The united Auto workers' strike against general motors has now expanded to include the Spring Hill, Tennessee, engine plant, raising concerns about the production of gm's large pickups and mounting financial pressures.

Stellantis-workers’ deal sealed; GM alone without contract | World Business Watch

China's aviation industry is reaching new heights as the country's aviation regulator announces an impressive plan to boost domestic flights by 34% above pre-pandemic levels.

China's aviation regulator unveils bold plan to reignite travel

The United Auto Workers (UAW) union on Saturday (October 28) reached a tentative labour deal with Chrysler-owner Stellantis, while the union expanded its strike against General Motors to include its Spring Hill, Tennessee, engine plant.

The expansion of the seven-week strike leaves GM the only Detroit automaker without a contract deal. Chrysler-owner Stellantis reached an agreement with the UAW on Saturday and Ford on Wednesday (October 25).

Also read |&nbsp;<a href="https://www.wionews.com/trending/seaworld-san-diego-witnesses-once-in-a-decade-emperor-penguin-hatching-652917">SeaWorld San Diego witnesses 'once in a decade' emperor penguin hatching</a>

The deals won workers a record 25 per cent jump in wages over the 4-1/2-year contract and allow the companies to restart their profitable truck assembly lines.

The deal with Stellantis follows a template set by UAW and Ford. The deal&nbsp;will amount to total pay hikes of more than 33 per cent when compounding and cost-of-living are factored in. The contracts will start with an initial increase of 11 per cent.

"We look forward to welcoming our 43,000 employees back to work and resuming operations," Stellantis said on Saturday.

The Ford and Stellantis agreements will have to be ratified by all workers.

Also read |&nbsp;<a href="https://www.wionews.com/world/mio-dio-hornet-attacks-are-ruining-italian-parties-and-the-issue-is-serious-652933">Mio Dio! Hornet attacks are ruining Italian parties and the issue is serious</a>

The deal includes an agreement to reopen Stellantis' assembly plant in Belvidere, Illinois, which will now build midsized trucks, UAW President, Shawn Fain said in a video on social media. The trucks could compete against Ford's Ranger and GM's Chevrolet Colorado and GMC Canyon models.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
We have a tentative agreement at Stellantis. <a href="https://twitter.com/hashtag/StandUpUAW?src=hash&amp;ref_src=twsrc%5Etfw">#StandUpUAW</a> <a href="https://t.co/NsVL6w77WN">pic.twitter.com/NsVL6w77WN</a>
— UAW (@UAW) <a href="https://twitter.com/UAW/status/1718394875253514341?ref_src=twsrc%5Etfw">October 28, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The factory was previously shuttered and became a rallying point for the union's bargaining campaign. Stellantis also agreed to build a battery plant next to the Belvidere plant, UAW said.

Stellantis will also keep open two facilities that were under threat of closure — an engine manufacturing complex in Trenton, Michigan, and a machining operation in Toledo, Ohio, Boyer said.

The United Auto Workers (UAW) union on Saturday (October 28) reached a tentative labour deal with Chrysler-owner Stellantis, while the union expanded its strike against General Motors to include its Spring Hill, Tennessee, engine plant.

The United Auto Workers (UAW) union on Saturday (October 28) reached a tentative labour deal with Chrysler-owner Stellantis, while the union expanded its strike against General Motors to include its Spring Hill, Tennessee, engine plant. The expansion of the seven-week strike leaves GM the only Detroit automaker without a contract deal. Chrysler-owner Stellantis reached an agreement with the UAW on Saturday and Ford on Wednesday (October 25). Also read | SeaWorld San Diego witnesses 'once in a decade' emperor penguin hatching The deals won workers a record 25 per cent jump in wages over the 4-1/2-year contract and allow the companies to restart their profitable truck assembly lines. The deal with Stellantis follows a template set by UAW and Ford. The deal will amount to total pay hikes of more than 33 per cent when compounding and cost-of-living are factored in. The contracts will start with an initial increase of 11 per cent. "We look forward to welcoming our 43,000 employees back to work and resuming operations," Stellantis said on Saturday. The Ford and Stellantis agreements will have to be ratified by all workers. Also read | Mio Dio! Hornet attacks are ruining Italian parties and the issue is serious The deal includes an agreement to reopen Stellantis' assembly plant in Belvidere, Illinois, which will now build midsized trucks, UAW President, Shawn Fain said in a video on social media. The trucks could compete against Ford's Ranger and GM's Chevrolet Colorado and GMC Canyon models. We have a tentative agreement at Stellantis. #StandUpUAW pic.twitter.com/NsVL6w77WN — UAW (@UAW) October 28, 2023 × The factory was previously shuttered and became a rallying point for the union's bargaining campaign. Stellantis also agreed to build a battery plant next to the Belvidere plant, UAW said. Stellantis will also keep open two facilities that were under threat of closure — an engine manufacturing complex in Trenton, Michigan, and a machining operation in Toledo, Ohio, Boyer said.

UAW, Stellantis reach tentative deal to end strike

Egypt on Sunday announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war.&nbsp;

According to a Bloomberg report,&nbsp;the country's cabinet revealed that gas imports had ceased, leading to an increase in power cuts across Egypt. &nbsp;

The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincided with a surge in electricity demand due to warmer-than-usual temperatures.

This suspension appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip.&nbsp;

The Tamar gas field is operated by Chevron Corp., which was ordered by Israeli authorities to cease its operations. Chevron also oversees another significant gas field that has increased production. While the company did not offer immediate comments on the situation, Bloomberg said that they had continued to honour some of their contracts with Egypt. &nbsp;

Egypt imports gas from Israel and subsequently exports some of it to Europe in the form of liquefied natural gas (LNG). According to Bloomberg, Italian energy giant Eni was expecting Egypt to resume gas exports as domestic demand decreases.&nbsp;

Egypt has been struggling with power cuts since the middle of the year. Officials have attributed these power outages to unseasonably high temperatures and cost-saving measures, all against the backdrop of Egypt's most severe foreign currency crisis in decades. &nbsp;

The government also cited a decrease in electricity generated from renewable energy sources as a contributing factor to the cuts. These power interruptions, which had been relatively limited to around one hour per day, have added to the growing list of grievances among Egyptians already grappling with record inflation linked to multiple currency devaluations since early 2022. &nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Egypt on Sunday announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war. According to a Bloomberg report, the country's cabinet revealed that gas imports had ceased, leading to an increase in power cuts across Egypt.

Egypt on Sunday announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war. According to a Bloomberg report, the country's cabinet revealed that gas imports had ceased, leading to an increase in power cuts across Egypt. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincided with a surge in electricity demand due to warmer-than-usual temperatures. This suspension appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip. The Tamar gas field is operated by Chevron Corp., which was ordered by Israeli authorities to cease its operations. Chevron also oversees another significant gas field that has increased production. While the company did not offer immediate comments on the situation, Bloomberg said that they had continued to honour some of their contracts with Egypt. Egypt imports gas from Israel and subsequently exports some of it to Europe in the form of liquefied natural gas (LNG). According to Bloomberg, Italian energy giant Eni was expecting Egypt to resume gas exports as domestic demand decreases. Egypt has been struggling with power cuts since the middle of the year. Officials have attributed these power outages to unseasonably high temperatures and cost-saving measures, all against the backdrop of Egypt's most severe foreign currency crisis in decades. The government also cited a decrease in electricity generated from renewable energy sources as a contributing factor to the cuts. These power interruptions, which had been relatively limited to around one hour per day, have added to the growing list of grievances among Egyptians already grappling with record inflation linked to multiple currency devaluations since early 2022. (With inputs from Bloomberg) WATCH WION LIVE HERE

Egypt's natural gas imports suspended amid Gaza conflict 

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Australia halts trade negotiations with EU

Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues.

<a href="https://www.wionews.com/business-economy/australia-halts-trade-negotiations-with-eu-heres-why-652846">Read more here</a>

Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan&nbsp;

The ongoing war is bad news for the Israeli economy. JPMorgan Chase &amp; Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. &nbsp;JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel.&nbsp;

<a href="https://www.wionews.com/business-economy/israels-economy-may-contract-by-11-pc-amid-escalating-conflict-jpmorgan-652893">Read more here</a>

G-7 trade chiefs condemn weaponisation of economic dependencies: Report &nbsp;

In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

<a href="https://www.wionews.com/business-economy/g-7-trade-chiefs-condemn-weaponisation-of-economic-dependencies-report-652899">Read more here</a>

Egypt's natural gas imports suspended amid Gaza conflict&nbsp;

Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip.&nbsp;

<a href="https://www.wionews.com/business-economy/egypt-suspends-natural-gas-imports-amid-gaza-conflict-652912">Read more here</a>

G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion'&nbsp;

The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. &nbsp;

<a href="https://www.wionews.com/business-economy/g7-urges-repeal-of-bans-on-japanese-food-products-china-denounces-economic-coercion-652964">Read more here</a>

UAW-Ford tentative deal marks significant gains for union members: Report&nbsp;

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. &nbsp;

<a href="ttps://www.wionews.com/business-economy/uaw-ford-tentative-deal-marks-significant-gains-for-union-members-report-652990">Read more here</a>

Evergrande gets a reprieve from court hearing as it seeks revised debt plan&nbsp;

In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-gets-a-reprieve-from-court-hearing-as-it-seeks-revised-debt-plan-653034">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues. Read more here Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan The ongoing war is bad news for the Israeli economy. JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel. Read more here G-7 trade chiefs condemn weaponisation of economic dependencies: Report In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. Read more here Egypt's natural gas imports suspended amid Gaza conflict Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip. Read more here G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion' The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. Read more here UAW-Ford tentative deal marks significant gains for union members: Report The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. Read more here Evergrande gets a reprieve from court hearing as it seeks revised debt plan In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation. Read more here

WION Business Wrap | The big global business stories summarised

The Group of Seven (G7) industrial powers have&nbsp;called for an "immediate repeal" of restrictions on Japanese food product imports.&nbsp;The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. &nbsp;

During a weekend meeting in Osaka, the G7 trade ministers issued a statement expressing their disapproval of actions that exploit economic dependencies and committed to fostering "free, fair, and mutually beneficial economic and trade relationships." The statement, which does not specifically mention China, underscores growing concerns throughout the world about what the G7 views as increased economic coercion through trade.

China had previously imposed a comprehensive ban on Japanese fish imports two months ago when Japan commenced the release of treated radioactive water from the damaged Fukushima facility into the Pacific Ocean. Both Japan and the United States have criticised these restrictions as unfair, and Russia similarly imposed a comparable ban earlier this month. &nbsp;

In response, China has characterised the G7's actions as "economic coercion" and urged the group not to adhere to double standards but to take practical measures to preserve normal international trade and investment patterns. The Chinese embassy in Japan expressed concerns that G7 members' actions disrupt global production and supply chains' security and stability.&nbsp;

Other economic concerns&nbsp;

The G7, composed of the United States, Japan, Germany, Britain, France, Italy, and Canada, also voiced concerns about recent measures to control the export of critical minerals. China, the world's leading graphite producer, announced export restrictions on this crucial material, which is extensively used in electric vehicle batteries. This move was seen as an attempt to bolster control over the supply of critical minerals, as China faces challenges to its global manufacturing dominance.&nbsp;

The G7 trade ministers emphasised the necessity to reduce dependence on any single country for critical resources and underscored the importance of building dependable supply chains for critical minerals, semiconductors, and batteries.&nbsp;

The ministers also reaffirmed their worries about various non-market policies, including what they characterised as "pervasive, opaque, and trade-distortive industrial subsidies" and the forced transfer of technology. While there was no mention of the West Asia crisis during the trade ministers' meeting, the group did express their commitment to raising awareness about the challenges associated with moving humanitarian goods across international borders during natural disasters and emergencies.&nbsp;&nbsp;

Recent events in West Asia have raised concerns and calls for a ceasefire to facilitate aid delivery to Palestinian civilians in Gaza. Western nations have generally supported Israel's right to self-defence but are increasingly concerned about the impact of the conflict and the need for humanitarian aid.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Group of Seven (G7) industrial powers have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant.

The Group of Seven (G7) industrial powers have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. During a weekend meeting in Osaka, the G7 trade ministers issued a statement expressing their disapproval of actions that exploit economic dependencies and committed to fostering "free, fair, and mutually beneficial economic and trade relationships." The statement, which does not specifically mention China, underscores growing concerns throughout the world about what the G7 views as increased economic coercion through trade. China had previously imposed a comprehensive ban on Japanese fish imports two months ago when Japan commenced the release of treated radioactive water from the damaged Fukushima facility into the Pacific Ocean. Both Japan and the United States have criticised these restrictions as unfair, and Russia similarly imposed a comparable ban earlier this month. In response, China has characterised the G7's actions as "economic coercion" and urged the group not to adhere to double standards but to take practical measures to preserve normal international trade and investment patterns. The Chinese embassy in Japan expressed concerns that G7 members' actions disrupt global production and supply chains' security and stability. Other economic concerns The G7, composed of the United States, Japan, Germany, Britain, France, Italy, and Canada, also voiced concerns about recent measures to control the export of critical minerals. China, the world's leading graphite producer, announced export restrictions on this crucial material, which is extensively used in electric vehicle batteries. This move was seen as an attempt to bolster control over the supply of critical minerals, as China faces challenges to its global manufacturing dominance. The G7 trade ministers emphasised the necessity to reduce dependence on any single country for critical resources and underscored the importance of building dependable supply chains for critical minerals, semiconductors, and batteries. The ministers also reaffirmed their worries about various non-market policies, including what they characterised as "pervasive, opaque, and trade-distortive industrial subsidies" and the forced transfer of technology. While there was no mention of the West Asia crisis during the trade ministers' meeting, the group did express their commitment to raising awareness about the challenges associated with moving humanitarian goods across international borders during natural disasters and emergencies. Recent events in West Asia have raised concerns and calls for a ceasefire to facilitate aid delivery to Palestinian civilians in Gaza. Western nations have generally supported Israel's right to self-defence but are increasingly concerned about the impact of the conflict and the need for humanitarian aid. (With inputs from Reuters) WATCH WION LIVE HERE

G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion' 

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford that brings substantial benefits to its members. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. &nbsp;

This achievement signifies a pivotal moment in the union's ongoing effort to reverse 15 years of concessions. In the midst of these developments, talks at General Motors (GM) have continued without reaching a resolution. According to Reuters, UAW President Shawn Fain recently called for a walkout at GM's Spring Hill, Tennessee facility, with discussions ongoing between Fain and GM CEO Mary Barra.&nbsp;

The UAW-Ford agreement offers substantial benefits to union members, with the inclusion of $8.1 billion in manufacturing investments and the potential for workers to earn up to $70,000 in additional compensation over the contract's 4.5-year duration. The contract eliminates cost-saving provisions that paid workers at component plants less than those at vehicle assembly lines. Furthermore, it addresses concerns related to lower-wage tier plants, an issue that UAW President Shawn Fain had consistently emphasised during the bargaining process. &nbsp;

This move also looks to increase the pay for temporary workers to more than double, while permanent workers may witness their top wage rates rise by over 30 per cent to reach $42.60 per hour by 2028, inclusive of estimated cost-of-living allowances.&nbsp;

In exchange for these gains for its workforce, Ford is granted the flexibility to extend an unlimited number of $50,000 buyout offers to older employees who are currently earning the top wage rate. They can be replaced by younger hires who will earn less than the top wage for a period of three years. &nbsp;

Previously, it took new workers eight years to reach the top wage. This provision offers Ford an opportunity to optimize its workforce by bringing in younger talent at a more competitive wage, aligning with industry dynamics and cost considerations.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford that brings substantial benefits to its members. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees.

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford that brings substantial benefits to its members. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. This achievement signifies a pivotal moment in the union's ongoing effort to reverse 15 years of concessions. In the midst of these developments, talks at General Motors (GM) have continued without reaching a resolution. According to Reuters, UAW President Shawn Fain recently called for a walkout at GM's Spring Hill, Tennessee facility, with discussions ongoing between Fain and GM CEO Mary Barra. The UAW-Ford agreement offers substantial benefits to union members, with the inclusion of $8.1 billion in manufacturing investments and the potential for workers to earn up to $70,000 in additional compensation over the contract's 4.5-year duration. The contract eliminates cost-saving provisions that paid workers at component plants less than those at vehicle assembly lines. Furthermore, it addresses concerns related to lower-wage tier plants, an issue that UAW President Shawn Fain had consistently emphasised during the bargaining process. This move also looks to increase the pay for temporary workers to more than double, while permanent workers may witness their top wage rates rise by over 30 per cent to reach $42.60 per hour by 2028, inclusive of estimated cost-of-living allowances. In exchange for these gains for its workforce, Ford is granted the flexibility to extend an unlimited number of $50,000 buyout offers to older employees who are currently earning the top wage rate. They can be replaced by younger hires who will earn less than the top wage for a period of three years. Previously, it took new workers eight years to reach the top wage. This provision offers Ford an opportunity to optimize its workforce by bringing in younger talent at a more competitive wage, aligning with industry dynamics and cost considerations. (With inputs from Reuters) WATCH WION LIVE HERE

UAW-Ford tentative deal marks significant gains for union members: Report 

In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. Facing the future threat of liquidation, the company has announced a revised debt restructuring plan. &nbsp;

The court adjourned the hearing to December 4, the date is now a critical deadline for Evergrande to present an actionable restructuring proposal. Failure to do so could prompt the court to proceed with liquidation. Justice Linda Chan spoke of the requirement for a "concrete" plan, emphasising the potential for the company to face winding up should such a proposal not materialise by the specified date.&nbsp;

Evergrande's dilemma curbs from debt that exceeds $300 billion, leading to its default on offshore debt in late 2021, setting off a ripple effect within China's property sector. The situation worsened when the company's founder, Hui Ka Yan, faced a criminal investigation last month, interfering with a $23 billion offshore debt restructuring plan. &nbsp;

As a result of the inquiry into its flagship property unit, mainland regulators banned Evergrande from issuing new dollar bonds to stabilise its financial standing.&nbsp;

Sources reveal that Evergrande had started discussions with certain bondholders regarding a fresh restructuring proposal over the past fortnight. The revised plan supposedly results in enabling bondholders to convert their bonds into equity and bonds tied to two of its listed subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Notably, this new proposition no longer includes issuing new notes by China Evergrande.&nbsp;

However, the company's challenges are reflected in its stock performance, with shares plunging by 9.8 per cent on Monday. The vision of a liquidation process reveals Evergrande, which, despite its vast asset base of $240 billion as of June, could impact global markets if it emerges. Neil McDonald, representative of a major bondholder group, conveyed the urgency spoken by the court for a viable restructuring plan that aligns with creditors' interests.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors.

In a significant development, China Evergrande Group, one of the world's largest real estate developers, has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. Facing the future threat of liquidation, the company has announced a revised debt restructuring plan. The court adjourned the hearing to December 4, the date is now a critical deadline for Evergrande to present an actionable restructuring proposal. Failure to do so could prompt the court to proceed with liquidation. Justice Linda Chan spoke of the requirement for a "concrete" plan, emphasising the potential for the company to face winding up should such a proposal not materialise by the specified date. Evergrande's dilemma curbs from debt that exceeds $300 billion, leading to its default on offshore debt in late 2021, setting off a ripple effect within China's property sector. The situation worsened when the company's founder, Hui Ka Yan, faced a criminal investigation last month, interfering with a $23 billion offshore debt restructuring plan. As a result of the inquiry into its flagship property unit, mainland regulators banned Evergrande from issuing new dollar bonds to stabilise its financial standing. Sources reveal that Evergrande had started discussions with certain bondholders regarding a fresh restructuring proposal over the past fortnight. The revised plan supposedly results in enabling bondholders to convert their bonds into equity and bonds tied to two of its listed subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Notably, this new proposition no longer includes issuing new notes by China Evergrande. However, the company's challenges are reflected in its stock performance, with shares plunging by 9.8 per cent on Monday. The vision of a liquidation process reveals Evergrande, which, despite its vast asset base of $240 billion as of June, could impact global markets if it emerges. Neil McDonald, representative of a major bondholder group, conveyed the urgency spoken by the court for a viable restructuring plan that aligns with creditors' interests. (With inputs from Reuters) WATCH WION LIVE HERE

Evergrande gets a reprieve from court hearing as it seeks revised debt plan 

Trade ministers from the Group of Seven (G-7)&nbsp;have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.&nbsp;

In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments.&nbsp;

While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target.&nbsp;

China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions.&nbsp;

The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive.&nbsp;

The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade.&nbsp;

The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals.&nbsp;

This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant.&nbsp;

While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. &nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.

Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments. While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target. China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions. The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive. The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade. The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals. This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant. While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. (With inputs from Bloomberg) WATCH WION LIVE HERE

G-7 trade chiefs condemn weaponisation of economic dependencies: Report  

The use of biogas capture from livestock manure is an innovative and sustainable approach that highlights how animal farms, traditionally considered a carbon threat, can actually become a crucial part of achieving global decarbonization goals. This process offers several benefits for farmers and the environment, while also challenging the notion that livestock operations are inherently detrimental to the environment.

Changing the Narrative on Animal Farms

For many years, animal farms have been viewed as contributors to carbon emissions, primarily due to the methane released by livestock. However, the adoption of biogas capture technology flips the script, demonstrating that these farms can be part of the solution to climate change.

Transforming Carbon Threat into Opportunity

Biogas capture technology reframes animal farms as potential contributors to global decarbonization efforts. Instead of being perceived solely as carbon emitters, these farms can actively work to reduce their emissions and generate clean energy.

Leveraging Methane Emissions

Livestock operations are uniquely positioned to capture and repurpose methane emissions, which have been a significant concern. By preventing these emissions from entering the atmosphere, farms can play a role in mitigating their contribution to global warming.

Harnessing Biomethane as a Sustainable Fuel

The upgraded biogas to biomethane serves as a sustainable alternative to fossil fuels. This renewable fuel can power tractors, farm equipment, and facilities, reducing the reliance on carbon-intensive energy sources.

Economic Benefits and Revenue Generation

Biogas capture technology not only benefits the environment but also offers economic advantages to farmers. They can use the produced biomethane for their own operations, potentially reducing energy costs. Additionally, excess biomethane can be sold as fuel or converted to electricity, creating a new revenue stream.

Alignment with Decarbonization Goals

The use of biomethane fuel enables farmers to align with global and national decarbonization policies. It allows them to demonstrate their commitment to environmentally friendly agricultural practices.

Soil Enhancement and Sustainable Agriculture

The solid byproduct, digestate, enriches the soil as an organic soil enhancer, reducing the need for carbon-intensive chemical fertilizers. This supports sustainable farming practices and contributes to improved soil health.

Inclusivity Across Farm Sizes

Biogas capture is a versatile solution that can be implemented on both large and small farms. This inclusivity ensures that farms of various scales can contribute to carbon reduction efforts.

Reducing Environmental Impact

Biogas capture not only addresses methane emissions but also reduces odors and prevents rainwater from entering open-air lagoons, making it a comprehensive solution for mitigating environmental impact.

Global Potential and Positive Environmental Effects

With millions of farms worldwide, biogas capture has the potential to make a significant impact on global carbon emissions. It is a scalable solution that can contribute to positive environmental effects on a global scale.

The collaboration between agricultural machinery firms and biomethane experts showcases how the agriculture sector can transform from being seen as a carbon threat to actively participating in the transition to more sustainable and environmentally responsible practices. This approach aligns with the broader trend of integrating clean energy technologies into various sectors to reduce emissions and accelerate progress toward a more sustainable future.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The use of biogas capture from livestock manure is an innovative and sustainable approach that highlights how animal farms, traditionally considered a carbon threat, can actually become a crucial part of achieving global decarbonization goals.

The use of biogas capture from livestock manure is an innovative and sustainable approach that highlights how animal farms, traditionally considered a carbon threat, can actually become a crucial part of achieving global decarbonization goals. This process offers several benefits for farmers and the environment, while also challenging the notion that livestock operations are inherently detrimental to the environment. Changing the Narrative on Animal Farms For many years, animal farms have been viewed as contributors to carbon emissions, primarily due to the methane released by livestock. However, the adoption of biogas capture technology flips the script, demonstrating that these farms can be part of the solution to climate change. Transforming Carbon Threat into Opportunity Biogas capture technology reframes animal farms as potential contributors to global decarbonization efforts. Instead of being perceived solely as carbon emitters, these farms can actively work to reduce their emissions and generate clean energy. Leveraging Methane Emissions Livestock operations are uniquely positioned to capture and repurpose methane emissions, which have been a significant concern. By preventing these emissions from entering the atmosphere, farms can play a role in mitigating their contribution to global warming. Harnessing Biomethane as a Sustainable Fuel The upgraded biogas to biomethane serves as a sustainable alternative to fossil fuels. This renewable fuel can power tractors, farm equipment, and facilities, reducing the reliance on carbon-intensive energy sources. Economic Benefits and Revenue Generation Biogas capture technology not only benefits the environment but also offers economic advantages to farmers. They can use the produced biomethane for their own operations, potentially reducing energy costs. Additionally, excess biomethane can be sold as fuel or converted to electricity, creating a new revenue stream. Alignment with Decarbonization Goals The use of biomethane fuel enables farmers to align with global and national decarbonization policies. It allows them to demonstrate their commitment to environmentally friendly agricultural practices. Soil Enhancement and Sustainable Agriculture The solid byproduct, digestate, enriches the soil as an organic soil enhancer, reducing the need for carbon-intensive chemical fertilizers. This supports sustainable farming practices and contributes to improved soil health. Inclusivity Across Farm Sizes Biogas capture is a versatile solution that can be implemented on both large and small farms. This inclusivity ensures that farms of various scales can contribute to carbon reduction efforts. Reducing Environmental Impact Biogas capture not only addresses methane emissions but also reduces odors and prevents rainwater from entering open-air lagoons, making it a comprehensive solution for mitigating environmental impact. Global Potential and Positive Environmental Effects With millions of farms worldwide, biogas capture has the potential to make a significant impact on global carbon emissions. It is a scalable solution that can contribute to positive environmental effects on a global scale. The collaboration between agricultural machinery firms and biomethane experts showcases how the agriculture sector can transform from being seen as a carbon threat to actively participating in the transition to more sustainable and environmentally responsible practices. This approach aligns with the broader trend of integrating clean energy technologies into various sectors to reduce emissions and accelerate progress toward a more sustainable future. WATCH WION LIVE HERE

Animal farming: from carbon culprit to climate champions?

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. &nbsp;

Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. "We've not been able to make progress." While expressing hope for future success, Bloomberg quoted him as saying, “Negotiations will continue, and I'm hopeful that one day we will sign a deal that benefits both Australia and our European friends."

The negotiations between Australia and the EU have been ongoing for over five years, with broad consensus achieved in most areas. However, the stumbling block has been related to agricultural issues.

&nbsp;Australia has been pushing for increased access to the European market for products such as beef, mutton, and sugar, while Brussels has been advocating for the elimination of certain geographic locators on products like Prosecco and feta.

The European Commission expressed its regret over the lack of progress, mentioning that the Australian side had reintroduced agricultural offers that did not reflect recent negotiations.&nbsp;

The recent talks in Osaka were considered a last chance for both parties to reach an agreement in the near future. The failure to strike a deal now may result in significant delays, with the possibility of months or even years before an agreement can be reached. Although cautious optimism existed, neither Canberra nor Brussels was entirely convinced that a deal could be struck. &nbsp;

The EU Trade Commissioner Valdis Dombrovskis had previously stated that the deal was "within reach", along with some remaining hurdles to overcome.&nbsp;

For both Australia and the EU, reaching an agreement is of utmost importance.&nbsp;

The centre-left Labour government in Australia is in need of a political win following the failure of a national referendum it supported, which aimed to establish an Indigenous advisory body. The government has faced criticism for not giving enough attention to economic matters, and a free trade deal with Europe could help counter this narrative. &nbsp;

On the other hand, the administration of European Commission President Ursula Von Der Leyen is eager to secure a trade victory after a previous unsuccessful attempt to remove steel and aluminium tariffs imposed by former President Donald Trump's administration in the United States. Additionally, the EU is facing challenges in concluding an agreement with the Mercosur bloc, which includes countries like Brazil, Argentina, Paraguay, and Uruguay.&nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter.

Australia has withdrawn from trade talks with the European Union (EU) on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. "We've not been able to make progress." While expressing hope for future success, Bloomberg quoted him as saying, “Negotiations will continue, and I'm hopeful that one day we will sign a deal that benefits both Australia and our European friends." The negotiations between Australia and the EU have been ongoing for over five years, with broad consensus achieved in most areas. However, the stumbling block has been related to agricultural issues. Australia has been pushing for increased access to the European market for products such as beef, mutton, and sugar, while Brussels has been advocating for the elimination of certain geographic locators on products like Prosecco and feta. The European Commission expressed its regret over the lack of progress, mentioning that the Australian side had reintroduced agricultural offers that did not reflect recent negotiations. The recent talks in Osaka were considered a last chance for both parties to reach an agreement in the near future. The failure to strike a deal now may result in significant delays, with the possibility of months or even years before an agreement can be reached. Although cautious optimism existed, neither Canberra nor Brussels was entirely convinced that a deal could be struck. The EU Trade Commissioner Valdis Dombrovskis had previously stated that the deal was "within reach", along with some remaining hurdles to overcome. For both Australia and the EU, reaching an agreement is of utmost importance. The centre-left Labour government in Australia is in need of a political win following the failure of a national referendum it supported, which aimed to establish an Indigenous advisory body. The government has faced criticism for not giving enough attention to economic matters, and a free trade deal with Europe could help counter this narrative. On the other hand, the administration of European Commission President Ursula Von Der Leyen is eager to secure a trade victory after a previous unsuccessful attempt to remove steel and aluminium tariffs imposed by former President Donald Trump's administration in the United States. Additionally, the EU is facing challenges in concluding an agreement with the Mercosur bloc, which includes countries like Brazil, Argentina, Paraguay, and Uruguay. (With inputs from Bloomberg) WATCH WION LIVE HERE

Australia halts trade negotiations with EU. Here's why 

In a world characterised by constant change and geopolitical unrest, global corporations are facing a tumultuous period as the Israel-Hamas conflict rages on. The conflict, ignited by a sudden attack by Hamas on Israeli towns, has led to the loss of thousands of lives and is leaving an indelible mark on the business landscape. Here's how various sectors are adapting to these challenging circumstances:

Airlines: Swift adaptations in response to conflict

Airlines around the world are making rapid adjustments to their schedules as the Israel-Hamas conflict continues to unfold. Notably, major carriers like United Airlines, Delta Air Lines, and American Airlines have restructured their flight plans in response to the ever-changing situation. Even Israel's own flagship airline, El Al, took the extraordinary step of operating on the Jewish Sabbath to facilitate the return of reservists. These swift reactions underscore the profound challenges airlines face in the region.

Tech Industry: Advertising disruptions and financial impact

The tech industry is experiencing significant disruptions, especially in the realm of advertising. Companies like Snap and Meta have reported pauses in brand-oriented advertising campaigns, leading to notable financial impacts. The unpredictable nature of the conflict has made it difficult to provide accurate guidance for these companies, highlighting the need for flexibility in an unstable landscape. Additionally, Align Technology anticipates supply chain issues, further complicating the situation.

Defence Industry: Meeting surging demand

Defence companies, such as General Dynamics, have found themselves at the forefront of increased demand during this international conflict. General Dynamics, known as the largest U.S. artillery shell producer, has dramatically increased its production to meet the growing demand. Notably, the Israel-Hamas situation is putting upward pressure on this demand, as the conflict escalates.

Pharmaceutical Sector: Commitment to supporting employees

Amid the ongoing crisis, several pharmaceutical corporations, including Aon and West Pharmaceutical, have displayed unwavering commitment to their employees and their families who reside and work in the affected region. Israel's thriving startup and technology ecosystem has left these companies with a unique challenge: how to navigate the new normal, especially as citizens are called to serve in reserve units. Their dedication to supporting their workforce in this tumultuous time highlights the importance of corporate responsibility in a crisis.

Bottomline

The Israel-Hamas conflict continues to present unprecedented challenges to businesses worldwide. From the rapid adjustments of flight schedules to disruptions in the tech industry and increased demand in defence, corporations are looking to steer ahead in the face of complex and ever-changing dynamics. These stories of adaptability also serve as a reminder of the profound influence geopolitical events can have on the global business landscape.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a world characterised by constant change and geopolitical unrest, global corporations are facing a tumultuous period as the Israel-Hamas conflict rages on. The conflict, ignited by a sudden attack by Hamas on Israeli towns, has led to the loss of thousands of lives and is leaving an indelible mark on the business landscape.

In a world characterised by constant change and geopolitical unrest, global corporations are facing a tumultuous period as the Israel-Hamas conflict rages on. The conflict, ignited by a sudden attack by Hamas on Israeli towns, has led to the loss of thousands of lives and is leaving an indelible mark on the business landscape. Here's how various sectors are adapting to these challenging circumstances: Airlines: Swift adaptations in response to conflict Airlines around the world are making rapid adjustments to their schedules as the Israel-Hamas conflict continues to unfold. Notably, major carriers like United Airlines, Delta Air Lines, and American Airlines have restructured their flight plans in response to the ever-changing situation. Even Israel's own flagship airline, El Al, took the extraordinary step of operating on the Jewish Sabbath to facilitate the return of reservists. These swift reactions underscore the profound challenges airlines face in the region. Tech Industry: Advertising disruptions and financial impact The tech industry is experiencing significant disruptions, especially in the realm of advertising. Companies like Snap and Meta have reported pauses in brand-oriented advertising campaigns, leading to notable financial impacts. The unpredictable nature of the conflict has made it difficult to provide accurate guidance for these companies, highlighting the need for flexibility in an unstable landscape. Additionally, Align Technology anticipates supply chain issues, further complicating the situation. Defence Industry: Meeting surging demand Defence companies, such as General Dynamics, have found themselves at the forefront of increased demand during this international conflict. General Dynamics, known as the largest U.S. artillery shell producer, has dramatically increased its production to meet the growing demand. Notably, the Israel-Hamas situation is putting upward pressure on this demand, as the conflict escalates. Pharmaceutical Sector: Commitment to supporting employees Amid the ongoing crisis, several pharmaceutical corporations, including Aon and West Pharmaceutical, have displayed unwavering commitment to their employees and their families who reside and work in the affected region. Israel's thriving startup and technology ecosystem has left these companies with a unique challenge: how to navigate the new normal, especially as citizens are called to serve in reserve units. Their dedication to supporting their workforce in this tumultuous time highlights the importance of corporate responsibility in a crisis. Bottomline The Israel-Hamas conflict continues to present unprecedented challenges to businesses worldwide. From the rapid adjustments of flight schedules to disruptions in the tech industry and increased demand in defence, corporations are looking to steer ahead in the face of complex and ever-changing dynamics. These stories of adaptability also serve as a reminder of the profound influence geopolitical events can have on the global business landscape. WATCH WION LIVE HERE

Earnings in the fog of war: Global companies dance to Israel-Hamas tune

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market.

Companies and their supply chain contribute about 60 per cent to the world's emissions. But companies in all but a few countries have any stated commitment towards net-zero. However, with increasing awareness about the impact of climate change, things are changing - albeit slowly.

At the forefront of this 21st Century revolution are workers possessing 'green skills', which the United Nations defines as technical knowledge and abilities that "enable the effective use of green technologies and processes in professional settings".

In fact, the United Nations has recognised 'green skills' as one of the key elements for achieving the Sustainable Development Goals (SDGs) by 2030.

Manu Saigal, Director, Adecco India says that 'green skills' can contribute to a "just transition" to a low-carbon and circular economy, which can generate decent work and income for millions of people.

However, the 2023 edition of LinkedIn's Global Green Skills report leaves much to be desired. The report states that only one out of every eight worker has one or more 'green skills'.

Saffin Mathew, Program Director at 1M1B (One Million for One Billion), calls 'green skills' a linchpin in climate mitigation efforts. He adds: "By acquiring green skills, individuals can advocate for resource efficiency, economic growth, and environmental stewardship."

'Green skills': A demand-supply mismatch

At least three industries are likely to put a premium on 'green skills': energy production, transportation, and finance.

The first two sectors are among the top carbon emitters, while the finance industry can enable sustainable transformation of our planet, notes the report, which is based on the activity of more than 930 million LinkedIn users worldwide.

The number of people with 'green skills' in the global workforce has risen by an average of 12.3 per cent since 2022. On the other hand, jobs requiring at least one green skill doubled by over 22 per cent in the same period. These numbers are significant given that the global job market has largely remained weak.

But demand for 'green workers' far outstripping supply has been observed for the last few years. Between 2018 and 2023, workers with 'green skills' grew by 5.4 per cent each year. But, jobs needing at least one green skill grew by 9.2 per cent in the same period.

This supply-demand disconnect, the LinkedIn report argues, is likely to rise considerably without significant investments in building an effective 'green' workforce.

The outlook in key sectors

Since 2016, there has been a steady increase in the number of workers with 'green skills' in the oil and gas industry, the biggest subset of energy industry. The figure stands at 21 per cent in 2023, which lower than other resource-intensive sectors like farming and construction.

Since 2018, the share of auto workers with EV skills, subset of 'green skills', has risen by an average 61 per cent. But only 3.5 per cent of automobile workers possess any form of 'green skills'. Interestingly, India, where 5.1 per cent of auto workers have EV skills, has experienced the greatest five-year jump from 2018 to 2023 -- 140 per cent.

Only 6.8 per cent of the finance industry is equipped with 'green skills'. This places finance behind industries ranging from energy and mining to

agriculture and manufacturing. However, the industry is seeing a 14.8 per cent year-over-year rise in its green talentpool.

Moreover, workers in the US and Europe are quickly acquiring skill sets at the intersection of finance and sustainability. Skills like carbon accounting, emissions trading, impact assessment, and sustainability reporting are among the top skils being picked up by finance professionals.

"Increasingly, lenders are offering attractive green rates to organisations that are able to meet sustainability requirements. Green bonds and sustainability-linked loans would help in reaching net-zero by 2050," says Mathew, while stressing on the need for more 'green' finance professionals. &nbsp;

Green skills: The key to renewables sector

If there's one sector where workers with 'green skills' will play a leading role, it is the booming renewables sector. From 2015 to 2023, the 'sunrise' sector attracted 120 new workers for every 100 workers who left.

Data from the International Labour Organisation too highlights the exponential growth being seen in the renewables sector, especially in solar photovoltaic (PV), bioenergy, hydropower and wind power.

The global renewable energy sector employed 13.7 million people directly as well as indirectly last year. A decade ago, this number stood at 7.3 &nbsp;million.

"When hiring and job postings in renewable energy increase, the industry gains the capacity that is needed to produce clean energy," the report says, indicating the pivotal role of 'green skills' plays in the world's energy transition.

The renewable energy, as opposed to fossil fuels, is likely to accelerate the push towards a greener earth. Renewable energy can help meet increased energy demand while limiting the increase in average global temperatures, provided there is a massive infusion of green skills in the sector.

Training for 'green jobs'

Increasing focus on 'green skills' training is the need of the hour. According to Saigal, 'green skills' can be incorporated in a curriculum in various ways and at any age, depending on the subject, level and, context of the education. "Green skills training should be an integral part of the curriculum from preschool to higher education and beyond," she adds.

Sustainability expert Ashwin Kak believes that the 'green skills' are very multi-dimensional, which means that they incorporate skill-sets from across social studies, technical studies and policy-making.

He explains the inter-disciplinary aspect of 'green skills' in the following manner: "Engineers going through a mix of solar and wind energy in their learning setup, or a liberal arts students learning more about the aspects of human rights and land rights that go into the process of putting up large wind farms."

Mathew, Saigal and Kak believe that the private sector as well as the government need to work in tandem to push for a greener economic future. This is likely to be a win-win for both. Developing a 'green' workforce will not only help governments reach their net-zero targets but also accelerate private sector's push towards sustainability.

Talking specifically about India: In 2015, the government in partnership with the private sector launched the Skill Council for Green Jobs, which aims to accredit 60 training organisations, train 1,490 trainers and certify more than a million learners by 2025. &nbsp;

"The government's strength lies in providing a central platform or available infrastructure, while corporates can be in with vital quality content, delivery mechanisms and trainings modules," says Kak.

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market.

With companies around the world increasingly focusing on sustainability and net-zero, 'green skills' are the passport to remain relevant in the 21st Century job market. Companies and their supply chain contribute about 60 per cent to the world's emissions. But companies in all but a few countries have any stated commitment towards net-zero. However, with increasing awareness about the impact of climate change, things are changing - albeit slowly. At the forefront of this 21st Century revolution are workers possessing 'green skills', which the United Nations defines as technical knowledge and abilities that "enable the effective use of green technologies and processes in professional settings". In fact, the United Nations has recognised 'green skills' as one of the key elements for achieving the Sustainable Development Goals (SDGs) by 2030. Manu Saigal, Director, Adecco India says that 'green skills' can contribute to a "just transition" to a low-carbon and circular economy, which can generate decent work and income for millions of people. However, the 2023 edition of LinkedIn's Global Green Skills report leaves much to be desired. The report states that only one out of every eight worker has one or more 'green skills'. Saffin Mathew, Program Director at 1M1B (One Million for One Billion), calls 'green skills' a linchpin in climate mitigation efforts. He adds: "By acquiring green skills, individuals can advocate for resource efficiency, economic growth, and environmental stewardship." 'Green skills': A demand-supply mismatch At least three industries are likely to put a premium on 'green skills': energy production, transportation, and finance. The first two sectors are among the top carbon emitters, while the finance industry can enable sustainable transformation of our planet, notes the report, which is based on the activity of more than 930 million LinkedIn users worldwide. The number of people with 'green skills' in the global workforce has risen by an average of 12.3 per cent since 2022. On the other hand, jobs requiring at least one green skill doubled by over 22 per cent in the same period. These numbers are significant given that the global job market has largely remained weak. But demand for 'green workers' far outstripping supply has been observed for the last few years. Between 2018 and 2023, workers with 'green skills' grew by 5.4 per cent each year. But, jobs needing at least one green skill grew by 9.2 per cent in the same period. This supply-demand disconnect, the LinkedIn report argues, is likely to rise considerably without significant investments in building an effective 'green' workforce. The outlook in key sectors Since 2016, there has been a steady increase in the number of workers with 'green skills' in the oil and gas industry, the biggest subset of energy industry. The figure stands at 21 per cent in 2023, which lower than other resource-intensive sectors like farming and construction. Since 2018, the share of auto workers with EV skills, subset of 'green skills', has risen by an average 61 per cent. But only 3.5 per cent of automobile workers possess any form of 'green skills'. Interestingly, India, where 5.1 per cent of auto workers have EV skills, has experienced the greatest five-year jump from 2018 to 2023 -- 140 per cent. Only 6.8 per cent of the finance industry is equipped with 'green skills'. This places finance behind industries ranging from energy and mining to agriculture and manufacturing. However, the industry is seeing a 14.8 per cent year-over-year rise in its green talentpool. Moreover, workers in the US and Europe are quickly acquiring skill sets at the intersection of finance and sustainability. Skills like carbon accounting, emissions trading, impact assessment, and sustainability reporting are among the top skils being picked up by finance professionals. "Increasingly, lenders are offering attractive green rates to organisations that are able to meet sustainability requirements. Green bonds and sustainability-linked loans would help in reaching net-zero by 2050," says Mathew, while stressing on the need for more 'green' finance professionals. Green skills: The key to renewables sector If there's one sector where workers with 'green skills' will play a leading role, it is the booming renewables sector. From 2015 to 2023, the 'sunrise' sector attracted 120 new workers for every 100 workers who left. Data from the International Labour Organisation too highlights the exponential growth being seen in the renewables sector, especially in solar photovoltaic (PV), bioenergy, hydropower and wind power. The global renewable energy sector employed 13.7 million people directly as well as indirectly last year. A decade ago, this number stood at 7.3 million. "When hiring and job postings in renewable energy increase, the industry gains the capacity that is needed to produce clean energy," the report says, indicating the pivotal role of 'green skills' plays in the world's energy transition. The renewable energy, as opposed to fossil fuels, is likely to accelerate the push towards a greener earth. Renewable energy can help meet increased energy demand while limiting the increase in average global temperatures, provided there is a massive infusion of green skills in the sector. Training for 'green jobs' Increasing focus on 'green skills' training is the need of the hour. According to Saigal, 'green skills' can be incorporated in a curriculum in various ways and at any age, depending on the subject, level and, context of the education. "Green skills training should be an integral part of the curriculum from preschool to higher education and beyond," she adds. Sustainability expert Ashwin Kak believes that the 'green skills' are very multi-dimensional, which means that they incorporate skill-sets from across social studies, technical studies and policy-making. He explains the inter-disciplinary aspect of 'green skills' in the following manner: "Engineers going through a mix of solar and wind energy in their learning setup, or a liberal arts students learning more about the aspects of human rights and land rights that go into the process of putting up large wind farms." Mathew, Saigal and Kak believe that the private sector as well as the government need to work in tandem to push for a greener economic future. This is likely to be a win-win for both. Developing a 'green' workforce will not only help governments reach their net-zero targets but also accelerate private sector's push towards sustainability. Talking specifically about India: In 2015, the government in partnership with the private sector launched the Skill Council for Green Jobs, which aims to accredit 60 training organisations, train 1,490 trainers and certify more than a million learners by 2025. "The government's strength lies in providing a central platform or available infrastructure, while corporates can be in with vital quality content, delivery mechanisms and trainings modules," says Kak.

Decoding the trend: 'Green skills' for the 21st Century workforce

Australia has abandoned negotiations with the European Union (EU) in pursuit of a free trade agreement. While there was general agreement on most points, several outstanding agricultural concerns threatened to destroy the whole accord that the two parties had been working on for more than five years.

Australia walks out of EU trade talks over agriculture disputes

JPMorgan chase predicts that Israel's gross domestic product (GDP) is likely to contract by 11% annually in the current quarter.

JPMorgan's bleak outlook: War's toll on Israel's economy

The government of Egypt said on Sunday that the country's natural gas imports had come to a standstill.

Egypt faces natural gas imports standstill amid Gaza conflict

Contrary to common assumptions, it's often Genxers who exhibit a stronger work commitment compared to millennials.

Genxers' consistent work ethic trumps assumptions

In WION's "Billion Dollar Idea" show, we cover the business featured as one of "Fortune India's Next 500 companies." BLS International is one of the top two companies in the world providing technology-enabled services to governments and citizens. Let's join Jasper Reid, who unravels how Shikhar Aggarwal, the joint managing director of the business, has maintained an unblemished record for being an industry leader in areas including visa, passport, consular, e-governance, attestation, biometric, e-visa, and retail services. Watch Aggarwal speak about how his business offers citizen services to the state and provincial governments.

BLS International | Episode 8 | Billion Dollar Idea

X, formerly known as Twitter, has introduced a new subscription plan called "Premium+" which is priced at $16 per month. This plan offers enhanced benefits for users who are willing to pay more. The Premium+ plan is designed to provide users with an ad-free experience and offers the most significant boost for their replies on the X platform.

This subscription plan is added upon the features provided by the existing Blue subscription plan, which costs $3 per month, and the Premium plan priced at $8 per month, AFP reported.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
introducing Premium+ 
 
– no ads in For You or Following 
– largest boost for your replies (vs other Premium tiers or unverified users) 
– access to our full suite of creator tools 
 
now available on Web ✌️ 
 
subscribe here → <a href="https://t.co/Ywvyijo9CQ">https://t.co/Ywvyijo9CQ</a>
— Premium (@premium) <a href="https://twitter.com/premium/status/1717977644996644948?ref_src=twsrc%5Etfw">October 27, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Also Read |&nbsp;<a href="https://www.wionews.com/science/explained-is-the-lunar-soil-sticky-or-dust-like-what-did-chandrayaan-3-find-652076">Explained: Is the lunar soil sticky or dust-like? What did Chandrayaan-3 find?</a>

Key features of the Premium+ plan include the addition of a blue tick next to user names in profiles, as well as a visible ID verification label.

<h2>Recent changes at X</h2>

Over the past year, X, under the leadership of Elon Musk, has undergone significant changes. Musk acquired Twitter for $44 billion and quickly made controversial decisions, including firing many Twitter executives and reducing its workforce from 8,000 to fewer than 1,500 employees.

Also Read |&nbsp;<a href="https://www.wionews.com/science/russias-equipment-in-space-station-well-past-expiry-date-warns-space-agency-boss-652056">Russia's equipment in Space Station well past expiry date, warns space agency boss</a>

Content moderation was significantly altered as well with previously banned extremists having their accounts reinstated, and users were allowed to purchase account verification, even for posts that were often inaccurate.

Musk defended these changes in the name of free speech, but they raised concerns about the platform's content quality.

To generate revenue from subscriptions, Musk started charging for features that were originally free on Twitter, such as the blue tick marks meant for authentication.

Watch |&nbsp;<a href="https://www.wionews.com/videos/hezbollah-the-powerful-iran-backed-group-on-israels-border-652173">Hezbollah: The powerful Iran-backed group on Israel’s border</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hezbollah-the-powerful-iran-backed-group-on-israels-border-652173/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2>Rebranding as X</h2>

In July, Elon Musk rebranded Twitter as "X" and announced his vision for it to become an "everything app" inspired by China's WeChat.

This transformation was to offer users a platform where they could socialise and also manage their finances.

While X is exploring video and audio calling features, the platform's advertising business has been affected over the past year with marketers becoming less enthusiastic about the social media platform.

(With inputs from agencies)

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

X, formerly known as Twitter, has introduced a new subscription plan called "Premium+" which is priced at $16 per month. This plan offers enhanced benefits for users who are willing to pay more.

X, formerly known as Twitter, has introduced a new subscription plan called "Premium+" which is priced at $16 per month. This plan offers enhanced benefits for users who are willing to pay more. The Premium+ plan is designed to provide users with an ad-free experience and offers the most significant boost for their replies on the X platform. This subscription plan is added upon the features provided by the existing Blue subscription plan, which costs $3 per month, and the Premium plan priced at $8 per month, AFP reported. introducing Premium+ – no ads in For You or Following – largest boost for your replies (vs other Premium tiers or unverified users) – access to our full suite of creator tools now available on Web ✌️ subscribe here → https://t.co/Ywvyijo9CQ — Premium (@premium) October 27, 2023 × Also Read | Explained: Is the lunar soil sticky or dust-like? What did Chandrayaan-3 find? Key features of the Premium+ plan include the addition of a blue tick next to user names in profiles, as well as a visible ID verification label. Recent changes at X Over the past year, X, under the leadership of Elon Musk, has undergone significant changes. Musk acquired Twitter for $44 billion and quickly made controversial decisions, including firing many Twitter executives and reducing its workforce from 8,000 to fewer than 1,500 employees. Also Read | Russia's equipment in Space Station well past expiry date, warns space agency boss Content moderation was significantly altered as well with previously banned extremists having their accounts reinstated, and users were allowed to purchase account verification, even for posts that were often inaccurate. Musk defended these changes in the name of free speech, but they raised concerns about the platform's content quality. To generate revenue from subscriptions, Musk started charging for features that were originally free on Twitter, such as the blue tick marks meant for authentication. Watch | Hezbollah: The powerful Iran-backed group on Israel’s border × Rebranding as X In July, Elon Musk rebranded Twitter as "X" and announced his vision for it to become an "everything app" inspired by China's WeChat. This transformation was to offer users a platform where they could socialise and also manage their finances. While X is exploring video and audio calling features, the platform's advertising business has been affected over the past year with marketers becoming less enthusiastic about the social media platform. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

'Largest reply boost': Know about the new 'Premium+' subscription plan at X

Alphabet’s Google paid $26.3 billion to be the default search engine on mobile phones and web browsers in 2021, according to American media reports. The figure was revealed on Friday (Oct 27) amid the ongoing once-in-a-generation antitrust fight over Google’s dominance of search and some parts of search advertising.

The amount of payments Google made for the default status has more than tripled since 2014, according to senior executive Prabhakar Raghavan, who testified during the United States justice department’s antitrust trial and is responsible for Google's both search and advertising, reported Bloomberg.&nbsp;

<h2>What do we know?</h2>

A report by CNBC citing a slide made public during the federal case provided an insight on how much Google pays its partners, including Apple in a bid to ensure that they are the default search engine on their products.&nbsp;

In 2021, Google made $146.4 billion just from search advertising, but the payments for the default setting were its biggest cost, Raghavan was mentioned as saying in the report by Bloomberg.&nbsp;

It is also speculated that a lion’s share of the $26.3 billion figure – which does not represent Google’s payments to just one company – was likely given to Apple.&nbsp;

CNBC citing a report by Bernstein, said it is estimated Google could pay Apple a whopping $19 billion this year to be the default search engine on Apple devices.&nbsp;

The tech giant has previously argued its revenue share agreements are legal and that it has invested to keep its search and advertising businesses competitive.&nbsp;

According to the report by Bloomberg, Judge Amit Mehta, who is presiding over the case also asked Google to disclose the numbers which the tech giant had previously objected to saying that it would affect their ability to negotiate contracts in the future.&nbsp;

Google has also argued that people can opt for a different search provider if they are dissatisfied with defaults and they do switch.&nbsp;

According to CNBC, the slide shown on Friday titled “Google Search+ Margins,” showed that the division’s 2021 revenue stood at over $146 billion while traffic acquisition costs were more than $26 billion.

The slide reportedly had numbers dating back to 2014 when the tech giant booked revenue of roughly $47 billion for the division and paid around $7.1 billion for the default status.&nbsp;

This indicates that not only did the revenue for Google Search+ tripled but also the portion of traffic acquisition costs increased nearly four times.&nbsp;

<h2>What is the case about?</h2>

The United States government has said that Google illegally paid an estimated $10 billion every year to smartphone makers like Apple and wireless carriers like AT&amp;T and others to be the default search engine on their devices in order to stay on top.&nbsp;

The court is also expected to hear from Google CEO Sundar Pichai on Monday (Oct 30).&nbsp;

(With inputs from agencies) 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Alphabet’s Google paid $26.3 billion to be the default search engine on mobile phones and web browsers in 2021, according to American media reports. The figure was revealed on Friday (Oct 27) amid the ongoing once-in-a-generation antitrust fight over Google’s dominance of search and some parts of search advertising.

Alphabet’s Google paid $26.3 billion to be the default search engine on mobile phones and web browsers in 2021, according to American media reports. The figure was revealed on Friday (Oct 27) amid the ongoing once-in-a-generation antitrust fight over Google’s dominance of search and some parts of search advertising. The amount of payments Google made for the default status has more than tripled since 2014, according to senior executive Prabhakar Raghavan, who testified during the United States justice department’s antitrust trial and is responsible for Google's both search and advertising, reported Bloomberg. What do we know? A report by CNBC citing a slide made public during the federal case provided an insight on how much Google pays its partners, including Apple in a bid to ensure that they are the default search engine on their products. In 2021, Google made $146.4 billion just from search advertising, but the payments for the default setting were its biggest cost, Raghavan was mentioned as saying in the report by Bloomberg. It is also speculated that a lion’s share of the $26.3 billion figure – which does not represent Google’s payments to just one company – was likely given to Apple. CNBC citing a report by Bernstein, said it is estimated Google could pay Apple a whopping $19 billion this year to be the default search engine on Apple devices. The tech giant has previously argued its revenue share agreements are legal and that it has invested to keep its search and advertising businesses competitive. According to the report by Bloomberg, Judge Amit Mehta, who is presiding over the case also asked Google to disclose the numbers which the tech giant had previously objected to saying that it would affect their ability to negotiate contracts in the future. Google has also argued that people can opt for a different search provider if they are dissatisfied with defaults and they do switch. According to CNBC, the slide shown on Friday titled “Google Search+ Margins,” showed that the division’s 2021 revenue stood at over $146 billion while traffic acquisition costs were more than $26 billion. The slide reportedly had numbers dating back to 2014 when the tech giant booked revenue of roughly $47 billion for the division and paid around $7.1 billion for the default status. This indicates that not only did the revenue for Google Search+ tripled but also the portion of traffic acquisition costs increased nearly four times. What is the case about? The United States government has said that Google illegally paid an estimated $10 billion every year to smartphone makers like Apple and wireless carriers like AT&T and others to be the default search engine on their devices in order to stay on top. The court is also expected to hear from Google CEO Sundar Pichai on Monday (Oct 30). (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Google allegedly paid $26 billion to be default search engine on browsers, phones in 2021: Reports

The corporate gifting industry, once a hallmark of traditional sweets and hampers, has undergone a profound transformation in recent years. As remote work became the new norm in india and across the globe, so did the need for new ways to connect and express gratitude. Pre-pandemic, the global gifting industry stood at $125 billion, but in 2022, it soared to $242 billion.

Decoding the corporate gifting industry

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession.

The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand.&nbsp;&nbsp;

Investment in residential sector staged a remarkable rebound after nine consecutive quarters of contraction. While government spending increased during this period, business investment saw a dip for the first time in two years. This reduction was attributed to a decline in spending on equipment, including computers.&nbsp;

Moreover, there was a considerable decrease in underlying inflation last quarter, fostering expectations that the economy is poised for a "soft-landing."&nbsp;

Wage growth, while slightly decelerating, continued to outpace inflation, resulting in increased purchasing power for households. However, the rise in personal taxes partially offset these wage gains, causing disposable income for households to decline by 1.0 per cent. Consequently, consumers had to dip into their savings, leading to a drop in the savings rate from 5.2 per cent in the second quarter to 3.8 per cent. &nbsp;

Despite the current economic strength, potential challenges lurk on the horizon. The resumption of student loan repayments, the lagged effects of recent interest rate hikes, and the United Auto Workers strikes could potentially cast a shadow over growth prospects in the fourth quarter.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession. The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand.

In a sign of resilience, the U.S. economy grew by nearly 5 per cent in the July-September quarter, defying earlier warnings of a looming recession. The fastest growth pace in almost two years was underpinned by a combination of factors, including higher wages, steady consumer spending, and businesses restocking inventory to meet soaring demand. Investment in residential sector staged a remarkable rebound after nine consecutive quarters of contraction. While government spending increased during this period, business investment saw a dip for the first time in two years. This reduction was attributed to a decline in spending on equipment, including computers. Moreover, there was a considerable decrease in underlying inflation last quarter, fostering expectations that the economy is poised for a "soft-landing." Wage growth, while slightly decelerating, continued to outpace inflation, resulting in increased purchasing power for households. However, the rise in personal taxes partially offset these wage gains, causing disposable income for households to decline by 1.0 per cent. Consequently, consumers had to dip into their savings, leading to a drop in the savings rate from 5.2 per cent in the second quarter to 3.8 per cent. Despite the current economic strength, potential challenges lurk on the horizon. The resumption of student loan repayments, the lagged effects of recent interest rate hikes, and the United Auto Workers strikes could potentially cast a shadow over growth prospects in the fourth quarter. (With inputs from Reuters) WATCH WION LIVE HERE

US economy delivers strong Q3 growth despite looming challenges: Report  

Behind the gift wrap: The business of corporate gifting

Mercedes-Benz, one of the leading luxury car manufacturers, is feeling the heat in the electric vehicle market. The company has reported a challenging third quarter, as heavy price cuts and supply chain issues put pressure on their earnings.

Mercedes-Benz's EV market struggles

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment. &nbsp;

According to a Reuters report, the NSE (National Stock Exchange) Nifty 50 index settled 1.39 per cent lower at 18,857.25, marking its first close below the 19,000 mark since June 28. The S&amp;P BSE (Bombay Stock Exchange) Sensex experienced a 1.41 per cent drop, concluding at 63,148.15. Over the past six sessions, these benchmarks have collectively lost nearly 5 per cent of their value, driving the Nifty into oversold territory for the first time in 16 months.&nbsp;

Only four of the Nifty 50 stocks managed to advance. The entire spectrum of 13 major sectoral indexes recorded losses, with high-weightage sectors like banks and IT shedding 1.29 per cent and 1 per cent respectively. A significant portion of the IT sector's decline was attributed to Tech Mahindra, which experienced a substantial 2.34 per cent fall following its largest profit decline in over 16 years. Adani Enterprises also lost 2.38 per cent amid reports that India's accounting regulator had initiated an investigation into one of the Adani group's auditors.&nbsp;

The small-cap and mid-cap segments, which had been outperforming their larger counterparts in recent times, were not immune to the market turmoil. These segments experienced losses of 0.34 per cent and 1.16 per cent respectively. The regional impact was evident, with the MSCI Asia ex-Japan index shedding 1.25 per cent. India's volatility index rose by 3.69 per cent to reach 11.73 at the close, marking its highest level in over three weeks.&nbsp;

Avinash Gorakshakar, the Head of Research at Profitmart Securities, told Reuters, "Domestic equities have been under pressure over the past two weeks because of worries that if the (West Asia) conflict continued for a long time, it would have adverse repercussions for the global economy and markets." He further added that "elevated U.S. treasury yields could trigger an extended period of foreign outflows."&nbsp;

The downward trajectory extended to individual stock performances. Asian Paints and McDonald's franchisee Westlife Foodworld dropped by 3.28 per cent and 1.81 per cent respectively after failing to meet profit estimates for the second quarter. However, private lender Axis Bank managed to gain 1.74 per cent following a positive outcome in the September quarter, driven by strong loan growth.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment.

India's prominent blue-chip stocks faced a decline for the sixth consecutive session, as escalating selling pressure, coupled with heightened U.S. Treasury yields and apprehensions regarding the Middle East conflict, weighed on market sentiment. According to a Reuters report, the NSE (National Stock Exchange) Nifty 50 index settled 1.39 per cent lower at 18,857.25, marking its first close below the 19,000 mark since June 28. The S&P BSE (Bombay Stock Exchange) Sensex experienced a 1.41 per cent drop, concluding at 63,148.15. Over the past six sessions, these benchmarks have collectively lost nearly 5 per cent of their value, driving the Nifty into oversold territory for the first time in 16 months. Only four of the Nifty 50 stocks managed to advance. The entire spectrum of 13 major sectoral indexes recorded losses, with high-weightage sectors like banks and IT shedding 1.29 per cent and 1 per cent respectively. A significant portion of the IT sector's decline was attributed to Tech Mahindra, which experienced a substantial 2.34 per cent fall following its largest profit decline in over 16 years. Adani Enterprises also lost 2.38 per cent amid reports that India's accounting regulator had initiated an investigation into one of the Adani group's auditors. The small-cap and mid-cap segments, which had been outperforming their larger counterparts in recent times, were not immune to the market turmoil. These segments experienced losses of 0.34 per cent and 1.16 per cent respectively. The regional impact was evident, with the MSCI Asia ex-Japan index shedding 1.25 per cent. India's volatility index rose by 3.69 per cent to reach 11.73 at the close, marking its highest level in over three weeks. Avinash Gorakshakar, the Head of Research at Profitmart Securities, told Reuters, "Domestic equities have been under pressure over the past two weeks because of worries that if the (West Asia) conflict continued for a long time, it would have adverse repercussions for the global economy and markets." He further added that "elevated U.S. treasury yields could trigger an extended period of foreign outflows." The downward trajectory extended to individual stock performances. Asian Paints and McDonald's franchisee Westlife Foodworld dropped by 3.28 per cent and 1.81 per cent respectively after failing to meet profit estimates for the second quarter. However, private lender Axis Bank managed to gain 1.74 per cent following a positive outcome in the September quarter, driven by strong loan growth. (With inputs from Reuters) WATCH WION LIVE HERE

India's blue-chip stocks slide to near four-month lows amid global economic concerns 

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times. All three companies exceeded quarterly revenue expectations, showcasing robust performance in their advertising businesses.&nbsp;

"AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," Reuters quoted Philipp Schindler, Chief Business Officer at Google as saying. Google, a subsidiary of Alphabet, has been actively investing in AI, notably with tools like Performance Max, which employs artificial intelligence to determine how marketing budgets should be distributed across Google's advertising network. &nbsp;

Schindler also highlighted the strength of the retail sector during the July-September period, emphasising the company's preparations for a prolonged holiday season to offer consumers attractive deals cantered on price and convenience. Alphabet reported a remarkable 9.5 per cent increase in ad revenue for the third quarter, surpassing Wall Street estimates, with a 12 per cent growth in its YouTube ads business.&nbsp;

Meta, the parent company of Facebook and Instagram, reported a substantial 31 per cent increase in ad views compared to the previous year. To capitalise on this momentum, Meta has announced plans to make substantial investments in AI in the coming year. Despite a 6 per cent decrease in the average price per ad, this decline's pace was the slowest in seven quarters.&nbsp;

Meta's efforts in AI-powered marketing planning and ad measurement features have been vital in fuelling its growth, particularly in response to privacy changes led by Apple, which constrained the use of personal data for ad targeting. The company is now introducing AI tools to generate various ad campaign variations swiftly, setting it apart from smaller competitors like Snap.&nbsp;

Snap, the company behind Snapchat, has seen significant returns on its investment in ad-targeting tools with technology. Their average revenue per user increased during the third quarter, indicating the success of their ad strategies.&nbsp;

These results reaffirm the ongoing rebound of the advertising market, particularly driven by retail companies' ad spending. Industry analysts believe that Google and Meta stand as the primary beneficiaries of this resurgence.&nbsp;

"We expect the larger platforms like Meta and Google to lead the wallet share growth at least initially in this ad spend recovery," Reuters quoted analysts at Evercore ISI. The widespread reach of these tech giants attracts a steady stream of advertisers, making them more resilient to geopolitical uncertainty and economic volatility.&nbsp;

However, Meta's Chief Financial Officer, Susan Li, noted that the company had detected some "softness" in ad spending at the beginning of the fourth quarter, possibly linked to the Israel-Gaza conflict.&nbsp;

Despite this, recent forecasts from media research and investment firm Magna remain optimistic. Magna raised its forecast for ad spending growth in the&nbsp;U.S.&nbsp;to 5.2 per cent for 2023, up from the previous estimate of 4.2 per cent, with expectations of a 9.6 per cent rise in digital ad sales during the same period.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times.

Recent financial reports from tech giants Alphabet, Meta, and Snap are painting an optimistic picture for the advertising industry, suggesting that the widespread adoption of artificial intelligence is luring marketers to digital platforms, even in uncertain economic times. All three companies exceeded quarterly revenue expectations, showcasing robust performance in their advertising businesses. "AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," Reuters quoted Philipp Schindler, Chief Business Officer at Google as saying. Google, a subsidiary of Alphabet, has been actively investing in AI, notably with tools like Performance Max, which employs artificial intelligence to determine how marketing budgets should be distributed across Google's advertising network. Schindler also highlighted the strength of the retail sector during the July-September period, emphasising the company's preparations for a prolonged holiday season to offer consumers attractive deals cantered on price and convenience. Alphabet reported a remarkable 9.5 per cent increase in ad revenue for the third quarter, surpassing Wall Street estimates, with a 12 per cent growth in its YouTube ads business. Meta, the parent company of Facebook and Instagram, reported a substantial 31 per cent increase in ad views compared to the previous year. To capitalise on this momentum, Meta has announced plans to make substantial investments in AI in the coming year. Despite a 6 per cent decrease in the average price per ad, this decline's pace was the slowest in seven quarters. Meta's efforts in AI-powered marketing planning and ad measurement features have been vital in fuelling its growth, particularly in response to privacy changes led by Apple, which constrained the use of personal data for ad targeting. The company is now introducing AI tools to generate various ad campaign variations swiftly, setting it apart from smaller competitors like Snap. Snap, the company behind Snapchat, has seen significant returns on its investment in ad-targeting tools with technology. Their average revenue per user increased during the third quarter, indicating the success of their ad strategies. These results reaffirm the ongoing rebound of the advertising market, particularly driven by retail companies' ad spending. Industry analysts believe that Google and Meta stand as the primary beneficiaries of this resurgence. "We expect the larger platforms like Meta and Google to lead the wallet share growth at least initially in this ad spend recovery," Reuters quoted analysts at Evercore ISI. The widespread reach of these tech giants attracts a steady stream of advertisers, making them more resilient to geopolitical uncertainty and economic volatility. However, Meta's Chief Financial Officer, Susan Li, noted that the company had detected some "softness" in ad spending at the beginning of the fourth quarter, possibly linked to the Israel-Gaza conflict. Despite this, recent forecasts from media research and investment firm Magna remain optimistic. Magna raised its forecast for ad spending growth in the U.S. to 5.2 per cent for 2023, up from the previous estimate of 4.2 per cent, with expectations of a 9.6 per cent rise in digital ad sales during the same period. (With inputs from Reuters) WATCH WION LIVE HERE

Alphabet, Meta, and Snap lead ad market rebound with AI-powered strategies 