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Indian consumers are exuding a newfound confidence in their financial stability as the holiday season approaches. And this could result in a substantial increase in consumer spending. A recent Deloitte study found that Indian consumer sentiment is rising, with 56% of respondents saying they were prepared to spend money on festivities.

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One of the most well-known bankruptcy stories in American history was the collapse of Lehman Brothers, the fourth-largest investment bank, which took place on September 15, 2008.&nbsp;

At the time of the collapse, the financial company had $639 billion in assets and $613 billion in liabilities, while employees in business suits carried cardboard boxes and left their office building. The subprime catastrophe, which spread through financial markets and resulted in roughly $10 trillion in lost economic output, turned the bank into a symbol of the surfeits of the 2007–2008 Financial Crisis.&nbsp;

In this story, we look at the rise and fall of one of the most prominent investment bankers and the impact that it had globally.&nbsp;

Beginnings and their rise to glory&nbsp;

Lehman Brothers, founded in the mid-19th century by German immigrant Henry Lehman, began as a modest dry-goods store in Montgomery, Alabama, in 1844. The transformation into Lehman Brothers came with the arrival of Henry's brothers, Emmanuel and Mayer. Their ambitions quickly expanded beyond dry goods, leading them into the intricate world of cotton and commodities trading.&nbsp;

In 1858, a pivotal shift occurred as Lehman Brothers relocated its operations to New York, a burgeoning hub for commodities trading. While Henry managed the grocery and general store business, his brothers laid the groundwork for what would become a financial industry powerhouse.&nbsp;

Over the next century and a half, Lehman Brothers underwent numerous transformations and forged alliances. Although Lehman Brothers' 2008 bankruptcy catalysed rather than caused the Great Recession and the subprime mortgage crisis, it sent shockwaves across global markets, triggering a significant selloff.&nbsp;

The firm's journey was marked by resilience. In 1984, Shearson/American Express acquired Lehman Brothers for $360 million. In 1994, Lehman Brothers embarked on its path via an IPO, raising over $3 billion in capital. The repeal of the Glass-Steagall Act enabled Lehman Brothers to venture into both investment and commercial banking.&nbsp;

Lehman Brothers thrived, becoming the nation's fourth-largest investment banking firm by 2007. Much of its growth was fuelled by substantial investments in mortgage-backed securities (MBS), a twist of fate that, ironically, contributed to its eventual downfall.&nbsp;

The warning signs

A strategy shift towards sophisticated financial products like mortgage-backed securities and collateralised debt obligations (CDOs) marked the beginning of Lehman Brothers' route to its tragic collapse. When Lehman bought many mortgage firms, including BNC Mortgage and Aurora Loan Services, which specialised in Alt-A loans without complete paperwork, this change occurred in the early 2000s. At first, these actions seemed profitable; from 2004 and 2006, Lehman's real estate division contributed significantly to a 56 percent increase in capital markets unit revenues.

Despite these early gains, ominous signs began to emerge. The housing market in the United States revealed growing weaknesses, particularly with an increase in subprime mortgage defaults. Surprisingly, in February 2007, Lehman's stock price soared to a record high of $86.18 per share. Lehman kept on downplaying the significance of escalating home loan concerns despite mounting anxiety, assuring investors that the risks were under control.

The countdown to the collapse

Lehman's stock price fluctuated throughout 2007 as the U.S. housing market's cracks grew worse. Lehman responded to the economic crisis in August 2007 by closing down portions of its mortgage business and laying off 1,200 employees who worked in the mortgage industry. Despite this issues, Lehman continued to maintain a significant presence in the mortgage sector.

Lehman's susceptibility resulted from its considerable portfolio of mortgage-related assets and excessive leverage, as seen by a leverage ratio of 31. As a result, Lehman's stock price declined by almost 48 per cent in March 2008. This fall took place amid mounting worries that Lehman would be the next big Wall Street Company to have huge issues. Investor confidence continued to decline despite Lehman's ability to raise money and take steps to lower its risk. Lehman's first losses since being spun off from American Express were reported in June 2008, when it posted a huge $2.8 billion second-quarter deficit.

Global financial fallout

The global financial crisis began on September 15, 2008, when Lehman Brothers filed for bankruptcy. The financial markets around the world experienced shockwaves as a result of this catastrophe. It set off a series of crises, including stock market crashes and freezes in the credit markets. To stabilise the staggering global economy, governments and central banks were forced to undertake large bailout packages and financial support measures.

The collapse of Lehman Brothers serves as a warning of the dangers of uncontrolled risk-taking and financial excess as it had a ripple effect on the larger global financial crisis, which in turn affected people, financial institutions, and economies all over the world.

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>

One of the most well-known bankruptcy stories in American history was the collapse of Lehman Brothers, the fourth-largest investment bank, which took place on September 15, 2008.

One of the most well-known bankruptcy stories in American history was the collapse of Lehman Brothers, the fourth-largest investment bank, which took place on September 15, 2008. At the time of the collapse, the financial company had $639 billion in assets and $613 billion in liabilities, while employees in business suits carried cardboard boxes and left their office building. The subprime catastrophe, which spread through financial markets and resulted in roughly $10 trillion in lost economic output, turned the bank into a symbol of the surfeits of the 2007–2008 Financial Crisis. In this story, we look at the rise and fall of one of the most prominent investment bankers and the impact that it had globally. Beginnings and their rise to glory Lehman Brothers, founded in the mid-19th century by German immigrant Henry Lehman, began as a modest dry-goods store in Montgomery, Alabama, in 1844. The transformation into Lehman Brothers came with the arrival of Henry's brothers, Emmanuel and Mayer. Their ambitions quickly expanded beyond dry goods, leading them into the intricate world of cotton and commodities trading. In 1858, a pivotal shift occurred as Lehman Brothers relocated its operations to New York, a burgeoning hub for commodities trading. While Henry managed the grocery and general store business, his brothers laid the groundwork for what would become a financial industry powerhouse. Over the next century and a half, Lehman Brothers underwent numerous transformations and forged alliances. Although Lehman Brothers' 2008 bankruptcy catalysed rather than caused the Great Recession and the subprime mortgage crisis, it sent shockwaves across global markets, triggering a significant selloff. The firm's journey was marked by resilience. In 1984, Shearson/American Express acquired Lehman Brothers for $360 million. In 1994, Lehman Brothers embarked on its path via an IPO, raising over $3 billion in capital. The repeal of the Glass-Steagall Act enabled Lehman Brothers to venture into both investment and commercial banking. Lehman Brothers thrived, becoming the nation's fourth-largest investment banking firm by 2007. Much of its growth was fuelled by substantial investments in mortgage-backed securities (MBS), a twist of fate that, ironically, contributed to its eventual downfall. The warning signs A strategy shift towards sophisticated financial products like mortgage-backed securities and collateralised debt obligations (CDOs) marked the beginning of Lehman Brothers' route to its tragic collapse. When Lehman bought many mortgage firms, including BNC Mortgage and Aurora Loan Services, which specialised in Alt-A loans without complete paperwork, this change occurred in the early 2000s. At first, these actions seemed profitable; from 2004 and 2006, Lehman's real estate division contributed significantly to a 56 percent increase in capital markets unit revenues. Despite these early gains, ominous signs began to emerge. The housing market in the United States revealed growing weaknesses, particularly with an increase in subprime mortgage defaults. Surprisingly, in February 2007, Lehman's stock price soared to a record high of $86.18 per share. Lehman kept on downplaying the significance of escalating home loan concerns despite mounting anxiety, assuring investors that the risks were under control. The countdown to the collapse Lehman's stock price fluctuated throughout 2007 as the U.S. housing market's cracks grew worse. Lehman responded to the economic crisis in August 2007 by closing down portions of its mortgage business and laying off 1,200 employees who worked in the mortgage industry. Despite this issues, Lehman continued to maintain a significant presence in the mortgage sector. Lehman's susceptibility resulted from its considerable portfolio of mortgage-related assets and excessive leverage, as seen by a leverage ratio of 31. As a result, Lehman's stock price declined by almost 48 per cent in March 2008. This fall took place amid mounting worries that Lehman would be the next big Wall Street Company to have huge issues. Investor confidence continued to decline despite Lehman's ability to raise money and take steps to lower its risk. Lehman's first losses since being spun off from American Express were reported in June 2008, when it posted a huge $2.8 billion second-quarter deficit. Global financial fallout The global financial crisis began on September 15, 2008, when Lehman Brothers filed for bankruptcy. The financial markets around the world experienced shockwaves as a result of this catastrophe. It set off a series of crises, including stock market crashes and freezes in the credit markets. To stabilise the staggering global economy, governments and central banks were forced to undertake large bailout packages and financial support measures. The collapse of Lehman Brothers serves as a warning of the dangers of uncontrolled risk-taking and financial excess as it had a ripple effect on the larger global financial crisis, which in turn affected people, financial institutions, and economies all over the world. WATCH WION LIVE HERE

Flashback Friday: Revisiting the collapse of the Lehman Brothers  

The United Kingdom witnessed a decline in inflation, with the rate dropping to 6.7 per cent in August, CNBC reported.

The unexpected dip, has raised speculation about a potential pause in interest rate hikes by the Bank of England. On a monthly basis, the consumer price index (CPI) increased by a modest 0.3 per cent.

Economists had anticipated the annual CPI figure to reach 7 per cent, with a month-on-month rise of 0.7 per cent. However, the actual figures painted a different picture, with July recording a 6.8 per cent annual increase and a 0.4 per cent month-on-month decrease.

The Office for National Statistics attributed this decline to various factors. “The largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food, where prices rose by less in August 2023 than a year ago, and accommodation services, where prices can be volatile and fell in August 2023,” BNBC quoted the agency as saying. Conversely, the rise in motor fuel prices had the most significant impact on pushing the annual rates upward.

Core CPI, which excludes the influence of volatile factors like food, energy, alcohol, and tobacco prices, stood at 6.2 per cent for the 12 months ending in August, down from 6.9 per cent in July. While the goods rate experienced a slight increase from 6.1 per cent to 6.3 per cent, the services rate saw a notable slowdown from 7.4 per cent to 6.8 per cent.

Raoul Ruparel, director of Boston Consulting Group's Centre for Growth, highlighted the significance of this unexpected core inflation drop. He noted that this development, coupled with signs of retail price easing, suggests potential improvements in real wages for consumers. However, Ruparel also emphasised the challenges faced by the Bank of England as the economy appears to be slowing, and the full impact of rate hikes has yet to be felt.

The Bank of England is scheduled to announce its next monetary policy decision on Thursday, with the aim of reining in inflation and aligning it with the bank’s 2 per cent target. Market expectations had been leaning toward another 25-basis-point hike in interest rates, potentially bringing the main bank rate to 5.5 per cent, its highest level since December 2007.

Following the surprising inflation data, market sentiment shifted. The probability of a pause from the Bank of England surged from 20 per cent to nearly 50 per cent.

Caroline Simmons, U.K. chief investment officer at UBS, expressed her belief that the central bank is still likely to proceed with a rate hike on Thursday. CNBC quoted her, "We do believe that's going to be their last hike, however, because we do have these downward forces on inflation."

According to her, while concerns regarding rising oil prices initially fuelled uncertainty about the inflation trend, the overall trajectory seems to be heading downward, potentially impacting the bank's decision-making process.

WATCH WION LIVE HERE

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The United Kingdom witnessed a decline in inflation, with the rate dropping to 6.7 per cent in August, CNBC reported. The unexpected dip, has raised speculation about a potential pause in interest rate hikes by the Bank of England.

The United Kingdom witnessed a decline in inflation, with the rate dropping to 6.7 per cent in August, CNBC reported. The unexpected dip, has raised speculation about a potential pause in interest rate hikes by the Bank of England. On a monthly basis, the consumer price index (CPI) increased by a modest 0.3 per cent. Economists had anticipated the annual CPI figure to reach 7 per cent, with a month-on-month rise of 0.7 per cent. However, the actual figures painted a different picture, with July recording a 6.8 per cent annual increase and a 0.4 per cent month-on-month decrease. The Office for National Statistics attributed this decline to various factors. “The largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food, where prices rose by less in August 2023 than a year ago, and accommodation services, where prices can be volatile and fell in August 2023,” BNBC quoted the agency as saying. Conversely, the rise in motor fuel prices had the most significant impact on pushing the annual rates upward. Core CPI, which excludes the influence of volatile factors like food, energy, alcohol, and tobacco prices, stood at 6.2 per cent for the 12 months ending in August, down from 6.9 per cent in July. While the goods rate experienced a slight increase from 6.1 per cent to 6.3 per cent, the services rate saw a notable slowdown from 7.4 per cent to 6.8 per cent. Raoul Ruparel, director of Boston Consulting Group's Centre for Growth, highlighted the significance of this unexpected core inflation drop. He noted that this development, coupled with signs of retail price easing, suggests potential improvements in real wages for consumers. However, Ruparel also emphasised the challenges faced by the Bank of England as the economy appears to be slowing, and the full impact of rate hikes has yet to be felt. The Bank of England is scheduled to announce its next monetary policy decision on Thursday, with the aim of reining in inflation and aligning it with the bank’s 2 per cent target. Market expectations had been leaning toward another 25-basis-point hike in interest rates, potentially bringing the main bank rate to 5.5 per cent, its highest level since December 2007. Following the surprising inflation data, market sentiment shifted. The probability of a pause from the Bank of England surged from 20 per cent to nearly 50 per cent. Caroline Simmons, U.K. chief investment officer at UBS, expressed her belief that the central bank is still likely to proceed with a rate hike on Thursday. CNBC quoted her, "We do believe that's going to be their last hike, however, because we do have these downward forces on inflation." According to her, while concerns regarding rising oil prices initially fuelled uncertainty about the inflation trend, the overall trajectory seems to be heading downward, potentially impacting the bank's decision-making process. WATCH WION LIVE HERE

UK inflation drops to 6.7 per cent, potentially impacting Bank of England's rate decision

In a move that has sparked intense debate and resistance from telecom operators, Germany's Interior Ministry is considering imposing strict regulations to reduce the use of equipment from Chinese tech giants, Huawei and ZTE, according to a report by The Economic Times.

An anonymous government official told The Economic Times that the ministry's proposal is driven by concerns about Germany's heavy dependence on these Chinese suppliers within its critical infrastructure, particularly in the realm of 5G networks.

As Berlin seeks to redefine its relationship with China, which it regards as both a partner and a systemic rival, this decision holds significant implications for the country's telecom landscape.

To mitigate potential disruptions, the Interior Ministry has devised a phased approach. By 2026, telecom operators will be required to eliminate all critical components sourced from Chinese vendors in their 5G core networks. Moreover, they must reduce the proportion of Chinese components in their Radio Access Network (RAN) and transport networks to a maximum of 25 per cent by October 1, 2026.

The telecom operators, however, have expressed their opposition to these proposed changes. Huawei Germany, in particular, condemned what it viewed as the "politicisation" of cybersecurity within the country.

The Economic Times quoted the statement issued by the company asserting, "Such an approach will have a negative impact on the digital transformation in Germany, inhibit innovation, and significantly increase construction and operating costs for network operators." They argued that these additional costs would ultimately be passed on to German consumers.

Deutsche Telekom criticised the 2026 deadline, deeming it unrealistic and drawing comparisons to the protracted efforts in the United Kingdom to impose restrictions on Huawei. The company also warned of the potential deterioration in the quality of service for its customers. Meanwhile, Telefonica Deutschland indicated its intent to explore legal action against the German government and seek damages.

At present, Huawei holds a commanding 59 per cent share of Germany's 5G RAN networks, as per a survey by telecommunications consultancy Strand Consult. Notably, in particularly sensitive regions like Berlin, where the federal government is located, Chinese technology is advised against entirely, a distinction that Strand Consult found to be "arbitrary."

The Interior Ministry intends to present its strategy to the cabinet next week. Nevertheless, it may encounter opposition from the Ministry for Digital Affairs, which is concerned that these measures could further hinder Germany's slow progress in digitalisation. A spokesperson for the Ministry for Digital Affairs emphasised the importance of maintaining stable, fast, and affordable access to mobile internet.

Germany has been criticised for lagging behind in the implementation of the European Union's security measures for 5G networks. These measures, aimed at curbing the use of "high-risk" vendors like Huawei and ZTE, were agreed upon three years ago due to concerns about possible sabotage or surveillance, allegations that both Chinese companies vehemently deny. Notably, the government recently revealed that it had not prohibited the use of any new Chinese critical components in 5G networks, a fact that has drawn criticism from opposition conservatives.

As Germany takes a tougher stance on China and seeks to reduce its dependence on individual countries, especially in light of the energy crisis exacerbated by reliance on Russian gas, the use of Huawei has come under increased public scrutiny. The Interior Ministry sees this decision as an "urgent need" to prevent a repetition of the Nord Stream situation—pipelines designed to deliver Russian gas to Germany but now abandoned.

In a move that has sparked intense debate and resistance from telecom operators, Germany's Interior Ministry is considering imposing strict regulations to reduce the use of equipment from Chinese tech giants, Huawei and ZTE, according to a report by The Economic Times.

In a move that has sparked intense debate and resistance from telecom operators, Germany's Interior Ministry is considering imposing strict regulations to reduce the use of equipment from Chinese tech giants, Huawei and ZTE, according to a report by The Economic Times. An anonymous government official told The Economic Times that the ministry's proposal is driven by concerns about Germany's heavy dependence on these Chinese suppliers within its critical infrastructure, particularly in the realm of 5G networks. As Berlin seeks to redefine its relationship with China, which it regards as both a partner and a systemic rival, this decision holds significant implications for the country's telecom landscape. To mitigate potential disruptions, the Interior Ministry has devised a phased approach. By 2026, telecom operators will be required to eliminate all critical components sourced from Chinese vendors in their 5G core networks. Moreover, they must reduce the proportion of Chinese components in their Radio Access Network (RAN) and transport networks to a maximum of 25 per cent by October 1, 2026. The telecom operators, however, have expressed their opposition to these proposed changes. Huawei Germany, in particular, condemned what it viewed as the "politicisation" of cybersecurity within the country. The Economic Times quoted the statement issued by the company asserting, "Such an approach will have a negative impact on the digital transformation in Germany, inhibit innovation, and significantly increase construction and operating costs for network operators." They argued that these additional costs would ultimately be passed on to German consumers. Deutsche Telekom criticised the 2026 deadline, deeming it unrealistic and drawing comparisons to the protracted efforts in the United Kingdom to impose restrictions on Huawei. The company also warned of the potential deterioration in the quality of service for its customers. Meanwhile, Telefonica Deutschland indicated its intent to explore legal action against the German government and seek damages. At present, Huawei holds a commanding 59 per cent share of Germany's 5G RAN networks, as per a survey by telecommunications consultancy Strand Consult. Notably, in particularly sensitive regions like Berlin, where the federal government is located, Chinese technology is advised against entirely, a distinction that Strand Consult found to be "arbitrary." The Interior Ministry intends to present its strategy to the cabinet next week. Nevertheless, it may encounter opposition from the Ministry for Digital Affairs, which is concerned that these measures could further hinder Germany's slow progress in digitalisation. A spokesperson for the Ministry for Digital Affairs emphasised the importance of maintaining stable, fast, and affordable access to mobile internet. Germany has been criticised for lagging behind in the implementation of the European Union's security measures for 5G networks. These measures, aimed at curbing the use of "high-risk" vendors like Huawei and ZTE, were agreed upon three years ago due to concerns about possible sabotage or surveillance, allegations that both Chinese companies vehemently deny. Notably, the government recently revealed that it had not prohibited the use of any new Chinese critical components in 5G networks, a fact that has drawn criticism from opposition conservatives. As Germany takes a tougher stance on China and seeks to reduce its dependence on individual countries, especially in light of the energy crisis exacerbated by reliance on Russian gas, the use of Huawei has come under increased public scrutiny. The Interior Ministry sees this decision as an "urgent need" to prevent a repetition of the Nord Stream situation—pipelines designed to deliver Russian gas to Germany but now abandoned.

Germany contemplates restrictions on Huawei, prompting backlash from telecoms

Germany, once coveted by the entire world for its cutting-edge technologies and high standard of living, is now struggling to keep its economy moving in the direction of growth.

Tracking Germany’s rise & fall in the 21st century | World Business Watch

The widest liquidity deficit in more than four years is grappling India's banking system. The nation's financial institutions are facing unanticipated difficulties due to record central bank borrowings and a significant outflow of funds for tax payments.

India's banking system faces severe liquidity deficit | Word Business Watch

Aiming to reinvigorate its manufacturing sector, India is set to offer incentives of up to 2.2 billion dollars, or 180 billion rupees, across six new sectors. this movement is a part of India's large production-linked incentive scheme, launched in 2020, targeting 14 sectors.

India to unleash $2.2 bn incentives for manufacturing surge | World Business Watch

More than half of Toshiba Corp.'s shareholders participated in a $15 billion acquisition led by private equity firm Japan Industrial Partners Inc., fulfilling the requirements to push the electronics company private and end its 74-year run as a publicly traded company, Bloomberg reported.

According to Toshiba, whose history dates back to 1875, JIP currently owns 78.65 per cent of all its shares. As soon as a date is finalised, it will announce it on the Tokyo Stock Exchange (TSE). The Tokyo-based company's withdrawal would bring to an end a difficult decade at the company, one marred by scandal and devastating losses.

A drawn-out auction process has put the inventor of the first laptop and flash memory in limbo during a year of industry-wide revolution brought on by surging interest in artificial intelligence. As talks to merge with the flash memory division of Western Digital Corp. dragged on, Toshiba's chip subsidiary Kioxia Holdings Corp. fell farther behind market leaders Samsung Electronics Co. and SK Hynix Inc.

Executives at Toshiba and its lenders have stated that privatisation will enable Toshiba to concentrate on longer-term strategy. The company, whose products include refrigerators, hard disc drives, and nuclear power reactors, has gone through three presidents in as many years. Goro Yanase, the chief operating officer, resigned earlier this year to accept accountability for making false claims for entertainment expenses.

Toshiba, once lauded for its technological advances, paid what was Japan's largest-ever fine for financial statement fraud in 2015. Following a failed venture into the nuclear industry, it was forced to write off $6.3 billion and sell off its prized memory-chip division, which is now known as Kioxia Holdings Corp.

The ailing corporation came under pressure from activists, and in 2021 it announced plans to split into three companies. However, in 2022, that plan was changed to a two-way split. The board started looking for offers to take the company private after the top executive at the time quit to accept responsibility for the issues.

(With inputs from Bloomberg)

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More than half of Toshiba Corp.'s shareholders participated in a $15 billion acquisition led by private equity firm Japan Industrial Partners Inc., fulfilling the requirements to push the electronics company private and end its 74-year run as a publicly traded company, Bloomberg reported.

More than half of Toshiba Corp.'s shareholders participated in a $15 billion acquisition led by private equity firm Japan Industrial Partners Inc., fulfilling the requirements to push the electronics company private and end its 74-year run as a publicly traded company, Bloomberg reported. According to Toshiba, whose history dates back to 1875, JIP currently owns 78.65 per cent of all its shares. As soon as a date is finalised, it will announce it on the Tokyo Stock Exchange (TSE). The Tokyo-based company's withdrawal would bring to an end a difficult decade at the company, one marred by scandal and devastating losses. A drawn-out auction process has put the inventor of the first laptop and flash memory in limbo during a year of industry-wide revolution brought on by surging interest in artificial intelligence. As talks to merge with the flash memory division of Western Digital Corp. dragged on, Toshiba's chip subsidiary Kioxia Holdings Corp. fell farther behind market leaders Samsung Electronics Co. and SK Hynix Inc. Executives at Toshiba and its lenders have stated that privatisation will enable Toshiba to concentrate on longer-term strategy. The company, whose products include refrigerators, hard disc drives, and nuclear power reactors, has gone through three presidents in as many years. Goro Yanase, the chief operating officer, resigned earlier this year to accept accountability for making false claims for entertainment expenses. Toshiba, once lauded for its technological advances, paid what was Japan's largest-ever fine for financial statement fraud in 2015. Following a failed venture into the nuclear industry, it was forced to write off $6.3 billion and sell off its prized memory-chip division, which is now known as Kioxia Holdings Corp. The ailing corporation came under pressure from activists, and in 2021 it announced plans to split into three companies. However, in 2022, that plan was changed to a two-way split. The board started looking for offers to take the company private after the top executive at the time quit to accept responsibility for the issues. (With inputs from Bloomberg) WATCH WION LIVE HERE

Success for Toshiba's $15 billion buyout, company to delist from TSE

According to economists, the second half of this fiscal year will likely see a continued lack of liquidity in India's banking system as loan growth and currency note circulation increase.

As per data from the Reserve Bank of India, the nation's banks liquidity fell into deficit on Tuesday for the first time in more than three years.

A growing liquidity gap would cause short-term borrowing costs to increase, forcing the Reserve Bank of India to reduce its currency market operations and use repo auctions to inject cash into the banking sector.

Reuters quoted Vivek Kumar, an economist from QuantEco Research as saying, "the start of the festive season and expectation of sequential improvement in economic growth would increase transactional demand for cash."

According to Kumar, this might cause the amount of money in circulation to increase by 2.2–2.4 trillion Indian rupees ($27.52–$30.02 billion) in the second half of the fiscal year.

In the meantime, despite high tax collections, government expenditure, which increases market liquidity, has been slower than anticipated.

&nbsp;Gaura Sen Gupta, an economist of IDFC First Bank, told Reuters, "This combination of slow pick-up in government expenditure and buoyant tax collection is reflected in government cash balance."

Early April marked the beginning of the fiscal year with a liquidity surplus of more than 8 trillion rupees. A "multi-year" procedure will be involved in the removal of liquidity, the RBI had stated at the time.

The structural deficit reached 218 billion rupees on Tuesday, its largest level since May 2019, and the recent tax outflows further reduced liquidity.

The government's cash balance is included in the core systemic liquidity surplus, which Kumar claims peaked at 12 trillion rupees in September 2021 but has since dramatically decreased to 3.9 trillion rupees.

According to him, the RBI's dollar sales to counteract the rupee's decline account for more over half of this shortfall.

A negative balance of payments has affected liquidity generally.

As of March 2022, India's balance of payments was $16 billion in deficit, and analysts predict that the gap will continue to grow over the coming quarters. The central bank must sell dollars into the market due to a sizable deficit, which drains rupee liquidity.

Between January and July, the RBI sold a net amount of almost $39 billion from its foreign exchange reserves, causing the reserves to drop to a two-year low of $551 billion as of September 9, according to data.

According to Soumyajit Niyogi, director of India Ratings, "liquidity tightness will continue to persist unless we see reasonable improvement in the balance of payment deficit."

(With inputs from Reuters)

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According to economists, the second half of this fiscal year will likely see a continued lack of liquidity in India's banking system as loan growth and currency note circulation increase.

According to economists, the second half of this fiscal year will likely see a continued lack of liquidity in India's banking system as loan growth and currency note circulation increase. As per data from the Reserve Bank of India, the nation's banks liquidity fell into deficit on Tuesday for the first time in more than three years. A growing liquidity gap would cause short-term borrowing costs to increase, forcing the Reserve Bank of India to reduce its currency market operations and use repo auctions to inject cash into the banking sector. Reuters quoted Vivek Kumar, an economist from QuantEco Research as saying, "the start of the festive season and expectation of sequential improvement in economic growth would increase transactional demand for cash." According to Kumar, this might cause the amount of money in circulation to increase by 2.2–2.4 trillion Indian rupees ($27.52–$30.02 billion) in the second half of the fiscal year. In the meantime, despite high tax collections, government expenditure, which increases market liquidity, has been slower than anticipated. Gaura Sen Gupta, an economist of IDFC First Bank, told Reuters, "This combination of slow pick-up in government expenditure and buoyant tax collection is reflected in government cash balance." Early April marked the beginning of the fiscal year with a liquidity surplus of more than 8 trillion rupees. A "multi-year" procedure will be involved in the removal of liquidity, the RBI had stated at the time. The structural deficit reached 218 billion rupees on Tuesday, its largest level since May 2019, and the recent tax outflows further reduced liquidity. The government's cash balance is included in the core systemic liquidity surplus, which Kumar claims peaked at 12 trillion rupees in September 2021 but has since dramatically decreased to 3.9 trillion rupees. According to him, the RBI's dollar sales to counteract the rupee's decline account for more over half of this shortfall. A negative balance of payments has affected liquidity generally. As of March 2022, India's balance of payments was $16 billion in deficit, and analysts predict that the gap will continue to grow over the coming quarters. The central bank must sell dollars into the market due to a sizable deficit, which drains rupee liquidity. Between January and July, the RBI sold a net amount of almost $39 billion from its foreign exchange reserves, causing the reserves to drop to a two-year low of $551 billion as of September 9, according to data. According to Soumyajit Niyogi, director of India Ratings, "liquidity tightness will continue to persist unless we see reasonable improvement in the balance of payment deficit." (With inputs from Reuters) WATCH WION LIVE HERE

Analysts predict India’s banking system’s liquidity to stay in deficit for the second half: Report

The abrupt resignations of several of the pilots at Indian low-cost airline Akasa Air have forced the firm to temporarily reduce its flight schedule. This has led to a legal conflict, and the airline has threatened to shut down if there are any more resignations.

Flights were disrupted because a number of pilots "abandoned their duties" and left without giving the required contractual notice period, but the airline is still on track to make investments in expanding its operations and acquiring more aircraft, CEO Vinay Dube wrote in an email to staff on Tuesday.

According to a source with direct knowledge of the proceedings, Dube's email was sent on the same day the airline's attorney warned a Delhi court that Akasa was in "crisis" and would shut down as a result of the sudden resignations.

According to the source, Akasa informed the court that it had to cancel 600 flights in August and that if the resignations continue; it may have to cancel up to 700 more in September.

"We have chosen to fly less and give up market share ... these are only short-term constraints," Reuters quoted him as saying. He also mentioned that the airline had "strong finances" and was positive about its future.

To enforce the notice period, Akasa has taken the pilots, many of whom have joined rival Air India Express, to court and filed a lawsuit against the aviation authority.

According to the aviation regulation, the notice term varies depending on the rank of the pilot and spans from 6 to 12 months.

In a statement, Akasa stated that “all our actions are aimed at creating a durable and reliable airline for the long run.”

Akasa Air’s distress call comes at a moment of extreme polarisation in India's aviation sector, where IndiGo, the largest airline in the nation, and Tata-owned Air India dominate roughly two-thirds of the market, while SpiceJet struggles to raise money and Go Air struggles to emerge from bankruptcy.

Akasa, which was established in 2022 by Dube and former IndiGo president Aditya Ghosh, had its market share decline to 4.2 per cent in August from 5.2 per cent a month earlier, according to official data.

In order to expand its international flying plans, Akasa, which has 72 Boeing planes on order, bought four more 737 MAX aircraft in June. Before the end of the year, it is expected to announce a fresh three-digit aircraft order, according to Dube.

According to Dube, Akasa received approval from India's civil aviation ministry last week to launch foreign flights. The government is currently addressing the airline's request for traffic rights, following which the company can decide on its initial destinations.

"Akasa is a well-run airline with strong finances and a solid plan," Reuters quoted him as saying.

(With inputs from Reuters)

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The abrupt resignations of several of the pilots at Indian low-cost airline Akasa Air have forced the firm to temporarily reduce its flight schedule. This has led to a legal conflict, and the airline has threatened to shut down if there are any more resignations.

The abrupt resignations of several of the pilots at Indian low-cost airline Akasa Air have forced the firm to temporarily reduce its flight schedule. This has led to a legal conflict, and the airline has threatened to shut down if there are any more resignations. Flights were disrupted because a number of pilots "abandoned their duties" and left without giving the required contractual notice period, but the airline is still on track to make investments in expanding its operations and acquiring more aircraft, CEO Vinay Dube wrote in an email to staff on Tuesday. According to a source with direct knowledge of the proceedings, Dube's email was sent on the same day the airline's attorney warned a Delhi court that Akasa was in "crisis" and would shut down as a result of the sudden resignations. According to the source, Akasa informed the court that it had to cancel 600 flights in August and that if the resignations continue; it may have to cancel up to 700 more in September. "We have chosen to fly less and give up market share ... these are only short-term constraints," Reuters quoted him as saying. He also mentioned that the airline had "strong finances" and was positive about its future. To enforce the notice period, Akasa has taken the pilots, many of whom have joined rival Air India Express, to court and filed a lawsuit against the aviation authority. According to the aviation regulation, the notice term varies depending on the rank of the pilot and spans from 6 to 12 months. In a statement, Akasa stated that “all our actions are aimed at creating a durable and reliable airline for the long run.” Akasa Air’s distress call comes at a moment of extreme polarisation in India's aviation sector, where IndiGo, the largest airline in the nation, and Tata-owned Air India dominate roughly two-thirds of the market, while SpiceJet struggles to raise money and Go Air struggles to emerge from bankruptcy. Akasa, which was established in 2022 by Dube and former IndiGo president Aditya Ghosh, had its market share decline to 4.2 per cent in August from 5.2 per cent a month earlier, according to official data. In order to expand its international flying plans, Akasa, which has 72 Boeing planes on order, bought four more 737 MAX aircraft in June. Before the end of the year, it is expected to announce a fresh three-digit aircraft order, according to Dube. According to Dube, Akasa received approval from India's civil aviation ministry last week to launch foreign flights. The government is currently addressing the airline's request for traffic rights, following which the company can decide on its initial destinations. "Akasa is a well-run airline with strong finances and a solid plan," Reuters quoted him as saying. (With inputs from Reuters) WATCH WION LIVE HERE

India's Akasa Air reduces flights as pilots leave, warns of a possible shutdown: Report

According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic.

This&nbsp;figure comes as the pace of job creation in the country slowed down due to the global economic downturn.

The report titled 'State of Working India 2023: Social Identities and Labour Market Outcomes,', is based on data from the Periodic Labour Force Survey (2021-22) conducted by the National Statistical Office (NSO). It highlights a notable disparity in unemployment rates among individuals with higher education. It revealed that "the unemployment rate falls from over 40 per cent for educated youth under 25 years of age to less than 5 per cent for graduates who are 35 years and above." However, the report emphasises the importance of understanding the quality and suitability of the jobs that graduates eventually secure.

The report also explores the connection between India's economic growth and job creation, concluding that this relationship remains weak.

It stated, "Since the 1990s, year-on-year non-farm GDP growth and non-farm employment growth are uncorrelated with each other, suggesting that policies promoting faster growth need not promote faster job creation." But it also noted that between 2004 and 2019, growth did translate into decent employment, with this trend disrupted by the pandemic, leading to an increase in distress employment.

This report arrives amidst upcoming state elections and the general elections scheduled for May 2024. It also comes amid protests by opposition parties regarding the persisting issue of joblessness. The university had previously released a report before the 2019 elections, indicating that five million jobs were lost during 2016-2018. While the report did not establish a direct link, it's worth noting that the government's demonetisation of Rs 500 and Rs 1,000 banknotes occurred in November 2016.

In August 2023, the Union government unveiled Rs 1.18 trillion worth of programs spanning various sectors, aiming to create jobs. Despite these efforts, the manufacturing sector, a significant source of employment in the economy, has struggled to expand. Informal services have taken the centre stage as the main job creators, presenting a challenge for policymakers.

The report further highlights the changing dynamics of employment in India. It stated, "On the one hand, the economy has grown rapidly since the 1980s, drawing millions of workers out of agriculture. And the proportion of salaried or regular wage workers has risen while that of casual workers has fallen." On the other hand, manufacturing has failed to significantly increase its share of GDP or employment, with construction and informal services emerging as the primary sources of job creation.

The report lastly, touches upon gender-based earnings disparities in India. It noted that over the past decades, these disparities have reduced, with salaried women workers earning 76 per cent of what their male counterparts earned in 2017, up from 70 per cent in 2004. This reduction in the gender pay gap has remained consistent through 2021-22.

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According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic.

According to a recent report published by Bengaluru-based Azim Premji University, a significant 42 per cent of graduates under the age of 25 found themselves unemployed in the aftermath of the Covid-19 pandemic. This figure comes as the pace of job creation in the country slowed down due to the global economic downturn. The report titled 'State of Working India 2023: Social Identities and Labour Market Outcomes,', is based on data from the Periodic Labour Force Survey (2021-22) conducted by the National Statistical Office (NSO). It highlights a notable disparity in unemployment rates among individuals with higher education. It revealed that "the unemployment rate falls from over 40 per cent for educated youth under 25 years of age to less than 5 per cent for graduates who are 35 years and above." However, the report emphasises the importance of understanding the quality and suitability of the jobs that graduates eventually secure. The report also explores the connection between India's economic growth and job creation, concluding that this relationship remains weak. It stated, "Since the 1990s, year-on-year non-farm GDP growth and non-farm employment growth are uncorrelated with each other, suggesting that policies promoting faster growth need not promote faster job creation." But it also noted that between 2004 and 2019, growth did translate into decent employment, with this trend disrupted by the pandemic, leading to an increase in distress employment. This report arrives amidst upcoming state elections and the general elections scheduled for May 2024. It also comes amid protests by opposition parties regarding the persisting issue of joblessness. The university had previously released a report before the 2019 elections, indicating that five million jobs were lost during 2016-2018. While the report did not establish a direct link, it's worth noting that the government's demonetisation of Rs 500 and Rs 1,000 banknotes occurred in November 2016. In August 2023, the Union government unveiled Rs 1.18 trillion worth of programs spanning various sectors, aiming to create jobs. Despite these efforts, the manufacturing sector, a significant source of employment in the economy, has struggled to expand. Informal services have taken the centre stage as the main job creators, presenting a challenge for policymakers. The report further highlights the changing dynamics of employment in India. It stated, "On the one hand, the economy has grown rapidly since the 1980s, drawing millions of workers out of agriculture. And the proportion of salaried or regular wage workers has risen while that of casual workers has fallen." On the other hand, manufacturing has failed to significantly increase its share of GDP or employment, with construction and informal services emerging as the primary sources of job creation. The report lastly, touches upon gender-based earnings disparities in India. It noted that over the past decades, these disparities have reduced, with salaried women workers earning 76 per cent of what their male counterparts earned in 2017, up from 70 per cent in 2004. This reduction in the gender pay gap has remained consistent through 2021-22. WATCH WION LIVE HERE

High youth unemployment remains a challenge post Covid: Report

The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines.

The offer is a component of the nation's 1.97 trillion rupee production-linked incentive scheme (PLI), which was launched in 2020 and targets 14 industries, from drones to electrical items, but it has been successful only in limited sectors.

As only a small portion of the PLI incentives have been utilised until now, the government has decided to transfer leftover funds to new industries.

According to the two government officials in contact with Reuters, limited expenses under the system might result in "large" savings that could be applied to new industries.

Toys, bicycles, leather, and footwear are among the additional six industries that could join the PLI programme, according to the officials. According to them, these sectors will split the 180 billion rupee portion that is being taken from the scheme's initial budget.

India believes that the PLI scheme will be essential to strengthen the country's overall economy, which has been suffering from a lack of private investment for almost ten years and is having difficulty producing enough jobs, specifically in the manufacturing sector.

In the fiscal year that concluded in March, incentives worth a combined total of roughly 29 billion rupees were given out. According to a government assessment seen by Reuters, little has been paid to companies in industries including specialty steel products, solar modules, and automobile components.

One of the two officials told Reuters, that as per government reports, the payouts might increase to nearly 110 billion rupees in the current fiscal year and to 400 billion rupees by the fiscal year 2024/25.

The official further told Reuters that “the disbursements should be better than this estimate after some tweaks to the scheme,” adding that these adjustments will assist in speeding up the payouts and some industries may get an extra year or two under the scheme.

(With inputs from Reuters)

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The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines.

The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines. The offer is a component of the nation's 1.97 trillion rupee production-linked incentive scheme (PLI), which was launched in 2020 and targets 14 industries, from drones to electrical items, but it has been successful only in limited sectors. As only a small portion of the PLI incentives have been utilised until now, the government has decided to transfer leftover funds to new industries. According to the two government officials in contact with Reuters, limited expenses under the system might result in "large" savings that could be applied to new industries. Toys, bicycles, leather, and footwear are among the additional six industries that could join the PLI programme, according to the officials. According to them, these sectors will split the 180 billion rupee portion that is being taken from the scheme's initial budget. India believes that the PLI scheme will be essential to strengthen the country's overall economy, which has been suffering from a lack of private investment for almost ten years and is having difficulty producing enough jobs, specifically in the manufacturing sector. In the fiscal year that concluded in March, incentives worth a combined total of roughly 29 billion rupees were given out. According to a government assessment seen by Reuters, little has been paid to companies in industries including specialty steel products, solar modules, and automobile components. One of the two officials told Reuters, that as per government reports, the payouts might increase to nearly 110 billion rupees in the current fiscal year and to 400 billion rupees by the fiscal year 2024/25. The official further told Reuters that “the disbursements should be better than this estimate after some tweaks to the scheme,” adding that these adjustments will assist in speeding up the payouts and some industries may get an extra year or two under the scheme. (With inputs from Reuters) WATCH WION LIVE HERE

India to provide incentives worth $2 bn towards local manufacturing sectors

Applicants for Canadian PR (Permanent Residency), educational consultants working with Canada, and those interested in studying abroad succumb to anxiety as Indo-Canadian ties continue to deteriorate, The Indian Express reported.

After Canadian Prime Minister Justin Trudeau suggested that the Indian government had a "potential link" to the murder of Khalistani separatist leader Hardeep Singh Nijjar in the Canadian Parliament, the situation deteriorated as Canada expelled a senior Indian diplomat on Monday. In Surrey, British Columbia, Nijjar was fatally shot in front of a Gurudwara.

The strained ties have presently become a huge issue for both governments as India has a sizable student population and a Punjabi diaspora in Canada, and Canadian educational institutions rely significantly on international students, 40 per cent of whom are from India.

“I cleared my IELTS (International English Language Testing System) just last month, and now I’m researching various universities in Canada, as my ultimate dream is to settle there after my studies. However, I’m afraid the Canadian embassy may deny me a student visa,” The India express quoted Vikramjit Singh Arora, a student from&nbsp;Jalandhar.

Another student, Ashnoor Kaur, claims that her adviser informed her that prospects for "study abroad" won't be impacted because neither Canada nor India would want to stop this procedure. “I spoke to my consultant, who is assisting me in gaining admission to a Canadian college, and he assured me that there’s no need to worry,” Kaur told The Indian Express.

However, some consultants say that international students may be affected by the situation. According to consultant Gurpreet Singh, who has ten years of experience in the industry, Indian students make about 40 per cent of all foreign students who move to Canada each year. Such a large source of revenue cannot be disregarded by Canada. She said that those who wish to immigrate to Canada must keep a lookout for how each nation manages traveller admission at its own borders.

Other consultants speculated that people advocating study abroad in nations other than Canada would take advantage of this development to cast doubt on Canada by making unfounded claims about its influence on international education. There have been worries that student admittance into both nations may become more difficult.

Apart from students, a couple from Jalandhar who had applied for Canadian PR and anticipated receiving it by the end of this year expressed their concerns. They told the Indian Express, “We have been eagerly awaiting our PR status by the end of this year, but now we fear it might get delayed. Even if relations improve, there could still be a few months’ delay.”

Another Jalandhar-based PR is hopeful. “Most of my family members are settled in Canada, and they are eagerly waiting for me to join them as my PR is expected any moment. India and Canada must act sensibly, as these political decisions could affect our future,” he told the Indian Express.

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Applicants for Canadian PR (Permanent Residency), educational consultants working with Canada, and those interested in studying abroad succumb to anxiety as Indo-Canadian ties continue to deteriorate, The Indian Express reported.

Applicants for Canadian PR (Permanent Residency), educational consultants working with Canada, and those interested in studying abroad succumb to anxiety as Indo-Canadian ties continue to deteriorate, The Indian Express reported. After Canadian Prime Minister Justin Trudeau suggested that the Indian government had a "potential link" to the murder of Khalistani separatist leader Hardeep Singh Nijjar in the Canadian Parliament, the situation deteriorated as Canada expelled a senior Indian diplomat on Monday. In Surrey, British Columbia, Nijjar was fatally shot in front of a Gurudwara. The strained ties have presently become a huge issue for both governments as India has a sizable student population and a Punjabi diaspora in Canada, and Canadian educational institutions rely significantly on international students, 40 per cent of whom are from India. “I cleared my IELTS (International English Language Testing System) just last month, and now I’m researching various universities in Canada, as my ultimate dream is to settle there after my studies. However, I’m afraid the Canadian embassy may deny me a student visa,” The India express quoted Vikramjit Singh Arora, a student from Jalandhar. Another student, Ashnoor Kaur, claims that her adviser informed her that prospects for "study abroad" won't be impacted because neither Canada nor India would want to stop this procedure. “I spoke to my consultant, who is assisting me in gaining admission to a Canadian college, and he assured me that there’s no need to worry,” Kaur told The Indian Express. However, some consultants say that international students may be affected by the situation. According to consultant Gurpreet Singh, who has ten years of experience in the industry, Indian students make about 40 per cent of all foreign students who move to Canada each year. Such a large source of revenue cannot be disregarded by Canada. She said that those who wish to immigrate to Canada must keep a lookout for how each nation manages traveller admission at its own borders. Other consultants speculated that people advocating study abroad in nations other than Canada would take advantage of this development to cast doubt on Canada by making unfounded claims about its influence on international education. There have been worries that student admittance into both nations may become more difficult. Apart from students, a couple from Jalandhar who had applied for Canadian PR and anticipated receiving it by the end of this year expressed their concerns. They told the Indian Express, “We have been eagerly awaiting our PR status by the end of this year, but now we fear it might get delayed. Even if relations improve, there could still be a few months’ delay.” Another Jalandhar-based PR is hopeful. “Most of my family members are settled in Canada, and they are eagerly waiting for me to join them as my PR is expected any moment. India and Canada must act sensibly, as these political decisions could affect our future,” he told the Indian Express. WATCH WION LIVE HERE

Anxiety builds among Indian students and residents going to Canada as relations deteriorate

More of the united auto workers (UAW) workers will begin a strike at the sites of General Motors, Ford Motor, and Stellantis NV on Friday at noon if significant progress is not made toward new labour contracts.

UAW issues strike ultimatum to big three automakers | World Business Watch

The Institute of International Finance (IIF) said on September 19 that markets like the United States and Japan were driving the hike in global debt, which reached a record high of $307 trillion in the second quarter of the year despite rising interest rates restricting bank credit, Moneycontrol reported.

According to a research by the trade association for financial services, the amount of global debt in dollars increased by $10 trillion in the first half of 2023 and by $100 trillion over the previous ten years.

It claimed that the most recent increase has increased the global debt-to-GDP ratio to 336 per cent for the second consecutive quarter. The debt ratio had been decreasing up until 2023 for seven quarters.

The research indicated that, the increase in debt ratio was caused by slower growth combined with a slowdown in price rises.

The IIF stated that “the sudden rise in inflation was the main factor behind the sharp decline in debt ratio over the past two years,” and that they anticipate the debt to output ratio to surpass 337 per cent by year's end due to wage and price pressures lessening, even if not to their targets.

With the United States, Japan, Britain, and France seeing the greatest rises, the developed world accounted for more than 80 per cent of the most recent debt accumulation. The biggest increases in developing markets were seen in the world's three biggest economies: China, India, and Brazil.

According to the analysis, China, Korea, and Thailand are mostly to blame for the fact that household debt-to-GDP in emerging markets is still higher than it was before COVID-19. However, in the first half of the year, the same ratio in mature markets fell to its lowest point in twenty years.

“Should inflationary pressures persist in mature markets, the health of household balance sheets, particularly in the U.S., would provide a cushion against further rate hikes,” Moneycontrol quoted the report.

The target rate of between 5.25 per cent and 5.5 per cent is now anticipated to stay in place until May of next year, according to the CME FedWatch tool, but markets are not currently pricing in a rate increase by the U.S. Federal Reserve in the near future.

Rates in the United States are anticipated to stay high for a considerable amount of time, which might put pressure on emerging countries as necessary investment is directed to the less-risky developed world.

At the conclusion of its meeting on Wednesday, the Federal Reserve is anticipated to hold rates steady but may hint that it is open to additional rate increases.

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The Institute of International Finance (IIF) said on September 19 that markets like the United States and Japan were driving the hike in global debt, which reached a record high of $307 trillion in the second quarter of the year despite rising interest rates restricting bank credit, Moneycontrol reported.

The Institute of International Finance (IIF) said on September 19 that markets like the United States and Japan were driving the hike in global debt, which reached a record high of $307 trillion in the second quarter of the year despite rising interest rates restricting bank credit, Moneycontrol reported. According to a research by the trade association for financial services, the amount of global debt in dollars increased by $10 trillion in the first half of 2023 and by $100 trillion over the previous ten years. It claimed that the most recent increase has increased the global debt-to-GDP ratio to 336 per cent for the second consecutive quarter. The debt ratio had been decreasing up until 2023 for seven quarters. The research indicated that, the increase in debt ratio was caused by slower growth combined with a slowdown in price rises. The IIF stated that “the sudden rise in inflation was the main factor behind the sharp decline in debt ratio over the past two years,” and that they anticipate the debt to output ratio to surpass 337 per cent by year's end due to wage and price pressures lessening, even if not to their targets. With the United States, Japan, Britain, and France seeing the greatest rises, the developed world accounted for more than 80 per cent of the most recent debt accumulation. The biggest increases in developing markets were seen in the world's three biggest economies: China, India, and Brazil. According to the analysis, China, Korea, and Thailand are mostly to blame for the fact that household debt-to-GDP in emerging markets is still higher than it was before COVID-19. However, in the first half of the year, the same ratio in mature markets fell to its lowest point in twenty years. “Should inflationary pressures persist in mature markets, the health of household balance sheets, particularly in the U.S., would provide a cushion against further rate hikes,” Moneycontrol quoted the report. The target rate of between 5.25 per cent and 5.5 per cent is now anticipated to stay in place until May of next year, according to the CME FedWatch tool, but markets are not currently pricing in a rate increase by the U.S. Federal Reserve in the near future. Rates in the United States are anticipated to stay high for a considerable amount of time, which might put pressure on emerging countries as necessary investment is directed to the less-risky developed world. At the conclusion of its meeting on Wednesday, the Federal Reserve is anticipated to hold rates steady but may hint that it is open to additional rate increases. WATCH WION LIVE HERE

Global debt reaches record high of $307 trillion, as debt ratios are rising: IIF

Investors believe that Microsoft will see stronger growth and significantly lower china risk, thus the software juggernaut is bridging the stock market gap with Apple. With the maker of the iPhone at the center of a heated dispute with China, Microsoft has seen its stock price rise more quickly than Apple this month.

Microsoft gains ground on Apple in stock market race | World Business Watch

Canada halts trade discussions with India amid tensions rising due to the death of Sikh separatist leader Hardeep Singh Nijjar. New Delhi called the accusations “absurd" and demanded that Canada take action against anti-India groups inside its borders.

Tensions rise as Canada halts trade negotiations with India | World Business Watch

As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report.

This month, the shares of the Redmond, Washington-based corporation outpaced those of the iPhone manufacturer, putting its market worth closer to that of Apple, which is at the centre of a resurgence in tensions with China. Although there are still hundreds of billions of dollars separating the two businesses, Microsoft's leadership in industries like cloud computing and artificial intelligence make it more appealing to investors.

According to David Klink, senior equities analyst at Huntington Private Bank, "Microsoft has more of what the market wants right now, and given where we stand on the pair's growth prospects, we wouldn't be surprised to see it overtake Apple," as reported by Bloomberg.

"We have more faith in Microsoft’s margins, while the cloud and AI are growth areas that can stand the test of time over a decade. We don’t know if the iPhone can do the same," he stated. He also added, given Apple's services business, "it's difficult to make a bear case for them, but the bull case clearly favours Microsoft."

Microsoft last surpassed Apple in size in November 2021. Despite declining from a height of around $3.1 trillion, Apple's market capitalization is still more than Microsoft's, which is close to $2.4 trillion. The difference between Apple and Microsoft has shrunk to about $200 billion at one point last week as Microsoft shares have maintained constant this month despite the decline in Apple shares.

On Wall Street, Microsoft is frequently preferred over Apple. The company's recommendation consensus, which serves as a proxy for its buy, hold, and sell rating ratio, is significantly higher than Apple's. Almost 90 per cent of Microsoft experts favour buying the stock, compared to only 2/3 of Apple analysts.

Apple has experienced negative sales growth for three consecutive quarters, and if that trend continues—as analysts predict—it would have done so for the longest time in twenty years. According to statistics gathered by Bloomberg, while that's anticipated to change for the better in Apple's fiscal year 2024 and continue expanding in the following two years, the rate isn't anticipated to be quite as robust as that of Microsoft.

The maker of the iPhone is "looking like the old IBM," Bernstein analyst Toni Sacconaghi wrote. IBM Corporation's "strength in mainframes and associated account control once seemed unassailable," Sacconaghi said, cautioning that "Apple's key risks are that iPhone is replaced by a new computing/internet access platform."

AI, the year's trendiest investing topic, may be that new something. Needham said that Apple might drop to fourth place among US equities, behind Alphabet Inc., Amazon.com Inc., and Microsoft, since it "is not a core beneficiary of the trend towards generative AI." Separately, Rosenblatt Securities warned that Nvidia Corp., the chipmaker that has so far benefited the most from the AI boom but is currently smaller than Apple, could challenge Apple's throne. Nvidia Corp. is currently less than half the size of Apple.

Despite indications of strong demand, there were few shocks in Apple's most recent gadget launches. New phones from Huawei Technologies Co. may pose a competitive challenge amid worries about government limitations on iPhones in China, which account for about a quarter of Apple's revenue. Apple’s efforts to build semiconductors internally may be taking longer than anticipated. Microsoft's president, Brad Smith, told lawmakers this week that only about 2 per cent of their revenue comes from China.

According to Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder, "consistency is worth a lot when considering a company's valuation, and Microsoft, because of its consistency and projected growth rate, has an advantage over Apple right now." "I like both, but Apple has a higher risk," he added.

The returns of tech stocks broken down by size have dramatically diverged as a result of the great outperformance by Wall Street's largest stocks. In 2023, the S&amp;P 500 tech sector index increased by 38 per cent, whereas an analogous mid-cap index only increased by 16 per cent. Meanwhile, the small-cap tech stock index has increased by less than 11 per cent.

(With inputs from Bloomberg)

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As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report.

As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report. This month, the shares of the Redmond, Washington-based corporation outpaced those of the iPhone manufacturer, putting its market worth closer to that of Apple, which is at the centre of a resurgence in tensions with China. Although there are still hundreds of billions of dollars separating the two businesses, Microsoft's leadership in industries like cloud computing and artificial intelligence make it more appealing to investors. According to David Klink, senior equities analyst at Huntington Private Bank, "Microsoft has more of what the market wants right now, and given where we stand on the pair's growth prospects, we wouldn't be surprised to see it overtake Apple," as reported by Bloomberg. "We have more faith in Microsoft’s margins, while the cloud and AI are growth areas that can stand the test of time over a decade. We don’t know if the iPhone can do the same," he stated. He also added, given Apple's services business, "it's difficult to make a bear case for them, but the bull case clearly favours Microsoft." Microsoft last surpassed Apple in size in November 2021. Despite declining from a height of around $3.1 trillion, Apple's market capitalization is still more than Microsoft's, which is close to $2.4 trillion. The difference between Apple and Microsoft has shrunk to about $200 billion at one point last week as Microsoft shares have maintained constant this month despite the decline in Apple shares. On Wall Street, Microsoft is frequently preferred over Apple. The company's recommendation consensus, which serves as a proxy for its buy, hold, and sell rating ratio, is significantly higher than Apple's. Almost 90 per cent of Microsoft experts favour buying the stock, compared to only 2/3 of Apple analysts. Apple has experienced negative sales growth for three consecutive quarters, and if that trend continues—as analysts predict—it would have done so for the longest time in twenty years. According to statistics gathered by Bloomberg, while that's anticipated to change for the better in Apple's fiscal year 2024 and continue expanding in the following two years, the rate isn't anticipated to be quite as robust as that of Microsoft. The maker of the iPhone is "looking like the old IBM," Bernstein analyst Toni Sacconaghi wrote. IBM Corporation's "strength in mainframes and associated account control once seemed unassailable," Sacconaghi said, cautioning that "Apple's key risks are that iPhone is replaced by a new computing/internet access platform." AI, the year's trendiest investing topic, may be that new something. Needham said that Apple might drop to fourth place among US equities, behind Alphabet Inc., Amazon.com Inc., and Microsoft, since it "is not a core beneficiary of the trend towards generative AI." Separately, Rosenblatt Securities warned that Nvidia Corp., the chipmaker that has so far benefited the most from the AI boom but is currently smaller than Apple, could challenge Apple's throne. Nvidia Corp. is currently less than half the size of Apple. Despite indications of strong demand, there were few shocks in Apple's most recent gadget launches. New phones from Huawei Technologies Co. may pose a competitive challenge amid worries about government limitations on iPhones in China, which account for about a quarter of Apple's revenue. Apple’s efforts to build semiconductors internally may be taking longer than anticipated. Microsoft's president, Brad Smith, told lawmakers this week that only about 2 per cent of their revenue comes from China. According to Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, "consistency is worth a lot when considering a company's valuation, and Microsoft, because of its consistency and projected growth rate, has an advantage over Apple right now." "I like both, but Apple has a higher risk," he added. The returns of tech stocks broken down by size have dramatically diverged as a result of the great outperformance by Wall Street's largest stocks. In 2023, the S&P 500 tech sector index increased by 38 per cent, whereas an analogous mid-cap index only increased by 16 per cent. Meanwhile, the small-cap tech stock index has increased by less than 11 per cent. (With inputs from Bloomberg) WATCH WION LIVE HERE

Microsoft looks to overtake Apple as the world's largest stock: Report

Trade negotiations between India and Canada have hit a snag amid escalating tensions. Canadian Prime Minister Justin Trudeau's mention of a probe into "credible allegations" connecting New Delhi's agents to the assassination of Khalistani terrorist Hardeep Singh Nijjar has further strained relations.

On Tuesday (September 19), New Delhi dismissed these allegations as "absurd" and urged Canada to take action against anti-India elements operating on its land. This comes as a surprise move, given that just three months ago, both countries expressed their intent to finalise an initial agreement within the year.

Experts say&nbsp;the <a href="https://commerce.gov.in/international-trade/trade-agreements/indias-current-engagements-in-rtas/india-canada-comprehensive-economic-partnership-agreement-cepa/">Comprehensive Economic Partnership Agreement </a>(CEPA) between Canada and India has the potential to substantially boost bilateral trade by up to $6.5 billion, with Canada's GDP standing to gain between $3.8 billion and $5.9 billion by 2035.

Recent years have witnessed a steady increase in goods trade, with total trade reaching $8 billion in 2022. <a href="https://tradingeconomics.com/india/exports/canada">Indian exports to Canada</a> totalled $4 billion, mirroring <a href="https://tradingeconomics.com/canada/exports/india#:~:text=Canada%20Exports%20to%20India%20was,updated%20on%20September%20of%202023">imports from Canada</a>, which were also valued at over $4 billion.

Canada primarily exports energy products, including coal, coke, and briquettes, along with fertilisers, while India exports consumer goods, clothing, engineering products like auto parts and aircraft equipment, as well as electronic items according to&nbsp;Trading Economics, a repository on global economic indicators.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/tit-for-tat-new-delhi-cautions-indians-against-travelling-to-canada-amidst-diplomatic-standoff-637878">Tit-for-tat: New Delhi warns Indians on ‘politically-condoned’ hate crimes in Canada travel advisory</a>

<h2>What does Canada export to India?</h2>

Notably, Canada's main exports to India in 2022 comprised fossil fuels and related products valued at nearly $1 billion, followed by fertilisers at approximately $748 million, and wood pulp and plant fibres&nbsp;worth about $384 million.&nbsp;

Pharmaceutical products, worth about $418 million, constituted the bulk of Indian exports in the previous year, followed by iron and steel products at approximately $328 million and machinery, nuclear reactors, and boilers at around $287 million.

India's increasing demand for lentils has been a boon for Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Notably, Canada ranks as India's 17th largest foreign investor, injecting more than $3.6 billion since 2000. Canadian portfolio investors have also made substantial investments in Indian stock and debt markets.

The Canadian Pension Plan (CPP) increased its investments in Indian markets to around $15 billion, primarily in areas like real estate, renewables, and the financial sector by the end of the last fiscal year in March 2023.

Over 600 Canadian companies, including Bombardier and SNC Lavalin, have established a strong presence in India, while more than 30 Indian companies, such as TCS, Infosys, and Wipro, have invested billions in Canada, generating thousands of jobs.

Since 2018, India has been the leading source country for international students in Canada. In 2022, their numbers surged by 47 per cent&nbsp;to nearly 320,000, constituting about 40 per cent&nbsp;of all overseas students, as reported by the Canadian Bureau of International Education. This influx also enables universities and colleges to provide subsidised education to domestic students.

<h3>Top countries of study permit holders with a valid permit in Canada in 2022</h3>

Data source: Statista

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Many analysts are concerned that deteriorating relations between the two nations could impact the economic well-being of thousands of Sikh families in India's Sikh-majority state of Punjab. These families have relatives in Canada who remit millions of dollars back home. According to the 2021 census, Canada's Sikh population has more than doubled over 20 years, reaching 2.1 per cent, driven by a significant migration of Sikhs from India in pursuit of higher education and employment opportunities.

&nbsp;

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Trade negotiations between India and Canada have hit a snag amid escalating tensions. Canadian Prime Minister Justin Trudeau's mention of a probe into "credible allegations" connecting New Delhi's agents to the assassination of Khalistani terrorist Hardeep Singh Nijjar has further strained relations.

Trade negotiations between India and Canada have hit a snag amid escalating tensions. Canadian Prime Minister Justin Trudeau's mention of a probe into "credible allegations" connecting New Delhi's agents to the assassination of Khalistani terrorist Hardeep Singh Nijjar has further strained relations. On Tuesday (September 19), New Delhi dismissed these allegations as "absurd" and urged Canada to take action against anti-India elements operating on its land. This comes as a surprise move, given that just three months ago, both countries expressed their intent to finalise an initial agreement within the year. Experts say the Comprehensive Economic Partnership Agreement (CEPA) between Canada and India has the potential to substantially boost bilateral trade by up to $6.5 billion, with Canada's GDP standing to gain between $3.8 billion and $5.9 billion by 2035. Recent years have witnessed a steady increase in goods trade, with total trade reaching $8 billion in 2022. Indian exports to Canada totalled $4 billion, mirroring imports from Canada, which were also valued at over $4 billion. Canada primarily exports energy products, including coal, coke, and briquettes, along with fertilisers, while India exports consumer goods, clothing, engineering products like auto parts and aircraft equipment, as well as electronic items according to Trading Economics, a repository on global economic indicators. Also read | Tit-for-tat: New Delhi warns Indians on ‘politically-condoned’ hate crimes in Canada travel advisory What does Canada export to India? Notably, Canada's main exports to India in 2022 comprised fossil fuels and related products valued at nearly $1 billion, followed by fertilisers at approximately $748 million, and wood pulp and plant fibres worth about $384 million. Pharmaceutical products, worth about $418 million, constituted the bulk of Indian exports in the previous year, followed by iron and steel products at approximately $328 million and machinery, nuclear reactors, and boilers at around $287 million. India's increasing demand for lentils has been a boon for Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market. Notably, Canada ranks as India's 17th largest foreign investor, injecting more than $3.6 billion since 2000. Canadian portfolio investors have also made substantial investments in Indian stock and debt markets. The Canadian Pension Plan (CPP) increased its investments in Indian markets to around $15 billion, primarily in areas like real estate, renewables, and the financial sector by the end of the last fiscal year in March 2023. Over 600 Canadian companies, including Bombardier and SNC Lavalin, have established a strong presence in India, while more than 30 Indian companies, such as TCS, Infosys, and Wipro, have invested billions in Canada, generating thousands of jobs. Since 2018, India has been the leading source country for international students in Canada. In 2022, their numbers surged by 47 per cent to nearly 320,000, constituting about 40 per cent of all overseas students, as reported by the Canadian Bureau of International Education. This influx also enables universities and colleges to provide subsidised education to domestic students. Top countries of study permit holders with a valid permit in Canada in 2022 Data source: Statista × Many analysts are concerned that deteriorating relations between the two nations could impact the economic well-being of thousands of Sikh families in India's Sikh-majority state of Punjab. These families have relatives in Canada who remit millions of dollars back home. According to the 2021 census, Canada's Sikh population has more than doubled over 20 years, reaching 2.1 per cent, driven by a significant migration of Sikhs from India in pursuit of higher education and employment opportunities. WATCH WION LIVE HERE:

Data Lab: Will the clash over Nijjar murder turn India-Canada trade ties sour?

As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg.

The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck.

Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added.

The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output.

Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam.

The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled.

Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing.

The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report.

"Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying.

Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May.

According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.”

Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023.

The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past.

The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control.

&nbsp;(With inputs from Bloomberg)

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As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.

As interest rates rise and China’s economic recovery disappoints, the global economy is predicted to slow down, according to a report by Bloomberg. The most recent OECD (The Organisation for Economic Cooperation and Development) predictions indicate that growth, which was already "sub-par" this year at 3 per cent, will slow to 2.7 per cent in 2024. That would represent the weakest yearly expansion since the global financial crisis, with the exception of 2020, when Covid struck. Bloomberg quoted the OECD Chief Economist Clare Lombardelli as saying during a news conference on Tuesday that "high inflation continues to unwind, but the world economy remains in a difficult place." "Inflation and slow growth present us with a double challenge," she added. The Paris-based group issued a warning that risks to its estimate are biassed to the downside because prior rate hikes may have had a bigger impact than anticipated and because inflation may turn out to be persistent, necessitating additional monetary tightening. China's problems were referred to as a "key risk" for global output. Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China's reopening, according to the OECD. The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam. The bleak picture will put central bankers to the test as the economy continues to be impacted by their efforts to combat inflation, and politicians worry that activity is being stifled. Despite indicating that the peak may have been reached, the European Central Bank announced its tenth consecutive hike last week. On Wednesday, the Federal Reserve is anticipated to do nothing. The OECD warned against slowing down as core price increases remained persistent in several countries despite declining headline indicators. Rate reductions are unlikely to happen until "well into 2024," according to the report. "Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated," Bloomberg quoted the OECD as saying. Based on their exposure and whether they are importers or exporters of the fossil fuel, Lombardelli said that certain countries have experienced a slight increase in inflation as a result of the 25 per cent increase in oil prices since May. According to her, countries would certainly not be pleased about this. "Oil prices will continue to be potentially volatile through this period. That’s why we’ve highlighted it as one of the risks. The impact obviously will be, as we have learned, a squeezing on household budgets and on demand.” Germany will experience a 0.2 per cent decline in 2023, making it the only G-20 country other than Argentina to experience a downturn, according to the OECD's analysis of regional and national outlooks. The OECD also lowered its growth projections for the euro-area for this year and next. Even if the US economy would grow more quickly than expected in June, it will drop to 1.3 per cent in 2024 from 2.2 per cent in 2023. The sharpest growth downgrades were seen in China, where output is projected to increase by less than 5 per cent next year due to weak domestic demand and structural difficulties in the real estate markets. According to the OECD, China's options for providing effective policy support may be more constrained than in the past. The group cautioned against governments using additional spending to boost growth. Instead, it recommended reducing support to make way for upcoming investment difficulties and prevent fuelling the inflation that central banks are trying to control. (With inputs from Bloomberg) WATCH WION LIVE HERE

Rate hikes set to slow down world economy: OECD report

This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported.

According to the report, a statement was released on Tuesday that acknowledged the appeal, the Ministry of Commerce stated that “China believes that the expert panel's decision in this case contains legal errors.” The country is contesting the WTO panel's decision "to protect its rights and interests.”

When China implemented the tariffs in retaliation for the steel and aluminium tariffs imposed by the previous administration of President Donald Trump, the WTO concluded last month that China had broken its fundamental trade commitments.

The panel agreed with the Washington’s assertions that Beijing had broken previous trade agreements it made when it joined the WTO and that Beijing's tariffs prevented it from receiving the treatment of a so-called most-favorable nation.

China's tariffs, according to the commerce ministry's announcement on Tuesday, were enacted in retaliation for “unilateral and protectionist” actions taken by the US. The conflict began during the early stages of Trump's trade war, when his government levied 10% per cent tariffs on imports of aluminium and 25 per cent tariffs on steel from around the world.

Because the WTO administrative body has been inactive since 2019, a Beijing appeal serves as a veto.

(With inputs from Bloomberg)

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This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported.

This week, China appealed a decision by the World Trade Organisation (WTO) to reject the country's tariffs on US goods worth $2.4 billion, claiming that the judgement was wrong, Bloomberg reported. According to the report, a statement was released on Tuesday that acknowledged the appeal, the Ministry of Commerce stated that “China believes that the expert panel's decision in this case contains legal errors.” The country is contesting the WTO panel's decision "to protect its rights and interests.” When China implemented the tariffs in retaliation for the steel and aluminium tariffs imposed by the previous administration of President Donald Trump, the WTO concluded last month that China had broken its fundamental trade commitments. The panel agreed with the Washington’s assertions that Beijing had broken previous trade agreements it made when it joined the WTO and that Beijing's tariffs prevented it from receiving the treatment of a so-called most-favorable nation. China's tariffs, according to the commerce ministry's announcement on Tuesday, were enacted in retaliation for “unilateral and protectionist” actions taken by the US. The conflict began during the early stages of Trump's trade war, when his government levied 10% per cent tariffs on imports of aluminium and 25 per cent tariffs on steel from around the world. Because the WTO administrative body has been inactive since 2019, a Beijing appeal serves as a veto. (With inputs from Bloomberg) WATCH WION LIVE HERE

China appeals WTO's decision on tariffs imposed on US goods brought by Trump administration

China's imports of Japanese seafood fell by over 67 per cent in August over the Fukushima water discharge row. According to a report by NHK World on Monday (September 18), Chinese customs authorities said the value of such imports was $20.

China's imports of Japanese seafood fell by over 67 per cent in August over the Fukushima water discharge row. According to a report by NHK World on Monday (September 18), Chinese customs authorities said the value of such imports was $20.4 million. The fall was much sharper than the roughly 30 per cent drop in July, the report added. The Japanese government started releasing treated radioactive water from the Fukushima nuclear plant into the sea last month, sparking international concerns, especially from China which banned all seafood imports from Japan. The Japanese government said that China has been the world's top importer of Japanese seafood. The NHK World report further said that imports of Japanese seafood last year were worth about $590 million. IAEA, Japan agree on continuous safety review of water discharge On Monday, the United Nations (UN) International Atomic Energy Agency (IAEA) and Japan signed an agreement setting out the full scope of the agency’s comprehensive and continuous safety review of the discharge of treated water from the Fukushima nuclear plant. "The IAEA has been reviewing the safety of Japan’s plan on how to handle the treated water since it was first announced in 2021 and today’s agreement focuses on the Agency’s long-term activities during the discharge itself," a statement from the IAEA said. The agreement has identified five main areas of the UN Atomic Agency's safety review work, including conducting onsite analysis, protecting people and the environment and sharing key information with the public. The statement also said that these areas would enable the IAEA to check that the relevant international safety standards are constantly applied during the discharge, backed up with real-time and other monitoring data on its website. 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.

Fukushima discharge row: China's import of Japanese seafood down by over 67% in August

Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers.

FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a “family business” and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents.

Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. He is currently jailed ahead of a trial scheduled to begin Oct. 3. Other former FTX executives have pleaded guilty to criminal charges.

Bankman and Fried’s attorneys, Sean Hecker and Michael Tremonte, said in a joint statement that FTX’s claims were “completely false” and that the new lawsuit was a waste of funds that could be returned to FTX customers.

“This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” Hecker and Tremonte said.

FTX’s lawsuit alleges that Bankman and Fried accepted a $10-million cash gift and a $16.4-million luxury property in the Bahamas from FTX, even as the company teetered on the brink of collapse. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said.

Bankman-Fried’s father, a tax specialist at Stanford Law School, often positioned himself as the “adult in the room” in a company run by his son, now 31, and other executives with little management experience. But Bankman “stayed silent” when he saw warning signs of fraud and did little to prevent FTX’s leadership from misappropriating customer funds, according to the lawsuit.

Fried was the strongest influence on FTX’s political contributions, causing Bankman-Fried and other executives to contribute millions of dollars directly to a political action committee that she co-founded, according to FTX.

FTX filed for bankruptcy in November 2022 in the wake of claims that it misused and lost billions of dollars worth of customers’ crypto deposits.

FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.

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Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers.

Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a “family business” and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents. Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. He is currently jailed ahead of a trial scheduled to begin Oct. 3. Other former FTX executives have pleaded guilty to criminal charges. Bankman and Fried’s attorneys, Sean Hecker and Michael Tremonte, said in a joint statement that FTX’s claims were “completely false” and that the new lawsuit was a waste of funds that could be returned to FTX customers. “This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” Hecker and Tremonte said. FTX’s lawsuit alleges that Bankman and Fried accepted a $10-million cash gift and a $16.4-million luxury property in the Bahamas from FTX, even as the company teetered on the brink of collapse. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said. Bankman-Fried’s father, a tax specialist at Stanford Law School, often positioned himself as the “adult in the room” in a company run by his son, now 31, and other executives with little management experience. But Bankman “stayed silent” when he saw warning signs of fraud and did little to prevent FTX’s leadership from misappropriating customer funds, according to the lawsuit. Fried was the strongest influence on FTX’s political contributions, causing Bankman-Fried and other executives to contribute millions of dollars directly to a political action committee that she co-founded, according to FTX. FTX filed for bankruptcy in November 2022 in the wake of claims that it misused and lost billions of dollars worth of customers’ crypto deposits. FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt. WATCH WION LIVE HERE

Crypto firm FTX sues founder Bankman-Fried’s parents over misappropriation of funds

If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post.

UAW President Shawn Fain gave General Motors, Ford, and Stellantis until noon on Friday, which will mark one week since the union started striking at three factories, one at each company, in a video uploaded late Monday. The industry is transitioning to electric vehicles, which could result in additional plant closures. The union is asking for a significant pay rise, improved benefits, and more employment protections.

“We’re going to keep hitting the company where we need to, when we need to,” The Washington Post quoted Fain as saying. “And we’re not going to keep waiting around forever while they drag this out.”

The strike's participating factories were not disclosed by Fain. He also refrained from announcing that provisional agreements would be required to prevent further strikes and did not define what would constitute “serious progress.” The current strikes affect the Wentzville, Missouri, GM van and truck facility, the Toledo Stellantis plant that manufactures the Jeep Wrangler and Gladiator, and the Wayne, Michigan, Ford plant that produces the Ranger pickup and Bronco SUV.

Separately, Ford and the employees' union, Unifor, avoided a strike on Tuesday by coming to a tentative contract agreement. The union said the agreement made "fundamental, transformative gains that addressed our core priorities of pensions, wages, and the EV transition." Late on Tuesday, the union and Ford announced that they had achieved an agreement.

Both parties declined to provide details, stating that the workers must yet ratify the arrangement. The agreement was reached just after 5,600 Ford employees and Unifor announced they were prepared to strike. An engine manufacturing facility in Windsor, Ontario, which produces engines for the business's extremely lucrative F-series trucks, was one of the workplaces threatening a work stoppage.

When Unifor announced the tentative agreement, it claimed that it had “used the most potent tool at our union's disposal: the right to strike.”

Although Unifor is also in negotiations with GM and Stellantis, it has decided to put its current agreements with those businesses on hold in order to concentrate on discussions with Ford.

The UAW and the automakers in the United States are still at odds over the provisions of a new, four-year contract. The automakers are only willing to provide roughly 20 per cent of the 36 per cent wage raise the union is asking for over a four-year period.

The current system of tiered pay for employees is nevertheless a source of contention because younger workers receive lower pay and perks or spend years in a temporary employment status. The businesses have offered to reduce the time it takes for employees to reach the top salary rate and have suggested raising the starting pay for temporary employees by 20 per cent, to $20 per hour. They did not, however, give in to all of the union's demands.

Following Fain's comments late Monday, Ford stated that it has conceded a lot in the negotiations and is still committed to reaching an agreement. Ford is providing certain compensation adjustments for the cost of living, additional contributions to employees' retirement savings, and more paid time off in addition to 20 per cent wage increases spread over four years

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If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post.

If “serious progress” is not made towards a resolution, the United Auto Workers (UAW)have warned to extend their historic strike against Detroit's Big Three automakers on Friday, according to a report by The Washington Post. UAW President Shawn Fain gave General Motors, Ford, and Stellantis until noon on Friday, which will mark one week since the union started striking at three factories, one at each company, in a video uploaded late Monday. The industry is transitioning to electric vehicles, which could result in additional plant closures. The union is asking for a significant pay rise, improved benefits, and more employment protections. “We’re going to keep hitting the company where we need to, when we need to,” The Washington Post quoted Fain as saying. “And we’re not going to keep waiting around forever while they drag this out.” The strike's participating factories were not disclosed by Fain. He also refrained from announcing that provisional agreements would be required to prevent further strikes and did not define what would constitute “serious progress.” The current strikes affect the Wentzville, Missouri, GM van and truck facility, the Toledo Stellantis plant that manufactures the Jeep Wrangler and Gladiator, and the Wayne, Michigan, Ford plant that produces the Ranger pickup and Bronco SUV. Separately, Ford and the employees' union, Unifor, avoided a strike on Tuesday by coming to a tentative contract agreement. The union said the agreement made "fundamental, transformative gains that addressed our core priorities of pensions, wages, and the EV transition." Late on Tuesday, the union and Ford announced that they had achieved an agreement. Both parties declined to provide details, stating that the workers must yet ratify the arrangement. The agreement was reached just after 5,600 Ford employees and Unifor announced they were prepared to strike. An engine manufacturing facility in Windsor, Ontario, which produces engines for the business's extremely lucrative F-series trucks, was one of the workplaces threatening a work stoppage. When Unifor announced the tentative agreement, it claimed that it had “used the most potent tool at our union's disposal: the right to strike.” Although Unifor is also in negotiations with GM and Stellantis, it has decided to put its current agreements with those businesses on hold in order to concentrate on discussions with Ford. The UAW and the automakers in the United States are still at odds over the provisions of a new, four-year contract. The automakers are only willing to provide roughly 20 per cent of the 36 per cent wage raise the union is asking for over a four-year period. The current system of tiered pay for employees is nevertheless a source of contention because younger workers receive lower pay and perks or spend years in a temporary employment status. The businesses have offered to reduce the time it takes for employees to reach the top salary rate and have suggested raising the starting pay for temporary employees by 20 per cent, to $20 per hour. They did not, however, give in to all of the union's demands. Following Fain's comments late Monday, Ford stated that it has conceded a lot in the negotiations and is still committed to reaching an agreement. Ford is providing certain compensation adjustments for the cost of living, additional contributions to employees' retirement savings, and more paid time off in addition to 20 per cent wage increases spread over four years WATCH WION LIVE HERE

 UAW warns to expand strike if dialogue doesn’t lead to “serious progress”: Report