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In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework.

The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia.

The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews.

Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market.

According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world.

The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12.

(With inputs from Reuters)

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In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters. This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework. The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia. The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews. Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market. According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world. The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12. (With inputs from Reuters) WATCH WION LIVE HERE

Arab nations commit to voluntary oil production adjustments amidst global energy transition

Harvard University's&nbsp;Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences.

This esteemed recognition, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded to Goldin in acknowledgment of her extensive research contributions to the understanding of women's roles and outcomes in the labor market.

The Royal Swedish Academy of Sciences commended Goldin's groundbreaking work, stating that she has significantly advanced the world's&nbsp;comprehension of women's labour market results.

Goldin becomes the 55th laureate of this prestigious award and only the third woman, after&nbsp;Elinor Ostrom&nbsp;in 2009 and Esther Duflo in 2019, to receive this honour since its establishment in 1969.

According to a Moneycontrol report, the Academy highlighted Goldin's remarkable contributions, emphasising her meticulous examination of historical data and the presentation of new and unexpected insights.

Her research, in the words of the Nobel committee,&nbsp;deepened our insights into the factors influencing women's opportunities in the labour market, particularly the impact of marriage and household responsibilities.

Goldin's studies underscore that change in labour market dynamics occurs gradually, as career choices are influenced by expectations that may evolve over time.

Her research has global relevance, with similar patterns observed in numerous countries, offering valuable insights into labour markets of the past, present, and future.

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Harvard University's Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences.

Harvard University's Professor Claudia Goldin has been honoured with the Nobel Prize in Economics for 2023, as announced by the Royal Swedish Academy of Sciences. This esteemed recognition, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded to Goldin in acknowledgment of her extensive research contributions to the understanding of women's roles and outcomes in the labor market. The Royal Swedish Academy of Sciences commended Goldin's groundbreaking work, stating that she has significantly advanced the world's comprehension of women's labour market results. Goldin becomes the 55th laureate of this prestigious award and only the third woman, after Elinor Ostrom in 2009 and Esther Duflo in 2019, to receive this honour since its establishment in 1969. According to a Moneycontrol report, the Academy highlighted Goldin's remarkable contributions, emphasising her meticulous examination of historical data and the presentation of new and unexpected insights. Her research, in the words of the Nobel committee, deepened our insights into the factors influencing women's opportunities in the labour market, particularly the impact of marriage and household responsibilities. Goldin's studies underscore that change in labour market dynamics occurs gradually, as career choices are influenced by expectations that may evolve over time. Her research has global relevance, with similar patterns observed in numerous countries, offering valuable insights into labour markets of the past, present, and future. WATCH WION LIVE HERE

Claudia Goldin awarded Nobel Prize in economics for research on women's labour market impact

Have you ever wondered who owns what and how much money the Indian government actually spends? We break down the numbers for you in this study. Watch to know more.

How Indian govt spends every rupee: Decoded

The GST Council, during its recent meeting chaired by Finance Minister Nirmala Sitharaman, made a significant recommendation regarding the tax rates for flour containing at least 70 per cent millets. The decision aims to support the promotion of millets during what has been termed the "year of millets."

Under the new recommendation, food preparations of millet flour in powder form, consisting of a minimum of 70 per cent millets by weight, fall under HS 1901.

When millet flour is blended with other flours and the millet composition remains at 70 per cent, it will be subject to zero per cent GST if sold in a form other than pre-packaged and labelled. However, if sold in pre-packaged and labelled form, a 5 per cent GST will apply.

Finance Minister Sitharaman emphasised the council's desire to actively participate in promoting millets, highlighting the role of GST in this project.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modis-assassination-threat-demands-for-bishnois-release-in-email-triggers-heightened-security-report-643585">PM Modi’s assassination threat, gangster Bishnoi’s release demand in email triggers security alarm: Report</a>

<h2>Official release confirms GST rates</h2>

An official release subsequently clarified the decision on GST rates for "food preparation of millet flour in powder form, containing at least 70 per cent millets by weight," falling under HS 1901.

The new rates will come into effect from the date of notification. The release confirms that these products will be subject to zero per cent GST if sold in forms other than pre-packaged and labeled, and a 5 per cent GST if sold in pre-packaged and labelled form.

Also watch |&nbsp;India begin World Cup campaign against Australia

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This decision reflects the government's ongoing commitment to encouraging the consumption of millets, which are known for their nutritional benefits.

(With inputs from agencies)

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The GST Council, during its recent meeting chaired by Finance Minister Nirmala Sitharaman, made a significant recommendation regarding the tax rates for flour containing at least 70 per cent millets.

The GST Council, during its recent meeting chaired by Finance Minister Nirmala Sitharaman, made a significant recommendation regarding the tax rates for flour containing at least 70 per cent millets. The decision aims to support the promotion of millets during what has been termed the "year of millets." Under the new recommendation, food preparations of millet flour in powder form, consisting of a minimum of 70 per cent millets by weight, fall under HS 1901. When millet flour is blended with other flours and the millet composition remains at 70 per cent, it will be subject to zero per cent GST if sold in a form other than pre-packaged and labelled. However, if sold in pre-packaged and labelled form, a 5 per cent GST will apply. Finance Minister Sitharaman emphasised the council's desire to actively participate in promoting millets, highlighting the role of GST in this project. Also read | PM Modi’s assassination threat, gangster Bishnoi’s release demand in email triggers security alarm: Report Official release confirms GST rates An official release subsequently clarified the decision on GST rates for "food preparation of millet flour in powder form, containing at least 70 per cent millets by weight," falling under HS 1901. The new rates will come into effect from the date of notification. The release confirms that these products will be subject to zero per cent GST if sold in forms other than pre-packaged and labeled, and a 5 per cent GST if sold in pre-packaged and labelled form. Also watch | India begin World Cup campaign against Australia This decision reflects the government's ongoing commitment to encouraging the consumption of millets, which are known for their nutritional benefits. (With inputs from agencies) WATCH WION LIVE HERE:

No GST on flour with 70% millets if sold in loose form: FM Nirmala Sitharaman

Schneider electric India recently launched an electric innovation yatra to mark 60 years of its presence in the country. This carbon neutral "Innovation hub on wheels" was launched with a mission of making India more sustainable, digital, and energy positive.

Schneider electric's sustainability push

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.50 per cent, marking the fourth consecutive time the rate remains unchanged.

In his policy statement, The Indian Express quoted Das as saying, "After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI's Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5 per cent."

He emphasised the importance of both macroeconomic stability and inclusive growth, asserting that the combination of policies implemented in recent years, despite facing numerous and unprecedented challenges, had contributed to the achievement of stability in both macroeconomics and finance.

Das noted that India has transitioned from the twin balance sheet stress of a decade ago to a twin balance sheet advantage, with both banks and corporate demonstrating healthier financial positions.

Reacting to the RBI's decision to continue with the rate pause, Adhil Shetty, CEO of Bankbazaar.com, said, "The Reserve Bank of India expectedly kept the policy rates paused in its monetary policy review for October.&nbsp;This is welcome, although inflation is expected to remain elevated for longer than anticipated."

According to Shetty, interest rates and inflation are moving in a positive direction with limited upward risks. Additionally, he noted that the central bank intends to maintain control over growth expectations through various monetary policy tools.

This decision comes as the RBI continues to grapple with keeping retail inflation within the target of 4 per cent. While India's retail inflation eased to 6.83 per cent in August, Das acknowledged that it remains above the upper limit of RBI's tolerance band, highlighting concerns about inflation.

While the RBI governor anticipates a potential easing of retail inflation in September, the decline in kharif sowing poses a potential threat. The RBI has maintained its CPI-based inflation forecast for FY24 at 5.4 per cent.

In terms of GDP, the RBI has retained its forecast, expecting real gross domestic product (GDP) to grow at 6.5 per cent for the fiscal year 2023-24 (FY24).

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The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.

The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on Friday that the monetary policy committee (MPC) has opted to maintain the policy repo rate at 6.50 per cent, marking the fourth consecutive time the rate remains unchanged. In his policy statement, The Indian Express quoted Das as saying, "After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI's Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5 per cent." He emphasised the importance of both macroeconomic stability and inclusive growth, asserting that the combination of policies implemented in recent years, despite facing numerous and unprecedented challenges, had contributed to the achievement of stability in both macroeconomics and finance. Das noted that India has transitioned from the twin balance sheet stress of a decade ago to a twin balance sheet advantage, with both banks and corporate demonstrating healthier financial positions. Reacting to the RBI's decision to continue with the rate pause, Adhil Shetty, CEO of Bankbazaar.com, said, "The Reserve Bank of India expectedly kept the policy rates paused in its monetary policy review for October. This is welcome, although inflation is expected to remain elevated for longer than anticipated." According to Shetty, interest rates and inflation are moving in a positive direction with limited upward risks. Additionally, he noted that the central bank intends to maintain control over growth expectations through various monetary policy tools. This decision comes as the RBI continues to grapple with keeping retail inflation within the target of 4 per cent. While India's retail inflation eased to 6.83 per cent in August, Das acknowledged that it remains above the upper limit of RBI's tolerance band, highlighting concerns about inflation. While the RBI governor anticipates a potential easing of retail inflation in September, the decline in kharif sowing poses a potential threat. The RBI has maintained its CPI-based inflation forecast for FY24 at 5.4 per cent. In terms of GDP, the RBI has retained its forecast, expecting real gross domestic product (GDP) to grow at 6.5 per cent for the fiscal year 2023-24 (FY24). WATCH WION LIVE HERE

RBI holds repo rate steady at 6.5 per cent for the fourth time, inflation remains a concern

The German antitrust body has secured a major win against a big tech firm. Alphabet's Google has agreed to change its user data practices to end an antitrust investigation aimed at curbing its data-driven market power. He added that this will not only protect the users' right to determine the use of their data but also curb Google’s data-driven market power.

Google settles German antitrust probe

In just a week, Marrakech is set to host over 10,000 global financial elite for the IMF and world bank talks. But just an hour away, a different reality unfolds in the high Atlas Mountains, where villagers still grapple with the aftermath of a deadly earthquake that claimed the lives of 3,000 people.

Morocco preps for finance summit amid crisis

Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year.

The financial giant's analysts anticipate investors to closely examine the upcoming second-quarter results and comments from Indian tech companies for signs of a recovery in deal signings.

However, analysts Ankur Rudra and Bhavik Mehta have expressed their reservations, “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter," Reuters quoted them as saying.

The Indian tech sector has been grappling with challenges as clients, primarily based in the United States, have reduced tech spending, delayed projects, and even cancelled contracts, citing concerns over slower economic growth and potential long-term interest rate hikes.

"Investors have assumed FY24 is a washout and shifted focus to FY25, hoping for a rebound," Reuters quoted the analysts as saying. They noted that this shift in focus has contributed to the Nifty IT index outperforming the broader Nifty 50 over the past three months.

In the upcoming quarterly earnings reports, the key areas of interest will be deal signings and the distinction between new deals and renewals. This analysis will help assess the potential for growth in fiscal 2025.

However, despite this anticipation, Rudra and Mehta have argued that their recent discussions with industry executives did not reveal "any meaningful optimism of a demand rebound."&nbsp;

"There are green shoots in certain paths, but overall decision-making and deal ramp-ups remain sluggish," both analysts noted.&nbsp;

JPMorgan's outlook for large-cap tech companies in fiscal 2025 suggests high single-digit earnings growth, which is lower than market expectations of double-digit growth. Similarly, mid-cap companies are expected to see low double-digit growth, compared to market expectations of mid-teens growth.

&nbsp;(With inputs from Reuters)

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Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year.

Leading Indian tech firms are preparing for a tough year ahead as they look to bounce back in the next financial year after what JPMorgan analysts have referred to as a "washout" year. The financial giant's analysts anticipate investors to closely examine the upcoming second-quarter results and comments from Indian tech companies for signs of a recovery in deal signings. However, analysts Ankur Rudra and Bhavik Mehta have expressed their reservations, “We remain negative on the sector as we haven't seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter," Reuters quoted them as saying. The Indian tech sector has been grappling with challenges as clients, primarily based in the United States, have reduced tech spending, delayed projects, and even cancelled contracts, citing concerns over slower economic growth and potential long-term interest rate hikes. "Investors have assumed FY24 is a washout and shifted focus to FY25, hoping for a rebound," Reuters quoted the analysts as saying. They noted that this shift in focus has contributed to the Nifty IT index outperforming the broader Nifty 50 over the past three months. In the upcoming quarterly earnings reports, the key areas of interest will be deal signings and the distinction between new deals and renewals. This analysis will help assess the potential for growth in fiscal 2025. However, despite this anticipation, Rudra and Mehta have argued that their recent discussions with industry executives did not reveal "any meaningful optimism of a demand rebound." "There are green shoots in certain paths, but overall decision-making and deal ramp-ups remain sluggish," both analysts noted. JPMorgan's outlook for large-cap tech companies in fiscal 2025 suggests high single-digit earnings growth, which is lower than market expectations of double-digit growth. Similarly, mid-cap companies are expected to see low double-digit growth, compared to market expectations of mid-teens growth. (With inputs from Reuters) WATCH WION LIVE HERE

Here is JPMorgan's outlook for Indian tech firms

Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday.&nbsp;

The German antitrust watchdog had issued a statement of objections to Google in January, expressing concerns over the company's data processing terms. It argued that users were not provided with sufficient options regarding the extensive processing of their data across Google's various services.&nbsp;

Tech giants like Google rely heavily on selling targeted advertising, a lucrative business model driven by the vast amounts of user data they accumulate. This model has come under regulatory scrutiny worldwide.&nbsp;

The German regulator noted that Google's commitments would empower users with more control over how their data is utilised across the company's platforms. &nbsp;

Reuters cited Andreas Mundt, President of the cartel office, who emphasised the significance of this development, stating, "In the future, users of Google services will have a much better choice as to what happens to their data, how Google can use them and whether their data may be used across services. This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power."&nbsp;

Google's commitment extends to over 25 other services, including Gmail, Google News, Assistant, Contacts, and Google TV. However, it does not encompass Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome, and Google's online advertising services. These services fall under the jurisdiction of a new EU legislation known as the Digital Markets Act, which imposes similar obligations.&nbsp;

The German competition authority has intensified its scrutiny of major tech companies since it gained expanded powers, known as Section 19a GWB, in 2021. These powers empower the authority to investigate and prohibit certain practices by companies deemed to possess paramount significance and cross-market influence.&nbsp;

This newfound authority has led to investigations into other tech giants, including Amazon, Meta Platforms, and Apple.&nbsp;

(With inputs from Reuters)&nbsp;

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Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday.

Alphabet subsidiary Google has reached an agreement to revamp its user data practices, marking the end of a German antitrust investigation aimed at curbing the tech giant's data-driven market dominance, the German cartel office announced on Thursday. The German antitrust watchdog had issued a statement of objections to Google in January, expressing concerns over the company's data processing terms. It argued that users were not provided with sufficient options regarding the extensive processing of their data across Google's various services. Tech giants like Google rely heavily on selling targeted advertising, a lucrative business model driven by the vast amounts of user data they accumulate. This model has come under regulatory scrutiny worldwide. The German regulator noted that Google's commitments would empower users with more control over how their data is utilised across the company's platforms. Reuters cited Andreas Mundt, President of the cartel office, who emphasised the significance of this development, stating, "In the future, users of Google services will have a much better choice as to what happens to their data, how Google can use them and whether their data may be used across services. This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power." Google's commitment extends to over 25 other services, including Gmail, Google News, Assistant, Contacts, and Google TV. However, it does not encompass Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome, and Google's online advertising services. These services fall under the jurisdiction of a new EU legislation known as the Digital Markets Act, which imposes similar obligations. The German competition authority has intensified its scrutiny of major tech companies since it gained expanded powers, known as Section 19a GWB, in 2021. These powers empower the authority to investigate and prohibit certain practices by companies deemed to possess paramount significance and cross-market influence. This newfound authority has led to investigations into other tech giants, including Amazon, Meta Platforms, and Apple. (With inputs from Reuters) WATCH WION LIVE HERE

Google agrees to overhaul user data practices to resolve German antitrust probe 

Global sugar prices soared to their highest level in almost 13 years in September due to the El Nino weather phenomenon in India and Thailand, the UN food agency said on Friday (Oct 6), while noting that the overall food index was mostly stable nevertheless.

Declines in indices for vegetable oils, dairy and meat offset the surge in sugar and maize prices, said Food and Agriculture Organization (FAO).

World food price index

According to the UN food agency, the price index which tracks the most globally traded food commodities averaged an estimated 121.5 points in September against the revised 121.6 for August, which previously stood at 121.4 points.&nbsp;

As per Reuters, last month’s figure was 10.7 per cent down year-on-year and 24 per cent below the all-time high reached in March 2022, after the Russian invasion of Ukraine.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/india-to-cap-sugar-exports-until-h1-2024-as-el-nino-looms-report-603565">India to cap sugar exports until H1 2024 as El Nino looms: Report</a>

The UN food agency’s cereal index rose 1.0 per cent from the previous month with prices in maize rising as much as seven per cent which has been attributed to a strong demand for Brazilian supplies and slower selling in Argentina as well as an increased barge freight rates in the United States.&nbsp;

Meanwhile, international wheat prices dropped by 1.6 per cent after Russia showed strong supplies and good production prospects, according to the FAO. The price for rice had skyrocketed nearly 10 per cent in August only dipping 0.5 per cent last month amid low import demand.&nbsp;

The UN food agency also noted a drop in the prices of dairy products by 2.3 per cent marking a ninth successive monthly fall which has been attributed to low global import demand and ample stocks.&nbsp;

The FAO has also forecasted the world cereal production this year at 2.819 billion tonnes slightly over the previous estimate of 2.815 billion. This is almost entirely driven by more positive yield estimates for Russia and Ukraine due to continued favourable weather conditions, said the UN food agency.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/financial-institutions-on-high-alert-as-el-nino-poses-risk-to-farm-loans-says-report-606351">Financial Institutions on high alert as El Nino poses risk to farm loans, says report&nbsp;</a>

<h2>Global sugar prices hit 13-year high</h2>

While the food prices across the world steadied, the FAO noted that their Sugar Price Index jumped by 9.8 per cent in September when compared to the month before that, reaching the highest point since November 2010.&nbsp;

This surge has been attributed to the El Nino weather phenomenon which has affected the production in India and Thailand. The climate pattern is often marked by warming ocean surface temperatures and extreme weather events.&nbsp;

The rise in FAO’s Sugar Price Index for a second consecutive month has also raised concerns over a tighter global supply outlook in the upcoming season.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/un-declares-onset-of-el-nino-says-itll-break-temperature-records-611836">UN declares onset of El Nino, says it'll break temperature records</a>

“This mainly reflects early forecasts pointing to production declines in key sugar producers, Thailand and India, due to drier-than-normal weather conditions associated with the prevailing El Nino event,” said the FAO.&nbsp;

“Higher international crude oil prices also contributed to the increase in world sugar prices,” it added.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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Global sugar prices soared to their highest level in almost 13 years in September due to the El Nino weather phenomenon in India and Thailand, the UN food agency said on Friday (Oct 6), while noting that the overall food index was mostly stable nevertheless.

Global sugar prices soared to their highest level in almost 13 years in September due to the El Nino weather phenomenon in India and Thailand, the UN food agency said on Friday (Oct 6), while noting that the overall food index was mostly stable nevertheless. Declines in indices for vegetable oils, dairy and meat offset the surge in sugar and maize prices, said Food and Agriculture Organization (FAO). World food price index According to the UN food agency, the price index which tracks the most globally traded food commodities averaged an estimated 121.5 points in September against the revised 121.6 for August, which previously stood at 121.4 points. As per Reuters, last month’s figure was 10.7 per cent down year-on-year and 24 per cent below the all-time high reached in March 2022, after the Russian invasion of Ukraine. ALSO READ | India to cap sugar exports until H1 2024 as El Nino looms: Report The UN food agency’s cereal index rose 1.0 per cent from the previous month with prices in maize rising as much as seven per cent which has been attributed to a strong demand for Brazilian supplies and slower selling in Argentina as well as an increased barge freight rates in the United States. Meanwhile, international wheat prices dropped by 1.6 per cent after Russia showed strong supplies and good production prospects, according to the FAO. The price for rice had skyrocketed nearly 10 per cent in August only dipping 0.5 per cent last month amid low import demand. The UN food agency also noted a drop in the prices of dairy products by 2.3 per cent marking a ninth successive monthly fall which has been attributed to low global import demand and ample stocks. The FAO has also forecasted the world cereal production this year at 2.819 billion tonnes slightly over the previous estimate of 2.815 billion. This is almost entirely driven by more positive yield estimates for Russia and Ukraine due to continued favourable weather conditions, said the UN food agency. ALSO READ | Financial Institutions on high alert as El Nino poses risk to farm loans, says report Global sugar prices hit 13-year high While the food prices across the world steadied, the FAO noted that their Sugar Price Index jumped by 9.8 per cent in September when compared to the month before that, reaching the highest point since November 2010. This surge has been attributed to the El Nino weather phenomenon which has affected the production in India and Thailand. The climate pattern is often marked by warming ocean surface temperatures and extreme weather events. The rise in FAO’s Sugar Price Index for a second consecutive month has also raised concerns over a tighter global supply outlook in the upcoming season. ALSO READ | UN declares onset of El Nino, says it'll break temperature records “This mainly reflects early forecasts pointing to production declines in key sugar producers, Thailand and India, due to drier-than-normal weather conditions associated with the prevailing El Nino event,” said the FAO. “Higher international crude oil prices also contributed to the increase in world sugar prices,” it added. (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.

World sugar prices hit 13-year high in Sep due to El Nino; food price index 'mostly stable': FAO

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte. &nbsp;

Duarte, a Portuguese climate finance expert, is determined to ensure that the GCF reaches communities and individuals who have thus far been underserved by climate finance efforts.&nbsp;

Speaking ahead of a pledging conference in Bonn, Duarte highlighted the need for a broader network of partners. "My premise is if we are to achieve the (climate) goals, we have to mobilize as much action as possible, and therefore we can't rely on a network of a few dozen institutions - we really need to work with a much broader network," Reuters quoted her as saying.&nbsp;

She emphasised the importance of understanding local contexts and communities to deliver impactful projects effectively.&nbsp;

One of Duarte's key proposals involves redirecting GCF resources to support local commercial banks and businesses in regions like Kenya. These entities would provide credit to farmers for clean energy equipment and facilitate the adoption of greener practices, such as solar-powered irrigation. Duarte recounted how climate-resilient agriculture projects funded by the GCF had already improved the lives of women farmers in East Africa.&nbsp;

While Duarte's vision for the GCF is promising, the United Nations estimates that hundreds of billions of dollars are required annually to help developing countries address global warming. Although rich nations pledged $9.3 billion for the 2024-2027 period, some climate justice groups expressed disappointment.&nbsp;

Reuters quoted Erika Lennon from the Centre for International Environmental Law as saying, "The overall amount pledged to the GCF is nowhere near commensurate with the urgency this crisis and climate justice demands."&nbsp;

Duarte remains optimistic, stating that several countries, including the United States, Italy, Sweden, Switzerland, and Australia, are still in the process of allocating funds. She believes these contributions, along with ongoing efforts, will surpass the 2019 pledges, with Australia recommitting to the GCF after a hiatus.&nbsp;

However, the U.S. has encountered challenges in securing congressional approval for international climate finance allocations. While President Joe Biden contributed $1 billion earlier this year, the U.S. still needs to fulfil its $3 billion pledge made by former President Barack Obama.&nbsp;

Aside from mobilising more funds, Duarte intends to simplify the process for developing countries to access GCF resources. Her "50by30" vision aims to efficiently manage $50 billion by 2030 and enhance the fund's impact. Duarte envisions expanding the pool of donors, calling on countries like China and fossil fuel-rich Gulf states to join. New donors, Israel and Mongolia, have already pledged contributions.&nbsp;

The "50by30" vision also prioritises vulnerable communities, private-sector involvement, streamlined project approval processes, and economic system transformation. To cater to the diverse needs of its partners, Duarte plans to adopt a tailored approach. She affirmed, "We have to meet the organisations where they are."&nbsp;

(With inputs from Reuters)&nbsp;

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The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte.

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte. Duarte, a Portuguese climate finance expert, is determined to ensure that the GCF reaches communities and individuals who have thus far been underserved by climate finance efforts. Speaking ahead of a pledging conference in Bonn, Duarte highlighted the need for a broader network of partners. "My premise is if we are to achieve the (climate) goals, we have to mobilize as much action as possible, and therefore we can't rely on a network of a few dozen institutions - we really need to work with a much broader network," Reuters quoted her as saying. She emphasised the importance of understanding local contexts and communities to deliver impactful projects effectively. One of Duarte's key proposals involves redirecting GCF resources to support local commercial banks and businesses in regions like Kenya. These entities would provide credit to farmers for clean energy equipment and facilitate the adoption of greener practices, such as solar-powered irrigation. Duarte recounted how climate-resilient agriculture projects funded by the GCF had already improved the lives of women farmers in East Africa. While Duarte's vision for the GCF is promising, the United Nations estimates that hundreds of billions of dollars are required annually to help developing countries address global warming. Although rich nations pledged $9.3 billion for the 2024-2027 period, some climate justice groups expressed disappointment. Reuters quoted Erika Lennon from the Centre for International Environmental Law as saying, "The overall amount pledged to the GCF is nowhere near commensurate with the urgency this crisis and climate justice demands." Duarte remains optimistic, stating that several countries, including the United States, Italy, Sweden, Switzerland, and Australia, are still in the process of allocating funds. She believes these contributions, along with ongoing efforts, will surpass the 2019 pledges, with Australia recommitting to the GCF after a hiatus. However, the U.S. has encountered challenges in securing congressional approval for international climate finance allocations. While President Joe Biden contributed $1 billion earlier this year, the U.S. still needs to fulfil its $3 billion pledge made by former President Barack Obama. Aside from mobilising more funds, Duarte intends to simplify the process for developing countries to access GCF resources. Her "50by30" vision aims to efficiently manage $50 billion by 2030 and enhance the fund's impact. Duarte envisions expanding the pool of donors, calling on countries like China and fossil fuel-rich Gulf states to join. New donors, Israel and Mongolia, have already pledged contributions. The "50by30" vision also prioritises vulnerable communities, private-sector involvement, streamlined project approval processes, and economic system transformation. To cater to the diverse needs of its partners, Duarte plans to adopt a tailored approach. She affirmed, "We have to meet the organisations where they are." (With inputs from Reuters) WATCH WION LIVE HERE

Green Climate Fund's new head aims to include left-out communities in climate finance 

With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today.

In this story, we explore how Disney evolved from the early struggles of Walt Disney, to the birth of Mickey Mouse, to its growth during tough times, all the way towards where the company stands at present.

Walt Disney’s early dreams&nbsp;

Disney came to life after Walt Disney’s return from World War I, when he embarked on a quest to establish himself as an artist, eventually finding himself at Pesmen-Rubin Commercial Art Studio. It was there that he crossed paths with Ubbe Iwwerks, a talented animator who played a pivotal role in Disney's journey.

Their initial attempt at running their own studio ended in failure, but this setback did not deter them. Undaunted, they pursued their creative ambitions, leading to the creation of "Laugh-O-Grams," a series of comedic shorts. Financial challenges persisted, and the venture collapsed in 1923, prompting Walt's departure for Hollywood. It was this move that pushed Disney towards starting the company we know so well today.

The birth of Mickey Mouse&nbsp;

In the late 1920s, Walt Disney came up with the iconic cartoon - Mickey Mouse. The character's origins remain a subject of debate, with speculation ranging from a wastepaper basket in Kansas to Iwwerks flipping through animal photos for inspiration. Regardless of its origin, Mickey Mouse marked a turning point in Disney's history.

Walt understood the potential of this character not just as a creative icon but also as a strategic business asset. Mickey Mouse became the face of Disney, a symbol of hope and innovation. With the release of 'Steamboat Willie', a film that not only entertained but also showcased groundbreaking sound and animation synchronisation, Disney demonstrated its commitment to staying at the forefront of technological advancement while building a brand that would capture the hearts of millions.

The golden age of animation: Weathering the great depression &nbsp;

Disney's journey through the Great Depression was marked by creative milestones that set it apart from competitors. Despite the financial turmoil of the era, Disney released the world's first colour cartoons and, in 1937, the first animated feature-length film, 'Snow White and The Seven Dwarfs'. These accomplishments, though remarkable, came at a steep cost.

During this period, Disney was comprised of four separate companies, which eventually merged into Walt Disney Productions in 1938. While the company faced financial struggles, it understood the importance of innovation and diversification to secure its future. In 1940, Walt Disney Productions issued preferred stock, raising approximately $3.875 million, a strategic move that helped stabilize the company.

Expansion into film and media&nbsp;

Disney's ambition stretched beyond animation, leading to strategic diversification. While Disney's commitment to creativity was not always financially rewarding, with films like 'Bambi', 'Fantasia', and 'Cinderella' proving costly to produce, Walt Disney had a vision that went beyond traditional animation.

To fund his dream of creating the "ultimate amusement park", Walt engaged in complex financial manoeuvres. He set up a private company holding the merchandising rights to his name, later repurchasing it for $46.2 million in shares. Moreover, he struck a deal with ABC to create a TV series that would invest in Disneyland. This ingenious move secured the funding needed for his grand vision and laid the groundwork for Disney's expansion into new realms of entertainment.

The start of Disneyland&nbsp;

The culmination of Walt Disney's vision led to the opening of Disneyland in 1955. To fund this monumental project, Walt utilised his life insurance policy as collateral for a loan. Furthermore, he established another private company that owned the merchandising rights to his name, later reacquiring it for $46.2 million in shares.

Disney's partnership with ABC further facilitated the realisation of Disneyland, as they created a TV series that became a cultural phenomenon. Over five years, gross income grew from $27 million to $70 million. Disneyland's success marked a pivotal moment in Disney's history, demonstrating the power of imagination, strategic partnerships, and visionary leadership.

From Disneyland to Disney World&nbsp;

Following the launch of Disneyland, Disney continued its expansion to set up Disney world in Florida. Overcoming immense financial challenges, they gradually purchased Disneyland and solidified their status as a major entertainment player. Tragically, the passing of Walt Disney in 1966 marked the end of an era. However, his legacy lived on under the leadership of his brother Roy.

The journey continued as Disney faced ups and downs, with its stock price rising only nominally after being listed in 1957. It was not until the 1980s that the company's brand assets, including its film catalogue and theme parks, began to be fully realised. The 1980s and 1990s saw remarkable growth, making Disney the largest entertainment empire globally. The strategic vision laid by Walt and Roy Disney became a foundation for Disney's enduring success as a business conglomerate.

As Disney continues to thrive in the modern era, it stands as an example of how dreams and creativity can be successfully intertwined with judicious business strategies. The company lived up to Disney’s vision proving his own words to be true, "If you can dream it, you can do it."

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With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today.

With multiple theme parks and universes scattered across California, Tokyo, Paris, Hong Kong, Florida and Hong Kong, The Disney Company has come a long way, from being an animator to a creator of live action films to becoming the massive media empire we know today. In this story, we explore how Disney evolved from the early struggles of Walt Disney, to the birth of Mickey Mouse, to its growth during tough times, all the way towards where the company stands at present. Walt Disney’s early dreams Disney came to life after Walt Disney’s return from World War I, when he embarked on a quest to establish himself as an artist, eventually finding himself at Pesmen-Rubin Commercial Art Studio. It was there that he crossed paths with Ubbe Iwwerks, a talented animator who played a pivotal role in Disney's journey. Their initial attempt at running their own studio ended in failure, but this setback did not deter them. Undaunted, they pursued their creative ambitions, leading to the creation of "Laugh-O-Grams," a series of comedic shorts. Financial challenges persisted, and the venture collapsed in 1923, prompting Walt's departure for Hollywood. It was this move that pushed Disney towards starting the company we know so well today. The birth of Mickey Mouse In the late 1920s, Walt Disney came up with the iconic cartoon - Mickey Mouse. The character's origins remain a subject of debate, with speculation ranging from a wastepaper basket in Kansas to Iwwerks flipping through animal photos for inspiration. Regardless of its origin, Mickey Mouse marked a turning point in Disney's history. Walt understood the potential of this character not just as a creative icon but also as a strategic business asset. Mickey Mouse became the face of Disney, a symbol of hope and innovation. With the release of 'Steamboat Willie', a film that not only entertained but also showcased groundbreaking sound and animation synchronisation, Disney demonstrated its commitment to staying at the forefront of technological advancement while building a brand that would capture the hearts of millions. The golden age of animation: Weathering the great depression Disney's journey through the Great Depression was marked by creative milestones that set it apart from competitors. Despite the financial turmoil of the era, Disney released the world's first colour cartoons and, in 1937, the first animated feature-length film, 'Snow White and The Seven Dwarfs'. These accomplishments, though remarkable, came at a steep cost. During this period, Disney was comprised of four separate companies, which eventually merged into Walt Disney Productions in 1938. While the company faced financial struggles, it understood the importance of innovation and diversification to secure its future. In 1940, Walt Disney Productions issued preferred stock, raising approximately $3.875 million, a strategic move that helped stabilize the company. Expansion into film and media Disney's ambition stretched beyond animation, leading to strategic diversification. While Disney's commitment to creativity was not always financially rewarding, with films like 'Bambi', 'Fantasia', and 'Cinderella' proving costly to produce, Walt Disney had a vision that went beyond traditional animation. To fund his dream of creating the "ultimate amusement park", Walt engaged in complex financial manoeuvres. He set up a private company holding the merchandising rights to his name, later repurchasing it for $46.2 million in shares. Moreover, he struck a deal with ABC to create a TV series that would invest in Disneyland. This ingenious move secured the funding needed for his grand vision and laid the groundwork for Disney's expansion into new realms of entertainment. The start of Disneyland The culmination of Walt Disney's vision led to the opening of Disneyland in 1955. To fund this monumental project, Walt utilised his life insurance policy as collateral for a loan. Furthermore, he established another private company that owned the merchandising rights to his name, later reacquiring it for $46.2 million in shares. Disney's partnership with ABC further facilitated the realisation of Disneyland, as they created a TV series that became a cultural phenomenon. Over five years, gross income grew from $27 million to $70 million. Disneyland's success marked a pivotal moment in Disney's history, demonstrating the power of imagination, strategic partnerships, and visionary leadership. From Disneyland to Disney World Following the launch of Disneyland, Disney continued its expansion to set up Disney world in Florida. Overcoming immense financial challenges, they gradually purchased Disneyland and solidified their status as a major entertainment player. Tragically, the passing of Walt Disney in 1966 marked the end of an era. However, his legacy lived on under the leadership of his brother Roy. The journey continued as Disney faced ups and downs, with its stock price rising only nominally after being listed in 1957. It was not until the 1980s that the company's brand assets, including its film catalogue and theme parks, began to be fully realised. The 1980s and 1990s saw remarkable growth, making Disney the largest entertainment empire globally. The strategic vision laid by Walt and Roy Disney became a foundation for Disney's enduring success as a business conglomerate. As Disney continues to thrive in the modern era, it stands as an example of how dreams and creativity can be successfully intertwined with judicious business strategies. The company lived up to Disney’s vision proving his own words to be true, "If you can dream it, you can do it." WATCH WION LIVE HERE

Flashback Friday: the story of Disney – from Mickey Mouse to the Magic Kingdom 

The World Trade Organization (WTO) halved its growth forecast for global goods trade for this year, on Thursday (Oct 5) citing persistent inflation, higher interest rates, the Ukraine war and a strained Chinese property market. &nbsp;Meanwhile, Kyiv said that its legal disputes with European Union member nations at the United Nations agency trade body were “on hold”.&nbsp;

<h2>WTO’s global trade growth forecast</h2>

WTO has given a number of factors which have cast a shadow over its outlook. According to the Geneva-based trade body, merchandise trade volumes would increase by just 0.8 per cent in 2023 which is less than half of its 1.7 per cent estimate back in April.&nbsp;

However, the 164-member trade body, for 2024 estimates that the goods trade growth would pick up to 3.3 per cent which is just 0.1 per cent higher than its previous estimate in April.&nbsp;

The WTO also expects the real-world GDP to increase by 2.6 per cent at market exchange rates this year and 2.5 per cent in 2024.&nbsp;

According to the WTO, the trade slowdown was broad-based and involved a larger number of countries and goods – particularly iron and steel; office and telecoms equipment; textiles and clothing. While cars were a notable exception witnessing a rise in sales this year.&nbsp;

The UN trade body also reiterated its warning that they have observed some trade fragmentation linked to global tensions but did not see any evidence of a broader de-globalisation that could threaten its forecast for the next year.&nbsp;

“The data suggest that goods continue to be produced through complex supply chains, but that the extent of these chains may have reached their high-water mark,” said the WTO. The UN trade body also said that it was immediately clear if the recent decline was due to geopolitical tensions or the general economic slowdown.

“The projected slowdown in trade for 2023 is cause for concern, because of the adverse implications for the living standards of people around the world,” said WTO director-general, Ngozi Okonjo-Iweala, adding that global economic fragmentation would only make these challenges worse.

<h2>Ukraine’s legal dispute at WTO</h2>

Kyiv said its <a href="https://www.wionews.com/world/ukraine-files-lawsuit-against-poland-hungary-and-slovakia-over-grain-import-bans-637289">lawsuits filed</a> against its neighbouring EU members – Poland, Slovakia and Hungary – over their bans on Ukrainian grain is “on hold”.&nbsp;

This comes after the war-torn country’s trade representative Taras Kachka, as per news agency Interfax Ukraine said, “We see that this problem will be eliminated in the coming weeks and months.”&nbsp;

The Ukrainian official also clarified that they are “not in a dispute” since they have not “formalised a working body to conduct a dispute,” adding that it is important to find a “constructive solution within the whole EU”.&nbsp;

Poland since welcomed Ukraine’s move and said that pausing of a complaint before the WTO is a “a necessary step”.&nbsp;

Polish government spokesman Piotr Muller told the PAP agency, “We look forward to further constructive actions by Ukraine to develop a suitable relationship on agricultural issues.”&nbsp;

(With inputs from agencies) 
 
&nbsp;

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The World Trade Organization (WTO) halved its growth forecast for global goods trade for this year, on Thursday (Oct 5) citing persistent inflation, higher interest rates, the Ukraine war and a strained Chinese property market.

The World Trade Organization (WTO) halved its growth forecast for global goods trade for this year, on Thursday (Oct 5) citing persistent inflation, higher interest rates, the Ukraine war and a strained Chinese property market. Meanwhile, Kyiv said that its legal disputes with European Union member nations at the United Nations agency trade body were “on hold”. WTO’s global trade growth forecast WTO has given a number of factors which have cast a shadow over its outlook. According to the Geneva-based trade body, merchandise trade volumes would increase by just 0.8 per cent in 2023 which is less than half of its 1.7 per cent estimate back in April. However, the 164-member trade body, for 2024 estimates that the goods trade growth would pick up to 3.3 per cent which is just 0.1 per cent higher than its previous estimate in April. The WTO also expects the real-world GDP to increase by 2.6 per cent at market exchange rates this year and 2.5 per cent in 2024. According to the WTO, the trade slowdown was broad-based and involved a larger number of countries and goods – particularly iron and steel; office and telecoms equipment; textiles and clothing. While cars were a notable exception witnessing a rise in sales this year. The UN trade body also reiterated its warning that they have observed some trade fragmentation linked to global tensions but did not see any evidence of a broader de-globalisation that could threaten its forecast for the next year. “The data suggest that goods continue to be produced through complex supply chains, but that the extent of these chains may have reached their high-water mark,” said the WTO. The UN trade body also said that it was immediately clear if the recent decline was due to geopolitical tensions or the general economic slowdown. “The projected slowdown in trade for 2023 is cause for concern, because of the adverse implications for the living standards of people around the world,” said WTO director-general, Ngozi Okonjo-Iweala, adding that global economic fragmentation would only make these challenges worse. Ukraine’s legal dispute at WTO Kyiv said its lawsuits filed against its neighbouring EU members – Poland, Slovakia and Hungary – over their bans on Ukrainian grain is “on hold”. This comes after the war-torn country’s trade representative Taras Kachka, as per news agency Interfax Ukraine said, “We see that this problem will be eliminated in the coming weeks and months.” The Ukrainian official also clarified that they are “not in a dispute” since they have not “formalised a working body to conduct a dispute,” adding that it is important to find a “constructive solution within the whole EU”. Poland since welcomed Ukraine’s move and said that pausing of a complaint before the WTO is a “a necessary step”. Polish government spokesman Piotr Muller told the PAP agency, “We look forward to further constructive actions by Ukraine to develop a suitable relationship on agricultural issues.” (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.

WTO halves 2023 global trade growth forecast; Ukraine’s legal disputes with EU nations ‘on hold’

FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting."

"But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added.

<h2>A car race ad contradicts lawyer's remarks</h2>

However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives.

During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David.

Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company."

The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses.

Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund.

Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds.

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FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business.

FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting." "But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added. A car race ad contradicts lawyer's remarks However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives. During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David. Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company." The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses. Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund. Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds. 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.

Bankman-Fried trial: Crypto was not for everyone, says FTX founder's lawyer

Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy. &nbsp;

The restructuring plan introduces new prominent investors while erasing the stakes held by over 250,000 shareholders. This drastic measure follows SAS's filing for bankruptcy protection in the United States in 2022, resulting from years of grappling with high operational costs, coupled with reduced customer demand amid the COVID-19 pandemic, The Economic Times reported.&nbsp;

SAS disclosed that U.S. investment firm Castlelake and Air France-KLM will emerge as major shareholders alongside the Danish state, leading to the delisting of the airline's stock from the Stockholm, Copenhagen, and Oslo exchanges. Air France-KLM, in particular, aims to integrate SAS flights into its own airlines operating from its Amsterdam and Paris hubs, thereby bolstering its Nordic presence. &nbsp;

The restructuring will see Castlelake holding a stake of approximately 32 per cent, Air France-KLM owning around 20 per cent, Danish investor Lind Invest acquiring 8.6 per cent, and the Danish state retaining about 26 per cent. The remaining equity is anticipated to be distributed among creditors. As a result, SAS shares plummeted by 83 per cent, trading at 0.05 Swedish crowns ($0.0045).&nbsp;

This move necessitates the cancellation, redemption, and delisting of all SAS's common shares and listed commercial hybrid bonds, scheduled to occur in the second quarter of 2024.&nbsp;

Sydbank analyst Jacob Pedersen suggested that the residual value of SAS shares may be due to potential legal challenges or investor optimism. He emphasised that SAS management had previously acknowledged the risk of shares becoming worthless, which has now materialised. The Economic Times quoted Pedersen as saying, "If you can't find someone even more opportunistic and risk-averse than yourself to sell it to, you will ultimately end up with a loss.”&nbsp;

CNBC reported that SAS's decision to exit the Star Alliance, of which it is a founding member, and join the Sky Team Alliance, aligned with Air France-KLM, could have significant implications for the airline industry, particularly in terms of the power dynamics between the two alliances.&nbsp;

According to Pedersen, this shift in alliances strengthens Sky Team, particularly in the Nordic region, potentially prompting some Star Alliance airlines to reconsider their strategies or presence due to the loss of SAS as an alliance partner. &nbsp;

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Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy.

Scandinavian Airlines (SAS) witnessed a staggering 95 per cent drop in its shares as it unveiled a comprehensive financial restructuring plan aimed at averting bankruptcy. The restructuring plan introduces new prominent investors while erasing the stakes held by over 250,000 shareholders. This drastic measure follows SAS's filing for bankruptcy protection in the United States in 2022, resulting from years of grappling with high operational costs, coupled with reduced customer demand amid the COVID-19 pandemic, The Economic Times reported. SAS disclosed that U.S. investment firm Castlelake and Air France-KLM will emerge as major shareholders alongside the Danish state, leading to the delisting of the airline's stock from the Stockholm, Copenhagen, and Oslo exchanges. Air France-KLM, in particular, aims to integrate SAS flights into its own airlines operating from its Amsterdam and Paris hubs, thereby bolstering its Nordic presence. The restructuring will see Castlelake holding a stake of approximately 32 per cent, Air France-KLM owning around 20 per cent, Danish investor Lind Invest acquiring 8.6 per cent, and the Danish state retaining about 26 per cent. The remaining equity is anticipated to be distributed among creditors. As a result, SAS shares plummeted by 83 per cent, trading at 0.05 Swedish crowns ($0.0045). This move necessitates the cancellation, redemption, and delisting of all SAS's common shares and listed commercial hybrid bonds, scheduled to occur in the second quarter of 2024. Sydbank analyst Jacob Pedersen suggested that the residual value of SAS shares may be due to potential legal challenges or investor optimism. He emphasised that SAS management had previously acknowledged the risk of shares becoming worthless, which has now materialised. The Economic Times quoted Pedersen as saying, "If you can't find someone even more opportunistic and risk-averse than yourself to sell it to, you will ultimately end up with a loss.” CNBC reported that SAS's decision to exit the Star Alliance, of which it is a founding member, and join the Sky Team Alliance, aligned with Air France-KLM, could have significant implications for the airline industry, particularly in terms of the power dynamics between the two alliances. According to Pedersen, this shift in alliances strengthens Sky Team, particularly in the Nordic region, potentially prompting some Star Alliance airlines to reconsider their strategies or presence due to the loss of SAS as an alliance partner. WATCH WION LIVE HERE

European carrier SAS’s shares plummet by 95 pc in wake of major restructuring 

The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday.&nbsp;

The report reveals that regional economic growth is expected to decrease to 2.5 per cent in 2023, down from 3.6 per cent recorded last year. However, there is hope, with projections indicating a rebound to 3.7 per cent next year and 4.1 per cent in 2025.&nbsp;

One concerning trend highlighted in the report is the lack of positive per capita growth in the region since 2015. Despite a rapid increase in population, economic activity in African countries has failed to keep pace. The result is a growing gap between population growth and job creation.&nbsp;

According to the World Bank's "Africa's Pulse" report, approximately 12 million Africans join the labour market annually, but the current economic growth patterns only generate around 3 million formal sector jobs. This, in turn, places a significant burden on the region's most vulnerable and impoverished individuals.&nbsp;

Reuters cited Andrew Dabalen, the Chief Economist for Africa at the World Bank, who expressed his concerns, stating, "The region's poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth."&nbsp;

In a worrisome trend, more than half of the region's countries, precisely 28 out of 48, have seen a downward revision in their 2023 growth forecasts compared to the World Bank's April estimates.&nbsp;

South Africa, the most developed economy on the continent, is expected to experience a 0.5 per cent growth this year, primarily due to its ongoing energy crisis. Similarly, top oil producers Nigeria and Angola are projected to witness growth slowdowns, with rates of 2.9 per cent and 1.3 per cent, respectively.&nbsp;

The report also highlights the dire situation in Sudan, where a major internal armed conflict has led to infrastructure destruction and a stagnant economy, resulting in a projected 12 per cent contraction.&nbsp;

Excluding Sudan from the equation, the regional growth would be slightly more promising, at 3.1 per cent.&nbsp;

"The region is projected to contract at an annual average rate per capita of 0.1 per cent over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices," the report stated.&nbsp;

Additionally, while inflation in sub-Saharan Africa is expected to decrease to 7.3 per cent this year from 9.3 per cent in 2022, it remains above central bank targets in most countries.&nbsp;

Moreover, recent military coups in Niger and Gabon, along with army takeovers in Guinea, Mali, and Burkina Faso, and ongoing armed conflicts in the Democratic Republic of Congo, Ethiopia, Somalia, and Sudan, have introduced additional risks to stability in Africa.&nbsp;

Furthermore, the mounting debt crisis is putting immense strain on the region's resources, with a staggering 31 per cent of regional revenues being consumed by interest and loan payments in 2022.&nbsp;

(With inputs from Reuters)&nbsp;

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The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday.

The economic growth of Sub-Saharan Africa is poised to slow down this year, largely due to the underperformance of economic powerhouses like South Africa, Nigeria, and Angola, as per the latest report from the World Bank, released on Wednesday. The report reveals that regional economic growth is expected to decrease to 2.5 per cent in 2023, down from 3.6 per cent recorded last year. However, there is hope, with projections indicating a rebound to 3.7 per cent next year and 4.1 per cent in 2025. One concerning trend highlighted in the report is the lack of positive per capita growth in the region since 2015. Despite a rapid increase in population, economic activity in African countries has failed to keep pace. The result is a growing gap between population growth and job creation. According to the World Bank's "Africa's Pulse" report, approximately 12 million Africans join the labour market annually, but the current economic growth patterns only generate around 3 million formal sector jobs. This, in turn, places a significant burden on the region's most vulnerable and impoverished individuals. Reuters cited Andrew Dabalen, the Chief Economist for Africa at the World Bank, who expressed his concerns, stating, "The region's poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth." In a worrisome trend, more than half of the region's countries, precisely 28 out of 48, have seen a downward revision in their 2023 growth forecasts compared to the World Bank's April estimates. South Africa, the most developed economy on the continent, is expected to experience a 0.5 per cent growth this year, primarily due to its ongoing energy crisis. Similarly, top oil producers Nigeria and Angola are projected to witness growth slowdowns, with rates of 2.9 per cent and 1.3 per cent, respectively. The report also highlights the dire situation in Sudan, where a major internal armed conflict has led to infrastructure destruction and a stagnant economy, resulting in a projected 12 per cent contraction. Excluding Sudan from the equation, the regional growth would be slightly more promising, at 3.1 per cent. "The region is projected to contract at an annual average rate per capita of 0.1 per cent over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices," the report stated. Additionally, while inflation in sub-Saharan Africa is expected to decrease to 7.3 per cent this year from 9.3 per cent in 2022, it remains above central bank targets in most countries. Moreover, recent military coups in Niger and Gabon, along with army takeovers in Guinea, Mali, and Burkina Faso, and ongoing armed conflicts in the Democratic Republic of Congo, Ethiopia, Somalia, and Sudan, have introduced additional risks to stability in Africa. Furthermore, the mounting debt crisis is putting immense strain on the region's resources, with a staggering 31 per cent of regional revenues being consumed by interest and loan payments in 2022. (With inputs from Reuters) WATCH WION LIVE HERE

Sub-Saharan Africa faces economic slowdown as key players falter, World Bank warns 

U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing.&nbsp;

Speaking at a Fortune CEO event in Washington, Yellen reiterated her belief that the United States should not sever its economic ties with China but rather explore alternative supply sources.&nbsp;

Yellen noted her prior reservations about endorsing industrial policy but pointed out that the United States had observed other countries building formidable semiconductor industries with substantial government support for too long.&nbsp;

Highlighting the importance of a robust domestic semiconductor sector for national security, she emphasised the role of last year's Chips and Science Act in reversing the decline in this critical industry.&nbsp;

Yellen warned against the misconception that abandoning semiconductor manufacturing entirely would be a wise strategy for the United States. &nbsp;

"We're fooling ourselves if we think that abandoning, for all practical purposes, semiconductor manufacturing, is a smart strategy for the United States," Reuters quoted her as saying.&nbsp;

(With inputs from Reuters) &nbsp;

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U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing.

U.S. Treasury Secretary Janet Yellen has expressed concerns about the United States' excessive reliance on China for vital supply chains, particularly in the clean energy sector, emphasizing the need to diversify sourcing. Speaking at a Fortune CEO event in Washington, Yellen reiterated her belief that the United States should not sever its economic ties with China but rather explore alternative supply sources. Yellen noted her prior reservations about endorsing industrial policy but pointed out that the United States had observed other countries building formidable semiconductor industries with substantial government support for too long. Highlighting the importance of a robust domestic semiconductor sector for national security, she emphasised the role of last year's Chips and Science Act in reversing the decline in this critical industry. Yellen warned against the misconception that abandoning semiconductor manufacturing entirely would be a wise strategy for the United States. "We're fooling ourselves if we think that abandoning, for all practical purposes, semiconductor manufacturing, is a smart strategy for the United States," Reuters quoted her as saying. (With inputs from Reuters) WATCH WION LIVE HERE

US treasury secretary calls to diversify supply chains amid dependency on China 

In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing.&nbsp;

Cook's recent transaction involved the sale of 511,000 shares, initially valued at approximately $87.8 million before factoring in tax deductions. This follows a significant stock sale in August 2021 that raked in $355 million for Cook.&nbsp;

The filing reveals that even after this sale, Tim Cook still retains ownership of around 3.3 million shares, with a total value of approximately $565 million.&nbsp;

While Apple's shares once soared to a record high of $198.23 in July, they have since experienced a 13 per cent decline. Investors have expressed concerns over the slower-than-expected recovery in smartphone demand.&nbsp;

Notably, Apple introduced its latest iPhone 15 lineup just last month, without increasing prices. This strategic move was seen by industry experts as a response to a global decline in smartphone sales.&nbsp;

Prior to the stock market's opening, shares of the Cupertino-based tech giant were down by 0.6 per cent.&nbsp;

In response to these market dynamics, analysts at KeyBanc downgraded Apple's stock rating from "overweight" to "sector-weight" on Wednesday. Their apprehensions primarily stem from worries that sales growth in the United States, Apple's largest geographical market, is poised to decelerate further in the fourth quarter. The brokerage highlighted the fact that escalating inflation was discouraging fewer American smartphone users from upgrading their devices.&nbsp;

A report from research firm Canalys projected a substantial 12 per cent decline in North American smartphone shipments for 2023, adding to the concerns surrounding Apple's performance in the region.&nbsp;

(With inputs from Reuters)&nbsp;

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In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing.

In his most substantial stock sale in two years, Apple's Chief Executive Officer, Tim Cook, has realised $41.5 million after taxes, as indicated in a U.S. securities filing. Cook's recent transaction involved the sale of 511,000 shares, initially valued at approximately $87.8 million before factoring in tax deductions. This follows a significant stock sale in August 2021 that raked in $355 million for Cook. The filing reveals that even after this sale, Tim Cook still retains ownership of around 3.3 million shares, with a total value of approximately $565 million. While Apple's shares once soared to a record high of $198.23 in July, they have since experienced a 13 per cent decline. Investors have expressed concerns over the slower-than-expected recovery in smartphone demand. Notably, Apple introduced its latest iPhone 15 lineup just last month, without increasing prices. This strategic move was seen by industry experts as a response to a global decline in smartphone sales. Prior to the stock market's opening, shares of the Cupertino-based tech giant were down by 0.6 per cent. In response to these market dynamics, analysts at KeyBanc downgraded Apple's stock rating from "overweight" to "sector-weight" on Wednesday. Their apprehensions primarily stem from worries that sales growth in the United States, Apple's largest geographical market, is poised to decelerate further in the fourth quarter. The brokerage highlighted the fact that escalating inflation was discouraging fewer American smartphone users from upgrading their devices. A report from research firm Canalys projected a substantial 12 per cent decline in North American smartphone shipments for 2023, adding to the concerns surrounding Apple's performance in the region. (With inputs from Reuters) WATCH WION LIVE HERE

Apple CEO Tim Cook nets $41 million in largest stock sale in two years 

In a game of chance that mirrors China's economic landscape, lottery ticket sales hit an astounding jackpot in August, surging to their highest monthly level this year. With a whopping 53.6% year-on-year increase, these numbers tell a tale of economic uncertainty and a longing for financial fortune in a country grappling with subdued economic signals.

China's nationwide lottery ticket sales soared to $7.25 billion in August, according to data from the finance ministry. From January to August, the total lottery ticket sales reached ¥375.76 billion, marking a substantial 51.6% surge compared to the previous year. As the dice roll and numbers spin, these record-breaking sales coincide with months of mostly subdued economic data, which have raised concerns among the Chinese populace.

The youth unemployment rate, particularly for those aged 16 to 24, has drawn significant attention and apprehension. In June, China's youth unemployment rate reached an alarming 21.3%, a record high, as per official data. This unsettling figure has fueled young people's economic anxieties.

As housing costs rise and economic growth slows, jobless graduates are bypassing urban centers, which have historically been viewed as pathways to middle-class prosperity. Videos of unemployed university graduates seeking blessings at temples earlier this year went viral on Chinese social media.

In the game of economics, it seems that as economic woes deepen, lottery ticket sales rise, offering a tantalizing escape to riches overnight. As China navigates the high-stakes world of economics, the surge in lottery ticket sales reflects not just a quest for instant wealth but also the yearning for a financial lifeline in uncertain times. It's a game where dreams are spun from numbers, and hope springs eternal with every ticket bought.

The question&nbsp;is: are China's lottery tickets becoming the new symbol of economic aspiration?

In a game of chance that mirrors China's economic landscape, lottery ticket sales hit an astounding jackpot in August, surging to their highest monthly level this year.

In a game of chance that mirrors China's economic landscape, lottery ticket sales hit an astounding jackpot in August, surging to their highest monthly level this year. With a whopping 53.6% year-on-year increase, these numbers tell a tale of economic uncertainty and a longing for financial fortune in a country grappling with subdued economic signals. China's nationwide lottery ticket sales soared to $7.25 billion in August, according to data from the finance ministry. From January to August, the total lottery ticket sales reached ¥375.76 billion, marking a substantial 51.6% surge compared to the previous year. As the dice roll and numbers spin, these record-breaking sales coincide with months of mostly subdued economic data, which have raised concerns among the Chinese populace. The youth unemployment rate, particularly for those aged 16 to 24, has drawn significant attention and apprehension. In June, China's youth unemployment rate reached an alarming 21.3%, a record high, as per official data. This unsettling figure has fueled young people's economic anxieties. As housing costs rise and economic growth slows, jobless graduates are bypassing urban centers, which have historically been viewed as pathways to middle-class prosperity. Videos of unemployed university graduates seeking blessings at temples earlier this year went viral on Chinese social media. In the game of economics, it seems that as economic woes deepen, lottery ticket sales rise, offering a tantalizing escape to riches overnight. As China navigates the high-stakes world of economics, the surge in lottery ticket sales reflects not just a quest for instant wealth but also the yearning for a financial lifeline in uncertain times. It's a game where dreams are spun from numbers, and hope springs eternal with every ticket bought. The question is: are China's lottery tickets becoming the new symbol of economic aspiration?

China's economic rollercoaster: Youth bet on lottery dreams

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson &amp; Johnson (J&amp;J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products. &nbsp;

The Superior Court of New Jersey, Appellate Division determined that the lower court judge had made a mistake in permitting certain scientific expert testimony presented by the plaintiffs during the trial.&nbsp;

According to a Reuters report, Erik Haas, J&amp;J Worldwide Vice President of Litigation, welcomed the decision and criticised the scientific evidence presented by the plaintiffs' experts, stating, "The decision resoundingly rejects ... the 'junk science' advanced by purported 'experts' paid by the mass tort asbestos bar." He reiterated the company's stance that their talc products are safe and asbestos-free.&nbsp;

The initial jury verdict had mandated J&amp;J to pay $37.2 million in compensatory damages and a staggering $750 million in punitive damages. However, this sum was automatically reduced to $186.5 million in accordance with state law.&nbsp;

In overturning the verdict and ordering a new trial, a three-judge panel from the appeals court noted that the trial court had not adequately fulfilled its "gatekeeping role" in evaluating whether the plaintiffs' experts grounded their testimony in solid scientific principles. The panel found that three of the experts had failed to sufficiently explain the basis of their opinions linking cancer to asbestos exposure in talc products.&nbsp;

Of note, J&amp;J is involved in a separate lawsuit against one of these experts, Jacqueline Moline, regarding a 2019 study she co-authored. However, this particular study was not a focal point of the recent court decision.&nbsp;

Reuters cited Jacqueline Moline, who testified in favour of plaintiffs in over 200 talc cancer cases, has argued that the lawsuit against her is an attempt to intimidate scientific experts and discourage them from testifying against J&amp;J.&nbsp;

Johnson &amp; Johnson faces a staggering number of lawsuits, with over 38,000 claims alleging that their talc products, including Johnson's baby powder, may contain asbestos and have led to various cancers, including ovarian cancer and mesothelioma, a cancer type linked to asbestos exposure. The outcomes of these lawsuits have varied, with some major victories for plaintiffs, including a $2.1 billion judgment awarded to 22 women with ovarian cancer.&nbsp;

While J&amp;J has experienced reversals in some cases, such as a $117 million verdict in the same New Jersey appeals court and a $120 million verdict in New York, their most recent legal win may have significant implications as they continue to face talc-related litigation.&nbsp;

This development follows J&amp;J's unsuccessful attempts to move tens of thousands of talc-related claims into bankruptcy court, where they sought to resolve them through an $8.9 billion proposed settlement. The company is currently appealing the ruling that denied this move.&nbsp;

The resumption of trials after a pause during the bankruptcy petition is expected to impact the trajectory of talc-related litigation. J&amp;J has disclosed that the cost of talc-related verdicts, settlements, and legal fees has reached approximately $4.5 billion. Due to mounting lawsuits and concerns, the company made the decision to cease the sale of talc-based baby powder in favour of cornstarch-based alternatives.&nbsp;

(With inputs from Reuters)&nbsp;

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson & Johnson (J&J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products.

In a significant legal development, a New Jersey appeals court has invalidated a $223.8 million verdict against Johnson & Johnson (J&J) that had been given to four plaintiffs alleging cancer due to asbestos exposure in the company's talc powder products. The Superior Court of New Jersey, Appellate Division determined that the lower court judge had made a mistake in permitting certain scientific expert testimony presented by the plaintiffs during the trial. According to a Reuters report, Erik Haas, J&J Worldwide Vice President of Litigation, welcomed the decision and criticised the scientific evidence presented by the plaintiffs' experts, stating, "The decision resoundingly rejects ... the 'junk science' advanced by purported 'experts' paid by the mass tort asbestos bar." He reiterated the company's stance that their talc products are safe and asbestos-free. The initial jury verdict had mandated J&J to pay $37.2 million in compensatory damages and a staggering $750 million in punitive damages. However, this sum was automatically reduced to $186.5 million in accordance with state law. In overturning the verdict and ordering a new trial, a three-judge panel from the appeals court noted that the trial court had not adequately fulfilled its "gatekeeping role" in evaluating whether the plaintiffs' experts grounded their testimony in solid scientific principles. The panel found that three of the experts had failed to sufficiently explain the basis of their opinions linking cancer to asbestos exposure in talc products. Of note, J&J is involved in a separate lawsuit against one of these experts, Jacqueline Moline, regarding a 2019 study she co-authored. However, this particular study was not a focal point of the recent court decision. Reuters cited Jacqueline Moline, who testified in favour of plaintiffs in over 200 talc cancer cases, has argued that the lawsuit against her is an attempt to intimidate scientific experts and discourage them from testifying against J&J. Johnson & Johnson faces a staggering number of lawsuits, with over 38,000 claims alleging that their talc products, including Johnson's baby powder, may contain asbestos and have led to various cancers, including ovarian cancer and mesothelioma, a cancer type linked to asbestos exposure. The outcomes of these lawsuits have varied, with some major victories for plaintiffs, including a $2.1 billion judgment awarded to 22 women with ovarian cancer. While J&J has experienced reversals in some cases, such as a $117 million verdict in the same New Jersey appeals court and a $120 million verdict in New York, their most recent legal win may have significant implications as they continue to face talc-related litigation. This development follows J&J's unsuccessful attempts to move tens of thousands of talc-related claims into bankruptcy court, where they sought to resolve them through an $8.9 billion proposed settlement. The company is currently appealing the ruling that denied this move. The resumption of trials after a pause during the bankruptcy petition is expected to impact the trajectory of talc-related litigation. J&J has disclosed that the cost of talc-related verdicts, settlements, and legal fees has reached approximately $4.5 billion. Due to mounting lawsuits and concerns, the company made the decision to cease the sale of talc-based baby powder in favour of cornstarch-based alternatives. (With inputs from Reuters)

US court overturns $223.8 million verdict against J&J in talc cancer case

In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform. &nbsp;

The lawsuit, which accuses Musk of intentionally waiting 11 days past a U.S. Securities and Exchange Commission (SEC) deadline to reveal his purchase of 5 per cent of Twitter's shares, could have far-reaching implications for the tech billionaire. U.S. District Judge Andrew Carter's decision has cleared the way for shareholders in the proposed class action to pursue their claims.&nbsp;

Judge Carter's ruling also addressed an insider trading allegation against Musk, the world's wealthiest individual, and dismissed it. Lawyers representing Musk have yet to respond to this latest development.&nbsp;

The plaintiffs, led by an Oklahoma firefighters pension fund, contend that Musk benefited substantially by increasing his Twitter stake and quietly discussing his plans with company executives, all before ultimately disclosing his 9.2 per cent stake in April 2022. They argue that Musk's delay in disclosure resulted in them selling Twitter shares at artificially deflated prices.&nbsp;

Musk's legal team has argued that their client's failure to disclose in a timely manner was unintentional, attributing it to his hectic schedule as "one of the busiest people on the planet."&nbsp;

However, Judge Carter expressed&nbsp;scepticism&nbsp;about Musk's claim of being too busy, pointing out that Musk had found time to acquire Twitter shares, meet with company executives, and engage in online discussions about Twitter. The judge also noted that Musk had demonstrated an understanding of the 5 per cent disclosure rule, having testified about it under oath and properly disclosed stakes in his electric car company, Tesla, as well as the former SolarCity, on multiple occasions.&nbsp;

Elon Musk's acquisition of Twitter, which amounted to $44 billion in October 2022, marked a significant move in the tech world. Under SEC regulations, investors are required to disclose the acquisition of 5 per cent or more of a company's shares within 10 days.&nbsp;

When Musk eventually revealed his 9.2 per cent stake in Twitter on April 4, 2022, the social media company's shares experienced a notable surge, rising by 27 per cent from $39.31 to $49.97. This event ultimately valued Twitter at $54.20 per share.&nbsp;

The legal case, titled Oklahoma Firefighters Pension and Retirement System v. Musk et al, is now set to proceed in the U.S. District Court for the Southern District of New York.&nbsp;

(With inputs from Reuters)&nbsp;

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In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform.

In a significant legal development, a U.S. judge has ruled that Elon Musk must confront a lawsuit alleging he deceived former Twitter shareholders by failing to promptly disclose his investment in the social media platform. The lawsuit, which accuses Musk of intentionally waiting 11 days past a U.S. Securities and Exchange Commission (SEC) deadline to reveal his purchase of 5 per cent of Twitter's shares, could have far-reaching implications for the tech billionaire. U.S. District Judge Andrew Carter's decision has cleared the way for shareholders in the proposed class action to pursue their claims. Judge Carter's ruling also addressed an insider trading allegation against Musk, the world's wealthiest individual, and dismissed it. Lawyers representing Musk have yet to respond to this latest development. The plaintiffs, led by an Oklahoma firefighters pension fund, contend that Musk benefited substantially by increasing his Twitter stake and quietly discussing his plans with company executives, all before ultimately disclosing his 9.2 per cent stake in April 2022. They argue that Musk's delay in disclosure resulted in them selling Twitter shares at artificially deflated prices. Musk's legal team has argued that their client's failure to disclose in a timely manner was unintentional, attributing it to his hectic schedule as "one of the busiest people on the planet." However, Judge Carter expressed scepticism about Musk's claim of being too busy, pointing out that Musk had found time to acquire Twitter shares, meet with company executives, and engage in online discussions about Twitter. The judge also noted that Musk had demonstrated an understanding of the 5 per cent disclosure rule, having testified about it under oath and properly disclosed stakes in his electric car company, Tesla, as well as the former SolarCity, on multiple occasions. Elon Musk's acquisition of Twitter, which amounted to $44 billion in October 2022, marked a significant move in the tech world. Under SEC regulations, investors are required to disclose the acquisition of 5 per cent or more of a company's shares within 10 days. When Musk eventually revealed his 9.2 per cent stake in Twitter on April 4, 2022, the social media company's shares experienced a notable surge, rising by 27 per cent from $39.31 to $49.97. This event ultimately valued Twitter at $54.20 per share. The legal case, titled Oklahoma Firefighters Pension and Retirement System v. Musk et al, is now set to proceed in the U.S. District Court for the Southern District of New York. (With inputs from Reuters) WATCH WION LIVE HERE

Elon Musk to face fraud lawsuit over delayed Twitter stake disclosure 

A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported. &nbsp;

This development marks the first time in 32 years that Republicans have outpaced Democrats on this crucial issue, with 53 per cent of Americans expressing confidence in the GOP's (Grand Old Party’s) ability to strengthen the economy, while 39 per cent favour Democrats. The 14-point lead showcases a dramatic change since 1991, posing challenges for President Joe Biden's re-election campaign, as concerns over inflation and job security persistently dominate public discourse.&nbsp;

The poll's findings serve as a clear indicator of the hurdles facing President Biden in his quest for a second term. Despite a robust job market and steady economic growth, nearly three-fourths of Americans harbour pessimism about the state of the economy.&nbsp;

President Biden's administration has actively sought to reshape public perception regarding its economic stewardship. Under the banner of "Bidenomics," the administration has emphasised efforts to reduce consumer costs. This includes initiatives such as capping insulin prices for seniors, allowing Medicare to negotiate drug prices, and lowering health-care premiums. Despite these efforts, the impact on public sentiment appears limited.&nbsp;

Historically, Republicans held an advantage in the economic arena during the mid-to-late 1980s. However, they fell behind or were closely matched by Democrats starting in the mid-1990s, reaching a low point during the Great Recession in 2007. Gallup's long-term tracking data reveals that Republicans have consistently received higher ratings than Democrats on economic matters for much of the past decade, except for a brief period in 2020 when GOP leaders in Congress resisted passing additional pandemic relief funding.&nbsp;

The poll also highlights a broader trend of negative sentiment toward both major political parties. A majority of respondents, 56 per cent, expressed unfavourable views of the Republican Party, while 58 per cent held an unfavourable view of the Democratic Party.&nbsp;

Conducted between September 1 and 23, 2023, across all 50 states, the Gallup poll surveyed 1,106 adults. The margin of error for the poll stands at plus or minus four percentage points.&nbsp;

(With inputs from Bloomberg)&nbsp;

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A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported.

A recent Gallup poll has unveiled a shift in public sentiment, with Republicans now holding a substantial lead over Democrats in terms of economic trust, Bloomberg reported. This development marks the first time in 32 years that Republicans have outpaced Democrats on this crucial issue, with 53 per cent of Americans expressing confidence in the GOP's (Grand Old Party’s) ability to strengthen the economy, while 39 per cent favour Democrats. The 14-point lead showcases a dramatic change since 1991, posing challenges for President Joe Biden's re-election campaign, as concerns over inflation and job security persistently dominate public discourse. The poll's findings serve as a clear indicator of the hurdles facing President Biden in his quest for a second term. Despite a robust job market and steady economic growth, nearly three-fourths of Americans harbour pessimism about the state of the economy. President Biden's administration has actively sought to reshape public perception regarding its economic stewardship. Under the banner of "Bidenomics," the administration has emphasised efforts to reduce consumer costs. This includes initiatives such as capping insulin prices for seniors, allowing Medicare to negotiate drug prices, and lowering health-care premiums. Despite these efforts, the impact on public sentiment appears limited. Historically, Republicans held an advantage in the economic arena during the mid-to-late 1980s. However, they fell behind or were closely matched by Democrats starting in the mid-1990s, reaching a low point during the Great Recession in 2007. Gallup's long-term tracking data reveals that Republicans have consistently received higher ratings than Democrats on economic matters for much of the past decade, except for a brief period in 2020 when GOP leaders in Congress resisted passing additional pandemic relief funding. The poll also highlights a broader trend of negative sentiment toward both major political parties. A majority of respondents, 56 per cent, expressed unfavourable views of the Republican Party, while 58 per cent held an unfavourable view of the Democratic Party. Conducted between September 1 and 23, 2023, across all 50 states, the Gallup poll surveyed 1,106 adults. The margin of error for the poll stands at plus or minus four percentage points. (With inputs from Bloomberg) WATCH WION LIVE HERE

Republicans surge ahead of Democrats in economic trust: Gallup poll

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients.

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The first day of the trial was devoted to jury selection for the case which would last for six weeks. Bankman-Fried, 31, faces seven counts including wire fraud, securities and commodities fraud, and money laundering. In the federal courthouse in lower Manhattan, US District Judge Lewis Kaplan told a group of 50 prospective jurors that he would ask them questions to try to seat a panel of 12 jurors and six alternates that could be fair to both prosecutors and the defence, the news agency Reuters reported. "The object is to select a jury of individuals who no matter what they may know or not know about these parties or about this case are willing and able to decide this case in a manner that's fair and impartial to both sides based solely on the evidence," Kaplan said. Bankman-Fried entered the courtroom alone - without being escorted by security guards - uncuffed, and took his place alongside his lawyers. The case According to federal prosecutors, Bankman-Fried embezzled from FTX customers from its founding in 2019 until its November 2022 bankruptcy to prop up his hedge fund Alameda Research, buy luxury properties, and donate over $100 million to American political candidates. A report by the news agency AFP said that the climax of the six-week trial is expected when the 31-year-old's former friends and colleagues take the stand, including his one-time romantic partner and Alameda executive Caroline Ellison, and his closest ally Gary Wang. Ellison and Wang have also been indicted in the case and agreed to cooperate with US authorities, which may prove Bankman-Fried's undoing. Bankman-Fried's defence The disgraced crypto star is expected to argue that FTX's Terms of Service did not prohibit the exchange from using customer funds for its own purposes, as long as it allowed users to withdraw their money. Bankman-Fried acknowledged inadequate risk management, but he denied stealing funds. The possible trial witnesses The possible witnesses in the trial might include Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci. Scaramucci, Bankman-Fried's father Joseph Bankman and his brother Gabriel Bankman-Fried were on a list of potential witnesses prosecutor Danielle Sassoon read in court during jury selection at the outset of Bankman-Fried's trial in order to see if any prospective jurors knew them. (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.

Trial of FTX founder Sam Bankman-Fried gets underway with jury selection

Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, two sources familiar with the matter told Reuters on Tuesday.

Employees were informed of the layoffs in a post on Meta's internal discussion forum Workplace on Tuesday. The post said they would be notified about their status with the company by early Wednesday morning, one of the sources said.

A Meta spokesperson declined to comment on the plans. Reuters was not able to determine the extent of the cuts to the silicon unit, called Facebook Agile Silicon Team, or FAST.

If the cuts are deep, they could hamper Chief Executive Mark Zuckerberg's project to build augmented and virtual reality products enabling access to a set of immersive virtual worlds known as the "metaverse," particularly the AR glasses that he has predicted "will redefine our relationship with technology."

The FAST unit, which has roughly 600 employees, worked on developing custom chips to equip Meta's devices to perform unique tasks and operate more efficiently, differentiating them from others entering the nascent AR/VR market.

However, Meta has struggled to make chips that can compete with silicon produced by external providers and has turned to chipmaker Qualcomm to produce chips for its devices currently on the market.

A restructuring of FAST has been expected since the spring when Meta hired a new executive to lead the unit.

A separate chip-making unit in Meta's infrastructure division focused on artificial intelligence work has likewise hit roadblocks. The executive overseeing those efforts announced her departure last week, although Meta has appointed someone else to take over her role and continue those efforts.

Meta currently makes a line of mixed reality headsets called Quest and smart glasses designed with Ray-Ban eyeglass maker EssilorLuxottica that can stream video and speak with wearers through a new AI virtual assistant.

It announced new versions of the smart glasses and its consumer-oriented Quest headset, Quest 3, at its annual Connect conference last week.

The company is also working on more technically challenging and less bulky AR glasses that look more like regular glasses, along with associated smartwatches, according to one of the sources.

A first version of that product is set to be completed next year, although Meta is not initially planning to make it widely available to consumers, the source said.

Meta has slashed around 21,000 jobs since November of last year as it has sought to reassure investors that it was reining in costs amid waning revenue growth, high inflation and concerns that Reality Labs was losing too much money.

In a statement in March, Zuckerberg said the bulk of this year's layoffs would happen in the spring, but that "in a small number of cases, it may take through the end of the year to complete these changes." &nbsp;

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Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, two sources familiar with the matter told Reuters on Tuesday.

Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, two sources familiar with the matter told Reuters on Tuesday. Employees were informed of the layoffs in a post on Meta's internal discussion forum Workplace on Tuesday. The post said they would be notified about their status with the company by early Wednesday morning, one of the sources said. A Meta spokesperson declined to comment on the plans. Reuters was not able to determine the extent of the cuts to the silicon unit, called Facebook Agile Silicon Team, or FAST. If the cuts are deep, they could hamper Chief Executive Mark Zuckerberg's project to build augmented and virtual reality products enabling access to a set of immersive virtual worlds known as the "metaverse," particularly the AR glasses that he has predicted "will redefine our relationship with technology." The FAST unit, which has roughly 600 employees, worked on developing custom chips to equip Meta's devices to perform unique tasks and operate more efficiently, differentiating them from others entering the nascent AR/VR market. However, Meta has struggled to make chips that can compete with silicon produced by external providers and has turned to chipmaker Qualcomm to produce chips for its devices currently on the market. A restructuring of FAST has been expected since the spring when Meta hired a new executive to lead the unit. A separate chip-making unit in Meta's infrastructure division focused on artificial intelligence work has likewise hit roadblocks. The executive overseeing those efforts announced her departure last week, although Meta has appointed someone else to take over her role and continue those efforts. Meta currently makes a line of mixed reality headsets called Quest and smart glasses designed with Ray-Ban eyeglass maker EssilorLuxottica that can stream video and speak with wearers through a new AI virtual assistant. It announced new versions of the smart glasses and its consumer-oriented Quest headset, Quest 3, at its annual Connect conference last week. The company is also working on more technically challenging and less bulky AR glasses that look more like regular glasses, along with associated smartwatches, according to one of the sources. A first version of that product is set to be completed next year, although Meta is not initially planning to make it widely available to consumers, the source said. Meta has slashed around 21,000 jobs since November of last year as it has sought to reassure investors that it was reining in costs amid waning revenue growth, high inflation and concerns that Reality Labs was losing too much money. In a statement in March, Zuckerberg said the bulk of this year's layoffs would happen in the spring, but that "in a small number of cases, it may take through the end of the year to complete these changes." 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.

Meta to lay off employees in metaverse silicon unit today

India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference.

According to a report by Reuters, Puri emphasised the need for oil producers to consider the impact of their policies on oil-consuming countries, especially as the global economy teeters on the brink of recession.

Puri stated on social media platform X, "During the pandemic, when crude oil prices crashed, the world came together to stabilise the prices to make it sustainable for the producers. Now, as the world is at the cusp of economic recession and slowdown, oil producers need to show the same sensitivity towards the consuming countries."

The United States and Western allies have also been urging OPEC+ to increase oil output to alleviate the pressure on energy costs and support the global economy. OPEC+ producers, however, argue that they are acting preemptively to maintain market stability.

Puri later confirmed in an interview with Reuters that he had discussed oil prices with Ghais, saying, "If the petroleum and natural gas minister of one of the largest consuming countries meets the OPEC secretary-general, who has an inside track into the OPEC+, surely we discussed prices."

India, which relies on imports for approximately 85 per cent of its crude oil needs, has been closely monitoring the situation. Puri acknowledged that while India could manage if oil prices rose above $100 per barrel, such a scenario would not be "in anyone's interest." As per a Reuters report, he expressed concern for other developing nations, stating, "I hope it (oil price) doesn't go above $100 ... India will manage ... I would worry about what happens to other parts of the developing world."

In recent months, India has sought alternative sources of oil due to geopolitical tensions. After Western countries imposed sanctions on Russia following its invasion of Ukraine, Indian refiners turned to&nbsp;discounted Russian oil. Puri clarified that India would continue to purchase Russian oil as long as it remained within the Western countries' price cap of $60 a barrel. He also mentioned that if the prices were to exceed the cap, it was clear that they would not proceed with the purchases.&nbsp;

Russian oil exports to India surge in September&nbsp;

Meanwhile, on a different note, Russian oil exports to India experienced a significant rebound in September. Shipments of Russian oil to India surged by 15 per cent from a seven-month low in August, driven by ample supply and attractive price discounts, Bloomberg reported.

&nbsp;These shipments amounted to 1.78 million barrels a day last month. Experts suggest that this trend is likely to continue, as Russia's ban on diesel exports will lead domestic refiners to reduce production, freeing up more crude for overseas markets. India predominantly purchases the Urals grade of Russian crude, which is delivered at a discount of around $4 per barrel compared to Brent, making it a more appealing option than term supplies from the Middle East.

Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, who highlighted that there is "plentiful room" for Russian oil imports to increase further, especially with the potential for even greater discounts in the future as the availability of Russian crude grows. In contrast, imports from Iraq, India's second-largest supplier, rose by 9.4 per cent in September, while cargoes from Saudi Arabia, the third-largest supplier, fell by 41 per cent.

(With inputs from agencies)&nbsp;

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India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference.

India is calling for "sensitivity" from oil producers as crude oil prices hover near $90 a barrel. This appeal comes as Indian oil minister Hardeep Singh Puri met with OPEC Secretary General Haitham Al Ghais in Abu Dhabi during an industry conference. According to a report by Reuters, Puri emphasised the need for oil producers to consider the impact of their policies on oil-consuming countries, especially as the global economy teeters on the brink of recession. Puri stated on social media platform X, "During the pandemic, when crude oil prices crashed, the world came together to stabilise the prices to make it sustainable for the producers. Now, as the world is at the cusp of economic recession and slowdown, oil producers need to show the same sensitivity towards the consuming countries." The United States and Western allies have also been urging OPEC+ to increase oil output to alleviate the pressure on energy costs and support the global economy. OPEC+ producers, however, argue that they are acting preemptively to maintain market stability. Puri later confirmed in an interview with Reuters that he had discussed oil prices with Ghais, saying, "If the petroleum and natural gas minister of one of the largest consuming countries meets the OPEC secretary-general, who has an inside track into the OPEC+, surely we discussed prices." India, which relies on imports for approximately 85 per cent of its crude oil needs, has been closely monitoring the situation. Puri acknowledged that while India could manage if oil prices rose above $100 per barrel, such a scenario would not be "in anyone's interest." As per a Reuters report, he expressed concern for other developing nations, stating, "I hope it (oil price) doesn't go above $100 ... India will manage ... I would worry about what happens to other parts of the developing world." In recent months, India has sought alternative sources of oil due to geopolitical tensions. After Western countries imposed sanctions on Russia following its invasion of Ukraine, Indian refiners turned to discounted Russian oil. Puri clarified that India would continue to purchase Russian oil as long as it remained within the Western countries' price cap of $60 a barrel. He also mentioned that if the prices were to exceed the cap, it was clear that they would not proceed with the purchases. Russian oil exports to India surge in September Meanwhile, on a different note, Russian oil exports to India experienced a significant rebound in September. Shipments of Russian oil to India surged by 15 per cent from a seven-month low in August, driven by ample supply and attractive price discounts, Bloomberg reported. These shipments amounted to 1.78 million barrels a day last month. Experts suggest that this trend is likely to continue, as Russia's ban on diesel exports will lead domestic refiners to reduce production, freeing up more crude for overseas markets. India predominantly purchases the Urals grade of Russian crude, which is delivered at a discount of around $4 per barrel compared to Brent, making it a more appealing option than term supplies from the Middle East. Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, who highlighted that there is "plentiful room" for Russian oil imports to increase further, especially with the potential for even greater discounts in the future as the availability of Russian crude grows. In contrast, imports from Iraq, India's second-largest supplier, rose by 9.4 per cent in September, while cargoes from Saudi Arabia, the third-largest supplier, fell by 41 per cent. (With inputs from agencies) WATCH WION LIVE HERE

India urges oil producers for 'sensitivity' as prices near $90: Report  