In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980. This generation, often overshadowed by their successors, the millennials, has its own unique story.

Many GenXers entered the workforce right as the new millennium began. They might not have had the kickstart of millennials, but they benefited from a high-capex environment between 2004 and 2010. Contrary to common belief, GenXers often feel less stress and can maintain focus at work.

According to the 2023 Asia Mental Health Index, younger employees under 40 are nearly 50% more likely to feel mentally and physically exhausted at the end of their workday.

The report indicates a direct link between mental health and productivity.

On the other hand, GenZs tend to feel the most stress, with those between 20 to 29 years old experiencing significant mental strain. GenXers have a work ethic distinct from GenZs. They started working during the late 1990s, during the liberalization period. Their work ethos differs too. GenXers can stretch, work late, and prioritize work-life balance, while GenZs embrace technology and remote work.

During a crisis, GenXers remain calm and persistent, whereas younger generations tend to burn out faster. GenXers bring in a unique working style, including passive aggressiveness, which is distinct from younger workers. They often enjoy better financial stability and emergency savings, leading to improved concentration at work.

But there's a visible age bias in hiring, as companies tend to favour younger employees. Experts suggest this might be the wrong approach.

Valuing older employees can be a strategic move for organizations. The ideal workplace combines the strengths of each generation, including the GenXers, the millennials, and the adaptable GenZs. Embrace the diversity of generations in the modern workplace, and you'll find a recipe for success.

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In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980.

In the ever-evolving landscape of the workforce, there's a generation that often goes unnoticed. They're not millennials, nor are they baby boomers. Meet the GenXers, born between 1965 and 1980. This generation, often overshadowed by their successors, the millennials, has its own unique story. Many GenXers entered the workforce right as the new millennium began. They might not have had the kickstart of millennials, but they benefited from a high-capex environment between 2004 and 2010. Contrary to common belief, GenXers often feel less stress and can maintain focus at work. According to the 2023 Asia Mental Health Index, younger employees under 40 are nearly 50% more likely to feel mentally and physically exhausted at the end of their workday. The report indicates a direct link between mental health and productivity. On the other hand, GenZs tend to feel the most stress, with those between 20 to 29 years old experiencing significant mental strain. GenXers have a work ethic distinct from GenZs. They started working during the late 1990s, during the liberalization period. Their work ethos differs too. GenXers can stretch, work late, and prioritize work-life balance, while GenZs embrace technology and remote work. During a crisis, GenXers remain calm and persistent, whereas younger generations tend to burn out faster. GenXers bring in a unique working style, including passive aggressiveness, which is distinct from younger workers. They often enjoy better financial stability and emergency savings, leading to improved concentration at work. But there's a visible age bias in hiring, as companies tend to favour younger employees. Experts suggest this might be the wrong approach. Valuing older employees can be a strategic move for organizations. The ideal workplace combines the strengths of each generation, including the GenXers, the millennials, and the adaptable GenZs. Embrace the diversity of generations in the modern workplace, and you'll find a recipe for success. WATCH WION LIVE HERE

The Generational Work Symphony: GenX, Millennials, and GenZ in a crescendo of success

FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November.&nbsp;

The Bankman-Fried's trial revolves around allegations of defrauding FTX customers, looting customer funds to support his Alameda Research hedge fund, and making substantial donations to U.S. political campaigns.&nbsp;

During the trial, Bankman-Fried reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible."&nbsp;

“I deeply regret not taking a deeper look into it,” Reuters quoted him as saying. &nbsp;

He faced extensive cross-examination, particularly regarding his limited investigation into an inflated debt issue within Alameda in June 2022. The former billionaire admitted to prioritising high-level updates and attributed his inaction to his busy colleagues.&nbsp;

Prosecutor Danielle Sassoon also questioned Bankman-Fried about his relationship with Bahamian officials and the decision to allow FTX customers in the Bahamas to withdraw funds when withdrawals for others had been halted. The prosecution insinuated that Bankman-Fried's actions may have been influenced by a desire to maintain control of funds transferred to the Bahamas after FTX's bankruptcy.&nbsp;

Under direct examination from his lawyers, Bankman-Fried admitted to making "mistakes" that harmed FTX customers and employees but denied any fraudulent activities or fund misappropriation.&nbsp;

Bankman-Fried expressed a mix of emotions during his testimony, including defiance, regret, and frustration at comments and actions taken out of context. He admitted to only discovering in October 2022, shortly before FTX's bankruptcy, that Alameda had spent customer funds from FTX. He attributed this failure to not thoroughly investigate the situation to his trust in his friends and deputies.&nbsp;

Despite the prosecution's claims that he was intimately involved in decisions that allowed Alameda to take billions from FTX customers, Bankman-Fried asserted that he was less involved in day-to-day operations and decision-making than his associates suggested. He claimed he had "essentially uninvolved" himself from core operations after relinquishing the CEO role, the BBC reported.&nbsp;

The fraud trial against Sam Bankman-Fried is expected to culminate with closing arguments, with the entrepreneur potentially facing a life sentence in prison if convicted on seven federal charges, including wire fraud, securities fraud, and money laundering.&nbsp;

Bankman-Fried's defence team has maintained that he followed "reasonable" business practices as his companies rapidly expanded and emphasised his admission of managerial mistakes while denying any intent to commit fraud.&nbsp;

Moreover, Bankman-Fried's decision to testify in his own defence is being seen as a pivotal moment in the trial, as he aims to persuade the jury to dismiss allegations supported by the testimonies of his former top deputies, some of whom had pleaded guilty.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November.

FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November. The Bankman-Fried's trial revolves around allegations of defrauding FTX customers, looting customer funds to support his Alameda Research hedge fund, and making substantial donations to U.S. political campaigns. During the trial, Bankman-Fried reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible." “I deeply regret not taking a deeper look into it,” Reuters quoted him as saying. He faced extensive cross-examination, particularly regarding his limited investigation into an inflated debt issue within Alameda in June 2022. The former billionaire admitted to prioritising high-level updates and attributed his inaction to his busy colleagues. Prosecutor Danielle Sassoon also questioned Bankman-Fried about his relationship with Bahamian officials and the decision to allow FTX customers in the Bahamas to withdraw funds when withdrawals for others had been halted. The prosecution insinuated that Bankman-Fried's actions may have been influenced by a desire to maintain control of funds transferred to the Bahamas after FTX's bankruptcy. Under direct examination from his lawyers, Bankman-Fried admitted to making "mistakes" that harmed FTX customers and employees but denied any fraudulent activities or fund misappropriation. Bankman-Fried expressed a mix of emotions during his testimony, including defiance, regret, and frustration at comments and actions taken out of context. He admitted to only discovering in October 2022, shortly before FTX's bankruptcy, that Alameda had spent customer funds from FTX. He attributed this failure to not thoroughly investigate the situation to his trust in his friends and deputies. Despite the prosecution's claims that he was intimately involved in decisions that allowed Alameda to take billions from FTX customers, Bankman-Fried asserted that he was less involved in day-to-day operations and decision-making than his associates suggested. He claimed he had "essentially uninvolved" himself from core operations after relinquishing the CEO role, the BBC reported. The fraud trial against Sam Bankman-Fried is expected to culminate with closing arguments, with the entrepreneur potentially facing a life sentence in prison if convicted on seven federal charges, including wire fraud, securities fraud, and money laundering. Bankman-Fried's defence team has maintained that he followed "reasonable" business practices as his companies rapidly expanded and emphasised his admission of managerial mistakes while denying any intent to commit fraud. Moreover, Bankman-Fried's decision to testify in his own defence is being seen as a pivotal moment in the trial, as he aims to persuade the jury to dismiss allegations supported by the testimonies of his former top deputies, some of whom had pleaded guilty. (With inputs from Reuters) WATCH WION LIVE HERE

'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial

Finnish telecom giant&nbsp;Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology. Nokia's complaint asserts that Amazon's Prime Video and Twitch streaming services, as well as HP's computers, violate its patents concerning video streaming compression, delivery, and other relevant technology.&nbsp;

&nbsp;The telecom company has stated that both Amazon and HP declined to obtain licenses for these patents and, instead, utilised Nokia's technology to enhance the efficiency and quality of video streaming. Nokia has also initiated related lawsuits against Amazon in Germany, India, the United Kingdom, and the European Unified Patent Court. &nbsp;

According to Reuters, Nokia expressed its hope that Amazon and HP would recognise their obligations and engage in negotiations for licensing in good faith. The lawsuits specify that dozens of companies have already secured licenses for Nokia's video encoding and decoding patents. These patents enable high-quality video streaming while reducing bandwidth and data-storage requirements. Moreover, some of these patents are considered essential to the International Telecommunication Union standards for video coding technology. &nbsp;

Nokia maintains that it offered Amazon and HP licenses on fair terms, but they have not accepted the terms, leading to the legal action. Nokia is seeking court orders to halt Amazon and HP's alleged patent infringement and is pursuing monetary damages, the specific amount of which has not been disclosed.&nbsp;

Nokia's patent portfolio, as announced earlier this year during a 5G wireless patent license agreement with Apple, is the result of investments in research and development, totalling over 140 billion euros. It encompasses approximately 20,000 patent families, underscoring the company's commitment to innovation. The lawsuits against Amazon and HP, addressing video streaming patent infringement, mark Nokia's proactive efforts to protect its intellectual property and ensure that its technology is used in compliance with established standards.&nbsp;

The cases are as follows: Nokia Technologies OY v. Amazon.com Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01236 and Nokia Technologies OY v. HP Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01237. Legal representation for Nokia includes Warren Lipschitz, Josh Newcomer, and Kevin Burgess from McKool Smith, as well as Ted Stevenson, John Haynes, and Nicholas Tsui from Alston &amp; Bird. Attorneys for Amazon and HP are not yet identified.&nbsp;

(With inputs from Reuters)&nbsp;

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Finnish telecom giant Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology.

Finnish telecom giant Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology. Nokia's complaint asserts that Amazon's Prime Video and Twitch streaming services, as well as HP's computers, violate its patents concerning video streaming compression, delivery, and other relevant technology. The telecom company has stated that both Amazon and HP declined to obtain licenses for these patents and, instead, utilised Nokia's technology to enhance the efficiency and quality of video streaming. Nokia has also initiated related lawsuits against Amazon in Germany, India, the United Kingdom, and the European Unified Patent Court. According to Reuters, Nokia expressed its hope that Amazon and HP would recognise their obligations and engage in negotiations for licensing in good faith. The lawsuits specify that dozens of companies have already secured licenses for Nokia's video encoding and decoding patents. These patents enable high-quality video streaming while reducing bandwidth and data-storage requirements. Moreover, some of these patents are considered essential to the International Telecommunication Union standards for video coding technology. Nokia maintains that it offered Amazon and HP licenses on fair terms, but they have not accepted the terms, leading to the legal action. Nokia is seeking court orders to halt Amazon and HP's alleged patent infringement and is pursuing monetary damages, the specific amount of which has not been disclosed. Nokia's patent portfolio, as announced earlier this year during a 5G wireless patent license agreement with Apple, is the result of investments in research and development, totalling over 140 billion euros. It encompasses approximately 20,000 patent families, underscoring the company's commitment to innovation. The lawsuits against Amazon and HP, addressing video streaming patent infringement, mark Nokia's proactive efforts to protect its intellectual property and ensure that its technology is used in compliance with established standards. The cases are as follows: Nokia Technologies OY v. Amazon.com Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01236 and Nokia Technologies OY v. HP Inc, U.S. District Court for the District of Delaware, No. 1:23-cv-01237. Legal representation for Nokia includes Warren Lipschitz, Josh Newcomer, and Kevin Burgess from McKool Smith, as well as Ted Stevenson, John Haynes, and Nicholas Tsui from Alston & Bird. Attorneys for Amazon and HP are not yet identified. (With inputs from Reuters) WATCH WION LIVE HERE

Nokia sues Amazon and HP for patent infringement in video streaming 

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent.

While the specific details of the bankruptcy filing remain undisclosed, reports suggest that WeWork is actively considering submitting a Chapter 11 petition in New Jersey, based on insider information cited by a Wall Street Journal report. &nbsp;

WeWork's financial turmoil has been brewing for some time, marked by its recent agreement with creditors to temporarily postpone payments on a portion of its substantial debt. This grace period is rapidly drawing to a close, increasing the pressure on the company.

At the heart of WeWork's financial difficulties lie its formidable long-term debt, which stood at $2.9 billion as of the end of June, and a staggering $13 billion tied up in long-term leases. These financial obligations have become increasingly burdensome as borrowing costs continue to rise, which in turn, has taken a toll on the entire commercial real estate sector.

In 2019, the company was privately valued at an astounding $47 billion. However, the company's plans to go public in the same year unravelled due to investor scepticism about its business model, which involved securing long-term leases and then renting them out for shorter periods, along with concerns about its financial losses. &nbsp;

WeWork eventually did go public in 2021 but at a much-reduced valuation. Throughout this time, WeWork's primary supporter, Japanese conglomerate SoftBank, continued to provide billions to the start-up, despite its ongoing financial struggles and losses.

In August, WeWork took the unprecedented step of casting "substantial doubt" on its ability to continue operations. Since then, the company's problems have only intensified, with several key executives, including CEO Sandeep Mathrani, departing this year.

(With inputs from Reuters)

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The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading.

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent. While the specific details of the bankruptcy filing remain undisclosed, reports suggest that WeWork is actively considering submitting a Chapter 11 petition in New Jersey, based on insider information cited by a Wall Street Journal report. WeWork's financial turmoil has been brewing for some time, marked by its recent agreement with creditors to temporarily postpone payments on a portion of its substantial debt. This grace period is rapidly drawing to a close, increasing the pressure on the company. At the heart of WeWork's financial difficulties lie its formidable long-term debt, which stood at $2.9 billion as of the end of June, and a staggering $13 billion tied up in long-term leases. These financial obligations have become increasingly burdensome as borrowing costs continue to rise, which in turn, has taken a toll on the entire commercial real estate sector. In 2019, the company was privately valued at an astounding $47 billion. However, the company's plans to go public in the same year unravelled due to investor scepticism about its business model, which involved securing long-term leases and then renting them out for shorter periods, along with concerns about its financial losses. WeWork eventually did go public in 2021 but at a much-reduced valuation. Throughout this time, WeWork's primary supporter, Japanese conglomerate SoftBank, continued to provide billions to the start-up, despite its ongoing financial struggles and losses. In August, WeWork took the unprecedented step of casting "substantial doubt" on its ability to continue operations. Since then, the company's problems have only intensified, with several key executives, including CEO Sandeep Mathrani, departing this year. (With inputs from Reuters) WATCH WION LIVE HERE

WeWork nears bankruptcy amidst crushing debt and plummeting value

Bitcoin, the crypto giant that just turned 15, offers a tantalizing glimpse into what could have been for early investors. If you had allocated a mere dollar on its day of inception, you might have found yourself among the ranks of billionaires today

In October 2009, the first Bitcoin exchange transaction took place, involving over 5,000 tokens for a paltry sum of $5. Yet, since that inaugural exchange, Bitcoin's value has skyrocketed to eclipse even the most generous lottery windfalls.

Comparing Bitcoin to more conventional investments, the disparity is striking. Bitcoin has delivered an astonishing 3.4 billion per cent return since October 2009, originating from a modest starting value of around a tenth of a cent. In contrast, the S&amp;P 500, a benchmark for traditional investment, has grown by approximately 300 per cent over the same period.

Investing in Bitcoin on its nascence would indeed have been a game-changing move for those fortunate few. However, discerning Bitcoin as a future powerhouse 15 years ago was akin to picking the winning lottery numbers. The path to this financial triumph has been far from smooth.

Bitcoin's early years were marked by obscurity and limited trading activity. Investors had to weather gut-wrenching price swings, including significant downturns of 77 per cent in 2014, 72 per cent in 2018, and a 65 per cent drop just last year. Furthermore, Bitcoin holders faced the arduous challenge of safeguarding their assets amidst thefts, frauds, and even exchange closures.

While Bitcoin's meteoric rise may not offer similar astronomical returns in the near future, investors hold out hope for the potential launch of a Bitcoin exchange-traded fund, which could provide fresh impetus to the market. Nonetheless, some argue that the era of 3.4 billion percentage gains may have passed, leaving crypto enthusiasts to grapple with the evolving landscape and the uncertainty that it brings.

WATCH WION LIVE HERE

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Bitcoin, the crypto giant that just turned 15, offers a tantalizing glimpse into what could have been for early investors. If you had allocated a mere dollar on its day of inception, you might have found yourself among the ranks of billionaires today In October 2009, the first Bitcoin exchange transaction took place, involving over 5,000 tokens for a paltry sum of $5.

Bitcoin, the crypto giant that just turned 15, offers a tantalizing glimpse into what could have been for early investors. If you had allocated a mere dollar on its day of inception, you might have found yourself among the ranks of billionaires today In October 2009, the first Bitcoin exchange transaction took place, involving over 5,000 tokens for a paltry sum of $5. Yet, since that inaugural exchange, Bitcoin's value has skyrocketed to eclipse even the most generous lottery windfalls. Comparing Bitcoin to more conventional investments, the disparity is striking. Bitcoin has delivered an astonishing 3.4 billion per cent return since October 2009, originating from a modest starting value of around a tenth of a cent. In contrast, the S&P 500, a benchmark for traditional investment, has grown by approximately 300 per cent over the same period. Investing in Bitcoin on its nascence would indeed have been a game-changing move for those fortunate few. However, discerning Bitcoin as a future powerhouse 15 years ago was akin to picking the winning lottery numbers. The path to this financial triumph has been far from smooth. Bitcoin's early years were marked by obscurity and limited trading activity. Investors had to weather gut-wrenching price swings, including significant downturns of 77 per cent in 2014, 72 per cent in 2018, and a 65 per cent drop just last year. Furthermore, Bitcoin holders faced the arduous challenge of safeguarding their assets amidst thefts, frauds, and even exchange closures. While Bitcoin's meteoric rise may not offer similar astronomical returns in the near future, investors hold out hope for the potential launch of a Bitcoin exchange-traded fund, which could provide fresh impetus to the market. Nonetheless, some argue that the era of 3.4 billion percentage gains may have passed, leaving crypto enthusiasts to grapple with the evolving landscape and the uncertainty that it brings. WATCH WION LIVE HERE

Here's how much you'd be worth if you had invested in Bitcoin on day 1

The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. A Bloomberg report quoting sources shows the new sanctions would include export bans on welding machines, chemicals, and other technology used for military reasons.

Restrictions on the import of some software as well as some processed metals and aluminium products, building materials, transportation-related commodities, and diamonds are also being considered.&nbsp;

Russia's capacity to fund its military operations is expected to be hampered by the 27-member bloc's twelfth sanctions package since the war began in February last year.&nbsp;

The proposals have not been formally presented to member states and will require support from all 27 countries to be accepted.

The new set of sanctions are meant to make it more difficult for Russia to acquire or produce weapons in Ukraine by circumventing current sanctions by gaining access to components, technology, and electronics through other nations.&nbsp;

The Bloomberg report states that if other countries do not take action, the European Union will expand its transit ban to include more products and add more companies to its blacklist.

Moreover, the diamond embargo will go into effect once the Group of Seven countries reach an agreement on how to monitor the valuable stones' international movement.

Meanwhile, in a parallel development, Russian oil exports have dropped to a 17-month low after a temporary ban on diesel shipments and a seasonal curb due to maintenance work at refineries.

Refined fuel shipments fell to 2.2 million barrels a day till October 28. This was the lowest since May 2022 and down roughly 3 per cent from both September and a year earlier.

(With inputs from agencies)

The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. A Bloomberg report quoting sources shows the new sanctions would include export bans on welding machines, chemicals, and other technology used for military reasons.

The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. A Bloomberg report quoting sources shows the new sanctions would include export bans on welding machines, chemicals, and other technology used for military reasons. Restrictions on the import of some software as well as some processed metals and aluminium products, building materials, transportation-related commodities, and diamonds are also being considered. Russia's capacity to fund its military operations is expected to be hampered by the 27-member bloc's twelfth sanctions package since the war began in February last year. The proposals have not been formally presented to member states and will require support from all 27 countries to be accepted. The new set of sanctions are meant to make it more difficult for Russia to acquire or produce weapons in Ukraine by circumventing current sanctions by gaining access to components, technology, and electronics through other nations. The Bloomberg report states that if other countries do not take action, the European Union will expand its transit ban to include more products and add more companies to its blacklist. Moreover, the diamond embargo will go into effect once the Group of Seven countries reach an agreement on how to monitor the valuable stones' international movement. Meanwhile, in a parallel development, Russian oil exports have dropped to a 17-month low after a temporary ban on diesel shipments and a seasonal curb due to maintenance work at refineries. Refined fuel shipments fell to 2.2 million barrels a day till October 28. This was the lowest since May 2022 and down roughly 3 per cent from both September and a year earlier. (With inputs from agencies)

Ukraine War: EU mulling fresh sanctions on Russia

Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism.&nbsp;

Data released on Tuesday showed that The Conference Board's index dropped from 104.3 in September to 102.6 last month, which is a five-month low.&nbsp;

The group's current conditions index hit a one-year low of 143.1. The index of consumer confidence in the next six months -- Expectations Index -- dropped to its lowest level in five months. Inversely, a gauge of expected inflation rose last month.&nbsp;

High prices have continued to put pressure on Americans. Even though inflation has eased dramatically over the past year, its residual effects prevent a full confidence recovery.

"Consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular. Consumers also expressed concerns about the political situation and higher interest rates," Dana Peterson, Chief Economist at The Conference Board, said in a press release.&nbsp;

Moreover, consumers expressed worries about the Israel-Hamas war impacting the US economy. The Conference Board report showed that the decline in consumer confidence was evident across householders aged 35 and up, and not limited to any one income group.&nbsp;

The dip in consumer confidence comes at a time when&nbsp;the US economy has shown remarkable resilience. The US economy grew almost 5 per cent in the July-September quarter, as higher wages from a tight labor market helped to fuel consumer spending and businesses restocked to meet the strong demand.&nbsp;

"Not only is the economy surprisingly resilient, we also got productivity-driven growth for two consecutive quarters in 2023, meaning the business cycle still looks very solid," Reuters quoted Brian Bethune, an economics professor at Boston College, as commenting on the report by the&nbsp;Commerce Department's Bureau of Economic Analysis.&nbsp;

However, the latest report showed that consumer fears about an impending recession remain elevated, with the group anticipating a short and shallow economic contraction in the first half of 2024.&nbsp;

On the employment front, reports of "plentiful" employment fell for the fourth consecutive month in October. But for the first time since June, the gap between those who think jobs are "plentiful" and those who say they are "hard to get" widened. This is a key indicator for economists tracking the health of the labour market.

(With inputs from agencies)

Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism. Data released on Tuesday showed that The Conference Board's index dropped from 104.

Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism. Data released on Tuesday showed that The Conference Board's index dropped from 104.3 in September to 102.6 last month, which is a five-month low. The group's current conditions index hit a one-year low of 143.1. The index of consumer confidence in the next six months -- Expectations Index -- dropped to its lowest level in five months. Inversely, a gauge of expected inflation rose last month. High prices have continued to put pressure on Americans. Even though inflation has eased dramatically over the past year, its residual effects prevent a full confidence recovery. "Consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular. Consumers also expressed concerns about the political situation and higher interest rates," Dana Peterson, Chief Economist at The Conference Board, said in a press release. Moreover, consumers expressed worries about the Israel-Hamas war impacting the US economy. The Conference Board report showed that the decline in consumer confidence was evident across householders aged 35 and up, and not limited to any one income group. The dip in consumer confidence comes at a time when the US economy has shown remarkable resilience. The US economy grew almost 5 per cent in the July-September quarter, as higher wages from a tight labor market helped to fuel consumer spending and businesses restocked to meet the strong demand. "Not only is the economy surprisingly resilient, we also got productivity-driven growth for two consecutive quarters in 2023, meaning the business cycle still looks very solid," Reuters quoted Brian Bethune, an economics professor at Boston College, as commenting on the report by the Commerce Department's Bureau of Economic Analysis. However, the latest report showed that consumer fears about an impending recession remain elevated, with the group anticipating a short and shallow economic contraction in the first half of 2024. On the employment front, reports of "plentiful" employment fell for the fourth consecutive month in October. But for the first time since June, the gap between those who think jobs are "plentiful" and those who say they are "hard to get" widened. This is a key indicator for economists tracking the health of the labour market. (With inputs from agencies)

US consumer confidence hits a five-month low

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Some workers even donned Halloween costumes as part of their protest, an initiative led by the Times Tech Guild (TTG).&nbsp;

This strike comes in response to The New York Times issuing its return-to-office policy, a decision that predates the recognition of the tech guild, which occurred early last year. At that time, tech workers voted overwhelmingly, with a tally of 404-88, to join the NewsGuild of New York. This move bestowed bargaining rights upon TTG, establishing it as the largest tech union in the United States.&nbsp;

For over a year, tech workers represented by the union have engaged in contract negotiations with The New York Times. The company's refusal to recognise their bargaining rights concerning return-to-office policies has spurred this demonstration. Kathy Zhang, unit chair for the guild that comprises software engineers and data analysts, described the situation as an attempt by the Times to intimidate the workforce.&nbsp;

A spokesperson for the media organisation expressed the belief that flexibility, allowing employees to work both in the office and remotely, serves the interests of all involved parties. Additionally, the spokesperson asserted that the U.S. National Labour Relations Board had not ruled against their approach. &nbsp;

This statement came in response to a Bloomberg News report claiming that the agency's prosecutors had concluded that the company violated federal law by unilaterally implementing a return-to-office plan without negotiation with the union. In the absence of a resolution, a regional director of the agency is expected to file a complaint against The New York Times.&nbsp;

(With inputs from Reuters)&nbsp;

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Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Some workers even donned Halloween costumes as part of their protest, an initiative led by the Times Tech Guild (TTG). This strike comes in response to The New York Times issuing its return-to-office policy, a decision that predates the recognition of the tech guild, which occurred early last year. At that time, tech workers voted overwhelmingly, with a tally of 404-88, to join the NewsGuild of New York. This move bestowed bargaining rights upon TTG, establishing it as the largest tech union in the United States. For over a year, tech workers represented by the union have engaged in contract negotiations with The New York Times. The company's refusal to recognise their bargaining rights concerning return-to-office policies has spurred this demonstration. Kathy Zhang, unit chair for the guild that comprises software engineers and data analysts, described the situation as an attempt by the Times to intimidate the workforce. A spokesperson for the media organisation expressed the belief that flexibility, allowing employees to work both in the office and remotely, serves the interests of all involved parties. Additionally, the spokesperson asserted that the U.S. National Labour Relations Board had not ruled against their approach. This statement came in response to a Bloomberg News report claiming that the agency's prosecutors had concluded that the company violated federal law by unilaterally implementing a return-to-office plan without negotiation with the union. In the absence of a resolution, a regional director of the agency is expected to file a complaint against The New York Times. (With inputs from Reuters) WATCH WION LIVE HERE

New York Times tech workers stage half-day strike over return-to-office rules 

Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States.&nbsp;

While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy. From costumes to candy, decorations to haunted attractions, Halloween has become a massive industry that contributes significantly to the economy.

Halloween is celebrated every year on the 31st of October. It's a day that is known for its orange and black decorations as well as its spooky costumes. But Halloween is not just about the decorations and costumes; it has a far-reaching impact and plays a significant role in various sectors and industries. 
Americans are gearing up to spend a staggering $12.2 billion on all things Halloween, from eerie yard decorations and the perfect costumes to tantalizingly sweet and sour candy, fostering participation among a spine-tingling 73 per cent of the population, according to the National Retail Federation (NRF).

The NRF estimates that the average American will invest approximately $108 in Halloween paraphernalia, underscoring that this haunting holiday isn’t just for the little ghouls and goblins but entices all age groups to join in the fun.

In 2023, families are projected to shell out an impressive $1.4 billion on children's costumes and an even more formidable $2 billion on adult costumes, revealing the extent of enthusiasm across all demographics for this ghostly celebration.

It's not just the neighbourhoods that are decked out in Halloween attire; college campuses are experiencing a significant surge in Halloween revelry.

Interestingly, Halloween holds the ghoulishly delightful No. 5 spot for overall alcohol consumption on holidays, according to a study conducted by Mountain Side, an alcohol and drug rehabilitation organisation.

During the spooky season, costumes play a significant role in generating revenue. Consumers worldwide are more willing to spend on intricate and innovative costumes, not just for kids but also for adults who enjoy the revelry. This increased demand contributes significantly to the fashion and retail industries' bottom line, with brands and retailers profiting from the seasonal craze.

Halloween isn't just about costumes. The business of decorations and party supplies plays a significant role in driving the economy. From pumpkins and cobwebs to skeletal figurines and eerie lighting, the demand for Halloween-themed home décor has created a robust market for retailers. This has contributed to an upsurge in sales before the Halloween season. It's not just residential areas that are feeling the spooky vibes; businesses, both big and small, capitalise on the craze by decorating offices, restaurants, and public spaces. This further boosts the economic activity surrounding the holiday.

Halloween is a season when candy sales skyrocket like witches on broomsticks. Confectionery and chocolate companies experience a massive surge in demand, with the sales of spooky-shaped chocolates and candies hitting record numbers. To entice consumers, companies strategically roll out seasonal and limited-edition treats, resulting in increased sales and profits.

As Halloween approaches, the entertainment industry also joins in on the money-making frenzy. Amusement parks, haunted houses, and other spooky attractions utilise the season to offer terrifying experiences and themed events that attract crowds, generating significant revenue. Themed events, parties, and seasonal experiences have become significant contributors to the leisure and entertainment industries, both locally and internationally.

Halloween is a celebration that not all businesses benefit from. Health and wellness-related firms might face difficulties as consumers indulge in sugary treats, leading to post-Halloween guilt and a rise in gym memberships. Additionally, eco-conscious individuals are worried about the environmental effects of Halloween, with the mass production of single-use costumes and decorations contributing to waste and carbon footprint issues.

Halloween isn't just a holiday celebrated in a few countries like the US. It has become a global phenomenon that benefits the world economy. Manufacturers, suppliers, and retailers from various parts of the world contribute to the production and distribution of Halloween goods and services.&nbsp;

WATCH WION LIVE HERE

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Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States. While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy.

Trick or treat! Halloween, far from being just a night of scares and sweets, has become a major economic fiesta, at least in the United States. While the spirits of All Hallows' Eve might seem to favour spooky fun and frolics, the holiday has quietly transformed into a commercial fiesta that sends chills down the spine of the world economy. From costumes to candy, decorations to haunted attractions, Halloween has become a massive industry that contributes significantly to the economy. Halloween is celebrated every year on the 31st of October. It's a day that is known for its orange and black decorations as well as its spooky costumes. But Halloween is not just about the decorations and costumes; it has a far-reaching impact and plays a significant role in various sectors and industries. Americans are gearing up to spend a staggering $12.2 billion on all things Halloween, from eerie yard decorations and the perfect costumes to tantalizingly sweet and sour candy, fostering participation among a spine-tingling 73 per cent of the population, according to the National Retail Federation (NRF). The NRF estimates that the average American will invest approximately $108 in Halloween paraphernalia, underscoring that this haunting holiday isn’t just for the little ghouls and goblins but entices all age groups to join in the fun. In 2023, families are projected to shell out an impressive $1.4 billion on children's costumes and an even more formidable $2 billion on adult costumes, revealing the extent of enthusiasm across all demographics for this ghostly celebration. It's not just the neighbourhoods that are decked out in Halloween attire; college campuses are experiencing a significant surge in Halloween revelry. Interestingly, Halloween holds the ghoulishly delightful No. 5 spot for overall alcohol consumption on holidays, according to a study conducted by Mountain Side, an alcohol and drug rehabilitation organisation. During the spooky season, costumes play a significant role in generating revenue. Consumers worldwide are more willing to spend on intricate and innovative costumes, not just for kids but also for adults who enjoy the revelry. This increased demand contributes significantly to the fashion and retail industries' bottom line, with brands and retailers profiting from the seasonal craze. Halloween isn't just about costumes. The business of decorations and party supplies plays a significant role in driving the economy. From pumpkins and cobwebs to skeletal figurines and eerie lighting, the demand for Halloween-themed home décor has created a robust market for retailers. This has contributed to an upsurge in sales before the Halloween season. It's not just residential areas that are feeling the spooky vibes; businesses, both big and small, capitalise on the craze by decorating offices, restaurants, and public spaces. This further boosts the economic activity surrounding the holiday. Halloween is a season when candy sales skyrocket like witches on broomsticks. Confectionery and chocolate companies experience a massive surge in demand, with the sales of spooky-shaped chocolates and candies hitting record numbers. To entice consumers, companies strategically roll out seasonal and limited-edition treats, resulting in increased sales and profits. As Halloween approaches, the entertainment industry also joins in on the money-making frenzy. Amusement parks, haunted houses, and other spooky attractions utilise the season to offer terrifying experiences and themed events that attract crowds, generating significant revenue. Themed events, parties, and seasonal experiences have become significant contributors to the leisure and entertainment industries, both locally and internationally. Halloween is a celebration that not all businesses benefit from. Health and wellness-related firms might face difficulties as consumers indulge in sugary treats, leading to post-Halloween guilt and a rise in gym memberships. Additionally, eco-conscious individuals are worried about the environmental effects of Halloween, with the mass production of single-use costumes and decorations contributing to waste and carbon footprint issues. Halloween isn't just a holiday celebrated in a few countries like the US. It has become a global phenomenon that benefits the world economy. Manufacturers, suppliers, and retailers from various parts of the world contribute to the production and distribution of Halloween goods and services. WATCH WION LIVE HERE

Haunting Economics: Halloween’s spooky influence on the global economy

After the government of Kazakhstan declared its intention to take over Arcelormittal SA's activities in the nation in the wake of the country's worst mining tragedy in recent memory, the company's stock dropped by as much as 5.5%.

Arcelormittal stock plummets as Kazakhstan government intervenes | World Business Watch

A Bloomberg report showed that the tech staff of the New York times went on a strike for half a day on Monday afternoon, claiming that the management is unfairly trying to get them back to work without bargaining in good faith.

New York Times tech workers stage half-day strike | World Business Watch

US workers are becoming increasingly concerned about layoffs, even as they have less fears about an impending recession. According to Glassdoor, this month had the greatest level of layoff talk since July 2020.

Layoff fears loom over US workers despite strong economy

India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday.&nbsp;

Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power.&nbsp;

While acknowledging that certain government-initiated reforms, such as the output-linked incentive programs to attract global supply lines, are unlikely to be reversed, Wood emphasised that there would be a substantial correction. According to Bloomberg, he expressed confidence in the market's resilience "The momentum is such that it will bounce back."&nbsp;

In 2004, India's stock markets experienced a sharp 20 per cent decline over two days following the BJP-led government's surprising defeat in national elections. However, the markets partially recovered after a Congress party-led coalition government assured continuity of policies aimed at opening up the South Asian economy, calming both the nation and the financial markets.&nbsp;

Wood also highlighted India's promising growth prospects, characterising it as the "best growth story in the world going forward," particularly in the Asian region. He suggested that ongoing challenges in China have only reinforced this positive outlook for India.&nbsp;

(Inputs from Bloomberg)&nbsp;

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India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday.

India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday. Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power. While acknowledging that certain government-initiated reforms, such as the output-linked incentive programs to attract global supply lines, are unlikely to be reversed, Wood emphasised that there would be a substantial correction. According to Bloomberg, he expressed confidence in the market's resilience "The momentum is such that it will bounce back." In 2004, India's stock markets experienced a sharp 20 per cent decline over two days following the BJP-led government's surprising defeat in national elections. However, the markets partially recovered after a Congress party-led coalition government assured continuity of policies aimed at opening up the South Asian economy, calming both the nation and the financial markets. Wood also highlighted India's promising growth prospects, characterising it as the "best growth story in the world going forward," particularly in the Asian region. He suggested that ongoing challenges in China have only reinforced this positive outlook for India. (Inputs from Bloomberg) WATCH WION LIVE HERE

India's stock market may decline by 25 pc if BJP loses 2024 elections: Jefferies

X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation.&nbsp;

According to internal documents obtained by The New York Times, the company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago.&nbsp;

Elon Musk's acquisition of Twitter transpired at a rate of $54.20 per share, which he himself has subsequently acknowledged as an overpayment for the social media platform.

&nbsp;In March, he conveyed his belief that the company's worth stood at $20 billion, characterising it as "an inverse start-up".&nbsp;

The report by New York Times cited documents detailing the latest stock grants, wherein X disclosed that equity would be extended at $45 per share in the form of restricted stock units, enabling employees to earn these shares over time.&nbsp;

The company has also confirmed that employees will still receive cash equivalent to the original acquisition price of $54.20 per share, pertaining to shares granted under the previous management.&nbsp;

It remains unclear why X's share price has not mirrored the same percentage decrease as the company's overall valuation. It is possible that X adjusted the number of shares available.&nbsp;

During his year of ownership, Elon Musk has executed extensive transformations within Twitter, leading to shifts in both the company's structure and the social media platform itself. The company has witnessed the departure or layoffs of over 80 per cent of its 7,500 employees. Musk has implemented alterations to the platform's verification process and content moderation policies. Notably, advertising, Twitter's primary revenue source, saw a nearly 60 per cent decline in the United States during the summer. To finance the acquisition, Musk also burdened the company with billions of dollars in debt.&nbsp;

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X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. According to internal documents obtained by The New York Times, the company's value has plummeted to approximately $19 billion.

X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. According to internal documents obtained by The New York Times, the company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago. Elon Musk's acquisition of Twitter transpired at a rate of $54.20 per share, which he himself has subsequently acknowledged as an overpayment for the social media platform. In March, he conveyed his belief that the company's worth stood at $20 billion, characterising it as "an inverse start-up". The report by New York Times cited documents detailing the latest stock grants, wherein X disclosed that equity would be extended at $45 per share in the form of restricted stock units, enabling employees to earn these shares over time. The company has also confirmed that employees will still receive cash equivalent to the original acquisition price of $54.20 per share, pertaining to shares granted under the previous management. It remains unclear why X's share price has not mirrored the same percentage decrease as the company's overall valuation. It is possible that X adjusted the number of shares available. During his year of ownership, Elon Musk has executed extensive transformations within Twitter, leading to shifts in both the company's structure and the social media platform itself. The company has witnessed the departure or layoffs of over 80 per cent of its 7,500 employees. Musk has implemented alterations to the platform's verification process and content moderation policies. Notably, advertising, Twitter's primary revenue source, saw a nearly 60 per cent decline in the United States during the summer. To finance the acquisition, Musk also burdened the company with billions of dollars in debt. WATCH WION LIVE HERE

X's valuation takes a dive, falls from $44 billion to $19 billion 

Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones.&nbsp;

Google initiated its practice of paying for default status on devices in 2005, closely monitoring compliance. During the trial, it was revealed that the company expressed concerns to Apple regarding its Safari browser directing specific, particularly profitable queries to companies like Amazon.com. "We were obviously doing the deal for default placement," Reuters quoted Pichai as saying.&nbsp;

Under cross-examination, Pichai acknowledged the value of Google's annual payments for default status, saying, "We definitely see value."&nbsp;

The U.S. government's case revolves around whether Google engaged in illegal practices to maintain its dominance in online search and search advertising. If the government prevails in the case, Google might be required to discontinue certain business practices that have contributed to its market leadership.&nbsp;

During Pichai's testimony, instances were presented where Google exerted pressure on Apple, wireless companies, and smartphone manufacturers to feature its search engine as the default in return for revenue-sharing agreements. Pichai mentioned, "We pay for preload exclusivity on a device-by-device basis."&nbsp;

A 2007 discussion among Google executives, including Pichai before his tenure as CEO, was brought up during the trial. The conversation concerned an Apple request to allow users to choose their search engine on a new version of the Safari browser. At that time, it was noted that 75 per cent of people do not alter default settings, underscoring the strong impact of defaults.&nbsp;

Pichai also used the trial as an opportunity to comment on Microsoft's Internet Explorer, a rival browser. He remarked that the browser market had stagnated before Google introduced its Chrome browser, which competes with Microsoft's product. Pichai stated that Microsoft had little incentive to enhance its browser, while Chrome represented a significant improvement when it was launched in 2008.&nbsp;

Google's dominance in the search field positions it as a major player in the lucrative advertising market, which constitutes its primary revenue source. Google's argument throughout the trial has been that dissatisfied users have the freedom to switch to alternative search providers if they wish. The company has also defended the legality of its revenue-sharing agreements and emphasised its substantial investments in maintaining competitiveness in its search and advertising businesses.&nbsp;

During the cross-examination, the Justice Department probed Pichai about allegations that Google executives incorrectly marked sensitive documents as attorney-client privileged and regularly deleted instant messages without considering whether they should be retained as part of litigation. Pichai responded, "This is not an area I was focused on."&nbsp;

(Inputs from Reuters)&nbsp;

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Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty.

Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones. Google initiated its practice of paying for default status on devices in 2005, closely monitoring compliance. During the trial, it was revealed that the company expressed concerns to Apple regarding its Safari browser directing specific, particularly profitable queries to companies like Amazon.com. "We were obviously doing the deal for default placement," Reuters quoted Pichai as saying. Under cross-examination, Pichai acknowledged the value of Google's annual payments for default status, saying, "We definitely see value." The U.S. government's case revolves around whether Google engaged in illegal practices to maintain its dominance in online search and search advertising. If the government prevails in the case, Google might be required to discontinue certain business practices that have contributed to its market leadership. During Pichai's testimony, instances were presented where Google exerted pressure on Apple, wireless companies, and smartphone manufacturers to feature its search engine as the default in return for revenue-sharing agreements. Pichai mentioned, "We pay for preload exclusivity on a device-by-device basis." A 2007 discussion among Google executives, including Pichai before his tenure as CEO, was brought up during the trial. The conversation concerned an Apple request to allow users to choose their search engine on a new version of the Safari browser. At that time, it was noted that 75 per cent of people do not alter default settings, underscoring the strong impact of defaults. Pichai also used the trial as an opportunity to comment on Microsoft's Internet Explorer, a rival browser. He remarked that the browser market had stagnated before Google introduced its Chrome browser, which competes with Microsoft's product. Pichai stated that Microsoft had little incentive to enhance its browser, while Chrome represented a significant improvement when it was launched in 2008. Google's dominance in the search field positions it as a major player in the lucrative advertising market, which constitutes its primary revenue source. Google's argument throughout the trial has been that dissatisfied users have the freedom to switch to alternative search providers if they wish. The company has also defended the legality of its revenue-sharing agreements and emphasised its substantial investments in maintaining competitiveness in its search and advertising businesses. During the cross-examination, the Justice Department probed Pichai about allegations that Google executives incorrectly marked sensitive documents as attorney-client privileged and regularly deleted instant messages without considering whether they should be retained as part of litigation. Pichai responded, "This is not an area I was focused on." (Inputs from Reuters) WATCH WION LIVE HERE

U.S. antitrust trial: Google CEO Sundar Pichai defends default search status

After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis.&nbsp;

In a video address, UAW President Shawn Fain expressed his conviction that the strike had succeeded in achieving significant concessions from General Motors. Reuter quoted him as saying, "We wholeheartedly believe our strike squeezed every last dime out of General Motors. They underestimated us. They underestimated you."&nbsp;

As the strike was officially suspended against the Detroit Three, UAW local leaders are set to convene in Detroit to consider the agreement with GM. The terms will then be presented to all union workers for approval. GM CEO Mary Barra conveyed her anticipation for a swift return to work across all of the company's operations.&nbsp;

These new contracts will come at a significant cost for the automakers, making it challenging for them to compete with electric-vehicle leader Tesla and non-union foreign brands like Toyota. The deals include substantial wage increases for veteran workers and financial incentives for retirees until 2028.&nbsp;

The negotiations between the UAW and GM had their share of sticking points, particularly regarding pension benefits. GM, which has a larger number of retirees than Ford or Stellantis, was subject to intense scrutiny during the talks.&nbsp;

One turning point in the negotiations was the UAW's decision to strike a crucial GM engine factory in Spring Hill, Tennessee. Fain referred to this move as the "knockout blow" that ultimately led to the agreement.&nbsp;

This contract represents a reversal of GM's previous efforts to establish lower-paid groups of UAW workers in various units. Workers at GM's battery joint-venture with LG Energy in South Korea will now fall under the national agreement. Additionally, the contract limits the use of lower-paid temporary workers, preventing the creation of a "permanent underclass" of temporary labour.&nbsp;

The UAW also secured more influence over the companies' investment decisions by gaining the right to strike in response to future plant closures. While the automakers have declared their intentions not to close existing factories as they transition to electric vehicles, the contract could compel them to keep unprofitable plants open during economic downturns or slow sales periods.&nbsp;

The strike, which commenced on September 15, drew nearly 50,000 workers from a total of approximately 150,000 UAW members at the Detroit automakers. The strategy of escalating strikes had significant financial consequences for the Detroit Three and their suppliers. UAW leaders portrayed the contract fight as part of a broader effort to address economic hardships faced by working-class Americans.&nbsp;

Reuters cited analysts, like Patrick Anderson of the Anderson Economic Group, who acknowledge the broader implications of this labour victory. According to him, "This is more than an auto industry story; it is a signal to the entire country that unionized workers can demand and get big wage increases."&nbsp;

The new contract will result in higher labour costs for GM, estimated at $7 billion over 4.5 years. Ford, on the other hand, projected an increase of $850 to $900 in labour costs per vehicle.&nbsp;

U.S. President Joe Biden and politicians from both parties voiced their support for the UAW during the strike, recognising its popularity among voters. Michigan, a crucial swing state in the 2024 presidential election, had the UAW's support as a condition for endorsement by UAW President Shawn Fain. Biden praised the historic contract as a testament to the power of unions and collective bargaining to bolster the middle class and revitalise American companies.&nbsp;

The UAW is committed to organising workforces at other carmakers in the future, with negotiations anticipated in 2028 involving the "Big Five or Big Six." The momentum toward these agreements accelerated significantly in the past two weeks, driven by UAW worker walkouts at highly profitable factories. In the words of Fain, "We have shown the companies, the American public, and the whole world that the working class is not done fighting. In fact, we're just getting started."&nbsp;

(With inputs from Reuters)&nbsp;

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After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers.

After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis. In a video address, UAW President Shawn Fain expressed his conviction that the strike had succeeded in achieving significant concessions from General Motors. Reuter quoted him as saying, "We wholeheartedly believe our strike squeezed every last dime out of General Motors. They underestimated us. They underestimated you." As the strike was officially suspended against the Detroit Three, UAW local leaders are set to convene in Detroit to consider the agreement with GM. The terms will then be presented to all union workers for approval. GM CEO Mary Barra conveyed her anticipation for a swift return to work across all of the company's operations. These new contracts will come at a significant cost for the automakers, making it challenging for them to compete with electric-vehicle leader Tesla and non-union foreign brands like Toyota. The deals include substantial wage increases for veteran workers and financial incentives for retirees until 2028. The negotiations between the UAW and GM had their share of sticking points, particularly regarding pension benefits. GM, which has a larger number of retirees than Ford or Stellantis, was subject to intense scrutiny during the talks. One turning point in the negotiations was the UAW's decision to strike a crucial GM engine factory in Spring Hill, Tennessee. Fain referred to this move as the "knockout blow" that ultimately led to the agreement. This contract represents a reversal of GM's previous efforts to establish lower-paid groups of UAW workers in various units. Workers at GM's battery joint-venture with LG Energy in South Korea will now fall under the national agreement. Additionally, the contract limits the use of lower-paid temporary workers, preventing the creation of a "permanent underclass" of temporary labour. The UAW also secured more influence over the companies' investment decisions by gaining the right to strike in response to future plant closures. While the automakers have declared their intentions not to close existing factories as they transition to electric vehicles, the contract could compel them to keep unprofitable plants open during economic downturns or slow sales periods. The strike, which commenced on September 15, drew nearly 50,000 workers from a total of approximately 150,000 UAW members at the Detroit automakers. The strategy of escalating strikes had significant financial consequences for the Detroit Three and their suppliers. UAW leaders portrayed the contract fight as part of a broader effort to address economic hardships faced by working-class Americans. Reuters cited analysts, like Patrick Anderson of the Anderson Economic Group, who acknowledge the broader implications of this labour victory. According to him, "This is more than an auto industry story; it is a signal to the entire country that unionized workers can demand and get big wage increases." The new contract will result in higher labour costs for GM, estimated at $7 billion over 4.5 years. Ford, on the other hand, projected an increase of $850 to $900 in labour costs per vehicle. U.S. President Joe Biden and politicians from both parties voiced their support for the UAW during the strike, recognising its popularity among voters. Michigan, a crucial swing state in the 2024 presidential election, had the UAW's support as a condition for endorsement by UAW President Shawn Fain. Biden praised the historic contract as a testament to the power of unions and collective bargaining to bolster the middle class and revitalise American companies. The UAW is committed to organising workforces at other carmakers in the future, with negotiations anticipated in 2028 involving the "Big Five or Big Six." The momentum toward these agreements accelerated significantly in the past two weeks, driven by UAW worker walkouts at highly profitable factories. In the words of Fain, "We have shown the companies, the American public, and the whole world that the working class is not done fighting. In fact, we're just getting started." (With inputs from Reuters) WATCH WION LIVE HERE

UAW reaches agreements with Detroit automakers, ending strikes 

China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October.

The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. It missed a forecast of 50.2 and was worse than the most pessimistic prediction of 49.9 by a Reuters poll.

This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges.

While recent indicators had hinted at a stabilising economy, thanks to policy support measures, a prolonged property crisis and weak global demand continue to cast a shadow over China's prospects.

China's housing slump and a slowdown in infrastructure spending are contributing to this economic downturn. Weak demand, particularly from overseas, is causing manufacturers to struggle to find buyers and reduce orders for components used in finished goods for re-export. This, in turn, is eroding business profits and causing factory gate prices to contract sharply.

In the midst of this economic struggle, there's a growing sense that China's impressive growth story may be stagnating.

Meanwhile, an alternative economic powerhouse is emerging on the horizon. India, with its youthful population, entrepreneurial spirit, and a government committed to economic reforms, is positioned to offer a faster and more dynamic alternative.

As China grapples with stagnation, India's economy is poised to seize the opportunity to shine.

While China may require more policy support to meet its annual GDP target, India's economic potential is becoming increasingly evident.

Its diverse economy, burgeoning tech industry, and growing middle class make it a compelling alternative for investors and businesses looking to capitalise on Asia's growth story.

As China's economic challenges persist, India could emerge as the unexpected frontrunner, setting the stage for a new economic era in the region.

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China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.

China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. It missed a forecast of 50.2 and was worse than the most pessimistic prediction of 49.9 by a Reuters poll. This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges. While recent indicators had hinted at a stabilising economy, thanks to policy support measures, a prolonged property crisis and weak global demand continue to cast a shadow over China's prospects. China's housing slump and a slowdown in infrastructure spending are contributing to this economic downturn. Weak demand, particularly from overseas, is causing manufacturers to struggle to find buyers and reduce orders for components used in finished goods for re-export. This, in turn, is eroding business profits and causing factory gate prices to contract sharply. In the midst of this economic struggle, there's a growing sense that China's impressive growth story may be stagnating. Meanwhile, an alternative economic powerhouse is emerging on the horizon. India, with its youthful population, entrepreneurial spirit, and a government committed to economic reforms, is positioned to offer a faster and more dynamic alternative. As China grapples with stagnation, India's economy is poised to seize the opportunity to shine. While China may require more policy support to meet its annual GDP target, India's economic potential is becoming increasingly evident. Its diverse economy, burgeoning tech industry, and growing middle class make it a compelling alternative for investors and businesses looking to capitalise on Asia's growth story. As China's economic challenges persist, India could emerge as the unexpected frontrunner, setting the stage for a new economic era in the region. WATCH WION LIVE HERE

Decoding state of China's economy: Business activity contracts in October

Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet, Bloomberg reported.

The report cited sources familiar with the matter, who disclosed that the turbine manufacturer may make an announcement regarding the divestment of shares in Siemens Ltd., which is listed on the Mumbai stock exchange, as early as this week. The current value of these shares is approximately €3.3 billion ($3.5 billion). It's worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business.&nbsp;

Government pressure on Siemens for loan guarantees&nbsp;

Simultaneously, Siemens is under governmental pressure to provide loan guarantees, which are deemed critical for Siemens Energy to undertake significant future projects. The government is reportedly discussing a combination of state-backed guarantees for Siemens Energy, supplemented by guarantees from Siemens, which is the largest shareholder, as well as some banks. &nbsp;

Discussions surrounding these potential guarantees are ongoing, and the terms of the proposals remain subject to change. While the government is open to committing up to €8 billion ($8.5 billion) in guarantees, it anticipates that Siemens and financial institutions will contribute the rest. This situation arises as Siemens Energy has been seeking support of up to €16 billion ($17 billion) for forthcoming projects after Siemens had previously indicated it was no longer willing to assist. Siemens Energy Supervisory Board Chairman, Joe Kaeser has emphasised that the talks are solely focused on financial guarantees for future projects, not a financial bailout.&nbsp;

Crucial guarantees to secure future projects&nbsp;

Siemens Energy's need for financial guarantees is tied to its ability to secure new large-scale contracts for the construction of transmission networks and gas turbines. While these units remain profitable, they are now confronted with challenges stemming from the financial pressures exerted by losses incurred by the Spanish Gamesa wind unit. Siemens Energy had previously forecasted a €4.5 billion ($4.78 billion) loss for fiscal year2024, despite efforts to address issues with specific wind turbines. &nbsp;

&nbsp;(With inputs from Bloomberg)&nbsp;

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Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet, Bloomberg reported.

Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet, Bloomberg reported. The report cited sources familiar with the matter, who disclosed that the turbine manufacturer may make an announcement regarding the divestment of shares in Siemens Ltd., which is listed on the Mumbai stock exchange, as early as this week. The current value of these shares is approximately €3.3 billion ($3.5 billion). It's worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business. Government pressure on Siemens for loan guarantees Simultaneously, Siemens is under governmental pressure to provide loan guarantees, which are deemed critical for Siemens Energy to undertake significant future projects. The government is reportedly discussing a combination of state-backed guarantees for Siemens Energy, supplemented by guarantees from Siemens, which is the largest shareholder, as well as some banks. Discussions surrounding these potential guarantees are ongoing, and the terms of the proposals remain subject to change. While the government is open to committing up to €8 billion ($8.5 billion) in guarantees, it anticipates that Siemens and financial institutions will contribute the rest. This situation arises as Siemens Energy has been seeking support of up to €16 billion ($17 billion) for forthcoming projects after Siemens had previously indicated it was no longer willing to assist. Siemens Energy Supervisory Board Chairman, Joe Kaeser has emphasised that the talks are solely focused on financial guarantees for future projects, not a financial bailout. Crucial guarantees to secure future projects Siemens Energy's need for financial guarantees is tied to its ability to secure new large-scale contracts for the construction of transmission networks and gas turbines. While these units remain profitable, they are now confronted with challenges stemming from the financial pressures exerted by losses incurred by the Spanish Gamesa wind unit. Siemens Energy had previously forecasted a €4.5 billion ($4.78 billion) loss for fiscal year2024, despite efforts to address issues with specific wind turbines. (With inputs from Bloomberg) WATCH WION LIVE HERE

Siemens Energy considers sale of stake in Indian affiliate to Siemens AG 

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

UAW reaches agreements with Detroit automakers, ending strikes&nbsp;

After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis.

<a href="https://www.wionews.com/business-economy/uaw-reaches-agreements-with-detroit-automakers-ending-strikes-653292">Read more here</a>

U.S. antitrust trial: Google CEO Sundar Pichai defends default search status

Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones.&nbsp;

<a href="https://www.wionews.com/business-economy/us-antitrust-trial-google-ceo-sundar-pichai-defends-default-search-status-653300">Read more here</a>

India's stock market may decline by 25 pc if BJP loses 2024 elections: Jefferies

India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday. Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power.&nbsp;

<a href="https://www.wionews.com/business-economy/jefferies-predicts-25pc-stock-market-decline-in-india-if-bjp-loses-2024-elections-653337">Read more here</a>

X's valuation takes a dive, falls from $44 billion to $19 billion&nbsp;

X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. The company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago.&nbsp;

<a href="https://www.wionews.com/business-economy/xs-valuation-takes-a-dive-falls-from-44-billion-to-19-billion-653342">Read more here</a>

New York Times tech workers stage half-day strike over return-to-office rules&nbsp;

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters.&nbsp;

<a href="https://www.wionews.com/business-economy/new-york-times-tech-workers-stage-half-day-strike-over-return-to-office-rules-653372">Read more here</a>

Check Point software thrives amid rising cyberattacks in Israel: Report&nbsp;

Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30.&nbsp;

<a href="https://www.wionews.com/business-economy/check-point-software-thrives-amid-rising-cyberattacks-in-israel-report-653396">Read more here</a>

Japan's factory output growth slows, adding uncertainty to economic outlook

Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which predicted a 2.5 per cent gain in September, after a 0.7 per cent decline in August.&nbsp;

<a href="https://www.wionews.com/business-economy/japans-factory-output-growth-slows-adding-uncertainty-to-economic-outlook-653424">Read more here</a>

Auto industry executives acknowledge Electric Vehicle market challenges&nbsp;

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. These executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. Many are sceptical about the future of EVs, including General Motors, Mercedes Benz and market leader Tesla.&nbsp;

<a href="https://www.wionews.com/business-economy/auto-industry-executives-acknowledge-electric-vehicle-market-challenges-653432">Read more here</a>

Siemens Energy considers sale of stake in Indian affiliate to Siemens AG&nbsp;

Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet. The current value of these shares is approximately €3.3 billion ($3.5 billion). It is worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business.&nbsp;

<a href="https://www.wionews.com/business-economy/siemens-energy-considers-sale-of-stake-in-indian-affiliate-to-siemens-ag-653433">Read more here</a>

Decoding China's economy: Business activity contracts in October

China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges.

<a href="https://www.wionews.com/business-economy/decoding-state-of-chinas-economy-business-activity-contracts-in-october-653392">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. UAW reaches agreements with Detroit automakers, ending strikes After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. UAW reaches agreements with Detroit automakers, ending strikes After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis. Read more here U.S. antitrust trial: Google CEO Sundar Pichai defends default search status Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones. Read more here India's stock market may decline by 25 pc if BJP loses 2024 elections: Jefferies India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday. Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power. Read more here X's valuation takes a dive, falls from $44 billion to $19 billion X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. The company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago. Read more here New York Times tech workers stage half-day strike over return-to-office rules Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Read more here Check Point software thrives amid rising cyberattacks in Israel: Report Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30. Read more here Japan's factory output growth slows, adding uncertainty to economic outlook Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which predicted a 2.5 per cent gain in September, after a 0.7 per cent decline in August. Read more here Auto industry executives acknowledge Electric Vehicle market challenges Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. These executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. Many are sceptical about the future of EVs, including General Motors, Mercedes Benz and market leader Tesla. Read more here Siemens Energy considers sale of stake in Indian affiliate to Siemens AG Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet. The current value of these shares is approximately €3.3 billion ($3.5 billion). It is worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business. Read more here Decoding China's economy: Business activity contracts in October China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges. Read more here

WION Business Wrap | The big global business stories summarised

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans.&nbsp;

According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition.

During the recent third-quarter earnings call of General Motors (GM), the company's CEO, Mary Barra, who is known for her optimism regarding electric vehicles, admitted uncertainties in achieving the production goals of 100,000 EVs in the latter half of this year and an additional 400,000 by the first six months of 2024. Barra acknowledged that the transition to EVs is proving to be a bit bumpy.

Many are sceptical about the future of EVs, not just GM. Even Elon Musk, the CEO of Tesla, has expressed concerns about economic issues affecting vehicle demand. Mercedes-Benz has had to offer substantial discounts on their EVs to boost sales, which indicates the harsh reality of the EV market. Business Insider quoted CFO Harald Wilhelm as saying, "This is a pretty brutal space."

Executives across the industry have noticed an increase in inventory and have found it challenging to sell EVs, even with significant price reductions and incentives.

The trend of price reductions in the EV market is becoming more common, with nearly all current EV models selling below their original sticker price. Some companies are even offering manufacturers incentives of up to 10 per cent.

The reason for this decrease in sales can be attributed to several factors, including cost considerations, infrastructure challenges, and lifestyle barriers that potential buyers face when considering the adoption of EVs.

Automakers are responding to the challenges posed by the EV market.

Considering slowing EV demand, Ford has extended its deadline to achieve annual EV production targets and abandoned its future goal of producing 2 million EVs. Business Insider cited Honda's CEO, Toshihiro Mibe, who acknowledged the difficulty in gauging the shifting EV environment, leading the company to halt the development of an affordable EV.

In a recent statement, Akio Toyoda, Chairman of Toyota Motor, emphasised the industry's current awareness of the challenges that come with EVs. Toyoda, who was previously sceptical of the industry's focus on pure electric blueprints, acknowledged that "people are finally seeing reality."&nbsp;

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Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition.

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. According to a Business Insider report, these executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. During the recent third-quarter earnings call of General Motors (GM), the company's CEO, Mary Barra, who is known for her optimism regarding electric vehicles, admitted uncertainties in achieving the production goals of 100,000 EVs in the latter half of this year and an additional 400,000 by the first six months of 2024. Barra acknowledged that the transition to EVs is proving to be a bit bumpy. Many are sceptical about the future of EVs, not just GM. Even Elon Musk, the CEO of Tesla, has expressed concerns about economic issues affecting vehicle demand. Mercedes-Benz has had to offer substantial discounts on their EVs to boost sales, which indicates the harsh reality of the EV market. Business Insider quoted CFO Harald Wilhelm as saying, "This is a pretty brutal space." Executives across the industry have noticed an increase in inventory and have found it challenging to sell EVs, even with significant price reductions and incentives. The trend of price reductions in the EV market is becoming more common, with nearly all current EV models selling below their original sticker price. Some companies are even offering manufacturers incentives of up to 10 per cent. The reason for this decrease in sales can be attributed to several factors, including cost considerations, infrastructure challenges, and lifestyle barriers that potential buyers face when considering the adoption of EVs. Automakers are responding to the challenges posed by the EV market. Considering slowing EV demand, Ford has extended its deadline to achieve annual EV production targets and abandoned its future goal of producing 2 million EVs. Business Insider cited Honda's CEO, Toshihiro Mibe, who acknowledged the difficulty in gauging the shifting EV environment, leading the company to halt the development of an affordable EV. In a recent statement, Akio Toyoda, Chairman of Toyota Motor, emphasised the industry's current awareness of the challenges that come with EVs. Toyoda, who was previously sceptical of the industry's focus on pure electric blueprints, acknowledged that "people are finally seeing reality." WATCH WION LIVE HERE

Auto industry executives acknowledge Electric Vehicle market challenges 

Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which had predicted a 2.5 per cent gain, and followed a 0.7 per cent decline experienced in August.&nbsp;

A closer examination of the data highlights specific challenges within the manufacturing sector. Production machinery output recorded a decline of 3.4 per cent in September, reflecting a slowdown in the manufacturing of industrial robots and metals. Both domestic and international orders for these products showed a significant decrease, a representative from the Ministry of Economy, Trade and Industry (METI) told Reuters. The METI official attributed this phenomenon to waning investment appetite, partially influenced by increasing interest rates both domestically and globally.&nbsp;

In contrast, there were some bright spots within the manufacturing landscape. Output in semiconductor manufacturing equipment surged by 13.2 per cent month-on-month in September. However, the official cautioned that the recovery of chip and electronic device production is unlikely to occur in the near future. On the automotive front, the production of automobiles saw a substantial increase of 6.0 per cent in September, rebounding from disruptions caused by a typhoon and system failures. Japanese automakers, including Toyota Motor and Honda Motor, reported robust domestic output figures for September, with Toyota registering a 12.8 per cent increase and Honda climbing by 24.2 per cent year-on-year.&nbsp;

Despite these fluctuations, manufacturers surveyed by the industry ministry anticipate seasonally adjusted production to rise by 3.9 per cent in October but then decline by 2.8 per cent in November. This prediction aligns with the industry's assessment of industrial output, which is described as "seesawing." The outlook for the manufacturing sector remains uncertain, with sluggish demand expected both domestically and abroad. Reuters mentioned Kota Suzuki, an economist at Daiwa Securities, who emphasised that production is not situated in an environment conducive to a substantial recovery.&nbsp;

In other economic indicators, Japanese retail sales exhibited a 5.8 per cent year-on-year increase in September, marking the 19th consecutive month of gains. This performance closely mirrors the median market forecast, which predicted a 5.9 per cent increase. However, the data also showed that compared to the previous month, retail sales in September slightly dipped by 0.1 per cent, following a 0.2 per cent growth in August.&nbsp;

(Inputs from Reuters)&nbsp;

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Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.

Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which had predicted a 2.5 per cent gain, and followed a 0.7 per cent decline experienced in August. A closer examination of the data highlights specific challenges within the manufacturing sector. Production machinery output recorded a decline of 3.4 per cent in September, reflecting a slowdown in the manufacturing of industrial robots and metals. Both domestic and international orders for these products showed a significant decrease, a representative from the Ministry of Economy, Trade and Industry (METI) told Reuters. The METI official attributed this phenomenon to waning investment appetite, partially influenced by increasing interest rates both domestically and globally. In contrast, there were some bright spots within the manufacturing landscape. Output in semiconductor manufacturing equipment surged by 13.2 per cent month-on-month in September. However, the official cautioned that the recovery of chip and electronic device production is unlikely to occur in the near future. On the automotive front, the production of automobiles saw a substantial increase of 6.0 per cent in September, rebounding from disruptions caused by a typhoon and system failures. Japanese automakers, including Toyota Motor and Honda Motor, reported robust domestic output figures for September, with Toyota registering a 12.8 per cent increase and Honda climbing by 24.2 per cent year-on-year. Despite these fluctuations, manufacturers surveyed by the industry ministry anticipate seasonally adjusted production to rise by 3.9 per cent in October but then decline by 2.8 per cent in November. This prediction aligns with the industry's assessment of industrial output, which is described as "seesawing." The outlook for the manufacturing sector remains uncertain, with sluggish demand expected both domestically and abroad. Reuters mentioned Kota Suzuki, an economist at Daiwa Securities, who emphasised that production is not situated in an environment conducive to a substantial recovery. In other economic indicators, Japanese retail sales exhibited a 5.8 per cent year-on-year increase in September, marking the 19th consecutive month of gains. This performance closely mirrors the median market forecast, which predicted a 5.9 per cent increase. However, the data also showed that compared to the previous month, retail sales in September slightly dipped by 0.1 per cent, following a 0.2 per cent growth in August. (Inputs from Reuters) WATCH WION LIVE HERE

Japan's factory output growth slows, adding uncertainty to economic outlook 

Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. &nbsp;

According to Reuters, the CEO of Check Point, Gil Shwed, revealed that 98 per cent of the company's customers are located outside Israel, highlighting its global presence. Shwed also commended the dedication of their workforce, which, despite the challenges posed by the recent war, has successfully launched new technologies and completed acquisitions.

Data provided by Check Point indicates an 18 per cent rise in cyberattacks within Israel since the October 7th attacks, with 52 per cent of these targeting the government sector. This emphasises the critical role that cybersecurity measures play in safeguarding sensitive information and infrastructure. The company has consistently adapted to the evolving threat landscape, focusing on improving its platform that prevents attacks across networks, mobile devices, and cloud environments.&nbsp;

In terms of financial performance, Check Point exceeded third-quarter profit expectations, driven by substantial growth in subscription revenues. The company reported earnings of $2.07 per diluted share (EPS) for the period of July to September, marking a 17 per cent increase from the previous year. Revenue also saw a 3 per cent rise, reaching $596 million.&nbsp;

Previously, companies tended to delay updating their existing firewalls. However, a shift has occurred, with Check Point observing a change in this trend. The current quarter reflects a positive shift in business dynamics, indicating that organisations are increasingly investing in enhancing their cybersecurity infrastructure.&nbsp;

In response to these promising developments, Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30. The company also adjusted its revenue estimate to a range of $2.387 to $2.437 billion, compared to the earlier estimate of $2.340 to $2.510 billion. This positive outlook has garnered approval from analysts who had originally projected an EPS of $8.16 on revenue of $2.41 billion.&nbsp;

Looking ahead to the fourth quarter, Check Point anticipates revenue in the range of $636 to $686 million and an adjusted EPS in the range of $2.35 to $2.55, exceeding analyst expectations. The company has also been actively engaged in its $2 billion share buyback program, repurchasing 2.48 million shares worth $325 million in the quarter. Additionally, Check Point invested $490 million in the acquisition of cybersecurity firm Perimeter 81, further reinforcing its commitment to fortifying digital security.&nbsp;

(With inputs from Reuters)&nbsp;

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Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected.

Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. According to Reuters, the CEO of Check Point, Gil Shwed, revealed that 98 per cent of the company's customers are located outside Israel, highlighting its global presence. Shwed also commended the dedication of their workforce, which, despite the challenges posed by the recent war, has successfully launched new technologies and completed acquisitions. Data provided by Check Point indicates an 18 per cent rise in cyberattacks within Israel since the October 7th attacks, with 52 per cent of these targeting the government sector. This emphasises the critical role that cybersecurity measures play in safeguarding sensitive information and infrastructure. The company has consistently adapted to the evolving threat landscape, focusing on improving its platform that prevents attacks across networks, mobile devices, and cloud environments. In terms of financial performance, Check Point exceeded third-quarter profit expectations, driven by substantial growth in subscription revenues. The company reported earnings of $2.07 per diluted share (EPS) for the period of July to September, marking a 17 per cent increase from the previous year. Revenue also saw a 3 per cent rise, reaching $596 million. Previously, companies tended to delay updating their existing firewalls. However, a shift has occurred, with Check Point observing a change in this trend. The current quarter reflects a positive shift in business dynamics, indicating that organisations are increasingly investing in enhancing their cybersecurity infrastructure. In response to these promising developments, Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30. The company also adjusted its revenue estimate to a range of $2.387 to $2.437 billion, compared to the earlier estimate of $2.340 to $2.510 billion. This positive outlook has garnered approval from analysts who had originally projected an EPS of $8.16 on revenue of $2.41 billion. Looking ahead to the fourth quarter, Check Point anticipates revenue in the range of $636 to $686 million and an adjusted EPS in the range of $2.35 to $2.55, exceeding analyst expectations. The company has also been actively engaged in its $2 billion share buyback program, repurchasing 2.48 million shares worth $325 million in the quarter. Additionally, Check Point invested $490 million in the acquisition of cybersecurity firm Perimeter 81, further reinforcing its commitment to fortifying digital security. (With inputs from Reuters) WATCH WION LIVE HERE

Check Point software thrives amid rising cyberattacks in Israel: Report 

Chris Wood, the global head of equity strategy at Jefferies, said if prime minister Narendra Modi's party loses national elections next year, the Indian stock market will suffer.

Jefferies predicts 25% stock plunge if BJP loses 2024 polls

Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures.

Japan's Nikkei 225 began the week on a down note, sliding over 1 per cent at the open, coinciding with the commencement of the Bank of Japan's two-day monetary policy meeting. On the other hand, South Korean markets opened on a positive note, thanks to a rally in small-cap stocks.

Hong Kong's Hang Seng index experienced a marginal decline, while mainland Chinese stocks traded close to the flatline.

In the United States, the previous trading session saw mixed results in the major stock indexes. The S&amp;P 500 entered correction territory as renewed selling pressure emerged on Wall Street due to concerns about a potential recession. The Dow Jones Industrial Average saw a decline, while the Nasdaq Composite held its ground, with Amazon outperforming expectations for revenue and earnings in the third quarter.

Oil prices dipped by over 1 per cent&nbsp;as investors exercised caution ahead of the Federal Reserve's policy meeting and China's upcoming manufacturing data. These declines offset the support from geopolitical tensions in the Middle East.

Investors are closely monitoring the Federal Reserve's monetary policy meeting, U.S. employment data, and tech giant Apple Inc.'s earnings for any signs of an economic slowdown that could affect fuel demand, especially in the world's leading oil-consuming nation.

Gold prices edged higher, buoyed by sustained safe-haven demand driven by tensions in the Middle East. The precious metal has gained approximately 8 per cent, equivalent to over $140, since the onset of the conflict in Israel on October 7th.

WATCH WION LIVE HERE

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Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures.

Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures. Japan's Nikkei 225 began the week on a down note, sliding over 1 per cent at the open, coinciding with the commencement of the Bank of Japan's two-day monetary policy meeting. On the other hand, South Korean markets opened on a positive note, thanks to a rally in small-cap stocks. Hong Kong's Hang Seng index experienced a marginal decline, while mainland Chinese stocks traded close to the flatline. In the United States, the previous trading session saw mixed results in the major stock indexes. The S&P 500 entered correction territory as renewed selling pressure emerged on Wall Street due to concerns about a potential recession. The Dow Jones Industrial Average saw a decline, while the Nasdaq Composite held its ground, with Amazon outperforming expectations for revenue and earnings in the third quarter. Oil prices dipped by over 1 per cent as investors exercised caution ahead of the Federal Reserve's policy meeting and China's upcoming manufacturing data. These declines offset the support from geopolitical tensions in the Middle East. Investors are closely monitoring the Federal Reserve's monetary policy meeting, U.S. employment data, and tech giant Apple Inc.'s earnings for any signs of an economic slowdown that could affect fuel demand, especially in the world's leading oil-consuming nation. Gold prices edged higher, buoyed by sustained safe-haven demand driven by tensions in the Middle East. The precious metal has gained approximately 8 per cent, equivalent to over $140, since the onset of the conflict in Israel on October 7th. WATCH WION LIVE HERE

Global markets roundup | Gold shines for third straight week

The heads of trade for the most developed economies voiced concern that certain countries were taking advantage of the commercial weaknesses of others to further their own policy goals.

G7 unites against economic weaponisation

JPMorgan Chase &amp; Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year, Bloomberg reported on Sunday. &nbsp;

The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted.&nbsp;

Bloomberg quoted analyst Nicolaie Alexandru-Chidesciuc as stating that their earlier economic projections were "too optimistic."

This stark assessment comes as Israel embarks on a ground invasion of Gaza, ruled by Hamas, while Prime Minister Benjamin Netanyahu warns of a "long and difficult" campaign.&nbsp;

JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted by divesting Israeli assets, with the Tel Aviv main stock index down 11 per cent in local currency terms since the conflict's outbreak, while the shekel has seen its weakest performance since 2012.&nbsp;

Despite these grim figures, JPMorgan maintains a broader perspective, with Israel's gross domestic product anticipated to grow by 2.5 per cent this year and 2 per cent in 2024. The 11 per cent drop expected between October and December is a seasonally-adjusted measure compared to the third quarter.&nbsp;

However, JPMorgan's analysts caution that the risks remain "skewed to the downside".&nbsp;They cite the difficulty in assessing the war's economic impact due to high uncertainty surrounding the conflict's scale and duration and the absence of up-to-date data.&nbsp;

Previous conflicts involving Israel, such as the 2014 battle with Hamas and a 2006 war with Hezbollah, had limited impact on the country's economy.&nbsp;

The current war, according to JPMorgan, has inflicted more damage to domestic security and confidence, resulting in an economic toll.&nbsp;

One significant indicator of the conflict's intensity is the high death toll on both sides.&nbsp;

Hamas's incursion this month, which the United States and others designate as a terrorist organization, reportedly led to approximately 1,400 Israeli casualties, as stated by the Israeli government. In retaliation, Israel's strikes on Gaza have caused the deaths of thousands of Palestinians, according to authorities in the territory.&nbsp;

Prime Minister Netanyahu's government has called up over 350,000 reservists, the largest mobilization in Israel's history, equating to more than 5 per cent of the country's labour force.&nbsp;

Against this backdrop, Israel's central bank maintained its main interest rate at 4.75 per cent on October 23. This decision was aimed at stabilizing the shekel, which saw its longest losing streak since 1984.&nbsp;

(With inputs from Bloomberg)&nbsp;

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JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year, Bloomberg reported on Sunday. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted.

JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year, Bloomberg reported on Sunday. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. Bloomberg quoted analyst Nicolaie Alexandru-Chidesciuc as stating that their earlier economic projections were "too optimistic." This stark assessment comes as Israel embarks on a ground invasion of Gaza, ruled by Hamas, while Prime Minister Benjamin Netanyahu warns of a "long and difficult" campaign. JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted by divesting Israeli assets, with the Tel Aviv main stock index down 11 per cent in local currency terms since the conflict's outbreak, while the shekel has seen its weakest performance since 2012. Despite these grim figures, JPMorgan maintains a broader perspective, with Israel's gross domestic product anticipated to grow by 2.5 per cent this year and 2 per cent in 2024. The 11 per cent drop expected between October and December is a seasonally-adjusted measure compared to the third quarter. However, JPMorgan's analysts caution that the risks remain "skewed to the downside". They cite the difficulty in assessing the war's economic impact due to high uncertainty surrounding the conflict's scale and duration and the absence of up-to-date data. Previous conflicts involving Israel, such as the 2014 battle with Hamas and a 2006 war with Hezbollah, had limited impact on the country's economy. The current war, according to JPMorgan, has inflicted more damage to domestic security and confidence, resulting in an economic toll. One significant indicator of the conflict's intensity is the high death toll on both sides. Hamas's incursion this month, which the United States and others designate as a terrorist organization, reportedly led to approximately 1,400 Israeli casualties, as stated by the Israeli government. In retaliation, Israel's strikes on Gaza have caused the deaths of thousands of Palestinians, according to authorities in the territory. Prime Minister Netanyahu's government has called up over 350,000 reservists, the largest mobilization in Israel's history, equating to more than 5 per cent of the country's labour force. Against this backdrop, Israel's central bank maintained its main interest rate at 4.75 per cent on October 23. This decision was aimed at stabilizing the shekel, which saw its longest losing streak since 1984. (With inputs from Bloomberg) WATCH WION LIVE HERE

Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan 