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Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. &nbsp;

According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. &nbsp;

According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place.

The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. &nbsp;

The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East.&nbsp;

Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last.&nbsp;

While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program.

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan’s commitment to the program. She mentioned that the authorities, particularly the finance minister, deserved credit for navigating a very challenging period and adhering to the program they had in place. The IMF's financial support is viewed as a catalyst for Pakistan's fiscal recovery, generating optimism among investors and resulting in a more than 50 per cent return on its dollar bonds this year. The KSE-100 Index, Pakistan's benchmark equity gauge, has stood out as one of the top performers globally since the IMF deal in July. The positive market sentiment underscores the potential impact of the IMF program on Pakistan's economic trajectory. Dollar bonds due April 2031 held steady at about 49 cents on the dollar in early Asian trading on Thursday, reflecting the market's measured response to the news. However, the financial landscape remains intricate, with risks looming, including inflationary pressures and dependence on external financing from creditors, particularly countries in the Middle East. Given the financing risks and the impending election, Goldman Sachs Group Inc. issued a warning in October that the strength of the Pakistani rupee would not last. While a nascent economic recovery is underway, the IMF team, led by Nathan Porter, has cautioned that Pakistan remains exposed to "significant external risks." The team's endorsement of the staff-level agreement acknowledges the progress made by Pakistan in adhering to the conditions of the IMF program. (With inputs from Bloomberg) WATCH WION LIVE HERE

Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability 

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation".

During a conversation hosted by the High Commission of India in London, titled 'How a billion people see the world,' Jaishankar discussed India's impactful position in global affairs.

EAM Jaishankar said, "So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you."

The minister explained that India's approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market.

He elaborated, "When it comes to the purchase...I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us."

While acknowledging India's significance in the global markets,&nbsp;Jaishankar noted, "We saw that in the LNG markets where actually many supplies which were traditionally coming into Asia were diverted to Europe and in fact at least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them."

"They have bigger fish to fry," the EAM added.

In addressing India's stance on the Russia-Ukraine war, Jaishankar highlighted the balance between principles and interests.

"We have learned the hard way that people speak of principles...But they are tempered by interest. In this particular case, we have a very powerful interest to keep our relationship with Russia."

The conversation, part of Mr Jaishankar's five-day visit to the UK, took place at the Royal Over-Seas League Club and was moderated by journalist Lionel Barber.

In the conversation, the EAM also underscored India's pivotal role in reforms of the global institutions like the G20 and BRICS, saying that "we are partly evolutionary, partly revolutionary." Addressing the audience, EAM Jaishankar emphasised India's unique position in the evolving global landscape.

Barber questioned Mr Jaishankar, "How do you see India's role in trying to either reform the post 1945 global institutions of governance or building alternatives?"

To this the EAM replied, "We are partly evolutionary, partly revolutionary. We want change without excessive disruption."

Barber also noted that "it has become almost conventional wisdom to say that this is India's most moment."

"But also India seems to find itself in a geopolitical sweet spot between east and west. So perhaps you could talk a little is about how India suddenly appears to be top of the heat, and then how is India going to exploit that position?" he asked Jaishankar.

In response, the EAM said, "I would say there's a momentum because there's a certain process which we are in the middle of at this point of time."

He also went on to elucidate several notable recent achievements of India ranging from handling of "COVID to the economic changes, the recapitalisation of banks, the effort to boost exports, the renewed business confidence, the socioeconomic changes, and a massive embrace of digital technology."

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation".

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation". During a conversation hosted by the High Commission of India in London, titled 'How a billion people see the world,' Jaishankar discussed India's impactful position in global affairs. EAM Jaishankar said, "So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you." The minister explained that India's approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market. He elaborated, "When it comes to the purchase...I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us." While acknowledging India's significance in the global markets, Jaishankar noted, "We saw that in the LNG markets where actually many supplies which were traditionally coming into Asia were diverted to Europe and in fact at least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them." "They have bigger fish to fry," the EAM added. In addressing India's stance on the Russia-Ukraine war, Jaishankar highlighted the balance between principles and interests. "We have learned the hard way that people speak of principles...But they are tempered by interest. In this particular case, we have a very powerful interest to keep our relationship with Russia." The conversation, part of Mr Jaishankar's five-day visit to the UK, took place at the Royal Over-Seas League Club and was moderated by journalist Lionel Barber. In the conversation, the EAM also underscored India's pivotal role in reforms of the global institutions like the G20 and BRICS, saying that "we are partly evolutionary, partly revolutionary." Addressing the audience, EAM Jaishankar emphasised India's unique position in the evolving global landscape. Barber questioned Mr Jaishankar, "How do you see India's role in trying to either reform the post 1945 global institutions of governance or building alternatives?" To this the EAM replied, "We are partly evolutionary, partly revolutionary. We want change without excessive disruption." Barber also noted that "it has become almost conventional wisdom to say that this is India's most moment." "But also India seems to find itself in a geopolitical sweet spot between east and west. So perhaps you could talk a little is about how India suddenly appears to be top of the heat, and then how is India going to exploit that position?" he asked Jaishankar. In response, the EAM said, "I would say there's a momentum because there's a certain process which we are in the middle of at this point of time." He also went on to elucidate several notable recent achievements of India ranging from handling of "COVID to the economic changes, the recapitalisation of banks, the effort to boost exports, the renewed business confidence, the socioeconomic changes, and a massive embrace of digital technology."

'I am waiting for thank you': S Jaishankar lauds India's purchase policies that managed 'global inflation'

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability&nbsp;

With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey.

<a href="https://www.wionews.com/business-economy/pakistan-clinches-initial-imf-approval-eyes-700-million-boost-for-fiscal-stability-659140">Read more here</a>

EU reports significant drop in greenhouse gas emissions during second quarter&nbsp;

According to figures from Eurostat issued on Wednesday, the European Union (EU) saw a significant decline in greenhouse gas emissions during the second quarter of 2023 of more than 5 per cent

<a href="https://www.wionews.com/business-economy/eu-reports-significant-drop-in-greenhouse-gas-emissions-during-second-quarter-659145">Read more here</a>

Elon Musk denies speculations surrounding Starlink’s IPO in 2024

Tech billionaire Elon Musk has refuted reports that SpaceX is considering an IPO for Starlink, its satellite broadband company, by 2024. In response to a claim from Bloomberg News that was circulated on social media, Musk called it "false."

<a href="https://www.wionews.com/business-economy/elon-musk-denies-speculations-surrounding-starlinks-ipo-in-2024-659147">Read more here &nbsp;</a>

India faces unprecedented trade deficit in October, driven by soaring gold imports&nbsp;

India announced that its merchandise trade imbalance for October reached an all-time high of $31.46 billion, exceeding the $20.50 billion forecast by economists. A notable increase in gold imports throughout the holiday season was blamed for part of the shortfall, which had a major effect on the trade balance.

<a href="https://www.wionews.com/business-economy/india-faces-unprecedented-trade-deficit-in-october-driven-by-soaring-gold-imports-659182">Read more here &nbsp;</a>

Cisco lowers annual forecasts as demand slows

The massive technology company Cisco Systems changed its revenue and profit projections for the entire year on Wednesday, indicating a slowdown in the market for its networking equipment. Concerns about the difficulties the company faces were reflected in the approximately 11 per cent decline in the company's shares that followed the statement.

<a href="https://www.wionews.com/business-economy/cisco-lowers-annual-forecasts-as-demand-slows-659199">Read more here&nbsp;</a>

Economic struggles dampen holiday cheer for toy makers&nbsp;

As the holidays draw near, toy manufacturers throughout the world prepare for difficult times as consumers in the US and Europe put necessities over wants, which will affect the predicted spike in sales of seasonal toys.&nbsp;

<a href="https://www.wionews.com/business-economy/economic-struggles-dampen-holiday-cheer-for-toy-makers-659204  ">Read more here</a>

Navigating Complexity: Pentagon's Fiscal Audit reveals varied outcomes amid strategic advances

For Fiscal Year 2023, the Department of Defence (DoD) encountered a challenging environment in the complicated field of financial audits. A disclaimer of opinion was issued following the audit of the Department's consolidated financial statements, which represented a range of results for its several parts.

<a href="https://www.wionews.com/business-economy/navigating-complexity-pentagons-fiscal-audit-reveals-varied-outcomes-amid-strategic-advances-659210">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. Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Pakistan clinches initial IMF approval, eyes $700 million boost for fiscal stability With the International Monetary Fund's (IMF) preliminary clearance for the disbursement of the next loan tranche from a $3 billion bailout programme, Pakistan has reached a significant turning point in its economic recovery journey. Read more here EU reports significant drop in greenhouse gas emissions during second quarter According to figures from Eurostat issued on Wednesday, the European Union (EU) saw a significant decline in greenhouse gas emissions during the second quarter of 2023 of more than 5 per cent Read more here Elon Musk denies speculations surrounding Starlink’s IPO in 2024 Tech billionaire Elon Musk has refuted reports that SpaceX is considering an IPO for Starlink, its satellite broadband company, by 2024. In response to a claim from Bloomberg News that was circulated on social media, Musk called it "false." Read more here India faces unprecedented trade deficit in October, driven by soaring gold imports India announced that its merchandise trade imbalance for October reached an all-time high of $31.46 billion, exceeding the $20.50 billion forecast by economists. A notable increase in gold imports throughout the holiday season was blamed for part of the shortfall, which had a major effect on the trade balance. Read more here Cisco lowers annual forecasts as demand slows The massive technology company Cisco Systems changed its revenue and profit projections for the entire year on Wednesday, indicating a slowdown in the market for its networking equipment. Concerns about the difficulties the company faces were reflected in the approximately 11 per cent decline in the company's shares that followed the statement. Read more here Economic struggles dampen holiday cheer for toy makers As the holidays draw near, toy manufacturers throughout the world prepare for difficult times as consumers in the US and Europe put necessities over wants, which will affect the predicted spike in sales of seasonal toys. Read more here Navigating Complexity: Pentagon's Fiscal Audit reveals varied outcomes amid strategic advances For Fiscal Year 2023, the Department of Defence (DoD) encountered a challenging environment in the complicated field of financial audits. A disclaimer of opinion was issued following the audit of the Department's consolidated financial statements, which represented a range of results for its several parts. Read more here WATCH WION LIVE HERE

Wion Business Wrap | EU's greenhouse gas emissions, Starlink's IPO & more

The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats.

The unravelling crisis

The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures.

Cloud surge &amp; outsourcing struggles

One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses.

ECB's stark warning &amp; sectoral implications

The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector.

Call to action: Immediate measures required

The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings.

Bottomline

As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone.

WATCH WION LIVE HERE

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The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities.

The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats. The unravelling crisis The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures. Cloud surge & outsourcing struggles One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses. ECB's stark warning & sectoral implications The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector. Call to action: Immediate measures required The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings. Bottomline As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone. WATCH WION LIVE HERE

Euro Zone Banks caught in cyber crossfire: ECB survey unveils tech turmoil

In the intricate realm of financial audits, the Department of Defence (DoD) for Fiscal Year 2023 faced a complex landscape. The audit of the Department's consolidated financial statements resulted in a disclaimer of opinion, reflecting a mixed bag of outcomes for its various components. Despite challenges, notable progress has been made in key areas, reshaping the financial narrative of one of the world's largest defence entities.

Audit outcomes &amp; component highlights

Seven of the 29 components undergoing standalone financial statement audits secured unmodified opinions, and one garnered a qualified opinion. Pending results for the U.S. Marine Corps, Defence Information Systems Agency Working Capital Fund, and DoD Office of Inspector General added an air of anticipation. However, the majority of DoD components faced disclaimers of opinion. Notably, a restructuring of two DoD-wide material weaknesses occurred, with no addition to the count.

Focus on fund balance with treasury material weakness

A significant stride forward unfolded as the DoD addressed its Fund Balance with Treasury material weakness – a high-priority area. The Air Force General Fund led the charge by closing this gap, marking a historic achievement as the first Service to rectify this foundational issue. Parallel progress was seen with the Army Working Capital Fund and Navy General Fund, both downgrading their Fund Balance with Treasury material weakness. This shift underscored substantive advancements in aligning financial discrepancies.

Metrics &amp; progress monitoring

Michael McCord, the DoD Under Secretary of Defence and Chief Financial Officer, emphasised the widespread positive impact of ongoing audits on military personnel and civilians alike. The DoD measured audit progress across critical areas such as Workforce Modernisation, Business Operations, Quality Decision-Making, Reliable Networks, and Enhanced Public Confidence. Success narratives unfolded, including the deployment of 65 bots by the Department of the Air Force, resulting in significant labour hour savings and the Army's effective monitoring of construction-in-progress.

Improper payment programmes &amp; ongoing efforts

DoD's financial landscape successfully addressed improper payment programmes, resolving three high-priority cases in FY 2023. The preventive measures implemented forestalled other programs from reaching high-priority status in FY 2024. Rigorous efforts focused on identifying root causes, enhancing controls, and staff training on travel policy guidance.

Call to action &amp; collaboration

Despite visible progress, McCord underscored the imperative for further action. A memorandum issued to the Secretaries of the Military Departments and Principal Staff Assistants emphasised expectations for supporting DoD financial statement audits. McCord called on Congress and defence industry partners to play pivotal roles. Congressional actions were highlighted, including stabilising the budget process and advocating for financial statement audits. Simultaneously, defence industry partners were urged to introduce innovative solutions and comply with audit requirements.

Bottomline

In a dynamic narrative of fiscal intricacies, the DoD's audit journey unfolded with a tapestry of challenges and triumphs. The commitment to address material weaknesses and enhance financial transparency echoed loudly in the corridors of one of the world's largest defence entities. As the DoD charts its course through financial waters, collaboration with Congress and industry partners emerges as the linchpin in ensuring a resilient and accountable financial future.

WATCH WION LIVE HERE

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In the intricate realm of financial audits, the Department of Defence (DoD) for Fiscal Year 2023 faced a complex landscape. The audit of the Department's consolidated financial statements resulted in a disclaimer of opinion, reflecting a mixed bag of outcomes for its various components.

In the intricate realm of financial audits, the Department of Defence (DoD) for Fiscal Year 2023 faced a complex landscape. The audit of the Department's consolidated financial statements resulted in a disclaimer of opinion, reflecting a mixed bag of outcomes for its various components. Despite challenges, notable progress has been made in key areas, reshaping the financial narrative of one of the world's largest defence entities. Audit outcomes & component highlights Seven of the 29 components undergoing standalone financial statement audits secured unmodified opinions, and one garnered a qualified opinion. Pending results for the U.S. Marine Corps, Defence Information Systems Agency Working Capital Fund, and DoD Office of Inspector General added an air of anticipation. However, the majority of DoD components faced disclaimers of opinion. Notably, a restructuring of two DoD-wide material weaknesses occurred, with no addition to the count. Focus on fund balance with treasury material weakness A significant stride forward unfolded as the DoD addressed its Fund Balance with Treasury material weakness – a high-priority area. The Air Force General Fund led the charge by closing this gap, marking a historic achievement as the first Service to rectify this foundational issue. Parallel progress was seen with the Army Working Capital Fund and Navy General Fund, both downgrading their Fund Balance with Treasury material weakness. This shift underscored substantive advancements in aligning financial discrepancies. Metrics & progress monitoring Michael McCord, the DoD Under Secretary of Defence and Chief Financial Officer, emphasised the widespread positive impact of ongoing audits on military personnel and civilians alike. The DoD measured audit progress across critical areas such as Workforce Modernisation, Business Operations, Quality Decision-Making, Reliable Networks, and Enhanced Public Confidence. Success narratives unfolded, including the deployment of 65 bots by the Department of the Air Force, resulting in significant labour hour savings and the Army's effective monitoring of construction-in-progress. Improper payment programmes & ongoing efforts DoD's financial landscape successfully addressed improper payment programmes, resolving three high-priority cases in FY 2023. The preventive measures implemented forestalled other programs from reaching high-priority status in FY 2024. Rigorous efforts focused on identifying root causes, enhancing controls, and staff training on travel policy guidance. Call to action & collaboration Despite visible progress, McCord underscored the imperative for further action. A memorandum issued to the Secretaries of the Military Departments and Principal Staff Assistants emphasised expectations for supporting DoD financial statement audits. McCord called on Congress and defence industry partners to play pivotal roles. Congressional actions were highlighted, including stabilising the budget process and advocating for financial statement audits. Simultaneously, defence industry partners were urged to introduce innovative solutions and comply with audit requirements. Bottomline In a dynamic narrative of fiscal intricacies, the DoD's audit journey unfolded with a tapestry of challenges and triumphs. The commitment to address material weaknesses and enhance financial transparency echoed loudly in the corridors of one of the world's largest defence entities. As the DoD charts its course through financial waters, collaboration with Congress and industry partners emerges as the linchpin in ensuring a resilient and accountable financial future. WATCH WION LIVE HERE

Navigating Complexity: Pentagon's Fiscal Audit reveals varied outcomes amid strategic advances

As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales. Industry experts predict a tough season for retailers as consumers grapple with high inflation and sluggish economic growth, Reuters reported. &nbsp;

Loo Wee Teck from Euromonitor International notes that favourites like Barbie dolls and Hot Wheels cars remain on children's wish lists, but affordability concerns loom large.&nbsp;

Despite perennial favourites remaining at the top of wish lists, many parents face financial constraints this year, impacting traditional holiday spending.&nbsp;

Reuters cited Isaac Larian, CEO of MGA Entertainment, the maker of Bratz dolls, who spoke about the shift in priorities. "The most important thing for people this holiday is to have food on the table for their families," he said. &nbsp;&nbsp;

Reports indicate a significant rise in toy prices compared to the previous year, leading to concerns about decreased affordability. For instance, the Hot Wheels Scorpion play set, priced at 35 pounds in 2020, has surged to about 60 pounds on Amazon.co.uk this year.&nbsp;

Major toymakers, including Hasbro and Mattel, have already issued warnings about weakened industry sales, reflecting the broader economic challenges. Executives at MGA Entertainment anticipate a 10-12 per cent decline in holiday sales compared to the previous year, underscoring the severity of the economic impact on consumer spending. Nic Aldridge from Bandai anticipates more price cuts as retailers aim to clear surplus inventory, indicating a trend of deep discounting during the holiday season.&nbsp;

Global sales projections for action figures, such as Transformers and Spiderman, indicate a potential 2 per cent decline this year, according to Euromonitor forecasts. Recognising lower demand, retailers have cautiously ordered less product this year, potentially leading to quicker sell-outs of popular items. &nbsp;

Black Friday sales will serve as an early indicator of consumer behaviour, with industry leaders closely monitoring the market's response to offers and discounts. Mattel's president, Steve Totzke, acknowledged the challenging market conditions and the importance of gaining market share throughout the holiday season.&nbsp;

While the toy market has experienced a decline throughout the year, there is anticipation for a late surge in demand. Frédérique Tutt, Global Toys Advisor at Circana, suggests that despite a 7 per cent year-on-year decline in toy sales for the first nine months of the year, shoppers may turn out in the three weeks before Christmas.&nbsp;

Categories like games and puzzles, plush toys, building sets, and vehicles have shown better performance. Jerry Storch, CEO of consultancy Storch Advisors and former CEO of Toys-R-Us, told Reuters that fewer toys are being sold this year compared to the previous year. Yet he remains cautiously optimistic about a good holiday season for major players like Mattel.&nbsp;

Logo’s plans&nbsp;

Meanwhile, Lego, the famous toymaker is set to invest over $200 million towards expanding its plant situated in the northern Mexican state Nuevo Leon. Reuters cited a state government spokesperson on Tuesday, who said that the final figure will reach $205 million. Operations are anticipated to start in May 2025.

(With inputs from Reuters)&nbsp;

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As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales.

As the holiday season approaches, global toy makers brace for challenging times as shoppers in Europe and the United States prioritise essential goods over discretionary items, impacting the anticipated surge in holiday toy sales. Industry experts predict a tough season for retailers as consumers grapple with high inflation and sluggish economic growth, Reuters reported. Loo Wee Teck from Euromonitor International notes that favourites like Barbie dolls and Hot Wheels cars remain on children's wish lists, but affordability concerns loom large. Despite perennial favourites remaining at the top of wish lists, many parents face financial constraints this year, impacting traditional holiday spending. Reuters cited Isaac Larian, CEO of MGA Entertainment, the maker of Bratz dolls, who spoke about the shift in priorities. "The most important thing for people this holiday is to have food on the table for their families," he said. Reports indicate a significant rise in toy prices compared to the previous year, leading to concerns about decreased affordability. For instance, the Hot Wheels Scorpion play set, priced at 35 pounds in 2020, has surged to about 60 pounds on Amazon.co.uk this year. Major toymakers, including Hasbro and Mattel, have already issued warnings about weakened industry sales, reflecting the broader economic challenges. Executives at MGA Entertainment anticipate a 10-12 per cent decline in holiday sales compared to the previous year, underscoring the severity of the economic impact on consumer spending. Nic Aldridge from Bandai anticipates more price cuts as retailers aim to clear surplus inventory, indicating a trend of deep discounting during the holiday season. Global sales projections for action figures, such as Transformers and Spiderman, indicate a potential 2 per cent decline this year, according to Euromonitor forecasts. Recognising lower demand, retailers have cautiously ordered less product this year, potentially leading to quicker sell-outs of popular items. Black Friday sales will serve as an early indicator of consumer behaviour, with industry leaders closely monitoring the market's response to offers and discounts. Mattel's president, Steve Totzke, acknowledged the challenging market conditions and the importance of gaining market share throughout the holiday season. While the toy market has experienced a decline throughout the year, there is anticipation for a late surge in demand. Frédérique Tutt, Global Toys Advisor at Circana, suggests that despite a 7 per cent year-on-year decline in toy sales for the first nine months of the year, shoppers may turn out in the three weeks before Christmas. Categories like games and puzzles, plush toys, building sets, and vehicles have shown better performance. Jerry Storch, CEO of consultancy Storch Advisors and former CEO of Toys-R-Us, told Reuters that fewer toys are being sold this year compared to the previous year. Yet he remains cautiously optimistic about a good holiday season for major players like Mattel. Logo’s plans Meanwhile, Lego, the famous toymaker is set to invest over $200 million towards expanding its plant situated in the northern Mexican state Nuevo Leon. Reuters cited a state government spokesperson on Tuesday, who said that the final figure will reach $205 million. Operations are anticipated to start in May 2025. (With inputs from Reuters) WATCH WION LIVE HERE

Economic struggles dampen holiday cheer for toy makers 

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. &nbsp;

Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. &nbsp;

Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. &nbsp;

In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. &nbsp;

While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. &nbsp;

The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. &nbsp;

Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08.&nbsp;

(With inputs from Reuters)&nbsp;

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Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment.

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08. (With inputs from Reuters) WATCH WION LIVE HERE

Cisco lowers annual forecasts as demand slows

Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016. The Santa Clara-based company has seen a remarkable climb of approximately 20 per cent during this streak, translating to a staggering addition of about $200 billion in market value, according to data compiled by Bloomberg. &nbsp;

This surge occurs amid intense competition as rivals strive to devise alternatives to challenge Nvidia's stronghold in artificial intelligence (AI).&nbsp;

Nvidia's shares have experienced an exceptional rally, surging over 230 per cent this year, solidifying its position as the best-performing component on both the Nasdaq 100 and S&amp;P 500 indexes. The AI-driven frenzy has significantly contributed to this stellar performance, with the latest surge coinciding with a broader rebound in technology stocks. The resurgence in the tech sector is fuelled by optimistic sentiments surrounding the Federal Reserve's indications that interest rates may have reached their peak.&nbsp;

Highlighting Nvidia's commitment to innovation, the company announced the release of its updated chip, the H200, designed to incorporate high-bandwidth memory, known as HBM3e. This enhancement aims to enhance the chip's capacity to handle substantial datasets crucial for AI development and implementation. Blomberg cited Analyst Chris Caso from Wolfe Research, who notes, "NVDA has not refreshed prior datacentre GPUs in the past," emphasising that this update signifies Nvidia's acceleration in response to the growth and performance demands of the AI market.&nbsp;

Bloomberg Intelligence analyst Kunjan Sobhani underscored the significance of Nvidia's swift product-launch pace with the H200 in mid-2024. Sobhani noted that this strategy is poised to "help defend its turf," positioning the new AI processor with high-bandwidth memory as a potential market leader. &nbsp;

Despite facing challenges last month due to new US rules restricting the sale of cutting-edge chips to China, Nvidia has shown resilience and is scheduled to report earnings on November 21.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016.

Nvidia Corp., the world's most valuable chipmaker, is on the verge of completing a 10-day winning streak, marking its longest run of advances since the record-setting performance in December 2016. The Santa Clara-based company has seen a remarkable climb of approximately 20 per cent during this streak, translating to a staggering addition of about $200 billion in market value, according to data compiled by Bloomberg. This surge occurs amid intense competition as rivals strive to devise alternatives to challenge Nvidia's stronghold in artificial intelligence (AI). Nvidia's shares have experienced an exceptional rally, surging over 230 per cent this year, solidifying its position as the best-performing component on both the Nasdaq 100 and S&P 500 indexes. The AI-driven frenzy has significantly contributed to this stellar performance, with the latest surge coinciding with a broader rebound in technology stocks. The resurgence in the tech sector is fuelled by optimistic sentiments surrounding the Federal Reserve's indications that interest rates may have reached their peak. Highlighting Nvidia's commitment to innovation, the company announced the release of its updated chip, the H200, designed to incorporate high-bandwidth memory, known as HBM3e. This enhancement aims to enhance the chip's capacity to handle substantial datasets crucial for AI development and implementation. Blomberg cited Analyst Chris Caso from Wolfe Research, who notes, "NVDA has not refreshed prior datacentre GPUs in the past," emphasising that this update signifies Nvidia's acceleration in response to the growth and performance demands of the AI market. Bloomberg Intelligence analyst Kunjan Sobhani underscored the significance of Nvidia's swift product-launch pace with the H200 in mid-2024. Sobhani noted that this strategy is poised to "help defend its turf," positioning the new AI processor with high-bandwidth memory as a potential market leader. Despite facing challenges last month due to new US rules restricting the sale of cutting-edge chips to China, Nvidia has shown resilience and is scheduled to report earnings on November 21. (With inputs from Bloomberg) WATCH WION LIVE HERE

Nvidia's Spectacular Surge: $200bn added in 10-day winning streak matching 2016 record 

China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter.&nbsp;

The People's Bank of China plans to channel these funds through policy banks, with the aim of supporting households in their pursuit of home purchases. The move, spearheaded by Vice Premier He Lifeng, signals a vigorous attempt to counter the profound slump in the property sector, a downturn that has significantly impacted economic growth and consumer confidence.&nbsp;

The proposed initiative involves leveraging financial tools such as the Pledged Supplemental Lending (PSL) and special loans. If implemented, this program could mark a pivotal step in the government's comprehensive strategy to stabilise the housing market, considered the most severe downturn in decades. &nbsp;

Market concerns have surged regarding the financial health of China's prominent developers, particularly after a series of record defaults within the industry. The injection of funds aims not only to rejuvenate the property market but also to foster a more balanced and sustainable development trajectory for the long term. &nbsp;

The PSL program, sometimes dubbed as "helicopter money," allows the central bank to provide low-cost funds to developers engaged in tenement renovation projects. This involves developers using the funds to acquire land from local governments, which then offer cash subsidies to households affected by demolitions, spurring demand for newly-built or existing apartments. &nbsp;

Analysts believe that the funding could generate over 10 trillion yuan in overall direct investment, driving private investment in the sectors. According to Bloomberg, Bruce Pang, Chief Economist for Greater China at Jones Lang LaSalle Inc., emphasised, "This is not to spur growth but rather deliver a more balanced development for the longer term."&nbsp;

However, it is worth noting that the PSL program has a controversial history. Initially deployed in 2014 to counter a property market downturn, it faced criticism for contributing to a real estate bubble in lower-tier cities. The central bank reduced its provision of new PSL funds in 2019 as projects concluded. However, the program experienced a brief re-launch last year to aid policy banks, which prioritise public service over profit, in financing infrastructure development. &nbsp;

This latest plan follows Beijing's unconventional fiscal stimulus announced last month, including a budget deficit increase through the issuance of an additional 1 trillion yuan in sovereign bonds.&nbsp;

While economic data for the third quarter suggested a gradual recovery, official data anticipated to be released on Wednesday is expected to reveal a faltering economic momentum in October. &nbsp;

(With inputs from Bloomberg)&nbsp;

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China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter.

China is contemplating injecting at least 1 trillion yuan ($137 billion) into its urban village renovation and affordable housing programs, in a bid to revive its struggling property market, Bloomberg reported on Tuesday, citing sources familiar with the matter. The People's Bank of China plans to channel these funds through policy banks, with the aim of supporting households in their pursuit of home purchases. The move, spearheaded by Vice Premier He Lifeng, signals a vigorous attempt to counter the profound slump in the property sector, a downturn that has significantly impacted economic growth and consumer confidence. The proposed initiative involves leveraging financial tools such as the Pledged Supplemental Lending (PSL) and special loans. If implemented, this program could mark a pivotal step in the government's comprehensive strategy to stabilise the housing market, considered the most severe downturn in decades. Market concerns have surged regarding the financial health of China's prominent developers, particularly after a series of record defaults within the industry. The injection of funds aims not only to rejuvenate the property market but also to foster a more balanced and sustainable development trajectory for the long term. The PSL program, sometimes dubbed as "helicopter money," allows the central bank to provide low-cost funds to developers engaged in tenement renovation projects. This involves developers using the funds to acquire land from local governments, which then offer cash subsidies to households affected by demolitions, spurring demand for newly-built or existing apartments. Analysts believe that the funding could generate over 10 trillion yuan in overall direct investment, driving private investment in the sectors. According to Bloomberg, Bruce Pang, Chief Economist for Greater China at Jones Lang LaSalle Inc., emphasised, "This is not to spur growth but rather deliver a more balanced development for the longer term." However, it is worth noting that the PSL program has a controversial history. Initially deployed in 2014 to counter a property market downturn, it faced criticism for contributing to a real estate bubble in lower-tier cities. The central bank reduced its provision of new PSL funds in 2019 as projects concluded. However, the program experienced a brief re-launch last year to aid policy banks, which prioritise public service over profit, in financing infrastructure development. This latest plan follows Beijing's unconventional fiscal stimulus announced last month, including a budget deficit increase through the issuance of an additional 1 trillion yuan in sovereign bonds. While economic data for the third quarter suggested a gradual recovery, official data anticipated to be released on Wednesday is expected to reveal a faltering economic momentum in October. (With inputs from Bloomberg) WATCH WION LIVE HERE

China unveils $137bn plan to revitalise property market amid economic challenges 

Following a substantial decline of $251 billion in February, Meta’s stock exhibited a notable resurgence, nearly doubling in value by November.

Meta's stock rally nears 300% | World Business Watch

Japan, a country known for its rich history and technological prowess, is moving towards a more equitable evolution. Join us as we explore the compelling journey of women in science and technology, breaking barriers, unlocking innovation, and potentially steering japan toward a brighter, more inclusive future.

A future where women drive Japan's economic growth | World Business Watch

Markets were relieved to see that US inflation fell significantly in October. The inflation figure is a leading indicator to signal the federal reserve has completed its interest rate hike cycle. The core consumer price index, which does not include food and energy prices, rose by 0.2% in October. The core gauge is seen by economists as a more accurate reflection of true inflation than the headline CPI.

Easing inflation erases bets on more fed rate hikes | World Business Watch

The House of Representatives passed a temporary spending bill with broad bipartisan support to avert a looming government shutdown. The bipartisan effort garnered a 336-95 vote, signaling a crucial step in preventing disruptions to federal agencies as current funding approaches its expiration at midnight on Friday.

US Congress passes spending bill to avert government shutdown | World Business Watch

Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday.&nbsp;

The central bank's data, released on Tuesday, revealed a current account surplus of $53.8 billion for the first ten months of this year, a figure significantly lower than the 2022 record but indicative of a noteworthy recovery in the face of adversity. &nbsp;

The surplus in October, exceeding $11 billion for the second consecutive month, underscores the resilience of Russia's economic rebound.&nbsp;

The Bank of Russia, acknowledging a slight dip in exports during October, revised its estimate of the current account surplus for previous months based on additional data. This adjustment led to an upgrade in the full-year 2023 forecast from $45 billion to $60 billion. &nbsp;

Despite challenges, Russia's crude exports through its ports in October neared their highest level in over four months, contributing to a surge in overall oil and gas revenue, reaching levels unseen since April 2022.&nbsp;

The efficacy of Russia's financial strategy is particularly notable in the face of sweeping sanctions imposed by the US and its allies in response to the Ukrainian conflict. The renewed influx of cash into the country has enabled the rouble to mitigate some of its losses since the beginning of the year.&nbsp;

In a contentious move, the Russian government recently reintroduced certain capital controls, compelling 43 groups of exporter companies, including major oil producers, to sell their foreign earnings domestically in roubles. This decision was met with opposition from the central bank. &nbsp;

Inspite of the controversy, increased foreign currency sales by exporters contributed to October being the rouble's strongest month since June of the previous year, with a 5 per cent gain against the US dollar.&nbsp;

As a tribute to the positive financial momentum, the rouble continued its ascent on Tuesday, trading below 91 against the dollar in Moscow, the first time since late July. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday.

Russia's financial landscape is experiencing an upturn as the country's current account surplus expands, bolstering the rouble despite challenging global conditions and unprecedented sanctions related to the conflict in Ukraine, Bloomberg reported on Tuesday. The central bank's data, released on Tuesday, revealed a current account surplus of $53.8 billion for the first ten months of this year, a figure significantly lower than the 2022 record but indicative of a noteworthy recovery in the face of adversity. The surplus in October, exceeding $11 billion for the second consecutive month, underscores the resilience of Russia's economic rebound. The Bank of Russia, acknowledging a slight dip in exports during October, revised its estimate of the current account surplus for previous months based on additional data. This adjustment led to an upgrade in the full-year 2023 forecast from $45 billion to $60 billion. Despite challenges, Russia's crude exports through its ports in October neared their highest level in over four months, contributing to a surge in overall oil and gas revenue, reaching levels unseen since April 2022. The efficacy of Russia's financial strategy is particularly notable in the face of sweeping sanctions imposed by the US and its allies in response to the Ukrainian conflict. The renewed influx of cash into the country has enabled the rouble to mitigate some of its losses since the beginning of the year. In a contentious move, the Russian government recently reintroduced certain capital controls, compelling 43 groups of exporter companies, including major oil producers, to sell their foreign earnings domestically in roubles. This decision was met with opposition from the central bank. Inspite of the controversy, increased foreign currency sales by exporters contributed to October being the rouble's strongest month since June of the previous year, with a 5 per cent gain against the US dollar. As a tribute to the positive financial momentum, the rouble continued its ascent on Tuesday, trading below 91 against the dollar in Moscow, the first time since late July. (With inputs from Bloomberg) WATCH WION LIVE HERE

Russia's rouble rises as cash inflow surges amidst oil export recovery 

Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year. According to a Bloomberg report, this surge comes on the heels of a historic $251 billion crash in February, making it the largest one-day stock wipe-out in history. &nbsp;

Despite the setback, Meta has emerged stronger, with 62 out of 70 analysts tracked by Bloomberg now giving the social media giant buy-equivalent ratings, marking the highest confidence level since its IPO in 2012.&nbsp;

Stifel Nicolaus analyst Mark Kelley, among the bullish voices, emphasised the investment appeal beyond the metaverse narrative. "We don’t think you have to be a believer in the metaverse story to like the stock," Bloomberg quoted him as saying. He attributes the stock's attractiveness to advertisers recognising Meta's unparalleled scale compared to competitors, such as TikTok Inc. The shift in sentiment highlights Meta's successful efforts in regaining investor support after last year's downturn.&nbsp;

Analyst projections for Meta's profitability are on an upward trajectory, reflecting the positive sentiment. Wall Street now expects the company to generate approximately $18 per share in earnings next year, a substantial increase from the $10 anticipated a year ago, according to Bloomberg's compiled data. &nbsp;

However, Needham &amp; Co.'s Laura Martin, one of the few dissenting voices, remains sceptical, citing rising competition and potential challenges from mobile operating system changes like Apple Inc.'s iOS. According to Bloomberg, he expressed concerns about Meta's competitive advantage, stating, "TikTok is eating them alive."&nbsp;

Despite the surge in Meta's valuation this year, currently standing at about 18 times earnings projected over the next 12 months, the social media giant remains the most affordable among the seven major technology and internet stocks. It also holds a discount compared to both the Nasdaq 100 and S&amp;P 500 indexes. &nbsp;

Sylvia Jablonski, co-founder and chief investment officer at Defiance ETFs, sees Meta's priorities in the right place, anticipating benefits from artificial intelligence and growth in digital ad spending in the years to come. Jablonski expressed her interest in a long-term investment strategy, "I’m interested in picking up shares for a long time horizon as the decade of machine learning, AI, and all things digital growth continues to take shape,” Bloomberg quoted her as saying.&nbsp;

Drawing a historical parallel, the article notes the diverging fortunes of dot-com era darlings, Microsoft Corp., and Cisco Systems Inc. While Microsoft has grown over six-fold from its dot-com highs, Meta's contemporary, Cisco Systems, has yet to recover from its historic crash in the turn of the century, with its stock still trading about 36 per cent below its all-time high set in March 2000.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year.

Meta Platforms Inc., the parent company of Facebook, has experienced an unprecedented rally, with its shares nearly quadrupling since the lows of November last year. According to a Bloomberg report, this surge comes on the heels of a historic $251 billion crash in February, making it the largest one-day stock wipe-out in history. Despite the setback, Meta has emerged stronger, with 62 out of 70 analysts tracked by Bloomberg now giving the social media giant buy-equivalent ratings, marking the highest confidence level since its IPO in 2012. Stifel Nicolaus analyst Mark Kelley, among the bullish voices, emphasised the investment appeal beyond the metaverse narrative. "We don’t think you have to be a believer in the metaverse story to like the stock," Bloomberg quoted him as saying. He attributes the stock's attractiveness to advertisers recognising Meta's unparalleled scale compared to competitors, such as TikTok Inc. The shift in sentiment highlights Meta's successful efforts in regaining investor support after last year's downturn. Analyst projections for Meta's profitability are on an upward trajectory, reflecting the positive sentiment. Wall Street now expects the company to generate approximately $18 per share in earnings next year, a substantial increase from the $10 anticipated a year ago, according to Bloomberg's compiled data. However, Needham & Co.'s Laura Martin, one of the few dissenting voices, remains sceptical, citing rising competition and potential challenges from mobile operating system changes like Apple Inc.'s iOS. According to Bloomberg, he expressed concerns about Meta's competitive advantage, stating, "TikTok is eating them alive." Despite the surge in Meta's valuation this year, currently standing at about 18 times earnings projected over the next 12 months, the social media giant remains the most affordable among the seven major technology and internet stocks. It also holds a discount compared to both the Nasdaq 100 and S&P 500 indexes. Sylvia Jablonski, co-founder and chief investment officer at Defiance ETFs, sees Meta's priorities in the right place, anticipating benefits from artificial intelligence and growth in digital ad spending in the years to come. Jablonski expressed her interest in a long-term investment strategy, "I’m interested in picking up shares for a long time horizon as the decade of machine learning, AI, and all things digital growth continues to take shape,” Bloomberg quoted her as saying. Drawing a historical parallel, the article notes the diverging fortunes of dot-com era darlings, Microsoft Corp., and Cisco Systems Inc. While Microsoft has grown over six-fold from its dot-com highs, Meta's contemporary, Cisco Systems, has yet to recover from its historic crash in the turn of the century, with its stock still trading about 36 per cent below its all-time high set in March 2000. (With inputs from Bloomberg) WATCH WION LIVE HERE

Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge 

The financial aftermath following the passing of the Chief of Sahara group Subrata Roy. SEBI, the Capital Market regulator, is grappling with undistributed funds exceeding 25,000 CR rupees. As per SEBI's latest annual report, the regulator issued $16 million in refunds over 11 years to investors of two Sahara group firms. However, the total amount deposited in specially open bank accounts for repayment has aged to more than 3 billion US dollars.

Sahara Group Chief Subrata Roy's passing and regulatory challenges

Huawei takes centre stage with an astounding 83% surge in smartphone sales, igniting a remarkable revival in China's lagging mobile market. Xiaomi follows suit with a 33% spike in October sales.

Huawei propels China's smartphone market with 11% surge

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge&nbsp;

Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year.&nbsp;

<a href="https://www.wionews.com/business-economy/metas-meteoric-rise-wall-street-enthusiasts-rally-behind-facebooks-metaverse-push-as-shares-surge-658645">Read more here</a>&nbsp;

Russia's rouble rises as cash inflow surges amidst oil export recovery&nbsp;

Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble.

<a href="https://www.wionews.com/business-economy/russias-rouble-rises-as-cash-inflow-surges-amidst-oil-export-recovery-658655">Read more here&nbsp;</a>

Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record

Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-spectacular-surge-200-bln-added-in-10-day-winning-streak-matching-2016-record-658668">Read more here</a>&nbsp;

China unveils $137 bln plan to revitalise property market amid economic challenges&nbsp;

In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects.

<a href="https://www.wionews.com/business-economy/china-unveils-137-bln-plan-to-revitalise-property-market-amid-economic-challenges-658687">Read more here&nbsp;</a>

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation.

<a href="https://www.wionews.com/business-economy/slowing-us-inflation-fuels-optimism-as-fed-rate-hike-concerns-subside-report-658723">Read more here</a>

Huawei surge propels China's smartphone market to 11pc growth in October

According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an&nbsp;83 per cent spike in sales for Huawei.

<a href="https://www.wionews.com/business-economy/huawei-surge-propels-chinas-smartphone-market-to-11pc-growth-in-october-658736">Read more here</a>

US House passes crucial spending bill to avert government shutdown

A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators.

<a href="https://www.wionews.com/business-economy/us-house-passes-crucial-spending-bill-to-avert-government-shutdown-658742">Read more here&nbsp;</a>

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine.

<a href="https://www.wionews.com/business-economy/pwc-cyprus-helped-russian-oligarch-move-12-billion-after-ukraine-invasion-despite-sanctions-report-658707">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. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Meta's Meteoric Rise: Wall Street enthusiasts rally behind Facebook's metaverse push as shares surge Facebook's parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year. Read more here Russia's rouble rises as cash inflow surges amidst oil export recovery Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia's financial situation is improving as the nation's current account surplus increases and supports the rouble. Read more here Nvidia's Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016. Read more here China unveils $137 bln plan to revitalise property market amid economic challenges In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects. Read more here Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation. Read more here Huawei surge propels China's smartphone market to 11pc growth in October According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an 83 per cent spike in sales for Huawei. Read more here US House passes crucial spending bill to avert government shutdown A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators. Read more here PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia's "richest" oligarch in transferring millions of dollars' worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine. Read more here WATCH WION LIVE HERE

Wion Business Wrap | Meta's meteoric rise, China's property market challenges & more 

One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report. 
 
Alexei Mordashov's case is among several uncovered in a document leak being called Cyprus Confidential, said a report by the Guardian.

The documents were leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany’s Paper Trail Media.&nbsp;

<h2>Cyprus Confidential</h2>

In what is said to be the largest-ever financial data leak from Cyprus, a cache of 3.6 million files suggests that PwC Cyprus and other advisers played a role in managing transactions as Russian forces launched the invasion of Ukraine in February 2022.&nbsp;

The cache of millions of files sheds light on the blue-chip accountancy firm’s work for the Kremlin-connected mining and banking tycoon, Alexei Mordashov, raising serious questions about PwC Cyprus’ role in a potential sanctions breach.

According to the Guardian, the files contain emails of PwC Cyprus staff discussing transfers of about a third of the shares in Tui, Europe’s largest travel company, to Mordashov’s life partner.&nbsp;

It is also reported that PwC Cyprus and other advisers helped one of Russia’s most powerful oligarchs attempt to transfer $1.2 billion in a public company on the day he was placed under EU sanctions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-why-businesses-are-pulling-money-out-at-a-fast-rate-from-china-658658">Explained: Why businesses are pulling money out at a fast rate from China?</a>

The documents, as per the Guardian, also showed $652,629 worth of undisclosed payments from companies linked to the same oligarch to an influential German journalist who is said to be a &nbsp;leading expert on Russia, to support the publication of two books about President Vladimir Putin.

Since the beginning of what Russia calls its “special military operation” in Ukraine, western countries have imposed the largest-ever package of sanctions against Moscow and its business elite, but recently the focus has shifted to ensuring the enforcement of those restrictions.&nbsp;

The leak also revealed Cyprus’ role as a gateway into Europe for the Kremlin-connected elite as out of 104 Russian billionaires&nbsp;that the Forbes magazine identified this year two-thirds appeared alongside family members as clients of the island’s professional service providers.

According to the reports, 71 Russian clients have come under sanctions since February 2022. However, advisers have reportedly said that many of these relationships have been terminated.&nbsp;

<h2>Cyprus govt vows to respond with ‘zero-tolerance approach’</h2>

Following the leak and the report by the Guardian, the Cypriot government has vowed to take a &nbsp;“zero-tolerance approach” to sanctions violations. A spokesperson said Cyprus was receiving technical support from the British government to create a sanctions implementation unit next year.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/russias-rouble-rises-as-cash-inflow-surges-amidst-oil-export-recovery-658655">Russia's rouble rises as cash inflow surges amidst oil export recovery&nbsp;</a>

Additionally, the country has also joined an EU cross-border project on making sanctions effective, reported the Guardian.&nbsp;

The exact rules around the timeline and enforcement of the sanctions against the Russian president, officials, and its oligarchs are now under scrutiny, both in Cyprus and across Europe.&nbsp;

The Cyprus finance ministry said it had launched a criminal investigation into the transfer of Mordashov’s stake in Tui. “We are aware of Tui share transfers and a criminal investigation is being carried out,” said a spokesperson for the ministry, as quoted by the Guardian, when asked about the report.&nbsp;

Mordashov and PwC told the British media outlet they were unaware of the criminal investigation.

One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report.

One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report. Alexei Mordashov's case is among several uncovered in a document leak being called Cyprus Confidential, said a report by the Guardian. The documents were leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany’s Paper Trail Media. Cyprus Confidential In what is said to be the largest-ever financial data leak from Cyprus, a cache of 3.6 million files suggests that PwC Cyprus and other advisers played a role in managing transactions as Russian forces launched the invasion of Ukraine in February 2022. The cache of millions of files sheds light on the blue-chip accountancy firm’s work for the Kremlin-connected mining and banking tycoon, Alexei Mordashov, raising serious questions about PwC Cyprus’ role in a potential sanctions breach. According to the Guardian, the files contain emails of PwC Cyprus staff discussing transfers of about a third of the shares in Tui, Europe’s largest travel company, to Mordashov’s life partner. It is also reported that PwC Cyprus and other advisers helped one of Russia’s most powerful oligarchs attempt to transfer $1.2 billion in a public company on the day he was placed under EU sanctions. ALSO READ | Explained: Why businesses are pulling money out at a fast rate from China? The documents, as per the Guardian, also showed $652,629 worth of undisclosed payments from companies linked to the same oligarch to an influential German journalist who is said to be a leading expert on Russia, to support the publication of two books about President Vladimir Putin. Since the beginning of what Russia calls its “special military operation” in Ukraine, western countries have imposed the largest-ever package of sanctions against Moscow and its business elite, but recently the focus has shifted to ensuring the enforcement of those restrictions. The leak also revealed Cyprus’ role as a gateway into Europe for the Kremlin-connected elite as out of 104 Russian billionaires that the Forbes magazine identified this year two-thirds appeared alongside family members as clients of the island’s professional service providers. According to the reports, 71 Russian clients have come under sanctions since February 2022. However, advisers have reportedly said that many of these relationships have been terminated. Cyprus govt vows to respond with ‘zero-tolerance approach’ Following the leak and the report by the Guardian, the Cypriot government has vowed to take a “zero-tolerance approach” to sanctions violations. A spokesperson said Cyprus was receiving technical support from the British government to create a sanctions implementation unit next year. ALSO READ | Russia's rouble rises as cash inflow surges amidst oil export recovery Additionally, the country has also joined an EU cross-border project on making sanctions effective, reported the Guardian. The exact rules around the timeline and enforcement of the sanctions against the Russian president, officials, and its oligarchs are now under scrutiny, both in Cyprus and across Europe. The Cyprus finance ministry said it had launched a criminal investigation into the transfer of Mordashov’s stake in Tui. “We are aware of Tui share transfers and a criminal investigation is being carried out,” said a spokesperson for the ministry, as quoted by the Guardian, when asked about the report. Mordashov and PwC told the British media outlet they were unaware of the criminal investigation.

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines.

According to Reuters, this crucial development now shifts the focus to the Senate, where leaders from both Democratic and Republican factions have expressed their backing for the bill. The passing of the 336-95 vote marks a significant victory for House Speaker Mike Johnson, who faced challenges from some Republicans in the first consequential vote since assuming the position less than three weeks ago.

The Senate, alongside the Republican-controlled House, must swiftly enact legislation that President Joe Biden can sign into law before the current funding for federal agencies expires at midnight on Friday.

Senate Majority Leader Chuck Schumer, a Democrat, expressed satisfaction with the strong bipartisan vote in the House and committed to working with his Republican counterpart, Mitch McConnell, to pass the bill as expeditiously as possible. The bill's passage with 209 Democratic and 127 Republican votes reflects a collective effort to navigate fiscal challenges and ensure the continuity of government functions.

The temporary spending bill, designed to extend government funding at current levels into 2024, offers a reprieve for lawmakers to formulate detailed spending bills covering diverse sectors, from the military to scientific research. While the bill received support from both Democrats and a significant number of Republicans, some conservative Republicans voiced frustration over its omission of steep spending cuts and desired border-security measures.

Despite these concerns, the bill passed with a majority, signalling a willingness among lawmakers to prioritise averting a shutdown and ensuring the stability of critical government functions. Representative Mike Garcia, a Republican, acknowledged the imperfections of the bill. "This isn't ideal, but a shutdown is a far worse world to be in," Reuters quoted her as saying.

The bill, crafted by House Speaker Mike Johnson, extends funding for various essential sectors, including military construction, veterans benefits, transportation, housing, urban development, agriculture, the Food and Drug Administration, and energy and water programs through January 19.

However, funding for all other federal operations, including defence, would expire on February 2. The strategic timing of the extension provides lawmakers with a window to deliberate and formulate detailed spending plans, contributing to a more stable and predictable fiscal landscape.

The ongoing fiscal challenges and political gridlock have prompted heightened scrutiny, with Moody's lowering its credit rating outlook on the U.S. to "negative," citing concerns about high-interest rates impacting borrowing costs.

(With inputs from Reuters)

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The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines.

The U.S. House of Representatives has approved a temporary spending bill, steering the country away from a potential government shutdown. The legislation, which extends government funding through mid-January, garnered widespread support from lawmakers across party lines. According to Reuters, this crucial development now shifts the focus to the Senate, where leaders from both Democratic and Republican factions have expressed their backing for the bill. The passing of the 336-95 vote marks a significant victory for House Speaker Mike Johnson, who faced challenges from some Republicans in the first consequential vote since assuming the position less than three weeks ago. The Senate, alongside the Republican-controlled House, must swiftly enact legislation that President Joe Biden can sign into law before the current funding for federal agencies expires at midnight on Friday. Senate Majority Leader Chuck Schumer, a Democrat, expressed satisfaction with the strong bipartisan vote in the House and committed to working with his Republican counterpart, Mitch McConnell, to pass the bill as expeditiously as possible. The bill's passage with 209 Democratic and 127 Republican votes reflects a collective effort to navigate fiscal challenges and ensure the continuity of government functions. The temporary spending bill, designed to extend government funding at current levels into 2024, offers a reprieve for lawmakers to formulate detailed spending bills covering diverse sectors, from the military to scientific research. While the bill received support from both Democrats and a significant number of Republicans, some conservative Republicans voiced frustration over its omission of steep spending cuts and desired border-security measures. Despite these concerns, the bill passed with a majority, signalling a willingness among lawmakers to prioritise averting a shutdown and ensuring the stability of critical government functions. Representative Mike Garcia, a Republican, acknowledged the imperfections of the bill. "This isn't ideal, but a shutdown is a far worse world to be in," Reuters quoted her as saying. The bill, crafted by House Speaker Mike Johnson, extends funding for various essential sectors, including military construction, veterans benefits, transportation, housing, urban development, agriculture, the Food and Drug Administration, and energy and water programs through January 19. However, funding for all other federal operations, including defence, would expire on February 2. The strategic timing of the extension provides lawmakers with a window to deliberate and formulate detailed spending plans, contributing to a more stable and predictable fiscal landscape. The ongoing fiscal challenges and political gridlock have prompted heightened scrutiny, with Moody's lowering its credit rating outlook on the U.S. to "negative," citing concerns about high-interest rates impacting borrowing costs. (With inputs from Reuters) WATCH WION LIVE HERE

US House passes crucial spending bill to avert government shutdown

China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint.

Reuters reported that the positive momentum suggests a potential recovery in China's mobile market, which has faced challenges in recent quarters. Huawei's strong performance, especially with its Mate 60 series devices, has been a key factor in this turnaround, with Counterpoint China analyst Archie Zhang noting, "Demand continues to be high double-digits, and we’re also seeing a halo effect, with other models from the vendor performing well."

Xiaomi also contributed to the overall growth, registering a 33 per cent increase in smartphone sales in October. While specific details about Apple's performance in the period were not provided, the data reflects a broader positive trend in China's smartphone landscape.

&nbsp;The surge in Huawei's sales is particularly striking; marking a shift from the challenges the company faced due to U.S. sanctions, with the launch of the Mate 60 series seen as a strategic move to counter chip-related restrictions.

Reuters quoted Ivan Lam, a senior Counterpoint analyst as saying, "Huawei’s ability to scale up to this new normal will be a major determinant not just for their own growth but for the broader market."

The stellar performance of Huawei and Xiaomi indicates a potential rebound in China's smartphone market, which has experienced a decline over multiple quarters.

In the quarter ending June, sales fell by 3 per cent, highlighting the challenges faced by the industry. The sustained growth observed in October aligns with expectations of a market recovery, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter.

This positive outlook comes after ten consecutive quarters of falling shipments, signalling a potential turning point for the Chinese smartphone market. The data underscores the resilience and adaptability of key players like Huawei and Xiaomi in navigating market dynamics.

(With inputs from Reuters)

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China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint.

China's smartphone market witnessed a notable resurgence in October, with an 11 per cent increase in total shipments, driven largely by a remarkable 83 per cent surge in sales for Huawei, according to data from research firm Counterpoint. Reuters reported that the positive momentum suggests a potential recovery in China's mobile market, which has faced challenges in recent quarters. Huawei's strong performance, especially with its Mate 60 series devices, has been a key factor in this turnaround, with Counterpoint China analyst Archie Zhang noting, "Demand continues to be high double-digits, and we’re also seeing a halo effect, with other models from the vendor performing well." Xiaomi also contributed to the overall growth, registering a 33 per cent increase in smartphone sales in October. While specific details about Apple's performance in the period were not provided, the data reflects a broader positive trend in China's smartphone landscape. The surge in Huawei's sales is particularly striking; marking a shift from the challenges the company faced due to U.S. sanctions, with the launch of the Mate 60 series seen as a strategic move to counter chip-related restrictions. Reuters quoted Ivan Lam, a senior Counterpoint analyst as saying, "Huawei’s ability to scale up to this new normal will be a major determinant not just for their own growth but for the broader market." The stellar performance of Huawei and Xiaomi indicates a potential rebound in China's smartphone market, which has experienced a decline over multiple quarters. In the quarter ending June, sales fell by 3 per cent, highlighting the challenges faced by the industry. The sustained growth observed in October aligns with expectations of a market recovery, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter. This positive outlook comes after ten consecutive quarters of falling shipments, signalling a potential turning point for the Chinese smartphone market. The data underscores the resilience and adaptability of key players like Huawei and Xiaomi in navigating market dynamics. (With inputs from Reuters) WATCH WION LIVE HERE

Huawei surge propels China's smartphone market to 11pc growth in October

U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes. According to Reuters, the data, released by the Labour Department's Bureau of Labour Statistics, revealed that the annual increase in underlying inflation was the smallest in two years, marking a pivotal moment in the ongoing economic narrative.

The report showed a notable decline in gasoline prices, contributing to the stagnant Consumer Price Index (CPI), a shift from the 0.4 per cent rise observed in September. The unexpected softness in inflation figures prompted a positive reaction in financial markets, with U.S. Treasury yields dipping and a subsequent rally in the stock market.

The development, combined with recent data indicating a slowdown in job and wage growth, is seen as reinforcing the notion that the economy might evade a potential recession.

Christopher Rupkey, Chief Economist at FWDBONDS, told Reuters, "The Fed always wants to see more progress, but it is looking like the inflation battle has rounded the corner." Rupkey further expressed optimism that the economy could navigate away from a recession while experiencing lower inflation. The encouraging signs in the CPI, including a 5.0 per cent drop in gasoline prices, highlight the potential impact on broader economic dynamics.

Despite a year-on-year consumer price rise of 3.2 per cent in October, down from 3.7 per cent in September, concerns persist as inflation continues to surpass the Fed's 2 per cent target. Analysts suggest that the recent disinflationary trend might not be sustained indefinitely, given the strong economy and a relatively tight labour market.

While expectations of an imminent end to the Fed's monetary policy tightening campaign have gained traction, Fed Chair Jerome Powell remains according to Reuters. He said, "if it becomes appropriate to tighten policy further, we will not hesitate to do so."

Financial markets are seemingly anticipating a rate cut as early as May, according to CME Group's FedWatch tool. The Federal Reserve has implemented a robust monetary tightening campaign since March 2022, resulting in a 525 basis points increase to the current 5.25 per cent -5.50 per cent range. The prospect of a shift in monetary policy has driven Treasury prices higher, with the yield on the two-year note reaching a two-week low. The dollar has depreciated against a basket of currencies, and Wall Street stocks are trading notably higher.

The CPI report also shed light on specific sectors, including a 0.3 per cent increase in food prices, driven by higher costs for meat, fish, and eggs. However, the overall encouraging inflation data, coupled with slowing rent increases and subdued goods deflation, suggests a potential positive trajectory for the U.S. economy.

(With inputs from Reuters)

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U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes.

U.S. consumer prices remained unchanged in October, signalling a potential easing of concerns over rising inflation and leading to renewed hopes that the Federal Reserve might halt further interest rate hikes. According to Reuters, the data, released by the Labour Department's Bureau of Labour Statistics, revealed that the annual increase in underlying inflation was the smallest in two years, marking a pivotal moment in the ongoing economic narrative. The report showed a notable decline in gasoline prices, contributing to the stagnant Consumer Price Index (CPI), a shift from the 0.4 per cent rise observed in September. The unexpected softness in inflation figures prompted a positive reaction in financial markets, with U.S. Treasury yields dipping and a subsequent rally in the stock market. The development, combined with recent data indicating a slowdown in job and wage growth, is seen as reinforcing the notion that the economy might evade a potential recession. Christopher Rupkey, Chief Economist at FWDBONDS, told Reuters, "The Fed always wants to see more progress, but it is looking like the inflation battle has rounded the corner." Rupkey further expressed optimism that the economy could navigate away from a recession while experiencing lower inflation. The encouraging signs in the CPI, including a 5.0 per cent drop in gasoline prices, highlight the potential impact on broader economic dynamics. Despite a year-on-year consumer price rise of 3.2 per cent in October, down from 3.7 per cent in September, concerns persist as inflation continues to surpass the Fed's 2 per cent target. Analysts suggest that the recent disinflationary trend might not be sustained indefinitely, given the strong economy and a relatively tight labour market. While expectations of an imminent end to the Fed's monetary policy tightening campaign have gained traction, Fed Chair Jerome Powell remains according to Reuters. He said, "if it becomes appropriate to tighten policy further, we will not hesitate to do so." Financial markets are seemingly anticipating a rate cut as early as May, according to CME Group's FedWatch tool. The Federal Reserve has implemented a robust monetary tightening campaign since March 2022, resulting in a 525 basis points increase to the current 5.25 per cent -5.50 per cent range. The prospect of a shift in monetary policy has driven Treasury prices higher, with the yield on the two-year note reaching a two-week low. The dollar has depreciated against a basket of currencies, and Wall Street stocks are trading notably higher. The CPI report also shed light on specific sectors, including a 0.3 per cent increase in food prices, driven by higher costs for meat, fish, and eggs. However, the overall encouraging inflation data, coupled with slowing rent increases and subdued goods deflation, suggests a potential positive trajectory for the U.S. economy. (With inputs from Reuters) WATCH WION LIVE HERE

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. &nbsp;

The report reveals that China's development banks, including the China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM), did not provide any new energy sector loans for the second consecutive year in 2022. President Xi Jinping's 2021 pledge aimed to shift financial support away from overseas coal projects towards green and low-carbon energy projects in developing nations.&nbsp;

Cecilia Springer, Non-Resident Fellow at Boston University's Global Development Policy Centre (GDP Centre), emphasised that while support for overseas coal projects was already declining before President Xi's pledge, the commitment to ramp up support for green and low-carbon energy has not materialised as expected. &nbsp;

The GDP Centre’s report indicates that from 2000 to 2022, the CDB and CHEXIM provided a total of 331 loans worth $225 billion for energy projects, with a significant portion allocated to exploration and extraction activities. Almost three-quarters of the total lending supported coal, oil, and gas projects.&nbsp;

Despite a decline in financing from the two banks since 2016, the report highlights that China's support for energy projects still surpasses that offered by any other global lender, including the World Bank. The data stresses on the challenge of fully transitioning away from fossil fuel funding. &nbsp;

At the Belt and Road Summit last month, China introduced the Green Investment and Finance Partnership (GIFP) to promote green energy. President Xi Jinping announced a commitment of approximately $100 billion in annual financing to support the energy transition in Belt and Road countries. While acknowledging the significance of this commitment, Cecilia Springer noted that it remains a "drop in the bucket" compared to the goals of the Paris Agreement.&nbsp;

The GDP Centre’s database reveals that China's fossil fuel lending commitments since 2013, coinciding with the Belt and Road project's announcement, amounted to $55.4 billion. Of this, $20 billion was allocated to coal-fired power generation. &nbsp;

(With inputs from Reuters)&nbsp;

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Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University.

Despite China's commitment to cease overseas coal financing and boost green energy projects, the country's development banks have yet to channel funds into renewable initiatives, according to researchers at Boston University. The report reveals that China's development banks, including the China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM), did not provide any new energy sector loans for the second consecutive year in 2022. President Xi Jinping's 2021 pledge aimed to shift financial support away from overseas coal projects towards green and low-carbon energy projects in developing nations. Cecilia Springer, Non-Resident Fellow at Boston University's Global Development Policy Centre (GDP Centre), emphasised that while support for overseas coal projects was already declining before President Xi's pledge, the commitment to ramp up support for green and low-carbon energy has not materialised as expected. The GDP Centre’s report indicates that from 2000 to 2022, the CDB and CHEXIM provided a total of 331 loans worth $225 billion for energy projects, with a significant portion allocated to exploration and extraction activities. Almost three-quarters of the total lending supported coal, oil, and gas projects. Despite a decline in financing from the two banks since 2016, the report highlights that China's support for energy projects still surpasses that offered by any other global lender, including the World Bank. The data stresses on the challenge of fully transitioning away from fossil fuel funding. At the Belt and Road Summit last month, China introduced the Green Investment and Finance Partnership (GIFP) to promote green energy. President Xi Jinping announced a commitment of approximately $100 billion in annual financing to support the energy transition in Belt and Road countries. While acknowledging the significance of this commitment, Cecilia Springer noted that it remains a "drop in the bucket" compared to the goals of the Paris Agreement. The GDP Centre’s database reveals that China's fossil fuel lending commitments since 2013, coinciding with the Belt and Road project's announcement, amounted to $55.4 billion. Of this, $20 billion was allocated to coal-fired power generation. (With inputs from Reuters) WATCH WION LIVE HERE

China's development banks fall short on green energy finance despite coal financing pledge 

Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday.

Reuters quoted Takeshi Minami, the Chief Economist at Norinchukin Research Institute, as saying, "Wholesale inflation seems to have cooled as past declines in raw material and energy costs filter through domestic business-to-business prices."

This slowdown aligned&nbsp;with the Bank of Japan's expectations, raising questions about whether increased wages and household spending will generate a demand-driven rise in consumer prices.

The Corporate Goods Price Index (CGPI), reflecting the prices companies charge each other for goods and services, rose 0.8 per cent in October from a year earlier, slightly below the median market forecast of a 0.9 per cent gain. This marked the 10th consecutive month of slowing wholesale inflation, with the year-on-year growth rate falling below 1 per cent for the first time since February 2021.

The cooling trend was attributed to declining prices of wood, chemical, and steel products, emphasising the impact of diminishing global commodity costs.

Takeshi Minami argued that government subsidies aimed at curbing gasoline and utility bills might lead to a slowdown in consumer inflation by the close of the fiscal year ending March 2024.

"The pace of slowdown in consumer inflation will be modest as labour shortages and higher wages will underpin service prices,” he said, anticipating a modest deceleration.

The spike in wholesale inflation had prompted Japanese firms to pass on higher costs to households, prompting the Bank of Japan (BOJ) to revise its inflation forecasts. The BOJ, anticipating a dissipation of cost-push inflation, emphasises the need for price rises driven by robust domestic demand to consider ending ultra-low interest rates.

BOJ Governor Kazuo Ueda indicated progress toward sustainably achieving the bank's two&nbsp;per cent target, signalling conditions for exiting ultra-easy policy were gradually falling into place.

(With inputs from Reuters)

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Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday.

Japan's wholesale inflation experienced a notable deceleration, falling below 1 per cent for the first time in over two and a half years, signalling a shift away from the cost-push pressures that had been driving up prices across various sectors, Reuters reported on Monday. Reuters quoted Takeshi Minami, the Chief Economist at Norinchukin Research Institute, as saying, "Wholesale inflation seems to have cooled as past declines in raw material and energy costs filter through domestic business-to-business prices." This slowdown aligned with the Bank of Japan's expectations, raising questions about whether increased wages and household spending will generate a demand-driven rise in consumer prices. The Corporate Goods Price Index (CGPI), reflecting the prices companies charge each other for goods and services, rose 0.8 per cent in October from a year earlier, slightly below the median market forecast of a 0.9 per cent gain. This marked the 10th consecutive month of slowing wholesale inflation, with the year-on-year growth rate falling below 1 per cent for the first time since February 2021. The cooling trend was attributed to declining prices of wood, chemical, and steel products, emphasising the impact of diminishing global commodity costs. Takeshi Minami argued that government subsidies aimed at curbing gasoline and utility bills might lead to a slowdown in consumer inflation by the close of the fiscal year ending March 2024. "The pace of slowdown in consumer inflation will be modest as labour shortages and higher wages will underpin service prices,” he said, anticipating a modest deceleration. The spike in wholesale inflation had prompted Japanese firms to pass on higher costs to households, prompting the Bank of Japan (BOJ) to revise its inflation forecasts. The BOJ, anticipating a dissipation of cost-push inflation, emphasises the need for price rises driven by robust domestic demand to consider ending ultra-low interest rates. BOJ Governor Kazuo Ueda indicated progress toward sustainably achieving the bank's two per cent target, signalling conditions for exiting ultra-easy policy were gradually falling into place. (With inputs from Reuters) WATCH WION LIVE HERE

Cost pressures ease as Japan's wholesale inflation takes a dive

The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. &nbsp;

According to a Bloomberg report, the disclosure by Alphabet's main economics expert Kevin Murphy has brought attention to the closely guarded details of the longstanding partnership between Google and Apple. The disclosure prompted a visible reaction from Google's main litigator, John Schmidtlein, as both companies had initially objected to publicly revealing specifics about their agreement.

Google and Apple first partnered in 2002, when Google was set as the standard search engine in Apple's Safari browser. Over the years, this deal has become increasingly crucial for Google, especially as it designates the search engine for the iPhone, the most widely used smartphone in the United States. &nbsp;

The Justice Department is scrutinising this agreement as potential evidence that Google is unlawfully maintaining its dominance in both the search engine and search advertising markets.

While Google and Apple had sought to keep the details of their agreement confidential, the revelation of the 36 per cent revenue-sharing arrangement has raised questions about the dynamics of their partnership. &nbsp;

In a court filing last week, Google argued that disclosing additional information about the deal could "unreasonably undermine Google’s competitive standing in relation to both competitors and other counterparties." &nbsp;

This ongoing antitrust trial is shedding light on the intricacies of the tech industry's relationships and their potential impact on market competition.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

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The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser.

The US Justice Department's antitrust trial has revealed that Alphabet's Google pays Apple about 36 per cent of the revenue generated from search advertising through the Safari browser. According to a Bloomberg report, the disclosure by Alphabet's main economics expert Kevin Murphy has brought attention to the closely guarded details of the longstanding partnership between Google and Apple. The disclosure prompted a visible reaction from Google's main litigator, John Schmidtlein, as both companies had initially objected to publicly revealing specifics about their agreement. Google and Apple first partnered in 2002, when Google was set as the standard search engine in Apple's Safari browser. Over the years, this deal has become increasingly crucial for Google, especially as it designates the search engine for the iPhone, the most widely used smartphone in the United States. The Justice Department is scrutinising this agreement as potential evidence that Google is unlawfully maintaining its dominance in both the search engine and search advertising markets. While Google and Apple had sought to keep the details of their agreement confidential, the revelation of the 36 per cent revenue-sharing arrangement has raised questions about the dynamics of their partnership. In a court filing last week, Google argued that disclosing additional information about the deal could "unreasonably undermine Google’s competitive standing in relation to both competitors and other counterparties." This ongoing antitrust trial is shedding light on the intricacies of the tech industry's relationships and their potential impact on market competition. (With inputs from Bloomberg) WATCH WION LIVE HERE

Google pays Apple 36pc of search advertising revenue, discloses antitrust trial

Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments.

According to Reuters, the South American nation, ranked as the region's second-largest economy and a significant grains exporter, is undergoing one of its most challenging periods in decades. With two-fifths of the population living in poverty, a looming recession is casting a shadow over Argentina's upcoming presidential election runoff next Sunday. &nbsp;

The economic downturn has fuelled voter frustration, propelling the radical outsider, Javier Milei, slightly ahead in polls for the presidential race, challenging Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition.

The cost of new jeans, for example, has more than doubled in the past year, now representing over one-third of Argentina's monthly minimum wage.

The country's annualised inflation hit 142.7 per cent in October, according to the statistics office, with a monthly increase of 8.3 per cent. Although the monthly rise is down from peaks in August and September, it remains above analyst forecasts. Argentina's long-standing battle with high inflation, attributed to money printing and a lack of confidence in the local peso, has intensified over the past year.

In response to the economic challenges, many Argentinians are turning to alternative ways to make ends meet. Beatriz Lauricio, a 62-year-old semi-retired teacher, and her husband, a bus company employee, participate in clothing fairs on weekends to sell old garments. Lauricio emphasised the daily necessity of their actions, telling Reuters, "We're not doing this as a little extra so we can go on vacation to Brazil; we do it out of daily necessity."

María Silvina Perasso, the organiser of a clothing fair in Tigre, on the outskirts of Buenos Aires, highlighted that people shop there because prices have outpaced salaries. The local monthly minimum wage, officially 132,000 pesos, is effectively halved at real street rates due to capital controls. &nbsp;

(With inputs from Reuters)

WATCH WION LIVE HERE

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Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments.

Argentina is grappling with a severe economic crisis as inflation reaches a staggering 143 per cent, forcing citizens to adapt their spending habits. Hard-hit by rising prices, Argentines are increasingly resorting to second-hand clothing markets, not only to find affordable apparel but also to generate extra income by selling their old garments. According to Reuters, the South American nation, ranked as the region's second-largest economy and a significant grains exporter, is undergoing one of its most challenging periods in decades. With two-fifths of the population living in poverty, a looming recession is casting a shadow over Argentina's upcoming presidential election runoff next Sunday. The economic downturn has fuelled voter frustration, propelling the radical outsider, Javier Milei, slightly ahead in polls for the presidential race, challenging Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition. The cost of new jeans, for example, has more than doubled in the past year, now representing over one-third of Argentina's monthly minimum wage. The country's annualised inflation hit 142.7 per cent in October, according to the statistics office, with a monthly increase of 8.3 per cent. Although the monthly rise is down from peaks in August and September, it remains above analyst forecasts. Argentina's long-standing battle with high inflation, attributed to money printing and a lack of confidence in the local peso, has intensified over the past year. In response to the economic challenges, many Argentinians are turning to alternative ways to make ends meet. Beatriz Lauricio, a 62-year-old semi-retired teacher, and her husband, a bus company employee, participate in clothing fairs on weekends to sell old garments. Lauricio emphasised the daily necessity of their actions, telling Reuters, "We're not doing this as a little extra so we can go on vacation to Brazil; we do it out of daily necessity." María Silvina Perasso, the organiser of a clothing fair in Tigre, on the outskirts of Buenos Aires, highlighted that people shop there because prices have outpaced salaries. The local monthly minimum wage, officially 132,000 pesos, is effectively halved at real street rates due to capital controls. (With inputs from Reuters) WATCH WION LIVE HERE

Argentinians are shifting to second-hand clothing. Here's why