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Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.&nbsp;

As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook.&nbsp;

According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio.&nbsp;

He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody."&nbsp;

The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams.&nbsp;

Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact.&nbsp;

The reaction to these developments was swift in the financial markets.&nbsp;

Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent.&nbsp;

The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market.&nbsp;

The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing.&nbsp;

The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros.&nbsp;

In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch.&nbsp;

Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape.&nbsp;

(With inputs from Reuters)&nbsp;

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Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions.

Luxury carmaker, Mercedes-Benz, has revealed concerns about the intense competition in the electric vehicle (EV) market, marked by aggressive price reductions and supply chain disruptions. As a result, the company is anticipating that its adjusted return on sales for the cars division may fall within the lower range of the 12-14 per cent forecast. This announcement coincided with a decline in third-quarter earnings, which has put pressure on the company's financial outlook. According to Reuters, Mercedes-Benz's Chief Financial Officer, Harald Wilhelm, mentioned on an analyst call that if margins on EVs continue to underperform compared to earlier projections, they could seek to bolster earnings through their combustion engine portfolio. He described the current EV market landscape as "brutal," especially due to established players selling battery electric vehicles at prices equivalent to or even below internal combustion engine cars, despite the higher production costs. Reuters quoted Wilhelm as saying, "I can hardly imagine the current status quo is fully sustainable for everybody." The luxury automaker emphasised its unwavering commitment to its EV targets while acknowledging the necessity of exploring alternative revenue streams. Although Mercedes-Benz has witnessed discounts on some of its models in Germany during the fourth quarter, the company clarified that this does not represent a fundamental shift in its pricing strategy and its commitment to keeping prices high to prioritise margin growth remains intact. The reaction to these developments was swift in the financial markets. Mercedes-Benz shares plummeted by over 6 per cent as of 0733 GMT, reaching their lowest point in nearly a year. They emerged as the biggest losers on the Eurozone blue-chip index, with BMW down 4 per cent and VW (Volkswagen) down more than 2 per cent. The overall sentiment seems to be reflective of the challenges that the luxury carmaker is currently facing in the EV market. The struggle in the EV market is not unique to Mercedes-Benz. Carmakers like Ford and Tesla have been implementing significant price reductions throughout the year in various global markets, from the United States to China, in an attempt to boost demand. However, Mercedes-Benz has largely refrained from following this trend, maintaining its commitment to premium pricing. The company reported a 12.4 per cent adjusted return on sales in its cars division for the third quarter. The group's earnings before interest and taxes (EBIT) fell by 6.8 per cent to 4.8 billion euros ($5.1 billion). Group revenue decreased by 1.4 per cent to 37.2 billion euros. In terms of sales, Mercedes-Benz reported a 4 per cent drop in the third-quarter, with top-end sales down by 11 per cent. This decrease was attributed in part to model changeovers and a shortage in 48-volt systems supplied by Bosch. Mercedes-Benz acknowledged that the market environment is currently "subdued". However, Harald Wilhelm expressed optimism, stating that they believe "we are beyond the worst" when it comes to inflation and energy pricing, hinting at potential stabilisation in the broader economic landscape. (With inputs from Reuters) WATCH WION LIVE HERE

Decoding Mercedes-Benz's grim outlook on global EV market

FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers.

Bankman-Fried sat on the witness stand prior to&nbsp;the trial following a lunch break, Reuters reported/

He then returned to the defence table.

The prosecution rested its case after 12 days of daily hearings at a New York&nbsp;federal court.&nbsp;

<h2>What happened in these hearings?</h2>

In these hearings, the FTX colleagues of Bankman-Fried told the jury that he directed them to divert customer funds to his hedge fund. Bankman-Fried then asked his colleagues to&nbsp;lie to investors and lenders, according to these testimonies.

<h2>What next?&nbsp;</h2>

Bankman-Fried's decision will give prosecutors the chance to cross-examine the 31-year-old&nbsp;about those claims that he told colleagues to commit crimes.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-sues-its-own-founder-sam-bankman-fried-to-recover-over-1-bn-617976">FTX sues its own founder Sam Bankman-Fried to recover over $1 bn</a>

Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. If convicted, he could face decades in prison.

<h2>What have prosecutors said?</h2>

Prosecutors have said Bankman-Fried used the misappropriated funds to prop up his crypto-focused hedge fund, Alameda Research, and donated more than $100 million to US political campaigns.

FTX founder Sam Bankman-Fried was arrested and indicted on charges of conspiracy as well as wire fraud.

According to the federal US prosecutors, the ex-crypto chief committed "one of the biggest financial frauds in US history."&nbsp;

Also watch |&nbsp;Sam Bankman-Fried and FTX collapse

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Three of Bankman-Fried's&nbsp;former colleagues, who have pleaded guilty and agreed to cooperate with prosecutors, tailored their testimony to implicate Bankman-Fried for receiving lenient sentences.

Bankman-Fried continues to maintain that he made mistakes while running the operations of FTX. But while maintaining plausible deniability, he claims that he never intended to steal funds.

Crypto exchange FTX went bankrupt last year after its executives including Sam Bankman-Fried spent billions in customer funds they had promised to safeguard. The total money lost stands at $7.7 billion, according to a Wall Street Journal report.

(With inputs from agencies)

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FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers.

FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers. Bankman-Fried sat on the witness stand prior to the trial following a lunch break, Reuters reported/ He then returned to the defence table. The prosecution rested its case after 12 days of daily hearings at a New York federal court. What happened in these hearings? In these hearings, the FTX colleagues of Bankman-Fried told the jury that he directed them to divert customer funds to his hedge fund. Bankman-Fried then asked his colleagues to lie to investors and lenders, according to these testimonies. What next? Bankman-Fried's decision will give prosecutors the chance to cross-examine the 31-year-old about those claims that he told colleagues to commit crimes. Also read | FTX sues its own founder Sam Bankman-Fried to recover over $1 bn Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. If convicted, he could face decades in prison. What have prosecutors said? Prosecutors have said Bankman-Fried used the misappropriated funds to prop up his crypto-focused hedge fund, Alameda Research, and donated more than $100 million to US political campaigns. FTX founder Sam Bankman-Fried was arrested and indicted on charges of conspiracy as well as wire fraud. According to the federal US prosecutors, the ex-crypto chief committed "one of the biggest financial frauds in US history." Also watch | Sam Bankman-Fried and FTX collapse × Three of Bankman-Fried's former colleagues, who have pleaded guilty and agreed to cooperate with prosecutors, tailored their testimony to implicate Bankman-Fried for receiving lenient sentences. Bankman-Fried continues to maintain that he made mistakes while running the operations of FTX. But while maintaining plausible deniability, he claims that he never intended to steal funds. Crypto exchange FTX went bankrupt last year after its executives including Sam Bankman-Fried spent billions in customer funds they had promised to safeguard. The total money lost stands at $7.7 billion, according to a Wall Street Journal report. (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.

Sam Bankman-Fried takes witness stand at his own fraud trial

Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that&nbsp;have progressed ahead in the last&nbsp;two to three decades.

Murthy appeared on the first episode of 3one4 Capital’s podcast 'The Record’, hosted by the former Infosys CFO Mohandas Pai. Murthy spoke about nation-building, technology, and his company Infosys, including his opinion on today’s youth.

Murthy, while reflecting on the economic progress achieved by China, said that&nbsp;India’s youngsters must put in extra hours of work just like Japan and Germany did after the Second World War.

Also read |&nbsp;<a href="https://www.wionews.com/world/boris-johnson-believed-narayana-murthy-was-helping-rishi-sunak-to-become-uk-pm-reveals-new-book-636519">Boris Johnson 'believed' Narayana Murthy was helping Rishi Sunak to become UK PM, claims new book</a>

Murthy said: "India's work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, because we have been reading I don't know the truth of it, unless we reduce the delays in our bureaucracy in taking this decision, we will not be able to compete with those countries that have made tremendous progress."

Murthy, 77, added:&nbsp;"So therefore, my request is that our youngsters must say, 'This is my country. I'd like to work 70 hours a week.'"

"You know, this is exactly what the Germans and Japanese did after the Second World War; they made sure that every German worked extra hours for a certain number of years."

<h2>Internet divided on Murthy's work-week comment</h2>

Murthy's comment was hailed by ridesharing company Ola's CEO Bhavish Aggarwal.&nbsp;

"Totally agree with Mr Murthy’s views. It’s not our moment to work less and entertain ourselves. Rather it’s our moment to go all in and build in 1 generation what other countries have built over many generations!" Aggarwal said.

Also watch |&nbsp;Stop working long hours

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"I agree with Narayan Murthy. Anticipating extraordinary results while investing only ordinary efforts is unrealistic. If you're content with average outcomes, there's no pressure to push yourself further. But, if you aspire exceptional growth, you've to go extra mile &amp; efforts," wrote another user on X, formerly known as Twitter.

"Narayan Murthy said it right. I feel even 70 is less. If you aspire to become vishwaguru, you can’t cant wait for gov jobs to be created. Collectively 20-45 yr old age group must strive day &amp; night, employ others to make us reach 3rd spot or $10,000 per capita," another user wrote.&nbsp;

But many on the internet denounced Murthy's views.

"Just because Narayan Murthy said you must work 70 hours doesn't mean you have to take him seriously. Swipe out on time. Ignore. Chill," wrote a user.

"While hard work is important, it's equally crucial to prioritize work-life balance, mental health, and employee well-being. Quality work, not just quantity, should be our focus," wrote another.

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Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that have progressed ahead in the last two to three decades.

Infosys founder NR Narayana Murthy has invited divided reactions by saying that Indian youngsters should work 70 hours a week if the country has to catch up with the economies that have progressed ahead in the last two to three decades. Murthy appeared on the first episode of 3one4 Capital’s podcast 'The Record’, hosted by the former Infosys CFO Mohandas Pai. Murthy spoke about nation-building, technology, and his company Infosys, including his opinion on today’s youth. Murthy, while reflecting on the economic progress achieved by China, said that India’s youngsters must put in extra hours of work just like Japan and Germany did after the Second World War. Also read | Boris Johnson 'believed' Narayana Murthy was helping Rishi Sunak to become UK PM, claims new book Murthy said: "India's work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, because we have been reading I don't know the truth of it, unless we reduce the delays in our bureaucracy in taking this decision, we will not be able to compete with those countries that have made tremendous progress." Murthy, 77, added: "So therefore, my request is that our youngsters must say, 'This is my country. I'd like to work 70 hours a week.'" "You know, this is exactly what the Germans and Japanese did after the Second World War; they made sure that every German worked extra hours for a certain number of years." Internet divided on Murthy's work-week comment Murthy's comment was hailed by ridesharing company Ola's CEO Bhavish Aggarwal. "Totally agree with Mr Murthy’s views. It’s not our moment to work less and entertain ourselves. Rather it’s our moment to go all in and build in 1 generation what other countries have built over many generations!" Aggarwal said. Also watch | Stop working long hours × "I agree with Narayan Murthy. Anticipating extraordinary results while investing only ordinary efforts is unrealistic. If you're content with average outcomes, there's no pressure to push yourself further. But, if you aspire exceptional growth, you've to go extra mile & efforts," wrote another user on X, formerly known as Twitter. "Narayan Murthy said it right. I feel even 70 is less. If you aspire to become vishwaguru, you can’t cant wait for gov jobs to be created. Collectively 20-45 yr old age group must strive day & night, employ others to make us reach 3rd spot or $10,000 per capita," another user wrote. But many on the internet denounced Murthy's views. "Just because Narayan Murthy said you must work 70 hours doesn't mean you have to take him seriously. Swipe out on time. Ignore. Chill," wrote a user. "While hard work is important, it's equally crucial to prioritize work-life balance, mental health, and employee well-being. Quality work, not just quantity, should be our focus," wrote another. 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.

IT billionaire Narayana Murthy suggests 70-hour work week for Indian youth, and internet has this to say

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported.&nbsp;

The retail industry in Brazil is already exhibiting cracks, with established retailers facing significant hurdles.

Casas Bahia, a well-known retail chain, had to issue equity at a substantial discount to manage its debt load. Similarly, Tok&amp;Stok, a furniture retailer, announced a debt restructuring of around 350 million reais and received a capital addition of 100 million reais after failing to meet some obligations. Other retailers, such as Magazine Luiza and C&amp;A Modas, have seen risk premiums on their local bonds increase.&nbsp;

Bloomberg quoted Thiago Macruz, retail analyst and head of Brazil equity research at Itau BBA SA, as saying, "We're talking about maybe the worst moment for Brazil retail since I started covering the sector a decade ago. It has been super-challenging for retailers, especially those that cater to lower-income customers."&nbsp;

Brazil's central bank has attempted to alleviate some of the pressure on borrowers by reducing interest rates, and further cuts are anticipated. However, it might not provide immediate relief to retailers who are burdened by debt.

Brazilian retailers had ramped up their debt levels prior to the pandemic, driven by falling interest rates and strong local demand for bonds. Retailers also extended credit to customers, expanding their in-house lending, often taking on the risks associated with defaults. In the near term, this facilitated revenue growth, but it is&nbsp;now raising concerns as customers face mounting debt levels.&nbsp;

Amidst these challenges, retailers are now scaling back on lending to consumers. Bloomberg quoted Alexandre Muller, a credit fund manager at JGP Asset Management, as saying, "Companies realised it's not a good business to deliver revenue growth at the expense of seeing a spike in bad loans. Otherwise, they're putting money in one pocket by stealing from the other."&nbsp;

Despite these pressures, some investors see opportunities in the retail sector, particularly in local notes of companies with tangible assets like Guararapes Confeccoes SA, which owns the fashion retailer Riachuelo. While traditional brick-and-mortar retailers struggle, the e-commerce landscape is also facing intense competition. Recent federal initiatives in Brazil have allowed online retailers to sell products up to $50 with full federal import tax exemption, further intensifying the competition.&nbsp;

While the retail sector continues to face headwinds, some investors believe that the worst may be over, with the potential for macroeconomic improvements and government programs aimed at easing the burden on indebted consumers.

(With inputs from Bloomberg)&nbsp;

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Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported.

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported. The retail industry in Brazil is already exhibiting cracks, with established retailers facing significant hurdles. Casas Bahia, a well-known retail chain, had to issue equity at a substantial discount to manage its debt load. Similarly, Tok&Stok, a furniture retailer, announced a debt restructuring of around 350 million reais and received a capital addition of 100 million reais after failing to meet some obligations. Other retailers, such as Magazine Luiza and C&A Modas, have seen risk premiums on their local bonds increase. Bloomberg quoted Thiago Macruz, retail analyst and head of Brazil equity research at Itau BBA SA, as saying, "We're talking about maybe the worst moment for Brazil retail since I started covering the sector a decade ago. It has been super-challenging for retailers, especially those that cater to lower-income customers." Brazil's central bank has attempted to alleviate some of the pressure on borrowers by reducing interest rates, and further cuts are anticipated. However, it might not provide immediate relief to retailers who are burdened by debt. Brazilian retailers had ramped up their debt levels prior to the pandemic, driven by falling interest rates and strong local demand for bonds. Retailers also extended credit to customers, expanding their in-house lending, often taking on the risks associated with defaults. In the near term, this facilitated revenue growth, but it is now raising concerns as customers face mounting debt levels. Amidst these challenges, retailers are now scaling back on lending to consumers. Bloomberg quoted Alexandre Muller, a credit fund manager at JGP Asset Management, as saying, "Companies realised it's not a good business to deliver revenue growth at the expense of seeing a spike in bad loans. Otherwise, they're putting money in one pocket by stealing from the other." Despite these pressures, some investors see opportunities in the retail sector, particularly in local notes of companies with tangible assets like Guararapes Confeccoes SA, which owns the fashion retailer Riachuelo. While traditional brick-and-mortar retailers struggle, the e-commerce landscape is also facing intense competition. Recent federal initiatives in Brazil have allowed online retailers to sell products up to $50 with full federal import tax exemption, further intensifying the competition. While the retail sector continues to face headwinds, some investors believe that the worst may be over, with the potential for macroeconomic improvements and government programs aimed at easing the burden on indebted consumers. (With inputs from Bloomberg) WATCH WION LIVE HERE

Brazilian retail sector faces challenges amidst rising debt and online competition 

Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports.

According to a report by Bloomberg, the ratings agency is introducing large language models from Google Cloud to its employees, with the aim of streamlining the analysis of public documents and the company's internal database, ultimately making the report-writing process more efficient. This initiative is set to empower a broader range of staff members to work on projects that previously necessitated expertise in fields like coding, finance, and accountancy.&nbsp;

Nick Reed, Moody's Chief Product Officer, spoke about the time-saving capabilities of this technology. Bloomberg quoted him as saying, "What could potentially have been a day's long process is now literally five minutes."

He emphasised that there are numerous potential applications for the AI-driven technology, and the company's approach is to introduce it to employees, allowing them to identify areas where workflow improvements can be made.&nbsp;

Recently, PricewaterhouseCoopers LLP announced a collaboration with OpenAI, the owner of ChatGPT, to provide AI-generated advice to clients. Similarly, KPMG revealed a substantial $2 billion investment in Microsoft's generative AI efforts and cloud services.&nbsp;

To ensure transparency and reliability in the reporting process, the AI software will maintain a digital record of the sources from which information is derived. According to Philip Moyer, Vice President of Artificial Intelligence and Business Solutions at Google Cloud, this feature will prevent the technology from "hallucinating," a term used to describe instances where large language models generate answers that appear convincing but are not accurate.&nbsp;

In addition to enhancing their own operations, Moody's will extend the availability of these large language models to other financial institutions. These firms can employ the technology to streamline routine tasks, allowing for faster, data-driven decision-making. For instance, a bank employee could promptly assess whether to onboard a small business client by instructing the large language model to identify key risks in the client's financial disclosures, summarise earnings calls, or identify peers with similar environmental footprints. This process, which previously consumed hours, could now yield results within minutes.&nbsp;

Philip Moyer highlighted the goal of democratising access to critical information, allowing individuals who lack in-depth expertise in specific fields to effectively engage with and utilise this technology for more efficient decision-making.&nbsp;

(With inputs from Boomberg)&nbsp;

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Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports.

Moody's Corp. is stepping into the world of artificial intelligence, leveraging generative AI technology to expedite the process of analysing extensive data and generating analytical reports. According to a report by Bloomberg, the ratings agency is introducing large language models from Google Cloud to its employees, with the aim of streamlining the analysis of public documents and the company's internal database, ultimately making the report-writing process more efficient. This initiative is set to empower a broader range of staff members to work on projects that previously necessitated expertise in fields like coding, finance, and accountancy. Nick Reed, Moody's Chief Product Officer, spoke about the time-saving capabilities of this technology. Bloomberg quoted him as saying, "What could potentially have been a day's long process is now literally five minutes." He emphasised that there are numerous potential applications for the AI-driven technology, and the company's approach is to introduce it to employees, allowing them to identify areas where workflow improvements can be made. Recently, PricewaterhouseCoopers LLP announced a collaboration with OpenAI, the owner of ChatGPT, to provide AI-generated advice to clients. Similarly, KPMG revealed a substantial $2 billion investment in Microsoft's generative AI efforts and cloud services. To ensure transparency and reliability in the reporting process, the AI software will maintain a digital record of the sources from which information is derived. According to Philip Moyer, Vice President of Artificial Intelligence and Business Solutions at Google Cloud, this feature will prevent the technology from "hallucinating," a term used to describe instances where large language models generate answers that appear convincing but are not accurate. In addition to enhancing their own operations, Moody's will extend the availability of these large language models to other financial institutions. These firms can employ the technology to streamline routine tasks, allowing for faster, data-driven decision-making. For instance, a bank employee could promptly assess whether to onboard a small business client by instructing the large language model to identify key risks in the client's financial disclosures, summarise earnings calls, or identify peers with similar environmental footprints. This process, which previously consumed hours, could now yield results within minutes. Philip Moyer highlighted the goal of democratising access to critical information, allowing individuals who lack in-depth expertise in specific fields to effectively engage with and utilise this technology for more efficient decision-making. (With inputs from Boomberg) WATCH WION LIVE HERE

Moody’s to utilise AI to accelerate analytical report writing

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices.

According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers. However, rising mortgage rates, which are approaching 8 per cent, could potentially curtail the demand, despite a chronic shortage of previously owned houses that is driving buyers towards new construction. The bulk of homes sold in September fell within the price range of $150,000 to $499,999, as reported by the US Commerce Department.

Bill Adams, Chief Economist at Comerica Bank, told Reuters that builders are using interest rate buy down incentives and reducing floor plan sizes to enhance affordability for prospective buyers. This approach has created distinct dynamics in various segments of the housing market.

The surge in new home sales in September marked a 12.3 per cent increase to a seasonally adjusted annual rate of 759,000 units, the highest level since February 2022. August's sales figures were revised up to 676,000 units, a slight improvement from the previously reported 675,000 units. The unexpected sales growth defied economists' forecasts, which had predicted a rate of 680,000 units.

New home sales represent a leading indicator for the housing market as they are counted at the signing of a contract. These figures revealed a 33.9 per cent year-on-year acceleration in September.

The new construction market is benefiting from the shortage of existing homes, with builders striving to maintain the momentum. Notably, the National Association of Home Builders reported a 10-month high in builders reducing home prices in October, with an average price discount of 6 per cent. These tactics are making homeownership more achievable and stimulating activity in the market.

While the median new house price experienced a notable 12.3 per cent drop from the previous year, the largest percentage decline since February 2009, this has not deterred buyers. The majority of transactions occurred in the $150,000 to $499,999 price range. There was also an increase in sales within the $500,000 to $749,000 price bracket.

However, the rise in mortgage rates poses a potential threat to future sales. With the 30-year fixed-rate mortgage reaching 7.9 per cent, the highest level since September 2000, the Mortgage Bankers Association reported a drop in mortgage applications to levels last seen in 1995. Mortgage rates have risen alongside the 10-year U.S. Treasury yield, which is hovering just below 5 per cent, a result of concerns that the Federal Reserve may keep interest rates higher for a more extended period due to the robust economy. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points, reaching a range of 5.25 per cent to 5.50 per cent.

As of the end of September, there were 435,000 new homes on the market, up from 432,000 in August. It would take 6.9 months, as opposed to 7.7 months in August, to sell all the houses on the market at the sales pace in September.

Economists anticipate that the housing market may have stabilised in the third quarter, thanks to strong homebuilding and new home sales, with residential investment likely rebounding after nine consecutive quarters of contraction.

(With inputs from Reuters)

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In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices. According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers.

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices. According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers. However, rising mortgage rates, which are approaching 8 per cent, could potentially curtail the demand, despite a chronic shortage of previously owned houses that is driving buyers towards new construction. The bulk of homes sold in September fell within the price range of $150,000 to $499,999, as reported by the US Commerce Department. Bill Adams, Chief Economist at Comerica Bank, told Reuters that builders are using interest rate buy down incentives and reducing floor plan sizes to enhance affordability for prospective buyers. This approach has created distinct dynamics in various segments of the housing market. The surge in new home sales in September marked a 12.3 per cent increase to a seasonally adjusted annual rate of 759,000 units, the highest level since February 2022. August's sales figures were revised up to 676,000 units, a slight improvement from the previously reported 675,000 units. The unexpected sales growth defied economists' forecasts, which had predicted a rate of 680,000 units. New home sales represent a leading indicator for the housing market as they are counted at the signing of a contract. These figures revealed a 33.9 per cent year-on-year acceleration in September. The new construction market is benefiting from the shortage of existing homes, with builders striving to maintain the momentum. Notably, the National Association of Home Builders reported a 10-month high in builders reducing home prices in October, with an average price discount of 6 per cent. These tactics are making homeownership more achievable and stimulating activity in the market. While the median new house price experienced a notable 12.3 per cent drop from the previous year, the largest percentage decline since February 2009, this has not deterred buyers. The majority of transactions occurred in the $150,000 to $499,999 price range. There was also an increase in sales within the $500,000 to $749,000 price bracket. However, the rise in mortgage rates poses a potential threat to future sales. With the 30-year fixed-rate mortgage reaching 7.9 per cent, the highest level since September 2000, the Mortgage Bankers Association reported a drop in mortgage applications to levels last seen in 1995. Mortgage rates have risen alongside the 10-year U.S. Treasury yield, which is hovering just below 5 per cent, a result of concerns that the Federal Reserve may keep interest rates higher for a more extended period due to the robust economy. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points, reaching a range of 5.25 per cent to 5.50 per cent. As of the end of September, there were 435,000 new homes on the market, up from 432,000 in August. It would take 6.9 months, as opposed to 7.7 months in August, to sell all the houses on the market at the sales pace in September. Economists anticipate that the housing market may have stabilised in the third quarter, thanks to strong homebuilding and new home sales, with residential investment likely rebounding after nine consecutive quarters of contraction. (With inputs from Reuters) WATCH WION LIVE HERE

US new home sales surge to 19-month high amid falling prices and rising mortgage rates

Israel's credit outlook has been downgraded to negative by S&amp;P Global Ratings, a decision attributed to the ongoing conflict with Hamas.

According to a report by Bloomberg, S&amp;P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected.

This move follows similar actions by Moody's Investors Service and Fitch Ratings, which placed Israel's debt rating under review for a downgrade and its credit score on negative watch, respectively. Both agencies called the ongoing conflict a reason for concern.

Bloomberg quoted S&amp;P's analysts, Maxim Rybnikov and Karen Vartapetov, as stating, "The Israel-Hamas war could spread more widely or affect Israel's credit metrics more negatively than we expect." The agency's current assumption is that the conflict will remain primarily centered in Gaza and last no more than three to six months.

S&amp;P&nbsp;now anticipates a 5 per cent economic contraction in the fourth quarter, up from their previous projection three months ago. This contraction is attributed to security-related disruptions and reduced business activity. Moreover, the mobilisation of reservists, the suspension of foreign tourism, and a broader loss of economic confidence are expected to weigh on growth in the final months of 2023.

(With inputs from Bloomberg)

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Israel's credit outlook has been downgraded to negative by S&P Global Ratings, a decision attributed to the ongoing conflict with Hamas. According to a report by Bloomberg, S&P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected.

Israel's credit outlook has been downgraded to negative by S&P Global Ratings, a decision attributed to the ongoing conflict with Hamas. According to a report by Bloomberg, S&P's credit assessment affirmed Israel's rating at AA-, the fourth-highest level, but expressed concerns that the war could potentially have a broader and more significant impact on Israel's economy than initially expected. This move follows similar actions by Moody's Investors Service and Fitch Ratings, which placed Israel's debt rating under review for a downgrade and its credit score on negative watch, respectively. Both agencies called the ongoing conflict a reason for concern. Bloomberg quoted S&P's analysts, Maxim Rybnikov and Karen Vartapetov, as stating, "The Israel-Hamas war could spread more widely or affect Israel's credit metrics more negatively than we expect." The agency's current assumption is that the conflict will remain primarily centered in Gaza and last no more than three to six months. S&P now anticipates a 5 per cent economic contraction in the fourth quarter, up from their previous projection three months ago. This contraction is attributed to security-related disruptions and reduced business activity. Moreover, the mobilisation of reservists, the suspension of foreign tourism, and a broader loss of economic confidence are expected to weigh on growth in the final months of 2023. (With inputs from Bloomberg) WATCH WION LIVE HERE

Israel-Hamas war: S&P downgrades Israel's credit outlook to negative

Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently.

According to Consumer Reports, 16 out of the 48 chocolate products from various manufacturers that were examined contained potentially harmful levels of these heavy metals, which are detrimental to health when consumed in excessive amounts.

The products, subjected to testing spanned seven categories, including dark chocolate bars, milk chocolate bars, cocoa powder, chocolate chips, mixes for brownies, chocolate cake, and hot chocolate. The identified products with high metal content included a dark chocolate bar and hot chocolate mix from Walmart, cocoa powder, semi-sweet chocolate chips, and hot chocolate mixes. Only milk chocolate bars, with lower cocoa solids, were found not to contain excessive levels of lead or cadmium.

Consumer Reports has highlighted the potential health risks associated with long-term exposure to these heavy metals, including nervous system problems, immune system suppression, and kidney damage, with particular concern for pregnant women and young children. While the U.S. Food and Drug Administration considers chocolate a "minor source of exposure" to lead and cadmium on a global scale, it emphasises that manufacturers and processors must ensure the safety of their products.

Consumer Reports emphasised that more than 75,000 consumers previously signed a petition urging Hershey to reduce heavy metals in its chocolate, and they have renewed this petition.

(With inputs from Reuters)

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Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently.

Consumer Reports, a non-profit consumer group, has raised concerns about the levels of lead and cadmium found in a significant portion of chocolate products tested recently. According to Consumer Reports, 16 out of the 48 chocolate products from various manufacturers that were examined contained potentially harmful levels of these heavy metals, which are detrimental to health when consumed in excessive amounts. The products, subjected to testing spanned seven categories, including dark chocolate bars, milk chocolate bars, cocoa powder, chocolate chips, mixes for brownies, chocolate cake, and hot chocolate. The identified products with high metal content included a dark chocolate bar and hot chocolate mix from Walmart, cocoa powder, semi-sweet chocolate chips, and hot chocolate mixes. Only milk chocolate bars, with lower cocoa solids, were found not to contain excessive levels of lead or cadmium. Consumer Reports has highlighted the potential health risks associated with long-term exposure to these heavy metals, including nervous system problems, immune system suppression, and kidney damage, with particular concern for pregnant women and young children. While the U.S. Food and Drug Administration considers chocolate a "minor source of exposure" to lead and cadmium on a global scale, it emphasises that manufacturers and processors must ensure the safety of their products. Consumer Reports emphasised that more than 75,000 consumers previously signed a petition urging Hershey to reduce heavy metals in its chocolate, and they have renewed this petition. (With inputs from Reuters) WATCH WION LIVE HERE

Consumer Reports identifies high lead and cadmium levels in chocolate: Report

High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker.

While electric vehicle sales continue to grow, the pace is not aligning with the expectations of companies that have invested heavily in the EV sector. The anticipation of persistently higher interest rates has led to a reevaluation of plans for 2024.

According to Reuters, Lee Chang-sil, the CFO at LG Energy Solution, expressed concern that EV demand next year could fall short of expectations due to global economic uncertainty. This uncertainty is exacerbated by the high-interest rate environment, which could make it more challenging for people to afford EVs. Car purchases often revolve around the monthly payment, and elevated interest rates can deter potential buyers, as pointed out by Tesla CEO Elon Musk.

The termination of a $5 billion partnership between Honda and General Motors, announced just a year ago, highlights the shifting dynamics in the EV market. GM recently emphasised its focus on meeting near-term EV demand rather than specific volume targets, citing the need to enhance profitability. This change in outlook has affected investor sentiment, with self-driving EV and tech-related exchange-traded funds declining significantly over the past three months.

Despite these challenges, EV sales continue to grow. In the United States, over 300,000 EVs were sold in the third quarter, marking a significant milestone. Europe and China also experienced sales increases of 14.3 per cent and 22 per cent, respectively, in September. China, as the world's largest EV market, continues to drive the global industry forward.

However, the industry is grappling with falling raw material prices, which impact the production of EV batteries. As EV demand slows, raw material prices have softened. For example, lithium prices have decreased by 67 per cent so far this year, and cobalt prices have dropped 20 per cent this year, more than halving since May last year. Car manufacturers, like other industrial firms, hedge against commodity price fluctuations, and the decline in demand has affected the prices of materials used in EV batteries.

Several automakers have expressed caution due to these challenges. Germany's Volkswagen lowered its profit margin outlook for the year, attributing it to negative effects on raw material hedges in the third quarter, some of which are used in EV batteries. U.S. automaker Ford temporarily reduced production at a plant manufacturing its electric F-150 Lightning pickup truck. Japanese motor manufacturer Nidec expects a loss at its key e-axle business, shifting from a previous profit forecast. Even China's CATL, the largest battery maker for EVs, faced challenges with a weaker market share in September and increasing competition.

(With inputs from Reuters)

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High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker.

High-interest rates are creating hurdles for climate regulators and automakers aiming to accelerate the transition to electric vehicles (EVs). This concern was underlined by the termination of the GM-Honda partnership and a warning from LG Energy Solution, a South Korean battery maker. While electric vehicle sales continue to grow, the pace is not aligning with the expectations of companies that have invested heavily in the EV sector. The anticipation of persistently higher interest rates has led to a reevaluation of plans for 2024. According to Reuters, Lee Chang-sil, the CFO at LG Energy Solution, expressed concern that EV demand next year could fall short of expectations due to global economic uncertainty. This uncertainty is exacerbated by the high-interest rate environment, which could make it more challenging for people to afford EVs. Car purchases often revolve around the monthly payment, and elevated interest rates can deter potential buyers, as pointed out by Tesla CEO Elon Musk. The termination of a $5 billion partnership between Honda and General Motors, announced just a year ago, highlights the shifting dynamics in the EV market. GM recently emphasised its focus on meeting near-term EV demand rather than specific volume targets, citing the need to enhance profitability. This change in outlook has affected investor sentiment, with self-driving EV and tech-related exchange-traded funds declining significantly over the past three months. Despite these challenges, EV sales continue to grow. In the United States, over 300,000 EVs were sold in the third quarter, marking a significant milestone. Europe and China also experienced sales increases of 14.3 per cent and 22 per cent, respectively, in September. China, as the world's largest EV market, continues to drive the global industry forward. However, the industry is grappling with falling raw material prices, which impact the production of EV batteries. As EV demand slows, raw material prices have softened. For example, lithium prices have decreased by 67 per cent so far this year, and cobalt prices have dropped 20 per cent this year, more than halving since May last year. Car manufacturers, like other industrial firms, hedge against commodity price fluctuations, and the decline in demand has affected the prices of materials used in EV batteries. Several automakers have expressed caution due to these challenges. Germany's Volkswagen lowered its profit margin outlook for the year, attributing it to negative effects on raw material hedges in the third quarter, some of which are used in EV batteries. U.S. automaker Ford temporarily reduced production at a plant manufacturing its electric F-150 Lightning pickup truck. Japanese motor manufacturer Nidec expects a loss at its key e-axle business, shifting from a previous profit forecast. Even China's CATL, the largest battery maker for EVs, faced challenges with a weaker market share in September and increasing competition. (With inputs from Reuters) WATCH WION LIVE HERE

Electric vehicle industry faces challenges as demand growth slows: Report

The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon.&nbsp;

As the violence escalated, a wave of flight cancellations to Israel ensued, prompting several global carriers to cease operations to the country due to security concerns. This disruption also led to the cancellation of trips to Israel by tour operators and a rapid decline in hotel bookings. However, the instability caused by the conflict has extended its reach, resulting in a substantial decrease in travel across the region.&nbsp;

Ticket purchases for flights to Egypt have seen a stark decline of 26 per cent year-on-year, while travel to Jordan plummeted by 49 per cent, and bookings to Lebanon dropped by a staggering 74 per cent. Reuters quoted Olivier Ponti, Vice President of Insights at ForwardKeys, as saying, "Such a drastic reduction in travel demand is entirely anticipated, given the scale of the conflict and the ongoing humanitarian crisis."&nbsp;

Several major airlines, including Lufthansa, Eurowings, and Swiss Air, have decided to suspend flights to Lebanon in mid-October, further exacerbating the decline in travel to the region.&nbsp;

Popular tourist destinations in the West Asia, such as Petra in Jordan and Egypt's Red Sea resorts, have long attracted visitors. These areas often feature as stops on packaged tours that also include travel to Israel. However, data from ForwardKeys indicates that ticket purchases for future trips to Israel experienced a dramatic 187 per cent drop between October 7 and October 19 when compared to the same period last year.&nbsp;

Shai Weiss, the Chief Executive Officer of Virgin Atlantic Airways, told&nbsp;Bloomberg&nbsp;how the war has deterred travel not only to Israel but also to surrounding areas in the West Asia. He explained, "The major impact has been, of course, that people are not flying into Israel and they're not flying also to the area - into Jordan, into Egypt, into other locations."&nbsp;

Weiss noted that the price of jet fuel has considerably risen since the conflict began, adding to the financial strain on airlines. United Airlines Holdings Inc. also expressed concern over the war's impact, forecasting quarterly profits well below Wall Street's expectations.&nbsp;

In an interview with Bloomberg, Weiss further indicated that the economic recovery in the travel industry lags behind that of the United States, saying, "The situation remains unpredictable."&nbsp;&nbsp;In contrast, Delta Air Lines Inc. CEO Ed Bastian expressed optimism, expecting a "good landing" for the US, suggesting that the recovery timeline varies among different regions.&nbsp;

(With inputs from agencies)&nbsp;

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The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon.

The ongoing conflict between Israel and the Palestinian militant group, Hamas, has led to a significant decline in flight bookings to the West Asia. A Reuters report cited recent data compiled by travel analysis firm ForwardKeys, which revealed that the repercussions of this conflict are being felt far beyond Israel's borders, affecting countries like Egypt, Jordan, and Lebanon. As the violence escalated, a wave of flight cancellations to Israel ensued, prompting several global carriers to cease operations to the country due to security concerns. This disruption also led to the cancellation of trips to Israel by tour operators and a rapid decline in hotel bookings. However, the instability caused by the conflict has extended its reach, resulting in a substantial decrease in travel across the region. Ticket purchases for flights to Egypt have seen a stark decline of 26 per cent year-on-year, while travel to Jordan plummeted by 49 per cent, and bookings to Lebanon dropped by a staggering 74 per cent. Reuters quoted Olivier Ponti, Vice President of Insights at ForwardKeys, as saying, "Such a drastic reduction in travel demand is entirely anticipated, given the scale of the conflict and the ongoing humanitarian crisis." Several major airlines, including Lufthansa, Eurowings, and Swiss Air, have decided to suspend flights to Lebanon in mid-October, further exacerbating the decline in travel to the region. Popular tourist destinations in the West Asia, such as Petra in Jordan and Egypt's Red Sea resorts, have long attracted visitors. These areas often feature as stops on packaged tours that also include travel to Israel. However, data from ForwardKeys indicates that ticket purchases for future trips to Israel experienced a dramatic 187 per cent drop between October 7 and October 19 when compared to the same period last year. Shai Weiss, the Chief Executive Officer of Virgin Atlantic Airways, told Bloomberg how the war has deterred travel not only to Israel but also to surrounding areas in the West Asia. He explained, "The major impact has been, of course, that people are not flying into Israel and they're not flying also to the area - into Jordan, into Egypt, into other locations." Weiss noted that the price of jet fuel has considerably risen since the conflict began, adding to the financial strain on airlines. United Airlines Holdings Inc. also expressed concern over the war's impact, forecasting quarterly profits well below Wall Street's expectations. In an interview with Bloomberg, Weiss further indicated that the economic recovery in the travel industry lags behind that of the United States, saying, "The situation remains unpredictable." In contrast, Delta Air Lines Inc. CEO Ed Bastian expressed optimism, expecting a "good landing" for the US, suggesting that the recovery timeline varies among different regions. (With inputs from agencies) WATCH WION LIVE HERE

Regional travel dips as Israel-Hamas conflict impacts West Asia: Report  

In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919. From these humble origins, Haldiram's has evolved into an internationally renowned brand, altering the perception of traditional Indian snacks and sweets. &nbsp;

Presently, Haldiram's is a brand that spans the globe, celebrating Indian flavours and culture. As Haldiram's charts a new path towards further expansion and a possible IPO. In this edition, we take a dive into the incredible business odyssey that brought them here. &nbsp;

Humble beginnings&nbsp;

The Haldiram's story commences in the city of Bikaner, Rajasthan, in 1919. A young boy named Ganga Bishan Agarwal, popularly known as Haldiram, found himself immersed in his father's Bhujia business. Bikaner had its own familiarity with Bhujia, a savoury snack crafted from chickpea flour or besan. But even in his youth, Haldiram displayed a spark of creativity that set him apart. He envisioned a unique twist to the traditional Bhujia, crafting a thinner version using moth flour instead of besan.&nbsp;

His experiment within his father's unassuming shop proved to be an instant hit. The distinct flavour and texture of his Bhujia resonated deeply with the people of Bikaner. This single innovation laid the foundation for what we know today as Haldiram's.&nbsp;

Haldiram later had three sons, Moolchand, Satyanarayan, and Rameshwarlal. These three sons, along with their sister Saraswati Devi, would be the ones to carry on the family legacy. &nbsp;

Growth and diversification&nbsp;

Haldiram's was not content with staying local. In the 1950s, Ganga Bishan Agarwal, accompanied by his sons Satyanarayan and Rameshwarlal, embarked on a journey that led them to the bustling city of Kolkata. It was there that they created the renowned brand "Haldiram Bhujiawala." Shiv Kishan, the eldest grandson of Haldiram, joined them in this venture.&nbsp;

While the younger sons managed the original Bikaner shop, the business in Kolkata experienced meteoric growth. They expanded beyond the traditional Bhujia, venturing into uncharted territories in the snack industry. This marked a pivotal chapter in Haldiram's journey - a phase of growth and diversification.&nbsp;

The period from the 1960s to the 1990s was marked by this rapid growth and transformation. Ganga Bishan Agarwal eventually returned to Bikaner, passing on the reins to his sons, Rameshwarlal and Satyanarayan. However, Satyanarayan chose to embark on his own entrepreneurial journey, creating "Haldiram &amp; Sons." While his efforts were commendable, he could not replicate the unprecedented success of his father.&nbsp;

Simultaneously, Rameshwarlal made a significant decision - he severed ties with his brother Moolchand. This move resulted in the separation of the Kolkata and Bikaner businesses, each charting its own unique path.&nbsp;

Family dynamics and business succession&nbsp;

The 1980s marked another significant milestone when Shiv Kishan Agarwal and his sister Saraswati ventured into Maharashtra, particularly Nagpur. There, they achieved remarkable success and expanded the reach of the brand.&nbsp;

Meanwhile, in 1984, Manoharlal and Madhusudan, Moolchand's youngest sons, travelled to New Delhi, the capital city of India, and established their business there. Their move catapulted the brand to national and international recognition, paving the way for Haldiram's to become a global phenomenon.&nbsp;

The Agarwal family's journey was marked by complex dynamics and competition, culminating in the separation of the businesses into independent entities. The businesses now operate as distinct entities, each with its unique identity. The Delhi unit, under Manoharlal and Madhusudan Agarwal, emerged as the revenue leader, generating close to 5,000 crore rupees ($600 million). The Nagpur entity, under Shiv Kishan Agarwal, followed closely with 4,000 crore rupees ($480 million), while Bikaner, led by Shiv Ratan Agarwal, amassed around 1,600 crore rupees ($192 million).&nbsp;

With the recent IPO of Bikaji, the three brothers are looking to merge their businesses and embark on their own initial public offering within the next year and a half. &nbsp;

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In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919.

In the Indian food market, there is one name that has not only endured but also thrived - Haldiram's. It all began in the modest town of Bikaner, Rajasthan, back in 1919. From these humble origins, Haldiram's has evolved into an internationally renowned brand, altering the perception of traditional Indian snacks and sweets. Presently, Haldiram's is a brand that spans the globe, celebrating Indian flavours and culture. As Haldiram's charts a new path towards further expansion and a possible IPO. In this edition, we take a dive into the incredible business odyssey that brought them here. Humble beginnings The Haldiram's story commences in the city of Bikaner, Rajasthan, in 1919. A young boy named Ganga Bishan Agarwal, popularly known as Haldiram, found himself immersed in his father's Bhujia business. Bikaner had its own familiarity with Bhujia, a savoury snack crafted from chickpea flour or besan. But even in his youth, Haldiram displayed a spark of creativity that set him apart. He envisioned a unique twist to the traditional Bhujia, crafting a thinner version using moth flour instead of besan. His experiment within his father's unassuming shop proved to be an instant hit. The distinct flavour and texture of his Bhujia resonated deeply with the people of Bikaner. This single innovation laid the foundation for what we know today as Haldiram's. Haldiram later had three sons, Moolchand, Satyanarayan, and Rameshwarlal. These three sons, along with their sister Saraswati Devi, would be the ones to carry on the family legacy. Growth and diversification Haldiram's was not content with staying local. In the 1950s, Ganga Bishan Agarwal, accompanied by his sons Satyanarayan and Rameshwarlal, embarked on a journey that led them to the bustling city of Kolkata. It was there that they created the renowned brand "Haldiram Bhujiawala." Shiv Kishan, the eldest grandson of Haldiram, joined them in this venture. While the younger sons managed the original Bikaner shop, the business in Kolkata experienced meteoric growth. They expanded beyond the traditional Bhujia, venturing into uncharted territories in the snack industry. This marked a pivotal chapter in Haldiram's journey - a phase of growth and diversification. The period from the 1960s to the 1990s was marked by this rapid growth and transformation. Ganga Bishan Agarwal eventually returned to Bikaner, passing on the reins to his sons, Rameshwarlal and Satyanarayan. However, Satyanarayan chose to embark on his own entrepreneurial journey, creating "Haldiram & Sons." While his efforts were commendable, he could not replicate the unprecedented success of his father. Simultaneously, Rameshwarlal made a significant decision - he severed ties with his brother Moolchand. This move resulted in the separation of the Kolkata and Bikaner businesses, each charting its own unique path. Family dynamics and business succession The 1980s marked another significant milestone when Shiv Kishan Agarwal and his sister Saraswati ventured into Maharashtra, particularly Nagpur. There, they achieved remarkable success and expanded the reach of the brand. Meanwhile, in 1984, Manoharlal and Madhusudan, Moolchand's youngest sons, travelled to New Delhi, the capital city of India, and established their business there. Their move catapulted the brand to national and international recognition, paving the way for Haldiram's to become a global phenomenon. The Agarwal family's journey was marked by complex dynamics and competition, culminating in the separation of the businesses into independent entities. The businesses now operate as distinct entities, each with its unique identity. The Delhi unit, under Manoharlal and Madhusudan Agarwal, emerged as the revenue leader, generating close to 5,000 crore rupees ($600 million). The Nagpur entity, under Shiv Kishan Agarwal, followed closely with 4,000 crore rupees ($480 million), while Bikaner, led by Shiv Ratan Agarwal, amassed around 1,600 crore rupees ($192 million). With the recent IPO of Bikaji, the three brothers are looking to merge their businesses and embark on their own initial public offering within the next year and a half. WATCH WION LIVE HERE

Flashback Friday: Tracing the business odyssey of Haldiram's

The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation. Gross domestic product (GDP) is anticipated to have surged at an annual rate of 4.5 per cent in the third quarter, more than doubling the pace of the prior period, Bloomberg reported. This news comes as a surprise, particularly due to the Federal Reserve's expectations of a slowing consumer demand.

Bloomberg quoted Elie Maalouf, CEO of InterContinental Hotels Group, as saying, "The US consumer has been surprising most predictions, including the Federal Reserve predictions, which is almost looking for the US consumer to soften, and yet they don't."

For President Joe Biden, this economic boom is welcome news, demonstrating the success of his economic policies. However, it also presents a dilemma for the Federal Reserve. Since March 2022, the central bank has been aggressively raising interest rates to combat inflation while avoiding a recession. While inflation has eased with improvements in global supply chains and a decrease in disruptions due to the war in Ukraine, domestic demand in the US remains strong, defying the Fed's efforts.

Federal Reserve Chair Jerome Powell has indicated that policymakers are likely to maintain interest rates at their current levels during the upcoming meeting. Still, the door is open to future increases if strong growth continues. According to Bloomberg, JPMorgan Chase &amp; Co. chief economist Bruce Kasman remarked, "He may not have a lot of patience if the growth numbers don't cool pretty quickly here."

Powell acknowledges that growth is expected to slow in the fourth quarter and into the next year, with economists projecting GDP to expand at an annual rate of just 0.7 per cent in the current quarter. The challenge is that the economy's resilience has taken many, including the Fed, by surprise.

Consumer spending experienced a significant boost in the third quarter, driven by solid wage gains and receding inflation. The surge in household wealth, stemming from increases in home and equity prices, likely also played a role in boosting consumption. However, some experts consider this surge to be temporary. Bloomberg cited Yelena Shulyatyeva, a senior US economist at BNP Paribas SA, who said that the boost could be temporary.

There are factors that may not repeat in the final quarter of 2023, such as a projected decline in imports and a rise in inventories. Additionally, an upswing in mortgage rates and other headwinds could dampen the economy's performance in the near future. As Mark Zandi, chief economist at Moody's Analytics, pointed out, growth may slow to around 1 per cent this quarter, after a strong performance of 3.8 per cent in the third. A more stable unemployment rate would be favourable for the Federal Reserve.

(Inputs from Bloomberg)

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The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation.

The United States is witnessing the most substantial economic expansion in nearly two years, fuelled by a resilient job market, increasing wealth, and easing inflation. Gross domestic product (GDP) is anticipated to have surged at an annual rate of 4.5 per cent in the third quarter, more than doubling the pace of the prior period, Bloomberg reported. This news comes as a surprise, particularly due to the Federal Reserve's expectations of a slowing consumer demand. Bloomberg quoted Elie Maalouf, CEO of InterContinental Hotels Group, as saying, "The US consumer has been surprising most predictions, including the Federal Reserve predictions, which is almost looking for the US consumer to soften, and yet they don't." For President Joe Biden, this economic boom is welcome news, demonstrating the success of his economic policies. However, it also presents a dilemma for the Federal Reserve. Since March 2022, the central bank has been aggressively raising interest rates to combat inflation while avoiding a recession. While inflation has eased with improvements in global supply chains and a decrease in disruptions due to the war in Ukraine, domestic demand in the US remains strong, defying the Fed's efforts. Federal Reserve Chair Jerome Powell has indicated that policymakers are likely to maintain interest rates at their current levels during the upcoming meeting. Still, the door is open to future increases if strong growth continues. According to Bloomberg, JPMorgan Chase & Co. chief economist Bruce Kasman remarked, "He may not have a lot of patience if the growth numbers don't cool pretty quickly here." Powell acknowledges that growth is expected to slow in the fourth quarter and into the next year, with economists projecting GDP to expand at an annual rate of just 0.7 per cent in the current quarter. The challenge is that the economy's resilience has taken many, including the Fed, by surprise. Consumer spending experienced a significant boost in the third quarter, driven by solid wage gains and receding inflation. The surge in household wealth, stemming from increases in home and equity prices, likely also played a role in boosting consumption. However, some experts consider this surge to be temporary. Bloomberg cited Yelena Shulyatyeva, a senior US economist at BNP Paribas SA, who said that the boost could be temporary. There are factors that may not repeat in the final quarter of 2023, such as a projected decline in imports and a rise in inventories. Additionally, an upswing in mortgage rates and other headwinds could dampen the economy's performance in the near future. As Mark Zandi, chief economist at Moody's Analytics, pointed out, growth may slow to around 1 per cent this quarter, after a strong performance of 3.8 per cent in the third. A more stable unemployment rate would be favourable for the Federal Reserve. (Inputs from Bloomberg) WATCH WION LIVE HERE

Robust US economic growth presents dilemma for Federal Reserve: Report

Not only has the violence led to widespread flight cancellations and uncertainty in Israel, but it's also sending shockwaves throughout West Asia’s tourism industry.

Tourism industry reels from Israel-Hamas conflict fallout | World Business Watch

Home loans have grown even costlier, with interest rate on them reaching a 23-year high. The interest rate on the most popular US home loan has jumped to the highest since September 2000.

Interest rate on 30-year home loans reach 23-year high | World Business Watch

Japan has been facing decades of deflation, a period of prolonged and generalized price decline. This has led to a number of economic problems, including stagnant wages and economic growth. However, there are signs that Japan's economy may be bouncing back.

One key indicator is the weighted median inflation rate, which accelerated to 2% in September. This is the highest level since comparable data became available in 2001. The increase is partly due to rising energy and food prices, but it also reflects a broader trend of rising prices across the economy.

Another sign of economic recovery is the strength of the Japanese labor market. The unemployment rate is at a record low, and wages are starting to rise. This is good news for Japanese consumers, who have been reluctant to spend money in recent years due to deflation.

Compared to other top major economies like the US, China, and India, Japan's economy is still relatively sluggish. However, there are signs that Japan may be catching up. For example, the Japanese economy grew at an annualized rate of 3.5% in the second quarter of 2023, the fastest pace in over a year.

The US economy is also growing strongly, but inflation is a major concern. The US Federal Reserve is raising interest rates in an effort to bring inflation under control. This could lead to a slowdown in the US economy in the coming months.

China's economy is facing a number of headwinds, including a slowdown in the property market. As a result, the Chinese government has announced a number of stimulus measures in an effort to boost growth.

India's economy is growing rapidly, but it is also facing some challenges, such as rising inflation and a widening trade deficit. The Indian government is taking steps to address these challenges, but it remains to be seen whether these measures will be successful.

Overall, the state of Japan's economy is mixed. There are signs of recovery, but the economy is still relatively sluggish compared to other top major economies. The BOJ is likely to revise up its inflation forecasts at its next meeting, and it may also debate raising a cap on long-term interest rates.

Japan has been facing decades of deflation, a period of prolonged and generalized price decline. This has led to a number of economic problems, including stagnant wages and economic growth.

Japan has been facing decades of deflation, a period of prolonged and generalized price decline. This has led to a number of economic problems, including stagnant wages and economic growth. However, there are signs that Japan's economy may be bouncing back. One key indicator is the weighted median inflation rate, which accelerated to 2% in September. This is the highest level since comparable data became available in 2001. The increase is partly due to rising energy and food prices, but it also reflects a broader trend of rising prices across the economy. Another sign of economic recovery is the strength of the Japanese labor market. The unemployment rate is at a record low, and wages are starting to rise. This is good news for Japanese consumers, who have been reluctant to spend money in recent years due to deflation. Compared to other top major economies like the US, China, and India, Japan's economy is still relatively sluggish. However, there are signs that Japan may be catching up. For example, the Japanese economy grew at an annualized rate of 3.5% in the second quarter of 2023, the fastest pace in over a year. The US economy is also growing strongly, but inflation is a major concern. The US Federal Reserve is raising interest rates in an effort to bring inflation under control. This could lead to a slowdown in the US economy in the coming months. China's economy is facing a number of headwinds, including a slowdown in the property market. As a result, the Chinese government has announced a number of stimulus measures in an effort to boost growth. India's economy is growing rapidly, but it is also facing some challenges, such as rising inflation and a widening trade deficit. The Indian government is taking steps to address these challenges, but it remains to be seen whether these measures will be successful. Overall, the state of Japan's economy is mixed. There are signs of recovery, but the economy is still relatively sluggish compared to other top major economies. The BOJ is likely to revise up its inflation forecasts at its next meeting, and it may also debate raising a cap on long-term interest rates.

State of Japan's economy decoded: Bouncing back from deflation?

S&amp;P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.3 trillion by 2030.&nbsp;This optimistic projection is based on India's economic growth in the years 2021 and 2022, which has continued to show strong momentum throughout 2023.&nbsp;

For the fiscal year ending in March 2024, India's GDP is expected to grow between 6.2 per cent and 6.3 per cent, positioning it as the fastest-growing major economy during this fiscal year. Notably,&nbsp;&nbsp;India's economy surged by 7.8 per cent in the April-June quarter. S&amp;P Global Market Intelligence anticipates that this expansion will persist throughout the remainder of 2023 and 2024, underpinned by significant growth in domestic demand.&nbsp;

The accelerated inflow of foreign direct investment (FDI) into India over the past decade aligns with the favourable long-term growth outlook for the Indian economy. India's youthful demographic profile and rapidly rising urban household incomes contribute to this optimistic projection. "India's nominal GDP measured in USD terms is forecast to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030," S&amp;P Global said in its report. This surge would result in India's GDP surpassing Japan's by 2030, making it the second-largest economy in the Asia-Pacific region.&nbsp;

By 2022, India's GDP had already surpassed that of the UK and France, and by 2030, it is expected to surpass Germany as well. The current global economic landscape is led by the United States, with a GDP of USD 25.5 trillion, making up a quarter of the world's GDP. China follows as the second-largest economy with a GDP of approximately USD 18 trillion. Japan, with a GDP of USD 4.2 trillion, currently holds the third position, followed by Germany with a GDP of USD 4 trillion.&nbsp;

S&amp;P Global underlined key growth drivers that support India's long-term economic outlook. The country's large and rapidly growing middle class plays a significant role in driving consumer spending. Furthermore, India's domestic consumer market, combined with its industrial sector, has attracted a wide range of multinational companies across various sectors, including manufacturing, infrastructure, and services.&nbsp;

The ongoing digital transformation in India is also expected to accelerate e-commerce growth, reshaping the retail consumer market landscape over the next decade. This transformation has drawn leading global multinationals in technology and e-commerce to India. By 2030, it is projected that 1.1 billion Indians will have internet access, more than doubling the estimated 500 million internet users in 2020.&nbsp;

India's surge in FDI inflows, particularly from global technology giants like Google and Facebook, has played a pivotal role in its economic growth. The country's large and rapidly expanding domestic consumer market is a key attraction for these investments. Even during the pandemic years of 2020-2022, India continued to experience strong momentum in FDI inflows, notably from manufacturing firms.

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S&P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.

S&P Global Market Intelligence has forecasted that India, currently the world's fifth-largest economy, is on track to surpass Japan and become the world's third-largest economy with a projected GDP of USD 7.3 trillion by 2030. This optimistic projection is based on India's economic growth in the years 2021 and 2022, which has continued to show strong momentum throughout 2023. For the fiscal year ending in March 2024, India's GDP is expected to grow between 6.2 per cent and 6.3 per cent, positioning it as the fastest-growing major economy during this fiscal year. Notably, India's economy surged by 7.8 per cent in the April-June quarter. S&P Global Market Intelligence anticipates that this expansion will persist throughout the remainder of 2023 and 2024, underpinned by significant growth in domestic demand. The accelerated inflow of foreign direct investment (FDI) into India over the past decade aligns with the favourable long-term growth outlook for the Indian economy. India's youthful demographic profile and rapidly rising urban household incomes contribute to this optimistic projection. "India's nominal GDP measured in USD terms is forecast to rise from USD 3.5 trillion in 2022 to USD 7.3 trillion by 2030," S&P Global said in its report. This surge would result in India's GDP surpassing Japan's by 2030, making it the second-largest economy in the Asia-Pacific region. By 2022, India's GDP had already surpassed that of the UK and France, and by 2030, it is expected to surpass Germany as well. The current global economic landscape is led by the United States, with a GDP of USD 25.5 trillion, making up a quarter of the world's GDP. China follows as the second-largest economy with a GDP of approximately USD 18 trillion. Japan, with a GDP of USD 4.2 trillion, currently holds the third position, followed by Germany with a GDP of USD 4 trillion. S&P Global underlined key growth drivers that support India's long-term economic outlook. The country's large and rapidly growing middle class plays a significant role in driving consumer spending. Furthermore, India's domestic consumer market, combined with its industrial sector, has attracted a wide range of multinational companies across various sectors, including manufacturing, infrastructure, and services. The ongoing digital transformation in India is also expected to accelerate e-commerce growth, reshaping the retail consumer market landscape over the next decade. This transformation has drawn leading global multinationals in technology and e-commerce to India. By 2030, it is projected that 1.1 billion Indians will have internet access, more than doubling the estimated 500 million internet users in 2020. India's surge in FDI inflows, particularly from global technology giants like Google and Facebook, has played a pivotal role in its economic growth. The country's large and rapidly expanding domestic consumer market is a key attraction for these investments. Even during the pandemic years of 2020-2022, India continued to experience strong momentum in FDI inflows, notably from manufacturing firms. WATCH WION LIVE HERE

India poised to become Asia's second-largest economy surpassing Japan by 2030: S&P Global 

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. &nbsp;

According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier.&nbsp;

The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages.&nbsp;

The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny.&nbsp;

Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem.&nbsp;

In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances.&nbsp;

The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective."&nbsp;

(With inputs from Reuters)&nbsp;

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An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature.

An attorney suing Tesla over a fatal accident has told a California state court that that the electric vehicle giant had prior knowledge of a steering malfunction in its Autopilot driver assistant feature. According to a Reuters report, the internal safety analysis conducted by the company indicated that this issue had been identified about two years earlier. The litigants in this case are seeking a significant combined jury award of $400 million, excluding punitive damages. The civil lawsuit revolves around a tragic incident involving Micah Lee's Model 3 in 2019. The lawsuit contends that Tesla's Autopilot system caused Lee's vehicle to suddenly veer off a highway near Los Angeles, hurtling towards a palm tree at a speed of 65 miles per hour. The collision led to a fiery explosion, claiming Lee's life and seriously injuring his two passengers, including a young boy who was disembowelled in the crash. The central claim in the lawsuit is that Autopilot was defective, putting Tesla's safety systems under intense scrutiny. Jonathan Michaels, the attorney representing the passengers, presented a 2017 internal Tesla safety analysis during the proceedings. This analysis pointed to an "incorrect steering command" as a defect in the Autopilot system, highlighting an "excessive" steering wheel angle. Reuters quoted Michaels in a statement to the jury, asserting, "They predicted this was going to happen. They knew about it. They named it." He also revealed that Tesla had developed a protocol to address this issue, instructing employees to accept no liability or responsibility for the problem. In response to these allegations, Tesla's attorney, Michael Carey, presented a different perspective. Carey argued that the safety analysis did not explicitly identify a defect. Instead, it was intended to help the company address any potential issues with the vehicle. Subsequently, Tesla engineered a system to prevent Autopilot from executing the turn that led to the fatal crash. He emphasised that this safety system acted as a "brick wall" against the plaintiffs' claims, noting that no other Tesla vehicle had exhibited the same behaviour in similar circumstances. The legal battle between the plaintiffs and Tesla has further intensified with allegations that Tesla released Autopilot in an experimental stage due to a pressing need to increase market share. Michaels argued that Tesla showed little regard for the potential loss of life in this pursuit. However, Carey countered this claim, insisting that the simplest explanation for the crash was human error. According to Reuters, he urged the jury not to award damages solely based on empathy for the victims' severe injuries, stating, "Empathy is a real thing, we're not saying it's not. But it does not make cars defective." (With inputs from Reuters) WATCH WION LIVE HERE

Tesla knew about autopilot steering malfunction before fatal crash, lawyer reveals 

Bitcoin rose 6 per cent&nbsp;on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

That followed a 10 per cent&nbsp;surge&nbsp;on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks.

Any approval by the US&nbsp;Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand.

A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector.

"The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity."

Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August.

Crypto-linked shares such as major U.S. exchange Coinbase Global&nbsp;(COIN.O)&nbsp;and bitcoin owner MicroStrategy&nbsp;(MSTR.O)&nbsp;rose in after-hours trade.

Investment giant BlackRock&nbsp;(BLK.N)&nbsp;is among&nbsp;several&nbsp;major U.S. financial firms with pending applications for bitcoin ETFs.

Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment.

Anticipation also grew after reports this month, including from&nbsp;Reuters, that the SEC won't appeal a&nbsp;court<a data-testid="Link" href="https://www.reuters.com/legal/us-court-says-sec-wrong-deny-grayscales-spot-bitcoin-etf-proposal-2023-08-29/" referrerpolicy="no-referrer-when-downgrade"> </a>ruling&nbsp;it had been wrong to reject an ETF application from crypto firm Grayscale Investments.

"The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick.

Last week BlackRock&nbsp;denied&nbsp;an erroneous report that its ETF had been approved.

Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours.

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Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent. That followed a 10 per cent surge on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks. Any approval by the US Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand. A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector. "The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity." Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August. Crypto-linked shares such as major U.S. exchange Coinbase Global (COIN.O) and bitcoin owner MicroStrategy (MSTR.O) rose in after-hours trade. Investment giant BlackRock (BLK.N) is among several major U.S. financial firms with pending applications for bitcoin ETFs. Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment. Anticipation also grew after reports this month, including from Reuters, that the SEC won't appeal a court ruling it had been wrong to reject an ETF application from crypto firm Grayscale Investments. "The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick. Last week BlackRock denied an erroneous report that its ETF had been approved. Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours. WATCH WION LIVE HERE:

Bitcoin soars to near 18-month high as ETF speculation mounts

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).&nbsp;

The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks.&nbsp;

The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand.&nbsp;

It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector.&nbsp;

At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022.&nbsp;

During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August.&nbsp;

The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively.&nbsp;

Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC."&nbsp;

This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation.&nbsp;

Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments.&nbsp;

On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation.&nbsp;Reuters quoted&nbsp;Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval."&nbsp;

(With inputs from Reuters)&nbsp;

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Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF).

Bitcoin rose nearly 10 per cent on Tuesday, reaching $34,872, its highest value in nearly 18 months. The rally followed mounting speculation about the launch of an exchange-traded bitcoin fund (ETF). The bullish momentum has not only influenced the wider cryptocurrency market but has also made its presence felt in related stocks. The market anticipates that the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) could drive substantial demand. It is being argued that such an ETF would provide previously hesitant investors with access to cryptocurrencies through the stock market, potentially ushering a new wave of capital into the sector. At present, Bitcoin, a highly volatile digital asset that has seen its price double this year, is trading at $34,020, marking the highest value since May 2022. During Asian trading hours, it even briefly exceeded $35,000. The second-largest cryptocurrency, Ether, also experienced gains, rising by 4.50 per cent to reach $1,786.30, its highest value since August. The impact of Bitcoin's ascent is not limited to the cryptocurrency market. Shares tied to the crypto industry, including major US exchange Coinbase Global and Bitcoin holder MicroStrategy, surged by more than 7 per cent and 12 per cent, respectively. Reuters quoted Antoni Trenchev, co-founder of digital asset firm Nexo, as saying, "A sense of excitement has erupted in the crypto market and now it’s just a case of waiting to see if and when something concrete emerges from the SEC." This surge in optimism about a Bitcoin ETF's imminent approval is bolstered by the presence of major US financial firms, including investment giant BlackRock, with pending ETF applications. Reports indicate that BlackRock's iShares ETF has been listed on the website of clearing house DTCC, further fuelling speculation. Reports this month, including one from Reuters, suggested that the SEC would not contest a court ruling that held the agency of wrongfully rejecting an ETF application from crypto firm Grayscale Investments. On Monday, the court formalised its decision, sending the application back to the SEC for a re-evaluation. Reuters quoted Geoffrey Kendrick, the head of digital assets research at Standard Chartered, as saying, "The SEC being pressured by the courts increases the probability of an ETF approval." (With inputs from Reuters) WATCH WION LIVE HERE

Bitcoin reaches near 18-month high amid growing ETF speculation 

The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions.

According to a report by Reuters, the 348-foot (106-metre) Amadea yacht was confiscated by Fijian authorities in May 2022, acting on a US warrant. This move coincided with Washington's efforts to strengthen sanctions enforcement against individuals linked to Russian President Vladimir Putin, as a means to exert pressure on Moscow to end its conflict with Ukraine.

The filing of a complaint in a Manhattan federal court marks the commencement of a potentially protracted legal process. The United States aims to establish ownership of the yacht, which is currently harboured in San Diego, and subsequently auction it. The proceeds from the auction would then be directed toward Ukraine. Suleiman Kerimov, along with his family, holds assets valued at $10.7 billion, as per Forbes magazine.

Kerimov amassed a significant portion of his wealth through his stake in the Russian gold producer, Polyus. He faced US Treasury Department sanctions in 2014 and 2018 in response to Russia's actions in Syria and Ukraine, which prohibited his access to the US financial system. In May 2023, Polyus was also subjected to sanctions, a move the company deemed unjustified.

The US Department of Justice, in its complaint on Monday, alleged that Kerimov acquired the Amadea in 2021, subsequently violating US sanctions by making over $1 million in maintenance payments through US financial institutions. The owners of the yacht will be given the opportunity to contest this claim in a court of law.

In a separate development, attorneys representing Millemarin Investments, a company asserting ownership of the Amadea, stated in a Fijian court that the yacht is owned not by Kerimov, but by former Rosneft chief Eduard Khudainatov, another Russian oligarch not subjected to sanctions. Khudainatov is not mentioned in the complaint filed on Monday.

US prosecutors contend that a transaction conducted on September 14, 2021, which transferred ownership of the Amadea from Millemarin to a newly established entity, Errigan Marine, was orchestrated to create the appearance that Evgeny Kochman, president of the sanctioned yacht brokerage, Imperial Yachts, was the yacht's owner. Prosecutors asserted that Kochman was merely a "straw owner."

As per Reuters, Imperial Yachts, in a statement, expressed its disagreement with the allegations made by the DOJ, emphasising that neither the company nor Kochman had engaged in any unlawful activities.

Khudainatov, on the other hand, initiated a lawsuit against the United States on Monday in a San Diego federal court to secure the release of the yacht. Reuters quoted Adam Ford, his attorney, as saying, "The Amadea was seized upon false premises driven by political motivation."

(With inputs from Reuters)

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The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions.

The United States has initiated legal proceedings to secure the forfeiture of a $300 million superyacht allegedly controlled by Russian billionaire oligarch Suleiman Kerimov, who is subject to US sanctions. According to a report by Reuters, the 348-foot (106-metre) Amadea yacht was confiscated by Fijian authorities in May 2022, acting on a US warrant. This move coincided with Washington's efforts to strengthen sanctions enforcement against individuals linked to Russian President Vladimir Putin, as a means to exert pressure on Moscow to end its conflict with Ukraine. The filing of a complaint in a Manhattan federal court marks the commencement of a potentially protracted legal process. The United States aims to establish ownership of the yacht, which is currently harboured in San Diego, and subsequently auction it. The proceeds from the auction would then be directed toward Ukraine. Suleiman Kerimov, along with his family, holds assets valued at $10.7 billion, as per Forbes magazine. Kerimov amassed a significant portion of his wealth through his stake in the Russian gold producer, Polyus. He faced US Treasury Department sanctions in 2014 and 2018 in response to Russia's actions in Syria and Ukraine, which prohibited his access to the US financial system. In May 2023, Polyus was also subjected to sanctions, a move the company deemed unjustified. The US Department of Justice, in its complaint on Monday, alleged that Kerimov acquired the Amadea in 2021, subsequently violating US sanctions by making over $1 million in maintenance payments through US financial institutions. The owners of the yacht will be given the opportunity to contest this claim in a court of law. In a separate development, attorneys representing Millemarin Investments, a company asserting ownership of the Amadea, stated in a Fijian court that the yacht is owned not by Kerimov, but by former Rosneft chief Eduard Khudainatov, another Russian oligarch not subjected to sanctions. Khudainatov is not mentioned in the complaint filed on Monday. US prosecutors contend that a transaction conducted on September 14, 2021, which transferred ownership of the Amadea from Millemarin to a newly established entity, Errigan Marine, was orchestrated to create the appearance that Evgeny Kochman, president of the sanctioned yacht brokerage, Imperial Yachts, was the yacht's owner. Prosecutors asserted that Kochman was merely a "straw owner." As per Reuters, Imperial Yachts, in a statement, expressed its disagreement with the allegations made by the DOJ, emphasising that neither the company nor Kochman had engaged in any unlawful activities. Khudainatov, on the other hand, initiated a lawsuit against the United States on Monday in a San Diego federal court to secure the release of the yacht. Reuters quoted Adam Ford, his attorney, as saying, "The Amadea was seized upon false premises driven by political motivation." (With inputs from Reuters) WATCH WION LIVE HERE

US pursues forfeiture of Russian oligarch's $300 million superyacht

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,&nbsp;Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", saw&nbsp;over 6,000 registered delegates, as well as&nbsp;global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died&nbsp;in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly&nbsp;and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development. Speaking at the annual Future Investment Initiative, Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture." The annual Future Investment Initiative, also known as "Davos in the Desert", saw over 6,000 registered delegates, as well as global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance. Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence. About the war According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages. According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians. (With inputs from AFP) WATCH WION LIVE HERE

World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

Online gaming companies operating in India have been asked to pay around 1 trillion rupees ($12.03 billion) in taxes they have allegedly evaded, news agency PTI reported citing a senior tax official.

The government imposed 28 per cent GST on online gaming companies in August on the full value of bets placed on online gaming platforms.

These include foreign companies as well who have bases in India.&nbsp;The GST law was amended, making it mandatory for overseas online gaming companies to register in India from October 1.

However, the government official said that there is no data yet of foreign gaming companies registering in India since October 1.

“Online gaming companies served notices worth about Rs 1 trillion rupees by GST authorities so far,” the official told the news agency.

The move comes a month after several online gaming firms like Dream11, and casino operator, like Delta Corp, received show cause notices for alleged short payment of taxes.

Separately, a show cause notice was sent to GamesKraft in September last year for alleged GST evasion of 210 billion rupees ($2.5 billion).

<h2>Tussle between firms and government</h2>

The online gaming sector was considered the sunrise sector in India in the wake of the exponential growth recorded by the industry during the pandemic.

Earlier, the gaming firms used to 18 per cent tax on the platform fees because the law was ambiguous, while betting and gambling always fell under the 28 per cent slab.

But in August, the GST Council announced the decision to amend the indirect tax law to clarify that all online games involving wagers, irrespective of whether they are based on skill or chance, will attract a GST of 28 percent on the full value of the bets placed –not on the gross gaming revenue – from October 1.

The provision under the GST law on taxing betting and gambling was invoked because the governments, both the state and central, wanted to regulate online real money gaming.

Also read |&nbsp;<a href="https://www.wionews.com/world/india-might-drag-canada-to-fatf-for-inaction-over-terror-funding-report-650936">India might drag Canada to FATF for inaction over terror funding: Report</a>

The firms opposed the move because the government made the tax slab rate retrospectively, as a result of which the online gaming companies started receiving demand notices for the past period.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-complaints-of-identity-theft-and-fake-profiles-up-by-538-in-delhi-says-report-651064">India: Complaints of identity theft and fake profiles up by 53.8% in Delhi, says repor</a>

Later, the government clarified that the tax liability of 28 per cent is not retrospective but pre-existing.

Gaming companies, however, insist that the rate of 28 per cent is only applicable from October. 1.

(With inputs from agencies)

Online gaming companies operating in India have been asked to pay around 1 trillion rupees ($12.03 billion) in taxes they have allegedly evaded, news agency PTI reported citing a senior tax official.

Online gaming companies operating in India have been asked to pay around 1 trillion rupees ($12.03 billion) in taxes they have allegedly evaded, news agency PTI reported citing a senior tax official. The government imposed 28 per cent GST on online gaming companies in August on the full value of bets placed on online gaming platforms. These include foreign companies as well who have bases in India. The GST law was amended, making it mandatory for overseas online gaming companies to register in India from October 1. However, the government official said that there is no data yet of foreign gaming companies registering in India since October 1. “Online gaming companies served notices worth about Rs 1 trillion rupees by GST authorities so far,” the official told the news agency. The move comes a month after several online gaming firms like Dream11, and casino operator, like Delta Corp, received show cause notices for alleged short payment of taxes. Separately, a show cause notice was sent to GamesKraft in September last year for alleged GST evasion of 210 billion rupees ($2.5 billion). Tussle between firms and government The online gaming sector was considered the sunrise sector in India in the wake of the exponential growth recorded by the industry during the pandemic. Earlier, the gaming firms used to 18 per cent tax on the platform fees because the law was ambiguous, while betting and gambling always fell under the 28 per cent slab. But in August, the GST Council announced the decision to amend the indirect tax law to clarify that all online games involving wagers, irrespective of whether they are based on skill or chance, will attract a GST of 28 percent on the full value of the bets placed –not on the gross gaming revenue – from October 1. The provision under the GST law on taxing betting and gambling was invoked because the governments, both the state and central, wanted to regulate online real money gaming. Also read | India might drag Canada to FATF for inaction over terror funding: Report The firms opposed the move because the government made the tax slab rate retrospectively, as a result of which the online gaming companies started receiving demand notices for the past period. Also read | India: Complaints of identity theft and fake profiles up by 53.8% in Delhi, says repor Later, the government clarified that the tax liability of 28 per cent is not retrospective but pre-existing. Gaming companies, however, insist that the rate of 28 per cent is only applicable from October. 1. (With inputs from agencies)

Online gaming companies in India asked to pay $12 billion for tax evasion: Report

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors.&nbsp;

According to a Bloomberg report, Sharma's&nbsp;VSS Investments Fund&nbsp;is valued at 300 million rupees (approximately $3.6 million) and aims to&nbsp;foster innovation and entrepreneurship in these rapidly evolving domains.

VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio.&nbsp;

In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations.

A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship."

Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more.

(With inputs from Bloomberg)

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Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.

Vijay Shekhar Sharma, the founder of Paytm, has taken a significant step into India's burgeoning artificial intelligence (AI) and electric vehicle (EV) sectors. According to a Bloomberg report, Sharma's VSS Investments Fund is valued at 300 million rupees (approximately $3.6 million) and aims to foster innovation and entrepreneurship in these rapidly evolving domains. VSS Investments Fund will not only cater to early-stage startups but will also facilitate follow-on investments in Sharma's existing portfolio. In an official statement, Sharma emphasised the transformative potential of Indian startups in the realm of advanced technology and AI-driven innovations. A Moneycontrol report quoted him as saying, "The Indian startup ecosystem has some of the brightest entrepreneurs in the world, and we have the potential to become a powerhouse of advanced technology and AI-driven innovations. India's aspiration to be a $10 Trillion Atmanirbhar economy will be defined by the spirit of innovation and entrepreneurship." Sharma, celebrated for pioneering fintech in India over a decade ago with the inception of Paytm, has been an active investor in various Indian startups. These include Ola Electric, GOQii (a fitness band manufacturer), Treebo Hotels, and more. (With inputs from Bloomberg) WATCH WION LIVE HERE

Paytm founder launches $3.6 mn fund to boost AI and EV startups: Report

Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline.&nbsp;

Reuters reported that the new export restrictions were set to take effect 30 days after the Biden administration announced plans to prevent nations like China, Iran, and Russia from obtaining cutting-edge artificial intelligence processors made by Nvidia and other companies on October 17.&nbsp;

According to a filing on Tuesday, Nvidia does not anticipate a short-term impact on its earnings from the change. However, the company did not provide an explanation for why the U.S. government expedited the timeline.&nbsp;

After launching its Gaudi 2 chip sales in China in July, Intel announced that it was "reviewing the regulations and assessing the potential impact."&nbsp;

The advanced AI chips A800 and H800 from Nvidia, which were both developed for the Chinese market in order to comply with prior export regulations, will not be exported anymore.&nbsp;

The limits also affect the Nvidia A100, H100, and L40S CPUs.&nbsp;

(With inputs from Reuters)&nbsp;

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Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline.

Chip maker Nvidia said that the new restrictions on the United States' ability to sell China its premium artificial intelligence processors went into force on Monday, a week after officials extended the deadline. Reuters reported that the new export restrictions were set to take effect 30 days after the Biden administration announced plans to prevent nations like China, Iran, and Russia from obtaining cutting-edge artificial intelligence processors made by Nvidia and other companies on October 17. According to a filing on Tuesday, Nvidia does not anticipate a short-term impact on its earnings from the change. However, the company did not provide an explanation for why the U.S. government expedited the timeline. After launching its Gaudi 2 chip sales in China in July, Intel announced that it was "reviewing the regulations and assessing the potential impact." The advanced AI chips A800 and H800 from Nvidia, which were both developed for the Chinese market in order to comply with prior export regulations, will not be exported anymore. The limits also affect the Nvidia A100, H100, and L40S CPUs. (With inputs from Reuters) WATCH WION LIVE HERE

Nvidia claims the US advanced new export restrictions on AI chips: Report

In a significant development for Australia's tech landscape, Microsoft has announced a substantial investment of $3.2 billion. This commitment aims to bolster Australia's artificial intelligence and cloud computing capabilities.

Microsoft commits billions to Australia for AI and cloud computing

Chevron corporation has announced a $53 billion all-stock deal to acquire its smaller rival, Hess corporation. This all-stock transaction marks a pivotal moment, intensifying the rivalry between chevron and Exxon Mobil. The acquisition is designed to bolster Chevron's presence in key areas, namely US Shale and the oil-rich region of Guyana.

Chevron acquires rival Hess Corp for $53 billion