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In a shocking revelation, global banks, including UBS and HSBC, have come under scrutiny for their investments in three publicly traded Chinese drugmakers accused of using parts of endangered animals in their products.

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The United States is setting its sights on a $300 million superyacht, alleging it's controlled by a Russian billionaire Oligarch under US Sanctions. The yacht was seized in fiji, and now authorities are looking to bring it to San Diego, setting the stage for a complex legal battle.

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The Israeli Central Bank has lowered its economic forecasts and maintained its focus on propping up the domestic currency, the shekel, by holding interest rates steady. The research division of the bank of Israel revised its gdp growth forecasts for 2023 and 2024 downward on Monday.

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US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period. This strategic investment encompasses a comprehensive initiative that includes skills development and enhancements in cyber security.

Microsoft's intended expansion will result in a 250 per cent increase in computing capacity within Australia. This augmentation will enable the 13th largest economy globally to cater to the burgeoning demand for cloud computing, which is projected to double between 2022 and 2026 as AI applications become more pervasive.

Brad Smith, Microsoft's Vice Chairman and President, emphasised that this significant spending is a testament to the company's unwavering commitment to contributing to the growth and prosperity of Australia in the AI era.

Apart from the substantial financial commitment, Microsoft has pledged to provide training to 300,000 Australians, equipping them with the skills essential for success in the digital economy. Additionally, the company will expand its cyber threat information-sharing agreement with the Australian Signals Directorate, bolstering the nation's cyber security capabilities.

According to Reuters, Australian Prime Minister Anthony Albanese hailed this initiative, emphasising that it represents a substantial investment in the skills and workforce of the future, asserting the importance of providing Australians with the necessary skills to excel in the rapidly evolving job landscape.

Steven Worrall, Microsoft's Managing Director for Australia, highlighted that this investment will not only enhance the digital economy's security but will also create a foundation for growth and innovation in the era of AI.

While Microsoft's announcement includes a substantial financial commitment of A$5 billion, specific details regarding the allocation of these funds were not provided in the statement. However, the company disclosed its intention to significantly expand its data centre presence in Australia from 20 sites to 29.

A recent joint report co-authored by Microsoft underlined the potential economic impact of generative AI, a form of automation that adapts to new data inputs. It stated that this technology could contribute up to A$115 billion per year to Australia's economy by 2030 if it is rapidly adopted.

Australia, despite its current absence of AI-specific regulations, has initiated public consultations in 2022 regarding AI regulation. This move is in response to the fast automation developments and follows Microsoft-supported OpenAI's introduction of the lifelike language program ChatGPT in 2022. While AI holds promise, concerns about bias, copyright infringement, and privacy breaches have prompted discussions around safeguarding this evolving technology.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period.

US tech-giant, Microsoft, has revealed its plans to allocate A$5 billion (equivalent to $3.2 billion) towards the expansion of artificial intelligence (AI) and cloud computing capabilities in Australia over a two-year period. This strategic investment encompasses a comprehensive initiative that includes skills development and enhancements in cyber security. Microsoft's intended expansion will result in a 250 per cent increase in computing capacity within Australia. This augmentation will enable the 13th largest economy globally to cater to the burgeoning demand for cloud computing, which is projected to double between 2022 and 2026 as AI applications become more pervasive. Brad Smith, Microsoft's Vice Chairman and President, emphasised that this significant spending is a testament to the company's unwavering commitment to contributing to the growth and prosperity of Australia in the AI era. Apart from the substantial financial commitment, Microsoft has pledged to provide training to 300,000 Australians, equipping them with the skills essential for success in the digital economy. Additionally, the company will expand its cyber threat information-sharing agreement with the Australian Signals Directorate, bolstering the nation's cyber security capabilities. According to Reuters, Australian Prime Minister Anthony Albanese hailed this initiative, emphasising that it represents a substantial investment in the skills and workforce of the future, asserting the importance of providing Australians with the necessary skills to excel in the rapidly evolving job landscape. Steven Worrall, Microsoft's Managing Director for Australia, highlighted that this investment will not only enhance the digital economy's security but will also create a foundation for growth and innovation in the era of AI. While Microsoft's announcement includes a substantial financial commitment of A$5 billion, specific details regarding the allocation of these funds were not provided in the statement. However, the company disclosed its intention to significantly expand its data centre presence in Australia from 20 sites to 29. A recent joint report co-authored by Microsoft underlined the potential economic impact of generative AI, a form of automation that adapts to new data inputs. It stated that this technology could contribute up to A$115 billion per year to Australia's economy by 2030 if it is rapidly adopted. Australia, despite its current absence of AI-specific regulations, has initiated public consultations in 2022 regarding AI regulation. This move is in response to the fast automation developments and follows Microsoft-supported OpenAI's introduction of the lifelike language program ChatGPT in 2022. While AI holds promise, concerns about bias, copyright infringement, and privacy breaches have prompted discussions around safeguarding this evolving technology. (With inputs from Reuters) WATCH WION LIVE HERE

Microsoft announces $3.2 billion investment in Australia's AI and cloud computing infrastructure

Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession. This measure aligns with similar multibillion-dollar programs adopted in the United States and Europe, aiming to restore confidence in lending markets after numerous bank failures, primarily linked to investments in distressed U.S. mortgages.

Finance Minister Jim Flaherty emphasised the government's commitment to preserving the competitiveness of Canadian financial institutions in global wholesale markets. Reuters quoted him as saying in a statement, “The government of Canada is acting today to ensure that financial institutions in this country are not put at a competitive disadvantage when raising funds in wholesale markets to lend to consumers and businesses.”

The global economic turbulence, which has rattled world markets and plummeted consumer confidence to historically low levels, is predicted to bring Canada's economy dangerously close to recession, according to the Bank of Canada. In its quarterly report, the central bank projected a 0.4 per cent contraction in the fourth quarter of this year and zero growth in the first quarter of 2009, meeting the technical criteria for a recession, which entails two consecutive quarters of economic decline.

Bank of Canada Governor Mark Carney emphasised that while the economic outlook was sluggish, he refrained from characterising it as recessionary. Finance Minister Flaherty expressed optimism that a recession could still be averted.

To counterbalance the challenges, a substantial depreciation of the Canadian dollar may help offset the decline in commodities markets, benefiting manufacturers. Furthermore, the cumulative reduction of the bank's key interest rate by 225 basis points since December of the previous year is expected to stimulate economic growth in the months to come, noted Carney. Canada's relatively robust housing and banking sectors have positioned the country more favourably compared to other developed economies.

Despite meagre annual growth rates of 0.6 percent for 2008 and 2009, the central bank anticipates a robust recovery in 2010, with a growth rate of 3.4 percent. Carney expressed confidence in this recovery, highlighting that it is milder compared to recoveries following previous crises.

According to Reuters, Finance Minister Flaherty reasserted his commitment to maintaining the country's 11th consecutive budget surplus for the current year. However, he cautioned that this might not be sustainable in the following years and did not rule out the possibility of providing additional economic stimulus, in addition to the previously announced tax cuts.

Global leaders are set to convene in Washington next month to address the deepening worldwide economic gloom, with European leaders calling for a comprehensive overhaul of global financial system regulations. The finance ministers of G20 nations will meet in Brazil before the Washington gathering, with Carney emphasising the need to establish a process for reforming the global financial system.

Canada's program to bolster bank lending will be initiated in early November and is expected to continue for at least six months, as disclosed by Flaherty. The hope is that the country's banks will not need to utilize the program. Reuters quoted Flaherty as saying, "There may be no take-up on this, and... the excellent result would be that it's not necessary, that the banks don't take it up." He clarified that the program would be offered on a commercial fee basis and was unlikely to entail fiscal costs.

The Canadian Bankers Association welcomed these new measures, highlighting that Canadian banks are financially sound and well-capitalised even without federal government loan insurance. Nancy Hughes Anthony, the President and CEO of the Canadian Bankers Association, affirmed the strength of Canada's banking institutions.

In addition to these actions, the Canadian government had recently announced a plan to purchase up to Canadian $25 billion in mortgage assets from Canadian banks to boost liquidity and stimulate lending to consumers and businesses. The government had already acquired C$5 billion in mortgages in the program's initial phase on October 16, with a second auction of C$7 billion held more recently.

While there have been signs of improvement in global and Canadian money markets over the past two weeks, Carney cautioned against premature relaxation, stating that it was not yet time to withdraw the extraordinary liquidity injections that the central bank had initiated.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession.

Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession. This measure aligns with similar multibillion-dollar programs adopted in the United States and Europe, aiming to restore confidence in lending markets after numerous bank failures, primarily linked to investments in distressed U.S. mortgages. Finance Minister Jim Flaherty emphasised the government's commitment to preserving the competitiveness of Canadian financial institutions in global wholesale markets. Reuters quoted him as saying in a statement, “The government of Canada is acting today to ensure that financial institutions in this country are not put at a competitive disadvantage when raising funds in wholesale markets to lend to consumers and businesses.” The global economic turbulence, which has rattled world markets and plummeted consumer confidence to historically low levels, is predicted to bring Canada's economy dangerously close to recession, according to the Bank of Canada. In its quarterly report, the central bank projected a 0.4 per cent contraction in the fourth quarter of this year and zero growth in the first quarter of 2009, meeting the technical criteria for a recession, which entails two consecutive quarters of economic decline. Bank of Canada Governor Mark Carney emphasised that while the economic outlook was sluggish, he refrained from characterising it as recessionary. Finance Minister Flaherty expressed optimism that a recession could still be averted. To counterbalance the challenges, a substantial depreciation of the Canadian dollar may help offset the decline in commodities markets, benefiting manufacturers. Furthermore, the cumulative reduction of the bank's key interest rate by 225 basis points since December of the previous year is expected to stimulate economic growth in the months to come, noted Carney. Canada's relatively robust housing and banking sectors have positioned the country more favourably compared to other developed economies. Despite meagre annual growth rates of 0.6 percent for 2008 and 2009, the central bank anticipates a robust recovery in 2010, with a growth rate of 3.4 percent. Carney expressed confidence in this recovery, highlighting that it is milder compared to recoveries following previous crises. According to Reuters, Finance Minister Flaherty reasserted his commitment to maintaining the country's 11th consecutive budget surplus for the current year. However, he cautioned that this might not be sustainable in the following years and did not rule out the possibility of providing additional economic stimulus, in addition to the previously announced tax cuts. Global leaders are set to convene in Washington next month to address the deepening worldwide economic gloom, with European leaders calling for a comprehensive overhaul of global financial system regulations. The finance ministers of G20 nations will meet in Brazil before the Washington gathering, with Carney emphasising the need to establish a process for reforming the global financial system. Canada's program to bolster bank lending will be initiated in early November and is expected to continue for at least six months, as disclosed by Flaherty. The hope is that the country's banks will not need to utilize the program. Reuters quoted Flaherty as saying, "There may be no take-up on this, and... the excellent result would be that it's not necessary, that the banks don't take it up." He clarified that the program would be offered on a commercial fee basis and was unlikely to entail fiscal costs. The Canadian Bankers Association welcomed these new measures, highlighting that Canadian banks are financially sound and well-capitalised even without federal government loan insurance. Nancy Hughes Anthony, the President and CEO of the Canadian Bankers Association, affirmed the strength of Canada's banking institutions. In addition to these actions, the Canadian government had recently announced a plan to purchase up to Canadian $25 billion in mortgage assets from Canadian banks to boost liquidity and stimulate lending to consumers and businesses. The government had already acquired C$5 billion in mortgages in the program's initial phase on October 16, with a second auction of C$7 billion held more recently. While there have been signs of improvement in global and Canadian money markets over the past two weeks, Carney cautioned against premature relaxation, stating that it was not yet time to withdraw the extraordinary liquidity injections that the central bank had initiated. (With inputs from Reuters) WATCH WION LIVE HERE

Canada takes action to prevent recession amid global financial crisis

The Bank of Israel Governor, Amir Yaron, provided insights on the economic impact of the recent conflict with Hamas. Despite acknowledging that Israel's economy would face challenges due to the war, he expressed confidence in a swift recovery. The central bank, in its third consecutive decision, chose to leave the benchmark interest rate at 4.75per cent.

According to Reuters, Yaron mentioned, "I'm pretty skeptical that at the moment lowering the interest rate would make demand jump" during a news conference.

The central bank's previous strategy involved raising interest rates for ten consecutive times, aiming to combat inflation. This strategy, which started in April when rates were at 0.1per cent, paused in July and August. Yaron highlighted concerns regarding further weakening the shekel, which was already at an eight and a half year low against the dollar. He expressed that steep rate cuts could exacerbate the situation and lead to increased inflation.

The inflation rate had eased to 3.8 per cent in September, down from 4.1 per cent in August, but still above the annual target range of 1 per cent to 3 per cent. Bank of Israel's economists projected that inflation would decrease to 2.9 per cent in the coming year and settle at 2.5 per cent by the end of 2024. Yaron emphasised the need to stabilise the financial system to avoid repercussions on the real economy.

Rather than resorting to rate cuts, the Bank of Israel is taking alternative measures that act as monetary easing. These measures include collaborating with banks to allow those affected by the conflict to defer or freeze loan repayments. As per the Reuters, Yaron emphasised that addressing interest rates would come after the economy's recovery post-war, stating, "For now, uncertainty is very high."

Growth estimate and economic impact

The ongoing conflict, which began on October 7th with Hamas's attack on Israeli towns, has led the Bank of Israel to revise its growth estimates. The growth forecast for 2023 has been adjusted to 2.3 per cent, down from the previous estimate of 3.0 per cent, and 2.8 per cent for the following year, down from 3.0 per cent. These forecasts are based on the assumption that the conflict will remain concentrated in the south, specifically on the Gaza border, in the fourth quarter. Yaron stressed that the duration and expansion of the war into other regions, such as the Lebanese border or other areas, could significantly alter these estimates.

Yaron remained optimistic about Israel's ability to recover and return to prosperity. Reuters quoted him as saying, "We have known how to recover from difficult periods in the past and to return rapidly to prosperity. I have no doubt that it will do so this time as well."

Currency measures and fiscal restraint

The Bank of Israel is also taking steps to contain the shekel by selling $30 billion of foreign currency. With no expected change in interest rates, the shekel remained stable against the dollar at a rate of 4.06, its weakest since March 2015. Since the beginning of the war, the shekel has depreciated by 5 per cent, marking a total decline of 15.5 per cent in 2023.

While government officials have indicated their commitment to spend on the war and compensate those affected, Yaron cautioned about the importance of fiscal restraint. The central bank's projections indicate an increase in the debt-to-GDP ratio from 60.5 per cent in 2022 to 62 per cent in 2023 and 65 per cent in 2024. Yaron urged responsible fiscal policies and expense reductions in areas deemed less critical.

Credit Rating Concerns

In addition to economic challenges, Israel faces credit rating concerns. Fitch recently placed Israel's credit ratings on credit watch negative, while Moody's initiated a review for a possible downgrade.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Bank of Israel Governor, Amir Yaron, provided insights on the economic impact of the recent conflict with Hamas. Despite acknowledging that Israel's economy would face challenges due to the war, he expressed confidence in a swift recovery.

The Bank of Israel Governor, Amir Yaron, provided insights on the economic impact of the recent conflict with Hamas. Despite acknowledging that Israel's economy would face challenges due to the war, he expressed confidence in a swift recovery. The central bank, in its third consecutive decision, chose to leave the benchmark interest rate at 4.75per cent. According to Reuters, Yaron mentioned, "I'm pretty skeptical that at the moment lowering the interest rate would make demand jump" during a news conference. The central bank's previous strategy involved raising interest rates for ten consecutive times, aiming to combat inflation. This strategy, which started in April when rates were at 0.1per cent, paused in July and August. Yaron highlighted concerns regarding further weakening the shekel, which was already at an eight and a half year low against the dollar. He expressed that steep rate cuts could exacerbate the situation and lead to increased inflation. The inflation rate had eased to 3.8 per cent in September, down from 4.1 per cent in August, but still above the annual target range of 1 per cent to 3 per cent. Bank of Israel's economists projected that inflation would decrease to 2.9 per cent in the coming year and settle at 2.5 per cent by the end of 2024. Yaron emphasised the need to stabilise the financial system to avoid repercussions on the real economy. Rather than resorting to rate cuts, the Bank of Israel is taking alternative measures that act as monetary easing. These measures include collaborating with banks to allow those affected by the conflict to defer or freeze loan repayments. As per the Reuters, Yaron emphasised that addressing interest rates would come after the economy's recovery post-war, stating, "For now, uncertainty is very high." Growth estimate and economic impact The ongoing conflict, which began on October 7th with Hamas's attack on Israeli towns, has led the Bank of Israel to revise its growth estimates. The growth forecast for 2023 has been adjusted to 2.3 per cent, down from the previous estimate of 3.0 per cent, and 2.8 per cent for the following year, down from 3.0 per cent. These forecasts are based on the assumption that the conflict will remain concentrated in the south, specifically on the Gaza border, in the fourth quarter. Yaron stressed that the duration and expansion of the war into other regions, such as the Lebanese border or other areas, could significantly alter these estimates. Yaron remained optimistic about Israel's ability to recover and return to prosperity. Reuters quoted him as saying, "We have known how to recover from difficult periods in the past and to return rapidly to prosperity. I have no doubt that it will do so this time as well." Currency measures and fiscal restraint The Bank of Israel is also taking steps to contain the shekel by selling $30 billion of foreign currency. With no expected change in interest rates, the shekel remained stable against the dollar at a rate of 4.06, its weakest since March 2015. Since the beginning of the war, the shekel has depreciated by 5 per cent, marking a total decline of 15.5 per cent in 2023. While government officials have indicated their commitment to spend on the war and compensate those affected, Yaron cautioned about the importance of fiscal restraint. The central bank's projections indicate an increase in the debt-to-GDP ratio from 60.5 per cent in 2022 to 62 per cent in 2023 and 65 per cent in 2024. Yaron urged responsible fiscal policies and expense reductions in areas deemed less critical. Credit Rating Concerns In addition to economic challenges, Israel faces credit rating concerns. Fitch recently placed Israel's credit ratings on credit watch negative, while Moody's initiated a review for a possible downgrade. (With inputs from Reuters) WATCH WION LIVE HERE

Bank of Israel maintains interest rates amidst Gaza conflict, prioritises financial stability

India's airlines are gearing up for the winter season with plans to operate over 8 per cent more flights compared to the previous year. According to regulatory data, there will be 23,732 flight departures every week during the upcoming winter season. This figure is also 1.4 per cent higher than the winter schedule of 2019, the period preceding the COVID-19 pandemic.

The Directorate General of Civil Aviation (DGCA) authorizes flight departures for Indian airlines biannually, covering both summer and winter schedules. The winter schedule is set to take effect from October 29 to March 30.

Major Indian carriers are set to expand their operations significantly. IndiGo, the largest airline in India, will witness the most substantial increase, planning to operate 30 per cent more flights than last year. Air India is also expected to grow its operations by 19 per cent. In contrast, Vistara will see a 2 per cent decrease in proposed flight deployments.

However, the absence of low-cost carrier Go First, which ceased operations in May, has left a gap of over 1,300 flight departures. This comes as a result of Go First's extensive flight schedule in the previous winter season.

According to a report by Mint, Akasa Air will experience a 5 per cent increase in weekly flight departures from the summer schedule and a 65 per cent surge from the last winter schedule. SpiceJet, on the other hand, continues to grapple with capacity issues, with a 33 per cent drop from the previous year and a 5 per cent decrease from the summer schedule.

The additional flights and increased capacity are expected to have a positive impact on ticket prices.

The 'Winter Schedule 2023' has been meticulously formulated after a slot conference held in September 2023. The DGCA reported that the final slot clearances were acquired from respective airport operators via the eGCA portal.

The increased flight departures will serve 118 airports, with several new airports proposed by scheduled airlines in 'Winter Schedule 2023.'

The Financial Express reported that IndiGo is poised to lead the expansion, with 13,119 weekly flight departures, followed by Air India at 2,367, SpiceJet at 2,132, Vistara at 1,902, and AirAsia India with 1,457 approved flights.

WATCH WION LIVE HERE

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India's airlines are gearing up for the winter season with plans to operate over 8 per cent more flights compared to the previous year. According to regulatory data, there will be 23,732 flight departures every week during the upcoming winter season.

India's airlines are gearing up for the winter season with plans to operate over 8 per cent more flights compared to the previous year. According to regulatory data, there will be 23,732 flight departures every week during the upcoming winter season. This figure is also 1.4 per cent higher than the winter schedule of 2019, the period preceding the COVID-19 pandemic. The Directorate General of Civil Aviation (DGCA) authorizes flight departures for Indian airlines biannually, covering both summer and winter schedules. The winter schedule is set to take effect from October 29 to March 30. Major Indian carriers are set to expand their operations significantly. IndiGo, the largest airline in India, will witness the most substantial increase, planning to operate 30 per cent more flights than last year. Air India is also expected to grow its operations by 19 per cent. In contrast, Vistara will see a 2 per cent decrease in proposed flight deployments. However, the absence of low-cost carrier Go First, which ceased operations in May, has left a gap of over 1,300 flight departures. This comes as a result of Go First's extensive flight schedule in the previous winter season. According to a report by Mint, Akasa Air will experience a 5 per cent increase in weekly flight departures from the summer schedule and a 65 per cent surge from the last winter schedule. SpiceJet, on the other hand, continues to grapple with capacity issues, with a 33 per cent drop from the previous year and a 5 per cent decrease from the summer schedule. The additional flights and increased capacity are expected to have a positive impact on ticket prices. The 'Winter Schedule 2023' has been meticulously formulated after a slot conference held in September 2023. The DGCA reported that the final slot clearances were acquired from respective airport operators via the eGCA portal. The increased flight departures will serve 118 airports, with several new airports proposed by scheduled airlines in 'Winter Schedule 2023.' The Financial Express reported that IndiGo is poised to lead the expansion, with 13,119 weekly flight departures, followed by Air India at 2,367, SpiceJet at 2,132, Vistara at 1,902, and AirAsia India with 1,457 approved flights. WATCH WION LIVE HERE

Indian airlines to expand winter flight operations by 8 pc: Report

Recent measures by the US aimed at restricting the export of advanced artificial intelligence (AI) chips to China could pave the way for Huawei Technologies to expand its presence in the $7 billion Chinese market, as Nvidia is compelled to step back, according to analysts.

According to Reuters, while Nvidia has traditionally held a dominant position in the Chinese AI chip market, with a market share exceeding 90 per cent, Chinese companies, including Huawei, have been working on developing their versions of Nvidia's best-selling chips, such as the A100 and H100 graphics processing units (GPUs).

Huawei's Ascend AI chips are considered comparable to Nvidia's in terms of raw computing power, though they currently lag in performance. The limitation for Chinese firms was their reliance on Nvidia's chips and software ecosystem. However, US restrictions could alter this dynamic, creating an opportunity for Huawei to establish a stronger foothold. Reuters quoted Jiang Yifan, chief market analyst at Guotai Junan Securities, as saying, "This US move, in my opinion, is actually giving Huawei's Ascend chips a huge gift."

While this opportunity presents itself, challenges remain. Many cutting-edge AI projects are built with CUDA, a popular programming architecture pioneered by Nvidia, which has created a vast global ecosystem capable of training sophisticated AI models. Huawei's alternative, CANN, is more limited in this regard. To win over clients in China, Huawei must replicate the ecosystem Nvidia has developed, including facilitating the transfer of data and models to its platform. Intellectual property rights, with many held by US firms, further complicate the situation.

If Huawei succeeds in capturing Nvidia's market share, it could register another victory against US export controls. Over the past year, Huawei has shown signs of resilience against these restrictions by introducing advanced products, including a smartphone chip and advancements in chip design tools. The company is also positioning itself as a key provider of computing power for AI. Huawei's partners in China, such as iFlyTek, have been working with the Ascend 910 to train AI models, demonstrating the potential of Huawei's AI offerings.

As Huawei pushes towards self-sufficiency, President Xi Jinping's championed agenda; it is likely to find support in its endeavours. This situation represents a disruption to near-term supplies but a significant boost to China's long-term self-sufficiency goals. While Nvidia has held a dominant ecosystem, analysts believe that given time and a substantial customer base, domestic players could surmount these challenges.

(With inputs from Reuters)

WATCH WION LIVE HERE

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Recent measures by the US aimed at restricting the export of advanced artificial intelligence (AI) chips to China could pave the way for Huawei Technologies to expand its presence in the $7 billion Chinese market, as Nvidia is compelled to step back, according to analysts.

Recent measures by the US aimed at restricting the export of advanced artificial intelligence (AI) chips to China could pave the way for Huawei Technologies to expand its presence in the $7 billion Chinese market, as Nvidia is compelled to step back, according to analysts. According to Reuters, while Nvidia has traditionally held a dominant position in the Chinese AI chip market, with a market share exceeding 90 per cent, Chinese companies, including Huawei, have been working on developing their versions of Nvidia's best-selling chips, such as the A100 and H100 graphics processing units (GPUs). Huawei's Ascend AI chips are considered comparable to Nvidia's in terms of raw computing power, though they currently lag in performance. The limitation for Chinese firms was their reliance on Nvidia's chips and software ecosystem. However, US restrictions could alter this dynamic, creating an opportunity for Huawei to establish a stronger foothold. Reuters quoted Jiang Yifan, chief market analyst at Guotai Junan Securities, as saying, "This US move, in my opinion, is actually giving Huawei's Ascend chips a huge gift." While this opportunity presents itself, challenges remain. Many cutting-edge AI projects are built with CUDA, a popular programming architecture pioneered by Nvidia, which has created a vast global ecosystem capable of training sophisticated AI models. Huawei's alternative, CANN, is more limited in this regard. To win over clients in China, Huawei must replicate the ecosystem Nvidia has developed, including facilitating the transfer of data and models to its platform. Intellectual property rights, with many held by US firms, further complicate the situation. If Huawei succeeds in capturing Nvidia's market share, it could register another victory against US export controls. Over the past year, Huawei has shown signs of resilience against these restrictions by introducing advanced products, including a smartphone chip and advancements in chip design tools. The company is also positioning itself as a key provider of computing power for AI. Huawei's partners in China, such as iFlyTek, have been working with the Ascend 910 to train AI models, demonstrating the potential of Huawei's AI offerings. As Huawei pushes towards self-sufficiency, President Xi Jinping's championed agenda; it is likely to find support in its endeavours. This situation represents a disruption to near-term supplies but a significant boost to China's long-term self-sufficiency goals. While Nvidia has held a dominant ecosystem, analysts believe that given time and a substantial customer base, domestic players could surmount these challenges. (With inputs from Reuters) WATCH WION LIVE HERE

US chip export restrictions open door for Huawei to gain ground in China's AI chip market

The European Central Bank (ECB) has made a significant attempt towards introducing a digital version of the euro, a move that aims to provide secure and free electronic payment options for citizens across the Eurozone. The ECB has officially announced that a two-year "preparation phase" for the digital euro will commence on November 1.

During this period, the ECB will finalise regulations, select private-sector partners, and engage in testing and experimentation, paving the way for potential issuance and rollout of the digital currency in the future.

While this announcement marks the initial steps in a multi-year project, it sets the ECB ahead of other central banks from the Group of Seven (G7) nations and may serve as a blueprint for others to follow. Several Caribbean countries and Nigeria have already launched digital currencies, while China and Sweden have conducted pilot projects in this realm. In contrast, central banks like the Federal Reserve, the Bank of England, and the Bank of Canada have displayed more cautious approaches towards such initiatives.

The digital euro, once implemented, will function much like any online wallet or bank account, with the distinctive feature of being free to use and backed by the ECB, ensuring its safety. Nonetheless, the project faces criticism from various quarters, including bankers, regulators, some academics, the European Union’s privacy watchdog, and specific consumer groups. Their concerns revolve around the fear that digital currency might drain deposits from the commercial sector and offer limited improvements compared to existing accounts. Reuters cited Markus Ferber, a German member of the European Parliament, who remarked that the ECB has yet to effectively communicate the added value of the digital euro.

To address apprehensions regarding the impact on commercial banks, the ECB intends to place a cap on individual ownership of digital euros, likely around 3,000 euros. The ECB views the digital euro as a means to introduce competition into the payment market, which is currently dominated by U.S. credit card companies.

Similar to physical cash, digital euros will allow users to make small offline payments in close proximity to recipients, and the ECB emphasises that it will not retain transaction data. The digital euro will be distributed by the ECB, commercial banks, and digital wallet providers, but it will be accessible only to residents of the Eurozone and its overseas citizens, addressing concerns about adoption in countries with weaker local currencies.

The push for digital currencies among central banks is gaining momentum. Central banks representing a fifth of the world's population are expected to introduce their own digital currencies within the next three years, according to a survey by the Bank for International Settlements. While such projects began to gain prominence in 2019, the rise of stablecoins, crypto tokens backed to some extent by traditional currencies, has rejuvenated the momentum of central bank digital currencies (CBDCs).

(With inputs from Reuters)

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The European Central Bank (ECB) has made a significant attempt towards introducing a digital version of the euro, a move that aims to provide secure and free electronic payment options for citizens across the Eurozone.

The European Central Bank (ECB) has made a significant attempt towards introducing a digital version of the euro, a move that aims to provide secure and free electronic payment options for citizens across the Eurozone. The ECB has officially announced that a two-year "preparation phase" for the digital euro will commence on November 1. During this period, the ECB will finalise regulations, select private-sector partners, and engage in testing and experimentation, paving the way for potential issuance and rollout of the digital currency in the future. While this announcement marks the initial steps in a multi-year project, it sets the ECB ahead of other central banks from the Group of Seven (G7) nations and may serve as a blueprint for others to follow. Several Caribbean countries and Nigeria have already launched digital currencies, while China and Sweden have conducted pilot projects in this realm. In contrast, central banks like the Federal Reserve, the Bank of England, and the Bank of Canada have displayed more cautious approaches towards such initiatives. The digital euro, once implemented, will function much like any online wallet or bank account, with the distinctive feature of being free to use and backed by the ECB, ensuring its safety. Nonetheless, the project faces criticism from various quarters, including bankers, regulators, some academics, the European Union’s privacy watchdog, and specific consumer groups. Their concerns revolve around the fear that digital currency might drain deposits from the commercial sector and offer limited improvements compared to existing accounts. Reuters cited Markus Ferber, a German member of the European Parliament, who remarked that the ECB has yet to effectively communicate the added value of the digital euro. To address apprehensions regarding the impact on commercial banks, the ECB intends to place a cap on individual ownership of digital euros, likely around 3,000 euros. The ECB views the digital euro as a means to introduce competition into the payment market, which is currently dominated by U.S. credit card companies. Similar to physical cash, digital euros will allow users to make small offline payments in close proximity to recipients, and the ECB emphasises that it will not retain transaction data. The digital euro will be distributed by the ECB, commercial banks, and digital wallet providers, but it will be accessible only to residents of the Eurozone and its overseas citizens, addressing concerns about adoption in countries with weaker local currencies. The push for digital currencies among central banks is gaining momentum. Central banks representing a fifth of the world's population are expected to introduce their own digital currencies within the next three years, according to a survey by the Bank for International Settlements. While such projects began to gain prominence in 2019, the rise of stablecoins, crypto tokens backed to some extent by traditional currencies, has rejuvenated the momentum of central bank digital currencies (CBDCs). (With inputs from Reuters) WATCH WION LIVE HERE

ECB initiates two-year preparation phase for digital euro: Report

China's largest supplier of Apple iPhones, Foxconn, is under intense scrutiny. The Chinese natural resources department has initiated on-site investigations into the land use of Foxconn enterprises, specifically in Henan and Hubei provinces.

China launches tax audits and land use investigations on Foxconn

The world's largest economy likely grew at the fastest pace in almost two years during the third quarter. With major economies failing amid rising inflation and geopolitical tensions, the US continues to dominate the global economic landscape.

Consumer spending drives the American economy

Property investment in China, a vital factor in the country's economic growth, has continued to decline. Home values in the country's largest cities have fallen at their quickest rate in over a year in September. That has dampened investors' enthusiasm about the third-quarter economic growth numbers.

Real estate downturn hits China's stocks

Academics and economic practitioners are doing postmortems on the most vigorous monetary tightening campaign in four decades to determine what caused the cost-of-living problem and how it may be avoided in the future.

Lessons from the great monetary tightening

Along with electric vehicle manufacturer Lucid Motors, Hyundai Motors has signed a contract with Saudi Arabia's sovereign wealth fund to build a more than $500 million automobile assembly factory in the oil-rich country.

Hyundai & Lucid motors partner with Saudi wealth fund

The European Central Bank is leading the charge toward a digital Euro, setting the stage for the latest evolution of money.

The global race for Central Bank digital currencies

A recent report titled "How India Travels," jointly released by Booking.com and McKinsey &amp; Company, reveals a surge in India's travel sector. The report predicts that Indian travellers will substantially boost their spending in the coming years, positioning India as the fourth-largest global spender in travel by 2030, with an estimated expenditure of $410 billion.

This projection represents a 173 per cent increase from 2019 when Indian travellers collectively spent $150 billion, ranking India as the sixth largest global spender. In 2022, Indian travellers played a pivotal role in the recovery of the tourism industry, surpassing Asia by reaching 78 per cent of 2019 levels, while the continent achieved only 52 per cent. Furthermore, the report anticipates that the number of trips taken by Indian travellers will increase from 2.3 billion in 2019 to an impressive 5 billion in 2030.

As per the report, Indian travellers are known for their spontaneity when it comes to trip planning, with an average planning window of just 29 days, a shorter timeframe than even Japan (57 days) and the USA (63 days). Moreover, culinary convenience holds a significant place in their travel habits, with over 80 per cent of Indian travellers valuing the availability of restaurant and room service options during their stays, reflecting a desire for a hassle-free and enjoyable dining experience while on the road, making it a crucial factor in travel decisions.

In addition to their spontaneity, Indian travellers are showing a growing preference for alternative accommodation options such as hostels, campsites, vacation rentals, and chalets. They seek unique and diverse lodging experiences that go beyond traditional hotel stays, emphasising a desire for varied and unconventional travel experiences.

Furthermore, Indian travellers are increasingly drawn to off-the-beaten-path destinations and international adventures. Lesser-known cities like Varanasi, Gurugram, and Coimbatore are witnessing a surge in bookings, indicating a growing interest in exploring less touristy locales.

Alongside this, international destinations such as Vietnam, Indonesia, and Nepal are gaining popularity among Indian travellers. Their choice of travel destinations is heavily influenced by media, with TV shows and Indian cinema being significant inspirations. Additionally, mega events like the ICC Men's Cricket World Cup 2023 and the G20 Summit 2023 serve as compelling catalysts for their travel choices. Social media platforms like YouTube and Instagram also play a pivotal role in inspiring their travel plans, showcasing the dynamic and diverse range of sources influencing Indian travellers’ choices.

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A recent report titled "How India Travels," jointly released by Booking.com and McKinsey & Company, reveals a surge in India's travel sector. The report predicts that Indian travellers will substantially boost their spending in the coming years, positioning India as the fourth-largest global spender in travel by 2030, with an estimated expenditure of $410 billion.

A recent report titled "How India Travels," jointly released by Booking.com and McKinsey & Company, reveals a surge in India's travel sector. The report predicts that Indian travellers will substantially boost their spending in the coming years, positioning India as the fourth-largest global spender in travel by 2030, with an estimated expenditure of $410 billion. This projection represents a 173 per cent increase from 2019 when Indian travellers collectively spent $150 billion, ranking India as the sixth largest global spender. In 2022, Indian travellers played a pivotal role in the recovery of the tourism industry, surpassing Asia by reaching 78 per cent of 2019 levels, while the continent achieved only 52 per cent. Furthermore, the report anticipates that the number of trips taken by Indian travellers will increase from 2.3 billion in 2019 to an impressive 5 billion in 2030. As per the report, Indian travellers are known for their spontaneity when it comes to trip planning, with an average planning window of just 29 days, a shorter timeframe than even Japan (57 days) and the USA (63 days). Moreover, culinary convenience holds a significant place in their travel habits, with over 80 per cent of Indian travellers valuing the availability of restaurant and room service options during their stays, reflecting a desire for a hassle-free and enjoyable dining experience while on the road, making it a crucial factor in travel decisions. In addition to their spontaneity, Indian travellers are showing a growing preference for alternative accommodation options such as hostels, campsites, vacation rentals, and chalets. They seek unique and diverse lodging experiences that go beyond traditional hotel stays, emphasising a desire for varied and unconventional travel experiences. Furthermore, Indian travellers are increasingly drawn to off-the-beaten-path destinations and international adventures. Lesser-known cities like Varanasi, Gurugram, and Coimbatore are witnessing a surge in bookings, indicating a growing interest in exploring less touristy locales. Alongside this, international destinations such as Vietnam, Indonesia, and Nepal are gaining popularity among Indian travellers. Their choice of travel destinations is heavily influenced by media, with TV shows and Indian cinema being significant inspirations. Additionally, mega events like the ICC Men's Cricket World Cup 2023 and the G20 Summit 2023 serve as compelling catalysts for their travel choices. Social media platforms like YouTube and Instagram also play a pivotal role in inspiring their travel plans, showcasing the dynamic and diverse range of sources influencing Indian travellers’ choices. WATCH WION LIVE HERE

India to become fourth largest global travel spender by 2030, driven by post-pandemic growth

Despite a series of government stimulus measures, China's property market continues to show little signs of revival, leaving investors and homebuyers in a state of uncertainty. The property sector plays a crucial role in the nation's economic output, accounting for a quarter of it.

Homebuyers, wary of the uncertain economic outlook, have remained cautious, resulting in stagnant sales even in major cities like Beijing and Shenzhen. Reuters cited a Beijing resident, Daniel Song, who had plans to purchase an apartment earlier this year, decided to abandon his idea, expressing concern about his financial security amidst the current economic climate.

"I am not sure about my career future in today's economic situation," said the 28-year-old computer programmer.

To address the deepening debt crisis in the property sector, the Chinese government has recently implemented a series of stimulus measures, aiming to revive the industry. This move follows the liquidity troubles faced by companies such as China Evergrande Group and Country Garden.

However, these support measures have yet to make a substantial impact on buyers, who are still grappling with low confidence. Official data from September revealed that China's new home prices fell for the third consecutive month, down by 0.2 per cent from August, a period traditionally associated with peak home buying.

"Much of the easing policies have lowered the buying costs but done little to create new demand," Reuters quoted Centaline China CEO Andy Lee. He explained, "The overall size of the pie is still the same," referring to the market demand.

In response to these ongoing challenges, real estate developers anticipate that sales will remain disappointing in October. Even though potential buyers have visited sites, these visits have not translated into actual purchases.

An official at a major developer revealed that their sales during the Golden Week were 20 per cent lower than the previous year. Sales improved slightly compared to September but subsequently dropped again after the holiday period ended.

"In the beginning of the year, the industry expected a bad first-half but a better second-half. But the reality is, it's a bad first-half and an even worse second-half," Reuters quoted the unnamed developer as saying.

Nomura, an international financial services group, expressed reservations about calling a bottom for the property sector, suggesting that recent easing measures may have resulted in an oversupply of homes, further pressuring prices in a market with weak demand.

Sales performance in different cities varied, with new home prices increasing in Beijing and Shanghai but decreasing in Shenzhen and Guangzhou in September. Smaller cities with excess supply continued to face tepid demand.

S&amp;P Global Ratings also adjusted its forecasts, anticipating a more substantial decline in China's property sales, now expecting a drop of 10-15 per cent this year compared to 2022, rather than the earlier projection of a mid-single digit percentage decline. They also anticipate a further 5 per cent drop in sales in 2024.

"In a bad real estate market and a dismal economy, I don't have that much desire to buy a new house, and I want to keep the money in my hands," Doris Dong, a 30-year-old housewife in Beijing told Reuters.

(With inputs from Reuters)

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Despite a series of government stimulus measures, China's property market continues to show little signs of revival, leaving investors and homebuyers in a state of uncertainty.

Despite a series of government stimulus measures, China's property market continues to show little signs of revival, leaving investors and homebuyers in a state of uncertainty. The property sector plays a crucial role in the nation's economic output, accounting for a quarter of it. Homebuyers, wary of the uncertain economic outlook, have remained cautious, resulting in stagnant sales even in major cities like Beijing and Shenzhen. Reuters cited a Beijing resident, Daniel Song, who had plans to purchase an apartment earlier this year, decided to abandon his idea, expressing concern about his financial security amidst the current economic climate. "I am not sure about my career future in today's economic situation," said the 28-year-old computer programmer. To address the deepening debt crisis in the property sector, the Chinese government has recently implemented a series of stimulus measures, aiming to revive the industry. This move follows the liquidity troubles faced by companies such as China Evergrande Group and Country Garden. However, these support measures have yet to make a substantial impact on buyers, who are still grappling with low confidence. Official data from September revealed that China's new home prices fell for the third consecutive month, down by 0.2 per cent from August, a period traditionally associated with peak home buying. "Much of the easing policies have lowered the buying costs but done little to create new demand," Reuters quoted Centaline China CEO Andy Lee. He explained, "The overall size of the pie is still the same," referring to the market demand. In response to these ongoing challenges, real estate developers anticipate that sales will remain disappointing in October. Even though potential buyers have visited sites, these visits have not translated into actual purchases. An official at a major developer revealed that their sales during the Golden Week were 20 per cent lower than the previous year. Sales improved slightly compared to September but subsequently dropped again after the holiday period ended. "In the beginning of the year, the industry expected a bad first-half but a better second-half. But the reality is, it's a bad first-half and an even worse second-half," Reuters quoted the unnamed developer as saying. Nomura, an international financial services group, expressed reservations about calling a bottom for the property sector, suggesting that recent easing measures may have resulted in an oversupply of homes, further pressuring prices in a market with weak demand. Sales performance in different cities varied, with new home prices increasing in Beijing and Shanghai but decreasing in Shenzhen and Guangzhou in September. Smaller cities with excess supply continued to face tepid demand. S&P Global Ratings also adjusted its forecasts, anticipating a more substantial decline in China's property sales, now expecting a drop of 10-15 per cent this year compared to 2022, rather than the earlier projection of a mid-single digit percentage decline. They also anticipate a further 5 per cent drop in sales in 2024. "In a bad real estate market and a dismal economy, I don't have that much desire to buy a new house, and I want to keep the money in my hands," Doris Dong, a 30-year-old housewife in Beijing told Reuters. (With inputs from Reuters) WATCH WION LIVE HERE

China's property market continues to struggle despite government stimulus

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent.

The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands.

The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector.

Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry.

(With inputs from Bloomberg)

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In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg.

In a move aimed at diversifying the oil-dependent economy, Hyundai Motor Co. has entered into an agreement with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to establish a car assembly plant worth over $500 million, according to a report by Bloomberg. The report cited Park Jiwoo, from Hyundai’s external affairs team who indicated that this venture marks a significant step towards expanding the domestic auto industry, with plans to produce 50,000 vehicles annually. Further, Bloomberg cited her saying that the plant, situated at the King Abdullah Economic City near Jeddah, will be a joint effort, with PIF holding a 70 per cent stake, while Hyundai will retain the remaining 30 per cent. The assembly plant, projected to commence operations in early 2026, is poised to cover an area spanning around 300,000 square meters. It will encompass the production of both electric vehicles (EVs) and traditional combustion engine cars, marking Hyundai's commitment to embracing emerging green technology while accommodating conventional market demands. The ambitious project aligns with Saudi Crown Prince Mohammed bin Salman's vision of reducing the nation's reliance on oil revenue through diversification, with a focus on Jeddah as a key hub for the domestic automotive industry. PIF, a pivotal player in this initiative, has been at the forefront of this effort, having previously invested in the U.S.-based EV start-up Lucid Motors Inc. Their investment in Lucid led to the establishment of the company's first international facility in Saudi Arabia, showcasing the country's growing prominence in the electric vehicle sector. Furthermore, PIF has ventured into the creation of its electric vehicle brand, "Ceer," while also making strategic international and domestic investments to secure essential metals and minerals needed to establish a robust supply chain for the burgeoning EV industry. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia's wealth fund and Hyundai Motors to construct $500 million auto plant

US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month.&nbsp;

The report said that the deal signals Chevron's plans to continue boosting investments in fossil fuels as the oil demand remains strong and big producers use acquisitions to replenish their inventory after years of under-investment.&nbsp;

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close.

Reuters reported on Monday that Chevron's shares were trading 3% lower premarket. RBC analysts said that they were surprised by the deal's timing and expected the company to bide its time after Exxon's deal for Pioneer.

Hess Corp's chairperson John Hess is expected to join Chevron's board of directors once the deal closes in the first half of 2024. The combined venture is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance.&nbsp;

The (Chevron) deal has raised the competition between Chevron, the number 2 oil and gas producer behind Exxon, putting it in direct competition with its biggest rival to develop drilling in Guyana.

Guyana, a country in South America, has become a major oil producer in the region following huge discoveries in recent years. Exxon and partners Hess and China's CNOOC are the only active producers in the country.&nbsp;

(With inputs from agencies) 
 
 
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US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month.

US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month. The report said that the deal signals Chevron's plans to continue boosting investments in fossil fuels as the oil demand remains strong and big producers use acquisitions to replenish their inventory after years of under-investment. Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Reuters reported on Monday that Chevron's shares were trading 3% lower premarket. RBC analysts said that they were surprised by the deal's timing and expected the company to bide its time after Exxon's deal for Pioneer. Hess Corp's chairperson John Hess is expected to join Chevron's board of directors once the deal closes in the first half of 2024. The combined venture is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance. The (Chevron) deal has raised the competition between Chevron, the number 2 oil and gas producer behind Exxon, putting it in direct competition with its biggest rival to develop drilling in Guyana. Guyana, a country in South America, has become a major oil producer in the region following huge discoveries in recent years. Exxon and partners Hess and China's CNOOC are the only active producers in the country. (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.

Chevron to buy competitor Hess Corp for $53 billion

Apple iPhone maker Foxconn was subjected to searches by Chinese tax authorities, state media reported on Sunday (Oct 22). According to a report by the Global Times, tax authorities searched Foxconn's offices in Guangdong and Jiangsu provinces. The ministry of natural resources also inspected Foxconn's offices in Henan and Hubei provinces, where it has major offices.

Foxconn is a Taiwanese-headquartered company officially registered as Hon Hai Precision Industry Co., Ltd. Foxconn does the vast majority of its manufacturing in China, and employs hundreds of thousands of workers across the country.&nbsp;

More details about the searches were not known including when they were carried out or what was found. However, an expert told state media while Taiwan-funded enterprises, including Foxconn, were sharing in dividends from "development and making remarkable progress in the mainland, they should also assume corresponding social responsibilities and play a positive role in promoting the peaceful development of cross-strait relations.”

In a statement, Foxconn said, "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group." 
 
"We will actively cooperate with the relevant units on the related work and operations," the statement added.&nbsp;

The searches come amid the ongoing strained relations between China and Taiwan. China claims the democratic self-governing island of Taiwan as part of its own territory.

The Chinese military regularly flies fighter jets and bombers near Taiwan to enforce its stance that the island is obliged to unite with the mainland, by force if necessary.

The strained relations have also spilled over to the economic realm with China banning pineapples, grouper fish, and other agricultural products from Taiwan for import. But Beijing has largely refrained from targeting Taiwanese companies that operate on the mainland.

In August, Foxconn's founder Terry Gou that he would be a frontrunner in next year's Taiwan presidential elections. He then resigned from his seat on the board of Foxconn.&nbsp;

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Apple iPhone maker Foxconn was subjected to searches by Chinese tax authorities, state media reported on Sunday (Oct 22). According to a report by the Global Times, tax authorities searched Foxconn's offices in Guangdong and Jiangsu provinces.

Apple iPhone maker Foxconn was subjected to searches by Chinese tax authorities, state media reported on Sunday (Oct 22). According to a report by the Global Times, tax authorities searched Foxconn's offices in Guangdong and Jiangsu provinces. The ministry of natural resources also inspected Foxconn's offices in Henan and Hubei provinces, where it has major offices. Foxconn is a Taiwanese-headquartered company officially registered as Hon Hai Precision Industry Co., Ltd. Foxconn does the vast majority of its manufacturing in China, and employs hundreds of thousands of workers across the country. More details about the searches were not known including when they were carried out or what was found. However, an expert told state media while Taiwan-funded enterprises, including Foxconn, were sharing in dividends from "development and making remarkable progress in the mainland, they should also assume corresponding social responsibilities and play a positive role in promoting the peaceful development of cross-strait relations.” In a statement, Foxconn said, "Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group." "We will actively cooperate with the relevant units on the related work and operations," the statement added. The searches come amid the ongoing strained relations between China and Taiwan. China claims the democratic self-governing island of Taiwan as part of its own territory. The Chinese military regularly flies fighter jets and bombers near Taiwan to enforce its stance that the island is obliged to unite with the mainland, by force if necessary. The strained relations have also spilled over to the economic realm with China banning pineapples, grouper fish, and other agricultural products from Taiwan for import. But Beijing has largely refrained from targeting Taiwanese companies that operate on the mainland. In August, Foxconn's founder Terry Gou that he would be a frontrunner in next year's Taiwan presidential elections. He then resigned from his seat on the board of Foxconn. 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.

iPhone maker Foxconn subjected to tax inspections by Chinese authorities

In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks. &nbsp;

Recent reports highlight this unease, showing that a significant amount of inflows have been taken out of the iShares MSCI Israel exchange-traded fund (ETF), which is the largest ETF with investments in Israeli stocks, due to the ongoing situation in Gaza. Additionally, the Israeli shekel has reached its lowest value in nearly eight years compared to the U.S. dollar.&nbsp;

Israel's economy, once considered one of the strongest in the world, is now in a precarious position. The stability and growth it has built over the years are at risk as the country's central bank grapples with the challenging task of predicting the economic consequences of the ongoing conflict.&nbsp;

In this edition, we explore the history of Israel's economic development since its independence in 1948 to the complex challenges it faces today.&nbsp;

Post-Independence struggles (1948-1967)&nbsp;

The immediate years following Israel's declaration of independence in 1948 were marked by a host of complex economic challenges. The country was embroiled in a war with its Arab neighbours, demanding substantial financial resources for military efforts. Simultaneously, Israel faced the formidable task of absorbing a massive wave of immigrants and providing for the basic needs of this growing population.&nbsp;

To meet these demands, Israel implemented strict austerity measures and turned to inflationary government finance, which was kept in check through price controls and rationing of essential goods. However, addressing the housing crisis and employment shortages brought on by the population surge proved to be prolonged endeavours.&nbsp;

The early Israeli economy was fundamentally shaped by two pivotal factors: immigration and military expenditures. The influx of immigrants brought not only human capital but also substantial capital inflows, contributing to economic growth. Concurrently, Israel actively pursued self-sufficiency and embarked on a journey of industrialisation, laying the foundations for a more resilient economy. &nbsp;

Post-Six-Day war boom (1967-1980)&nbsp;

The Six-Day War of 1967 had a profound and, in many ways, positive impact on Israel's economy. The acquisition of new territories, including the West Bank and Gaza Strip, significantly altered the economic and political dynamics in the region. Israel assumed responsibility for both the economic and political life in these areas, resulting in the establishment of Jewish settlements and the unification of the Arab sections of Jerusalem with the Jewish sector.&nbsp;

This period witnessed substantial growth in high-tech and defence industries, with foreign aid and investments, particularly from the United States, playing a crucial role in sustaining Israel's economy. The post-war boom fuelled the nation's economic development, and the construction of Jewish settlements in the occupied territories emerged as a critical element of the region's economic landscape.&nbsp;

Economic crisis and stabilisation (1980-1990)&nbsp;

The 1980s were marked by significant economic turmoil in Israel, characterised by high inflation and mounting budget deficits. To counter the inflationary spiral and bring economic stability, Israel embarked on a comprehensive economic stabilisation plan in the mid-1980s. This ambitious program included exchange rate stabilisation, budgetary restraint, wage and price freezes, and tight monetary policies that succeeded in significantly reducing the inflation rate.&nbsp;

Technological advancements and export-orientation (1990-2000)&nbsp;

Starting in the 1990s, Israel began a transition towards a more market-oriented economy. The emphasis on innovation and technological advancements resulted in the rapid growth of the high-tech sector. Israel's contributions to the global technological landscape gained international recognition, making it an attractive destination for investors and entrepreneurs alike. During this period, trade liberalisation and globalisation played an increasingly pivotal role as Israel sought to establish a solid presence in the global economy.&nbsp;

High-tech hub and economic growth (2000-2010)&nbsp;

The 21st century brought the emergence of Israel as a global high-tech hub, renowned for its innovation and entrepreneurial spirit. The booming tech industry, characterised by start-ups, cutting-edge research, and technological breakthroughs, played a central role in driving economic growth. Israel's success in attracting venture capital and fostering entrepreneurship solidified its place on the world stage.&nbsp;

However, the global financial crisis of 2008 did have an impact Israel's economy, leading to a period of economic uncertainty and necessitating adaptability.&nbsp;

Contemporary economic landscape (2010-present)&nbsp;

Israel's economy has continued to evolve. Its reputation as a hub for start-ups and innovation has grown, with the nation consistently at the forefront of technological advancements. However, Israel still faces challenges, including income inequality and soaring housing costs. &nbsp;

With the war at hand, media reports say that The Bank of Israel and the Ministry of Finance are making economic forecasts. Uncertainty on how long the conflict will last persists. The main scenario expects intense fighting in the south for up to six months, involving a large number of reservists. This will hurt the economy, causing a 1 per cent drop in GDP, mainly due to reduced consumer spending.&nbsp;

To cover the cost of rehabilitation and compensation, the government may have to reallocate funds from other budget areas. As a result, the Bank of Israel is expected to lower interest rates by at least 50 basis points to counter the economic impact of the conflict.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks.

In the midst of the growing conflict between Israel and the Palestinian militant group Hamas, global financial markets are challenged with uncertainty fuelled with concerns regarding inflation and geopolitical risks. Recent reports highlight this unease, showing that a significant amount of inflows have been taken out of the iShares MSCI Israel exchange-traded fund (ETF), which is the largest ETF with investments in Israeli stocks, due to the ongoing situation in Gaza. Additionally, the Israeli shekel has reached its lowest value in nearly eight years compared to the U.S. dollar. Israel's economy, once considered one of the strongest in the world, is now in a precarious position. The stability and growth it has built over the years are at risk as the country's central bank grapples with the challenging task of predicting the economic consequences of the ongoing conflict. In this edition, we explore the history of Israel's economic development since its independence in 1948 to the complex challenges it faces today. Post-Independence struggles (1948-1967) The immediate years following Israel's declaration of independence in 1948 were marked by a host of complex economic challenges. The country was embroiled in a war with its Arab neighbours, demanding substantial financial resources for military efforts. Simultaneously, Israel faced the formidable task of absorbing a massive wave of immigrants and providing for the basic needs of this growing population. To meet these demands, Israel implemented strict austerity measures and turned to inflationary government finance, which was kept in check through price controls and rationing of essential goods. However, addressing the housing crisis and employment shortages brought on by the population surge proved to be prolonged endeavours. The early Israeli economy was fundamentally shaped by two pivotal factors: immigration and military expenditures. The influx of immigrants brought not only human capital but also substantial capital inflows, contributing to economic growth. Concurrently, Israel actively pursued self-sufficiency and embarked on a journey of industrialisation, laying the foundations for a more resilient economy. Post-Six-Day war boom (1967-1980) The Six-Day War of 1967 had a profound and, in many ways, positive impact on Israel's economy. The acquisition of new territories, including the West Bank and Gaza Strip, significantly altered the economic and political dynamics in the region. Israel assumed responsibility for both the economic and political life in these areas, resulting in the establishment of Jewish settlements and the unification of the Arab sections of Jerusalem with the Jewish sector. This period witnessed substantial growth in high-tech and defence industries, with foreign aid and investments, particularly from the United States, playing a crucial role in sustaining Israel's economy. The post-war boom fuelled the nation's economic development, and the construction of Jewish settlements in the occupied territories emerged as a critical element of the region's economic landscape. Economic crisis and stabilisation (1980-1990) The 1980s were marked by significant economic turmoil in Israel, characterised by high inflation and mounting budget deficits. To counter the inflationary spiral and bring economic stability, Israel embarked on a comprehensive economic stabilisation plan in the mid-1980s. This ambitious program included exchange rate stabilisation, budgetary restraint, wage and price freezes, and tight monetary policies that succeeded in significantly reducing the inflation rate. Technological advancements and export-orientation (1990-2000) Starting in the 1990s, Israel began a transition towards a more market-oriented economy. The emphasis on innovation and technological advancements resulted in the rapid growth of the high-tech sector. Israel's contributions to the global technological landscape gained international recognition, making it an attractive destination for investors and entrepreneurs alike. During this period, trade liberalisation and globalisation played an increasingly pivotal role as Israel sought to establish a solid presence in the global economy. High-tech hub and economic growth (2000-2010) The 21st century brought the emergence of Israel as a global high-tech hub, renowned for its innovation and entrepreneurial spirit. The booming tech industry, characterised by start-ups, cutting-edge research, and technological breakthroughs, played a central role in driving economic growth. Israel's success in attracting venture capital and fostering entrepreneurship solidified its place on the world stage. However, the global financial crisis of 2008 did have an impact Israel's economy, leading to a period of economic uncertainty and necessitating adaptability. Contemporary economic landscape (2010-present) Israel's economy has continued to evolve. Its reputation as a hub for start-ups and innovation has grown, with the nation consistently at the forefront of technological advancements. However, Israel still faces challenges, including income inequality and soaring housing costs. With the war at hand, media reports say that The Bank of Israel and the Ministry of Finance are making economic forecasts. Uncertainty on how long the conflict will last persists. The main scenario expects intense fighting in the south for up to six months, involving a large number of reservists. This will hurt the economy, causing a 1 per cent drop in GDP, mainly due to reduced consumer spending. To cover the cost of rehabilitation and compensation, the government may have to reallocate funds from other budget areas. As a result, the Bank of Israel is expected to lower interest rates by at least 50 basis points to counter the economic impact of the conflict. WATCH WION LIVE HERE

Flashback Friday: Looking at the Israeli economy from 1948 to the present 

Just days after the US eased oil sanctions on Venezuela, the South American country has already begun contacting customers with crude supply contracts. A Reuters report states that the Venezuelan state-run oil company PDVSA is moving towards resuming cash sales to global refiners.

Venezuela in talks to supply more oil | World Business News

The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East.&nbsp;

Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens. In retaliation, Israeli airstrikes targeted housing blocks, tunnels, a mosque, and Hamas officials' homes in Gaza. These events have significantly impacted the Israeli shekel's value, with a decrease of over 3 per cent against the dollar, reaching a rate of 3.9581, Reuters reported.&nbsp;

A Times of India report said that The Bank of Israel has made its first-ever foreign exchange sale, intending to sell up to $30 billion of foreign currency in the open market. The move aims to maintain financial stability amid the ongoing conflict with Palestinian militants in Gaza.&nbsp;

The shekel has already weakened by 10 per cent in 2023 due to political instability, and with the anticipated duration of the conflict with Hamas in Gaza, further depreciation is expected.&nbsp;

Media reports quote Golan Benita, head of the Bank of Israel's markets department, as saying that the central bank aims to reduce market volatility and potential overreactions, ensuring regular market activity. Additionally, the bank also intends to provide liquidity through swap mechanisms in the market, with a commitment of up to $15 billion.&nbsp;

Israeli stock and bond markets faced a 7 per cent decline, but key Tel Aviv share indices rebounded by 1 per cent in afternoon trading on Monday, and government bond prices displayed mixed trends.&nbsp;

Israel has amassed substantial forex reserves, exceeding $200 billion, which is about 40 per cent of its GDP. These reserves were built up over the years to prevent the shekel from appreciating too sharply, particularly affecting exporters in the tech sector.&nbsp;

While the shekel is expected to remain weak in the medium term, Citi economists do not anticipate sustained periods of shekel weakness. Israel's robust position in emerging markets, with substantial reserves, allows it to meet various metrics comfortably.&nbsp;

In a sign of market confidence, Israel successfully sold 2 billion shekels ($508 million) of bonds locally on Monday, even amid these challenging times.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East. Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens.

The Israeli shekel plummeted to its lowest point in almost eight years against the U.S. dollar on Monday, driven by escalating conflict in the Middle East. Hamas militants launched an attack, resulting in the death of 700 Israelis and the abduction of dozens. In retaliation, Israeli airstrikes targeted housing blocks, tunnels, a mosque, and Hamas officials' homes in Gaza. These events have significantly impacted the Israeli shekel's value, with a decrease of over 3 per cent against the dollar, reaching a rate of 3.9581, Reuters reported. A Times of India report said that The Bank of Israel has made its first-ever foreign exchange sale, intending to sell up to $30 billion of foreign currency in the open market. The move aims to maintain financial stability amid the ongoing conflict with Palestinian militants in Gaza. The shekel has already weakened by 10 per cent in 2023 due to political instability, and with the anticipated duration of the conflict with Hamas in Gaza, further depreciation is expected. Media reports quote Golan Benita, head of the Bank of Israel's markets department, as saying that the central bank aims to reduce market volatility and potential overreactions, ensuring regular market activity. Additionally, the bank also intends to provide liquidity through swap mechanisms in the market, with a commitment of up to $15 billion. Israeli stock and bond markets faced a 7 per cent decline, but key Tel Aviv share indices rebounded by 1 per cent in afternoon trading on Monday, and government bond prices displayed mixed trends. Israel has amassed substantial forex reserves, exceeding $200 billion, which is about 40 per cent of its GDP. These reserves were built up over the years to prevent the shekel from appreciating too sharply, particularly affecting exporters in the tech sector. While the shekel is expected to remain weak in the medium term, Citi economists do not anticipate sustained periods of shekel weakness. Israel's robust position in emerging markets, with substantial reserves, allows it to meet various metrics comfortably. In a sign of market confidence, Israel successfully sold 2 billion shekels ($508 million) of bonds locally on Monday, even amid these challenging times. (With inputs from Reuters) WATCH WION LIVE HERE

Israeli shekel falls to 8-year low amid escalating conflict: Report  