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The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance.

The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts.

Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices.

“Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments.

According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.”

Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.”

&nbsp;

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The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses. With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance. The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts. Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices. “Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments. According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.” Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.” WATCH WION LIVE HERE

Paytm’s newly launched “Card Soundbox,” enables credit, debit card payments

August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases.

The Bank of Korea (BOK) maintained its interest rates for a fifth consecutive meeting last month as it continued to place a high priority on price stability in the face of elevated growth concerns.

After increasing by 0.1 per cent the month before, the consumer price index (CPI) increased by 1.0 per cent in August, according to official data released on Tuesday, exceeding the median increase of 0.3 per cent predicted by a Reuters survey.

The rate of annual inflation, which increased for the first time in seven months and exceeded the economists’ forecast of 2.7 per cent, was the fastest since April. It came after a 2.3 per cent increase in July, the smallest increase in two years.

The BOK has predicted that consumer inflation will likely pick up in August and September to approximately 3 per cent before declining once more, so the most recent numbers shouldn’t come as a surprise to policymakers.

The finance ministry commented on the report, stating that while temporary factors like bad weather and an increase in global energy prices had an impact on the inflation rate, the overall decreasing trend in prices remained consistent.

Prices for petroleum goods increased 8.1 per cent during the course of the month, agricultural prices rose 10.5 per cent, and prices for public services increased 0.5 per cent.

On an annual basis, Core CPI, which excludes volatile food and energy costs, increased by 3.3 per cent, remaining constant from the previous month.

Previous inflation rates

Prior to the recent development, South Korea’s inflation rate had decreased in July to its lowest level in more than two years, providing further proof that the central bank is making progress in its campaign to reduce price hikes.

Data from the statistics agency indicated that consumer prices increased 2.3 per cent from a year earlier, slowing from June’s 2.7 per cent increase. According to economists, inflation would be 2.4 per cent.

Headline price increase was expected to drop down in July, pick up again in August, and fluctuate about 3 per cent through the end of the year, according to the Bank of Korea’s prediction. The recent data will is crucial for central bank when discussing the interest rate policy.

(With inputs from agencies)

&nbsp;

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August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases.

August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases. The Bank of Korea (BOK) maintained its interest rates for a fifth consecutive meeting last month as it continued to place a high priority on price stability in the face of elevated growth concerns. After increasing by 0.1 per cent the month before, the consumer price index (CPI) increased by 1.0 per cent in August, according to official data released on Tuesday, exceeding the median increase of 0.3 per cent predicted by a Reuters survey. The rate of annual inflation, which increased for the first time in seven months and exceeded the economists’ forecast of 2.7 per cent, was the fastest since April. It came after a 2.3 per cent increase in July, the smallest increase in two years. The BOK has predicted that consumer inflation will likely pick up in August and September to approximately 3 per cent before declining once more, so the most recent numbers shouldn’t come as a surprise to policymakers. The finance ministry commented on the report, stating that while temporary factors like bad weather and an increase in global energy prices had an impact on the inflation rate, the overall decreasing trend in prices remained consistent. Prices for petroleum goods increased 8.1 per cent during the course of the month, agricultural prices rose 10.5 per cent, and prices for public services increased 0.5 per cent. On an annual basis, Core CPI, which excludes volatile food and energy costs, increased by 3.3 per cent, remaining constant from the previous month. Previous inflation rates Prior to the recent development, South Korea’s inflation rate had decreased in July to its lowest level in more than two years, providing further proof that the central bank is making progress in its campaign to reduce price hikes. Data from the statistics agency indicated that consumer prices increased 2.3 per cent from a year earlier, slowing from June’s 2.7 per cent increase. According to economists, inflation would be 2.4 per cent. Headline price increase was expected to drop down in July, pick up again in August, and fluctuate about 3 per cent through the end of the year, according to the Bank of Korea’s prediction. The recent data will is crucial for central bank when discussing the interest rate policy. (With inputs from agencies) WATCH WION LIVE HERE

South Korean policymakers on guard as inflation accelerates faster than anticipated

Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin.

The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation.

Indonesia's Immigration Director General stated that Altman "possesses an international reputation and has the potential to benefit Indonesia," reported&nbsp;Bloomberg.

This visa is seen as an incentive for attracting high-profile foreign investors. In addition to the extended visa duration, Altman and other recipients will enjoy priority security screening at airports and streamlined entry and exit procedures.

The golden visa programme, launched just a week ago, aims to boost Indonesia's economic growth.&nbsp;

Also watch |&nbsp;WION Fineprint | Portugal considers stopping its 'Golden Visa'

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Under this initiative, foreign nationals willing to make substantial financial commitments to the country can stay for a period ranging from five to 10 years.&nbsp;

For example, a five-year residency is guaranteed to those investing $350,000 in local public enterprises, savings accounts, or government securities.

<h2>Sam Altman's investment plans in Indonesia</h2>

While Altman's investment plans in Indonesia are not yet public, his recent visit to Jakarta to discuss the future of artificial intelligence indicates his keen interest in the nation's technological landscape.&nbsp;

This visa could potentially pave the way for collaborations that enhance Indonesia's position in the world of Artificial Intelligence and technology.

Also read |&nbsp;<a href="https://www.wionews.com/world/work-from-indonesia-digital-nomads-remote-workers-can-live-in-bali-with-5-year-visa-486828">Work from Indonesia: Digital nomads, remote workers can live in Bali with 5-year-visa</a>

With Altman at its helm, OpenAI has garnered global attention by stimulating investments in AI infrastructure, including tools like ChatGPT.&nbsp;

These tools have revolutionised the approach to artificial intelligence by leveraging extensive data centers to emulate human-like intelligence, leading to increased investments in AI-supporting infrastructure worldwide.

<h2>About Golden Visa programme</h2>

In its most basic form, a golden visa acquisition grants an individual a residence in that country by investment.&nbsp;

Golden visa programmes give high-net-worth individuals (HNWIs) the option of physically relocating to a favorable jurisdiction — either now or upon retirement — and becoming residents of that state with full legal rights.

According to Henley &amp; Partners, there is now golden visa legislation in place in over 100 countries around the world, spanning five continents. Over 60 per cent of European Union&nbsp;member states have programs that are functional and active, with the UK and the US having among the world’s longest running golden visa programmes.

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Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin. The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation.

Indonesia awarded its inaugural golden visa to Sam Altman, the Chief Executive Officer of OpenAI, the maker of ChatGPT, and co-founder of Worldcoin. The Indonesian immigration authority has granted Altman a 10-year visa, while recognising his purported achievements and potential contributions to the nation. Indonesia's Immigration Director General stated that Altman "possesses an international reputation and has the potential to benefit Indonesia," reported Bloomberg. This visa is seen as an incentive for attracting high-profile foreign investors. In addition to the extended visa duration, Altman and other recipients will enjoy priority security screening at airports and streamlined entry and exit procedures. The golden visa programme, launched just a week ago, aims to boost Indonesia's economic growth. Also watch | WION Fineprint | Portugal considers stopping its 'Golden Visa' × Under this initiative, foreign nationals willing to make substantial financial commitments to the country can stay for a period ranging from five to 10 years. For example, a five-year residency is guaranteed to those investing $350,000 in local public enterprises, savings accounts, or government securities. Sam Altman's investment plans in Indonesia While Altman's investment plans in Indonesia are not yet public, his recent visit to Jakarta to discuss the future of artificial intelligence indicates his keen interest in the nation's technological landscape. This visa could potentially pave the way for collaborations that enhance Indonesia's position in the world of Artificial Intelligence and technology. Also read | Work from Indonesia: Digital nomads, remote workers can live in Bali with 5-year-visa With Altman at its helm, OpenAI has garnered global attention by stimulating investments in AI infrastructure, including tools like ChatGPT. These tools have revolutionised the approach to artificial intelligence by leveraging extensive data centers to emulate human-like intelligence, leading to increased investments in AI-supporting infrastructure worldwide. About Golden Visa programme In its most basic form, a golden visa acquisition grants an individual a residence in that country by investment. Golden visa programmes give high-net-worth individuals (HNWIs) the option of physically relocating to a favorable jurisdiction — either now or upon retirement — and becoming residents of that state with full legal rights. According to Henley & Partners, there is now golden visa legislation in place in over 100 countries around the world, spanning five continents. Over 60 per cent of European Union member states have programs that are functional and active, with the UK and the US having among the world’s longest running golden visa programmes. 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.

Indonesia rolls out Golden Visa programme, OpenAI chief Sam Altman first recipient

Parag Agarwal, the former chief executive of Twitter, now known as 'X', was fired after a dinner with Elon Musk. During the course of that dinner, Musk purportedly figured out that Agarwal was not the 'fire-breathing dragon' that the billionaire business magnate thought the platform needed.&nbsp;

Musk and Agarwal went on dinner months before the former's buyout of Twitter for $44 billion.&nbsp;

This was disclosed by author Walter Isaacson, who spent three years following Elon Musk for his next biography Elon Musk.&nbsp;&nbsp;

"He's a nice guy," said Musk, but one of his maxims is that managers should not aim to be liked, Isaacson wrote, as per the Wall Street Journal which published excepts of the book.

"What Twitter needs is a fire-breathing dragon, and Parag is not that," Musk is quoted as saying by Isaacson after the meeting.&nbsp;

<h2>What happened: Sequence of events</h2>

According to Isaacson, Bret Taylor, the chairperson of Twitter's board at the time, was also present in the dinner meeting.

Musk and Agarwal later exchanged messages after the meeting, which were released in September 2022 as part of the lawsuit Twitter filed against Musk.

"Hey Elon - great to be connected directly. Would love to chat," Agrawal wrote in a message to Musk dated March 27, 2022. This was swiftly responded to with "Great dinner :)," by Musk.

But a month later, Musk while apparently lounging in Hawaii, tweeted: "Most of these 'top' accounts tweet rarely and post very little content. Is Twitter dying?"

Ninety minutes later, Agarwal texted Musk, acknowledging Musk's right to share his Twitter thoughts but cautioning that it was not benefiting Twitter's current situation.

This rivalry and dissatisfaction between the two prominent figures persisted both privately and on Twitter until Musk's tweet declared, "I won't join the board. This is a futile effort. I'll propose taking Twitter private."

An agreement to privatise Twitter was eventually reached in October 2022, and one of Musk's initial actions was to fire Agrawal.

Also watch |&nbsp;Gravitas: Parag Agrawal sacked, escorted out by security

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Elon Musk's upcoming biography by Walter Isaacson is scheduled for release on September 12, 2023.

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Parag Agarwal, the former chief executive of Twitter, now known as 'X', was fired after a dinner with Elon Musk. During the course of that dinner, Musk purportedly figured out that Agarwal was not the 'fire-breathing dragon' that the billionaire business magnate thought the platform needed.

Parag Agarwal, the former chief executive of Twitter, now known as 'X', was fired after a dinner with Elon Musk. During the course of that dinner, Musk purportedly figured out that Agarwal was not the 'fire-breathing dragon' that the billionaire business magnate thought the platform needed. Musk and Agarwal went on dinner months before the former's buyout of Twitter for $44 billion. This was disclosed by author Walter Isaacson, who spent three years following Elon Musk for his next biography Elon Musk. "He's a nice guy," said Musk, but one of his maxims is that managers should not aim to be liked, Isaacson wrote, as per the Wall Street Journal which published excepts of the book. "What Twitter needs is a fire-breathing dragon, and Parag is not that," Musk is quoted as saying by Isaacson after the meeting. What happened: Sequence of events According to Isaacson, Bret Taylor, the chairperson of Twitter's board at the time, was also present in the dinner meeting. Musk and Agarwal later exchanged messages after the meeting, which were released in September 2022 as part of the lawsuit Twitter filed against Musk. "Hey Elon - great to be connected directly. Would love to chat," Agrawal wrote in a message to Musk dated March 27, 2022. This was swiftly responded to with "Great dinner :)," by Musk. But a month later, Musk while apparently lounging in Hawaii, tweeted: "Most of these 'top' accounts tweet rarely and post very little content. Is Twitter dying?" Ninety minutes later, Agarwal texted Musk, acknowledging Musk's right to share his Twitter thoughts but cautioning that it was not benefiting Twitter's current situation. This rivalry and dissatisfaction between the two prominent figures persisted both privately and on Twitter until Musk's tweet declared, "I won't join the board. This is a futile effort. I'll propose taking Twitter private." An agreement to privatise Twitter was eventually reached in October 2022, and one of Musk's initial actions was to fire Agrawal. Also watch | Gravitas: Parag Agrawal sacked, escorted out by security × Elon Musk's upcoming biography by Walter Isaacson is scheduled for release on September 12, 2023. 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.

Parag Agarwal met Elon Musk over dinner, then he was fired as Twitter CEO, reveals biography

As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg.

The report said that China’s gross domestic output would not surpass that of the US until the middle of the 2040s, and even then, it won’t be by much before “falling behind” at that point. Prior to the pandemic, they predicted that China would seize and maintain the top spot by the beginning of the following decade.

In a research note brought out on Tuesday, Bloomberg Economists said, “China is down-shifting onto a slower growth path sooner than we expected. The post-Covid rebound has run out of steam, reflecting a deepening&nbsp;property slump and fading confidence in Beijing’s management of the economy. Weak confidence risks becoming entrenched — resulting in an enduring drag on growth potential.”

The second-largest economy in the world, China, is now expected to develop at a slower rate, to 3.5 per cent in 2030 and 1 per cent or less by 2050, according to experts. In comparison to earlier estimates of 4.3 per cent and 1.6 per cent, respectively, this is less.

China’s economy grew by 3 per cent last year, which was one of the country’s slowest rates of growth in recent memory due to economic restrictions and a real estate crisis. Its final reopening gave rise to optimism that the economy will improve this year. However, as exports plummet and the real estate downturn worsens, the recovery has lost momentum. Additionally, economists surveyed by Bloomberg have lowered their growth projections for 2024 even further, to below 5 per cent.

The updated prognosis comes as the international community re-evaluates how to deal with a China that may be nearing a power peak.

The US and the Group of Seven countries are increasingly examining signs of deep-seated structural issues in China, spotting possibilities that could ultimately boost the West’s position against a collapsing geopolitical rival, while also taking the slowdown’s wider implications into account. Commodities and stocks are already in disorder due to this year’s setbacks.

Additionally, China is coping with more serious, long-term issues. The country had its first population decline since the 1960s in 2017, which has stoked fears about declining productivity. Confidence has also been impacted by regulatory crackdowns and geopolitical conflicts with the US and other Western governments.

The US, however, seems to be doing better than many economists had anticipated just a few months ago. The ability of the economy to avoid a recession for the time being has been boosted by a strong labour market, robust consumer spending, and moderate inflation.

According to Bloomberg Economics, prospective US growth will be 1.7 per cent in 2022–2023, with long-term projections indicating a gradual decline to 1.5 per cent by 2050.

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As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg.

As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg. The report said that China’s gross domestic output would not surpass that of the US until the middle of the 2040s, and even then, it won’t be by much before “falling behind” at that point. Prior to the pandemic, they predicted that China would seize and maintain the top spot by the beginning of the following decade. In a research note brought out on Tuesday, Bloomberg Economists said, “China is down-shifting onto a slower growth path sooner than we expected. The post-Covid rebound has run out of steam, reflecting a deepening property slump and fading confidence in Beijing’s management of the economy. Weak confidence risks becoming entrenched — resulting in an enduring drag on growth potential.” The second-largest economy in the world, China, is now expected to develop at a slower rate, to 3.5 per cent in 2030 and 1 per cent or less by 2050, according to experts. In comparison to earlier estimates of 4.3 per cent and 1.6 per cent, respectively, this is less. China’s economy grew by 3 per cent last year, which was one of the country’s slowest rates of growth in recent memory due to economic restrictions and a real estate crisis. Its final reopening gave rise to optimism that the economy will improve this year. However, as exports plummet and the real estate downturn worsens, the recovery has lost momentum. Additionally, economists surveyed by Bloomberg have lowered their growth projections for 2024 even further, to below 5 per cent. The updated prognosis comes as the international community re-evaluates how to deal with a China that may be nearing a power peak. The US and the Group of Seven countries are increasingly examining signs of deep-seated structural issues in China, spotting possibilities that could ultimately boost the West’s position against a collapsing geopolitical rival, while also taking the slowdown’s wider implications into account. Commodities and stocks are already in disorder due to this year’s setbacks. Additionally, China is coping with more serious, long-term issues. The country had its first population decline since the 1960s in 2017, which has stoked fears about declining productivity. Confidence has also been impacted by regulatory crackdowns and geopolitical conflicts with the US and other Western governments. The US, however, seems to be doing better than many economists had anticipated just a few months ago. The ability of the economy to avoid a recession for the time being has been boosted by a strong labour market, robust consumer spending, and moderate inflation. According to Bloomberg Economics, prospective US growth will be 1.7 per cent in 2022–2023, with long-term projections indicating a gradual decline to 1.5 per cent by 2050. WATCH WION LIVE HERE

Forecast: China’s slowdown means it may not surpass US economy

Novo Nordisk, the maker of the weight-loss drug Wegovy, has become the most valuable firm in Europe, dethroning French luxury conglomerate LVMH. According to a report by BBC on Tuesday (September 5), Novo Nordisk's shares rose after it launched Wegovy in the United Kingdom (UK).

Novo Nordisk, the maker of the weight-loss drug Wegovy, has become the most valuable firm in Europe, dethroning French luxury conglomerate LVMH. According to a report by BBC on Tuesday (September 5), Novo Nordisk's shares rose after it launched Wegovy in the United Kingdom (UK). The report said that at the close of trading on Monday, Novo Nordisk had a stock market valuation of $428 billion. The report further said that the drug was available in the UK's public healthcare system and also on the private market. What is Wegovy? Wegovy is an injectable prescription medicine that may help adults and children aged ≥12 years with obesity. As per Novo Nordisk's website, Wegovy is prescribed for adults with excess weight who also have weight-related medical problems to help them lose weight and keep it off. Also read | Novo Nordisk says its weight loss drug Wegovy can cut risk of heart attack by 20% Novo Nordisk says that the drug should be used with a reduced-calorie meal plan and increased physical activity. BBC reported some famous personalities, including business magnate Elon Musk use Wegovy. What are the side effects of Wegovy? Some of the most common side effects of Wegovy include nausea, diarrhoea, constipation, vomiting, and heartburn. Novo Nordisk's website states some of the most serious side effects can include possible thyroid tumours, including cancer. "In studies with rodents, Wegovy and medicines that work like Wegovy caused thyroid tumours, including thyroid cancer. It is not known if Wegovy will cause thyroid tumours or a type of thyroid cancer called medullary thyroid carcinoma (MTC) in people," the website adds. 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.

Maker of weight-loss drug Wegovy is now Europe's most valuable firm

Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled.

After evading a sovereign debt default in July thanks to a $3 billion loan plan agreed by the International Monetary Fund (IMF), Pakistan is starting down a difficult road to economic recovery under the caretaker administration.

Speaking to reporters at his official residence, Kakar said Saudi Arabia would engage in the mining, agriculture, and IT industries as part of efforts to boost foreign direct investment in Pakistan.

This will be Saudi Arabia’s largest-ever investment in Pakistan. If verified by the kingdom, the investments would amount to a total of $25 billion.

Pakistan, a longtime ally of Riyadh, is experiencing a balance of payments crisis and needs billions of dollars in foreign currency to finance its trade imbalance and pay off its foreign loans for the current fiscal year.

Kakar did not name the projects Riyadh was interested in funding, but Barrick Gold Corp stated last month that it was open to partnering with the Saudi Arabian sovereign wealth fund in Pakistan’s Reko Diq gold and copper mine.

Kakar’s administration has presently&nbsp;estimated Pakistan’s undeveloped mineral deposits at a conservative $6 trillion.

Barrick, which owns a 50 per cent of the Reko Diq mine, believes it to be one of the greatest untapped copper-gold regions in the world. The governments of Pakistan and the Balochistan province jointly own the remaining 50 per cent.

In addition, Kakar stated that his administration would work to privatise another government-owned company outside the energy industry in addition to finanlising two privatisation transactions in the next six months, likely for state-run businesses in the power sector.

State-owned businesses in Pakistan have long been a source of apprehension&nbsp;because of their deteriorating financial conditions. Pakistan recently added the financially troubled state-run Pakistan International Airlines to the list for privatisation.

The country’s privatisation process has virtually come to a standstill since selling state assets has historically been a politically touchy subject that many elected governments have avoided.

(With inputs from Reuters)

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Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled.

Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled. After evading a sovereign debt default in July thanks to a $3 billion loan plan agreed by the International Monetary Fund (IMF), Pakistan is starting down a difficult road to economic recovery under the caretaker administration. Speaking to reporters at his official residence, Kakar said Saudi Arabia would engage in the mining, agriculture, and IT industries as part of efforts to boost foreign direct investment in Pakistan. This will be Saudi Arabia’s largest-ever investment in Pakistan. If verified by the kingdom, the investments would amount to a total of $25 billion. Pakistan, a longtime ally of Riyadh, is experiencing a balance of payments crisis and needs billions of dollars in foreign currency to finance its trade imbalance and pay off its foreign loans for the current fiscal year. Kakar did not name the projects Riyadh was interested in funding, but Barrick Gold Corp stated last month that it was open to partnering with the Saudi Arabian sovereign wealth fund in Pakistan’s Reko Diq gold and copper mine. Kakar’s administration has presently estimated Pakistan’s undeveloped mineral deposits at a conservative $6 trillion. Barrick, which owns a 50 per cent of the Reko Diq mine, believes it to be one of the greatest untapped copper-gold regions in the world. The governments of Pakistan and the Balochistan province jointly own the remaining 50 per cent. In addition, Kakar stated that his administration would work to privatise another government-owned company outside the energy industry in addition to finanlising two privatisation transactions in the next six months, likely for state-run businesses in the power sector. State-owned businesses in Pakistan have long been a source of apprehension because of their deteriorating financial conditions. Pakistan recently added the financially troubled state-run Pakistan International Airlines to the list for privatisation. The country’s privatisation process has virtually come to a standstill since selling state assets has historically been a politically touchy subject that many elected governments have avoided. (With inputs from Reuters) WATCH WION LIVE HERE

Saudi Arabia to invest $25 bn in Pakistan over next five years: Interim PM announces

Major retailers across the United States have begun placing everyday products like toothpaste, chocolate, washing powder and deodorant under lock and key amid a reported rise in petty theft and organised shoplifting as the country grapples with the cost of living. Meanwhile, some shoppers said they are fearful during shopping amid the rise in organised retail theft.&nbsp;

<h2>US retailers justify placing products under lock and key</h2>

According to a report by AFP, major American retailers like Walmart and Target, drugstore chains CVS and Walgreens as well as home improvement firm Home Depot and Dick’s Sporting Goods are among some of the growing number of companies who have voiced concerns about the thefts, including some violent incidents.&nbsp;

They have also spoken about how it has affected their recent earnings. “Organised retail crime, and theft in general, is an increasingly serious issue impacting many retailers,” said Lauren Hobart, chief executive at Dick’s during a conference call, as quoted by AFP. She also called the impact of stealing on the company’s inventory “meaningful”.&nbsp;

In a separate briefing, Target chief executive Brian Cornell said, “During the first five months of this year, our stores saw a 120 per cent increase in theft incidents involving violence or threats of violence.” He also noted how this loss of inventory due to theft is well above what is sustainable over the long term.&nbsp;

According to the National Retail Federation’s Retail Security Survey 2022, American retailers&nbsp;lost some $94.5 billion nationwide to the so-called “shrink” in 2021. In this context, shrink refers to the loss of inventory from factors including staff theft, shoplifting or administrative errors.

The survey also noted that retailers on average saw a 26.5 per cent rise in organised retail crime in 2021 and a majority of respondents said that the pandemic has led to an increase in risks.

<h2>What is causing this rise in violence and theft?</h2>

The US Federal Reserve has announced consecutive interest rate hikes taking the number once close to zero to around 5.5 per cent over 18 months, which is the highest in 22 years.&nbsp;

The higher interest rates have not only made it pricier to borrow funds for bigger purchases but also made it difficult for companies to expand while American consumers have been feeling the squeeze.&nbsp;

<h2>Measures taken by the stores</h2>

The rise in theft has prompted stores to install transparent walls with locks on shelves, sometimes padlocked chains on refrigerators, and scattering call buttons in aisles for staff, according to AFP. Additionally, stores also sparsely stock unprotected shelves.&nbsp;

Some retailers have closed stores due to the rise in theft and lack of profitability. In 2021, Walgreens closed five stores in the US city of San Francisco due to theft.&nbsp;

<h2>US shoppers are afraid&nbsp;</h2>

Ann McGee, a New Yorker from the borough of Queens, told AFP that she doesn’t like the recent fear she has while shopping, amid a rise in theft. “It’s not normal to be scared” when shopping, McGee told the news agency.&nbsp;

She has been a resident of the borough for more than four decades now and said she has recently been so concerned about her safety that she leaves her purse and jewellery – including her wedding ring – at home when she goes shopping.

(With inputs from agencies) &nbsp; 
 
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Major retailers across the United States have begun placing everyday products like toothpaste, chocolate, washing powder and deodorant under lock and key amid a reported rise in petty theft and organised shoplifting as the country grapples with the cost of living.

Major retailers across the United States have begun placing everyday products like toothpaste, chocolate, washing powder and deodorant under lock and key amid a reported rise in petty theft and organised shoplifting as the country grapples with the cost of living. Meanwhile, some shoppers said they are fearful during shopping amid the rise in organised retail theft. US retailers justify placing products under lock and key According to a report by AFP, major American retailers like Walmart and Target, drugstore chains CVS and Walgreens as well as home improvement firm Home Depot and Dick’s Sporting Goods are among some of the growing number of companies who have voiced concerns about the thefts, including some violent incidents. They have also spoken about how it has affected their recent earnings. “Organised retail crime, and theft in general, is an increasingly serious issue impacting many retailers,” said Lauren Hobart, chief executive at Dick’s during a conference call, as quoted by AFP. She also called the impact of stealing on the company’s inventory “meaningful”. In a separate briefing, Target chief executive Brian Cornell said, “During the first five months of this year, our stores saw a 120 per cent increase in theft incidents involving violence or threats of violence.” He also noted how this loss of inventory due to theft is well above what is sustainable over the long term. According to the National Retail Federation’s Retail Security Survey 2022, American retailers lost some $94.5 billion nationwide to the so-called “shrink” in 2021. In this context, shrink refers to the loss of inventory from factors including staff theft, shoplifting or administrative errors. The survey also noted that retailers on average saw a 26.5 per cent rise in organised retail crime in 2021 and a majority of respondents said that the pandemic has led to an increase in risks. What is causing this rise in violence and theft? The US Federal Reserve has announced consecutive interest rate hikes taking the number once close to zero to around 5.5 per cent over 18 months, which is the highest in 22 years. The higher interest rates have not only made it pricier to borrow funds for bigger purchases but also made it difficult for companies to expand while American consumers have been feeling the squeeze. Measures taken by the stores The rise in theft has prompted stores to install transparent walls with locks on shelves, sometimes padlocked chains on refrigerators, and scattering call buttons in aisles for staff, according to AFP. Additionally, stores also sparsely stock unprotected shelves. Some retailers have closed stores due to the rise in theft and lack of profitability. In 2021, Walgreens closed five stores in the US city of San Francisco due to theft. US shoppers are afraid Ann McGee, a New Yorker from the borough of Queens, told AFP that she doesn’t like the recent fear she has while shopping, amid a rise in theft. “It’s not normal to be scared” when shopping, McGee told the news agency. She has been a resident of the borough for more than four decades now and said she has recently been so concerned about her safety that she leaves her purse and jewellery – including her wedding ring – at home when she goes shopping. (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 retailers place toothpaste, chocolates and deodorant under lock and key. Here’s why

In what may be a setback for India’s net zero ambitions; India has stepped up the use of coal for electricity. This is in a bid to stop outages caused by lower hydroelectricity output, even as renewable struggle to fulfil the power demand.

India’s coal use surges as power demand rises

The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks.

The leading exporter in the world has curbed all of its exports, alarming countries from West Africa to Asia. Other large suppliers have made an effort to reassure consumers that there is a sufficient supply of rice, but this hasn’t done much to calm the market.

After India imposed additional restrictions on parboiled and basmati rice over the previous weekend, rice prices in Asia spiked back up to their highest point in nearly 15 years on Wednesday. The current campaign of tightening that began on July 20, prohibiting the shipment of various grains came to a close with them being the final remaining rice varieties free from export restrictions.

“Spikes in rice prices always hurt poor consumers the most,” Bloomberg quoted Peter Timmer, Professor Emeritus at Harvard University, who’s studied food security for decades as saying. “The most pressing concern right now is whether&nbsp;Thailand and Vietnam follow India and put significant controls on their rice exports. If that happens, we will see world rice prices zoom past $1,000,” he further said.

It makes sense that supply is causing concern. In many areas of Southeast Asia and Africa, individuals consume up to 60 per cent of their daily calories from rice, which is essential to the diets of billions of people worldwide. The benchmark price is at $646 per tonne, and the market may be further destabilised by the weather.

This year’s commencement of El Nino poses a threat to many important Asian farming regions, with Thailand already issuing a drought alert for the beginning of 2024. China, the largest producer and importer of crops worldwide, looks to have dodged bad weather thus far, while India's main growing regions want additional rain.

As of August 31 in the nation’s capital, New Delhi, the price of rice was still higher than it was a year before, but since the export ban in July; prices have stayed the same at Rs 39 (47 cents) per kilogram. They’ve tacked on a little elevation across the country. However, the limitations imposed by India are being felt in other nations.

A nationwide rice price cap was implemented last week in the Philippines as a result of an “alarming” rise in retail prices and concerns of trader hoarding. The country is the second-largest importer of the grain worldwide.

Meanwhile, other nations are employing diplomatic channels to request for export bans to be lifted. Guinea has sent its trade minister to India, while Singapore, Mauritius, and Bhutan have asked to be exempted from restrictions on the grounds of food security.

(With inputs from Bloomberg)

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The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks.

The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks. The leading exporter in the world has curbed all of its exports, alarming countries from West Africa to Asia. Other large suppliers have made an effort to reassure consumers that there is a sufficient supply of rice, but this hasn’t done much to calm the market. After India imposed additional restrictions on parboiled and basmati rice over the previous weekend, rice prices in Asia spiked back up to their highest point in nearly 15 years on Wednesday. The current campaign of tightening that began on July 20, prohibiting the shipment of various grains came to a close with them being the final remaining rice varieties free from export restrictions. “Spikes in rice prices always hurt poor consumers the most,” Bloomberg quoted Peter Timmer, Professor Emeritus at Harvard University, who’s studied food security for decades as saying. “The most pressing concern right now is whether Thailand and Vietnam follow India and put significant controls on their rice exports. If that happens, we will see world rice prices zoom past $1,000,” he further said. It makes sense that supply is causing concern. In many areas of Southeast Asia and Africa, individuals consume up to 60 per cent of their daily calories from rice, which is essential to the diets of billions of people worldwide. The benchmark price is at $646 per tonne, and the market may be further destabilised by the weather. This year’s commencement of El Nino poses a threat to many important Asian farming regions, with Thailand already issuing a drought alert for the beginning of 2024. China, the largest producer and importer of crops worldwide, looks to have dodged bad weather thus far, while India's main growing regions want additional rain. As of August 31 in the nation’s capital, New Delhi, the price of rice was still higher than it was a year before, but since the export ban in July; prices have stayed the same at Rs 39 (47 cents) per kilogram. They’ve tacked on a little elevation across the country. However, the limitations imposed by India are being felt in other nations. A nationwide rice price cap was implemented last week in the Philippines as a result of an “alarming” rise in retail prices and concerns of trader hoarding. The country is the second-largest importer of the grain worldwide. Meanwhile, other nations are employing diplomatic channels to request for export bans to be lifted. Guinea has sent its trade minister to India, while Singapore, Mauritius, and Bhutan have asked to be exempted from restrictions on the grounds of food security. (With inputs from Bloomberg) WATCH WION LIVE HERE

India’s six-week rice ban has strained the global market

Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research.

According to the Euromonitor report, Voice of the Consumer: Lifestyles Survey, 41 per cent of travellers are also willing to pay more than 30 per cent more for eco and adventure travel.

With a total of 17 top spots, Europe dominates the Sustainable Travel Index for 2023. Sweden continues to be at the top of the list, followed by Finland and Austria.

Apart from these European nations, Uruguay, a country in South America, has entered the top 20 for the first time, rising 15 spots from last year.

The Sustainable Travel Index enables countries to gauge their performance across key sustainability pillars to move from words to action. We bring the index results to life through case studies and provide a source of inspiration.

The two nations that have improved the most over the past five years are Egypt and the Maldives.

By developing resilient tourism, aided by its recovery from travel bans and the pandemic, and increasing average spend per arrival to improve value creation through tourism for the benefit of the &nbsp;local people, Egypt has outperformed other markets.

Melbourne tops the lists of sustainable cities

Melbourne has an ambitious target of achieving net zero emissions by 2040, placing it at the top of the sustainability pillar for Euromonitor’s Top City Destinations Index.

It is followed by the Spanish cities of Madrid and Seville, which are a part of the European Union’s Net Zero Cities project.

Melbourne has achieved a lot when it comes to sustainability, from greening streets and staging carbon-neutral events to retrofitting buildings to lower their carbon footprint and switch to renewable energy.

The top three tourist destinations in terms of sustainable tourism are Australia, Iceland, and New Zealand.

As long-haul destinations, Australia and New Zealand profit from the lengthy stays. New Zealand also leads the way in regenerative tourism, going beyond simple sustainability and trying to leave a beneficial legacy for future generations.

&nbsp;

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Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research.

Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research. According to the Euromonitor report, Voice of the Consumer: Lifestyles Survey, 41 per cent of travellers are also willing to pay more than 30 per cent more for eco and adventure travel. With a total of 17 top spots, Europe dominates the Sustainable Travel Index for 2023. Sweden continues to be at the top of the list, followed by Finland and Austria. Apart from these European nations, Uruguay, a country in South America, has entered the top 20 for the first time, rising 15 spots from last year. The Sustainable Travel Index enables countries to gauge their performance across key sustainability pillars to move from words to action. We bring the index results to life through case studies and provide a source of inspiration. The two nations that have improved the most over the past five years are Egypt and the Maldives. By developing resilient tourism, aided by its recovery from travel bans and the pandemic, and increasing average spend per arrival to improve value creation through tourism for the benefit of the local people, Egypt has outperformed other markets. Melbourne tops the lists of sustainable cities Melbourne has an ambitious target of achieving net zero emissions by 2040, placing it at the top of the sustainability pillar for Euromonitor’s Top City Destinations Index. It is followed by the Spanish cities of Madrid and Seville, which are a part of the European Union’s Net Zero Cities project. Melbourne has achieved a lot when it comes to sustainability, from greening streets and staging carbon-neutral events to retrofitting buildings to lower their carbon footprint and switch to renewable energy. The top three tourist destinations in terms of sustainable tourism are Australia, Iceland, and New Zealand. As long-haul destinations, Australia and New Zealand profit from the lengthy stays. New Zealand also leads the way in regenerative tourism, going beyond simple sustainability and trying to leave a beneficial legacy for future generations. WATCH WION LIVE HERE

Amid cost-of-living crisis, travellers will pay 10 pc more for sustainable travel: Euromonitor report

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent.

The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024.

China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output.

Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent.

According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million).

Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy.

According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion.

According to Ghosh’s prediction in the report, the BRICS+6 economies'&nbsp;combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent.

Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy.

In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion.

Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves.

40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent.

According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent.

The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively.

The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia.

(With inputs from PTI)

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The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis. According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent. The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024. China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output. Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent. According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million). Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy. According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion. According to Ghosh’s prediction in the report, the BRICS+6 economies' combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent. Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy. In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion. Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves. 40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent. According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent. The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively. The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia. (With inputs from PTI) WATCH WION LIVE HERE

BRICS’s six new members to have GDP share of just 11 pc: Report

The International Air Transport Association (IATA) has removed the airline codes “G8” and “9W” assigned to Go First and Jet Airways after being non-operational, Mint reported.

IATA’s head of communications stated that in order to be considered for an IATA two-letter designator, an airline must be in operation. Early in May of this year, Go First Airlines stopped operating its commercial flights.

The "G8"&nbsp;for Go First has been revoked by the IATA, which gives airlines a two-letter designator and numeric codes, for a period of one year.

According to the IATA website, companies are given the airline designator code to use for bookings, schedules, timetables, telecommunications, ticketing, cargo paperwork, legal, tariffs, and other commercial and related traffic purposes.

“One of the requirements for a company to be eligible for an IATA two-letter designator is that the airline needs to be operating. As Go First ceased to operate commercial flights since early May 2023, it is currently not eligible for the IATA two-letter designator,” Mint quoted Albert Tjoeng, Head of Corporate Communications at IATA, as saying in a statement.

According to him, the two-letter designator and numeric codes will be blocked for a period of a year, after which Go First may apply to have the designator reinstated provided the conditions are satisfied.

Budget airline Go First stopped flying on May 3 and is currently going through an insolvency resolution procedure due to financial difficulties and engine problems.

“9W,” a two-letter designator, is still barred in the case of Jet Airways, which was grounded in April 2019.

IATA codes are essential for identifying an airline, its destinations, and papers used in traffic.

The National Company Law Tribunal (NCLT) asked the Insolvency and Bankruptcy Board of India (IBBI) and the Committee of Creditors (CoC) for their approval earlier in July regarding Go First’s proposal to return money to passengers who had made reservations for flights after May 3, the day the airline ceased operations.

The Go First management team, under the direction of the Resolution Professional (RP), filed a refund plan that called for a combination of payment through credit notes given to travellers and travel broker with settlements done using operating revenue.

The National Company Appellate Tribunal (NCLAT) also handed the winning bidder for Jet Airways, the Jalan-Kalrock consortium, till September 30 to pay the Rs 350 crore ($ 42 million) in debts owed to the airline’s lenders.

The consortium’s request to apply Rs 150 crore ($18 million) from a performance bank guarantee towards the payment of 350 crore was also granted by the tribunal.

The NCLAT will take up the remaining issues after September 30th, including the one from the workers who are requesting the recovery of around 224 crore in unpaid wages.

The resolution plan for Jet Airways was approved by the NCLT on June 22, 2021. It was submitted by the Jalan-Kalrock consortium, which included Florian Fritsch and non-resident Indian Murari Lal Jalan. Jalan will own shares in Jet Airways through his investment holding company Kalrock Capital Partners Ltd., Cayman.

In April 2019, Jet Airways was forced to stop operations due to financial issues. However, due to ongoing disagreements between the consortium and the lenders, the transfer of ownership has been on hold.

&nbsp;

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The International Air Transport Association (IATA) has removed the airline codes “G8” and “9W” assigned to Go First and Jet Airways after being non-operational, Mint reported.

The International Air Transport Association (IATA) has removed the airline codes “G8” and “9W” assigned to Go First and Jet Airways after being non-operational, Mint reported. IATA’s head of communications stated that in order to be considered for an IATA two-letter designator, an airline must be in operation. Early in May of this year, Go First Airlines stopped operating its commercial flights. The "G8" for Go First has been revoked by the IATA, which gives airlines a two-letter designator and numeric codes, for a period of one year. According to the IATA website, companies are given the airline designator code to use for bookings, schedules, timetables, telecommunications, ticketing, cargo paperwork, legal, tariffs, and other commercial and related traffic purposes. “One of the requirements for a company to be eligible for an IATA two-letter designator is that the airline needs to be operating. As Go First ceased to operate commercial flights since early May 2023, it is currently not eligible for the IATA two-letter designator,” Mint quoted Albert Tjoeng, Head of Corporate Communications at IATA, as saying in a statement. According to him, the two-letter designator and numeric codes will be blocked for a period of a year, after which Go First may apply to have the designator reinstated provided the conditions are satisfied. Budget airline Go First stopped flying on May 3 and is currently going through an insolvency resolution procedure due to financial difficulties and engine problems. “9W,” a two-letter designator, is still barred in the case of Jet Airways, which was grounded in April 2019. IATA codes are essential for identifying an airline, its destinations, and papers used in traffic. The National Company Law Tribunal (NCLT) asked the Insolvency and Bankruptcy Board of India (IBBI) and the Committee of Creditors (CoC) for their approval earlier in July regarding Go First’s proposal to return money to passengers who had made reservations for flights after May 3, the day the airline ceased operations. The Go First management team, under the direction of the Resolution Professional (RP), filed a refund plan that called for a combination of payment through credit notes given to travellers and travel broker with settlements done using operating revenue. The National Company Appellate Tribunal (NCLAT) also handed the winning bidder for Jet Airways, the Jalan-Kalrock consortium, till September 30 to pay the Rs 350 crore ($ 42 million) in debts owed to the airline’s lenders. The consortium’s request to apply Rs 150 crore ($18 million) from a performance bank guarantee towards the payment of 350 crore was also granted by the tribunal. The NCLAT will take up the remaining issues after September 30th, including the one from the workers who are requesting the recovery of around 224 crore in unpaid wages. The resolution plan for Jet Airways was approved by the NCLT on June 22, 2021. It was submitted by the Jalan-Kalrock consortium, which included Florian Fritsch and non-resident Indian Murari Lal Jalan. Jalan will own shares in Jet Airways through his investment holding company Kalrock Capital Partners Ltd., Cayman. In April 2019, Jet Airways was forced to stop operations due to financial issues. However, due to ongoing disagreements between the consortium and the lenders, the transfer of ownership has been on hold. WATCH WION LIVE HERE

Jet Airways and Go Fist lose their airlines codes after being non-operational: Report

As the British economy falters, many in the UK view the prospect of the UK-India free trade agreement (FTA) as a blessing in disguise. Successive governments in the country had promised an FTA between the UK and the world’s fastest-growing major economy by October last year; however, the idea still remains a distant dream.

Now UK&nbsp;Prime Minister Rishi Sunak&nbsp;himself has ruled out a quick-fix trade deal with India ahead of the G20 summit in New Delhi later this week. In fact, many in the administration believe the talks may not get through even before next year’s general elections.

<h2>Sunak sees no early harvest deal</h2>

The much-awaited FTA between the two large economies would see India lower tariffs on goods such as whisky and the UK slash&nbsp;those on Indian textiles.

As both the UK and India are set to hold general elections next year, many believe the trade deal will be negotiated only after that. That’s why many officials in the UK government now insist on taking the deadline off the table altogether for concluding the deal.&nbsp;

“There was talk last year of a deal by last Diwali, but that was only going to happen if it was a shallow deal based around a limited number of goods. Kemi Badenoch [the trade secretary] and Rishi Sunak have decided they don’t want to go down that route and so have taken a deadline off the table,” The Guardian reported citing a government source.

Watch:&nbsp;UK: PM Rishi Sunak under fire over India-UK trade deal

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“India wants to do an early agreement on goods, but the risk is that instead of being the start of a wider trade agreement, that becomes the endpoint and the UK doesn’t get any of the more fundamental things it wants,” said another top source in the UK government.

<h2>Disagreements still remain</h2>

People familiar with the negotiations suggest that there have been agreements in specific areas. Recent reports indicated India's willingness to cut tariffs on scotch whisky by one-third (from 100 per cent) in exchange for tax incentives for Indian workers in the UK. However, precise figures have yet to be finalised, according to British officials.

Sources suggest that these agreements could have led to the signing of a simplified trade deal this week. However, Sunak and Secretary of State for Business and Trade Kemi Badenoch have rejected this idea, fearing it would hinder the possibility of a more comprehensive agreement.

<a href="https://www.wionews.com/opinions-blogs/uk-economy-is-so-bad-that-some-are-mocking-indias-chandrayaan-3-to-earn-a-living-628818">Also read:&nbsp;Success of Chandrayaan-3 roils fringe Brits but here`s truth about UK`s `aid` to India</a>

UK officials refer to the Australia-India agreement from last year, which covered a limited number of sectors and was meant to initiate broader negotiations. However, observers note that the Indian side has shown little urgency in reaching a comprehensive deal since then.

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As the British economy falters, many in the UK view the prospect of the UK-India free trade agreement (FTA) as a blessing in disguise. Successive governments in the country had promised an FTA between the UK and the world’s fastest-growing major economy by October last year; however, the idea still remains a distant dream.

As the British economy falters, many in the UK view the prospect of the UK-India free trade agreement (FTA) as a blessing in disguise. Successive governments in the country had promised an FTA between the UK and the world’s fastest-growing major economy by October last year; however, the idea still remains a distant dream. Now UK Prime Minister Rishi Sunak himself has ruled out a quick-fix trade deal with India ahead of the G20 summit in New Delhi later this week. In fact, many in the administration believe the talks may not get through even before next year’s general elections. Sunak sees no early harvest deal The much-awaited FTA between the two large economies would see India lower tariffs on goods such as whisky and the UK slash those on Indian textiles. As both the UK and India are set to hold general elections next year, many believe the trade deal will be negotiated only after that. That’s why many officials in the UK government now insist on taking the deadline off the table altogether for concluding the deal. “There was talk last year of a deal by last Diwali, but that was only going to happen if it was a shallow deal based around a limited number of goods. Kemi Badenoch [the trade secretary] and Rishi Sunak have decided they don’t want to go down that route and so have taken a deadline off the table,” The Guardian reported citing a government source. Watch: UK: PM Rishi Sunak under fire over India-UK trade deal × “India wants to do an early agreement on goods, but the risk is that instead of being the start of a wider trade agreement, that becomes the endpoint and the UK doesn’t get any of the more fundamental things it wants,” said another top source in the UK government. Disagreements still remain People familiar with the negotiations suggest that there have been agreements in specific areas. Recent reports indicated India's willingness to cut tariffs on scotch whisky by one-third (from 100 per cent) in exchange for tax incentives for Indian workers in the UK. However, precise figures have yet to be finalised, according to British officials. Sources suggest that these agreements could have led to the signing of a simplified trade deal this week. However, Sunak and Secretary of State for Business and Trade Kemi Badenoch have rejected this idea, fearing it would hinder the possibility of a more comprehensive agreement. Also read: Success of Chandrayaan-3 roils fringe Brits but here`s truth about UK`s `aid` to India UK officials refer to the Australia-India agreement from last year, which covered a limited number of sectors and was meant to initiate broader negotiations. However, observers note that the Indian side has shown little urgency in reaching a comprehensive deal since then. WATCH WION LIVE HERE ×

UK PM Sunak sees no quick-fix trade deal with India, deadline now ‘off the table’: Report

Elon Musk has always bragged about how user privacy has always come first at X, formerly known as Twitter. According to a Bloomberg report, the social media site is now planning to gather users’ biometric information and educational background. This is a section of X’s revised privacy statement, which will be put into effect starting on September 29.

According to the report, biometrics are only required for premium subscribers. Additionally, they will have the choice to submit a photocopy of their government ID for verification. For matching purposes, the biometric information may be derived from both the ID and the photos.&nbsp;

A spokeswoman for X responded to Bloomberg’s inquiry regarding the update’s motivation by saying, “This will additionally help us tie, for those that choose, an account to a real person by processing their government-issued ID. This will also help X fight impersonation attempts and make the platform more secure.”

According to X’s amended policy, “Based on your consent, we may collect and use your biometric information for safety, security, and identification purposes.” Notably, this doesn’t specify exactly what information falls under the category of biometric data, which typically includes traits like a person’s face or fingerprints. X has not specified how it intends to gather this information.

According to X’s policy, educational information and employment history will be gathered to recommend possible positions to users. “We may collect and use your personal information (such as your employment history, educational history, employment preferences, skills and abilities, job search activity and engagement, and so on) to recommend potential jobs for you, to share with potential employers when you apply for a job, to enable employers to find potential candidates, and to show you more relevant advertising.”

Intriguingly, X recently established an official handle @Xhiring, implying that it is also entering the job search vertical. The platform now enables verified businesses to post job vacancies on their profiles as a beta feature of X.

Musk has promised that users will soon be able to make audio and video calls on the platform without a phone number since he is fully committed to making X an all-encompassing app. This function will work with iOS, Android, Mac, and PC.

(With inputs from Bloomberg)

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Elon Musk has always bragged about how user privacy has always come first at X, formerly known as Twitter. According to a Bloomberg report, the social media site is now planning to gather users’ biometric information and educational background.

Elon Musk has always bragged about how user privacy has always come first at X, formerly known as Twitter. According to a Bloomberg report, the social media site is now planning to gather users’ biometric information and educational background. This is a section of X’s revised privacy statement, which will be put into effect starting on September 29. According to the report, biometrics are only required for premium subscribers. Additionally, they will have the choice to submit a photocopy of their government ID for verification. For matching purposes, the biometric information may be derived from both the ID and the photos. A spokeswoman for X responded to Bloomberg’s inquiry regarding the update’s motivation by saying, “This will additionally help us tie, for those that choose, an account to a real person by processing their government-issued ID. This will also help X fight impersonation attempts and make the platform more secure.” According to X’s amended policy, “Based on your consent, we may collect and use your biometric information for safety, security, and identification purposes.” Notably, this doesn’t specify exactly what information falls under the category of biometric data, which typically includes traits like a person’s face or fingerprints. X has not specified how it intends to gather this information. According to X’s policy, educational information and employment history will be gathered to recommend possible positions to users. “We may collect and use your personal information (such as your employment history, educational history, employment preferences, skills and abilities, job search activity and engagement, and so on) to recommend potential jobs for you, to share with potential employers when you apply for a job, to enable employers to find potential candidates, and to show you more relevant advertising.” Intriguingly, X recently established an official handle @Xhiring, implying that it is also entering the job search vertical. The platform now enables verified businesses to post job vacancies on their profiles as a beta feature of X. Musk has promised that users will soon be able to make audio and video calls on the platform without a phone number since he is fully committed to making X an all-encompassing app. This function will work with iOS, Android, Mac, and PC. (With inputs from Bloomberg) WATCH WION LIVE HERE

Elon Musk’s X to collect user’s facial data, fingerprints, employment and educational details: Explained

As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint.

This led to higher bond yields and a stronger dollar. August saw the weakest inflows since February. Due to worries about a rate hike, emerging countries have begun to pull out.

The portfolio flow data is inclusive of investments made on the primary market and in wholesale transactions. After three months of nonstop buying in the cash market, foreign portfolio investors (FPIs) were net sellers, Mint cited VK Vijayakumar, chief investment strategist at Geojit Financial Services.

According to Vijayakumar, the main factor driving FPIs to sell in the cash market has been the rise in US bond yields and the strength of the dollar index, both of which are detrimental to capital inflows. He said that the financial industry’s profit-booking practices also played a role in the selling by FPIs.

Mint cited Siddharth Khemka, head of retail research at Motilal Oswal Financial Services Ltd., who maintained that, the uncertainty is likely to persist. “There is no clear trend. Uncertainty has increased with no clear indication of the US Federal Reserve’s outlook from US jobs data. The China factor remains another major concern,” Khemka told Mint.

However, block agreements and private equity fund investments show that there is still significant wide market activity. According to analysts, market demand is still quite high as evidenced by subscriptions to initial public offerings (IPOs). Despite their positivity, the market trend is expected to continue to be erratic.

Another rate increase will affect the currency and liquidity, and there are negative risks, according to Khemka.

India is presently facing threats over rising oil prices and uncertainty, raising concerns.

“Currency volatility is again a major risk, and dry weather conditions in September could also add to concerns,” &nbsp;Vikram Cassatt, head of advising at Prabhudas Lilladher Pvt Ltd told Mint. He also pointed out that there may be additional variables, such as inflation rates.

Nishit Master, a portfolio manager at Axis Securities PMS, mentioned that depreciation in rupee versus dollar valuation arbitrage, which could push flows to the Chinese market because it is less expensive, as well as potential increases in energy prices and inflation, are factors that could have a “not very positive” impact on FPI flows in the short term.

On brighter side, FPIs have been selling in the majority of emerging economies in August, primarily as a result of the strengthening dollar and declining bond yields. However, they have performed well in India as compared to other rising markets.

According to Cassatt, Malaysia is the only other Asian market that has had inflows that are higher than those of China, South Korea, and a number of other nations that have experienced significant outflows.

“India can continue to outperform other emerging markets,” Cassatt said.

In terms of economic growth, India is doing well. The robust profit trajectory seen during the first quarter also helped to underpin the markets.

According to Master, the majority of developed markets, including the US, Japan, and the EU (European Union), are either experiencing a recession or have relatively poor growth rates. Even China’s growth has fallen short of market estimates and is predicted to continue to be weak moving forward.

The only big country that would experience substantial growth and draw FPI inflows in such a case is India, according to Master.

Master predicts that FPIs would continue to pour into India despite the dearth of investment prospects.

&nbsp;

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As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint.

As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint. This led to higher bond yields and a stronger dollar. August saw the weakest inflows since February. Due to worries about a rate hike, emerging countries have begun to pull out. The portfolio flow data is inclusive of investments made on the primary market and in wholesale transactions. After three months of nonstop buying in the cash market, foreign portfolio investors (FPIs) were net sellers, Mint cited VK Vijayakumar, chief investment strategist at Geojit Financial Services. According to Vijayakumar, the main factor driving FPIs to sell in the cash market has been the rise in US bond yields and the strength of the dollar index, both of which are detrimental to capital inflows. He said that the financial industry’s profit-booking practices also played a role in the selling by FPIs. Mint cited Siddharth Khemka, head of retail research at Motilal Oswal Financial Services Ltd., who maintained that, the uncertainty is likely to persist. “There is no clear trend. Uncertainty has increased with no clear indication of the US Federal Reserve’s outlook from US jobs data. The China factor remains another major concern,” Khemka told Mint. However, block agreements and private equity fund investments show that there is still significant wide market activity. According to analysts, market demand is still quite high as evidenced by subscriptions to initial public offerings (IPOs). Despite their positivity, the market trend is expected to continue to be erratic. Another rate increase will affect the currency and liquidity, and there are negative risks, according to Khemka. India is presently facing threats over rising oil prices and uncertainty, raising concerns. “Currency volatility is again a major risk, and dry weather conditions in September could also add to concerns,” Vikram Cassatt, head of advising at Prabhudas Lilladher Pvt Ltd told Mint. He also pointed out that there may be additional variables, such as inflation rates. Nishit Master, a portfolio manager at Axis Securities PMS, mentioned that depreciation in rupee versus dollar valuation arbitrage, which could push flows to the Chinese market because it is less expensive, as well as potential increases in energy prices and inflation, are factors that could have a “not very positive” impact on FPI flows in the short term. On brighter side, FPIs have been selling in the majority of emerging economies in August, primarily as a result of the strengthening dollar and declining bond yields. However, they have performed well in India as compared to other rising markets. According to Cassatt, Malaysia is the only other Asian market that has had inflows that are higher than those of China, South Korea, and a number of other nations that have experienced significant outflows. “India can continue to outperform other emerging markets,” Cassatt said. In terms of economic growth, India is doing well. The robust profit trajectory seen during the first quarter also helped to underpin the markets. According to Master, the majority of developed markets, including the US, Japan, and the EU (European Union), are either experiencing a recession or have relatively poor growth rates. Even China’s growth has fallen short of market estimates and is predicted to continue to be weak moving forward. The only big country that would experience substantial growth and draw FPI inflows in such a case is India, according to Master. Master predicts that FPIs would continue to pour into India despite the dearth of investment prospects. WATCH WION LIVE HERE

Uncertainty surrounding India's FPI likely to continue as it hits its six-month low: Report

Ola Kaellenius, the chief executive of Mercedes-Benz made a prediction on Sunday (September 9) and said that costs for making electric vehicles will remain high compared to combustion engine models for the foreseeable future. He added that this would continue to give rise to intense competition.

His comments came as Mercedes-Benz released more details about the architecture of its newest vehicle, the CLA compact electric sedan. The car is due to launch next year.

"The variable costs for an electric car are higher. It will remain that way for the foreseeable future," Kaellenius told journalists at the IAA car show in Munich. He added that higher costs could not be passed on to customers on a like-for-like basis.

Variable costs that weigh on the price of production of electric vehicles include raw materials for batteries, software development, and electricity prices.

Kaellenius said this was the reason why the group was working to optimise fixed costs and resource allocation to reach the same profitability with electric cars as it could with combustion engines.

The new CLA is targeting power use of 12 kilowatt hours per 100 kilometres, and 750 km of driving range, which compares to the 17 to 18 kWh per 100 km in an EQA 350 compact SUV model Mercedes offers today.

When he was asked how much the new CLA class reduced cost from cars in the previous generation, Mercedes-Benz Chief Technology Officer Markus Schaefer said they were moving towards a level of 50% cost reduction.

CATL and ACC will produce batteries for the CLA class. Mercedes owns a third in ACC.

The CLA will go into production next year. It will be available in the market from 2025. The car is an attempt to reduce complexity in the development of the model, said Schaefer.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

Ola Kaellenius, the chief executive of Mercedes-Benz made a prediction on Sunday (September 9) and said that costs for making electric vehicles will remain high compared to combustion engine models for the foreseeable future.

Ola Kaellenius, the chief executive of Mercedes-Benz made a prediction on Sunday (September 9) and said that costs for making electric vehicles will remain high compared to combustion engine models for the foreseeable future. He added that this would continue to give rise to intense competition. His comments came as Mercedes-Benz released more details about the architecture of its newest vehicle, the CLA compact electric sedan. The car is due to launch next year. "The variable costs for an electric car are higher. It will remain that way for the foreseeable future," Kaellenius told journalists at the IAA car show in Munich. He added that higher costs could not be passed on to customers on a like-for-like basis. Variable costs that weigh on the price of production of electric vehicles include raw materials for batteries, software development, and electricity prices. Kaellenius said this was the reason why the group was working to optimise fixed costs and resource allocation to reach the same profitability with electric cars as it could with combustion engines. The new CLA is targeting power use of 12 kilowatt hours per 100 kilometres, and 750 km of driving range, which compares to the 17 to 18 kWh per 100 km in an EQA 350 compact SUV model Mercedes offers today. When he was asked how much the new CLA class reduced cost from cars in the previous generation, Mercedes-Benz Chief Technology Officer Markus Schaefer said they were moving towards a level of 50% cost reduction. CATL and ACC will produce batteries for the CLA class. Mercedes owns a third in ACC. The CLA will go into production next year. It will be available in the market from 2025. The car is an attempt to reduce complexity in the development of the model, said Schaefer. 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 ×

Mercedes boss says EV costs may remain high in foreseeable future

Veteran banker Uday Kotak on Saturday resigned as CEO and managing director of Kotak Mahindra bank, bringing an end to his nearly four-decade-long stint leading the bank, which he founded in 1985. However, he will continue to remain as a non-executive director of the bank.

Uday Kotak quits as CEO and managing director

A roundup of what is going on in the global economy ahead of the G20 summit in New Delhi.

How G20 economies are doing ahead of summit

There is no true alternative to the US stock market for equity investors, as seen by the stagflation crisis in Europe and the property slowdown in China. With just four months remaining in 2023, the S&P 500's gains are ahead of the Stoxx Europe 600 by nearly eight percentage points. The S&P index is on track for the eighth year of outperformance in the previous decade as AI hype overshadows recession worries and high valuations.

US stocks outshine global rivals

The relationship between Australia and China will take another positive step forward next week when high-level government discussions are revived after a three-year break. Foreign minister Penny Wong announced on Saturday that the Australia-China high-level dialogue would be held in Beijing on Thursday, providing a forum for high-level representatives from business, government, academia, and other sectors to discuss topics ranging from trade and investment to regional and international security.

Australia and china reunite for diplomatic talks

Twitter is now 'X' because social media platform's new owner Elon Musk wanted it to be that way. In Musk's latest biography written by his official biographer Walter Isaacson, details of his Twitter buyout reveal how much the billionaire business magnate was in love with the micro-blogging platform.

Musk's ambition to make an "everything app" that would encompass a person's financial transactions and social connections have been reported upon earlier.&nbsp;

About two decades ago, the new Twitter owner had started a company called X.com which he wanted to gradually make into an "everything app". Later, X.com merged with the PayPal payment service.&nbsp;

Elon Musk, Isaacson writes, wanted to keep X.com as the name of the combined company. His new colleagues resisted.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/technology/tweet-your-last-one-because-on-musks-rebranded-twitter-you-will-post-an-x-618733">Tweet your last one because on Musk's Twitter, you will post an 'X'</a>

"PayPal had become a trusted brand name, with a friendly chirpiness similar to that of Twitter, whereas the name X.com conjured up visions of a seedy site you would not talk about in polite company. Musk was ousted and he remains unwavering to this day," Isaacson writes in Elon Musk's latest biography, an excerpt of which was shared by The Times.&nbsp;

Also watch |&nbsp;Elon Musk to transform X into a super app with calling feature

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"If you want to just be a niche player, PayPal is a better name," Isaacson quotes Musk as saying.&nbsp;

"But if you want to take over the world’s financial system, then X is the better name."

<h2>Musk runs Twitter 'impulsively'</h2>

Isaacson writes that when Musk saw a period of "unnerving success" immediately after Covid pandemic, he exercised some expiring stock options that left him with about $10 billion in cash.&nbsp;

"I didn't want to just leave it in the bank," Isaacson quotes Musk as saying.

"So I asked myself what product I liked, and that was an easy question. It was Twitter."

Isaacson adds that the way Musk bought Twitter and renamed it X, was "a harbinger of the way he now runs in: impulsively and irreverently".&nbsp;

"It is an addictive playground for him. It has many of the attributes of a schoolyard, including taunting and bullying. But in the case of Twitter, the clever kids win followers; they don’t get pushed down the steps and beaten, like Musk was as a kid. Owning it would allow him to become king of the schoolyard," Isaacson writes.&nbsp;

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Twitter is now 'X' because social media platform's new owner Elon Musk wanted it to be that way. In Musk's latest biography written by his official biographer Walter Isaacson, details of his Twitter buyout reveal how much the billionaire business magnate was in love with the micro-blogging platform.

Twitter is now 'X' because social media platform's new owner Elon Musk wanted it to be that way. In Musk's latest biography written by his official biographer Walter Isaacson, details of his Twitter buyout reveal how much the billionaire business magnate was in love with the micro-blogging platform. Musk's ambition to make an "everything app" that would encompass a person's financial transactions and social connections have been reported upon earlier. About two decades ago, the new Twitter owner had started a company called X.com which he wanted to gradually make into an "everything app". Later, X.com merged with the PayPal payment service. Elon Musk, Isaacson writes, wanted to keep X.com as the name of the combined company. His new colleagues resisted. Also read | Tweet your last one because on Musk's Twitter, you will post an 'X' "PayPal had become a trusted brand name, with a friendly chirpiness similar to that of Twitter, whereas the name X.com conjured up visions of a seedy site you would not talk about in polite company. Musk was ousted and he remains unwavering to this day," Isaacson writes in Elon Musk's latest biography, an excerpt of which was shared by The Times. Also watch | Elon Musk to transform X into a super app with calling feature × "If you want to just be a niche player, PayPal is a better name," Isaacson quotes Musk as saying. "But if you want to take over the world’s financial system, then X is the better name." Musk runs Twitter 'impulsively' Isaacson writes that when Musk saw a period of "unnerving success" immediately after Covid pandemic, he exercised some expiring stock options that left him with about $10 billion in cash. "I didn't want to just leave it in the bank," Isaacson quotes Musk as saying. "So I asked myself what product I liked, and that was an easy question. It was Twitter." Isaacson adds that the way Musk bought Twitter and renamed it X, was "a harbinger of the way he now runs in: impulsively and irreverently". "It is an addictive playground for him. It has many of the attributes of a schoolyard, including taunting and bullying. But in the case of Twitter, the clever kids win followers; they don’t get pushed down the steps and beaten, like Musk was as a kid. Owning it would allow him to become king of the schoolyard," Isaacson writes. 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.

Elon Musk wants to take over world's financial system with X, hints latest biography

The blame for hopping the most number of jobs is often put on the Gen-Z and millennials. But it has emerged that the original job-hoppers are none other than the baby boomers, according to the US Bureau of Labor Statistics.&nbsp;

Particularly, men born in the second half of the baby boom era, 1957 to 1964, had been to 10 workplaces by the time they turned 34, and averaged 12.7 jobs till the age of 56, according to a recently released report on the US Bureau of Labor Statistics. &nbsp;

<h2>Millennials Vs Baby Boomers: Who hopped less number of jobs?</h2>

The millennials have job-hopped at a slower rate. According to the BLS data, the individuals born between 1980 and 1984 held at average of seven jobs by the age of 28. This is one less than baby boomers at the same age.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/thousands-lose-jobs-as-big-four-deloitte-ernst-young-kpmg-announce-job-cuts-one-after-another-584954">Thousands set to lose jobs as 'Big Four' announce job cuts one after another</a>

At the age of 34, millennials averaged 8.6 jobs, about one less than baby boomers at the same age.&nbsp;

<h2>What job hopping tells about state of economy?</h2>

Job hopping is one of the signs of a strong economy. People do not switch jobs if they do not have that option on the table in the first place.&nbsp;

After the recovery from 2007 financial crisis up until the beginning of Covid pandemic in 2020, "the labour market just has not been as tight", as was the case during the prime working years of baby boomers, "so people did not have as many opportunities to switch jobs," Nick Bunker, chief economist at Indeed was quoted as saying by the Fortune magazine.&nbsp;

<h2>Why millennials are not changing as many jobs?</h2>

The reasons are structural. First, millennials (as well as their successor Gen-Z) stay(ed) in school and universities for more number of years. This reduces the number of jobs they end up holding at an average during their lifetime.&nbsp;

<h2>What is the bottom-line?</h2>

The bottom line is that contrary to popular perception, the typical "company man" who keeps a single job for his entire career has been on a decline.

As a function of economic stability, people have had the flexibility to switch more jobs with time.

Also watch |&nbsp;Gravitas: Tech layoffs: Is your job safe?

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Besides, outside of a layoff, job hopping has been documented as the easiest way to get a raise, with pay for job switchers consistently rising faster than for those who keep the same job. 
&nbsp;

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The blame for hopping the most number of jobs is often put on the Gen-Z and millennials. But it has emerged that the original job-hoppers are none other than the baby boomers, according to the US Bureau of Labor Statistics.

The blame for hopping the most number of jobs is often put on the Gen-Z and millennials. But it has emerged that the original job-hoppers are none other than the baby boomers, according to the US Bureau of Labor Statistics. Particularly, men born in the second half of the baby boom era, 1957 to 1964, had been to 10 workplaces by the time they turned 34, and averaged 12.7 jobs till the age of 56, according to a recently released report on the US Bureau of Labor Statistics. Millennials Vs Baby Boomers: Who hopped less number of jobs? The millennials have job-hopped at a slower rate. According to the BLS data, the individuals born between 1980 and 1984 held at average of seven jobs by the age of 28. This is one less than baby boomers at the same age. Also read | Thousands set to lose jobs as 'Big Four' announce job cuts one after another At the age of 34, millennials averaged 8.6 jobs, about one less than baby boomers at the same age. What job hopping tells about state of economy? Job hopping is one of the signs of a strong economy. People do not switch jobs if they do not have that option on the table in the first place. After the recovery from 2007 financial crisis up until the beginning of Covid pandemic in 2020, "the labour market just has not been as tight", as was the case during the prime working years of baby boomers, "so people did not have as many opportunities to switch jobs," Nick Bunker, chief economist at Indeed was quoted as saying by the Fortune magazine. Why millennials are not changing as many jobs? The reasons are structural. First, millennials (as well as their successor Gen-Z) stay(ed) in school and universities for more number of years. This reduces the number of jobs they end up holding at an average during their lifetime. What is the bottom-line? The bottom line is that contrary to popular perception, the typical "company man" who keeps a single job for his entire career has been on a decline. As a function of economic stability, people have had the flexibility to switch more jobs with time. Also watch | Gravitas: Tech layoffs: Is your job safe? × Besides, outside of a layoff, job hopping has been documented as the easiest way to get a raise, with pay for job switchers consistently rising faster than for those who keep the same job. 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.

Millennials stick to one workplace for longer periods than baby boomers did

UPI or unified payments interface payments system, India's digital payments platform, has now crossed the landmark of 10 billion transactions. The journey from zero to 10 billion transactions has been a fascinating one.

UPI crosses 10 billion transactions

Walgreens Boots Alliance stated on Friday that Rosalind Brewer, the company's chief executive, is resigning from the role she has held since March 2021.

Rosalind Brewer resigns after makeover plan hits a dead end

Dell technologies stock jumped 22.2% on Friday to a new all-time high after the company upgraded its full-year earnings expectations thanks to the positive effects of artificial intelligence and a recovery in the demand for computer hardware after a prolonged downturn.

How AI boosted Dell's shares