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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

Goldman Sachs and JPMorgan on Wednesday&nbsp;lowered their estimates for the UK’s GDP growth for the entire year, citing an unexpectedly severe decline in the economy in July.

The brokerages each reduced their projection by 20 basis points, with JPMorgan now anticipating 0.4 per cent growth and Goldman Sachs pegging growth at 0.3 per cent.

In contrast to all predictions in a Reuters survey of experts, which had projected a drop of 0.2 per cent, the Office for National Statistics (ONS) said that GDP shrank by 0.5 per cent in July from June.

While JPMorgan and Morgan Stanley economists anticipate a flat UK economy this year, a bombardment of dismal economic data might signal a significant risk of recession, they said.

The global banks claimed that a severe slump in the private sector was to blame for the weakness and projected diminishing momentum, in contrast to the ONS, which attributed the economic contraction to bad weather and doctor-led strikes.

“August PMIs were worse than we had expected, and we are getting slightly concerned about the pace of deterioration in employment indicators too,” Reuters quoted Bruna Skarica, an economist at Morgan Stanley, as saying.&nbsp;

The British economy may be deteriorating more than the Bank of England anticipated in advance of its September policy meeting, according to GDP figures.

In contrast to a prior prediction of 0.1 per cent growth, Skarica now anticipates that third quarter GDP will remain flat.

“We have been arguing against the idea that the UK is entering into a proper recession dynamic... That remains the case, but the near-term path for growth looks worse,” JPMorgan economist Allan Monks told Reuters.

(With inputs from Reuters)&nbsp;

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Goldman Sachs and JPMorgan on Wednesday lowered their estimates for the UK’s GDP growth for the entire year, citing an unexpectedly severe decline in the economy in July.

Goldman Sachs and JPMorgan on Wednesday lowered their estimates for the UK’s GDP growth for the entire year, citing an unexpectedly severe decline in the economy in July. The brokerages each reduced their projection by 20 basis points, with JPMorgan now anticipating 0.4 per cent growth and Goldman Sachs pegging growth at 0.3 per cent. In contrast to all predictions in a Reuters survey of experts, which had projected a drop of 0.2 per cent, the Office for National Statistics (ONS) said that GDP shrank by 0.5 per cent in July from June. While JPMorgan and Morgan Stanley economists anticipate a flat UK economy this year, a bombardment of dismal economic data might signal a significant risk of recession, they said. The global banks claimed that a severe slump in the private sector was to blame for the weakness and projected diminishing momentum, in contrast to the ONS, which attributed the economic contraction to bad weather and doctor-led strikes. “August PMIs were worse than we had expected, and we are getting slightly concerned about the pace of deterioration in employment indicators too,” Reuters quoted Bruna Skarica, an economist at Morgan Stanley, as saying. The British economy may be deteriorating more than the Bank of England anticipated in advance of its September policy meeting, according to GDP figures. In contrast to a prior prediction of 0.1 per cent growth, Skarica now anticipates that third quarter GDP will remain flat. “We have been arguing against the idea that the UK is entering into a proper recession dynamic... That remains the case, but the near-term path for growth looks worse,” JPMorgan economist Allan Monks told Reuters. (With inputs from Reuters) WATCH WION LIVE HERE

Goldman and JPMorgan lower UK’s growth forecast for 2023

Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India.

As Pratt &amp; Whitney (PW) has warned that up to 700 of its engines for the A320neo aircraft may need to be evaluated in the next three years internationally, forcing some planes to be grounded, the low-cost carrier is seeking to lease more than 20 aircraft.

IndiGo, the largest A320 operator in the world, is attempting to lease as many older generation A320ceo aircraft as possible in order to avoid being affected by the newest round of PW’s never-ending problems with its geared turbofan (GTF) A320neo engines.

“We have given the approval for wet leasing of 11 aircraft to IndiGo for three months. These are all A320 family aircraft,” Times of India quoted a senior DGCA official as saying.

The regulator has not yet received IndiGo’s request to lease additional aircraft. The following batch will only include aircraft that are leased with the low-cost carrier’s own crew operating them.

As a “stopgap” measure in response to supply chain challenges the aviation industry was experiencing, the government raised the length of time Indian airlines may wet lease wide body aircraft from six months to a year in November of last year.

Indian airlines with massive growth ambitions were unable to meet the growing demand for travel due to the large number of planes that were grounded, waiting for engines and components, and the supply of requested new aircraft from original equipment manufacturers (OEMs) being impacted.

Two wide-body aircraft from Turkish Airlines have already been wet leased by IndiGo. They are utilised to fly daily between Istanbul and Delhi and Mumbai. Due to problems with PW engines, IndiGo is now looking for single aisle A320ceos instead of the single aisle A320neos, which were meant to be more fuel efficient. Approximately 50 of IndiGo’s 170 A320neo aircraft are now grounded.

PW has since issued a cautionary statement saying that “600 to 700 engines will be removed for shop visits between 2023 and 2026 (and) the accelerated removals and incremental shop visits will result in higher aircraft on ground.” The new PW warning may have a negative impact on IndiGo’s operations.

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Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India.

Indian low-cost carrier, IndiGo received the nod from the Directorate General of Civil Aviation (DGCA) on Wednesday to wet lease (lease with operational crew) 11 Airbus A320 family narrow-body aircraft for three months, according to a report by the Times of India. As Pratt & Whitney (PW) has warned that up to 700 of its engines for the A320neo aircraft may need to be evaluated in the next three years internationally, forcing some planes to be grounded, the low-cost carrier is seeking to lease more than 20 aircraft. IndiGo, the largest A320 operator in the world, is attempting to lease as many older generation A320ceo aircraft as possible in order to avoid being affected by the newest round of PW’s never-ending problems with its geared turbofan (GTF) A320neo engines. “We have given the approval for wet leasing of 11 aircraft to IndiGo for three months. These are all A320 family aircraft,” Times of India quoted a senior DGCA official as saying. The regulator has not yet received IndiGo’s request to lease additional aircraft. The following batch will only include aircraft that are leased with the low-cost carrier’s own crew operating them. As a “stopgap” measure in response to supply chain challenges the aviation industry was experiencing, the government raised the length of time Indian airlines may wet lease wide body aircraft from six months to a year in November of last year. Indian airlines with massive growth ambitions were unable to meet the growing demand for travel due to the large number of planes that were grounded, waiting for engines and components, and the supply of requested new aircraft from original equipment manufacturers (OEMs) being impacted. Two wide-body aircraft from Turkish Airlines have already been wet leased by IndiGo. They are utilised to fly daily between Istanbul and Delhi and Mumbai. Due to problems with PW engines, IndiGo is now looking for single aisle A320ceos instead of the single aisle A320neos, which were meant to be more fuel efficient. Approximately 50 of IndiGo’s 170 A320neo aircraft are now grounded. PW has since issued a cautionary statement saying that “600 to 700 engines will be removed for shop visits between 2023 and 2026 (and) the accelerated removals and incremental shop visits will result in higher aircraft on ground.” The new PW warning may have a negative impact on IndiGo’s operations. WATCH WION LIVE HERE

DGCA permits IndiGo to wet lease A320 planes to tackle persistent Pratt & Whitney engine woes 

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division.

Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.”

“We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.”

A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation.

Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks.

Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs.

An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.”

As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession.

In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing.

Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June.

This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties.

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As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN.

As Silicon Valley continues its cost-cutting measures, Google revealed it will let go of hundreds of employees who assisted in hiring and recruiting new personnel, according to a report by CNN. The most recent job layoffs come after Alphabet, the parent company of Google, lost 12,000 jobs in January, or approximately 6 per cent of its total workforce, as it struggled with the economic unrest that had a negative impact on the company’s bottom line in particular its main advertising division. Google’s CEO Sundar Pichai stated during the company’s earnings call in July that the company was working to decrease “expense growth and pace of hiring.” “We continue to invest in top engineering and technical talent while also meaningfully slowing the pace of our overall hiring,” CNN quoted Google spokesperson Courtenay Mencini as saying in a statement on Wednesday, further indicating that the workload for recruiters has reduced amid hiring slowdowns. “To ensure we operate efficiently, we’ve made the hard decision to reduce the size of our recruiting team.” A few hundred employees throughout the globe will be impacted by the job cuts, but the majority of the team will continue to work and recruit for important positions like top engineering talent, according to Google. The actual number of department layoffs was not disclosed by the corporation. Google added that the hiring reductions do not constitute a larger round of layoffs and that the impacted employees will get severance packages and other perks. Google's cloud, user experience, software engineering, and other teams’ recruiters made posts on LinkedIn indicating they had been impacted by the layoffs. An affected Google recruiter was quoted by CNN as saying, “My heart is heavy for everyone that was impacted alongside me, and I know better days are ahead for all of us even though today doesn't feel like it.” As rising demand for its services during the pandemic increased profitability, Alphabet increased its workforce by more than 50,000 employees beginning in 2021. However, the company’s main digital ad business last year experienced a slowdown as advertisers cut down on their spending due to concerns about an economic downturn or recession. In an effort to stabilise its operations, the corporation has put more emphasis this year on cost-cutting measures. Google announced in July that its revenues increased by about 15 per cent year over year in the quarter that ended in June as its Search and YouTube advertisements businesses kept growing. Alphabet has 190,234 employees as at the end of 2022,according to a report with the Securities and Exchange Commission. As per its most recent filing, its headcount decreased to 181,798 by the end of June. This year, a variety of other IT companies, including Meta, Microsoft, and, more lately, T-Mobile, undertook significant layoffs in an effort to reduce expenses in the face of economic difficulties. WATCH WION LIVE HERE

Google laid off hundreds of recruiters in another round of job cuts

According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay.

Although fair compensation is a major concern and priority for blue-collar job seekers, the survey conducted by Indeed indicated that 82 per cent of blue-collar job searchers are looking for positions that will allow them to earn enough money to live comfortably rather than earn just enough to cover their basic needs.

The report indicated that at present, just 18 per cent of the workforces are able to make such earnings. At present, up to 56 per cent of blue-collar workers earn just enough to cover their bare necessities. Furthermore, 39 per cent of Gen Z blue-collar workers make incomes that fall short of covering their essential expenses.

Commenting on the need for fair pay among blue-collar workers and the current shift in pay-structures, Nirupama VG, the founder and managing director at the recruitment solutions firm, AdAstra said, “companies, especially in sectors such as e-commerce and logistics, are leaning towards performance-linked pay structures, offering to join perks and larger incentives linked to individual and team performances. This not only manages the fixed costs for organisations but also incentivises a meritocratic culture, potentially fostering a win-win scenario for both employers and employees.”

According to the report, a sizeable 73 per cent of job seekers give workplace safety top priority as it helps with preventing accidents and injuries.

Additionally, professions that reduce physical and mental stress at work are sought after by 49 per cent of respondents. Blue-collar workers may experience physical stress as a result of the manual labour, which can cause ache, fatigue, and other physical health problems.

&nbsp;A company that tackles these issues and fosters a supportive, positive environment is crucial for overall wellbeing and job satisfaction, especially in light of the potential psychological stress that comes with high-pressure work conditions.

Taking the example of Covid19, Nirupama said that presently for blue-collar workers, companies are now launching tailored health programmes that include special insurance coverage and initiatives to increase public awareness of physical and mental health.

On the other hand, for Indian blue-collar workers looking for employment abroad, Aditi Banerjee, Co-Founder and CEO of the international recruitment firm, Magic Billion said, “through the initiative of the 'Emigration Clearance' facilitated by the offices of Protectors of Emigrants (POE), we ensure that our citizens are not exploited in foreign lands. This process verifies the employment contract, and the authenticity of the foreign employer, integrating necessary insurance coverage, thus acting as a protective layer safeguarding the rights and well-being of emigrants.”

Since Blue-collar occupations are informal in nature, they do not provide the same level of job security as formal jobs, job security is a top priority for 71 per cent of job-seekers. Wages in the informal sector are often low and workers are not provided with benefits like health insurance or retirement plans. Due to economic downturns or changes in the business, they are also more susceptible to layoffs or job losses. In times of economic uncertainty, job security guarantees that employees will still be paid.

Banerjee claims that there is currently an evident change in the blue-collar job sector, partially influenced by international trends and technological improvements. The skills that blue-collar population possesses are highlighted by these trends, enabling them to participate in an international work. In order to improve these blue-collar workers’ integration, employers in the UK and Germany also wish to up-skill candidates.

WATCH WION LIVE HERE

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According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay.

According to a research by global hiring platform, Indeed, blue-collar workers are looking for jobs that could potentially offer them physical safety and psychological well-being in addition to fair pay. Although fair compensation is a major concern and priority for blue-collar job seekers, the survey conducted by Indeed indicated that 82 per cent of blue-collar job searchers are looking for positions that will allow them to earn enough money to live comfortably rather than earn just enough to cover their basic needs. The report indicated that at present, just 18 per cent of the workforces are able to make such earnings. At present, up to 56 per cent of blue-collar workers earn just enough to cover their bare necessities. Furthermore, 39 per cent of Gen Z blue-collar workers make incomes that fall short of covering their essential expenses. Commenting on the need for fair pay among blue-collar workers and the current shift in pay-structures, Nirupama VG, the founder and managing director at the recruitment solutions firm, AdAstra said, “companies, especially in sectors such as e-commerce and logistics, are leaning towards performance-linked pay structures, offering to join perks and larger incentives linked to individual and team performances. This not only manages the fixed costs for organisations but also incentivises a meritocratic culture, potentially fostering a win-win scenario for both employers and employees.” According to the report, a sizeable 73 per cent of job seekers give workplace safety top priority as it helps with preventing accidents and injuries. Additionally, professions that reduce physical and mental stress at work are sought after by 49 per cent of respondents. Blue-collar workers may experience physical stress as a result of the manual labour, which can cause ache, fatigue, and other physical health problems. A company that tackles these issues and fosters a supportive, positive environment is crucial for overall wellbeing and job satisfaction, especially in light of the potential psychological stress that comes with high-pressure work conditions. Taking the example of Covid19, Nirupama said that presently for blue-collar workers, companies are now launching tailored health programmes that include special insurance coverage and initiatives to increase public awareness of physical and mental health. On the other hand, for Indian blue-collar workers looking for employment abroad, Aditi Banerjee, Co-Founder and CEO of the international recruitment firm, Magic Billion said, “through the initiative of the 'Emigration Clearance' facilitated by the offices of Protectors of Emigrants (POE), we ensure that our citizens are not exploited in foreign lands. This process verifies the employment contract, and the authenticity of the foreign employer, integrating necessary insurance coverage, thus acting as a protective layer safeguarding the rights and well-being of emigrants.” Since Blue-collar occupations are informal in nature, they do not provide the same level of job security as formal jobs, job security is a top priority for 71 per cent of job-seekers. Wages in the informal sector are often low and workers are not provided with benefits like health insurance or retirement plans. Due to economic downturns or changes in the business, they are also more susceptible to layoffs or job losses. In times of economic uncertainty, job security guarantees that employees will still be paid. Banerjee claims that there is currently an evident change in the blue-collar job sector, partially influenced by international trends and technological improvements. The skills that blue-collar population possesses are highlighted by these trends, enabling them to participate in an international work. In order to improve these blue-collar workers’ integration, employers in the UK and Germany also wish to up-skill candidates. WATCH WION LIVE HERE

Exploring the trend: Blue-collar workers seek physical, psychological well-being in addition to fair pay

After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported.

The company’s exceptional performance is highlighted in a report published by&nbsp;private wealth management company, Bernstein, which provides financial advice to&nbsp;investors. The report points to elements like increased contribution margins and strong execution as major contributors towards Zomato's&nbsp;achievements.

&nbsp;In addition to boosting investor confidence, this success has switched the emphasis from Gross Merchandise Value (GMV) to profitability as the key value criterion.

As per the report, Zomato has succeeded in achieving Consolidated Adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) break-even three quarters earlier than its original plan, and did so in Q1FY24 rather than the originally anticipated Q4FY24.

This&nbsp;is due to a steady rise in contribution margins over the last six quarters, which are currently 6.4 per cent of Gross Order Value (GOV). The long-term prediction in the report is for contribution margins of 8 to 9 per cent and an adjusted EBITDA margin of 5 per cent. At Rs 11600 crore ($ 1.39 billion), Zomato’s financial position is quite strong.

With a Gross Order Value (GOV) growth of 11 per cent quarter-over-quarter in Q1FY24, the food delivery segment has showcased significant momentum. Over the next three years, the research predicts a sustainable compound annual growth rate (CAGR) of 24 per cent, driven primarily by the addition of new monthly transactional customers and elevated order frequency.

According to analysts, Zomato is in a good position to maintain food delivery growth, along with ongoing increases in contribution margins. Tiger Global and Softbank have recently sold stakes, attracting long-term investors with a focus on profitability and earnings.

The research also emphasises on the progress made towards Zomato’s Quick Commerce division, particularly Blinkit. With the management expecting an adjusted EBITDA break-even within the next four quarters, Blinkit has achieved a break-even contribution margin.

With a considerable decrease in contribution margin percentage losses (0.6 per cent compared to 2.7 per cent in the prior quarter), Blinkit’s Gross Order Value is anticipated to increase by more than 20 per cent quarter over quarter. Blinkit is valued on the same basis in relation to the food delivery industry by Bernstein.

According to these indicators, Bernstein is optimistic about Zomato’s chances moving forward. They have increased the target price (TP) to Rs 120 ($1.45), which would indicate a 20 per cent increase, while maintaining an “Outperform” rating on Zomato. The anticipated EV/Adjusted EBITDA for FY25 is now 35 times the company’s current market value.

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After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported.

After surpassing profitability goals ahead of schedule, Zomato, one of India’s top food delivery platforms, continues to inspire investor confidence, Moneycontrol reported. The company’s exceptional performance is highlighted in a report published by private wealth management company, Bernstein, which provides financial advice to investors. The report points to elements like increased contribution margins and strong execution as major contributors towards Zomato's achievements. In addition to boosting investor confidence, this success has switched the emphasis from Gross Merchandise Value (GMV) to profitability as the key value criterion. As per the report, Zomato has succeeded in achieving Consolidated Adjusted Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) break-even three quarters earlier than its original plan, and did so in Q1FY24 rather than the originally anticipated Q4FY24. This is due to a steady rise in contribution margins over the last six quarters, which are currently 6.4 per cent of Gross Order Value (GOV). The long-term prediction in the report is for contribution margins of 8 to 9 per cent and an adjusted EBITDA margin of 5 per cent. At Rs 11600 crore ($ 1.39 billion), Zomato’s financial position is quite strong. With a Gross Order Value (GOV) growth of 11 per cent quarter-over-quarter in Q1FY24, the food delivery segment has showcased significant momentum. Over the next three years, the research predicts a sustainable compound annual growth rate (CAGR) of 24 per cent, driven primarily by the addition of new monthly transactional customers and elevated order frequency. According to analysts, Zomato is in a good position to maintain food delivery growth, along with ongoing increases in contribution margins. Tiger Global and Softbank have recently sold stakes, attracting long-term investors with a focus on profitability and earnings. The research also emphasises on the progress made towards Zomato’s Quick Commerce division, particularly Blinkit. With the management expecting an adjusted EBITDA break-even within the next four quarters, Blinkit has achieved a break-even contribution margin. With a considerable decrease in contribution margin percentage losses (0.6 per cent compared to 2.7 per cent in the prior quarter), Blinkit’s Gross Order Value is anticipated to increase by more than 20 per cent quarter over quarter. Blinkit is valued on the same basis in relation to the food delivery industry by Bernstein. According to these indicators, Bernstein is optimistic about Zomato’s chances moving forward. They have increased the target price (TP) to Rs 120 ($1.45), which would indicate a 20 per cent increase, while maintaining an “Outperform” rating on Zomato. The anticipated EV/Adjusted EBITDA for FY25 is now 35 times the company’s current market value. WATCH WION LIVE HERE

Zomato’s profitability leap inspires investor confidence; Bernstein rates company as “outperform” 

The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV.

The claim was made on the first day of a historic trial that is the largest antitrust case to come before a US court in a period of more than 20 years.

“This case is about the future of the internet and whether Google will ever face meaningful competition in search,” NDTV quoted Justice Department lawyer Kenneth Dintzer as saying, while the United States government began making its case against the tech titan.

Google is looking to convince Judge Amit P. Mehta that the lawsuit initiated by the Department of Justice is without merit over the course of ten weeks with the help of numerous witnesses who will be called to the witness stand.

Google’s attorney John Schmidtlein&nbsp;said that the company has developed their search engine for years and that the ones who brought on the legal action do not know of the “inescapable truth.”

The trial, which is being held in a courthouse in Washington, is the first direct trial by US authorities on a major computer giant since Microsoft was singled out more than 20 years ago for the monopoly of its Windows operating system.

The government’s main argument in the Google case is that the internet giant unfairly obtained its dominance of online searches through the creation of exclusivity agreements with device manufacturers, mobile operators, and other businesses that denied competitors the opportunity to compete.

Dintzer informed Judge Mehta that Google spends $10 billion annually to Apple and other companies to maintain its position as the default search engine on mobile devices and online browsers, smothering challengers before they had a chance to flourish.

This led to what the government refers to as a “feedback loop” during the past ten years, in which Google’s dominance increased due to its monopolistic access to user data that rivals were unable to match.

“Through this feedback loop, this wheel has been turning for more than 12 years. It always turns to Google's advantage,” NDTV quoted Dintzer as saying.

Due to its dominance, Google parent Alphabet is now among the richest corporations in the world. Revenue from search ads accounts for about 60 per cent of the company’s total sales, far outpacing that of Android phones and YouTube.

Dintzer told the jury that they shall keep a tab on what Google did to protect its monopoly. According to them, the focus should be on what they did, not on what they could have or should have done.

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The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV.

The US government on Tuesday accused Google of giving out $10 billion annually to Apple and other companies in order to maintain its monopoly over online search, according to a report by NDTV. The claim was made on the first day of a historic trial that is the largest antitrust case to come before a US court in a period of more than 20 years. “This case is about the future of the internet and whether Google will ever face meaningful competition in search,” NDTV quoted Justice Department lawyer Kenneth Dintzer as saying, while the United States government began making its case against the tech titan. Google is looking to convince Judge Amit P. Mehta that the lawsuit initiated by the Department of Justice is without merit over the course of ten weeks with the help of numerous witnesses who will be called to the witness stand. Google’s attorney John Schmidtlein said that the company has developed their search engine for years and that the ones who brought on the legal action do not know of the “inescapable truth.” The trial, which is being held in a courthouse in Washington, is the first direct trial by US authorities on a major computer giant since Microsoft was singled out more than 20 years ago for the monopoly of its Windows operating system. The government’s main argument in the Google case is that the internet giant unfairly obtained its dominance of online searches through the creation of exclusivity agreements with device manufacturers, mobile operators, and other businesses that denied competitors the opportunity to compete. Dintzer informed Judge Mehta that Google spends $10 billion annually to Apple and other companies to maintain its position as the default search engine on mobile devices and online browsers, smothering challengers before they had a chance to flourish. This led to what the government refers to as a “feedback loop” during the past ten years, in which Google’s dominance increased due to its monopolistic access to user data that rivals were unable to match. “Through this feedback loop, this wheel has been turning for more than 12 years. It always turns to Google's advantage,” NDTV quoted Dintzer as saying. Due to its dominance, Google parent Alphabet is now among the richest corporations in the world. Revenue from search ads accounts for about 60 per cent of the company’s total sales, far outpacing that of Android phones and YouTube. Dintzer told the jury that they shall keep a tab on what Google did to protect its monopoly. According to them, the focus should be on what they did, not on what they could have or should have done. WATCH WION LIVE HERE

Google shells out $10 bn yearly to maintain online search monopoly: Report

After the naira devaluation earlier this year, the Nigerian central bank ordered the country's lenders to put any profits from the fall in the currency into reserves to protect against potential losses.

Nigerian banks under pressure amid currency devaluation

Will diesel cars become costlier in India? That's the question in everyone's mind after media reports said that the transport minister will propose an additional 10% tax on diesel vehicles. He also warned of even higher levies in the future to force automakers away from diesel burners and cut fuel emissions and pollution.

India seeks to phase out diesel vehicles

Prosecutors from the US Labour Board said that Amazon had violated the law by enforcing secrecy on its employees, which might lead to the business having to alter its policies on employee privacy.

Worker privacy vs Amazon’s policies

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors.

However, inflation as measured by the Consumer Price Index (CPI) continued to remain over the RBI’s (Reserve Bank of India’s) target range of 2-6 per cent.&nbsp;

Retail inflation was predicted by 18 experts surveyed by Mint to drop to 7 per cent in August.

According to data provided by the ministry of statistics and programme implementation (MoSPI) on Tuesday, food inflation, as assessed by the Consumer Food Price Index, which makes up roughly half of the total consumer price basket, fell to 9.94 per cent in August from 11.51 per cent in July.

Vegetable prices led the decrease in inflation, which was also moderated by costs of housing, clothing and footwear, and other non-essential commodities.

According to a statement from MosPI, the inflation data was gathered from selected 1,114 metropolitan markets and 1,181 villages across all states and union territories.

“During the month of August, NSO (National Statistics Office) collected prices from 99.6 per cent of villages and 98.3 per cent of urban markets, while the market-wise prices reported therein were 88.8 per cent for rural and 91.3 per cent for urban,” Mint cited the statement from MoSPI.

“Within food items, inflation in vegetables fell to 26.1 per cent in August 2023 from 37.4 per cent in the previous month, contributing as much as 28 basis points (bps) of the 61bps decline in the headline CPI inflation print between these months. Notably, the year-on-year (y-o-y) inflation prints in seven of the 12 food segments in the food and beverages index witnessed an uptick in their y-o-y print in August,” Mint quoted Aditi&nbsp;Nayar, chief economist at Icra Ltd, as saying.

However, analysts are keeping a vigilant track of oil, pulse, and wheat prices.

Nayar further mentioned that good rainfall during the remainder of September could ensure that kharif yields in control.

At 4.8 per cent, core inflation remained true to the market forecasts.

The RBI maintained the repo rate at 6.50 per cent last month after blaming a demand-supply imbalance for the recent surge in vegetable prices.

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors.

Retail inflation in India eased to 6.83 per cent in August after reaching its peak in 15 months at 7.44 per cent in July as vegetable prices fall, in a major relief to India’s central bank and bond investors. However, inflation as measured by the Consumer Price Index (CPI) continued to remain over the RBI’s (Reserve Bank of India’s) target range of 2-6 per cent. Retail inflation was predicted by 18 experts surveyed by Mint to drop to 7 per cent in August. According to data provided by the ministry of statistics and programme implementation (MoSPI) on Tuesday, food inflation, as assessed by the Consumer Food Price Index, which makes up roughly half of the total consumer price basket, fell to 9.94 per cent in August from 11.51 per cent in July. Vegetable prices led the decrease in inflation, which was also moderated by costs of housing, clothing and footwear, and other non-essential commodities. According to a statement from MosPI, the inflation data was gathered from selected 1,114 metropolitan markets and 1,181 villages across all states and union territories. “During the month of August, NSO (National Statistics Office) collected prices from 99.6 per cent of villages and 98.3 per cent of urban markets, while the market-wise prices reported therein were 88.8 per cent for rural and 91.3 per cent for urban,” Mint cited the statement from MoSPI. “Within food items, inflation in vegetables fell to 26.1 per cent in August 2023 from 37.4 per cent in the previous month, contributing as much as 28 basis points (bps) of the 61bps decline in the headline CPI inflation print between these months. Notably, the year-on-year (y-o-y) inflation prints in seven of the 12 food segments in the food and beverages index witnessed an uptick in their y-o-y print in August,” Mint quoted Aditi Nayar, chief economist at Icra Ltd, as saying. However, analysts are keeping a vigilant track of oil, pulse, and wheat prices. Nayar further mentioned that good rainfall during the remainder of September could ensure that kharif yields in control. At 4.8 per cent, core inflation remained true to the market forecasts. The RBI maintained the repo rate at 6.50 per cent last month after blaming a demand-supply imbalance for the recent surge in vegetable prices.

India’s retail inflation cools to 6.83 pc amid a decline in vegetable prices  

At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026.&nbsp;

Despite switching all of its laptops to using chips of its own design, the transaction shows that Apple is not rushing to release its own modem and is prolonging a partnership worth billions of dollars to Qualcomm for at least three years beyond what was anticipated.

Early afternoon trading saw a 4 per cent increase in Qualcomm shares. Qualcomm&nbsp;is a pioneer in the design of modem chips, which link mobile devices to mobile data networks. Apple stock increased by 0.5 per cent.

Headquartered in San Diego, California, Qualcomm saw the conclusion of a protracted legal dispute with Apple, following which, the two firms subsequently agreed to a chip supply agreement in 2019.

The iPhones that Apple is anticipated to introduce on Tuesday would be the last batch of phones to be launched under that supply agreement, which shall expire this year.

As per the agreement made on Monday, Qualcomm will provide Apple with semiconductors for new phones released year up until 2026. When asked about the deal’s worth, Qualcomm merely said that it was “similar” to a previous one.

UBS analysts predicted that Qualcomm would sell $7.26 billion worth of chips to Apple in 2022 in a research note published on August 3.

A patent licencing agreement Qualcomm finalised with Apple in 2019 is still in effect, according to Qualcomm. The companies have the opportunity to extend the agreement for an additional two years until 2025.

Reuters quoted Susannah Streeter, the head of money and markets at Hargreaves Lansdown, as saying, “At a time when Apple is running into increasing challenges in China, reinforcing its supply chains elsewhere is a priority, and it appears the company is rolling back or at least delaying plans to go at it alone in more areas with its own chip production.”

Apple spent $1 billion to purchase Intel’s modem section in 2019, while the company is in the process of developing its own modem technology. It is unknown how rapidly Apple intends to increase the use of its own chips.

By 2026, barely a fifth of Apple’s iPhones would utilise Qualcomm’s chips, the company stated on Monday in a statement.

Although all of the iPhone 14 models announced last year had Qualcomm modems, Qualcomm made a similar prediction regarding its relationship with Apple in 2021 that turned out to be unduly conservative.

Moreover, Akash Palkhiwala, the chief financial officer of Qualcomm, revised his projections for the 2023 iPhones that will be made public this week last year, stating that he anticipated that the “vast majority” of them will come equipped with Qualcomm modems.

(With inputs from Reuters)

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At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026.

At a time when the iPhone manufacturer is facing more difficulties in China and is seeking to strengthen its supply chains abroad, tech giant Qualcomm announced on Monday that it has reached an agreement with Apple to provide 5G processors until at least 2026. Despite switching all of its laptops to using chips of its own design, the transaction shows that Apple is not rushing to release its own modem and is prolonging a partnership worth billions of dollars to Qualcomm for at least three years beyond what was anticipated. Early afternoon trading saw a 4 per cent increase in Qualcomm shares. Qualcomm is a pioneer in the design of modem chips, which link mobile devices to mobile data networks. Apple stock increased by 0.5 per cent. Headquartered in San Diego, California, Qualcomm saw the conclusion of a protracted legal dispute with Apple, following which, the two firms subsequently agreed to a chip supply agreement in 2019. The iPhones that Apple is anticipated to introduce on Tuesday would be the last batch of phones to be launched under that supply agreement, which shall expire this year. As per the agreement made on Monday, Qualcomm will provide Apple with semiconductors for new phones released year up until 2026. When asked about the deal’s worth, Qualcomm merely said that it was “similar” to a previous one. UBS analysts predicted that Qualcomm would sell $7.26 billion worth of chips to Apple in 2022 in a research note published on August 3. A patent licencing agreement Qualcomm finalised with Apple in 2019 is still in effect, according to Qualcomm. The companies have the opportunity to extend the agreement for an additional two years until 2025. Reuters quoted Susannah Streeter, the head of money and markets at Hargreaves Lansdown, as saying, “At a time when Apple is running into increasing challenges in China, reinforcing its supply chains elsewhere is a priority, and it appears the company is rolling back or at least delaying plans to go at it alone in more areas with its own chip production.” Apple spent $1 billion to purchase Intel’s modem section in 2019, while the company is in the process of developing its own modem technology. It is unknown how rapidly Apple intends to increase the use of its own chips. By 2026, barely a fifth of Apple’s iPhones would utilise Qualcomm’s chips, the company stated on Monday in a statement. Although all of the iPhone 14 models announced last year had Qualcomm modems, Qualcomm made a similar prediction regarding its relationship with Apple in 2021 that turned out to be unduly conservative. Moreover, Akash Palkhiwala, the chief financial officer of Qualcomm, revised his projections for the 2023 iPhones that will be made public this week last year, stating that he anticipated that the “vast majority” of them will come equipped with Qualcomm modems. (With inputs from Reuters) WATCH WION LIVE HERE

Apple to receive 5G chips from Qualcomm till 2026 under new deal: Report

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars.

According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”.&nbsp;

In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.”

Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick."

According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this&nbsp;price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion.

Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70.

Jonas anticipates Dojo to be the programme and service that adds the most value.

Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040.

By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent&nbsp;of Tesla's core earnings.

“This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying.

As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56.

(With inputs from Reuters)

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After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday.

After Morgan Stanley predicted that Tesla’s Dojo supercomputer would boost the electric vehicle maker’s market value by over $600 billion by accelerating its entry into robotaxis and software services, shares of Tesla rose by 6 per cent on Monday. The world’s most valuable car manufacturer, Tesla, began producing Dojo in July and expects to spend more than $1 billion on it over the course of the following year. Dojo will train AI models for self-driving cars. According to the analysts at Morgan Stanley led by Adam Jones, Dojo can open up new addressable markets that “extend well beyond selling vehicles at a fixed price”. In a note drafted on Sunday, Adam Jones said, “If Dojo can help make cars 'see' and 'react,' what other markets could open up? Think of any device at the edge with a camera that makes real-time decisions based on its visual field.” Ferrari's U.S.-listed shares were replaced by Tesla's stock as the Wall Street brokerage raised it from "equal-weight" to "overweight" and designated it as the "top pick." According to LSEG data, Morgan Stanley increased its 12-to-18-month price target on Tesla's shares by 60 per cent to $400, making it the highest among Wall Street brokerages. At this price, according to Morgan Stanley’s estimates, the EV manufacturer would have a market value of nearly $1.39 trillion. Based on the stock’s closing value of $248.5 on Friday, this is almost 76 per cent greater than Tesla's market worth of about $789 billion. On Monday, the stock increased by almost 5.7 per cent to $262.70. Jonas anticipates Dojo to be the programme and service that adds the most value. Morgan Stanley increased its revenue forecast for Tesla's network services division from $157 billion to $335 billion in 2040. By 2040, nearly doubling from 2030, Jonas projects the segment to provide more than 60 per cent of Tesla's core earnings. “This increase is largely driven by the emerging opportunity we see in third-party fleet licensing, increased ARPU (average monthly revenue per user),” Reuters quoted the analyst as saying. As per the LSEG statistics, Tesla's 12-month forward price-to-earnings ratio of 57.9 is far higher than those of venerable automakers Ford at 6.31 and General Motors at 4.56. (With inputs from Reuters) WATCH WION LIVE HERE

Dojo supercomputer to boost Tesla’s valuation by $600 billion: Morgan Stanley

Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns.

Indian businesses presently are not&nbsp;permitted to list directly on international exchanges. They are the only ones who can list on foreign exchanges using tools like depository receipts.

The proposal to permit Indian companies to list directly overseas was initially made public in 2020, but it was later abandoned due to worries surrounding tax losses and criticism from a faction of the ruling party that worried less Indian regulatory scrutiny of domestic companies that list abroad.

Following bilateral discussions after the weekend’s G20 summit in New Delhi, Sitharaman spoke at a press conference alongside the British Finance Minister, Jeremy Hunt.

“We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies,” Reuters quoted Hunt as saying.

Before the government ruled against authorising foreign listings, Reuters reported in 2020 that the London Stock Exchange was in discussions with a number of Indian technology companies for their international stock listings.

In order to facilitate businesses’ access to international finance, India announced in July that it would let companies to list on exchanges recognised by the International Financial Services Centre (IFSC), a new tax-neutral financial centre situated in Gujarat International Financial Tech City (GIFT).

“We have mentioned earlier once that we are looking at listing, commencing with the IFSC, so once that is done, we may look at moving further (with overseas listing),” Reuters quoted Finance Minster Nirmala Sitharaman as saying.

She further stated that at the present stage, the ministry is looking to commence listing in the IFSC.

(With inputs from Reuters)

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Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns.

Finance Minister Nirmala Sitharaman said on Monday that India may reevaluate permitting local companies to list on overseas markets, suggesting that New Delhi may revive a plan that had been put on hold due to internal resistance and tax concerns. Indian businesses presently are not permitted to list directly on international exchanges. They are the only ones who can list on foreign exchanges using tools like depository receipts. The proposal to permit Indian companies to list directly overseas was initially made public in 2020, but it was later abandoned due to worries surrounding tax losses and criticism from a faction of the ruling party that worried less Indian regulatory scrutiny of domestic companies that list abroad. Following bilateral discussions after the weekend’s G20 summit in New Delhi, Sitharaman spoke at a press conference alongside the British Finance Minister, Jeremy Hunt. “We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies,” Reuters quoted Hunt as saying. Before the government ruled against authorising foreign listings, Reuters reported in 2020 that the London Stock Exchange was in discussions with a number of Indian technology companies for their international stock listings. In order to facilitate businesses’ access to international finance, India announced in July that it would let companies to list on exchanges recognised by the International Financial Services Centre (IFSC), a new tax-neutral financial centre situated in Gujarat International Financial Tech City (GIFT). “We have mentioned earlier once that we are looking at listing, commencing with the IFSC, so once that is done, we may look at moving further (with overseas listing),” Reuters quoted Finance Minster Nirmala Sitharaman as saying. She further stated that at the present stage, the ministry is looking to commence listing in the IFSC. (With inputs from Reuters) WATCH WION LIVE HERE

New Delhi might reconsider permitting Indian businesses to list abroad: Nirmala Sitharaman

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

&nbsp;Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday.

Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week.

Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15.

With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&amp;M, Poundland, The Range, and Home Bargains.

In a $13 million transaction, B&amp;M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&amp;M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&amp;M shops.

In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&amp;M, even though these sites are convenient for customers without cars.

Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations.

The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name.

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Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs.

Following a failed revival plan for the business, hardware store Wilko will no longer be seen on the UK high streets. According to the GMB union, all 400 of its outlets will closed by the beginning of October, implying that all 12,500 employees at the family-run company face the possibility of layoffs. Although certain parties are interested in renaming their stores, it is understood that no bidders are interested in operating stores under the Wilko name, the BBC reported on Monday. Doug Putman, the owner of HMV, attempted to keep up to 300 Wilko stores operating, but his plan failed due to mounting prices. Following an announcement by administrators PwC that 52 stores nationwide will stop operating on Tuesday and Thursday, the first Wilko locations will close this week. Between September 17 and 21, 124 additional stores, including ones in Maidenhead, Bognor Regis, and Humberstone, Leicestershire, will close. PwC stated that the final 222 Wilko stores will close at various times, with the last day of business for the distribution centre being September 15. With the high cost of living causing consumers to look for deals, Wilko has battled against fierce competition from competing chains including B&M, Poundland, The Range, and Home Bargains. In a $13 million transaction, B&M has announced that it will acquire up to 51 of Wilko’s 400 stores. The stores will be renamed as B&M shops, according to the BBC. However, it is yet unclear whether any jobs will be preserved or whether Wilko employees would be given preference if they apply for positions at the B&M shops. In traditional town centres, High Street locations are home to many Wilko stores. The transition to larger retail parks and out-of-town options with greater room since the epidemic has benefited its rivals like B&M, even though these sites are convenient for customers without cars. Poundland is rumoured to be interested in expanding its portfolio by purchasing up to 70 additional locations. The Wilko name is still up to be taken, with stores like The Range putting forward offers just for the name. WATCH WION LIVE HERE

UK retailer Wilko to shut all stores, putting 12,500 jobs at risk: Report

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November.

Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being.

In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year.

On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m.

As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year.

After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion.

The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally.

The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion).&nbsp;

In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse.

Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India.

Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong.

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Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times.

Months after completing its acquisition of competitor Credit Suisse, UBS Group AG is laying off hundreds of employees in Asia as a response to weak customer demand and China’s faltering economy, according to a report by The Economic Times. According to the sources familiar with the matter, the largest bank in Switzerland has recently slashed some redundant posts and more are anticipated through November. Relationship managers will be among the posts that will be eliminated by the lender in Singapore and Hong Kong, most of them in teams that have just been purchased from Credit Suisse, according to the sources. They said that the number of cuts has not yet been decided. According to one of the sources, the lender intends to keep the majority of its private bankers in Australia and India for the time being. In the Asia-Pacific area, where Singapore and the regional commercial capital of Hong Kong have traditionally served as booking hubs for China’s ultra-wealthy, UBS is fighting low consumer demand and activity levels. The region’s profit before tax for the wealth management division decreased by 9 per cent in the second quarter compared to the same period last year. On Monday, UBS shares gave up early gains and were trading at 22.73 Swiss francs ($25.493) in Zurich at 11:18 a.m. As pandemic precautions and a real estate crisis impacted the nation, the second-largest economy in the world grew by 3 per cent last year, one of its weakest rates of expansion in decades. After it finally reopened, there was some optimism that China might rebound this year. However, the recovery has stalled, and the benchmark stock index is on pace to post losses for a third consecutive year. After acquiring Credit Suisse in June, UBS has set huge integration goals for its former rival, including the elimination of 3,000 domestic jobs and the achievement of cost savings of more than $10 billion. The headcount cuts coincide with those made by major banks like Barclays Plc and Goldman Sachs Group Inc. According to Bloomberg, as part of the layoffs, Barclays aims to fire around 5 per cent of the client-facing employees in the trading sector as well as certain dealmakers globally. The smaller Swiss company was acquired by Zurich-based UBS after an emergency government-brokered deal for 3 billion Swiss francs ($3.4 billion). In a wager on the region’s valuable clients, Bloomberg had earlier reported that Asia could be designated as one of the regions to be spared significant cuts. According to information from Asian Private Banker, UBS had 850 private bankers in the region at year’s end, compared to 580 for Credit Suisse. Yet, even senior bankers were leaving steadily. According to the record maintained by the Monetary Authority of Singapore, Gautam Anand, a managing director in Singapore who was hired from Credit Suisse last year, is no longer employed by UBS. He began working with UBS in January as part of initiatives to improve services for the affluent diaspora of India. Moreover, Martin Loh of Credit Suisse, Joe Lau, the market group head for China, as well other bankers have recently left Hong Kong. WATCH WION LIVE HERE

UBS cuts jobs in Asia amid slowing activity

Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported.

The court also warned&nbsp;to send Singh to Tihar jail&nbsp;if the amount&nbsp;wasn’t paid.

“We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much,” The Economic Times quoted the bench comprising Justices Vikram Nath and Ahsanuddin Amanullah as saying during the hearing.

The court also made it mandatory for Singh to attend the court on every hearing.

Court records indicated that Credit Suisse had&nbsp;requested India’s highest court in March to begin contempt proceedings against Singh and SpiceJet for “a willful and intentional disobedience” of court orders and refusal to pay dues totaling several million dollars as per a settlement between the two parties.

Due to a legal battle between Credit Suisse and SpiceJet over Credit Suisse’s supposed $24 million in unpaid debts, the Madras High Court ordered that the airline be shut down in 2021. Following an appeal against the high court’s decision, the top court decided to halt the winding-up process so that both sides may negotiate a settlement.

Both parties notified the Supreme Court that a settlement had been reached in August 2022.

However, Credit Suisse then launched a contempt lawsuit against managing director Ajay Singh in March, claiming that the airline and company secretary had failed to make payments as required by the conditions of the settlement.

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Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported.

Ajay Singh, the chairman of SpiceJet, was strongly reprimanded by India’s Supreme Court on Monday, ordering him to pay $5,000,000 and $1,000,000 to Credit Suisse in addition to an installment due on September 22, The Economic Times reported. The court also warned to send Singh to Tihar jail if the amount wasn’t paid. “We have to move to the next drastic step. We are not worried if you shut down. Enough of this dilly-dally business… you will have to abide by the consent terms. We are not bothered even if you die. It is too much,” The Economic Times quoted the bench comprising Justices Vikram Nath and Ahsanuddin Amanullah as saying during the hearing. The court also made it mandatory for Singh to attend the court on every hearing. Court records indicated that Credit Suisse had requested India’s highest court in March to begin contempt proceedings against Singh and SpiceJet for “a willful and intentional disobedience” of court orders and refusal to pay dues totaling several million dollars as per a settlement between the two parties. Due to a legal battle between Credit Suisse and SpiceJet over Credit Suisse’s supposed $24 million in unpaid debts, the Madras High Court ordered that the airline be shut down in 2021. Following an appeal against the high court’s decision, the top court decided to halt the winding-up process so that both sides may negotiate a settlement. Both parties notified the Supreme Court that a settlement had been reached in August 2022. However, Credit Suisse then launched a contempt lawsuit against managing director Ajay Singh in March, claiming that the airline and company secretary had failed to make payments as required by the conditions of the settlement. WATCH WION LIVE HERE

SpiceJet-Credit Suisse case: India’s Supreme Court presents Ajay Singh final chance to repay loans

Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes.

In after-hours trading, Apple shares were down 2.62 per cent at 5:01 a.m., according to the report. This fall came after a 3.6 per cent drop in New York on Wednesday, which Bloomberg reports was Apple's greatest single-day share price drop in just over a month. This decline defied a general upward trend for tech equities this year, during which the business had increased by 46 per cent.

It follows Wednesday’s claims that China had forbidden central government employees from using or bringing iPhones into the office, as well as this week’s launch of a new smartphone from Chinese company Huawei that may pose a threat to Apple’s dominant market share.

Presently, Apple is widely regarded in China, but it is facing criticism on several fronts. The unveiling of a high-speed competitor gadget from Huawei and the rumoured ban on iPhones in government buildings are two actions that could spell disaster. It might hurt sales in a crucial market that has been vital to the business’ success lately and contributed to the $74 billion in income it brought in previous year.

Apart from sales, Apple is at risk due to its dependence on Chinese manufacturing (nearly all major devices are made there), and the possible hostility from Beijing signalled by the ban could significantly impede its worldwide supply chain.

It is unclear how strictly Beijing’s iPhone ban would be enforced by the authorities. The Wall Street Journal, which broke the news of the prohibition, noted that it was unknown how broad it would apply and that it was an enlargement of a previous limitation that had been in effect at a small number of government agencies for years. While noting that certain central government authorities had received similar instructions, it stated that the order's reach was unknown.

Bloomberg hinted at a far wider extent when it confirmed the news on Thursday; both publications cited unnamed persons knowledgeable with the situation. According to Bloomberg, restrictions would apply to “a plethora of state-owned enterprises and other government-controlled organisations,” a designation that may include a broad range of institutions given Beijing’s influence over society, government, and the economy.

(With inputs from agencies)

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Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes.

Following reports that China, one of the company’s major markets, had prohibited government personnel from using iPhones as Beijing intensifies its continuing tech war with the US, Apple shares plummeted during after-hours trading on Thursday, following the company’s greatest single day loss in a month, according to a report by Forbes. In after-hours trading, Apple shares were down 2.62 per cent at 5:01 a.m., according to the report. This fall came after a 3.6 per cent drop in New York on Wednesday, which Bloomberg reports was Apple's greatest single-day share price drop in just over a month. This decline defied a general upward trend for tech equities this year, during which the business had increased by 46 per cent. It follows Wednesday’s claims that China had forbidden central government employees from using or bringing iPhones into the office, as well as this week’s launch of a new smartphone from Chinese company Huawei that may pose a threat to Apple’s dominant market share. Presently, Apple is widely regarded in China, but it is facing criticism on several fronts. The unveiling of a high-speed competitor gadget from Huawei and the rumoured ban on iPhones in government buildings are two actions that could spell disaster. It might hurt sales in a crucial market that has been vital to the business’ success lately and contributed to the $74 billion in income it brought in previous year. Apart from sales, Apple is at risk due to its dependence on Chinese manufacturing (nearly all major devices are made there), and the possible hostility from Beijing signalled by the ban could significantly impede its worldwide supply chain. It is unclear how strictly Beijing’s iPhone ban would be enforced by the authorities. The Wall Street Journal, which broke the news of the prohibition, noted that it was unknown how broad it would apply and that it was an enlargement of a previous limitation that had been in effect at a small number of government agencies for years. While noting that certain central government authorities had received similar instructions, it stated that the order's reach was unknown. Bloomberg hinted at a far wider extent when it confirmed the news on Thursday; both publications cited unnamed persons knowledgeable with the situation. According to Bloomberg, restrictions would apply to “a plethora of state-owned enterprises and other government-controlled organisations,” a designation that may include a broad range of institutions given Beijing’s influence over society, government, and the economy. (With inputs from agencies) WATCH WION LIVE HERE

Apple’s shares plummet after Beijing ban on iPhones: Report

The United States and Saudi Arabia are negotiating&nbsp;to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in&nbsp;The Wall Street Journal noted.

As per the report, a state-backed Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African nations like the Democratic Republic of the Congo, Guinea, and Namibia, granting U.S. businesses the opportunity to purchase some of the production.

For supply of cobalt, lithium, and other metals used in electric car batteries, laptops, and cellphones, the U.S. is racing with China.

Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale’s base metal unit in a similar deal in July, while American investment group Engine No. 1 acquired 3 per cent.

The newspaper reported that the PIF contacted Congo in June about investing&nbsp;$3 billion, through its joint venture with Ma’aden, into the country's cobalt, copper, and tantalum industries.

Manara -- the joint venture between the PIF and&nbsp;Ma'aden --&nbsp;is also concentrating on nickel, lithium, and iron ore.

The White House is looking for financial support from other sovereign wealth funds in the area, but according to the Journal, negotiations with Saudi Arabia have advanced the most.

(With inputs from Reuters)

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The United States and Saudi Arabia are negotiating to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in The Wall Street Journal noted.

The United States and Saudi Arabia are negotiating to obtain metals in Africa that are required to support the two nations as they make the transition to alternative energy sources, a source-based report in The Wall Street Journal noted. As per the report, a state-backed Saudi enterprise would purchase stakes in $15 billion worth of mining assets in African nations like the Democratic Republic of the Congo, Guinea, and Namibia, granting U.S. businesses the opportunity to purchase some of the production. For supply of cobalt, lithium, and other metals used in electric car batteries, laptops, and cellphones, the U.S. is racing with China. Saudi Arabian Mining Co (Ma'aden) and the Saudi Public Investment Fund (PIF) acquired 10 per cent of Brazilian Vale’s base metal unit in a similar deal in July, while American investment group Engine No. 1 acquired 3 per cent. The newspaper reported that the PIF contacted Congo in June about investing $3 billion, through its joint venture with Ma’aden, into the country's cobalt, copper, and tantalum industries. Manara -- the joint venture between the PIF and Ma'aden -- is also concentrating on nickel, lithium, and iron ore. The White House is looking for financial support from other sovereign wealth funds in the area, but according to the Journal, negotiations with Saudi Arabia have advanced the most. (With inputs from Reuters) WATCH WION LIVE HERE

US, Saudi Arabia are in dialogue to secure metals in Africa: Report

India’s external debt of&nbsp;$624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying.&nbsp;

In the preface to "India's External Debt: A Status Report 2022-23",&nbsp;which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.9 per cent.

The short-term debt, which accounts for 20.6 per cent of the total foreign borrowing and is primarily used to finance imports, made up the remaining 79.4 per cent of the total external debt, adding to its stability, she said.

“From a cross-country perspective, India's external debt position is better than most of the Low and Middle-Income Countries (LMICs) as measured by select vulnerability indicators, such as share of short-term debt in total external debt, external debt to GNI (Gross National Income), foreign exchange reserves to external debt and external debt to exports,” Hindustan Times quoted Sitharaman as saying.

According to the report, the debt service ratio for 2022–23 climbed slightly to 5.3 per cent from 5.2 per cent the year before, mostly as a result of an increase in debt service payments from $41.6 billion in 2021–22 to $49.2 billion in 2022–23.

The ratio of gross debt service payments, both principle and interest, to external current receipts, also known as the “debt service ratio”, shows how much foreign exchange reserves are used to offset principal and interest payments on the stock of foreign debt.

The report indicated that, an increase in debt service payments under commercial borrowings, including those from multilateral and bilateral sources (16.7 per cent), external assistance (17.2 per cent), and an increase under NRI deposits (31.7 per cent), together had an impact on the increase in gross external debt service payments from 2022 to 2023.

At $624.7 billion as of March 31, 2023, India's external debt is just 0.9 per cent (or $5.6 billion) greater than it was the previous year. As of March 31st 2023, foreign exchange reserves would have covered 92.6 per cent of the external debt.

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India’s external debt of $624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying. In the preface to "India's External Debt: A Status Report 2022-23", which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.

India’s external debt of $624.7 billion is manageable and moderate when seen globally, Hindustan Times cited Finance Minster Nirmala Sitharaman as saying. In the preface to "India's External Debt: A Status Report 2022-23", which was published earlier this month, Sitharaman noted that the ratio of external debt to GDP has decreased from 20 per cent at March 2022-23's end to 18.9 per cent. The short-term debt, which accounts for 20.6 per cent of the total foreign borrowing and is primarily used to finance imports, made up the remaining 79.4 per cent of the total external debt, adding to its stability, she said. “From a cross-country perspective, India's external debt position is better than most of the Low and Middle-Income Countries (LMICs) as measured by select vulnerability indicators, such as share of short-term debt in total external debt, external debt to GNI (Gross National Income), foreign exchange reserves to external debt and external debt to exports,” Hindustan Times quoted Sitharaman as saying. According to the report, the debt service ratio for 2022–23 climbed slightly to 5.3 per cent from 5.2 per cent the year before, mostly as a result of an increase in debt service payments from $41.6 billion in 2021–22 to $49.2 billion in 2022–23. The ratio of gross debt service payments, both principle and interest, to external current receipts, also known as the “debt service ratio”, shows how much foreign exchange reserves are used to offset principal and interest payments on the stock of foreign debt. The report indicated that, an increase in debt service payments under commercial borrowings, including those from multilateral and bilateral sources (16.7 per cent), external assistance (17.2 per cent), and an increase under NRI deposits (31.7 per cent), together had an impact on the increase in gross external debt service payments from 2022 to 2023. At $624.7 billion as of March 31, 2023, India's external debt is just 0.9 per cent (or $5.6 billion) greater than it was the previous year. As of March 31st 2023, foreign exchange reserves would have covered 92.6 per cent of the external debt. WATCH WION LIVE HERE

India’s external debt of $624.7 billion is controllable: Nirmala Sitharaman

In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has&nbsp;proposed&nbsp;to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg.&nbsp;

According to those&nbsp;sources, who requested anonymity, the corporation is willing to return $300 million of the distressed debt within three months if the amendment proposal is approved, and the remaining amount within the following three months. The sources added that the lenders are studying the idea and are looking for further information regarding how the payback will be funded.

For nearly a year, Byju’s and its lenders have been at odds while attempts to renegotiate the terms of their loan deal have fallen through. One of the largest term loans taken out by a startup in the world, the company decided to skip an interest payment, escalating the conflict that is the root of its growing hardship.

The five-year loan was raised by the company in 2021 to support its expansion outside of India; its parent company is officially known as Think &amp; Learn Pvt.

According to data gathered by Bloomberg, the loan is currently valued at 49.8 cents on the dollar. Generally, a rating below 70 is seen as distressed.

(With inputs from Bloomberg)

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In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has proposed to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg.

In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has proposed to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg. According to those sources, who requested anonymity, the corporation is willing to return $300 million of the distressed debt within three months if the amendment proposal is approved, and the remaining amount within the following three months. The sources added that the lenders are studying the idea and are looking for further information regarding how the payback will be funded. For nearly a year, Byju’s and its lenders have been at odds while attempts to renegotiate the terms of their loan deal have fallen through. One of the largest term loans taken out by a startup in the world, the company decided to skip an interest payment, escalating the conflict that is the root of its growing hardship. The five-year loan was raised by the company in 2021 to support its expansion outside of India; its parent company is officially known as Think & Learn Pvt. According to data gathered by Bloomberg, the loan is currently valued at 49.8 cents on the dollar. Generally, a rating below 70 is seen as distressed. (With inputs from Bloomberg) WATCH WION LIVE HERE

Byju’s surprises lenders with a $1.2 billion repayment offer

Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe.

In a bid to counter China's Belt and Road Initiative (BRI),&nbsp;the new economic corridor&nbsp;was jointly unveiled on Saturday by leaders from the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union in New Delhi.

Netanyahu said that Israel is the centre of a ground-breaking worldwide project that will connect infrastructure from Asia to Europe in a late-Saturday night video address.

“I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany. Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. This link will also realise a multi-year vision that will change the face of the Middle East, and Israel, and will affect the entire world,” he said.

The IMEC is being viewed as a potential substitute for the BRI, a large-scale project started by Chinese President Xi Jinping that has also received criticism over its debt sustainability, particularly from smaller countries.

In order to connect China, the world’s largest manufacturer, with Southeast Asia, Central Asia, the Gulf region, Africa, and Europe through a network of land and sea links, Xi introduced the BRI in 2013.

The IMEC’s declaration coincides with discussions about the rapprochement between Israel and Saudi Arabia. Although there are no diplomatic ties between the two nations, the Gulf state has recently been viewed to soften its stance towards Israel by allowing Israeli airlines to use its airspace.

“I would like to thank US President (Joe) Biden and his administration for the major effort that has led us to today's historic announcement. Several months ago, the US contacted us regarding the realisation of this historic opportunity. Since then, it has held urgent diplomatic contacts in order to bring about today's breakthrough,” he added.

According to him, the initiative will change&nbsp;the look of the area and make the dream of "normalising the Middle East" possible. The programme calls for the building of trains, a hydrogen pipelines, fibre optic communications lines, electrical cables, and additional infrastructure.

He added that the State of Israel will offer all of its skills, knowledge, drive, and dedication to the realisation of the biggest cooperative endeavour in its history. All government ministries would be given the green signal to collaborate in making this ambition a reality, he added.

In order for this vision to materialise as fast as possible, Netanyahu stated, “I have directed the National Security Council, in the Prime Minister’s Office, to coordinate the staff work and also the close cooperation with the US and other countries.”

(With inputs from PTI)

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Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe.

Israel’s Prime Minister Benjamin Netanyahu described the launch of the ambitious India-Middle East-Europe Economic Corridor (IMEC) as “major news” for Israelis and said it was the “largest cooperation project in our history” that would impact the Middle East, Israel, and the entire globe. In a bid to counter China's Belt and Road Initiative (BRI), the new economic corridor was jointly unveiled on Saturday by leaders from the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union in New Delhi. Netanyahu said that Israel is the centre of a ground-breaking worldwide project that will connect infrastructure from Asia to Europe in a late-Saturday night video address. “I welcome the statement that was released today by the United States, India, Saudi Arabia, the UAE and the European Union, as well as France, Italy and Germany. Israel is at the focus of an unprecedented international project that will link infrastructure from Asia to Europe. This link will also realise a multi-year vision that will change the face of the Middle East, and Israel, and will affect the entire world,” he said. The IMEC is being viewed as a potential substitute for the BRI, a large-scale project started by Chinese President Xi Jinping that has also received criticism over its debt sustainability, particularly from smaller countries. In order to connect China, the world’s largest manufacturer, with Southeast Asia, Central Asia, the Gulf region, Africa, and Europe through a network of land and sea links, Xi introduced the BRI in 2013. The IMEC’s declaration coincides with discussions about the rapprochement between Israel and Saudi Arabia. Although there are no diplomatic ties between the two nations, the Gulf state has recently been viewed to soften its stance towards Israel by allowing Israeli airlines to use its airspace. “I would like to thank US President (Joe) Biden and his administration for the major effort that has led us to today's historic announcement. Several months ago, the US contacted us regarding the realisation of this historic opportunity. Since then, it has held urgent diplomatic contacts in order to bring about today's breakthrough,” he added. According to him, the initiative will change the look of the area and make the dream of "normalising the Middle East" possible. The programme calls for the building of trains, a hydrogen pipelines, fibre optic communications lines, electrical cables, and additional infrastructure. He added that the State of Israel will offer all of its skills, knowledge, drive, and dedication to the realisation of the biggest cooperative endeavour in its history. All government ministries would be given the green signal to collaborate in making this ambition a reality, he added. In order for this vision to materialise as fast as possible, Netanyahu stated, “I have directed the National Security Council, in the Prime Minister’s Office, to coordinate the staff work and also the close cooperation with the US and other countries.” (With inputs from PTI) WATCH WION LIVE HERE

India-Middle East-Europe Economic Corridor to change the face of the Middle East: Israel PM

Russian foreign minister, Sergey Lavrov,&nbsp;on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added.&nbsp;

Following the establishment of the framework, India and Russia did settle their trade in rupees. Nevertheless, the system did not function as expected as Moscow swiftly built a surplus amounting to billions of rupees while New Delhi’s trade deficit widened due to an increase in oil imports.

According to the most recent official statistics, India’s imports from Russia&nbsp;increased by 132 per cent to $16.04 billion in April - June mostly as a result of New Delhi’s oil purchases from Moscow.&nbsp;

Though there was little time for Russia and India to discuss bilateral concerns at the Leaders’ Summit this past weekend, Lavrov said that he had a conversation with his Indian counterpart S. Jaishankar earlier this week on the margins of the ASEAN Summit. The 43rd ASEAN Summit was held in Indonesia on from September 6th to 7th.

Lavrov has already brought up Moscow’s worries about an influx of Indian rupees. He previously revealed to reporters in May that both nations were talking about ways to&nbsp;convert the rupees Moscow had accumulated into a different currency.

Russia may be given the opportunity to invest its accumulated rupees in accordance with the framework for rupee settlement released by the Reserve Bank of India (RBI) in July 2022.

Any excess rupees maintained in Vostro accounts, according to the framework, may be used for permitted capital and current account activities, such as payments for projects and investments, management of export and import advance flow, and investment in government securities, subject to restrictions and recommendations.

To enable trading in rupees abroad and maintain the flow of crude, Indian lenders opened special vostro accounts at Russian banks, notably Sberbank PJSC and VTB Bank PJSC.

According to a Reuters report dated August 1 that quoted bankers, Russia had primarily placed its excess rupees in short-term treasury bills as opposed to longer-term government bonds. Following this, the RBI on August 10 dispelled worries about the potential withdrawal of Russian investment in local government debt, saying it did not expect the domestic liquidity situation or the rupee’s exchange rate to come under pressure from such an outflow, without disclosing how much Russia may have invested in Indian government securities.

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Russian foreign minister, Sergey Lavrov, on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added.

Russian foreign minister, Sergey Lavrov, on September 10 said that Moscow has billions of rupees in Indian banks that are “unfortunately not currently usable”. However, India has suggested several ways in which this money could be invested, a Moneycontrol report added. Following the establishment of the framework, India and Russia did settle their trade in rupees. Nevertheless, the system did not function as expected as Moscow swiftly built a surplus amounting to billions of rupees while New Delhi’s trade deficit widened due to an increase in oil imports. According to the most recent official statistics, India’s imports from Russia increased by 132 per cent to $16.04 billion in April - June mostly as a result of New Delhi’s oil purchases from Moscow. Though there was little time for Russia and India to discuss bilateral concerns at the Leaders’ Summit this past weekend, Lavrov said that he had a conversation with his Indian counterpart S. Jaishankar earlier this week on the margins of the ASEAN Summit. The 43rd ASEAN Summit was held in Indonesia on from September 6th to 7th. Lavrov has already brought up Moscow’s worries about an influx of Indian rupees. He previously revealed to reporters in May that both nations were talking about ways to convert the rupees Moscow had accumulated into a different currency. Russia may be given the opportunity to invest its accumulated rupees in accordance with the framework for rupee settlement released by the Reserve Bank of India (RBI) in July 2022. Any excess rupees maintained in Vostro accounts, according to the framework, may be used for permitted capital and current account activities, such as payments for projects and investments, management of export and import advance flow, and investment in government securities, subject to restrictions and recommendations. To enable trading in rupees abroad and maintain the flow of crude, Indian lenders opened special vostro accounts at Russian banks, notably Sberbank PJSC and VTB Bank PJSC. According to a Reuters report dated August 1 that quoted bankers, Russia had primarily placed its excess rupees in short-term treasury bills as opposed to longer-term government bonds. Following this, the RBI on August 10 dispelled worries about the potential withdrawal of Russian investment in local government debt, saying it did not expect the domestic liquidity situation or the rupee’s exchange rate to come under pressure from such an outflow, without disclosing how much Russia may have invested in Indian government securities. WATCH WION LIVE HERE

India to offer Russia to invest trapped rupees: Sergey Lavrov

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

The G20 has committed to making multilateral lending effective against poverty.

“There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying.

He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty.

As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries.

“I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying.

The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources.

The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance.

In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change.

The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms.

According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard.

Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people.

He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.”

Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” &nbsp;He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations.

He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties.

He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there.

On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both&nbsp;expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco.

During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact.

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On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint.

On the sidelines of the G20 meeting in New Delhi, Ajay Banga, the president of the World Bank, stated that the organization’s mission is being revised to include the eradication of poverty on a “liveable planet” as part of ongoing changes, according to a report by Mint. The G20 has committed to making multilateral lending effective against poverty. “There’s a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it’s important, but to also include a liveable planet,” Mint quoted Banga as saying. He said the objective is to end poverty on a globe where people can live, and that by doing so, countries can broaden their perspectives to encompass climate change, pandemics, and fragility, all of which are linked to ending poverty. As a former Mastercard executive chairman, Banga brought to light the necessity for cooperation among multilateral development banks on issues of digital governance and climate change, as well as the inclusion of the private sector to encourage investments in renewable energy in developing countries. “I just announced a very big partnership with the Inter American Development Banks on the Amazon (region) on Caribbean climate and are digitising governance. We’ve also announced a private sector lab where N. Chandrasekharan (chairman) of Tata Sons is one of the members of that project led by (UN climate envoy) Mark Carney and (former UK minister) Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets,” Mint quoted Banga as saying. The Private Sector Investment Lab is concentrated on increasing financing for the infrastructure needed for the switch to renewable energy sources. The New Delhi G20 Leaders’ Declaration on Saturday endorsed a roadmap for putting the group’s independent review of multilateral development bank (MDB) capital adequacy frameworks (CAFs) into action. This could result in an additional $200 billion in lending headroom over the following ten years for the sustainable development goals (SDGs) and climate finance. In the statement, G20 leaders recognised the need for a global system of financing for development that could assist developing nations, “in particular the poorest and most vulnerable,” in overcoming economic obstacles such as those brought on by climate change. The chairman of one of the biggest development lenders in the world noted that as women made up more than 50 per cent of the employment, management, and social workforce, they needed to be “at the centre” of the reforms. According to Banga, there are currently gaps in senior management engagement, remuneration, and opportunities for social and personal growth all over the world. The issue also affects wealthy countries. He said he believed that countries should concentrate their efforts on involving at least 50 per cent of the populace in that regard. Since the developing world had a bigger percentage of a younger population, whose hopes represent the future, Banga suggested an equal focus must be placed on young people. He said, “The trick is to give them quality of life when they are growing up—clean air, water, education, healthcare—once they grow into new jobs. You do those two things for them, and then they become the engine of your future. So our first part is vision and inclusion.” Banga praised India’s initiatives to include the more than 1 billion members of the African Union into the G20, calling the action “excellent.” He said that just like India, the African continent is teeming with youthful people and that their success depends on their goals. He believes that India should be commended for pushing this effort; along with the assistance they received from other nations. He complimented India’s efforts to reach an agreement on all topics and claimed that the country has set a course for the globe during its G20 chairmanship despite difficulties. He believes that the declaration bears testament to the fact that the G20 leadership was able to compromise, find a fair solution, and establish a course for the globe. Saying that the G20 includes both rich and emerging nations, he noted that about 80 per cent of the global GDP was present there. On Sunday, Banga met with Nirmala Sitharaman, India’s Finance Minister. Both expressed enthusiasm for the expert group’s Volume 2 report on strengthening multilateral development banks, which will be presented at the 4th meeting of finance ministers and central bank governors in October in Morocco. During the conference, Banga committed to collaborating closely with the Ministry of Finance’s department of economic affairs to develop a market structure from the demand side of corporate social responsibility for optimising its social impact. WATCH WION LIVE HERE

World Bank to redefine vision to progress towards a ‘livable planet’: Ajay Banga

Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a&nbsp;Bloomberg&nbsp;report.

The regional director for the National Labour Relations Board in Seattle said in a complaint filed on Monday that Amazon had broken the law by making a confidentiality agreement a requirement of employment for a worker on its drone programme.&nbsp;

The complaint stated that the agreement forbade the disclosure of "business and financial information" as well as details of the company's "techniques, technology, practises, operations, and methods," even if the information is not labelled as secret.

Amazon was charged with infringing rights granted by federal workplace legislation, according to the complaint, which was submitted on behalf of the labour board's general counsel. It was claimed that this impacts workers at all of the company's US facilities.

Workers' freedom to discuss their working conditions with one another, with or without a union, is protected under the federal labour legislation.&nbsp;

Members of the National Labour Relations Board (NLRB) in Washington, where Democrats are in the majority, voted in August to create a new standard that makes it more difficult for businesses to defend workplace handbook policies that agency officials fear may have a chilling effect on workers' rights.

Regional NLRB directors file complaints with the agency, which are reviewed by agency judges whose decisions can be challenged in federal court after being reviewed by labour board members in Washington, DC. The government is unable to hold executives accountable for violations or levy punitive damages on businesses, but it can order them to amend any legally incompliant procedures.

In an interview, Cheddi Skeete, the former drone project manager who first brought the matter to the NLRB, expressed his concern about how excessively broad secrecy restrictions prevent workers from networking and job-hunting for fear of upsetting their current employers.

Skeete said he thinks the NLRB will assist in guaranteeing a fair balance between employers' need for privacy and employees' need to be allowed to discuss their job. Skeete filed a second discrimination and retaliation action against Amazon earlier this year. This might transform the corporate and technological landscapes, he told Bloomberg.

WATCH WION LIVE HERE

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Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a Bloomberg report.

Amazon Inc. has been accused by the US Labour Board prosecutors of enforcing unlawful confidentiality requirements on its employees, which may eventually lead the business to modify its confidentiality policies, as per a Bloomberg report. The regional director for the National Labour Relations Board in Seattle said in a complaint filed on Monday that Amazon had broken the law by making a confidentiality agreement a requirement of employment for a worker on its drone programme. The complaint stated that the agreement forbade the disclosure of "business and financial information" as well as details of the company's "techniques, technology, practises, operations, and methods," even if the information is not labelled as secret. Amazon was charged with infringing rights granted by federal workplace legislation, according to the complaint, which was submitted on behalf of the labour board's general counsel. It was claimed that this impacts workers at all of the company's US facilities. Workers' freedom to discuss their working conditions with one another, with or without a union, is protected under the federal labour legislation. Members of the National Labour Relations Board (NLRB) in Washington, where Democrats are in the majority, voted in August to create a new standard that makes it more difficult for businesses to defend workplace handbook policies that agency officials fear may have a chilling effect on workers' rights. Regional NLRB directors file complaints with the agency, which are reviewed by agency judges whose decisions can be challenged in federal court after being reviewed by labour board members in Washington, DC. The government is unable to hold executives accountable for violations or levy punitive damages on businesses, but it can order them to amend any legally incompliant procedures. In an interview, Cheddi Skeete, the former drone project manager who first brought the matter to the NLRB, expressed his concern about how excessively broad secrecy restrictions prevent workers from networking and job-hunting for fear of upsetting their current employers. Skeete said he thinks the NLRB will assist in guaranteeing a fair balance between employers' need for privacy and employees' need to be allowed to discuss their job. Skeete filed a second discrimination and retaliation action against Amazon earlier this year. This might transform the corporate and technological landscapes, he told Bloomberg. WATCH WION LIVE HERE

Amazon illegally silenced its drone employees: Labour Board  

Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported.

The volatility of the currency is “manageable,” according to Putin, who spoke on Tuesday at an economic conference in Vladivostok, a port city on the Pacific coast of Russia. The supply of foreign currency has been constrained, he claimed, since exporters have been “restrained” in bringing their profits home from overseas.

“We need to somehow come to an agreement with business, they have to understand&nbsp;and proceed from the fact that it is safer to work here,” Bloomberg quoted Putin as saying ,“Nothing drastic needs to be done.”

The debate over capital controls in Russia has been contentious, but there a limited need for restrictions on the flow of money now that the rouble is beginning to stabilise after seeing the third-largest loss among developing markets this year.

Although the rouble lost some of its gains against the dollar as Putin spoke, it is still expected to post gains for a third straight day.

Putin is still holding his yearly display in Vladivostok, which he started doing in 2015 to entice investment and establish relationships with Asia-Pacific nations.

The event has evolved to reflect Russia’s isolation despite its increasing reliance on trade with Asia; this year, the vice president of Laos was the most notable participant to attend a plenary session with Putin. Zhang Guoqing, the Vice Premier of China, was also present at the forum and spoke with Putin on Tuesday.

Prior to his meeting with Putin on Wednesday, North Korean leader Kim Jong Un came to Russia on Tuesday. It is unknown at this time whether he would attend the conference or hold talks there. One of the prominent attendees in 2022 was Min Aung Hlaing, the leader of the junta in Myanmar and a person under US sanctions for alleged breaches of human rights.

Expanding international trade, investments, and technological and scientific collaboration will be some of the forum’s themes this year, according to Putin, whose remarks were posted on the forum’s website.

Along with the decline in the value of energy export receipts and a rise in imports, a shift away from settling trade in the dollar and the euro has also reduced the flow of currency into Russia.

Late last month, when the Russian rouble briefly surpassed 100 per dollar, the topic of capital controls resurfaced in Moscow. As a result, officials decided to take informal steps to make sure there is sufficient foreign currency available in the domestic market.

Prior to the collapse of the rouble, Putin warned of the threat from rising prices and requested action to stop the movement of cash out of Russia and to lessen market volatility.

In August, when the rouble was under heavy selling pressure, the central bank declared it would stop buying foreign currencies for the remainder of the year before delivering a sharp increase in interest rates at an emergency meeting.

However, the rouble has continued to be extremely volatile, suffering from a decline in foreign commerce in the midst of a number of international sanctions related to the Kremlin’s conflict in Ukraine.

This Friday marks the next policy review by the Bank of Russia, which just increased its benchmark rate to 12 per cent from 8.5 per cent, the second straight hike and the sharpest since the days immediately following Russia’s invasion of Ukraine in February 2022.

The central bank “was forced” to implement the significant rate increase, according to Putin, in part “because inflation began to rise slightly.”

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Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported.

Following a temporary decline in the rouble last month, Russian President Vladimir Putin took a soothing stance on the currency’s future, indicating that the government is not planning to enact further capital controls to stabilise the currency, Bloomberg reported. The volatility of the currency is “manageable,” according to Putin, who spoke on Tuesday at an economic conference in Vladivostok, a port city on the Pacific coast of Russia. The supply of foreign currency has been constrained, he claimed, since exporters have been “restrained” in bringing their profits home from overseas. “We need to somehow come to an agreement with business, they have to understand and proceed from the fact that it is safer to work here,” Bloomberg quoted Putin as saying ,“Nothing drastic needs to be done.” The debate over capital controls in Russia has been contentious, but there a limited need for restrictions on the flow of money now that the rouble is beginning to stabilise after seeing the third-largest loss among developing markets this year. Although the rouble lost some of its gains against the dollar as Putin spoke, it is still expected to post gains for a third straight day. Putin is still holding his yearly display in Vladivostok, which he started doing in 2015 to entice investment and establish relationships with Asia-Pacific nations. The event has evolved to reflect Russia’s isolation despite its increasing reliance on trade with Asia; this year, the vice president of Laos was the most notable participant to attend a plenary session with Putin. Zhang Guoqing, the Vice Premier of China, was also present at the forum and spoke with Putin on Tuesday. Prior to his meeting with Putin on Wednesday, North Korean leader Kim Jong Un came to Russia on Tuesday. It is unknown at this time whether he would attend the conference or hold talks there. One of the prominent attendees in 2022 was Min Aung Hlaing, the leader of the junta in Myanmar and a person under US sanctions for alleged breaches of human rights. Expanding international trade, investments, and technological and scientific collaboration will be some of the forum’s themes this year, according to Putin, whose remarks were posted on the forum’s website. Along with the decline in the value of energy export receipts and a rise in imports, a shift away from settling trade in the dollar and the euro has also reduced the flow of currency into Russia. Late last month, when the Russian rouble briefly surpassed 100 per dollar, the topic of capital controls resurfaced in Moscow. As a result, officials decided to take informal steps to make sure there is sufficient foreign currency available in the domestic market. Prior to the collapse of the rouble, Putin warned of the threat from rising prices and requested action to stop the movement of cash out of Russia and to lessen market volatility. In August, when the rouble was under heavy selling pressure, the central bank declared it would stop buying foreign currencies for the remainder of the year before delivering a sharp increase in interest rates at an emergency meeting. However, the rouble has continued to be extremely volatile, suffering from a decline in foreign commerce in the midst of a number of international sanctions related to the Kremlin’s conflict in Ukraine. This Friday marks the next policy review by the Bank of Russia, which just increased its benchmark rate to 12 per cent from 8.5 per cent, the second straight hike and the sharpest since the days immediately following Russia’s invasion of Ukraine in February 2022. The central bank “was forced” to implement the significant rate increase, according to Putin, in part “because inflation began to rise slightly.” WATCH WION LIVE HERE

Putin expresses faith in the rouble, says ‘nothing drastic’ following crash