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Singapore Airlines reported record-breaking half-year profits on Tuesday, indicating the resurgence of travel demand, particularly to Northern Asia, as countries have fully reopened post the Covid-19 pandemic. &nbsp;

According to Reuters, the national carrier of Singapore, SIA, revealed that its net profit for the six months ending on September 30 reached S$1.44 billion ($1.06 billion), a significant increase from the S$926.9 million reported in the same period a year ago. In response to this performance, the airline declared an interim dividend of 10 Singapore cents per share.&nbsp;

The surge in demand for air travel in the Northern Summer travel season was a significant factor contributing to SIA's exceptional financial results. This revival was notably led by increased passenger traffic to North Asia, where countries like China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders.&nbsp;

The airline, in an official statement, emphasised the increasing demand for air travel, attributing its success to the resurgence in passenger numbers in these key regions.&nbsp;

Notably, SIA reported a substantial decrease in costs related to fuel during the six-month period, amounting to S$413 million. However, the airline expressed concerns about potential price spikes in the fuel market due to supply risks. &nbsp;

While SIA and its budget subsidiary, Scoot, collectively carried around 17.4 million passengers during the half-year, marking a remarkable 52.3 per cent year-on-year increase, the airline remains vigilant about the unpredictability of fuel prices.&nbsp;

With optimism for the future, the SIA Group has set its sights on returning to pre-Covid passenger capacity levels within the fiscal years 2024-2025. To further strengthen its financial position and support its balance sheet during the pandemic-related air travel disruption, the airline issued zero-coupon mandatory convertible bonds (MCBs) in June 2021. Singapore Airlines is now in the process of redeeming 50 per cent of these MCBs, aiming to pay eligible bondholders on December 26 on a pro-rata basis. This redemption will amount to approximately 110.408 per cent of the MCBs' principal amount or around S$1.71 billion.&nbsp;

The airline also confirmed the ongoing progress of the proposed merger between Air India and its joint venture with India's Tata Group, Vistara. This significant merger remains subject to approvals from regulators and authorities in both India and Singapore.&nbsp;

(With inputs from Reuters)&nbsp;

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Singapore Airlines reported record-breaking half-year profits on Tuesday, indicating the resurgence of travel demand, particularly to Northern Asia, as countries have fully reopened post the Covid-19 pandemic.

Singapore Airlines reported record-breaking half-year profits on Tuesday, indicating the resurgence of travel demand, particularly to Northern Asia, as countries have fully reopened post the Covid-19 pandemic. According to Reuters, the national carrier of Singapore, SIA, revealed that its net profit for the six months ending on September 30 reached S$1.44 billion ($1.06 billion), a significant increase from the S$926.9 million reported in the same period a year ago. In response to this performance, the airline declared an interim dividend of 10 Singapore cents per share. The surge in demand for air travel in the Northern Summer travel season was a significant factor contributing to SIA's exceptional financial results. This revival was notably led by increased passenger traffic to North Asia, where countries like China, Hong Kong SAR, Japan, and Taiwan fully reopened their borders. The airline, in an official statement, emphasised the increasing demand for air travel, attributing its success to the resurgence in passenger numbers in these key regions. Notably, SIA reported a substantial decrease in costs related to fuel during the six-month period, amounting to S$413 million. However, the airline expressed concerns about potential price spikes in the fuel market due to supply risks. While SIA and its budget subsidiary, Scoot, collectively carried around 17.4 million passengers during the half-year, marking a remarkable 52.3 per cent year-on-year increase, the airline remains vigilant about the unpredictability of fuel prices. With optimism for the future, the SIA Group has set its sights on returning to pre-Covid passenger capacity levels within the fiscal years 2024-2025. To further strengthen its financial position and support its balance sheet during the pandemic-related air travel disruption, the airline issued zero-coupon mandatory convertible bonds (MCBs) in June 2021. Singapore Airlines is now in the process of redeeming 50 per cent of these MCBs, aiming to pay eligible bondholders on December 26 on a pro-rata basis. This redemption will amount to approximately 110.408 per cent of the MCBs' principal amount or around S$1.71 billion. The airline also confirmed the ongoing progress of the proposed merger between Air India and its joint venture with India's Tata Group, Vistara. This significant merger remains subject to approvals from regulators and authorities in both India and Singapore. (With inputs from Reuters) WATCH WION LIVE HERE

Singapore Airlines achieves record half-year profit amid surging air travel demand 

Swiss banking giant UBS&nbsp;has reported its first quarterly loss in almost six years, mainly attributed to the ongoing process of integrating Credit Suisse into its operations, The Guardian reported on Tuesday.

According to the report, the bank revealed a net loss of $785 million for the three months ending in September, nearly double the $444 million forecasted by analysts. UBS cited approximately $2 billion in expenses related to the rescue and integration of Credit Suisse as the primary factor behind the loss.

The integration process has involved significant job cuts to reduce costs and eliminate duplicated roles across the combined entity. UBS confirmed that it had reduced over 4,000 jobs during the third quarter, contributing to a total of 13,000 job losses this year.

However, the bank highlighted its ability to attract new customer investments in its wealth management business. UBS managed to win back clients who had withdrawn their funds from Credit Suisse earlier in the year due to concerns about its stability.

UBS remains committed to the integration process, which is expected to create a stronger and more resilient financial institution. The integration aims to streamline operations and tap into the profitable aspects of Credit Suisse while winding down less favourable segments.

The merger between UBS and Credit Suisse, executed under tight time constraints, incurred an estimated $17 billion in costs, including expenses related to litigation, regulatory matters, and asset and liability adjustments.

Despite the associated risks, UBS sees Credit Suisse's acquisition for 3 billion Swiss francs as a strategic business opportunity.&nbsp;

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Swiss banking giant UBS has reported its first quarterly loss in almost six years, mainly attributed to the ongoing process of integrating Credit Suisse into its operations, The Guardian reported on Tuesday.

Swiss banking giant UBS has reported its first quarterly loss in almost six years, mainly attributed to the ongoing process of integrating Credit Suisse into its operations, The Guardian reported on Tuesday. According to the report, the bank revealed a net loss of $785 million for the three months ending in September, nearly double the $444 million forecasted by analysts. UBS cited approximately $2 billion in expenses related to the rescue and integration of Credit Suisse as the primary factor behind the loss. The integration process has involved significant job cuts to reduce costs and eliminate duplicated roles across the combined entity. UBS confirmed that it had reduced over 4,000 jobs during the third quarter, contributing to a total of 13,000 job losses this year. However, the bank highlighted its ability to attract new customer investments in its wealth management business. UBS managed to win back clients who had withdrawn their funds from Credit Suisse earlier in the year due to concerns about its stability. UBS remains committed to the integration process, which is expected to create a stronger and more resilient financial institution. The integration aims to streamline operations and tap into the profitable aspects of Credit Suisse while winding down less favourable segments. The merger between UBS and Credit Suisse, executed under tight time constraints, incurred an estimated $17 billion in costs, including expenses related to litigation, regulatory matters, and asset and liability adjustments. Despite the associated risks, UBS sees Credit Suisse's acquisition for 3 billion Swiss francs as a strategic business opportunity. WATCH WION LIVE HERE

UBS posts first quarterly loss in six years due to Credit Suisse integration

India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt &amp; Whitney (P&amp;W) engines, a&nbsp;Reuters report said on Tuesday.&nbsp;

The carrier successfully increased its capacity by 25 per cent over recent quarters as a part of its aggressive expansion to meet surging air travel demand. These efforts have helped alleviate capacity constraints resulting from the grounding of around 40 aircraft, mainly due to earlier engine-related problems.&nbsp;

IndiGo's strategy for mitigating these challenges includes leasing new planes and extending existing agreements, especially to counteract disruptions caused by new engine issues. &nbsp;

Currently, the airline operates&nbsp;a fleet of 334 planes, retaining 14 older Airbus A320ceo aircraft and extending leases on 36 others. Additionally, they will take delivery of 11 more leased aircraft starting in November. &nbsp;

Beginning in January, IndiGo plans to lease 12 additional A320ceos from the secondary market, according to Gaurav Negi, the airline's Chief Financial Officer, during an earnings call last Friday.&nbsp;

The issues with P&amp;W engines &nbsp;

The root of these troubles can be traced back to a rare powder metal defect identified by Pratt &amp; Whitney's parent company, RTX, in July. This defect has the potential to lead to the cracking of certain engine components in twin-engine Airbus A320neo aircraft, prompting the need for expedited inspections. &nbsp;

The checks are expected to result in the grounding of 600-700 Airbus jets between 2023 and 2026, with the majority of engine removals planned for 2023 and early 2024.&nbsp;

Disruptions ahead&nbsp;

While IndiGo is striving to address these challenges proactively, the airline is bracing for further disruptions in the first quarter of 2024. According to a report by Mint, the carrier anticipates grounding at least 35 planes during this period due to the ongoing powder metal issue associated with P&amp;W engines. &nbsp;

Mint quoted the airline as saying in a statement, "We have recently received additional information on the powder metal issue from Pratt &amp; Whitney and based on our preliminary assessment of this, we anticipate Aircraft on Ground (AOG) in the range of mid-thirties in the fourth quarter (Jan-Mar 2024) due to accelerated engine removals. These groundings will be incremental to the current AOGs."&nbsp;

(With inputs from Reuters)&nbsp;

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India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt & Whitney (P&W) engines, a Reuters report said on Tuesday.

India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt & Whitney (P&W) engines, a Reuters report said on Tuesday. The carrier successfully increased its capacity by 25 per cent over recent quarters as a part of its aggressive expansion to meet surging air travel demand. These efforts have helped alleviate capacity constraints resulting from the grounding of around 40 aircraft, mainly due to earlier engine-related problems. IndiGo's strategy for mitigating these challenges includes leasing new planes and extending existing agreements, especially to counteract disruptions caused by new engine issues. Currently, the airline operates a fleet of 334 planes, retaining 14 older Airbus A320ceo aircraft and extending leases on 36 others. Additionally, they will take delivery of 11 more leased aircraft starting in November. Beginning in January, IndiGo plans to lease 12 additional A320ceos from the secondary market, according to Gaurav Negi, the airline's Chief Financial Officer, during an earnings call last Friday. The issues with P&W engines The root of these troubles can be traced back to a rare powder metal defect identified by Pratt & Whitney's parent company, RTX, in July. This defect has the potential to lead to the cracking of certain engine components in twin-engine Airbus A320neo aircraft, prompting the need for expedited inspections. The checks are expected to result in the grounding of 600-700 Airbus jets between 2023 and 2026, with the majority of engine removals planned for 2023 and early 2024. Disruptions ahead While IndiGo is striving to address these challenges proactively, the airline is bracing for further disruptions in the first quarter of 2024. According to a report by Mint, the carrier anticipates grounding at least 35 planes during this period due to the ongoing powder metal issue associated with P&W engines. Mint quoted the airline as saying in a statement, "We have recently received additional information on the powder metal issue from Pratt & Whitney and based on our preliminary assessment of this, we anticipate Aircraft on Ground (AOG) in the range of mid-thirties in the fourth quarter (Jan-Mar 2024) due to accelerated engine removals. These groundings will be incremental to the current AOGs." (With inputs from Reuters) WATCH WION LIVE HERE

IndiGo's expansion plans face hurdles amid Pratt & Whitney engine troubles

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Italy grapples with billions in losses from severe flooding and extreme weather&nbsp;

This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas. The government is counting the hefty cost of these catastrophes. The top insurance firms are already dealing with claims over €3 billion ($3.2 billion) from floods and hurricanes that affected Emilia Romagna and Veneto earlier this year. &nbsp;

<a href="https://www.wionews.com/business-economy/italy-grapples-with-billions-in-losses-from-severe-flooding-and-extreme-weather-655567">Read more here.</a>

Saudi Arabia’s non-oil business activity surges to four-month high on new orders&nbsp;

According to a recent poll, the non-oil business sector in Saudi Arabia has experienced a strong development trend. The survey also revealed that the Kingdom's economy has been growing for the second consecutive month in October. Seasonally adjusted, the Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.4 last month from 57.2 in September, according to Reuters.&nbsp;

<a href="https://www.wionews.com/business-economy/saudi-arabias-non-oil-business-activity-surges-to-four-month-high-on-new-orders-655586">Read more here.</a>

Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions&nbsp;

Even as geopolitical concerns in West Asia continue to upset global oil markets, Saudi Arabia and Russia have reaffirmed their agreement towards maintaining reductions in oil output of more than one million barrels per day until the end of the year.

<a href="https://www.wionews.com/business-economy/saudi-arabia-and-russia-hold-steady-on-oil-production-cuts-amid-west-asia-tensions-655597">Read more here. &nbsp;</a>

China faces persistent deflation challenges as economic fragility persists&nbsp;

As 2023 draws to a close, China's ongoing battle against deflationary pressures raises concerns about the stability of its economic recovery. According to a Bloomberg survey of economists, the data, which is expected on Thursday, could indicate that consumer prices in China experienced deflation again in October.&nbsp;

<a href="https://www.wionews.com/business-economy/china-faces-persistent-deflation-challenges-as-economic-fragility-persists-655617">Read more here.</a>

Foxconn sees decline in sales amid Chinese investigation: Report&nbsp;

The largest iPhone assembler in the world, Hon Hai Precision Industry Co. (also known as Foxconn), had a 4.6 per cent drop in revenue in October, which has investors worried about the company's survival in the midst of a Chinese probe.

<a href="https://www.wionews.com/business-economy/foxconn-sees-decline-in-sales-amid-chinese-investigation-report-655627">Read more here.</a>

India extends free food grains program to tackle rising cereal prices: Report&nbsp;

Prime Minister Narendra Modi disclosed on Saturday that India has announced a five-year extension of its free food grains programme in an effort to protect people from the skyrocketing prices of cereals and in anticipation of the forthcoming general election early next year. &nbsp;

<a href="https://www.wionews.com/business-economy/india-extends-free-food-grains-program-to-tackle-rising-cereal-prices-report-655659">Read more here.</a>

China to boost imports and market access despite criticism at Trade Expo&nbsp;

Reaffirming its commitment to opening up its economy, China's Premier, Li Qiang, declared on Sunday at the annual China International Import Expo in Shanghai that the nation will increase imports and further extend market access. Li told Reuters that China hopes to import $17 trillion worth of goods and services over the course of the next five years.&nbsp;

<a href="https://www.wionews.com/business-economy/china-to-boost-imports-and-market-access-despite-criticism-at-trade-expo-655683">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. Italy grapples with billions in losses from severe flooding and extreme weather This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Italy grapples with billions in losses from severe flooding and extreme weather This year's extreme weather events have devastated Italy, killing crops in certain regions and seriously damaging urban areas. The government is counting the hefty cost of these catastrophes. The top insurance firms are already dealing with claims over €3 billion ($3.2 billion) from floods and hurricanes that affected Emilia Romagna and Veneto earlier this year. Read more here. Saudi Arabia’s non-oil business activity surges to four-month high on new orders According to a recent poll, the non-oil business sector in Saudi Arabia has experienced a strong development trend. The survey also revealed that the Kingdom's economy has been growing for the second consecutive month in October. Seasonally adjusted, the Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.4 last month from 57.2 in September, according to Reuters. Read more here. Saudi Arabia and Russia hold steady on oil production cuts amid West Asia tensions Even as geopolitical concerns in West Asia continue to upset global oil markets, Saudi Arabia and Russia have reaffirmed their agreement towards maintaining reductions in oil output of more than one million barrels per day until the end of the year. Read more here. China faces persistent deflation challenges as economic fragility persists As 2023 draws to a close, China's ongoing battle against deflationary pressures raises concerns about the stability of its economic recovery. According to a Bloomberg survey of economists, the data, which is expected on Thursday, could indicate that consumer prices in China experienced deflation again in October. Read more here. Foxconn sees decline in sales amid Chinese investigation: Report The largest iPhone assembler in the world, Hon Hai Precision Industry Co. (also known as Foxconn), had a 4.6 per cent drop in revenue in October, which has investors worried about the company's survival in the midst of a Chinese probe. Read more here. India extends free food grains program to tackle rising cereal prices: Report Prime Minister Narendra Modi disclosed on Saturday that India has announced a five-year extension of its free food grains programme in an effort to protect people from the skyrocketing prices of cereals and in anticipation of the forthcoming general election early next year. Read more here. China to boost imports and market access despite criticism at Trade Expo Reaffirming its commitment to opening up its economy, China's Premier, Li Qiang, declared on Sunday at the annual China International Import Expo in Shanghai that the nation will increase imports and further extend market access. Li told Reuters that China hopes to import $17 trillion worth of goods and services over the course of the next five years. Read more here. WATCH WION LIVE HERE

WION Business Wrap | Italy’s losses from extreme weather, Foxconn’s sales decline & more 

China's struggle against deflationary pressures continues, casting a shadow on the stability of its economic recovery as 2023 approaches its end.

Economists surveyed by Bloomberg anticipate that the data to be released on Thursday will likely reveal a return to deflation in China's consumer prices for the month of October. Furthermore, it is expected that producer prices will have declined for the 13th consecutive month, reinforcing the presence of deflationary forces in the economy.

Consumer costs have remained stubbornly weak throughout the year, with the consumer price index having dipped into deflation in July and fluctuated on the edge of negative year-on-year growth since then. Despite the People's Bank of China's August statement predicting a rebound in prices after a rough patch in the summer, the current data suggests that the outlook might have been overly optimistic.

Morgan Stanley has expressed concerns that China may be facing an ongoing battle against falling prices in the coming years. According to the institution, Beijing is still in the "initial stage of the deflation battle" as it endeavours to transition away from an "overextended, credit-fuelled growth model."

The presence of weak inflation figures could add further uncertainty to China's economic growth prospects, particularly following an unexpected contraction in factory activity and slowing growth in the services sector observed in October. According to Larry Hu, Head of China Economics at Macquarie Group Ltd., the broadest gauge of pricing, the GDP deflator, is expected to turn negative in the last three months of the year due to the country's continued weak consumption demand. Bloomberg estimates, based on official data, show that this indicator has already declined for two consecutive quarters, marking the first time since 2015.

Additional reports scheduled for the coming days may provide further insights into the trajectory of China's economic recovery. On Tuesday, export figures are anticipated to show a narrowing drop in October, mainly due to a lower base for comparison with the same month in 2022 when China was contending with pandemic-related lockdowns. 

Furthermore, credit data for the previous month is expected to indicate an increase in overall financing compared to the same period in the previous year, as a substantial number of government bonds enter the market.

There is a growing expectation for the central bank to introduce further liquidity support by reducing the reserve requirement ratio, which determines the amount of cash that banks must keep in reserve. Some analysts even suggest that the central bank may take this step ahead of its monthly policy loan operations in mid-November, responding to the pressure created by the surge in government bond issuance on interbank liquidity.

(With inputs from Bloomberg)

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China's struggle against deflationary pressures continues, casting a shadow on the stability of its economic recovery as 2023 approaches its end. Economists surveyed by Bloomberg anticipate that the data to be released on Thursday will likely reveal a return to deflation in China's consumer prices for the month of October.

China's struggle against deflationary pressures continues, casting a shadow on the stability of its economic recovery as 2023 approaches its end. Economists surveyed by Bloomberg anticipate that the data to be released on Thursday will likely reveal a return to deflation in China's consumer prices for the month of October. Furthermore, it is expected that producer prices will have declined for the 13th consecutive month, reinforcing the presence of deflationary forces in the economy. Consumer costs have remained stubbornly weak throughout the year, with the consumer price index having dipped into deflation in July and fluctuated on the edge of negative year-on-year growth since then. Despite the People's Bank of China's August statement predicting a rebound in prices after a rough patch in the summer, the current data suggests that the outlook might have been overly optimistic. Morgan Stanley has expressed concerns that China may be facing an ongoing battle against falling prices in the coming years. According to the institution, Beijing is still in the "initial stage of the deflation battle" as it endeavours to transition away from an "overextended, credit-fuelled growth model." The presence of weak inflation figures could add further uncertainty to China's economic growth prospects, particularly following an unexpected contraction in factory activity and slowing growth in the services sector observed in October. According to Larry Hu, Head of China Economics at Macquarie Group Ltd., the broadest gauge of pricing, the GDP deflator, is expected to turn negative in the last three months of the year due to the country's continued weak consumption demand. Bloomberg estimates, based on official data, show that this indicator has already declined for two consecutive quarters, marking the first time since 2015. Additional reports scheduled for the coming days may provide further insights into the trajectory of China's economic recovery. On Tuesday, export figures are anticipated to show a narrowing drop in October, mainly due to a lower base for comparison with the same month in 2022 when China was contending with pandemic-related lockdowns. Furthermore, credit data for the previous month is expected to indicate an increase in overall financing compared to the same period in the previous year, as a substantial number of government bonds enter the market. There is a growing expectation for the central bank to introduce further liquidity support by reducing the reserve requirement ratio, which determines the amount of cash that banks must keep in reserve. Some analysts even suggest that the central bank may take this step ahead of its monthly policy loan operations in mid-November, responding to the pressure created by the surge in government bond issuance on interbank liquidity. (With inputs from Bloomberg) WATCH WION LIVE HERE

China faces persistent deflation challenges as economic fragility persists

Saudi Arabia's non-oil business sector has seen a strong growth trend, as indicated by a recent survey, revealing that the Kingdom's economy has been on an upward trajectory for a second consecutive month in October.

According to Reuters, the Riyad Bank Saudi Arabia Purchasing Managers' Index, which is seasonally adjusted, surged to 58.4 last month, up from September's 57.2. This marks an upturn and stands well above the 50-point threshold, signifying growth. Notably, this figure represents the highest reading since June.

One of the driving factors behind this performance has been the surge in new orders, which has played a pivotal role in sustaining the growth momentum. The new orders sub-index rose to 66.1 in October, marking a four-month high and showcasing a significant improvement from the previous month's 64.2.

The positive impact of this surge in new business has been witnessed across various sectors, including manufacturing and construction. Although the growth in output remained strong, the sub-index eased slightly to 60.1, which is&nbsp;slightly below the long-term trend.

Reuters quoted Naif Al-Ghaith, the chief economist at Riyad Bank, as saying, "The surge in new orders signifies an expanding market and suggests that the non-oil sector is experiencing sustained growth and demand for its products."

This is a promising sign for the Saudi economy, indicating a growing demand for labour and potential improvements in the job market, as reflected by the rise in the employment subindex.

In October, the employment subindex reached a nine-year high of 54.5, up from 52.0 in September.

This surge in employment is in line with the government's plan towards creating more job opportunities for its citizens, a key element of Vision 2030, an ambitious economic diversification plan spearheaded by Crown Prince Mohammed bin Salman.

The plan aims to reduce the nation's dependence on oil and create a more diverse and sustainable economy.

(With inputs from Reuters)

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Saudi Arabia's non-oil business sector has seen a strong growth trend, as indicated by a recent survey, revealing that the Kingdom's economy has been on an upward trajectory for a second consecutive month in October.

Saudi Arabia's non-oil business sector has seen a strong growth trend, as indicated by a recent survey, revealing that the Kingdom's economy has been on an upward trajectory for a second consecutive month in October. According to Reuters, the Riyad Bank Saudi Arabia Purchasing Managers' Index, which is seasonally adjusted, surged to 58.4 last month, up from September's 57.2. This marks an upturn and stands well above the 50-point threshold, signifying growth. Notably, this figure represents the highest reading since June. One of the driving factors behind this performance has been the surge in new orders, which has played a pivotal role in sustaining the growth momentum. The new orders sub-index rose to 66.1 in October, marking a four-month high and showcasing a significant improvement from the previous month's 64.2. The positive impact of this surge in new business has been witnessed across various sectors, including manufacturing and construction. Although the growth in output remained strong, the sub-index eased slightly to 60.1, which is slightly below the long-term trend. Reuters quoted Naif Al-Ghaith, the chief economist at Riyad Bank, as saying, "The surge in new orders signifies an expanding market and suggests that the non-oil sector is experiencing sustained growth and demand for its products." This is a promising sign for the Saudi economy, indicating a growing demand for labour and potential improvements in the job market, as reflected by the rise in the employment subindex. In October, the employment subindex reached a nine-year high of 54.5, up from 52.0 in September. This surge in employment is in line with the government's plan towards creating more job opportunities for its citizens, a key element of Vision 2030, an ambitious economic diversification plan spearheaded by Crown Prince Mohammed bin Salman. The plan aims to reduce the nation's dependence on oil and create a more diverse and sustainable economy. (With inputs from Reuters) WATCH WION LIVE HERE

Saudi Arabia’s non-oil business activity surges to four-month high on new orders

Italy is counting the high cost of extreme weather events that have ravaged the country this year, causing significant damage to urban areas and destroying crops in various regions. The effects of these natural disasters are set to run into billions of euros, with the largest insurance companies already facing claims exceeding €3 billion ($3.2 billion) due to floods and hurricanes that struck Veneto and Emilia Romagna earlier this year, Bloomberg cited a report by Sole 24 Ore.

The recent onslaught of severe weather, including deadly rains in Tuscany and northern regions, has further escalated the financial toll. These rains claimed the lives of seven people and have resulted in damages that have already been estimated at over €300 million, according to the Civil Protection Agency. In response, the Italian government has allocated approximately €5 million in aid with a promise of more to support those affected.

According to Bloomberg, Italian authorities have connected the Tuscany weather event to a worrying trend known as "tropicalisation." These storms came on the heels of Italy experiencing its hottest October on record, according to the agriculture association Coldiretti, which estimates that the cost to Italy's agricultural sector from flooding exceeds €6 billion for the year.

The repercussions of this devastation extend beyond just the impact on crops and harvests; they also affect stocks stored in warehouses that have been inundated, as highlighted by Coldiretti.

As the weather alerts remain active in Tuscany and central Italy, the final financial toll of these disasters is yet to be determined. It will become clearer in the coming days. Nevertheless, the impact on major insurance companies has already been felt through their earnings and forecasts.

In particular, shares of Assicurazioni Generali, one of Italy's largest insurers, took a hit at the end of October as they recorded losses of about €840 million from natural catastrophes, surpassing the annual budget.

(With inputs from Bloomberg)

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Italy is counting the high cost of extreme weather events that have ravaged the country this year, causing significant damage to urban areas and destroying crops in various regions.

Italy is counting the high cost of extreme weather events that have ravaged the country this year, causing significant damage to urban areas and destroying crops in various regions. The effects of these natural disasters are set to run into billions of euros, with the largest insurance companies already facing claims exceeding €3 billion ($3.2 billion) due to floods and hurricanes that struck Veneto and Emilia Romagna earlier this year, Bloomberg cited a report by Sole 24 Ore. The recent onslaught of severe weather, including deadly rains in Tuscany and northern regions, has further escalated the financial toll. These rains claimed the lives of seven people and have resulted in damages that have already been estimated at over €300 million, according to the Civil Protection Agency. In response, the Italian government has allocated approximately €5 million in aid with a promise of more to support those affected. According to Bloomberg, Italian authorities have connected the Tuscany weather event to a worrying trend known as "tropicalisation." These storms came on the heels of Italy experiencing its hottest October on record, according to the agriculture association Coldiretti, which estimates that the cost to Italy's agricultural sector from flooding exceeds €6 billion for the year. The repercussions of this devastation extend beyond just the impact on crops and harvests; they also affect stocks stored in warehouses that have been inundated, as highlighted by Coldiretti. As the weather alerts remain active in Tuscany and central Italy, the final financial toll of these disasters is yet to be determined. It will become clearer in the coming days. Nevertheless, the impact on major insurance companies has already been felt through their earnings and forecasts. In particular, shares of Assicurazioni Generali, one of Italy's largest insurers, took a hit at the end of October as they recorded losses of about €840 million from natural catastrophes, surpassing the annual budget. (With inputs from Bloomberg) WATCH WION LIVE HERE

Italy grapples with billions in losses from severe flooding and extreme weather

Foxconn, the world's largest iPhone assembler,&nbsp;has experienced a 4.6 per cent decline in its October sales, raising concerns about the company's future amidst a Chinese investigation.

The investigation initiated by Beijing has cast uncertainty over Foxconn's business, causing ripples in the tech industry, Bloomberg reported.

Foxconn reported a decline in revenue for October, with sales amounting to NT$741.2 billion ($23 billion). Despite this setback, the company has maintained a "significant growth outlook" for the December quarter, which is traditionally its busiest period due to the year-end iPhone shipments. Notably, Apple released its latest iPhone 15 in September.

In a brief statement, Foxconn mentioned that "operations will ramp up sequentially", without providing further details. The ongoing investigation by Chinese authorities has added complexity to Apple's position in its largest international market and primary production base. Regulators in China are currently conducting tax audits and reviewing land use by Foxconn, as reported by state media on October 22.

The report by Bloomberg said that investor concerns have escalated regarding the prospects of Apple's iPhone sales in China, a market that constitutes approximately one-fifth of the tech giant's total sales.

The Chinese consumer economy is grappling with challenges, while U.S. businesses continue to face a hostile environment due to ongoing technology conflicts between the U.S. and China. Additionally, the surprise introduction of a smartphone by Huawei Technologies Co. featuring an advanced made-in-China 5G processor has stirred nationalist sentiment and encroached on iPhone sales.

Hon Hai, the public arm of Foxconn Technology Group, has expressed its intention to cooperate with the Chinese authorities in their investigation. However, the news of the probe has taken a toll on the company and its mainland-listed unit, Foxconn Industrial Internet Co. At one point, the combined market value of these entities plummeted by approximately $9 billion.

Separately, Taiwan has also initiated an investigation into suspected bribes associated with Foxconn founder Terry Gou's presidential campaign. This development comes as the billionaire submits signatures to run in next year's presidential election.

(With inputs from Bloomberg)

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Foxconn, the world's largest iPhone assembler, has experienced a 4.6 per cent decline in its October sales, raising concerns about the company's future amidst a Chinese investigation.

Foxconn, the world's largest iPhone assembler, has experienced a 4.6 per cent decline in its October sales, raising concerns about the company's future amidst a Chinese investigation. The investigation initiated by Beijing has cast uncertainty over Foxconn's business, causing ripples in the tech industry, Bloomberg reported. Foxconn reported a decline in revenue for October, with sales amounting to NT$741.2 billion ($23 billion). Despite this setback, the company has maintained a "significant growth outlook" for the December quarter, which is traditionally its busiest period due to the year-end iPhone shipments. Notably, Apple released its latest iPhone 15 in September. In a brief statement, Foxconn mentioned that "operations will ramp up sequentially", without providing further details. The ongoing investigation by Chinese authorities has added complexity to Apple's position in its largest international market and primary production base. Regulators in China are currently conducting tax audits and reviewing land use by Foxconn, as reported by state media on October 22. The report by Bloomberg said that investor concerns have escalated regarding the prospects of Apple's iPhone sales in China, a market that constitutes approximately one-fifth of the tech giant's total sales. The Chinese consumer economy is grappling with challenges, while U.S. businesses continue to face a hostile environment due to ongoing technology conflicts between the U.S. and China. Additionally, the surprise introduction of a smartphone by Huawei Technologies Co. featuring an advanced made-in-China 5G processor has stirred nationalist sentiment and encroached on iPhone sales. Hon Hai, the public arm of Foxconn Technology Group, has expressed its intention to cooperate with the Chinese authorities in their investigation. However, the news of the probe has taken a toll on the company and its mainland-listed unit, Foxconn Industrial Internet Co. At one point, the combined market value of these entities plummeted by approximately $9 billion. Separately, Taiwan has also initiated an investigation into suspected bribes associated with Foxconn founder Terry Gou's presidential campaign. This development comes as the billionaire submits signatures to run in next year's presidential election. (With inputs from Bloomberg) WATCH WION LIVE HERE

Foxconn sees decline in sales amid Chinese investigation: Report

Chinese&nbsp;Premier Li Qiang&nbsp;on Sunday said that the country would further expand market access and increase imports, reiterating its commitment to opening up its economy.

According to Reuters, Li stated that China aims to reach cumulative imports of goods and services worth $17 trillion within the next five years.

"No matter how the world changes, China's pace of opening up will never stall, and its determination to share development opportunities with the world will never change," Reuter quoted Li as saying during the opening ceremony of the&nbsp;China International Import Expo in Shanghai.&nbsp;

Li emphasised that China is set to promote the coordinated development of trade in both goods and services, safeguard an international business environment, and ease market access, including lifting restrictions on foreign investment in manufacturing.

The China International Import Expo began in 2018 as a means to promote China's credentials in free trade and address concerns about its trade surplus with multiple countries. However, participation in the expo over the past three years was limited due to the COVID-19 pandemic.

Despite the intentions of the event, it has drawn criticism from the European Chamber of Commerce in China, which labelled it a "political showcase" and called for more concrete actions to restore confidence among European businesses operating in the country.

This year's expo, running from November 5th to 10th, has seen the presence of large delegations from countries like Australia and the United States, along with the participation of renowned companies such as Micron Technology, Nestle, Burberry, and L'Oreal, as reported by state media.

During the opening ceremony, Australian Prime Minister Anthony Albanese, on the first visit to China by an Australian leader in seven years, underscored the importance of dialogue and cooperation, stating that it is in the interest of all parties.

In his speech, Li Qiang also mentioned China's intention to "actively promote" its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP). Several other countries, including Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, have also applied for membership.

The CPTPP, a significant trade pact agreed upon in 2018 among 11 countries, aims to reduce trade barriers. Britain became the 12th member earlier this year. China's application is next in line to be considered by the 12 members, in the order of their submission.

(With inputs from Reuters)

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Chinese Premier Li Qiang on Sunday said that the country would further expand market access and increase imports, reiterating its commitment to opening up its economy.

Chinese Premier Li Qiang on Sunday said that the country would further expand market access and increase imports, reiterating its commitment to opening up its economy. According to Reuters, Li stated that China aims to reach cumulative imports of goods and services worth $17 trillion within the next five years. "No matter how the world changes, China's pace of opening up will never stall, and its determination to share development opportunities with the world will never change," Reuter quoted Li as saying during the opening ceremony of the China International Import Expo in Shanghai. Li emphasised that China is set to promote the coordinated development of trade in both goods and services, safeguard an international business environment, and ease market access, including lifting restrictions on foreign investment in manufacturing. The China International Import Expo began in 2018 as a means to promote China's credentials in free trade and address concerns about its trade surplus with multiple countries. However, participation in the expo over the past three years was limited due to the COVID-19 pandemic. Despite the intentions of the event, it has drawn criticism from the European Chamber of Commerce in China, which labelled it a "political showcase" and called for more concrete actions to restore confidence among European businesses operating in the country. This year's expo, running from November 5th to 10th, has seen the presence of large delegations from countries like Australia and the United States, along with the participation of renowned companies such as Micron Technology, Nestle, Burberry, and L'Oreal, as reported by state media. During the opening ceremony, Australian Prime Minister Anthony Albanese, on the first visit to China by an Australian leader in seven years, underscored the importance of dialogue and cooperation, stating that it is in the interest of all parties. In his speech, Li Qiang also mentioned China's intention to "actively promote" its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP). Several other countries, including Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, have also applied for membership. The CPTPP, a significant trade pact agreed upon in 2018 among 11 countries, aims to reduce trade barriers. Britain became the 12th member earlier this year. China's application is next in line to be considered by the 12 members, in the order of their submission. (With inputs from Reuters) WATCH WION LIVE HERE

China to boost imports and market access despite criticism at Trade Expo

In a bid to shield consumers from the surging prices of cereals and in preparation for the upcoming general election early next year, India on Saturday announced a five-year extension of its free food grains program.&nbsp;

The extension is expected to provide relief to consumers but will also lead to increased government spending and the necessity for New Delhi to procure larger quantities of wheat and rice from farmers to sustain the welfare program, which currently offers free grains to over 800 million people.

Prime Minister Narendra Modi confirmed this decision during an election rally in Durg, a city located in the central state of Chhattisgarh, where state elections are scheduled for this month. The grains program, estimated to cost the government approximately 2 trillion rupees ($24.06 billion) this year, was initially set to expire at the end of the year.

As the world's second-largest producer of wheat and rice, India has taken steps to restrict the exports of these cereals in order to curb rising prices domestically. This move has been necessitated by the government's need to purchase from farmers to ensure the smooth operation of the welfare program.

Reuters cited a dealer based in Mumbai and affiliated with a global trade house, who highlighted the implications of these export restrictions, stating that without them, local prices would surpass the government-set floor prices, hindering the government's ability to procure an adequate quantity of grains.

For the first time in eight years, India is expecting a drop in its rice output this year, which has raised concerns that New Delhi may extend restrictions on rice exports to maintain control over food prices in the lead-up to the elections.

Global rice prices have surged to a 15-year high following India's decision to limit exports of non-basmati rice varieties in July. India, as the world's largest rice exporter, is responsible for over 40 per cent of global rice exports.

(With inputs from Reuters)

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In a bid to shield consumers from the surging prices of cereals and in preparation for the upcoming general election early next year, India on Saturday announced a five-year extension of its free food grains program.

In a bid to shield consumers from the surging prices of cereals and in preparation for the upcoming general election early next year, India on Saturday announced a five-year extension of its free food grains program. The extension is expected to provide relief to consumers but will also lead to increased government spending and the necessity for New Delhi to procure larger quantities of wheat and rice from farmers to sustain the welfare program, which currently offers free grains to over 800 million people. Prime Minister Narendra Modi confirmed this decision during an election rally in Durg, a city located in the central state of Chhattisgarh, where state elections are scheduled for this month. The grains program, estimated to cost the government approximately 2 trillion rupees ($24.06 billion) this year, was initially set to expire at the end of the year. As the world's second-largest producer of wheat and rice, India has taken steps to restrict the exports of these cereals in order to curb rising prices domestically. This move has been necessitated by the government's need to purchase from farmers to ensure the smooth operation of the welfare program. Reuters cited a dealer based in Mumbai and affiliated with a global trade house, who highlighted the implications of these export restrictions, stating that without them, local prices would surpass the government-set floor prices, hindering the government's ability to procure an adequate quantity of grains. For the first time in eight years, India is expecting a drop in its rice output this year, which has raised concerns that New Delhi may extend restrictions on rice exports to maintain control over food prices in the lead-up to the elections. Global rice prices have surged to a 15-year high following India's decision to limit exports of non-basmati rice varieties in July. India, as the world's largest rice exporter, is responsible for over 40 per cent of global rice exports. (With inputs from Reuters) WATCH WION LIVE HERE

India extends free food grain programme to tackle rising cereal prices: Report

WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for&nbsp;bankruptcy protection, a Reuters report said on Monday.&nbsp;The company's rise and fall has had&nbsp;a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business.&nbsp;

The decision to seek bankruptcy protection is yet another&nbsp;acknowledgment by SoftBank, the Japanese technology conglomerate that owns approximately 60 per cent of WeWork, that the company's survival depends on renegotiating its costly leases.

WeWork has struggled to achieve profitability, primarily due to its expensive leases and the shift in corporate clients' preferences towards remote work. &nbsp;

According to financial data from the second quarter of 2023, 74 per cent of WeWork's revenue was being consumed by lease payments. &nbsp;

In its bankruptcy filing, WeWork reported estimated assets and liabilities ranging from $10 billion to $50 billion. The company is now looking to leverage U.S. bankruptcy code provisions to free itself from heavy leases, as suggested by law firm Cadwalader, Wickersham &amp; Taft LLP in an August note to landlords. However, this move has left many landlords anticipating a significant impact on their rental income.&nbsp;

According to Reuters, founder Adam Neumann had led WeWork to an unprecedented valuation of $47 billion, attracting investments from esteemed institutions such as SoftBank, Benchmark, and Wall Street giants like JPMorgan Chase. &nbsp;

Neumann's emphasis on rapid expansion at the cost of profitability, coupled with revelations about his eccentric behaviour, ultimately led to his removal and the derailment of an initial public offering in 2019. This compelled SoftBank to double down on its investment and appoint real estate expert Sandeep Mathrani as CEO. In 2021, SoftBank attempted to take WeWork public via a merger with a blank-check acquisition company, valuing the firm at $8 billion.&nbsp;

Despite managing to amend 590 leases and save approximately $12.7 billion in fixed lease payments, WeWork could not overcome the challenges posed by the COVID-19 pandemic. Office workers continued to work from home, severely affecting WeWork's business model. With little incentive from struggling landlords to ease lease terms, WeWork found itself in an increasingly untenable situation.&nbsp;

Furthermore, WeWork's clientele, consisting of&nbsp;both large corporations and smaller businesses, reduced their spending amid soaring inflation and economic uncertainty. To compound its problems, WeWork faced stiff competition from its own landlords, as commercial property companies began offering shorter and more flexible leases to adapt to the evolving office sector.&nbsp;

Earlier this year, David Tolley, a former investment banker and private equity executive, succeeded Sandeep Mathrani as WeWork's CEO. Tolley, who had previously helped the debt-ridden satellite communications provider Intelsat emerge from bankruptcy, took the helm in an attempt to steer WeWork towards stability.

Despite engaging in debt restructurings and securing a seven-day extension on an interest payment from creditors just last week, WeWork found itself unable to avert the impending bankruptcy.&nbsp;

(With inputs from Reuters)&nbsp;

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WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday.

WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday. The company's rise and fall has had a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business. The decision to seek bankruptcy protection is yet another acknowledgment by SoftBank, the Japanese technology conglomerate that owns approximately 60 per cent of WeWork, that the company's survival depends on renegotiating its costly leases. WeWork has struggled to achieve profitability, primarily due to its expensive leases and the shift in corporate clients' preferences towards remote work. According to financial data from the second quarter of 2023, 74 per cent of WeWork's revenue was being consumed by lease payments. In its bankruptcy filing, WeWork reported estimated assets and liabilities ranging from $10 billion to $50 billion. The company is now looking to leverage U.S. bankruptcy code provisions to free itself from heavy leases, as suggested by law firm Cadwalader, Wickersham & Taft LLP in an August note to landlords. However, this move has left many landlords anticipating a significant impact on their rental income. According to Reuters, founder Adam Neumann had led WeWork to an unprecedented valuation of $47 billion, attracting investments from esteemed institutions such as SoftBank, Benchmark, and Wall Street giants like JPMorgan Chase. Neumann's emphasis on rapid expansion at the cost of profitability, coupled with revelations about his eccentric behaviour, ultimately led to his removal and the derailment of an initial public offering in 2019. This compelled SoftBank to double down on its investment and appoint real estate expert Sandeep Mathrani as CEO. In 2021, SoftBank attempted to take WeWork public via a merger with a blank-check acquisition company, valuing the firm at $8 billion. Despite managing to amend 590 leases and save approximately $12.7 billion in fixed lease payments, WeWork could not overcome the challenges posed by the COVID-19 pandemic. Office workers continued to work from home, severely affecting WeWork's business model. With little incentive from struggling landlords to ease lease terms, WeWork found itself in an increasingly untenable situation. Furthermore, WeWork's clientele, consisting of both large corporations and smaller businesses, reduced their spending amid soaring inflation and economic uncertainty. To compound its problems, WeWork faced stiff competition from its own landlords, as commercial property companies began offering shorter and more flexible leases to adapt to the evolving office sector. Earlier this year, David Tolley, a former investment banker and private equity executive, succeeded Sandeep Mathrani as WeWork's CEO. Tolley, who had previously helped the debt-ridden satellite communications provider Intelsat emerge from bankruptcy, took the helm in an attempt to steer WeWork towards stability. Despite engaging in debt restructurings and securing a seven-day extension on an interest payment from creditors just last week, WeWork found itself unable to avert the impending bankruptcy. (With inputs from Reuters) WATCH WION LIVE HERE

WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount 

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. &nbsp;

Citigroup had previously signalled the possibility of job cuts as it unveiled its sweeping overhaul plan in September. However, the scale of these layoffs and cost savings will be evaluated in the current quarter.&nbsp;

The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. These discussions are still in the early stages, and the exact number of job cuts may fluctuate as the planning progresses. Citigroup has enlisted the services of Boston Consulting Group to facilitate this strategic transformation.&nbsp;

The restructuring plan, driven by Fraser's objective to eliminate regional managers, co-heads, and individuals with overlapping roles, is expected to result in job reductions extending beyond the initial 10 per cent in the executive ranks. In the previous month, Citigroup announced plans to reduce its management layers from 13 to eight, which involved a 15 per cent reduction in functional roles within the top two leadership layers and the elimination of 60 committees.&nbsp;

According to Reuters, the bank has maintained a global headcount of 240,000 throughout this year, as disclosed in its most recent quarterly supplement.&nbsp;

A Citibank spokesperson acknowledged the challenging and consequential decisions associated with the ongoing reorganisation but stressed that they are necessary steps to align the bank's structure with its strategic objectives, as outlined during the 2022 Investor Day.&nbsp;

Since assuming the leadership of Citigroup in 2021, CEO Jane Fraser has been working to enhance profitability, streamline the bank's operations, and address regulatory issues. Despite these efforts, Citigroup's stock performance has lagged behind its peers.&nbsp;

(With inputs from Reuters)&nbsp;

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Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources.

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. Citigroup had previously signalled the possibility of job cuts as it unveiled its sweeping overhaul plan in September. However, the scale of these layoffs and cost savings will be evaluated in the current quarter. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. These discussions are still in the early stages, and the exact number of job cuts may fluctuate as the planning progresses. Citigroup has enlisted the services of Boston Consulting Group to facilitate this strategic transformation. The restructuring plan, driven by Fraser's objective to eliminate regional managers, co-heads, and individuals with overlapping roles, is expected to result in job reductions extending beyond the initial 10 per cent in the executive ranks. In the previous month, Citigroup announced plans to reduce its management layers from 13 to eight, which involved a 15 per cent reduction in functional roles within the top two leadership layers and the elimination of 60 committees. According to Reuters, the bank has maintained a global headcount of 240,000 throughout this year, as disclosed in its most recent quarterly supplement. A Citibank spokesperson acknowledged the challenging and consequential decisions associated with the ongoing reorganisation but stressed that they are necessary steps to align the bank's structure with its strategic objectives, as outlined during the 2022 Investor Day. Since assuming the leadership of Citigroup in 2021, CEO Jane Fraser has been working to enhance profitability, streamline the bank's operations, and address regulatory issues. Despite these efforts, Citigroup's stock performance has lagged behind its peers. (With inputs from Reuters) WATCH WION LIVE HERE

Citigroup considers significant job cuts in major restructuring: Report 

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles.&nbsp;

The source, who opted to remain unnamed, did not specify when production of the affordable model would commence. Tesla declined to provide official comments on the matter. In response to this news, Tesla's shares experienced a 3 per cent increase in pre-market trading in the United States at 0910 GMT. &nbsp;

The relatively high cost is impeding the widespread adoption of electric cars&nbsp;in Europe and the United States.&nbsp;Moreover, the cost of electric cars have been compounded by elevated interest rates. In the first half of 2023, the average retail price of an electric vehicle in Europe exceeded 65,000 euros ($69,000), as reported by automotive research firm JATO Dynamics. In contrast, the average price of an electric car in China was just over 31,000 euros ($33,000).&nbsp;

Tesla's CEO Elon Musk has been&nbsp;expressing his desire&nbsp;to develop a more affordable electric car. In September, insider sources revealed that Tesla has made significant progress in the development of an innovation that would enable the casting of nearly the entire underbody of electric vehicles in one piece. This advancement would lead to increased production efficiency and reduced costs.&nbsp;

Tesla's strategy to expand into the mass market is crucial in achieving its goal of delivering 20 million vehicles by 2030, setting it apart from competitors like Volkswagen, a company which has&nbsp;focused on preserving profit margins during the electric vehicle transition without setting specific delivery targets.&nbsp;

CEO Elon Musk recently visited the Tesla plant in Gruenheide, Germany, where he revealed plans to produce the 25,000-euro vehicle at the German plant, marking a significant development in the company's strategy. The Gruenheide plant currently manufactures the Model Y, which is the best-selling electric vehicle in Europe.&nbsp;

Tesla has intentions to double the manufacturing capacity of its German plant, with the goal of producing up to 1 million vehicles annually. The company has not released updated production figures since March when it announced the production of 5,000 vehicles per week, equivalent to approximately 250,000 vehicles annually.&nbsp;

Local authorities in Germany have requested additional information from Tesla regarding how their expansion plans align with conservation laws. A decision on whether to approve the expansion is pending, with no specific timeframe provided.&nbsp;

Furthermore, Tesla announced a four&nbsp;per cent wage increase for all employees, effective from November onwards. Production workers will also receive an additional 2,500 euros ($2,600) per year starting from February 2024, representing an 18 per cent pay increase over a one-to-one-and-a-half-year period. German union IG Metall had previously noted that Tesla's wages were approximately 20 per cent lower than those offered under collective bargaining agreements at other car manufacturers.&nbsp;

(With inputs from Reuters)&nbsp;

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Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter.

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles. The source, who opted to remain unnamed, did not specify when production of the affordable model would commence. Tesla declined to provide official comments on the matter. In response to this news, Tesla's shares experienced a 3 per cent increase in pre-market trading in the United States at 0910 GMT. The relatively high cost is impeding the widespread adoption of electric cars in Europe and the United States. Moreover, the cost of electric cars have been compounded by elevated interest rates. In the first half of 2023, the average retail price of an electric vehicle in Europe exceeded 65,000 euros ($69,000), as reported by automotive research firm JATO Dynamics. In contrast, the average price of an electric car in China was just over 31,000 euros ($33,000). Tesla's CEO Elon Musk has been expressing his desire to develop a more affordable electric car. In September, insider sources revealed that Tesla has made significant progress in the development of an innovation that would enable the casting of nearly the entire underbody of electric vehicles in one piece. This advancement would lead to increased production efficiency and reduced costs. Tesla's strategy to expand into the mass market is crucial in achieving its goal of delivering 20 million vehicles by 2030, setting it apart from competitors like Volkswagen, a company which has focused on preserving profit margins during the electric vehicle transition without setting specific delivery targets. CEO Elon Musk recently visited the Tesla plant in Gruenheide, Germany, where he revealed plans to produce the 25,000-euro vehicle at the German plant, marking a significant development in the company's strategy. The Gruenheide plant currently manufactures the Model Y, which is the best-selling electric vehicle in Europe. Tesla has intentions to double the manufacturing capacity of its German plant, with the goal of producing up to 1 million vehicles annually. The company has not released updated production figures since March when it announced the production of 5,000 vehicles per week, equivalent to approximately 250,000 vehicles annually. Local authorities in Germany have requested additional information from Tesla regarding how their expansion plans align with conservation laws. A decision on whether to approve the expansion is pending, with no specific timeframe provided. Furthermore, Tesla announced a four per cent wage increase for all employees, effective from November onwards. Production workers will also receive an additional 2,500 euros ($2,600) per year starting from February 2024, representing an 18 per cent pay increase over a one-to-one-and-a-half-year period. German union IG Metall had previously noted that Tesla's wages were approximately 20 per cent lower than those offered under collective bargaining agreements at other car manufacturers. (With inputs from Reuters) WATCH WION LIVE HERE

Tesla plans to launch affordable 25,000-euro car in Germany: Media reports

The ongoing war in Gaza has hurt Egypt’s tourism sector, especially in the southern Sinai region along the Red Sea. Now, in a bid to shore up its falling revenue, Egypt is all set to offer several incentives for the sector.

Egypt's tourism sector struggles

In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border.&nbsp;

According to Reuters, the Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year.&nbsp;

Amid concerns about potential challenges like gang violence and supply chain disruptions, the allure of nearshoring has captivated both local and foreign businesses, many of which are keen to capitalise on evolving production trends.&nbsp;

&nbsp;"Many companies are already talking about this - about nearshoring and the economic benefits," Reuters quoted Gerardo Copca, an analyst at consultancy MetAnalisis, as saying, emphasising the growing buzz around the concept. However, he cautioned that while it holds potential, the transition will take time.&nbsp;

In the first half of 2023, Mexico attracted around $29 billion in foreign direct investment, representing a 5.6 per cent increase from 2022, with over half of this investment being directed into the industrial sector.&nbsp;

One notable example: the reported $5 billion investment by electric vehicle manufacturer Tesla in a new factory in northern Mexico. This initiative has attracted $1 billion in Chinese investments to neighbouring industries. Mexican gross fixed investment has surged, marking the most substantial annual growth since 1997, with a year-on-year increase of 31.5 per cent in seasonally adjusted terms recorded in August, as per the latest data.&nbsp;

Real estate investment trust Fibra Uno in Mexico is planning to launch a trust that enables investors to benefit from the anticipated growth in industrial assets. CEO Andre El-Mann of Fibra Uno envisions the momentum of Mexico's nearshoring to continue for the next 15 years.&nbsp;

Rising demand and opportunities in the industrial sector&nbsp;

The expected demand for manufacturing properties in 2023-24 is estimated at 2.5 million square meters, marking an 80 per cent increase from the previous year, according to the industrial parks association AMPIP. This heightened demand is particularly pronounced in the automotive, electronics, and machinery sectors.&nbsp;

Reuters quoted&nbsp;Lorenzo Berho, the head of construction firm Vesta, as saying that&nbsp;the potential benefits not only for northern Mexico but also for the central car making region known as El Bajio, which is deemed an attractive location for multinationals. This region, encompassing states like Queretaro, Guanajuato, and Jalisco, has a strong labour force and robust logistics infrastructure.&nbsp;

Enrique Navarro, the CFO at Banco Regional told Reuters that he foresees substantial growth in northern, western, and central Mexico driven by the relocation of manufacturing capacities from Asia. Mexico's strategic location adjacent to the United States, the world's largest economy, and its participation in various trade agreements, including USMCA (United States-Mexico-Canada Agreement), are significant advantages.&nbsp;

Additionally, Mexico's lower labour costs and the escalating economic tensions between the U.S. and China are attractive factors for businesses seeking to reshore their operations. However, some challenges persist, such as President Andres Manuel Lopez Obrador's efforts to tighten state control over the energy sector, raising concerns about the adequacy of infrastructure investment. Swiss bank UBS warned about bottlenecks caused by electricity instability, water scarcity, and limited industrial space.&nbsp;

Nonetheless, the impact of nearshoring is becoming tangible in the real economy. GCC, a cement company, reported that between July and September, the increased demand for cement stemmed from the construction of industrial projects in Chihuahua state, bordering Texas. Total Mexican construction output exhibited growth of nearly 46 per cent in August year-on-year, with northern states showing increased performance.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.

In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. According to Reuters, the Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year. Amid concerns about potential challenges like gang violence and supply chain disruptions, the allure of nearshoring has captivated both local and foreign businesses, many of which are keen to capitalise on evolving production trends. "Many companies are already talking about this - about nearshoring and the economic benefits," Reuters quoted Gerardo Copca, an analyst at consultancy MetAnalisis, as saying, emphasising the growing buzz around the concept. However, he cautioned that while it holds potential, the transition will take time. In the first half of 2023, Mexico attracted around $29 billion in foreign direct investment, representing a 5.6 per cent increase from 2022, with over half of this investment being directed into the industrial sector. One notable example: the reported $5 billion investment by electric vehicle manufacturer Tesla in a new factory in northern Mexico. This initiative has attracted $1 billion in Chinese investments to neighbouring industries. Mexican gross fixed investment has surged, marking the most substantial annual growth since 1997, with a year-on-year increase of 31.5 per cent in seasonally adjusted terms recorded in August, as per the latest data. Real estate investment trust Fibra Uno in Mexico is planning to launch a trust that enables investors to benefit from the anticipated growth in industrial assets. CEO Andre El-Mann of Fibra Uno envisions the momentum of Mexico's nearshoring to continue for the next 15 years. Rising demand and opportunities in the industrial sector The expected demand for manufacturing properties in 2023-24 is estimated at 2.5 million square meters, marking an 80 per cent increase from the previous year, according to the industrial parks association AMPIP. This heightened demand is particularly pronounced in the automotive, electronics, and machinery sectors. Reuters quoted Lorenzo Berho, the head of construction firm Vesta, as saying that the potential benefits not only for northern Mexico but also for the central car making region known as El Bajio, which is deemed an attractive location for multinationals. This region, encompassing states like Queretaro, Guanajuato, and Jalisco, has a strong labour force and robust logistics infrastructure. Enrique Navarro, the CFO at Banco Regional told Reuters that he foresees substantial growth in northern, western, and central Mexico driven by the relocation of manufacturing capacities from Asia. Mexico's strategic location adjacent to the United States, the world's largest economy, and its participation in various trade agreements, including USMCA (United States-Mexico-Canada Agreement), are significant advantages. Additionally, Mexico's lower labour costs and the escalating economic tensions between the U.S. and China are attractive factors for businesses seeking to reshore their operations. However, some challenges persist, such as President Andres Manuel Lopez Obrador's efforts to tighten state control over the energy sector, raising concerns about the adequacy of infrastructure investment. Swiss bank UBS warned about bottlenecks caused by electricity instability, water scarcity, and limited industrial space. Nonetheless, the impact of nearshoring is becoming tangible in the real economy. GCC, a cement company, reported that between July and September, the increased demand for cement stemmed from the construction of industrial projects in Chihuahua state, bordering Texas. Total Mexican construction output exhibited growth of nearly 46 per cent in August year-on-year, with northern states showing increased performance. (With inputs from Reuters) WATCH WION LIVE HERE

Mexican 'nearshoring' fosters optimism in business landscape 

Bumble founder Whitney Wolfe Herd will step down as CEO of the dating apps operator and hand over the role to seasoned executive Lidiane Jones, knocking its shares down 10% to a record on Monday.

Jones is the CEO of Salesforce-owned Slack and has held senior roles at Microsoft where she spent more than 12 years. She will take over on Jan. 2, while Wolfe Herd will remain executive chair, Bumble said in a statement.

"We view Whitney's departure as a near-to-midterm headwind for business operations and a negative for overall company morale," said analysts at Evercore ISI.

Also&nbsp;read |&nbsp;<a href="https://www.wionews.com/business-economy/airbnbs-italian-job-seizure-of-8355-million-sparks-tax-evasion-storm-655991">Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm</a>

This is the second big executive departure this year at Bumble, following the exit of President Tariq Shaukat, who stepped down after three years in the role.

Wolfe Herd, 33, launched the company in 2014 after an acrimonious departure from Match Group-owned rival app Tinder, which she had co-founded. Bumble's eponymous app stood out in the industry by allowing women to make the first move.

In recent years, Bumble, which counts Friends, Badoo, Fruitz (for Gen Z) and Official in its portfolio of dating services, has faced pressure to grow due to unrest in some markets like eastern Europe and competition from larger rival Match.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-plans-to-launch-affordable-25000-euro-car-in-germany-source-says-655965">Tesla plans to launch affordable 25,000-euro car in Germany, source says&nbsp;</a>

"Bumble has failed to execute on its vision of becoming a broader women's platform for beyond dating use cases like friendship and professional networking. How the new CEO manages these non-core use cases is a key question," analysts at Jefferies said.

Bumble raised more than $2 billion in its initial public offering in February 2021, building on the momentum for internet-based dating services amid pandemic-led movement curbs.

The stock value has, however, slipped four-fifths since then as those tailwinds waned.

Bumble will report its third-quarter results on Tuesday.

Bumble founder Whitney Wolfe Herd will step down as CEO of the dating apps operator and hand over the role to seasoned executive Lidiane Jones, knocking its shares down 10% to a record on Monday.

Bumble founder Whitney Wolfe Herd will step down as CEO of the dating apps operator and hand over the role to seasoned executive Lidiane Jones, knocking its shares down 10% to a record on Monday. Jones is the CEO of Salesforce-owned Slack and has held senior roles at Microsoft where she spent more than 12 years. She will take over on Jan. 2, while Wolfe Herd will remain executive chair, Bumble said in a statement. "We view Whitney's departure as a near-to-midterm headwind for business operations and a negative for overall company morale," said analysts at Evercore ISI. Also read | Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm This is the second big executive departure this year at Bumble, following the exit of President Tariq Shaukat, who stepped down after three years in the role. Wolfe Herd, 33, launched the company in 2014 after an acrimonious departure from Match Group-owned rival app Tinder, which she had co-founded. Bumble's eponymous app stood out in the industry by allowing women to make the first move. In recent years, Bumble, which counts Friends, Badoo, Fruitz (for Gen Z) and Official in its portfolio of dating services, has faced pressure to grow due to unrest in some markets like eastern Europe and competition from larger rival Match. Also read | Tesla plans to launch affordable 25,000-euro car in Germany, source says "Bumble has failed to execute on its vision of becoming a broader women's platform for beyond dating use cases like friendship and professional networking. How the new CEO manages these non-core use cases is a key question," analysts at Jefferies said. Bumble raised more than $2 billion in its initial public offering in February 2021, building on the momentum for internet-based dating services amid pandemic-led movement curbs. The stock value has, however, slipped four-fifths since then as those tailwinds waned. Bumble will report its third-quarter results on Tuesday.

'Breakup?': Bumble founder Whitney Wolfe Herd to step down as CEO; shares drop after announcement

In a strategic move to ease financial pressures, Indian ed-tech giant Byju's is in advanced talks to sell its US-based kids' digital reading platform, epic! creations, for approximately $400 million. this comes as part of Byju's plan to streamline its business operations and address financial challenges.

India’s Byju's in talks to sell epic! creations | World Business Watch

Mexico's economic landscape is undergoing a dynamic transformation, driven by a phenomenon known as 'nearshoring.' Nearshoring is a business practice that relocates manufacturing closer to the target market, and it's changing the game for Mexican businesses, particularly in real estate and construction.

Mexico embraces nearshoring

In the heart of Ukraine’s ongoing conflict with Russia, a transformation is underway. Ukraine's state-owned arms manufacturer is flexing its muscles, increasing its overall output by 62% by the year's end. This boost is a response to the ongoing conflict with Russia, and an effort to ensure a stable supply of military equipment.

Russia-Ukraine war: Ukraine's arms production rises by 62%

Elon Musk's SpaceX is on track to book revenues of about 9 billion dollars & register earnings of over 3 billion dollars this year, across its rocket launch and Starlink businesses. Moreover, the company's sales are projected to rise to around 15 billion in 2024.

Report: SpaceX to book revenues of about $9 billion in 2023 | World Business Watch

The world's transition toward a sustainable, net-zero emissions future is a complex and ambitious endeavor. To truly understand the challenges faced by large corporations and the broader implications, it's essential to grasp the concept of net zero emissions. Net zero is a state in which human-caused emissions are offset by human-caused carbon dioxide removals over a specified period. This means that the total amount of greenhouse gases released into the atmosphere is equaled by the amount removed.

Defining Net Zero

Net zero, in its essence, represents a critical balance between the emissions of greenhouse gases, particularly carbon dioxide, and the removal of these gases from the atmosphere. It is a pivotal step in mitigating the effects of climate change and limiting global warming. The term "emissions" can encompass all greenhouse gases, but in some contexts, it refers primarily to carbon dioxide emissions, which are a primary contributor to climate change.

Corporate commitments to Net Zero

The recent report by the Net Zero Tracker sheds light on the growing momentum among major global corporations to embrace net-zero emissions targets. This shift reflects a collective effort to reduce the carbon footprint associated with their operations. However, setting a net-zero target is just the first step in a broader journey towards environmental sustainability.

Meeting UN Quality Pledge criteria

What sets apart a credible net-zero commitment are the criteria set forth by the United Nations' Race to Zero campaign. These criteria include covering all emissions, taking immediate action to reduce them, and providing regular updates on progress towards interim and long-term goals. Meeting these criteria ensures that a company's net-zero commitment is of high quality.

Challenges and Scope

In addition to the core concept of net zero, the report reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies.

The significance of these corporate sustainability efforts will take center stage at the upcoming COP28 climate talks in Dubai, where discussions will revolve around the pace of change and the commitments made by governments and corporations across the globe.

Expert Insights

Reuters quoted John Lang, Project Lead at the Net Zero Tracker, who emphasised that credible net-zero target setting is a critical indicator of a company's commitment to forward-thinking and future-proofing. It prompts a fundamental question: are the companies we engage with aligning with the right side of the net-zero sustainability line?

The Net Zero Tracker consortium extends its scope to monitor net-zero pledges made by nations, states, regions, and cities. This comprehensive approach combines machine and human data analysis to assess global progress towards sustainability.

Partners in progress

The Net Zero Tracker consortium includes renowned organizations such as Oxford Net Zero, The Energy &amp; Climate Intelligence Unit (ECIU), Data-Driven EnviroLab (UNC), and the NewClimate Institute, working collaboratively to provide valuable insights into the evolving landscape of net-zero initiatives.

Bottomline

Understanding the concept of net zero is key to appreciating the commendable ambition of large corporations to reduce their emissions and the challenges they face in meeting stringent UN criteria. As the world moves towards a sustainable future, discussions at COP28 and ongoing efforts by governments, corporations, and civil society will undoubtedly shape the global transition to a more environmentally responsible and sustainable economy.

WATCH WION LIVE HERE

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The world's transition toward a sustainable, net-zero emissions future is a complex and ambitious endeavor. To truly understand the challenges faced by large corporations and the broader implications, it's essential to grasp the concept of net zero emissions.

The world's transition toward a sustainable, net-zero emissions future is a complex and ambitious endeavor. To truly understand the challenges faced by large corporations and the broader implications, it's essential to grasp the concept of net zero emissions. Net zero is a state in which human-caused emissions are offset by human-caused carbon dioxide removals over a specified period. This means that the total amount of greenhouse gases released into the atmosphere is equaled by the amount removed. Defining Net Zero Net zero, in its essence, represents a critical balance between the emissions of greenhouse gases, particularly carbon dioxide, and the removal of these gases from the atmosphere. It is a pivotal step in mitigating the effects of climate change and limiting global warming. The term "emissions" can encompass all greenhouse gases, but in some contexts, it refers primarily to carbon dioxide emissions, which are a primary contributor to climate change. Corporate commitments to Net Zero The recent report by the Net Zero Tracker sheds light on the growing momentum among major global corporations to embrace net-zero emissions targets. This shift reflects a collective effort to reduce the carbon footprint associated with their operations. However, setting a net-zero target is just the first step in a broader journey towards environmental sustainability. Meeting UN Quality Pledge criteria What sets apart a credible net-zero commitment are the criteria set forth by the United Nations' Race to Zero campaign. These criteria include covering all emissions, taking immediate action to reduce them, and providing regular updates on progress towards interim and long-term goals. Meeting these criteria ensures that a company's net-zero commitment is of high quality. Challenges and Scope In addition to the core concept of net zero, the report reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies. The significance of these corporate sustainability efforts will take center stage at the upcoming COP28 climate talks in Dubai, where discussions will revolve around the pace of change and the commitments made by governments and corporations across the globe. Expert Insights Reuters quoted John Lang, Project Lead at the Net Zero Tracker, who emphasised that credible net-zero target setting is a critical indicator of a company's commitment to forward-thinking and future-proofing. It prompts a fundamental question: are the companies we engage with aligning with the right side of the net-zero sustainability line? The Net Zero Tracker consortium extends its scope to monitor net-zero pledges made by nations, states, regions, and cities. This comprehensive approach combines machine and human data analysis to assess global progress towards sustainability. Partners in progress The Net Zero Tracker consortium includes renowned organizations such as Oxford Net Zero, The Energy & Climate Intelligence Unit (ECIU), Data-Driven EnviroLab (UNC), and the NewClimate Institute, working collaboratively to provide valuable insights into the evolving landscape of net-zero initiatives. Bottomline Understanding the concept of net zero is key to appreciating the commendable ambition of large corporations to reduce their emissions and the challenges they face in meeting stringent UN criteria. As the world moves towards a sustainable future, discussions at COP28 and ongoing efforts by governments, corporations, and civil society will undoubtedly shape the global transition to a more environmentally responsible and sustainable economy. WATCH WION LIVE HERE

Carbon Copies: Corporations racing to net zero, but few cross the finish line

As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds. &nbsp;

The situation in Surat &nbsp;

As per media reports, the diamond business in Surat is seeing a notable decline, as the Ukraine War has disrupted the supply of rough diamonds. &nbsp;

An ANI report quoted Dinesh Navadia, the Regional Chairman of the Gems and Jewellery Export Promotion Council, as saying that prior to the war in Ukraine, approximately 1.75 lakh carats of raw materials used to enter Surat from Russia.&nbsp;

The current situation has, however, resulted in a scarcity of essential raw materials. &nbsp;

Navadia pointed out that a substantial portion, ranging from 30 to 35 per cent of rough diamonds imported from Russia' Alrosa, typically find their way to the Indian market for cutting and polishing, with Surat and Mumbai being key centres for these activities. &nbsp;

Diamond businesses in Surat have still not recovered, threatening the livelihoods of local artisans.&nbsp;

Trade associations such as the Gems and Jewellery Export Promotion Council (GJEPC) are still working to open up new markets in West Asia and the Far East. &nbsp;

Despite receiving interest from potential buyers in Hong Kong and Dubai, the demand for Indian products remained low due to the geopolitical situation.&nbsp;

With the initial scarcity of raw materials and the present slump in demand for natural diamonds, LGDs have begun to thrive in the Indian market. &nbsp;

The LGD landscape &nbsp;&nbsp;

According to an Economic Times report, industry experts anticipate that LGDs would sell more during this festive season, driven by increasing consumer acceptance. Manufacturers have introduced buyback programs, and the retail network is expanding, which is likely to lead to a significant year-on-year growth of up to 60 per cent during this period. &nbsp;

Notably, lab-grown diamonds are no longer limited to the 18-35 age groups, as even high-net-worth individuals (HNIs) have developed an interest in them. Previously, lab-grown diamonds were primarily favoured by the younger demographic, who found them more affordable than natural diamonds. &nbsp;

According to Lisa Mukhedkar, the founder and CEO of Aukera, LGDs have emerged as “the choice” for their cut, colour, clarity, and carat weight. They have also become a sustainable option for environmentally conscious consumers, she said.&nbsp;

On a similar note, Abheek Mehta, the Co-founder of Amal Jewels, mentioned that lab-grown diamonds are identical in terms of their physical and chemical properties, including their designs. He also noted that the primary distinction lies in the pricing, with the price difference increasing as the size of the diamond becomes larger. According to him, lab-grown diamonds are typically 50-60 per cent more affordable.&nbsp;

The current trend &nbsp;

“The demand for natural diamonds is slowing down since lab grown diamonds are a cheaper substitute with the exact same qualities," Mehta said.

“Natural diamonds are not doing well even in international markets like the US and China,” he noted.&nbsp;

Commenting on the differences in price, Lisa Mukhedkar said, “Smaller stones come at 60 to 70 per cent of the cost of their mined counterparts, and for larger carats and fancy shapes, the savings can be as high as 80 per cent. This makes it a sound investment choice.”&nbsp;

Mehta said the one-carat LGD rings are being sold for about 50-60 thousand rupees, while natural diamonds would cost about 6-7 lakh rupees.

Previous reports suggest that the market for LGDs is thriving due to the current geopolitical situation and the limited supply of diamonds from Russia. However, Mukhedkar also attributed the LGDs’ increasing popularity to the expansion of the “solitaire market”, notably in the USA, which in turn has sparked a similar trend in India. &nbsp;

During the ongoing festive season, Mehta is optimistic about the sales for LGDs. “Considering that we’ve seen a lot of enquiries and sales during the festive season, we expect strong sales during this period until Diwali,” he said. &nbsp;

Mukhedkar said that the festive season is likely to witness increased sales of LGDs as they provide better value to customers. “Furthermore, customer awareness about the advantages of grown diamonds is leading to increased demand,” she added. &nbsp;

Speaking of the anticipated trends in the diamond market, Mehta of Amal Jewels&nbsp;said, “There may be a few rare natural diamonds that are bigger in size which will be priced appropriately to their value. However, LGDs are set to replace diamond jewellery that is worn on a daily basis.”&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds.

As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds. The situation in Surat As per media reports, the diamond business in Surat is seeing a notable decline, as the Ukraine War has disrupted the supply of rough diamonds. An ANI report quoted Dinesh Navadia, the Regional Chairman of the Gems and Jewellery Export Promotion Council, as saying that prior to the war in Ukraine, approximately 1.75 lakh carats of raw materials used to enter Surat from Russia. The current situation has, however, resulted in a scarcity of essential raw materials. Navadia pointed out that a substantial portion, ranging from 30 to 35 per cent of rough diamonds imported from Russia' Alrosa, typically find their way to the Indian market for cutting and polishing, with Surat and Mumbai being key centres for these activities. Diamond businesses in Surat have still not recovered, threatening the livelihoods of local artisans. Trade associations such as the Gems and Jewellery Export Promotion Council (GJEPC) are still working to open up new markets in West Asia and the Far East. Despite receiving interest from potential buyers in Hong Kong and Dubai, the demand for Indian products remained low due to the geopolitical situation. With the initial scarcity of raw materials and the present slump in demand for natural diamonds, LGDs have begun to thrive in the Indian market. The LGD landscape According to an Economic Times report, industry experts anticipate that LGDs would sell more during this festive season, driven by increasing consumer acceptance. Manufacturers have introduced buyback programs, and the retail network is expanding, which is likely to lead to a significant year-on-year growth of up to 60 per cent during this period. Notably, lab-grown diamonds are no longer limited to the 18-35 age groups, as even high-net-worth individuals (HNIs) have developed an interest in them. Previously, lab-grown diamonds were primarily favoured by the younger demographic, who found them more affordable than natural diamonds. According to Lisa Mukhedkar, the founder and CEO of Aukera, LGDs have emerged as “the choice” for their cut, colour, clarity, and carat weight. They have also become a sustainable option for environmentally conscious consumers, she said. On a similar note, Abheek Mehta, the Co-founder of Amal Jewels, mentioned that lab-grown diamonds are identical in terms of their physical and chemical properties, including their designs. He also noted that the primary distinction lies in the pricing, with the price difference increasing as the size of the diamond becomes larger. According to him, lab-grown diamonds are typically 50-60 per cent more affordable. The current trend “The demand for natural diamonds is slowing down since lab grown diamonds are a cheaper substitute with the exact same qualities," Mehta said. “Natural diamonds are not doing well even in international markets like the US and China,” he noted. Commenting on the differences in price, Lisa Mukhedkar said, “Smaller stones come at 60 to 70 per cent of the cost of their mined counterparts, and for larger carats and fancy shapes, the savings can be as high as 80 per cent. This makes it a sound investment choice.” Mehta said the one-carat LGD rings are being sold for about 50-60 thousand rupees, while natural diamonds would cost about 6-7 lakh rupees. Previous reports suggest that the market for LGDs is thriving due to the current geopolitical situation and the limited supply of diamonds from Russia. However, Mukhedkar also attributed the LGDs’ increasing popularity to the expansion of the “solitaire market”, notably in the USA, which in turn has sparked a similar trend in India. During the ongoing festive season, Mehta is optimistic about the sales for LGDs. “Considering that we’ve seen a lot of enquiries and sales during the festive season, we expect strong sales during this period until Diwali,” he said. Mukhedkar said that the festive season is likely to witness increased sales of LGDs as they provide better value to customers. “Furthermore, customer awareness about the advantages of grown diamonds is leading to increased demand,” she added. Speaking of the anticipated trends in the diamond market, Mehta of Amal Jewels said, “There may be a few rare natural diamonds that are bigger in size which will be priced appropriately to their value. However, LGDs are set to replace diamond jewellery that is worn on a daily basis.” WATCH WION LIVE HERE

Decoded: Will lab-grown diamonds get lucky this festive season?

In the ever-evolving world of dating apps and swiping right for love, investors have recently chosen to swipe left on dating stocks. It seems that the love affair between Wall Street and dating apps is currently in a rocky phase, and it's not just a casual fling.

Bumble, the female-driven dating app, recently made headlines as its share price plummeted by about 5 per cent&nbsp;following the departure of founder Whitney Wolfe Herd from the CEO role. She's not alone in the dating app exodus – Match, the owner of Tinder, also faced a 15 per cent&nbsp;stock drop after revealing a decline in paying users.&nbsp;

The reasons for this investor reluctance vary, but some seem to be experiencing founder infatuation. After all, Whitney Wolfe Herd had been at the helm of Bumble since its inception in 2014. Her departure raises concerns about consistent leadership in the company's C-suite, making it challenging to establish a stable strategy.

Investors aren't exactly enamored with dating stocks, as Bumble's shares were already down 35 per cent&nbsp;for the year, and Match was down 31 per cent&nbsp;before the recent turmoil. Perhaps the global consumer's appetite for digital romance has waned, signaling a shift in the dating scene.

The whole dating market now appears oversaturated, making it a tough nut to crack. With the easing of the pandemic, in-person dates have become socially acceptable once more. So, what's next for these companies? Some suggest they need to broaden their horizons, exploring opportunities beyond dating to reignite investor enthusiasm.

As the sun sets on the dating stock market, Bumble's new CEO, Lidiane Jones, will need to work her magic and rekindle the flame of investor interest

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In the ever-evolving world of dating apps and swiping right for love, investors have recently chosen to swipe left on dating stocks. It seems that the love affair between Wall Street and dating apps is currently in a rocky phase, and it's not just a casual fling.

In the ever-evolving world of dating apps and swiping right for love, investors have recently chosen to swipe left on dating stocks. It seems that the love affair between Wall Street and dating apps is currently in a rocky phase, and it's not just a casual fling. Bumble, the female-driven dating app, recently made headlines as its share price plummeted by about 5 per cent following the departure of founder Whitney Wolfe Herd from the CEO role. She's not alone in the dating app exodus – Match, the owner of Tinder, also faced a 15 per cent stock drop after revealing a decline in paying users. The reasons for this investor reluctance vary, but some seem to be experiencing founder infatuation. After all, Whitney Wolfe Herd had been at the helm of Bumble since its inception in 2014. Her departure raises concerns about consistent leadership in the company's C-suite, making it challenging to establish a stable strategy. Investors aren't exactly enamored with dating stocks, as Bumble's shares were already down 35 per cent for the year, and Match was down 31 per cent before the recent turmoil. Perhaps the global consumer's appetite for digital romance has waned, signaling a shift in the dating scene. The whole dating market now appears oversaturated, making it a tough nut to crack. With the easing of the pandemic, in-person dates have become socially acceptable once more. So, what's next for these companies? Some suggest they need to broaden their horizons, exploring opportunities beyond dating to reignite investor enthusiasm. As the sun sets on the dating stock market, Bumble's new CEO, Lidiane Jones, will need to work her magic and rekindle the flame of investor interest WATCH WION LIVE HERE

Investors Ghosting Dating Stocks: A swipe left on the global consumer scene

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent&nbsp;Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets.

This approval comes at a time when India has been gradually opening up its defence sector to foreign investment.&nbsp;

India allows only up to 74 per cent&nbsp;FDI in the defence sector under the automatic route, with additional clearance available on a case-by-case basis.&nbsp;

The investment rules were relaxed in 2015, but no foreign company could secure permission for 100 per cent&nbsp;FDI in the defence sector until now.

As part of this strategic move, Saab has established a subsidiary, Saab FFV India, which will be responsible for manufacturing the latest generation of the Carl-Gustaf M4 system.&nbsp;

This marks the first time Saab will manufacture the Carl-Gustaf M4 system outside of Sweden. The new facility is expected to be in Haryana, India.

The Carl-Gustaf M4 system, known for its versatility and effectiveness, is a shoulder-fired rocket launcher extensively used by the Indian armed forces. It is also employed by countries such as the United States and various European nations to neutralize fortified enemy positions, armoured vehicles, and personnel.

The significance of this development extends beyond just foreign investment. It showcases India's growing ambition to access modern defence technology through foreign collaborations, ultimately enhancing its defence capabilities.

In a statement, Mats Palmberg, Chairman, and Managing Director of Saab India, expressed his pride, saying, "We are proud to be the first global defense company to be approved by the Indian government for 100 per cent&nbsp;foreign direct investment for our new Carl-Gustaf manufacturing facility in India. This is another step in Saab's commitment to 'Make in India,' and we look forward to continuing our collaboration with our Indian partners and supporting the Indian armed forces with the production of Carl-Gustaf in India."

The move also signals a shift in India's defence industry's attraction to foreign investment.&nbsp;

In the April-September period of the fiscal year 2023, India received a foreign direct investment worth $3.21 million in defence industries. This is a notable increase compared to $2.36 million in 2021-22, indicating that India's defence sector is increasingly seen as a promising destination for foreign investors.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India.

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets. This approval comes at a time when India has been gradually opening up its defence sector to foreign investment. India allows only up to 74 per cent FDI in the defence sector under the automatic route, with additional clearance available on a case-by-case basis. The investment rules were relaxed in 2015, but no foreign company could secure permission for 100 per cent FDI in the defence sector until now. As part of this strategic move, Saab has established a subsidiary, Saab FFV India, which will be responsible for manufacturing the latest generation of the Carl-Gustaf M4 system. This marks the first time Saab will manufacture the Carl-Gustaf M4 system outside of Sweden. The new facility is expected to be in Haryana, India. The Carl-Gustaf M4 system, known for its versatility and effectiveness, is a shoulder-fired rocket launcher extensively used by the Indian armed forces. It is also employed by countries such as the United States and various European nations to neutralize fortified enemy positions, armoured vehicles, and personnel. The significance of this development extends beyond just foreign investment. It showcases India's growing ambition to access modern defence technology through foreign collaborations, ultimately enhancing its defence capabilities. In a statement, Mats Palmberg, Chairman, and Managing Director of Saab India, expressed his pride, saying, "We are proud to be the first global defense company to be approved by the Indian government for 100 per cent foreign direct investment for our new Carl-Gustaf manufacturing facility in India. This is another step in Saab's commitment to 'Make in India,' and we look forward to continuing our collaboration with our Indian partners and supporting the Indian armed forces with the production of Carl-Gustaf in India." The move also signals a shift in India's defence industry's attraction to foreign investment. In the April-September period of the fiscal year 2023, India received a foreign direct investment worth $3.21 million in defence industries. This is a notable increase compared to $2.36 million in 2021-22, indicating that India's defence sector is increasingly seen as a promising destination for foreign investors. WATCH WION LIVE HERE

Saab's becomes first foreign defence company to get Indian govt nod for 100pc FDI

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent&nbsp;tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay.

Airbnb expressed its surprise and disappointment regarding the Italian public prosecutor's actions. BBC quoted Christopher Nutly, an Airbnb spokesperson, who highlighted that the company's European headquarters have been actively engaged with the Italian tax agency to resolve the matter since June. Nutly also stated, 'We are confident that we have acted in full compliance with the law and intend to exercise our rights with respect to this issue.'

In addition to Airbnb as a corporate entity, three individuals who held managerial positions at Airbnb from 2017 to 2021 are under investigation, as revealed by Milan Tribunal prosecutors.

Notably, in 2022, Airbnb challenged an Italian law that required the company and other short-term rental providers to withhold 21% of rental income from landlords and remit it to tax authorities. Airbnb argued that these requirements violated the European Union's principle of freedom to provide services across its 27 member countries. However, the EU's highest court ultimately ruled in favor of Italy's taxation requirements.

In recent years, Italian authorities have intensified their scrutiny of the tax practices of major companies operating within the country, including Airbnb. Netflix and Meta have also faced tax-related inquiries, according to media reports.

Highlighting their commitment to addressing this issue, Italian politicians have announced plans to crack down on landlords who do not pay taxes on short-term rentals facilitated by platforms like Airbnb. The co-ruling Forza Italia party is spearheading efforts to introduce a national identification code for short-term rentals, which, they estimate, could potentially boost Italy's fiscal revenue by €1 billion.

Bottomline

The Italian legal system's decision to seize $835.5 million from Airbnb raises concerns about the company's tax practices in the country. Airbnb, which has been operating in Italy since 2008, disputes the allegations and insists it has been working diligently to comply with Italian tax laws. The broader implications of this case extend to other major tech companies, as Italian authorities are also investigating Netflix and Meta for similar tax-related issues.

Furthermore, Italian politicians are taking a proactive stance by planning to implement a national identification code for short-term rentals. This move is seen as a potential solution to address tax evasion by landlords and increase the country's fiscal revenue significantly. The outcome of this case will likely set a precedent for how tech companies navigate taxation regulations across the European Union.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay. Airbnb expressed its surprise and disappointment regarding the Italian public prosecutor's actions. BBC quoted Christopher Nutly, an Airbnb spokesperson, who highlighted that the company's European headquarters have been actively engaged with the Italian tax agency to resolve the matter since June. Nutly also stated, 'We are confident that we have acted in full compliance with the law and intend to exercise our rights with respect to this issue.' In addition to Airbnb as a corporate entity, three individuals who held managerial positions at Airbnb from 2017 to 2021 are under investigation, as revealed by Milan Tribunal prosecutors. Notably, in 2022, Airbnb challenged an Italian law that required the company and other short-term rental providers to withhold 21% of rental income from landlords and remit it to tax authorities. Airbnb argued that these requirements violated the European Union's principle of freedom to provide services across its 27 member countries. However, the EU's highest court ultimately ruled in favor of Italy's taxation requirements. In recent years, Italian authorities have intensified their scrutiny of the tax practices of major companies operating within the country, including Airbnb. Netflix and Meta have also faced tax-related inquiries, according to media reports. Highlighting their commitment to addressing this issue, Italian politicians have announced plans to crack down on landlords who do not pay taxes on short-term rentals facilitated by platforms like Airbnb. The co-ruling Forza Italia party is spearheading efforts to introduce a national identification code for short-term rentals, which, they estimate, could potentially boost Italy's fiscal revenue by €1 billion. Bottomline The Italian legal system's decision to seize $835.5 million from Airbnb raises concerns about the company's tax practices in the country. Airbnb, which has been operating in Italy since 2008, disputes the allegations and insists it has been working diligently to comply with Italian tax laws. The broader implications of this case extend to other major tech companies, as Italian authorities are also investigating Netflix and Meta for similar tax-related issues. Furthermore, Italian politicians are taking a proactive stance by planning to implement a national identification code for short-term rentals. This move is seen as a potential solution to address tax evasion by landlords and increase the country's fiscal revenue significantly. The outcome of this case will likely set a precedent for how tech companies navigate taxation regulations across the European Union. WATCH WION LIVE HERE

Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount&nbsp;

WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday. The company's rise and fall has had a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business.&nbsp;

<a href="https://www.wionews.com/business-economy/wework-once-a-pinnacle-of-tech-innovation-files-for-bankruptcy-as-challenges-mount-655956">Read more here</a>

Mexican 'nearshoring' fosters optimism in business landscape&nbsp;

In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. The Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year.&nbsp;

<a href="https://www.wionews.com/business-economy/mexican-nearshoring-fosters-optimism-in-business-landscape-655964">Read more here</a>

Tesla plans to launch affordable 25,000-euro car in Germany: Media reports

Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles.&nbsp;

<a href="https://www.wionews.com/business-economy/tesla-plans-to-launch-affordable-25000-euro-car-in-germany-source-says-655965">Read more here</a>

Carbon Copies: Corporations racing to net zero, but few cross the finish line

A report by Net Zero Tracker reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies.

<a href="https://www.wionews.com/business-economy/carbon-copies-corporations-racing-to-net-zero-but-few-cross-the-finish-line-655975">Read more here</a>

Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm

An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay.

<a href="here https://www.wionews.com/business-economy/airbnbs-italian-job-seizure-of-8355-million-sparks-tax-evasion-storm-655991">Read more here</a>

Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million&nbsp;

Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to Bloomberg sources.&nbsp;

<a href="https://www.wionews.com/business-economy/byjus-in-advanced-talks-to-sell-epic-to-joffre-capital-for-400-million-656004">Read more here</a>

IMF economists highlight Singapore's strong preference for remote work

A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work.&nbsp;

<a href="https://www.wionews.com/business-economy/imf-economists-highlight-singapores-strong-preference-for-remote-work-in-recent-analysis-656018">Read more here</a>

Citigroup considers significant job cuts in major restructuring: Report&nbsp;

Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance.&nbsp;

<a href="https://www.wionews.com/business-economy/citigroup-considers-significant-job-cuts-in-major-restructuring-report-656007 ">Read more here</a>

Saab's becomes first foreign defence company to get government nod for 100pc FDI

In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets.

<a href="https://www.wionews.com/business-economy/saabs-becomes-first-foreign-defence-company-to-get-government-nod-for-100pc-fdi-656050">Read more here</a>

Shocker ahead of Christmas: British consumer spending growth slows

Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year.

<a href="https://www.wionews.com/business-economy/shocker-ahead-of-christmas-british-consumer-spending-growth-slows-656058">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork, once a pinnacle of tech innovation, files for bankruptcy as challenges mount WeWork, the office-sharing start-up backed by SoftBank Group, which once held the title of the most valuable U.S. start-up, filed for bankruptcy protection, a Reuters report said on Monday. The company's rise and fall has had a profound impact on the global office sector, as it grappled with mounting challenges, including the impact of remote work on its business. Read more here Mexican 'nearshoring' fosters optimism in business landscape In Mexico, businesses, especially those in the real estate and construction sectors, are embracing the concept of "nearshoring" to drive profits and stimulate economic growth, primarily in industrial zones near the U.S. border. The Mexican government anticipates that nearshoring, characterised by moving manufacturing capacity closer to the U.S. market instead of Asia, could contribute up to 1.2 percentage points to the nation's economic growth, which is projected to reach 3.5 per cent this year. Read more here Tesla plans to launch affordable 25,000-euro car in Germany: Media reports Tesla, the electric vehicle pioneer, is reportedly gearing up to produce a more affordable electric car with a price tag of 25,000 euros (approximately $26,838) at its factory located near Berlin, a Reuters report said, citing an anonymous source familiar with the matter. The development signals a significant move for Tesla as it aims to promote wider adoption of its electric vehicles. Read more here Carbon Copies: Corporations racing to net zero, but few cross the finish line A report by Net Zero Tracker reveals specific challenges faced by corporations. Only a fraction of companies extend their net-zero targets to encompass Scope 3 emissions, which are linked to a company's value chain. Furthermore, a limited number of firms have set quality thresholds for the use of carbon offsets in their sustainability strategies. Read more here Airbnb's Italian Job: Seizure of $835.5 million sparks tax evasion storm An Italian judge has issued an order to seize $835.5 million from the short-term rental giant Airbnb on the grounds of alleged tax evasion. This move comes as prosecutors claim that Airbnb failed to collect a 21 per cent tax on roughly €3.7 billion of rental income, which landlords in Italy are obligated to pay. Read more here Byju's in advanced talks to sell EPIC to Joffre Capital for $400 million Indian ed-tech company Byju's is reportedly in the final stages of discussions to sell its US-based children's digital reading platform, Epic! Creations, to private equity fund Joffre Capital for approximately $400 million. The move is seen as an effort to secure financial support and alleviate the company's ongoing financial challenges, according to Bloomberg sources. Read more here IMF economists highlight Singapore's strong preference for remote work A recent article by two economists in the Monetary Authority of Singapore's biannual report have highlighted the growing preference for remote work among Singapore's workforce. Analysis by International Monetary Fund (IMF) economists Shujaat Khan and Margaux MacDonald showed that over 70 per cent of Singaporean workers prefer remote work. Read more here Citigroup considers significant job cuts in major restructuring: Report Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources. The internal initiative, known as "Project Bora Bora", is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. Read more here Saab's becomes first foreign defence company to get government nod for 100pc FDI In a landmark development, Swedish defence giant Saab has achieved a significant milestone by becoming the first foreign company to secure 100 per cent Foreign Direct Investment (FDI) approval for a defence project in India. According to The Economic Times, Saab has been given the green light to establish a new manufacturing facility in India, which will focus on producing shoulder-fired rockets. Read more here Shocker ahead of Christmas: British consumer spending growth slows Recent data from Barclays reveals a worrying trend in the spending habits of consumers in the United Kingdom. The data shows that there has been a slowdown in the growth of consumer spending, which is now at its lowest level in over a year. Read more here

Wion Business Wrap | WeWork's bankruptcy, Airbnb's troubles & more