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&nbsp;

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty. In this quest for exploring the market outlook, we dissect JPMorgan's data-driven analysis, shedding light on the intricate dance between this regional upheaval and the global economy.

Understanding the conflict's evolution

To comprehend the Israel-Hamas crisis, it's crucial to grasp its fluid, ever-evolving nature. The conflict's geopolitical web stretches far beyond the two primary parties involved. The attack's repercussions are multifaceted, disrupting U.S-brokered negotiations around Saudi-Israel relations, intensifying tensions between Israeli forces and Iran-backed Hezbollah militants at the Lebanon border, and triggering questions about Iran's possible involvement.

JPMorgan's assessment delves into the potential outcomes of the Israel-Hamas conflict through two pivotal scenarios.

Scenario 1: If the conflict remains contained

In this scenario, neither Israel nor Hamas holds significant sway in the global oil market. As it currently stands, the conflict exerts minimal influence on oil production or supply. Market sentiment aligns with this assessment, as evidenced by Brent crude prices, which have risen by just over 5%, still well below their summer peaks. What's crucial is the stability in the global oil supply and demand balance, a far cry from the strained conditions during Russia's invasion of Ukraine, where demand outstripped supply.

JPMorgan's insights emphasise a pivotal point – today's markets are more resilient and better equipped to handle moderate disruptions. For example, a stricter U.S. enforcement of sanctions on Iranian oil, responsible for about 4% of global supply, could be absorbed, even amid U.S.-Iran tensions. This underscores the diversified nature of the present global oil supply.

Scenario 2: If the conflict escalates

With escalation comes magnified risks. Drawing historical parallels, particularly to the 1973 Yom Kippur War when Arab OPEC countries imposed an oil embargo, leading to an over 300% surge in oil prices, high inflation, an economic recession, and a prolonged stock market slump, raises legitimate concerns.

JPMorgan issues a stark warning – although no direct evidence of similar actions exists today, a broader conflict could disrupt critical shipping routes, such as the Strait of Hormuz, responsible for about 20% of global oil consumption. Such a disruption would pose formidable challenges.

This analysis unveils a potential silver lining: other oil-producing nations may step in to alleviate the impact. The United States, rapidly expanding as a major oil supplier, could play a pivotal role, though insufficient to stabilise prices entirely. Encouragingly, the U.S. now exhibits reduced energy intensity compared to the 1970s, requiring significantly less oil to generate economic output.

Insights and outlook

This deep dive into JPMorgan's insights underscores that the Israel-Hamas conflict's shadow looms large, casting uncertainty over the world of finance. The markets, however, remain resilient and adaptable, capable of withstanding turbulence. In the face of uncertainty, history teaches us that equity markets often recover swiftly from geopolitical conflicts, provided they do not result in a global supply shock.

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty.

The Israel-Hamas conflict has rocked the world with its sudden eruption and lasting geopolitical consequences. Beyond the headlines, financial markets find themselves at the crossroads of uncertainty. In this quest for exploring the market outlook, we dissect JPMorgan's data-driven analysis, shedding light on the intricate dance between this regional upheaval and the global economy. Understanding the conflict's evolution To comprehend the Israel-Hamas crisis, it's crucial to grasp its fluid, ever-evolving nature. The conflict's geopolitical web stretches far beyond the two primary parties involved. The attack's repercussions are multifaceted, disrupting U.S-brokered negotiations around Saudi-Israel relations, intensifying tensions between Israeli forces and Iran-backed Hezbollah militants at the Lebanon border, and triggering questions about Iran's possible involvement. JPMorgan's assessment delves into the potential outcomes of the Israel-Hamas conflict through two pivotal scenarios. Scenario 1: If the conflict remains contained In this scenario, neither Israel nor Hamas holds significant sway in the global oil market. As it currently stands, the conflict exerts minimal influence on oil production or supply. Market sentiment aligns with this assessment, as evidenced by Brent crude prices, which have risen by just over 5%, still well below their summer peaks. What's crucial is the stability in the global oil supply and demand balance, a far cry from the strained conditions during Russia's invasion of Ukraine, where demand outstripped supply. JPMorgan's insights emphasise a pivotal point – today's markets are more resilient and better equipped to handle moderate disruptions. For example, a stricter U.S. enforcement of sanctions on Iranian oil, responsible for about 4% of global supply, could be absorbed, even amid U.S.-Iran tensions. This underscores the diversified nature of the present global oil supply. Scenario 2: If the conflict escalates With escalation comes magnified risks. Drawing historical parallels, particularly to the 1973 Yom Kippur War when Arab OPEC countries imposed an oil embargo, leading to an over 300% surge in oil prices, high inflation, an economic recession, and a prolonged stock market slump, raises legitimate concerns. JPMorgan issues a stark warning – although no direct evidence of similar actions exists today, a broader conflict could disrupt critical shipping routes, such as the Strait of Hormuz, responsible for about 20% of global oil consumption. Such a disruption would pose formidable challenges. This analysis unveils a potential silver lining: other oil-producing nations may step in to alleviate the impact. The United States, rapidly expanding as a major oil supplier, could play a pivotal role, though insufficient to stabilise prices entirely. Encouragingly, the U.S. now exhibits reduced energy intensity compared to the 1970s, requiring significantly less oil to generate economic output. Insights and outlook This deep dive into JPMorgan's insights underscores that the Israel-Hamas conflict's shadow looms large, casting uncertainty over the world of finance. The markets, however, remain resilient and adaptable, capable of withstanding turbulence. In the face of uncertainty, history teaches us that equity markets often recover swiftly from geopolitical conflicts, provided they do not result in a global supply shock.

Navigating turbulence: Israel-Hamas war and its financial impact

The ongoing Israel-Hamas war has made many worried investors gravitate towards the time-tested safe bet - gold. Gold prices have risen by over 3% in one week, marking their first increase in four weeks. Investors are keeping a tab on developments in the conflict in West Asia, which has unnerved global markets & fueled inflows into safe assets like gold.

Gold shines amid Israel-Hamas war

Brink, a transport and security services provider in Miami, has sued Air Canada over negligence and carelessness related to a gold and cash heist at a Toronto cargo facility in April, the news agency Reuters reported on Thursday (Oct 12) citing a court filing. Brink claimed that Air Canada allowed an unidentified individual inside its cargo facility at the Toronto Pearson airport and released about 400 kg&nbsp;of gold and $1.95 million in cash upon being presented with a fraudulent waybill.&nbsp;

The court filing, filed last week, said that a police investigation was on but there had been no arrests or convictions and the shipments had not been recovered. The firm alleged that the airline failed to enlist reasonable and appropriate security measures and protocols to prevent the heist.&nbsp;

Brink's claimed that Air Canada is liable for the full amount of the value of shipments, which would be worth about $17 million. According to a report by BBC, this is one of the biggest heists in Canada's history.&nbsp;

The goods were stolen 42 minutes after they were unloaded from an aircraft which arrived at the Pearson airport from Switzerland. The lawsuit alleged that after these goods were unloaded, an unidentified person got access to the warehouse where the goods were kept.&nbsp;

Brink further alleged that no security protocols or features were in place to monitor, restrict or regulate the individual's access to the facilities.

Air Canada has not commented on the lawsuit yet.&nbsp;

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Brink, a transport and security services provider in Miami, has sued Air Canada over negligence and carelessness related to a gold and cash heist at a Toronto cargo facility in April, the news agency Reuters reported on Thursday (Oct 12) citing a court filing.

Brink, a transport and security services provider in Miami, has sued Air Canada over negligence and carelessness related to a gold and cash heist at a Toronto cargo facility in April, the news agency Reuters reported on Thursday (Oct 12) citing a court filing. Brink claimed that Air Canada allowed an unidentified individual inside its cargo facility at the Toronto Pearson airport and released about 400 kg of gold and $1.95 million in cash upon being presented with a fraudulent waybill. The court filing, filed last week, said that a police investigation was on but there had been no arrests or convictions and the shipments had not been recovered. The firm alleged that the airline failed to enlist reasonable and appropriate security measures and protocols to prevent the heist. Brink's claimed that Air Canada is liable for the full amount of the value of shipments, which would be worth about $17 million. According to a report by BBC, this is one of the biggest heists in Canada's history. The goods were stolen 42 minutes after they were unloaded from an aircraft which arrived at the Pearson airport from Switzerland. The lawsuit alleged that after these goods were unloaded, an unidentified person got access to the warehouse where the goods were kept. Brink further alleged that no security protocols or features were in place to monitor, restrict or regulate the individual's access to the facilities. Air Canada has not commented on the lawsuit yet. 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-based firm sues Air Canada over $17 million gold and cash heist

Natural and man-made disasters have led to $3.8 trillion in crop and livestock losses over the last three decades, said the United Nations Food and Agricultural Organization (FAO) on Friday (Oct 13) in its first-of-its-kind report that attempted to compile such an estimate. The world has also lost over $120 billion per year which amounts to five per cent of the annual global agricultural GDP.&nbsp;

<h2>Findings of the report</h2>

The UN food agency estimated that disasters like floods, droughts, insect infestations, storms, disease and war have caused $123 billion every year in lost food production between 1991 and 2021, which would have been enough to feed up to half a billion people per year.&nbsp;

The new report by FAO titled “The impact of disasters on agriculture and food security” shows the first-ever global estimation of the impact on agricultural production with a focus on crops and livestock due to disasters and aims to put into context the scale of the cost of such events.&nbsp;

The report also highlights the need for urgently improving data and information on the impact of disasters and notes how they have increased in frequency from 100 per year in the 1970s to a whopping 400 events per year in the past 20 years.&nbsp;

According to FAO, the average annual grain losses amounted to 69 million tonnes in the last three decades or so – which is equivalent to the entire cereal production of France in 2021.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/international-day-of-awareness-on-food-loss-and-waste-reduction-heres-how-food-waste-affects-the-environment-640920">Explained | Int’l day of awareness of food loss &amp; waste reduction: Here's how food waste affects environment</a>

Additionally, the world lost some 40 million tonnes of fruit and vegetable production and 16 million tonnes of meat, dairy and eggs to disasters. Around 23 per cent of losses due to disasters were sustained in the agricultural sector.

“Agriculture is one of the most highly exposed and vulnerable sectors in the context of disaster risk, given its profound dependence on natural resources and climate conditions. Recurrent disasters have the potential to erode gains in food security and undermine the sustainability of agrifood systems,” said FAO Director-General QU Dongyu in the report.

The UN food agency also found that lower and lower middle-income countries witnessed “highest relative” losses of up to 15 per cent of their total agricultural GDP. While Small Island Developing States (SIDS) reportedly lost seven per cent of their agricultural GDP.&nbsp;

<h2>Impact on women&nbsp;</h2>

According to the FAO, women were also hit harder than men due to these disasters. This has been attributed to resource and structural constraints which women face to access “information, financial instruments, the resources that they need to prepare to respond to or recover from disaster events,” said the report’s author, Zehra Zaidi.

<h2>Situation to worsen?</h2>

The FAO has identified climate change as one of the “systemic drivers of disaster risk” while other factors include pandemics, epidemics and armed conflicts.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/world-food-price-index-mostly-stable-in-september-sugar-prices-hit-13-year-high-due-to-el-nino-fao-643378">World sugar prices hit 13-year high in Sep due to El Nino; food price index 'mostly stable': FAO</a> 
 
According to the UN food agency, the disaster events are not only increasing in frequency but also becoming more intense and complex.&nbsp;

“The international community is taking stock of the fact that disasters are... increasing tremendously...quadrupling since the 1970s” and are having an increasing impact on food production, the deputy head of FAO’s statistics department, Piero Conforti, told AFP.

(With inputs from agencies) 
 
 
&nbsp;

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Natural and man-made disasters have led to $3.8 trillion in crop and livestock losses over the last three decades, said the United Nations Food and Agricultural Organization (FAO) on Friday (Oct 13) in its first-of-its-kind report that attempted to compile such an estimate.

Natural and man-made disasters have led to $3.8 trillion in crop and livestock losses over the last three decades, said the United Nations Food and Agricultural Organization (FAO) on Friday (Oct 13) in its first-of-its-kind report that attempted to compile such an estimate. The world has also lost over $120 billion per year which amounts to five per cent of the annual global agricultural GDP. Findings of the report The UN food agency estimated that disasters like floods, droughts, insect infestations, storms, disease and war have caused $123 billion every year in lost food production between 1991 and 2021, which would have been enough to feed up to half a billion people per year. The new report by FAO titled “The impact of disasters on agriculture and food security” shows the first-ever global estimation of the impact on agricultural production with a focus on crops and livestock due to disasters and aims to put into context the scale of the cost of such events. The report also highlights the need for urgently improving data and information on the impact of disasters and notes how they have increased in frequency from 100 per year in the 1970s to a whopping 400 events per year in the past 20 years. According to FAO, the average annual grain losses amounted to 69 million tonnes in the last three decades or so – which is equivalent to the entire cereal production of France in 2021. ALSO READ | Explained | Int’l day of awareness of food loss & waste reduction: Here's how food waste affects environment Additionally, the world lost some 40 million tonnes of fruit and vegetable production and 16 million tonnes of meat, dairy and eggs to disasters. Around 23 per cent of losses due to disasters were sustained in the agricultural sector. “Agriculture is one of the most highly exposed and vulnerable sectors in the context of disaster risk, given its profound dependence on natural resources and climate conditions. Recurrent disasters have the potential to erode gains in food security and undermine the sustainability of agrifood systems,” said FAO Director-General QU Dongyu in the report. The UN food agency also found that lower and lower middle-income countries witnessed “highest relative” losses of up to 15 per cent of their total agricultural GDP. While Small Island Developing States (SIDS) reportedly lost seven per cent of their agricultural GDP. Impact on women According to the FAO, women were also hit harder than men due to these disasters. This has been attributed to resource and structural constraints which women face to access “information, financial instruments, the resources that they need to prepare to respond to or recover from disaster events,” said the report’s author, Zehra Zaidi. Situation to worsen? The FAO has identified climate change as one of the “systemic drivers of disaster risk” while other factors include pandemics, epidemics and armed conflicts. ALSO READ | World sugar prices hit 13-year high in Sep due to El Nino; food price index 'mostly stable': FAO According to the UN food agency, the disaster events are not only increasing in frequency but also becoming more intense and complex. “The international community is taking stock of the fact that disasters are... increasing tremendously...quadrupling since the 1970s” and are having an increasing impact on food production, the deputy head of FAO’s statistics department, Piero Conforti, told AFP. (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.

Disasters have caused $3.8 trillion crop, livestock losses over 30 years: FAO report

Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams. Let's delve into the inspiring journey of Nikhil Kamath.

The early struggles

Nikhil's path to success was far from conventional. He openly admitted to despising school, and, as a teenager, he chose to sell phones, much to his mother's dismay. His lack of interest in education led to his school denying him the opportunity to sit for the class 10 board exams, eventually pushing him to drop out.

Unconventional choices continued as he moved in with his girlfriend and began working at a call centre during the evenings, earning a monthly salary of&nbsp;8,000 rupees. In the mornings, he dabbled in trading, self-educating, and honing his skills away from the family ecosystem and societal judgment.

The turning point

In 2006, Nikhil had a fateful encounter with an American man who entrusted him with the responsibility of managing his money. This experience served as a stepping stone for Nikhil, leading him to establish a brokerage firm named "Kamath &amp; Associates." However, it was in 2010 that Nikhil took a monumental leap and founded Zerodha, a disruptive trading platform. Shortly after, he was joined by his elder brother, Nithin Kamath, in this ambitious endeavour.

The Zerodha revolution

Zerodha was founded with the mission to simplify retail trading for everyday investors, and the timing couldn't have been more perfect. Approximately 15 per cent&nbsp;of India's total retail trading volume now flows through Zerodha, with a staggering daily turnover of over $10 billion. The platform's accessibility, discounts, and user-friendly interface attracted millions, and it thrived, especially during the pandemic.

Billionaire status

The success of Zerodha catapulted Nikhil Kamath to billionaire status, making him the youngest billionaire in India at the age of 37. According to Forbes ' latest rankings, his combined net worth with his brother Nithin now stands at a remarkable $5.5 billion, securing him the 40th position among India's richest individuals.

Giving back and future endeavours

Nikhil Kamath has pledged to donate 25 per cent&nbsp;of his wealth to philanthropic causes and $100 million toward combating climate change, echoing the generosity of Warren Buffett.

He recently unveiled the 'WTF Fund' initiative, an innovative endeavour to empower budding entrepreneurs to thrive within the sectors of fashion, beauty, and home brands. This initiative boasts a collaboration with luminaries such as Kishore Biyani, the founder of Future Group, Ananth Narayanan, the mind behind Mensa Brands, and Raj Shamani, a content creator renowned for his House of X and the Figuring Out Podcast.

As he said in an interview with South China Morning Post (SCMP),&nbsp;'The idea is to move the central focus away from doing well for oneself, to being a more significant part of the various communities I am a part of; businesses that are not just for profit but have an impact element.'

Nikhil Kamath's rise is a story of financial success and an inspiring tale of determination, risk-taking, and the importance of timing in entrepreneurship. His journey serves as a beacon of hope and motivation for younger entrepreneurs, emphasising that dreams can be realised through relentless pursuit and the courage to step away from the conventional.

WATCH WION LIVE HERE

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Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams.

Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams. Let's delve into the inspiring journey of Nikhil Kamath. The early struggles Nikhil's path to success was far from conventional. He openly admitted to despising school, and, as a teenager, he chose to sell phones, much to his mother's dismay. His lack of interest in education led to his school denying him the opportunity to sit for the class 10 board exams, eventually pushing him to drop out. Unconventional choices continued as he moved in with his girlfriend and began working at a call centre during the evenings, earning a monthly salary of 8,000 rupees. In the mornings, he dabbled in trading, self-educating, and honing his skills away from the family ecosystem and societal judgment. The turning point In 2006, Nikhil had a fateful encounter with an American man who entrusted him with the responsibility of managing his money. This experience served as a stepping stone for Nikhil, leading him to establish a brokerage firm named "Kamath & Associates." However, it was in 2010 that Nikhil took a monumental leap and founded Zerodha, a disruptive trading platform. Shortly after, he was joined by his elder brother, Nithin Kamath, in this ambitious endeavour. The Zerodha revolution Zerodha was founded with the mission to simplify retail trading for everyday investors, and the timing couldn't have been more perfect. Approximately 15 per cent of India's total retail trading volume now flows through Zerodha, with a staggering daily turnover of over $10 billion. The platform's accessibility, discounts, and user-friendly interface attracted millions, and it thrived, especially during the pandemic. Billionaire status The success of Zerodha catapulted Nikhil Kamath to billionaire status, making him the youngest billionaire in India at the age of 37. According to Forbes ' latest rankings, his combined net worth with his brother Nithin now stands at a remarkable $5.5 billion, securing him the 40th position among India's richest individuals. Giving back and future endeavours Nikhil Kamath has pledged to donate 25 per cent of his wealth to philanthropic causes and $100 million toward combating climate change, echoing the generosity of Warren Buffett. He recently unveiled the 'WTF Fund' initiative, an innovative endeavour to empower budding entrepreneurs to thrive within the sectors of fashion, beauty, and home brands. This initiative boasts a collaboration with luminaries such as Kishore Biyani, the founder of Future Group, Ananth Narayanan, the mind behind Mensa Brands, and Raj Shamani, a content creator renowned for his House of X and the Figuring Out Podcast. As he said in an interview with South China Morning Post (SCMP), 'The idea is to move the central focus away from doing well for oneself, to being a more significant part of the various communities I am a part of; businesses that are not just for profit but have an impact element.' Nikhil Kamath's rise is a story of financial success and an inspiring tale of determination, risk-taking, and the importance of timing in entrepreneurship. His journey serves as a beacon of hope and motivation for younger entrepreneurs, emphasising that dreams can be realised through relentless pursuit and the courage to step away from the conventional. WATCH WION LIVE HERE

The Art of Timing: Nikhil Kamath's entrepreneurial triumph in stocks

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore ($650,000) on Paytm Payments Bank for its failure to comply with Know Your Customer (KYC) norms and other specific regulatory provisions, as explicitly revealed in a press release issued by the central bank. &nbsp;

“This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949," the press release said.&nbsp;

The penalty, according to the RBI's statement, is a response to Paytm Payments Bank's non-compliance with several key regulatory directives, including the 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016,' 'RBI Guidelines for Licensing of Payments Banks,' 'Cyber security framework in banks,' and 'Securing mobile banking applications including UPI ecosystem'.&nbsp;

It is essential to note that this penalty focuses solely on deficiencies in regulatory compliance and does not intend to assess the validity of any transactions or agreements between the bank and its customers, as emphasised by the RBI.&nbsp;

According to a Moneycontrol report, the action against Paytm Payments Bank was initiated following a comprehensive review by the RBI, which revealed several instances of non-compliance.&nbsp;

The bank failed to correctly identify the beneficial owner for entities utilising its payout services, omitted the monitoring of payout transactions and risk profiling for these entities, and exceeded the regulatory ceiling for the end-of-the-day balance in certain customer advance accounts related to payout services. The central bank's statement highlighted these transgressions, stating, "It was also revealed that the bank did not monitor payout transactions and carry out risk profiling of entities availing payout services."&nbsp;

Furthermore, the bank reported a cyber security incident with a delay, neglected to implement control measures related to 'SMS delivery receipt check,' and its Virtual Customer Identification Process (V-CIP) infrastructure did not prevent connections from IP addresses outside India. The RBI was unequivocal in its notice to Paytm Payments Bank, stating, "A notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions." &nbsp;

Following the bank's response to the notice and oral submissions made during a personal hearing, the RBI concluded that the charges of non-compliance were valid, thereby justifying the imposition of the monetary penalty.&nbsp;

In response to these developments, the central bank emphasised that this penalty is exclusively tied to regulatory violations, asserting that it should not be misinterpreted as a judgment on the validity of the bank's transactions or agreements with its customers.&nbsp;

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore ($650,000) on Paytm Payments Bank for its failure to comply with Know Your Customer (KYC) norms and other specific regulatory provisions, as explicitly revealed in a press release issued by the central bank.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore ($650,000) on Paytm Payments Bank for its failure to comply with Know Your Customer (KYC) norms and other specific regulatory provisions, as explicitly revealed in a press release issued by the central bank. “This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949," the press release said. The penalty, according to the RBI's statement, is a response to Paytm Payments Bank's non-compliance with several key regulatory directives, including the 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016,' 'RBI Guidelines for Licensing of Payments Banks,' 'Cyber security framework in banks,' and 'Securing mobile banking applications including UPI ecosystem'. It is essential to note that this penalty focuses solely on deficiencies in regulatory compliance and does not intend to assess the validity of any transactions or agreements between the bank and its customers, as emphasised by the RBI. According to a Moneycontrol report, the action against Paytm Payments Bank was initiated following a comprehensive review by the RBI, which revealed several instances of non-compliance. The bank failed to correctly identify the beneficial owner for entities utilising its payout services, omitted the monitoring of payout transactions and risk profiling for these entities, and exceeded the regulatory ceiling for the end-of-the-day balance in certain customer advance accounts related to payout services. The central bank's statement highlighted these transgressions, stating, "It was also revealed that the bank did not monitor payout transactions and carry out risk profiling of entities availing payout services." Furthermore, the bank reported a cyber security incident with a delay, neglected to implement control measures related to 'SMS delivery receipt check,' and its Virtual Customer Identification Process (V-CIP) infrastructure did not prevent connections from IP addresses outside India. The RBI was unequivocal in its notice to Paytm Payments Bank, stating, "A notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions." Following the bank's response to the notice and oral submissions made during a personal hearing, the RBI concluded that the charges of non-compliance were valid, thereby justifying the imposition of the monetary penalty. In response to these developments, the central bank emphasised that this penalty is exclusively tied to regulatory violations, asserting that it should not be misinterpreted as a judgment on the validity of the bank's transactions or agreements with its customers.

RBI slaps Paytm Payments Bank with a massive penalty. Here's why 

The iShares MSCI Israel exchange-traded fund (ETF), the largest ETF with exposure to Israeli stocks, is experiencing substantial outflows as tensions between Israel and the Palestinian group Hamas escalate, raising concerns about a broader conflict. The $116.92 million fund is on track for its worst weekly performance in a month, with net outflows of $4.94 million, according to Lipper data.

Aniket Ullal, head of ETF data and analytics at CFRA, an investment research firm, told Reuters that the fund has more domestic exposure due to its holdings in Mizrahi and other financial services companies. Financials constitute over a third of the fund's holdings as of September 30, with tech shares representing the second-largest sector.

The iShares fund dipped 1.1 per cent to $49.4 on Thursday, reaching its lowest point since May 2020. It has recorded a nearly 9 per cent decline this week, as Israeli and global markets experienced a sell-off in response to Hamas sending fighters into Israel over the weekend, resulting in casualties on both sides.

Israel's retaliatory air and artillery strikes have caused more than 1,400 Palestinian casualties and the destruction of entire neighbourhoods in the Gaza Strip.

On the other hand, the net flows for the other two ETFs exposed to Israeli stocks, the ARK Israel Innovative Technology ETF and the BlueStar Israel Technology, have remained negligible so far this week.

According to Reuters, Steven Schoenfeld, CEO of MarketVector Indexes, the creator of the ITEQ ETF, expressed confidence in Israeli technology companies with global exposure, suggesting they are likely to outperform domestically oriented Israeli firms during this period of war and regional tensions.

(With inputs from Reuters)

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The iShares MSCI Israel exchange-traded fund (ETF), the largest ETF with exposure to Israeli stocks, is experiencing substantial outflows as tensions between Israel and the Palestinian group Hamas escalate, raising concerns about a broader conflict.

The iShares MSCI Israel exchange-traded fund (ETF), the largest ETF with exposure to Israeli stocks, is experiencing substantial outflows as tensions between Israel and the Palestinian group Hamas escalate, raising concerns about a broader conflict. The $116.92 million fund is on track for its worst weekly performance in a month, with net outflows of $4.94 million, according to Lipper data. Aniket Ullal, head of ETF data and analytics at CFRA, an investment research firm, told Reuters that the fund has more domestic exposure due to its holdings in Mizrahi and other financial services companies. Financials constitute over a third of the fund's holdings as of September 30, with tech shares representing the second-largest sector. The iShares fund dipped 1.1 per cent to $49.4 on Thursday, reaching its lowest point since May 2020. It has recorded a nearly 9 per cent decline this week, as Israeli and global markets experienced a sell-off in response to Hamas sending fighters into Israel over the weekend, resulting in casualties on both sides. Israel's retaliatory air and artillery strikes have caused more than 1,400 Palestinian casualties and the destruction of entire neighbourhoods in the Gaza Strip. On the other hand, the net flows for the other two ETFs exposed to Israeli stocks, the ARK Israel Innovative Technology ETF and the BlueStar Israel Technology, have remained negligible so far this week. According to Reuters, Steven Schoenfeld, CEO of MarketVector Indexes, the creator of the ITEQ ETF, expressed confidence in Israeli technology companies with global exposure, suggesting they are likely to outperform domestically oriented Israeli firms during this period of war and regional tensions. (With inputs from Reuters) WATCH WION LIVE HERE

Israel-Hamas War: Largest Israel ETF sees significant outflows

The Enforcement Directorate, the Indian financial crime agency, has accused Chinese smartphone manufacturer Vivo and its Indian affiliates of visa violations and money laundering. This revelation comes amid escalating tension between India and China regarding business activities, following India's imposition of stricter investment regulations and a ban on numerous Chinese apps after border clashes in 2020.

The accusations against Vivo and its employees were detailed in a court filing that was not made public. These accusations follow the recent arrest of a Vivo executive, Guangwen Kuang, in connection with a money laundering investigation that began in 2022, targeting India's second-largest smartphone company.

The Indian financial crime agency disclosed that at least 30 Chinese individuals entered India on business visas but worked for Vivo without disclosing their employer in their visa applications, violating Indian visa conditions. These individuals were found to have travelled to sensitive areas, such as Jammu and Kashmir and Ladakh, without the necessary permits.

Vivo, which holds a market share of 17 per cent, expressed concern over the executive's arrest and reaffirmed its commitment to legal compliance.

In the ongoing border dispute between India and China in the western Himalayas, both countries claim large areas of land controlled by the other. India restricts the entry and residence of foreigners in designated "protected" areas in Ladakh and parts of Jammu and Kashmir, requiring a permit in addition to a visa.

The Enforcement Directorate had previously raided 48 sites associated with Vivo and its affiliates in connection with the money laundering investigation. The agency accused the company of funnelling money to China through indirectly controlled firms to evade Indian taxes. The latest court filing revealed that Vivo had remitted 1.07 trillion rupees ($12.87 billion) outside India to trading companies controlled by its Chinese parent, using a "masking layer" to avoid government detection.

Despite showing no profits in statutory filings from 2014-15 to 2019-20 and not paying income taxes, the Enforcement Directorate pointed out that significant sums of money had been siphoned out of India. In July of the previous year, the agency had estimated that approximately 624.7 billion rupees ($7.5 billion) had been remitted, mainly to China.

(With inputs from Reuters)

The Enforcement Directorate, the Indian financial crime agency, has accused Chinese smartphone manufacturer Vivo and its Indian affiliates of visa violations and money laundering.

The Enforcement Directorate, the Indian financial crime agency, has accused Chinese smartphone manufacturer Vivo and its Indian affiliates of visa violations and money laundering. This revelation comes amid escalating tension between India and China regarding business activities, following India's imposition of stricter investment regulations and a ban on numerous Chinese apps after border clashes in 2020. The accusations against Vivo and its employees were detailed in a court filing that was not made public. These accusations follow the recent arrest of a Vivo executive, Guangwen Kuang, in connection with a money laundering investigation that began in 2022, targeting India's second-largest smartphone company. The Indian financial crime agency disclosed that at least 30 Chinese individuals entered India on business visas but worked for Vivo without disclosing their employer in their visa applications, violating Indian visa conditions. These individuals were found to have travelled to sensitive areas, such as Jammu and Kashmir and Ladakh, without the necessary permits. Vivo, which holds a market share of 17 per cent, expressed concern over the executive's arrest and reaffirmed its commitment to legal compliance. In the ongoing border dispute between India and China in the western Himalayas, both countries claim large areas of land controlled by the other. India restricts the entry and residence of foreigners in designated "protected" areas in Ladakh and parts of Jammu and Kashmir, requiring a permit in addition to a visa. The Enforcement Directorate had previously raided 48 sites associated with Vivo and its affiliates in connection with the money laundering investigation. The agency accused the company of funnelling money to China through indirectly controlled firms to evade Indian taxes. The latest court filing revealed that Vivo had remitted 1.07 trillion rupees ($12.87 billion) outside India to trading companies controlled by its Chinese parent, using a "masking layer" to avoid government detection. Despite showing no profits in statutory filings from 2014-15 to 2019-20 and not paying income taxes, the Enforcement Directorate pointed out that significant sums of money had been siphoned out of India. In July of the previous year, the agency had estimated that approximately 624.7 billion rupees ($7.5 billion) had been remitted, mainly to China. (With inputs from Reuters)

Indian probe agency accuses Vivo of visa violations, laundering $13 billion

India's retail inflation has seen a dip, reaching a three-month low in September, primarily due to softer vegetable prices. However, it still remains above the Reserve Bank of India's (RBI) target of 4 per cent, which the central bank has emphasised as crucial before considering a rate cut.

According to official data, the annual retail inflation, measured by the Consumer Price Index, registered at 5.02 per cent in September, down from the previous month's 6.83 per cent. This figure was also lower than the expectations of a Reuters poll, which had forecasted a rate of 5.50 per cent. In June, retail inflation had stood at 4.81 per cent.

Food inflation, a major contributor to the overall consumer price basket, recorded a notable decrease from 9.94 per cent in August to 6.56 per cent in September. These numbers were encouraging but remained above the upper tolerance band of 2 per cent-6 per cent set by the RBI.

Vegetable prices, which had been a significant driver of inflation in recent months, saw a substantial reduction, dropping to 3.39 per cent in September from 26.14 per cent in the previous month. Similarly, cereal inflation also eased from 11.85 per cent in August to 10.95 per cent in September.

"The central bank is unlikely to shift away from its hawkish rhetoric for as long as there remains a significant risk of a renewed pick-up in food prices," Reuters quoted Thamashi De Silva of Capital Economics as saying. She further noted that despite the drop in headline inflation, the threat of food inflation persisted due to India's dry monsoon season.

In response to rising prices, the Indian government increased the cooking gas subsidy for low-income households from 200 rupees per cylinder in August to 300 rupees in an effort to mitigate inflation.

Reuters cited Finance Minister Nirmala Sitharaman, who also voiced concerns about global and regional uncertainties, stating that they might keep inflationary pressures elevated in the coming months. She emphasized the government's pre-emptive measures to control food inflation and their potential to alleviate price pressures in the market.

Core inflation, which excludes volatile food and energy prices, was estimated at 4.5 per cent in September, a slight decrease from 4.6 per cent-4.9 per cent in August, as per two economists, though the Indian government does not officially release core inflation figures.

However, there are still concerns about rising oil prices, hovering above $85 a barrel, and the recent Israeli-Palestinian conflict, which could further impact energy prices and overall inflation.

Madan Sabnavis, an economist at the Bank of Baroda, told Reuters that the RBI would closely monitor the impact of the El Nino weather phenomenon on crop output in Asia and the evolving situation in the Middle East to make future decisions on interest rates.

Meanwhile, prices for some food items like pulses and spices continued to rise, posing a challenge for inflation control. The RBI is expected to maintain its repo rate unchanged until June 2024, Sabnavis predicted.

(Inputs from Reuters)

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India's retail inflation has seen a dip, reaching a three-month low in September, primarily due to softer vegetable prices. However, it still remains above the Reserve Bank of India's (RBI) target of 4 per cent, which the central bank has emphasised as crucial before considering a rate cut.

India's retail inflation has seen a dip, reaching a three-month low in September, primarily due to softer vegetable prices. However, it still remains above the Reserve Bank of India's (RBI) target of 4 per cent, which the central bank has emphasised as crucial before considering a rate cut. According to official data, the annual retail inflation, measured by the Consumer Price Index, registered at 5.02 per cent in September, down from the previous month's 6.83 per cent. This figure was also lower than the expectations of a Reuters poll, which had forecasted a rate of 5.50 per cent. In June, retail inflation had stood at 4.81 per cent. Food inflation, a major contributor to the overall consumer price basket, recorded a notable decrease from 9.94 per cent in August to 6.56 per cent in September. These numbers were encouraging but remained above the upper tolerance band of 2 per cent-6 per cent set by the RBI. Vegetable prices, which had been a significant driver of inflation in recent months, saw a substantial reduction, dropping to 3.39 per cent in September from 26.14 per cent in the previous month. Similarly, cereal inflation also eased from 11.85 per cent in August to 10.95 per cent in September. "The central bank is unlikely to shift away from its hawkish rhetoric for as long as there remains a significant risk of a renewed pick-up in food prices," Reuters quoted Thamashi De Silva of Capital Economics as saying. She further noted that despite the drop in headline inflation, the threat of food inflation persisted due to India's dry monsoon season. In response to rising prices, the Indian government increased the cooking gas subsidy for low-income households from 200 rupees per cylinder in August to 300 rupees in an effort to mitigate inflation. Reuters cited Finance Minister Nirmala Sitharaman, who also voiced concerns about global and regional uncertainties, stating that they might keep inflationary pressures elevated in the coming months. She emphasized the government's pre-emptive measures to control food inflation and their potential to alleviate price pressures in the market. Core inflation, which excludes volatile food and energy prices, was estimated at 4.5 per cent in September, a slight decrease from 4.6 per cent-4.9 per cent in August, as per two economists, though the Indian government does not officially release core inflation figures. However, there are still concerns about rising oil prices, hovering above $85 a barrel, and the recent Israeli-Palestinian conflict, which could further impact energy prices and overall inflation. Madan Sabnavis, an economist at the Bank of Baroda, told Reuters that the RBI would closely monitor the impact of the El Nino weather phenomenon on crop output in Asia and the evolving situation in the Middle East to make future decisions on interest rates. Meanwhile, prices for some food items like pulses and spices continued to rise, posing a challenge for inflation control. The RBI is expected to maintain its repo rate unchanged until June 2024, Sabnavis predicted. (Inputs from Reuters) WATCH WION LIVE HERE

India's retail inflation drops to three-month low in September: Report

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring.

The International Monetary Fund (IMF) has just released its latest World Economic Outlook, and one word echoes through its pages— "fragmentation." Mentioned 172 times in the report, it's a stark reminder of the growing divide in the world. A mere five years ago, this term appeared just once. The reason for this surge is clear: economists and investors alike are alarmed by the potential impact of strife on global growth. The disintegration of countries into exclusive trading blocs threatens to erode annual global GDP by up to 7%.

To underscore the gravity of the situation, the IMF's models are based on the voting blocs that formed after Russia's invasion of Ukraine—a world where China and Russia stand aligned against the West.

Companies aren't immune to this growing concern. A rise in the usage of keywords related to fragmentation, particularly in the commodities sector, has been noted.

The Bank for International Settlements (BIS) steps into this complex web with a unique bottom-up approach. Their exhaustive analysis of companies' financial data and their customer-supplier relationships reveals a shifting landscape. Global value chains are indeed undergoing a transformation, with a focus on building shorter, more resilient supplier relationships. Dependency on cross-border suppliers has decreased, especially in one-step sourcing from China for Western companies.

However, the result isn't the creation of Western-only regional trade networks but a reshuffling of supply chains. Supply chains are growing more complex, expanding the "distance" between raw materials and end users. This carries several implications. Western firms remain exposed to geopolitical uncertainties. Oversight challenges arise for corporate boards, and inflation becomes a real concern, as the "slowbalisation" phenomenon replaces globalization.

The message is clear: it's not just the threat of a cold war-style ban on trade between geopolitical blocs that should concern us. A more intricate web of supply chains will inevitably raise costs and potentially curb growth. As consumers, we might consider this a price worth paying for national security and corporate resilience. However, it heralds a markedly different world from what we've known in recent decades. Reshuffling, not merely reshoring, is the new watchword.

So, as the world grapples with conflicts, the financial ripples reach us all, altering the global economy and the way we, as consumers, experience it.

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring.

Amid the disheartening headlines of conflict-ridden regions in West Asia and Ukraine, a parallel battle is unfolding in the world of economics. Economists are diligently calculating the financial toll of these geopolitical fractures, and the numbers are far from reassuring. The International Monetary Fund (IMF) has just released its latest World Economic Outlook, and one word echoes through its pages— "fragmentation." Mentioned 172 times in the report, it's a stark reminder of the growing divide in the world. A mere five years ago, this term appeared just once. The reason for this surge is clear: economists and investors alike are alarmed by the potential impact of strife on global growth. The disintegration of countries into exclusive trading blocs threatens to erode annual global GDP by up to 7%. To underscore the gravity of the situation, the IMF's models are based on the voting blocs that formed after Russia's invasion of Ukraine—a world where China and Russia stand aligned against the West. Companies aren't immune to this growing concern. A rise in the usage of keywords related to fragmentation, particularly in the commodities sector, has been noted. The Bank for International Settlements (BIS) steps into this complex web with a unique bottom-up approach. Their exhaustive analysis of companies' financial data and their customer-supplier relationships reveals a shifting landscape. Global value chains are indeed undergoing a transformation, with a focus on building shorter, more resilient supplier relationships. Dependency on cross-border suppliers has decreased, especially in one-step sourcing from China for Western companies. However, the result isn't the creation of Western-only regional trade networks but a reshuffling of supply chains. Supply chains are growing more complex, expanding the "distance" between raw materials and end users. This carries several implications. Western firms remain exposed to geopolitical uncertainties. Oversight challenges arise for corporate boards, and inflation becomes a real concern, as the "slowbalisation" phenomenon replaces globalization. The message is clear: it's not just the threat of a cold war-style ban on trade between geopolitical blocs that should concern us. A more intricate web of supply chains will inevitably raise costs and potentially curb growth. As consumers, we might consider this a price worth paying for national security and corporate resilience. However, it heralds a markedly different world from what we've known in recent decades. Reshuffling, not merely reshoring, is the new watchword. So, as the world grapples with conflicts, the financial ripples reach us all, altering the global economy and the way we, as consumers, experience it.

Decoded: How conflicts affect the global consumer

As the world races into an AI-dominated future, there's no denying that Artificial Intelligence (AI) is the game-changer that has the potential to reshape industries and economies.

From self-driving cars to powerful facial recognition software, AI's influence is omnipresent, and investors are putting their money where the algorithms are. Investment in AI startups has surged over the past year, and valuations of AI companies have skyrocketed. The AI revolution is in full swing, and experts predict it could become a trillion-dollar industry within the next decade.

In this global AI frenzy, Indian tech services firms are emerging as significant players, poised to capitalize on the AI bonanza. These firms boast a wealth of talent, a proven track record of innovation, and a far-reaching global presence. What's more, they are already deeply engaged in AI projects with some of the world's leading companies.

Despite recent quarters reporting weaknesses in the Indian tech sector, a potential resurgence may be on the horizon, with AI as the catalyst. Indian tech services firms have been investing heavily in AI, setting up specialized AI labs, hiring AI experts, and crafting AI-powered solutions. Collaborations with cutting-edge AI startups and research institutions are cementing their positions in the evolving AI landscape.

The embrace of AI promises several advantages for Indian tech services firms, including increased productivity, the ability to offer innovative services to clients, and enhanced global competitiveness. Yet, it's not all smooth sailing. Challenges lie ahead, with a shortage of AI talent in India and the need for the responsible and ethical development of AI solutions topping the list.

The AI market's continued growth positions Indian tech services firms as potential leaders in this space. However, whether they will indeed benefit from this AI transition remains an open question. The journey is marked with promise, potential, and challenges. The verdict on the AI impact in India's tech sector is one that time will reveal.

As the world races into an AI-dominated future, there's no denying that Artificial Intelligence (AI) is the game-changer that has the potential to reshape industries and economies.

As the world races into an AI-dominated future, there's no denying that Artificial Intelligence (AI) is the game-changer that has the potential to reshape industries and economies. From self-driving cars to powerful facial recognition software, AI's influence is omnipresent, and investors are putting their money where the algorithms are. Investment in AI startups has surged over the past year, and valuations of AI companies have skyrocketed. The AI revolution is in full swing, and experts predict it could become a trillion-dollar industry within the next decade. In this global AI frenzy, Indian tech services firms are emerging as significant players, poised to capitalize on the AI bonanza. These firms boast a wealth of talent, a proven track record of innovation, and a far-reaching global presence. What's more, they are already deeply engaged in AI projects with some of the world's leading companies. Despite recent quarters reporting weaknesses in the Indian tech sector, a potential resurgence may be on the horizon, with AI as the catalyst. Indian tech services firms have been investing heavily in AI, setting up specialized AI labs, hiring AI experts, and crafting AI-powered solutions. Collaborations with cutting-edge AI startups and research institutions are cementing their positions in the evolving AI landscape. The embrace of AI promises several advantages for Indian tech services firms, including increased productivity, the ability to offer innovative services to clients, and enhanced global competitiveness. Yet, it's not all smooth sailing. Challenges lie ahead, with a shortage of AI talent in India and the need for the responsible and ethical development of AI solutions topping the list. The AI market's continued growth positions Indian tech services firms as potential leaders in this space. However, whether they will indeed benefit from this AI transition remains an open question. The journey is marked with promise, potential, and challenges. The verdict on the AI impact in India's tech sector is one that time will reveal.

Indian tech services firms: Riding the AI wave, but will they benefit?

India's Bollywood, the Hindi film industry based out of Mumbai, may now exhale in relief as Shah Rukh Khan's charm shines on screen.&nbsp;

Despite worries over several big-screen disappointments in the previous year, it is clear that Indians still adore going to the movies.&nbsp;

The triumph of extravagant, life-sized movies like "Pathan" and "Jawan" bears witness to this. In addition, big-budget upcoming films like "Tiger 3," "Dunki," and "Project K" demonstrate that the appeal of the big screen is still strong despite the threat posed by OTT platforms and web series in theatres, which was a worry after the epidemic.

A recent survey by 'The CineFiles'&nbsp;shows that 98 per cent of Indians believe that the magic of cinema comes to life on a big screen. Thirty per cent of the participants ascribe this opinion to elements like specific directors, themes, and visual effects (VFX).

Ninety per cent of respondents said that seeing the newest film in a theatre is their favourite way to pass the time when not at home. This preference outranks going shopping, seeing live performances, and going on adventurous trips.&nbsp;

A noteworthy 63 per cent of participants thought about movies at least once every two weeks, highlighting the fact that the cinematic experience is far from being obsolete. Many generations agree with this sentiment; Gen Z and Millennials are even thinking about going to the movies on a big screen once a week.

Out of the 5,000 respondents to the survey, 41 per cent were Gen Z and 59 per cent were Millennials and Gen X.

Indian moviegoers are also renowned for their meticulous planning; 74 per cent of them choose films that speak to them and reserve seats at least three days in advance. Furthermore, 74% of moviegoers like to view a film at a theatre from the seat of their choosing, therefore they make reservations in advance.

When deciding which movies to see on a large screen, the plot, the cast, the director, reviews and ratings, and the trailer's impact are the main deciding considerations. Interestingly, 38% of those surveyed in Delhi value reviews and ratings, people in Bengaluru value the director's involvement (32 per cent), and people in Mumbai value the storyline (43 per cent). This illustrates how crucial high-quality content is.

The thrill surrounding "first day, first show" has returned, with 35 per cent of GenZ favouring the early morning experience. About 36 per cent of Gen Z and Millennial moviegoers look for an immersive experience when choosing a big screen to escape from stress and obligations. On the other hand, Gen X moviegoers prioritise the cast of a film as well as referrals from friends and family before taking a cinematic trip.

India's Bollywood, the Hindi film industry based out of Mumbai, may now exhale in relief as Shah Rukh Khan's charm shines on screen. Despite worries over several big-screen disappointments in the previous year, it is clear that Indians still adore going to the movies.

India's Bollywood, the Hindi film industry based out of Mumbai, may now exhale in relief as Shah Rukh Khan's charm shines on screen. Despite worries over several big-screen disappointments in the previous year, it is clear that Indians still adore going to the movies. The triumph of extravagant, life-sized movies like "Pathan" and "Jawan" bears witness to this. In addition, big-budget upcoming films like "Tiger 3," "Dunki," and "Project K" demonstrate that the appeal of the big screen is still strong despite the threat posed by OTT platforms and web series in theatres, which was a worry after the epidemic. A recent survey by 'The CineFiles' shows that 98 per cent of Indians believe that the magic of cinema comes to life on a big screen. Thirty per cent of the participants ascribe this opinion to elements like specific directors, themes, and visual effects (VFX). Ninety per cent of respondents said that seeing the newest film in a theatre is their favourite way to pass the time when not at home. This preference outranks going shopping, seeing live performances, and going on adventurous trips. A noteworthy 63 per cent of participants thought about movies at least once every two weeks, highlighting the fact that the cinematic experience is far from being obsolete. Many generations agree with this sentiment; Gen Z and Millennials are even thinking about going to the movies on a big screen once a week. Out of the 5,000 respondents to the survey, 41 per cent were Gen Z and 59 per cent were Millennials and Gen X. Indian moviegoers are also renowned for their meticulous planning; 74 per cent of them choose films that speak to them and reserve seats at least three days in advance. Furthermore, 74% of moviegoers like to view a film at a theatre from the seat of their choosing, therefore they make reservations in advance. When deciding which movies to see on a large screen, the plot, the cast, the director, reviews and ratings, and the trailer's impact are the main deciding considerations. Interestingly, 38% of those surveyed in Delhi value reviews and ratings, people in Bengaluru value the director's involvement (32 per cent), and people in Mumbai value the storyline (43 per cent). This illustrates how crucial high-quality content is. The thrill surrounding "first day, first show" has returned, with 35 per cent of GenZ favouring the early morning experience. About 36 per cent of Gen Z and Millennial moviegoers look for an immersive experience when choosing a big screen to escape from stress and obligations. On the other hand, Gen X moviegoers prioritise the cast of a film as well as referrals from friends and family before taking a cinematic trip.

Indian audiences embrace blockbuster movies on the big screen

Barclays, in a recent report, highlights the incredible potential for India to become the world's most significant growth driver, surpassing even China. To claim this title, India would need to aim for a staggering 8 percent growth rate – an ambitious target but one firmly within reach, according to the report.

Barclays analysts note that India has been a standout performer, boasting impressive growth with remarkably low inflation. The country is already on a trajectory to achieve at least 6 percent GDP growth while maintaining macroeconomic stability, a crucial factor for sustainable development.

India's remarkable transformation is a testament to its resilience and determination. A mere decade ago, it was part of the 'Fragile Five' economies, grappling with a heavy debt burden, financial instability, and a fragile fiscal profile. Today, it has staged a spectacular investment turnaround, defying all odds.

Despite global economic turbulence, India has stood firm as an island of relative macroeconomic stability over the past two years. This stability sets the stage for India to be the fastest-growing major economy in the medium term, especially as global growth faces headwinds in the years ahead.

India's contribution to global GDP, while substantial, remains below its true potential. The report underlines that India still accounts for a smaller share of the global economy compared to China and even the United States.

To become the world's growth leader, India must focus on several key economic preconditions, as outlined in the report. This includes increasing the nominal savings rate to around 32.3 percent of GDP, up from the current 30.2 percent. Additionally, accelerating workforce growth to 3.5 percent per annum, compared to the current 1 percent, is imperative. Achieving these goals will require enhanced female participation, expanding the global export share, and making more productive use of capital.

One of the critical catalysts for this ascent is the investment cycle. Historically, investment has been the primary driver of India's economic growth. While investments have diversified into sectors like telecommunications and digitisation, traditional sectors are calling for renewed attention due to emerging capacity constraints. The report suggests that greater investment in these traditional sectors, complemented by increased public investment, can propel India's GDP growth closer to the coveted 8 percent mark.

India, the rising star of the global economy, is on the cusp of realizing its full potential. With a combination of resilience, smart economic planning, and unwavering determination, India is set to steal the spotlight as the world's premier growth driver, earning cheers and support from the global stage. The underdog is poised for greatness, and the world is watching with bated breath as India's ascent unfolds.

Barclays, in a recent report, highlights the incredible potential for India to become the world's most significant growth driver, surpassing even China. To claim this title, India would need to aim for a staggering 8 percent growth rate – an ambitious target but one firmly within reach, according to the report.

Barclays, in a recent report, highlights the incredible potential for India to become the world's most significant growth driver, surpassing even China. To claim this title, India would need to aim for a staggering 8 percent growth rate – an ambitious target but one firmly within reach, according to the report. Barclays analysts note that India has been a standout performer, boasting impressive growth with remarkably low inflation. The country is already on a trajectory to achieve at least 6 percent GDP growth while maintaining macroeconomic stability, a crucial factor for sustainable development. India's remarkable transformation is a testament to its resilience and determination. A mere decade ago, it was part of the 'Fragile Five' economies, grappling with a heavy debt burden, financial instability, and a fragile fiscal profile. Today, it has staged a spectacular investment turnaround, defying all odds. Despite global economic turbulence, India has stood firm as an island of relative macroeconomic stability over the past two years. This stability sets the stage for India to be the fastest-growing major economy in the medium term, especially as global growth faces headwinds in the years ahead. India's contribution to global GDP, while substantial, remains below its true potential. The report underlines that India still accounts for a smaller share of the global economy compared to China and even the United States. To become the world's growth leader, India must focus on several key economic preconditions, as outlined in the report. This includes increasing the nominal savings rate to around 32.3 percent of GDP, up from the current 30.2 percent. Additionally, accelerating workforce growth to 3.5 percent per annum, compared to the current 1 percent, is imperative. Achieving these goals will require enhanced female participation, expanding the global export share, and making more productive use of capital. One of the critical catalysts for this ascent is the investment cycle. Historically, investment has been the primary driver of India's economic growth. While investments have diversified into sectors like telecommunications and digitisation, traditional sectors are calling for renewed attention due to emerging capacity constraints. The report suggests that greater investment in these traditional sectors, complemented by increased public investment, can propel India's GDP growth closer to the coveted 8 percent mark. India, the rising star of the global economy, is on the cusp of realizing its full potential. With a combination of resilience, smart economic planning, and unwavering determination, India is set to steal the spotlight as the world's premier growth driver, earning cheers and support from the global stage. The underdog is poised for greatness, and the world is watching with bated breath as India's ascent unfolds.

Analysis: Can India become a global growth driver to be on par with China?

Sri Lanka has reached a preliminary agreement with China's EXIM bank on its (Sri Lanka's) debt treatment. In a statement on Wednesday (Oct 11), Sri Lanka's finance ministry said that the agreement covers approximately $4.2 billion of outstanding debt. "It constitutes a key step towards restoring Sri Lanka’s long-term debt sustainability and will pave the way to a prompt economic recovery," the statement said.

The indicative terms agreed would provide the necessary fiscal space for Sri Lanka to implement its ambitious reform agenda, the statement added. Colombo hoped that this achievement would anchor its ongoing engagement with the Official Creditor Committee and commercial creditors, including the bondholders.

"It should also facilitate approval by the IMF Executive Board of the first review of the IMF (International Monetary Fund)-supported programme in the coming weeks, allowing for the next tranche of IMF financing of about US$334 million to be disbursed," the statement further said.&nbsp;

The agreement on Sri Lanka's debt treatment came as President Ranil Wickremesinghe will visit China next week. President Wickremesinghe has been leading his country's push to manage its heavy debt and keep funds flowing from a $2.9 billion IMF programme.

Wickremesinghe is expected to meet Chinese President Xi Jinping and could also meet China's finance and foreign ministers, the news agency Reuters reported on Friday citing a source.&nbsp;

Sri Lanka defaulted on its foreign debt in May last year after its dollar reserves fell to a point where the country could no longer pay for essential imports like fuel and medicine.

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Sri Lanka has reached a preliminary agreement with China's EXIM bank on its (Sri Lanka's) debt treatment. In a statement on Wednesday (Oct 11), Sri Lanka's finance ministry said that the agreement covers approximately $4.

Sri Lanka has reached a preliminary agreement with China's EXIM bank on its (Sri Lanka's) debt treatment. In a statement on Wednesday (Oct 11), Sri Lanka's finance ministry said that the agreement covers approximately $4.2 billion of outstanding debt. "It constitutes a key step towards restoring Sri Lanka’s long-term debt sustainability and will pave the way to a prompt economic recovery," the statement said. The indicative terms agreed would provide the necessary fiscal space for Sri Lanka to implement its ambitious reform agenda, the statement added. Colombo hoped that this achievement would anchor its ongoing engagement with the Official Creditor Committee and commercial creditors, including the bondholders. "It should also facilitate approval by the IMF Executive Board of the first review of the IMF (International Monetary Fund)-supported programme in the coming weeks, allowing for the next tranche of IMF financing of about US$334 million to be disbursed," the statement further said. The agreement on Sri Lanka's debt treatment came as President Ranil Wickremesinghe will visit China next week. President Wickremesinghe has been leading his country's push to manage its heavy debt and keep funds flowing from a $2.9 billion IMF programme. Wickremesinghe is expected to meet Chinese President Xi Jinping and could also meet China's finance and foreign ministers, the news agency Reuters reported on Friday citing a source. Sri Lanka defaulted on its foreign debt in May last year after its dollar reserves fell to a point where the country could no longer pay for essential imports like fuel and medicine. 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.

Sri Lanka reaches preliminary agreement with China on debt treatment

Xbox maker&nbsp;Microsoft&nbsp;closed its $69 billion deal for Activision Blizzard on Friday, swelling its heft in the video-gaming market with best-selling titles including "Call of Duty" to better compete with industry leader Sony.

Britain finally cleared&nbsp;Microsoft's acquisition of Activision earlier in the day after it forced the Xbox owner to sell the steaming rights to address its competition concerns.

The deal was blocked in April by the Competition and Markets Authority (CMA) which said it could give the US&nbsp;computing giant a stranglehold over the nascent cloud gaming market.

But the regulator ripped up its play book by reopening the case after&nbsp;Microsoft&nbsp;agreed to sell the streaming rights to Activision's games to Ubisoft Entertainment, with remedies to ensure the terms were enforceable.

The deal was the biggest test of the CMA's global power to take on the tech giants since Britain left the European Union.

It said "sticking to its guns" in the face of criticism from the merging companies had delivered an outcome that was better for competition, consumers and economic growth.

The CMA said&nbsp;Microsoft's concession on streaming was a "gamechanger", adding that it was the only competition agency globally to have delivered this outcome. 

"The new deal will stop&nbsp;Microsoft&nbsp;from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers," it said in a statement.

Microsoft&nbsp;announced the deal in early 2022, aiming to boost its growth in console, mobile, PC, and cloud gaming to compete with the likes of Tencent as well as PlayStation-owner Sony.

The US&nbsp;Federal Trade Commission opposed the deal but after failing to stop it, the CMA was left standing alone.

The FTC is fighting on, but&nbsp;Microsoft&nbsp;has said it will not stop it closing the deal.

The European Commision gave the green light in May when it accepted&nbsp;Microsoft's commitments to license Activision's games like "Overwatch" and "World of Warcraft" to other platforms.

<h2>'Stuck to our guns'</h2>

The CMA's block in April drew fury from the merging parties, with&nbsp;Microsoft&nbsp;saying that Britain was closed for business.

The British government only offered limited support to the CMA, with the Finance Minister Jeremy Hunt saying that while he did not want to undermine its independence, regulators also needed to focus on encouraging investment.

CMA Chief Executive Sarah Cardell said the regulator had "delivered a clear message to&nbsp;Microsoft&nbsp;that the deal would be blocked unless they comprehensively addressed our concerns and we stuck to our guns on that."

She said the CMA took its decisions "free from political influence" and it would not be "swayed by corporate lobbying".

"Businesses and their advisers should be in no doubt that the tactics employed by&nbsp;Microsoft&nbsp;are no way to engage with the CMA," she said. 

"Microsoft&nbsp;had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn't work."

Quilter Cheviot equity analyst Ben Barringer said the CMA would see it as a victory, but it would need to be careful not to over-regulate the tech sector.

"There are fears the UK is a bad place to do business and the tech industry in particular will be watching its moves closely," he said.

Microsoft&nbsp;said it was "grateful for the CMA's thorough review and decision".

"We have now crossed the final regulatory hurdle to close this acquisition, which we believe will benefit players and the gaming industry worldwide," Vice Chair and President Brad Smith said.

Activision Blizzard said: "The CMA's official approval is great news for our future with&nbsp;Microsoft, and we look forward to becoming part of the Xbox Team."

The European Commission said the new commitments given by&nbsp;Microsoft&nbsp;to the CMA did not interfere with its EU commitments.

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Xbox maker Microsoft closed its $69 billion deal for Activision Blizzard on Friday, swelling its heft in the video-gaming market with best-selling titles including "Call of Duty" to better compete with industry leader Sony.

Xbox maker Microsoft closed its $69 billion deal for Activision Blizzard on Friday, swelling its heft in the video-gaming market with best-selling titles including "Call of Duty" to better compete with industry leader Sony. Britain finally cleared Microsoft's acquisition of Activision earlier in the day after it forced the Xbox owner to sell the steaming rights to address its competition concerns. The deal was blocked in April by the Competition and Markets Authority (CMA) which said it could give the US computing giant a stranglehold over the nascent cloud gaming market. But the regulator ripped up its play book by reopening the case after Microsoft agreed to sell the streaming rights to Activision's games to Ubisoft Entertainment, with remedies to ensure the terms were enforceable. The deal was the biggest test of the CMA's global power to take on the tech giants since Britain left the European Union. It said "sticking to its guns" in the face of criticism from the merging companies had delivered an outcome that was better for competition, consumers and economic growth. The CMA said Microsoft's concession on streaming was a "gamechanger", adding that it was the only competition agency globally to have delivered this outcome.  "The new deal will stop Microsoft from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers," it said in a statement. Microsoft announced the deal in early 2022, aiming to boost its growth in console, mobile, PC, and cloud gaming to compete with the likes of Tencent as well as PlayStation-owner Sony. The US Federal Trade Commission opposed the deal but after failing to stop it, the CMA was left standing alone. The FTC is fighting on, but Microsoft has said it will not stop it closing the deal. The European Commision gave the green light in May when it accepted Microsoft's commitments to license Activision's games like "Overwatch" and "World of Warcraft" to other platforms. 'Stuck to our guns' The CMA's block in April drew fury from the merging parties, with Microsoft saying that Britain was closed for business. The British government only offered limited support to the CMA, with the Finance Minister Jeremy Hunt saying that while he did not want to undermine its independence, regulators also needed to focus on encouraging investment. CMA Chief Executive Sarah Cardell said the regulator had "delivered a clear message to Microsoft that the deal would be blocked unless they comprehensively addressed our concerns and we stuck to our guns on that." She said the CMA took its decisions "free from political influence" and it would not be "swayed by corporate lobbying". "Businesses and their advisers should be in no doubt that the tactics employed by Microsoft are no way to engage with the CMA," she said.  "Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn't work." Quilter Cheviot equity analyst Ben Barringer said the CMA would see it as a victory, but it would need to be careful not to over-regulate the tech sector. "There are fears the UK is a bad place to do business and the tech industry in particular will be watching its moves closely," he said. Microsoft said it was "grateful for the CMA's thorough review and decision". "We have now crossed the final regulatory hurdle to close this acquisition, which we believe will benefit players and the gaming industry worldwide," Vice Chair and President Brad Smith said. Activision Blizzard said: "The CMA's official approval is great news for our future with Microsoft, and we look forward to becoming part of the Xbox Team." The European Commission said the new commitments given by Microsoft to the CMA did not interfere with its EU commitments. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Microsoft closes $69 billion Activision Blizzard deal after Britain's nod

Byju Raveendran, the man behind the ed-tech giant Byju's, has experienced a whirlwind of success and setbacks. In April, he broke into tears as his company faced a high-profile raid, raising concerns about potential foreign exchange violations. This marked a sharp turn from the previous year when Raveendran's personal wealth had surged by 26 per cent, reaching a remarkable 30,600 crore rupees ($4.1 billion). However, the company's fortunes took a hit as investors lowered their valuations, and Raveendran's name vanished from the 2023 Hurun India rich list.&nbsp;

In this story, we look back at how Byju began and built up his company and to where it stands at present.&nbsp;

The beginnings and early success&nbsp;

In 2011, Byju Raveendran embarked on a journey that would eventually reshape the landscape of online education in India. Driven by his passion for teaching and a commitment to make learning more engaging and accessible, Raveendran founded Byju's. Using a unique approach that incorporated adaptive learning technology, he aimed to provide personalised learning experiences for students across the country.&nbsp;

Raveendran's innovative methods quickly garnered attention from both students and investors alike. The ability to tailor learning to individual needs struck a chord with learners, and it wasn't long before major investors like the Chan Zuckerberg Initiative and Sequoia Capital joined the bandwagon, transforming Byju's into a billion-dollar start-up. Its valuation skyrocketed, reflecting the high hopes and expectations for the future of online education in India.&nbsp;

Ups and downs&nbsp;

However, Byju's journey was far from smooth sailing. As the company expanded rapidly, it encountered corporate governance issues that began to erode its reputation. Allegations of unethical accounting practices, including inflating operational revenue, and mishandling of user data tarnished its image. Deloitte, the company's auditor, resigned, citing delayed financial statement submissions, while independent directors left the board. These issues resulted in defaults on loans and counter-lawsuits against creditors, exposing the pressing need for robust corporate governance.&nbsp;

Boost during the pandemic&nbsp;

The emergence of the COVID-19 pandemic brought a mixed bag of opportunities and challenges for Byju's. The sudden shift towards remote learning created a surge in demand for online education platforms. Byju's responded by introducing 'Live Classes' on its app, replicating the traditional classroom environment, and attracting millions of students. Aggressive acquisitions further solidified its position, with the $300 million WhiteHat Jr deal and fundraising campaigns during the pandemic bringing billions of dollars into the company's reserves.&nbsp;

Challenges&nbsp;

However, as the pandemic began to wane, Byju's faced unexpected challenges. The anticipated sustained demand for ed-tech solutions in India didn't materialise as expected. Factors such as cultural preferences for traditional classroom-based learning, the persistent digital divide, and limited access to high-speed internet posed roadblocks to the adoption of online learning. In 2021, Byju's reported a loss of $327 million, raising questions about its financial stability.&nbsp;

Cracks in the foundation&nbsp;

According to a report by The New Indian Express, while Byju's gained immense popularity, the company began to face severe criticism for its marketing strategies. These strategies preyed on parental fears about their children's academic future. The report mentioned that Filmmaker Hansal Mehta was among those who publicly condemned Byju's aggressive marketing, highlighting how salespeople attempted to convince his daughter that she was academically poor.&nbsp;

Additionally, a wave of disturbing allegations hit Byju's. These included the targeting of first-generation learners and the use of aggressive sales strategies. These tactics ranged from secret enrollment in loan programs to the registration of fictitious students, causing public outrage.&nbsp;

The downfall&nbsp;

The accumulating allegations, combined with the decreased demand for online learning and technical glitches, pushed Byju's into a crisis. The company's financial situation deteriorated, and investors began losing confidence. Byju's stock, once India's most valued start-up at $22 billion, saw its valuation plummet to $5.1 billion. Key investors, such as Prosus NV, significantly reduced their stake.&nbsp;

In a desperate bid to rescue the dream he had turned into a billion-dollar reality, Byju Raveendran initiated several strategic moves. He appointed a new auditor and sought new shareholders. However, these steps alone couldn't mend the fundamental issues plaguing the company's corporate governance and business model.&nbsp;

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Byju Raveendran, the man behind the ed-tech giant Byju's, has experienced a whirlwind of success and setbacks. In April, he broke into tears as his company faced a high-profile raid, raising concerns about potential foreign exchange violations.

Byju Raveendran, the man behind the ed-tech giant Byju's, has experienced a whirlwind of success and setbacks. In April, he broke into tears as his company faced a high-profile raid, raising concerns about potential foreign exchange violations. This marked a sharp turn from the previous year when Raveendran's personal wealth had surged by 26 per cent, reaching a remarkable 30,600 crore rupees ($4.1 billion). However, the company's fortunes took a hit as investors lowered their valuations, and Raveendran's name vanished from the 2023 Hurun India rich list. In this story, we look back at how Byju began and built up his company and to where it stands at present. The beginnings and early success In 2011, Byju Raveendran embarked on a journey that would eventually reshape the landscape of online education in India. Driven by his passion for teaching and a commitment to make learning more engaging and accessible, Raveendran founded Byju's. Using a unique approach that incorporated adaptive learning technology, he aimed to provide personalised learning experiences for students across the country. Raveendran's innovative methods quickly garnered attention from both students and investors alike. The ability to tailor learning to individual needs struck a chord with learners, and it wasn't long before major investors like the Chan Zuckerberg Initiative and Sequoia Capital joined the bandwagon, transforming Byju's into a billion-dollar start-up. Its valuation skyrocketed, reflecting the high hopes and expectations for the future of online education in India. Ups and downs However, Byju's journey was far from smooth sailing. As the company expanded rapidly, it encountered corporate governance issues that began to erode its reputation. Allegations of unethical accounting practices, including inflating operational revenue, and mishandling of user data tarnished its image. Deloitte, the company's auditor, resigned, citing delayed financial statement submissions, while independent directors left the board. These issues resulted in defaults on loans and counter-lawsuits against creditors, exposing the pressing need for robust corporate governance. Boost during the pandemic The emergence of the COVID-19 pandemic brought a mixed bag of opportunities and challenges for Byju's. The sudden shift towards remote learning created a surge in demand for online education platforms. Byju's responded by introducing 'Live Classes' on its app, replicating the traditional classroom environment, and attracting millions of students. Aggressive acquisitions further solidified its position, with the $300 million WhiteHat Jr deal and fundraising campaigns during the pandemic bringing billions of dollars into the company's reserves. Challenges However, as the pandemic began to wane, Byju's faced unexpected challenges. The anticipated sustained demand for ed-tech solutions in India didn't materialise as expected. Factors such as cultural preferences for traditional classroom-based learning, the persistent digital divide, and limited access to high-speed internet posed roadblocks to the adoption of online learning. In 2021, Byju's reported a loss of $327 million, raising questions about its financial stability. Cracks in the foundation According to a report by The New Indian Express, while Byju's gained immense popularity, the company began to face severe criticism for its marketing strategies. These strategies preyed on parental fears about their children's academic future. The report mentioned that Filmmaker Hansal Mehta was among those who publicly condemned Byju's aggressive marketing, highlighting how salespeople attempted to convince his daughter that she was academically poor. Additionally, a wave of disturbing allegations hit Byju's. These included the targeting of first-generation learners and the use of aggressive sales strategies. These tactics ranged from secret enrollment in loan programs to the registration of fictitious students, causing public outrage. The downfall The accumulating allegations, combined with the decreased demand for online learning and technical glitches, pushed Byju's into a crisis. The company's financial situation deteriorated, and investors began losing confidence. Byju's stock, once India's most valued start-up at $22 billion, saw its valuation plummet to $5.1 billion. Key investors, such as Prosus NV, significantly reduced their stake. In a desperate bid to rescue the dream he had turned into a billion-dollar reality, Byju Raveendran initiated several strategic moves. He appointed a new auditor and sought new shareholders. However, these steps alone couldn't mend the fundamental issues plaguing the company's corporate governance and business model. WATCH WION LIVE HERE

Flashback Friday: Tracing the rise and fall of ed-tech start-up, Byju’s

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters.&nbsp;

China's&nbsp;savings have arisen from purchases of oil from Russia, Iran, and Venezuela, all countries subjected to sanctions by the United States and other Western nations. These savings have inadvertently lowered the cost of oil imports for Chinese refiners.&nbsp;

This year, China has benefited from these lower-priced imports, boosting the country's oil throughput and refining margins. Notably, small independent operators known as "teapots" have been among the primary beneficiaries.&nbsp;

China's significant imports of oil from these sanctioned countries are also providing vital revenue streams for Moscow, Tehran, and Caracas, whose economies have been adversely affected by Western sanctions and a decrease in foreign investment.&nbsp;

During the first nine months of 2023, China imported a record 2.765 million barrels per day (bpd) of crude from Iran, Russia, and Venezuela. These three countries accounted for a quarter of China's oil imports during this period, significantly higher than in previous years.&nbsp;

The savings resulting from these imports have been particularly advantageous for independent refiners. Reuters quoted&nbsp;Kang Wu, global head of demand research at S&amp;P Global Commodity Insights, as saying that these refiners are "opportunistic buyers and actively look for bargains".&nbsp;&nbsp;&nbsp;

(With inputs from Reuters)&nbsp;

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China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters.

China's oil imports from countries under Western sanctions have inadvertently resulted in substantial savings for the nation, amounting to nearly $10 billion, according to calculations based on data from traders and shiptrackers, as reported by Reuters. China's savings have arisen from purchases of oil from Russia, Iran, and Venezuela, all countries subjected to sanctions by the United States and other Western nations. These savings have inadvertently lowered the cost of oil imports for Chinese refiners. This year, China has benefited from these lower-priced imports, boosting the country's oil throughput and refining margins. Notably, small independent operators known as "teapots" have been among the primary beneficiaries. China's significant imports of oil from these sanctioned countries are also providing vital revenue streams for Moscow, Tehran, and Caracas, whose economies have been adversely affected by Western sanctions and a decrease in foreign investment. During the first nine months of 2023, China imported a record 2.765 million barrels per day (bpd) of crude from Iran, Russia, and Venezuela. These three countries accounted for a quarter of China's oil imports during this period, significantly higher than in previous years. The savings resulting from these imports have been particularly advantageous for independent refiners. Reuters quoted Kang Wu, global head of demand research at S&P Global Commodity Insights, as saying that these refiners are "opportunistic buyers and actively look for bargains". (With inputs from Reuters) WATCH WION LIVE HERE

China benefits from sanctioned oil imports, saves billions in fuel costs 

ExxonMobil sealed a megadeal to acquire Pioneer Natural Resources for about $60 billion, bolstering its holdings in the Permian Basin, a key US petroleum region, the companies announced Wednesday.

Under the all-stock transaction, ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5. The overall transaction, including debt, is valued at around $64.5 billion, the companies said.

ExxonMobil said the takeover, the company's biggest since the late 1990s acquisition of Mobil by&nbsp;Exxon, will enable greater economies of scale, permitting it to deploy drilling and operating technologies over a bigger region.

"The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis," said ExxonMobil Chief Executive Darren Woods.

The "highly contiguous" drilling acreage of the two companies will allow "for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production," Woods said.

The Permian Basin is located in western Texas and eastern New Mexico.

The takeover comes as oil currently trades at more than $85 a barrel, a relatively high historical benchmark.

ExxonMobil vowed that it would employ best practices on the environment, but as a longterm bet on oil and gas, the merger is unlikely to please climate activists.

While ExxonMobil usually avoids big deals under a high price scenario, analysts noted that Pioneer's shares had retreated prior to speculation of the deal.

Another factor favoring a deal was the impending retirement of Pioneer CEO Scott Sheffield, who has planned to step down at the end of 2023.

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ExxonMobil sealed a megadeal to acquire Pioneer Natural Resources for about $60 billion, bolstering its holdings in the Permian Basin, a key US petroleum region, the companies announced Wednesday.

ExxonMobil sealed a megadeal to acquire Pioneer Natural Resources for about $60 billion, bolstering its holdings in the Permian Basin, a key US petroleum region, the companies announced Wednesday. Under the all-stock transaction, ExxonMobil will buy Texas-based Pioneer for $59.5 billion based on ExxonMobil's closing price on October 5. The overall transaction, including debt, is valued at around $64.5 billion, the companies said. ExxonMobil said the takeover, the company's biggest since the late 1990s acquisition of Mobil by Exxon, will enable greater economies of scale, permitting it to deploy drilling and operating technologies over a bigger region. "The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis," said ExxonMobil Chief Executive Darren Woods. The "highly contiguous" drilling acreage of the two companies will allow "for greater opportunities to deploy our technologies, delivering operating and capital efficiency as well as significantly increasing production," Woods said. The Permian Basin is located in western Texas and eastern New Mexico. The takeover comes as oil currently trades at more than $85 a barrel, a relatively high historical benchmark. ExxonMobil vowed that it would employ best practices on the environment, but as a longterm bet on oil and gas, the merger is unlikely to please climate activists. While ExxonMobil usually avoids big deals under a high price scenario, analysts noted that Pioneer's shares had retreated prior to speculation of the deal. Another factor favoring a deal was the impending retirement of Pioneer CEO Scott Sheffield, who has planned to step down at the end of 2023. 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.

ExxonMobil to buy shale producer Pioneer for about $60bn

World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges. &nbsp;

According to a Moneycontrol report Gill noted, "The good news is that there are a few bright spots like the US and India." These comments were made during a press conference on October 11, held before the annual meeting of the World Bank Group and the International Monetary Fund (IMF) in Marrakesh, Morocco.&nbsp;

Gill's remarks came just days after the World Bank maintained its growth forecast for India at 6.3 percent for 2023-24, despite persistent global headwinds. The IMF had also recently raised its growth forecast for India's current financial year by 20 basis points to 6.3 percent. The Reserve Bank of India (RBI) had projected a GDP growth rate of 6.5 percent for 2023-24 and 2024-25.&nbsp;

High-interest rates, however, pose a significant challenge to global growth, according to Gill. Moneycontrol reported that he expressed concerns about the impact of high interest rates, explaining that growth was slowing down significantly. He further noted that the main issue was that growth was decelerating to levels considerably below those observed before the crisis.&nbsp;

Gill emphasised the potential impact of high interest rates by drawing parallels with the 1970s when the US Federal Reserve increased rates, leading to economic difficulties in multiple countries. He cautioned, "We should expect some countries to get into trouble now."&nbsp;

In the past 18 months, the US Federal Reserve has raised its key interest rate by 500 basis points to combat high inflation caused by global commodity price spikes following the Russia-Ukraine conflict. Gill suggested that while some countries may not have high debt levels now, they could still face issues as public debt crowds out private investment, hampering growth.&nbsp;

As per media reports, World Bank President Ajay Banga added that he anticipates interest rates to remain "higher for longer," which could further complicate global economic dynamics.&nbsp;

The discussion also touched upon the debt challenges faced by low-income and vulnerable middle-income countries, which have become more prominent in the wake of the COVID-19 pandemic. The Common Framework was introduced to help these nations restructure their debt, but progress has been relatively slow. &nbsp;

When asked if the framework needed replacement, President Banga emphasised the importance of well-thought-out strategies and the need to address the debt issues on a case-by-case basis. He stressed the significance of finding comprehensive solutions to prevent recurring debt crises in the future.&nbsp;

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World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges.

World Bank Chief Economist Indermit Gill has expressed concerns about the weakening global economy, highlighting the US and India as relative bright spots in the midst of global economic challenges. According to a Moneycontrol report Gill noted, "The good news is that there are a few bright spots like the US and India." These comments were made during a press conference on October 11, held before the annual meeting of the World Bank Group and the International Monetary Fund (IMF) in Marrakesh, Morocco. Gill's remarks came just days after the World Bank maintained its growth forecast for India at 6.3 percent for 2023-24, despite persistent global headwinds. The IMF had also recently raised its growth forecast for India's current financial year by 20 basis points to 6.3 percent. The Reserve Bank of India (RBI) had projected a GDP growth rate of 6.5 percent for 2023-24 and 2024-25. High-interest rates, however, pose a significant challenge to global growth, according to Gill. Moneycontrol reported that he expressed concerns about the impact of high interest rates, explaining that growth was slowing down significantly. He further noted that the main issue was that growth was decelerating to levels considerably below those observed before the crisis. Gill emphasised the potential impact of high interest rates by drawing parallels with the 1970s when the US Federal Reserve increased rates, leading to economic difficulties in multiple countries. He cautioned, "We should expect some countries to get into trouble now." In the past 18 months, the US Federal Reserve has raised its key interest rate by 500 basis points to combat high inflation caused by global commodity price spikes following the Russia-Ukraine conflict. Gill suggested that while some countries may not have high debt levels now, they could still face issues as public debt crowds out private investment, hampering growth. As per media reports, World Bank President Ajay Banga added that he anticipates interest rates to remain "higher for longer," which could further complicate global economic dynamics. The discussion also touched upon the debt challenges faced by low-income and vulnerable middle-income countries, which have become more prominent in the wake of the COVID-19 pandemic. The Common Framework was introduced to help these nations restructure their debt, but progress has been relatively slow. When asked if the framework needed replacement, President Banga emphasised the importance of well-thought-out strategies and the need to address the debt issues on a case-by-case basis. He stressed the significance of finding comprehensive solutions to prevent recurring debt crises in the future. WATCH WION LIVE HERE

World Bank chief economist highlights global economic concerns; US & India positive exceptions

India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported. This data was reported in the Periodic Labour Force Survey Annual Report 2022-2023 released by the National Sample Survey Office. The unemployment rate is defined as the percentage of unemployed persons in the labour force.

The Periodic Labour Force Survey (PLFS) was launched by the NSSO in April 2017 to provide more frequent labour force data. In the most recent data, the unemployment rate (UR) in usual status for persons aged 15 years and above at the all-India level decreased to 3.2 per cent in 2022-23 from 4.1 per cent in 2021-22. The UR was 4.2 per cent in 2020-21, 4.8 per cent in 2019-20, 5.8 per cent in 2018-19, and 6 per cent in 2017-18, according to the PLFS data.

The survey distinguishes usual status, which determines a person's employment status based on the reference period of 365 days preceding the survey date.

The data revealed a notable decline in unemployment rates in both rural and urban areas. In rural regions, UR decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while in urban areas, it decreased from 7.7 per cent to 5.4 per cent. The UR for males in India decreased from 6.1 per cent in 2017-18 to 3.3 per cent in 2022-23, with a corresponding decrease for females from 5.6 per cent to 2.9 per cent.

The survey also showed a significant increase in the Labour Force Participation Rate (LFPR) in usual status for individuals aged 15 and above, rising to 57.9 per cent from 49.8 per cent in 2017-18. LFPR is defined as the percentage of persons in the labour force—those working, seeking work, or available for work—in the population.

For rural areas, LFPR increased from 50.7 per cent in 2017-18 to 60.8 per cent in 2022-23, while for urban areas, it increased from 47.6 per cent to 50.4 per cent. The LFPR for males in India increased from 75.8 per cent in 2017-18 to 78.5 per cent in 2022-23, with a corresponding increase for females from 23.3 per cent to 37.0 per cent.

The Worker Population Ratio (WPR) in usual status for persons aged 15 and above also increased to 56 per cent in 2022-23 from 46.8 per cent in 2017-18. WPR is defined as the percentage of employed persons in the population.

For rural areas, WPR increased from 48.1 per cent in 2017-18 to 59.4 per cent in 2022-23, while for urban areas, it increased from 43.9 per cent to 47.7 per cent. The WPR for males in India increased from 71.2 per cent in 2017-18 to 76.0 per cent in 2022-23, and the corresponding increase in WPR for females was from 22.0 per cent to 35.9 per cent.

The Periodic Labour Force Survey collects data on a yearly basis. The recent data is based on the survey conducted from July 2022 to June 2023.

However, the report noted that fieldwork for collecting information in some areas could not be completed due to "disturbed field situations and unavailability of internet services."

(Inputs from PTI)&nbsp;

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India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported.

India's unemployment rate for individuals aged 15 and above reached a six-year low of 3.2 per cent during the period from July 2022 to June 2023, The Press Trust of India (PTI) reported. This data was reported in the Periodic Labour Force Survey Annual Report 2022-2023 released by the National Sample Survey Office. The unemployment rate is defined as the percentage of unemployed persons in the labour force. The Periodic Labour Force Survey (PLFS) was launched by the NSSO in April 2017 to provide more frequent labour force data. In the most recent data, the unemployment rate (UR) in usual status for persons aged 15 years and above at the all-India level decreased to 3.2 per cent in 2022-23 from 4.1 per cent in 2021-22. The UR was 4.2 per cent in 2020-21, 4.8 per cent in 2019-20, 5.8 per cent in 2018-19, and 6 per cent in 2017-18, according to the PLFS data. The survey distinguishes usual status, which determines a person's employment status based on the reference period of 365 days preceding the survey date. The data revealed a notable decline in unemployment rates in both rural and urban areas. In rural regions, UR decreased from 5.3 per cent in 2017-18 to 2.4 per cent in 2022-23, while in urban areas, it decreased from 7.7 per cent to 5.4 per cent. The UR for males in India decreased from 6.1 per cent in 2017-18 to 3.3 per cent in 2022-23, with a corresponding decrease for females from 5.6 per cent to 2.9 per cent. The survey also showed a significant increase in the Labour Force Participation Rate (LFPR) in usual status for individuals aged 15 and above, rising to 57.9 per cent from 49.8 per cent in 2017-18. LFPR is defined as the percentage of persons in the labour force—those working, seeking work, or available for work—in the population. For rural areas, LFPR increased from 50.7 per cent in 2017-18 to 60.8 per cent in 2022-23, while for urban areas, it increased from 47.6 per cent to 50.4 per cent. The LFPR for males in India increased from 75.8 per cent in 2017-18 to 78.5 per cent in 2022-23, with a corresponding increase for females from 23.3 per cent to 37.0 per cent. The Worker Population Ratio (WPR) in usual status for persons aged 15 and above also increased to 56 per cent in 2022-23 from 46.8 per cent in 2017-18. WPR is defined as the percentage of employed persons in the population. For rural areas, WPR increased from 48.1 per cent in 2017-18 to 59.4 per cent in 2022-23, while for urban areas, it increased from 43.9 per cent to 47.7 per cent. The WPR for males in India increased from 71.2 per cent in 2017-18 to 76.0 per cent in 2022-23, and the corresponding increase in WPR for females was from 22.0 per cent to 35.9 per cent. The Periodic Labour Force Survey collects data on a yearly basis. The recent data is based on the survey conducted from July 2022 to June 2023. However, the report noted that fieldwork for collecting information in some areas could not be completed due to "disturbed field situations and unavailability of internet services." (Inputs from PTI) WATCH WION LIVE HERE

India's unemployment rate hits six-year low, rural areas witness significant improvements: Report  

Pranjali Awasthi, a 16-year-old prodigy from India, has secured an impressive $450,000 in funding for her AI startup,&nbsp;Delv.AI, according to a report by India Today.&nbsp;According to the report, she founded&nbsp;Delv.AI&nbsp;in January 2022. &nbsp;

Pranjali's journey into the tech world was inspired by her father, an engineer, who ignited her interest in computer science and coding when she was just seven years old.&nbsp;

Her passion for technology led to her internship at the research labs of Florida International University, where she delved into machine learning projects while continuing her regular schooling.&nbsp;

Pranjali's internship sparked the idea for Delv.AI, where she sought to harness AI to address real-world challenges. In 2021, she gained a place in an AI startup accelerator in Miami, led by tech enthusiasts Lucy Guo and Dave Fontenot from Backend Capital, in exchange for a stake in her future company. This accelerator provided the launchpad that attracted investments from notable names in the tech industry, such as On Deck and Village Global.&nbsp;

Delv.AI, with a team of up to 10 employees, focuses on leveraging AI to streamline data extraction processes and eliminate data silos. Pranjali's primary objective with Delv.AI is to assist researchers in efficiently accessing specific information amidst the ever-expanding online content landscape.&nbsp;

Pranjali's dedication to her growing company led her to temporarily step away from her high school education. With a recent funding injection of $450,000 and a current valuation of around $12 million, Delv.AI is poised for a promising future.&nbsp;

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Pranjali Awasthi, a 16-year-old prodigy from India, has secured an impressive $450,000 in funding for her AI startup, Delv.AI, according to a report by India Today.

Pranjali Awasthi, a 16-year-old prodigy from India, has secured an impressive $450,000 in funding for her AI startup, Delv.AI, according to a report by India Today. According to the report, she founded Delv.AI in January 2022. Pranjali's journey into the tech world was inspired by her father, an engineer, who ignited her interest in computer science and coding when she was just seven years old. Her passion for technology led to her internship at the research labs of Florida International University, where she delved into machine learning projects while continuing her regular schooling. Pranjali's internship sparked the idea for Delv.AI, where she sought to harness AI to address real-world challenges. In 2021, she gained a place in an AI startup accelerator in Miami, led by tech enthusiasts Lucy Guo and Dave Fontenot from Backend Capital, in exchange for a stake in her future company. This accelerator provided the launchpad that attracted investments from notable names in the tech industry, such as On Deck and Village Global. Delv.AI, with a team of up to 10 employees, focuses on leveraging AI to streamline data extraction processes and eliminate data silos. Pranjali's primary objective with Delv.AI is to assist researchers in efficiently accessing specific information amidst the ever-expanding online content landscape. Pranjali's dedication to her growing company led her to temporarily step away from her high school education. With a recent funding injection of $450,000 and a current valuation of around $12 million, Delv.AI is poised for a promising future. WATCH WION LIVE HERE

Teen entrepreneur Pranjali Awasthi's Delv.AI receives $450,000 funding 

The United Auto Workers (UAW) union brought Ford's largest global plant, the Kentucky truck plant, to a halt, disrupting the production of lucrative pickup trucks and large SUVs. This development marks a significant escalation in the UAW's four-week targeted strike against the Detroit Three automakers, as reported by Reuters.&nbsp;

The UAW initiated the strike after the union claimed that Ford, the second-largest U.S. automaker, refused to make further concessions in contract negotiations. While automakers have offered substantial wage increases, inflation-linked pay hikes, and better compensation for temporary workers, the union's demands persist, including higher wages, the elimination of a two-tier wage system, and extending union representation to battery plants across all three auto giants.&nbsp;

"We had to choose to do things differently this way," Reuters quoted UAW President Shawn Fain as saying. "If the companies aren't going to come to the table and take care of the membership's needs, then we will react," he added.&nbsp;

The Kentucky truck plant is a key area for Ford, generating approximately $25 billion in annual revenue, which constitutes about one-sixth of the company's global automotive revenue. This unexpected strike has the potential to impact Ford's full-year profits adversely. Ford's stock faced a 2 per cent drop in after-hours trading following the announcement.&nbsp;

The UAW requested a new offer from Ford during a meeting held on Wednesday evening, further escalating the tensions. According to a Ford official, the company did not have a new offer ready.&nbsp;

"You just lost Kentucky Truck," Fain told the Ford official during the meeting.&nbsp;

According to Reuters, Ford responded to the strike, describing it as "grossly irresponsible but unsurprising given the union leadership's stated strategy of keeping the Detroit Three wounded for months through 'reputational damage' and 'industrial chaos.'"&nbsp;

The UAW's decision to shut down the assembly lines that manufacture Ford Super Duty pickup trucks and Lincoln Navigator and Ford Expedition large SUVs, all of which are high-profit vehicles, may potentially undermine the automaker's profitability.&nbsp;

Fain indicated that the union was prepared to strike at the GM assembly plant in Arlington, Texas, which produces Cadillac Escalade and Chevy Suburban, among other high-priced SUVs. The strike is also a warning to Stellantis, the parent company of Chrysler, whose wage and benefits offers fall short of those offered by Ford.&nbsp;

As negotiations continue, the labour disruption may continue to disrupt production for the automakers and their suppliers, with thousands of workers potentially being furloughed. Reuters reported that the UAW's strategy is keeping the automakers off balance, and it could be "uncharted territory" for both sides, as labour professor Harley Shaiken from the University of California, Berkeley, commented.&nbsp;

Before this recent development, the UAW had refrained from additional strikes against Detroit Three auto plants, citing GM's willingness to allow workers at joint venture battery plants to be covered by union contracts.&nbsp;

As the Detroit automakers prepare to report their third-quarter financial results between October 24 and 31, the UAW may use their expected robust profits as leverage in negotiations for a more favourable contract.&nbsp;

Separately, Ford's battery joint venture with South Korea's SK On, BlueOval SK, announced that it would provide higher wages for some workers at its Tennessee and Kentucky plants, offering a range of $24 to $37.50 per hour based on experience.&nbsp;

(With inputs from Reuters)&nbsp;

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The United Auto Workers (UAW) union brought Ford's largest global plant, the Kentucky truck plant, to a halt, disrupting the production of lucrative pickup trucks and large SUVs.

The United Auto Workers (UAW) union brought Ford's largest global plant, the Kentucky truck plant, to a halt, disrupting the production of lucrative pickup trucks and large SUVs. This development marks a significant escalation in the UAW's four-week targeted strike against the Detroit Three automakers, as reported by Reuters. The UAW initiated the strike after the union claimed that Ford, the second-largest U.S. automaker, refused to make further concessions in contract negotiations. While automakers have offered substantial wage increases, inflation-linked pay hikes, and better compensation for temporary workers, the union's demands persist, including higher wages, the elimination of a two-tier wage system, and extending union representation to battery plants across all three auto giants. "We had to choose to do things differently this way," Reuters quoted UAW President Shawn Fain as saying. "If the companies aren't going to come to the table and take care of the membership's needs, then we will react," he added. The Kentucky truck plant is a key area for Ford, generating approximately $25 billion in annual revenue, which constitutes about one-sixth of the company's global automotive revenue. This unexpected strike has the potential to impact Ford's full-year profits adversely. Ford's stock faced a 2 per cent drop in after-hours trading following the announcement. The UAW requested a new offer from Ford during a meeting held on Wednesday evening, further escalating the tensions. According to a Ford official, the company did not have a new offer ready. "You just lost Kentucky Truck," Fain told the Ford official during the meeting. According to Reuters, Ford responded to the strike, describing it as "grossly irresponsible but unsurprising given the union leadership's stated strategy of keeping the Detroit Three wounded for months through 'reputational damage' and 'industrial chaos.'" The UAW's decision to shut down the assembly lines that manufacture Ford Super Duty pickup trucks and Lincoln Navigator and Ford Expedition large SUVs, all of which are high-profit vehicles, may potentially undermine the automaker's profitability. Fain indicated that the union was prepared to strike at the GM assembly plant in Arlington, Texas, which produces Cadillac Escalade and Chevy Suburban, among other high-priced SUVs. The strike is also a warning to Stellantis, the parent company of Chrysler, whose wage and benefits offers fall short of those offered by Ford. As negotiations continue, the labour disruption may continue to disrupt production for the automakers and their suppliers, with thousands of workers potentially being furloughed. Reuters reported that the UAW's strategy is keeping the automakers off balance, and it could be "uncharted territory" for both sides, as labour professor Harley Shaiken from the University of California, Berkeley, commented. Before this recent development, the UAW had refrained from additional strikes against Detroit Three auto plants, citing GM's willingness to allow workers at joint venture battery plants to be covered by union contracts. As the Detroit automakers prepare to report their third-quarter financial results between October 24 and 31, the UAW may use their expected robust profits as leverage in negotiations for a more favourable contract. Separately, Ford's battery joint venture with South Korea's SK On, BlueOval SK, announced that it would provide higher wages for some workers at its Tennessee and Kentucky plants, offering a range of $24 to $37.50 per hour based on experience. (With inputs from Reuters) WATCH WION LIVE HERE

UAW halts Ford's Kentucky truck plant in surprise move amid labour negotiations 

In the wake of the recent Hamas attack on Israel and the subsequent retaliatory airstrikes, the European Union has intensified its pressure on tech giants, insisting they remove illegal content from their platforms or face severe legal consequences.&nbsp;

Social media platforms have witnessed a surge in misleading information concerning the conflict, including manipulated images, misrepresented videos, and disturbing images of violence.

EU industry chief Thierry Breton has made a direct plea to tech moguls, emphasizing the need to combat disinformation and illegal content.&nbsp;

"Content circulating online that can be associated with Hamas qualifies as terrorist content, is illegal,&nbsp;and needs to be removed under both the DSA (Digital Services Act) and TCO (Terrorist Content Online) Regulation," Reuters quoted a Commission spokesperson.

The spokesperson added that the Commission would fully apply the DSA and closely monitor the complete implementation of the TCO, while urging online platforms to ensure full compliance with EU rules.

Thierry&nbsp;Breton's warnings to tech leaders have not gone unnoticed. &nbsp;

In a letter to Elon Musk, he underscored the misuse of Musk's messaging platform, X, for disseminating false information related to the Middle East conflict. Breton also issued a similar caution to Mark Zuckerberg, CEO of Meta, urging strict adherence to European law.&nbsp;

Breton further emphasised that these companies have a mere 24-hour window to demonstrate their commitment to eradicating harmful content on their platforms.&nbsp;

The European Commission has played a crucial role in enforcing these new regulations, ensuring that large online platforms, including X and Meta's Facebook, remove illegal content and implement measures to safeguard public security and civic discourse. &nbsp;

According to Breton, non-compliance could result in fines of up to 6 per cent of the company's global turnover, with the possibility of being banned from operating in Europe for repeat offenders.&nbsp;

As the EU intensifies its efforts to curb the spread of harmful content related to terrorist activities, it remains unclear whether similar messages have been conveyed to other social media companies falling under the ambit of the DSA.&nbsp;

(With inputs from Reuters)&nbsp;

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In the wake of the recent Hamas attack on Israel and the subsequent retaliatory airstrikes, the European Union has intensified its pressure on tech giants, insisting they remove illegal content from their platforms or face severe legal consequences.

In the wake of the recent Hamas attack on Israel and the subsequent retaliatory airstrikes, the European Union has intensified its pressure on tech giants, insisting they remove illegal content from their platforms or face severe legal consequences. Social media platforms have witnessed a surge in misleading information concerning the conflict, including manipulated images, misrepresented videos, and disturbing images of violence. EU industry chief Thierry Breton has made a direct plea to tech moguls, emphasizing the need to combat disinformation and illegal content. "Content circulating online that can be associated with Hamas qualifies as terrorist content, is illegal, and needs to be removed under both the DSA (Digital Services Act) and TCO (Terrorist Content Online) Regulation," Reuters quoted a Commission spokesperson. The spokesperson added that the Commission would fully apply the DSA and closely monitor the complete implementation of the TCO, while urging online platforms to ensure full compliance with EU rules. Thierry Breton's warnings to tech leaders have not gone unnoticed. In a letter to Elon Musk, he underscored the misuse of Musk's messaging platform, X, for disseminating false information related to the Middle East conflict. Breton also issued a similar caution to Mark Zuckerberg, CEO of Meta, urging strict adherence to European law. Breton further emphasised that these companies have a mere 24-hour window to demonstrate their commitment to eradicating harmful content on their platforms. The European Commission has played a crucial role in enforcing these new regulations, ensuring that large online platforms, including X and Meta's Facebook, remove illegal content and implement measures to safeguard public security and civic discourse. According to Breton, non-compliance could result in fines of up to 6 per cent of the company's global turnover, with the possibility of being banned from operating in Europe for repeat offenders. As the EU intensifies its efforts to curb the spread of harmful content related to terrorist activities, it remains unclear whether similar messages have been conveyed to other social media companies falling under the ambit of the DSA. (With inputs from Reuters) WATCH WION LIVE HERE

EU cracks down on big tech, urges action against terrorist content after Hamas attack 

Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia. The Ukrainian finance ministry officially confirmed the substantial grant.&nbsp;

The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project, a flagship initiative of the World Bank, has been pivotal in aiding Kyiv amid Russia's aggression in the region.

The United States government has displayed its unwavering commitment to Ukraine this year, granting Ukraine $10.9 billion in direct budget support in the form of grants.

This financial aid is primarily directed towards compensating state budget expenditures in the social and humanitarian sectors, with no intention of allocation to security or defence, as clarified by the ministry.&nbsp;

Emphasising&nbsp;the magnitude of the support, Finance Minister Serhiy Marchenko is quoted by Reuters&nbsp;as saying, "Since the beginning of the full-scale war, Ukraine's state budget has already received $22.9 billion from the United States."&nbsp;

Ukraine's reliance on foreign financing to bridge its budget gap and sustain social spending is evident. Simultaneously, Kyiv is actively seeking funding to rebuild vital infrastructure, schools, and hospitals, which have incurred significant damage over nearly 20 months of persistent conflict.&nbsp;

(With inputs from Reuters)&nbsp;

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Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia.

Ukraine has been granted $1.15 billion from the United States under the PEACE in Ukraine program, marking a continued effort to support the country during the ongoing conflict with Russia. The Ukrainian finance ministry officially confirmed the substantial grant. The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project, a flagship initiative of the World Bank, has been pivotal in aiding Kyiv amid Russia's aggression in the region. The United States government has displayed its unwavering commitment to Ukraine this year, granting Ukraine $10.9 billion in direct budget support in the form of grants. This financial aid is primarily directed towards compensating state budget expenditures in the social and humanitarian sectors, with no intention of allocation to security or defence, as clarified by the ministry. Emphasising the magnitude of the support, Finance Minister Serhiy Marchenko is quoted by Reuters as saying, "Since the beginning of the full-scale war, Ukraine's state budget has already received $22.9 billion from the United States." Ukraine's reliance on foreign financing to bridge its budget gap and sustain social spending is evident. Simultaneously, Kyiv is actively seeking funding to rebuild vital infrastructure, schools, and hospitals, which have incurred significant damage over nearly 20 months of persistent conflict. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine receives $1.15 billion under World Bank's PEACE initiative 

The Russian Rouble stages a significant comeback defying recent volatility in geopolitical tensions. The Rouble rebounded after slumping to its lowest point in over 18 months against the dollar and this plunge was largely due to reduced foreign currency supply but it found solid ground as oil prices surged amid geopolitical tensions in West Asia.

Russian Rouble recovers amid geopolitical crisis and oil spike

As the conflict between Israel and Hamas intensifies, Google CEO Sundar Pichai has reached out to reassure and provide updates to the company's employees in Israel. Pichai expressed deep concern about the distressing attacks on civilians in Israel and the heightened conflict that has ensued. The Times of India quoted an internal email, where he said, "I’m sure by now you’ve all seen the news of the terrible attacks on civilians in Israel, and the escalated conflict now underway."&nbsp;

Google, which maintains two offices in Israel and employs over 2,000 individuals in the region, has taken immediate steps to ensure the safety of its employees. In the email, as reported by The Times of India, Pichai emphasised that their foremost concern was the safety and well-being of all Google employees in the region. He also noted that they had identified other employees who were en route to that location.&nbsp;

Google's Global Security and Resilience Services (GSRS) team is actively involved in conducting safety checks to locate and safeguard every employee. Pichai mentioned that they had spent the day connecting with most of them, but he added that it would take some time to reach everyone.&nbsp;

The email was conveyed to all Google employees shortly after the Hamas attacks. The situation in Israel has prompted Google to take swift and decisive measures to protect its employees.&nbsp;

What are other companies doing?&nbsp;

The situation in Israel has prompted various companies with a substantial presence in the region to take similar actions to safeguard their employees and their families. &nbsp;

According to a report by Hindustan Times, Tata Consultancy Services (TCS) is closely monitoring the evolving situation and prioritising the well-being of its employees and their families in Israel. The report quoted an unnamed executive from TCS as saying, "We are monitoring the situation and have been in contact with HR officials there. We are actively assisting with their safety, including employees from India and their families."&nbsp;

In a parallel development, Gautam Adani's company, Adani Ports and SEZ Limited, which just purchased Israel's Haifa port, released a statement assuring stakeholders that their commercial operations will remain safe in the wake of the recent Hamas attack and the accompanying fighting. The corporation emphasised the significance of employee safety in such turbulent times by confirming that all of its employees are safe and accounted for.

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As the conflict between Israel and Hamas intensifies, Google CEO Sundar Pichai has reached out to reassure and provide updates to the company's employees in Israel.

As the conflict between Israel and Hamas intensifies, Google CEO Sundar Pichai has reached out to reassure and provide updates to the company's employees in Israel. Pichai expressed deep concern about the distressing attacks on civilians in Israel and the heightened conflict that has ensued. The Times of India quoted an internal email, where he said, "I’m sure by now you’ve all seen the news of the terrible attacks on civilians in Israel, and the escalated conflict now underway." Google, which maintains two offices in Israel and employs over 2,000 individuals in the region, has taken immediate steps to ensure the safety of its employees. In the email, as reported by The Times of India, Pichai emphasised that their foremost concern was the safety and well-being of all Google employees in the region. He also noted that they had identified other employees who were en route to that location. Google's Global Security and Resilience Services (GSRS) team is actively involved in conducting safety checks to locate and safeguard every employee. Pichai mentioned that they had spent the day connecting with most of them, but he added that it would take some time to reach everyone. The email was conveyed to all Google employees shortly after the Hamas attacks. The situation in Israel has prompted Google to take swift and decisive measures to protect its employees. What are other companies doing? The situation in Israel has prompted various companies with a substantial presence in the region to take similar actions to safeguard their employees and their families. According to a report by Hindustan Times, Tata Consultancy Services (TCS) is closely monitoring the evolving situation and prioritising the well-being of its employees and their families in Israel. The report quoted an unnamed executive from TCS as saying, "We are monitoring the situation and have been in contact with HR officials there. We are actively assisting with their safety, including employees from India and their families." In a parallel development, Gautam Adani's company, Adani Ports and SEZ Limited, which just purchased Israel's Haifa port, released a statement assuring stakeholders that their commercial operations will remain safe in the wake of the recent Hamas attack and the accompanying fighting. The corporation emphasised the significance of employee safety in such turbulent times by confirming that all of its employees are safe and accounted for. WATCH WION LIVE HERE

Google CEO Sundar Pichai addresses employees working in Israel amidst conflict 