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An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative.

The IPEF aims to enhance cooperation on supply chains, environmental concerns, and governance issues. However, the lack of progress in concluding enforceable trade rules has raised doubts among allies, reminiscent of challenges faced during the Trans-Pacific Partnership under President Barack Obama.

President Biden and leaders from 13 nations, including a meeting with China's Xi Jinping, signed agreements focusing on communication and cooperation. Still, the contentious trade negotiations have raised concerns among Asia-Pacific allies, fearing a repetition of the Trans-Pacific Partnership's fate. The situation underlines challenges for the Biden administration, especially as China actively expands its trade agreements in the region, potentially influencing US allies' economic preferences.

"Collapse of the IPEF trade pillar would deal a blow to US standing in the region," Bloomberg quoted John Murphy, Senior Vice President for International Policy at the US Chamber of Commerce as saying. The setback echoes the withdrawal from the Trans-Pacific Partnership under President Trump, reflecting poorly on US leadership and undermining efforts to strengthen economic ties in the Indo-Pacific.

The pressure on the Biden administration from Democratic trade sceptics, including Senator Sherrod Brown, reflects domestic political challenges. Brown deems the trade portion of the IPEF unacceptable, emphasising the difficulties faced by the administration in navigating trade agreements that align with its worker-centric trade policy.

President Biden and his trade representative, Katherine Tai, are attempting to downplay differences with other countries, stressing the ongoing commitment to the trade pillar's vision. Tai argues that progress has been made and attributes the lack of a significant announcement to concerns about public communication rather than substantive issues. However, deadlocks over labour and environmental standards, along with a recent shift in the US stance on digital trade, contribute to the impasse.

The stalled negotiations raise concerns about the US's ability to assert itself economically in the Indo-Pacific region. Observers note that while the talks may continue, little progress is expected in the 2024 election year, emphasising the potential impact of the presidential vote on any deal. The uncertainty leaves the door open for China to expand its influence, presenting a challenge to the Biden administration's efforts to counter China's economic sway in the region.

"The trade pillar has been more difficult, and we have not made as much progress as people were hoping," Australia's Trade Minister Don Farrell said. The lack of advancement on trade issues within the IPEF complicates the broader economic diplomacy efforts of the United States in the Asia-Pacific region.

Experts and analysts suggest that failure to move forward on economic and trade matters within the IPEF may make China's trade agreements more appealing to Indo-Pacific countries. China's active participation in initiatives such as the CPTPP and its efforts to upgrade its trade agreements position it as a robust economic partner, potentially undermining US influence.

In countries like Indonesia, where the US competes with China for economic influence, the lack of progress in the IPEF is perceived as a missed opportunity. President Joko Widodo expressed frustration with the US's limited commitment compared to China's willingness to invest in critical areas like electric vehicles and alternative energy projects.

The overall message is that the US's capacity for economic diplomacy is in question. Nigel Cory, a former Australian diplomat, compared US trade and economic policy in the Asia-Pacific to a first-time marathoner starting ambitiously but ending up with challenges.

(With inputs from Bloomberg)

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An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative.

An anticipated milestone in the Indo-Pacific Economic Framework (IPEF), a crucial element of the Biden administration's strategy to counter China, hit a roadblock as negotiations on the trade pillar faced opposition, jeopardising the broader initiative. The IPEF aims to enhance cooperation on supply chains, environmental concerns, and governance issues. However, the lack of progress in concluding enforceable trade rules has raised doubts among allies, reminiscent of challenges faced during the Trans-Pacific Partnership under President Barack Obama. President Biden and leaders from 13 nations, including a meeting with China's Xi Jinping, signed agreements focusing on communication and cooperation. Still, the contentious trade negotiations have raised concerns among Asia-Pacific allies, fearing a repetition of the Trans-Pacific Partnership's fate. The situation underlines challenges for the Biden administration, especially as China actively expands its trade agreements in the region, potentially influencing US allies' economic preferences. "Collapse of the IPEF trade pillar would deal a blow to US standing in the region," Bloomberg quoted John Murphy, Senior Vice President for International Policy at the US Chamber of Commerce as saying. The setback echoes the withdrawal from the Trans-Pacific Partnership under President Trump, reflecting poorly on US leadership and undermining efforts to strengthen economic ties in the Indo-Pacific. The pressure on the Biden administration from Democratic trade sceptics, including Senator Sherrod Brown, reflects domestic political challenges. Brown deems the trade portion of the IPEF unacceptable, emphasising the difficulties faced by the administration in navigating trade agreements that align with its worker-centric trade policy. President Biden and his trade representative, Katherine Tai, are attempting to downplay differences with other countries, stressing the ongoing commitment to the trade pillar's vision. Tai argues that progress has been made and attributes the lack of a significant announcement to concerns about public communication rather than substantive issues. However, deadlocks over labour and environmental standards, along with a recent shift in the US stance on digital trade, contribute to the impasse. The stalled negotiations raise concerns about the US's ability to assert itself economically in the Indo-Pacific region. Observers note that while the talks may continue, little progress is expected in the 2024 election year, emphasising the potential impact of the presidential vote on any deal. The uncertainty leaves the door open for China to expand its influence, presenting a challenge to the Biden administration's efforts to counter China's economic sway in the region. "The trade pillar has been more difficult, and we have not made as much progress as people were hoping," Australia's Trade Minister Don Farrell said. The lack of advancement on trade issues within the IPEF complicates the broader economic diplomacy efforts of the United States in the Asia-Pacific region. Experts and analysts suggest that failure to move forward on economic and trade matters within the IPEF may make China's trade agreements more appealing to Indo-Pacific countries. China's active participation in initiatives such as the CPTPP and its efforts to upgrade its trade agreements position it as a robust economic partner, potentially undermining US influence. In countries like Indonesia, where the US competes with China for economic influence, the lack of progress in the IPEF is perceived as a missed opportunity. President Joko Widodo expressed frustration with the US's limited commitment compared to China's willingness to invest in critical areas like electric vehicles and alternative energy projects. The overall message is that the US's capacity for economic diplomacy is in question. Nigel Cory, a former Australian diplomat, compared US trade and economic policy in the Asia-Pacific to a first-time marathoner starting ambitiously but ending up with challenges. (With inputs from Bloomberg) WATCH WION LIVE HERE

Indo-Pacific trade pillar stumbles, US faces setback in countering China

Black Friday falls on November 24, this year. Retailers are getting ready for what they think will be another record-breaking worldwide shopping frenzy.

Black Friday is typically considered to be the unofficial start of the Christmas shopping season because of the large crowds that gather at big-box stores in the early hours after American Thanksgiving to take advantage of doorbuster prices.

Retailers will be attempting to capitalise on the excitement in the US, Europe, and other regions. What to anticipate on Black Friday in 2023 is as follows.

History of the word 'Black Friday'

Police and bus drivers in Philadelphia began referring to the mayhem that a large inflow of people to the city caused before Thanksgiving weekend as "Black Friday" sometime in the 1960s and early 1970s. On Fridays, shoppers would scour Philadelphia's stores with their Christmas lists in hand, searching for the perfect presents. Parking infractions and shoplifting followed.

Department stores changed the name to "Big Friday" to give it a more uplifting connotation. However, the moniker did not endure, and since the 1980s, retailers have started characterising Black Friday as the day when customers begin their holiday shopping and their retail ledgers are purportedly "in the black," or operating at a profit, according to Marcus Collins, a marketing professor at the University of Michigan's Ross School of Business.

Retailers' plans this year

Early Black Friday "deals" of up to 30 per cent off on some limited products online and in stores are already being promoted by retailers such as Best Buy, Macy's, H&amp;M, and pure e-commerce companies like Shein and Temu.

They may gauge consumer demand and prevent product shortages, which could be a major issue this year, with the aid of such early marketing. A severe drought has caused the water levels in the Panama Canal, a vital commercial route, to plummet, which has reduced the amount of ships passing through it.

Intentionally, a lot of American retailers reduced their recruiting intentions for the holidays. Retailers in Europe are also facing a labour crisis, which means that customers may encounter a staffing shortfall.

Are this year's Black Friday crowds likely?

The National Retail Federation (NRF) reports that 130.7 million consumers are expected to shop on Black Friday this year. In the US, Thanksgiving weekend, which includes Black Friday and Cyber Monday (the Monday following Thanksgiving), is usually the busiest time to shop.

Retail analytics company Sensormatic Solutions predicts that over the holiday season, in-store traffic will decrease by 3.5 per cent from the previous year.

According to AccuWeather, rainy weather is mainly not predicted this year, which discouraged in-store traffic on Black Friday morning in various parts of the United States last year.

While the majority of American stores will remain closed on Thanksgiving this year and instead open to customers at 5 or 6 a.m. on Friday, some retailers are promoting online deals that begin at 12:01 a.m. on Thanksgiving.

Kohl's is one of them, offering what it refers to as a "Super Deal" on several items on Thanksgiving and Black Friday, such as Beats Studio Buds wireless noise-cancelling earbuds for $89.99 instead of the usual $149.99.

This year, curbside pick-up and online ordering are being promoted by both large and small retailers as convenient options for those who prefer to bypass storefronts. According to data from Adobe Analytics, American Black Friday internet sales have more than tripled in the last ten years, hitting $9.12 billion on the day last year.

This year, will shoppers find Black Friday deals?

Reuters investigation suggests that several large retailers, including Dollar General, Walmart, and Macy's, may have excess inventory for the second year in a row. To entice customers to visit their stores and websites, they probably need to provide discounts.

Research company Jane Hali &amp; Associates reported even before Black Friday that Nordstrom and Kohl's saw a decline in foot traffic, while Macy's and Kohl's had discounts of up to 60 per cent.

Online savings of up to 35 per cent on toys, 24 per cent on athletic items, and 19 per cent on furniture are anticipated, according to Adobe.

Amounts expected to be spent by shoppers?

The NRF predicts that holiday sales in U.S. stores and online will increase by 3 per cent to 4 per cent in November and December, which will be their weakest growth rate in five years.

According to Adobe Analytics, Black Friday internet spending is predicted to increase 5.7 per cent to approximately $9.6 billion.

According to a survey by fintech company Finder, 132 million Americans want to shop the pre-holiday sales, which include Black Friday and Cyber Monday, in 2023, down from a projected 140 million consumers in the previous year.

According to an Adobe projection, Black Friday online spending in the UK is anticipated to increase 4.5 per cent to $1.30 billion, with total sales throughout the Cyber Weekend set to reach $4.7 billion.

How are retailers luring holiday shoppers with their offerings?

Analysts predict that shops will need to rely on sales and early deals to survive this holiday season, as household budgets are being squeezed by the return of student loan payments and the cost of rent and necessities.

According to Deloitte statistics, consumers last year wanted to maximise promotional activities and finish their shopping in just 5.8 weeks as opposed to a 7.4-week window before the epidemic.

This year, what are the must-have items for Black Friday?

With the recent release of the iPhone 15, smartphones will once again be in demand. Customers who were hoping to purchase Apple's iPhone 14 Pro and iPhone 14 Pro Max last year came away empty-handed as the tech giant battled production issues in China.

According to a Mastercard survey, electronics are predicted to be the most popular choice this holiday shopping season, with growth of 6 per cent predicted.

A Play Station 5 bundle with "Call of Duty: Modern Warfare III" or Marvel's "Spider-Man 2" was available for $499.99 at Best Buy during the start of the retailer's Black Friday sales in late October.

Skin and hair care items are still in demand. Ulta Beauty is selling CoverGirl and Lancome mascaras, Bobbi Brown concealers, and some of its brand products at up to 40 per cent off.

(With inputs from Reuters)

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Black Friday falls on November 24, this year. Retailers are getting ready for what they think will be another record-breaking worldwide shopping frenzy. Black Friday is typically considered to be the unofficial start of the Christmas shopping season because of the large crowds that gather at big-box stores in the early hours after American Thanksgiving to take advantage of doorbuster prices.

Black Friday falls on November 24, this year. Retailers are getting ready for what they think will be another record-breaking worldwide shopping frenzy. Black Friday is typically considered to be the unofficial start of the Christmas shopping season because of the large crowds that gather at big-box stores in the early hours after American Thanksgiving to take advantage of doorbuster prices. Retailers will be attempting to capitalise on the excitement in the US, Europe, and other regions. What to anticipate on Black Friday in 2023 is as follows. History of the word 'Black Friday' Police and bus drivers in Philadelphia began referring to the mayhem that a large inflow of people to the city caused before Thanksgiving weekend as "Black Friday" sometime in the 1960s and early 1970s. On Fridays, shoppers would scour Philadelphia's stores with their Christmas lists in hand, searching for the perfect presents. Parking infractions and shoplifting followed. Department stores changed the name to "Big Friday" to give it a more uplifting connotation. However, the moniker did not endure, and since the 1980s, retailers have started characterising Black Friday as the day when customers begin their holiday shopping and their retail ledgers are purportedly "in the black," or operating at a profit, according to Marcus Collins, a marketing professor at the University of Michigan's Ross School of Business. Retailers' plans this year Early Black Friday "deals" of up to 30 per cent off on some limited products online and in stores are already being promoted by retailers such as Best Buy, Macy's, H&M, and pure e-commerce companies like Shein and Temu. They may gauge consumer demand and prevent product shortages, which could be a major issue this year, with the aid of such early marketing. A severe drought has caused the water levels in the Panama Canal, a vital commercial route, to plummet, which has reduced the amount of ships passing through it. Intentionally, a lot of American retailers reduced their recruiting intentions for the holidays. Retailers in Europe are also facing a labour crisis, which means that customers may encounter a staffing shortfall. Are this year's Black Friday crowds likely? The National Retail Federation (NRF) reports that 130.7 million consumers are expected to shop on Black Friday this year. In the US, Thanksgiving weekend, which includes Black Friday and Cyber Monday (the Monday following Thanksgiving), is usually the busiest time to shop. Retail analytics company Sensormatic Solutions predicts that over the holiday season, in-store traffic will decrease by 3.5 per cent from the previous year. According to AccuWeather, rainy weather is mainly not predicted this year, which discouraged in-store traffic on Black Friday morning in various parts of the United States last year. While the majority of American stores will remain closed on Thanksgiving this year and instead open to customers at 5 or 6 a.m. on Friday, some retailers are promoting online deals that begin at 12:01 a.m. on Thanksgiving. Kohl's is one of them, offering what it refers to as a "Super Deal" on several items on Thanksgiving and Black Friday, such as Beats Studio Buds wireless noise-cancelling earbuds for $89.99 instead of the usual $149.99. This year, curbside pick-up and online ordering are being promoted by both large and small retailers as convenient options for those who prefer to bypass storefronts. According to data from Adobe Analytics, American Black Friday internet sales have more than tripled in the last ten years, hitting $9.12 billion on the day last year. This year, will shoppers find Black Friday deals? Reuters investigation suggests that several large retailers, including Dollar General, Walmart, and Macy's, may have excess inventory for the second year in a row. To entice customers to visit their stores and websites, they probably need to provide discounts. Research company Jane Hali & Associates reported even before Black Friday that Nordstrom and Kohl's saw a decline in foot traffic, while Macy's and Kohl's had discounts of up to 60 per cent. Online savings of up to 35 per cent on toys, 24 per cent on athletic items, and 19 per cent on furniture are anticipated, according to Adobe. Amounts expected to be spent by shoppers? The NRF predicts that holiday sales in U.S. stores and online will increase by 3 per cent to 4 per cent in November and December, which will be their weakest growth rate in five years. According to Adobe Analytics, Black Friday internet spending is predicted to increase 5.7 per cent to approximately $9.6 billion. According to a survey by fintech company Finder, 132 million Americans want to shop the pre-holiday sales, which include Black Friday and Cyber Monday, in 2023, down from a projected 140 million consumers in the previous year. According to an Adobe projection, Black Friday online spending in the UK is anticipated to increase 4.5 per cent to $1.30 billion, with total sales throughout the Cyber Weekend set to reach $4.7 billion. How are retailers luring holiday shoppers with their offerings? Analysts predict that shops will need to rely on sales and early deals to survive this holiday season, as household budgets are being squeezed by the return of student loan payments and the cost of rent and necessities. According to Deloitte statistics, consumers last year wanted to maximise promotional activities and finish their shopping in just 5.8 weeks as opposed to a 7.4-week window before the epidemic. This year, what are the must-have items for Black Friday? With the recent release of the iPhone 15, smartphones will once again be in demand. Customers who were hoping to purchase Apple's iPhone 14 Pro and iPhone 14 Pro Max last year came away empty-handed as the tech giant battled production issues in China. According to a Mastercard survey, electronics are predicted to be the most popular choice this holiday shopping season, with growth of 6 per cent predicted. A Play Station 5 bundle with "Call of Duty: Modern Warfare III" or Marvel's "Spider-Man 2" was available for $499.99 at Best Buy during the start of the retailer's Black Friday sales in late October. Skin and hair care items are still in demand. Ulta Beauty is selling CoverGirl and Lancome mascaras, Bobbi Brown concealers, and some of its brand products at up to 40 per cent off. (With inputs from Reuters) WATCH WION LIVE HERE

Unveiling Black Friday: Must-have deals in high demand ahead of shopping frenzy

Javier Milei's dollarisation gets first test as Argentine banks reopen. As soon as Javier Milei took office as president-elect of Argentina, investors welcomed him with open arms. stocks on Wall Street rose to levels not seen in at least a decade, while bond prices rose on hopes that he might rescue the faltering economy.

Argentine markets soar on Dollarisation announcement | World Business Watch

A financial battleground emerges on Wall Street as industry juggernauts vie for regulatory approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs). Blackrock, Fidelity, and Ark Invest headline the race, seeking to revolutionize crypto investments and revive a market battered by last year's meltdowns.

Major players revive Crypto market | World Business Watch

Elon Musk's Tesla and India are closing in on an agreement that would allow the automaker to ship its electric cars to India from 2024 and set up a factory within two years, a report by the news agency Bloomberg said on Monday (Nov 21).

Elon Musk's Tesla and India are closing in on an agreement that would allow the automaker to ship its electric cars to India from 2024 and set up a factory within two years, a report by the news agency Bloomberg said on Monday (Nov 21). Speaking to Bloomberg, people familiar with the developments said that an announcement could come at the Vibrant Gujarat Global Summit in January. One of the persons said the states of Gujarat, Maharashtra and Tamil Nadu are under consideration as they already have well-established ecosystems for electric vehicles (EV) and exports. Another person said that Tesla will commit an initial minimum investment in any plant of around $2 billion, and would look to increase purchases of auto parts from India to as much as $15 billion. The automaker will also seek to make some batteries in the country to bring down costs, the person added. Indian minister visits Tesla plant, hails automaker's ties with New Delhi Nearly a week back, Indian Trade Minister Piyush Goyal visited Tesla's factory in California's Fremont and hailed the automaker's ties with New Delhi. Trade Minister Goyal said that Tesla was on track to double its import of components from India. In a post on X, Goyal said that he was proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. The Modi government has been pushing to increase domestic manufacturing of EVs and encourage a more rapid adoption of cleaner transport. Bloomberg reported that in India, the demand for EVs is growing among aspirational middle-class consumers, and this could be a boon for Tesla. Currently, the automaker doesn't import cars directly to India due to the high tariffs that are levied. Bloomberg also reported that when its first locally made cars do go on sale they could retail for as little as $20,000. Elon Musk has criticised India's high import taxes and its EV policies. India, meanwhile, advised Tesla not to sell cars in the country that have been made in China. (With inputs from agencies)

Tesla to ship cars to India from 2024, set up factory within two years: Report

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum

The leading manufacturer of AI chips, Nvidia, is expected to release&nbsp;strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing&nbsp;limitations on the sale of its premium chips to China, which has raised serious concerns among investors.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-high-stakes-dance-ai-triumphs-amidst-china-conundrum-660974">Read more here</a>

Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices

Desperation in Toronto's housing market is evident with sky-high&nbsp;prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed.

<a href="https://www.wionews.com/business-economy/torontos-housing-desperation-half-a-bed-for-c-900-a-month-amid-soaring-prices-660985">Read more here</a>

French diplomat heads to China amid EV tensions. Here are the details

France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs).

<a href="https://www.wionews.com/business-economy/french-diplomat-heads-to-china-amid-ev-tensions-here-are-the-details-661011">Read more here</a>

Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces

Amid the upheaval surrounding OpenAI, Microsoft has taken&nbsp;advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation.

<a href="https://www.wionews.com/business-economy/microsofts-valuation-soars-as-openai-turmoil-unfurls-ceo-and-key-staff-join-forces-661032">Read more here</a>

Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report

Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs,&nbsp;igniting a new hype cycle.

<a href="https://www.wionews.com/business-economy/wall-street-awaits-100-bn-crypto-boom-with-bitcoin-etfs-report-661050">Read more here</a>

Japan's wage boom paves the way for BOJ exit, boosts inflation battle

The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented&nbsp;for the past ten years, as the country prepares for a second year of large salary increases.

<a href="https://www.wionews.com/business-economy/japans-wage-boom-paves-the-way-for-boj-exit-boosts-inflation-battle-661062">Read more here</a> 

Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired

After CEO Sam Altman was abruptly fired, investors at OpenAI, consider&nbsp;suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives.

<a href="https://www.wionews.com/business-economy/investor-uproar-at-openai-legal-battle-looms-after-ceo-sam-altman-fired-661069">Read more here</a> 

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Nvidia's High-Stakes Dance: AI triumphs amidst China conundrum The leading manufacturer of AI chips, Nvidia, is expected to release strong revenue projections on Tuesday based on the popularity of its AI-enabled products. Eyes are focused on the possible effects of the United States' increasing limitations on the sale of its premium chips to China, which has raised serious concerns among investors. Read more here Toronto's Housing Desperation: Half-a-Bed for C$ 900 a month amid soaring prices Desperation in Toronto's housing market is evident with sky-high prices people are ready to pay to rent a half-bed. A half-bed was being offered for 900 Canadian dollars a month, according to the shocking Facebook post that has since been now removed. Read more here French diplomat heads to China amid EV tensions. Here are the details France's top diplomat, Catherine Colonna, is scheduled to travel to China this week in an attempt to repair relations damaged by an anti-subsidy inquiry into Chinese electric cars (EVs). Read more here Microsoft's Valuation Soars as OpenAI Turmoil Unfurls: CEO and key staff join forces Amid the upheaval surrounding OpenAI, Microsoft has taken advantage of the situation and hired key staff, including the company's ex-CEO: Sam Altman, increasing Microsoft's valuation. Read more here Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report Wall Street is anticipating the impending launch of Bitcoin exchange-traded funds (ETFs), which is expected to mark the official launch of cryptocurrency. Industry insiders are focusing on a potential $100 billion market as a result of the anticipated approval from the US Securities and Exchange Commission (SEC) for these ETFs, igniting a new hype cycle. Read more here Japan's wage boom paves the way for BOJ exit, boosts inflation battle The Bank of Japan (BOJ) may decide to reduce its monetary stimulus programme, which has been implemented for the past ten years, as the country prepares for a second year of large salary increases. Read more here Investor Uproar at OpenAI: Legal battle looms after CEO Sam Altman fired After CEO Sam Altman was abruptly fired, investors at OpenAI, consider suing the board of directors. Anxious over possible losses, these investors are working with solicitors to assess their alternatives. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Nvidia's AI chip revenue, Toronto's housing desperation & more

Lately, there's been chatter that the Federal Reserve might be wrapping up its interest-rate tightening game. Why does that matter? Well, it's like a domino effect, and one of those falling dominos is gold, inching closer to $2,000 an ounce again. Remember, when gold makes big moves, it often signals something bigger on the horizon.

In early November, analysts turned bullish on gold when it busted through $1,940. Now, their crystal balls are predicting a test of the $2,075 record high in the next few months. And, if it manages to cozy up with a monthly close above $2,100, some are even expecting a long-term journey up to $3,500 or beyond. That's a big deal in the precious metals world.

But here's where it gets real for the everyday folks and why we should be worried that the level of U.S. credit-card delinquencies is waving a red flag for an upcoming recession.

&nbsp;When consumers are 30+ days late on their credit card bills, it's not just a sign of forgetfulness – it's often a signal that wallets are feeling a bit too tight. And when that extends to 90+ days late, it's like a louder alarm blaring in the economic control room.

Historically, when more people delay paying off their credit cards, it's a cue that consumers are tightening their belts. It's not just about cutting back on fancy dinners or dreamy vacations; it's about essentials too – like medicine and food. When our wallets start feeling the pinch, we rethink where every dollar goes.

So, here's the lowdown – rising credit card delinquencies are like a memo from the financial wizards, telling us that people are struggling. When folks tighten their spending, it ripples through the economy. Businesses feel it, jobs might be on shaky ground, and suddenly, we're talking about a recession knocking at the door.

It's like a wake-up call for us consumers. When we see those credit card delinquencies climbing, it's not just about numbers on a chart; it's about our everyday lives.

And for now, it's not looking like the best of times for the average American.

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Lately, there's been chatter that the Federal Reserve might be wrapping up its interest-rate tightening game. Why does that matter? Well, it's like a domino effect, and one of those falling dominos is gold, inching closer to $2,000 an ounce again.

Lately, there's been chatter that the Federal Reserve might be wrapping up its interest-rate tightening game. Why does that matter? Well, it's like a domino effect, and one of those falling dominos is gold, inching closer to $2,000 an ounce again. Remember, when gold makes big moves, it often signals something bigger on the horizon. In early November, analysts turned bullish on gold when it busted through $1,940. Now, their crystal balls are predicting a test of the $2,075 record high in the next few months. And, if it manages to cozy up with a monthly close above $2,100, some are even expecting a long-term journey up to $3,500 or beyond. That's a big deal in the precious metals world. But here's where it gets real for the everyday folks and why we should be worried that the level of U.S. credit-card delinquencies is waving a red flag for an upcoming recession. When consumers are 30+ days late on their credit card bills, it's not just a sign of forgetfulness – it's often a signal that wallets are feeling a bit too tight. And when that extends to 90+ days late, it's like a louder alarm blaring in the economic control room. Historically, when more people delay paying off their credit cards, it's a cue that consumers are tightening their belts. It's not just about cutting back on fancy dinners or dreamy vacations; it's about essentials too – like medicine and food. When our wallets start feeling the pinch, we rethink where every dollar goes. So, here's the lowdown – rising credit card delinquencies are like a memo from the financial wizards, telling us that people are struggling. When folks tighten their spending, it ripples through the economy. Businesses feel it, jobs might be on shaky ground, and suddenly, we're talking about a recession knocking at the door. It's like a wake-up call for us consumers. When we see those credit card delinquencies climbing, it's not just about numbers on a chart; it's about our everyday lives. And for now, it's not looking like the best of times for the average American. WATCH WION LIVE HERE

Decoded: Are credit card delinquencies pointing at a recession in the U.S?

Tensions are on the rise within amazon's corporate walls as the retail giant takes a firm stand on its return-to-office policy. Employees facing the three-days-a-week mandate now discover it's not just about being at their desks – it's about promotions.

Amazon employees face consequences for remote work resistance | World Business Watch

France, Germany and Italy have reached an agreement on how to regulate Artificial Intelligence need of the hour. According to media reports, the agreement is expected to hasten negotiations for AI legislation at the EU.

Germany, France & Italy reach agreement on future AI regulation | World Business Watch

In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday.

According to Reuters, Cazenave emphasised the potential for savings in office space, suggesting a 25 per cent reduction in administrative space and possible real estate sales. He highlighted the excess ratio of office space per civil servant compared to private industry standards.

This move aligns with the evolving work landscape post-COVID-19, with increased remote work. Additionally, Finance Minister Bruno Le Maire acknowledged the need for courageous choices, especially in reviewing unemployment benefits for seniors, to achieve the ambitious target of reducing the unemployment rate to 5 per cent by 2027.

Reuters cited Finance Minister Bruno Le Maire, who spoke on the necessity of revisiting social policies to achieve the government's goal of lowering the unemployment rate to 5 per cent by 2027. Le Maire specifically pointed to the need for bold decisions regarding schemes related to seniors' unemployment benefits.

This statement follows the government's efforts in reducing the unemployment rate from 9 per cent to 7 per cent. The proposed changes aim to address structural issues and ensure sustained economic recovery.

In response to Prime Minister Elisabeth Borne's discussions on Thursday, Budget Minister Thomas Cazenave confirmed that the government is pursuing an additional 12 billion euros in spending cuts for the 2025 budget. The overall objective is to trim spending by 16 billion euros for the 2024 budget and an additional 12 billion euros for the 2025 budget.

Cazenave emphasised the government's commitment to reducing deficits, targeting 4.4 per cent of GDP in 2024 and further lowering it to 3.7 per cent in 2025.

(With inputs from Reuters)

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In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday.

In a bid to curb the state deficit, France is contemplating the sale of real estate and reducing government spending on office space, according to statements by Budget Minister Thomas Cazenave on Sunday. According to Reuters, Cazenave emphasised the potential for savings in office space, suggesting a 25 per cent reduction in administrative space and possible real estate sales. He highlighted the excess ratio of office space per civil servant compared to private industry standards. This move aligns with the evolving work landscape post-COVID-19, with increased remote work. Additionally, Finance Minister Bruno Le Maire acknowledged the need for courageous choices, especially in reviewing unemployment benefits for seniors, to achieve the ambitious target of reducing the unemployment rate to 5 per cent by 2027. Reuters cited Finance Minister Bruno Le Maire, who spoke on the necessity of revisiting social policies to achieve the government's goal of lowering the unemployment rate to 5 per cent by 2027. Le Maire specifically pointed to the need for bold decisions regarding schemes related to seniors' unemployment benefits. This statement follows the government's efforts in reducing the unemployment rate from 9 per cent to 7 per cent. The proposed changes aim to address structural issues and ensure sustained economic recovery. In response to Prime Minister Elisabeth Borne's discussions on Thursday, Budget Minister Thomas Cazenave confirmed that the government is pursuing an additional 12 billion euros in spending cuts for the 2025 budget. The overall objective is to trim spending by 16 billion euros for the 2024 budget and an additional 12 billion euros for the 2025 budget. Cazenave emphasised the government's commitment to reducing deficits, targeting 4.4 per cent of GDP in 2024 and further lowering it to 3.7 per cent in 2025. (With inputs from Reuters) WATCH WION LIVE HERE

France mulls real estate sales and senior unemployment benefit to tackle budget deficit

Retail sales have experienced an unexpected dip, marking the lowest level since the 2021 Covid-19 lockdowns. This downturn echoes a broader narrative, suggesting a shared challenge faced by economies worldwide.

UK retail sales plunge 0.3% amid economic challenges | World Business Watch

The Meta GWI beauty report 2023 reveals a fascinating narrative of how Instagram reels, influencers, and Meta's vast reach have redefined consumer behaviour. From discovering products to making weekly purchases, the screen has become the new shopping cart.

Meta's role in the surge of online beauty & fashion buying

A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday.

The tender offer, led by Thrive Capital, had reached its final stages and was anticipated to conclude next month. The sudden management shakeup has cast doubt on the completion of the sale, raising concerns among stakeholders.

The upheaval at OpenAI unfolded after the board ousted CEO Sam Altman on Friday, triggering a chain of executive departures, including OpenAI president and co-founder Greg Brockman, who gave up his role as chairman. The abrupt changes reportedly caught many employees off guard, learning about the developments through an internal message and the company's public blog.

OpenAI, known for its ChatGPT language model, gained prominence in the field of generative AI with substantial backing from Microsoft. The non-profit organisation, despite its ties with Microsoft, does not have a board seat from the tech giant.

The firing of Altman and the subsequent executive departures have created uncertainty not only within the company but also regarding the completion of the share sale that could have valued OpenAI at $86 billion.

(With inputs from Reuters)

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A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday.

A planned share sale by OpenAI, valuing the startup at around $86 billion, is now in jeopardy following the unexpected firing of CEO Sam Altman and the departure of several top executives, as reported by The Information on Saturday. The tender offer, led by Thrive Capital, had reached its final stages and was anticipated to conclude next month. The sudden management shakeup has cast doubt on the completion of the sale, raising concerns among stakeholders. The upheaval at OpenAI unfolded after the board ousted CEO Sam Altman on Friday, triggering a chain of executive departures, including OpenAI president and co-founder Greg Brockman, who gave up his role as chairman. The abrupt changes reportedly caught many employees off guard, learning about the developments through an internal message and the company's public blog. OpenAI, known for its ChatGPT language model, gained prominence in the field of generative AI with substantial backing from Microsoft. The non-profit organisation, despite its ties with Microsoft, does not have a board seat from the tech giant. The firing of Altman and the subsequent executive departures have created uncertainty not only within the company but also regarding the completion of the share sale that could have valued OpenAI at $86 billion. (With inputs from Reuters) WATCH WION LIVE HERE

OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman

A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India.

It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches. 47 per cent of consumers discovered beauty products through Reels, resulting in one in three beauty consumers making purchases directly through Instagram Reels.

The report surveyed over 2,000 consumers aged 6-64 across 74 cities in June, and brought out the transformation in consumer behaviour in the beauty and personal care categories. The influence of online marketplaces, coupled with the emergence of new brands has fuelled the demand for beauty products, especially during the COVID-19 pandemic.

The shift towards online purchases is significant, with 68 per cent of beauty buyers now preferring online transactions, marking a 15 per cent increase from pre-pandemic levels.

A Mint report cited Meghna Apparao, Director for Ecommerce and Retail for Meta in India, who emphasised the rapid growth of both beauty and fashion verticals on Meta platforms, including Facebook, Instagram, and WhatsApp. She highlighted the transformative impact of social media on the purchase experience, creating a pressing need for brands and marketers to engage with consumers differently, especially during festive and upcoming wedding seasons. Meta's reach is staggering, with around 3.14 billion people using at least one Meta app daily in September.

Bite-sized content on social media has become a powerful tool in influencing purchasing decisions globally, transforming the retail landscape. Additionally, the study highlights the growing interest in content created by influencers.

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A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India. It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches.

A recent Meta GWI Beauty Report for 2023 has uncovered the dominance of Instagram Reels in shaping beauty purchases in India. It was revealed that over 80 per cent consumers prefer buying beauty products online, with Meta’s Facebook and Instagram leading beauty product searches. 47 per cent of consumers discovered beauty products through Reels, resulting in one in three beauty consumers making purchases directly through Instagram Reels. The report surveyed over 2,000 consumers aged 6-64 across 74 cities in June, and brought out the transformation in consumer behaviour in the beauty and personal care categories. The influence of online marketplaces, coupled with the emergence of new brands has fuelled the demand for beauty products, especially during the COVID-19 pandemic. The shift towards online purchases is significant, with 68 per cent of beauty buyers now preferring online transactions, marking a 15 per cent increase from pre-pandemic levels. A Mint report cited Meghna Apparao, Director for Ecommerce and Retail for Meta in India, who emphasised the rapid growth of both beauty and fashion verticals on Meta platforms, including Facebook, Instagram, and WhatsApp. She highlighted the transformative impact of social media on the purchase experience, creating a pressing need for brands and marketers to engage with consumers differently, especially during festive and upcoming wedding seasons. Meta's reach is staggering, with around 3.14 billion people using at least one Meta app daily in September. Bite-sized content on social media has become a powerful tool in influencing purchasing decisions globally, transforming the retail landscape. Additionally, the study highlights the growing interest in content created by influencers. WATCH WION LIVE HERE

Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report

Around 500 employees at OpenAI have threatened to leave the artificial intelligence (AI) firm unless the board resigns and reinstates Sam Altman as the Chief Executive Officer (CEO) along with co-founder Greg Brockman. According to a report by Wired on Monday (Nov 20), these 490 employees wrote a letter to the board saying, "The process through which you terminated Sam Altman and removed Greg Brockman from the board has jeopardized all of this work and undermined our mission and company."

“Your conduct has made it clear you did not have the competence to oversee OpenAI,” the letter added. This letter just comes hours after it was announced Altman and Brockman would be joining Microsoft to head a new advanced AI research unit.

The staff also said that they would join Altman at Microsoft unless their demands were met.&nbsp;

The report said that one of the signatories of this letter was OpenAI's Chief Scientist Ilya Sutskever who is also a member of the board. Sutskever was blamed for coordinating the coup against Altman in the first place.

In a post on X, he said, "I deeply regret my participation in the board's actions. I never intended to harm OpenAI. I love everything we've built together and I will do everything I can to reunite the company." 
&nbsp;

Around 500 employees at OpenAI have threatened to leave the artificial intelligence (AI) firm unless the board resigns and reinstates Sam Altman as the Chief Executive Officer (CEO) along with co-founder Greg Brockman.

Around 500 employees at OpenAI have threatened to leave the artificial intelligence (AI) firm unless the board resigns and reinstates Sam Altman as the Chief Executive Officer (CEO) along with co-founder Greg Brockman. According to a report by Wired on Monday (Nov 20), these 490 employees wrote a letter to the board saying, "The process through which you terminated Sam Altman and removed Greg Brockman from the board has jeopardized all of this work and undermined our mission and company." “Your conduct has made it clear you did not have the competence to oversee OpenAI,” the letter added. This letter just comes hours after it was announced Altman and Brockman would be joining Microsoft to head a new advanced AI research unit. The staff also said that they would join Altman at Microsoft unless their demands were met. The report said that one of the signatories of this letter was OpenAI's Chief Scientist Ilya Sutskever who is also a member of the board. Sutskever was blamed for coordinating the coup against Altman in the first place. In a post on X, he said, "I deeply regret my participation in the board's actions. I never intended to harm OpenAI. I love everything we've built together and I will do everything I can to reunite the company."

Over 500 OpenAI staff threaten to quit unless board resigns and reinstates Sam Altman, Greg Brockman

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report

According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products. Over 80 per cent&nbsp;of customers prefer to purchase beauty goods online, according to data, with Meta's Facebook and Instagram ranking first for beauty product searches.&nbsp;

<a href="https://www.wionews.com/business-economy/instagram-reels-reshape-beauty-fashion-shopping-landscape-in-india-meta-gwi-beauty-report-660623">Read more here</a>&nbsp;

OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman

The unexpected sacking of CEO Sam Altman and the exit of numerous key executives have put OpenAI's planned share sale, which valued the business at over $86 billion, in risk.

<a href="https://www.wionews.com/business-economy/openais-86-bn-valuation-in-limbo-after-the-firing-of-ceo-sam-altman-660630">Read more here&nbsp;</a>

France mulls real estate sales and senior unemployment benefit to tackle budget deficit

France is considering selling real estate and cutting back on government spending on office space in an effort to reduce the country's budget deficit, according to a statement made by Budget Minister Thomas Cazenave.

<a href="https://www.wionews.com/business-economy/france-mulls-real-estate-sales-and-senior-unemployment-benefit-to-tackle-budget-deficit-660658">Read more here</a>&nbsp;

Global Central Banks Navigate Rate Hike Dilemma: Nordic nations take centre stage

Key decision-makers for their counterparts in northern Europe are faced with uncertain times as major central banks in the US, euro zone, and the UK temporarily halt rate hikes.&nbsp;

<a href="https://www.wionews.com/business-economy/global-central-banks-navigate-rate-hike-dilemma-nordic-nations-take-centre-stage-660676">Read more here&nbsp;</a>

Indo-Pacific trade pillar stumbles, US faces setback in countering China

An important component of the Biden administration's effort to confront China, the Indo-Pacific Economic Framework (IPEF), was about to reach a much-anticipated milestone when discussions on the trade pillar encountered resistance, putting the initiative at risk.

<a href="https://www.wionews.com/business-economy/indo-pacific-trade-pillar-stumbles-us-faces-setback-in-countering-china-660684">Read more here&nbsp;</a>

Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage

Following one of Australia's biggest data breaches last year and a significant network-wide outage earlier this month, the CEO of Optus, the country's second-largest telecom provider, announced his resignation on Monday, Nov. 20.

<a href="https://www.wionews.com/business-economy/australia-optus-ceo-kelly-bayer-rosmarin-quits-after-network-wide-outage-660680">Read more here&nbsp;</a>

Amazon's Promotion Dilemma: Return to office or risk career growth

Amazon is putting more pressure on its corporate workers to follow its policy of returning to the workplace, threatening to withhold promotions from those who do not. The requirement that workers show up to work three days a week has caused friction with some of Amazon's 350,000 corporate employees.

<a href="https://www.wionews.com/business-economy/amazons-promotion-dilemma-return-to-office-or-risk-career-growth-660693">Read more here&nbsp;</a>

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WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers' decisions about beauty products. Over 80 per cent of customers prefer to purchase beauty goods online, according to data, with Meta's Facebook and Instagram ranking first for beauty product searches. Read more here OpenAI's $86 bn valuation in limbo after the firing of CEO Sam Altman The unexpected sacking of CEO Sam Altman and the exit of numerous key executives have put OpenAI's planned share sale, which valued the business at over $86 billion, in risk. Read more here France mulls real estate sales and senior unemployment benefit to tackle budget deficit France is considering selling real estate and cutting back on government spending on office space in an effort to reduce the country's budget deficit, according to a statement made by Budget Minister Thomas Cazenave. Read more here Global Central Banks Navigate Rate Hike Dilemma: Nordic nations take centre stage Key decision-makers for their counterparts in northern Europe are faced with uncertain times as major central banks in the US, euro zone, and the UK temporarily halt rate hikes. Read more here Indo-Pacific trade pillar stumbles, US faces setback in countering China An important component of the Biden administration's effort to confront China, the Indo-Pacific Economic Framework (IPEF), was about to reach a much-anticipated milestone when discussions on the trade pillar encountered resistance, putting the initiative at risk. Read more here Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage Following one of Australia's biggest data breaches last year and a significant network-wide outage earlier this month, the CEO of Optus, the country's second-largest telecom provider, announced his resignation on Monday, Nov. 20. Read more here Amazon's Promotion Dilemma: Return to office or risk career growth Amazon is putting more pressure on its corporate workers to follow its policy of returning to the workplace, threatening to withhold promotions from those who do not. The requirement that workers show up to work three days a week has caused friction with some of Amazon's 350,000 corporate employees. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Instagram reels reshape beauty, OpenAI's $86 bn valuation in limbo & more

The chief of Australia’s second-largest telecom company&nbsp;Optus resigned on Monday (Nov 20) after a massive network-wide outage, earlier this month and one of Australia’s largest data breaches, last year.

Kelly Bayer Rosmarin ended her&nbsp;more than three-year&nbsp;tumultuous&nbsp;tenure&nbsp;as the CEO, after being under pressure having headed Optus through two national scandals that have tarnished the reputation of the Australian telecom&nbsp;giant.

<h2>‘An honour to serve’</h2>

In a statement, the now-former CEO said it had been “an honour to serve” but it was now appropriate for her to step down. “Having now had time for some personal reflection, I have come to the decision that my resignation is in the best interest of Optus moving forward,” the statement added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/health-emergency-financial-services-disrupted-in-australia-as-telecom-giant-suffers-outage-now-restored-656529">Health, emergency, financial services hit in Australia as telecom giant Optus suffers outage, now restored</a>

Optus’ parent company, Singapore Telecommunications, announced Rosmarin’s resignation days after a network-wide outage left nearly half of Australia’s 26 million people without phone or internet for 12 hours.

The chief executive of Optus’ Singaporean parent company, Yuen Kuan Moon thanked her for her hardwork during a “challenging period,” referring to how she contributed to improving financial performance despite being appointed at the beginning of the pandemic, in 2020.&nbsp;

Rosmarin’s resignation also came after a parliamentary hearing on Friday (Nov 18) where Optus executives admitted that they had no contingency plan for an outage of that scale.

The recent outage&nbsp;not only sparked anger and frustration among Australians but also raised concerns about the country’s telecommunications infrastructure.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/former-openai-chief-sam-altman-seen-outside-firms-hq-amid-reports-of-being-invited-by-interim-ceo-660602">Sam Altman to be rehired? Reports suggest OpenAI’s interim CEO wants to bring back ousted predecessor</a>

The now-former CEO also told the hearing that around 200 calls to Australian emergency hotline Triple-0 had failed but the company made sure to follow up on all the incidents and reported that “thankfully everybody is OK”.&nbsp;

The outage on November 8 also caused transport delays, cut hospital phone lines, and shut down payment systems. She told the Senate hearing that thousands of Australians were pursuing the telecom company for compensation.

Notably, the company is also in the midst of fighting another class action lawsuit brought by more than 100,000 current and former customers over a massive data breach last year which affected 10 million people and is believed to be the worst one in Australian history.&nbsp;

<h2>What now?</h2>

In the meantime, Rosmarin will be replaced by the company’s Chief Financial Officer (CFO) Michael Venter while the firm looks for a replacement, as Optus works on regaining customer confidence.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/optus-leak-singapore-telecommunications-appoints-deloitta-to-assess-data-breach-522072">Optus leak: Singapore Telecommunications appoints Deloitte to assess data breach</a>

“We recognise the need for Optus to regain customer trust and confidence as the team works through the impact and consequences of the recent outage and continues to improve,” said Moon, in a statement.

(With inputs from agencies)

The chief of Australia’s second-largest telecom company Optus resigned on Monday (Nov 20) after a massive network-wide outage, earlier this month and one of Australia’s largest data breaches, last year.

The chief of Australia’s second-largest telecom company Optus resigned on Monday (Nov 20) after a massive network-wide outage, earlier this month and one of Australia’s largest data breaches, last year. Kelly Bayer Rosmarin ended her more than three-year tumultuous tenure as the CEO, after being under pressure having headed Optus through two national scandals that have tarnished the reputation of the Australian telecom giant. ‘An honour to serve’ In a statement, the now-former CEO said it had been “an honour to serve” but it was now appropriate for her to step down. “Having now had time for some personal reflection, I have come to the decision that my resignation is in the best interest of Optus moving forward,” the statement added. ALSO READ | Health, emergency, financial services hit in Australia as telecom giant Optus suffers outage, now restored Optus’ parent company, Singapore Telecommunications, announced Rosmarin’s resignation days after a network-wide outage left nearly half of Australia’s 26 million people without phone or internet for 12 hours. The chief executive of Optus’ Singaporean parent company, Yuen Kuan Moon thanked her for her hardwork during a “challenging period,” referring to how she contributed to improving financial performance despite being appointed at the beginning of the pandemic, in 2020. Rosmarin’s resignation also came after a parliamentary hearing on Friday (Nov 18) where Optus executives admitted that they had no contingency plan for an outage of that scale. The recent outage not only sparked anger and frustration among Australians but also raised concerns about the country’s telecommunications infrastructure. ALSO READ | Sam Altman to be rehired? Reports suggest OpenAI’s interim CEO wants to bring back ousted predecessor The now-former CEO also told the hearing that around 200 calls to Australian emergency hotline Triple-0 had failed but the company made sure to follow up on all the incidents and reported that “thankfully everybody is OK”. The outage on November 8 also caused transport delays, cut hospital phone lines, and shut down payment systems. She told the Senate hearing that thousands of Australians were pursuing the telecom company for compensation. Notably, the company is also in the midst of fighting another class action lawsuit brought by more than 100,000 current and former customers over a massive data breach last year which affected 10 million people and is believed to be the worst one in Australian history. What now? In the meantime, Rosmarin will be replaced by the company’s Chief Financial Officer (CFO) Michael Venter while the firm looks for a replacement, as Optus works on regaining customer confidence. ALSO READ | Optus leak: Singapore Telecommunications appoints Deloitte to assess data breach “We recognise the need for Optus to regain customer trust and confidence as the team works through the impact and consequences of the recent outage and continues to improve,” said Moon, in a statement. (With inputs from agencies)

Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage

As we kick off the busy trading week, here's a sneak peek into what could trigger markets this week.

Focus intensifies on the U.S. Federal Reserve, set to release the minutes of its late October meeting a day earlier due to Thanksgiving. Investors eagerly seek insights into the central bank's stance on interest rates, especially with recent signs of inflation cooling adding intrigue to the analysis.

Retail sales during the thanksgiving holiday week

As the holiday season starts, U.S. retailers gear up for Black Friday, marking the beginning of a crucial shopping period. However, this year's backdrop is different, featuring elevated interest rates and inflation above the Fed's 2% target. October's retail sales dip suggests a potential slowdown in consumer demand.

Retail giant Walmart, sheds light on consumer behavior, noting a more prudent approach to spending. Despite caution, the company raises its sales and profit forecast for the year, reflecting a mix of optimism and wariness in the retail landscape.

Nvidia reports its 3rd quarter results

Adding to the mix, major chip maker Nvidia, steps into the earnings spotlight this week. As the final member of the Magnificent Seven megacap companies to report this season, Nvidia's performance will be closely watched given substantial share gains.

Eurozone's purchasing manager index for November

Across the pond, the Eurozone is set to reveal its purchasing manager indexes data for November on Thursday. Economists, however, are cautious, not expecting a significant uptick in activity.

In essence, this week is a delicate balancing act for markets. Investors scrutinize the Fed minutes for clues, retailers brace for a nuanced holiday season, and chip giant Nvidia steps into the earnings arena. The Eurozone's data could offer further insights into the global economic landscape.

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As we kick off the busy trading week, here's a sneak peek into what could trigger markets this week. Focus intensifies on the U.S. Federal Reserve, set to release the minutes of its late October meeting a day earlier due to Thanksgiving.

As we kick off the busy trading week, here's a sneak peek into what could trigger markets this week. Focus intensifies on the U.S. Federal Reserve, set to release the minutes of its late October meeting a day earlier due to Thanksgiving. Investors eagerly seek insights into the central bank's stance on interest rates, especially with recent signs of inflation cooling adding intrigue to the analysis. Retail sales during the thanksgiving holiday week As the holiday season starts, U.S. retailers gear up for Black Friday, marking the beginning of a crucial shopping period. However, this year's backdrop is different, featuring elevated interest rates and inflation above the Fed's 2% target. October's retail sales dip suggests a potential slowdown in consumer demand. Retail giant Walmart, sheds light on consumer behavior, noting a more prudent approach to spending. Despite caution, the company raises its sales and profit forecast for the year, reflecting a mix of optimism and wariness in the retail landscape. Nvidia reports its 3rd quarter results Adding to the mix, major chip maker Nvidia, steps into the earnings spotlight this week. As the final member of the Magnificent Seven megacap companies to report this season, Nvidia's performance will be closely watched given substantial share gains. Eurozone's purchasing manager index for November Across the pond, the Eurozone is set to reveal its purchasing manager indexes data for November on Thursday. Economists, however, are cautious, not expecting a significant uptick in activity. In essence, this week is a delicate balancing act for markets. Investors scrutinize the Fed minutes for clues, retailers brace for a nuanced holiday season, and chip giant Nvidia steps into the earnings arena. The Eurozone's data could offer further insights into the global economic landscape. WATCH WION LIVE HERE

Traders' Diary | Cues to watch this week (Nov 20-24)

We delve into the impact of Gen AI on real estate, exploring how it's reshaping customer engagement, revolutionizing property design, and creating new revenue streams. Generative AI, or Gen AI, has emerged as a catalyst for transformation in an industry traditionally known for its slow adoption of cutting-edge technologies. With mountains of proprietary and third-party data at their disposal, real estate professionals are now at the precipice of leveraging Gen AI to revolutionize the way they operate. This shift, fueled by the creative and open-ended nature of Gen AI, holds the promise of generating significant value.

Decoding future property landscape

Retailers are gearing up for a potentially record-breaking Global shopping frenzy on this year's Black Friday falling on November 24th. That's the fourth Friday of November, discover how shopping is evolving globally online surges changing habits and also the forecasted boom.

Decoding the top Black Friday sales trends of 2023

Social media in India was abuzz with unconfirmed reports that&nbsp;India’s gross domestic product (GDP) breached the $4 trillion mark in nominal terms. If it is true, then it will make New Delhi the fifth-largest economy globally.

A purported screenshot of a live GDP tracker of all economies based on the International Monetary Fund (IMF) data was shared on social media by several ruling Bharatiya Janata Party (BJP) members on Sunday (Nov 19), indicating that India achieved the historic feat.

An official confirmation from the IMF or the Government of India is awaited.

Sharing the screen grab, Union Minister of State Arjun Ram Meghwal said that it was a significant achievement in India’s global presence.

Once plagued by food shortage and balance of exchange crisis, India has registered a tremendous growth in the past few decades and positioned itself as one of the fastest emerging economies.

<h2>India's road to development&nbsp;</h2>

It took Indian economy nearly 60 years from Independence (1990s) to reach the $ 1 trillion mark and added the next trillion in just seven years. In 2014, India’s GDP crossed the $2-trillion mark.

Now, India is working towards achieving a $5 trillion dollar economy by 2025 and has prepared a roadmap for it.

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India achieves a historic milestone crossing $4 Trillion in GDP, marking a significant moment in our global presence. 
 
The transformative leadership of PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> ji has propelled <a href="https://twitter.com/hashtag/NewIndia?src=hash&amp;ref_src=twsrc%5Etfw">#NewIndia</a> to unprecedented heights. <a href="https://t.co/hQMI1LV0Ml">pic.twitter.com/hQMI1LV0Ml</a>
— Arjun Ram Meghwal (@arjunrammeghwal) <a href="https://twitter.com/arjunrammeghwal/status/1726170529315623090?ref_src=twsrc%5Etfw">November 19, 2023</a></blockquote>
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It has several ongoing initiatives across sectors focused on growth. In agriculture, the government is aiming to reorient policy focus from being production-centric to becoming income-centric.

The emphasis on income provides a broader scope towards achieving the needed expansion of the sector.

<h2>India aiming to achieve $7 trillion economy by 2030</h2>

But India’s chief economic advisor Anantha Nageswaran believes that India will be a $7-trillion economy in the next seven years if the present growth trajectory is maintained.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-sends-2nd-batch-of-aid-for-palestinians-caught-in-crossfire-amid-israel-hamas-war-660400">India sends 2nd batch of aid for Palestinians caught in crossfire amid Israel-Hamas war</a>

“We are the fifth largest&nbsp;economy&nbsp;on course to becoming the third largest economy in a few years. In fact, I will say 7-in-7 is the buzz slogan, that is $7-trillion economy in seven years. It is possible if&nbsp;India&nbsp;maintains its present growth trajectory, and in that journey startup entrepreneurs are going to play an important role,” he said on Sunday.

Also read |&nbsp;<a href="https://www.wionews.com/world/g20-raised-indias-profile-as-voice-of-global-south-imec-has-potential-finnish-envoy-to-wion-660098">G20 raised India's profile as voice of Global&nbsp;South, IMEC has potential: Finnish&nbsp;envoy&nbsp;to&nbsp;WION</a>

His remarks came during a leadership talk at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram.

According to recent&nbsp;RBI&nbsp;estimates, the Indian economy is expected to grow 6.5 per cent this financial year, lower than 7.2 per cent recorded in 2022-23. The International Monetary Fund (IMF) has projected growth of 6.3 per cent every year till 2028.

Social media in India was abuzz with unconfirmed reports that India’s gross domestic product (GDP) breached the $4 trillion mark in nominal terms. If it is true, then it will make New Delhi the fifth-largest economy globally.

Social media in India was abuzz with unconfirmed reports that India’s gross domestic product (GDP) breached the $4 trillion mark in nominal terms. If it is true, then it will make New Delhi the fifth-largest economy globally. A purported screenshot of a live GDP tracker of all economies based on the International Monetary Fund (IMF) data was shared on social media by several ruling Bharatiya Janata Party (BJP) members on Sunday (Nov 19), indicating that India achieved the historic feat. An official confirmation from the IMF or the Government of India is awaited. Sharing the screen grab, Union Minister of State Arjun Ram Meghwal said that it was a significant achievement in India’s global presence. Once plagued by food shortage and balance of exchange crisis, India has registered a tremendous growth in the past few decades and positioned itself as one of the fastest emerging economies. India's road to development It took Indian economy nearly 60 years from Independence (1990s) to reach the $ 1 trillion mark and added the next trillion in just seven years. In 2014, India’s GDP crossed the $2-trillion mark. Now, India is working towards achieving a $5 trillion dollar economy by 2025 and has prepared a roadmap for it. India achieves a historic milestone crossing $4 Trillion in GDP, marking a significant moment in our global presence. The transformative leadership of PM @narendramodi ji has propelled #NewIndia to unprecedented heights. pic.twitter.com/hQMI1LV0Ml — Arjun Ram Meghwal (@arjunrammeghwal) November 19, 2023 × It has several ongoing initiatives across sectors focused on growth. In agriculture, the government is aiming to reorient policy focus from being production-centric to becoming income-centric. The emphasis on income provides a broader scope towards achieving the needed expansion of the sector. India aiming to achieve $7 trillion economy by 2030 But India’s chief economic advisor Anantha Nageswaran believes that India will be a $7-trillion economy in the next seven years if the present growth trajectory is maintained. Also read | India sends 2nd batch of aid for Palestinians caught in crossfire amid Israel-Hamas war “We are the fifth largest economy on course to becoming the third largest economy in a few years. In fact, I will say 7-in-7 is the buzz slogan, that is $7-trillion economy in seven years. It is possible if India maintains its present growth trajectory, and in that journey startup entrepreneurs are going to play an important role,” he said on Sunday. Also read | G20 raised India's profile as voice of Global South, IMEC has potential: Finnish envoy to WION His remarks came during a leadership talk at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram. According to recent RBI estimates, the Indian economy is expected to grow 6.5 per cent this financial year, lower than 7.2 per cent recorded in 2022-23. The International Monetary Fund (IMF) has projected growth of 6.3 per cent every year till 2028.

Has India become a $4-trillion economy? Social media abuzz with rumours

In a big boost to India's ambitions to be a tech manufacturing hub, the Narendra Modi government has allowed 27 companies to manufacture tech hardware in the country. This decision, taken under a 2 billion dollar incentive scheme, will help companies like Dell, HP and Foxconn.

Government allows 27 companies to manufacture hardware in India

What's next for Sam Altman - the human face of generative AI? That's the question on everyone's mind after he was sacked as the CEO of OpenAI on Friday. While one report, citing sources, suggests that hectic parleys are underway to bring back Altman as OpenAI CEO, another source-based port suggests that he is building his own artificial intelligence venture.

Sam Altman to launch new AI firm?

For long, Israel has been seen as an oasis of stability in a volatile region. But the war in Gaza has come as a black swan event for Israel, which was holding up amid the global economic downturn. Thousands have lost their lives, properties and humans have been reduced to rubble, and the economy has taken a big hit. We also talk to Israeli economist Omer Moav for more perspective.

How the war against Hamas is shaping Israel's economy?

Tightening the reins on personal loans and credit cards, India’s central banks’ stricter rules are poised to reshape borrowing costs and challenge lenders. Concerns over the rapid growth in these segments led the RBI to instruct banks to set aside more capital. This decision follows repeated warnings from RBI governor Shaktikanta Das about the escalating risks associated with certain personal loans.

India’s central bank tightens rules on personal loans & credit cards

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members&nbsp; including Russia, Mexico, Sudan, South Sudan, Azerbaijan and&nbsp;Kazakhstan. The Non-OPEC countries which export&nbsp;crude oil along with 13 OPEC members are termed as OPEC+ countries.&nbsp;

Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities.&nbsp;

Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-capitals-bogotas-great-amazon-miracle-riyadhs-oil-games-in-vienna-and-more-603219">The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more</a>&nbsp;

After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year.

<h2>Why the Saudi-led&nbsp;OPEC+ is considering&nbsp;oil cuts?</h2>

The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions.&nbsp;

Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported.&nbsp;

"You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication.

Also watch |&nbsp;OPEC + leaders emphasise investment for stable energy transition

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While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West.

But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC."

(With inputs from agencies)

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war.

Ahead of Organization of Petroleum Exporting Countries (OPEC+) meet in Vienna on November 26, Saudi Arabia is reportedly preparing to extend oil production cuts into 2024 as the bloc appears to ramp up its response to falling oil prices and regional tumult with larger geo-economic consequences amid Israel-Hamas war. As of 2023, OPEC+ have 22 members which include 13 OPEC members (Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela) and 9 Non-OPEC members including Russia, Mexico, Sudan, South Sudan, Azerbaijan and Kazakhstan. The Non-OPEC countries which export crude oil along with 13 OPEC members are termed as OPEC+ countries. Earlier this week on Thursday (Nov 16), the oil prices slumped to their lowest since July, reflecting the pressure on OPEC+ group to consider further steps — extend or deepen — over their daily oil production capabilities. Brent crude, the conventional international oil benchmark dropped 5.2 per cent on Thursday (Nov 16) as the prices went under $77 per barrel. Besides, in the backdrop of Russian offensive in Ukraine launched in February 2022, the crude oil price cap has been imposed at $60 per barrel for Russian oil exports, a benchmark Moscow has managed to evade. Also read | The Capitals: Bogota's great Amazon miracle, Riyadh's oil games in Vienna and more After the oil prices hit a four-month low of $77 a barrel this week, Financial Times cited four people familiar with the Saudi government’s thinking to add that OPEC+ was highly likely to extend its 1mn barrel-a-day cut at least until the spring next year. Why the Saudi-led OPEC+ is considering oil cuts? The primary cause is the oil price drop. But the OPEC+ members are also reportedly incensed over Israel-Hamas war and unprecedented humanitarian crisis that has gripped Gaza Strip, one of the world's most densely populated regions. Kuwait, Algeria and Iran are among the OPEC+ members most agitated by the conflict, Financial Times reported. "You should not underestimate the level of anger there is and the pressure leaders in the Gulf feel from their populations to be seen to respond in some manner," a person close to senior OPEC figures in West Asia was quoted as saying by the publication. Also watch | OPEC + leaders emphasise investment for stable energy transition × While there won't be a repeat of the oil shock of the 1970s when the West Asian states halted oil exports to the West. But, the person cited by the Financial Times further added: "People have become complacent about the potential to tighten oil supplies to send a subtle message, which will be well understood both in the streets and Washington DC." (With inputs from agencies)

Return to 1970s? Saudi-led OPEC+ deliberating further oil cuts amid Israel-Hamas war, says report