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After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds.

Bloomberg cited a statement posted Tuesday on the website of the finance ministry wherein, the government accepted offers from superannuation funds worth 3.2 trillion rupees ($10 billion).

The decision raises Sri Lanka’s prospects of passing the IMF’s first review of its $3 billion bailout, which will begin this week, opening the door to a payout of approximately $330 million by November.

The nation’s debt negotiations with holders of its international debt, including creditors like China and India, are currently the centre of attention.

Bloomberg quoted the South Asian economist from Standard Chartered Plc., Saurav Anand as saying, “It’s an important milestone for sure, but to complete the IMF review, the government will also need to reach an agreement with the bilateral lenders.” He further said that next month’s IMF proceedings and the Sri Lankan president’s visit to China are important areas of focus at present.

Sri Lanka is making headway in resolving its financial issues, joining some of the most insolvent countries in the world, such as Ghana and Zambia. Zambia became the first country to receive significant debt relief through the Common Framework of the Group of 20 nations in June. Zambia’s president, Hakainde Hichilema, is currently on a state visit to China.

Dollar bonds issued by the island’s government have returned 54 per cent to investors this year as investment flowed back after it received a bailout following months of food and fuel shortages. While a Bloomberg indicator of emerging market national debt has increased 3 per cent this year, Zambian dollar bonds, which are also undergoing restructuring, have increased by 20 per cent this year.

The foreign currency bonds due in 2030 remained stable at 45.4 cents on the dollar on Tuesday, according to indicative pricing reported by Bloomberg, while the Sri Lankan rupee fell 0.2 per cent.

The struggle to comply with IMF demands to maintain funding is seen in Egypt's and Pakistan's attempts to sell state assets despite the political dangers involved. Investors feared that these troubled nations could be the next to default.

Last year, a new administration was formed as a result of the political upheaval brought on by Sri Lanka’s economic collapse. After his predecessor Gotabaya Rajapaksa fled the country, President Ranil Wickremesinghe was chosen by parliament and is working to enact economic and constitutional reforms in an effort to reverse the trend.

According to Shehan Semasinghe, a junior finance minister, Sri Lanka is in talks with China, which has agreed to support the country’s debt restructuring.

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After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds.

After the country’s biggest economic crisis in decades caused widespread riots and the overthrow of its administration in 2022, Sri Lanka has moved closer to finishing its restructuring this year by exchanging defaulted local debt for fresh bonds. Bloomberg cited a statement posted Tuesday on the website of the finance ministry wherein, the government accepted offers from superannuation funds worth 3.2 trillion rupees ($10 billion). The decision raises Sri Lanka’s prospects of passing the IMF’s first review of its $3 billion bailout, which will begin this week, opening the door to a payout of approximately $330 million by November. The nation’s debt negotiations with holders of its international debt, including creditors like China and India, are currently the centre of attention. Bloomberg quoted the South Asian economist from Standard Chartered Plc., Saurav Anand as saying, “It’s an important milestone for sure, but to complete the IMF review, the government will also need to reach an agreement with the bilateral lenders.” He further said that next month’s IMF proceedings and the Sri Lankan president’s visit to China are important areas of focus at present. Sri Lanka is making headway in resolving its financial issues, joining some of the most insolvent countries in the world, such as Ghana and Zambia. Zambia became the first country to receive significant debt relief through the Common Framework of the Group of 20 nations in June. Zambia’s president, Hakainde Hichilema, is currently on a state visit to China. Dollar bonds issued by the island’s government have returned 54 per cent to investors this year as investment flowed back after it received a bailout following months of food and fuel shortages. While a Bloomberg indicator of emerging market national debt has increased 3 per cent this year, Zambian dollar bonds, which are also undergoing restructuring, have increased by 20 per cent this year. The foreign currency bonds due in 2030 remained stable at 45.4 cents on the dollar on Tuesday, according to indicative pricing reported by Bloomberg, while the Sri Lankan rupee fell 0.2 per cent. The struggle to comply with IMF demands to maintain funding is seen in Egypt's and Pakistan's attempts to sell state assets despite the political dangers involved. Investors feared that these troubled nations could be the next to default. Last year, a new administration was formed as a result of the political upheaval brought on by Sri Lanka’s economic collapse. After his predecessor Gotabaya Rajapaksa fled the country, President Ranil Wickremesinghe was chosen by parliament and is working to enact economic and constitutional reforms in an effort to reverse the trend. According to Shehan Semasinghe, a junior finance minister, Sri Lanka is in talks with China, which has agreed to support the country’s debt restructuring. WATCH WION LIVE HERE

Sri Lanka’s local bond swap agreement brings it nearer to IMF bailout

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Meta Platforms (META.O) is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

The Facebook parent is aiming for its new AI model to be ready next year, the Journal said, adding it will be several times more powerful than its commercial version dubbed Llama 2.

Llama 2 is Meta's open source AI language model launched in July, and distributed by Microsoft's (MSFT.O) cloud Azure services to compete with OpenAI's ChatGPT and Google's (GOOGL.O) Bard.

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The planned system, details of which could still change, would help other companies build services that produce sophisticated text, analysis and other output, the newspaper reported.

Meta expects to start training the new AI system, known as a large language model, in early 2024, the report added.

Meta did not immediately respond to a Reuters request for comment.

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Businesses and enterprises have flocked to the nascent generative AI market for newer capabilities and refining business processes since the launch of OpenAI's ChatGPT late last year.

Watch | Can India amplify the voice of the global south?

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Bloomberg News reported in July that Apple (AAPL.O) is working on AI offerings similar to OpenAI's ChatGPT and Google's Bard, adding that it has built its own framework, known as 'Ajax', to create large language models and is also testing a chatbot that some engineers call 'Apple GPT'.

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Meta Platforms (META.O) is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Meta Platforms (META.O) is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The Facebook parent is aiming for its new AI model to be ready next year, the Journal said, adding it will be several times more powerful than its commercial version dubbed Llama 2. Llama 2 is Meta's open source AI language model launched in July, and distributed by Microsoft's (MSFT.O) cloud Azure services to compete with OpenAI's ChatGPT and Google's (GOOGL.O) Bard. Also Read | Morocco Ambassador Maliki welcomes India's offer of assistance after deadly earthquake The planned system, details of which could still change, would help other companies build services that produce sophisticated text, analysis and other output, the newspaper reported. Meta expects to start training the new AI system, known as a large language model, in early 2024, the report added. Meta did not immediately respond to a Reuters request for comment. Also Read | India: Nipah virus alert in Kerala's Kozhikode after two 'unnatural deaths' reported in district Businesses and enterprises have flocked to the nascent generative AI market for newer capabilities and refining business processes since the launch of OpenAI's ChatGPT late last year. Watch | Can India amplify the voice of the global south? × Bloomberg News reported in July that Apple (AAPL.O) is working on AI offerings similar to OpenAI's ChatGPT and Google's Bard, adding that it has built its own framework, known as 'Ajax', to create large language models and is also testing a chatbot that some engineers call 'Apple GPT'. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Meta is developing a new, more powerful AI system: Report

On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027.

Since LEO satellites orbit 36 times closer to Earth than conventional ones, information is transmitted and received more quickly, improving broadband coverage even in remote locations.

The LEO constellation launched by Telesat is named Lightspeed.

“It is another big step forward on our path to get Lightspeed up there,” Reuters quoted Telesat CEO Dan Goldberg as saying.

The deal, which covers 14 launches, was not valued. According to the firm, the constellation will be deployed by the end of 2027, when Telesat intends to offer a global service. Each Falcon 9 rocket will be able to launch up to 18 satellites into orbit. This comes three years after the original deadline.

Telesat’s stock declined 5.3 per cent to Canadian $21.99 ($16.20), following an early trade gain of about 3.2 per cent.

Last month, Telesat said that by hiring Canada’s MDA Ltd to construct 198 satellites, it would save $2 billion. Thales Alenia Space received the contract in 2021.

Thales informed Telesat roughly two years ago that it could no longer match with the agreed price and timetable due to “COVID hit, and supply chain issues hit, and inflation hit,” Reuters cited Goldberg.

The 14 launches will be carried out by SpaceX, which “gives us scope to expand the constellation above and beyond the 198 (satellites) that we've committed to with MDA,” Goldberg told Reuters.

With the goal of serving corporate customers, such as mobile operators, governments, aircraft and shipping corporations, Telesat is entering the competitive new world of LEO networks.

The majority of the LEO competition, which also includes Jeff Bezos’ Blue Origin and its Project Kuiper and SpaceX’s Starlink network, is geared at the consumer market.

Large bulk launch contracts like Telesat’s SpaceX contract have significantly reduced the U.S. launch supply in recent years due to satellite constellations.

The largest commercial launch contract in history was won by Amazon in 2022 for 83 missions across different launch firms to deploy its Kuiper network. With the aid of its expanding Starlink constellation, SpaceX hopes to roughly double its current yearly launch rate by 2023.

(With inputs from Reuters)

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On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027.

On Monday, Canada’s Telesat said that it had reached a deal with SpaceX to begin launching its low-Earth orbit (LEO) satellites in 2026, with the intention of offering international internet access from space by the end of 2027. Since LEO satellites orbit 36 times closer to Earth than conventional ones, information is transmitted and received more quickly, improving broadband coverage even in remote locations. The LEO constellation launched by Telesat is named Lightspeed. “It is another big step forward on our path to get Lightspeed up there,” Reuters quoted Telesat CEO Dan Goldberg as saying. The deal, which covers 14 launches, was not valued. According to the firm, the constellation will be deployed by the end of 2027, when Telesat intends to offer a global service. Each Falcon 9 rocket will be able to launch up to 18 satellites into orbit. This comes three years after the original deadline. Telesat’s stock declined 5.3 per cent to Canadian $21.99 ($16.20), following an early trade gain of about 3.2 per cent. Last month, Telesat said that by hiring Canada’s MDA Ltd to construct 198 satellites, it would save $2 billion. Thales Alenia Space received the contract in 2021. Thales informed Telesat roughly two years ago that it could no longer match with the agreed price and timetable due to “COVID hit, and supply chain issues hit, and inflation hit,” Reuters cited Goldberg. The 14 launches will be carried out by SpaceX, which “gives us scope to expand the constellation above and beyond the 198 (satellites) that we've committed to with MDA,” Goldberg told Reuters. With the goal of serving corporate customers, such as mobile operators, governments, aircraft and shipping corporations, Telesat is entering the competitive new world of LEO networks. The majority of the LEO competition, which also includes Jeff Bezos’ Blue Origin and its Project Kuiper and SpaceX’s Starlink network, is geared at the consumer market. Large bulk launch contracts like Telesat’s SpaceX contract have significantly reduced the U.S. launch supply in recent years due to satellite constellations. The largest commercial launch contract in history was won by Amazon in 2022 for 83 missions across different launch firms to deploy its Kuiper network. With the aid of its expanding Starlink constellation, SpaceX hopes to roughly double its current yearly launch rate by 2023. (With inputs from Reuters) WATCH WION LIVE HERE

Canada’s Telesat joins hands with SpaceX to launch broadband satellites: Report

As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft.&nbsp;

Dawn reports that&nbsp;over the next few months, PIA's core functions and non-core assets are expected to be put up for sale.

<h2>Grounding aircraft</h2>

Just last week, Pakistan's Ministry of Aviation issued a stern warning and told the federal government that the airline&nbsp;is grappling with a severe cash flow crisis.&nbsp;

This, the ministry said, has led to arrears with creditors, aircraft lessors, fuel suppliers, insurers, international and domestic airport operators, and even the International Air Transport Association (IATA).

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/landmine-explosion-in-pakistans-peshawar-injures-at-least-five-634777">'Landmine' explosion in Pakistan's Peshawar injures 11, one FC personnel killed</a>

Due to this, Pakistan's national flag carrier has now been compelled to ground five of its 13 leased aircraft, said the ministry, adding that four more aircraft face a similar fate.

<h2>Cash injection to save dying airline</h2>

The Ministry of Aviation, as per Dawn, also reported that Boeing and Airbus were on the verge of discontinuing the supply of spare parts by mid-September.

Amid mounting concerns, the ministry has requested an immediate "cash injection" of 23 billion Pakistani Rupee (around 77.3 million USD). It has also asked for the suspension of duties, taxes and service charges to domestic agencies.

However, Dawn reports that these requests were not accompanied by a concrete and viable business plan.

The restructuring of PIA is a complex process expected to take around eight months, it added.

<h2>Pakistan International Airlines' losses</h2>

PIA, which was once known for its slogan "Great People to Fly With," has faced mounting losses since the late 1990s.&nbsp;

The airline's financial difficulties have been attributed to competition from emerging regional airlines, mismanagement, and insufficient funding for fleet expansion.&nbsp;

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As of December 31, 2022, PIA's debt and liabilities stood at Rs 743 billion ($2.50 billion), five times more than the total value of its assets. Its losses for the last financial year (2022-23) stood at Rs 86.5 billion ($291 million) said the aviation ministry.

"If the situation continues as such, PIA's debt and liabilities will rise to Rs 1,977 bn ($6.65 billion) and its annual losses will rise to Rs 259bn ($871 million) per annum by 2030," it added. The ministry also warned that Rs 383 billion ($1.29 billion) of the current debt liability of PIA stood underwritten by the government of Pakistan, which it said, as the 92 per cent owner, had the responsibility for the remaining payables.

(With inputs from agencies)

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As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft. Dawn reports that over the next few months, PIA's core functions and non-core assets are expected to be put up for sale.

As it struggles to secure funds to maintain its operations, Pakistan International Airlines (PIA) has reportedly resorted to grounding several aircraft. Dawn reports that over the next few months, PIA's core functions and non-core assets are expected to be put up for sale. Grounding aircraft Just last week, Pakistan's Ministry of Aviation issued a stern warning and told the federal government that the airline is grappling with a severe cash flow crisis. This, the ministry said, has led to arrears with creditors, aircraft lessors, fuel suppliers, insurers, international and domestic airport operators, and even the International Air Transport Association (IATA). Also read | 'Landmine' explosion in Pakistan's Peshawar injures 11, one FC personnel killed Due to this, Pakistan's national flag carrier has now been compelled to ground five of its 13 leased aircraft, said the ministry, adding that four more aircraft face a similar fate. Cash injection to save dying airline The Ministry of Aviation, as per Dawn, also reported that Boeing and Airbus were on the verge of discontinuing the supply of spare parts by mid-September. Amid mounting concerns, the ministry has requested an immediate "cash injection" of 23 billion Pakistani Rupee (around 77.3 million USD). It has also asked for the suspension of duties, taxes and service charges to domestic agencies. However, Dawn reports that these requests were not accompanied by a concrete and viable business plan. The restructuring of PIA is a complex process expected to take around eight months, it added. Pakistan International Airlines' losses PIA, which was once known for its slogan "Great People to Fly With," has faced mounting losses since the late 1990s. The airline's financial difficulties have been attributed to competition from emerging regional airlines, mismanagement, and insufficient funding for fleet expansion. Also read | Pakistani police recover five children from Sara Sharif’s grandfather’s house As of December 31, 2022, PIA's debt and liabilities stood at Rs 743 billion ($2.50 billion), five times more than the total value of its assets. Its losses for the last financial year (2022-23) stood at Rs 86.5 billion ($291 million) said the aviation ministry. "If the situation continues as such, PIA's debt and liabilities will rise to Rs 1,977 bn ($6.65 billion) and its annual losses will rise to Rs 259bn ($871 million) per annum by 2030," it added. The ministry also warned that Rs 383 billion ($1.29 billion) of the current debt liability of PIA stood underwritten by the government of Pakistan, which it said, as the 92 per cent owner, had the responsibility for the remaining payables. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan's national carrier forced to ground aircraft amid severe financial crisis

In a bid to secure vital metals for their respective energy transitions, the United States and Saudi Arabia are engaged in talks that could reshape the global electric vehicle supply chain.

US and Saudi Arabia in talks for metals partnership in Africa

Uber Technologies Inc. is reportedly in the early stages of developing a new service, internally known as "Chore" which resembles TaskRabbit and offers app users the ability to hire individuals for various tasks beyond just driving and deliveries. Bloomberg reported that hidden code strings within Uber's iPhone app have revealed the existence of a potential new service called "Chore."

According to the code, which was found out by developer Steve Moser who shared the information with Bloomberg News, users will have the option to hire a "tasker" for a minimum duration of one hour. When using the app, customers will be prompted to specify the nature of the task, estimate its duration, and select a preferred arrival time for the tasker.&nbsp;

<h2>Requesting services via app</h2>

Just like ordering a ride or food delivery through Uber's app, users will need to provide the task's address, review their request details, and then press a button to submit the request. The app will calculate the cost based on the estimated time required to complete the task.

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While the code does not specify examples of chores. Similar services like TaskRabbit Inc. and Angi Inc. already offer a wide range of tasks. It includes TV mounting, appliance repair, cleaning, moving assistance, and furniture assembly.

<h2>Uber's response</h2>

Uber has not officially commented on these code findings. It's important to note that the development of "Chore" is still reportedly in its early stages, and there is no guarantee that Uber will ultimately launch this service or provide a timeline for its potential release.

Also Read | <a href="https://www.wionews.com/business-economy/us-saudi-arabia-are-in-dialogue-to-secure-metals-in-africa-report-634827">US, Saudi Arabia are in dialogue to secure metals in Africa: Report</a>

The company often tests new features in select regions before rolling them out globally.

<h2>Expanding into tasking</h2>

Entering the tasking market would represent a significant expansion for Uber.

While the company achieved its first-ever operating profit in the last quarter and experienced a 14 percent increase in sales, this growth rate was the slowest since Q1 2021.

As a result, Uber is exploring new avenues for growth and additional revenue streams.

Watch | Morocco Earthquake: Death toll rises to over 2,122 rescue operation underway

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In the past, the ride-hailing giant experimented with services like "Errands," offering assistance with tasks such as flower delivery and online order returns.

<h2>AI chatbot&nbsp;</h2>

In addition to the "Chore" service, previous code findings have also hinted at Uber's work on an AI-powered chatbot to enhance and expedite the ordering process within Uber Eats. These initiatives reflect Uber's ongoing efforts to diversify its offerings and find new ways to engage its customer base.

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&nbsp;

Uber Technologies Inc. is reportedly in the early stages of developing a new service, internally known as "Chore" which resembles TaskRabbit and offers app users the ability to hire individuals for various tasks beyond just driving and deliveries.

Uber Technologies Inc. is reportedly in the early stages of developing a new service, internally known as "Chore" which resembles TaskRabbit and offers app users the ability to hire individuals for various tasks beyond just driving and deliveries. Bloomberg reported that hidden code strings within Uber's iPhone app have revealed the existence of a potential new service called "Chore." According to the code, which was found out by developer Steve Moser who shared the information with Bloomberg News, users will have the option to hire a "tasker" for a minimum duration of one hour. When using the app, customers will be prompted to specify the nature of the task, estimate its duration, and select a preferred arrival time for the tasker. Requesting services via app Just like ordering a ride or food delivery through Uber's app, users will need to provide the task's address, review their request details, and then press a button to submit the request. The app will calculate the cost based on the estimated time required to complete the task. Also Read | Egypt protests Ethiopia's Nile dam filling, labels move 'Illegal' While the code does not specify examples of chores. Similar services like TaskRabbit Inc. and Angi Inc. already offer a wide range of tasks. It includes TV mounting, appliance repair, cleaning, moving assistance, and furniture assembly. Uber's response Uber has not officially commented on these code findings. It's important to note that the development of "Chore" is still reportedly in its early stages, and there is no guarantee that Uber will ultimately launch this service or provide a timeline for its potential release. Also Read | US, Saudi Arabia are in dialogue to secure metals in Africa: Report The company often tests new features in select regions before rolling them out globally. Expanding into tasking Entering the tasking market would represent a significant expansion for Uber. While the company achieved its first-ever operating profit in the last quarter and experienced a 14 percent increase in sales, this growth rate was the slowest since Q1 2021. As a result, Uber is exploring new avenues for growth and additional revenue streams. Watch | Morocco Earthquake: Death toll rises to over 2,122 rescue operation underway × In the past, the ride-hailing giant experimented with services like "Errands," offering assistance with tasks such as flower delivery and online order returns. AI chatbot In addition to the "Chore" service, previous code findings have also hinted at Uber's work on an AI-powered chatbot to enhance and expedite the ordering process within Uber Eats. These initiatives reflect Uber's ongoing efforts to diversify its offerings and find new ways to engage its customer base. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Uber expanding beyond rides, deliveries with 'chore' service: Report

To boost foreign inflows into India’s manufacturing and industrial sectors, New Delhi plans to liberalise foreign investments in the ‘non-services sector’ by offering safeguards against future political and economic risks to potential investors on their pre-investment activities.

Sources said the Department for Promotion of Industry and Internal Trade (DPIIT) could soon be deployed to negotiate a chapter on investment liberalisation in the ‘non-services sector’ in the ongoing Free Trade Agreement (FTA) discussions.

The chapter could include ‘pre-establishment’ protection in ‘non-services sector’ whereby investors would get bilateral treaty protection through State-State Dispute Settlement (SSDS) on their pre-investment activities before the venture is established in the territory of either country, they said.

This is a major turnaround from India’s stand since 2015 when New Delhi decided to shun ‘pre-establishment’ obligations to investments in the non-services sector as it risked limiting the country’s policy space, and it revised the Model Bilateral Investment Treaty (BIT) to allow treaty protection to investments only after the ventures were established.

Model BIT 2015 says: "…nothing in this Treaty shall extend to any pre-investment activity related to establishment, acquisition or expansion of any investment, or to any measure related to such pre-investment activities, including terms and conditions under such measure which continue to apply post-investment to the management, conduct, operation, sale or other disposition of such investments”.

Presently, India provides liberalisation commitments in the pre-establishment phase only in the ‘services sector’ while its post-establishment protection is covered in the BIT.

Traditionally, investment treaties have been protective (post-establishment) but as the global trade evolved, these treaties came to encompass liberalisation (pre-establishment) elements as well such as the North American Free Trade Agreement (NAFTA) in 1994.

Development of new consumption trends, altered patterns of international production, emergence of global value chains, more and easier access to market information, and a tougher international competitive environment have affected the way nations negotiate investment treaties.

Sources said India’s thinking is to replace the present Investor-State Dispute Settlement Mechanism which has been the major cause for the country’s cautious 2015 BIT due to adverse arbitration awards against it. Instead, dispute resolutions would be through State-State Dispute Settlement Mechanism.

They said the bilateral treaties would explicitly list the specific sectors where investment commitments would be protected, rather than issue a negative list where each side is considered to have liberalised all sectors, except those highlighted as ‘No Go’ areas.

Also read |<a href="https://www.wionews.com/business-economy/nvidia-indias-reliance-strike-ai-partnership-for-apps-language-models-633792">&nbsp;Nvidia, India's Reliance strike AI partnership for apps, language models</a>

India’s attempts to conclude international investment agreements (IIAs) have yielded limited success as FTAs with&nbsp;Australia,&nbsp;Mauritius, and the&nbsp;United Arab Emirates (UAE) do not contain provisions for overall protection and the standalone BITs with Brazil, Belarus and Kyrgyzstan are not yet in force. FTA negotiations with the United Kingdom, the European Union (EU) and Canada, including for an investment chapter, are ongoing.

Also watch |&nbsp;G20 Summit 2023: How much financial loss will Delhi's most popular markets bear due to closures?

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The Parliamentary Consultative Committee of the Ministry of Commerce &amp; Industry on ‘New Foreign Trade Policy 2021-26’ found&nbsp;“the number of BITs/Investment Agreements signed post 2015 and the number under negotiations as inadequate and not commensurate with the growth of India’s interest in this domain and her rising stature in global affairs”.

&nbsp;

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To boost foreign inflows into India’s manufacturing and industrial sectors, New Delhi plans to liberalise foreign investments in the ‘non-services sector’ by offering safeguards against future political and economic risks to potential investors on their pre-investment activities.

To boost foreign inflows into India’s manufacturing and industrial sectors, New Delhi plans to liberalise foreign investments in the ‘non-services sector’ by offering safeguards against future political and economic risks to potential investors on their pre-investment activities. Sources said the Department for Promotion of Industry and Internal Trade (DPIIT) could soon be deployed to negotiate a chapter on investment liberalisation in the ‘non-services sector’ in the ongoing Free Trade Agreement (FTA) discussions. The chapter could include ‘pre-establishment’ protection in ‘non-services sector’ whereby investors would get bilateral treaty protection through State-State Dispute Settlement (SSDS) on their pre-investment activities before the venture is established in the territory of either country, they said. This is a major turnaround from India’s stand since 2015 when New Delhi decided to shun ‘pre-establishment’ obligations to investments in the non-services sector as it risked limiting the country’s policy space, and it revised the Model Bilateral Investment Treaty (BIT) to allow treaty protection to investments only after the ventures were established. Model BIT 2015 says: "…nothing in this Treaty shall extend to any pre-investment activity related to establishment, acquisition or expansion of any investment, or to any measure related to such pre-investment activities, including terms and conditions under such measure which continue to apply post-investment to the management, conduct, operation, sale or other disposition of such investments”. Presently, India provides liberalisation commitments in the pre-establishment phase only in the ‘services sector’ while its post-establishment protection is covered in the BIT. Traditionally, investment treaties have been protective (post-establishment) but as the global trade evolved, these treaties came to encompass liberalisation (pre-establishment) elements as well such as the North American Free Trade Agreement (NAFTA) in 1994. Development of new consumption trends, altered patterns of international production, emergence of global value chains, more and easier access to market information, and a tougher international competitive environment have affected the way nations negotiate investment treaties. Sources said India’s thinking is to replace the present Investor-State Dispute Settlement Mechanism which has been the major cause for the country’s cautious 2015 BIT due to adverse arbitration awards against it. Instead, dispute resolutions would be through State-State Dispute Settlement Mechanism. They said the bilateral treaties would explicitly list the specific sectors where investment commitments would be protected, rather than issue a negative list where each side is considered to have liberalised all sectors, except those highlighted as ‘No Go’ areas. Also read | Nvidia, India's Reliance strike AI partnership for apps, language models India’s attempts to conclude international investment agreements (IIAs) have yielded limited success as FTAs with Australia, Mauritius, and the United Arab Emirates (UAE) do not contain provisions for overall protection and the standalone BITs with Brazil, Belarus and Kyrgyzstan are not yet in force. FTA negotiations with the United Kingdom, the European Union (EU) and Canada, including for an investment chapter, are ongoing. Also watch | G20 Summit 2023: How much financial loss will Delhi's most popular markets bear due to closures? The Parliamentary Consultative Committee of the Ministry of Commerce & Industry on ‘New Foreign Trade Policy 2021-26’ found “the number of BITs/Investment Agreements signed post 2015 and the number under negotiations as inadequate and not commensurate with the growth of India’s interest in this domain and her rising stature in global affairs”. WATCH WION LIVE HERE:

Excl: India may liberalise foreign investment in non-services sector through ‘pre-establishment’ protection

There's no relief in sight for Argentina's troubled Peso. It is at risk of suffering another devaluation after this year's presidential election. A recent Reuters poll shows that the Peso is expected to trade at 419.8 per dollar in 3 months. This would imply a 16.6% devaluation on the heels of the October 22 presidential election.

Another round of devaluation likely after polls :Reports | Argentina

US tech giant Apple's shares dropped sharply for the second consecutive day on Thursday, leading to its market value falling by nearly $200 billion. The rout in Apple shares was triggered by reports that China planned to extend a ban on the use of iPhones to government-backed organisations and state corporations.

While Apple fell seven&nbsp;per cent in just two days, shares of other tech companies like Qualcomm, Micron Technology, Microsoft and Nvidia too declined as&nbsp;fears of repercussions gripped the broader US technology sector.

The news of a potential ban by China spooked investors as they began selling off a variety of assets, including semiconductors, mega-cap technologies, and Chinese equities traded in the United States.&nbsp;

Apart from&nbsp;Apple, several other American technology firms that depend on sales and manufacturing in China now fear that they may be impacted by Beijing's potential ban at some point of time. &nbsp;

Apple relies heavily on the Chinese market and infrastructure for production. But slumping demand for due to the prolonged real estate market crisis has hit Apple's revenue margins.&nbsp;

Apple's woes have been compounded by a rise in the US Treasury rates, as investors sell bonds on expectations that the Federal Reserve may have to up its battle against inflation.

Meanwhile, taking aim at Apple's exclusive tap-to-pay system, the top consumer watchdog in the United States cautioned tech companies against being unduly restrictive in providing access to payment applications, as it writes regulations surrounding the sharing of customer financial data.

The Consumer Financial Protection Bureau warned that Apple and Alphabet's Google Pay, which together control the vast majority of the mobile device tap-to-pay market, might limit final users' choice.

The bureau plans to issue open banking laws in the next months. These regulations would effectively control how financial institutions disclose customer data.

US tech giant Apple's shares dropped sharply for the second consecutive day on Thursday, leading to its market value falling by nearly $200 billion. The rout in Apple shares was triggered by reports that China planned to extend a ban on the use of iPhones to government-backed organisations and state corporations.

US tech giant Apple's shares dropped sharply for the second consecutive day on Thursday, leading to its market value falling by nearly $200 billion. The rout in Apple shares was triggered by reports that China planned to extend a ban on the use of iPhones to government-backed organisations and state corporations. While Apple fell seven per cent in just two days, shares of other tech companies like Qualcomm, Micron Technology, Microsoft and Nvidia too declined as fears of repercussions gripped the broader US technology sector. The news of a potential ban by China spooked investors as they began selling off a variety of assets, including semiconductors, mega-cap technologies, and Chinese equities traded in the United States. Apart from Apple, several other American technology firms that depend on sales and manufacturing in China now fear that they may be impacted by Beijing's potential ban at some point of time. Apple relies heavily on the Chinese market and infrastructure for production. But slumping demand for due to the prolonged real estate market crisis has hit Apple's revenue margins. Apple's woes have been compounded by a rise in the US Treasury rates, as investors sell bonds on expectations that the Federal Reserve may have to up its battle against inflation. Meanwhile, taking aim at Apple's exclusive tap-to-pay system, the top consumer watchdog in the United States cautioned tech companies against being unduly restrictive in providing access to payment applications, as it writes regulations surrounding the sharing of customer financial data. The Consumer Financial Protection Bureau warned that Apple and Alphabet's Google Pay, which together control the vast majority of the mobile device tap-to-pay market, might limit final users' choice. The bureau plans to issue open banking laws in the next months. These regulations would effectively control how financial institutions disclose customer data.

US tech giant Apple loses $200 billion in 2 days. And there's a China connection

US President Joe Biden arrives at this weekend's G20 meeting in India with a bold offer for the global south. As China's economy faces challenges, president Biden is armed with cash for the world bank and promises of sustained US engagement. President Biden's strategy centers around reform proposals for the world bank and increased funding for climate and infrastructure aid in developing nations.

US challenges China's belt and road

Imbue, a startup building large language models to power artificial intelligence tools, has raised $200 million from investors, including Nvidia, at a valuation of over $1 billion.

The CEO of General Motors's self-driving unit cruise, Kyle Vogt, participated in the investment round, which was headed by Jed Mccaleb's Astera Institute, a charity formed by the cryptocurrency millionaire.&nbsp;

US publication Forbes reported that the sum was 10 times the amount the firm had previously raised.

As a reflection of the hype around artificial intelligence and the hefty expenses of training AI models using massive troves of web data, Imbue is one of a rising number of ai firms receiving significant rounds this year.&nbsp;

To keep up with larger tech firms in the areas of model development and deployment, startups like OpenAI, Anthropic, Cohere, and Inflection AI have raised hundreds of millions of dollars.

"Cash is much easier to come by than compute. We managed to get our compute quite early because we saw this coming. We are very excited to have both," Imbue co-founder and CEO Kanjun Qiu said in an interview with Bloomberg Television.&nbsp;

According to Qiu, "all cash" was used for Nvidia's investment.&nbsp;

Imbue boasts that it has access to 10,000 of Nvidia's high-powered graphics processing units (GPUs), which are much sought after by AI firms developing huge language models.&nbsp;

Qiu has founded two more companies: Sourceress, an AI recruitment firm, and Ember Hardware, a virtual reality hardware company.&nbsp;

The firm is unusual in that its CEO is a woman, and it is an AI unicorn. The term unicorn is used when a startup is valued over $1 billion.

Imbue, formerly known as Generally Intelligent, is dedicated to developing so-called artificially intelligent agents with the capacity to reason and think.&nbsp;

Despite the increased interest in AI chatbots like ChatGPT, the tools at their disposal might be hindered by inaccurate and even illogical replies.&nbsp;

Some in the tech sector are working to create ai agents that can do things like market research and place supply orders on the user's behalf.

Imbue, a startup building large language models to power artificial intelligence tools, has raised $200 million from investors, including Nvidia, at a valuation of over $1 billion.

Imbue, a startup building large language models to power artificial intelligence tools, has raised $200 million from investors, including Nvidia, at a valuation of over $1 billion. The CEO of General Motors's self-driving unit cruise, Kyle Vogt, participated in the investment round, which was headed by Jed Mccaleb's Astera Institute, a charity formed by the cryptocurrency millionaire. US publication Forbes reported that the sum was 10 times the amount the firm had previously raised. As a reflection of the hype around artificial intelligence and the hefty expenses of training AI models using massive troves of web data, Imbue is one of a rising number of ai firms receiving significant rounds this year. To keep up with larger tech firms in the areas of model development and deployment, startups like OpenAI, Anthropic, Cohere, and Inflection AI have raised hundreds of millions of dollars. "Cash is much easier to come by than compute. We managed to get our compute quite early because we saw this coming. We are very excited to have both," Imbue co-founder and CEO Kanjun Qiu said in an interview with Bloomberg Television. According to Qiu, "all cash" was used for Nvidia's investment. Imbue boasts that it has access to 10,000 of Nvidia's high-powered graphics processing units (GPUs), which are much sought after by AI firms developing huge language models. Qiu has founded two more companies: Sourceress, an AI recruitment firm, and Ember Hardware, a virtual reality hardware company. The firm is unusual in that its CEO is a woman, and it is an AI unicorn. The term unicorn is used when a startup is valued over $1 billion. Imbue, formerly known as Generally Intelligent, is dedicated to developing so-called artificially intelligent agents with the capacity to reason and think. Despite the increased interest in AI chatbots like ChatGPT, the tools at their disposal might be hindered by inaccurate and even illogical replies. Some in the tech sector are working to create ai agents that can do things like market research and place supply orders on the user's behalf.

AI startup Imbue tops $1 billion valuation

The United Kingdom (UK) will not change its immigration policy to help secure a free trade deal with India, a spokesperson of Prime Minister Rishi Sunak said on Thursday (September 8).

The United Kingdom (UK) will not change its immigration policy to help secure a free trade deal with India, a spokesperson of Prime Minister Rishi Sunak said on Thursday (September 8). Addressing a press conference, the spokesperson said Prime Minister Sunak believed that the current levels of immigration were too high. "To be crystal clear, there are no plans to change our immigration policy to achieve this free trade agreement and that includes student visas," the spokesperson added. According to a report by the news agency Reuters, there is growing optimism that a free trade deal between India and the UK could conclude this year as both countries agreed on the broad contours of the pact. Sunak, who will be participating in the G20 summit in New Delhi this weekend, told his ministers this week that negotiations were progressing but that he would only agree on an approach that worked for the whole of Britain. Britain to discuss temporary visas as part of trade talks: Minister Last year, UK's Interior Minister Suella Braverman sparked a row with remarks about the possible impact of Indian migrants in trade talks, citing concern both with any "open borders migration policy with India" and those who overstay visas. Also read | Sunak says working closely with India to tackle threat from pro-Khalistan extremism In June this year, Trade Minister Kemi Badenoch said Britain would discuss temporary business visas as part of trade talks but not broader immigration commitments or access to Britain's labour market for Indian workers. During the G20 summit, UK PM Sunak and his Indian counterpart Narendra Modi are expected to hold bilateral talks and they will discuss progress in the trade deal, the Financial Times reported on Thursday. UK to urge India to call out Russia over its offensive in Ukraine Meanwhile, during the G20 summit, Sunak will also urge Modi to call out Russia over its offensive in Ukraine and use its clout to help end the war, the Financial Times reported. Reuters earlier reported that Sunak would also discuss progress towards circumventing Russia's Black Sea grain blockade with G20 leaders. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

PM Sunak says UK will not change immigration policy to secure trade deal with India

The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported.

According to data gathered by rating agency CRISIL, homemade vegetarian thali preparation cost decreased to Rs 33.8 ($0.41) in August from Rs 34 ($0.41) in July, while non-vegetarian thali preparation cost marginally down to Rs 67.3 ($0.81) in August from Rs 67.6 ($0.81) in July.

On a year-over-year (YoY) basis, both categories’ expenses dramatically increased. When compared to the same month last year, the price of a vegetarian thali in August was 24 per cent&nbsp;higher. It was Rs 27.2 ($0.33) in August 2022.

A non-vegetarian thali increased in price by 13 per cent year over year, from Rs 59.8 ($0.72) in August 2022 to Rs 67.3 ($0.81) in August 2023.

The price of tomatoes, which increased by 176 per cent&nbsp;YoY to Rs 102 per kg ($1.23) in August 2023 from Rs 37 per kg ($0.45) in the same month the previous year, may be blamed for 21 per cent of the total increase in vegetarian thali's cost.

Tomato prices have dropped to about Rs 50 per kg ($0.60) after reaching a record high of over Rs 250 per kg ($3.01) in late July and early August.

The rating agency stated that expenses may start to level down as the retail price of tomatoes has decreased by half month-over-month to Rs 51 per kg ($0.61) in September. Additionally, starting in September, a 14.2 kg LPG cylinder will cost Rs 903 ($10.90) instead of the Rs 1,103 ($13.31) it did in August in Delhi. For customers, this will be a relief.

A vegetarian thali, for the sake of statistical consistency, consists of roti, vegetables (onion, tomato, and potato), rice, dal, curd, and salad. Chicken is used in place of dal for a non-vegetarian thali.

As most goods saw YoY price increases in August, the cost of food remained close to record highs despite the slight dip. Onion prices increased by 8 per cent, chili prices by 20 per cent, and cumin prices by 158 per cent YoY in August, which led to a 1 per cent increase in the price of vegetarian thali for the month.

The cost increase for non-vegetarian thali increased more slowly since broilers, which account for more than 50 per cent of the price, are thought to have increased between 1-3 per cent YoY.

However, a 17 per cent YoY drop in vegetable oil prices and a 14 per cent rise in potato prices helped to at least partially offset the expense of both thalis.

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The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported.

The average price of a household thali in India decreased slightly in August compared to the previous month, mainly because tomato prices fell significantly, Deccan Herald reported. According to data gathered by rating agency CRISIL, homemade vegetarian thali preparation cost decreased to Rs 33.8 ($0.41) in August from Rs 34 ($0.41) in July, while non-vegetarian thali preparation cost marginally down to Rs 67.3 ($0.81) in August from Rs 67.6 ($0.81) in July. On a year-over-year (YoY) basis, both categories’ expenses dramatically increased. When compared to the same month last year, the price of a vegetarian thali in August was 24 per cent higher. It was Rs 27.2 ($0.33) in August 2022. A non-vegetarian thali increased in price by 13 per cent year over year, from Rs 59.8 ($0.72) in August 2022 to Rs 67.3 ($0.81) in August 2023. The price of tomatoes, which increased by 176 per cent YoY to Rs 102 per kg ($1.23) in August 2023 from Rs 37 per kg ($0.45) in the same month the previous year, may be blamed for 21 per cent of the total increase in vegetarian thali's cost. Tomato prices have dropped to about Rs 50 per kg ($0.60) after reaching a record high of over Rs 250 per kg ($3.01) in late July and early August. The rating agency stated that expenses may start to level down as the retail price of tomatoes has decreased by half month-over-month to Rs 51 per kg ($0.61) in September. Additionally, starting in September, a 14.2 kg LPG cylinder will cost Rs 903 ($10.90) instead of the Rs 1,103 ($13.31) it did in August in Delhi. For customers, this will be a relief. A vegetarian thali, for the sake of statistical consistency, consists of roti, vegetables (onion, tomato, and potato), rice, dal, curd, and salad. Chicken is used in place of dal for a non-vegetarian thali. As most goods saw YoY price increases in August, the cost of food remained close to record highs despite the slight dip. Onion prices increased by 8 per cent, chili prices by 20 per cent, and cumin prices by 158 per cent YoY in August, which led to a 1 per cent increase in the price of vegetarian thali for the month. The cost increase for non-vegetarian thali increased more slowly since broilers, which account for more than 50 per cent of the price, are thought to have increased between 1-3 per cent YoY. However, a 17 per cent YoY drop in vegetable oil prices and a 14 per cent rise in potato prices helped to at least partially offset the expense of both thalis. WATCH WION LIVE HERE

Household thali costs dip in August due to lower tomato prices

US&nbsp;chip firm Nvidia and telecom-to-retail giant Reliance on Friday announced an AI partnership to create language models, generative apps and a cloud infrastructure platform for AI development in the South Asian nation.

Nvidia will provide the computing power required for the efforts, while Reliance unit Jio will manage and maintain the AI infrastructure and oversee customer engagement, the companies said.

"Reliance will create AI applications and services for their 450 million Jio (telecom) customers and provide energy-efficient AI infrastructure to scientists, developers and startups across India," Nvidia said.

Mukesh Ambani, the billionaire chairman of Reliance, has previously talked about the need of "digital infrastructure in India that can handle AI's immense computational demands".

Nvidia globally has a near-monopoly on the computing systems used to power services like ChatGPT, OpenAI's blockbuster generative AI chatbot. The AI powering such apps is known as a large language model because it takes in a text prompt and from that writes a human-like response.

The partnership will give Reliance access to the latest version of Nvidia's Grace Hopper Superchip, its AI chips that are optimised to perform AI inference functions that effectively power apps like ChatGPT.

Reliance said the new AI infrastructure will speed up a range of India's key AI projects, including chatbots, drug discovery, and climate research.

Neil Shah, a partner at Counterpoint Research, said the AI move is critical for Jio to "make sense" of the data it has from millions of users, and become a tech company providing services beyond telecom.

"The AI infra will enable it to provide accurate recommendations and cross sell products and services across its giant network of clients in retail, telecom, and financial space," he said.

Reuters on Friday exclusively reported that oil-to-retail conglomerate Reliance is also considering a foray into chip manufacturing in India.

Separately, India's Tata Group too is set to announce an AI partnership with Nvidia later during Friday, a source with direct knowledge of the matter told Reuters.

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US chip firm Nvidia and telecom-to-retail giant Reliance on Friday announced an AI partnership to create language models, generative apps and a cloud infrastructure platform for AI development in the South Asian nation.

US chip firm Nvidia and telecom-to-retail giant Reliance on Friday announced an AI partnership to create language models, generative apps and a cloud infrastructure platform for AI development in the South Asian nation. Nvidia will provide the computing power required for the efforts, while Reliance unit Jio will manage and maintain the AI infrastructure and oversee customer engagement, the companies said. "Reliance will create AI applications and services for their 450 million Jio (telecom) customers and provide energy-efficient AI infrastructure to scientists, developers and startups across India," Nvidia said. Mukesh Ambani, the billionaire chairman of Reliance, has previously talked about the need of "digital infrastructure in India that can handle AI's immense computational demands". Nvidia globally has a near-monopoly on the computing systems used to power services like ChatGPT, OpenAI's blockbuster generative AI chatbot. The AI powering such apps is known as a large language model because it takes in a text prompt and from that writes a human-like response. The partnership will give Reliance access to the latest version of Nvidia's Grace Hopper Superchip, its AI chips that are optimised to perform AI inference functions that effectively power apps like ChatGPT. Reliance said the new AI infrastructure will speed up a range of India's key AI projects, including chatbots, drug discovery, and climate research. Neil Shah, a partner at Counterpoint Research, said the AI move is critical for Jio to "make sense" of the data it has from millions of users, and become a tech company providing services beyond telecom. "The AI infra will enable it to provide accurate recommendations and cross sell products and services across its giant network of clients in retail, telecom, and financial space," he said. Reuters on Friday exclusively reported that oil-to-retail conglomerate Reliance is also considering a foray into chip manufacturing in India. Separately, India's Tata Group too is set to announce an AI partnership with Nvidia later during Friday, a source with direct knowledge of the matter told Reuters. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Nvidia, India's Reliance strike AI partnership for apps, language models

The upcoming G20 summit in New Delhi will be unlike any other held in the past. It comes at a time when the world faces significant headwinds - from the COVID-19 pandemic, the Ukraine war, and an economic slowdown in China and Europe.

The world has been in limbo for the last three years. The once-in-a-century Covid-19 pandemic &amp; the Ukraine war have dragged the global economy down.

Inflation is soaring globally. Many countries are either flirting with or are already in recession. The world is looking at the G20 bloc for a solution since it represents around 85 per cent of global GDP and two-thirds of the world's population.

"Taking up the presidency amidst widespread polarisation and geopolitical rigidities, the G20 summit is an opportunity for India to steer the conversation towards human-centric development that aligns with the priorities of the global South," says Ashwajit Singh, Managing Director, IPE Global, a global development consultancy.

The G20 summit is likely to focus on three major issues affecting the global economy at the moment:

Supply chain disruptions &amp; trade fragmentations

Ballooning global debt in the global South

Global action to mitigate climate change

Supply chain disruptions &amp; trade fragmentation

China's draconian COVID-19 lockdowns not only raised inflation and&nbsp;slowed down global growth it also exposed the world's over-dependence on China as the factory. With the West desperate to 'de-risk' from China, the upcoming Summit may deliberate on a new global infrastructure, where multiple countries will hold the key to the international supply chain.

While the world still needs to be fully fragmented into trading blocs, a World Trade Organisation report shows that global trade will grow by just 0.5 per cent if fragmentation takes shape.

The International Monetary Fund estimates global fragmentation reduces global economic output by about $7.4 trillion.

To protect developing countries in Asia, Africa and Latin America from fragmentation, the G20 summit is likely to push for a more open and transparent rules-based trade.

Ballooning global debt in the global South

The Covid-19 pandemic led to an increase in the debt burden worldwide, especially in the developing world. According to an IMF report, global debt reached an alarming $226 trillion by the end of 2021. India, which is pitching itself as the voice of the global South, hopes to create a global framework for reducing the debt burden on developing countries through renegotiating bilateral and multilateral loans.

In a clear indication of India's concern about the global debt crisis, Indian PM Narendra Modi recently said, "The Global Sovereign Debt Roundtable will strengthen communication among key stakeholders and facilitate effective debt treatment to accelerate global debt restructuring efforts."

New Delhi is likely to find support from Washington DC, which is&nbsp;pushing for a larger restructuring of multilateral developmental organisations like the IMF and&nbsp;World Bank at the Summit, intending to boost credit lines for infrastructure projects and climate finance.

Global action to mitigate climate change

Climate change is the single biggest challenge the world will face in the future. A recent G20 report shows that the chronic physical risk from climate change is estimated to impact up to 6 per cent of global Gross Domestic Product by 2050, rising to 18 per cent of global GDP by 2100.

The economic impact will be much higher for tropical countries in Africa and Southeast Asia.

Energy transition to low-carbon alternatives – a key part of the net-zero agenda of countries – and financing the climate mitigation goals of the developing world will be high on the agenda, with India likely to play a lead role on behalf of the global South.

"Bringing climate actions from margins to mainstream should be the walk-the-talk agenda. Failure to foster climate action will further ravage the lives and livelihoods of millions. G20 nations must commit to act decisively with shared responsibility and urgency," Abinash Mohanty, an expert reviewer of the IPCC's sixth assessment report, tells wionews.com.

But the September 9 and 10 discussions will have their fair share of drama. Two member countries -- Russia and China -- are at loggerheads with the West. So, coming to a consensus on reshaping the world economy will be a tall order. It will certainly be the test of India's global leadership ambitions.

The upcoming G20 summit in New Delhi will be unlike any other held in the past. It comes at a time when the world faces significant headwinds - from the COVID-19 pandemic, the Ukraine war, and an economic slowdown in China and Europe.

The upcoming G20 summit in New Delhi will be unlike any other held in the past. It comes at a time when the world faces significant headwinds - from the COVID-19 pandemic, the Ukraine war, and an economic slowdown in China and Europe. The world has been in limbo for the last three years. The once-in-a-century Covid-19 pandemic & the Ukraine war have dragged the global economy down. Inflation is soaring globally. Many countries are either flirting with or are already in recession. The world is looking at the G20 bloc for a solution since it represents around 85 per cent of global GDP and two-thirds of the world's population. "Taking up the presidency amidst widespread polarisation and geopolitical rigidities, the G20 summit is an opportunity for India to steer the conversation towards human-centric development that aligns with the priorities of the global South," says Ashwajit Singh, Managing Director, IPE Global, a global development consultancy. The G20 summit is likely to focus on three major issues affecting the global economy at the moment: Supply chain disruptions & trade fragmentations Ballooning global debt in the global South Global action to mitigate climate change Supply chain disruptions & trade fragmentation China's draconian COVID-19 lockdowns not only raised inflation and slowed down global growth it also exposed the world's over-dependence on China as the factory. With the West desperate to 'de-risk' from China, the upcoming Summit may deliberate on a new global infrastructure, where multiple countries will hold the key to the international supply chain. While the world still needs to be fully fragmented into trading blocs, a World Trade Organisation report shows that global trade will grow by just 0.5 per cent if fragmentation takes shape. The International Monetary Fund estimates global fragmentation reduces global economic output by about $7.4 trillion. To protect developing countries in Asia, Africa and Latin America from fragmentation, the G20 summit is likely to push for a more open and transparent rules-based trade. Ballooning global debt in the global South The Covid-19 pandemic led to an increase in the debt burden worldwide, especially in the developing world. According to an IMF report, global debt reached an alarming $226 trillion by the end of 2021. India, which is pitching itself as the voice of the global South, hopes to create a global framework for reducing the debt burden on developing countries through renegotiating bilateral and multilateral loans. In a clear indication of India's concern about the global debt crisis, Indian PM Narendra Modi recently said, "The Global Sovereign Debt Roundtable will strengthen communication among key stakeholders and facilitate effective debt treatment to accelerate global debt restructuring efforts." New Delhi is likely to find support from Washington DC, which is pushing for a larger restructuring of multilateral developmental organisations like the IMF and World Bank at the Summit, intending to boost credit lines for infrastructure projects and climate finance. Global action to mitigate climate change Climate change is the single biggest challenge the world will face in the future. A recent G20 report shows that the chronic physical risk from climate change is estimated to impact up to 6 per cent of global Gross Domestic Product by 2050, rising to 18 per cent of global GDP by 2100. The economic impact will be much higher for tropical countries in Africa and Southeast Asia. Energy transition to low-carbon alternatives – a key part of the net-zero agenda of countries – and financing the climate mitigation goals of the developing world will be high on the agenda, with India likely to play a lead role on behalf of the global South. "Bringing climate actions from margins to mainstream should be the walk-the-talk agenda. Failure to foster climate action will further ravage the lives and livelihoods of millions. G20 nations must commit to act decisively with shared responsibility and urgency," Abinash Mohanty, an expert reviewer of the IPCC's sixth assessment report, tells wionews.com. But the September 9 and 10 discussions will have their fair share of drama. Two member countries -- Russia and China -- are at loggerheads with the West. So, coming to a consensus on reshaping the world economy will be a tall order. It will certainly be the test of India's global leadership ambitions.

G20 Summit 2023: Decoding the key economic agendas for the meeting

As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place.&nbsp;

Biden hopes to persuade fast-growing economies in Africa, Latin America, and Asia that there is an alternative to China’s Belt and Road project, which has funnelled billions of dollars to developing countries but left many of them deeply in debt. Biden will be armed with money for the World Bank and pledges of sustained US engagement.&nbsp;

At least one thing will work in his favour: Chinese President Xi Jinping won’t be present at the summit. &nbsp;

Although Biden expressed his disappointment, the absence of Xi with China’s economy struggling, provides Washington with an opportunity to shift the agenda of a political club it has tried to control.&nbsp;

In order to free up hundreds of billions of dollars in additional funds for grants and loans, Biden’s plan for the World Bank reform and increased funding for the lender’s infrastructure and climate help in developing countries are at the centre of his proposal.&nbsp;

In addition to past efforts by the United States and its close allies to generate $600 billion by 2027 in public and private funding for the Partnership for Global Infrastructure and Investment, in an attempt to emerge as an alternative to the Belt and Road that does not include China, the White House is asking Congress for $3.3 billion.&nbsp;

Zack Cooper, a senior fellow focused on Asia at the American Enterprise Institute said, “Xi’s absence from the G20 does give the United States an opening, which could be compounded by the challenges that China's economic downturn will have for Belt and Road spending.”&nbsp;

“But the question ... is whether the United States will be able to step up,” he further added. &nbsp;

Rapid expansion and excessive debt&nbsp;

Chinese Premier Li Qiang will serve as China’s representative at the G20 summit, where global leaders are grappling with declining economic growth and the looming risk of a property debt crisis. Russian President Vladimir Putin has opted out of attending the event, instead delegating Foreign Minister Sergei Lavrov.&nbsp;

According to the IMF’s projections, regions such as the Middle East, Central Asia, developing nations in Asia, and sub-Saharan Africa are expected to achieve robust GDP growth ranging from 3.2 per cent to 5.0 per cent next year. This pace outpaces the modest 1 per cent growth forecast for the United States and the 3 per cent global average.&nbsp;

Nevertheless, these regions confront significant hurdles in realising their growth potential, notably as climate change strains outdated infrastructure, much of which dates back to the colonial era.&nbsp;

The combination of the ongoing COVID-19 pandemic, surging inflation, and rising U.S. interest rates has created mounting concerns regarding the sustainability of these countries’ debt loads. This has fuelled fears reminiscent of the Asian financial crisis that prompted the establishment of the G20 in 1999.&nbsp;

‘Taking sides’&nbsp;

Biden’s foreign policy is founded on the principles of confronting Russia’s actions in Ukraine, managing competition with China, and rejuvenating U.S. alliances that were overlooked by his predecessor, Trump, who is likely to be the Democratic candidate’s Republican rival in the 2024 presidential election.&nbsp;

While these endeavours have yielded positive results with traditional U.S. allies, they have garnered less support from developing nations, including Brazil, India, and South Africa. These countries have been striving to avoid being caught in the crossfire of Washington’s disputes with Beijing and Moscow while simultaneously seeking increased Western investment.&nbsp;

Khulu Mbatha, a former foreign policy advisor to South African President Cyril Ramaphosa, emphasised the need to maintain a neutral stance, stating, "We must have the ability to navigate without aligning with either side, much like our approach to the Ukraine conflict."&nbsp;

On the other hand, Xi is also exploring new avenues to engage with the developing world. He recently hosted a meeting of Central Asian leaders and discussed development initiatives in May. Additionally, at the BRICS summit in South Africa last month, he underscored the vitality of the Chinese economy.&nbsp;

The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is a relatively new alliance compared to the G20. It operates independently of Washington and is planning to expand its membership to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates.&nbsp;

Xi is also anticipated to attend an Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, where he may have an opportunity to meet with Biden.&nbsp;

(With inputs from Reuters)&nbsp;

&nbsp;

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As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place.

As U.S. President Joe Biden brings an offer to the “Global South” to this weekend’s Group of 20 (G20) conference in India, he carries the message indicating that, no matter what happens to the Chinese economy, the United States can assist support development in China’s place. Biden hopes to persuade fast-growing economies in Africa, Latin America, and Asia that there is an alternative to China’s Belt and Road project, which has funnelled billions of dollars to developing countries but left many of them deeply in debt. Biden will be armed with money for the World Bank and pledges of sustained US engagement. At least one thing will work in his favour: Chinese President Xi Jinping won’t be present at the summit. Although Biden expressed his disappointment, the absence of Xi with China’s economy struggling, provides Washington with an opportunity to shift the agenda of a political club it has tried to control. In order to free up hundreds of billions of dollars in additional funds for grants and loans, Biden’s plan for the World Bank reform and increased funding for the lender’s infrastructure and climate help in developing countries are at the centre of his proposal. In addition to past efforts by the United States and its close allies to generate $600 billion by 2027 in public and private funding for the Partnership for Global Infrastructure and Investment, in an attempt to emerge as an alternative to the Belt and Road that does not include China, the White House is asking Congress for $3.3 billion. Zack Cooper, a senior fellow focused on Asia at the American Enterprise Institute said, “Xi’s absence from the G20 does give the United States an opening, which could be compounded by the challenges that China's economic downturn will have for Belt and Road spending.” “But the question ... is whether the United States will be able to step up,” he further added. Rapid expansion and excessive debt Chinese Premier Li Qiang will serve as China’s representative at the G20 summit, where global leaders are grappling with declining economic growth and the looming risk of a property debt crisis. Russian President Vladimir Putin has opted out of attending the event, instead delegating Foreign Minister Sergei Lavrov. According to the IMF’s projections, regions such as the Middle East, Central Asia, developing nations in Asia, and sub-Saharan Africa are expected to achieve robust GDP growth ranging from 3.2 per cent to 5.0 per cent next year. This pace outpaces the modest 1 per cent growth forecast for the United States and the 3 per cent global average. Nevertheless, these regions confront significant hurdles in realising their growth potential, notably as climate change strains outdated infrastructure, much of which dates back to the colonial era. The combination of the ongoing COVID-19 pandemic, surging inflation, and rising U.S. interest rates has created mounting concerns regarding the sustainability of these countries’ debt loads. This has fuelled fears reminiscent of the Asian financial crisis that prompted the establishment of the G20 in 1999. ‘Taking sides’ Biden’s foreign policy is founded on the principles of confronting Russia’s actions in Ukraine, managing competition with China, and rejuvenating U.S. alliances that were overlooked by his predecessor, Trump, who is likely to be the Democratic candidate’s Republican rival in the 2024 presidential election. While these endeavours have yielded positive results with traditional U.S. allies, they have garnered less support from developing nations, including Brazil, India, and South Africa. These countries have been striving to avoid being caught in the crossfire of Washington’s disputes with Beijing and Moscow while simultaneously seeking increased Western investment. Khulu Mbatha, a former foreign policy advisor to South African President Cyril Ramaphosa, emphasised the need to maintain a neutral stance, stating, "We must have the ability to navigate without aligning with either side, much like our approach to the Ukraine conflict." On the other hand, Xi is also exploring new avenues to engage with the developing world. He recently hosted a meeting of Central Asian leaders and discussed development initiatives in May. Additionally, at the BRICS summit in South Africa last month, he underscored the vitality of the Chinese economy. The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is a relatively new alliance compared to the G20. It operates independently of Washington and is planning to expand its membership to include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates. Xi is also anticipated to attend an Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November, where he may have an opportunity to meet with Biden. (With inputs from Reuters) WATCH WION LIVE HERE

G20 Summit: Biden woos developing nations to counter China

Former co-CEO of FTX's Bahamian subsidiary and&nbsp;Sam Bankman-Fried's top lieutenant, Ryan Salame pleaded guilty&nbsp;on Thursday (September 7) in Manhattan federal court to making&nbsp;tens of millions of dollars&nbsp;in unlawful campaign donations.&nbsp;

The plea has been submitted less than one month before the scheduled October 3 trial of Bankman-Fried on conspiracy and fraud charges stemming from the November 2022 collapse of now-bankrupt FTX. 
 
The prosecutors stated that billions of dollars were stolen by Bankman-Fried from FTX customer deposits to cover the losses of his hedge fund Alameda Research, and the lenders and investors were lied to about the financial condition of his companies. 
 
Salame, 30,&nbsp;was&nbsp;scheduled to appear before United States District Judge Lewis Kaplan in Manhattan, who is also overseeing the case of Bankman-Fried, at 3 pm EDT (1900 GMT). Salame guilty plea makes him Bankman-Fried's companies' fourth former executive to plead guilty.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/former-ftx-ceo-sam-bankman-frieds-bail-plea-rejected-ordered-to-jail-624714">Former FTX CEO Sam Bankman-Fried’s bail revoked for witness tampering, heads to prison</a>

He has now joined the list of former Alameda Chief Executive Officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh, who are all likely to testify against Bankman-Fried at trial.

Salame has pleaded guilty at the hearing in the Manhattan court to&nbsp;one count of conspiracy to make unlawful political contributions and one count of conspiracy to operate an unlicensed money-transmitting business, as per Reuters.

This comes after&nbsp;prosecutors said Salame, along with Bankman-Fried and Singh was responsible for using FTX&nbsp;customer funds to donate to political candidates supporting crypto-friendly legislation.

<h2>Bankman-Fried and the collapse of FTX</h2>

31-year-old Bankman-Fried led to a boom in the values of bitcoin as well as other digital assets to become an influential political donor and multi-billionaire. However, amid a number of customer withdrawals, his exchange collapsed. 
 
Prosecutors stated that the stolen customer funds were used by Bankman-Fried for donations of more than $100 million to political campaigns so as to draw more support for favourable cryptocurrency regulations and that some donations were concealed through two "straw donors," Salame and Singh.

WATCH |&nbsp;Disgraced FTX founder Sam Bankman-Fried put behind bars

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Salame was working for Ernst &amp; Young and Circle Internet Financial before he joined FTX Digital Markets. Republican candidates as well as the causes during the 2022 election cycle were given more than $24 million by him which made him one of the top donors of that year, according to Federal Election Commision data. 
 
In August, the prosecutors said that Salame informed a family member in a message, sent in the month of November 2021, that Bankman-Fried believed that political donations would "weed out" anti-crypto Republican and Democratic lawmakers, and would likely "route money through me to weed out that Republican [sic] side."

(With inputs from agencies)

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Former co-CEO of FTX's Bahamian subsidiary and Sam Bankman-Fried's top lieutenant, Ryan Salame pleaded guilty on Thursday (September 7) in Manhattan federal court to making tens of millions of dollars in unlawful campaign donations.

Former co-CEO of FTX's Bahamian subsidiary and Sam Bankman-Fried's top lieutenant, Ryan Salame pleaded guilty on Thursday (September 7) in Manhattan federal court to making tens of millions of dollars in unlawful campaign donations. The plea has been submitted less than one month before the scheduled October 3 trial of Bankman-Fried on conspiracy and fraud charges stemming from the November 2022 collapse of now-bankrupt FTX. The prosecutors stated that billions of dollars were stolen by Bankman-Fried from FTX customer deposits to cover the losses of his hedge fund Alameda Research, and the lenders and investors were lied to about the financial condition of his companies. Salame, 30, was scheduled to appear before United States District Judge Lewis Kaplan in Manhattan, who is also overseeing the case of Bankman-Fried, at 3 pm EDT (1900 GMT). Salame guilty plea makes him Bankman-Fried's companies' fourth former executive to plead guilty. ALSO READ | Former FTX CEO Sam Bankman-Fried’s bail revoked for witness tampering, heads to prison He has now joined the list of former Alameda Chief Executive Officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh, who are all likely to testify against Bankman-Fried at trial. Salame has pleaded guilty at the hearing in the Manhattan court to one count of conspiracy to make unlawful political contributions and one count of conspiracy to operate an unlicensed money-transmitting business, as per Reuters. This comes after prosecutors said Salame, along with Bankman-Fried and Singh was responsible for using FTX customer funds to donate to political candidates supporting crypto-friendly legislation. Bankman-Fried and the collapse of FTX 31-year-old Bankman-Fried led to a boom in the values of bitcoin as well as other digital assets to become an influential political donor and multi-billionaire. However, amid a number of customer withdrawals, his exchange collapsed. Prosecutors stated that the stolen customer funds were used by Bankman-Fried for donations of more than $100 million to political campaigns so as to draw more support for favourable cryptocurrency regulations and that some donations were concealed through two "straw donors," Salame and Singh. WATCH | Disgraced FTX founder Sam Bankman-Fried put behind bars Salame was working for Ernst & Young and Circle Internet Financial before he joined FTX Digital Markets. Republican candidates as well as the causes during the 2022 election cycle were given more than $24 million by him which made him one of the top donors of that year, according to Federal Election Commision data. In August, the prosecutors said that Salame informed a family member in a message, sent in the month of November 2021, that Bankman-Fried believed that political donations would "weed out" anti-crypto Republican and Democratic lawmakers, and would likely "route money through me to weed out that Republican [sic] side." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

FTX former executive Ryan Salame pleads guilty in Bankman-Fried trial

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.&nbsp;

As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name.&nbsp;

Uday Kotak’s early life&nbsp;

Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof.&nbsp;

Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college.&nbsp;

The launch of Kotak Mahindra Finance&nbsp;

After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him.&nbsp;

Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ &nbsp;

Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985.&nbsp;

The path towards banking &nbsp;

The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003.&nbsp;

Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion.&nbsp;

Kotak’s mantra to success&nbsp;

The three core principles and values&nbsp;

When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals.&nbsp;

In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds.&nbsp;

In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses.&nbsp;

The five Cs&nbsp;

Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability.&nbsp;

Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. &nbsp;

Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. &nbsp;

Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress.&nbsp;

Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. &nbsp;

Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values.&nbsp;

Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges.&nbsp;

Kotak after Kotak &nbsp;

Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution.&nbsp;

Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.”&nbsp;

What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI).&nbsp;

As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD &amp; CEO, subject to approvals.”&nbsp;

The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector.

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Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire. As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name. Uday Kotak’s early life Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof. Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college. The launch of Kotak Mahindra Finance After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him. Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985. The path towards banking The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003. Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion. Kotak’s mantra to success The three core principles and values When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals. In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds. In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses. The five Cs Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability. Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress. Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values. Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges. Kotak after Kotak Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution. Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.” What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI). As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD & CEO, subject to approvals.” The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector. WATCH WION LIVE HERE

Flashback Friday: Revisiting the success of the self-made billionaire banker – Uday Kotak 

The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday.&nbsp;

Their partnership is valued at over 800 million pounds ($1 billion) over five years.

The biggest tech service provider from India would offer the automaker with a variety of services as part of the agreement, ranging from application development and maintenance to cloud migration, cybersecurity, and data services.

JLR and TCS have been working together on several fronts as partners since 2012.

TCS said, “TCS will leverage its contextual knowledge, deep domain expertise, proprietary platforms, vast partner ecosystem and future-ready talent pool to help JLR enhance its digital capacity; transform, simplify, and manage its Digital estate; and build a new, future-ready digital core that will support its business transformation.”

Nigel Blenkinsop, Executive Director, Enterprise Performance &amp; Quality, JLR, said: “TCS' breadth of capabilities and deep understanding of our business will further enhance our ability to transform and simplify our Digital estate at pace, ensuring we can deliver a modern luxury experience for our clients."

Top Indian tech service providers have recently renewed several contracts worth millions or billions of dollars, despite concerns that client spending may be declining in the important US and EU (European Union) markets.

In June, British pension fund Nest and TCS agreed on a $1.1 billion contract.

Rivals like Infosys signed three contracts between June and August, on the other hand, HCL Technologies, scored a $2.1 billion deal with Verizon last month.

(With inputs from Bloomberg)&nbsp;

&nbsp;

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<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday.

The two Tata Group companies, India’s tech giant Tata Cosultancy Services Ltd and Britain’s Jaguar Land Rover (JLR), have deepened their partnership, as per a statement made on Wednesday. Their partnership is valued at over 800 million pounds ($1 billion) over five years. The biggest tech service provider from India would offer the automaker with a variety of services as part of the agreement, ranging from application development and maintenance to cloud migration, cybersecurity, and data services. JLR and TCS have been working together on several fronts as partners since 2012. TCS said, “TCS will leverage its contextual knowledge, deep domain expertise, proprietary platforms, vast partner ecosystem and future-ready talent pool to help JLR enhance its digital capacity; transform, simplify, and manage its Digital estate; and build a new, future-ready digital core that will support its business transformation.” Nigel Blenkinsop, Executive Director, Enterprise Performance & Quality, JLR, said: “TCS' breadth of capabilities and deep understanding of our business will further enhance our ability to transform and simplify our Digital estate at pace, ensuring we can deliver a modern luxury experience for our clients." Top Indian tech service providers have recently renewed several contracts worth millions or billions of dollars, despite concerns that client spending may be declining in the important US and EU (European Union) markets. In June, British pension fund Nest and TCS agreed on a $1.1 billion contract. Rivals like Infosys signed three contracts between June and August, on the other hand, HCL Technologies, scored a $2.1 billion deal with Verizon last month. (With inputs from Bloomberg) WATCH WION LIVE HERE

India’s TCS and Jaguar Land Rover expand partnership with a $1 bn deal

Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar.

Moscow put forth the plan after pulling out of a one-year agreement in July that had allowed Ukraine to ship grain from its Black Sea ports securely in an effort to contain a rise in food prices that had been worsened by Russia’s invasion.

Russia has made offers of free or heavily discounted grain, though much less than Ukraine had been shipping, to African nations, some of which have been experiencing food shortages.

According to the Russian news agency Interfax, Deputy Foreign Minister Alexander Grushko told reporters that he anticipated working with all parties in the near future to iron out all the technical details of the delivery plan.

The Russian grain would be exported by Turkey, although it was unclear exactly what its involvement would entail.

Moscow claims it left the previous agreement because the West did not eliminate sanctions-related barriers to its own exports of grains and fertilisers. However, Moscow also complained that not enough of the food made available under the Black Sea Agreement was reaching the world's poorest nations.

Since breaking out of the agreement, Russia has assaulted Ukrainian grain storage facilities, seaports, and rivers on several occasions, leading the West and Ukraine to accuse Moscow of using food as a weapon of war. Russia refers to its action in Ukraine as a “special military operation.”

(With inputs from Reuters)

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Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar.

Russia announced on Wednesday that Turkey has made a preliminary agreement to handle the one million metric tonnes of grain that Russia intends to ship at a reduced cost to Africa with assistance from Qatar. Moscow put forth the plan after pulling out of a one-year agreement in July that had allowed Ukraine to ship grain from its Black Sea ports securely in an effort to contain a rise in food prices that had been worsened by Russia’s invasion. Russia has made offers of free or heavily discounted grain, though much less than Ukraine had been shipping, to African nations, some of which have been experiencing food shortages. According to the Russian news agency Interfax, Deputy Foreign Minister Alexander Grushko told reporters that he anticipated working with all parties in the near future to iron out all the technical details of the delivery plan. The Russian grain would be exported by Turkey, although it was unclear exactly what its involvement would entail. Moscow claims it left the previous agreement because the West did not eliminate sanctions-related barriers to its own exports of grains and fertilisers. However, Moscow also complained that not enough of the food made available under the Black Sea Agreement was reaching the world's poorest nations. Since breaking out of the agreement, Russia has assaulted Ukrainian grain storage facilities, seaports, and rivers on several occasions, leading the West and Ukraine to accuse Moscow of using food as a weapon of war. Russia refers to its action in Ukraine as a “special military operation.” (With inputs from Reuters) WATCH WION LIVE HERE

Russia: Turkey to handle 1 million tonnes of grain for Africa

India's tech services exporter, Tata Consultancy Services, or TCS, and the British automotive giant Jaguar Land Rover, both part of the Tata group, have announced a significant expansion of their partnership.

India's TCS expands billion-dollar partnership with jaguar land rover

Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country.

The Nigerian government said that India’s Jindal Steel and Power has agreed to invest $3 billion in Nigeria’s steel industry and Indorama Corp. will invest an extra $8 billion to expand its petrochemical facilities there.

Jitender Sachdeva, the founder chairman of Skipperseil Ltd., and Bharti Enterprises have offered $1.6 billion over four years to construct power plants and $700 million in Nigeria, respectively, according to the government.

Separately, Nigeria authorised a $1 billion collaboration agreement with the Indian government to support the Nigerian Defence Industries Corporation in achieving 40 per cent local manufacturing and production self-sufficiency in defence equipment manufacture within three years, according to Ngelale.

President&nbsp;Bola Tinubu met with Indian business representatives as part of the Nigeria-India presidential roundtable and conference to mobilise international funding for infrastructure development. He will attend the G20 summit in New Delhi later this week as a guest country.

India, which presently holds the rotating presidency of the group, invited Tinubu to attend.

“We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement.

Instead of relying on borrowing, the government of Africa’s top oil producer aims to promote investments in order to finance the creation of jobs and the construction of urgently needed infrastructure, such as railways, roads, and power plants.

With his largest reforms in decades, Tinubu has done away with a well-liked but expensive petrol subsidy and lifted restrictions on foreign exchange trading. With record debt, sluggish growth, unemployment, and double-digit inflation, he has vowed to revitalise the economy.

Nigeria, the most populous country in Africa, is considering to join the G20 as the second member of the continent after South Africa and is seeking advice on the advantages and disadvantages of doing so.

(With inputs from Reuters)

&nbsp;

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Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country.

Nigeria on Wednesday said it received investment pledges worth $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country. The Nigerian government said that India’s Jindal Steel and Power has agreed to invest $3 billion in Nigeria’s steel industry and Indorama Corp. will invest an extra $8 billion to expand its petrochemical facilities there. Jitender Sachdeva, the founder chairman of Skipperseil Ltd., and Bharti Enterprises have offered $1.6 billion over four years to construct power plants and $700 million in Nigeria, respectively, according to the government. Separately, Nigeria authorised a $1 billion collaboration agreement with the Indian government to support the Nigerian Defence Industries Corporation in achieving 40 per cent local manufacturing and production self-sufficiency in defence equipment manufacture within three years, according to Ngelale. President Bola Tinubu met with Indian business representatives as part of the Nigeria-India presidential roundtable and conference to mobilise international funding for infrastructure development. He will attend the G20 summit in New Delhi later this week as a guest country. India, which presently holds the rotating presidency of the group, invited Tinubu to attend. “We are ready to give you the best returns for investment possible, there’s nowhere else like our country,” Tinubu said in the statement. Instead of relying on borrowing, the government of Africa’s top oil producer aims to promote investments in order to finance the creation of jobs and the construction of urgently needed infrastructure, such as railways, roads, and power plants. With his largest reforms in decades, Tinubu has done away with a well-liked but expensive petrol subsidy and lifted restrictions on foreign exchange trading. With record debt, sluggish growth, unemployment, and double-digit inflation, he has vowed to revitalise the economy. Nigeria, the most populous country in Africa, is considering to join the G20 as the second member of the continent after South Africa and is seeking advice on the advantages and disadvantages of doing so. (With inputs from Reuters) WATCH WION LIVE HERE

Indian firms to invest $14 billion in Nigeria: Report  

India's Tata group's consumer unit is in talks to buy at least 51% of popular snack food maker Haldiram's. But a media report suggests it is not comfortable with the $10 billion valuation sought by the snack food maker.

Report: Tata in talks to buy 51% stake in snack maker Haldiram's