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Watch the journey of Sumit Gupta & Neeraj Khandelwal, visionary entrepreneurs who built India's most valued crypto company, COIN DCX. This online platform has simplified the trading and investing of digital assets, allowing more people to participate. Since its inception, COIN DCX has enabled countless users by providing a user-friendly interface, a wide selection of cryptocurrencies, and extensive educational materials related to the blockchain technology on which cryptocurrencies are based. Joins us as Jasper Reid talks to the founders to decode how COIN DCX is a transparent and secure cryptocurrency exchange at India's forefront of blockchain technology and inspires trust in the digital financial system.

Watch the journey of Sumit Gupta & Neeraj Khandelwal building COIN DCX

Will the US government shut down on October 1 if the Congress fails to pass several federal spending bills? That is the question on&nbsp;everyone's mind.

If the Congress fails to pass 12 key appropriation bills by September 30, the last day of the US government fiscal year, the federal administration would come to a standstill and employees would not be paid for an unspecified period of time.

A full or partial shutdown of the US government is undoubtably going to have a major impact on the world's largest economy, ranging from lower economic output to delay in the release of key economic data.

Consequently, the impact of a US shutdown, estimated to be between $6 billion and $13.5 billion each week in total lost economic activity, would leave a significant mark on the larger global economy.

To make matters worse for the US, the shutdown would come at a time when recession fears loom large on the economy.

But shutdowns are not a new phenomena&nbsp;for the US federal government. In fact, the federal administration has shut down at least 14 times since 1981. However, there is a silver lining for the government: most shutdowns have lasted not more than two or three days&nbsp;as the Congress goes on an overdrive to break the deadlock.

The obscure genesis

Spending in the US has always run on deficit. This was true even before the 1980s, when shutdowns became the order of the day whenever the legislature failed to sanction funds. But prior to the 1980s, the government did not abruptly shut down in the event of a legislative deadlock over federal funding.

Had it not been for a legislative assistant Ron McCluskey, who re-discovered the then-obscure 19th Century Anti-deficiency Act, the United States would never have never undergone so many shutdowns in the last four decades.

To put it in simple words, the Anti-deficiency Act, passed by President Ulysses S. Grant administration in 1870, restricts the federal government from operating in the absence of Congress-backed funding.

Reports suggest that McCluskey alerted Democrat Congresswoman Gladys Noon Spellman about the provision. Spellman, who had been working towards a bill allowing US workers to receive their salaries even amid a funding crunch, wrote to then Comptroller General Elmer Staats for an opinion.

But Staats did not favour a shutdown of the US government. Spellman then asked for a second opinion from the Justice Department. On April 25, 1980, then-Attorney General Benjamin R. Civiletti responded. A 1981 Washington Post report quoted him as saying, "Federal agencies may incur no obligations that cannot lawfully be funded under prior Congressional appropriations."

This statement sealed the deal for the Jimmy Carter administration, which was already under attack from various quarters for being "weak".

The May Day shutdown

The US federal government shutdown lasted for one full day on May 1, 1980, coincidently on a day when labour unions across the world commemorate the contributions of workers.

The first-ever shutdown affected the Federal Trade Commission (FTC), after the Congress allowed the bill to provide the watchdog with $55 million to lapse. This happened amid a tussle between the Congress and the Carter-led White House over a bill that would have curtailed the investigation powers of the FTC. Since Carter took office in 1977, many Congress members and business leaders felt that the watchdog was "aggressively monitoring" virtually every segment of the US economy.

Amid the tussle between the White House and the Congress, Carter decided to play hardball. Armed with Civiletti's extreme interpretation of the Anti-deficiency Act, he decided to shut the FTC till the deadlock over its funding did not end.

On May 1, 1,600 employees of the FTC were furloughed -- a term used in the US to mean employees who are on the payrolls but cannot work.

A May 1, 1980 report by the Washington Post noted that the hurriedly announced shutdown compelled the watchdog to halt all its operations. "The order forced staff members to cancel travel plans as well as a major court appearance and a series of activities connected with antitrust and consumer protection cases," the report added.

But the shutdown ended that evening after both Houses of the Congress approved an extension of funding. The economic cost of the one-day shutdown came to light a year later. In March 1981, the Government Accountability Office claimed that the shutdown led to a loss of $700,000.&nbsp;The loss amounts&nbsp;to over $2 million, when adjusted for inflation in 2022.

Will the US government shut down on October 1 if the Congress fails to pass several federal spending bills? That is the question on everyone's mind. If the Congress fails to pass 12 key appropriation bills by September 30, the last day of the US government fiscal year, the federal administration would come to a standstill and employees would not be paid for an unspecified period of time.

Will the US government shut down on October 1 if the Congress fails to pass several federal spending bills? That is the question on everyone's mind. If the Congress fails to pass 12 key appropriation bills by September 30, the last day of the US government fiscal year, the federal administration would come to a standstill and employees would not be paid for an unspecified period of time. A full or partial shutdown of the US government is undoubtably going to have a major impact on the world's largest economy, ranging from lower economic output to delay in the release of key economic data. Consequently, the impact of a US shutdown, estimated to be between $6 billion and $13.5 billion each week in total lost economic activity, would leave a significant mark on the larger global economy. To make matters worse for the US, the shutdown would come at a time when recession fears loom large on the economy. But shutdowns are not a new phenomena for the US federal government. In fact, the federal administration has shut down at least 14 times since 1981. However, there is a silver lining for the government: most shutdowns have lasted not more than two or three days as the Congress goes on an overdrive to break the deadlock. The obscure genesis Spending in the US has always run on deficit. This was true even before the 1980s, when shutdowns became the order of the day whenever the legislature failed to sanction funds. But prior to the 1980s, the government did not abruptly shut down in the event of a legislative deadlock over federal funding. Had it not been for a legislative assistant Ron McCluskey, who re-discovered the then-obscure 19th Century Anti-deficiency Act, the United States would never have never undergone so many shutdowns in the last four decades. To put it in simple words, the Anti-deficiency Act, passed by President Ulysses S. Grant administration in 1870, restricts the federal government from operating in the absence of Congress-backed funding. Reports suggest that McCluskey alerted Democrat Congresswoman Gladys Noon Spellman about the provision. Spellman, who had been working towards a bill allowing US workers to receive their salaries even amid a funding crunch, wrote to then Comptroller General Elmer Staats for an opinion. But Staats did not favour a shutdown of the US government. Spellman then asked for a second opinion from the Justice Department. On April 25, 1980, then-Attorney General Benjamin R. Civiletti responded. A 1981 Washington Post report quoted him as saying, "Federal agencies may incur no obligations that cannot lawfully be funded under prior Congressional appropriations." This statement sealed the deal for the Jimmy Carter administration, which was already under attack from various quarters for being "weak". The May Day shutdown The US federal government shutdown lasted for one full day on May 1, 1980, coincidently on a day when labour unions across the world commemorate the contributions of workers. The first-ever shutdown affected the Federal Trade Commission (FTC), after the Congress allowed the bill to provide the watchdog with $55 million to lapse. This happened amid a tussle between the Congress and the Carter-led White House over a bill that would have curtailed the investigation powers of the FTC. Since Carter took office in 1977, many Congress members and business leaders felt that the watchdog was "aggressively monitoring" virtually every segment of the US economy. Amid the tussle between the White House and the Congress, Carter decided to play hardball. Armed with Civiletti's extreme interpretation of the Anti-deficiency Act, he decided to shut the FTC till the deadlock over its funding did not end. On May 1, 1,600 employees of the FTC were furloughed -- a term used in the US to mean employees who are on the payrolls but cannot work. A May 1, 1980 report by the Washington Post noted that the hurriedly announced shutdown compelled the watchdog to halt all its operations. "The order forced staff members to cancel travel plans as well as a major court appearance and a series of activities connected with antitrust and consumer protection cases," the report added. But the shutdown ended that evening after both Houses of the Congress approved an extension of funding. The economic cost of the one-day shutdown came to light a year later. In March 1981, the Government Accountability Office claimed that the shutdown led to a loss of $700,000. The loss amounts to over $2 million, when adjusted for inflation in 2022.

Flashback Friday: How an obscure law triggered the first US shutdown in 1980

China’s Evergrande Group, already grappling with an unprecedented debt crisis, has plunged further into uncertainty as trading in its shares was suspended amid reports that the company's chairman, Hui Ka Yan, had been placed under police surveillance. &nbsp;

The suspension of trading on the Hong Kong stock exchange comes just a month after Evergrande resumed trading following a 17-month break. The development intensifies concerns over the weighed down property developer's future, which faces a growing threat of liquidation.&nbsp;

Previously, Bloomberg News reported that Hui Ka Yan, the visionary founder of Evergrande, had been taken into police custody earlier this month and was currently under surveillance at a designated location. The reasons behind this move remain unclear, and Reuters could not independently verify the news.&nbsp;

Evergrande, with over $300 billion in liabilities, equivalent to the GDP of Finland, has become the symbolic figure of China's property sector's debt crisis, a sector contributing about a quarter to the nation's economy. The company's woes deepened recently when it disclosed its inability to issue new debt due to an investigation into its primary China unit, further complicating its proposed restructuring plan.&nbsp;

A major offshore creditor group of Evergrande has signalled its intention to join a liquidation court petition against the developer if a new debt restructuring plan is not submitted by the end of October. Consequently, the prospect of Evergrande's restructuring plan falling apart looms large, heightening the risk of liquidation, according to analysts.&nbsp;

According to a report by The Guardian, the halt in trading not only affects Evergrande's Hong Kong-listed shares but also extends to its property services and electric vehicle units, all suspended as uncertainties mount. &nbsp;

The recent developments surrounding Evergrande have raised questions about the reasons behind Hui Ka Yan's residential surveillance, which falls short of formal detention or police arrest and does not imply criminal charges. Earlier this month, several employees of Evergrande's wealth management unit were arrested in Shenzhen on unspecified charges, further contributing to the company's mounting troubles.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

China’s Evergrande Group, already grappling with an unprecedented debt crisis, has plunged further into uncertainty as trading in its shares was suspended amid reports that the company's chairman, Hui Ka Yan, had been placed under police surveillance.

China’s Evergrande Group, already grappling with an unprecedented debt crisis, has plunged further into uncertainty as trading in its shares was suspended amid reports that the company's chairman, Hui Ka Yan, had been placed under police surveillance. The suspension of trading on the Hong Kong stock exchange comes just a month after Evergrande resumed trading following a 17-month break. The development intensifies concerns over the weighed down property developer's future, which faces a growing threat of liquidation. Previously, Bloomberg News reported that Hui Ka Yan, the visionary founder of Evergrande, had been taken into police custody earlier this month and was currently under surveillance at a designated location. The reasons behind this move remain unclear, and Reuters could not independently verify the news. Evergrande, with over $300 billion in liabilities, equivalent to the GDP of Finland, has become the symbolic figure of China's property sector's debt crisis, a sector contributing about a quarter to the nation's economy. The company's woes deepened recently when it disclosed its inability to issue new debt due to an investigation into its primary China unit, further complicating its proposed restructuring plan. A major offshore creditor group of Evergrande has signalled its intention to join a liquidation court petition against the developer if a new debt restructuring plan is not submitted by the end of October. Consequently, the prospect of Evergrande's restructuring plan falling apart looms large, heightening the risk of liquidation, according to analysts. According to a report by The Guardian, the halt in trading not only affects Evergrande's Hong Kong-listed shares but also extends to its property services and electric vehicle units, all suspended as uncertainties mount. The recent developments surrounding Evergrande have raised questions about the reasons behind Hui Ka Yan's residential surveillance, which falls short of formal detention or police arrest and does not imply criminal charges. Earlier this month, several employees of Evergrande's wealth management unit were arrested in Shenzhen on unspecified charges, further contributing to the company's mounting troubles. (With inputs from Reuters) WATCH WION LIVE HERE

Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms

India is set to challenge the status quo at the World Trade Organisation (WTO) by seeking the removal of entitlements in trading rules that have long favoured developed countries. According to reports, these entitlements have hindered the fair access of developing nations, creating friction and inequities in international trade. &nbsp;

A source familiar with the matter told Mint that India's stance will be made clear at the upcoming WTO inter-ministerial meeting in Abu Dhabi, where it will call for the removal of 'additional Final Bound Total Aggregate Measurement of Support (FBTAMS) entitlements'.&nbsp;

Mint reported that India's proposal targets the 'de minimis limits', which dictate the minimal level of domestic support allowed for each country under the WTO Agreement on Agriculture (AoA). Currently, developed nations are permitted support up to 5 per cent of the value of production, while developing countries have a 10 per cent threshold. This longstanding disparity has fuelled debates and posed challenges, particularly concerning India's minimum support price (MSP) program for food grains.&nbsp;

The source cited by Mint also emphasised India's position, stating, "India believes any negotiations on domestic support needs to first address existing asymmetries and imbalances in the WTO Agreement of Agriculture (AoA). Thus, discussing disciplines on domestic support for India must begin with the removal of historical asymmetries in domestic support." &nbsp;

However, India's call for change has not been without resistance, and negotiations on this issue have yet to commence in the WTO. According to the Third World Network (TWN), a think tank specialising in trade issues, disciplining FBTAMS entitlements is crucial as they remain "the primary source of inequity" in the AoA. TWN argues that allowing select countries substantial additional entitlements creates imbalances and policy advantages, further aggravating global trade disparities.&nbsp;

As India pushes for a balance, its actions also draw scrutiny from foodgrain-exporting nations like the US and Canada, who question the subsidies provided under India's public stockholding (PSH) program, particularly for rice. India has invoked the 'peace clause' at the WTO multiple times for breaching the 10 per cent subsidy ceiling on rice procurement. In response, India has defended its position by highlighting that it mainly exports premium quality rice rather than common paddy, emphasising its contributions to the global demand for this staple.&nbsp;

In parallel, The Print reported that India's export decisions in the past year have garnered international attention and raised questions about WTO compliance. Several countries have turned to the WTO to inquire about India's bans and restrictions on the export of wheat, rice, and onions. Japan, Switzerland, Canada, the UK, Australia, the EU, the US, and New Zealand have all sought clarifications on these decisions, underscoring the need for communication, notification, and consideration of their impacts.&nbsp;

Critics of India's export bans argue that they have caused international food prices to spike, leading to concerns of social unrest and political instability in Asia and Africa. Before the bans, India accounted for a substantial portion of global rice supplies, adding to the significance of its decisions in the global food trade landscape. While reasons for export bans were provided for some commodities, such as addressing rising food grain prices, others, like the restrictions on onion exports, remain unexplained.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India is set to challenge the status quo at the World Trade Organisation (WTO) by seeking the removal of entitlements in trading rules that have long favoured developed countries.

India is set to challenge the status quo at the World Trade Organisation (WTO) by seeking the removal of entitlements in trading rules that have long favoured developed countries. According to reports, these entitlements have hindered the fair access of developing nations, creating friction and inequities in international trade. A source familiar with the matter told Mint that India's stance will be made clear at the upcoming WTO inter-ministerial meeting in Abu Dhabi, where it will call for the removal of 'additional Final Bound Total Aggregate Measurement of Support (FBTAMS) entitlements'. Mint reported that India's proposal targets the 'de minimis limits', which dictate the minimal level of domestic support allowed for each country under the WTO Agreement on Agriculture (AoA). Currently, developed nations are permitted support up to 5 per cent of the value of production, while developing countries have a 10 per cent threshold. This longstanding disparity has fuelled debates and posed challenges, particularly concerning India's minimum support price (MSP) program for food grains. The source cited by Mint also emphasised India's position, stating, "India believes any negotiations on domestic support needs to first address existing asymmetries and imbalances in the WTO Agreement of Agriculture (AoA). Thus, discussing disciplines on domestic support for India must begin with the removal of historical asymmetries in domestic support." However, India's call for change has not been without resistance, and negotiations on this issue have yet to commence in the WTO. According to the Third World Network (TWN), a think tank specialising in trade issues, disciplining FBTAMS entitlements is crucial as they remain "the primary source of inequity" in the AoA. TWN argues that allowing select countries substantial additional entitlements creates imbalances and policy advantages, further aggravating global trade disparities. As India pushes for a balance, its actions also draw scrutiny from foodgrain-exporting nations like the US and Canada, who question the subsidies provided under India's public stockholding (PSH) program, particularly for rice. India has invoked the 'peace clause' at the WTO multiple times for breaching the 10 per cent subsidy ceiling on rice procurement. In response, India has defended its position by highlighting that it mainly exports premium quality rice rather than common paddy, emphasising its contributions to the global demand for this staple. In parallel, The Print reported that India's export decisions in the past year have garnered international attention and raised questions about WTO compliance. Several countries have turned to the WTO to inquire about India's bans and restrictions on the export of wheat, rice, and onions. Japan, Switzerland, Canada, the UK, Australia, the EU, the US, and New Zealand have all sought clarifications on these decisions, underscoring the need for communication, notification, and consideration of their impacts. Critics of India's export bans argue that they have caused international food prices to spike, leading to concerns of social unrest and political instability in Asia and Africa. Before the bans, India accounted for a substantial portion of global rice supplies, adding to the significance of its decisions in the global food trade landscape. While reasons for export bans were provided for some commodities, such as addressing rising food grain prices, others, like the restrictions on onion exports, remain unexplained. WATCH WION LIVE HERE

India's WTO challenge: Raising the stakes in global agricultural trade reforms 

Driven by increased government spending ahead of the upcoming general election in May, India is set to claim the title of the fastest-growing major economy in the current fiscal year. However, economists, in a Reuters poll, have expressed concerns about downside risks to this optimistic forecast.

Over the past few years, Narendra Modi's government has ramped up spending on infrastructure projects, including roads and railways, contributing to India's resilience against the global economic slowdown. Despite these efforts, the government has struggled to generate sufficient employment opportunities.

According to the median forecasts from a poll of 65 economists conducted between September 20 and 26, India's economy is expected to grow by 6.2 per cent in the fiscal year ending in March 2024, followed by a 6.3 per cent growth rate in the subsequent fiscal year. These projections align with last month's predictions but reveal a wide range of estimates for the current fiscal year, spanning from 4.6 per cent to 7.1 per cent.

However, economists emphasise that the expected growth remains below India's full potential. Furthermore, concerns have arisen regarding the impact of a drier-than-normal monsoon season, which could hinder economic performance in a country where agriculture employs roughly half of the workforce.

After an 7.8 per cent expansion in the last quarter, the growth rate is anticipated to moderate to 6.4 per cent in the current quarter and then decrease to 6.0 per cent in the October-December period, ultimately slowing to 5.5 per cent in early 2024.

Reuters quoted Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics, as saying&nbsp;that India is currently experiencing a cyclical slowdown, with various factors, including a weak external environment, sluggish private consumption, and subdued investment, impacting economic growth.

A majority of economists, 22 out of 36, believe that the risks to their GDP growth forecasts for FY 2023-2024 are tilted towards the downside.

Regarding inflation, the poll indicates that India's retail inflation is expected to average 5.5 per cent this fiscal year and 4.8 per cent next, exceeding the Reserve Bank of India's (RBI) medium-term target of 4 per cent. Alarmingly, more than two-thirds of the surveyed economists, 23 out of 34, believe that the risks are skewed towards even higher inflation figures.

Despite the anticipation of inflation remaining above the target, economists foresee the next move by the RBI to be a rate cut. Nearly 60 per cent of the economists, 28 out of 48, predict that the RBI will cut rates by at least 25 basis points before July, with the median estimate placing the rate at 6.25 per cent in the second quarter of the following year. This potential rate cut aligns with expectations for similar moves by central banks globally.

In the upcoming Oct. 4-6 meeting, all but one of the 71 economists surveyed anticipate that the RBI will maintain its key repo rate at 6.50 per cent, with one economist expecting a 25 basis point increase. Median forecasts suggest that the rate will remain unchanged throughout the rest of the current fiscal year.

Reuters quoted Alexandra Hermann, lead economist at Oxford Economics as saying, "The RBI will likely tolerate supply-driven inflationary pressures as long as core prices continue to ease but will monitor the development of inflation expectations closely."

She also added that they still expected a rate cut early in 2024 and that the recent inflationary trends were making it increasingly likely that a policy tilt would be delayed. She also pointed out that government measures should have a cooling effect on food prices in the coming months, but rising oil prices would probably exert upward pressure on headline inflation.

(With inputs from Reuters)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Driven by increased government spending ahead of the upcoming general election in May, India is set to claim the title of the fastest-growing major economy in the current fiscal year.

Driven by increased government spending ahead of the upcoming general election in May, India is set to claim the title of the fastest-growing major economy in the current fiscal year. However, economists, in a Reuters poll, have expressed concerns about downside risks to this optimistic forecast. Over the past few years, Narendra Modi's government has ramped up spending on infrastructure projects, including roads and railways, contributing to India's resilience against the global economic slowdown. Despite these efforts, the government has struggled to generate sufficient employment opportunities. According to the median forecasts from a poll of 65 economists conducted between September 20 and 26, India's economy is expected to grow by 6.2 per cent in the fiscal year ending in March 2024, followed by a 6.3 per cent growth rate in the subsequent fiscal year. These projections align with last month's predictions but reveal a wide range of estimates for the current fiscal year, spanning from 4.6 per cent to 7.1 per cent. However, economists emphasise that the expected growth remains below India's full potential. Furthermore, concerns have arisen regarding the impact of a drier-than-normal monsoon season, which could hinder economic performance in a country where agriculture employs roughly half of the workforce. After an 7.8 per cent expansion in the last quarter, the growth rate is anticipated to moderate to 6.4 per cent in the current quarter and then decrease to 6.0 per cent in the October-December period, ultimately slowing to 5.5 per cent in early 2024. Reuters quoted Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics, as saying that India is currently experiencing a cyclical slowdown, with various factors, including a weak external environment, sluggish private consumption, and subdued investment, impacting economic growth. A majority of economists, 22 out of 36, believe that the risks to their GDP growth forecasts for FY 2023-2024 are tilted towards the downside. Regarding inflation, the poll indicates that India's retail inflation is expected to average 5.5 per cent this fiscal year and 4.8 per cent next, exceeding the Reserve Bank of India's (RBI) medium-term target of 4 per cent. Alarmingly, more than two-thirds of the surveyed economists, 23 out of 34, believe that the risks are skewed towards even higher inflation figures. Despite the anticipation of inflation remaining above the target, economists foresee the next move by the RBI to be a rate cut. Nearly 60 per cent of the economists, 28 out of 48, predict that the RBI will cut rates by at least 25 basis points before July, with the median estimate placing the rate at 6.25 per cent in the second quarter of the following year. This potential rate cut aligns with expectations for similar moves by central banks globally. In the upcoming Oct. 4-6 meeting, all but one of the 71 economists surveyed anticipate that the RBI will maintain its key repo rate at 6.50 per cent, with one economist expecting a 25 basis point increase. Median forecasts suggest that the rate will remain unchanged throughout the rest of the current fiscal year. Reuters quoted Alexandra Hermann, lead economist at Oxford Economics as saying, "The RBI will likely tolerate supply-driven inflationary pressures as long as core prices continue to ease but will monitor the development of inflation expectations closely." She also added that they still expected a rate cut early in 2024 and that the recent inflationary trends were making it increasingly likely that a policy tilt would be delayed. She also pointed out that government measures should have a cooling effect on food prices in the coming months, but rising oil prices would probably exert upward pressure on headline inflation. (With inputs from Reuters) WATCH WION LIVE HERE

India fastest-growing major economy but risks persist, says Reuters poll

Auto giants Hyundai & Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires. The South Korean automakers are telling car owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire.

Hyundai & Kia to recall 3.37 mn US vehicles over fire risks | World Business Watch

India's diamond trade bodies are seeking an import ban for two months to manage supplies and bolster prices amid sluggish demand. In a letter, leading diamond trade bodies, including the gems and jewellery export promotion council, are urging their members to halt imports of rough diamonds for a two-month period, from October 15th to December 15th.

India's diamond sector seeks import ban | World Business Watch

Sri Lanka's bid for financial stability faces a significant setback. The international monetary fund, in its first review under a 2.9 billion dollar bailout package has frozen a crucial 330 million dollar tranche. The reason behind this decision is a growing concern over a potential shortfall in the Sri Lankan government's revenue generation.

IMF stalls $330 mn tranche for Sri Lanka due to revenue shortfall

In what has triggered a massive debate within the company, Shell CEO Wael Sawan has come under pressure over his strategy after two employees issued a rare open letter, urging him not to reduce investments in renewable energy. The open letter, posted earlier this month on shell's internal web, comes after Sawan outlined plans to slow investment in renewables and low-carbon business as part of a strategy to boost profits.

Shell employees' open letter sparks row

In an unprecedented turn of events, Afghanistan's currency, the afghani, has soared to the top of global currency rankings this quarter, outperforming many other currencies worldwide. Billions of dollars from humanitarian aid and increasing trade with Asian neighbours have played pivotal roles in this unexpected rise. &nbsp;

Bloomberg reported that despite the country's dire economic and humanitarian situation, the afghani has appreciated by approximately 9 per cent this quarter and will continue to appreciate by about 14 per cent over the course of the year, trailing only behind the Colombian peso and Sri Lankan rupee in global currency rankings.&nbsp;

The Taliban regime, which seized control of Afghanistan two years ago, has implemented stringent measures to maintain control over the afghani's value. These measures include banning the use of foreign currencies like the US dollar and Pakistani rupee in local transactions, tightening restrictions on the movement of foreign currencies, and criminalising online trading. This has led to a significant increase in demand for the afghani, which has, in turn, driven up its value.&nbsp;

Bloomberg cited Kamran Bokhari, an expert in Middle Eastern, Central, and South Asian affairs at the Washington-based New Lines Institute for Strategy &amp; Policy, who said, "The hard currency controls are working, but the economic, social, and political instability will render this rise in the currency as a short-term phenomenon." &nbsp;

In the wake of financial sanctions, foreign exchange transactions in Afghanistan now predominantly occur through money changers, locally known as ‘sarrafs,’ who operate in markets and shops across the country. This decentralised approach to currency exchange has become essential as Afghanistan remains largely cut off from the global financial system due to international sanctions.&nbsp;

Moreover, remittances to Afghanistan are primarily facilitated through the centuries-old Hawala money transfer system, commonly practiced in regions such as the Middle East. This system has become integral to the operations of the sarrafs who handle the bulk of foreign exchange transactions.&nbsp;

While Afghanistan's currency is on the rise, the humanitarian situation remains dire. The United Nations estimates that the country needs approximately $3.2 billion in aid this year, but only about $1.1 billion has been deployed so far, leaving millions in desperate need.&nbsp;

Despite the challenges, reports suggest there is optimism regarding Afghanistan's economic outlook. The World Bank predicts that the economy will stop contracting this year and may even see growth of 2 per cent to 3 per cent until 2025. However, there are concerns about potential reductions in global aid as the Taliban intensifies its repression of women.&nbsp;

"Tightened restrictions on foreign exchange transactions and a very gradual improvement in trade are pushing up demand for the afghani," Bloomberg quoted Anwita Basu, head of Europe country risk at BMI in London. She also added that the currency is likely to stabilize at current levels until the end of the year. &nbsp;

Additionally, Afghanistan's cash-strapped Taliban government is actively seeking investment in the country's valuable resources, including lithium and minerals estimated to be worth as much as $3 trillion. Agreements with Chinese, British, and Turkish companies to develop large-scale mining operations have been finalised, with further investments expected as part of the Belt and Road Initiative expansion into Afghanistan.&nbsp;

Despite the afghani's recent success, it remains vulnerable to shifts in political stability. BMI's Anwita Basu told Bloomberg, "Ultimately, political stability will make or break the currency – if the Taliban lose control at home, then the currency too will suffer."&nbsp;

(With inputs from Bloomberg)&nbsp;

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In an unprecedented turn of events, Afghanistan's currency, the afghani, has soared to the top of global currency rankings this quarter, outperforming many other currencies worldwide.

In an unprecedented turn of events, Afghanistan's currency, the afghani, has soared to the top of global currency rankings this quarter, outperforming many other currencies worldwide. Billions of dollars from humanitarian aid and increasing trade with Asian neighbours have played pivotal roles in this unexpected rise. Bloomberg reported that despite the country's dire economic and humanitarian situation, the afghani has appreciated by approximately 9 per cent this quarter and will continue to appreciate by about 14 per cent over the course of the year, trailing only behind the Colombian peso and Sri Lankan rupee in global currency rankings. The Taliban regime, which seized control of Afghanistan two years ago, has implemented stringent measures to maintain control over the afghani's value. These measures include banning the use of foreign currencies like the US dollar and Pakistani rupee in local transactions, tightening restrictions on the movement of foreign currencies, and criminalising online trading. This has led to a significant increase in demand for the afghani, which has, in turn, driven up its value. Bloomberg cited Kamran Bokhari, an expert in Middle Eastern, Central, and South Asian affairs at the Washington-based New Lines Institute for Strategy & Policy, who said, "The hard currency controls are working, but the economic, social, and political instability will render this rise in the currency as a short-term phenomenon." In the wake of financial sanctions, foreign exchange transactions in Afghanistan now predominantly occur through money changers, locally known as ‘sarrafs,’ who operate in markets and shops across the country. This decentralised approach to currency exchange has become essential as Afghanistan remains largely cut off from the global financial system due to international sanctions. Moreover, remittances to Afghanistan are primarily facilitated through the centuries-old Hawala money transfer system, commonly practiced in regions such as the Middle East. This system has become integral to the operations of the sarrafs who handle the bulk of foreign exchange transactions. While Afghanistan's currency is on the rise, the humanitarian situation remains dire. The United Nations estimates that the country needs approximately $3.2 billion in aid this year, but only about $1.1 billion has been deployed so far, leaving millions in desperate need. Despite the challenges, reports suggest there is optimism regarding Afghanistan's economic outlook. The World Bank predicts that the economy will stop contracting this year and may even see growth of 2 per cent to 3 per cent until 2025. However, there are concerns about potential reductions in global aid as the Taliban intensifies its repression of women. "Tightened restrictions on foreign exchange transactions and a very gradual improvement in trade are pushing up demand for the afghani," Bloomberg quoted Anwita Basu, head of Europe country risk at BMI in London. She also added that the currency is likely to stabilize at current levels until the end of the year. Additionally, Afghanistan's cash-strapped Taliban government is actively seeking investment in the country's valuable resources, including lithium and minerals estimated to be worth as much as $3 trillion. Agreements with Chinese, British, and Turkish companies to develop large-scale mining operations have been finalised, with further investments expected as part of the Belt and Road Initiative expansion into Afghanistan. Despite the afghani's recent success, it remains vulnerable to shifts in political stability. BMI's Anwita Basu told Bloomberg, "Ultimately, political stability will make or break the currency – if the Taliban lose control at home, then the currency too will suffer." (With inputs from Bloomberg) WATCH WION LIVE HERE

Under Taliban, Afghan currency tops global rankings amid turmoil

Shell's CEO Wael Sawan is under mounting pressure to maintain and increase investments in renewable energy after two employees from Shell's low-carbon division issued an open letter earlier this month, expressing their concerns about the company's recent strategic decisions. &nbsp;

The letter, which has garnered significant attention within the organisation, raises questions about Shell's commitment to being a leader in the global energy transition.&nbsp;

At an investor day in June, Sawan unveiled plans to scale back investments in renewables and low-carbon ventures as part of an overarching strategy to enhance financial returns. This move was accompanied by the restructuring of the low-carbon business and the elimination of the role of the global head of renewables. Thomas Brostrom, the previous holder of that position, promptly departed after less than two years in the role.&nbsp;

In the open letter, the employees, Lisette de Heiden and Wouter Drinkwaard, who both work in Shell's low-carbon division, expressed their concern about these developments. According to Reuters, the letter, which was addressed to Sawan and the Shell executive committee, stated, "For a long time, it has been Shell's ambition to be a leader in the energy transition. It is the reason we work here... We can only hope the optics of the CMD announcements are deceiving us and that Shell continues its path as a leader in the energy transition."&nbsp;

The letter has gained substantial traction within the company, with more than 80,000 views and 1,000 likes, sparking a vigorous exchange of comments on the internal platform, including Sawan's response. &nbsp;

Sawan agreed on the complications surrounding the energy transition."For an organisation at the crux of the energy transition, there are no easy answers and no shortage of dilemmas or challenge... I am proud of how we provide affordable and secure energy to people every day, while we work hard to provide lower-carbon solutions to our customers, as we transition over time to a net-zero emissions business," Reuters noted in his answer to the letter.&nbsp;

Sawan, who assumed his role in January, has emphasised on improving Shell's operational performance and profitability by focusing more on traditional oil and gas operations, biofuels, and electric vehicle charging. This shift has seen Shell exit offshore wind projects in Ireland and France, divest its UK power retail business, and explore selling stakes in renewable projects in India. The possibility of selling all or part of the Sonnen battery storage company, acquired in 2019, is also under consideration.&nbsp;

Reuters cited Shell's spokesperson who expressed admiration for their staff's engagement and passion for both the energy transition and the company. They stated that Shell is playing a significant role in addressing the energy transition. Additionally, during the recent Capital Markets Day, they outlined the areas within the current and future energy system where Shell is best positioned to invest, compete, and succeed.&nbsp;

Amidst the strategic shift, several senior executives have left the low-carbon and renewables division, including Oliver Bishop, Roberto Jimenez, and Colin Crooks. Oliver Bishop, who previously led Shell's global hydrogen mobility business, has joined BP in a similar role.&nbsp;

(With inputs from Reuters)

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Shell's CEO Wael Sawan is under mounting pressure to maintain and increase investments in renewable energy after two employees from Shell's low-carbon division issued an open letter earlier this month, expressing their concerns about the company's recent strategic decisions.

Shell's CEO Wael Sawan is under mounting pressure to maintain and increase investments in renewable energy after two employees from Shell's low-carbon division issued an open letter earlier this month, expressing their concerns about the company's recent strategic decisions. The letter, which has garnered significant attention within the organisation, raises questions about Shell's commitment to being a leader in the global energy transition. At an investor day in June, Sawan unveiled plans to scale back investments in renewables and low-carbon ventures as part of an overarching strategy to enhance financial returns. This move was accompanied by the restructuring of the low-carbon business and the elimination of the role of the global head of renewables. Thomas Brostrom, the previous holder of that position, promptly departed after less than two years in the role. In the open letter, the employees, Lisette de Heiden and Wouter Drinkwaard, who both work in Shell's low-carbon division, expressed their concern about these developments. According to Reuters, the letter, which was addressed to Sawan and the Shell executive committee, stated, "For a long time, it has been Shell's ambition to be a leader in the energy transition. It is the reason we work here... We can only hope the optics of the CMD announcements are deceiving us and that Shell continues its path as a leader in the energy transition." The letter has gained substantial traction within the company, with more than 80,000 views and 1,000 likes, sparking a vigorous exchange of comments on the internal platform, including Sawan's response. Sawan agreed on the complications surrounding the energy transition."For an organisation at the crux of the energy transition, there are no easy answers and no shortage of dilemmas or challenge... I am proud of how we provide affordable and secure energy to people every day, while we work hard to provide lower-carbon solutions to our customers, as we transition over time to a net-zero emissions business," Reuters noted in his answer to the letter. Sawan, who assumed his role in January, has emphasised on improving Shell's operational performance and profitability by focusing more on traditional oil and gas operations, biofuels, and electric vehicle charging. This shift has seen Shell exit offshore wind projects in Ireland and France, divest its UK power retail business, and explore selling stakes in renewable projects in India. The possibility of selling all or part of the Sonnen battery storage company, acquired in 2019, is also under consideration. Reuters cited Shell's spokesperson who expressed admiration for their staff's engagement and passion for both the energy transition and the company. They stated that Shell is playing a significant role in addressing the energy transition. Additionally, during the recent Capital Markets Day, they outlined the areas within the current and future energy system where Shell is best positioned to invest, compete, and succeed. Amidst the strategic shift, several senior executives have left the low-carbon and renewables division, including Oliver Bishop, Roberto Jimenez, and Colin Crooks. Oliver Bishop, who previously led Shell's global hydrogen mobility business, has joined BP in a similar role. (With inputs from Reuters) WATCH WION LIVE HERE

Shell CEO faces internal pressure to uphold renewable energy investments. Here's why

Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed.&nbsp;

Kia and Hyundai have taken this step in response to potential safety concerns raised by the National Highway Traffic Safety Administration (NHTSA). The issue at hand revolves around internal brake fluid leaks that have the potential to trigger electrical shorts, leading to potential fires. The NHTSA has echoed the automakers' advice, urging vehicle owners to follow their guidance and park their cars outdoors until the essential repairs have been executed.&nbsp;

According to the NHTSA, Hyundai has reported 21 fires and 21 other thermal problems associated with the recall since 2017. On the other hand, Kia has reported at least 10 confirmed fire and melting occurrences. There have been no accidents, injuries, or deaths linked to the recalls, according to either automaker.&nbsp;

The recall issued by Kia America covers an extensive range of models, including Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul, Rio, Sorento, and Rondo vehicles. These recalls span various model years from 2010 through 2017. The specific issue pertains to the Hydraulic Electronic Control Unit (HECU), which may experience an electrical short as a result of brake fluid leaks. This electrical short has the potential to lead to engine compartment fires, whether the vehicle is parked or in motion.&nbsp;

On the other hand, Hyundai's recall affects approximately 1.64 million vehicles, encompassing models like Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport. These recalls encompass model years from 2011 through 2015. The issues in Hyundai vehicles is linked to the Anti-Lock Brake System (ABS) module, which may internally leak brake fluid and cause an electrical short, subsequently leading to engine compartment fires when the vehicle is stationary or in operation.&nbsp;

Hyundai intends to advise customers to take their cars to a dealer to have the ABS module fuse replaced. According to NHTSA, Kia is still developing a solution. The recall will be announced to owners by the automakers in November.&nbsp;

(With inputs from Reuters)&nbsp;

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Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed.

Korean automakers Kia and Hyundai have jointly initiated a recall of a staggering 3.37 million vehicles in the United States due to the risk of engine fires, prompting vehicle owners to park their cars outside and away from structures until the required repairs are completed. Kia and Hyundai have taken this step in response to potential safety concerns raised by the National Highway Traffic Safety Administration (NHTSA). The issue at hand revolves around internal brake fluid leaks that have the potential to trigger electrical shorts, leading to potential fires. The NHTSA has echoed the automakers' advice, urging vehicle owners to follow their guidance and park their cars outdoors until the essential repairs have been executed. According to the NHTSA, Hyundai has reported 21 fires and 21 other thermal problems associated with the recall since 2017. On the other hand, Kia has reported at least 10 confirmed fire and melting occurrences. There have been no accidents, injuries, or deaths linked to the recalls, according to either automaker. The recall issued by Kia America covers an extensive range of models, including Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul, Rio, Sorento, and Rondo vehicles. These recalls span various model years from 2010 through 2017. The specific issue pertains to the Hydraulic Electronic Control Unit (HECU), which may experience an electrical short as a result of brake fluid leaks. This electrical short has the potential to lead to engine compartment fires, whether the vehicle is parked or in motion. On the other hand, Hyundai's recall affects approximately 1.64 million vehicles, encompassing models like Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport. These recalls encompass model years from 2011 through 2015. The issues in Hyundai vehicles is linked to the Anti-Lock Brake System (ABS) module, which may internally leak brake fluid and cause an electrical short, subsequently leading to engine compartment fires when the vehicle is stationary or in operation. Hyundai intends to advise customers to take their cars to a dealer to have the ABS module fuse replaced. According to NHTSA, Kia is still developing a solution. The recall will be announced to owners by the automakers in November. (With inputs from Reuters) WATCH WION LIVE HERE

Kia, Hyundai announce massive recall of 3.37 million US vehicles amid fire safety concerns

Hyundai and&nbsp;Kia&nbsp;are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety Administration (NHTSA) said owners should follow the advice of automakers and park vehicles outside until repairs are made.

Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while&nbsp;Kia&nbsp;has reports of at least 10 confirmed fires and melting incidents. Neither automaker has reports of any crashes, injuries or fatalities or crashes tied to the recalls, NHTSA said.

Kia&nbsp;America's recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles. The recall covers various model years for each vehicle from 2010 through 2017, according to a filing with NHTSA.

The Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks, which can result in an engine compartment fire while parked or driving, the automaker said.

Hyundai is recalling 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport vehicles from model years covering 2011 through 2015.

The Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short, which can result in an engine compartment fire while parked or driving, the carmaker said in the filing.

Hyundai plans to notify owners to bring vehicles to a dealer to replace the ABS module fuse.&nbsp;Kia&nbsp;is still working on a remedy, NHTSA said. The automakers plan to notify owners of the recall in November.

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Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

Hyundai and Kia are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete. The automakers say internal brake fluid leaks can cause an electrical short that could lead to a fire. The National Highway Traffic Safety Administration (NHTSA) said owners should follow the advice of automakers and park vehicles outside until repairs are made. Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while Kia has reports of at least 10 confirmed fires and melting incidents. Neither automaker has reports of any crashes, injuries or fatalities or crashes tied to the recalls, NHTSA said. Kia America's recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles. The recall covers various model years for each vehicle from 2010 through 2017, according to a filing with NHTSA. The Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks, which can result in an engine compartment fire while parked or driving, the automaker said. Hyundai is recalling 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell, and Santa Fe Sport vehicles from model years covering 2011 through 2015. The Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short, which can result in an engine compartment fire while parked or driving, the carmaker said in the filing. Hyundai plans to notify owners to bring vehicles to a dealer to replace the ABS module fuse. Kia is still working on a remedy, NHTSA said. The automakers plan to notify owners of the recall in November. 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.

Kia, Hyundai recall 3.37 million US vehicles over fire risks

Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has expressed optimism about the possibility of the United States avoiding a recession, even as the central bank continues to raise interest rates in an effort to combat inflation.

In a recent interview with CNBC, Goolsbee referred to this optimistic scenario as the "golden path," although he acknowledged that it comes with its share of risks and uncertainties.

"I've been calling that the golden path, and I think it's possible, but there are a lot of risks and the path is long and winding," Bloomberg quoted Goolsbee as saying, emphasising the complexities of the current economic landscape.

Goolsbee drew attention to the unemployment rate, which was at &nbsp;3.8 per cent last month and remained remarkably close to its level from the previous year when inflation was significantly higher than it is presently. This comparison underscores the Federal Reserve's challenge of achieving both full employment and price stability.

According to a report by Bloomberg, the Federal Reserve officials recently decided to maintain their benchmark lending rate at a 22-year high, with the expectation of one more rate hike for the present fiscal year. Additionally, policymakers signalled a more positive outlook for a "soft landing" for the U.S. economy but acknowledged that interest rates are likely to remain elevated for an extended period.

The report cited Chair Jerome Powell reassured that policymakers would approach the end of the rate-hiking cycle with caution while maintaining their commitment to bringing inflation back to the 2 per cent target. In July, the preferred inflation gauge for Fed officials saw a 0.2 per cent increase for the second consecutive month, marking the smallest consecutive gains since late 2020.

Goolsbee, who had previously noted progress in monthly core inflation data, reiterated that the time is rapidly approaching for discussions to shift from how high to raise rates to how long they should be held at elevated levels. The Federal Reserve will be closely monitoring fresh inflation data for August, set to be released on Friday, to inform their ongoing policy decisions.

(With inputs from Bloomberg)

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Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has expressed optimism about the possibility of the United States avoiding a recession, even as the central bank continues to raise interest rates in an effort to combat inflation.

Austan Goolsbee, President of the Federal Reserve Bank of Chicago, has expressed optimism about the possibility of the United States avoiding a recession, even as the central bank continues to raise interest rates in an effort to combat inflation. In a recent interview with CNBC, Goolsbee referred to this optimistic scenario as the "golden path," although he acknowledged that it comes with its share of risks and uncertainties. "I've been calling that the golden path, and I think it's possible, but there are a lot of risks and the path is long and winding," Bloomberg quoted Goolsbee as saying, emphasising the complexities of the current economic landscape. Goolsbee drew attention to the unemployment rate, which was at 3.8 per cent last month and remained remarkably close to its level from the previous year when inflation was significantly higher than it is presently. This comparison underscores the Federal Reserve's challenge of achieving both full employment and price stability. According to a report by Bloomberg, the Federal Reserve officials recently decided to maintain their benchmark lending rate at a 22-year high, with the expectation of one more rate hike for the present fiscal year. Additionally, policymakers signalled a more positive outlook for a "soft landing" for the U.S. economy but acknowledged that interest rates are likely to remain elevated for an extended period. The report cited Chair Jerome Powell reassured that policymakers would approach the end of the rate-hiking cycle with caution while maintaining their commitment to bringing inflation back to the 2 per cent target. In July, the preferred inflation gauge for Fed officials saw a 0.2 per cent increase for the second consecutive month, marking the smallest consecutive gains since late 2020. Goolsbee, who had previously noted progress in monthly core inflation data, reiterated that the time is rapidly approaching for discussions to shift from how high to raise rates to how long they should be held at elevated levels. The Federal Reserve will be closely monitoring fresh inflation data for August, set to be released on Friday, to inform their ongoing policy decisions. (With inputs from Bloomberg) WATCH WION LIVE HERE

Federal Reserve official highlights "golden path" to avert recession amidst rate hikes

A former adviser to the People's Bank of China (PBOC), Li Daokui, has offered a sobering assessment of China's property market, suggesting that it may take up to a year to fully recover. According to a report by Bloomberg, Li is urging the Chinese government to take proactive steps to boost lending to property developers in order to prevent further defaults.

Li Daokui, a former member of the PBOC's monetary policy committee, revealed in an interview that while property sales in China's major cities could potentially rebound in the next four to six months, smaller cities may require up to a year to experience substantial recovery.

“The collapse in the property market over the past two years has left real estate giants close to default, triggered market panic, and left housing projects unfinished,” Bloomberg quoted Li as saying. He further emphasised on the severity of the situation. He proposed the creation of a mechanism to increase bank lending to property developers, estimating that approximately 100 billion yuan ($13.7 billion) would be needed to support developers during the ongoing downturn.

Li, a well-known academic and commentator on China's economy, served as an adviser at the PBOC from 2010 to 2012 and currently directs the Academic Centre for Chinese Economic Practice and Thinking at Tsinghua University in Beijing.

Bank lending to the real estate sector has seen a significant decline in recent years due to rising financial distress. Loans for property development have dropped every month since April, registering a 25 per cent year-on-year decline in August.

"Some developers are overweight in third and fourth-tier cities, so their financial situation won't be able to improve in the coming six months," Bloomberg cited Li. "In the meantime, increased lending by commercial banks is still extremely important in order to prevent any propagation of liquidity problems. Some policy has to be in place to stop the shrinking of bank lending," he added.

Li proposed that the central bank or the National Financial Regulatory Administration, which oversees banks, could form a committee with the nation's six largest commercial banks to jointly provide loans to support the property sector.

In the long term, Li believes that China's property sales could stabilise at 1.1-1.2 billion square meters annually, compared to a peak of about 1.8 billion square meters in 2021. He expects the property market to remain a key driver for the economy but with a reduced impact.

While Li does foresee the possibility of another interest rate cut by the PBOC before the end of the year, he does not anticipate numerous or major cuts due to relatively low profit margins for banks. Instead, he stressed that policies to stimulate demand for consumer goods and housing would be more effective in supporting the economy.

Li expressed anticipation for the release of more detailed plans for the resolution of local government debt, which, combined with measures to bolster the property sector, would be "much more important than cutting the interest rate". These actions are intended to address the fundamental problems with China's macroeconomic structure and financial system, where the demand for loans has fallen off recently.

(With inputs from Bloomberg)

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A former adviser to the People's Bank of China (PBOC), Li Daokui, has offered a sobering assessment of China's property market, suggesting that it may take up to a year to fully recover.

A former adviser to the People's Bank of China (PBOC), Li Daokui, has offered a sobering assessment of China's property market, suggesting that it may take up to a year to fully recover. According to a report by Bloomberg, Li is urging the Chinese government to take proactive steps to boost lending to property developers in order to prevent further defaults. Li Daokui, a former member of the PBOC's monetary policy committee, revealed in an interview that while property sales in China's major cities could potentially rebound in the next four to six months, smaller cities may require up to a year to experience substantial recovery. “The collapse in the property market over the past two years has left real estate giants close to default, triggered market panic, and left housing projects unfinished,” Bloomberg quoted Li as saying. He further emphasised on the severity of the situation. He proposed the creation of a mechanism to increase bank lending to property developers, estimating that approximately 100 billion yuan ($13.7 billion) would be needed to support developers during the ongoing downturn. Li, a well-known academic and commentator on China's economy, served as an adviser at the PBOC from 2010 to 2012 and currently directs the Academic Centre for Chinese Economic Practice and Thinking at Tsinghua University in Beijing. Bank lending to the real estate sector has seen a significant decline in recent years due to rising financial distress. Loans for property development have dropped every month since April, registering a 25 per cent year-on-year decline in August. "Some developers are overweight in third and fourth-tier cities, so their financial situation won't be able to improve in the coming six months," Bloomberg cited Li. "In the meantime, increased lending by commercial banks is still extremely important in order to prevent any propagation of liquidity problems. Some policy has to be in place to stop the shrinking of bank lending," he added. Li proposed that the central bank or the National Financial Regulatory Administration, which oversees banks, could form a committee with the nation's six largest commercial banks to jointly provide loans to support the property sector. In the long term, Li believes that China's property sales could stabilise at 1.1-1.2 billion square meters annually, compared to a peak of about 1.8 billion square meters in 2021. He expects the property market to remain a key driver for the economy but with a reduced impact. While Li does foresee the possibility of another interest rate cut by the PBOC before the end of the year, he does not anticipate numerous or major cuts due to relatively low profit margins for banks. Instead, he stressed that policies to stimulate demand for consumer goods and housing would be more effective in supporting the economy. Li expressed anticipation for the release of more detailed plans for the resolution of local government debt, which, combined with measures to bolster the property sector, would be "much more important than cutting the interest rate". These actions are intended to address the fundamental problems with China's macroeconomic structure and financial system, where the demand for loans has fallen off recently. (With inputs from Bloomberg) WATCH WION LIVE HERE

Former PBOC adviser cautions: China's property recovery may take a year

Consulting company McKinsey &amp; Co has reached a&nbsp;settlement worth&nbsp;$230 million to resolve a multitude of lawsuits brought forth by several U.S. local governments and school districts that alleged that McKinsey played a pivotal role in fuelling the opioid addiction crisis through its work with the bankrupt Purdue Pharma that manufactured OxyContin and other pharmaceutical companies.&nbsp;

The settlements, which are pending judicial approval, were unveiled in documents sent on Tuesday in federal court in San Francisco. This substantial sum is in addition to the $641.5 million that McKinsey had already paid to resolve claims lodged by state attorneys-general.&nbsp;

Under the terms of the settlements, McKinsey will disburse $207 million to resolve claims made by counties and municipalities, with an additional $23 million earmarked to address claims lodged by public school districts. While McKinsey had previously acknowledged its intent to resolve these cases, the exact financial terms had not been disclosed until now.&nbsp;

Reuters cited Aelish Baig, an attorney representing the local governments, lauded the agreement, describing it as "a strong outcome for the communities harmed by this crisis."&nbsp;

It is important to note that McKinsey has not admitted any misconduct in this matter. In a statement, the consulting firm maintained that it believes its past work was conducted within the bounds of the law. Furthermore, McKinsey pointed out that in 2019, it had committed to refraining from advising clients on any opioid-related business.&nbsp;

The opioid epidemic has resulted in a deluge of lawsuits filed by states, local governments, and Native American tribes. These legal actions have accused pharmaceutical companies of downplaying the risks associated with opioid painkillers. Distributors and pharmacies have also faced allegations of turning a blind eye to red flags indicating the illegal trafficking of these drugs.&nbsp;

The cumulative impact of this litigation has been substantial, with settlements exceeding a staggering $51 billion, according to legal representatives for the plaintiffs. Agreements have already been reached with major drug manufacturers and the nation's largest distributors.&nbsp;

The lawsuits targeting McKinsey, contended that the company contributed to the deadly drug crisis by assisting drug manufacturers, including Purdue Pharma, in devising deceptive marketing strategies and increasing the sales of opioid painkillers.&nbsp;

The opioid crisis has had devastating consequences, with about 645,000&nbsp;individuals succumbing to overdoses involving opioids, spanning both prescription and illicit drugs, from 1999 to 2021, as reported by the U.S. Centres for Disease Control and Prevention.&nbsp;

In a related development, the U.S. Supreme Court recently agreed to consider a challenge mounted by President Joe Biden's administration against Purdue Pharma's multi-billion-dollar bankruptcy settlement, which seeks to resolve associated claims against the pharmaceutical manufacturer.&nbsp;

(With inputs from Reuters)&nbsp;

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Consulting company McKinsey & Co has reached a settlement worth $230 million to resolve a multitude of lawsuits brought forth by several U.S. local governments and school districts that alleged that McKinsey played a pivotal role in fuelling the opioid addiction crisis through its work with the bankrupt Purdue Pharma that manufactured OxyContin and other pharmaceutical companies.

Consulting company McKinsey & Co has reached a settlement worth $230 million to resolve a multitude of lawsuits brought forth by several U.S. local governments and school districts that alleged that McKinsey played a pivotal role in fuelling the opioid addiction crisis through its work with the bankrupt Purdue Pharma that manufactured OxyContin and other pharmaceutical companies. The settlements, which are pending judicial approval, were unveiled in documents sent on Tuesday in federal court in San Francisco. This substantial sum is in addition to the $641.5 million that McKinsey had already paid to resolve claims lodged by state attorneys-general. Under the terms of the settlements, McKinsey will disburse $207 million to resolve claims made by counties and municipalities, with an additional $23 million earmarked to address claims lodged by public school districts. While McKinsey had previously acknowledged its intent to resolve these cases, the exact financial terms had not been disclosed until now. Reuters cited Aelish Baig, an attorney representing the local governments, lauded the agreement, describing it as "a strong outcome for the communities harmed by this crisis." It is important to note that McKinsey has not admitted any misconduct in this matter. In a statement, the consulting firm maintained that it believes its past work was conducted within the bounds of the law. Furthermore, McKinsey pointed out that in 2019, it had committed to refraining from advising clients on any opioid-related business. The opioid epidemic has resulted in a deluge of lawsuits filed by states, local governments, and Native American tribes. These legal actions have accused pharmaceutical companies of downplaying the risks associated with opioid painkillers. Distributors and pharmacies have also faced allegations of turning a blind eye to red flags indicating the illegal trafficking of these drugs. The cumulative impact of this litigation has been substantial, with settlements exceeding a staggering $51 billion, according to legal representatives for the plaintiffs. Agreements have already been reached with major drug manufacturers and the nation's largest distributors. The lawsuits targeting McKinsey, contended that the company contributed to the deadly drug crisis by assisting drug manufacturers, including Purdue Pharma, in devising deceptive marketing strategies and increasing the sales of opioid painkillers. The opioid crisis has had devastating consequences, with about 645,000 individuals succumbing to overdoses involving opioids, spanning both prescription and illicit drugs, from 1999 to 2021, as reported by the U.S. Centres for Disease Control and Prevention. In a related development, the U.S. Supreme Court recently agreed to consider a challenge mounted by President Joe Biden's administration against Purdue Pharma's multi-billion-dollar bankruptcy settlement, which seeks to resolve associated claims against the pharmaceutical manufacturer. (With inputs from Reuters) WATCH WION LIVE HERE

McKinsey & Co. to pay $230 million in opioid crisis settlements with U.S. local governments 

JP Morgan is placing its bets on India as it emerges as one of the three fastest-growing markets in the Asia Pacific region for the upcoming year. As of the financial year ending march 31, 2024, India is projected to achieve a 6.5% growth rate, outpacing other major economies. This robust growth is driving global corporations like apple and tesla to ramp up their production and manufacturing efforts within the country.

India emerges as a top growth market for JP Morgan in Asia Pacific | World Business Watch

As the calendar inches closer to India's much-anticipated festive season, the nation is poised at a juncture where tradition meets transformation, and celebration converges with commerce. This annual extravaganza transcends mere merriment; it wields the power to reshape India's economic landscape and make ripples across the global business spectrum. Beyond the surface sparkle of lights and festivities, we unveil the intricate web of innovation, enterprise, and resilience that defines India's unique approach to the festive season. Industry experts illuminate the path ahead, offering insights that bridge the gap between celebration and economic dynamism.

Shaping consumer behavior &amp;&nbsp;driving sales

As the curtain rises on India's festive season, retailers are gearing up with a formidable arsenal of discounts and innovative financial offerings. These strategies are no longer mere marketing gimmicks; they are dynamic forces shaping consumer behavior and fueling sales to unprecedented heights.

Varun Tangri, CEO- QueueBuster, reveals the strategic intricacies: "India's tier 2 and 3 markets, the heart of festive celebrations, demand affordability and convenience. Discounts and payment offers aren't just attractive; they are essential to boost sales. Implementing effective POS software for seamless checkout with diverse payment options, coupled with robust eStore and CRM solutions for engaging customers, are the keystones of this strategy. Localisation of marketing and responsive customer support are equally pivotal. This year, with India's per capita GDP surpassing $2,500, we anticipate a surge in spending during the festive season, which traditionally spans from August to December-January."

Stimulating the global economy

India's festive season transcends borders; it is a global economic phenomenon. During this period, India experiences an upsurge in consumer spending, notably in sectors such as consumer electronics, mobile phones, F&amp;B, and automobiles. This phase of heightened retail sales further solidifies India's position as the 5th largest retail market globally.

Mr. Tangri underscores the global impact: "International businesses are increasingly recognising the potential of India's festive season. Brands specialising in F&amp;B, gifting, and automobiles strategically align their products and marketing campaigns with this period to capitalise on the surge in consumer spending. This approach extends to international tourism, where foreign visitors contribute significantly to India's economy during the festive season. Moreover, India's festive season acts as a catalyst for exports, particularly in sectors like textiles, handicrafts, and jewelry, boasting growth figures that sometimes exceed 40%. Government initiatives like 'Make in India' and 'Digital India' further facilitate international business engagement during this vibrant time."

The rise of gig workers

The gig economy is on the ascendant in India, and its impact on the festive season dynamics cannot be overstated. Awign, a work-as-a-service platform, anticipates a robust surge of 25% in the gig workforce as the festive momentum builds. Businesses across various sectors are increasingly turning to gig workers to meet the surge in festive demand.&nbsp;

Rohit Gupta, Senior Vice President - Demand at Awign, elaborates, "Given the temporary nature of these requirements, the gig model emerges as the preferred choice for companies. We are currently witnessing a surge in demand from industry leaders across various sectors and are predicting a 25% quarter-on-quarter growth in response to this trend."

Gig workers represent an agile solution, empowering enterprises to adapt their operations seamlessly to meet specific demands. This flexible paradigm enables businesses to address seasonal surges in demand without the need for extensive recruitment, resource management, or training efforts.

Digitisation of corporate gifting

Corporate gifting during India's festive season has undergone a remarkable transformation. While the tradition remains, its expression has evolved, swiftly shifting from tangible to digital. Akash Hegde, Co-Founder, ShakeDeal, notes this trend, "Companies are increasingly opting for gift cards and vouchers as a means to reward and recognise both internal and external stakeholders. This includes employees as well as suppliers, dealers, and channel partners."

As we delve into the facets of strategies, gig workers, and the evolution of corporate gifting, we uncover a tale of resilience, adaptation, and economic transformation that defines India's unique approach to festivity and commerce. This confluence of culture and commerce exemplifies India's ability to transform celebration into a catalyst for economic growth, both domestically and on the world stage.

&nbsp;

WATCH WION LIVE HERE

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As the calendar inches closer to India's much-anticipated festive season, the nation is poised at a juncture where tradition meets transformation, and celebration converges with commerce.

As the calendar inches closer to India's much-anticipated festive season, the nation is poised at a juncture where tradition meets transformation, and celebration converges with commerce. This annual extravaganza transcends mere merriment; it wields the power to reshape India's economic landscape and make ripples across the global business spectrum. Beyond the surface sparkle of lights and festivities, we unveil the intricate web of innovation, enterprise, and resilience that defines India's unique approach to the festive season. Industry experts illuminate the path ahead, offering insights that bridge the gap between celebration and economic dynamism. Shaping consumer behavior & driving sales As the curtain rises on India's festive season, retailers are gearing up with a formidable arsenal of discounts and innovative financial offerings. These strategies are no longer mere marketing gimmicks; they are dynamic forces shaping consumer behavior and fueling sales to unprecedented heights. Varun Tangri, CEO- QueueBuster, reveals the strategic intricacies: "India's tier 2 and 3 markets, the heart of festive celebrations, demand affordability and convenience. Discounts and payment offers aren't just attractive; they are essential to boost sales. Implementing effective POS software for seamless checkout with diverse payment options, coupled with robust eStore and CRM solutions for engaging customers, are the keystones of this strategy. Localisation of marketing and responsive customer support are equally pivotal. This year, with India's per capita GDP surpassing $2,500, we anticipate a surge in spending during the festive season, which traditionally spans from August to December-January." Stimulating the global economy India's festive season transcends borders; it is a global economic phenomenon. During this period, India experiences an upsurge in consumer spending, notably in sectors such as consumer electronics, mobile phones, F&B, and automobiles. This phase of heightened retail sales further solidifies India's position as the 5th largest retail market globally. Mr. Tangri underscores the global impact: "International businesses are increasingly recognising the potential of India's festive season. Brands specialising in F&B, gifting, and automobiles strategically align their products and marketing campaigns with this period to capitalise on the surge in consumer spending. This approach extends to international tourism, where foreign visitors contribute significantly to India's economy during the festive season. Moreover, India's festive season acts as a catalyst for exports, particularly in sectors like textiles, handicrafts, and jewelry, boasting growth figures that sometimes exceed 40%. Government initiatives like 'Make in India' and 'Digital India' further facilitate international business engagement during this vibrant time." The rise of gig workers The gig economy is on the ascendant in India, and its impact on the festive season dynamics cannot be overstated. Awign, a work-as-a-service platform, anticipates a robust surge of 25% in the gig workforce as the festive momentum builds. Businesses across various sectors are increasingly turning to gig workers to meet the surge in festive demand. Rohit Gupta, Senior Vice President - Demand at Awign, elaborates, "Given the temporary nature of these requirements, the gig model emerges as the preferred choice for companies. We are currently witnessing a surge in demand from industry leaders across various sectors and are predicting a 25% quarter-on-quarter growth in response to this trend." Gig workers represent an agile solution, empowering enterprises to adapt their operations seamlessly to meet specific demands. This flexible paradigm enables businesses to address seasonal surges in demand without the need for extensive recruitment, resource management, or training efforts. Digitisation of corporate gifting Corporate gifting during India's festive season has undergone a remarkable transformation. While the tradition remains, its expression has evolved, swiftly shifting from tangible to digital. Akash Hegde, Co-Founder, ShakeDeal, notes this trend, "Companies are increasingly opting for gift cards and vouchers as a means to reward and recognise both internal and external stakeholders. This includes employees as well as suppliers, dealers, and channel partners." As we delve into the facets of strategies, gig workers, and the evolution of corporate gifting, we uncover a tale of resilience, adaptation, and economic transformation that defines India's unique approach to festivity and commerce. This confluence of culture and commerce exemplifies India's ability to transform celebration into a catalyst for economic growth, both domestically and on the world stage. WATCH WION LIVE HERE

Festivals, Shopping, & The Bottom Line: India's upcoming festive season unveiled

The US house and Senate find themselves on sharply divergent paths in a high-stakes spending battle, just days away from a deadline that could force wide swaths of the government to grind to a halt for the fourth time in a decade. The democratic-controlled senate is poised to vote on a bipartisan stopgap funding bill, a temporary measure to keep the government running past the impending midnight deadline on Saturday.

Navigating the US shutdown threat | World Business Watch

As the clock ticks down to a looming government shutdown, the U.S. Senate and House of Representatives find themselves on duelling paths regarding funding measures, raising concerns about the stability of government operations.&nbsp;

In a move towards averting a shutdown, the Senate voted 77-19 to initiate debates on a bipartisan bill aimed at funding the government through November 17. This bill includes allocations of approximately $6 billion for domestic disaster responses and an additional roughly $6 billion in aid for Ukraine.&nbsp;

Contrastingly, the Republican-controlled House of Representatives is advancing its own partisan approach that leans heavily on conservative priorities. However, this approach, according to reports, faces significant hurdles in the Democratic-majority Senate and is unlikely to become law. Even if enacted, these measures would fund only a portion of the government, insufficient to prevent a shutdown.&nbsp;

This divide between the two chambers raises the spectre of the federal government experiencing its fourth shutdown in a decade come Sunday. The electoral deadlock tendencies have started to impact Wall Street's assessment of the credibility of the US government.&nbsp;

A cooperative short-term extension of federal funding at existing levels was passed with the help of Senate Majority Leader Chuck Schumer, a Democrat, and Senate Republican Leader Mitch McConnell in an effort to maintain the continuity of the government.&nbsp;

Meanwhile, House Speaker Kevin McCarthy is pursuing a path that would temporarily fund the government but comes with stringent border and immigration restrictions that are unlikely to garner enough Democratic support in both chambers to become law.&nbsp;

In an effort to prevent a shutdown, President Joe Biden and McCarthy had previously reached an agreement in May, which outlined discretionary spending of $1.59 trillion for the fiscal year commencing on October 1. &nbsp;

According to Reuters, the White House now urged Republicans to honour this deal, with Press Secretary Karine Jean-Pierre stating, "House Republicans should join the Senate in doing their job, stop playing political games with peoples' lives, and abide by the bipartisan deal two-thirds of them voted for in May."&nbsp;

However, Republicans have rejected this deal, demanding an additional $120 billion in cuts. McCarthy's proposed legislation not only seeks to restart the construction of the U.S.-Mexico border wall, a hallmark policy of former President Donald Trump, but also aims to control immigration policies, a move criticised for potentially limiting U.S. asylum for immigrants.&nbsp;

What does the shutdown mean?&nbsp;

A government shutdown could have far-reaching effects, including the dismissal of hundreds of thousands of federal employees and the suspension of a number of services, from the release of economic data to nutrition support, beginning on Sunday if an agreement cannot be reached.&nbsp;

While credit rating agency Moody's has expressed concerns, the impact on U.S. creditworthiness remains uncertain, as past shutdowns have had limited effects on the world's largest economy.&nbsp;

Against this backdrop, former President Donald Trump, the front-runner for the 2024 Republican nomination, has publicly supported the notion of a shutdown.&nbsp;

The cuts advocated by the Republicans represent only a fraction of the total U.S. budget, projected to reach $6.4 trillion for this fiscal year. Notably, popular benefit programs like Social Security and Medicare are not under consideration for cuts.&nbsp;

Historically, Congress has resorted to government shutdowns 14 times since 1981, though most of these funding gaps have been short-lived, lasting only a day or two.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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As the clock ticks down to a looming government shutdown, the U.S. Senate and House of Representatives find themselves on duelling paths regarding funding measures, raising concerns about the stability of government operations.

As the clock ticks down to a looming government shutdown, the U.S. Senate and House of Representatives find themselves on duelling paths regarding funding measures, raising concerns about the stability of government operations. In a move towards averting a shutdown, the Senate voted 77-19 to initiate debates on a bipartisan bill aimed at funding the government through November 17. This bill includes allocations of approximately $6 billion for domestic disaster responses and an additional roughly $6 billion in aid for Ukraine. Contrastingly, the Republican-controlled House of Representatives is advancing its own partisan approach that leans heavily on conservative priorities. However, this approach, according to reports, faces significant hurdles in the Democratic-majority Senate and is unlikely to become law. Even if enacted, these measures would fund only a portion of the government, insufficient to prevent a shutdown. This divide between the two chambers raises the spectre of the federal government experiencing its fourth shutdown in a decade come Sunday. The electoral deadlock tendencies have started to impact Wall Street's assessment of the credibility of the US government. A cooperative short-term extension of federal funding at existing levels was passed with the help of Senate Majority Leader Chuck Schumer, a Democrat, and Senate Republican Leader Mitch McConnell in an effort to maintain the continuity of the government. Meanwhile, House Speaker Kevin McCarthy is pursuing a path that would temporarily fund the government but comes with stringent border and immigration restrictions that are unlikely to garner enough Democratic support in both chambers to become law. In an effort to prevent a shutdown, President Joe Biden and McCarthy had previously reached an agreement in May, which outlined discretionary spending of $1.59 trillion for the fiscal year commencing on October 1. According to Reuters, the White House now urged Republicans to honour this deal, with Press Secretary Karine Jean-Pierre stating, "House Republicans should join the Senate in doing their job, stop playing political games with peoples' lives, and abide by the bipartisan deal two-thirds of them voted for in May." However, Republicans have rejected this deal, demanding an additional $120 billion in cuts. McCarthy's proposed legislation not only seeks to restart the construction of the U.S.-Mexico border wall, a hallmark policy of former President Donald Trump, but also aims to control immigration policies, a move criticised for potentially limiting U.S. asylum for immigrants. What does the shutdown mean? A government shutdown could have far-reaching effects, including the dismissal of hundreds of thousands of federal employees and the suspension of a number of services, from the release of economic data to nutrition support, beginning on Sunday if an agreement cannot be reached. While credit rating agency Moody's has expressed concerns, the impact on U.S. creditworthiness remains uncertain, as past shutdowns have had limited effects on the world's largest economy. Against this backdrop, former President Donald Trump, the front-runner for the 2024 Republican nomination, has publicly supported the notion of a shutdown. The cuts advocated by the Republicans represent only a fraction of the total U.S. budget, projected to reach $6.4 trillion for this fiscal year. Notably, popular benefit programs like Social Security and Medicare are not under consideration for cuts. Historically, Congress has resorted to government shutdowns 14 times since 1981, though most of these funding gaps have been short-lived, lasting only a day or two. (With inputs from Reuters) WATCH WION LIVE HERE

Impending government shutdown threatens US as Senate and House clash over funding 

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries,&nbsp;government sources told Reuters on Tuesday.&nbsp;&nbsp;&nbsp;&nbsp;

Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy.&nbsp;

Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets.&nbsp;

Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26."&nbsp;

India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions.&nbsp;

Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability.&nbsp;

The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December.&nbsp;

Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday.

India is presently taking steps towards environmental sustainability by introducing carbon emission reduction targets for four pivotal industries, government sources told Reuters on Tuesday. Reuters cited two anonymous government sources, who revealed that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon emission intensity benchmarks and reduction goals spanning three years. These targets align with India's commitment to the United Nations for greenhouse gas reduction, forming a crucial component of its climate change strategy. Government insiders have disclosed to Reuters that these four sectors will help India enter the carbon trading market in April 2025. This initiative empowers companies to buy and sell carbon credits, helping them meet their emission reduction targets. Reuters quoted the senior government official as saying, "The mandates will be applicable from 2024-25, and the (carbon) trade will start in 2025-26." India's climate commitments are robust, aiming to reduce greenhouse emissions relative to gross domestic product (GDP) by 45 per cent compared to 2005 levels by 2030. Furthermore, the nation has set an ambitious goal of achieving net-zero emissions by 2070. These emission reduction mandates represent a significant step toward realising these climate ambitions. Companies exceeding their emission reduction targets will earn carbon credits, which can be traded to companies falling short of their emission reduction objectives. This market-driven approach encourages environmental responsibility and sustainability. The framework for trading carbon credits is being established following a legislation passed by the Indian Parliament in December of the previous year. Rules and targets for these industries are expected to be announced before December. Presently, India has already implemented a market for trading certificates, rewarding entities in 13 sectors for surpassing energy savings targets. This prior experience provides a solid foundation for the upcoming carbon trading initiative. (With inputs from Reuters) WATCH WION LIVE HERE

Indian government to enforce emission reduction targets for key industries: Report

Crypto firm Binance announced Wednesday (Sep 27) it was making full exit from Russia and selling its assets in the country to another firm CommEX.

CommEx was only launched on Tuesday, raising eyebrows of observers around the world.

The news comes amidst piling accusations on Binance that it helped the Russian government skirt sanctions that were imposed following Moscow’s invasion of Ukraine.

It was reported in May that US Department of Justice had opened an investigation into potential sanctions violations by Binance in Russia.

Announcing the move in a statement, Binance said operating in Russia was no longer ‘compatible’.&nbsp;

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” chief compliance officer Noah Perlman.

The firm also said that the process will take at least a year to conclude.

<h2>Statement by CommEX</h2>

In a message posted on X, CommEx welcomed its new users from Russia. “A hearty welcome to our new users from Russia and around the world,” its message read.

Watch:&nbsp;Developing countries embrace crypto

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CommEX operates a website and maintains Telegram channels in both Russian and English. However, when users inquired about its ownership and location on Telegram, its representatives avoided answering these questions.

<h2>About Binance</h2>

Binance, a global cryptocurrency exchange provider, has faced significant challenges due to the collapse of cryptocurrency markets and increased scrutiny from regulators regarding the legality of its operations.

<a href="https://www.wionews.com/business-economy/us-regulators-sue-binance-and-founder-changpeng-zhao-over-securities-law-violations-600997">Also read:&nbsp;US sues largest crypto exchange Binance, founder Changpeng Zhao over securities law violations</a>

In November 2022, Binance acknowledged that its exchange had engaged with individuals involved in illicit activities in Iran. This admission came in response to reports from Reuters that accused the exchange of facilitating the movement of billions of dollars in violation of US sanctions.

Binance was established in 2017 by Canadian national Changpeng Zhao in China. However, in response to increased cryptocurrency regulations by the Chinese government, the company relocated its operations to various locations, including Singapore, Bahrain, Dubai, Paris, and the Cayman Islands. 
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&nbsp;

Crypto firm Binance announced Wednesday (Sep 27) it was making full exit from Russia and selling its assets in the country to another firm CommEX. CommEx was only launched on Tuesday, raising eyebrows of observers around the world.

Crypto firm Binance announced Wednesday (Sep 27) it was making full exit from Russia and selling its assets in the country to another firm CommEX. CommEx was only launched on Tuesday, raising eyebrows of observers around the world. The news comes amidst piling accusations on Binance that it helped the Russian government skirt sanctions that were imposed following Moscow’s invasion of Ukraine. It was reported in May that US Department of Justice had opened an investigation into potential sanctions violations by Binance in Russia. Announcing the move in a statement, Binance said operating in Russia was no longer ‘compatible’. “As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” chief compliance officer Noah Perlman. The firm also said that the process will take at least a year to conclude. Statement by CommEX In a message posted on X, CommEx welcomed its new users from Russia. “A hearty welcome to our new users from Russia and around the world,” its message read. Watch: Developing countries embrace crypto × CommEX operates a website and maintains Telegram channels in both Russian and English. However, when users inquired about its ownership and location on Telegram, its representatives avoided answering these questions. About Binance Binance, a global cryptocurrency exchange provider, has faced significant challenges due to the collapse of cryptocurrency markets and increased scrutiny from regulators regarding the legality of its operations. Also read: US sues largest crypto exchange Binance, founder Changpeng Zhao over securities law violations In November 2022, Binance acknowledged that its exchange had engaged with individuals involved in illicit activities in Iran. This admission came in response to reports from Reuters that accused the exchange of facilitating the movement of billions of dollars in violation of US sanctions. Binance was established in 2017 by Canadian national Changpeng Zhao in China. However, in response to increased cryptocurrency regulations by the Chinese government, the company relocated its operations to various locations, including Singapore, Bahrain, Dubai, Paris, and the Cayman Islands. WATCH WION LIVE HERE ×

Crypto firm Binance winds up business in Russia amid US scrutiny

In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026. This ambitious initiative is fuelled by India's burgeoning renewable energy capacity, with BII's CEO, Nick O'Donohoe, emphasising the pivotal role that India will play in achieving the 2030 climate goals agreed upon by both India and the UK. &nbsp;

Reuters quoted O'Donohoe as saying, "We are evaluating exciting businesses in sectors such as bio-fuels, circular economy ... as part of the vision for the 2030 roadmap agreed between India and the UK."&nbsp;

This substantial commitment follows BII's remarkable investment of over $300 million in climate finance within India last year. These investments spanned sectors ranging from renewable energy and electric mobility to sustainable agriculture. As of now, BII's portfolio in India is valued at an impressive $2.2 billion, spread across more than 290 businesses. It's worth noting that in 2022, BII pledged to invest up to $250 million in Mahindra and Mahindra Ltd's new electric vehicle unit, underlining its faith in the Indian market.&nbsp;

According to Reuters, O'Donohoe expressed his enthusiasm for investing in India, speaking of buoyant stock markets and stable political environment as significant factors in BII's decision-making. While he didn't delve into specific returns on Indian investments, he did affirm that India was experiencing a "good phase" compared to some African nations where challenges like high debt, inflation, and weakening currencies have impacted returns.&nbsp;

BII aims to support emerging entrepreneurs and companies struggling to secure funding for their emission-cutting projects. &nbsp;

According to a report by The Economic Times, O'Donohoe highlighted India’s and UK’s focus on green hydrogen, recognising its role in the transition to a net-zero future. "It'sclear that hydrogen will be a critical part of the (transition to) net zero... That's why development finance has an important role to play," The Economic Times quoted him as saying. &nbsp;

The report said that, in addition to green hydrogen, BII is exploring opportunities in sectors such as biofuels, the circular economy, micro-enterprises lending, agriculture, and agritech.&nbsp;

Nick O'Donohoe also weighed in on the reform of multilateral development banks (MDBs), a crucial topic endorsed by the Delhi Declaration of the G20 leaders. He anticipates progress in this area at the upcoming World Bank meeting in Marrakesh. O'Donohoe emphasised the potential for MDBs to leverage their balance sheets more aggressively for climate finance, a crucial step in meeting the financing needs outlined in the Delhi Declaration.&nbsp;

(With inputs from Reuters)&nbsp;

WATCH WION LIVE HERE

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In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026.

In a move toward combating climate change, the UK government's development finance institution, British International Investment (BII), has set its sights on a $1 billion investment in Indian clean energy projects by 2026. This ambitious initiative is fuelled by India's burgeoning renewable energy capacity, with BII's CEO, Nick O'Donohoe, emphasising the pivotal role that India will play in achieving the 2030 climate goals agreed upon by both India and the UK. Reuters quoted O'Donohoe as saying, "We are evaluating exciting businesses in sectors such as bio-fuels, circular economy ... as part of the vision for the 2030 roadmap agreed between India and the UK." This substantial commitment follows BII's remarkable investment of over $300 million in climate finance within India last year. These investments spanned sectors ranging from renewable energy and electric mobility to sustainable agriculture. As of now, BII's portfolio in India is valued at an impressive $2.2 billion, spread across more than 290 businesses. It's worth noting that in 2022, BII pledged to invest up to $250 million in Mahindra and Mahindra Ltd's new electric vehicle unit, underlining its faith in the Indian market. According to Reuters, O'Donohoe expressed his enthusiasm for investing in India, speaking of buoyant stock markets and stable political environment as significant factors in BII's decision-making. While he didn't delve into specific returns on Indian investments, he did affirm that India was experiencing a "good phase" compared to some African nations where challenges like high debt, inflation, and weakening currencies have impacted returns. BII aims to support emerging entrepreneurs and companies struggling to secure funding for their emission-cutting projects. According to a report by The Economic Times, O'Donohoe highlighted India’s and UK’s focus on green hydrogen, recognising its role in the transition to a net-zero future. "It'sclear that hydrogen will be a critical part of the (transition to) net zero... That's why development finance has an important role to play," The Economic Times quoted him as saying. The report said that, in addition to green hydrogen, BII is exploring opportunities in sectors such as biofuels, the circular economy, micro-enterprises lending, agriculture, and agritech. Nick O'Donohoe also weighed in on the reform of multilateral development banks (MDBs), a crucial topic endorsed by the Delhi Declaration of the G20 leaders. He anticipates progress in this area at the upcoming World Bank meeting in Marrakesh. O'Donohoe emphasised the potential for MDBs to leverage their balance sheets more aggressively for climate finance, a crucial step in meeting the financing needs outlined in the Delhi Declaration. (With inputs from Reuters) WATCH WION LIVE HERE

British International Investment to invest $1 billion in India's clean energy projects

Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd., aim to raise up to 2.54 billion riyals ($678 million) through the initial public offering (IPO) of SAL Saudi Logistics Services Co., a prominent cargo firm. This development marks the revival of Saudi Arabia's listing market, signalling a renewed investor interest, according to a report by Bloomberg.

As per a statement released on Monday, it was revealed that Saudia and Tarabot are jointly offering 24 million shares, equivalent to a 30 per cent stake, at a price range of 98 to 106 riyals per share, valuing SAL at a potential 8.48 billion riyals.

The bookbuilding phase for institutional investors is set to continue until October 1, while retail investors will have an opportunity to place orders from October 11 to October 13. Presently, Saudia holds a 70 per cent ownership stake in SAL, while Tarabot holds the remaining 30 per cent.

The timing of SAL's IPO coincided with the establishment of Lumi Rental Co., a vehicle rental business, and the hugely profitable $1.2 billion IPO of ADES Holding Co., an oil driller supported by Saudi Arabia's sovereign wealth fund, which generated orders totalling $76.5 billion. This increase in activity in the Saudi Arabian listing market comes after a comparatively quiet first half of the year, which was partly caused by a downturn in the nation's stock market.

The recent rally in crude oil prices and a 10 per cent increase in the Tadawul Index from its March low have contributed to the renewed confidence in the Saudi Arabian listing market. Saudi Arabia's ambitious plans to become a global supply chain hub and develop one of the world's largest airports in Riyadh further fuel investor optimism.

SAL holds a dominant position in Saudi Arabia's cargo handling sector, boasting a market share of approximately 95 per cent. The company specialises in handling cargo, transit, and export shipments. In 2022, SAL reported revenue of 1.22 billion riyals ($325 million) and a net income of 362 million riyals. The company continued its strong performance in the first half of 2023, achieving a 15 per cent year-on-year revenue growth.

HSBC Holdings Plc's Saudi unit has been appointed as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the IPO, underscoring the significance of this offering in Saudi Arabia's evolving economic landscape.

(With inputs from Bloomberg)

WATCH WION LIVE HERE

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Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd.

Saudi Arabia's aviation landscape is buzzing with activity as the nation's largest airline, Saudi Arabian Airlines Corp., commonly known as Saudia, and shareholder Tarabot Air Cargo Services Ltd., aim to raise up to 2.54 billion riyals ($678 million) through the initial public offering (IPO) of SAL Saudi Logistics Services Co., a prominent cargo firm. This development marks the revival of Saudi Arabia's listing market, signalling a renewed investor interest, according to a report by Bloomberg. As per a statement released on Monday, it was revealed that Saudia and Tarabot are jointly offering 24 million shares, equivalent to a 30 per cent stake, at a price range of 98 to 106 riyals per share, valuing SAL at a potential 8.48 billion riyals. The bookbuilding phase for institutional investors is set to continue until October 1, while retail investors will have an opportunity to place orders from October 11 to October 13. Presently, Saudia holds a 70 per cent ownership stake in SAL, while Tarabot holds the remaining 30 per cent. The timing of SAL's IPO coincided with the establishment of Lumi Rental Co., a vehicle rental business, and the hugely profitable $1.2 billion IPO of ADES Holding Co., an oil driller supported by Saudi Arabia's sovereign wealth fund, which generated orders totalling $76.5 billion. This increase in activity in the Saudi Arabian listing market comes after a comparatively quiet first half of the year, which was partly caused by a downturn in the nation's stock market. The recent rally in crude oil prices and a 10 per cent increase in the Tadawul Index from its March low have contributed to the renewed confidence in the Saudi Arabian listing market. Saudi Arabia's ambitious plans to become a global supply chain hub and develop one of the world's largest airports in Riyadh further fuel investor optimism. SAL holds a dominant position in Saudi Arabia's cargo handling sector, boasting a market share of approximately 95 per cent. The company specialises in handling cargo, transit, and export shipments. In 2022, SAL reported revenue of 1.22 billion riyals ($325 million) and a net income of 362 million riyals. The company continued its strong performance in the first half of 2023, achieving a 15 per cent year-on-year revenue growth. HSBC Holdings Plc's Saudi unit has been appointed as the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the IPO, underscoring the significance of this offering in Saudi Arabia's evolving economic landscape. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia's SAL Cargo Firm targets $678 million in landmark IPO with Saudia Airlines

Asia's stock market fell as Treasury yields and the US dollar increased, suggesting that investors have not yet completely adjusted their expectations for interest rates. Japan, Australia, and China's equity indexes all saw declines, while the Kospi Index reached a six-month low due to a drop in South Korean stocks.

Asia stocks fall as treasury yields, dollar higher

The anticipation was palpable as Huawei unveiled a series of new products, from smartwatches to smart cars. But there's one conspicuous absence that left viewers puzzled – the much-anticipated mate 60 smartphone. In a surprising move, Huawei chose to keep the details of this device under wraps, prompting a flood of questions and complaints online.

Huawei's unveiling of new products & missing mate 60 smartphone