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150 garment factories in Bangladesh have shut indefinitely. this follows a wave of violent protests demanding a higher minimum wage, with over 11,000 workers now facing charges in connection with the unrest. These factories, integral to the nation's economy, account for approximately 85% of Bangladesh's annual exports, supplying global brands like Levi's, Zara, and H&M.

Bangladeshi workers seek better minimum wages as strike cripples industry | World Business Watch

Argentina is facing an unprecedented level of inflation. people are tightening their purse strings as annual inflation touches 143%. The collateral damage of rising prices has been jeans. hard-up Argentines are increasingly turning to second-hand clothing markets, not just to find affordable jeans but also to raise extra cash from selling old garments.

Argentines flock to second-hand clothing markets amid inflation

Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights.

The S&amp;P BSE Sensex rose by 0.6 per cent to reach 65,259.45, led by prominent gains in heavyweights such as HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd, Bloomberg reported on Sunday.

The NSE Nifty 50 Index also saw a climb of 0.5 per cent, with all 19 sector gauges compiled by BSE Ltd. making advances. Coal India Ltd. notably surged the most in two weeks after reporting earnings that exceeded expectations.

The buoyant performance extended to small-cap stocks, which have outperformed global counterparts this year. A gauge measuring their performance recorded a 1.1 per cent increase, closing at a record high.

Optimism surrounding India's economic outlook and corporate earnings contributed to the positive sentiment. ANZ highlighted India's superior growth dynamics compared to other regional economies, noting the strong performance of its companies.

Reflecting the auspicious nature of Diwali, the Sensex has shown a historical trend of ending higher in eight out of the past 10 Diwali-day sessions, also known as Muhurat trading. Since&nbsp;Diwali 2022, the Sensex has risen approximately 9 per cent, outperforming the broader market.

The broader market rally has been fuelled by record inflows into companies closely tied to one of the world's fastest-growing economies. The Diwali session, determined by the new moon, is considered the most opportune time for new investments, symbolising the initiation of a prosperous financial year. On average, Indian stocks have delivered returns of 17 per cent in the past 10 Hindu calendar years.

While the festival session marked a positive start, attention now turns to the regular trading week ahead. Trading in India resumes on Monday following the Diwali celebration, with Tuesday being a holiday.

(With inputs from Bloomberg)

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Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights. The S&P BSE Sensex rose by 0.6 per cent to reach 65,259.

Indian stocks experienced a festive boost in a special late-evening session celebrating Diwali, the Hindu festival of lights. The S&P BSE Sensex rose by 0.6 per cent to reach 65,259.45, led by prominent gains in heavyweights such as HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd, Bloomberg reported on Sunday. The NSE Nifty 50 Index also saw a climb of 0.5 per cent, with all 19 sector gauges compiled by BSE Ltd. making advances. Coal India Ltd. notably surged the most in two weeks after reporting earnings that exceeded expectations. The buoyant performance extended to small-cap stocks, which have outperformed global counterparts this year. A gauge measuring their performance recorded a 1.1 per cent increase, closing at a record high. Optimism surrounding India's economic outlook and corporate earnings contributed to the positive sentiment. ANZ highlighted India's superior growth dynamics compared to other regional economies, noting the strong performance of its companies. Reflecting the auspicious nature of Diwali, the Sensex has shown a historical trend of ending higher in eight out of the past 10 Diwali-day sessions, also known as Muhurat trading. Since Diwali 2022, the Sensex has risen approximately 9 per cent, outperforming the broader market. The broader market rally has been fuelled by record inflows into companies closely tied to one of the world's fastest-growing economies. The Diwali session, determined by the new moon, is considered the most opportune time for new investments, symbolising the initiation of a prosperous financial year. On average, Indian stocks have delivered returns of 17 per cent in the past 10 Hindu calendar years. While the festival session marked a positive start, attention now turns to the regular trading week ahead. Trading in India resumes on Monday following the Diwali celebration, with Tuesday being a holiday. (With inputs from Bloomberg) WATCH WION LIVE HERE

Diwali Lights Up Indian Stocks: Small caps shine amid optimism

Australia is breathing a sigh of relief after three days of heightened tensions. Several of its top ports have restarted operation after a major cyber security incident. That's good news for the country. these ports handle nearly 40% of the total trade.

Australia's ports restart operations | World Business Watch

Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement.

Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.

Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, told Bloomberg, "We expect to see significant investment flow immediately" after a productive business round-table between Saudi and Nigerian officials.

The reestablishment of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, signals a new chapter in economic cooperation between the two nations.

Bagudu said that Saudi Arabia wants to make a successful investment, which might cost several billion dollars in Nigeria by means of this council, similar to how it did in India, Indonesia, and Pakistan.

Although precise numbers were not revealed, Bagudu emphasised undertakings from businesses such as the Saudi Agricultural and Livestock Investment Co., who are looking to sign agreements in Nigeria before the year ends. The Saudi counterpart and executives from Salic met with the Nigerian Minister of Agriculture to reinforce collaborations.

Last week marked a milestone in Nigeria-Saudi Arabia relations, with the two nations sealing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the overhaul of Nigeria's oil refineries and provide financial support for the government's foreign-exchange reforms.

The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials planning to close several deals during their visit to Nigeria by the end of December. The agreement to take action was reaffirmed at the business roundtable by Saudi Arabia's Minister of Trade and Investment, Kahlid El-Falih. "We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements,” Bloomberg quoted him as saying.

(With inputs from Bloomberg)

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Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement. Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture.

Nigeria is gearing up for an "immediate" influx of multi-billion-dollar investments from Saudi Arabia following the signing of a landmark agreement. Bloomberg reported that the agreement creates a corporate council that opens the door for Saudi Arabia to finance a number of Nigerian industries, including technology, telecommunications, energy, oil and gas, and agriculture. Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, told Bloomberg, "We expect to see significant investment flow immediately" after a productive business round-table between Saudi and Nigerian officials. The reestablishment of the Nigeria-Saudi Arabia Business Council, initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz, signals a new chapter in economic cooperation between the two nations. Bagudu said that Saudi Arabia wants to make a successful investment, which might cost several billion dollars in Nigeria by means of this council, similar to how it did in India, Indonesia, and Pakistan. Although precise numbers were not revealed, Bagudu emphasised undertakings from businesses such as the Saudi Agricultural and Livestock Investment Co., who are looking to sign agreements in Nigeria before the year ends. The Saudi counterpart and executives from Salic met with the Nigerian Minister of Agriculture to reinforce collaborations. Last week marked a milestone in Nigeria-Saudi Arabia relations, with the two nations sealing various investment and cooperation deals. Notably, Saudi Arabia pledged to invest in the overhaul of Nigeria's oil refineries and provide financial support for the government's foreign-exchange reforms. The momentum continues as Saudi Arabia is set to unveil detailed investment plans within a week, with officials planning to close several deals during their visit to Nigeria by the end of December. The agreement to take action was reaffirmed at the business roundtable by Saudi Arabia's Minister of Trade and Investment, Kahlid El-Falih. "We are coming for implementation, it’s an action visit. It will be to sign and begin delivery on all agreements,” Bloomberg quoted him as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Windfall: Nigeria anticipates billions in immediate investments

Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported. The acquisition includes Exile Music, which marks a significant step for Hybe into the Latin American music scene. &nbsp;

Hybe is also in the process of establishing a dedicated unit for artist management and talent discovery in the region. This move has the potential to bring the K-pop business methodology to the Latin genre in the long run.&nbsp;Hybe's representative has opted not to disclose the financial specifics of their recent acquisition, a move widely praised as groundbreaking.&nbsp;

Hybe is targeting the growing Latin music market, which is estimated to be worth around $1.3 billion. The company reported a year-on-year growth of 26.4 per cent in 2022, significantly higher than the global music market's 9 per cent growth.&nbsp;

It is noteworthy that Hybe, a Korean entertainment company, has launched a new initiative at a time when its most popular K-pop group, BTS, is on a temporary hiatus due to mandatory military service obligations in South Korea. Despite BTS's absence, industry analysts report a general increase in the sales of K-Pop artists in 2023 compared to the previous year. &nbsp;

This significant growth is attributed to the expanding international fan base, with more K-pop bands gaining recognition on a global scale.&nbsp;

This acquisition will mark the company's expansion into the Latin American market, which is known for its rich musical heritage. The establishment of a dedicated unit for artist management and talent discovery is aimed at leveraging Hybe's experience and success in the competitive world of K-Pop. &nbsp;

While the company is considering introducing the K-Pop business methodology, characterised by rigorous and lengthy artist training and development, to the Latin music genre, it remains to be seen how this approach will align with the unique characteristics of Latin music.&nbsp;

After the recent acquisition, analysts predict a potential synergy between the K-pop formula and the Latin music scene. Hybe's foray into Latin America marks a substantial strategic move with the capacity to reshape the dynamics of the global music industry and promote cultural interchange. As the company enters the Latin market, it will encounter both opportunities and challenges, and observers will be keen to see if it can duplicate the remarkable success it attained with BTS in the Latin music sphere.&nbsp;

(With inputs from Reuters)&nbsp;

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Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported.

Hybe Corp., South Korea's premier music label, is expanding its global footprint by entering the Latin music market. The company, which is behind the sensational K-pop group BTS, announced on Monday that it has acquired the music label of Exile Content, a Spanish-language media company, Reuters reported. The acquisition includes Exile Music, which marks a significant step for Hybe into the Latin American music scene. Hybe is also in the process of establishing a dedicated unit for artist management and talent discovery in the region. This move has the potential to bring the K-pop business methodology to the Latin genre in the long run. Hybe's representative has opted not to disclose the financial specifics of their recent acquisition, a move widely praised as groundbreaking. Hybe is targeting the growing Latin music market, which is estimated to be worth around $1.3 billion. The company reported a year-on-year growth of 26.4 per cent in 2022, significantly higher than the global music market's 9 per cent growth. It is noteworthy that Hybe, a Korean entertainment company, has launched a new initiative at a time when its most popular K-pop group, BTS, is on a temporary hiatus due to mandatory military service obligations in South Korea. Despite BTS's absence, industry analysts report a general increase in the sales of K-Pop artists in 2023 compared to the previous year. This significant growth is attributed to the expanding international fan base, with more K-pop bands gaining recognition on a global scale. This acquisition will mark the company's expansion into the Latin American market, which is known for its rich musical heritage. The establishment of a dedicated unit for artist management and talent discovery is aimed at leveraging Hybe's experience and success in the competitive world of K-Pop. While the company is considering introducing the K-Pop business methodology, characterised by rigorous and lengthy artist training and development, to the Latin music genre, it remains to be seen how this approach will align with the unique characteristics of Latin music. After the recent acquisition, analysts predict a potential synergy between the K-pop formula and the Latin music scene. Hybe's foray into Latin America marks a substantial strategic move with the capacity to reshape the dynamics of the global music industry and promote cultural interchange. As the company enters the Latin market, it will encounter both opportunities and challenges, and observers will be keen to see if it can duplicate the remarkable success it attained with BTS in the Latin music sphere. (With inputs from Reuters) WATCH WION LIVE HERE

BTS's parent company acquires Exile Content, expands into Latin music market

New research reveals that the UK millennials are still grappling with the enduring economic from the 2008 financial crisis born in the late 1980s.

UK millennials lag behind in home ownership amid soaring costs | World Business Watch

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources&nbsp;suggest&nbsp;that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany.

While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday.

Marc Siedler, a Continental representative,&nbsp;emphasised the company's dedication to raising the automotive division's level of competitiveness. He told&nbsp;Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side.

As Continental evaluates potential measures to enhance its operational efficiency,&nbsp;Siedler&nbsp;underlined that concrete decisions would be communicated to employees first before being shared with the public.

The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness.

(With inputs from Bloomberg)

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Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce.

Continental AG, one of Europe's prominent auto-parts manufacturers, is considering a significant restructuring move that could result in the elimination of 5,500 jobs, equivalent to 3 per cent of its global workforce. An official announcement about these possible job layoffs might be made as soon as Monday, according to a Bloomberg report. Media sources suggest that the restructuring plan could affect approximately 1,000 jobs across 30 locations in Germany. While specifics regarding the job cuts are yet to be officially disclosed, it is anticipated that production and development divisions might be spared, at least temporarily. German publication Manager Magazine notes that managers within the company were briefed on the proposed cuts on Friday, and a comprehensive communication plan involving staff is expected to be initiated on Monday. Marc Siedler, a Continental representative, emphasised the company's dedication to raising the automotive division's level of competitiveness. He told Bloomberg that the plan encompasses potential changes in administrative structures to facilitate faster and more agile decisions in the future and to alleviate the cost side. As Continental evaluates potential measures to enhance its operational efficiency, Siedler underlined that concrete decisions would be communicated to employees first before being shared with the public. The company's proactive approach to address challenges in the automotive industry reflects a broader industry trend, where manufacturers are strategically adapting to dynamic market conditions and seeking ways to maintain competitiveness. (With inputs from Bloomberg) WATCH WION LIVE HERE

Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday.

The fiscal deficit target for 2024 is set at 2.85 trillion Sri Lankan rupees ($8.73 billion), representing 9.1 per cent of GDP, higher than the revised 8.5 per cent in the current year but below the IMF-backed 12 per cent target. &nbsp;

According to Reuters, President Ranil Wickremesinghe, also the finance minister, underscored the budget's role in laying the foundation for Sri Lanka's recovery. He stated that the budget aims to establish the groundwork for Sri Lanka's recovery and emphasised that the nation cannot persist as a community reliant on external support.

The government's projections include total tax revenue of 4.1 trillion rupees for 2024, a substantial increase from the current year's 2.85 trillion rupees. The Goods and Services Tax receipts contribute significantly to this surge. &nbsp;

The budget outlines a record expenditure of 6.98 trillion rupees in 2024, a 33 per cent increase from 2023, with a focus on doubling capital expenditure and allocating 450 billion rupees for bank recapitalisation. &nbsp;

"The budget deficit is lower than anticipated, but if we add the allocation for bank recapitalisation, the deficit increases,” Reuters quoted Dimantha Mathew, Head of Research at First Capital Research as saying.

Sri Lanka's economy faced a severe setback in 2022, contracting by 7.8 per cent, leading to a default on foreign debt and the worst financial crisis since Independence in 1948. President Wickremesinghe, addressing the parliament, revealed that the island nation plans to allocate 3 trillion rupees for repaying international sovereign bonds in 2024. This is dependant on the finalisation of ongoing debt restructuring talks with bondholders. To accommodate this, Wickremesinghe proposed raising Sri Lanka's debt ceiling by 3.45 trillion rupees to 7.35 trillion rupees.

The central bank anticipates a growth rate of 3.3 per cent in 2024, coinciding with presidential elections. In alignment with IMF requirements, the government aims for a primary account deficit of 0.6 per cent of GDP, marginally smaller than the 0.7 per cent projected for 2023. &nbsp;

The IMF stipulates that the nation must achieve a primary surplus of 2.3 per cent by 2025 and reduce its debt-to-GDP ratio to 95 per cent by 2032. As of end-December, the debt-to-GDP ratio stood at 113.8 per cent.

(With inputs from Reuters)

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Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday.

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program, Reuters reported on Monday. The fiscal deficit target for 2024 is set at 2.85 trillion Sri Lankan rupees ($8.73 billion), representing 9.1 per cent of GDP, higher than the revised 8.5 per cent in the current year but below the IMF-backed 12 per cent target. According to Reuters, President Ranil Wickremesinghe, also the finance minister, underscored the budget's role in laying the foundation for Sri Lanka's recovery. He stated that the budget aims to establish the groundwork for Sri Lanka's recovery and emphasised that the nation cannot persist as a community reliant on external support. The government's projections include total tax revenue of 4.1 trillion rupees for 2024, a substantial increase from the current year's 2.85 trillion rupees. The Goods and Services Tax receipts contribute significantly to this surge. The budget outlines a record expenditure of 6.98 trillion rupees in 2024, a 33 per cent increase from 2023, with a focus on doubling capital expenditure and allocating 450 billion rupees for bank recapitalisation. "The budget deficit is lower than anticipated, but if we add the allocation for bank recapitalisation, the deficit increases,” Reuters quoted Dimantha Mathew, Head of Research at First Capital Research as saying. Sri Lanka's economy faced a severe setback in 2022, contracting by 7.8 per cent, leading to a default on foreign debt and the worst financial crisis since Independence in 1948. President Wickremesinghe, addressing the parliament, revealed that the island nation plans to allocate 3 trillion rupees for repaying international sovereign bonds in 2024. This is dependant on the finalisation of ongoing debt restructuring talks with bondholders. To accommodate this, Wickremesinghe proposed raising Sri Lanka's debt ceiling by 3.45 trillion rupees to 7.35 trillion rupees. The central bank anticipates a growth rate of 3.3 per cent in 2024, coinciding with presidential elections. In alignment with IMF requirements, the government aims for a primary account deficit of 0.6 per cent of GDP, marginally smaller than the 0.7 per cent projected for 2023. The IMF stipulates that the nation must achieve a primary surplus of 2.3 per cent by 2025 and reduce its debt-to-GDP ratio to 95 per cent by 2032. As of end-December, the debt-to-GDP ratio stood at 113.8 per cent. (With inputs from Reuters) WATCH WION LIVE HERE

Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.&nbsp;

Born in 1929, PRS Oberoi was the executive chairman of EIH Limited, the flagship company of The Oberoi Group. His creative direction not only transformed the Indian hotel industry, but it also paved the way for the founding of Oberoi Hotels and Resorts, making the Oberoi name a byword for upscale accommodations.&nbsp;

Renowned for his global contributions, Oberoi received the Padma Vibhushan in 2008 and was honoured with the Lifetime Achievement Award by the International Luxury Travel Market in 2012. &nbsp;

Recognised as the '2010 Corporate Hotelier of the World' by HOTELS magazine, he was hailed as the "founder father of modern luxury hospitality in India."&nbsp;

The Oberoi Group became one of the world's top chains of luxury hotels thanks to PR Singh Oberoi's lasting influence on the luxury travel scene, which was demonstrated by the development of upmarket properties in strategic cities. &nbsp;

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Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond. Born in 1929, PRS Oberoi was the executive chairman of EIH Limited, the flagship company of The Oberoi Group. His creative direction not only transformed the Indian hotel industry, but it also paved the way for the founding of Oberoi Hotels and Resorts, making the Oberoi name a byword for upscale accommodations. Renowned for his global contributions, Oberoi received the Padma Vibhushan in 2008 and was honoured with the Lifetime Achievement Award by the International Luxury Travel Market in 2012. Recognised as the '2010 Corporate Hotelier of the World' by HOTELS magazine, he was hailed as the "founder father of modern luxury hospitality in India." The Oberoi Group became one of the world's top chains of luxury hotels thanks to PR Singh Oberoi's lasting influence on the luxury travel scene, which was demonstrated by the development of upmarket properties in strategic cities. WATCH WION LIVE HERE

PRS Oberoi, pioneer of luxury hospitality, passes away at 94 

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported. &nbsp;

The annual retail inflation rate decreased to 4.87 per cent in October, down from 5.02 per cent in the preceding month, aligning with the forecast of 4.80 per cent from a Reuters poll of 53 economists. Factors such as lower core inflation, excluding volatile food and energy prices, and a supportive base effect have contributed to the decline. &nbsp;

Although core inflation statistics are not publicly released by the Indian government, core inflation was projected to be between 4.20 and 4.28 percent, down from 4.5 per cent in September.&nbsp;

The food inflation component, constituting nearly half of the overall consumer price basket, remained relatively stable at 6.61 per cent in October, only slightly changed from an upwardly revised 6.62 per cent in September. October's inflation rate fell below the upper tolerance band of 2-6 per cent set by the Reserve Bank of India (RBI) for the second consecutive month. &nbsp;

Despite the apparent stability in inflation, analysts advocate a cautious approach. Reuters cited RBI Governor Shaktikanta Das, who, in a recent statement, highlighted the risks associated with potential spikes in food prices, considering India's susceptibility to recurrent and overlapping food price shocks.&nbsp;

While the recent data release indicates consistent inflation levels, economists, such as Madan Sabnavis from Bank of Baroda, recommend a cautious approach given the historical volatility in foodgrain prices, particularly driven by factors like an uneven monsoon. &nbsp;

The prices of key commodities like vegetables, milk, and cereals have demonstrated volatility and played a pivotal role in shaping India's inflation trends. &nbsp;

Aditi Nayar, an economist at ICRA, noted that while the uneven monsoon has contributed to the uptick in foodgrain prices in October, the higher prices of specific vegetables, such as onions, may be mitigated by the typical seasonal downtrend in other vegetables, providing some relief.&nbsp;

Predictions for the Consumer Price Index (CPI) inflation in the coming months suggest a climb to 5.6 per cent by December 2023. The inflation rate is anticipated to remain within a range of 4.9-5.6 per cent for the subsequent two quarters, according to Aditi Nayar. &nbsp;

In response to the surge in inflation observed in July, exceeding 7 per cent, India has implemented various measures to curb rising prices, including export bans on rice, wheat, sugar, and tightened restrictions on onion exports.&nbsp;

(With inputs from Reuters)&nbsp;

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India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported.

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions, Reuters reported. The annual retail inflation rate decreased to 4.87 per cent in October, down from 5.02 per cent in the preceding month, aligning with the forecast of 4.80 per cent from a Reuters poll of 53 economists. Factors such as lower core inflation, excluding volatile food and energy prices, and a supportive base effect have contributed to the decline. Although core inflation statistics are not publicly released by the Indian government, core inflation was projected to be between 4.20 and 4.28 percent, down from 4.5 per cent in September. The food inflation component, constituting nearly half of the overall consumer price basket, remained relatively stable at 6.61 per cent in October, only slightly changed from an upwardly revised 6.62 per cent in September. October's inflation rate fell below the upper tolerance band of 2-6 per cent set by the Reserve Bank of India (RBI) for the second consecutive month. Despite the apparent stability in inflation, analysts advocate a cautious approach. Reuters cited RBI Governor Shaktikanta Das, who, in a recent statement, highlighted the risks associated with potential spikes in food prices, considering India's susceptibility to recurrent and overlapping food price shocks. While the recent data release indicates consistent inflation levels, economists, such as Madan Sabnavis from Bank of Baroda, recommend a cautious approach given the historical volatility in foodgrain prices, particularly driven by factors like an uneven monsoon. The prices of key commodities like vegetables, milk, and cereals have demonstrated volatility and played a pivotal role in shaping India's inflation trends. Aditi Nayar, an economist at ICRA, noted that while the uneven monsoon has contributed to the uptick in foodgrain prices in October, the higher prices of specific vegetables, such as onions, may be mitigated by the typical seasonal downtrend in other vegetables, providing some relief. Predictions for the Consumer Price Index (CPI) inflation in the coming months suggest a climb to 5.6 per cent by December 2023. The inflation rate is anticipated to remain within a range of 4.9-5.6 per cent for the subsequent two quarters, according to Aditi Nayar. In response to the surge in inflation observed in July, exceeding 7 per cent, India has implemented various measures to curb rising prices, including export bans on rice, wheat, sugar, and tightened restrictions on onion exports. (With inputs from Reuters) WATCH WION LIVE HERE

India's retail inflation hits four-month low in October, nearing RBI's target 

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

India's retail inflation hits four-month low in October, nearing RBI's target&nbsp;

India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-hits-four-month-low-in-october-nearing-rbis-target-658259">Read more here</a>

PRS Oberoi, pioneer of luxury hospitality, passes away at 94&nbsp;

Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.&nbsp;

<a href="https://www.wionews.com/business-economy/prs-oberoi-pioneer-of-luxury-hospitality-passes-away-at-94-658263">Read more here</a>

China-US direct flights soar as prices plummet, boosts travel prospects

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024.

<a href="https://www.wionews.com/business-economy/china-us-direct-flights-soar-as-prices-plummet-boosts-travel-prospects-658288">Read more here</a>

Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit

Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program.

<a href="https://www.wionews.com/business-economy/sri-lankas-ambitious-2024-budget-targets-higher-revenues-and-a-controlled-deficit-658291">Read more here</a>

Argentinians are shifting to second-hand clothing

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.

<a href="https://www.wionews.com/business-economy/argentinians-are-shifting-to-second-hand-clothing-heres-why-658322">Read more here</a>

Google pays Apple 36pc of search advertising revenue, discloses antitrust trial

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;

<a href="https://www.wionews.com/business-economy/google-pays-apple-36pc-of-search-advertising-revenue-discloses-antitrust-trial-658326">Read more here </a>

<a>China's development ba</a>nks fall short on green energy finance despite coal financing pledge

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;

<a href="https://www.wionews.com/business-economy/chinas-sevelopment-banks-fall-short-on-green-energy-finance-despite-coal-financing-pledge-658328">Read more here</a>

China sees an investment exodus as global players pivot

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

<a href="https://www.wionews.com/business-economy/china-sees-an-investment-exodus-as-global-players-pivot-658347">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India's retail inflation hits four-month low in October, nearing RBI's target India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions Read more here PRS Oberoi, pioneer of luxury hospitality, passes away at 94 Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. India's retail inflation hits four-month low in October, nearing RBI's target India's retail inflation experienced a downturn in October, reaching a four-month low and moving closer to the central bank's targeted 4 per cent, a level deemed necessary before considering interest rate reductions Read more here PRS Oberoi, pioneer of luxury hospitality, passes away at 94 Prithvi Raj Singh Oberoi, fondly known as PRS Oberoi and hailed as the doyen of Indian hospitality, passed away on Tuesday morning at the age of 94, leaving behind a legacy that transformed the landscape of luxury hotels in India and beyond. Read more here China-US direct flights soar as prices plummet, boosts travel prospects The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024. Read more here Sri Lanka's ambitious 2024 budget targets higher revenues and a controlled deficit Sri Lanka's government has unveiled its ambitious 2024 budget, aiming for a lower-than-anticipated deficit while projecting a significant surge in revenues crucial for sustaining its International Monetary Fund (IMF) bailout program. Read more here Argentinians are shifting to second-hand clothing 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. Read more here Google pays Apple 36pc of search advertising revenue, discloses antitrust trial 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. Read more here China's development banks fall short on green energy finance despite coal financing pledge 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. Read more here China sees an investment exodus as global players pivot Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play. Read more here

Wion Business Wrap | China's economic woes, Argentinians opt for old clothes & more

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024, Reuters reported.

Domestic carriers, including Air China, Eastern Airlines, China Southern Airlines, Hainan Airlines, and Sichuan Airlines, are contributing to this increase, with flights being resumed on popular routes such as Beijing-San Francisco, Shanghai-San Francisco, and Guangzhou-Wuhan-San Francisco.

The month of December is witnessing a noteworthy drop in airfare prices, with tickets from Guangzhou to San Francisco and Guangzhou to Los Angeles now priced at around 4,300 yuan (about $590) and 5,000 yuan (about $686), respectively. More people are expected to consider travelling abroad as a result of this cost reduction.

Industry experts are optimistic about the ripple effect of decreased airfare on the travel landscape. The lower prices are expected to alleviate the financial burden of transportation, making overseas travel more appealing to a broader audience. &nbsp;

In response to this, the number of inbound and outbound air ticket bookings for November and December has exceeded 4.4 million, which is 7.5 times higher than the same period last year.

Beyond the China-US route, international passenger flights, in general, have been on a steady path to recovery throughout the year. The CAAC has granted approval to 116 airlines, involving 65 foreign countries and regions, for a total of 13,004 weekly international passenger flights. &nbsp;

The planned volume for international passenger flights is estimated to reach about 70 per cent of the 2019 levels by the end of the new aviation season on March 30, 2024. Notably, China Eastern Airlines reported a weekly flight count of 1,084, rebounding to 78.6 per cent of the 2019 level. &nbsp;

Reuters cited Shi Mengyao, an employee of China Eastern Airlines, who expressed confidence in the continued recovery, saying, "With the continued recovery in the new season, it is expected that by the end of 2023, the number of international flights handled by our company will rebound to more than 80 per cent of that in 2019."

(With inputs from Reuters)

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The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity.

The Civil Aviation Administration of China (CAAC) is all set to report a surge in direct passenger flights between China and the United States, marking an upward trend in connectivity. The number of regular direct flights would rise from 48 to 70 per week during the winter and spring season of 2023 and 2024, Reuters reported. Domestic carriers, including Air China, Eastern Airlines, China Southern Airlines, Hainan Airlines, and Sichuan Airlines, are contributing to this increase, with flights being resumed on popular routes such as Beijing-San Francisco, Shanghai-San Francisco, and Guangzhou-Wuhan-San Francisco. The month of December is witnessing a noteworthy drop in airfare prices, with tickets from Guangzhou to San Francisco and Guangzhou to Los Angeles now priced at around 4,300 yuan (about $590) and 5,000 yuan (about $686), respectively. More people are expected to consider travelling abroad as a result of this cost reduction. Industry experts are optimistic about the ripple effect of decreased airfare on the travel landscape. The lower prices are expected to alleviate the financial burden of transportation, making overseas travel more appealing to a broader audience. In response to this, the number of inbound and outbound air ticket bookings for November and December has exceeded 4.4 million, which is 7.5 times higher than the same period last year. Beyond the China-US route, international passenger flights, in general, have been on a steady path to recovery throughout the year. The CAAC has granted approval to 116 airlines, involving 65 foreign countries and regions, for a total of 13,004 weekly international passenger flights. The planned volume for international passenger flights is estimated to reach about 70 per cent of the 2019 levels by the end of the new aviation season on March 30, 2024. Notably, China Eastern Airlines reported a weekly flight count of 1,084, rebounding to 78.6 per cent of the 2019 level. Reuters cited Shi Mengyao, an employee of China Eastern Airlines, who expressed confidence in the continued recovery, saying, "With the continued recovery in the new season, it is expected that by the end of 2023, the number of international flights handled by our company will rebound to more than 80 per cent of that in 2019." (With inputs from Reuters) WATCH WION LIVE HERE

China-US direct flights soar as prices plummet, boosts travel prospects

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries.

<a href="https://www.wionews.com/business-economy/green-drive-accelerates-us-and-indonesia-forge-path-to-vital-ev-minerals-partnership-657978">Read more here</a>

Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report

Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday.

<a href="https://www.wionews.com/business-economy/emirates-signals-major-aircraft-deal-at-dubai-airshow-amid-regional-tensions-report-657988">Read more here</a>

Cost pressures ease as Japan's wholesale inflation takes a dive

For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries.

<a href="https://www.wionews.com/business-economy/cost-pressures-ease-as-japans-wholesale-inflation-takes-a-dive-657997">Read more here</a>

China's tech loan surge sparks fears of global export onslaught. Here are the details

Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show&nbsp;a 38.2 per cent increase in loans to the industrial sector at the end of September.&nbsp;

<a href="https://www.wionews.com/business-economy/chinas-tech-loan-surge-sparks-fears-of-global-export-onslaught-here-are-the-details-658008">Read more here</a>

Diwali Lights Up Indian Stocks: Small caps shine amid optimism

Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&amp;P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance.

<a href="https://www.wionews.com/business-economy/diwali-lights-up-indian-stocks-small-caps-shine-amid-optimism-658021">Read more here</a>

Saudi Windfall: Nigeria anticipates billions in immediate investments

After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council.

<a href="https://www.wionews.com/business-economy/saudi-windfall-nigeria-anticipates-billions-in-immediate-investments-658026">Read more here</a>

BTS's parent company expands into Latin music market with exile content acquisition&nbsp;

The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content.

<a href="https://www.wionews.com/business-economy/btss-parent-company-expands-into-latin-music-market-with-exile-content-acquisition-658029">Read more here</a>

Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move

One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce.

<a href="https://www.wionews.com/business-economy/continental-ag-mulls-major-overhaul-contemplating-5500-job-cuts-in-restructuring-move-658034">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. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership Talks about a possible minerals partnership between the US and Indonesia are scheduled for Monday. The talks will centre on promoting the trade of nickel, a crucial component of EV batteries. Read more here Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report Emirates, the largest user of wide-body aircraft worldwide, is getting ready to place a huge order, which will increase trust in the delayed Boeing 777X deliveries, and set up the Dubai Airshow for a spectacular opening on Monday. Read more here Cost pressures ease as Japan's wholesale inflation takes a dive For the first time in more than 25 years, wholesale inflation in Japan saw a significant slowdown on Monday, dropping below 1 per cent. This indicates a move away from the cost-push forces that had been raising prices in a number of industries. Read more here China's tech loan surge sparks fears of global export onslaught. Here are the details Concerns emerge about a possible flood of low-cost exports driven by overcapacity, which might be exacerbated by China's strong push to boost its manufacturing sector, especially in high-tech sectors like semiconductors and electric vehicles (EVs). Data from China's central bank show a 38.2 per cent increase in loans to the industrial sector at the end of September. Read more here Diwali Lights Up Indian Stocks: Small caps shine amid optimism Indian stocks saw a joyful surge during a special late-night trading session honouring the Hindu holiday of lights, Diwali. As per Bloomberg's report on Sunday, the S&P BSE Sensex had a 0.6 per cent increase, culminating in notable advances in major players including HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. Small-cap equities have performed better this year than their global counterparts, continuing the trend of an upbeat performance. Read more here Saudi Windfall: Nigeria anticipates billions in immediate investments After signing of a historic deal, Nigeria is preparing for a "immediate" inflow of multibillion-dollar investments from Saudi Arabia. Saudi Arabia would now be able to finance several Nigerian businesses, including technology, telecommunications, energy, oil and gas, and agriculture, according to the deal that establishes a corporate council. Read more here BTS's parent company expands into Latin music market with exile content acquisition The leading record label in South Korea, Hybe Corp., is extending its reach internationally by venturing into the Latin music sector. The company, which is responsible for the phenomenal K-pop group BTS, declared on Monday that it has purchased the music label of the Spanish-language media company Exile Content. Read more here Continental AG mulls major overhaul: Contemplating 5,500 job cuts in restructuring move One of Europe's leading auto-parts manufacturers, Continental AG, is contemplating a major restructure that might lead to the loss of 5,500 jobs, or 3 per cent of its global workforce. Read more here WATCH WION LIVE HERE

Wion Business Wrap | US-Indonesia EV minerals partnership, Emirates’ Dubai Airshow deal & more

China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity.

A Reuters report, citing lending data from China's central bank, reveals a 38.2 per cent surge in loans to the manufacturing sector by the end of September, raising concerns among trading partners, particularly in Europe.

"There is lower consumption in China right now but you have massive overcapacity that is being pushed out to the world, including in batteries, solar, and chemicals,” Jens Eskelund, President of the European Chamber of Commerce in Beijing, tells Reuters.&nbsp;

China's leaders have strategically directed financing toward high-tech manufacturing, emphasising advanced sectors like EVs and aerospace components. This shift in focus has triggered concerns about a potential clash in trade dynamics between Europe and China.

Eskelund compares the intensifying competition to "two trains that are going to collide". The industrial policy of China, a major topic at the Asia Pacific Economic Cooperation (APEC) forum, is expected to be discussed during the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco this week.

Economists caution that this surge in investment differs from past episodes, emphasising the narrower focus on high-tech and advanced manufacturing.

"China has adopted a strategy to shift investment spending from the real estate sector into manufacturing," explains Frederic Neumann, Chief Asia Economist at HSBC.&nbsp;

This strategic move is part of China's broader plan outlined in the 14th five-year plan of 2021. Neumann highlighted a key difference in the present scenario, noting that global markets might struggle to absorb the additional capacity generated by China's focused investment.

Despite signs of excess capacity emerging, Chinese authorities are forging ahead with their plans, increasing loans to green development, advanced manufacturing, and strategic industries. Provincial and municipal governments are aligning with this approach, directing government loans to fuel this surge in the manufacturing sector.

A Reuters review of policy documents reveals&nbsp;a trend where many regions are prioritising high-tech and green development. For instance, Guangdong province has significantly increased lending to both high-tech and advanced manufacturing. Signs of overcapacity are evident, such as China's ability to meet global demand for lithium-ion batteries and its automotive sector's capacity to produce 43 million cars annually, with plants operating at only 54.5 per cent capacity.

In response to the concerns, Lu Zhengwei, Chief Economist at Industrial Bank in Shanghai, sees the race to invest in advanced sectors as beneficial for China's long-term development.

Lu&nbsp;believes that&nbsp;the investment in the new sectors is healthy and would support the long-term development of the sectors.&nbsp;

However, this surge in high-tech production could also exacerbate global trade tensions, especially as countries worldwide are increasingly favouring domestic high-tech industries.

(With inputs from Reuters)

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China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity.

China's aggressive push to elevate its manufacturing sector, particularly in high-tech areas such as semiconductors and electric vehicles (EVs), is ringing alarm bells as experts warn of a potential flood of cheap exports, fuelled by overcapacity. A Reuters report, citing lending data from China's central bank, reveals a 38.2 per cent surge in loans to the manufacturing sector by the end of September, raising concerns among trading partners, particularly in Europe. "There is lower consumption in China right now but you have massive overcapacity that is being pushed out to the world, including in batteries, solar, and chemicals,” Jens Eskelund, President of the European Chamber of Commerce in Beijing, tells Reuters. China's leaders have strategically directed financing toward high-tech manufacturing, emphasising advanced sectors like EVs and aerospace components. This shift in focus has triggered concerns about a potential clash in trade dynamics between Europe and China. Eskelund compares the intensifying competition to "two trains that are going to collide". The industrial policy of China, a major topic at the Asia Pacific Economic Cooperation (APEC) forum, is expected to be discussed during the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco this week. Economists caution that this surge in investment differs from past episodes, emphasising the narrower focus on high-tech and advanced manufacturing. "China has adopted a strategy to shift investment spending from the real estate sector into manufacturing," explains Frederic Neumann, Chief Asia Economist at HSBC. This strategic move is part of China's broader plan outlined in the 14th five-year plan of 2021. Neumann highlighted a key difference in the present scenario, noting that global markets might struggle to absorb the additional capacity generated by China's focused investment. Despite signs of excess capacity emerging, Chinese authorities are forging ahead with their plans, increasing loans to green development, advanced manufacturing, and strategic industries. Provincial and municipal governments are aligning with this approach, directing government loans to fuel this surge in the manufacturing sector. A Reuters review of policy documents reveals a trend where many regions are prioritising high-tech and green development. For instance, Guangdong province has significantly increased lending to both high-tech and advanced manufacturing. Signs of overcapacity are evident, such as China's ability to meet global demand for lithium-ion batteries and its automotive sector's capacity to produce 43 million cars annually, with plants operating at only 54.5 per cent capacity. In response to the concerns, Lu Zhengwei, Chief Economist at Industrial Bank in Shanghai, sees the race to invest in advanced sectors as beneficial for China's long-term development. Lu believes that the investment in the new sectors is healthy and would support the long-term development of the sectors. However, this surge in high-tech production could also exacerbate global trade tensions, especially as countries worldwide are increasingly favouring domestic high-tech industries. (With inputs from Reuters) WATCH WION LIVE HERE

China's tech loan surge sparks fears of global export onslaught. Here are the details

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

Factors at play

Several factors contribute to this investment exodus. A cocktail of China's slowing economy, low-interest rates, and an escalating geopolitical tussle with the U.S. are casting shadows of doubt over the country's economic potential. Businesses, facing uncertainties on multiple fronts, are erring on the side of caution, leading to a reassessment of their engagement with the world's second-largest economy.

Geopolitical risks, domestic policy uncertainties, and concerns about slower growth are driving foreign companies to explore alternative markets. Strict pandemic lockdowns under China's 'zero-Covid' policy have disrupted supply chains for multinational corporations, further fueling the decision to diversify investments. While established multinational firms remain in the Chinese market, new investments are under scrutiny, reflecting a shift in the global economic landscape.

Insights and Themes

Beyond the immediate data, deeper insights emerge. The tensions between China and the U.S. have led to fresh export restrictions, impacting the supply chain dynamics for major companies like Apple. Diversification becomes not just a strategy but a necessity, prompting businesses to rethink their dependence on a single market. The story transcends a mere economic shift; it is a reflection of the evolving dynamics in global trade relationships and the delicate dance between economic giants.

Moreover, interest rates play a crucial role in this narrative. While global counterparts raise rates to combat inflation, China, in an unconventional move, lowers interest rates to support its economy. This, coupled with a depreciating yuan, prompts businesses to redirect their excess cash and earnings overseas, seeking higher investment returns.

As the world anticipates a crucial meeting between Chinese leader Xi Jinping and U.S. President Joe Biden, businesses remain cautiously optimistic. The diplomatic engagement witnessed over the past months hints at a desire to stabilise the relationship between the two economic powerhouses. However, the intricate web of economic uncertainties and geopolitical dynamics continues to cast a shadow on foreign investment in China.

Bottomline

The story of foreign businesses withdrawing from China is not just a statistical blip but a reflection of the intricate dance between economic giants. As the world watches these developments unfold, the outcomes of crucial diplomatic engagements and the economic strategies employed by nations will undoubtedly shape the trajectory of global investments in the post-pandemic era.

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Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play.

Foreign businesses are swiftly retracting their investments from China, signalling a paradigm shift in the global economic landscape. The unprecedented $11.8 billion deficit in foreign investment, a stark departure from the country's historical trends, is raising eyebrows and prompting a closer examination of the factors at play. Factors at play Several factors contribute to this investment exodus. A cocktail of China's slowing economy, low-interest rates, and an escalating geopolitical tussle with the U.S. are casting shadows of doubt over the country's economic potential. Businesses, facing uncertainties on multiple fronts, are erring on the side of caution, leading to a reassessment of their engagement with the world's second-largest economy. Geopolitical risks, domestic policy uncertainties, and concerns about slower growth are driving foreign companies to explore alternative markets. Strict pandemic lockdowns under China's 'zero-Covid' policy have disrupted supply chains for multinational corporations, further fueling the decision to diversify investments. While established multinational firms remain in the Chinese market, new investments are under scrutiny, reflecting a shift in the global economic landscape. Insights and Themes Beyond the immediate data, deeper insights emerge. The tensions between China and the U.S. have led to fresh export restrictions, impacting the supply chain dynamics for major companies like Apple. Diversification becomes not just a strategy but a necessity, prompting businesses to rethink their dependence on a single market. The story transcends a mere economic shift; it is a reflection of the evolving dynamics in global trade relationships and the delicate dance between economic giants. Moreover, interest rates play a crucial role in this narrative. While global counterparts raise rates to combat inflation, China, in an unconventional move, lowers interest rates to support its economy. This, coupled with a depreciating yuan, prompts businesses to redirect their excess cash and earnings overseas, seeking higher investment returns. As the world anticipates a crucial meeting between Chinese leader Xi Jinping and U.S. President Joe Biden, businesses remain cautiously optimistic. The diplomatic engagement witnessed over the past months hints at a desire to stabilise the relationship between the two economic powerhouses. However, the intricate web of economic uncertainties and geopolitical dynamics continues to cast a shadow on foreign investment in China. Bottomline The story of foreign businesses withdrawing from China is not just a statistical blip but a reflection of the intricate dance between economic giants. As the world watches these developments unfold, the outcomes of crucial diplomatic engagements and the economic strategies employed by nations will undoubtedly shape the trajectory of global investments in the post-pandemic era. WATCH WION LIVE HERE

China sees an investment exodus as global players pivot

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next&nbsp;steps that might lead to formal negotiations between the two countries.

"There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters.

The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks.

The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact.

Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials.

One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards.

Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications.

Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits.

Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits.

The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge.

To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups.

Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply.

(With inputs from Reuters)

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The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday.

The United States and Indonesia are set to engage in discussions on a potential minerals partnership, with a focus on stimulating the trade of nickel, an essential component in electric vehicle (EV) batteries, Reuters reported on Monday. As per the sources quoted by Reuters, during Monday's meeting between Indonesian President Joko Widodo and U.S. President Joe Biden at the White House, the focus of the talks would be on the next steps that might lead to formal negotiations between the two countries. "There's a lot of work to do before we are able to formally announce negotiations on a critical minerals partnership," the sources told Reuters. The Biden administration, cautious about environmental, social, and governance standards in Indonesia, is closely examining the viability of such a deal. The sources revealed plans for further consultations with U.S. lawmakers and labour groups in the coming weeks. The administration is particularly concerned about ensuring that any potential nickel supply is produced with minimal environmental impact. Indonesia, which reportedly has the world's largest nickel ore reserves, had proposed discussions in September to initiate a trade deal for critical minerals. The aim was to have exports from Indonesia covered under the U.S. Inflation Reduction Act (IRA). Despite Indonesia's massive nickel reserves, most of its nickel is currently processed into crude metal. The nation is eager to develop an EV supply chain to harness the full potential of its nickel reserves for battery materials. One of the crucial aspects under discussion is the environmental impact of nickel mining in Indonesia. Acknowledging this, sources close to the administration emphasised that the Biden administration is focused on ensuring that any potential nickel supply adheres to stringent environmental standards. Indonesia's nickel mining has been linked to heavy deforestation and water pollution, prompting the need for careful consideration of the environmental implications. Under guidelines issued in March, the U.S. requires a certain amount of critical minerals in EV batteries to be produced or assembled in North America or a free trade partner. This requirement is essential for EVs sold in the United States to be eligible for tax credits. Indonesia, lacking a free trade agreement with the U.S., complicates matters. The Biden administration is also exploring ways to exclude nickel extracted from Indonesia but processed in China from receiving IRA credits. The global market value for the nickel industry is estimated at $33.5 billion in 2022, despite an oversupplied market. With the only U.S. nickel mine set to close in a few years and no nickel smelter in the country, achieving Biden's goal for the U.S. to lead in EV manufacturing poses a significant challenge. To address this, the government has allocated nearly $115 million to Talon Metals, aiming to support a nickel processing plant in North Dakota that will supply Tesla Inc. Talon is currently seeking permits for its proposed Minnesota nickel mine, facing opposition from Indigenous groups. Many in the U.S. mining sector argue that the Biden administration should prioritise approving domestic projects over seeking international supply. (With inputs from Reuters) WATCH WION LIVE HERE

Green Drive Accelerates: US and Indonesia forge path to vital EV minerals partnership

The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X.

According to industry sources in talks with Reuters, the airline is set to order several dozen Boeing 777X jets, providing a much-needed lift to the program facing ongoing uncertainties over its schedule, expected in 2025 after a five-year delay.

&nbsp;"Emirates is considering more orders of the upgraded 777X as well as the Airbus A350 and smaller Boeing 787," Reuters cited a source familiar with the matter.

Emirates and its low-cost counterpart flyDubai are expected to make an impact early on in the second-largest aerospace event globally. The aviation giants are gearing up to navigate challenges in the economically critical travel sector amid tensions in the Middle East.

An industry insider said that the risks leaned towards further delays as Boeing assessed the impact of tighter certification rules on other projects. Boeing, however, reassured on Friday that there would be no change to the schedule.

The looming Emirates deal is crucial not only for Boeing but also for the broader aviation industry. Emirates has been a steadfast user of wide-body jets, including Airbus A380 superjumbos and the current-generation Boeing 777s. The airline's consideration of additional orders for the upgraded 777X and other aircraft models reflects a strategic move to maintain its leading position in the global aviation market.

FlyDubai, known for its Boeing 737 MAX narrowbody jets, is also set to make waves at the airshow. The low-cost carrier, competing with the Airbus A320neo, is expected to order more planes in that category this week. While Emirates contemplates orders for the larger aircraft, industry officials estimate that airlines worldwide are in negotiations to purchase around 700-800 new jets, including a significant number of wide-body planes, as they recover from pandemic-induced disruptions.

The Dubai Airshow, unfolding against the backdrop of the Israel-Hamas conflict in Gaza, is expected to witness intensified competition among Gulf carriers. Turkish Airlines, making a bold move, is reportedly in talks to purchase up to 355 Airbus jets. The airline's discussions for as many as 600 planes, split between Airbus and Boeing, could reshape the dynamics of the showcase event.

&nbsp;Analysts have noted that the conflict in Gaza may impact flight bookings, with a 26 per cent slump in bookings to the Middle East reported since October 7, according to travel analysis firm ForwardKeys.

(With inputs from Reuters)

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The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X.

The Dubai Airshow on Monday is poised for a spectacular start as Emirates, the world's largest user of wide-body jets, prepares to make a significant order, boosting confidence in the delayed Boeing 777X. According to industry sources in talks with Reuters, the airline is set to order several dozen Boeing 777X jets, providing a much-needed lift to the program facing ongoing uncertainties over its schedule, expected in 2025 after a five-year delay. "Emirates is considering more orders of the upgraded 777X as well as the Airbus A350 and smaller Boeing 787," Reuters cited a source familiar with the matter. Emirates and its low-cost counterpart flyDubai are expected to make an impact early on in the second-largest aerospace event globally. The aviation giants are gearing up to navigate challenges in the economically critical travel sector amid tensions in the Middle East. An industry insider said that the risks leaned towards further delays as Boeing assessed the impact of tighter certification rules on other projects. Boeing, however, reassured on Friday that there would be no change to the schedule. The looming Emirates deal is crucial not only for Boeing but also for the broader aviation industry. Emirates has been a steadfast user of wide-body jets, including Airbus A380 superjumbos and the current-generation Boeing 777s. The airline's consideration of additional orders for the upgraded 777X and other aircraft models reflects a strategic move to maintain its leading position in the global aviation market. FlyDubai, known for its Boeing 737 MAX narrowbody jets, is also set to make waves at the airshow. The low-cost carrier, competing with the Airbus A320neo, is expected to order more planes in that category this week. While Emirates contemplates orders for the larger aircraft, industry officials estimate that airlines worldwide are in negotiations to purchase around 700-800 new jets, including a significant number of wide-body planes, as they recover from pandemic-induced disruptions. The Dubai Airshow, unfolding against the backdrop of the Israel-Hamas conflict in Gaza, is expected to witness intensified competition among Gulf carriers. Turkish Airlines, making a bold move, is reportedly in talks to purchase up to 355 Airbus jets. The airline's discussions for as many as 600 planes, split between Airbus and Boeing, could reshape the dynamics of the showcase event. Analysts have noted that the conflict in Gaza may impact flight bookings, with a 26 per cent slump in bookings to the Middle East reported since October 7, according to travel analysis firm ForwardKeys. (With inputs from Reuters) WATCH WION LIVE HERE

Emirates signals major aircraft deal at Dubai Airshow amid regional tensions: Report

Turkish citizens are increasingly cancelling their Visa and Mastercards in a nationwide boycott against companies or nations they deem to be supporting&nbsp;Israel, country's Yeni Safak publication reported.&nbsp;

Banks are reportedly struggling with the surge in demand for Troy cards, Turkey's domestic payment system established by the Interbank Card Center in 2015. This shift is a protest against the West's support for Israel's purported 'right to defence' after it was attacked by Hamas on October 7 that killed about 1200 Israelis.

On social media, the hashtag campaign #TroyKartaGeçiyoruz (#WeGoToTroyKarta) has gained momentum, in a reference to the country's own payment system Troy.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/israel-hamas-war-massacre-in-gaza-product-of-west-turkeys-erdogan-addresses-huge-pro-palestinian-rally-652379">Israel-Hamas war: Erdogan addresses huge pro-Palestine rally, blames West for massacre in Gaza</a>

Since targeting Visa and Mastercard, approximately 19 million new Troy cards have been issued, Yeni Safak report added.&nbsp;

Troy, Turkey's sole domestic payment card, was launched officially in April 2016, providing financial services such as credit cards, debit cards, and prepaid cards.

Also watch |&nbsp;Turkey: Erdogan defends Hamas and lashes out on Israel

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Notably, Troy cards have been accepted in the US on the Discover Card network since 2017.&nbsp;

The development coincides with a related move when the Turkish parliament removed Coca-Cola and Nestle products from its campus restaurants, accusing them of supporting Israel.&nbsp;

<h2>What does it mean?</h2>

This multifaceted protest reflects a growing pro-Palestine sentiment among the Turkish citizens.

Besides, the Turkish President Recep&nbsp;Tayyip Erdogan said recently that Hamas was not a terrorist organisation but a liberation group fighting to protect Palestinian lands and people, in contrast to the fact that the militant-political organisation that rules blockaded Gaza Strip has been designated as a terrorist group by the US and collective West.&nbsp;

"Once all of this that is happening is finished, we want to see Gaza as a peaceful region that is a part of an independent Palestinian state, in line with 1967 borders, with territorial integrity, and with East Jerusalem as its capital," Erdogan said earlier this month.

More than 10,000 Palestinians in Gaza have been killed in retaliatory attack launched by Israel on Oct 7 as per the claims of Hamas-run ministry.

(With inputs from agencies)

Turkish citizens are increasingly cancelling their Visa and Mastercards in a nationwide boycott against companies or nations they deem to be supporting Israel, country's Yeni Safak publication reported.

Turkish citizens are increasingly cancelling their Visa and Mastercards in a nationwide boycott against companies or nations they deem to be supporting Israel, country's Yeni Safak publication reported. Banks are reportedly struggling with the surge in demand for Troy cards, Turkey's domestic payment system established by the Interbank Card Center in 2015. This shift is a protest against the West's support for Israel's purported 'right to defence' after it was attacked by Hamas on October 7 that killed about 1200 Israelis. On social media, the hashtag campaign #TroyKartaGeçiyoruz (#WeGoToTroyKarta) has gained momentum, in a reference to the country's own payment system Troy. Also read | Israel-Hamas war: Erdogan addresses huge pro-Palestine rally, blames West for massacre in Gaza Since targeting Visa and Mastercard, approximately 19 million new Troy cards have been issued, Yeni Safak report added. Troy, Turkey's sole domestic payment card, was launched officially in April 2016, providing financial services such as credit cards, debit cards, and prepaid cards. Also watch | Turkey: Erdogan defends Hamas and lashes out on Israel × Notably, Troy cards have been accepted in the US on the Discover Card network since 2017. The development coincides with a related move when the Turkish parliament removed Coca-Cola and Nestle products from its campus restaurants, accusing them of supporting Israel. What does it mean? This multifaceted protest reflects a growing pro-Palestine sentiment among the Turkish citizens. Besides, the Turkish President Recep Tayyip Erdogan said recently that Hamas was not a terrorist organisation but a liberation group fighting to protect Palestinian lands and people, in contrast to the fact that the militant-political organisation that rules blockaded Gaza Strip has been designated as a terrorist group by the US and collective West. "Once all of this that is happening is finished, we want to see Gaza as a peaceful region that is a part of an independent Palestinian state, in line with 1967 borders, with territorial integrity, and with East Jerusalem as its capital," Erdogan said earlier this month. More than 10,000 Palestinians in Gaza have been killed in retaliatory attack launched by Israel on Oct 7 as per the claims of Hamas-run ministry. (With inputs from agencies)

Israel-Hamas war: Visa, Mastercard's loss becomes Troy's gain in Turkey

The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday. &nbsp;

The poll, conducted from November 6-9 with 53 economists, suggested a slowdown from the 5.02 per cent rate recorded in September. Volatile food prices, constituting about half of the consumer price index (CPI) basket, are expected to have moderated after a spike in July and August. &nbsp;

However, despite this overall moderation, onion prices, a staple in Indian cooking, continue to rise sharply, adding a layer of complexity to the inflation dynamics.&nbsp;

"I'm expecting a further slide in inflation in October, thanks primarily to a continued moderation in food inflation. Underlying our forecast is a fall in food and beverage inflation to below 6 per cent," Reuters quoted Miguel Chanco, Chief Emerging Asia Economist at Pantheon Macroeconomics as saying. &nbsp;

Chanco further noted, "Beyond October, I wouldn't be surprised if there is some stickiness in the headline rate, particularly if the ongoing increase in onion prices persists. But stickiness is very different from a surge, and I don't expect any breach of the target range in the foreseeable future."&nbsp;

While the slowing pace of price increases may offer some relief to the Reserve Bank of India (RBI), achieving its mandate to anchor inflation to the 4 per cent mid-point target remains a distant prospect. The central bank is anticipated to maintain its key policy rate at 6.50 per cent at least until the end of June 2024, followed by a 25 basis points cut in the subsequent quarter, as indicated by a separate Reuters survey. &nbsp;

The projection suggests that headline inflation may not return to the RBI's mid-point target until at least the second half of 2025.&nbsp;

"Inflation is expected to have a choppy ride in the months ahead... Passage of base effects and a sharper rise in selected vegetable prices are likely to take the headline back above 5 per cent this quarter and keep in that territory into 1Q24," Reuters cited Radhika Rao, a Senior Economist at DBS Bank.&nbsp;

She emphasised the cautious stance of the central bank on the inflation outlook, suggesting a likelihood of an extended pause before considering any change in policy direction.&nbsp;

(With inputs from Reuters)

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The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday.

The pace of India's consumer price inflation is anticipated to have eased to a four-month low of 4.80 per cent in October, nearing the Reserve Bank of India's 4 per cent medium-term target, a Reuters poll revealed on Thursday. The poll, conducted from November 6-9 with 53 economists, suggested a slowdown from the 5.02 per cent rate recorded in September. Volatile food prices, constituting about half of the consumer price index (CPI) basket, are expected to have moderated after a spike in July and August. However, despite this overall moderation, onion prices, a staple in Indian cooking, continue to rise sharply, adding a layer of complexity to the inflation dynamics. "I'm expecting a further slide in inflation in October, thanks primarily to a continued moderation in food inflation. Underlying our forecast is a fall in food and beverage inflation to below 6 per cent," Reuters quoted Miguel Chanco, Chief Emerging Asia Economist at Pantheon Macroeconomics as saying. Chanco further noted, "Beyond October, I wouldn't be surprised if there is some stickiness in the headline rate, particularly if the ongoing increase in onion prices persists. But stickiness is very different from a surge, and I don't expect any breach of the target range in the foreseeable future." While the slowing pace of price increases may offer some relief to the Reserve Bank of India (RBI), achieving its mandate to anchor inflation to the 4 per cent mid-point target remains a distant prospect. The central bank is anticipated to maintain its key policy rate at 6.50 per cent at least until the end of June 2024, followed by a 25 basis points cut in the subsequent quarter, as indicated by a separate Reuters survey. The projection suggests that headline inflation may not return to the RBI's mid-point target until at least the second half of 2025. "Inflation is expected to have a choppy ride in the months ahead... Passage of base effects and a sharper rise in selected vegetable prices are likely to take the headline back above 5 per cent this quarter and keep in that territory into 1Q24," Reuters cited Radhika Rao, a Senior Economist at DBS Bank. She emphasised the cautious stance of the central bank on the inflation outlook, suggesting a likelihood of an extended pause before considering any change in policy direction. (With inputs from Reuters) WATCH WION LIVE HERE

India inflation likely to ease to four-month low in October, says Reuters poll 

Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday. &nbsp;

The tax case, a part of EU antitrust chief Margrethe Vestager's vigorous campaign against perceived unfair state aid between multinationals and EU nations, centres on Apple's alleged benefit from two decades of Irish tax rulings, artificially diminishing its tax obligations. According to the European Commission's 2016 decision, Apple's tax burden plummeted to as low as 0.005 per cent in 2014.&nbsp;

Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) challenges the General Court's 2020 decision that upheld Apple's appeal. Pitruzzella argues that the General Court made legal errors and failed "to assess correctly the substance and consequences of certain methodological errors that, according to the Commission decision, vitiated the tax rulings." &nbsp;

Recommending a reconsideration, he proposes setting aside the General Court ruling and referring the case back for a fresh evaluation. The CJEU is expected to make a final ruling in the upcoming months, following the usual practice of adopting about four in five such recommendations.&nbsp;

Despite both Apple and Dublin appealing the tax order, Apple had to transfer the entire amount to an escrow account in Ireland. The Irish government reiterates its position, stating that it provided no state aid to Apple. &nbsp;

Michael McGrath, an Irish official, maintained that Pitruzzella's opinion doesn't form part of the CJEU judgment but is considered in the final ruling. "It has always been, and remains, Ireland's position that the correct amount of Irish tax was paid, and that Ireland provided no state aid to Apple,” Reuters quoted McGrath as saying.&nbsp;

Reacting to the recent developments, an Apple spokesperson expresses gratitude to the court for its consideration, emphasising the General Court's previous ruling that Apple received "no selective advantage and no state aid." &nbsp;

Margrethe Vestager, recognised for the tax crackdown, has experienced a mixed record in court, achieving victories against companies like Stellantis while facing setbacks in cases involving Amazon and Starbucks. &nbsp;

Vestager is currently engaged in investigations into the tax arrangements of Inter IKEA, Nike, and Huhtamaki. &nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday.

Apple encountered a potential setback as an adviser to the European Union's highest court contended that an EU tribunal made a mistake in its ruling, favouring Apple over a 13-billion-euro ($14 billion) tax order, Reuters reported on Thursday. The tax case, a part of EU antitrust chief Margrethe Vestager's vigorous campaign against perceived unfair state aid between multinationals and EU nations, centres on Apple's alleged benefit from two decades of Irish tax rulings, artificially diminishing its tax obligations. According to the European Commission's 2016 decision, Apple's tax burden plummeted to as low as 0.005 per cent in 2014. Advocate General Giovanni Pitruzzella at the EU Court of Justice (CJEU) challenges the General Court's 2020 decision that upheld Apple's appeal. Pitruzzella argues that the General Court made legal errors and failed "to assess correctly the substance and consequences of certain methodological errors that, according to the Commission decision, vitiated the tax rulings." Recommending a reconsideration, he proposes setting aside the General Court ruling and referring the case back for a fresh evaluation. The CJEU is expected to make a final ruling in the upcoming months, following the usual practice of adopting about four in five such recommendations. Despite both Apple and Dublin appealing the tax order, Apple had to transfer the entire amount to an escrow account in Ireland. The Irish government reiterates its position, stating that it provided no state aid to Apple. Michael McGrath, an Irish official, maintained that Pitruzzella's opinion doesn't form part of the CJEU judgment but is considered in the final ruling. "It has always been, and remains, Ireland's position that the correct amount of Irish tax was paid, and that Ireland provided no state aid to Apple,” Reuters quoted McGrath as saying. Reacting to the recent developments, an Apple spokesperson expresses gratitude to the court for its consideration, emphasising the General Court's previous ruling that Apple received "no selective advantage and no state aid." Margrethe Vestager, recognised for the tax crackdown, has experienced a mixed record in court, achieving victories against companies like Stellantis while facing setbacks in cases involving Amazon and Starbucks. Vestager is currently engaged in investigations into the tax arrangements of Inter IKEA, Nike, and Huhtamaki. (With inputs from Reuters) WATCH WION LIVE HERE

Apple faces potential hurdle in EU tax battle, court adviser questions $14 bn ruling

SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments. &nbsp;

WeWork, the office-sharing start-up that once boasted a valuation of $47 billion, filed for U.S. bankruptcy protection on Monday, underscoring the challenges inherent in SoftBank's strategy of placing substantial bets on often precarious start-ups.&nbsp;

The financial results revealed a stark contrast from the previous year, with SoftBank reporting a net loss of 789 billion yen ($5.2 billion) for the three months ending in September. This downturn followed a 3.0 trillion profit a year earlier, when the company sold a significant portion of its stake in Chinese e-commerce giant Alibaba. &nbsp;

Notably, SoftBank recorded losses amounting to 234.4 billion yen in the first half of the year, directly linked to its exposure to WeWork's financial troubles.&nbsp;

Reuters cited Chief Financial Officer Yoshimitsu Goto, who expressed regret over WeWork's bankruptcy, labelling it a "great shame" at a briefing. Goto acknowledged the necessity for SoftBank to analyse and learn from the WeWork situation to enhance its future investment decisions. &nbsp;

However, he maintained a degree of optimism, stating that he believed SoftBank had "hit the bottom" and was on a path towards profitability. Goto identified chip designer Arm, which went public during the quarter, as the potential catalyst for SoftBank's recovery, recording a capital surplus of $4.65 billion from the listing's proceeds.&nbsp;

After a defensive posture in recent times, SoftBank signalled a shift back to a more active investing role, particularly focusing on artificial intelligence. Goto outlined the company's intention to engage in more proactive investment activities, indicating a strategic pivot in response to the challenges faced in the wake of WeWork's downfall.&nbsp;

(With inputs from Reuters)&nbsp;

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SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments.

SoftBank Group reported a $5.2 billion quarterly loss on Thursday, marking its fourth consecutive quarter in the red. According to Reuters, the Japanese conglomerate, led by founder Masayoshi Son, grappled with the aftermath of the WeWork tragedy, once considered one of its most promising investments. WeWork, the office-sharing start-up that once boasted a valuation of $47 billion, filed for U.S. bankruptcy protection on Monday, underscoring the challenges inherent in SoftBank's strategy of placing substantial bets on often precarious start-ups. The financial results revealed a stark contrast from the previous year, with SoftBank reporting a net loss of 789 billion yen ($5.2 billion) for the three months ending in September. This downturn followed a 3.0 trillion profit a year earlier, when the company sold a significant portion of its stake in Chinese e-commerce giant Alibaba. Notably, SoftBank recorded losses amounting to 234.4 billion yen in the first half of the year, directly linked to its exposure to WeWork's financial troubles. Reuters cited Chief Financial Officer Yoshimitsu Goto, who expressed regret over WeWork's bankruptcy, labelling it a "great shame" at a briefing. Goto acknowledged the necessity for SoftBank to analyse and learn from the WeWork situation to enhance its future investment decisions. However, he maintained a degree of optimism, stating that he believed SoftBank had "hit the bottom" and was on a path towards profitability. Goto identified chip designer Arm, which went public during the quarter, as the potential catalyst for SoftBank's recovery, recording a capital surplus of $4.65 billion from the listing's proceeds. After a defensive posture in recent times, SoftBank signalled a shift back to a more active investing role, particularly focusing on artificial intelligence. Goto outlined the company's intention to engage in more proactive investment activities, indicating a strategic pivot in response to the challenges faced in the wake of WeWork's downfall. (With inputs from Reuters) WATCH WION LIVE HERE

SoftBank faces $5.2 billion quarterly loss amid WeWork woes

Asian markets are under pressure after US Federal Reserve hinted that interest rates may need to rise further.

Global markets roundup | Asian markets under pressure

In WION's "Billion Dollar Idea" show, we cover the business featured as one of "Fortune India's Next 500 companies." LogiNext is one of India’s most used software services for online delivery. In less than a decade the company has touched a billion businesses in the market. Let's join Jasper Reid, who unravels the success story of Dhruvil Sanghvi, a young entrepreneur who made your every day delivery services easy and faster than ever.

Billion Dollar Idea I Episode 9 I LOGINEXT

Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday.

The downturn was attributed to weaker performances in its image sensor and financial divisions, with the chips division specifically noting a 37 per cent decline in profit due to elevated expenses and decreased sales of image sensors, commonly used in smartphones.&nbsp;

In response, Sony President Hiroki Totoki told Reuters, "The North American market shows a significant year-on-year decline, and at this point, there's no change to our view that a recovery in the market will take place from next fiscal year." &nbsp;

Despite these setbacks, Sony maintained its sales target of 25 million PlayStation 5 (PS5) consoles for the current financial year, expressing confidence in a boost from the upcoming release of a slimmer version of the device. &nbsp;

Totoki admitted, "It's not something we can attain very easily." The conglomerate had sold 4.9 million PS5 units in the second quarter, totalling 8.2 million units for the fiscal year.&nbsp;

In an unexpected development, Jim Ryan, the gaming chief at Sony, announced his departure in March, coinciding with developer Bungie cutting staff amidst widespread industry layoffs. &nbsp;

The release of "Marvel's Spider-Man 2" on October 20 provided some optimism for Sony, with five million units of the game sold by the end of the month. However, rival Nintendo continues to dominate the gaming scene, achieving success despite not pursuing the cutting-edge graphics pursued by Sony and Xbox maker Microsoft.&nbsp;

Despite the challenges in the gaming sector, Sony's movie division unveiled plans to co-finance and distribute a live-action adaptation of Nintendo's iconic "Zelda" franchise. Analysts are speculating on the potential for further collaboration between the two Japanese entertainment giants, citing Sony's strong distribution network and publishing track record as strategic assets for Nintendo.&nbsp;

Sony shares closed down 0.8 per cent on Thursday ahead of the earnings report, marking a 32 per cent increase for the year. The company maintained its full-year operating profit view at 1.17 trillion yen but raised its sales and net income forecasts by 2 per cent each.&nbsp;

(With inputs from Reuters)&nbsp;

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday.

Sony Corporation faced a 29 per cent dip in operating profit during the July-September quarter, reporting 263 billion yen ($1.74 billion), Reuters reported on Tuesday. The downturn was attributed to weaker performances in its image sensor and financial divisions, with the chips division specifically noting a 37 per cent decline in profit due to elevated expenses and decreased sales of image sensors, commonly used in smartphones. In response, Sony President Hiroki Totoki told Reuters, "The North American market shows a significant year-on-year decline, and at this point, there's no change to our view that a recovery in the market will take place from next fiscal year." Despite these setbacks, Sony maintained its sales target of 25 million PlayStation 5 (PS5) consoles for the current financial year, expressing confidence in a boost from the upcoming release of a slimmer version of the device. Totoki admitted, "It's not something we can attain very easily." The conglomerate had sold 4.9 million PS5 units in the second quarter, totalling 8.2 million units for the fiscal year. In an unexpected development, Jim Ryan, the gaming chief at Sony, announced his departure in March, coinciding with developer Bungie cutting staff amidst widespread industry layoffs. The release of "Marvel's Spider-Man 2" on October 20 provided some optimism for Sony, with five million units of the game sold by the end of the month. However, rival Nintendo continues to dominate the gaming scene, achieving success despite not pursuing the cutting-edge graphics pursued by Sony and Xbox maker Microsoft. Despite the challenges in the gaming sector, Sony's movie division unveiled plans to co-finance and distribute a live-action adaptation of Nintendo's iconic "Zelda" franchise. Analysts are speculating on the potential for further collaboration between the two Japanese entertainment giants, citing Sony's strong distribution network and publishing track record as strategic assets for Nintendo. Sony shares closed down 0.8 per cent on Thursday ahead of the earnings report, marking a 32 per cent increase for the year. The company maintained its full-year operating profit view at 1.17 trillion yen but raised its sales and net income forecasts by 2 per cent each. (With inputs from Reuters) WATCH WION LIVE HERE

Sony's profits slide 29pc amid chip slump

Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant. &nbsp;

According to a Bloomberg report, the lenders, including Redwood Investments LLC and Silver Point Capital LP, exercised their contractual rights to replace a relative of Byju’s founder, Byju Raveendran, on the board of Byju’s Alpha. Delaware Chancery Court Judge Morgan Zurn ruled in favour of the lenders, rejecting Byju’s complaint that Timothy Pohl, the lenders’ nominee, was improperly authorised to take control. Judge Zurn stated that Pohl's appointment was a consequence of the defaults.&nbsp;

Amid the company's financial distress following the waning of the pandemic-driven surge in online learning, lenders pressed for the repayment of the $1.2 billion loan. Byju’s had been actively managing the loan issue and seeking to sell assets when government investigators conducted searches at the company's offices earlier this year. &nbsp;

The lender dispute also led some investors to devalue their stakes in one of the world's largest ed-tech firms. The lenders clarified that their intention was not to take over the entire ed-tech company but rather to protect their rights through Byju’s Alpha, which served as a holding company, as stated by Brock Czeschin, a lawyer for Red Tree and Silver Lake, in a May court hearing.&nbsp;

The company had previously dismissed the lenders' default claims as baseless. A spokesperson for the lender group expressed satisfaction with the Delaware Chancery Court's acknowledgement of Byju’s repeated loan defaults. The lenders asserted that they reserve all rights available to them.&nbsp;

The loan terms permitted lenders to take control of pledged Byju’s Alpha shares if a default triggered this right, as outlined in Judge Zurn's November 2 ruling. Following a failure to secure the Indian government’s backing as a loan guarantor, lenders filed a notice of default in March. &nbsp;

Timothy Pohl, appointed as the sole director of Byju’s Alpha, assumed the role of CEO after removing all company officers. The legal dispute over the loan was initiated by Glas Trust Co., the trustee for the lenders, which appointed Pohl to oversee Byju’s Alpha on behalf of the creditors.&nbsp;

Byju’s raised concerns about Pohl's compensation, asserting that he, as the former lawyer, was receiving excessive fees. However, Judge Zurn rejected this argument, stating that Pohl's $75,000-per-month pay was authorized by a "status-quo" order entered in the case to safeguard Byju’s Alpha. &nbsp;

(With inputs from Bloomberg)&nbsp;

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant.

Indian ed-tech startup, Byju’s, faced a setback as lenders successfully claimed a default on a $1.2 billion loan, enabling them to assume control of a unit of the education-technology giant. According to a Bloomberg report, the lenders, including Redwood Investments LLC and Silver Point Capital LP, exercised their contractual rights to replace a relative of Byju’s founder, Byju Raveendran, on the board of Byju’s Alpha. Delaware Chancery Court Judge Morgan Zurn ruled in favour of the lenders, rejecting Byju’s complaint that Timothy Pohl, the lenders’ nominee, was improperly authorised to take control. Judge Zurn stated that Pohl's appointment was a consequence of the defaults. Amid the company's financial distress following the waning of the pandemic-driven surge in online learning, lenders pressed for the repayment of the $1.2 billion loan. Byju’s had been actively managing the loan issue and seeking to sell assets when government investigators conducted searches at the company's offices earlier this year. The lender dispute also led some investors to devalue their stakes in one of the world's largest ed-tech firms. The lenders clarified that their intention was not to take over the entire ed-tech company but rather to protect their rights through Byju’s Alpha, which served as a holding company, as stated by Brock Czeschin, a lawyer for Red Tree and Silver Lake, in a May court hearing. The company had previously dismissed the lenders' default claims as baseless. A spokesperson for the lender group expressed satisfaction with the Delaware Chancery Court's acknowledgement of Byju’s repeated loan defaults. The lenders asserted that they reserve all rights available to them. The loan terms permitted lenders to take control of pledged Byju’s Alpha shares if a default triggered this right, as outlined in Judge Zurn's November 2 ruling. Following a failure to secure the Indian government’s backing as a loan guarantor, lenders filed a notice of default in March. Timothy Pohl, appointed as the sole director of Byju’s Alpha, assumed the role of CEO after removing all company officers. The legal dispute over the loan was initiated by Glas Trust Co., the trustee for the lenders, which appointed Pohl to oversee Byju’s Alpha on behalf of the creditors. Byju’s raised concerns about Pohl's compensation, asserting that he, as the former lawyer, was receiving excessive fees. However, Judge Zurn rejected this argument, stating that Pohl's $75,000-per-month pay was authorized by a "status-quo" order entered in the case to safeguard Byju’s Alpha. (With inputs from Bloomberg) WATCH WION LIVE HERE

Byju’s lenders prevail in legal battle over loan default, assert control of unit 