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With India’s flag carrier, Air India, revealing&nbsp;its new brand identity in August, the airline is all set to enter a new era in its journey of being a distinct carrier in domestic and international skies.

The arrival of the new logo which features a contemporary design in the colours of gold, red, and purple; replacing the former red and saffron, and speculations about Air India’s famous mascot, the Maharajah retiring, sets the tone for a drastic change that the airline is about to witness in the coming years.

Just like the country&nbsp;it serves, Air India has had a rich history which has changed quite a lot over time. In this story, we trace the journey of India’s flag carrier that started out with a transporter of mail to India’s national carrier owned by the Indian government to how it was privatised and taken over by the TATA Group.

From a Transporter of Mail to a Transporter of Passengers

Air India's remarkable journey from being a mail carrier to a global passenger airline is a testament to the vision and determination of its founder, JRD Tata. It all began in 1932 when Tata Air Services was founded. Initially focused on transporting mail for Imperial Airways, the airline quickly expanded its operations to include passenger services. Within its first year, Tata Air Services had not only transported 10.7 tons of mail but had also carried 155 passengers, showcasing its efficiency and punctuality.

In 1938, the airline was renamed Tata Airlines and took its first step into international aviation by adding Colombo, Sri Lanka, to its route map. The profits grew tenfold by 1937, underscoring its success. However, World War II temporarily halted civilian aviation as Tata Airlines' planes were repurposed for military use.

Post-independence, the Indian government acquired a 49 per cent&nbsp;stake in the airline, which was then rebranded as Air India. In 1948, Air India made its historic inaugural long-haul flight from Mumbai to London Heathrow, marking a significant milestone in its transformation into a global airline.

From TATA Airlines to Air India

The evolution from Tata Airlines to Air India was a pivotal moment in the airline's history. Despite the government's nationalization of Air India in the 1950s, JRD Tata returned as its chairman to ensure that the airline's high standards were maintained. His commitment to excellence and dedication to Indian aviation was unwavering.

Air India continued its modernisation and expansion efforts, acquiring cutting-edge aircraft like the Boeing 707 in 1960 and the Boeing 747 in 1971. These acquisitions marked the beginning of a new era, enabling Air India to serve long-haul destinations with unparalleled comfort and efficiency. The airline expanded its global footprint, adding destinations across Europe and Asia, becoming a familiar sight in airports around the world.

However, in 1977, JRD Tata was removed as chairman, and Air India came under government control, marking a significant shift in its management and operations.

Merger with domestic carrier – Indian Airlines

The merger of Air India with Indian Airlines in 2007 was a significant development in the history of Indian aviation. It aimed to consolidate both carriers under the Air India brand, streamlining their operations and creating a more competitive and efficient entity. The merger brought together two distinct facets of Indian aviation—Air India's international operations and Indian Airlines' domestic network.

While the merger held promise, challenges soon emerged. The aviation landscape in India was changing rapidly with the emergence of new private carriers like Jet Airways. Despite Air India's historical successes, it faced growing competition and financial difficulties. The merged entity struggled to overcome these challenges, leading to a complex financial situation that persisted for almost two decades.

Mounting debt

Air India, once India's aviation pride, faced a crippling debt burden of Rs 61,000 crore. However, the government retained a portion of the debt, leaving Air India's finances in dire straits with just Rs 2,750 crore in cash.

The airline's financial crisis stemmed from a series of missteps, including an ill-advised order of 111 Boeing aircraft driven by political considerations, leading to equity erosion. Flawed aircraft configurations, the inability to offer direct flights, and the failed merger with Indian Airlines compounded its challenges. Labour unions secured extravagant salaries, diminishing cost competitiveness, while poor adaptability in a liberalised economy and leadership changes further aggravated the problems.

TATA’s takeover

The Tata Group finally assumed control of Air India in January 2022, embarking on a mission to revive the struggling carrier. This transition marked a significant shift in the airline's ownership.

Tata's ambitious vision for Air India includes a massive order for 470 aircraft, the largest in the airline's history. With a portfolio that includes Air India, Air India Express, AIX Connect (AirAsia India), and the joint venture Vistara with Singapore Airlines, the Tata Group is working towards merging Air India Express and AIX Connect, along with integrating Vistara into Air India. This strategic consolidation aims to optimise resources and streamline operations within the group.

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<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>

With India’s flag carrier, Air India, revealing its new brand identity in August, the airline is all set to enter a new era in its journey of being a distinct carrier in domestic and international skies.

With India’s flag carrier, Air India, revealing its new brand identity in August, the airline is all set to enter a new era in its journey of being a distinct carrier in domestic and international skies. The arrival of the new logo which features a contemporary design in the colours of gold, red, and purple; replacing the former red and saffron, and speculations about Air India’s famous mascot, the Maharajah retiring, sets the tone for a drastic change that the airline is about to witness in the coming years. Just like the country it serves, Air India has had a rich history which has changed quite a lot over time. In this story, we trace the journey of India’s flag carrier that started out with a transporter of mail to India’s national carrier owned by the Indian government to how it was privatised and taken over by the TATA Group. From a Transporter of Mail to a Transporter of Passengers Air India's remarkable journey from being a mail carrier to a global passenger airline is a testament to the vision and determination of its founder, JRD Tata. It all began in 1932 when Tata Air Services was founded. Initially focused on transporting mail for Imperial Airways, the airline quickly expanded its operations to include passenger services. Within its first year, Tata Air Services had not only transported 10.7 tons of mail but had also carried 155 passengers, showcasing its efficiency and punctuality. In 1938, the airline was renamed Tata Airlines and took its first step into international aviation by adding Colombo, Sri Lanka, to its route map. The profits grew tenfold by 1937, underscoring its success. However, World War II temporarily halted civilian aviation as Tata Airlines' planes were repurposed for military use. Post-independence, the Indian government acquired a 49 per cent stake in the airline, which was then rebranded as Air India. In 1948, Air India made its historic inaugural long-haul flight from Mumbai to London Heathrow, marking a significant milestone in its transformation into a global airline. From TATA Airlines to Air India The evolution from Tata Airlines to Air India was a pivotal moment in the airline's history. Despite the government's nationalization of Air India in the 1950s, JRD Tata returned as its chairman to ensure that the airline's high standards were maintained. His commitment to excellence and dedication to Indian aviation was unwavering. Air India continued its modernisation and expansion efforts, acquiring cutting-edge aircraft like the Boeing 707 in 1960 and the Boeing 747 in 1971. These acquisitions marked the beginning of a new era, enabling Air India to serve long-haul destinations with unparalleled comfort and efficiency. The airline expanded its global footprint, adding destinations across Europe and Asia, becoming a familiar sight in airports around the world. However, in 1977, JRD Tata was removed as chairman, and Air India came under government control, marking a significant shift in its management and operations. Merger with domestic carrier – Indian Airlines The merger of Air India with Indian Airlines in 2007 was a significant development in the history of Indian aviation. It aimed to consolidate both carriers under the Air India brand, streamlining their operations and creating a more competitive and efficient entity. The merger brought together two distinct facets of Indian aviation—Air India's international operations and Indian Airlines' domestic network. While the merger held promise, challenges soon emerged. The aviation landscape in India was changing rapidly with the emergence of new private carriers like Jet Airways. Despite Air India's historical successes, it faced growing competition and financial difficulties. The merged entity struggled to overcome these challenges, leading to a complex financial situation that persisted for almost two decades. Mounting debt Air India, once India's aviation pride, faced a crippling debt burden of Rs 61,000 crore. However, the government retained a portion of the debt, leaving Air India's finances in dire straits with just Rs 2,750 crore in cash. The airline's financial crisis stemmed from a series of missteps, including an ill-advised order of 111 Boeing aircraft driven by political considerations, leading to equity erosion. Flawed aircraft configurations, the inability to offer direct flights, and the failed merger with Indian Airlines compounded its challenges. Labour unions secured extravagant salaries, diminishing cost competitiveness, while poor adaptability in a liberalised economy and leadership changes further aggravated the problems. TATA’s takeover The Tata Group finally assumed control of Air India in January 2022, embarking on a mission to revive the struggling carrier. This transition marked a significant shift in the airline's ownership. Tata's ambitious vision for Air India includes a massive order for 470 aircraft, the largest in the airline's history. With a portfolio that includes Air India, Air India Express, AIX Connect (AirAsia India), and the joint venture Vistara with Singapore Airlines, the Tata Group is working towards merging Air India Express and AIX Connect, along with integrating Vistara into Air India. This strategic consolidation aims to optimise resources and streamline operations within the group. WATCH WION LIVE HERE

Flashback Friday: The story of India’s flag carrier – Air India

Authorities in China have reportedly detained employees of troubled real estate giant Evergrande Group, as the company faces a massive debt crisis.

The Shenzhen police disclosed Saturday (Sept 16) that several staffers employed by Evergrande’s financial arm have been arrested. But police failed to give more details about the detainees and charges pressed against them.

However, Bloomberg reported that one of the detainees has ‘Du’ as his surname.

<h2>Evergrande’s crisis</h2>

The real estate giant has been undergoing the biggest restructuring in the history of China, thanks to the massive debt crisis it currently finds itself sitting in.

Decisions regarding its foreign debt overhaul have been delayed though, leaving the fate of the restructuring process hanging in balance.

Evergrande’s crisis is poised to have a far-reaching affect on China’s property market and also threatens to cast a shadow over the overall growth of the economy.

<h2>Evergrande’s financial arm</h2>

The arrested individuals work for Evergrande Financial Wealth Management Co, a subsidiary of China Evergrande Group. It was established in 2015 and it was helmed by a person named Du Liang.

It was not clear whether or not Du Liang was among the detainees.

Watch:&nbsp;China’s Evergrande reports narrower loss

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Meanwhile, police have urged the public to come forward with complaints of fraud and wrongdoings, which might help investigators pursue legal action against the property giant.

<h2>Beijing's actions against Evergrande</h2>

These detentions come in the backdrop of the financial crisis that Evergrande has been facing since 2021. Last year, the troubled company failed to meet its obligations of 40 billion yuan ($5.6 billion) for its wealth management products, leading to nationwide protests and increased scrutiny from Beijing.&nbsp;

More than 70,000 investors, including employees, have invested in the firm, according to Bloomberg.

<a href="https://www.wionews.com/business-economy/china-evergrandes-first-half-net-loss-shrinks-to-45-billion-629813">Also read:&nbsp;China Evergrande`s first-half net loss shrinks to $4.5 billion</a>

The police continue to investigate Evergrande's financial arm, and investors are also encouraged to aid the probe by submitting online complaints and relevant information.

Apart from that, China's government has already assumed control of Evergrande's insurance division. Hai Gang Life, a state-supported entity, will now oversee Evergrande Life Assurance Co., as announced by the National Administration of Financial Regulation on September 15.

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&nbsp;

Authorities in China have reportedly detained employees of troubled real estate giant Evergrande Group, as the company faces a massive debt crisis. The Shenzhen police disclosed Saturday (Sept 16) that several staffers employed by Evergrande’s financial arm have been arrested.

Authorities in China have reportedly detained employees of troubled real estate giant Evergrande Group, as the company faces a massive debt crisis. The Shenzhen police disclosed Saturday (Sept 16) that several staffers employed by Evergrande’s financial arm have been arrested. But police failed to give more details about the detainees and charges pressed against them. However, Bloomberg reported that one of the detainees has ‘Du’ as his surname. Evergrande’s crisis The real estate giant has been undergoing the biggest restructuring in the history of China, thanks to the massive debt crisis it currently finds itself sitting in. Decisions regarding its foreign debt overhaul have been delayed though, leaving the fate of the restructuring process hanging in balance. Evergrande’s crisis is poised to have a far-reaching affect on China’s property market and also threatens to cast a shadow over the overall growth of the economy. Evergrande’s financial arm The arrested individuals work for Evergrande Financial Wealth Management Co, a subsidiary of China Evergrande Group. It was established in 2015 and it was helmed by a person named Du Liang. It was not clear whether or not Du Liang was among the detainees. Watch: China’s Evergrande reports narrower loss × Meanwhile, police have urged the public to come forward with complaints of fraud and wrongdoings, which might help investigators pursue legal action against the property giant. Beijing's actions against Evergrande These detentions come in the backdrop of the financial crisis that Evergrande has been facing since 2021. Last year, the troubled company failed to meet its obligations of 40 billion yuan ($5.6 billion) for its wealth management products, leading to nationwide protests and increased scrutiny from Beijing. More than 70,000 investors, including employees, have invested in the firm, according to Bloomberg. Also read: China Evergrande`s first-half net loss shrinks to $4.5 billion The police continue to investigate Evergrande's financial arm, and investors are also encouraged to aid the probe by submitting online complaints and relevant information. Apart from that, China's government has already assumed control of Evergrande's insurance division. Hai Gang Life, a state-supported entity, will now oversee Evergrande Life Assurance Co., as announced by the National Administration of Financial Regulation on September 15. WATCH WION LIVE HERE ×

China detains Evergrande employees amid property crisis

According to Chris Wood of Jefferies and his renowned "Greed & Fear" report, valuations in India's midcap segment appear rich, although they still remain below historical averages. On the other hand, larger companies in the country seem fairly valued. One key risk highlighted in the report is the potential impact of rising crude oil prices, which could stoke inflation. However, the report remains bullish on India in the long term and suggests that any market pullback from these levels should be seen as a golden buying opportunity for long-term investors.

"Greed & Fear" report puts the spotlight on India

A looming government shutdown threatens to postpone the release of a variety of US economic data, depriving markets, companies, and policymakers of crucial information on which to base decisions at home and abroad.

Will shutdown impact US economic reports?

More than 60% of Indian employees notice their coworkers are stressed out and more than half of them log off of work feeling weary. That's what the latest Asian mental health index states. In addition, the index, created after polling 13,000 workers in 12 Asian countries, notes that over 43% of India's working population is either nervous, depressed, or isolated.

43% Indian workforce faces burnout

China's struggling property sector received a major setback on Thursday, as credit rating agency Moody's downgraded its outlook for the sector from stable to negative. Moody's said that weaker growth is impacting homebuyers' spending. It noted that credit stress at country garden, one of China's biggest property developers, has led to homebuyers avoiding risks.

Moody's downgrades China's realty sector

A Bloomberg report citing a memo showed Elon Musk's X corp. Has agreed to try and resolve claims by hundreds of former twitter employees who feel they were robbed of severance compensation.

Elon Musk's ‘X’ seeks resolution for former layoff lawsuits

Apple, renowned for its cutting-edge gadgets and groundbreaking innovations, is once again making headlines in the tech world. This time, it's all about the iphone and the exciting shift in its charging ports. But the burning question on everyone's mind is: what does this change mean for consumers, and how will it impact apple's investors? Take a look to find out.

Apple's charging port shift decoded

After Bernard Looney's sudden departure from BP, the company has been searching both internally and externally for a new chief executive officer. BP's press office stated on Wednesday that chairman Helge Lund, who also serves as chairman of the company's nominating committee, informed employees via webcast that the search for a new CEO had begun.

BP's CEO Hunt: A fresh start with external candidates

Pakistan held its discount rate steady for a second consecutive meeting, surprising market watchers who forecast more price increases. State Bank of Pakistan governor Jameel Ahmad said that the target rate is consistent with international monetary fund criteria for a tighter policy in advance of a loan programme review scheduled for November. Since January, Pakistan's monetary officials have pledged to hike rates by a total of 600 basis points in exchange for the country receiving 3 billion dollars in rescue funds. In a statement released on Thursday, the central bank confirmed that the target rate will remain unchanged at 22%.

Pakistan maintains key interest rate

Shares of Softbank's arm holdings made a resounding debut on the Nasdaq, opening 25% above their initial offering price. This surge propelled the chip designer to a staggering valuation of nearly $60 billion.

Softbank's 'arm' holdings Nasdaq debut

In some news from the world of aviation, India's aviation regulator has raised three incidents of engine failure in low-cost carrier Indigo's flights, with the engine maker Pratt & Whitney. India's directorate general of civil aviation has asked that Pratt & Whitney to identify the cause of engine damage and share data on engine failures globally.

Indian authorities raise 3 cases of engine failure in Indigo

The European commission launched an investigation, looking into whether to impose punitive tariffs on Chinese electric vehicle imports, which it believes are benefiting from substantial state subsidies. This move follows concerns that the flood of cheaper electric cars from China is threatening EU producers and distorting the market.

China's EV industry faces EU scrutiny

Singapore is taking proactive steps to harness the changing dynamics of global manufacturing flows by partnering with Malaysia and Indonesia to bolster its regional supply chain. This strategic collaboration aims to capitalise on rising investments from India, China, and Southeast Asia in recent years.&nbsp;

During an event hosted by LSEG and Reuters Newsmaker,&nbsp;Managing Director of Singapore’s Economic Development Board (EDB)&nbsp;Jacqueline Poh highlighted the importance of fostering a robust manufacturing base that encompasses Singapore, the southern Malaysian state of Johor, and the nearby Riau Islands of Indonesia. This collaborative effort is envisioned to position Southeast Asia as a formidable production hub.&nbsp;

Singapore’s objective is twofold: to maintain its status as one of the world’s premier financial centres and leverage the ongoing wealth shift towards Asia. Concurrently, the city-state is actively establishing itself as a wealth management hub catering to the ultra-rich.&nbsp;

However, the competition for a share of this growth is intensifying across the region as economies and businesses recover from the lingering effects of the COVID-19 pandemic.&nbsp;

Poh cautioned that the EDB anticipates a relatively subdued 2023 in terms of investments following a record-breaking 2022. In the previous year, Singapore secured S$22.5 billion (approximately $16.5 billion) in fixed asset investments, with over 66 per cent originating from electronics manufacturing projects.&nbsp;

“The primary driver for investments was the semiconductor super cycle," Reuters quoted Poh as saying. However, the electronics industry has faced a downturn, leading to a reversal of this trend.&nbsp;

Currently, Singapore holds an 11 per cent share of the global semiconductor market, with 20 per cent of global semiconductor equipment being manufactured within the country.&nbsp;

Additionally, Poh emphasised the EDB’s commitment to promoting “green finance” and renewable energy investments, encompassing sectors such as solar, wind, and hydropower.&nbsp;

Rising Family Offices&nbsp;

Singapore is maintaining its status as a sanctuary for the wealthy, who are establishing family offices to handle their money outside of their native countries in order to avoid political unrest and economic unpredictability.&nbsp;

According to data from the Monetary Authority of Singapore (MAS), there will be 1,100 single family offices in Singapore by the end of 2022, up from 400 at the end of 2020. These offices manage investments, taxes, asset transfers, and other financial problems for the wealthy.&nbsp;

Poh maintained that Singapore has made efforts to foster these family offices by enhancing training initiatives focused on asset management and financial planning.&nbsp;

“We've worked with the Wealth Management Institute at the MAS to start a brand-new course for family offices so that our family offices have to attend this new sort of training to better understand how they can deploy their capital,” Reuters quoted Poh as saying.&nbsp;

(With inputs from Reuters)&nbsp;

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Singapore is taking proactive steps to harness the changing dynamics of global manufacturing flows by partnering with Malaysia and Indonesia to bolster its regional supply chain.

Singapore is taking proactive steps to harness the changing dynamics of global manufacturing flows by partnering with Malaysia and Indonesia to bolster its regional supply chain. This strategic collaboration aims to capitalise on rising investments from India, China, and Southeast Asia in recent years. During an event hosted by LSEG and Reuters Newsmaker, Managing Director of Singapore’s Economic Development Board (EDB) Jacqueline Poh highlighted the importance of fostering a robust manufacturing base that encompasses Singapore, the southern Malaysian state of Johor, and the nearby Riau Islands of Indonesia. This collaborative effort is envisioned to position Southeast Asia as a formidable production hub. Singapore’s objective is twofold: to maintain its status as one of the world’s premier financial centres and leverage the ongoing wealth shift towards Asia. Concurrently, the city-state is actively establishing itself as a wealth management hub catering to the ultra-rich. However, the competition for a share of this growth is intensifying across the region as economies and businesses recover from the lingering effects of the COVID-19 pandemic. Poh cautioned that the EDB anticipates a relatively subdued 2023 in terms of investments following a record-breaking 2022. In the previous year, Singapore secured S$22.5 billion (approximately $16.5 billion) in fixed asset investments, with over 66 per cent originating from electronics manufacturing projects. “The primary driver for investments was the semiconductor super cycle," Reuters quoted Poh as saying. However, the electronics industry has faced a downturn, leading to a reversal of this trend. Currently, Singapore holds an 11 per cent share of the global semiconductor market, with 20 per cent of global semiconductor equipment being manufactured within the country. Additionally, Poh emphasised the EDB’s commitment to promoting “green finance” and renewable energy investments, encompassing sectors such as solar, wind, and hydropower. Rising Family Offices Singapore is maintaining its status as a sanctuary for the wealthy, who are establishing family offices to handle their money outside of their native countries in order to avoid political unrest and economic unpredictability. According to data from the Monetary Authority of Singapore (MAS), there will be 1,100 single family offices in Singapore by the end of 2022, up from 400 at the end of 2020. These offices manage investments, taxes, asset transfers, and other financial problems for the wealthy. Poh maintained that Singapore has made efforts to foster these family offices by enhancing training initiatives focused on asset management and financial planning. “We've worked with the Wealth Management Institute at the MAS to start a brand-new course for family offices so that our family offices have to attend this new sort of training to better understand how they can deploy their capital,” Reuters quoted Poh as saying. (With inputs from Reuters) WATCH WION LIVE HERE

Singapore in talks with Malaysia and Indonesia to establish regional supply chain: Report 

The European Central Bank (ECB) made a significant move by raising its key interest rate to a record high of 4 per cent on Thursday. However, in light of the economic struggles faced by the euro zone, the ECB signalled that this rate hike, which marked the 10th increase in a 14-month battle against inflation, is likely to be its last.

The ECB, which oversees monetary policy for the 20 countries sharing the euro, also revised its inflation and economic growth forecasts. It now anticipates that inflation will decrease more slowly towards its 2 per cent target over the next two years while revising downward its growth projections.

This present situation indicates the challenges faced by ECB policymakers as inflation rates continue to exceed the target rate, yet high borrowing costs and economic difficulties in China are hampering overall economic activity.

Consequently, the ECB sent a strong signal that its interest rate hikes have likely come to an end. This prompted a drop in euro zone bond yields and the euro’s value, while European shares gained as investors speculated that rate cuts might be on the horizon in the coming year.

Reuters quoted a statement made by the ECB saying, “Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.”

However, this return to target inflation is now expected to occur at a slower pace than previously projected. The ECB’s previous forecasts suggest inflation rates of 5.6 per cent in 2023, 3.2 per cent in 2024, and 2.1 per cent in 2025.

The 25-basis-point interest rate hike pushed the rate that the ECB pays on bank deposits to 4 per cent, marking the highest level since the launch of the euro currency in 1999. When the ECB began to strictly control its monetary policy in July 2022, this rate came to reach a low of minus 0.5 per cent, indicating that banks had to pay to keep their funds safe with the central bank.

ECB President Christine Lagarde did not entirely dismiss the possibility of continued rate hikes, emphasising that interest rates would need to stay at restrictive levels for a while. Reuters quoted her at a press conference as saying, “The focus is going to move, going forwards, to the duration, but that is not to say, because we can't say that now, that we are at peak.”

Nevertheless, market reactions and forecasts have indicated scepticism about the ECB's commitment to keeping borrowing costs high for an extended period. Traders now anticipate the possibility of a rate cut as early as June, up from expectations of a cut in September prior to Thursday’s decision, which shall follow two more rate cuts anticipated at the end of 2024.

The lower market rates following the hike raise questions about the ECB’s determination to maintain elevated borrowing costs. Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, commented, “The ECB won't be happy about this.”

While the ECB’s decision is being closely watched, the U.S. Federal Reserve is widely expected to stick to the same rates at its upcoming policy meeting. In contrast, the Bank of England is expected to proceed with a rate hike, despite some adjustments in expectations following the ECB's decision.

Responding to questions about whether the ECB's downgrade of its growth forecasts implied a regional recession as the base-case scenario, Lagarde maintained that the slowdown was temporary, expressing confidence that growth would rebound in 2024.

The ECB's adjustment of its 2024 inflation estimate played a role in the discussions, highlighting concerns that inflation, currently above 5 per cent, might remain at elevated levels for an extended period.

(With inputs from Reuters)

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The European Central Bank (ECB) made a significant move by raising its key interest rate to a record high of 4 per cent on Thursday. However, in light of the economic struggles faced by the euro zone, the ECB signalled that this rate hike, which marked the 10th increase in a 14-month battle against inflation, is likely to be its last.

The European Central Bank (ECB) made a significant move by raising its key interest rate to a record high of 4 per cent on Thursday. However, in light of the economic struggles faced by the euro zone, the ECB signalled that this rate hike, which marked the 10th increase in a 14-month battle against inflation, is likely to be its last. The ECB, which oversees monetary policy for the 20 countries sharing the euro, also revised its inflation and economic growth forecasts. It now anticipates that inflation will decrease more slowly towards its 2 per cent target over the next two years while revising downward its growth projections. This present situation indicates the challenges faced by ECB policymakers as inflation rates continue to exceed the target rate, yet high borrowing costs and economic difficulties in China are hampering overall economic activity. Consequently, the ECB sent a strong signal that its interest rate hikes have likely come to an end. This prompted a drop in euro zone bond yields and the euro’s value, while European shares gained as investors speculated that rate cuts might be on the horizon in the coming year. Reuters quoted a statement made by the ECB saying, “Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.” However, this return to target inflation is now expected to occur at a slower pace than previously projected. The ECB’s previous forecasts suggest inflation rates of 5.6 per cent in 2023, 3.2 per cent in 2024, and 2.1 per cent in 2025. The 25-basis-point interest rate hike pushed the rate that the ECB pays on bank deposits to 4 per cent, marking the highest level since the launch of the euro currency in 1999. When the ECB began to strictly control its monetary policy in July 2022, this rate came to reach a low of minus 0.5 per cent, indicating that banks had to pay to keep their funds safe with the central bank. ECB President Christine Lagarde did not entirely dismiss the possibility of continued rate hikes, emphasising that interest rates would need to stay at restrictive levels for a while. Reuters quoted her at a press conference as saying, “The focus is going to move, going forwards, to the duration, but that is not to say, because we can't say that now, that we are at peak.” Nevertheless, market reactions and forecasts have indicated scepticism about the ECB's commitment to keeping borrowing costs high for an extended period. Traders now anticipate the possibility of a rate cut as early as June, up from expectations of a cut in September prior to Thursday’s decision, which shall follow two more rate cuts anticipated at the end of 2024. The lower market rates following the hike raise questions about the ECB’s determination to maintain elevated borrowing costs. Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, commented, “The ECB won't be happy about this.” While the ECB’s decision is being closely watched, the U.S. Federal Reserve is widely expected to stick to the same rates at its upcoming policy meeting. In contrast, the Bank of England is expected to proceed with a rate hike, despite some adjustments in expectations following the ECB's decision. Responding to questions about whether the ECB's downgrade of its growth forecasts implied a regional recession as the base-case scenario, Lagarde maintained that the slowdown was temporary, expressing confidence that growth would rebound in 2024. The ECB's adjustment of its 2024 inflation estimate played a role in the discussions, highlighting concerns that inflation, currently above 5 per cent, might remain at elevated levels for an extended period. (With inputs from Reuters) WATCH WION LIVE HERE

European Central Bank raises interest rates to record high amid economic challenges

India’s Directorate General of Civil Aviation (DGCA), the country’s aviation regulator, has taken proactive steps to address concerns surrounding engine failures in IndiGo flights, seeking answers from engine manufacturer Pratt &amp; Whitney, as confirmed by the country’s civil aviation ministry on Thursday.&nbsp;

In response to a series of incidents involving engine failures, the DGCA has formally requested Pratt &amp; Whitney to identify the root causes of these engine issues and share data related to engine failures on a global scale. &nbsp;

The move aims to ensure the safety and reliability of aircraft engines in operation.&nbsp;

This is the second instance this year in which Pratt &amp; Whitney has faced scrutiny over engine problems. Earlier this week, the parent company, RTX, disclosed a rare manufacturing flaw that could potentially ground hundreds of Airbus jets in the coming years. &nbsp;

The issue comes on the heels of a recall in July, which affected 200 engines worldwide due to high-pressure turbine parts' snags. Carriers were urged to remove these engines for inspection before September 15.&nbsp;

Pratt &amp; Whitney has indicated its consideration of a phase two recall, targeting the removal of up to 600 engines between 2023 and 2026. Detailed servicing plans are expected to be released within the next 60 days.&nbsp;

According to the statement issued by the Indian civil aviation ministry, eleven engines installed in IndiGo flights were “impacted” by the recall initiated in July. &nbsp;

In response, IndiGo has been working closely with Pratt &amp; Whitney to assess the potential consequences of these engine failures.&nbsp;

(With inputs from Reuters)&nbsp;

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India’s Directorate General of Civil Aviation (DGCA), the country’s aviation regulator, has taken proactive steps to address concerns surrounding engine failures in IndiGo flights, seeking answers from engine manufacturer Pratt & Whitney, as confirmed by the country’s civil aviation ministry on Thursday.

India’s Directorate General of Civil Aviation (DGCA), the country’s aviation regulator, has taken proactive steps to address concerns surrounding engine failures in IndiGo flights, seeking answers from engine manufacturer Pratt & Whitney, as confirmed by the country’s civil aviation ministry on Thursday. In response to a series of incidents involving engine failures, the DGCA has formally requested Pratt & Whitney to identify the root causes of these engine issues and share data related to engine failures on a global scale. The move aims to ensure the safety and reliability of aircraft engines in operation. This is the second instance this year in which Pratt & Whitney has faced scrutiny over engine problems. Earlier this week, the parent company, RTX, disclosed a rare manufacturing flaw that could potentially ground hundreds of Airbus jets in the coming years. The issue comes on the heels of a recall in July, which affected 200 engines worldwide due to high-pressure turbine parts' snags. Carriers were urged to remove these engines for inspection before September 15. Pratt & Whitney has indicated its consideration of a phase two recall, targeting the removal of up to 600 engines between 2023 and 2026. Detailed servicing plans are expected to be released within the next 60 days. According to the statement issued by the Indian civil aviation ministry, eleven engines installed in IndiGo flights were “impacted” by the recall initiated in July. In response, IndiGo has been working closely with Pratt & Whitney to assess the potential consequences of these engine failures. (With inputs from Reuters) WATCH WION LIVE HERE

DGCA seeks answers from Pratt & Whitney over engine failures in India’s IndiGo

British government to provide Tata Steel with $621 million to decarbonise its Port Talbot steelworks in Wales. The UK government grant is one of the largest government support packages in history.&nbsp;&nbsp;

The deal is aimed at securing the future of the country's steel industry, but&nbsp;the announcement also means that around 3,000 jobs are now at risk.&nbsp;

An official statement noted that the UK Government and Tata Steel agreed on a proposed joint investment package which&nbsp;will help modernise the production of greener steel and protect skilled jobs.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/uk-pm-rishi-sunak-vows-action-after-man-dies-in-dog-attack-orders-ban-on-american-xl-bully-breed-636321">UK PM Rishi Sunak vows action after man dies in dog attack, orders ban on American XL bully breed</a>&nbsp;

The investment will be in a new Electric Arc Furnace for greener steel production at Port Talbot, which is the UK's largest single-carbon emitter.&nbsp;

According to the government, the existing coal-powered blast furnaces, which are nearing the end of their effective life, would be replaced. It would help&nbsp;to reduce the UK's carbon emissions by around 1.5 per cent.&nbsp;

Chancellor of the Exchequer Jeremy Hunt said, "This proposal is a landmark moment for maintaining ongoing UK steel production - supporting sustainable economic growth, cutting emissions, and creating green jobs. It is right that we are ready to step in to protect this world-class manufacturing industry and to support a green growth hub in South Wales."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/80-officers-absent-on-the-day-terror-suspect-daniel-khalife-escaped-prison-636313">UK: 80 officers were absent the day terror suspect Daniel Khalife ‘escaped’ from prison</a>&nbsp;

As mentioned, some of the jobs are impacted by the government said that it would ensure a broad range of support for any staff who are affected by the transition, working with the "Welsh Government and Tata Steel to establish a dedicated transition board to support both affected employees and the local economy".&nbsp;

Business and Trade Secretary Kemi Badenoch said, "The UK Government is backing our steel sector, and this proposal will secure a sustainable future for Welsh steel and is expected to save thousands of jobs in the long term. This is a historic package of support from the UK Government and will not only protect skilled jobs in Wales but also grow the UK economy, boost growth and help ensure a successful UK steel industry."&nbsp;

According to Tata Group Chairman Natarajan Chandrasekaran, the agreement is a "defining moment" for the future of the steel industry. He said that the industrial value chain in the UK will also benefit.&nbsp;

"It has been an absolute pleasure to work with His Majesty’s Government and Prime Minister Rishi Sunak in developing the proposed transition pathway for the future of sustainable steelmaking in the UK," he said.&nbsp;

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British government to provide Tata Steel with $621 million to decarbonise its Port Talbot steelworks in Wales. The UK government grant is one of the largest government support packages in history.

British government to provide Tata Steel with $621 million to decarbonise its Port Talbot steelworks in Wales. The UK government grant is one of the largest government support packages in history. The deal is aimed at securing the future of the country's steel industry, but the announcement also means that around 3,000 jobs are now at risk. An official statement noted that the UK Government and Tata Steel agreed on a proposed joint investment package which will help modernise the production of greener steel and protect skilled jobs. Also read: UK PM Rishi Sunak vows action after man dies in dog attack, orders ban on American XL bully breed The investment will be in a new Electric Arc Furnace for greener steel production at Port Talbot, which is the UK's largest single-carbon emitter. According to the government, the existing coal-powered blast furnaces, which are nearing the end of their effective life, would be replaced. It would help to reduce the UK's carbon emissions by around 1.5 per cent. Chancellor of the Exchequer Jeremy Hunt said, "This proposal is a landmark moment for maintaining ongoing UK steel production - supporting sustainable economic growth, cutting emissions, and creating green jobs. It is right that we are ready to step in to protect this world-class manufacturing industry and to support a green growth hub in South Wales." Also read: UK: 80 officers were absent the day terror suspect Daniel Khalife ‘escaped’ from prison As mentioned, some of the jobs are impacted by the government said that it would ensure a broad range of support for any staff who are affected by the transition, working with the "Welsh Government and Tata Steel to establish a dedicated transition board to support both affected employees and the local economy". Business and Trade Secretary Kemi Badenoch said, "The UK Government is backing our steel sector, and this proposal will secure a sustainable future for Welsh steel and is expected to save thousands of jobs in the long term. This is a historic package of support from the UK Government and will not only protect skilled jobs in Wales but also grow the UK economy, boost growth and help ensure a successful UK steel industry." According to Tata Group Chairman Natarajan Chandrasekaran, the agreement is a "defining moment" for the future of the steel industry. He said that the industrial value chain in the UK will also benefit. "It has been an absolute pleasure to work with His Majesty’s Government and Prime Minister Rishi Sunak in developing the proposed transition pathway for the future of sustainable steelmaking in the UK," he said. 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.

UK government pumps $621mn into Tata Steel to decarbonise its Welsh site; 3,000 jobs at risk

The Pakistani government is facing severe financial challenges as it has been unable to pay salaries to its diplomatic staff stationed at select missions for the past three months due to a severe dollar liquidity crisis, according to a report by the Times of India.&nbsp;

As reported by The News International, press attaches working in diplomatic missions in the United States and Hong Kong, as well as press counsellors posted in Singapore, have not been compensated since June.&nbsp;

The report further states that Pakistan's finance ministry has indicated that salaries cannot be disbursed even for the month of September, citing exhaustion of the country's foreign exchange reserves.&nbsp;

This crisis is particularly concerning for Pakistani officials stationed in cities where the cost of living is high, such as Washington, D.C. and Hong Kong, as they now might have to face another month without salaries.&nbsp;

Top government sources quoted in The News International confirmed the prolonged salary delay, stating, “The press attaches working in Washington, D.C., and Hong Kong as well as press counsellor deputed in Singapore continue to live without salary from June.”&nbsp;

This is not the first time Pakistan has faced such challenges in paying its diplomatic staff. In the previous fiscal year (2022-23), the government confronted a similar issue, which was ultimately addressed with the approval of salaries through the supplementary grant by then Finance Minister Ishaq Dar for employees in the Economic Coordination Committee (ECC) of the Cabinet.&nbsp;

Pakistan’s economy has been struggling for several years, leading to considerable hardships for its population due to soaring inflation rates. The crisis has been further exacerbated by depleting foreign exchange reserves and skyrocketing energy prices.&nbsp;

Despite receiving approval for a long-awaited $3 billion bailout from the International Monetary Fund (IMF) aimed at helping Pakistan avoid default on its debt repayments, Islamabad is grappling with the challenge of meeting the conditions imposed by the lender, further complicating the nation's financial outlook.&nbsp;

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The Pakistani government is facing severe financial challenges as it has been unable to pay salaries to its diplomatic staff stationed at select missions for the past three months due to a severe dollar liquidity crisis, according to a report by the Times of India.

The Pakistani government is facing severe financial challenges as it has been unable to pay salaries to its diplomatic staff stationed at select missions for the past three months due to a severe dollar liquidity crisis, according to a report by the Times of India. As reported by The News International, press attaches working in diplomatic missions in the United States and Hong Kong, as well as press counsellors posted in Singapore, have not been compensated since June. The report further states that Pakistan's finance ministry has indicated that salaries cannot be disbursed even for the month of September, citing exhaustion of the country's foreign exchange reserves. This crisis is particularly concerning for Pakistani officials stationed in cities where the cost of living is high, such as Washington, D.C. and Hong Kong, as they now might have to face another month without salaries. Top government sources quoted in The News International confirmed the prolonged salary delay, stating, “The press attaches working in Washington, D.C., and Hong Kong as well as press counsellor deputed in Singapore continue to live without salary from June.” This is not the first time Pakistan has faced such challenges in paying its diplomatic staff. In the previous fiscal year (2022-23), the government confronted a similar issue, which was ultimately addressed with the approval of salaries through the supplementary grant by then Finance Minister Ishaq Dar for employees in the Economic Coordination Committee (ECC) of the Cabinet. Pakistan’s economy has been struggling for several years, leading to considerable hardships for its population due to soaring inflation rates. The crisis has been further exacerbated by depleting foreign exchange reserves and skyrocketing energy prices. Despite receiving approval for a long-awaited $3 billion bailout from the International Monetary Fund (IMF) aimed at helping Pakistan avoid default on its debt repayments, Islamabad is grappling with the challenge of meeting the conditions imposed by the lender, further complicating the nation's financial outlook. WATCH WION LIVE HERE

Pakistani diplomatic staff go unpaid for months amid dollar liquidity crunch 

Elon Musk's X Corp. has taken a significant step towards resolving a series of lawsuits filed by thousands of former Twitter employees who said that they were denied severance pay following Musk’s acquisition of the social media giant last year. In an exclusive memo obtained by Bloomberg News, attorney Shannon Liss-Riordan, representing the affected workers, announced that Twitter has agreed to engage in mediation to address the legal claims.&nbsp;

The legal battle, which has been ongoing for nearly ten months, revolves around allegations of labour and workplace violations, primarily centred on X Corp.'s failure to provide severance packages to employees laid off during the aftermath of the $44 billion acquisition. Over the course of this dispute, approximately 2,000 former Twitter employees have been pushed into negotiation by the company, a move that Shannon Liss-Riordan criticised in court filings due to Twitter's non-participation.&nbsp;

Liss-Riordan's memo, sent to her clients and viewed by Bloomberg News, declared the latest development: “After 10 months of pressing them in every direction, we have succeeded in getting Twitter to the table. Twitter wants to mediate with us in a global attempt to settle all claims we have filed.”&nbsp;

Sources familiar with the matter, who wished to remain anonymous, have confirmed that X Corp. is now complying with a court order to engage in mediation to address these disputes.&nbsp;

The mediation sessions have been scheduled for December 1 and December 2, as disclosed in Liss-Riordan’s memo. The parties involved will work alongside a mediator in an effort to reach an amicable resolution to the long-standing disputes.&nbsp;

In response to the developments, Liss-Riordan issued a statement on behalf of the affected employees, saying, “We are very proud to be representing nearly 2,000 former Twitter employees, in individual arbitrations as well as more than a dozen class action lawsuits in court. We are working hard to recover what they are owed.”&nbsp;

(With inputs from Bloomberg)

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Elon Musk's X Corp. has taken a significant step towards resolving a series of lawsuits filed by thousands of former Twitter employees who said that they were denied severance pay following Musk’s acquisition of the social media giant last year.

Elon Musk's X Corp. has taken a significant step towards resolving a series of lawsuits filed by thousands of former Twitter employees who said that they were denied severance pay following Musk’s acquisition of the social media giant last year. In an exclusive memo obtained by Bloomberg News, attorney Shannon Liss-Riordan, representing the affected workers, announced that Twitter has agreed to engage in mediation to address the legal claims. The legal battle, which has been ongoing for nearly ten months, revolves around allegations of labour and workplace violations, primarily centred on X Corp.'s failure to provide severance packages to employees laid off during the aftermath of the $44 billion acquisition. Over the course of this dispute, approximately 2,000 former Twitter employees have been pushed into negotiation by the company, a move that Shannon Liss-Riordan criticised in court filings due to Twitter's non-participation. Liss-Riordan's memo, sent to her clients and viewed by Bloomberg News, declared the latest development: “After 10 months of pressing them in every direction, we have succeeded in getting Twitter to the table. Twitter wants to mediate with us in a global attempt to settle all claims we have filed.” Sources familiar with the matter, who wished to remain anonymous, have confirmed that X Corp. is now complying with a court order to engage in mediation to address these disputes. The mediation sessions have been scheduled for December 1 and December 2, as disclosed in Liss-Riordan’s memo. The parties involved will work alongside a mediator in an effort to reach an amicable resolution to the long-standing disputes. In response to the developments, Liss-Riordan issued a statement on behalf of the affected employees, saying, “We are very proud to be representing nearly 2,000 former Twitter employees, in individual arbitrations as well as more than a dozen class action lawsuits in court. We are working hard to recover what they are owed.” (With inputs from Bloomberg) WATCH WION LIVE HERE

Elon Musk's X Corp. seeks resolution in Twitter severance pay lawsuits: Report 

India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee.

In an interview with the news channel NDTV, Sitharaman said, “Also many of those countries are running short on dollar reserves, but yet their basic trade cannot be stopped."&nbsp;

"So they see the Indian rupee as a stable currency," she added.

The minister also added that India better understands the needs of the developing world and its leadership aimed at bringing them aboard the global developmental agenda.

Watch:&nbsp;Rupee inches to replace Dollar in global trade; 18 countries agree on rupee-trade mechanism

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"And for achieving their development goals, they find it easy to talk to us about having rupee trade," she said.

It must be noted that the de-dollarisation efforts have gained momentum around the world in the wake of the Russia-Ukraine war. Countries around the world have grown insecure over the West’s monopoly of the global trade system after it slapped unilateral sanctions on Russia.

<h2>Sitharaman hails G20 success</h2>

The finance minister also hailed the historic G20 summit held in New Delhi last week as successful, adding that it gave hope for multilateralism.

“The maturity with which Indian teams handled the G20 document at various stages makes it historic," Sitharaman said.&nbsp;

"The team that largely consisted of women did brilliant work. There was a spirit of cooperation among the countries," she said, adding, “The spirit with which we worked that gave of hope of multilateralism.”&nbsp;

<h2>Internationalisation of Indian Rupee</h2>

Earlier in March, Indian media reported that at least 18 nations had agreed to settle their bilateral trade with India in rupees.&nbsp;

India’s central bank, the Reserve Bank of India, had allowed 18 nations, such as Germany, Singapore, Sri Lanka, UK, Kenya and many others, to conduct bilateral trade in rupee. 
 
In fact, India has already begun trading in rupees with many of its neighbouring countries like Nepal and Bhutan.

India’s Minister of State for Commerce and Industry Anupriya Patel had told Parliament in August that a significant part of the India-Nepal trade was being done in Indian rupees.

<a href="https://www.wionews.com/business-economy/india-to-offer-russia-to-invest-trapped-rupees-serei-lavrov-634749">Also read:&nbsp;India to offer Russia to invest trapped rupees: Sergey Lavrov</a>

Also, all bilateral trade with Bhutan was also being conducted in rupees only.

"Rupee trade mechanism has been initiated to facilitate trade in national currency with Russia. As of July 2, RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks," the minister said in a written reply.

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India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee.

India’s Finance Minister Nirmala Sitharaman has said that about 22 countries are in talks with New Delhi to seek possibilities of conducting bilateral trade in the rupee. In an interview with the news channel NDTV, Sitharaman said, “Also many of those countries are running short on dollar reserves, but yet their basic trade cannot be stopped." "So they see the Indian rupee as a stable currency," she added. The minister also added that India better understands the needs of the developing world and its leadership aimed at bringing them aboard the global developmental agenda. Watch: Rupee inches to replace Dollar in global trade; 18 countries agree on rupee-trade mechanism × "And for achieving their development goals, they find it easy to talk to us about having rupee trade," she said. It must be noted that the de-dollarisation efforts have gained momentum around the world in the wake of the Russia-Ukraine war. Countries around the world have grown insecure over the West’s monopoly of the global trade system after it slapped unilateral sanctions on Russia. Sitharaman hails G20 success The finance minister also hailed the historic G20 summit held in New Delhi last week as successful, adding that it gave hope for multilateralism. “The maturity with which Indian teams handled the G20 document at various stages makes it historic," Sitharaman said. "The team that largely consisted of women did brilliant work. There was a spirit of cooperation among the countries," she said, adding, “The spirit with which we worked that gave of hope of multilateralism.” Internationalisation of Indian Rupee Earlier in March, Indian media reported that at least 18 nations had agreed to settle their bilateral trade with India in rupees. India’s central bank, the Reserve Bank of India, had allowed 18 nations, such as Germany, Singapore, Sri Lanka, UK, Kenya and many others, to conduct bilateral trade in rupee. In fact, India has already begun trading in rupees with many of its neighbouring countries like Nepal and Bhutan. India’s Minister of State for Commerce and Industry Anupriya Patel had told Parliament in August that a significant part of the India-Nepal trade was being done in Indian rupees. Also read: India to offer Russia to invest trapped rupees: Sergey Lavrov Also, all bilateral trade with Bhutan was also being conducted in rupees only. "Rupee trade mechanism has been initiated to facilitate trade in national currency with Russia. As of July 2, RBI has approved 34 applications from different Russian banks for opening SRVA in 14 Indian commercial banks," the minister said in a written reply. WATCH WION LIVE HERE ×

At least 22 nations in talks with India to trade in rupee: Finance minister

Workers affiliated with the United Auto Workers (UAW) union have begun&nbsp;staging&nbsp;strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15).&nbsp;

The current labour contracts expired Thursday night (Sept. 14). The UAW president said the companies have failed to put forward an acceptable offer.&nbsp;

Three plants have been specifically targeted as they produce highly profitable vehicles for the companies that continue to be in high demand.

UAW President Shawn Fain announced that about 12,700 workers will participate in the strikes—5,800 at Stellantis, 3,600 at GM and 3,300 at Ford.

The union represents 146,000 auto workers in total across the US.

<h2>What are the demands?</h2>

The UAW is seeking a 40 per cent pay increase for its workers. Among other demands are a four-day working week, the return of automatic pay increased parallel to inflation and limits on how long a worker can be considered ‘temporary’ staff.

The companies have responded by giving record proposals, with Ford offering a 20 per cent hike, GM 18 per cent and Stellantis 17.5 per cent.

But UAW says the companies should be more generous in offering proposals.

<a href="https://www.wionews.com/business-economy/us-government-allocates-12-billion-for-advanced-vehicle-manufacturing-and-suppliers-631044">Also read:&nbsp;US government allocates $12 billion for advanced vehicle manufacturing and suppliers</a>

“We are using a new strategy, the ‘stand-up’ strike. We will call on select facilities, locals or units to stand up and go on strike,” UAW President Shawn Fain said Thursday.

<h2>Statement by Ford</h2>

Ford said the UAW presented its “first substantive counterproposal” to four of the company’s offers, but it “showed little movement from the union’s initial demands.”

Watch:&nbsp;Japan's services growth pace fastest in 9-years

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“If implemented, the proposal would more than double Ford’s current UAW-related labour costs, which are already significantly higher than the labour costs of Tesla, Toyota and other foreign-owned automakers in the United States that utilise non-union-represented labour,” Ford said.

<h2>97 per cent union members support strike</h2>

Negotiations between the two parties commenced in July and were fraught with tension from the beginning. Union President Fain opted not to engage in the traditional symbolic handshake with executives to kickstart the talks. In the previous month, a resounding 97 per cent of members voted to grant authorisation for a strike.

On Thursday, the White House disclosed that President Joe Biden had a phone conversation with Shawn Fain concerning the negotiations. However, specific details of the conversation were not provided.

This conflict has the potential to result in increased prices for consumers and significant disruption for the leading players in the automotive industry.

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Workers affiliated with the United Auto Workers (UAW) union have begun staging strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15).

Workers affiliated with the United Auto Workers (UAW) union have begun staging strikes at three US assembly plants owned by General Motors, Ford Motor and Stellantis, from Friday morning (Sept 15). The current labour contracts expired Thursday night (Sept. 14). The UAW president said the companies have failed to put forward an acceptable offer. Three plants have been specifically targeted as they produce highly profitable vehicles for the companies that continue to be in high demand. UAW President Shawn Fain announced that about 12,700 workers will participate in the strikes—5,800 at Stellantis, 3,600 at GM and 3,300 at Ford. The union represents 146,000 auto workers in total across the US. What are the demands? The UAW is seeking a 40 per cent pay increase for its workers. Among other demands are a four-day working week, the return of automatic pay increased parallel to inflation and limits on how long a worker can be considered ‘temporary’ staff. The companies have responded by giving record proposals, with Ford offering a 20 per cent hike, GM 18 per cent and Stellantis 17.5 per cent. But UAW says the companies should be more generous in offering proposals. Also read: US government allocates $12 billion for advanced vehicle manufacturing and suppliers “We are using a new strategy, the ‘stand-up’ strike. We will call on select facilities, locals or units to stand up and go on strike,” UAW President Shawn Fain said Thursday. Statement by Ford Ford said the UAW presented its “first substantive counterproposal” to four of the company’s offers, but it “showed little movement from the union’s initial demands.” Watch: Japan's services growth pace fastest in 9-years × “If implemented, the proposal would more than double Ford’s current UAW-related labour costs, which are already significantly higher than the labour costs of Tesla, Toyota and other foreign-owned automakers in the United States that utilise non-union-represented labour,” Ford said. 97 per cent union members support strike Negotiations between the two parties commenced in July and were fraught with tension from the beginning. Union President Fain opted not to engage in the traditional symbolic handshake with executives to kickstart the talks. In the previous month, a resounding 97 per cent of members voted to grant authorisation for a strike. On Thursday, the White House disclosed that President Joe Biden had a phone conversation with Shawn Fain concerning the negotiations. However, specific details of the conversation were not provided. This conflict has the potential to result in increased prices for consumers and significant disruption for the leading players in the automotive industry. WATCH WION LIVE HERE ×

US: United Auto Workers strikes at General Motors, Ford Motor and Stellantis plants

The world is looking to diversify its supply chain away from China. Singapore is in talks with Malaysia and Indonesia to develop a strong regional supply chain base. Speaking at an event, Jacqueline Poh, economic development board's managing director, said that the city-state is expecting a more muted 2023 in terms of investments, after a record 2022 where it secured 16.5 billion dollars in fixed asset investments. More than 66% of the investments went for establishing electronics manufacturing projects.

Singapore, Indonesia & Malaysia seek a regional supply chain base

The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry.

The remarks from Piyush Goyal come as American electric vehicle manufacturer Tesla and the Narendra Modi administration continue to discuss the idea of establishing a facility in India.

Sources with exclusive knowledge of the situation told Reuters that India was developing an EV strategy that would lower import levies for automakers that committed to some local manufacture.

Goyal told Reuters that there will be industry consultation on the new regulation when asked about the government’s plans.

The administration wants to enhance domestic EV manufacturing as and when feasible and attract more investment, to that he remarked, “We will come out with a policy.”

Reuters further quoted Goyal as saying, “As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies.” However, he did not elaborate on any potential incentives.

Senior executives from Tesla who were interested in constructing a factory in India met with Goyal in August.

For both the Indian market and for exports, Tesla intends to build a low-cost EV priced at $24,000, which is about 25 per cent less expensive than its current entry-level model.

Tesla, which spent $1 billion on parts last year, plans to purchase components from India this year in the range of $1.7 billion and $1.9 billion, according to Goyal, who made the announcement on Tuesday.

(With inputs from Reuters)&nbsp;

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The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry.

The commerce minister on Wednesday said that India will develop new policies to attract electric vehicle (EV) producers and promote more investment in the industry. The remarks from Piyush Goyal come as American electric vehicle manufacturer Tesla and the Narendra Modi administration continue to discuss the idea of establishing a facility in India. Sources with exclusive knowledge of the situation told Reuters that India was developing an EV strategy that would lower import levies for automakers that committed to some local manufacture. Goyal told Reuters that there will be industry consultation on the new regulation when asked about the government’s plans. The administration wants to enhance domestic EV manufacturing as and when feasible and attract more investment, to that he remarked, “We will come out with a policy.” Reuters further quoted Goyal as saying, “As we get large-scale production, we will start enjoying the fruits of economies of scale of new technologies.” However, he did not elaborate on any potential incentives. Senior executives from Tesla who were interested in constructing a factory in India met with Goyal in August. For both the Indian market and for exports, Tesla intends to build a low-cost EV priced at $24,000, which is about 25 per cent less expensive than its current entry-level model. Tesla, which spent $1 billion on parts last year, plans to purchase components from India this year in the range of $1.7 billion and $1.9 billion, according to Goyal, who made the announcement on Tuesday. (With inputs from Reuters) WATCH WION LIVE HERE

India to develop new policy to promote EV investment: Commerce minister  

Based on government data released on Wednesday, consumer inflation in the United States rose in August for a second consecutive month, increasing pressure on policymakers to lower prices.&nbsp;

According to the Labour Department, the consumer price index (CPI), a crucial inflation indicator, increased by 3.7 per cent from a year ago, accelerating from&nbsp;3.2 per cent in&nbsp;July. However, a measurement that removed volatile parts cooled.

The Federal Reserve has rapidly increased the benchmark lending rate since March of last year in an effort to reduce demand and stably cut inflation, but the present level is persistently higher than the two percent stated target.

&nbsp;“The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase,” AFP quoted the Labor Department as saying.

The government also noted that the rent-adjusted shelter index continues to rise for the 40th straight month.

The CPI increased by 0.6 per cent from July to August, speeding up from the previous month as well.

While the most recent report may cause the Fed to pause for a while, economists believe it is unlikely to result in additional rate increases.

Ernest and Young chief economist Gregory Daco told AFP that should the “core” readings weaken consistently, “that will be taken as a sign by the Fed that perhaps further tightening is not necessary.”

“The paradigm for Fed policymakers has shifted away from tighten at all costs to tighten only as certain conditions are being met,” Daco stated.

Included in these circumstances are whether or not domestic demand is stronger than anticipated and whether the labour market is still active than anticipated.

According to Oxford Economics analyst Nancy Vanden Houten, the Fed will likely place more emphasis on underlying inflation when determining its monetary policy.

“We think they’re going to be quite cautious about lowering rates,” AFP quoted her. as saying

“We think that they’re done raising interest rates. We think the risk remains for more rate increases, but we certainly don't expect one next week,” she said.

The central bank has increased interest rates to their highest level in 22 years. The Federal Reserve's next action will be to lower interest rates, but Vanden Houten predicted that won’t happen until the middle of next year.

(With inputs from agencies)&nbsp;

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Based on government data released on Wednesday, consumer inflation in the United States rose in August for a second consecutive month, increasing pressure on policymakers to lower prices.

Based on government data released on Wednesday, consumer inflation in the United States rose in August for a second consecutive month, increasing pressure on policymakers to lower prices. According to the Labour Department, the consumer price index (CPI), a crucial inflation indicator, increased by 3.7 per cent from a year ago, accelerating from 3.2 per cent in July. However, a measurement that removed volatile parts cooled. The Federal Reserve has rapidly increased the benchmark lending rate since March of last year in an effort to reduce demand and stably cut inflation, but the present level is persistently higher than the two percent stated target. “The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase,” AFP quoted the Labor Department as saying. The government also noted that the rent-adjusted shelter index continues to rise for the 40th straight month. The CPI increased by 0.6 per cent from July to August, speeding up from the previous month as well. While the most recent report may cause the Fed to pause for a while, economists believe it is unlikely to result in additional rate increases. Ernest and Young chief economist Gregory Daco told AFP that should the “core” readings weaken consistently, “that will be taken as a sign by the Fed that perhaps further tightening is not necessary.” “The paradigm for Fed policymakers has shifted away from tighten at all costs to tighten only as certain conditions are being met,” Daco stated. Included in these circumstances are whether or not domestic demand is stronger than anticipated and whether the labour market is still active than anticipated. According to Oxford Economics analyst Nancy Vanden Houten, the Fed will likely place more emphasis on underlying inflation when determining its monetary policy. “We think they’re going to be quite cautious about lowering rates,” AFP quoted her. as saying “We think that they’re done raising interest rates. We think the risk remains for more rate increases, but we certainly don't expect one next week,” she said. The central bank has increased interest rates to their highest level in 22 years. The Federal Reserve's next action will be to lower interest rates, but Vanden Houten predicted that won’t happen until the middle of next year. (With inputs from agencies) WATCH WION LIVE HERE

US consumer inflation rises to 3.7 per cent in August: Report 

The consumer prices in the world's largest economy rose by the most in 14 months in august. That's largely due to a rise in the cost of gasoline. However, the annual rise in underlying inflation was the smallest in nearly two years. This is significant as it is likely to give the Federal Reserve some space to leave interest rates unchanged this month. The consumer price index increased by 0.6% last month, the largest gain since June 2022, after rising 0.2% for two straight months. Gasoline prices, which jumped 10.6% after climbing 0.2% in July, accounted for more than half of the increase in the CPI.

Gasoline fuels US inflation

Tech's most influential leaders have converged on Capitol Hill, and the message is clear: artificial intelligence needs a referee. Tesla CEO Elon Musk, alongside Mark Zuckerberg of Meta platforms and Sundar Pichai from Alphabet, joined forces with over 60 senators to discuss the pressing need for AI regulation.

Tech Titans urge AI regulation