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In response to an electoral agreement between the Venezuelan government and opposition parties for the 2024 election, the Biden administration has taken a significant step by broadly easing sanctions on Venezuela's oil sector. The move marks the most extensive rollback of Trump-era sanctions on Caracas. The U.S. Treasury Department has issued a new general license, allowing OPEC member Venezuela, which has been under strict sanctions since 2019, to produce and export oil to its selected markets for the next six months without limitations.&nbsp;

U.S. Secretary of State Antony Blinken has welcomed President Nicolas Maduro's electoral concessions but urged him to begin lifting bans on opposition presidential candidates and releasing political prisoners and detained Americans by the end of November. A senior State Department official cautioned that sanctions relief measures might be reversed if Maduro fails to take such actions. These changes follow months of negotiations between the U.S. and Venezuela aimed at encouraging democratic elections.&nbsp;

While this easing of sanctions represents a significant shift from the Trump administration's "maximum pressure" campaign against Venezuela's socialist government, it also reflects President Joe Biden's administration's increased engagement with President Maduro on various issues, including energy and migration.&nbsp;

Venezuela's ruling party official, Jorge Rodriguez, stated that the sanctions relief applies to all oil activities and opens the doors to investment opportunities in the country.&nbsp;

The recent agreement between Maduro's government and the opposition focused on electoral guarantees for an internationally monitored vote in the second half of 2024. However, it did not address the reinstatement of opposition candidates previously barred from public office. The U.S. sanctions relief is in line with Washington's commitment to rewarding concrete steps toward competitive elections and respect for human rights and fundamental freedoms.&nbsp;

Although these measures have eased some of Venezuela's toughest sanctions, other restrictions remain in place. Still, they offer the possibility of reopening Venezuela to numerous oil companies that had limited operations in the country.&nbsp;

The U.S. had initially imposed harsh sanctions on Venezuela following President Maduro's disputed 2018 re-election. Since 2019, these sanctions have prevented the state-run oil company PDVSA from exporting to its chosen markets.&nbsp;

The changes announced on Wednesday include a six-month general license for the production, sale, and export of Venezuela's crude and gas without limitations on customers or destinations. A general license has also been issued to allow dealings with Minerven, the Venezuelan state-owned gold mining company. However, the U.S. Treasury Department emphasized that it could revoke these authorizations if Maduro's representatives fail to follow through on their commitments.&nbsp;

Although the easing of sanctions could help boost global oil flows amid high prices due to sanctions on Russia and OPEC+ output reductions, experts believe Venezuela's exports are unlikely to offset these cuts without significant investment in its oil sector. Two decades of mismanagement and insufficient investment, combined with U.S. oil sanctions since 2019, have weakened PDVSA's ability to recover quickly and offer its crude at fair prices.&nbsp;

Talks between the government and the opposition on resolving Venezuela's political and economic crisis were held for the first time in nearly a year, resulting in the recent electoral agreement. While the deal allows each side to choose its 2024 candidate, it does not reverse bans on certain opposition figures.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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In response to an electoral agreement between the Venezuelan government and opposition parties for the 2024 election, the Biden administration has taken a significant step by broadly easing sanctions on Venezuela's oil sector.

In response to an electoral agreement between the Venezuelan government and opposition parties for the 2024 election, the Biden administration has taken a significant step by broadly easing sanctions on Venezuela's oil sector. The move marks the most extensive rollback of Trump-era sanctions on Caracas. The U.S. Treasury Department has issued a new general license, allowing OPEC member Venezuela, which has been under strict sanctions since 2019, to produce and export oil to its selected markets for the next six months without limitations. U.S. Secretary of State Antony Blinken has welcomed President Nicolas Maduro's electoral concessions but urged him to begin lifting bans on opposition presidential candidates and releasing political prisoners and detained Americans by the end of November. A senior State Department official cautioned that sanctions relief measures might be reversed if Maduro fails to take such actions. These changes follow months of negotiations between the U.S. and Venezuela aimed at encouraging democratic elections. While this easing of sanctions represents a significant shift from the Trump administration's "maximum pressure" campaign against Venezuela's socialist government, it also reflects President Joe Biden's administration's increased engagement with President Maduro on various issues, including energy and migration. Venezuela's ruling party official, Jorge Rodriguez, stated that the sanctions relief applies to all oil activities and opens the doors to investment opportunities in the country. The recent agreement between Maduro's government and the opposition focused on electoral guarantees for an internationally monitored vote in the second half of 2024. However, it did not address the reinstatement of opposition candidates previously barred from public office. The U.S. sanctions relief is in line with Washington's commitment to rewarding concrete steps toward competitive elections and respect for human rights and fundamental freedoms. Although these measures have eased some of Venezuela's toughest sanctions, other restrictions remain in place. Still, they offer the possibility of reopening Venezuela to numerous oil companies that had limited operations in the country. The U.S. had initially imposed harsh sanctions on Venezuela following President Maduro's disputed 2018 re-election. Since 2019, these sanctions have prevented the state-run oil company PDVSA from exporting to its chosen markets. The changes announced on Wednesday include a six-month general license for the production, sale, and export of Venezuela's crude and gas without limitations on customers or destinations. A general license has also been issued to allow dealings with Minerven, the Venezuelan state-owned gold mining company. However, the U.S. Treasury Department emphasized that it could revoke these authorizations if Maduro's representatives fail to follow through on their commitments. Although the easing of sanctions could help boost global oil flows amid high prices due to sanctions on Russia and OPEC+ output reductions, experts believe Venezuela's exports are unlikely to offset these cuts without significant investment in its oil sector. Two decades of mismanagement and insufficient investment, combined with U.S. oil sanctions since 2019, have weakened PDVSA's ability to recover quickly and offer its crude at fair prices. Talks between the government and the opposition on resolving Venezuela's political and economic crisis were held for the first time in nearly a year, resulting in the recent electoral agreement. While the deal allows each side to choose its 2024 candidate, it does not reverse bans on certain opposition figures. (With inputs from Reuters) WATCH WION LIVE HERE

US eases sanctions on Venezuelan oil after Maduro's 2024 poll agreement

The Indian government on Wednesday permitted exports of over 1 million tonnes of non-basmati white rice to seven countries. This comes three months after the Indian government banned its exports to boost domestic supply to tackle rising food prices.

7 countries to receive Indian rice

Morgan Stanley has just released its third-quarter earnings report, and it's not good news for the bank. Profits have taken a hit and shares are down, primarily due to sluggish deal making and concerns over the CEO succession.

Morgan Stanley's Q3 profit hit by CEO succession delays

Air India Express and AIX Connect, subsidiaries of the Tata-owned Air India Group, have launched a unified brand identity under the name "Air India Express." This new identity was introduced on the latest Boeing B737-8 aircraft during its flight from Hyderabad to Mumbai, highlighting a significant milestone, Deccan Herald reported.&nbsp;

The rebranding features a fresh visual identity with the Tata Group selecting orange and turquoise as primary colours, complemented by tangerine and ice blue as secondary colours, following Air India's recent brand makeover.&nbsp;

The integrated entity of Air India Express and AirAsia India will now operate solely as Air India Express, marking the end of the AIX India brand. The report by Deccan Herald cited Aloke Singh, Managing Director of Air India Express, clarified that while designator codes IX and I5 will persist for some time, all services, sales, and distribution will consolidate under the unified Air India Express brand.&nbsp;

Two B-737-8 aircraft, out of a total order of 470, have already joined Air India Express' fleet. These aircraft will soon begin commercial operations, with the first flight scheduled on the Delhi-Guwahati-Imphal route on October 19.&nbsp;

Air India Express is set to expand ambitiously, planning to induct 50 new aircraft into its fleet within the next 15 months. This expansion will see the airline double in size over the next five years, targeting a fleet of about 170 narrow-body aircraft. The airline is also eyeing expansion into tier-2 and tier-3 cities in India, along with extending its reach to the Gulf, Middle East, and Southeast Asia.&nbsp;

According to a Times of India report, Campbell Wilson, CEO of Air India and Chairman of Air India Express, emphasised the magnitude of this expansion, noting that on average, the Air India Group will take delivery of one new aircraft every six days until the end of 2024. He also mentioned that the merger of AirAsia India and Air India Express is progressing well, along with the planning and approvals for the merger of Air India and Vistara. Simultaneously, India's largest training academy is making substantial progress in its development.&nbsp;

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Air India Express and AIX Connect, subsidiaries of the Tata-owned Air India Group, have launched a unified brand identity under the name "Air India Express." This new identity was introduced on the latest Boeing B737-8 aircraft during its flight from Hyderabad to Mumbai, highlighting a significant milestone, Deccan Herald reported.

Air India Express and AIX Connect, subsidiaries of the Tata-owned Air India Group, have launched a unified brand identity under the name "Air India Express." This new identity was introduced on the latest Boeing B737-8 aircraft during its flight from Hyderabad to Mumbai, highlighting a significant milestone, Deccan Herald reported. The rebranding features a fresh visual identity with the Tata Group selecting orange and turquoise as primary colours, complemented by tangerine and ice blue as secondary colours, following Air India's recent brand makeover. The integrated entity of Air India Express and AirAsia India will now operate solely as Air India Express, marking the end of the AIX India brand. The report by Deccan Herald cited Aloke Singh, Managing Director of Air India Express, clarified that while designator codes IX and I5 will persist for some time, all services, sales, and distribution will consolidate under the unified Air India Express brand. Two B-737-8 aircraft, out of a total order of 470, have already joined Air India Express' fleet. These aircraft will soon begin commercial operations, with the first flight scheduled on the Delhi-Guwahati-Imphal route on October 19. Air India Express is set to expand ambitiously, planning to induct 50 new aircraft into its fleet within the next 15 months. This expansion will see the airline double in size over the next five years, targeting a fleet of about 170 narrow-body aircraft. The airline is also eyeing expansion into tier-2 and tier-3 cities in India, along with extending its reach to the Gulf, Middle East, and Southeast Asia. According to a Times of India report, Campbell Wilson, CEO of Air India and Chairman of Air India Express, emphasised the magnitude of this expansion, noting that on average, the Air India Group will take delivery of one new aircraft every six days until the end of 2024. He also mentioned that the merger of AirAsia India and Air India Express is progressing well, along with the planning and approvals for the merger of Air India and Vistara. Simultaneously, India's largest training academy is making substantial progress in its development. WATCH WION LIVE HERE

Air India Express unveils new identity and bold expansion plans 

India and the UK are currently engaged in arduous negotiations concerning a free trade agreement, and as stances on key issues harden, it appears increasingly likely that the talks will extend into November, Bloomberg reported citing two individuals with knowledge of the discussions.&nbsp;

Although significant headway has been made in the negotiations, with many chapters effectively concluded, both sides, however, have now become entrenched in debates surrounding outstanding matters related to goods, services, and investment. The sources cited by Bloomberg, who wished to remain anonymous due to the sensitive nature of the discussions, reported the ongoing challenges.&nbsp;

The absence of a breakthrough on these remaining points of contention threatens to prolong the timeline for a trade deal. Former UK Prime Minister Boris Johnson had previously expressed his desire to finalise the agreement by Diwali last year. Indian Prime Minister Narendra Modi had even extended an invitation to his British counterpart, Rishi Sunak, to visit India and sign the deal at the end of October. However, this schedule is now expected to be postponed unless the lingering issues are resolved.&nbsp;

According to the Bloomberg report, this week, a team of Indian trade negotiators have arrived in the UK to expedite discussions during the ongoing 13th round of negotiations.&nbsp;

Both India and the UK are eager to conclude nearly two years of talks concerning this landmark free trade deal. The agreement aims to provide both of these economic powerhouses with expanded access to each other's markets, with the ambitious goal of doubling bilateral trade by 2030.&nbsp;

Previously, both nations had exhibited flexibility by making concessions on specific matters. India had agreed to reduce tariffs on British automobiles and scotch whisky, while the UK had been willing to ease certain visa regulations for Indian professionals.&nbsp;

Last week, a delegation of 30 UK officials, led by Amanda Brooks, the director general for trade negotiations, had travelled to New Delhi to address the remaining issues. The ultimate fate of this pact will require a political decision from both Prime Minister Modi and Prime Minister Sunak to navigate any remaining hurdles.&nbsp;

(With inputs from Bloomberg)&nbsp;

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India and the UK are currently engaged in arduous negotiations concerning a free trade agreement, and as stances on key issues harden, it appears increasingly likely that the talks will extend into November, Bloomberg reported citing two individuals with knowledge of the discussions.

India and the UK are currently engaged in arduous negotiations concerning a free trade agreement, and as stances on key issues harden, it appears increasingly likely that the talks will extend into November, Bloomberg reported citing two individuals with knowledge of the discussions. Although significant headway has been made in the negotiations, with many chapters effectively concluded, both sides, however, have now become entrenched in debates surrounding outstanding matters related to goods, services, and investment. The sources cited by Bloomberg, who wished to remain anonymous due to the sensitive nature of the discussions, reported the ongoing challenges. The absence of a breakthrough on these remaining points of contention threatens to prolong the timeline for a trade deal. Former UK Prime Minister Boris Johnson had previously expressed his desire to finalise the agreement by Diwali last year. Indian Prime Minister Narendra Modi had even extended an invitation to his British counterpart, Rishi Sunak, to visit India and sign the deal at the end of October. However, this schedule is now expected to be postponed unless the lingering issues are resolved. According to the Bloomberg report, this week, a team of Indian trade negotiators have arrived in the UK to expedite discussions during the ongoing 13th round of negotiations. Both India and the UK are eager to conclude nearly two years of talks concerning this landmark free trade deal. The agreement aims to provide both of these economic powerhouses with expanded access to each other's markets, with the ambitious goal of doubling bilateral trade by 2030. Previously, both nations had exhibited flexibility by making concessions on specific matters. India had agreed to reduce tariffs on British automobiles and scotch whisky, while the UK had been willing to ease certain visa regulations for Indian professionals. Last week, a delegation of 30 UK officials, led by Amanda Brooks, the director general for trade negotiations, had travelled to New Delhi to address the remaining issues. The ultimate fate of this pact will require a political decision from both Prime Minister Modi and Prime Minister Sunak to navigate any remaining hurdles. (With inputs from Bloomberg) WATCH WION LIVE HERE

India and UK grapple with trade deal deadlock, talks extend into November: Report 

Morgan Stanley has faced a setback in its third-quarter profits, primarily due to sluggish dealmaking and a discouraging performance in investment banking. The results sent the bank's shares plummeting by 6.5 per cent, further exacerbated by smaller inflows into the wealth management division and the absence of announcements regarding the CEO succession.&nbsp;

During the third quarter, Morgan Stanley saw a 27 per cent drop in investment banking revenues compared to the same period last year. Additionally, trading activity faced a downturn as geopolitical risk escalated, and the Federal Reserve implemented aggressive interest rate hikes. The bank underperformed, with global investment banking fees falling by 17 per cent in the quarter, according to Dealogic data.&nbsp;

The wealth management division also faced challenges, with net new assets shrinking to $35.7 billion, a significant decline from the $64.8 billion reported a year earlier. The wealth management figures and the growth outlook set by CEO James Gorman left investors concerned.&nbsp;

"The market was disappointed with wealth management and investment banking, divisions that have represented tailwinds to Morgan Stanley," Reuters quoted Jason Ware, Chief Investment Officer at Albion Financial Group as saying.&nbsp;

Rising interest rates were identified as one of the key factors affecting the wealth division and trading unit. As interest rates increased, clients chose to invest in money market funds rather than wealth management portfolios. According to Reuters, CEO James Gorman highlighted that clients maintained a cash position of approximately 23 per cent, a trend he anticipates will change as interest rates recede in the coming years.&nbsp;

Despite the challenges faced, Morgan Stanley reported a profit of $2.4 billion, representing a 9 per cent drop, equating to $1.38 per diluted share. Interestingly, this was a smaller decline than what analysts had predicted, with an expected $1.28 per share, according to LSEG IBES data.&nbsp;

However, Morgan Stanley's share performance in 2023 has not been very encouraging, with a 12 per cent decline so far, while the S&amp;P 500 bank index dropped 11 per cent.&nbsp;

Kenneth Leon, the research director at CFRA Research, adjusted the bank's 12-month price target to $90 a share, lowering it by $6, though maintaining a 'buy' rating.&nbsp;

Reuters cited analysts at Evercore, who expressed dissatisfaction with the lack of updates regarding the long-anticipated CEO succession at Morgan Stanley. The absence of information was viewed as a mistake by the Board, as it could potentially raise concerns and divisions among stakeholders.&nbsp;

CEO James Gorman, who has been at the helm of the Wall Street giant since 2010, announced in May his intention to step down within a year. On Wednesday, he noted that the bank was nearing an announcement, providing some reassurance to investors.&nbsp;

The leading candidates for the CEO position include co-presidents Ted Pick and Andy Saperstein, who head institutional securities and wealth management, respectively. Dan Simkowitz, the head of asset management, is also under consideration, as reported by Reuters.&nbsp;

Regarding investment banking, Gorman expects most of the activity to materialise next year, despite recent improvements in M&amp;A and capital markets transactions. Notably, the bank's revenue in fixed income underwriting decreased, contrasting with the performance of some rivals.&nbsp;

Morgan Stanley also allocated $134 million for provisions for credit losses in the third quarter, a substantial increase from $35 million in the same period the previous year. This surge was primarily driven by deteriorating conditions in commercial real estate (CRE), including provisions to cover losses on undisclosed specific loans.&nbsp;

(With inputs from Reuters)&nbsp;

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Morgan Stanley has faced a setback in its third-quarter profits, primarily due to sluggish dealmaking and a discouraging performance in investment banking. The results sent the bank's shares plummeting by 6.

Morgan Stanley has faced a setback in its third-quarter profits, primarily due to sluggish dealmaking and a discouraging performance in investment banking. The results sent the bank's shares plummeting by 6.5 per cent, further exacerbated by smaller inflows into the wealth management division and the absence of announcements regarding the CEO succession. During the third quarter, Morgan Stanley saw a 27 per cent drop in investment banking revenues compared to the same period last year. Additionally, trading activity faced a downturn as geopolitical risk escalated, and the Federal Reserve implemented aggressive interest rate hikes. The bank underperformed, with global investment banking fees falling by 17 per cent in the quarter, according to Dealogic data. The wealth management division also faced challenges, with net new assets shrinking to $35.7 billion, a significant decline from the $64.8 billion reported a year earlier. The wealth management figures and the growth outlook set by CEO James Gorman left investors concerned. "The market was disappointed with wealth management and investment banking, divisions that have represented tailwinds to Morgan Stanley," Reuters quoted Jason Ware, Chief Investment Officer at Albion Financial Group as saying. Rising interest rates were identified as one of the key factors affecting the wealth division and trading unit. As interest rates increased, clients chose to invest in money market funds rather than wealth management portfolios. According to Reuters, CEO James Gorman highlighted that clients maintained a cash position of approximately 23 per cent, a trend he anticipates will change as interest rates recede in the coming years. Despite the challenges faced, Morgan Stanley reported a profit of $2.4 billion, representing a 9 per cent drop, equating to $1.38 per diluted share. Interestingly, this was a smaller decline than what analysts had predicted, with an expected $1.28 per share, according to LSEG IBES data. However, Morgan Stanley's share performance in 2023 has not been very encouraging, with a 12 per cent decline so far, while the S&P 500 bank index dropped 11 per cent. Kenneth Leon, the research director at CFRA Research, adjusted the bank's 12-month price target to $90 a share, lowering it by $6, though maintaining a 'buy' rating. Reuters cited analysts at Evercore, who expressed dissatisfaction with the lack of updates regarding the long-anticipated CEO succession at Morgan Stanley. The absence of information was viewed as a mistake by the Board, as it could potentially raise concerns and divisions among stakeholders. CEO James Gorman, who has been at the helm of the Wall Street giant since 2010, announced in May his intention to step down within a year. On Wednesday, he noted that the bank was nearing an announcement, providing some reassurance to investors. The leading candidates for the CEO position include co-presidents Ted Pick and Andy Saperstein, who head institutional securities and wealth management, respectively. Dan Simkowitz, the head of asset management, is also under consideration, as reported by Reuters. Regarding investment banking, Gorman expects most of the activity to materialise next year, despite recent improvements in M&A and capital markets transactions. Notably, the bank's revenue in fixed income underwriting decreased, contrasting with the performance of some rivals. Morgan Stanley also allocated $134 million for provisions for credit losses in the third quarter, a substantial increase from $35 million in the same period the previous year. This surge was primarily driven by deteriorating conditions in commercial real estate (CRE), including provisions to cover losses on undisclosed specific loans. (With inputs from Reuters) WATCH WION LIVE HERE

Morgan Stanley's Q3 profit decline amid weak investment banking numbers

In a move to construct advanced data centres referred to as ‘AI Factories’, Foxconn, Taiwan's contract electronics manufacturer, and Nvidia, the world's leading chipmaker, have announced an innovative partnership. The collaboration aims to employ Nvidia's cutting-edge chips and software for a range of applications, with a focus on enhancing self-driving car technology.&nbsp;

According to a Reuters report, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang unveiled this initiative at Foxconn's annual tech showcase in Taipei. The "AI factories" represent a novel paradigm in manufacturing, with the core mission of producing intelligence. "The data centres that produce it are AI factories," Huang said.&nbsp;

He went on to illustrate the concept with a hand-drawn sketch, highlighting how AI factories will continuously receive and process data from autonomous electric vehicles, thereby making them more intelligent. According to Reuters, he emphasised, "In the future, every company, every industry, will have AI factories."&nbsp;

Nvidia, a company whose shares have tripled in value in 2023, valued at over $1 trillion, will supply the chips and software for these AI factories. Notably, the new "GH200 superchip," renowned for its advanced capabilities, will play a pivotal role in these facilities. Unfortunately, due to recent export restrictions, Nvidia is unable to sell this superchip in China.&nbsp;

This announcement follows the revelation that export restrictions will also impact the sales of two high-end AI chips created for the Chinese market, along with one of their top-tier gaming chips. Nvidia's leadership in AI applications has been a key driver behind its market value's meteoric rise.&nbsp;

Foxconn, a major supplier of Apple's iPhones, aims to replicate its success in assembling personal computers and smartphones by expanding into the production of electric vehicles. Foxconn and Nvidia had previously announced a partnership in January, focusing on developing autonomous vehicle platforms. In this partnership, Foxconn's role involves manufacturing electronic control units (ECUs) for cars based on Nvidia's DRIVE Orin chip for the global market.&nbsp;

Liu Young-way, standing beside Jensen Huang, affirmed that Foxconn is undergoing a transformation from a manufacturing service company to a platform solution company. The applications for AI factories extend beyond self-driving cars, encompassing smart cities and smart manufacturing.&nbsp;

As part of its broader push into the electric vehicle sector, Foxconn introduced a new electric cargo van called Model N, marking its sixth prototype. While the company sets ambitious targets for this venture, it has thus far seen limited orders. Reuters cited Jun Seki, the head of Foxconn's EV business, who disclosed discussions with 14 potential customers in a bid to expand into markets such as India and Japan, considered promising for electric vehicle development.&nbsp;

In the near term, Foxconn aims to capture 5 per cent of the global electric vehicle market, equivalent to $33 billion in revenue from EV manufacturing and components by 2025. However, their long-term vision is even more ambitious: to produce nearly half of the world's electric vehicles.&nbsp;

Foxconn's Tech Day coincides with the birthday of its founder, Terry Gou, a billionaire who stepped down as the company's chief in 2019. Gou is currently running as an independent candidate for Taiwan's presidential elections in January and was conspicuously absent from the event, in contrast to the previous year when he drove onto the stage in a prototype electric vehicle.&nbsp;

Foxconn's stock experienced a minor dip of 0.9 per cent on the day of the announcement, in contrast to the broader market's 1.2 per cent decline.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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In a move to construct advanced data centres referred to as ‘AI Factories’, Foxconn, Taiwan's contract electronics manufacturer, and Nvidia, the world's leading chipmaker, have announced an innovative partnership.

In a move to construct advanced data centres referred to as ‘AI Factories’, Foxconn, Taiwan's contract electronics manufacturer, and Nvidia, the world's leading chipmaker, have announced an innovative partnership. The collaboration aims to employ Nvidia's cutting-edge chips and software for a range of applications, with a focus on enhancing self-driving car technology. According to a Reuters report, Foxconn Chairman Liu Young-way and Nvidia CEO Jensen Huang unveiled this initiative at Foxconn's annual tech showcase in Taipei. The "AI factories" represent a novel paradigm in manufacturing, with the core mission of producing intelligence. "The data centres that produce it are AI factories," Huang said. He went on to illustrate the concept with a hand-drawn sketch, highlighting how AI factories will continuously receive and process data from autonomous electric vehicles, thereby making them more intelligent. According to Reuters, he emphasised, "In the future, every company, every industry, will have AI factories." Nvidia, a company whose shares have tripled in value in 2023, valued at over $1 trillion, will supply the chips and software for these AI factories. Notably, the new "GH200 superchip," renowned for its advanced capabilities, will play a pivotal role in these facilities. Unfortunately, due to recent export restrictions, Nvidia is unable to sell this superchip in China. This announcement follows the revelation that export restrictions will also impact the sales of two high-end AI chips created for the Chinese market, along with one of their top-tier gaming chips. Nvidia's leadership in AI applications has been a key driver behind its market value's meteoric rise. Foxconn, a major supplier of Apple's iPhones, aims to replicate its success in assembling personal computers and smartphones by expanding into the production of electric vehicles. Foxconn and Nvidia had previously announced a partnership in January, focusing on developing autonomous vehicle platforms. In this partnership, Foxconn's role involves manufacturing electronic control units (ECUs) for cars based on Nvidia's DRIVE Orin chip for the global market. Liu Young-way, standing beside Jensen Huang, affirmed that Foxconn is undergoing a transformation from a manufacturing service company to a platform solution company. The applications for AI factories extend beyond self-driving cars, encompassing smart cities and smart manufacturing. As part of its broader push into the electric vehicle sector, Foxconn introduced a new electric cargo van called Model N, marking its sixth prototype. While the company sets ambitious targets for this venture, it has thus far seen limited orders. Reuters cited Jun Seki, the head of Foxconn's EV business, who disclosed discussions with 14 potential customers in a bid to expand into markets such as India and Japan, considered promising for electric vehicle development. In the near term, Foxconn aims to capture 5 per cent of the global electric vehicle market, equivalent to $33 billion in revenue from EV manufacturing and components by 2025. However, their long-term vision is even more ambitious: to produce nearly half of the world's electric vehicles. Foxconn's Tech Day coincides with the birthday of its founder, Terry Gou, a billionaire who stepped down as the company's chief in 2019. Gou is currently running as an independent candidate for Taiwan's presidential elections in January and was conspicuously absent from the event, in contrast to the previous year when he drove onto the stage in a prototype electric vehicle. Foxconn's stock experienced a minor dip of 0.9 per cent on the day of the announcement, in contrast to the broader market's 1.2 per cent decline. (With inputs from Reuters) WATCH WION LIVE HERE

Foxconn and Nvidia collaborate to create 'AI factories' for self-driving cars  

In a clear indication that its recent crackdown on password sharing has worked out well. The streaming giant Netflix has shattered Market Expectations by adding almost 9 million subscribers in the July-September quarter. Netflix's strong performance showed the streaming giant was thriving despite Hollywood labour tensions.

Netflix adds 9 million subscribers in July-September Quarter

Two industry giants, Foxconn and Nvidia, have come together to shape the future of self-driving cars and data processing. They're embarking on an ambitious journey to build 'AI factories' that will transform the landscape of artificial intelligence, and redefine the way we produce intelligence.

Foxconn and Nvidia's futuristic collaboration

The US has just fired another shot in the ongoing tech trade war with China. In a move that's making waves across the globe, the Biden administration has taken a stand to halt shipments of advanced artificial intelligence chips. But this is much more than just a trade restriction; it's a strategic chess move that could shape the future of AI and global security.

US halt AI chip shipments to China

The Biden administration on Tuesay unveiled a series of measures aimed at curbing the export of advanced artificial intelligence (AI) chips and chipmaking tools, primarily intended to prevent China from obtaining cutting-edge U.S. technologies, particularly for military applications. According to Reuters, these measures, scheduled to take effect in 30 days, also extend restrictions to a broader array of countries, including Iran and Russia. Additionally, the new rules blacklist Chinese chip designers Moore Threads and Biren.&nbsp;

Commerce Department Secretary Gina Raimondo emphasised that the goal is to limit China's access to "advanced semiconductors that could fuel breakthroughs in artificial intelligence and sophisticated computers that are critical to (Chinese) military applications." She explained that the administration's goal was not to hurt China's economy by pointing out that the nation will continue to import semiconductors worth billions of dollars from the US. In response, a spokesperson for the Chinese embassy expressed firm opposition to the new restrictions, stating that they violated principles of fair competition and undermined international economic and trading order.&nbsp;

The release of these new measures underscores the challenges faced by the Biden administration in restricting the flow of advanced chips and chipmaking tools into China, as concerns grow over the role of U.S. technology in strengthening China's military capabilities. Reuters cited a report by Georgetown University's Centre for Security and Emerging Technology which revealed that out of 97 individual AI chips procured by Chinese military tenders in 2020, nearly all were designed by companies including Nvidia, Xilinx, Intel, and Microsemi. AI capabilities, driven by advanced chips, supercomputing, and cutting-edge technology, play a vital role in enhancing military decision-making, planning, and logistics.&nbsp;

While these new regulations aim to halt certain chips' shipment to China, Nvidia, a top U.S. AI chip designer, expressed compliance with the rules and did not anticipate a significant impact on its short-term results. Nvidia's business has thrived since the imposition of previous regulations, as its China-only chips continued to outperform alternatives. The company is currently grappling with high demand that exceeds supply. However, in the long term, it could face challenges as Chinese chip companies seek alternatives to U.S. firms. Nvidia's shares fell by 3.7 per cent, and other AI chipmakers, including AMD and Intel, also experienced declines in their stock prices. The new rules, while exempting most consumer chips used in devices such as laptops, smartphones, and gaming, will subject some to licensing and notification requirements by U.S. officials. &nbsp;

The previous regulations incorporated a two-pronged test that evaluated both a chip's computing performance and its ability to communicate with other chips, a significant factor in AI supercomputers. Nvidia and Intel developed specialised chips tailored for the Chinese market to retain powerful computing capabilities while limiting communication speeds to adhere to the prior rules. The new regulations introduce limits on the computing power that a chip can pack into a certain size, with the intention of preventing workarounds involving new "chiplet" technology, which China has identified as crucial to its semiconductor industry's future. &nbsp;

Chinese startups Biren and Moore Threads, founded by former Nvidia employees, are directly impacted by the new measures. Both companies will face rigorous licensing requirements before U.S. suppliers can ship products to them. In response, Biren expressed strong opposition to its blacklisting and intends to appeal the decision, while Moore Threads strongly disagreed with its addition to the trade blacklist. &nbsp;

Furthermore, these measures expand licensing requirements for exports of advanced chips to over 40 additional countries, particularly those presenting risks of diversion to China and subject to U.S. arms embargoes. Additionally, the rules restrict chips from being sent to units of companies headquartered in China, Macau, and other arms embargoed countries, regardless of their global location. The administration also applied licensing requirements for chipmaking tools to 21 countries outside China, concerned about potential equipment diversion to China and other national security considerations. &nbsp;

Meanwhile, the semiconductor industry is closely monitoring the impact of these new rules. The Semiconductor Industry Association stressed the importance of working with allies, as broad, unilateral controls could potentially harm the U.S. semiconductor ecosystem without significantly advancing national security.&nbsp;

(Inputs from Reuters)&nbsp;

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The Biden administration on Tuesay unveiled a series of measures aimed at curbing the export of advanced artificial intelligence (AI) chips and chipmaking tools, primarily intended to prevent China from obtaining cutting-edge U.

The Biden administration on Tuesay unveiled a series of measures aimed at curbing the export of advanced artificial intelligence (AI) chips and chipmaking tools, primarily intended to prevent China from obtaining cutting-edge U.S. technologies, particularly for military applications. According to Reuters, these measures, scheduled to take effect in 30 days, also extend restrictions to a broader array of countries, including Iran and Russia. Additionally, the new rules blacklist Chinese chip designers Moore Threads and Biren. Commerce Department Secretary Gina Raimondo emphasised that the goal is to limit China's access to "advanced semiconductors that could fuel breakthroughs in artificial intelligence and sophisticated computers that are critical to (Chinese) military applications." She explained that the administration's goal was not to hurt China's economy by pointing out that the nation will continue to import semiconductors worth billions of dollars from the US. In response, a spokesperson for the Chinese embassy expressed firm opposition to the new restrictions, stating that they violated principles of fair competition and undermined international economic and trading order. The release of these new measures underscores the challenges faced by the Biden administration in restricting the flow of advanced chips and chipmaking tools into China, as concerns grow over the role of U.S. technology in strengthening China's military capabilities. Reuters cited a report by Georgetown University's Centre for Security and Emerging Technology which revealed that out of 97 individual AI chips procured by Chinese military tenders in 2020, nearly all were designed by companies including Nvidia, Xilinx, Intel, and Microsemi. AI capabilities, driven by advanced chips, supercomputing, and cutting-edge technology, play a vital role in enhancing military decision-making, planning, and logistics. While these new regulations aim to halt certain chips' shipment to China, Nvidia, a top U.S. AI chip designer, expressed compliance with the rules and did not anticipate a significant impact on its short-term results. Nvidia's business has thrived since the imposition of previous regulations, as its China-only chips continued to outperform alternatives. The company is currently grappling with high demand that exceeds supply. However, in the long term, it could face challenges as Chinese chip companies seek alternatives to U.S. firms. Nvidia's shares fell by 3.7 per cent, and other AI chipmakers, including AMD and Intel, also experienced declines in their stock prices. The new rules, while exempting most consumer chips used in devices such as laptops, smartphones, and gaming, will subject some to licensing and notification requirements by U.S. officials. The previous regulations incorporated a two-pronged test that evaluated both a chip's computing performance and its ability to communicate with other chips, a significant factor in AI supercomputers. Nvidia and Intel developed specialised chips tailored for the Chinese market to retain powerful computing capabilities while limiting communication speeds to adhere to the prior rules. The new regulations introduce limits on the computing power that a chip can pack into a certain size, with the intention of preventing workarounds involving new "chiplet" technology, which China has identified as crucial to its semiconductor industry's future. Chinese startups Biren and Moore Threads, founded by former Nvidia employees, are directly impacted by the new measures. Both companies will face rigorous licensing requirements before U.S. suppliers can ship products to them. In response, Biren expressed strong opposition to its blacklisting and intends to appeal the decision, while Moore Threads strongly disagreed with its addition to the trade blacklist. Furthermore, these measures expand licensing requirements for exports of advanced chips to over 40 additional countries, particularly those presenting risks of diversion to China and subject to U.S. arms embargoes. Additionally, the rules restrict chips from being sent to units of companies headquartered in China, Macau, and other arms embargoed countries, regardless of their global location. The administration also applied licensing requirements for chipmaking tools to 21 countries outside China, concerned about potential equipment diversion to China and other national security considerations. Meanwhile, the semiconductor industry is closely monitoring the impact of these new rules. The Semiconductor Industry Association stressed the importance of working with allies, as broad, unilateral controls could potentially harm the U.S. semiconductor ecosystem without significantly advancing national security. (Inputs from Reuters) WATCH WION LIVE HERE

Biden administration expands restrictions on chip exports, cutting China off from AI chips 

Slowdowns in several economies & rising geopolitical tensions have undoubtedly harmed global trade. The tariff war & insular industrial policies in the US and China, the two biggest economies of the world, are forcing many to believe that the era of unrestricted globalisation may give way to deglobalisation.

Slowing economy & geopolitical tensions harming trade

As China’s private developers struggle to meet their debt repayments, concerns are growing over the potential ripple effects on local-level government finances. Country Garden, the country's largest developer, has sounded the alarm, stating it may not be able to meet its offshore debt obligations.

Debt crisis in China's real estate sector

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes.&nbsp;

According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve.&nbsp;

The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. &nbsp;

The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments.&nbsp;

In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. &nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry.

India has announced a reduction in the windfall tax on petroleum crude, aviation turbine fuel (ATF), and diesel, offering relief to consumers and the energy industry. The changes, which are set to take effect on October 18, come after previous increases in these taxes. According to a Reuters report, the windfall tax on petroleum crude will be lowered from 12,100 rupees ($145) per ton to 9,050 rupees ($108) per ton. Simultaneously, the government will decrease the windfall tax on ATF from 2.50 rupees ($0.03) per litre to 1 rupee ($0.01) per litre and reduce the tax on diesel from 5 rupees ($0.06) per litre to 4 rupees ($0.04) per litre. These adjustments aim to address the economic burden on consumers facing rising fuel costs and provide some reprieve. The government originally introduced windfall taxes on the sale of locally produced crude oil on July 1, 2022, in response to the significant profits garnered by oil exploration and production companies amid multi-year high crude oil prices, particularly following Russia's invasion of Ukraine, a report from Mint stated. The report also mentioned that while these changes are expected to provide relief to consumers and alleviate financial pressures, it is important to note that international oil prices remain dynamic. On October 17, global oil prices saw an increase. Brent futures rose by $0.74 to reach $90.39 a barrel, while US West Texas Intermediate (WTI) crude increased by $0.69 to $87.35. The oil market's fluctuations are influenced by various global factors, including political developments. In the domestic market, crude oil futures with an expiry date of October 19 were trading lower by 0.7 per cent at 7,188 rupees ($86.3) per barrel on the Multi Commodity Exchange (MCX). During the trading session, the price fluctuated between 7,132 ($85.6) and 7,528 ($90.4) rupees per barrel, compared to the previous close at 7,239 rupees per barrel. (With inputs from Reuters) WATCH WION LIVE HERE

India slashes windfall tax on petroleum crude, ATF, and diesel 

The prospects of China's largest private property developer, Country Garden Holding, defaulting on its offshore debt looks like a certainty as the grace period for its $15 million coupon payment has come to an end.

A potential missed payment on a bond set to mature in September 2025, without an agreement with creditors, would align Country Garden with numerous other Chinese developers who have already faced defaults. Such a default would significantly exacerbate the ongoing crisis in China's property sector, which constitutes about a quarter of the world's second-largest economy.

Country Garden recently warned of its inability to meet offshore debt obligations, noting that non-payment could lead to creditors demanding payment acceleration or taking enforcement actions. With nearly $11 billion in offshore bonds, a default by Country Garden could set the stage for one of China's most significant corporate debt restructurings.

In recent weeks, the company has also missed other offshore payments; however, those payments have not yet reached the end of their 30-day grace periods. Meanwhile, the company has managed its onshore debt more effectively, gaining some flexibility with payment extensions.

Recently, Country Garden secured approval from creditors to extend repayment on an onshore bond, representing the final bond in a series of eight it had been seeking extensions for. Each of these eight bonds, collectively valued at 10.8 billion yuan ($1.48 billion), has received a three-year extension. Nevertheless, the struggle to access new capital continues, particularly for private developers, as the property market remains challenging.

A potential default by Country Garden would initiate negotiations between the company's offshore creditors and its financial advisors, sparking a complex and time-consuming restructuring process due to the substantial scale of the debt. Furthermore, the gloomy outlook for China's property market is likely to worsen the terms that offshore creditors may have to accept as debt is restructured.

Data released on Wednesday indicated a 9.1 per cent decline in property investment in China for the first nine months of the year, coupled with a 7.5 per cent drop in sales by floor area. The situation is expected to be further assessed on Thursday when nationwide prices of new homes for September are revealed.

As the property market woes persist, developers accounting for 40 per cent of Chinese home sales have already defaulted on their debt obligations since 2021, collectively issuing approximately $110 billion worth of high-yield offshore bonds. These challenges have also taken their toll on Hong Kong's Hang Seng Mainland Properties Index, which has plummeted by 40 per cent so far this year, reflecting the magnitude of the property sector's challenges in China.

(With inputs from Reuters)

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The prospects of China's largest private property developer, Country Garden Holding, defaulting on its offshore debt looks like a certainty as the grace period for its $15 million coupon payment has come to an end.

The prospects of China's largest private property developer, Country Garden Holding, defaulting on its offshore debt looks like a certainty as the grace period for its $15 million coupon payment has come to an end. A potential missed payment on a bond set to mature in September 2025, without an agreement with creditors, would align Country Garden with numerous other Chinese developers who have already faced defaults. Such a default would significantly exacerbate the ongoing crisis in China's property sector, which constitutes about a quarter of the world's second-largest economy. Country Garden recently warned of its inability to meet offshore debt obligations, noting that non-payment could lead to creditors demanding payment acceleration or taking enforcement actions. With nearly $11 billion in offshore bonds, a default by Country Garden could set the stage for one of China's most significant corporate debt restructurings. In recent weeks, the company has also missed other offshore payments; however, those payments have not yet reached the end of their 30-day grace periods. Meanwhile, the company has managed its onshore debt more effectively, gaining some flexibility with payment extensions. Recently, Country Garden secured approval from creditors to extend repayment on an onshore bond, representing the final bond in a series of eight it had been seeking extensions for. Each of these eight bonds, collectively valued at 10.8 billion yuan ($1.48 billion), has received a three-year extension. Nevertheless, the struggle to access new capital continues, particularly for private developers, as the property market remains challenging. A potential default by Country Garden would initiate negotiations between the company's offshore creditors and its financial advisors, sparking a complex and time-consuming restructuring process due to the substantial scale of the debt. Furthermore, the gloomy outlook for China's property market is likely to worsen the terms that offshore creditors may have to accept as debt is restructured. Data released on Wednesday indicated a 9.1 per cent decline in property investment in China for the first nine months of the year, coupled with a 7.5 per cent drop in sales by floor area. The situation is expected to be further assessed on Thursday when nationwide prices of new homes for September are revealed. As the property market woes persist, developers accounting for 40 per cent of Chinese home sales have already defaulted on their debt obligations since 2021, collectively issuing approximately $110 billion worth of high-yield offshore bonds. These challenges have also taken their toll on Hong Kong's Hang Seng Mainland Properties Index, which has plummeted by 40 per cent so far this year, reflecting the magnitude of the property sector's challenges in China. (With inputs from Reuters) WATCH WION LIVE HERE

Grace period for Country Garden's coupon payment expires; default prospects loom large

The Confederation of All India Traders (CAIT) has released estimates for this year's Indian wedding season, forecasting a business worth 4.25 trillion rupees ($51 billion) during a 23-day period from November 23 to December 15, according to a survey conducted by CAIT Research &amp; Trade Development Society. &nbsp;

This figure marks an increase from the previous year's 3.75 trillion rupees ($45 billion), showcasing the economic impact of these matrimonial celebrations, Mint reported. &nbsp;

The research arm of CAIT revealed that approximately 3.5 million weddings are anticipated to be held during this period, accounting for the substantial economic influx. &nbsp;

A Moneycontrol report cited BC Bhartia, the National President of CAIT, who commented on the growth saying, "In Delhi alone, more than 3.5 lakh weddings are expected to take place in this season, which is likely to generate a business of about Rs 1 lakh crore ($12 billion) in Delhi itself." &nbsp;

As India's wedding season unfolds, an array of wedding budgets will shape the business landscape. Around 50,000 weddings are anticipated to fall within the luxury category, with spending exceeding 1 crore rupees ($120,000) each, while another 50,000 will have budgets of 50 lakh rupees ($60,000) per wedding.

In addition, an estimated six lakh weddings are expected to incur expenses around 25 lakh rupees ($30,000). The majority of the celebrations, approximately 1.2 million weddings, will adhere to a budget of around 10 lakh rupees ($12,000), while an additional one million weddings are likely to have expenses of about ₹6 lakh ($7,200) each. &nbsp;

The wedding season, which will kick off from November 23, 2023, and continue into December, is also expected to bring a surge in demand for banquet halls, hotels, open lawns, community centres, public parks, farmhouses, and other venues across the country.

Furthermore, a wide range of services, including tent decorators, flower arrangements, crockery, catering, travel services, cab services, photography, videography, music, and event management, are anticipated to contribute to this multi-trillion-rupee industry, Moneycontrol reported.

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The Confederation of All India Traders (CAIT) has released estimates for this year's Indian wedding season, forecasting a business worth 4.25 trillion rupees ($51 billion) during a 23-day period from November 23 to December 15, according to a survey conducted by CAIT Research & Trade Development Society.

The Confederation of All India Traders (CAIT) has released estimates for this year's Indian wedding season, forecasting a business worth 4.25 trillion rupees ($51 billion) during a 23-day period from November 23 to December 15, according to a survey conducted by CAIT Research & Trade Development Society. This figure marks an increase from the previous year's 3.75 trillion rupees ($45 billion), showcasing the economic impact of these matrimonial celebrations, Mint reported. The research arm of CAIT revealed that approximately 3.5 million weddings are anticipated to be held during this period, accounting for the substantial economic influx. A Moneycontrol report cited BC Bhartia, the National President of CAIT, who commented on the growth saying, "In Delhi alone, more than 3.5 lakh weddings are expected to take place in this season, which is likely to generate a business of about Rs 1 lakh crore ($12 billion) in Delhi itself." As India's wedding season unfolds, an array of wedding budgets will shape the business landscape. Around 50,000 weddings are anticipated to fall within the luxury category, with spending exceeding 1 crore rupees ($120,000) each, while another 50,000 will have budgets of 50 lakh rupees ($60,000) per wedding. In addition, an estimated six lakh weddings are expected to incur expenses around 25 lakh rupees ($30,000). The majority of the celebrations, approximately 1.2 million weddings, will adhere to a budget of around 10 lakh rupees ($12,000), while an additional one million weddings are likely to have expenses of about ₹6 lakh ($7,200) each. The wedding season, which will kick off from November 23, 2023, and continue into December, is also expected to bring a surge in demand for banquet halls, hotels, open lawns, community centres, public parks, farmhouses, and other venues across the country. Furthermore, a wide range of services, including tent decorators, flower arrangements, crockery, catering, travel services, cab services, photography, videography, music, and event management, are anticipated to contribute to this multi-trillion-rupee industry, Moneycontrol reported. WATCH WION LIVE HERE

Indian wedding season projected to be a $51 bn affair. Here's why 

The International Monetary Fund (IMF) has revised its growth forecasts for China, indicating that the country's recovery is slowing down and attributing it to the weakness in its property sector. In its regional economic outlook report released on Wednesday, the IMF downgraded China's growth projection for 2023 and 2024. The world's second-largest economy is expected to expand by 5 per cent this year and 4.2 per cent next year, a decline from the IMF's April forecast of 5.2 per cent and 4.5 per cent, respectively.&nbsp;

The IMF's report highlights that China's recovery has been "losing steam," with the manufacturing purchasing managers' indexes entering a contraction phase between April and August. Simultaneously, conditions in the real estate sector continue to deteriorate, contributing to the downward revision in growth forecasts.&nbsp;

The report also raises concerns about the property market in China, stating that a prolonged housing market correction could lead to "greater financial stress among property developers and larger asset quality deterioration" in the near-term. This, in turn, could result in a potential decline of China's gross domestic product (GDP) by up to 1.6 per cent relative to the baseline by 2025. The global GDP would also be affected, with a decline of 0.6 per cent relative to the baseline.&nbsp;

Despite the challenges in China, the IMF's outlook for Asia and the Pacific in 2023 remains relatively positive. The report describes this region as "the most dynamic" for the year. The agency maintains its earlier growth projection for the region, forecasting a growth rate of 4.6 per cent in 2023. It anticipates that economic activity in the region will contribute to approximately two-thirds of global growth this year.&nbsp;

However, the IMF expects growth in Asia and the Pacific to decelerate to 4.2 per cent in the following year, and further slow to 3.9 per cent in the medium-term. This would represent the lowest growth rate in the past two decades, except for 2020. The structural slowdown in China and weaker productivity growth in many other economies are expected to exert downward pressure on the region.&nbsp;

One positive aspect noted in the report is disinflation. The IMF predicts that the region, excluding Japan, is expected to return to central bank inflation targets by the end of next year. This places Asia ahead of the rest of the world, where inflation is not anticipated to return to target levels until at least 2025.&nbsp;

However, the IMF cautions central banks in the region against prematurely easing monetary policy. It emphasises the need for these banks to ensure that inflation remains durably at appropriate targets, and suggests that strengthening financial supervision, vigilant monitoring of systemic risks, and modernising resolution frameworks are critical to maintaining financial stability.&nbsp;

(With inputs from Reuters)&nbsp;

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The International Monetary Fund (IMF) has revised its growth forecasts for China, indicating that the country's recovery is slowing down and attributing it to the weakness in its property sector.

The International Monetary Fund (IMF) has revised its growth forecasts for China, indicating that the country's recovery is slowing down and attributing it to the weakness in its property sector. In its regional economic outlook report released on Wednesday, the IMF downgraded China's growth projection for 2023 and 2024. The world's second-largest economy is expected to expand by 5 per cent this year and 4.2 per cent next year, a decline from the IMF's April forecast of 5.2 per cent and 4.5 per cent, respectively. The IMF's report highlights that China's recovery has been "losing steam," with the manufacturing purchasing managers' indexes entering a contraction phase between April and August. Simultaneously, conditions in the real estate sector continue to deteriorate, contributing to the downward revision in growth forecasts. The report also raises concerns about the property market in China, stating that a prolonged housing market correction could lead to "greater financial stress among property developers and larger asset quality deterioration" in the near-term. This, in turn, could result in a potential decline of China's gross domestic product (GDP) by up to 1.6 per cent relative to the baseline by 2025. The global GDP would also be affected, with a decline of 0.6 per cent relative to the baseline. Despite the challenges in China, the IMF's outlook for Asia and the Pacific in 2023 remains relatively positive. The report describes this region as "the most dynamic" for the year. The agency maintains its earlier growth projection for the region, forecasting a growth rate of 4.6 per cent in 2023. It anticipates that economic activity in the region will contribute to approximately two-thirds of global growth this year. However, the IMF expects growth in Asia and the Pacific to decelerate to 4.2 per cent in the following year, and further slow to 3.9 per cent in the medium-term. This would represent the lowest growth rate in the past two decades, except for 2020. The structural slowdown in China and weaker productivity growth in many other economies are expected to exert downward pressure on the region. One positive aspect noted in the report is disinflation. The IMF predicts that the region, excluding Japan, is expected to return to central bank inflation targets by the end of next year. This places Asia ahead of the rest of the world, where inflation is not anticipated to return to target levels until at least 2025. However, the IMF cautions central banks in the region against prematurely easing monetary policy. It emphasises the need for these banks to ensure that inflation remains durably at appropriate targets, and suggests that strengthening financial supervision, vigilant monitoring of systemic risks, and modernising resolution frameworks are critical to maintaining financial stability. (With inputs from Reuters) WATCH WION LIVE HERE

China’s property market could slow down Asia's economy: IMF

The financial landscape has radically transformed in the past decade, primarily propelled by technological advancements. At the intersection of finance and technology, micro-pensions have emerged as a promising solution for informal sector workers. These simplified, cost-effective retirement schemes can potentially secure the post-retirement lives of millions. What sets the stage for a profound shift in the micro-pension landscape is the integration of Artificial Intelligence (AI). AI's ability to extract insights from vast data volumes opens new avenues for addressing the pressing challenges of cost-efficiency, transparency, and financial literacy in micro-pensions. Let's delve into the extensive analysis of how AI reshapes micro-pensions, drawing insights from Streetfins and the Mercer CFA Institute's Global Pensions Report.

AI's role in micro-pensions

Predictive Insights: AI's analytical power enables fund managers to make well-informed, data-driven decisions, predict market trends, assess risks, and optimize returns. This predictive capacity is poised to enhance the sustainability of micro-pensions substantially. Streetfins' report highlights the potential for AI to cut costs, customise portfolios, and identify market anomalies. However, it also acknowledges that AI might not predict market movements with complete accuracy, leaving an element of uncertainty.

Actuarial Advancements: AI's contribution to actuarial science is equally significant. By processing complex datasets, AI can optimise contributions and payouts, a crucial aspect in the resource-constrained environment of micro-pensions. Mercer CFA Institute's Global Pensions Report emphasises the impact of AI on pensions performance, underlining its potential to lead to more efficient and informed decision-making processes, potentially resulting in higher real investment returns.

Enhanced Transparency: AI-driven algorithms facilitate tracking fund flows, measuring performance, and assessing impacts. The result is a level of transparency that significantly improves the trustworthiness of micro-pension schemes, as noted by Streetfins' research.

AI for Financial Inclusion

Chatbots and Robo-Advisors: AI-powered chatbots and robo-advisors play a pivotal role in simplifying complex financial concepts. They make financial information accessible to underserved populations, bridging the gap in financial literacy. This is highlighted in both reports. Streetfins' research underscores their effectiveness in breaking down financial concepts, while Mercer CFA Institute's Global Pensions Report emphasises the role of AI in enhancing financial literacy.

Inclusive Creditworthiness Assessment: AI's potential to assess creditworthiness goes beyond traditional models by considering a wider array of non-traditional data points. This inclusive approach broadens access to micro-pension schemes, reaching those previously excluded.

Risks and Regulatory Implications

Data Privacy: The collection, storage, and processing of personal data in AI systems raise data privacy concerns. Robust data protection laws and adaptive regulatory frameworks are necessary to protect sensitive information and individuals' rights. Both reports share this concern.

Algorithmic Bias: AI systems' reliance on data raises the possibility of algorithmic bias, which both reports address. They emphasise the importance of regulatory oversight to ensure that AI models are developed on impartial data and consistently yield unbiased outcomes.

Cybersecurity: Given AI's handling of sensitive pension data, protecting against potential cyberattacks is paramount for micro pensions security. Both reports underscore the importance of safeguarding data against cyber threats.

The Bottomline

AI's integration into micro-pensions promises a transformative impact by offering predictive insights, enhancing financial literacy, and improving transparency. The journey ahead requires striking a balance between innovation, risk management, and robust regulation, as Streetfins' research highlights. The Mercer CFA Institute's Global Pensions Report underscores the impact of AI on pension performance. It extends the global perspective, with the Netherlands topping the global pensions index for its effective pension benefits and governance.

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The financial landscape has radically transformed in the past decade, primarily propelled by technological advancements. At the intersection of finance and technology, micro-pensions have emerged as a promising solution for informal sector workers.

The financial landscape has radically transformed in the past decade, primarily propelled by technological advancements. At the intersection of finance and technology, micro-pensions have emerged as a promising solution for informal sector workers. These simplified, cost-effective retirement schemes can potentially secure the post-retirement lives of millions. What sets the stage for a profound shift in the micro-pension landscape is the integration of Artificial Intelligence (AI). AI's ability to extract insights from vast data volumes opens new avenues for addressing the pressing challenges of cost-efficiency, transparency, and financial literacy in micro-pensions. Let's delve into the extensive analysis of how AI reshapes micro-pensions, drawing insights from Streetfins and the Mercer CFA Institute's Global Pensions Report. AI's role in micro-pensions Predictive Insights: AI's analytical power enables fund managers to make well-informed, data-driven decisions, predict market trends, assess risks, and optimize returns. This predictive capacity is poised to enhance the sustainability of micro-pensions substantially. Streetfins' report highlights the potential for AI to cut costs, customise portfolios, and identify market anomalies. However, it also acknowledges that AI might not predict market movements with complete accuracy, leaving an element of uncertainty. Actuarial Advancements: AI's contribution to actuarial science is equally significant. By processing complex datasets, AI can optimise contributions and payouts, a crucial aspect in the resource-constrained environment of micro-pensions. Mercer CFA Institute's Global Pensions Report emphasises the impact of AI on pensions performance, underlining its potential to lead to more efficient and informed decision-making processes, potentially resulting in higher real investment returns. Enhanced Transparency: AI-driven algorithms facilitate tracking fund flows, measuring performance, and assessing impacts. The result is a level of transparency that significantly improves the trustworthiness of micro-pension schemes, as noted by Streetfins' research. AI for Financial Inclusion Chatbots and Robo-Advisors: AI-powered chatbots and robo-advisors play a pivotal role in simplifying complex financial concepts. They make financial information accessible to underserved populations, bridging the gap in financial literacy. This is highlighted in both reports. Streetfins' research underscores their effectiveness in breaking down financial concepts, while Mercer CFA Institute's Global Pensions Report emphasises the role of AI in enhancing financial literacy. Inclusive Creditworthiness Assessment: AI's potential to assess creditworthiness goes beyond traditional models by considering a wider array of non-traditional data points. This inclusive approach broadens access to micro-pension schemes, reaching those previously excluded. Risks and Regulatory Implications Data Privacy: The collection, storage, and processing of personal data in AI systems raise data privacy concerns. Robust data protection laws and adaptive regulatory frameworks are necessary to protect sensitive information and individuals' rights. Both reports share this concern. Algorithmic Bias: AI systems' reliance on data raises the possibility of algorithmic bias, which both reports address. They emphasise the importance of regulatory oversight to ensure that AI models are developed on impartial data and consistently yield unbiased outcomes. Cybersecurity: Given AI's handling of sensitive pension data, protecting against potential cyberattacks is paramount for micro pensions security. Both reports underscore the importance of safeguarding data against cyber threats. The Bottomline AI's integration into micro-pensions promises a transformative impact by offering predictive insights, enhancing financial literacy, and improving transparency. The journey ahead requires striking a balance between innovation, risk management, and robust regulation, as Streetfins' research highlights. The Mercer CFA Institute's Global Pensions Report underscores the impact of AI on pension performance. It extends the global perspective, with the Netherlands topping the global pensions index for its effective pension benefits and governance. WATCH WION LIVE HERE

Redefining Retirement: How AI is shaping micro-pensions

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway. The Prancing Horse is ready to embrace digital currencies, allowing the well-heeled crypto-elite to savor the thrill of owning a piece of automotive excellence.

As of now, the United States is Ferrari's chosen pit stop for this crypto extravaganza, with the Old World soon to follow. Enrico Galliera, the maestro behind Ferrari's marketing and commercial prowess, revealed the company's electrifying intentions. This isn't just innovation; it's a response to the rallying cry of their customers, echoing the desires of a new breed of investors who have ridden the crypto wave to newfound wealth.

The roar of these digital dollars has become too loud to ignore, and Ferrari is listening. Galliera didn't reveal how many of the iconic Italian stallions they expect to sell in exchange for cryptocurrencies, but with their order books booked solid until 2025, it's clear they're in no hurry. What they aim to do, however, is explore untrodden territory, extending an invitation to a wider circle of enthusiasts beyond their traditional clientele. The road ahead is mapped out, and Ferrari intends to introduce cryptocurrency payments in Europe by the first quarter of 2024, with a grander plan to roll out the crypto-friendly welcome mat in other regions.

In the U.S., Ferrari has partnered with BitPay, a heavyweight in the cryptocurrency payment arena. This partnership revs up transactions in the likes of Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). It's not just about embracing digital wealth; it's about doing it with style. The Ferrari experience remains uncompromised. No additional fees or surcharges will dent the experience for crypto-savvy buyers. BitPay swiftly transforms those digital tokens into conventional fiat currency, ensuring that Ferrari dealers aren't caught in the whirlwind of cryptocurrency price volatility.

Safety and legitimacy are paramount in this high-speed crypto journey. BitPay will ensure that the crypto funds do not flow from nefarious sources, shielding Ferrari from the shadows of money laundering and tax evasion.

This grand leap into the crypto arena isn't just about making payments; it's about crafting an experience. For the new wave of crypto millionaires, Ferrari isn't just a car; it's a statement. It's the embodiment of innovation, performance, and style, values shared by both worlds. In this fusion of financial prowess and automotive excellence, Ferrari welcomes a new era of enthusiasts who understand that luxury extends beyond leather interiors and roaring engines.

As Ferrari blazes this crypto trail, they're inviting the crypto-elite to ride shotgun on a journey that's emblematic of progress, embracing the future while never losing sight of the traditions that have made them a symbol of excellence. The crypto revolution is here, and Ferrari, the icon of the open road, is revving its engine to lead the way.

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway.

In a revved-up move that's sending shockwaves through the world of high-octane luxury, Ferrari, the iconic emblem of speed and sophistication, is steering towards the crypto highway. The Prancing Horse is ready to embrace digital currencies, allowing the well-heeled crypto-elite to savor the thrill of owning a piece of automotive excellence. As of now, the United States is Ferrari's chosen pit stop for this crypto extravaganza, with the Old World soon to follow. Enrico Galliera, the maestro behind Ferrari's marketing and commercial prowess, revealed the company's electrifying intentions. This isn't just innovation; it's a response to the rallying cry of their customers, echoing the desires of a new breed of investors who have ridden the crypto wave to newfound wealth. The roar of these digital dollars has become too loud to ignore, and Ferrari is listening. Galliera didn't reveal how many of the iconic Italian stallions they expect to sell in exchange for cryptocurrencies, but with their order books booked solid until 2025, it's clear they're in no hurry. What they aim to do, however, is explore untrodden territory, extending an invitation to a wider circle of enthusiasts beyond their traditional clientele. The road ahead is mapped out, and Ferrari intends to introduce cryptocurrency payments in Europe by the first quarter of 2024, with a grander plan to roll out the crypto-friendly welcome mat in other regions. In the U.S., Ferrari has partnered with BitPay, a heavyweight in the cryptocurrency payment arena. This partnership revs up transactions in the likes of Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). It's not just about embracing digital wealth; it's about doing it with style. The Ferrari experience remains uncompromised. No additional fees or surcharges will dent the experience for crypto-savvy buyers. BitPay swiftly transforms those digital tokens into conventional fiat currency, ensuring that Ferrari dealers aren't caught in the whirlwind of cryptocurrency price volatility. Safety and legitimacy are paramount in this high-speed crypto journey. BitPay will ensure that the crypto funds do not flow from nefarious sources, shielding Ferrari from the shadows of money laundering and tax evasion. This grand leap into the crypto arena isn't just about making payments; it's about crafting an experience. For the new wave of crypto millionaires, Ferrari isn't just a car; it's a statement. It's the embodiment of innovation, performance, and style, values shared by both worlds. In this fusion of financial prowess and automotive excellence, Ferrari welcomes a new era of enthusiasts who understand that luxury extends beyond leather interiors and roaring engines. As Ferrari blazes this crypto trail, they're inviting the crypto-elite to ride shotgun on a journey that's emblematic of progress, embracing the future while never losing sight of the traditions that have made them a symbol of excellence. The crypto revolution is here, and Ferrari, the icon of the open road, is revving its engine to lead the way.

Driving in the future: Ferrari caters to the crypto elite

In a land where every bite is a canvas of flavors, India's snacking culture is in the midst of a delicious transformation. Haldiram's, the iconic snack maestro with a heritage tracing back to the 1930s, is poised for a flavorful expansion, setting its sights on the health-conscious snacks aisle. According to Euromonitor, the Indian snacks market is akin to a rising soufflé, anticipated to balloon to an impressive Rs 1,632.9 billion by 2023.

Let's delve into the snacking habits of the people in India through The Mondelez India 4th Annual State of Snacking report.

Snacking isn't a mere interlude; it's now a star on the daily menu. A whopping 76 percent of the populace indulges not once but twice daily. The morning snack has taken center stage, with 42 percent of Indians savoring a breakfast treat, such as a protein bar or crispy crackers—well above the global average of 24 percent. Why this morning munch-fest? It's all about convenience; a quick nibble is easier than orchestrating a full meal.

But, let's dig deeper into the snack vault. Snacks are no longer mere nibbles; they're thrilling escapades. Compact snack packs beckon with the promise of spontaneous indulgence. While health consciousness plays a role in this snacking journey, the reigning judge is flavor. Even the indulgent chips maintain their stronghold in the snack aisles.

Now, here's where it gets tantalizing. The craving for snacks with health perks is on the rise. Enter functional foods, the stars of the show, offering a repertoire of wholesome options crafted with care. Marico, for instance, has donned the cape by acquiring Plix, a snacking virtuoso offering delights like the Lean Fudge bar and peanut butter packed with wellness benefits.

According to the Mondelez report, 91 percent of Indians are on a quest for snacks as unique as their fingerprints. Eighty-five percent actively seek snacks tailored to their health desires.

The journey towards healthier snacking may take time, but awareness is spreading like the aroma of freshly baked bread. As consumers grow more health-conscious, the organized snack sector is set to shine. However, it's crucial to remember that not all palates are created alike. Urban epicureans lean towards branded delights, while regional areas have their local culinary heroes catering to budget-conscious consumers, where affordability still reigns supreme.

As the sun sets on the old snacking ways, India's gustatory adventure is evolving. It's a buffet of innovation, health-conscious choices, and, most importantly, an ever-expanding appetite for snacks that hit all the right notes. It's a culinary revolution that's as delectable as it is unstoppable. Bon appétit!

In a land where every bite is a canvas of flavors, India's snacking culture is in the midst of a delicious transformation. Haldiram's, the iconic snack maestro with a heritage tracing back to the 1930s, is poised for a flavorful expansion, setting its sights on the health-conscious snacks aisle.

In a land where every bite is a canvas of flavors, India's snacking culture is in the midst of a delicious transformation. Haldiram's, the iconic snack maestro with a heritage tracing back to the 1930s, is poised for a flavorful expansion, setting its sights on the health-conscious snacks aisle. According to Euromonitor, the Indian snacks market is akin to a rising soufflé, anticipated to balloon to an impressive Rs 1,632.9 billion by 2023. Let's delve into the snacking habits of the people in India through The Mondelez India 4th Annual State of Snacking report. Snacking isn't a mere interlude; it's now a star on the daily menu. A whopping 76 percent of the populace indulges not once but twice daily. The morning snack has taken center stage, with 42 percent of Indians savoring a breakfast treat, such as a protein bar or crispy crackers—well above the global average of 24 percent. Why this morning munch-fest? It's all about convenience; a quick nibble is easier than orchestrating a full meal. But, let's dig deeper into the snack vault. Snacks are no longer mere nibbles; they're thrilling escapades. Compact snack packs beckon with the promise of spontaneous indulgence. While health consciousness plays a role in this snacking journey, the reigning judge is flavor. Even the indulgent chips maintain their stronghold in the snack aisles. Now, here's where it gets tantalizing. The craving for snacks with health perks is on the rise. Enter functional foods, the stars of the show, offering a repertoire of wholesome options crafted with care. Marico, for instance, has donned the cape by acquiring Plix, a snacking virtuoso offering delights like the Lean Fudge bar and peanut butter packed with wellness benefits. According to the Mondelez report, 91 percent of Indians are on a quest for snacks as unique as their fingerprints. Eighty-five percent actively seek snacks tailored to their health desires. The journey towards healthier snacking may take time, but awareness is spreading like the aroma of freshly baked bread. As consumers grow more health-conscious, the organized snack sector is set to shine. However, it's crucial to remember that not all palates are created alike. Urban epicureans lean towards branded delights, while regional areas have their local culinary heroes catering to budget-conscious consumers, where affordability still reigns supreme. As the sun sets on the old snacking ways, India's gustatory adventure is evolving. It's a buffet of innovation, health-conscious choices, and, most importantly, an ever-expanding appetite for snacks that hit all the right notes. It's a culinary revolution that's as delectable as it is unstoppable. Bon appétit!

India's 'Snackonomics': Packing health and traditional taste in one

The National Highway and Traffic Safety Administration (NHSTA) said on Tuesday (Oct 17) that Tesla would recall 54,676 Model X vehicles as the vehicle controller is likely to fail to detect low brake fluid and not display a warning light. The NHSTA said that Tesla released an over-the-air (OTA) software update to fix the issue. It added that this software update was free of cost.

The US auto regulator also said that Tesla was not aware of any crashes, injuries or deaths that may be related to the issue as of October 10.&nbsp;

Previously, the electric automaker recalled over 360,000 in the US to update its Full Self-Driving (FSD) Beta software. This recall covered 2016-2023 Model S, Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles equipped with FSD Beta software or pending installation

The NHTSA asked Tesla to recall these vehicles, but the automaker said that despite the recall, it did not concur with NHTSA’s analysis. The auto regulator also has an ongoing investigation into around 830,000 Tesla vehicles over a string of crashes with parked emergency vehicles.&nbsp;

Meanwhile, on Monday, a report by the news agency Reuters said that Tesla's margins were likely to drop in the third quarter and take a bigger hit in the last three months of this year.

The report said that investors would look for details on how Elon Musk plans to ensure that Tesla will deliver a record 476,000 vehicles in the fourth quarter to meet its annual goal of 1.8 million units.

Tesla has already cut US prices of its Model 3 compact sedan and Model Y SUV in October. Last month, it slashed prices of its premium S and X models and unveiled for some markets a restyled Model 3 with a longer driving range.

However, the automaker has yet to start deliveries of the new Model 3 in China and Europe and has not yet given a timeline for its launch in the US.

(With inputs from agencies)

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The National Highway and Traffic Safety Administration (NHSTA) said on Tuesday (Oct 17) that Tesla would recall 54,676 Model X vehicles as the vehicle controller is likely to fail to detect low brake fluid and not display a warning light.

The National Highway and Traffic Safety Administration (NHSTA) said on Tuesday (Oct 17) that Tesla would recall 54,676 Model X vehicles as the vehicle controller is likely to fail to detect low brake fluid and not display a warning light. The NHSTA said that Tesla released an over-the-air (OTA) software update to fix the issue. It added that this software update was free of cost. The US auto regulator also said that Tesla was not aware of any crashes, injuries or deaths that may be related to the issue as of October 10. Previously, the electric automaker recalled over 360,000 in the US to update its Full Self-Driving (FSD) Beta software. This recall covered 2016-2023 Model S, Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles equipped with FSD Beta software or pending installation The NHTSA asked Tesla to recall these vehicles, but the automaker said that despite the recall, it did not concur with NHTSA’s analysis. The auto regulator also has an ongoing investigation into around 830,000 Tesla vehicles over a string of crashes with parked emergency vehicles. Meanwhile, on Monday, a report by the news agency Reuters said that Tesla's margins were likely to drop in the third quarter and take a bigger hit in the last three months of this year. The report said that investors would look for details on how Elon Musk plans to ensure that Tesla will deliver a record 476,000 vehicles in the fourth quarter to meet its annual goal of 1.8 million units. Tesla has already cut US prices of its Model 3 compact sedan and Model Y SUV in October. Last month, it slashed prices of its premium S and X models and unveiled for some markets a restyled Model 3 with a longer driving range. However, the automaker has yet to start deliveries of the new Model 3 in China and Europe and has not yet given a timeline for its launch in the US. (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.

US auto regulator: Tesla to recall nearly 55,000 Model X vehicles

In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation. With over two rounds of layoffs this year, the company is reducing its workforce by 1,384 employees.

Restructuring for efficiency

LinkedIn's first major step in streamlining operations was in May when it cut 716 jobs across sales, operations, and support teams. This decision aimed to remove organisational layers, fostering agility and quicker decision-making. This wasn't just about cutting jobs; it was about optimising efficiency.

The second round of layoffs

The recent announcement of 668 job cuts in engineering, talent, and finance teams signifies LinkedIn's ongoing commitment to restructuring. This move comes as the second round of layoffs within a year, affecting over 3% of its 20,000-strong workforce. It's not an isolated event but part of a deliberate strategy.

The broader tech landscape

LinkedIn's actions reflect the broader challenges faced by the tech industry. This year, the sector has seen an unprecedented 141,516 job losses, starkly contrasting the 6,000 job cuts in the previous year. LinkedIn primarily generates its revenue through advertising sales and subscriptions. While the company reported a 5% increase in revenue in the fourth quarter of 2023, it's a decrease from the 10% growth seen in the previous quarter. LinkedIn's slowdown is attributed to reduced hiring and a decline in advertising spending.

Amid these challenges, LinkedIn remains steadfast in its commitment to strategic priorities. The platform continues to add new members to its extensive community, which boasts over 950 million users.

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In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation.

In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation. With over two rounds of layoffs this year, the company is reducing its workforce by 1,384 employees. Restructuring for efficiency LinkedIn's first major step in streamlining operations was in May when it cut 716 jobs across sales, operations, and support teams. This decision aimed to remove organisational layers, fostering agility and quicker decision-making. This wasn't just about cutting jobs; it was about optimising efficiency. The second round of layoffs The recent announcement of 668 job cuts in engineering, talent, and finance teams signifies LinkedIn's ongoing commitment to restructuring. This move comes as the second round of layoffs within a year, affecting over 3% of its 20,000-strong workforce. It's not an isolated event but part of a deliberate strategy. The broader tech landscape LinkedIn's actions reflect the broader challenges faced by the tech industry. This year, the sector has seen an unprecedented 141,516 job losses, starkly contrasting the 6,000 job cuts in the previous year. LinkedIn primarily generates its revenue through advertising sales and subscriptions. While the company reported a 5% increase in revenue in the fourth quarter of 2023, it's a decrease from the 10% growth seen in the previous quarter. LinkedIn's slowdown is attributed to reduced hiring and a decline in advertising spending. Amid these challenges, LinkedIn remains steadfast in its commitment to strategic priorities. The platform continues to add new members to its extensive community, which boasts over 950 million users. WATCH WION LIVE HERE

De-linking 668 employees: LinkedIn trims workforce as part of its 'restructure & streamline' strategy

In a tumultuous turn of events, Country Garden, China's largest property developer, is teetering on the edge of default, sending shockwaves through the country's real estate sector. The company faces a critical $15 million coupon payment deadline, which could trigger one of China's largest corporate debt restructurings.

The precarious situation

Country Garden's offshore debt, listed on the Hong Kong Stock Exchange, will be considered in default if the impending $15 million coupon payment, due at the end of a 30-day grace period, goes unpaid. The company has already indicated its inability to fulfill its offshore debt obligations, raising concerns.

A chain reaction of defaults

Non-payment of the coupon is expected to set off cross defaults in other bonds, a common clause in bond contracts. The company has already missed other offshore payments in recent weeks, though they are still within their respective grace periods.

In response to the looming crisis, Country Garden has taken proactive steps by appointing financial advisory firms Houlihan Lokey, China International Capital Corporation (CICC), and law firm Sidley Austin. These advisors will assess the company's capital structure and liquidity position and work on formulating a comprehensive solution.

Legal battles emerge

The default crisis has not only raised financial concerns but also legal disputes. Kingboard Holdings, a printed circuit board maker, has initiated legal action against Country Garden. A unit of Kingboard Holdings owed HK$1.6 billion ($204 million) issued a statutory demand seeking repayment.

A broader trend in China's property market

The impending default by Country Garden adds to a growing trend within China's property development industry. Since 2021, approximately 40% of Chinese developers, responsible for a significant share of home sales, have defaulted on their debt obligations. CreditSights data highlights that Chinese developers have defaulted on over $114.6 billion of the $175 billion in outstanding dollar bonds since 2021.

Outlook for offshore creditors

As more Chinese developers move toward debt restructuring, offshore creditors can anticipate less favorable terms amid a challenging outlook for China's real estate sector. The sector's struggles, combined with a wave of defaults, cast a shadow on the once-booming property market in the world's most populous nation.&nbsp;

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In a tumultuous turn of events, Country Garden, China's largest property developer, is teetering on the edge of default, sending shockwaves through the country's real estate sector.

In a tumultuous turn of events, Country Garden, China's largest property developer, is teetering on the edge of default, sending shockwaves through the country's real estate sector. The company faces a critical $15 million coupon payment deadline, which could trigger one of China's largest corporate debt restructurings. The precarious situation Country Garden's offshore debt, listed on the Hong Kong Stock Exchange, will be considered in default if the impending $15 million coupon payment, due at the end of a 30-day grace period, goes unpaid. The company has already indicated its inability to fulfill its offshore debt obligations, raising concerns. A chain reaction of defaults Non-payment of the coupon is expected to set off cross defaults in other bonds, a common clause in bond contracts. The company has already missed other offshore payments in recent weeks, though they are still within their respective grace periods. In response to the looming crisis, Country Garden has taken proactive steps by appointing financial advisory firms Houlihan Lokey, China International Capital Corporation (CICC), and law firm Sidley Austin. These advisors will assess the company's capital structure and liquidity position and work on formulating a comprehensive solution. Legal battles emerge The default crisis has not only raised financial concerns but also legal disputes. Kingboard Holdings, a printed circuit board maker, has initiated legal action against Country Garden. A unit of Kingboard Holdings owed HK$1.6 billion ($204 million) issued a statutory demand seeking repayment. A broader trend in China's property market The impending default by Country Garden adds to a growing trend within China's property development industry. Since 2021, approximately 40% of Chinese developers, responsible for a significant share of home sales, have defaulted on their debt obligations. CreditSights data highlights that Chinese developers have defaulted on over $114.6 billion of the $175 billion in outstanding dollar bonds since 2021. Outlook for offshore creditors As more Chinese developers move toward debt restructuring, offshore creditors can anticipate less favorable terms amid a challenging outlook for China's real estate sector. The sector's struggles, combined with a wave of defaults, cast a shadow on the once-booming property market in the world's most populous nation. WATCH WION LIVE HERE

Country Garden's default crisis signals China's property market woes

Liu Liange, the former chairman of the Bank of China, was arrested for suspected bribery and giving illegal loans, Xinhua news agency reported on Monday (Oct 16).&nbsp;

In February, the state-owned bank said that Liu had resigned and had been removed from his position as Communist Party chief.&nbsp;

In the following month, the 62-year-old was probed for alleged "severe violations of discipline and law", China's top anti-corruption watchdog said.&nbsp;

Media reports mentioned that the Central Commission for Discipline Inspection and the State Supervision Commission said in a one-sentence statement that Liu is suspected of "serious violations of discipline and law".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/what-to-expect-from-chinas-belt-and-and-road-forum-in-beijing-647318">What to expect from China's Belt and and Road Forum in Beijing?</a>

Liu is among the highest-ranking financial executives to be targeted in Chinese leader Xi Jinping's clampdown on the financial sector.&nbsp;

Xinhua reported on Monday that the Supreme People's Procuratorate had "taken the decision to arrest Liu Lian'ge on suspicion of taking bribes and illegally granting loans".

The state news agency further said that his case has been "transferred to the procuratorate for review and prosecution... and is currently under further processing".&nbsp;

Video:&nbsp;Economic outlook and debt concerns at IMF and World Bank meetings

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Xi has launched a campaign on deep-seated official corruption since coming to power in 2012. Those who support such actions say that the policy promotes clean governance, but&nbsp;critics say it helps Xi purge political rivals.&nbsp;

Last year, Wang Bin, the former chairman of China Life Insurance Co., was ensnared and prosecuted in January for alleged bribery and concealing offshore deposits.&nbsp;

(With inputs from agencies)

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Liu Liange, the former chairman of the Bank of China, was arrested for suspected bribery and giving illegal loans, Xinhua news agency reported on Monday (Oct 16).

Liu Liange, the former chairman of the Bank of China, was arrested for suspected bribery and giving illegal loans, Xinhua news agency reported on Monday (Oct 16). In February, the state-owned bank said that Liu had resigned and had been removed from his position as Communist Party chief. In the following month, the 62-year-old was probed for alleged "severe violations of discipline and law", China's top anti-corruption watchdog said. Media reports mentioned that the Central Commission for Discipline Inspection and the State Supervision Commission said in a one-sentence statement that Liu is suspected of "serious violations of discipline and law". Also read: What to expect from China's Belt and and Road Forum in Beijing? Liu is among the highest-ranking financial executives to be targeted in Chinese leader Xi Jinping's clampdown on the financial sector. Xinhua reported on Monday that the Supreme People's Procuratorate had "taken the decision to arrest Liu Lian'ge on suspicion of taking bribes and illegally granting loans". The state news agency further said that his case has been "transferred to the procuratorate for review and prosecution... and is currently under further processing". Video: Economic outlook and debt concerns at IMF and World Bank meetings × Also read: President-elect Noboa vows to 'restore peace' to violence-plagued Ecuador Xi has launched a campaign on deep-seated official corruption since coming to power in 2012. Those who support such actions say that the policy promotes clean governance, but critics say it helps Xi purge political rivals. Last year, Wang Bin, the former chairman of China Life Insurance Co., was ensnared and prosecuted in January for alleged bribery and concealing offshore deposits. (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.

Former Bank of China chairman Liu Liange arrested for corruption

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have&nbsp;reduced their&nbsp;workforce as demand for hiring plummets.

As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency.

This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions.

<h2>Tech sector bleeding&nbsp;</h2>

LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.

Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray &amp; Christmas.

“Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement.

"While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers."

"We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect."

<h2>LinkedIn joins growing list of tech firms in layoffs&nbsp;</h2>

Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place.

Also read |&nbsp;<a href="https://www.wionews.com/world/hate-crime-in-us-man-stabs-6-year-old-muslim-child-over-ongoing-israel-hamas-war-tensions-647335">Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war</a>

It said "137 Engineering management roles" and "38 Product roles" were getting cut.

Also read |&nbsp;<a href="https://www.wionews.com/world/tiktok-stands-against-terrorism-launches-measures-to-control-misinformation-amid-israel-hamas-war-647320">TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war</a>

It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan."

Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider.

In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets.

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets. As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency. This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions. Tech sector bleeding LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates. Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray & Christmas. “Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement. "While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers." "We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect." LinkedIn joins growing list of tech firms in layoffs Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place. Also read | Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war It said "137 Engineering management roles" and "38 Product roles" were getting cut. Also read | TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan." Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider. In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company. (With inputs from agencies) WATCH WION LIVE HERE

LinkedIn lays off more than 650 employees in another round over bleak outlook

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing. It is the art of identification. Fashion is a canvas for creativity, a cultural barometer, and a stage for individual and societal narratives. Its appeal ranges from the timeless attraction of classic elegance to the daring revolutionary. Its trends are current and get media attention, making it an exciting voyage through the evolution of fashion in our fast-paced society.

A significant change in consumer and industry values has given rise to the transformative movement known as sustainable fashion in the apparel industry. It stands for a deliberate break from the wasteful, exploitative methods of rapid fashion, promoting ethical labour, responsible production, and environmental stewardship. Sustainable fashion is fundamentally about making an effort to lessen the environmental impact of clothing and fabrics. This entails reducing the use of hazardous chemicals while utilizing eco-friendly materials like organic cotton, recycled fibres, and cutting-edge substitutes. Additionally, it promotes a comprehensive strategy that includes everything from design and sourcing to manufacturing and distribution.

The ethical treatment of employees across the supply chain is a key component of sustainable fashion. It promotes just pay, secure working conditions, and an end to child labour. Parallel to this, the sustainable fashion concept places a strong emphasis on accountability and transparency, which helps consumers make trusted decisions. As guiding principles, quality and durability encourage customers to invest in long-lasting, classic pieces rather than fad-driven fashions. The idea also encompasses promoting artisanal and local industry, lowering carbon emissions, and preserving traditional workmanship. As sustainable fashion gains popularity, it not only reduces its negative environmental effects but also transforms the sector into one that is more socially conscious, progressive, and equal.

Sustainable fashion communication guidelines

The United Nations Environment Programme (UNEP) states that some of the principles for sustainable fashion communication are provided in their sustainable fashion playbook. The goals of the principles are to give communicators guidelines and standards for the best ways to communicate in a sustainable approach.

Principle 1: Commit to transparent and evidence-based communication 
Principle 2: Make sure the data is shared understandably and conveniently in the way 
Principle 3: Eliminate all encouraging messaging consumption excess 
Principle 4: Promote optimism modifications and illustrate accessible circle remedies to assist people in living more sustainable ways of living 
Principle 5: Highlight new position ideas and concepts related to ambition or triumph 
Principle 6: Give inclusiveness priority to advertising and narrative that honours the favourable ecological social and cultural norms of attire 
Principle 7: Encourage and organise the public to support the more extensive shift 
Principle 8: Encourage communication with leaders and decision-makers to Facilitate broader sector sustainability

Reducing the environmental and social footprint of the creation and production of any kind of communication asset or event, from fashion week shows and set design to photoshoots and filming, should be the cornerstone of all efforts towards sustainable fashion communication. This also applies to the messaging that is distributed. When possible, the outcome should have good effects with negligible negative effects.

Evolving Sustainably: The Past, Present, and Future of Fashion

Sustainable fashion has advanced significantly. The fashion business used to be dominated by fast fashion, which was characterised by ephemeral, disposable trends and unethical work practices. It was a period of extreme overconsumption and disregard for the environment. But when players in the industry and consumers learned more about these problems, a change towards more responsible behaviour developed.

The sustainable fashion industry is becoming&nbsp;more powerful these days, while taking key&nbsp;decisions like employing sustainable resources, moral labour, and open supply chains. The integration of eco-conscious lines and activities by large brands has led to the mainstreaming of sustainable fashion. It now forms a substantial portion of the fashion landscape rather than remaining a niche market.

With an eye towards the future, sustainable fashion is expected to keep expanding. Sustainable materials and industrial processes will be driven by innovation and technology. Systems of circular fashion will flourish, highlighting the significance of upcycling and recycling. The industry will probably be pushed to become even more environmentally conscious and accountable by consumer education and demands for openness. Fashion of the future will be more responsible and environmentally friendly, reflecting a society that prioritises sustainability and style.

The Economic Edge of Sustainable Fashion

Not only is sustainable fashion good for the environment, but it also has big financial benefits. Companies that embrace sustainable practices frequently see lower production costs as a result of waste reduction and resource efficiency. Additionally, new economic prospects are presented by the increased demand for eco-friendly fashion, which appeals to an environment-conscious&nbsp;consumer base. It improves the reputation of the brand and might result in more sales and more devoted customers.

Sustainable fashion is expanding quickly, especially online as customers feel more at ease purchasing from home, even for goods that are often associated with physical businesses. The market for sustainable fashion is anticipated to increase steadily from $6.3 billion in 2019 to $8.2 billion in 2023, according to Research And Markets. That growth is anticipated to reach $15.2 billion between 2025 and 2030. 
&nbsp; 
Furthermore, innovation is stimulated by sustainable practices, leading to the creation of environmentally friendly materials and technology. In general, sustainable fashion fosters both financial and environmental sustainability, making it a wise investment for businesses due to its economic benefits.

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing.

Fashion, a constantly changing form of self-expression, is vibrant and innovative. A sartorial symphony reflecting our always-changing reality, it is more than just clothing. It is the art of identification. Fashion is a canvas for creativity, a cultural barometer, and a stage for individual and societal narratives. Its appeal ranges from the timeless attraction of classic elegance to the daring revolutionary. Its trends are current and get media attention, making it an exciting voyage through the evolution of fashion in our fast-paced society. A significant change in consumer and industry values has given rise to the transformative movement known as sustainable fashion in the apparel industry. It stands for a deliberate break from the wasteful, exploitative methods of rapid fashion, promoting ethical labour, responsible production, and environmental stewardship. Sustainable fashion is fundamentally about making an effort to lessen the environmental impact of clothing and fabrics. This entails reducing the use of hazardous chemicals while utilizing eco-friendly materials like organic cotton, recycled fibres, and cutting-edge substitutes. Additionally, it promotes a comprehensive strategy that includes everything from design and sourcing to manufacturing and distribution. The ethical treatment of employees across the supply chain is a key component of sustainable fashion. It promotes just pay, secure working conditions, and an end to child labour. Parallel to this, the sustainable fashion concept places a strong emphasis on accountability and transparency, which helps consumers make trusted decisions. As guiding principles, quality and durability encourage customers to invest in long-lasting, classic pieces rather than fad-driven fashions. The idea also encompasses promoting artisanal and local industry, lowering carbon emissions, and preserving traditional workmanship. As sustainable fashion gains popularity, it not only reduces its negative environmental effects but also transforms the sector into one that is more socially conscious, progressive, and equal. Sustainable fashion communication guidelines The United Nations Environment Programme (UNEP) states that some of the principles for sustainable fashion communication are provided in their sustainable fashion playbook. The goals of the principles are to give communicators guidelines and standards for the best ways to communicate in a sustainable approach. Principle 1: Commit to transparent and evidence-based communication Principle 2: Make sure the data is shared understandably and conveniently in the way Principle 3: Eliminate all encouraging messaging consumption excess Principle 4: Promote optimism modifications and illustrate accessible circle remedies to assist people in living more sustainable ways of living Principle 5: Highlight new position ideas and concepts related to ambition or triumph Principle 6: Give inclusiveness priority to advertising and narrative that honours the favourable ecological social and cultural norms of attire Principle 7: Encourage and organise the public to support the more extensive shift Principle 8: Encourage communication with leaders and decision-makers to Facilitate broader sector sustainability Reducing the environmental and social footprint of the creation and production of any kind of communication asset or event, from fashion week shows and set design to photoshoots and filming, should be the cornerstone of all efforts towards sustainable fashion communication. This also applies to the messaging that is distributed. When possible, the outcome should have good effects with negligible negative effects. Evolving Sustainably: The Past, Present, and Future of Fashion Sustainable fashion has advanced significantly. The fashion business used to be dominated by fast fashion, which was characterised by ephemeral, disposable trends and unethical work practices. It was a period of extreme overconsumption and disregard for the environment. But when players in the industry and consumers learned more about these problems, a change towards more responsible behaviour developed. The sustainable fashion industry is becoming more powerful these days, while taking key decisions like employing sustainable resources, moral labour, and open supply chains. The integration of eco-conscious lines and activities by large brands has led to the mainstreaming of sustainable fashion. It now forms a substantial portion of the fashion landscape rather than remaining a niche market. With an eye towards the future, sustainable fashion is expected to keep expanding. Sustainable materials and industrial processes will be driven by innovation and technology. Systems of circular fashion will flourish, highlighting the significance of upcycling and recycling. The industry will probably be pushed to become even more environmentally conscious and accountable by consumer education and demands for openness. Fashion of the future will be more responsible and environmentally friendly, reflecting a society that prioritises sustainability and style. The Economic Edge of Sustainable Fashion Not only is sustainable fashion good for the environment, but it also has big financial benefits. Companies that embrace sustainable practices frequently see lower production costs as a result of waste reduction and resource efficiency. Additionally, new economic prospects are presented by the increased demand for eco-friendly fashion, which appeals to an environment-conscious consumer base. It improves the reputation of the brand and might result in more sales and more devoted customers. Sustainable fashion is expanding quickly, especially online as customers feel more at ease purchasing from home, even for goods that are often associated with physical businesses. The market for sustainable fashion is anticipated to increase steadily from $6.3 billion in 2019 to $8.2 billion in 2023, according to Research And Markets. That growth is anticipated to reach $15.2 billion between 2025 and 2030. Furthermore, innovation is stimulated by sustainable practices, leading to the creation of environmentally friendly materials and technology. In general, sustainable fashion fosters both financial and environmental sustainability, making it a wise investment for businesses due to its economic benefits.

Green is the new black: Sustainable fashion takes center stage