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India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.6 in August to 57.5.&nbsp;

A PMI reading of 50 signifies no change in activity levels. The Hindu report indicated that this shift was attributed to a softer increase in new orders, affecting production growth. Despite this moderation, both demand and output demonstrated significant improvements, leading to robust business confidence and a positive production outlook.&nbsp;

The Hindu quoted Pollyanna De Lima, the economics associate director at S&amp;P Global Market Intelligence, as saying, "Upbeat forecasts continued to drive job creation efforts and initiatives to replenish input stocks. Together, these indices point towards a favourable trajectory for the Indian manufacturing industry." &nbsp;

However, De Lima also warned about the notable increase in output charges, which, despite decreasing cost pressures, may hinder future sales prospects.&nbsp;

According to a report by The Economic Times, she also said that the slowdown in manufacturing activity was driven by a softer increase in new orders, which tempered production growth.&nbsp;

Nevertheless, the manufacturing industry in India remains robust, with substantial growth in new orders and production in September. This surge in activity can be attributed to strong demand, both domestically and internationally. Notably, international demand has been expanding for the 18th consecutive month, reflecting a positive trend.&nbsp;

The encouraging demand dynamics have fostered a highly positive outlook among businesses. This optimism has translated into a notable boost in hiring, with the employment index reaching its highest level since November. Although employment growth remains moderate, the index has consistently stayed above 50 for six consecutive months, indicating continued expansion.&nbsp;

Despite the buoyant demand, input costs saw only a mild increase in September, marking the weakest pace in over three years. Participants noted lower prices for commodities such as aluminium and oil. However, strong demand has prompted companies to raise their selling prices. The output charges index has risen, primarily driven by higher labour costs, surpassing its long-run average. This surge in output charges has raised concerns about potential inflationary pressures.&nbsp;

Considering these developments, the trajectory of India's manufacturing sector in the coming months will be closely watched. The ability to balance rising output charges and strong demand while navigating inflation concerns will be pivotal in sustaining the industry's growth.&nbsp;

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India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.

India's manufacturing sector witnessed a mild slowdown in September, registering a five-month low, according to the S&P Global India Manufacturing Purchasing Managers' Index (PMI), which slipped from 58.6 in August to 57.5. A PMI reading of 50 signifies no change in activity levels. The Hindu report indicated that this shift was attributed to a softer increase in new orders, affecting production growth. Despite this moderation, both demand and output demonstrated significant improvements, leading to robust business confidence and a positive production outlook. The Hindu quoted Pollyanna De Lima, the economics associate director at S&P Global Market Intelligence, as saying, "Upbeat forecasts continued to drive job creation efforts and initiatives to replenish input stocks. Together, these indices point towards a favourable trajectory for the Indian manufacturing industry." However, De Lima also warned about the notable increase in output charges, which, despite decreasing cost pressures, may hinder future sales prospects. According to a report by The Economic Times, she also said that the slowdown in manufacturing activity was driven by a softer increase in new orders, which tempered production growth. Nevertheless, the manufacturing industry in India remains robust, with substantial growth in new orders and production in September. This surge in activity can be attributed to strong demand, both domestically and internationally. Notably, international demand has been expanding for the 18th consecutive month, reflecting a positive trend. The encouraging demand dynamics have fostered a highly positive outlook among businesses. This optimism has translated into a notable boost in hiring, with the employment index reaching its highest level since November. Although employment growth remains moderate, the index has consistently stayed above 50 for six consecutive months, indicating continued expansion. Despite the buoyant demand, input costs saw only a mild increase in September, marking the weakest pace in over three years. Participants noted lower prices for commodities such as aluminium and oil. However, strong demand has prompted companies to raise their selling prices. The output charges index has risen, primarily driven by higher labour costs, surpassing its long-run average. This surge in output charges has raised concerns about potential inflationary pressures. Considering these developments, the trajectory of India's manufacturing sector in the coming months will be closely watched. The ability to balance rising output charges and strong demand while navigating inflation concerns will be pivotal in sustaining the industry's growth. WATCH WION LIVE HERE

India's manufacturing growth slows to five-month low in September: Report 

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover.

Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/evergrande-crisis-deepens-chairman-under-surveillance-trading-suspended-liquidation-looms-640441">Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms</a>

When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again.

"Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg.

"With this volatility, I really don't know if there's any chance for any proper investor to make money on this name."

Evergrande estimated it had debts of $328 billion at the end of June.

And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved.

The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors".

Also read |&nbsp;​​​​​​​<a href="https://www.wionews.com/business-economy/china-evergrandes-first-half-net-loss-shrinks-to-45-billion-629813">China Evergrande's first-half net loss shrinks to $4.5&nbsp;billion</a>

Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained.

Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble".&nbsp;

"This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP.

"Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries."

<h2>Vanished life savings</h2>

China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades.

However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health.

Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande.

The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised.

A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China.

Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector.

But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic.

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Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation. The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover. Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong. Also read | Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again. "Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg. "With this volatility, I really don't know if there's any chance for any proper investor to make money on this name." Evergrande estimated it had debts of $328 billion at the end of June. And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved. The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors". Also read | China Evergrande's first-half net loss shrinks to $4.5 billion Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained. Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble". "This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP. "Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries." Vanished life savings China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades. However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health. Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande. The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised. A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China. Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector. But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic. 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.

China's Evergrande resumes Hong Kong trading

China's Evergrande group resumed trading on the Hong Kong stock exchange on Tuesday. That comes after trading was halted last week in the wake of the arrest of its billionaire founder on suspicion of unspecified crimes.

China’s Evergrande resumes trading

According to Microsoft CEO Satya Nadella, Google's hegemony stems from deals that set its browser as the default one on PCs and cellphones. He brushed off the notion that the market in which Microsoft and Google compete has been significantly altered by artificial intelligence or more specialized search engines like Amazon or social media websites.

Microsoft vs Google: Microsoft CEO Satya Nadella challenges Google's default dominance

The ADIPEC summit shifts its traditional focus away from oil and towards climate change and decarbonization. The United Arab Emirates must delicately strike a balance between promoting global emission reductions and pursuing ambitious oil expansion with COP28 just around the corner.

Energy transition in the spotlight at ADIPEC summit

The vice premier He Lifeng talked alongside the German finance minister Christian Lindner in Frankfurt at the start of the third China-Germany high-level financial dialogue, focusing on countering stagflation.

China-Germany cooperation to combat stagflation

The ADIPEC summit is an annual meeting of ministers and corporate leaders that has traditionally focused on oil investment, production, and markets. This time, however, the focus of the summit has shifted to climate concerns and decarbonisation.

Climate takes center stage at ADIPEC summit

Saudi Arabia has revised its budget estimate for next year, predicting a deficit rather than a surplus. That is largely due to increased expenditure and the volatility of oil prices.

Saudi Arabia faces $21 billion deficit in 2024

In a significant development, the reserve bank of India, RBI, announced an extension of the deadline to return the country's highest denomination 2,000-rupee currency notes. Originally, the deadline was set for September 30th, but it has now been pushed to October 7th.

India’s central bank extends deadline for 2,000-rupee note return

US Retail giant Walmart on saturday said that it will streamline job titles across its corporate staff. It argued that this move will ensure that the company remains competitive. The retailer said that while some staff will receive a new job title, their roles, responsibilities, type of work & base pay will not change.

Walmart: Streamlining job titles across campus office roles

Ukraine president Volodymyr Zelensky said on Saturday he wants to turn the country's defence industry into a "large military hub" by partnering with western weapons manufacturers.

Zelensky lures western arms producers

The rapid ascent of artificial intelligence is causing waves on wall street and beyond. The tech-heavy Nasdaq is surging, up 26% year-to-date, fueled by the frenzy over AI-related stocks. But this AI revolution comes at a significant cost – energy consumption. Studies from the university of Washington reveal that AI models like ChatGPT can consume an astonishing 1 gigawatt-hour of energy per day, equivalent to the power consumption of 33,000 US households.

AI's soaring impact on wall street and energy consumption

As stores eagerly stock up on heavy winter sweaters and coats in anticipation of the holiday shopping rush, they find themselves at odds with mother nature. The unseasonal warm weather threatens to dampen the traditional holiday shopping spirit, leaving retailers in a delicate balance between preparing for colder days and catering to shoppers still reaching for their t-shirts instead of parkas.

Erratic weather impacts US holiday shoppers

To combat climate change and reduce fuel consumption, the Biden administration presented a bold proposal to elevate fuel economy standards by 2032, Reuters reported. The National Highway Traffic Safety Administration (NHTSA) aims to establish a fleet-wide average of 58 miles per gallon, significantly boosting Corporate Average Fuel Economy (CAFE) requirements for passenger cars and light trucks. This move is expected to curtail greenhouse gas emissions and encourage manufacturers to prioritise fuel efficiency.

The proposal, which covers the model years from 2027 to 2032, outlines a 2 per cent annual increase for passenger cars and a 4 per cent annual increase for light trucks in CAFE requirements. Additionally, the agency is proposing new fuel efficiency standards for heavy-duty pickup trucks and vans from 2030 to 2035, with a 10 per cent annual increase.

Building upon the previous regulations finalised in 2022, which aimed for a fleet average of 49 miles per gallon by 2026, the new proposal by NHTSA is projected to result in substantial benefits for both vehicle owners and the environment. According to NHTSA estimates, the proposed standards would save 2032 vehicle owners approximately $1,043 in lifetime fuel costs while raising average vehicle costs by $932.

NHTSA emphasizes that this rule will incentivize manufacturers producing internal combustion engine vehicles during the standard-setting timeframe to achieve significant fuel economy improvements, enhance energy security, and drastically reduce harmful pollution.

While these CAFE requirements represent a crucial step towards environmental sustainability, they are not as stringent as the Environmental Protection Agency's (EPA) proposal in April to decrease vehicle tailpipe emissions. Notably, NHTSA is legally restricted from considering electric vehicles in setting fuel economy standards. The EPA's proposed standards for 2027 to 2032 aim to cut emissions by 56 per cent and could result in 67 per cent of new vehicles in 2032 being electric.

It is projected that NHTSA's proposal, if implemented, would lead to a remarkable reduction of gasoline consumption by 88 billion gallons through 2050, providing a substantial contribution to the fight against climate change.

The agency is seeking public input on five different alternatives, including one that involves not increasing the requirements and another that calls for annual increases of 6 per cent for cars and 8 per cent for light trucks. NHTSA's preferred alternative aims to strike a balance between environmental impact and market feasibility, ensuring that it does not create consumer acceptance or sales issues.

The Alliance for Automotive Innovation, representing major automakers such as General Motors, Toyota, and Volkswagen, has expressed concerns over the EPA's emissions proposal, stating it is neither reasonable nor achievable. Conversely, Tesla has called for even stricter regulations by the EPA.

As the automotive industry navigates the transition towards cleaner and more fuel-efficient vehicles, the alliance is currently reviewing NHTSA's latest proposal and its potential impact on the industry.

(With Inputs from Reuters)

To combat climate change and reduce fuel consumption, the Biden administration presented a bold proposal to elevate fuel economy standards by 2032, Reuters reported.

To combat climate change and reduce fuel consumption, the Biden administration presented a bold proposal to elevate fuel economy standards by 2032, Reuters reported. The National Highway Traffic Safety Administration (NHTSA) aims to establish a fleet-wide average of 58 miles per gallon, significantly boosting Corporate Average Fuel Economy (CAFE) requirements for passenger cars and light trucks. This move is expected to curtail greenhouse gas emissions and encourage manufacturers to prioritise fuel efficiency. The proposal, which covers the model years from 2027 to 2032, outlines a 2 per cent annual increase for passenger cars and a 4 per cent annual increase for light trucks in CAFE requirements. Additionally, the agency is proposing new fuel efficiency standards for heavy-duty pickup trucks and vans from 2030 to 2035, with a 10 per cent annual increase. Building upon the previous regulations finalised in 2022, which aimed for a fleet average of 49 miles per gallon by 2026, the new proposal by NHTSA is projected to result in substantial benefits for both vehicle owners and the environment. According to NHTSA estimates, the proposed standards would save 2032 vehicle owners approximately $1,043 in lifetime fuel costs while raising average vehicle costs by $932. NHTSA emphasizes that this rule will incentivize manufacturers producing internal combustion engine vehicles during the standard-setting timeframe to achieve significant fuel economy improvements, enhance energy security, and drastically reduce harmful pollution. While these CAFE requirements represent a crucial step towards environmental sustainability, they are not as stringent as the Environmental Protection Agency's (EPA) proposal in April to decrease vehicle tailpipe emissions. Notably, NHTSA is legally restricted from considering electric vehicles in setting fuel economy standards. The EPA's proposed standards for 2027 to 2032 aim to cut emissions by 56 per cent and could result in 67 per cent of new vehicles in 2032 being electric. It is projected that NHTSA's proposal, if implemented, would lead to a remarkable reduction of gasoline consumption by 88 billion gallons through 2050, providing a substantial contribution to the fight against climate change. The agency is seeking public input on five different alternatives, including one that involves not increasing the requirements and another that calls for annual increases of 6 per cent for cars and 8 per cent for light trucks. NHTSA's preferred alternative aims to strike a balance between environmental impact and market feasibility, ensuring that it does not create consumer acceptance or sales issues. The Alliance for Automotive Innovation, representing major automakers such as General Motors, Toyota, and Volkswagen, has expressed concerns over the EPA's emissions proposal, stating it is neither reasonable nor achievable. Conversely, Tesla has called for even stricter regulations by the EPA. As the automotive industry navigates the transition towards cleaner and more fuel-efficient vehicles, the alliance is currently reviewing NHTSA's latest proposal and its potential impact on the industry. (With Inputs from Reuters)

The road to sustainability: Auto industry braces for NHTSA's green revolution

Elon Musk's Tesla has been accused of harassing Black employees at one of its assembly plants, in addition to a number of individual cases from both the state and Tesla employees.&nbsp;

<h2>What happened?</h2>

On Thursday (Sept 28), a US civil rights agency filed a lawsuit against Tesla Inc, alleging that the electric car manufacturer has permitted significant harassment of Black employees at its flagship assembly plant in Fremont, California.&nbsp;

According to the US Equal Employment Opportunity Commission, the lawsuit, filed in a California federal court, claims that from 2015 to the present, Black workers at the Tesla plant have regularly endured racist slurs and offensive graffiti, including Nazi symbols and nooses.

Also read |&nbsp;<a href="https://www.wionews.com/trending/watch-teslas-humanoid-robot-optimus-showcases-impressive-yoga-skills-639408">Watch | Tesla's humanoid robot, Optimus, showcases impressive yoga skills</a>

The EEOC further asserts that Tesla has failed to properly investigate these complaints of racist behavior and has taken retaliatory actions against employees who reported such harassment.

This lawsuit introduces federal charges alongside existing discrimination claims made by the state of California and Tesla employees.&nbsp;

Settlement talks between Tesla and the EEOC broke down after the agency formally raised its concerns last year.&nbsp;

<h2>What next?</h2>

Typically, the EEOC resolves cases with employers through settlements, so it is relatively uncommon for these cases to proceed to trial. In this case, the EEOC's lawsuit seeks compensatory and punitive damages for an unspecified number of affected Black workers, in addition to an order mandating Tesla to reform its anti-discrimination and anti-retaliation policies.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/the-unplugged-version-elon-musk-vs-esg-607211">The unplugged version: Elon Musk Vs ESG</a>

Tesla is currently facing multiple other race discrimination lawsuits that share similar allegations, including a class action lawsuit by Fremont plant workers and a lawsuit by a California civil rights agency. The company has contended that the California department’s lawsuit is politically motivated and has argued that the agency violated state law by filing the suit without prior notification of all claims or an opportunity to settle.

Tesla has also asserted its commitment to preventing discrimination and taking employee complaints seriously.

As of Thursday, Tesla's stock price increased by 2.4 per cent to reach $246.38.

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Elon Musk's Tesla has been accused of harassing Black employees at one of its assembly plants, in addition to a number of individual cases from both the state and Tesla employees.

Elon Musk's Tesla has been accused of harassing Black employees at one of its assembly plants, in addition to a number of individual cases from both the state and Tesla employees. What happened? On Thursday (Sept 28), a US civil rights agency filed a lawsuit against Tesla Inc, alleging that the electric car manufacturer has permitted significant harassment of Black employees at its flagship assembly plant in Fremont, California. According to the US Equal Employment Opportunity Commission, the lawsuit, filed in a California federal court, claims that from 2015 to the present, Black workers at the Tesla plant have regularly endured racist slurs and offensive graffiti, including Nazi symbols and nooses. Also read | Watch | Tesla's humanoid robot, Optimus, showcases impressive yoga skills The EEOC further asserts that Tesla has failed to properly investigate these complaints of racist behavior and has taken retaliatory actions against employees who reported such harassment. This lawsuit introduces federal charges alongside existing discrimination claims made by the state of California and Tesla employees. Settlement talks between Tesla and the EEOC broke down after the agency formally raised its concerns last year. What next? Typically, the EEOC resolves cases with employers through settlements, so it is relatively uncommon for these cases to proceed to trial. In this case, the EEOC's lawsuit seeks compensatory and punitive damages for an unspecified number of affected Black workers, in addition to an order mandating Tesla to reform its anti-discrimination and anti-retaliation policies. Also read | The unplugged version: Elon Musk Vs ESG Tesla is currently facing multiple other race discrimination lawsuits that share similar allegations, including a class action lawsuit by Fremont plant workers and a lawsuit by a California civil rights agency. The company has contended that the California department’s lawsuit is politically motivated and has argued that the agency violated state law by filing the suit without prior notification of all claims or an opportunity to settle. Tesla has also asserted its commitment to preventing discrimination and taking employee complaints seriously. As of Thursday, Tesla's stock price increased by 2.4 per cent to reach $246.38. 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.

Black people at Elon Musk's California Tesla plant endured racist slurs, offensive graffiti: Lawsuit

Latest data suggests that inflation in the Euro zone fell to its lowest level in two years in September. Consumer prices in the euro zone rose by 4.3% in September, the slowest pace since October 2021, from 5.2% in august.

Big fall in Euro zone inflation

Will the US Government shut down on October 1 if the congress fails to pass federal spending bills? That is the question on everyone's mind. But shutdown is not a new phenomena for the federal government. In fact, it has shut down at least 14 times since 1981.

Decoding the first shutdown in the US

Billionaire Anil Agarwal's Vedanta limited has announced plans to overhaul its sprawling conglomerate in a bid to reduce a multibillion dollar debt load. The company said in a statement that the Vedanta board has approved a plan to separate the business into six listed companies: aluminum, oil and gas, power, steel and ferrous, base metals and Vedanta limited.

Decoding Vedanta's demerger plan

Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again. Nakao also called for the Bank of Japan (BOJ) to reconsider its ultra-easy monetary policy.

In a recent interaction with Reuters, Nakao spoke about the risks associated with prolonged monetary easing, highlighting the need for a possible policy modification.

Reuters quoted Nakao as saying, "There may be views that the intervention is not imminent as the depreciation has not been so rapid compared to the last time when authorities intervened in September/October. But it's fully possible the authorities will conduct intervention in case the yen weakens further."

In the face of a weakening yen, Japan has spent over 9 trillion yen last year to stabilise the currency. The yen, currently trading around 147.77 against the dollar, has been a cause for concern, as a weaker yen can negatively impact Japan's exports and create economic instability.

Takehiko Nakao, who worked as the top currency official from August 2011 to March 2013, supervised a significant intervention in 2011 to control the yen’s strength in response to the U.S. Federal Reserve's quantitative easing. However, now that the yen is considerably weaker, Japan faces different economic challenges, such as rising import prices and increased living costs.

Nakao's concerns are echoed by investors who view prolonged monetary easing as distorting markets and hurting bank profits. A weaker yen has emerged as a result of Japan's contrast with the global trend of monetary control. Other major central banks, such as the Federal Reserve, have hiked interest rates to fight off inflation while the BOJ continues to undertake potent monetary stimulus measures.

As the BOJ concludes its two-day meeting this week, it is widely expected to maintain its yield curve control (YCC) targets at a negative 0.1 per cent for short-term interest rates and 0 per cent for the 10-year bond yield. However, Nakao, who is in talks with present policymakers, argues for a change in direction.

"In the face of ongoing headline inflation and an excessively weak yen, the BOJ may have no choice but to proceed with monetary policy normalisation, including an exit from negative rate policy and yield curve control, so as not to fall behind the curve," Nakao&nbsp; told Reuters. "Given that JGB yields remain stable and inflation is on the rise, now is the chance to tweak yield curve control."

(With inputs from Reuters)

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Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again.

Takehiko Nakao, the former Asian Development Bank chief, has raised concerns about the Japanese yen's declining value, suggesting that Japan may need to intervene in the currency market again. Nakao also called for the Bank of Japan (BOJ) to reconsider its ultra-easy monetary policy. In a recent interaction with Reuters, Nakao spoke about the risks associated with prolonged monetary easing, highlighting the need for a possible policy modification. Reuters quoted Nakao as saying, "There may be views that the intervention is not imminent as the depreciation has not been so rapid compared to the last time when authorities intervened in September/October. But it's fully possible the authorities will conduct intervention in case the yen weakens further." In the face of a weakening yen, Japan has spent over 9 trillion yen last year to stabilise the currency. The yen, currently trading around 147.77 against the dollar, has been a cause for concern, as a weaker yen can negatively impact Japan's exports and create economic instability. Takehiko Nakao, who worked as the top currency official from August 2011 to March 2013, supervised a significant intervention in 2011 to control the yen’s strength in response to the U.S. Federal Reserve's quantitative easing. However, now that the yen is considerably weaker, Japan faces different economic challenges, such as rising import prices and increased living costs. Nakao's concerns are echoed by investors who view prolonged monetary easing as distorting markets and hurting bank profits. A weaker yen has emerged as a result of Japan's contrast with the global trend of monetary control. Other major central banks, such as the Federal Reserve, have hiked interest rates to fight off inflation while the BOJ continues to undertake potent monetary stimulus measures. As the BOJ concludes its two-day meeting this week, it is widely expected to maintain its yield curve control (YCC) targets at a negative 0.1 per cent for short-term interest rates and 0 per cent for the 10-year bond yield. However, Nakao, who is in talks with present policymakers, argues for a change in direction. "In the face of ongoing headline inflation and an excessively weak yen, the BOJ may have no choice but to proceed with monetary policy normalisation, including an exit from negative rate policy and yield curve control, so as not to fall behind the curve," Nakao told Reuters. "Given that JGB yields remain stable and inflation is on the rise, now is the chance to tweak yield curve control." (With inputs from Reuters) WATCH WION LIVE HERE

Japan contemplates yen intervention and policy shift as economic concerns mount

Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years.

Government sources, wishing to remain anonymous, disclosed this ambitious expansion strategy, noting that Apple had already crossed the $7 billion production milestone during the previous fiscal year.

According to the official, Apple's expansion in India is on course to extend beyond its current iPhone manufacturing operations. While iPhones have been manufactured in India, the company intends to begin the production of Airpods in the coming year. However, there are currently no immediate plans to manufacture iPads or laptops within India.

“They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels,” PTI quoted the official as saying.

Apple's commitment to India is evident in its recent product launches. On September 22, 2023, Apple introduced the highly anticipated iPhone 15 series, featuring the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, which hit stores in India and various other countries simultaneously. Remarkably, Apple released the India-built iPhone 15 models on the same day they became available worldwide, underscoring India's importance in Apple's global production and distribution network.

Industry insiders cited by Business Today reported that the launch of the iPhone 15 series in India saw a remarkable 100 per cent growth in sales compared to the previous iPhone 14 series launch. Apple posted substantial financial figures for the fiscal year ending on September 25, 2022, with global iPhone sales reaching $191 billion and wearable, home, and accessories segment sales reaching $38.36 billion.

Market research firm Counterpoint Research also noted Apple's dominance in India's top smartphone market segment, which includes phones priced above Rs 45,000 ($541). Apple secured a 59 per cent market share in this category during the first quarter of 2023, confirming India's position as one of Apple's top five markets.

Apple's exponential growth in India's manufacturing and export landscape was highlighted by it surpassing Samsung as the leading exporter of smartphones from India. In the June quarter, Apple accounted for 49 per cent of the country's total smartphone shipments, compared to Samsung's 45 per cent, according to a report by the Economic Times. This highlights Apple’s rapid expansion and substantial investment in regional production and exports from India.

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Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years.

Apple Inc. is set to significantly increase its production capacity in India, with plans to expand its investment in the country to approximately $40 billion over the next four to five years. Government sources, wishing to remain anonymous, disclosed this ambitious expansion strategy, noting that Apple had already crossed the $7 billion production milestone during the previous fiscal year. According to the official, Apple's expansion in India is on course to extend beyond its current iPhone manufacturing operations. While iPhones have been manufactured in India, the company intends to begin the production of Airpods in the coming year. However, there are currently no immediate plans to manufacture iPads or laptops within India. “They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels,” PTI quoted the official as saying. Apple's commitment to India is evident in its recent product launches. On September 22, 2023, Apple introduced the highly anticipated iPhone 15 series, featuring the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max, which hit stores in India and various other countries simultaneously. Remarkably, Apple released the India-built iPhone 15 models on the same day they became available worldwide, underscoring India's importance in Apple's global production and distribution network. Industry insiders cited by Business Today reported that the launch of the iPhone 15 series in India saw a remarkable 100 per cent growth in sales compared to the previous iPhone 14 series launch. Apple posted substantial financial figures for the fiscal year ending on September 25, 2022, with global iPhone sales reaching $191 billion and wearable, home, and accessories segment sales reaching $38.36 billion. Market research firm Counterpoint Research also noted Apple's dominance in India's top smartphone market segment, which includes phones priced above Rs 45,000 ($541). Apple secured a 59 per cent market share in this category during the first quarter of 2023, confirming India's position as one of Apple's top five markets. Apple's exponential growth in India's manufacturing and export landscape was highlighted by it surpassing Samsung as the leading exporter of smartphones from India. In the June quarter, Apple accounted for 49 per cent of the country's total smartphone shipments, compared to Samsung's 45 per cent, according to a report by the Economic Times. This highlights Apple’s rapid expansion and substantial investment in regional production and exports from India. WATCH WION LIVE HERE

Apple aims to boost manufacturing and invest $40 billion in India: Report

The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October.

This stance is expected due to persistently high retail inflation and the U.S. Federal Reserve's commitment to a hawkish stance, according to government sources.

The RBI had previously raised the benchmark repo rate to 6.5 per cent on February 8, 2023, and has maintained it at this level since; citing concerns about rigid retail inflation and global factors, including hiked prices for crude oil.

Madan Sabnavis, Chief Economist at Bank of Baroda, said&nbsp;that the RBI would maintain the status quo due to high inflation and tight liquidity.

He noted, "In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too, which will ensure that the status quo prevails for the calendar year for sure and probably Q4 too."

Sabnavis also highlighted uncertainties surrounding the Kharif crop, particularly in pulses, which could lead to price hikes.

Retail inflation based on the Consumer Price Index (CPI) decreased somewhat from 7.44 percent in July to 6.83 percent in August, although it still exceeded the RBI's comfort level of 6 percent. The government has given the RBI a target of keeping inflation at 4 per cent with a 2 per cent margin on each side.

Expecting a further reduction in CPI inflation to 5.3-5.5 per cent in September 2023, Aditi Nayar, Chief Economist at ICRA Limited, said that there are “upside risks to food inflation due to uneven and sub-par monsoons and low reservoir levels affecting Kharif yields and Rabi sowing.”

The Reserve Bank's projections indicate CPI inflation at 5.4 per cent for 2023-24, with Q2 at 6.2 per cent, Q3 at 5.7 per cent, and Q4 at 5.2 per cent, with risks evenly balanced. CPI inflation for Q1, 2024-25 is projected at 5.2 per cent. The RBI primarily considers CPI-based inflation in its monetary policy decisions.

Sanjay Bhutani, Director of the Medical Technology Association of India (MTaI), called for the RBI to contemplate an interest rate reduction to stimulate growth, given the market sentiment of retaining the benchmark interest rate at 6.5 per cent. He also suggested that if a rate reduction is not feasible due to high retail inflation and the Federal Reserve's hawkish stance, the RBI should provide a clear indication of future rate easing, which would benefit sectors like medical technology.

Sandeep Bagla, CEO of Trust Mutual Fund, acknowledged that the interest rate environment has&nbsp;deteriorated since the last MPC policy review in August. With both the U.S. and Indian economies growth and inflation rising to alarming levels, he expects the MPC to maintain the existing repo rates. However, Bagla said that headline inflation is expected to decrease in the next few month.

The Reserve Bank has maintained the repo rate at 6.5 per cent since February, following the earlier increase from 6.25 per cent. In subsequent bi-monthly policy reviews in April, June, and August, the benchmark rate remained the same.

The Monetary Policy Committee (MPC) comprises three external members and three RBI officials, with its next meeting scheduled for October 4-6, 2023.

Governor Das leads the committee. Other RBI officials&nbsp;include&nbsp;Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor). External members include Shashanka Bhide, Ashima Goyal, and Jayanth R. Varma.

(With inputs from PTI)

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The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October.

The Reserve Bank of India (RBI) will likely keep its policy rates unchanged for the fourth consecutive time at the upcoming bi-monthly monetary policy review meeting in early October. This stance is expected due to persistently high retail inflation and the U.S. Federal Reserve's commitment to a hawkish stance, according to government sources. The RBI had previously raised the benchmark repo rate to 6.5 per cent on February 8, 2023, and has maintained it at this level since; citing concerns about rigid retail inflation and global factors, including hiked prices for crude oil. Madan Sabnavis, Chief Economist at Bank of Baroda, said that the RBI would maintain the status quo due to high inflation and tight liquidity. He noted, "In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too, which will ensure that the status quo prevails for the calendar year for sure and probably Q4 too." Sabnavis also highlighted uncertainties surrounding the Kharif crop, particularly in pulses, which could lead to price hikes. Retail inflation based on the Consumer Price Index (CPI) decreased somewhat from 7.44 percent in July to 6.83 percent in August, although it still exceeded the RBI's comfort level of 6 percent. The government has given the RBI a target of keeping inflation at 4 per cent with a 2 per cent margin on each side. Expecting a further reduction in CPI inflation to 5.3-5.5 per cent in September 2023, Aditi Nayar, Chief Economist at ICRA Limited, said that there are “upside risks to food inflation due to uneven and sub-par monsoons and low reservoir levels affecting Kharif yields and Rabi sowing.” The Reserve Bank's projections indicate CPI inflation at 5.4 per cent for 2023-24, with Q2 at 6.2 per cent, Q3 at 5.7 per cent, and Q4 at 5.2 per cent, with risks evenly balanced. CPI inflation for Q1, 2024-25 is projected at 5.2 per cent. The RBI primarily considers CPI-based inflation in its monetary policy decisions. Sanjay Bhutani, Director of the Medical Technology Association of India (MTaI), called for the RBI to contemplate an interest rate reduction to stimulate growth, given the market sentiment of retaining the benchmark interest rate at 6.5 per cent. He also suggested that if a rate reduction is not feasible due to high retail inflation and the Federal Reserve's hawkish stance, the RBI should provide a clear indication of future rate easing, which would benefit sectors like medical technology. Sandeep Bagla, CEO of Trust Mutual Fund, acknowledged that the interest rate environment has deteriorated since the last MPC policy review in August. With both the U.S. and Indian economies growth and inflation rising to alarming levels, he expects the MPC to maintain the existing repo rates. However, Bagla said that headline inflation is expected to decrease in the next few month. The Reserve Bank has maintained the repo rate at 6.5 per cent since February, following the earlier increase from 6.25 per cent. In subsequent bi-monthly policy reviews in April, June, and August, the benchmark rate remained the same. The Monetary Policy Committee (MPC) comprises three external members and three RBI officials, with its next meeting scheduled for October 4-6, 2023. Governor Das leads the committee. Other RBI officials include Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor). External members include Shashanka Bhide, Ashima Goyal, and Jayanth R. Varma. (With inputs from PTI) WATCH WION LIVE HERE

RBI expected to maintain interest rates amid high inflation & global factors: Report

As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks. While India pledged to achieve net-zero emissions by 2070 at the Glasgow Climate Meet, its banking sector has been slow to incorporate climate risks into their policies.

The report, which assessed 34 top banks on various parameters related to climate risk management, found that most of them lack policies addressing fossil fuel use, emissions limits, and climate scenario analysis. CRH's survey highlighted that public sector banks are particularly vulnerable to large capital shortfalls due to adverse climate shocks.

CRH’s report noted, "Extreme weather events in 2022 claimed 3,026 lives and affected crop areas. Preparedness for climate risks means that they have to be measured and managed. And this is exactly where Indian banks are lagging."

India faced another year of climate-related disasters in 2023, with flooding and landslides in Uttarakhand and Himachal Pradesh resulting in significant loss of life and property. The financial toll is estimated to be substantial, highlighting the urgent need for banks to address climate risks.

The report also emphasized the importance of joining international climate initiative associations, such as the Partnership for Carbon Accounting Financials (PCAF) and the Task Force on Climate-Related Financial Disclosures (TCFD). These associations provide expertise and guidance on climate accounting and reporting.

GHG accounting, a critical aspect of addressing climate risks, involves measuring greenhouse gas emissions, including carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O). It's crucial for financial institutions to measure and report their Scope 1 (direct emissions) and Scope 2 (indirect emissions) emissions. However, Scope 3 emissions, which encompass emissions from a company's value chain, remain challenging to measure but are vital for financial institutions to track.

According to CRH's data, only 10 out of the 34 banks have begun disclosing Scope 1 and 2 emissions, with 8 of them also starting to disclose some Scope 3 emissions. Notably, none of the banks have calculated the impact of different climate scenarios on their portfolios. Furthermore, only 10 banks have disclosed the amount of green finance disbursed, and none have set comprehensive net-zero targets covering all three scope emissions.

CRH has urged Indian banks to take concrete steps towards aligning with India's climate goals. This includes increased lending for the country's energy transition targets, transparent disclosure of climate-related figures, and ensuring that fossil fuel-dependent industries they finance develop science-based transition plans. As the world grapples with the consequences of climate change, India's banking sector faces mounting pressure to play a pivotal role in combating climate risks.

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As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks.

As India commits its ambitious climate goals, a report by Climate Risk Horizons (CRH) has revealed that the country's banks are alarmingly ill-equipped to address climate change risks. While India pledged to achieve net-zero emissions by 2070 at the Glasgow Climate Meet, its banking sector has been slow to incorporate climate risks into their policies. The report, which assessed 34 top banks on various parameters related to climate risk management, found that most of them lack policies addressing fossil fuel use, emissions limits, and climate scenario analysis. CRH's survey highlighted that public sector banks are particularly vulnerable to large capital shortfalls due to adverse climate shocks. CRH’s report noted, "Extreme weather events in 2022 claimed 3,026 lives and affected crop areas. Preparedness for climate risks means that they have to be measured and managed. And this is exactly where Indian banks are lagging." India faced another year of climate-related disasters in 2023, with flooding and landslides in Uttarakhand and Himachal Pradesh resulting in significant loss of life and property. The financial toll is estimated to be substantial, highlighting the urgent need for banks to address climate risks. The report also emphasized the importance of joining international climate initiative associations, such as the Partnership for Carbon Accounting Financials (PCAF) and the Task Force on Climate-Related Financial Disclosures (TCFD). These associations provide expertise and guidance on climate accounting and reporting. GHG accounting, a critical aspect of addressing climate risks, involves measuring greenhouse gas emissions, including carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O). It's crucial for financial institutions to measure and report their Scope 1 (direct emissions) and Scope 2 (indirect emissions) emissions. However, Scope 3 emissions, which encompass emissions from a company's value chain, remain challenging to measure but are vital for financial institutions to track. According to CRH's data, only 10 out of the 34 banks have begun disclosing Scope 1 and 2 emissions, with 8 of them also starting to disclose some Scope 3 emissions. Notably, none of the banks have calculated the impact of different climate scenarios on their portfolios. Furthermore, only 10 banks have disclosed the amount of green finance disbursed, and none have set comprehensive net-zero targets covering all three scope emissions. CRH has urged Indian banks to take concrete steps towards aligning with India's climate goals. This includes increased lending for the country's energy transition targets, transparent disclosure of climate-related figures, and ensuring that fossil fuel-dependent industries they finance develop science-based transition plans. As the world grapples with the consequences of climate change, India's banking sector faces mounting pressure to play a pivotal role in combating climate risks. WATCH WION LIVE HERE

Indian banks grapple with climate crisis amid ambitious climate goals: Report

Australian Treasurer Jim Chalmers has sounded a stark warning about the escalating costs of managing natural disasters in the country, which could reach multi-billion dollar levels, Bloomberg reported.

Chalmers spoke of the urgency of addressing the financial implications of climate change as Australia faces the looming threat of a potentially devastating wildfire season driven by the El Nino phenomenon.

In a speech delivered in Rockhampton, Chalmers revealed that government funding for disaster recovery had surged by a staggering 433 per cent over the past three years, reaching Australian $2.5 billion ($1.6 billion) for the fiscal year ending on June 30. “The pressure of a changing climate and more frequent natural disasters is constant, cascading, and cumulative,” Bloomberg quoted him as saying.

Australia has endured a series of catastrophic natural events in recent years, from the Black Summer bushfires in 2019-20 to widespread rainfall and flooding in the east during 2021 and 2022.

With the current El Nino weather system in the Pacific Ocean expected to bring high temperatures and reduced rainfall, authorities are now warning of an elevated risk of severe bushfires in the upcoming months.

Australia, despite being one of the countries most affected by climate change, has faced criticism for its perceived inaction in addressing the issue, particularly under the previous center-right government. The nation remains one of the world's highest per capita carbon emitters and a significant coal exporter.

According to Bloomberg, Emergency Management Minister Murray Watt sought to reassure the public by stating that Australia is better prepared for the approaching bushfire season compared to 2019. He noted that government funding for aerial firefighting has doubled since then.

However, Chalmers cautioned that the economic toll of climate change is only just beginning to become clear. He cited the Black Summer bushfires and the 2022 floods, each costing the Australian economy approximately Australian $1.5 billion ($962 million). Bloomberg also "If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063, costing us about Australian $1.8 billion ($1.1 billion) in GDP in today's dollars."

As Australia grapples with the mounting financial burden of climate-related disasters, the call for proactive measures to mitigate the impacts of climate change on the country's economy grows stronger.

(With inputs from Bloomberg)

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Australian Treasurer Jim Chalmers has sounded a stark warning about the escalating costs of managing natural disasters in the country, which could reach multi-billion dollar levels, Bloomberg reported.

Australian Treasurer Jim Chalmers has sounded a stark warning about the escalating costs of managing natural disasters in the country, which could reach multi-billion dollar levels, Bloomberg reported. Chalmers spoke of the urgency of addressing the financial implications of climate change as Australia faces the looming threat of a potentially devastating wildfire season driven by the El Nino phenomenon. In a speech delivered in Rockhampton, Chalmers revealed that government funding for disaster recovery had surged by a staggering 433 per cent over the past three years, reaching Australian $2.5 billion ($1.6 billion) for the fiscal year ending on June 30. “The pressure of a changing climate and more frequent natural disasters is constant, cascading, and cumulative,” Bloomberg quoted him as saying. Australia has endured a series of catastrophic natural events in recent years, from the Black Summer bushfires in 2019-20 to widespread rainfall and flooding in the east during 2021 and 2022. With the current El Nino weather system in the Pacific Ocean expected to bring high temperatures and reduced rainfall, authorities are now warning of an elevated risk of severe bushfires in the upcoming months. Australia, despite being one of the countries most affected by climate change, has faced criticism for its perceived inaction in addressing the issue, particularly under the previous center-right government. The nation remains one of the world's highest per capita carbon emitters and a significant coal exporter. According to Bloomberg, Emergency Management Minister Murray Watt sought to reassure the public by stating that Australia is better prepared for the approaching bushfire season compared to 2019. He noted that government funding for aerial firefighting has doubled since then. However, Chalmers cautioned that the economic toll of climate change is only just beginning to become clear. He cited the Black Summer bushfires and the 2022 floods, each costing the Australian economy approximately Australian $1.5 billion ($962 million). Bloomberg also "If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063, costing us about Australian $1.8 billion ($1.1 billion) in GDP in today's dollars." As Australia grapples with the mounting financial burden of climate-related disasters, the call for proactive measures to mitigate the impacts of climate change on the country's economy grows stronger. (With inputs from Bloomberg) WATCH WION LIVE HERE

Australia's climate-driven disaster costs surge, signalling economic risk

Indian edtech firm, Byju's, is set to undergo a major restructuring effort, potentially resulting in the termination of 4,000 to 5,000 jobs. This significant workforce reduction, announced by the company's new India CEO, Arjun Mohan, reflects Byju's attempts to strengthen its operations amid ongoing financial challenges, Moneycontrol reported. &nbsp;

According to the report, the restructuring, impacting India-based employees of Think and Learn Pvt Ltd, which operates Byju's, will not include Aakash, another prominent firm owned by edtech giant. The decision to implement these job cuts encompasses various functions within the organisation, including sales and marketing, aiming to eliminate areas of significant overlap. &nbsp;

In a statement addressing this restructuring, a spokesperson for Byju's was quoted by Moneycontrol as saying, "We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base, and better cash flow management. Byju's new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead."&nbsp;

This restructuring initiative comes at a critical juncture for Byju's, as the company grapples with a tightening liquidity situation. In response to imminent financial pressures, Byju's has taken various measures, including reducing office space, exploring the sale of subsidiaries, and seeking external funding.&nbsp;

As per reports, Byju's had previously sent a proposal to its lenders to repay its $1.2 billion disputed term loan B within the next six months. The proposal included an upfront payment of $300 million in the next three months. To fund these repayment plans, Byju's is contemplating the sale of two key assets, Great Learning and US-based Epic. &nbsp;

Moreover, the company has been actively pursuing fresh equity funding to bolster its financial position. Despite being one of the world's largest edtech firms with an approximate valuation of $22 billion, Byju's has faced challenges in securing new funding throughout this year.&nbsp;

In May, the company secured $250 million in structured instruments from Davidson Kempner. However, a significant portion of this amount, nearly $150 million, was held back by the US-based AMC due to a lack of progress in negotiations with Byju's lenders. Additionally, Byju's had a technical default on the Davidson Kempner loan, leading founder and CEO, Byju Raveendran to raise funds for its repayment to retain control of Aakash Educational Services. &nbsp;

Byju's is also exploring fundraising from one of its earliest backers, Ranjan Pai, for Aakash Educational Services, which could involve a partial buyout of Raveendran's stake.&nbsp;

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Indian edtech firm, Byju's, is set to undergo a major restructuring effort, potentially resulting in the termination of 4,000 to 5,000 jobs. This significant workforce reduction, announced by the company's new India CEO, Arjun Mohan, reflects Byju's attempts to strengthen its operations amid ongoing financial challenges, Moneycontrol reported.

Indian edtech firm, Byju's, is set to undergo a major restructuring effort, potentially resulting in the termination of 4,000 to 5,000 jobs. This significant workforce reduction, announced by the company's new India CEO, Arjun Mohan, reflects Byju's attempts to strengthen its operations amid ongoing financial challenges, Moneycontrol reported. According to the report, the restructuring, impacting India-based employees of Think and Learn Pvt Ltd, which operates Byju's, will not include Aakash, another prominent firm owned by edtech giant. The decision to implement these job cuts encompasses various functions within the organisation, including sales and marketing, aiming to eliminate areas of significant overlap. In a statement addressing this restructuring, a spokesperson for Byju's was quoted by Moneycontrol as saying, "We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base, and better cash flow management. Byju's new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead." This restructuring initiative comes at a critical juncture for Byju's, as the company grapples with a tightening liquidity situation. In response to imminent financial pressures, Byju's has taken various measures, including reducing office space, exploring the sale of subsidiaries, and seeking external funding. As per reports, Byju's had previously sent a proposal to its lenders to repay its $1.2 billion disputed term loan B within the next six months. The proposal included an upfront payment of $300 million in the next three months. To fund these repayment plans, Byju's is contemplating the sale of two key assets, Great Learning and US-based Epic. Moreover, the company has been actively pursuing fresh equity funding to bolster its financial position. Despite being one of the world's largest edtech firms with an approximate valuation of $22 billion, Byju's has faced challenges in securing new funding throughout this year. In May, the company secured $250 million in structured instruments from Davidson Kempner. However, a significant portion of this amount, nearly $150 million, was held back by the US-based AMC due to a lack of progress in negotiations with Byju's lenders. Additionally, Byju's had a technical default on the Davidson Kempner loan, leading founder and CEO, Byju Raveendran to raise funds for its repayment to retain control of Aakash Educational Services. Byju's is also exploring fundraising from one of its earliest backers, Ranjan Pai, for Aakash Educational Services, which could involve a partial buyout of Raveendran's stake. WATCH WION LIVE HERE

Indian edtech firm Byju's announces major restructuring, plans to cut thousands of jobs 

In a major development from the European Union, plans are underway to reshape the future of membership expansion. The core of the proposal revolves around two key components: First, providing substantial financial aid to these aspiring members to accelerate their reform efforts. Secondly, the EU aims to grant these candidate nations early access to the lucrative single market.

EU's growth plan for countries

Russia is making waves in the global oil market as it sells oil to India at nearly 80 dollars per barrel, a significant premium over western prices. This surge in prices is primarily driven by tight global oil markets and production cuts by key OPEC+ producers, including Russia and Saudi Arabia. As of mid-July, Urals crude has consistently traded above the western price cap of 60 dollars per barrel.

Russian oil sales surge in India