAI and others refuting the allegations. Sancton's complaint stands out as the first author lawsuit against OpenAI to also name Microsoft as a defendant. Microsoft, a significant investor in OpenAI, has integrated the startup's AI systems into its products. The lawsuit has brought out the tension between the value of OpenAI's AI platform and the alleged unauthorised use of copyrighted works, as highlighted by Sancton's attorney, Justin Nelson, who stated, "While OpenAI and Microsoft refuse to pay nonfiction authors, their AI platform is worth a fortune. The basis of OpenAI is nothing less than the rampant theft of copyrighted works." The lawsuit details that OpenAI used nonfiction books, including Sancton's "Madhouse at the End of the Earth: The Belgica's Journey into the Dark Antarctic Night," for training its GPT large language models. It also claims that Microsoft played a significant role in the training and development of these models, making the company liable for copyright infringement. Amid the legal battle, Sancton seeks unspecified monetary damages and a court order to prevent further alleged infringement. (With inputs from Reuters) WATCH WION LIVE HERE

OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training 

As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions.

According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors.

Norway's central bank, a pioneer in rate hikes, contemplates further tightening in December amid encouraging signs in inflation and wage growth. The Nordics, particularly sensitive to foreign-exchange pressures, grapple with unique challenges in their pursuit of economic balance.

US economic insights amid holiday week

The US Federal Reserve is set to release minutes from its latest policy meeting on Tuesday, offering insights into its decision to maintain interest rates. As the country observes the Thanksgiving holiday, economic data includes expected reports on existing home sales, weekly jobless claims, and October orders for durable goods. S&amp;P Global's indexes of manufacturing and services activity on Friday will contribute to understanding the nation's economic trajectory. Chair Jerome Powell's indications of a cautious approach to economic and inflation assessments will be scrutinised.

Asia's Economic Landscape: China, Australia, and More

China is anticipated to maintain its loan prime rates on Monday, with expectations of a year-end cut amid uneven economic recovery. The Reserve Bank of Australia will release minutes from its November 7 meeting on Tuesday, offering insights into its decision to resume rate hikes.

Regional highlights include GDP reports from Thailand, Singapore, and Indonesia, with significant policy implications. South Korea's early trade data on Tuesday and Japan's national inflation data on Friday will provide essential glimpses into global demand and potential shifts in monetary policies.

Europe, Middle East, Africa: Fiscal policies and ECB assessment

In Europe, Bank of England Governor Andrew Bailey's testimony on Tuesday will be pivotal as UK inflation eases. Chancellor of the Exchequer Jeremy Hunt's Autumn Statement on Wednesday outlines growth-focused measures, potentially impacting taxation and economic stimulus.

European Commission's budgetary recommendations on Tuesday for EU members, just ahead of the bloc's 3 per cent deficit limit, hold significance. ECB President Christine Lagarde's insights into Germany's hyperinflation history and comments from other policymakers throughout the week contribute to the overall economic outlook.

Latin America's Economic Trends: Elections, contractions, and inflation

Chile's third-quarter economic performance, possibly shifting from contraction to expansion, reflects its reliance on mining, particularly copper. Peru faces a likely third consecutive quarterly output decline due to setbacks in mining and construction.

Argentina's presidential election on Sunday, with contenders Sergio Massa and Javier Milei, holds broader economic implications amid a projected 3 per cent economic shrinkage and over 180 per cent inflation in 2023.

Mexico's economic activity and consumer price trends are closely watched indicators for the region.

(With inputs from Bloomberg)

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As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions. According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors.

As major central banks in the US, euro zone, and the UK temporarily pause rate hikes, their counterparts in Europe's northern region face critical decisions. According to Bloomberg, Sweden's Riksbank, is set to make an announcement on Thursday, regarding raising the rates by a quarter-point to combat inflation, or opt for alternative strategies, creating uncertainty among economists and investors. Norway's central bank, a pioneer in rate hikes, contemplates further tightening in December amid encouraging signs in inflation and wage growth. The Nordics, particularly sensitive to foreign-exchange pressures, grapple with unique challenges in their pursuit of economic balance. US economic insights amid holiday week The US Federal Reserve is set to release minutes from its latest policy meeting on Tuesday, offering insights into its decision to maintain interest rates. As the country observes the Thanksgiving holiday, economic data includes expected reports on existing home sales, weekly jobless claims, and October orders for durable goods. S&P Global's indexes of manufacturing and services activity on Friday will contribute to understanding the nation's economic trajectory. Chair Jerome Powell's indications of a cautious approach to economic and inflation assessments will be scrutinised. Asia's Economic Landscape: China, Australia, and More China is anticipated to maintain its loan prime rates on Monday, with expectations of a year-end cut amid uneven economic recovery. The Reserve Bank of Australia will release minutes from its November 7 meeting on Tuesday, offering insights into its decision to resume rate hikes. Regional highlights include GDP reports from Thailand, Singapore, and Indonesia, with significant policy implications. South Korea's early trade data on Tuesday and Japan's national inflation data on Friday will provide essential glimpses into global demand and potential shifts in monetary policies. Europe, Middle East, Africa: Fiscal policies and ECB assessment In Europe, Bank of England Governor Andrew Bailey's testimony on Tuesday will be pivotal as UK inflation eases. Chancellor of the Exchequer Jeremy Hunt's Autumn Statement on Wednesday outlines growth-focused measures, potentially impacting taxation and economic stimulus. European Commission's budgetary recommendations on Tuesday for EU members, just ahead of the bloc's 3 per cent deficit limit, hold significance. ECB President Christine Lagarde's insights into Germany's hyperinflation history and comments from other policymakers throughout the week contribute to the overall economic outlook. Latin America's Economic Trends: Elections, contractions, and inflation Chile's third-quarter economic performance, possibly shifting from contraction to expansion, reflects its reliance on mining, particularly copper. Peru faces a likely third consecutive quarterly output decline due to setbacks in mining and construction. Argentina's presidential election on Sunday, with contenders Sergio Massa and Javier Milei, holds broader economic implications amid a projected 3 per cent economic shrinkage and over 180 per cent inflation in 2023. Mexico's economic activity and consumer price trends are closely watched indicators for the region. (With inputs from Bloomberg) WATCH WION LIVE HERE

Global central banks navigate rate hike dilemma: Nordic nations take centre stage