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India's outreach to Africa has hit yet another milestone. Nigeria has secured pledges worth 14 billion dollars from Indian investors. The West African nation is also seeking an economic cooperation pact with India.

Nigeria secures pledges worth $14 billion from investors

Taiwanese technology services provider Foxconn's chairman and chief executive officer (CEO) Young Liu has said that India is poised to emerge as the new manufacturing centre in the world, with the supplier ecosystem likely to develop faster than the time it took to come up in China, Indian media reported on Wednesday (September 6).

Taiwanese technology services provider Foxconn's chairman and chief executive officer (CEO) Young Liu has said that India is poised to emerge as the new manufacturing centre in the world, with the supplier ecosystem likely to develop faster than the time it took to come up in China, Indian media reported on Wednesday (September 6). According to a report by the Times of India (TOI), Liu said that Foxconn would expand its operations in India as business grows in higher consumer purchases. Liu added that Foxconn, which is a major supplier of Apple products, continues to expand its presence in India in response to customer needs. He also said that the supply chain ecosystem, which took over three decades to build in China, is likely to come up faster in India. "There are huge opportunities for the local electronics industry to develop,” the Foxxcon chairman added, TOI reported. Foxconn has been operating in India since 2005, and Liu has time and again emphasised the growing proximity between India and Taiwan. On July 28, Liu met Indian Prime Minister Narendra Modi in Gujarat's Gandhinagar. Prime Minister Modi welcomed the company's plans to expand semiconductor and chip manufacturing capacity in India. Foxconn's Q3 outlook better Foxconn said on Tuesday that revenue in August fell eight per cent year-on-year but the forecast is of a better business outlook ahead of new product releases by Apple. The company said that revenue last month reached $12.93 billion, down 12 per cent from July. "With the second half of the year peak season currently underway, operations will gradually ramp up," Foxconn said. "The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on-quarter pace higher than the average level of the previous two years," it added. 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.

India to emerge as new manufacturing centre in the world: Foxconn Chairman Liu

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey.

The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US.

The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions.

This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100.

There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high.

European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil.

Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East.

(With inputs from Bloomberg)

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State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg.

State-owned Saudi Aramco increased the price of its signature Arab Light to Asia in October by 10 cents to $3.60 a barrel over the benchmark, according to a price list obtained by Bloomberg. Although still the highest since December, the increase was less than the 30-cent increase predicted in a Bloomberg survey. The de facto leader of OPEC increased prices for all grades by 20 cents a barrel to a record high for supply going to the US. The action follows Saudi Arabia’s announcement this week that it will extend supply restrictions through December. It will maintain production at 9 million barrels per day, the lowest level in a number of years, as Russia extends its own export restrictions. This has given rise to optimism that 2023 will conclude strongly for the oil market. After months of supply restrictions, Brent crude futures recently surpassed $90 per barrel, and some traders are betting on $100. There was some respite for European buyers who had recently experienced a run of significant price increases. The list revealed that Aramco reduced supply costs into the Mediterranean and Northwest Europe by 10 cents per barrel, while they are still historically high. European consumers of the kingdom’s petroleum were forced to look for alternatives, and many have since switched to sweet, or low-sulfur, oil. Since the beginning of the year, the price of higher sulphurous crude, which accounts for the majority of the Saudi supply cuts, has skyrocketed. As a result, benchmark Brent crude futures have occasionally traded at significant discounts to barrels of lower quality from the Middle East. (With inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia raises oil prices to Asia for fourth consecutive month: Report  

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading.

Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion.

These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law.

At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance.

“I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.”

The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.”

Retail Army &nbsp;

Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent.

Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has &nbsp;been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards.

According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors.

When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income.

Environmental inspiration

Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions.

Initially&nbsp;concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago.

Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed.

With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority.

Governance improvements &nbsp;

The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts.

The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion.

Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value.

(With inputs from Bloomberg)

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The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion. This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading. Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion. These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law. At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance. “I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.” The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.” Retail Army Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent. Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards. According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors. When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income. Environmental inspiration Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions. Initially concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago. Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed. With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority. Governance improvements The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts. The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion. Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value. (With inputs from Bloomberg) WATCH WION LIVE HERE

Imprisoned South Korean billionaire’s wealth soars 919 pc. Here's why

A remarkable transformation is unfolding in the retirement aspirations of Non-Resident Indians. Traditionally, the dream for many NRIs had been to settle in economically developed countries like the USA, Canada, Australia, Singapore, or the UK. However, India's rapid progress towards achieving developed nation status, coupled with its resilience during global challenges, is reshaping the retirement landscape.

According to a recent survey by NRI-focused fintech platform SBNRI, a growing number of NRIs are now considering India as their preferred retirement destination.

India's economic resurgence is a major driver of this shifting trend. With its burgeoning manufacturing capabilities, a thriving startup ecosystem, robust financial services, and impressive technological advancements, India is on the cusp of global prominence. A remarkable 72 percent of NRIs believe that India now provides a stable and lucrative avenue for investment, appealing to residents and non-residents alike.

The Indian economy has exhibited remarkable resilience across various sectors, particularly during the COVID-19 pandemic. The government's efforts to bolster financial stability have further solidified India's attractiveness as a retirement destination.

A key factor contributing to this shift is the financial benefits India offers to its NRIs. India allows them to earn in foreign currencies, providing a competitive edge. NRIs can then convert their foreign earnings to invest and save in India, capitalizing on the nation's burgeoning financial sector.

The SBNRI survey, which polled 100 NRIs from countries including Australia, Canada, the USA, the UK, and Singapore, yielded compelling insights:

A significant 80 percent of NRIs in Australia and Singapore are contemplating retirement in India. The UK and the USA also show strong interest, with 70 percent and 75 percent, respectively, considering India as their retirement destination.

The average percentage of NRIs considering settling in India post-retirement across all surveyed countries is a substantial 60 percent.

Shifting Retirement Dreams

This shift underscores a reimagining of the Indian dream. While leaving the homeland in pursuit of global opportunities was the norm, India's ascent on the global stage is causing NRIs to reconsider their life plans.

As the Indian government actively fosters an environment conducive to investment, innovation, and economic growth, India is rapidly emerging as an attractive option for NRIs seeking to spend their retirement years in familiar surroundings.

In summary, India's journey towards developed nation status is capturing the attention of its diaspora. The dream of returning to India for retirement is no longer a distant fantasy but a tangible, appealing choice. The tides are changing, and India is asserting itself as the foremost retirement destination for NRIs, offering economic stability, growth prospects, and the warmth of home.

A remarkable transformation is unfolding in the retirement aspirations of Non-Resident Indians. Traditionally, the dream for many NRIs had been to settle in economically developed countries like the USA, Canada, Australia, Singapore, or the UK.

A remarkable transformation is unfolding in the retirement aspirations of Non-Resident Indians. Traditionally, the dream for many NRIs had been to settle in economically developed countries like the USA, Canada, Australia, Singapore, or the UK. However, India's rapid progress towards achieving developed nation status, coupled with its resilience during global challenges, is reshaping the retirement landscape. According to a recent survey by NRI-focused fintech platform SBNRI, a growing number of NRIs are now considering India as their preferred retirement destination. India's economic resurgence is a major driver of this shifting trend. With its burgeoning manufacturing capabilities, a thriving startup ecosystem, robust financial services, and impressive technological advancements, India is on the cusp of global prominence. A remarkable 72 percent of NRIs believe that India now provides a stable and lucrative avenue for investment, appealing to residents and non-residents alike. The Indian economy has exhibited remarkable resilience across various sectors, particularly during the COVID-19 pandemic. The government's efforts to bolster financial stability have further solidified India's attractiveness as a retirement destination. A key factor contributing to this shift is the financial benefits India offers to its NRIs. India allows them to earn in foreign currencies, providing a competitive edge. NRIs can then convert their foreign earnings to invest and save in India, capitalizing on the nation's burgeoning financial sector. The SBNRI survey, which polled 100 NRIs from countries including Australia, Canada, the USA, the UK, and Singapore, yielded compelling insights: A significant 80 percent of NRIs in Australia and Singapore are contemplating retirement in India. The UK and the USA also show strong interest, with 70 percent and 75 percent, respectively, considering India as their retirement destination. The average percentage of NRIs considering settling in India post-retirement across all surveyed countries is a substantial 60 percent. Shifting Retirement Dreams This shift underscores a reimagining of the Indian dream. While leaving the homeland in pursuit of global opportunities was the norm, India's ascent on the global stage is causing NRIs to reconsider their life plans. As the Indian government actively fosters an environment conducive to investment, innovation, and economic growth, India is rapidly emerging as an attractive option for NRIs seeking to spend their retirement years in familiar surroundings. In summary, India's journey towards developed nation status is capturing the attention of its diaspora. The dream of returning to India for retirement is no longer a distant fantasy but a tangible, appealing choice. The tides are changing, and India is asserting itself as the foremost retirement destination for NRIs, offering economic stability, growth prospects, and the warmth of home.

Decoded: India's emerging role as a top retirement destination for NRIs

The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept. 7)&nbsp;amid a firm American currency and elevated crude oil prices.

Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders.

Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand.

At the interbank foreign exchange, the rupee opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close.

On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21.

The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week.

WATCH:&nbsp;German Chancellor Olaf Scholz: Excessive bureaucracy paralyses economy

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"We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 104.95.

Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel.

<a href="https://www.wionews.com/business-economy/forecast-chinas-slowdown-means-it-may-not-surpass-us-economy-632540">Also read:&nbsp;Forecast: China’s slowdown means it may not surpass US economy</a>

On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹ 3,245.86 crore, according to exchange data.

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The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept.

The Indian Rupee depreciated for the fourth straight day and settled 9 paise lower at its lifetime low of 83.22 (provisional) against the US dollar on Thursday (Sept. 7) amid a firm American currency and elevated crude oil prices. Positive trend in the domestic equity markets, however, provided a cushion to the rupee, according to forex traders. Crude oil breached the USD 90 per barrel-mark after oil producing countries agreed to extend supply cut till December this year while dollar stayed firm on safe-haven demand. At the interbank foreign exchange, the rupee opened at 83.15 against the dollar and traded in the range of 83.12 to 83.22 against the greenback. It ended at the lowest level of 83.22 (provisional) against the dollar, registering a fall of 9 paise from its previous close. On Wednesday, the rupee settled 9 paise lower at 83.13 against the dollar. Earlier, the Indian currency had closed at the same level of 83.13 on August 21. The domestic unit has declined 60 paise since Monday when it had closed 9 paise lower at 82.71 against the greenback. On Tuesday, the unit had plunged 33 paise, the sharpest fall this week. WATCH: German Chancellor Olaf Scholz: Excessive bureaucracy paralyses economy × "We expect rupee to trade with a negative bias on strong dollar and elevated crude oil prices. Disappointing European data may further support dollar. Rising US treasury yields and concerns over global economic growth may also weigh on rupee," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 104.95. Brent crude futures, the global oil benchmark, was trading 0.39 per cent lower at USD 90.25 per barrel. Also read: Forecast: China’s slowdown means it may not surpass US economy On the domestic equity market front, the BSE Sensex closed 385.04 points or 0.58 per cent higher at 66,265.56 points while the broader Nifty jumped 116 points or 0.59 per cent to end at 19,727.05 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹ 3,245.86 crore, according to exchange data. WATCH WION LIVE HERE ×

Indian rupee slides to lifetime low of 83.22 against USD, crude oil breaches $90/barrel mark

WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade. 
 
The SoftBank-backed company stated that it is aiming to negotiate with its landlords on favourable terms and has been planning to exit the underperforming and unfit locations so as to reinvest in its other assets. 
 
"We intend to remain in the majority of our buildings and markets," the company, in a statement, said. The office space group had earlier warned about “substantial doubt” in its ability to continue functioning as an ongoing concern.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/wework-once-valued-at-47-billion-issues-bankruptcy-warning-624039">WeWork, once valued at $47 billion, issues bankruptcy&nbsp;warning</a>

The drive of the New York-based company to cut down lease costs has been stated as “dramatically out of step with current market conditions” which is threatening the commercial real estate industry, which is already under pressure due to excess capacity after work-from-home culture came in during the pandemic. 
 
Till June, WeWork had offices in 777 locations in 39 countries along with long-term lease obligations worth more than $13 billion, which are due in or after 2028.

<h2>Unfit and underperforming locations to be exited</h2>

The plan was announced by WeWork after the landlords were “strongly advised” to participate in a listen-only call on Wednesday morning, during which the important business update was shared. 
 
Chief Executive David Tolley informed the landlords about WeWork expecting to exit some “unfit and underperforming locations”, further stating that it is likely to remain in most of its buildings. 
 
After the call, Tolley in a statement said WeWork was “taking immediate action to permanently fix our inflexible and high-cost lease portfolio” that was described by him as a legacy of a “period of unsustainable hypergrowth”.

WATCH |&nbsp;WeWork on the brink of bankruptcy

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Meanwhile, the landlords are looking to reduce their exposure to a company which has an outsized share of the office market in cities like London and New York and has got on its payroll a series of bankruptcy experts in the last few weeks. 
 
“We’ve been approached by about 70 landlords since 2020 and have ended up taking over eight or nine (WeWork spaces). The approaches are accelerating right now,” stated Jamie Hodari, the chief executive of Industrious, an office space company. 
 
Hodari stated that calls from WeWork customers have “inundated” his company since it started raising concerns in August.

(With inputs from agencies)

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WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade.

WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade. The SoftBank-backed company stated that it is aiming to negotiate with its landlords on favourable terms and has been planning to exit the underperforming and unfit locations so as to reinvest in its other assets. "We intend to remain in the majority of our buildings and markets," the company, in a statement, said. The office space group had earlier warned about “substantial doubt” in its ability to continue functioning as an ongoing concern. ALSO READ | WeWork, once valued at $47 billion, issues bankruptcy warning The drive of the New York-based company to cut down lease costs has been stated as “dramatically out of step with current market conditions” which is threatening the commercial real estate industry, which is already under pressure due to excess capacity after work-from-home culture came in during the pandemic. Till June, WeWork had offices in 777 locations in 39 countries along with long-term lease obligations worth more than $13 billion, which are due in or after 2028. Unfit and underperforming locations to be exited The plan was announced by WeWork after the landlords were “strongly advised” to participate in a listen-only call on Wednesday morning, during which the important business update was shared. Chief Executive David Tolley informed the landlords about WeWork expecting to exit some “unfit and underperforming locations”, further stating that it is likely to remain in most of its buildings. After the call, Tolley in a statement said WeWork was “taking immediate action to permanently fix our inflexible and high-cost lease portfolio” that was described by him as a legacy of a “period of unsustainable hypergrowth”. WATCH | WeWork on the brink of bankruptcy Meanwhile, the landlords are looking to reduce their exposure to a company which has an outsized share of the office market in cities like London and New York and has got on its payroll a series of bankruptcy experts in the last few weeks. “We’ve been approached by about 70 landlords since 2020 and have ended up taking over eight or nine (WeWork spaces). The approaches are accelerating right now,” stated Jamie Hodari, the chief executive of Industrious, an office space company. Hodari stated that calls from WeWork customers have “inundated” his company since it started raising concerns in August. (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

WeWork share prices shoot as it begins to renegotiate leases globally

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it.

According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds.

The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year.

Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters.

State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor.

According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised.

Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication.

(With inputs from Reuters)

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Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday.

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it. According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds. The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year. Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters. State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor. According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised. Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication. (With inputs from Reuters) WATCH WION LIVE HERE

Beijing prepares new chip fund as auto chipmaker raises over $1.8 billion

As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year.

According to a Distrelec report, a significant distributor of power sector components, including sensors that provide early warnings of potential wildfire activity, about 400,000 hectares (988,420 acres) of land have already been devastated by forest fires across the continent. This is based on information from the European Forest Fire Information System.

With an estimated cost of euros 1.66 billion ($1.8 billion) and more than 161,000 hectares of land devastated as of Aug. 30, Greece has sustained the most damage. This is one of the most devastating forest fires to have hit the nation in 16 years. Ever since the recent fires that broke out on August 19th and left at least 19 people dead, authorities in Greece have been on high alert for further destruction.

Spain recorded the second-highest number of forest fires, after Portugal and Italy, accounting for over 84,315 hectares and costing an estimated euros 871 million ($941 million). The research states that expenditures associated with battling fires, replanting, damage repair, and cleanup are included in the estimations for the economic impact.

Fires brought on by climate change have also had an effect in other parts of the world, having an impact on everything from tourism to agricultural output.

According to Petteri Taalas, the secretary general of the World Meteorological Organisation, “The extreme weather - an increasingly frequent occurrence in our warming climate, is having a major impact on human health, ecosystems, economies, agriculture, energy, and water supplies.” This indicates the immediate need to reduce greenhouse gas emissions as feasible.

As firemen utilised planes and helicopters to put out the fires, hundreds of people in Greece had to be evacuated.

(With inputs from Bloomberg)

Distrelec's website:&nbsp;<a data-auth="NotApplicable" data-linkindex="0" href="https://www.distrelec.com/global/" rel="noopener noreferrer" target="_blank" title="https://www.distrelec.com/global/">https://www.distrelec.com/global/</a>

&nbsp;

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As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year.

As the Mediterranean was scorched by unprecedented heat from Greece to Spain this summer, wildfires have cost Europe an estimated euros 4.1 billion ($4.43 billion) in damages so far this year. According to a Distrelec report, a significant distributor of power sector components, including sensors that provide early warnings of potential wildfire activity, about 400,000 hectares (988,420 acres) of land have already been devastated by forest fires across the continent. This is based on information from the European Forest Fire Information System. With an estimated cost of euros 1.66 billion ($1.8 billion) and more than 161,000 hectares of land devastated as of Aug. 30, Greece has sustained the most damage. This is one of the most devastating forest fires to have hit the nation in 16 years. Ever since the recent fires that broke out on August 19th and left at least 19 people dead, authorities in Greece have been on high alert for further destruction. Spain recorded the second-highest number of forest fires, after Portugal and Italy, accounting for over 84,315 hectares and costing an estimated euros 871 million ($941 million). The research states that expenditures associated with battling fires, replanting, damage repair, and cleanup are included in the estimations for the economic impact. Fires brought on by climate change have also had an effect in other parts of the world, having an impact on everything from tourism to agricultural output. According to Petteri Taalas, the secretary general of the World Meteorological Organisation, “The extreme weather - an increasingly frequent occurrence in our warming climate, is having a major impact on human health, ecosystems, economies, agriculture, energy, and water supplies.” This indicates the immediate need to reduce greenhouse gas emissions as feasible. As firemen utilised planes and helicopters to put out the fires, hundreds of people in Greece had to be evacuated. (With inputs from Bloomberg) Distrelec's website: https://www.distrelec.com/global/ WATCH WION LIVE HERE

Wildfires cost Europe 4.1 billion euros as temperatures hit record high: Report

Popular Indian snack brand Haldiram’s joined Tata Consumer Products to deny a report by the Reuters news agency that it is considering selling its 51 per cent stake to the Indian conglomerate.

In a statement, Haldiram's said, "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products."

<h2>Tata Group also denies&nbsp;</h2>

The clarification came hours after Tata Consumer Products (TCPL) denied reports of buying a majority stake in the popular snack brand.

"The company is not in negotiations as reported" to acquire Haldiram's, TCPL said in a regulatory filing.

The filing was in response to a clarification sought by the NSE and the BSE regarding the reports.

"Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day.

Following the clarification, Tata Consumer Products witnessed a&nbsp;decline of over 2.60 per cent in its share price.

<h2>Report said Tata was unhappy with Haldiram's valuation&nbsp;</h2>

The Reuters report had initially claimed that Tata Group's consumer unit was engaging in discussions to purchase a majority stake in Haldiram's and that it expressed concerns about the $10 billion valuation sought by the snack manufacturer.

The report quoted anonymous sources with direct knowledge of the discussions to substantiate its claim. It further said that Tata found Haldiram's asking price to be quite high.

<h2>Speculations rife of Haldiram's selling stake&nbsp;</h2>

Meanwhile, there are speculations that several private equity firms, including Bain Capital, are also in talks with Haldiram's regarding the sale of a 10 per cent stake.

Haldiram's is a family-run business founded in a small shop in 1937. It has dominated the Indian markets with lip-smacking snacks that are widely available in mom-and-pop stores across India.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-to-emerge-as-new-manufacturing-centre-in-the-world-foxconn-chairman-liu-633155">India to emerge as new manufacturing centre in the world: Foxconn Chairman Liu</a>

It commands an almost 13 per cent share of India's $6.2 billion savoury snack market, rivalling Pepsi's Lay's chips.

Haldiram's snacks are also sold in international markets, including Singapore and the United States. The company operates approximately 150 restaurants that serve a variety of local and Western cuisines, as well as sweets.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/more-than-400000-indians-waiting-for-green-card-wont-get-it-before-death-study-633040">More than 400,000 Indians waiting for Green Card won't get it before death: Study</a>

TCPL, on the other hand, owns brands such as Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull and Eight O'clock in the tea, coffee and beverages segment and Himalayan, Gluco+ in the liquid beverages.

Reportedly, the company is planning to expand in the food and beverages sector.

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Popular Indian snack brand Haldiram’s joined Tata Consumer Products to deny a report by the Reuters news agency that it is considering selling its 51 per cent stake to the Indian conglomerate.

Popular Indian snack brand Haldiram’s joined Tata Consumer Products to deny a report by the Reuters news agency that it is considering selling its 51 per cent stake to the Indian conglomerate. In a statement, Haldiram's said, "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products." Tata Group also denies The clarification came hours after Tata Consumer Products (TCPL) denied reports of buying a majority stake in the popular snack brand. "The company is not in negotiations as reported" to acquire Haldiram's, TCPL said in a regulatory filing. The filing was in response to a clarification sought by the NSE and the BSE regarding the reports. "Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day. Following the clarification, Tata Consumer Products witnessed a decline of over 2.60 per cent in its share price. Report said Tata was unhappy with Haldiram's valuation The Reuters report had initially claimed that Tata Group's consumer unit was engaging in discussions to purchase a majority stake in Haldiram's and that it expressed concerns about the $10 billion valuation sought by the snack manufacturer. The report quoted anonymous sources with direct knowledge of the discussions to substantiate its claim. It further said that Tata found Haldiram's asking price to be quite high. Speculations rife of Haldiram's selling stake Meanwhile, there are speculations that several private equity firms, including Bain Capital, are also in talks with Haldiram's regarding the sale of a 10 per cent stake. Haldiram's is a family-run business founded in a small shop in 1937. It has dominated the Indian markets with lip-smacking snacks that are widely available in mom-and-pop stores across India. Also read | India to emerge as new manufacturing centre in the world: Foxconn Chairman Liu It commands an almost 13 per cent share of India's $6.2 billion savoury snack market, rivalling Pepsi's Lay's chips. Haldiram's snacks are also sold in international markets, including Singapore and the United States. The company operates approximately 150 restaurants that serve a variety of local and Western cuisines, as well as sweets. Also read | More than 400,000 Indians waiting for Green Card won't get it before death: Study TCPL, on the other hand, owns brands such as Tata Salt, Tata Tea, Tetley, Tata Coffee, Tata Soulfull and Eight O'clock in the tea, coffee and beverages segment and Himalayan, Gluco+ in the liquid beverages. Reportedly, the company is planning to expand in the food and beverages sector. WATCH WION LIVE HERE

Haldiram’s denies reports of selling majority stake to Tata Group

On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports.

After briefly reaching 7.3284 yuan, the lowest level since December 2007, the onshore yuan lost 0.13 per cent to 7.3279 yuan to the US dollar at around 09:25 GMT.

The offshore yuan, which is traded more freely than domestic currency outside of mainland China, decreased 0.19 percent to 7.3350 to the dollar.

Data released on Thursday indicated that China’s exports and imports fell once more in August, adding to the pressure on the government to adopt more stimulus measures for the world’s second-largest economy.

According to Lee Hardman, currency analyst at MUFG bank, “speculation has grown recently that domestic policymakers may eventually permit the renminbi (yuan) to devalue more significantly to help provide more support for growth from net trade.”

“However, their actions to support the renminbi suggest a gradual depreciation path is favoured as they remain wary of encouraging a sharp pick-up in capital outflows,” he continued.

In July, prices dropped for the first time in more than two years, which kept customers from making purchases, causing imports to decline by 7.3 per cent on a year-over-year basis.

Additionally, China’s exports, which have historically been a major driver of its economic growth, fell by 8.8 per cent.

(With inputs from AFP News)

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On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports.

On Thursday, the Beijing-controlled onshore yuan plunged to its lowest level against the dollar since 2007 as concerns over an impending economic slowdown were rekindled by falling Chinese exports. After briefly reaching 7.3284 yuan, the lowest level since December 2007, the onshore yuan lost 0.13 per cent to 7.3279 yuan to the US dollar at around 09:25 GMT. The offshore yuan, which is traded more freely than domestic currency outside of mainland China, decreased 0.19 percent to 7.3350 to the dollar. Data released on Thursday indicated that China’s exports and imports fell once more in August, adding to the pressure on the government to adopt more stimulus measures for the world’s second-largest economy. According to Lee Hardman, currency analyst at MUFG bank, “speculation has grown recently that domestic policymakers may eventually permit the renminbi (yuan) to devalue more significantly to help provide more support for growth from net trade.” “However, their actions to support the renminbi suggest a gradual depreciation path is favoured as they remain wary of encouraging a sharp pick-up in capital outflows,” he continued. In July, prices dropped for the first time in more than two years, which kept customers from making purchases, causing imports to decline by 7.3 per cent on a year-over-year basis. Additionally, China’s exports, which have historically been a major driver of its economic growth, fell by 8.8 per cent. (With inputs from AFP News) WATCH WION LIVE HERE

Onshore yuan hits 2007 dollar low amid China slowdown fears: Report

Auto safety regulators in the United States said on Tuesday (September 5) that 52 million airbag inflators produced by ARC Automotive and Delphi Automotive should be recalled as they might rupture and send dangerous metal fragments flying.

Auto safety regulators in the United States said on Tuesday (September 5) that 52 million airbag inflators produced by ARC Automotive and Delphi Automotive should be recalled as they might rupture and send dangerous metal fragments flying. According to a report by the news agency Reuters, the National Highway Traffic Safety Administration (NHTSA) said airbag inflators that rupture when commanded to deploy were defective as they both failed to protect vehicle occupants as they should and, pose an unreasonable risk of serious injury or death on their own. The NHTSA first demanded a voluntary recall in May, but ARC rejected it. The agency issued an initial decision on Tuesday and set a public meeting on October 5 in a rare move to compel a recall. In which vehicles have the airbag inflators been used? As per the Reuters report, the inflators that the NHTSA is seeking to recall have been used in vehicles from the year 2000 till early 2018 produced by 12 automakers including General Motors, Ford, Tesla, Toyota, Hyundai, Kia, Mercedes-Benz, BMW and Volkswagen. Initially, the NHTSA said that 67 million airbag inflators were unsafe. But on Tuesday, it adjusted this estimate to account for "over-inclusive responses reported to the agency by certain manufacturers over the course of the investigation." If the recall is successful, the callback would be one of the largest on record, Reuters reported. In May, the ARC rejected the NHTSA's conclusion that there was a defect. The agency, meanwhile, said that ARC in January 2018 completed the installation of devices on inflator manufacturing lines used to detect excesses of a hardened byproduct of welding known as weld slag, or other debris. The NHTSA added that it was unaware of issues in ARC inflators produced since the installation of the devices. NHTSA said it "believes that the evidence does identify a likely cause" and added that ARC's argument on not finding a root cause "is not a reason for delaying a recall." The agency pointed out that it was aware of seven confirmed inflator ruptures in the United States in the vehicles it seeks to have recalled, including seven injuries and one death. (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.

US: 52 million airbag inflators should be recalled over rupture threat, say auto regulators

For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday.

According to government data, imports decreased 7.3 per cent in August and exports declined 8.8 per cent.

But the decrease was better than the previous month and not as bad as anticipated.

China is presently dealing with a number of post-pandemic issues, such as a real estate crisis and low consumer expenditure.

Following the Covid19 pandemic and the current trade conflict with the US, there has been a decline in worldwide demand for products created in China. It is significantly affecting a crucial driver of economic expansion for the nation.

According to a US Census Bureau data released on Wednesday, China’s percentage of US goods imports dropped to its lowest level since 2006 in the year ending in July.

14.6 per cent of all imported commodities during that time period came from China. This is a decrease from the peak of 21.8 per cent seen in the year ending in March 2018, before Donald Trump, who was then the president, intensified the US-China trade war.

The real estate sector in China is also experiencing a severe downturn as some of the largest developers are having financial difficulties.

Beijing has thus far refrained from implementing a significant stimulus programme to stimulate the economy.

Instead, it has chosen to implement a number of policies in recent months to support individuals and businesses.

The nation’s central bank has lowered loan rates, and Beijing has declared plans to permit a dozen of the nation's largest cities to lower the minimum down payment requirements for purchasers. Additionally, lenders have been urged to lower interest rates on existing mortgages.

Other initiatives, such as raising the personal income tax deduction for children's education and lowering the levy on share trading, have also been announced.

The Chinese state-run daily The Global Times published an article on its English-language website prior to the release of the trade numbers denouncing derogatory remarks made about the nation's economy by Western politicians and media.

“The reality is that Chinese economy is well on the recovery track with increasingly strong innovation and green development momentum, though the economy faces some difficulties and challenges under the impact of global economic slowdown,” BBC quoted it as saying.

&nbsp;

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For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday.

For the fourth consecutive month, China’s exports have decreased as the “world's factory” battles sluggish domestic and international demand, the BBC reported on Thursday. According to government data, imports decreased 7.3 per cent in August and exports declined 8.8 per cent. But the decrease was better than the previous month and not as bad as anticipated. China is presently dealing with a number of post-pandemic issues, such as a real estate crisis and low consumer expenditure. Following the Covid19 pandemic and the current trade conflict with the US, there has been a decline in worldwide demand for products created in China. It is significantly affecting a crucial driver of economic expansion for the nation. According to a US Census Bureau data released on Wednesday, China’s percentage of US goods imports dropped to its lowest level since 2006 in the year ending in July. 14.6 per cent of all imported commodities during that time period came from China. This is a decrease from the peak of 21.8 per cent seen in the year ending in March 2018, before Donald Trump, who was then the president, intensified the US-China trade war. The real estate sector in China is also experiencing a severe downturn as some of the largest developers are having financial difficulties. Beijing has thus far refrained from implementing a significant stimulus programme to stimulate the economy. Instead, it has chosen to implement a number of policies in recent months to support individuals and businesses. The nation’s central bank has lowered loan rates, and Beijing has declared plans to permit a dozen of the nation's largest cities to lower the minimum down payment requirements for purchasers. Additionally, lenders have been urged to lower interest rates on existing mortgages. Other initiatives, such as raising the personal income tax deduction for children's education and lowering the levy on share trading, have also been announced. The Chinese state-run daily The Global Times published an article on its English-language website prior to the release of the trade numbers denouncing derogatory remarks made about the nation's economy by Western politicians and media. “The reality is that Chinese economy is well on the recovery track with increasingly strong innovation and green development momentum, though the economy faces some difficulties and challenges under the impact of global economic slowdown,” BBC quoted it as saying. WATCH WION LIVE HERE

Chinese economy struggles with falling exports, weak demand: Report

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday.

According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence.

“This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying.

As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high.

The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay&nbsp;more for imported goods and services.

Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee.

On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows.&nbsp;

The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market.

The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that&nbsp;China’s slower economic performance has put pressure on the Asian currency markets.

Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee.

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Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.

Due to an increase in crude oil prices and a stronger US dollar, the rupee saw its highest monthly depreciation on Tuesday. According to Bloomberg statistics, the rupee decreased by 29 paise to close at Rs 83.04 versus the dollar on Tuesday. On August 2, it had decreased by 33 pence. “This depreciation can be attributed to the overall strength of the US dollar and a significant increase in crude oil prices, which surged by more than 10 per cent to reach $85 per barrel,” Financial Express quoted Jateen Trivedi, VP research analyst, LKP Securities, as saying. As a result of Russia and Saudi Arabia extending supply curbs through the end of the year, crude oil prices have reached a 10-month high. The purchasing power of the rupee weakens when it depreciates against other currencies, especially. This leads to customers having to pay more for imported goods and services. Over 80 per cent of India’s crude oil is imported, and inflation is the main effect of a weakening rupee. On September 5, the dollar index increased by 0.4 per cent against the Indian rupee. Analysts say that the rupee’s decline could be linked to persistent weakness seen in Asian currencies in addition to projected dollar outflows. The rise in the dollar index signals the anticipation of a future increase in interest rates, which will have an effect on the rupee market. The Financial Express quoted Nirpendra Yadav, senior commodity research analyst, Swastika Investmart, as saying that China’s slower economic performance has put pressure on the Asian currency markets. Analysts also predict that the Federal Reserve meeting, which is scheduled for later this month, will have an impact on the movement of the rupee. WATCH WION LIVE HERE

Rupee experiences its highest monthly depreciation as US dollar strengthens, oil prices rise

India's push to become a manufacturing hub has got a big thumbs up from the Taiwanese tech giant Foxconn. The company's chairman and CEO, Young Liu, has reiterated that India will emerge as the new manufacturing centre in the world.

Foxconn backs 'make in India'

We delve into the world of international trade and the pivotal role played by the G20. India's current presidency brings both opportunities and challenges to the forefront. In this report, we'll explore how India aims to capitalise on this global stage while also addressing the pressing issue of rising food prices in the wake of the Russia-Ukraine conflict.

How will G20 shape global trade?

G20's role in shaping the future of global trade

India's tryst with CBDCs or central bank digital currencies is all set to expand. Reports suggest that India’s central bank may soon introduce CBDCs in the call money market.

India's RBI to expand digital rupee use

The Russian government's revenue from oil and natural gas exports fell in August despite a rise in crude prices and a depreciating Rouble, driven largely by government subsidies for the country's refiners.

Russia's oil & gas revenue slumps despite rising crude prices

Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble.

The Russian Finance Ministry reported on Tuesday that budget revenues from oil and gas decreased 4.3 per cent from a year ago to 642.7 billion roubles ($6.6 billion).&nbsp;

According to calculations by Bloomberg, taxes on crude and petroleum products, which last month made up 80 per cent of the nation’s hydrocarbon revenues, decreased to 511.9 billion roubles.&nbsp;

The decrease followed tax refunds, payments for refinery modernisation, and subsidies of 185.9 billion roubles given to diesel and petrol producers for deliveries to the domestic market.

Due to the Russia-Ukraine war and accompanying Western sanctions, the oil and gas sector,&nbsp;which make up around a third of the country’s government revenue,&nbsp;has been under pressure.&nbsp;

In order to prevent an influx of petrodollars and to deter Moscow from using them to fund its military actions, the Group of Seven industrialised nations or G7 set a price restriction on Russian petroleum and other exports.

Monday saw the highest price for Brent crude, the international benchmark for oil, this year, after Saudi Arabia and Russia decided to limit their oil supply in an effort to drive up prices.&nbsp;

China, a major consumer, has increased steps to bolster its economy, building up confidence in the strength of demand.

Russia’s Urals crude blend averaged $74 a barrel last month, going over the G-7’s $60 price threshold for the second month in a row. Its discount to Brent decreased to $12.20 per barrel, which is significantly less than the level of April.

The sale of oil, which is priced in foreign currencies, has increased as a result of the severe devaluation of the ruble. The average exchange rate to the US dollar this month was 95.5 roubles, up from 60.3 roubles a year earlier.&nbsp;

"When the Russian currency declines by just one ruble, that amounts to an additional 100 billion-120 billion rubles in budget revenue, adjusted for a 12-month period," Bloomberg quoted Alexander Isakov, an economist with Bloomberg Economics Russia, as saying.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble.

Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble. The Russian Finance Ministry reported on Tuesday that budget revenues from oil and gas decreased 4.3 per cent from a year ago to 642.7 billion roubles ($6.6 billion). According to calculations by Bloomberg, taxes on crude and petroleum products, which last month made up 80 per cent of the nation’s hydrocarbon revenues, decreased to 511.9 billion roubles. The decrease followed tax refunds, payments for refinery modernisation, and subsidies of 185.9 billion roubles given to diesel and petrol producers for deliveries to the domestic market. Due to the Russia-Ukraine war and accompanying Western sanctions, the oil and gas sector, which make up around a third of the country’s government revenue, has been under pressure. In order to prevent an influx of petrodollars and to deter Moscow from using them to fund its military actions, the Group of Seven industrialised nations or G7 set a price restriction on Russian petroleum and other exports. Monday saw the highest price for Brent crude, the international benchmark for oil, this year, after Saudi Arabia and Russia decided to limit their oil supply in an effort to drive up prices. China, a major consumer, has increased steps to bolster its economy, building up confidence in the strength of demand. Russia’s Urals crude blend averaged $74 a barrel last month, going over the G-7’s $60 price threshold for the second month in a row. Its discount to Brent decreased to $12.20 per barrel, which is significantly less than the level of April. The sale of oil, which is priced in foreign currencies, has increased as a result of the severe devaluation of the ruble. The average exchange rate to the US dollar this month was 95.5 roubles, up from 60.3 roubles a year earlier. "When the Russian currency declines by just one ruble, that amounts to an additional 100 billion-120 billion rubles in budget revenue, adjusted for a 12-month period," Bloomberg quoted Alexander Isakov, an economist with Bloomberg Economics Russia, as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Russian oil and gas revenue falls due to increased subsidies  

Russia and Saudi Arabia, on Tuesday (September 5), said that they would extend the voluntary oil cuts until the end of this year. This has sent the price of Brent crude to a 10-month high, months after Saudi Arabia, the world’s biggest crude exporter, first announced the cuts as well as sparked worries among investors about potential shortages during peak winter demand.

<h2>Saudi Arabia announces oil export cuts</h2>

The announcement was made by Saudi Arabia’s energy ministry which said that they are extending the oil production cut to one million barrels per day, which first took effect in July, for “another three months until the end of December 2023.”&nbsp;

This comes after the oil production cuts were first announced after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia. This recent announcement also comes after a statement in early August said that the cut would last through September and possibly “deepened”, but that was not the case on Tuesday.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/saudi-arabia-announces-voluntary-oil-cut-of-1-mn-barrels-per-day-600480">Saudi Arabia announces further voluntary oil production cut of 1mn barrels per day</a>

The decision will be “reviewed monthly to consider deepening the cut or increasing production,” said the kingdom’s energy ministry. Notably, while Saudi Arabia has reported its daily capacity as 12 million bpd, currently their daily production stands at approximately nine million bpd.&nbsp;

<h2>What did Russia say?</h2>

Russia also said that it would extend its oil export cuts of 300,000 barrels per day until the end of 2023 to “maintain stability” on markets, as per AFP.&nbsp;

Deputy Prime Minister Alexander Novak announcing the extension said that they would also review the cuts monthly and take a call on whether to deepen them or whether production should be increased “depending on the global market situation.”&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-arabia-opec-members-announce-oil-production-cuts-by-over-a-million-bpd-578386">Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd</a>

<h2>Announcement affects markets</h2>

Brent crude futures rose by $1.04 or 1.2 per cent and settled at $90.04 a barrel, closing above the $90 mark for the first time since November 2022, according to Reuters.&nbsp;

While investors had expected Russia and Saudi Arabia to extend the voluntary cuts into October, a three-month extension came as a shock.

“These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide,” said Jorge Leon, senior vice president at Rystad Energy, as quoted by Reuters.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/global-oil-demand-to-reach-an-all-time-high-this-year-as-china-re-opens-iea-553899">Global oil demand to reach an all-time high this year as China re-opens, says IEA</a>

Last year, OPEC+ agreed to reduce output by two million barrels per day, a decision which drew criticism from the United States who accused Saudi Arabia of supporting Russia’s war in Ukraine.&nbsp;

UBS now reportedly expects Brent crude to rise to $95 a barrel by the end of 2023.&nbsp;

(With inputs from agencies)&nbsp; 
 
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Russia and Saudi Arabia, on Tuesday (September 5), said that they would extend the voluntary oil cuts until the end of this year. This has sent the price of Brent crude to a 10-month high, months after Saudi Arabia, the world’s biggest crude exporter, first announced the cuts as well as sparked worries among investors about potential shortages during peak winter demand.

Russia and Saudi Arabia, on Tuesday (September 5), said that they would extend the voluntary oil cuts until the end of this year. This has sent the price of Brent crude to a 10-month high, months after Saudi Arabia, the world’s biggest crude exporter, first announced the cuts as well as sparked worries among investors about potential shortages during peak winter demand. Saudi Arabia announces oil export cuts The announcement was made by Saudi Arabia’s energy ministry which said that they are extending the oil production cut to one million barrels per day, which first took effect in July, for “another three months until the end of December 2023.” This comes after the oil production cuts were first announced after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia. This recent announcement also comes after a statement in early August said that the cut would last through September and possibly “deepened”, but that was not the case on Tuesday. ALSO READ | Saudi Arabia announces further voluntary oil production cut of 1mn barrels per day The decision will be “reviewed monthly to consider deepening the cut or increasing production,” said the kingdom’s energy ministry. Notably, while Saudi Arabia has reported its daily capacity as 12 million bpd, currently their daily production stands at approximately nine million bpd. What did Russia say? Russia also said that it would extend its oil export cuts of 300,000 barrels per day until the end of 2023 to “maintain stability” on markets, as per AFP. Deputy Prime Minister Alexander Novak announcing the extension said that they would also review the cuts monthly and take a call on whether to deepen them or whether production should be increased “depending on the global market situation.” ALSO READ | Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd Announcement affects markets Brent crude futures rose by $1.04 or 1.2 per cent and settled at $90.04 a barrel, closing above the $90 mark for the first time since November 2022, according to Reuters. While investors had expected Russia and Saudi Arabia to extend the voluntary cuts into October, a three-month extension came as a shock. “These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide,” said Jorge Leon, senior vice president at Rystad Energy, as quoted by Reuters. ALSO READ | Global oil demand to reach an all-time high this year as China re-opens, says IEA Last year, OPEC+ agreed to reduce output by two million barrels per day, a decision which drew criticism from the United States who accused Saudi Arabia of supporting Russia’s war in Ukraine. UBS now reportedly expects Brent crude to rise to $95 a barrel by the end of 2023. (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.

Russia and Saudi Arabia extend oil export cuts to end of 2023; oil prices soar

Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker&nbsp;Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said.

If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail.

Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said.

Tata Consumer Products, which owns UK tea company Tetley and has a partnership with Starbucks in India, has baulked at the $10 billion valuation given that&nbsp;Haldiram's annual revenue is around $1.5 billion, the sources said.

Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks.

A third person with direct knowledge of the discussions said Tata wants to buy more than 51% but has told&nbsp;Haldiram's that its "ask is very high."

The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company.&nbsp;Haldiram's is huge in the consumer space and has a wide market share."

The sources spoke on condition of anonymity.

A spokesperson for Tata Consumer Products said it "does not comment on market speculation".&nbsp;Haldiram's Chief Executive Krishan Kumar Chutani and Bain declined to comment.

Family-run&nbsp;Haldiram's traces its origins back to a tiny shop founded in 1937 and is well-known for its crispy "bhujia" snack sold for as little as 10 rupees across mom-and-pop stores.

It has almost 13% share of India's $6.2 billion savoury snack market, according to Euromonitor International. Pepsi, famous for its Lay's chips, also has around 13%.

Haldiram's snacks are also sold in overseas markets like Singapore and the United States. The company has around 150 restaurants selling local food, sweets and western cuisine.

Purchasing&nbsp;Haldiram's would significantly expand Tata's consumer products reach.

"If you want to suddenly grow big in size, no one better to provide access than&nbsp;Haldiram's. No other brand attacks packaged food, and food services, with equal panache," said Ankur Bisen, head of consumer and retail at Indian consultancy Technopak.

Tata's consumer unit, which also sells salt, pulses and mineral water, had revenue of $1.7 billion in the past financial year. It is a relatively small part of the Tata Group, whose businesses span autos, aviation and hotels and which had combined revenue last year of some $144 billion.

Haldiram's Chairman Manohar Lal Agrawal last year told CNBC TV18 in an interview the company wanted to attract private equity investors and debut on the stock market in 2-3 years.

Haldiram's - which has multiple registered companies in the country - had revenue of at least $981 million in the financial year ended March 2022, according to regulatory filings. The first two sources, however, said its revenue is now close to $1.5 billion and annual operating profit is around $200 million.

The $10 billion valuation sought by&nbsp;Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said.

Haldiram's smaller listed rival in India, Bikaji Foods International, has a market capitalisation of $1.5 billion, six times its annual revenue. Shares in Bikaji also rose on Wednesday, climbing around 3 per cent&nbsp;during trade. 
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Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said.

Tata Group's consumer unit is in talks to buy at least 51% of popular Indian snack food maker Haldiram's but is not comfortable with the $10 billion valuation sought, two people briefed on the matter said. If successfully concluded, a deal would see the Indian conglomerate directly compete with Pepsi and billionaire Mukesh Ambani's Reliance Retail. Haldiram's, a household name in India, is also talking with private equity firms including Bain Capital about the sale of a 10% stake, they said. Tata Consumer Products, which owns UK tea company Tetley and has a partnership with Starbucks in India, has baulked at the $10 billion valuation given that Haldiram's annual revenue is around $1.5 billion, the sources said. Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks. A third person with direct knowledge of the discussions said Tata wants to buy more than 51% but has told Haldiram's that its "ask is very high." The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. Haldiram's is huge in the consumer space and has a wide market share." The sources spoke on condition of anonymity. A spokesperson for Tata Consumer Products said it "does not comment on market speculation". Haldiram's Chief Executive Krishan Kumar Chutani and Bain declined to comment. Family-run Haldiram's traces its origins back to a tiny shop founded in 1937 and is well-known for its crispy "bhujia" snack sold for as little as 10 rupees across mom-and-pop stores. It has almost 13% share of India's $6.2 billion savoury snack market, according to Euromonitor International. Pepsi, famous for its Lay's chips, also has around 13%. Haldiram's snacks are also sold in overseas markets like Singapore and the United States. The company has around 150 restaurants selling local food, sweets and western cuisine. Purchasing Haldiram's would significantly expand Tata's consumer products reach. "If you want to suddenly grow big in size, no one better to provide access than Haldiram's. No other brand attacks packaged food, and food services, with equal panache," said Ankur Bisen, head of consumer and retail at Indian consultancy Technopak. Tata's consumer unit, which also sells salt, pulses and mineral water, had revenue of $1.7 billion in the past financial year. It is a relatively small part of the Tata Group, whose businesses span autos, aviation and hotels and which had combined revenue last year of some $144 billion. Haldiram's Chairman Manohar Lal Agrawal last year told CNBC TV18 in an interview the company wanted to attract private equity investors and debut on the stock market in 2-3 years. Haldiram's - which has multiple registered companies in the country - had revenue of at least $981 million in the financial year ended March 2022, according to regulatory filings. The first two sources, however, said its revenue is now close to $1.5 billion and annual operating profit is around $200 million. The $10 billion valuation sought by Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said. Haldiram's smaller listed rival in India, Bikaji Foods International, has a market capitalisation of $1.5 billion, six times its annual revenue. Shares in Bikaji also rose on Wednesday, climbing around 3 per cent during trade. 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.

India's Tata seeks control of Haldiram's, snack maker wants $10 billion valuation: Report

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.”&nbsp;

The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight.

India's central bank launched a CBDC trial for&nbsp;wholesale and retail&nbsp;transactions in 2022.&nbsp;Since its launch, 1.75 million people have joined the CBDC bandwagon.

Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector.&nbsp;

According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December.

Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments.

The push for RuPay and UPI&nbsp;

India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI.

India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI.

During the G20 Summit, India will highlight homegrown indigenous technologies like the&nbsp;UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India.&nbsp;

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The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source. The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.” The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight. India's central bank launched a CBDC trial for wholesale and retail transactions in 2022. Since its launch, 1.75 million people have joined the CBDC bandwagon. Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector. According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December. Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments. The push for RuPay and UPI India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI. India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI. During the G20 Summit, India will highlight homegrown indigenous technologies like the UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India. WATCH WION LIVE HERE

RBI to expand e-rupee's scope, include more wholesale transactions: Reports

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.”

The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing.&nbsp;

With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change.

In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.”

“We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying.

“And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added.

According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief.

(With inputs from Reuters)

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During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday. White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.” The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing. With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change. In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.” “We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying. “And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added. According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief. (With inputs from Reuters) WATCH WION LIVE HERE

Biden to push for World Bank reform at G20 Summit in New Delhi: Report

Reserve Bank of India&nbsp;Governor&nbsp;Shaktikanta Das&nbsp;said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises.

Das used the comparison of driving a car on a road with potential ditches and speed bumps to explain how monetary policy is conducted.

“Driver needs to see ahead and regulate the speed of the car. If driver reacts suddenly to a speed bump, he can cause accident,” Moneycontrol quoted Das, who was delivering the&nbsp;Delhi School of Economics Diamond Jubilee Distinguished Lecture.

Over the past few years, the RBI has fought a protracted war against high inflation. In order to combat inflation, the RBI increased the repo rate, the rate at which the central bank provides short-term cash to banks, by 250 basis points since May 2022.

The MPC (Monetary Policy Committee) is required to maintain retail inflation at the target rate of four per cent within a tolerance range of two to six per cent.

Although it has been slowing this year, inflation has not yet displayed a consistent pattern of lowering.&nbsp;&nbsp;In July, a sharp rise in vegetable prices caused India’s headline retail inflation rate to soar over the top limit of the RBI’s 2 to 6 per cent tolerance range and reach a 15-month high of 7.44 per cent.

In the near future, India’s inflation is likely to stay high, but government actions will stop it from increasing further, according to S&amp;P Global Ratings Economist (Asia Pacific) Vishrut Rana on Tuesday.

Das stated that the MPC must monitor price stability and take appropriate action, adding that the supply-side policies implemented by the fiscal authorities are of utmost significance.

“It is necessary to watch price stability and act appropriately. We are now firmly focused on 4 per cent target,” Moneycontrol quoted Das as saying.

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Reserve Bank of India Governor Shaktikanta Das said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises.

Reserve Bank of India Governor Shaktikanta Das said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises. Das used the comparison of driving a car on a road with potential ditches and speed bumps to explain how monetary policy is conducted. “Driver needs to see ahead and regulate the speed of the car. If driver reacts suddenly to a speed bump, he can cause accident,” Moneycontrol quoted Das, who was delivering the Delhi School of Economics Diamond Jubilee Distinguished Lecture. Over the past few years, the RBI has fought a protracted war against high inflation. In order to combat inflation, the RBI increased the repo rate, the rate at which the central bank provides short-term cash to banks, by 250 basis points since May 2022. The MPC (Monetary Policy Committee) is required to maintain retail inflation at the target rate of four per cent within a tolerance range of two to six per cent. Although it has been slowing this year, inflation has not yet displayed a consistent pattern of lowering. In July, a sharp rise in vegetable prices caused India’s headline retail inflation rate to soar over the top limit of the RBI’s 2 to 6 per cent tolerance range and reach a 15-month high of 7.44 per cent. In the near future, India’s inflation is likely to stay high, but government actions will stop it from increasing further, according to S&P Global Ratings Economist (Asia Pacific) Vishrut Rana on Tuesday. Das stated that the MPC must monitor price stability and take appropriate action, adding that the supply-side policies implemented by the fiscal authorities are of utmost significance. “It is necessary to watch price stability and act appropriately. We are now firmly focused on 4 per cent target,” Moneycontrol quoted Das as saying. WATCH WION LIVE HERE

Monetary policy needs to look at the future: RBI Governer Shaktikanta Das 

A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai.

Sabyasachi is the newest luxury brand to relocate to south Mumbai with the launch of the four-story flagship store. Mumbai has been the centre of India’s financial services industry ever since the predecessor to the Bombay Stock Exchange started there in 1875 under a banyan tree. Hermes International, Christian Louboutin, and other brands have opened shops more recently, prepared to pay the area’s rising costs for space in historic properties and access to a growing upper-class population.

Anurag Mathur, a partner at Bain &amp; Company in New Delhi, told Bloomberg that the emergence of the high-net-worth individual sector in India was attracting luxury firms at a significant pace. He mentioned that the pandemic increased Indians’ quest for personal luxury while restricting travel, forcing them to purchase these items domestically. For luxury brands, he said, “there’s clearly a desire to look for a new frontier, and India very much, with its change, offers that.”

By 2027, around 1.66 million Indians are anticipated to have a net worth of above $1 million. According to Knight Frank’s Wealth Report, the group of people with $30 million in their bank accounts is expected to increase by approximately 60 per cent in the five years starting in 2022.

When Dior decided to hold its first runway show in India against Mumbai’s iconic Gateway of India, it was clear that foreign companies were paying attention. To entice local consumers and their wallets, the collection featured sequined gowns, vivid pink pops, and traditional Indian stitching on jackets, skirts, and bags.

Rich, traditional business families have historically flocked the area around the Gateway, which includes the The Taj Mahal Palace hotel. However, while commercial real estate has become discouragingly expensive for some financial services companies, some global brands still perceive its importance.

According to Karl Nagarwalla of Nagarwalla Estates, a company that has assisted labels like Hermes and Louboutin in establishing showrooms in the city, “the increased demand for luxury brands, the limited supply of properties available, and the fierce market competition have forced rentals higher.” For a 1,000 square foot property, the monthly rent for retail premises in the neighbourhood can range from $6,044 to $7,250, he added.

Many banks, mutual fund managers, and dealers have consequently relocated to new financial districts, such as the Bandra Kurla Complex, which is anchored by Bank of America and Citibank, as well as northern suburban neighbourhoods.

The new Sabyasachi store is prime example of how, many of the city’s heritage buildings have performed many functions over the course of their existence. Early in 2021, Indian City Properties refurbished the building, a Grade IIA heritage-designated structure with neoclassical architecture, and purchased it from HSBC Bank. According to Indian City Properties, it was created in 1913 by the architectural company Chambers &amp; Fritchley for the British Bank of the Middle East, one of the 37 banks that were located in the region that later came to be known as the bank district.

Aditya Birla Fashion and Retail Ltd., which acquired a 51 per cent ownership in the business with an all-cash acquisition in 2021, has helped Sabyasachi, noted for its lavish bridal dresses and jewellery, develop. According to records with the Bombay Stock Exchange, the investment aided Aditya Birla in its most recent quarter. Although the firm reported a loss for the three months ended in June, Sabysaschi’s income increased and sales have had “good traction” at the Mumbai store.

The addition of premium and luxury brands to Aditya Birla’s portfolio isn’t exclusive. Mukesh Ambani, the richest man in Asia, has his sights set on introducing luxury experiences to India. His Reliance Brands Ltd. has invested in MM Styles Ltd., the company that owns the name-brand clothing line that Manish Malhotra, a Bollywood stylist, runs. In addition, the conglomerate purchased a 52 per cent share in Ritu Kumar, another Indian fashion designer. The expansion of Reliance’s non-food sector is highlighted by its retail unit, which comprises fashion and lifestyle brands, which reported a 15 per cent increase in revenue year over year.

“The competitiveness is good — the market as a collective is growing. There’s enough and more opportunity for all the brands to have over the next decade or so,” Bloomberg quoted Bain's Mathur as saying. He further said that people began to question the purpose of their savings during and after the pandemic.

(With inputs&nbsp;from Bloomberg)

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A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai.

A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai. Sabyasachi is the newest luxury brand to relocate to south Mumbai with the launch of the four-story flagship store. Mumbai has been the centre of India’s financial services industry ever since the predecessor to the Bombay Stock Exchange started there in 1875 under a banyan tree. Hermes International, Christian Louboutin, and other brands have opened shops more recently, prepared to pay the area’s rising costs for space in historic properties and access to a growing upper-class population. Anurag Mathur, a partner at Bain & Company in New Delhi, told Bloomberg that the emergence of the high-net-worth individual sector in India was attracting luxury firms at a significant pace. He mentioned that the pandemic increased Indians’ quest for personal luxury while restricting travel, forcing them to purchase these items domestically. For luxury brands, he said, “there’s clearly a desire to look for a new frontier, and India very much, with its change, offers that.” By 2027, around 1.66 million Indians are anticipated to have a net worth of above $1 million. According to Knight Frank’s Wealth Report, the group of people with $30 million in their bank accounts is expected to increase by approximately 60 per cent in the five years starting in 2022. When Dior decided to hold its first runway show in India against Mumbai’s iconic Gateway of India, it was clear that foreign companies were paying attention. To entice local consumers and their wallets, the collection featured sequined gowns, vivid pink pops, and traditional Indian stitching on jackets, skirts, and bags. Rich, traditional business families have historically flocked the area around the Gateway, which includes the The Taj Mahal Palace hotel. However, while commercial real estate has become discouragingly expensive for some financial services companies, some global brands still perceive its importance. According to Karl Nagarwalla of Nagarwalla Estates, a company that has assisted labels like Hermes and Louboutin in establishing showrooms in the city, “the increased demand for luxury brands, the limited supply of properties available, and the fierce market competition have forced rentals higher.” For a 1,000 square foot property, the monthly rent for retail premises in the neighbourhood can range from $6,044 to $7,250, he added. Many banks, mutual fund managers, and dealers have consequently relocated to new financial districts, such as the Bandra Kurla Complex, which is anchored by Bank of America and Citibank, as well as northern suburban neighbourhoods. The new Sabyasachi store is prime example of how, many of the city’s heritage buildings have performed many functions over the course of their existence. Early in 2021, Indian City Properties refurbished the building, a Grade IIA heritage-designated structure with neoclassical architecture, and purchased it from HSBC Bank. According to Indian City Properties, it was created in 1913 by the architectural company Chambers & Fritchley for the British Bank of the Middle East, one of the 37 banks that were located in the region that later came to be known as the bank district. Aditya Birla Fashion and Retail Ltd., which acquired a 51 per cent ownership in the business with an all-cash acquisition in 2021, has helped Sabyasachi, noted for its lavish bridal dresses and jewellery, develop. According to records with the Bombay Stock Exchange, the investment aided Aditya Birla in its most recent quarter. Although the firm reported a loss for the three months ended in June, Sabysaschi’s income increased and sales have had “good traction” at the Mumbai store. The addition of premium and luxury brands to Aditya Birla’s portfolio isn’t exclusive. Mukesh Ambani, the richest man in Asia, has his sights set on introducing luxury experiences to India. His Reliance Brands Ltd. has invested in MM Styles Ltd., the company that owns the name-brand clothing line that Manish Malhotra, a Bollywood stylist, runs. In addition, the conglomerate purchased a 52 per cent share in Ritu Kumar, another Indian fashion designer. The expansion of Reliance’s non-food sector is highlighted by its retail unit, which comprises fashion and lifestyle brands, which reported a 15 per cent increase in revenue year over year. “The competitiveness is good — the market as a collective is growing. There’s enough and more opportunity for all the brands to have over the next decade or so,” Bloomberg quoted Bain's Mathur as saying. He further said that people began to question the purpose of their savings during and after the pandemic. (With inputs from Bloomberg) WATCH WION LIVE HERE

Luxury retailers are investing in India’s new wealthy. Here's why 