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'

‘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

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

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

Russia has finally lifted restrictions on petrol exports. This comes after Russia scrapped most restrictions on exports of diesel last month.

Russia lifts petrol export curbs

Soon, your petrol and diesel could get costlier. That's because world's top oil producers could consider further supply cuts, when they meet later this month. Saudi Arabia, Russia and other OPEC+ members have already pledged total oil output cuts of 5.16 million barrels per day.

All eyes are on key OPEC+ meeting on November 26

The property market slump is now a recurring theme in china's post-Covid economic story. October offered no new twist to the story, as China's new home prices fell for the fourth straight month. New home prices in October dropped 0.3% month-on-month after a 0.2% dip in September.

China: New home prices fall for the fourth straight month | World Business Watch

The latest bulletin by India's central bank offers a mixed about the state of India's economy. The Reserve Bank of India's monthly bulletin said that while consumer demand has been upbeat, a lot needs to be done on the inflation front.

RBI's forecast on growth & inflation | World Business Watch

Starbucks faced an unexpected jolt as workers from various locations staged a walkout during the much-anticipated red cup day. Starbucks, despite stating that most stores remained open, acknowledged a strike in a few dozen locations. the protest unfolded during what is typically one of the busiest promotional events for the company.

Starbucks faces strike amid red cup day promotional event | World Business Watch

In recent months, western investors in Russian companies have been on edge due to potential changes in Moscow's regulatory landscape. A new presidential decree under consideration is causing concern among investors who fear compulsory share purchases at significant discounts. Ivan Chebeskov, addressing the financial forum, revealed that amendments to a presidential decree are underway.

Investor anxiety as decree may force sale to Russia at discounts | World Business Watch

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.<o:p></o:p>

While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. <o:p></o:p>

The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal.<o:p></o:p>

The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments.<o:p></o:p>

The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns.<o:p></o:p>

Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. <o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

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General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers, Reuters reported on Thursday. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. While GM workers voted in favour of the deal, attention has now shifted to ongoing voting at Ford and Stellantis, where early margins suggest a favourable outcome for the agreement. This development follows years of stagnant wages and concessions, highlighting a shift in the auto industry's approach to workers' remuneration. The UAW's GM vote tracking site revealed a 55 per cent to 45 per cent margin in favour of the contract, with nearly 36,000 out of approximately 46,000 UAW-represented GM workers participating. Although seven of GM's 11 assembly plants rejected the deal, significant approvals from key facilities, including Arlington, Texas, Detroit, Fairfax, Kansas, and Lake Orion, Michigan, helped turn the tide in favour of the deal. The new agreement with GM brings a 25 per cent increase in the base wage until April 2028, along with a cumulative 33 per cent rise in the top wage, reaching over $42 an hour with estimated cost-of-living adjustments. The agreement, set to run through April 2028, lays the groundwork for similar deals at Ford and Stellantis. Ford workers, with a current approval rate of about 67 per cent, are expected to wrap up voting on Friday, while Stellantis voting is set to conclude next Tuesday, with an approximate 66 per cent approval rate. The industry-wide acceptance of such agreements reflects a broader shift in addressing worker compensation concerns. Despite the victory, GM shares experienced a 1.1 per cent decline in Thursday trading. The turbulent six-week campaign led to an unprecedented series of coordinated strikes and brought attention to the UAW's focus on boosting workers' wages. The aftermath of the strikes prompted all three Detroit automakers to reach tentative agreements about two weeks ago. (With inputs from Reuters) WATCH WION LIVE HERE

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

Disney+ Hotstar achieved 53 million concurrent viewers during the ICC men's cricket World Cup 2023 semifinal between India and New Zealand. This historic peak concurrency surpasses the combined population of Australia and New Zealand by more than 1.5 times.

Disney+ Hotstar dominates with record-breaking viewership

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced&nbsp;the walkout on social media on&nbsp;Thursday.

Starbucks maintained that the majority of its stores remained open, while acknowledging strikes at a few dozen locations.

Red Cup Day, an annual event where Starbucks distributes free holiday-themed cups to customers, has traditionally been a major traffic driver for the company. Placer.ai data indicated a 94 per cent surge in U.S. Starbucks store visits on the same day last year compared to the daily average.&nbsp;

Workers United emphasised the need for improved staffing and schedules. The group&nbsp;argued that the event poses significant challenges to staff, leading to long wait times and customer frustration. The union described it as one of the "most infamously hard, understaffed days."&nbsp;

Outside Starbucks' Astor Place outlet at New York University's campus, around a dozen workers picketed, chanting slogans such as "no contract, no coffee." Despite the walkout, the outlet continued to serve customers. &nbsp;

Reuters quoted Mary Boca, a Starbucks employee, as emphasising the need for higher pay and increased staffing. She also revealed that her location does not allow customers to tip, resulting in a financial loss for employees.&nbsp;

Starbucks, facing criticism for alleged understaffing and challenging working conditions, has witnessed labour actions in the past. Last year, employees at over 100 U.S. company-owned Starbucks locations participated in a one-day strike on Red Cup day. &nbsp;

Recently, Starbucks announced a minimum three per cent hourly pay raise for U.S. retail workers from 2024. However, employees found the move inadequate, deeming it "tone-deaf" given the company's robust financial performance, including an 11 per cent increase in fourth-quarter revenue.&nbsp;

(With inputs from Reuters

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Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday. Starbucks maintained that the majority of its stores remained open, while acknowledging strikes at a few dozen locations. Red Cup Day, an annual event where Starbucks distributes free holiday-themed cups to customers, has traditionally been a major traffic driver for the company. Placer.ai data indicated a 94 per cent surge in U.S. Starbucks store visits on the same day last year compared to the daily average. Workers United emphasised the need for improved staffing and schedules. The group argued that the event poses significant challenges to staff, leading to long wait times and customer frustration. The union described it as one of the "most infamously hard, understaffed days." Outside Starbucks' Astor Place outlet at New York University's campus, around a dozen workers picketed, chanting slogans such as "no contract, no coffee." Despite the walkout, the outlet continued to serve customers. Reuters quoted Mary Boca, a Starbucks employee, as emphasising the need for higher pay and increased staffing. She also revealed that her location does not allow customers to tip, resulting in a financial loss for employees. Starbucks, facing criticism for alleged understaffing and challenging working conditions, has witnessed labour actions in the past. Last year, employees at over 100 U.S. company-owned Starbucks locations participated in a one-day strike on Red Cup day. Recently, Starbucks announced a minimum three per cent hourly pay raise for U.S. retail workers from 2024. However, employees found the move inadequate, deeming it "tone-deaf" given the company's robust financial performance, including an 11 per cent increase in fourth-quarter revenue. (With inputs from Reuters WATCH WION LIVE HERE

Starbucks employees walkout on Red Cup Day, demand improved conditions 

Indian streaming giant&nbsp;Disney+ Hotstar&nbsp;reached an unprecedented milestone on November 15&nbsp;drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. &nbsp;

According to a report by Moneycontrol, the remarkable feat surpassed the previous record of 44 million concurrent viewers, set just ten days earlier during the India versus South Africa encounter. The surge in viewership can be attributed to the outstanding performance of former Indian captain Virat Kohli, who marked his 50th century during the match.&nbsp;

This latest triumph follows a series of record-breaking achievements by Disney+ Hotstar in the past month. The streaming giant has strategically capitalised on major cricket events, offering free ad-supported streaming of the ICC Men's Cricket World Cup and the recently concluded Asia Cup to mobile users in India. &nbsp;

The move aimed to enhance the platform's reach and engagement, with Sajith Sivanandan, Head of Disney+ Hotstar, expressing the belief that providing broader access to such events would contribute to the overall growth of the streaming ecosystem. The decision was influenced by the successful free streaming of the IPL tournament by rival service JioCinema earlier in the year.&nbsp;

Looking ahead, Disney+ Hotstar continues its ambitious initiatives, declaring that the upcoming tenth season of the Pro Kabaddi League will be available for free streaming to all mobile users across India starting from December 2, 2023. Kabaddi, the second most-watched sport in the country after cricket, holds immense popularity, according to the streaming platform. &nbsp;

Moneycontrol cited Sivanandan, who emphasised the evolving landscape of sports viewing, stating, “The popularity of Pro Kabaddi League spans across age groups, and by making it available to all our audience on Disney+ Hotstar, our aim is to make Kabaddi accessible to all of India and foster a stronger sense of engagement amongst the fans.”

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Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand.

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. According to a report by Moneycontrol, the remarkable feat surpassed the previous record of 44 million concurrent viewers, set just ten days earlier during the India versus South Africa encounter. The surge in viewership can be attributed to the outstanding performance of former Indian captain Virat Kohli, who marked his 50th century during the match. This latest triumph follows a series of record-breaking achievements by Disney+ Hotstar in the past month. The streaming giant has strategically capitalised on major cricket events, offering free ad-supported streaming of the ICC Men's Cricket World Cup and the recently concluded Asia Cup to mobile users in India. The move aimed to enhance the platform's reach and engagement, with Sajith Sivanandan, Head of Disney+ Hotstar, expressing the belief that providing broader access to such events would contribute to the overall growth of the streaming ecosystem. The decision was influenced by the successful free streaming of the IPL tournament by rival service JioCinema earlier in the year. Looking ahead, Disney+ Hotstar continues its ambitious initiatives, declaring that the upcoming tenth season of the Pro Kabaddi League will be available for free streaming to all mobile users across India starting from December 2, 2023. Kabaddi, the second most-watched sport in the country after cricket, holds immense popularity, according to the streaming platform. Moneycontrol cited Sivanandan, who emphasised the evolving landscape of sports viewing, stating, “The popularity of Pro Kabaddi League spans across age groups, and by making it available to all our audience on Disney+ Hotstar, our aim is to make Kabaddi accessible to all of India and foster a stronger sense of engagement amongst the fans.” WATCH WION LIVE HERE

Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match 

Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday. Affectionately known as 'Biki', his legacy has forever transformed the landscape of the Indian hotel and hospitality industry. &nbsp;

Being globally recognised for establishing India’s first five-star hotel, we go back in time and look at Biki Oberoi’s noteworthy journey of becoming one of the most prominent figures in the Indian hospitality sector. &nbsp;

Early life and ambitions &nbsp;&nbsp;

At the age of 10, Biki Oberoi was enrolled in St Paul’s School in Darjeeling, Bengal, in 1939, a time when his father, Mohan Singh, was venturing into the hotel business. &nbsp;

Mohan Singh had purchased his first property, Clarkes Hotel in Shimla, in 1934, as he sought to establish himself as a hotelier. With time, he was able to learn the ropes of hospitality as a clerk at Shimla’s Cecil Hotel (now The Oberoi Cecil). &nbsp;

Recognising his talent, the owner made him a partner in a recently acquired hotel. In 1934, when the British owner decided to sell the hotel, Mohan Singh used his savings and borrowed funds to purchase the property.&nbsp;

By 1938, he expanded his holdings by acquiring the Grand Hotel (now The Oberoi Grand) in Calcutta. &nbsp;

In a noteworthy move in 1943, Mohan Singh purchased the Associated Hotels of India (AHI), the owner of Shimla’s Cecil Hotel where he had initially worked as a clerk. &nbsp;

Meanwhile, Biki Oberoi's journey was just beginning. He completed school in 1946 and, in 1949, decided to work in hotels in France and Switzerland and gather practical experience. Although valuable, he noted that he already had a solid foundation in the hotel industry, having spent his entire life in hotels until 1973, growing up with a deep&nbsp;understanding of the business.&nbsp;

The Genesis of Oberoi Hotels &nbsp;&nbsp;

In 1955, he returned to the family business and assumed responsibility for the four hotels in Pakistan acquired through the AHI deal. However, the 1965 war resulted in the Pakistani government taking control of those hotels. &nbsp;

Despite the setback, the subsequent growth of the business helped alleviate the impact of this loss. Collaborating with his father and elder brother, Tilak ‘Tikki’ Raj Singh Oberoi, Biki focused on expanding the group both within India and internationally.&nbsp;

During the 1970s and 1980s, Biki Oberoi gained a reputation for his meticulous attention to detail and commitment to comfort. Known for carrying his own towels and bringing chefs to cities where the Oberoi Group did not own hotels, Oberoi's extensive travel had given him a keen understanding of world-class hotels. &nbsp;

Recognising that their existing properties fell short of global standards due to their age, Oberoi took several steps to address this challenge. In 1988, he inaugurated a new hotel in Chennai, constructed by local businessman Lakshminarayan Ganesh, who later became a director in EIH. Although the property was a five-star hotel and not a luxury establishment, Oberoi seized the opportunity to introduce a new brand—Trident.&nbsp;

Understanding that his father's desire to be among the world's best hotels could only be fulfilled by opening a grand property, Oberoi found the perfect opportunity in the mid-1990s. Acquiring 28 acres on the outskirts of Jaipur, he oversaw the construction of The Oberoi Rajvilas. Within a year of its debut in 1998, the hotel gained recognition as one of the world's finest. Oberoi continued this success with other iconic properties in Agra, Udaipur, and Ranthambore.&nbsp;

Oberoi’s philosophy&nbsp;

A Forbes India report mentions Kapil Chopra, an ex-president of The Oberoi Group, who had a crucial conversation with Oberoi to understand his role. During the briefing, Oberoi received a distressing call from the general manager of The Oberoi, Mauritius, reporting a fire that was destroying the property.&nbsp;

In the midst of the crisis, Oberoi instructed the Mauritius general manager to ensure the safety of guests and employees and to provide updates every half an hour. After hanging up, he turned to Chopra and imparted valuable advice, saying, "Kapil, there are three things that you should remember as a general manager. Your first priority should be guests, second should be employees, and once the first two are taken care of, you will be sure of a profitable operation."&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday.

Prithvi Raj Singh Oberoi (PRS Oberoi), the esteemed Chairman Emeritus of the Oberoi Group and a stalwart in the Indian hospitality sector, passed away at the age of 94 this Tuesday. Affectionately known as 'Biki', his legacy has forever transformed the landscape of the Indian hotel and hospitality industry. Being globally recognised for establishing India’s first five-star hotel, we go back in time and look at Biki Oberoi’s noteworthy journey of becoming one of the most prominent figures in the Indian hospitality sector. Early life and ambitions At the age of 10, Biki Oberoi was enrolled in St Paul’s School in Darjeeling, Bengal, in 1939, a time when his father, Mohan Singh, was venturing into the hotel business. Mohan Singh had purchased his first property, Clarkes Hotel in Shimla, in 1934, as he sought to establish himself as a hotelier. With time, he was able to learn the ropes of hospitality as a clerk at Shimla’s Cecil Hotel (now The Oberoi Cecil). Recognising his talent, the owner made him a partner in a recently acquired hotel. In 1934, when the British owner decided to sell the hotel, Mohan Singh used his savings and borrowed funds to purchase the property. By 1938, he expanded his holdings by acquiring the Grand Hotel (now The Oberoi Grand) in Calcutta. In a noteworthy move in 1943, Mohan Singh purchased the Associated Hotels of India (AHI), the owner of Shimla’s Cecil Hotel where he had initially worked as a clerk. Meanwhile, Biki Oberoi's journey was just beginning. He completed school in 1946 and, in 1949, decided to work in hotels in France and Switzerland and gather practical experience. Although valuable, he noted that he already had a solid foundation in the hotel industry, having spent his entire life in hotels until 1973, growing up with a deep understanding of the business. The Genesis of Oberoi Hotels In 1955, he returned to the family business and assumed responsibility for the four hotels in Pakistan acquired through the AHI deal. However, the 1965 war resulted in the Pakistani government taking control of those hotels. Despite the setback, the subsequent growth of the business helped alleviate the impact of this loss. Collaborating with his father and elder brother, Tilak ‘Tikki’ Raj Singh Oberoi, Biki focused on expanding the group both within India and internationally. During the 1970s and 1980s, Biki Oberoi gained a reputation for his meticulous attention to detail and commitment to comfort. Known for carrying his own towels and bringing chefs to cities where the Oberoi Group did not own hotels, Oberoi's extensive travel had given him a keen understanding of world-class hotels. Recognising that their existing properties fell short of global standards due to their age, Oberoi took several steps to address this challenge. In 1988, he inaugurated a new hotel in Chennai, constructed by local businessman Lakshminarayan Ganesh, who later became a director in EIH. Although the property was a five-star hotel and not a luxury establishment, Oberoi seized the opportunity to introduce a new brand—Trident. Understanding that his father's desire to be among the world's best hotels could only be fulfilled by opening a grand property, Oberoi found the perfect opportunity in the mid-1990s. Acquiring 28 acres on the outskirts of Jaipur, he oversaw the construction of The Oberoi Rajvilas. Within a year of its debut in 1998, the hotel gained recognition as one of the world's finest. Oberoi continued this success with other iconic properties in Agra, Udaipur, and Ranthambore. Oberoi’s philosophy A Forbes India report mentions Kapil Chopra, an ex-president of The Oberoi Group, who had a crucial conversation with Oberoi to understand his role. During the briefing, Oberoi received a distressing call from the general manager of The Oberoi, Mauritius, reporting a fire that was destroying the property. In the midst of the crisis, Oberoi instructed the Mauritius general manager to ensure the safety of guests and employees and to provide updates every half an hour. After hanging up, he turned to Chopra and imparted valuable advice, saying, "Kapil, there are three things that you should remember as a general manager. Your first priority should be guests, second should be employees, and once the first two are taken care of, you will be sure of a profitable operation." WATCH WION LIVE HERE

Flashback Friday: Unveiling the legacy and influence of PRS Oberoi  

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match&nbsp;

Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. &nbsp;

<a href="https://www.wionews.com/business-economy/disney-hotstar-smashes-streaming-records-with-53-mn-views-during-india-new-zealand-match-659545">Read more here</a>

Starbucks employees walkout on Red Cup Day, demand improved conditions&nbsp;

Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday.

<a href="https://www.wionews.com/business-economy/starbucks-employees-walkout-on-red-cup-day-demand-improved-conditions-659568">Read more here</a>

General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis

General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers.

<a href="https://www.wionews.com/business-economy/general-motors-workers-ratify-labour-deal-uaw-eyes-similar-outcomes-at-ford-and-stellantis-659577">Read more here</a>

Alibaba cancels cloud computing spinoff amid US-China chip war&nbsp;

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market&nbsp;leader. &nbsp;

<a href="https://www.wionews.com/business-economy/alibaba-cancels-cloud-computing-spinoff-amid-us-china-chip-war-659601">Read more here</a>

RBI bulletin highlights inflation challenge despite boost in consumption

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".&nbsp;

<a href="https://www.wionews.com/business-economy/rbi-bulletin-highlights-inflation-challenge-despite-boost-in-consumption-659632">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Disney+ Hotstar smashes streaming records with 53 mn views during India-New Zealand match Indian streaming giant Disney+ Hotstar reached an unprecedented milestone on November 15 drawing a staggering 53 million concurrent viewers during the ICC ODI World Cup 2023 semi-final match between India and New Zealand. Read more here Starbucks employees walkout on Red Cup Day, demand improved conditions Starbucks employees at hundreds of stores across the United States walked off their jobs on Red Cup Day, which is a key promotional event for the coffee giant. The Workers United, representing over 9,000 Starbucks employees at approximately 360 U.S. stores, announced the walkout on social media on Thursday. Read more here General Motors workers ratify labour deal, UAW eyes similar outcomes at Ford and Stellantis General Motors' (GM) labour deal with the United Auto Workers (UAW) has been ratified, marking a significant victory for workers. The approval comes after an intense six-week campaign involving coordinated strikes across all three Detroit Three automakers. Read more here Alibaba cancels cloud computing spinoff amid US-China chip war Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. Read more here RBI bulletin highlights inflation challenge despite boost in consumption The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet". Read more here

Wion Business Wrap | Disney + Hotstar's record, RBI's warning & more

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. &nbsp;

According to Bloomberg, the decision revealed alongside the quarterly earnings report underscores the challenges Alibaba faces stemming from global restrictions on the export of advanced computing chips, particularly impacting its Cloud Intelligence Group. &nbsp;

Alibaba reported quarterly sales of 224.79 billion yuan ($31 billion) and a net income of 27.7 billion yuan. Despite efforts to rebound from the effects of Covid and a regulatory crackdown, Alibaba's sub-standard Singles' Day campaign raised concerns about its ability to regain market share from competitors and appeal to consumers and corporate users. &nbsp;

Alibaba cited the recent escalation of U.S. restrictions on advanced computing chips' export as a key factor influencing the decision to call off the Cloud Intelligence Group spinoff. The company expressed concerns about the uncertain prospects for the cloud business under these conditions and doubts that a full spin-off would enhance shareholder value. &nbsp;

Instead, Alibaba aims to concentrate on devising a sustainable growth model for its cloud division amid the fluid circumstances. The decision is part of Alibaba's broader effort to navigate challenges posed by the pandemic and a regulatory environment that has targeted tech giants. The company faces fierce competition, particularly in the aftermath of a underwhelming Singles' Day performance, where smaller, more innovative rivals gained traction.&nbsp;

As Alibaba grapples with obstacles to its cloud spinoff, the company is undertaking aggressive measures to revitalise its core consumer business. With its e-commerce platforms, Taobao and Tmall, Alibaba is adopting strategies such as content creation to fend off competition from emerging social media platforms. &nbsp;

Artificial intelligence-powered tools for merchants and significant workforce reductions in past quarters are part of Alibaba's efforts to reduce expenses and enhance its competitiveness. These endeavours are pivotal for Alibaba as it attempts to rejuvenate its consumer business amid the ongoing corporate overhaul that involves splitting the company into six main units, intending to go public eventually. The changes, led by former CEO Daniel Zhang's successors, Joseph Tsai and Eddie Wu, aim to position Alibaba in the forefront of the Chinese digital economy. &nbsp;

Alibaba's pivot toward AI emerges as a key element in its strategy to overcome challenges and foster growth. The company is making substantial investments in artificial intelligence, with its cloud unit hosting half of China's generative AI firms and serving about 80 per cent of the country's technology companies, according to Joseph Tsai. Alibaba's endeavors in AI include the release of its large language model, Tongyi Qianwen, and investments in promising startups like Zhipu AI and Baichuan.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader.

Chinese e-commerce giant Alibaba Group has abandoned plans for the spinoff of its extensive cloud computing business, dealing a significant setback to the company's recent overhaul strategy aimed at streamlining operations and revitalising its position as a market leader. According to Bloomberg, the decision revealed alongside the quarterly earnings report underscores the challenges Alibaba faces stemming from global restrictions on the export of advanced computing chips, particularly impacting its Cloud Intelligence Group. Alibaba reported quarterly sales of 224.79 billion yuan ($31 billion) and a net income of 27.7 billion yuan. Despite efforts to rebound from the effects of Covid and a regulatory crackdown, Alibaba's sub-standard Singles' Day campaign raised concerns about its ability to regain market share from competitors and appeal to consumers and corporate users. Alibaba cited the recent escalation of U.S. restrictions on advanced computing chips' export as a key factor influencing the decision to call off the Cloud Intelligence Group spinoff. The company expressed concerns about the uncertain prospects for the cloud business under these conditions and doubts that a full spin-off would enhance shareholder value. Instead, Alibaba aims to concentrate on devising a sustainable growth model for its cloud division amid the fluid circumstances. The decision is part of Alibaba's broader effort to navigate challenges posed by the pandemic and a regulatory environment that has targeted tech giants. The company faces fierce competition, particularly in the aftermath of a underwhelming Singles' Day performance, where smaller, more innovative rivals gained traction. As Alibaba grapples with obstacles to its cloud spinoff, the company is undertaking aggressive measures to revitalise its core consumer business. With its e-commerce platforms, Taobao and Tmall, Alibaba is adopting strategies such as content creation to fend off competition from emerging social media platforms. Artificial intelligence-powered tools for merchants and significant workforce reductions in past quarters are part of Alibaba's efforts to reduce expenses and enhance its competitiveness. These endeavours are pivotal for Alibaba as it attempts to rejuvenate its consumer business amid the ongoing corporate overhaul that involves splitting the company into six main units, intending to go public eventually. The changes, led by former CEO Daniel Zhang's successors, Joseph Tsai and Eddie Wu, aim to position Alibaba in the forefront of the Chinese digital economy. Alibaba's pivot toward AI emerges as a key element in its strategy to overcome challenges and foster growth. The company is making substantial investments in artificial intelligence, with its cloud unit hosting half of China's generative AI firms and serving about 80 per cent of the country's technology companies, according to Joseph Tsai. Alibaba's endeavors in AI include the release of its large language model, Tongyi Qianwen, and investments in promising startups like Zhipu AI and Baichuan. (With inputs from Bloomberg) WATCH WION LIVE HERE

Alibaba cancels cloud computing spinoff amid US-China chip war 

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".&nbsp;

The report&nbsp;called the&nbsp;readings of around 5 per cent and 4.9 per cent in September and October, respectively,&nbsp;a relief from the higher average inflation rates recorded earlier in the year. However, it emphasised the need for continued vigilance, acknowledging that there still are challenges ahead despite the recent positive developments.

India's annual retail inflation eased to a four-month low of 4.87 per cent in October, a positive trend that the RBI acknowledged but noted that it remained above the central bank's 4 per cent target. The RBI expects inflation to average 5.4 per cent in the fiscal year 2023-24.

The discussion&nbsp;highlighted high-frequency food price data, indicating further increases in cereal and pulse prices, while edible oil prices continued to decline. The central bank remains watchful of these factors as they contribute to overall inflationary pressures.

Despite the inflation challenges, the RBI report 'State of the Economy' appointed to several robust economic fundamentals. India's growth, it noted, continues to rely on strong domestic demand, providing a buffer against external shocks. The country's external sector is considered viable, supported by a modest current account deficit, resilient capital flows, a stable currency, and healthy foreign exchange reserves.

The economic growth trajectory of India has shown positive momentum, with the central bank noting that the change in gross domestic product is expected to be sequentially higher in October-December due to "ebullient" festival demand. Investment demand also appears to be resilient, supported by the government's infrastructure spending, an uptick in private capital expenditure, and advancements in digitalisation.

In terms of monetary policy, the RBI highlighted the calibrated normalisation of surplus liquidity and robust credit growth during the current tightening phase. However, the transmission of rates is still not complete. The bulletin mentioned that while the transmission to term deposits has been robust, savings deposit rates have exhibited "rigidity," indicating a need for further adjustments in certain segments of the financial market to enhance the effectiveness of monetary policy measures.

(With inputs from Reuters)

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The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet".

The Reserve Bank of India (RBI), in its November bulletin released on Thursday, cautioned that while there has been a welcome relief in retail inflation over the past two months, India is "not out of the woods yet". The report called the readings of around 5 per cent and 4.9 per cent in September and October, respectively, a relief from the higher average inflation rates recorded earlier in the year. However, it emphasised the need for continued vigilance, acknowledging that there still are challenges ahead despite the recent positive developments. India's annual retail inflation eased to a four-month low of 4.87 per cent in October, a positive trend that the RBI acknowledged but noted that it remained above the central bank's 4 per cent target. The RBI expects inflation to average 5.4 per cent in the fiscal year 2023-24. The discussion highlighted high-frequency food price data, indicating further increases in cereal and pulse prices, while edible oil prices continued to decline. The central bank remains watchful of these factors as they contribute to overall inflationary pressures. Despite the inflation challenges, the RBI report 'State of the Economy' appointed to several robust economic fundamentals. India's growth, it noted, continues to rely on strong domestic demand, providing a buffer against external shocks. The country's external sector is considered viable, supported by a modest current account deficit, resilient capital flows, a stable currency, and healthy foreign exchange reserves. The economic growth trajectory of India has shown positive momentum, with the central bank noting that the change in gross domestic product is expected to be sequentially higher in October-December due to "ebullient" festival demand. Investment demand also appears to be resilient, supported by the government's infrastructure spending, an uptick in private capital expenditure, and advancements in digitalisation. In terms of monetary policy, the RBI highlighted the calibrated normalisation of surplus liquidity and robust credit growth during the current tightening phase. However, the transmission of rates is still not complete. The bulletin mentioned that while the transmission to term deposits has been robust, savings deposit rates have exhibited "rigidity," indicating a need for further adjustments in certain segments of the financial market to enhance the effectiveness of monetary policy measures. (With inputs from Reuters) WATCH WION LIVE HERE

RBI bulletin highlights inflation challenge despite boost in consumption

The real estate industry is embracing the cutting-edge capabilities of Generative AI (Gen AI), marking a pivotal moment for an industry known for its cautious adoption of technological innovations. McKinsey &amp; Company's recent findings project a potential value generation ranging from $110 billion to $180 billion as Gen AI shapes the future of real estate.

Unlocking Gen AI's potential: A paradigm shift

Traditionally perceived as a slow adopter of new technologies, the real estate sector is now at the forefront of a digital revolution. With its creative and open-ended nature, Gen AI is set to redefine the industry's operational landscape. This shift is not replacing Analytical AI but introducing new use cases, presenting a fresh opportunity for real estate to position itself at the forefront of technological advancement.

The Four C's: Gen AI's impact on real estate

McKinsey's insights reveal that Gen AI's strengths can be categorised into what they term 'the four C's.' Customer engagement, through tools like conversational chatbots, provides swift responses to inquiries. In the creation realm, Gen AI transforms property visualisation and interior design, offering potential tenants a personalised and immersive experience. Concision becomes a hallmark as Gen AI excels in synthesising insights from vast amounts of unstructured data, enhancing decision-making efficiency. Lastly, coding solutions, ranging from interpretation to generation, streamline various processes within the industry.

Real-World Gains: Over 10% growth in net operating income

Real estate companies leveraging Gen AI are already witnessing tangible benefits, experiencing over 10% growth in net operating income. This surge is attributed to more efficient operational models, enriched customer experiences, improved tenant retention, the creation of new revenue streams, and smarter asset selection.

7 Pivotal Actions: Navigating the Gen AI Frontier

Despite the potential, McKinsey emphasises the complexity of deriving value from Gen AI. Real estate companies need seven pivotal actions to navigate this technological frontier successfully. From aligning the C-suite around a business-led roadmap to adopting a laser focus on data, these strategic moves are vital for realising the full potential of Gen AI in the industry. Additionally, crafting a prompt library, creating digital tools that promote action, investing in a modern technology stack, and adopting a new operating model are crucial steps for harnessing the power of Gen AI.

Risks and Rewards: Gen AI's impact on real estate dynamics

As Gen AI becomes a game-changer, it introduces unique risks, including unintended biases and legal considerations. McKinsey underscores the importance of recognising and mitigating these risks early on, ensuring a seamless integration that aligns with ethical standards.

The Road Ahead: Real Estate's Leap into Gen AI Leadership

Real estate's reputation as a tech laggard may be an advantage as the industry did not overinvest in outdated technology. McKinsey encourages a forward-thinking approach, urging executives to start simply with a '2x2' strategy—identifying two use cases for immediate impact and two aspirational cases that promise fundamental business transformation. This approach positions real estate as a leader in the era of Gen AI, where data becomes the new terrain on which businesses compete for investor dollars, tenants, buyers, and longevity. The industry's climb towards Gen AI's transformative power is undeniably challenging but promises unparalleled rewards in the digitally powered future of real estate.

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The real estate industry is embracing the cutting-edge capabilities of Generative AI (Gen AI), marking a pivotal moment for an industry known for its cautious adoption of technological innovations.

The real estate industry is embracing the cutting-edge capabilities of Generative AI (Gen AI), marking a pivotal moment for an industry known for its cautious adoption of technological innovations. McKinsey & Company's recent findings project a potential value generation ranging from $110 billion to $180 billion as Gen AI shapes the future of real estate. Unlocking Gen AI's potential: A paradigm shift Traditionally perceived as a slow adopter of new technologies, the real estate sector is now at the forefront of a digital revolution. With its creative and open-ended nature, Gen AI is set to redefine the industry's operational landscape. This shift is not replacing Analytical AI but introducing new use cases, presenting a fresh opportunity for real estate to position itself at the forefront of technological advancement. The Four C's: Gen AI's impact on real estate McKinsey's insights reveal that Gen AI's strengths can be categorised into what they term 'the four C's.' Customer engagement, through tools like conversational chatbots, provides swift responses to inquiries. In the creation realm, Gen AI transforms property visualisation and interior design, offering potential tenants a personalised and immersive experience. Concision becomes a hallmark as Gen AI excels in synthesising insights from vast amounts of unstructured data, enhancing decision-making efficiency. Lastly, coding solutions, ranging from interpretation to generation, streamline various processes within the industry. Real-World Gains: Over 10% growth in net operating income Real estate companies leveraging Gen AI are already witnessing tangible benefits, experiencing over 10% growth in net operating income. This surge is attributed to more efficient operational models, enriched customer experiences, improved tenant retention, the creation of new revenue streams, and smarter asset selection. 7 Pivotal Actions: Navigating the Gen AI Frontier Despite the potential, McKinsey emphasises the complexity of deriving value from Gen AI. Real estate companies need seven pivotal actions to navigate this technological frontier successfully. From aligning the C-suite around a business-led roadmap to adopting a laser focus on data, these strategic moves are vital for realising the full potential of Gen AI in the industry. Additionally, crafting a prompt library, creating digital tools that promote action, investing in a modern technology stack, and adopting a new operating model are crucial steps for harnessing the power of Gen AI. Risks and Rewards: Gen AI's impact on real estate dynamics As Gen AI becomes a game-changer, it introduces unique risks, including unintended biases and legal considerations. McKinsey underscores the importance of recognising and mitigating these risks early on, ensuring a seamless integration that aligns with ethical standards. The Road Ahead: Real Estate's Leap into Gen AI Leadership Real estate's reputation as a tech laggard may be an advantage as the industry did not overinvest in outdated technology. McKinsey encourages a forward-thinking approach, urging executives to start simply with a '2x2' strategy—identifying two use cases for immediate impact and two aspirational cases that promise fundamental business transformation. This approach positions real estate as a leader in the era of Gen AI, where data becomes the new terrain on which businesses compete for investor dollars, tenants, buyers, and longevity. The industry's climb towards Gen AI's transformative power is undeniably challenging but promises unparalleled rewards in the digitally powered future of real estate. WATCH WION LIVE HERE

Bricks, Clicks, and Gen AI: Real estate's digital renaissance unveiled

India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance. &nbsp;

According to Reuters, government data revealed that while merchandise exports amounted to $33.57 billion, imports skyrocketed to $65.03 billion, reflecting a notable increase compared to the figures from the same period last year. The festive demand, particularly during Diwali, India's festival of lights, contributed to the surge in imports.&nbsp;

Trade ministry officials emphasised the notable spike in gold imports, which surged by 95 per cent year-on-year, reaching $7.23 billion in October alone. &nbsp;

Merchandise exports for the April-October period totalled $244.89 billion, while imports for the same duration reached $391.96 billion. The data indicated a broader trade scenario for India, reflecting the cumulative trade performance over the past seven months. &nbsp;

In October, there were $28.70 billion in services exported and $14.32 billion in services imported. September saw $14.91 billion in imports and $29.37 billion in services exports.&nbsp;

(With inputs from Reuters)&nbsp;

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India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance.

India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance. According to Reuters, government data revealed that while merchandise exports amounted to $33.57 billion, imports skyrocketed to $65.03 billion, reflecting a notable increase compared to the figures from the same period last year. The festive demand, particularly during Diwali, India's festival of lights, contributed to the surge in imports. Trade ministry officials emphasised the notable spike in gold imports, which surged by 95 per cent year-on-year, reaching $7.23 billion in October alone. Merchandise exports for the April-October period totalled $244.89 billion, while imports for the same duration reached $391.96 billion. The data indicated a broader trade scenario for India, reflecting the cumulative trade performance over the past seven months. In October, there were $28.70 billion in services exported and $14.32 billion in services imported. September saw $14.91 billion in imports and $29.37 billion in services exports. (With inputs from Reuters) WATCH WION LIVE HERE

India faces unprecedented trade deficit in October, driven by soaring gold imports 

China's industrial output and retail sales growth beat expectations in October. However, there are significant weaknesses, with the property sector preventing a full-blown revival.

China's output and sales growth beat estimates in October | World Business Watch

Amid the festive season, the country's trade deficit has hit an all-time high, reaching a staggering $31.46 billion in October.

India's trade imbalance widens in October | World Business Watch

High inflation, weakening Rouble and western sanctions have not prevented Russia's economy from growing for a second consecutive quarter this year. Russia's federal statistics agency stated that the economy expanded by 5.5% year-on-year between July and September, after contracting in the same period last year.

Russian economy grows despite sanctions | World Business Watch

The European Central Bank has issued a stark warning as eurozone banks face a tech crisis. The ECB's survey reveals a 360% surge in losses in 2022, signalling a critical need for immediate action.

Euro banks face cyber meltdown

IMF chief Kristalina Georgieva has urged countries to make a more proactive push to develop central bank digital currencies or CBDCs. Georgieva made her remarks as the IMF published the first instalment of a "Virtual handbook" on CBDCs, which has been created to help countries with the design and set-up process and ensure that the new technologies are globally interoperable.

IMF's thumbs up to digital currencies

India, the US, and 12 other members of the Indo-Pacific economic framework for prosperity signed a groundbreaking supply chain resilience agreement in San Francisco. The agreement is aimed at mitigating economic disruptions caused by supply chain shocks, and includes benefits like the potential shift of production centers in critical sectors.

Nations forge historic supply chain resilience pact

Billionaire Elon Musk has denied a report that his rocket company SpaceX was discussing an initial public offering for its satellite internet business, Starlink, as soon as 2024. Musk called the Bloomberg report "false". The news report stated that SpaceX had been moving Starlink's assets to a wholly owned unit that would ultimately be spun off.

Elon Musk denies Starlink IPO report | World Business Watch

In a major environmental triumph, the European Union has not only met but surpassed its climate goals. A 5.3% reduction in greenhouse gas emissions has been recorded in the second quarter of 2023.

EU sees 5.3% plunge in Q2 greenhouse gas emissions

Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024. Responding to a Bloomberg News report shared on social media, Musk labelled the information as "false." The report had suggested that SpaceX was in discussions to spin off Starlink by transferring its assets to a wholly owned unit. &nbsp;

Musk has consistently expressed his intention to take Starlink public when the company achieves a stable and predictable trajectory in revenue growth and cash flow. Despite ongoing rumours, Musk clarified that the proposed IPO timeline was inaccurate. &nbsp;

SpaceX, valued at approximately $150 billion, stands as a pioneering force in space exploration, becoming the first private company to successfully send humans into orbit. The company's groundbreaking achievements, particularly in the development of reusable rockets, have set new industry standards and posed challenges for competitors like Jeff Bezos' Blue Origin. &nbsp;

Starlink, a vital component of SpaceX's portfolio, has emerged as the world's largest satellite operator, contributing significantly to the company's overall value. &nbsp;

While the IPO plans for Starlink might not materialise as early as 2024, analysts like Justus Parmar, Founder and CEO of venture capital firm Fortuna Investments, anticipate that Musk may consider taking Starlink public in 2025 or 2026. Parmar emphasised that Musk is likely waiting for a level of stability and predictability in Starlink's revenue before making such a strategic move. &nbsp;

The potential IPO, when executed, is anticipated to have a profound impact on the space industry, acting as a catalyst for various space-related endeavours. Musk has previously indicated that Starlink achieved cash-flow breakeven earlier this month, showcasing the financial viability of the satellite internet venture. &nbsp;

(With inputs from Reuters)&nbsp;

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Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024.

Tech mogul Elon Musk dismissed recent speculations about SpaceX contemplating an initial public offering (IPO) for its satellite internet division, Starlink, by 2024. Responding to a Bloomberg News report shared on social media, Musk labelled the information as "false." The report had suggested that SpaceX was in discussions to spin off Starlink by transferring its assets to a wholly owned unit. Musk has consistently expressed his intention to take Starlink public when the company achieves a stable and predictable trajectory in revenue growth and cash flow. Despite ongoing rumours, Musk clarified that the proposed IPO timeline was inaccurate. SpaceX, valued at approximately $150 billion, stands as a pioneering force in space exploration, becoming the first private company to successfully send humans into orbit. The company's groundbreaking achievements, particularly in the development of reusable rockets, have set new industry standards and posed challenges for competitors like Jeff Bezos' Blue Origin. Starlink, a vital component of SpaceX's portfolio, has emerged as the world's largest satellite operator, contributing significantly to the company's overall value. While the IPO plans for Starlink might not materialise as early as 2024, analysts like Justus Parmar, Founder and CEO of venture capital firm Fortuna Investments, anticipate that Musk may consider taking Starlink public in 2025 or 2026. Parmar emphasised that Musk is likely waiting for a level of stability and predictability in Starlink's revenue before making such a strategic move. The potential IPO, when executed, is anticipated to have a profound impact on the space industry, acting as a catalyst for various space-related endeavours. Musk has previously indicated that Starlink achieved cash-flow breakeven earlier this month, showcasing the financial viability of the satellite internet venture. (With inputs from Reuters) WATCH WION LIVE HERE

Elon Musk denies speculations surrounding Starlink’s IPO in 2024

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.&nbsp;

According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year.&nbsp;

Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total.&nbsp;

The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. &nbsp;

The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. &nbsp;

The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. &nbsp;

Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development.&nbsp;

(With inputs from Reuters)&nbsp;

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The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday.

The European Union (EU) has witnessed a substantial decrease of over 5 per cent in greenhouse gas emissions during the second quarter of 2023, according to data from Eurostat released on Wednesday. According to Reuters, the figures reveal that the EU's emissions from April to June totalled 821 million tonnes of carbon dioxide equivalents, marking a 5.3 per cent decline compared to the same period the previous year. Among the sectors contributing to this reduction, the electricity and gas supply sector experienced the most significant drop at 22 per cent, with manufacturing identified as the primary contributor to emissions, accounting for 23.5 per cent of the total. The EU's commitment to combating climate change is evident in its ambitious policies, making it a global leader in this endeavour. The region has set a target to cut net emissions by 55 per cent from 1990 levels by 2030, a crucial step towards achieving net-zero emissions by 2050. Earlier this year, the EU further elevated its renewable energy share goal to 42.5 per cent by 2030, a considerable increase from the previous target of 32 per cent. The push for renewable energy gained momentum after geopolitical events, particularly the Russian invasion of Ukraine, prompted the EU to reduce its reliance on Russian fossil fuels, turning towards locally produced, low-carbon energy sources like wind and solar power. Despite the commendable progress, challenges persist, with political and industry resistance to green objectives. The decline in emissions is particularly noteworthy in certain EU member states, with Bulgaria leading the way with a substantial reduction of 23.7 per cent, followed closely by Estonia (-23.1 per cent) and the Netherlands (-10.3 per cent). This encouraging trend indicates that efforts to curb greenhouse gas emissions are making headway in various parts of the EU. Moreover, Eurostat highlighted that out of the 21 EU members that reported a decrease in year-on-year emissions during the second quarter, ten countries achieved this while simultaneously experiencing economic growth, showcasing the compatibility of environmental conservation and economic development. (With inputs from Reuters) WATCH WION LIVE HERE

EU reports significant drop in greenhouse gas emissions during second quarter 