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One Tesla model is now eligible for government subsidies, despite Elon Musk's repeated calls for their elimination over the last several years. To qualify for federal tax credits updated by president Joe Biden's hallmark climate policy, the inflation reduction act, tesla lowered the base price of the model x to $79,990 - a decrease of $41,000 from the beginning of the year.

Musk vs US govt over subsidies

Report on the US labour market in August reveals a mix reality. While job growth defied expectations, the unemployment rate experienced a notable uptick. Nonfarm payrolls exceeded expectations, posting a growth of 187,000 jobs, surpassing the estimated 170,000. However, this apparent success is tempered by a significant increase in the unemployment rate, which reached 3.8%, marking its highest level since February 2022.

What the US job market data says

India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit.&nbsp;

The globe-spanning ports-to-power conglomerate saw around $120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of "brazen" corporate fraud.&nbsp;

On Wednesday, the Organized Crime and Corruption Reporting Project (OCCRP) said it had uncovered financial documents backing Hindenburg's claims that Adani had used offshore tax havens and related party transactions to drive up its share price.&nbsp;

The report said two men who had served as directors in Adani Group companies had spent years trading stock in the conglomerate "through offshore structures that obscured their involvement".

Adani said in a Thursday statement that it "categorically" rejected the OCCRP's findings and accused the investigative journalism network of seeking to profit by "driving down our stock prices".

"We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards," it said.&nbsp;

"In light of these facts, the timing of these news reports is suspicious, mischievous and malicious."

A meteoric rise in Adani Group's share prices -- its main listed unit shot up more than 1,000 percent in five years -- funded the conglomerate's breakneck expansion.

Billionaire founder Gautam Adani, who was until this year the world's third-richest man, lost two-thirds of his net worth in the wake of the Hindenburg allegations.

He is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.

Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.

His empire's rapid expansion into capital-intensive businesses has raised alarms, with Fitch subsidiary and market researcher CreditSights warning last year that Adani Group was "deeply overleveraged".

Shares in the conglomerate's flagship Adani Enterprises fell dramatically after the January allegations by Hindenburg, a short-seller that not only tracks corporate wrongdoing but also makes money by betting on stocks falling.

They remain 35 percent down from the start of the year, falling another 2.4 percent in Thursday morning trade on the Bombay Stock Exchange.

India's securities regulator is expected to soon release the findings of a probe into Adani Group launched in the wake of the Hindenburg allegations.

&nbsp;

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India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit.

India's Adani Group hit back Thursday at a new report investigating alleged manipulation of the conglomerate's share prices, accusing its authors of conspiring to drive down its stocks for profit. The globe-spanning ports-to-power conglomerate saw around $120 billion wiped from its market value after US short-seller investment firm Hindenburg Research accused it of "brazen" corporate fraud. On Wednesday, the Organized Crime and Corruption Reporting Project (OCCRP) said it had uncovered financial documents backing Hindenburg's claims that Adani had used offshore tax havens and related party transactions to drive up its share price. The report said two men who had served as directors in Adani Group companies had spent years trading stock in the conglomerate "through offshore structures that obscured their involvement". Adani said in a Thursday statement that it "categorically" rejected the OCCRP's findings and accused the investigative journalism network of seeking to profit by "driving down our stock prices". "We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards," it said. "In light of these facts, the timing of these news reports is suspicious, mischievous and malicious." A meteoric rise in Adani Group's share prices -- its main listed unit shot up more than 1,000 percent in five years -- funded the conglomerate's breakneck expansion. Billionaire founder Gautam Adani, who was until this year the world's third-richest man, lost two-thirds of his net worth in the wake of the Hindenburg allegations. He is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state. Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight. His empire's rapid expansion into capital-intensive businesses has raised alarms, with Fitch subsidiary and market researcher CreditSights warning last year that Adani Group was "deeply overleveraged". Shares in the conglomerate's flagship Adani Enterprises fell dramatically after the January allegations by Hindenburg, a short-seller that not only tracks corporate wrongdoing but also makes money by betting on stocks falling. They remain 35 percent down from the start of the year, falling another 2.4 percent in Thursday morning trade on the Bombay Stock Exchange. India's securities regulator is expected to soon release the findings of a probe into Adani Group launched in the wake of the Hindenburg allegations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's Adani hits back at new 'stock manipulation' report

Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values",&nbsp;while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported.

The PM claimed that the Covid-19 pandemic brought about permanent changes in the world, without specifically referring to China. Addressing a B20 meeting, PM Modi pointed out that a market can only be profitable when the interests of producers and consumers are balanced. He further emphasised that the same is true for countries, saying that nations cannot be treated solely as markets.

“It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” The Times of India quoted him as saying.

PM Modi's statement, ,coming days after his meeting with China's Xi Jinping on the margins of the BRICS conference in Johannesburg, indicated India’s unease with its eastern neighbour amid rising tensions at the Line of Actual Control.&nbsp;

As businesses want to diversify their manufacturing bases and lessen their reliance on China, India has recently tried to present itself as an appealing investment destination.

Modi also warned of a new form of colonialism over the control of critical and rare minerals.

“We are experiencing this challenge in critical minerals, rare earth. These are available in large quantities in some places and are missing in other places. But the entire mankind needs it. Those who have it and do not see it as a global responsibility, then it will promote a new model of colonialism,” he said.

He advocated for taking an “integrated approach” to cryptocurrencies, a topic that India has prioritised&nbsp;for the upcoming G20 summit in September. He also touched upon the need for a global framework on cryptocurrency, which would cater to the interests of all stakeholders.

PM Modi also raised issues about artificial intelligence, adding that&nbsp;some ethical questions needed to be addressed. In order to discover a solution, the Indian PM maintained that governments and the international business community must ensure proper attention towards ethical AI.

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Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values", while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported.

Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values", while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported. The PM claimed that the Covid-19 pandemic brought about permanent changes in the world, without specifically referring to China. Addressing a B20 meeting, PM Modi pointed out that a market can only be profitable when the interests of producers and consumers are balanced. He further emphasised that the same is true for countries, saying that nations cannot be treated solely as markets. “It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” The Times of India quoted him as saying. PM Modi's statement, ,coming days after his meeting with China's Xi Jinping on the margins of the BRICS conference in Johannesburg, indicated India’s unease with its eastern neighbour amid rising tensions at the Line of Actual Control. As businesses want to diversify their manufacturing bases and lessen their reliance on China, India has recently tried to present itself as an appealing investment destination. Modi also warned of a new form of colonialism over the control of critical and rare minerals. “We are experiencing this challenge in critical minerals, rare earth. These are available in large quantities in some places and are missing in other places. But the entire mankind needs it. Those who have it and do not see it as a global responsibility, then it will promote a new model of colonialism,” he said. He advocated for taking an “integrated approach” to cryptocurrencies, a topic that India has prioritised for the upcoming G20 summit in September. He also touched upon the need for a global framework on cryptocurrency, which would cater to the interests of all stakeholders. PM Modi also raised issues about artificial intelligence, adding that some ethical questions needed to be addressed. In order to discover a solution, the Indian PM maintained that governments and the international business community must ensure proper attention towards ethical AI. WATCH WION LIVE HERE

PM Narendra Modi appeals for 'mutual trust', hits at China during investment pitch

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.&nbsp;

The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday.&nbsp;

Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower.

The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement.

In a report published on Thursday, the OCCRP, a global network of investigative journalists, said&nbsp;that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling --&nbsp;with close ties to the Adani family&nbsp;spent&nbsp;years trading millions of dollars' worth of Adani Group stocks.&nbsp;

Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares.

Referring to the January report by US-based Hindenburg Research,&nbsp;which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report".&nbsp;

"These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained.

The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023.&nbsp; The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices".&nbsp;

“We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said.

What does the OCCRP report say?&nbsp;

Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks.

"In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family,"&nbsp;the OCCRP claimed&nbsp;in its report.

The documents revealed that two men --&nbsp;&nbsp;Nasser Ali Shaban Ahli and Chang Chung-Ling&nbsp;-- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed&nbsp;that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice.

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Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters. The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday. Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower. The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement. In a report published on Thursday, the OCCRP, a global network of investigative journalists, said that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- with close ties to the Adani family spent years trading millions of dollars' worth of Adani Group stocks. Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares. Referring to the January report by US-based Hindenburg Research, which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report". "These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained. The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023. The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices". “We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said. What does the OCCRP report say? Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks. "In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family," the OCCRP claimed in its report. The documents revealed that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice. WATCH WION LIVE HERE

Adani share prices fall following reports of alleged share price manipulation 

In an effort to promote the adoption of electric vehicles (EVs), the Biden administration has allocated $12 billion in grants and loans to assist automakers and suppliers in adapting their manufacturing facilities to produce electric and advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday.

"While we transition to EVs, we want to ensure that workers can transition in place, that there is no worker, no community left behind," Granholm, a former governor of car-manufacturing state Michigan, told reporters in a phone conversation.

Accelerating grants and other subsidies to support the conversion of existing auto factories for electric vehicles might help the White House deflect criticism from automakers and the United Auto Workers (UAW) union over new environmental restrictions aimed at ushering in the electric vehicle era.

The United Auto Workers has cautioned that a quick transformation might threaten thousands of jobs in areas such as Michigan, Ohio, Illinois, and Indiana.

However, UAW President Shawn Fain applauded the policy move on Thursday. He said "it makes clear to employers that the EV transition must include strong union partnerships with the high pay and safety standards that generations of UAW members have fought for and won."

Reuters quoted President Joe Biden as saying, "Building a clean energy economy can and should provide a win-win opportunity for auto companies and unionised workers who have anchored the American economy for decades."

Furthermore, when asked if the incentives might keep the factory operational, Granholm stated that factories constructed near communities will be important for "funding opportunities".

There will be no particular labour requirements for firms to acquire the cash, but projects with better labour conditions will have a better chance of securing the funding, according to an Energy Department official on the call.

According to Granholm, the administration would also provide $3.5 billion in support to domestic battery makers. The advanced cars will get $2 billion in subsidies from the Inflation Reduction Act, which Democrats enacted last year, and $10 billion in loans from the Energy Department's Loans Programme Office.

(Inputs from Reuters)

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In an effort to promote the adoption of electric vehicles (EVs), the Biden administration has allocated $12 billion in grants and loans to assist automakers and suppliers in adapting their manufacturing facilities to produce electric and advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday.

In an effort to promote the adoption of electric vehicles (EVs), the Biden administration has allocated $12 billion in grants and loans to assist automakers and suppliers in adapting their manufacturing facilities to produce electric and advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday. "While we transition to EVs, we want to ensure that workers can transition in place, that there is no worker, no community left behind," Granholm, a former governor of car-manufacturing state Michigan, told reporters in a phone conversation. Accelerating grants and other subsidies to support the conversion of existing auto factories for electric vehicles might help the White House deflect criticism from automakers and the United Auto Workers (UAW) union over new environmental restrictions aimed at ushering in the electric vehicle era. The United Auto Workers has cautioned that a quick transformation might threaten thousands of jobs in areas such as Michigan, Ohio, Illinois, and Indiana. However, UAW President Shawn Fain applauded the policy move on Thursday. He said "it makes clear to employers that the EV transition must include strong union partnerships with the high pay and safety standards that generations of UAW members have fought for and won." Reuters quoted President Joe Biden as saying, "Building a clean energy economy can and should provide a win-win opportunity for auto companies and unionised workers who have anchored the American economy for decades." Furthermore, when asked if the incentives might keep the factory operational, Granholm stated that factories constructed near communities will be important for "funding opportunities". There will be no particular labour requirements for firms to acquire the cash, but projects with better labour conditions will have a better chance of securing the funding, according to an Energy Department official on the call. According to Granholm, the administration would also provide $3.5 billion in support to domestic battery makers. The advanced cars will get $2 billion in subsidies from the Inflation Reduction Act, which Democrats enacted last year, and $10 billion in loans from the Energy Department's Loans Programme Office. (Inputs from Reuters) WATCH WION LIVE HERE

US government allocates $12 billion for advanced vehicle manufacturing and suppliers

In a significant move towards promoting electric vehicle (EV) adoption and securing American jobs, the Biden administration has introduced a 12 billion dollar initiative.

Biden fuels auto industry with $12bn EV push

After media reports showed that the United States has expanded exports restrictions on artificial intelligence chips to West Asia, the US Department of commerce clarified that the US "has not blocked chip sales to the middle East." The clarification came after artificial intelligence chip firms Nvidia and Advanced Micro Devices (AMD) received notices about export licensing requirements to ship chips to some West Asian countries.

Clarification after chip firms receive notices on export curbs

Swiss banking giant UBS has set its course on a significant overhaul, announcing the elimination of 3,000 jobs as part of a sweeping cost-cutting strategy. The decision comes as UBS grapples with the integration of credit Suisse, which witnessed a substantial withdrawal of funds as concerned customers sought to secure their investments.

UBS plans 3,000 job cuts after Credit Suisse merger

As the harvest season unfolds in Russia’s southern regions, often referred to as the country's breadbasket, a severe fuel shortage has cast a cloud of uncertainty over this crucial agricultural heartland.

Russian grain belt struggles with acute fuel deficit

India's Adani group faced significant losses on Thursday, after a report by non-profit media organisation labelled fresh allegations against the business empire. Adani group's overall market value fell by over 4 billion dollars in a single day of trading.

Adani group loses over $4 billion in market value in one day

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system.

UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction."

PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as&nbsp;saying.

But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance.

Countries join India's UPI bandwagon

In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology.

UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations.

"Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform.

Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach."

It is important to give some business perspective on the reasons for UPI's expansion into the three countries.

France has always been among the top European destinations for Indian tourists. Moreover, the country is a&nbsp;major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI.

On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year.

UPI: India's fintech pride

UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030.

"This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder &amp; CPTO of fintech startup Credgenics.

UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed&nbsp;the landmark of 10&nbsp; billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23.

The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself.

"India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod.

It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research.

How the UPI story blossomed

The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities.

But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service.

To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services.

UPI: The future and challenges

The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities.

UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy.

With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order.

"These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod.

Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration.

Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI.

"To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal. &nbsp;

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls.

If there is one Indian innovation that has grabbed global headlines, it is undoubtedly the UPI or Unified Payments Interface payments system. UPI's place of pride in India's growth story could be easily gauged by Prime Minister Narendra Modi's statement at the recently-concluded BRICS meeting: "UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction." PM Modi also pitched for UPI's expansion into the BRICS grouping, which now has six new member states. "There is scope for working with BRICS on the (UPI) technology," media reports quoted him as saying. But while experts will keenly watch its expansion into the BRICS bloc, UPI has already begun its march towards global dominance. Countries join India's UPI bandwagon In the past few weeks, three countries have joined the UPI bandwagon quickly - France, the United Arab Emirates and Sri Lanka. These three countries will now accept transactions via India's homegrown digital payments technology. UPI's entry into France is significant, helping the technology get a foothold in Europe for the first time. Regarding Sri Lanka and the UAE, UPI's entry is set to deepen India's economic ties with the two nations. "Indian travellers will be at ease of using foreign exchange, especially in France. UPI's growing global footprint will boost bilateral trade as well as tourism," says Haresh Calcuttawala, Co-Founder of TreZix, a B2B SaaS platform. Calcuttawala adds that UPI's framework will smooth cross-border transactions and ensure swift and secure settlements between global trading partners. "UPI empowers businesses to focus on building strong relationships and expanding their global reach." It is important to give some business perspective on the reasons for UPI's expansion into the three countries. France has always been among the top European destinations for Indian tourists. Moreover, the country is a major trade destination for India's medium and small businesses, which are likely to benefit from the introduction of UPI. On the other hand, India is Sri Lanka's biggest trade partner, with the bilateral trade standing at over $5.5 billion. Meanwhile, the India-UAE trade partnership is going strong, especially with the Comprehensive Economic Partnership Agreement coming into effect last year. UPI: India's fintech pride UPI's growing global footprint is also a sign of greater opportunities for the Indian fintech sector, which attracted funding worth $4.8 billion in 2022 and is expected to be a $2 trillion industry by 2030. "This global expansion presents significant growth opportunities for the Indian fintech ecosystem to innovate and establish new business use cases that can play a crucial role in driving its adoption," says Anand Agrawal, Co-Founder & CPTO of fintech startup Credgenics. UPI, launched by the National Payments Corporation of India in 2016, has been the torchbearer of India's fintech story. From just one million transactions in October 2016, UPI has now crossed the landmark of 10 billion transactions. This number seems even more significant considering that UPI accounted for 75 per cent of the retail transaction volume in 2022-23. The greatest change that UPI has brought about is in the way Indians transact. According to GlobalData research, cash transactions have declined from 90 per cent of the total volume in 2017 to less than 60 per cent in 2021. UPI and other digital transaction systems have occupied the remaining space. Though cash is still the king in India, UPI has effectively created a niche for itself. "India was a cash economy. But UPI became an efficient and easy payment alternative due to wide smartphone adoption, government initiatives for bank accounts, and cheap data," says 'finfluencer' Anushka Rathod. It is no wonder that the quick and efficient nature of UPI payments resulted in cost savings of $12.6 billion and added $16.4 billion to the Indian economy in 2021, as per a study conducted by Cebr Economic Research. How the UPI story blossomed The 2016 demonetisation drive was a game-changer for India's digital payments landscape. Less than six months after Rs 500 and Rs 1000 notes were phased out, the total transaction volume on UPI rose from 2.9 million to 72 million. By the end of 2017, UPI transactions had grown by 900 per cent compared to the previous year. It is also worth noting that 2016-17 saw the launch of cheap data packs -- India has the third cheapest internet and undoubtedly helped proliferate UPI payments beyond India's Tier I cities. But there is another red-letter day for UPI, which brought international recognition to digital payment technology. That day was November 7, 2019, on the eve of the third anniversary of the demonetisation drive. On that day, tech giant Google wrote a letter to the US Federal Reserve in support of a faster digital payment settlement service. To bolster its point, Google narrated the success story of UPI in India. Attributing UPI's success to its "thoughtful planning", the letter added that "critical aspects" of the design led to its growth in the world's biggest country. The letter noted how UPI's growth encouraged Google to enter the payment system through Google Pay while highlighting the success of collaboration between the government, technology and financial services. UPI: The future and challenges The UPI's future growth looks promising. UPI, comprising 75 per cent of India's digital transactions, is expected to grow four-fold by 2026. A PwC report states that UPI may constitute almost 90% of total transactional volume in retail digital payments over the next five years as it expands to rural areas and tier III and IV cities. UPI's global expansion, too, holds a lot of promise. Sample this: Indians spent $10 billion on overseas travel between April and December 2022. Considering the substantial scale of international spending, the internationalisation of UPI can contribute significantly to the growth of the Indian economy. With UPI going global, the payments platform will likely face tough competition from Visa, Mastercard and other long-established global payments giants. Visa and Mastercard occupy about 80 per cent of the global payments market space, and dislodging them will be a tall order. "These payment platforms and networks have been around for a while and are cash-rich, so they will not make it easy for UPI to grow and eat away their market share and profits," argues Rathod. Moreover, UPI will have to adjust its technology to cater to the wider customer base in the Western world. Initially, the cost of transfer and remittance fees will be high due to UPI's low rate of penetration. Compliance with various digital regulations and the need for interoperability between various payment systems will be major challenges for UPI. "To overcome these challenges, UPI stakeholders can concentrate on collaborating with global payment system providers and regulators to ensure compliance with local regulations and standards," opines Agarwal.

UPI goes global: The past, present & future of India's payments platform

Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the&nbsp;sale of their company to a US-based investor.&nbsp;

At the flagship Seibu shop in the busy Tokyo neighbourhood of Ikebukuro, over 900 employees held a one-day strike protesting the sale of Sogo &amp; Seibu, a division of the Japanese retail behemoth Seven &amp; i, to the Fortress Investment Group.

On Thursday morning, Seibu employees demonstrated in front of the store in the sweltering heat while supporters from other unions distributed pamphlets.

Unhappy with the contingency plans, under which discount electronics retailer Yodobashi Holdings may take over nearly half of the store, the protesting employees demanded job security guarantees.

Following months of negotiations between Sogo &amp; Seibu management and the workers’ union, the strike, the first at a major Japanese department store in 61 years, took place amid a severe labour shortage in Japan.

In Japan, where wage and working-condition negotiations are often settled peacefully, strikes are incredibly uncommon.&nbsp;

Seven &amp; i apologised for the strike and assured the workers' union that negotiations would continue. The regular business hours were observed at other Seibu and Sogo department stores.

The takeover deal

The agreement would be finalised on Friday, Seven &amp; i announced, adding that it had asked Fortress to give “maximum consideration of Sogo &amp; Seibu’s business continuation and continuation of employment".&nbsp;

This, however, resulted in a reduction of Sogo &amp; Seibu’s sale value from the initially agreed 250 billion yen to 30 billion yen ($205 million).

As part of the agreement, Seven and i will also let go of the 91.6 billion yen in debt, which is more than half of the total sum it has lent to its unit.

Fortress said in a statement that it will collaborate with Seven &amp; i to help Sogo &amp; Seibu’s management keep its personnel “to the extent possible”.&nbsp;

It stated that it intended to refurbish Sogo &amp; Seibu’s outlets alongside partner Yodobashi for an investment of more than 20 billion yen.

(With inputs from Reuters)

Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the sale of their company to a US-based investor. At the flagship Seibu shop in the busy Tokyo neighbourhood of Ikebukuro, over 900 employees held a one-day strike protesting the sale of Sogo & Seibu, a division of the Japanese retail behemoth Seven & i, to the Fortress Investment Group.

Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the sale of their company to a US-based investor. At the flagship Seibu shop in the busy Tokyo neighbourhood of Ikebukuro, over 900 employees held a one-day strike protesting the sale of Sogo & Seibu, a division of the Japanese retail behemoth Seven & i, to the Fortress Investment Group. On Thursday morning, Seibu employees demonstrated in front of the store in the sweltering heat while supporters from other unions distributed pamphlets. Unhappy with the contingency plans, under which discount electronics retailer Yodobashi Holdings may take over nearly half of the store, the protesting employees demanded job security guarantees. Following months of negotiations between Sogo & Seibu management and the workers’ union, the strike, the first at a major Japanese department store in 61 years, took place amid a severe labour shortage in Japan. In Japan, where wage and working-condition negotiations are often settled peacefully, strikes are incredibly uncommon. Seven & i apologised for the strike and assured the workers' union that negotiations would continue. The regular business hours were observed at other Seibu and Sogo department stores. The takeover deal The agreement would be finalised on Friday, Seven & i announced, adding that it had asked Fortress to give “maximum consideration of Sogo & Seibu’s business continuation and continuation of employment". This, however, resulted in a reduction of Sogo & Seibu’s sale value from the initially agreed 250 billion yen to 30 billion yen ($205 million). As part of the agreement, Seven and i will also let go of the 91.6 billion yen in debt, which is more than half of the total sum it has lent to its unit. Fortress said in a statement that it will collaborate with Seven & i to help Sogo & Seibu’s management keep its personnel “to the extent possible”. It stated that it intended to refurbish Sogo & Seibu’s outlets alongside partner Yodobashi for an investment of more than 20 billion yen. (With inputs from Reuters)

Japan sees its first strike in decades as workers oppose department store sale  

After acquiring its struggling rival Credit Suisse, UBS announced on Thursday that it will eliminate 3,000 jobs in Switzerland alone as part of a $10 billion cost-cutting program.

The newly-expanded bank giant’s intention to eliminate one in every twelve Swiss positions provides a sense of the magnitude of the restructuring as UBS struggles to merge a rival that collapsed after terrified customers withdrew billions from their accounts.

The majority of savings are anticipated to come from personnel reductions, and analysts predict that between 30,000 and 35,000 jobs might be lost internationally.

The layoffs come after the largest wealth manager in the world chose to absorb Credit Suisse's local branch, which was its only successful division last year, rather than split it off, as UBS also thought about doing.

“Our analysis clearly shows that a full integration is the best outcome for UBS ... and the Swiss economy,” UBS Chief Executive Sergio Ermotti told Reuters.

3,000 Swiss positions would be lost, according to a memo from Ermotti to the workforce, although more workers are likely to leave on their own, perhaps through retirement. Credit Suisse had previously reported that 8,000 individuals left the bank in recent months, before Thursday’s layoffs, so the actual number could be far higher.

In contrast to an earlier estimate of $8 billion by 2027, the UBS forecast more than $10 billion in cost reductions by the end of 2026.

The cuts, disclosed alongside the first financial figures published since the acquisition, led to UBS shares rising six per cent in late afternoon trade, reaching highs not seen since 2008.

UBS, which has a market value of 77 billion Swiss francs, has also expressed optimism about its near-term prospects. Rich clients’ attitudes are improving, and the firm anticipates that better financial markets will increase the amount it earns through fees.

However, there is controversy in Switzerland over the choice to acquire Credit Suisse’s local unit. Swiss pension funds and foundations that owned stock in both banks, represented by proxy adviser Ethos, said that a spinoff would have prevented “a major systemic risk for Switzerland, an important negative impact on employment, and issues for the fair competition.”

Ethos has supported a class-action lawsuit that is suing UBS for the buyout at a lower price.

(With inputs from Reuters)

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After acquiring its struggling rival Credit Suisse, UBS announced on Thursday that it will eliminate 3,000 jobs in Switzerland alone as part of a $10 billion cost-cutting program.

After acquiring its struggling rival Credit Suisse, UBS announced on Thursday that it will eliminate 3,000 jobs in Switzerland alone as part of a $10 billion cost-cutting program. The newly-expanded bank giant’s intention to eliminate one in every twelve Swiss positions provides a sense of the magnitude of the restructuring as UBS struggles to merge a rival that collapsed after terrified customers withdrew billions from their accounts. The majority of savings are anticipated to come from personnel reductions, and analysts predict that between 30,000 and 35,000 jobs might be lost internationally. The layoffs come after the largest wealth manager in the world chose to absorb Credit Suisse's local branch, which was its only successful division last year, rather than split it off, as UBS also thought about doing. “Our analysis clearly shows that a full integration is the best outcome for UBS ... and the Swiss economy,” UBS Chief Executive Sergio Ermotti told Reuters. 3,000 Swiss positions would be lost, according to a memo from Ermotti to the workforce, although more workers are likely to leave on their own, perhaps through retirement. Credit Suisse had previously reported that 8,000 individuals left the bank in recent months, before Thursday’s layoffs, so the actual number could be far higher. In contrast to an earlier estimate of $8 billion by 2027, the UBS forecast more than $10 billion in cost reductions by the end of 2026. The cuts, disclosed alongside the first financial figures published since the acquisition, led to UBS shares rising six per cent in late afternoon trade, reaching highs not seen since 2008. UBS, which has a market value of 77 billion Swiss francs, has also expressed optimism about its near-term prospects. Rich clients’ attitudes are improving, and the firm anticipates that better financial markets will increase the amount it earns through fees. However, there is controversy in Switzerland over the choice to acquire Credit Suisse’s local unit. Swiss pension funds and foundations that owned stock in both banks, represented by proxy adviser Ethos, said that a spinoff would have prevented “a major systemic risk for Switzerland, an important negative impact on employment, and issues for the fair competition.” Ethos has supported a class-action lawsuit that is suing UBS for the buyout at a lower price. (With inputs from Reuters) WATCH WION LIVE HERE

UBS to cut 3,000 jobs to save costs after taking over Credit Suisse: Report 

The backlogs for employment-based green cards are at a new record high with more than 1.8 million immigrants waiting for news on their application.

These immigrants include those who have been sponsored by American businesses or investors but are unable to enter the country because annual limits on green cards available in these categories. The country caps, which restrict any country from acquiring more than 7 per cent of the green cards unless they are left unused by other countries, also have an impact on the line.

Due to this, immigrants from India, who make up 1.1 million of the backlog, must endure the longest before they receive their green cards.

Manu Saigal, General Staffing Directorat Adecco India, noted that given the current circumstances, the potential that India’s experts bring to the global stage cannot be ignored. However, the delays that skilled Indian workers encounter when applying for employment-based green cards not only hamper their personal goals but also create a barrier for companies hoping to capitalise on their skills.

“The uncertainty and protracted processing times act as a deterrent for highly skilled individuals, who could otherwise contribute significantly to their host countries,” she added.

There were 80,324 petitions pending as of March 2023, representing a total of around 171,635 persons, including the spouses and children of the workers. 289,000 people were waiting for the processing of their green card applications, and another 1.3 million people were on hold.

“Efficient immigration policies play a pivotal role in capitalising on the capabilities of international talent. Streamlined processes for green card allocations could unlock India’s workforce potential even further, allowing companies to access the right skills at the right time. Reforming immigration systems can help strike a balance between safeguarding national interests and nurturing global talent mobility,” Saigal said in a statement.

She continued by saying that while it is true that India is becoming a talent hotspot, it is crucial to solve the problems caused by prolonged wait times for green cards for both individuals and the global business landscape.

&nbsp;

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The backlogs for employment-based green cards are at a new record high with more than 1.8 million immigrants waiting for news on their application. These immigrants include those who have been sponsored by American businesses or investors but are unable to enter the country because annual limits on green cards available in these categories.

The backlogs for employment-based green cards are at a new record high with more than 1.8 million immigrants waiting for news on their application. These immigrants include those who have been sponsored by American businesses or investors but are unable to enter the country because annual limits on green cards available in these categories. The country caps, which restrict any country from acquiring more than 7 per cent of the green cards unless they are left unused by other countries, also have an impact on the line. Due to this, immigrants from India, who make up 1.1 million of the backlog, must endure the longest before they receive their green cards. Manu Saigal, General Staffing Directorat Adecco India, noted that given the current circumstances, the potential that India’s experts bring to the global stage cannot be ignored. However, the delays that skilled Indian workers encounter when applying for employment-based green cards not only hamper their personal goals but also create a barrier for companies hoping to capitalise on their skills. “The uncertainty and protracted processing times act as a deterrent for highly skilled individuals, who could otherwise contribute significantly to their host countries,” she added. There were 80,324 petitions pending as of March 2023, representing a total of around 171,635 persons, including the spouses and children of the workers. 289,000 people were waiting for the processing of their green card applications, and another 1.3 million people were on hold. “Efficient immigration policies play a pivotal role in capitalising on the capabilities of international talent. Streamlined processes for green card allocations could unlock India’s workforce potential even further, allowing companies to access the right skills at the right time. Reforming immigration systems can help strike a balance between safeguarding national interests and nurturing global talent mobility,” Saigal said in a statement. She continued by saying that while it is true that India is becoming a talent hotspot, it is crucial to solve the problems caused by prolonged wait times for green cards for both individuals and the global business landscape. WATCH WION LIVE HERE

Indians endure the longest waits as US’s employment-based Green Card backlog reaches 1.8 MN 

Veteran media executive Mark Thompson will be&nbsp;CNN's new CEO and chairman, starting October 9.&nbsp;

"There isn't a more experienced, respected, or capable executive in the news business today than Mark, and we are thrilled to have him join our team and lead CNN Worldwide into the future," CNN quoted David Zaslav, CEO of Warner Bros. Discovery, as saying on Thompson's appointment.

Mark Thompson's appointment as CEO of CNN comes at a critical juncture for the network, which is grappling with a series of formidable hurdles.&nbsp;

Thompson, a seasoned media executive renowned for his role in reviving The New York Times during a tumultuous period, now holds the key to how these issues will shape CNN's future.

The TV network faces multiple significant challenges, including the shifting landscape of traditional linear television, the primary source of its revenue. Thompson's track record of transforming The New York Times into a digital powerhouse positions him as a valuable asset in guiding CNN's future in this evolving media landscape.

Thompson also faces the formidable task of leading a global news organisation with&nbsp;4,000 employees, which has weathered a series of major challenges over the past 20 months, including layoffs.

CNN's multi-front challenges

Of utmost significance is the existential threat to CNN's revenue model posed by the rapid decline of traditional linear television, traditionally its main source of income.

CNN has been facing a challenging political landscape. The re-emergence of former President Donald Trump, who previously targeted the news network during his first term, means that newsrooms will continue to grapple with a deluge of misinformation and smear campaigns from Trump and his supporters.

Furthermore, the CNN+ streaming service was abruptly discontinued, and high-profile anchors Chris Cuomo and Don Lemon were terminated. The introduction of significant programming changes, including the relaunch of the network's flagship morning show and prime-time lineup,&nbsp;dampened the morale of the rank and file.&nbsp;

Licht's unpopular leadership and CNN's ratings

Adding to the organisational turbulence, Zucker's successor, Chris Licht, remained unpopular during his brief tenure as CEO.&nbsp;

Licht's management decisions, including programming changes, resulted in declining ratings during his relatively short time in charge. Notably, MSNBC began to outperform CNN in key ratings categories, including the coveted 25-54 demographic, during his leadership.

Furthermore, Licht's departure in June followed a scathing feature in The Atlantic magazine that exposed various statements he made, including criticism of the network's coverage prior to his tenure, ultimately leading to his removal.&nbsp;

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Veteran media executive Mark Thompson will be CNN's new CEO and chairman, starting October 9. "There isn't a more experienced, respected, or capable executive in the news business today than Mark, and we are thrilled to have him join our team and lead CNN Worldwide into the future," CNN quoted David Zaslav, CEO of Warner Bros.

Veteran media executive Mark Thompson will be CNN's new CEO and chairman, starting October 9. "There isn't a more experienced, respected, or capable executive in the news business today than Mark, and we are thrilled to have him join our team and lead CNN Worldwide into the future," CNN quoted David Zaslav, CEO of Warner Bros. Discovery, as saying on Thompson's appointment. Mark Thompson's appointment as CEO of CNN comes at a critical juncture for the network, which is grappling with a series of formidable hurdles. Thompson, a seasoned media executive renowned for his role in reviving The New York Times during a tumultuous period, now holds the key to how these issues will shape CNN's future. The TV network faces multiple significant challenges, including the shifting landscape of traditional linear television, the primary source of its revenue. Thompson's track record of transforming The New York Times into a digital powerhouse positions him as a valuable asset in guiding CNN's future in this evolving media landscape. Thompson also faces the formidable task of leading a global news organisation with 4,000 employees, which has weathered a series of major challenges over the past 20 months, including layoffs. CNN's multi-front challenges Of utmost significance is the existential threat to CNN's revenue model posed by the rapid decline of traditional linear television, traditionally its main source of income. CNN has been facing a challenging political landscape. The re-emergence of former President Donald Trump, who previously targeted the news network during his first term, means that newsrooms will continue to grapple with a deluge of misinformation and smear campaigns from Trump and his supporters. Furthermore, the CNN+ streaming service was abruptly discontinued, and high-profile anchors Chris Cuomo and Don Lemon were terminated. The introduction of significant programming changes, including the relaunch of the network's flagship morning show and prime-time lineup, dampened the morale of the rank and file. Licht's unpopular leadership and CNN's ratings Adding to the organisational turbulence, Zucker's successor, Chris Licht, remained unpopular during his brief tenure as CEO. Licht's management decisions, including programming changes, resulted in declining ratings during his relatively short time in charge. Notably, MSNBC began to outperform CNN in key ratings categories, including the coveted 25-54 demographic, during his leadership. Furthermore, Licht's departure in June followed a scathing feature in The Atlantic magazine that exposed various statements he made, including criticism of the network's coverage prior to his tenure, ultimately leading to his removal. WATCH WION LIVE HERE

Mark Thompson to takeover as CEO and Chairman of CNN

Russia, one of the world's largest oil producers, is encountering&nbsp;fuel shortages, which may be critical for harvesting in some regions of its southern breadbasket. The situation is expected to worsen in the coming months, as per a&nbsp;Reuters report.

According to traders, the gasoline market has been impacted by a number of issues, including oil refinery maintenance, train infrastructure delays, and a lower ruble, which encourages fuel exports.

Russia has attempted to address diesel and petrol shortages in recent months, considering export restrictions as a last-ditch effort to avoid a significant fuel crisis, which is sensitive for the Kremlin ahead of a presidential election in March.

Moreover, the government's plan to reduce refinery subsidies is likely to impair fuel supply in the world's largest grain exporter. Regional oil product depots in Russia's southern regions have been compelled to reduce or even cease gasoline supplies, while retail filling stations have been obliged to limit client fuel sales quantities.

"Ai-92 petrol is not available for retail sales in the Krasnodar region, Adygea, and Astrakhan, and Ai-95 petrol and diesel are scarce," a dealer in Russia's south told Reuters.

Another trader stated that there have been no diesel sales at oil depots and no fuel on retail markets in the whole Samara area, which is located in the Volga River region, for the second week in a row.

On Wednesday, Russian Deputy Prime Minister Alexander Novak stated that there are no gasoline shortages. However, he also stated that the government was working on steps to assure a consistent supply on the domestic market, such as raising mandated sales on exchanges and restricting the number of exporters.

Russian oil supply crunch

The energy ministry announced last week that Russia's oil product output completely matched current fuel demand, despite the diversion of certain petrol and diesel exports to the domestic market and the use of reserves.

Earlier this month, the energy ministry asked oil firms find strategies to limit wholesale gasoline price increases in rural regions.

According to a statement, certain supply challenges have emerged as a result of excessive congestion on trains in southern Russia during the vacation season. Russian Railways said that it is in talks with oil producers to resolve the difficulties. It also told Reuters that fuel supply to southern regions through trains is not dependent on increased passenger traffic.&nbsp;

According to industry insiders, the situation will improve no sooner than October, when several oil refineries will complete their maintenance, while seasonal demand will fall.

(Inputs form Reuters)

Russia, one of the world's largest oil producers, is encountering fuel shortages, which may be critical for harvesting in some regions of its southern breadbasket.

Russia, one of the world's largest oil producers, is encountering fuel shortages, which may be critical for harvesting in some regions of its southern breadbasket. The situation is expected to worsen in the coming months, as per a Reuters report. According to traders, the gasoline market has been impacted by a number of issues, including oil refinery maintenance, train infrastructure delays, and a lower ruble, which encourages fuel exports. Russia has attempted to address diesel and petrol shortages in recent months, considering export restrictions as a last-ditch effort to avoid a significant fuel crisis, which is sensitive for the Kremlin ahead of a presidential election in March. Moreover, the government's plan to reduce refinery subsidies is likely to impair fuel supply in the world's largest grain exporter. Regional oil product depots in Russia's southern regions have been compelled to reduce or even cease gasoline supplies, while retail filling stations have been obliged to limit client fuel sales quantities. "Ai-92 petrol is not available for retail sales in the Krasnodar region, Adygea, and Astrakhan, and Ai-95 petrol and diesel are scarce," a dealer in Russia's south told Reuters. Another trader stated that there have been no diesel sales at oil depots and no fuel on retail markets in the whole Samara area, which is located in the Volga River region, for the second week in a row. On Wednesday, Russian Deputy Prime Minister Alexander Novak stated that there are no gasoline shortages. However, he also stated that the government was working on steps to assure a consistent supply on the domestic market, such as raising mandated sales on exchanges and restricting the number of exporters. Russian oil supply crunch The energy ministry announced last week that Russia's oil product output completely matched current fuel demand, despite the diversion of certain petrol and diesel exports to the domestic market and the use of reserves. Earlier this month, the energy ministry asked oil firms find strategies to limit wholesale gasoline price increases in rural regions. According to a statement, certain supply challenges have emerged as a result of excessive congestion on trains in southern Russia during the vacation season. Russian Railways said that it is in talks with oil producers to resolve the difficulties. It also told Reuters that fuel supply to southern regions through trains is not dependent on increased passenger traffic. According to industry insiders, the situation will improve no sooner than October, when several oil refineries will complete their maintenance, while seasonal demand will fall. (Inputs form Reuters)

Domestic fuel shortages grip Russia, more challenges ahead

As the infamous blue bird – Larry is freed and replaced by a cold white “X”; Twitter’s identity without its iconic bird is no longer the same. On October 28 last year, Elon Musk acquired Twitter for $44 billion, which according to media reports is a part of his mission to build an “everything app.”&nbsp;

Twitter has now been rebranded to X, with its logo changed and its colour scheme replaced from blue to black. Reports said that the move could potentially change Twitter’s user base and maybe even alienate them from the platform that they knew so well, a couple of months ago.&nbsp;

But what was Twitter like, when it was founded initially?&nbsp;

In this story, we map out the journey of Twitter, from when it was founded in 2006 to how it transformed into “X” today.

The first tweet &nbsp;&nbsp;

Odeo, a podcasting company started in 2004 by Evan Williams, Biz Stone, and Noah Glass, gave rise to Twitter.&nbsp;

The leadership of Odeo believed that the company could not compete with Apple and that a fresh strategy was required when Apple announced in 2005 that it would include podcasts to its digital media application iTunes. When asked about any intriguing side projects they were working on, Jack Dorsey, an engineer at Odeo, suggested a short message service (SMS) where users could post brief blog-like updates with friends. Glass suggested Twttr as a name.&nbsp;

On March 21, 2006, Dorsey posted the first tweet “just setting up my twttr”, and in July of that same year, Twitter officially launched. Williams, Stone, and Dorsey founded Obvious Corp. in October 2006 after purchasing Odeo.&nbsp;

After the platform was introduced during the South by Southwest music and technology convention in Austin, Texas in March 2007, interest in it significantly surged. Due to an inflow of venture cash, Twitter, Inc. was established as a corporate entity the following month, and Dorsey was appointed as the company’s first chief executive officer (CEO).&nbsp;

Twitter over the years&nbsp;

From its inception in 2006 to its peak in 2021, Twitter underwent a remarkable evolution.

2007-2011&nbsp;

In 2007, Twitter secured its initial funding and gained prominence during the South by Southwest conference. 2008 saw the departure of co-founder Jack Dorsey as CEO, followed by the appointment of Evan Williams. Oprah Winfrey’s endorsement in 2009 catapulted Twitter into the mainstream. By 2010, NASA had astronauts tweeting from space, but management turmoil continued as Dick Costolo replaced Williams as CEO. In 2011, Twitter became a vital tool during the Arab Spring and broke news worldwide.

2012-2015&nbsp;

In 2012, Twitter reached 200 million active users, and even President Barack Obama employed the platform for major announcements. The company went public in 2013, with its key figures amassing substantial wealth. However, slowing user growth and stock fluctuations marked 2014. Twitter struggled against tech giants like Google and Facebook, prompting Jack Dorsey’s return as CEO in 2015.

2016-2018&nbsp;

Rumours of acquisition swirled in 2016, while Twitter faced criticism for enabling the spread of misleading information, exemplified by Donald Trump’s use of the platform. In 2017, Twitter’s stock rebounded, with Trump leading the platform’s conversations. The following year, Dorsey and Facebook’s Sheryl Sandberg testified about election interference, and concerns of political bias emerged.

2019-2021&nbsp;

In 2019, Twitter’s influence on markets and its role in public discourse were evident as Trump’s tweets correlated with market fluctuations. The year also saw a meeting between Trump and Dorsey. In 2020, Twitter grappled with the COVID-19 infodemic and a security breach involving high-profile accounts. Finally, in 2021, Twitter took a dramatic turn by permanently banning Trump due to his involvement in the Capitol riots. Shortly thereafter, Jack Dorsey stepped down as CEO, succeeded by Parag Agrawal, marking a pivotal moment in the platform’s history. Twitter had evolved from a fledgling social media startup to a global force, shaping discourse, politics, and news dissemination.

The era of X&nbsp;

On October 28, 2022, Elon Musk completed a $44 billion transaction to take Twitter Inc. private. He then assumed control of the significant social media site by promptly sacking its senior executives.

He tweeted, “The bird is freed,” in a reference to his wish to see the corporation loosen its restrictions on what can be posted.

Major changes&nbsp;

Elon Musk’s acquisition of Twitter ushered in a wave of substantial policy changes on the platform.&nbsp;

These changes ranged from the imposition of daily tweet limits, varying from 10,000 posts for verified users to 500 posts for new unverified users, to the requirement for users to log in or create an account to access user profiles and tweets, aimed at safeguarding user data.

The platform also allowed publishers to charge users on a per-article basis, and content subscriptions became part of its revenue strategy, with X taking a 10 percent cut after the first year.

Emphasising transparency, Musk open-sourced “literally everything”. But he also banned accounts linked to rival social media platforms.&nbsp;

A significant restructuring of staff occurred, resulting in mass layoffs and leadership changes, including Linda Yaccarino becoming the CEO.&nbsp; X was merged with Musk’s firm, X Corp, and a move towards AI to combat manipulation of public opinion was initiated.

Twitter also underwent a significant rebranding, emerging as X. This rebranding was accompanied by the unveiling of a new logo, replacing the iconic Twitter bird. The transition aimed to align the platform with Musk’s vision of creating a multifunctional “everything app” akin to WeChat.&nbsp;

However, this transformation prompted mixed reactions and a flurry of memes from users, questioning the decision to replace the well-known bird logo.

Navigating the future of Twitter (X)&nbsp;

Musk’s future plans include transforming X into an “ultra-app” with video and voice calls, introducing a payments feature, and charging for two-factor authentication to enhance security.&nbsp;

As Musk makes the push for Twitter/X to transform into an “everything app”, recent events suggest that the platform will soon assist companies with employment, emerging as a potential competitor to LinkedIn.&nbsp;

This comes after Musk wrote on X, “People send me LinkedIn links sometimes, but the cringe level is so high that I just can't bring myself to use it, so I ask for the resume or bio to be emailed. We will make sure that the X competitor to LinkedIn is cool.”

&nbsp;

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As the infamous blue bird – Larry is freed and replaced by a cold white “X”; Twitter’s identity without its iconic bird is no longer the same. On October 28 last year, Elon Musk acquired Twitter for $44 billion, which according to media reports is a part of his mission to build an “everything app.

As the infamous blue bird – Larry is freed and replaced by a cold white “X”; Twitter’s identity without its iconic bird is no longer the same. On October 28 last year, Elon Musk acquired Twitter for $44 billion, which according to media reports is a part of his mission to build an “everything app.” Twitter has now been rebranded to X, with its logo changed and its colour scheme replaced from blue to black. Reports said that the move could potentially change Twitter’s user base and maybe even alienate them from the platform that they knew so well, a couple of months ago. But what was Twitter like, when it was founded initially? In this story, we map out the journey of Twitter, from when it was founded in 2006 to how it transformed into “X” today. The first tweet Odeo, a podcasting company started in 2004 by Evan Williams, Biz Stone, and Noah Glass, gave rise to Twitter. The leadership of Odeo believed that the company could not compete with Apple and that a fresh strategy was required when Apple announced in 2005 that it would include podcasts to its digital media application iTunes. When asked about any intriguing side projects they were working on, Jack Dorsey, an engineer at Odeo, suggested a short message service (SMS) where users could post brief blog-like updates with friends. Glass suggested Twttr as a name. On March 21, 2006, Dorsey posted the first tweet “just setting up my twttr”, and in July of that same year, Twitter officially launched. Williams, Stone, and Dorsey founded Obvious Corp. in October 2006 after purchasing Odeo. After the platform was introduced during the South by Southwest music and technology convention in Austin, Texas in March 2007, interest in it significantly surged. Due to an inflow of venture cash, Twitter, Inc. was established as a corporate entity the following month, and Dorsey was appointed as the company’s first chief executive officer (CEO). Twitter over the years From its inception in 2006 to its peak in 2021, Twitter underwent a remarkable evolution. 2007-2011 In 2007, Twitter secured its initial funding and gained prominence during the South by Southwest conference. 2008 saw the departure of co-founder Jack Dorsey as CEO, followed by the appointment of Evan Williams. Oprah Winfrey’s endorsement in 2009 catapulted Twitter into the mainstream. By 2010, NASA had astronauts tweeting from space, but management turmoil continued as Dick Costolo replaced Williams as CEO. In 2011, Twitter became a vital tool during the Arab Spring and broke news worldwide. 2012-2015 In 2012, Twitter reached 200 million active users, and even President Barack Obama employed the platform for major announcements. The company went public in 2013, with its key figures amassing substantial wealth. However, slowing user growth and stock fluctuations marked 2014. Twitter struggled against tech giants like Google and Facebook, prompting Jack Dorsey’s return as CEO in 2015. 2016-2018 Rumours of acquisition swirled in 2016, while Twitter faced criticism for enabling the spread of misleading information, exemplified by Donald Trump’s use of the platform. In 2017, Twitter’s stock rebounded, with Trump leading the platform’s conversations. The following year, Dorsey and Facebook’s Sheryl Sandberg testified about election interference, and concerns of political bias emerged. 2019-2021 In 2019, Twitter’s influence on markets and its role in public discourse were evident as Trump’s tweets correlated with market fluctuations. The year also saw a meeting between Trump and Dorsey. In 2020, Twitter grappled with the COVID-19 infodemic and a security breach involving high-profile accounts. Finally, in 2021, Twitter took a dramatic turn by permanently banning Trump due to his involvement in the Capitol riots. Shortly thereafter, Jack Dorsey stepped down as CEO, succeeded by Parag Agrawal, marking a pivotal moment in the platform’s history. Twitter had evolved from a fledgling social media startup to a global force, shaping discourse, politics, and news dissemination. The era of X On October 28, 2022, Elon Musk completed a $44 billion transaction to take Twitter Inc. private. He then assumed control of the significant social media site by promptly sacking its senior executives. He tweeted, “The bird is freed,” in a reference to his wish to see the corporation loosen its restrictions on what can be posted. Major changes Elon Musk’s acquisition of Twitter ushered in a wave of substantial policy changes on the platform. These changes ranged from the imposition of daily tweet limits, varying from 10,000 posts for verified users to 500 posts for new unverified users, to the requirement for users to log in or create an account to access user profiles and tweets, aimed at safeguarding user data. The platform also allowed publishers to charge users on a per-article basis, and content subscriptions became part of its revenue strategy, with X taking a 10 percent cut after the first year. Emphasising transparency, Musk open-sourced “literally everything”. But he also banned accounts linked to rival social media platforms. A significant restructuring of staff occurred, resulting in mass layoffs and leadership changes, including Linda Yaccarino becoming the CEO. X was merged with Musk’s firm, X Corp, and a move towards AI to combat manipulation of public opinion was initiated. Twitter also underwent a significant rebranding, emerging as X. This rebranding was accompanied by the unveiling of a new logo, replacing the iconic Twitter bird. The transition aimed to align the platform with Musk’s vision of creating a multifunctional “everything app” akin to WeChat. However, this transformation prompted mixed reactions and a flurry of memes from users, questioning the decision to replace the well-known bird logo. Navigating the future of Twitter (X) Musk’s future plans include transforming X into an “ultra-app” with video and voice calls, introducing a payments feature, and charging for two-factor authentication to enhance security. As Musk makes the push for Twitter/X to transform into an “everything app”, recent events suggest that the platform will soon assist companies with employment, emerging as a potential competitor to LinkedIn. This comes after Musk wrote on X, “People send me LinkedIn links sometimes, but the cringe level is so high that I just can't bring myself to use it, so I ask for the resume or bio to be emailed. We will make sure that the X competitor to LinkedIn is cool.” WATCH WION LIVE HERE

Flashback Friday: Looking at the evolution of Twitter – From Larry the bird to X  

In an effort to compete with business websites like LinkedIn, Billionaire Elon Musk-owned 'X' has added a new hiring tool, which allows&nbsp;verified businesses to post job listings on their profiles.&nbsp;

In response to a post on 'X', which asked&nbsp;if there's anything worse than LinkedIn, Musk wrote, “People send me LinkedIn links sometimes, but the cringe level is so high that I just can't bring myself to use it. So I ask for the resume or bio to be emailed. We will make sure that the X competitor to LinkedIn is cool.”

Musk also said in another comment that LinkedIn is the “most cringe platform on the internet."

The tweet quickly gathered a lot of attention, with people on social media responding&nbsp;right away. “The worst part is people just making stuff up,” one user remarked. According to the user, many people use titles on LinkedIn that are completely fictitious and unrelated to what they actually do for the firm.

Musk had hinted&nbsp;about launching the recruiting tool in May. When a user asked whether 'x' will offer dating services, Musk responded, “Interesting idea, maybe jobs too.”

The latest development seems like&nbsp;yet another step in the direction of the 'X' becoming the all-encompassing app that Elon Musk originally talked about.

According to a recent TechCrunch article, 'X'&nbsp;purchased a job-matching tech start-up called Laskie in May, marking the platform’s first acquisition since Musk purchased it. It is a great possibility&nbsp;that the platform’s ability to create and release the new functionality was aided by this acquisition.

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In an effort to compete with business websites like LinkedIn, Billionaire Elon Musk-owned 'X' has added a new hiring tool, which allows verified businesses to post job listings on their profiles.

In an effort to compete with business websites like LinkedIn, Billionaire Elon Musk-owned 'X' has added a new hiring tool, which allows verified businesses to post job listings on their profiles. In response to a post on 'X', which asked if there's anything worse than LinkedIn, Musk wrote, “People send me LinkedIn links sometimes, but the cringe level is so high that I just can't bring myself to use it. So I ask for the resume or bio to be emailed. We will make sure that the X competitor to LinkedIn is cool.” Musk also said in another comment that LinkedIn is the “most cringe platform on the internet." The tweet quickly gathered a lot of attention, with people on social media responding right away. “The worst part is people just making stuff up,” one user remarked. According to the user, many people use titles on LinkedIn that are completely fictitious and unrelated to what they actually do for the firm. Musk had hinted about launching the recruiting tool in May. When a user asked whether 'x' will offer dating services, Musk responded, “Interesting idea, maybe jobs too.” The latest development seems like yet another step in the direction of the 'X' becoming the all-encompassing app that Elon Musk originally talked about. According to a recent TechCrunch article, 'X' purchased a job-matching tech start-up called Laskie in May, marking the platform’s first acquisition since Musk purchased it. It is a great possibility that the platform’s ability to create and release the new functionality was aided by this acquisition. WATCH WION LIVE HERE

Elon Musk to facilitate hiring on X, saying: ‘LinkedIn cringe level is so high’

Indian Prime Minister Narendra Modi on Sunday said&nbsp;that Chandrayaan-3 was ISRO’s most significant achievement and added that MSMEs and private enterprises too&nbsp;contributed&nbsp;to the expedition.

“ISRO played an important role but along with it, the Indian industry, MSMEs and private companies also contributed to this mission. This is a success of both science and industry,” Mint quoted the Indian prime minister&nbsp;as saying during B20 summit in Delhi.

He emphasised how Medium, Small and Micro Enterprises (MSMEs), private companies, and indigenous industries helped&nbsp;in producing&nbsp;equipment to meet the requirements of the Chandrayaan-3 mission.&nbsp;

“The long festival season in India has been brought forward this year. This year, the celebration has started early, from 23rd August. We are celebrating the success of our maiden lunar landing mission — Chandrayaan-3,” PM Modi added.

PM Modi’s faith in India’s future

Believing that India has the solution to every problem, PM Modi said that India has&nbsp;a big part to play in creating a trustworthy and efficient global supply chain. The Indian prime minister recalled how India became the “pharmacy of the world” during the “once-in-a-century pandemic” -- Covid-19 -- by delivering vaccines beyond its borders.

He also advocated for sustainable business practices, stressing that enterprises should realise&nbsp;sustainability as&nbsp;an economic opportunity.

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Indian Prime Minister Narendra Modi on Sunday said that Chandrayaan-3 was ISRO’s most significant achievement and added that MSMEs and private enterprises too contributed to the expedition.

Indian Prime Minister Narendra Modi on Sunday said that Chandrayaan-3 was ISRO’s most significant achievement and added that MSMEs and private enterprises too contributed to the expedition. “ISRO played an important role but along with it, the Indian industry, MSMEs and private companies also contributed to this mission. This is a success of both science and industry,” Mint quoted the Indian prime minister as saying during B20 summit in Delhi. He emphasised how Medium, Small and Micro Enterprises (MSMEs), private companies, and indigenous industries helped in producing equipment to meet the requirements of the Chandrayaan-3 mission. “The long festival season in India has been brought forward this year. This year, the celebration has started early, from 23rd August. We are celebrating the success of our maiden lunar landing mission — Chandrayaan-3,” PM Modi added. PM Modi’s faith in India’s future Believing that India has the solution to every problem, PM Modi said that India has a big part to play in creating a trustworthy and efficient global supply chain. The Indian prime minister recalled how India became the “pharmacy of the world” during the “once-in-a-century pandemic” -- Covid-19 -- by delivering vaccines beyond its borders. He also advocated for sustainable business practices, stressing that enterprises should realise sustainability as an economic opportunity. WATCH WION LIVE HERE

B20 Summit 2023: PM Modi lauds MSMEs, private firms for contributing to Chandrayaan-3 mission

The government of India has received an enthusiastic response from international companies for the Production Linked Incentive (PLI) Scheme for hardware, including Lenovo, HP, Dell and Acer, The Economic Times quoted Union Minster of Information Technology, Ashwini Vaishnaw as saying on Wednesday.&nbsp;

Up to 32 companies have submitted their proposals to the government.

“Excellent response received for the production of laptops and PCs under the hardware Production Linked Incentive Scheme (PLI) scheme. We have met almost all the 32 companies who applied and the portal will be closing tonight. Companies that will be manufacturing laptops include HP India, Dell, Acer, Lenovo, Thomson and others,” The Economic Times quoted Vaishanaw as saying in a media briefing.

Despite this, US tech giant Apple has not expressed interest in the PLI program yet.

The IT Minister emphasised that under the PLI hardware plan, there will be a special emphasis on laptops built in India, as well as consideration for tablets, AiO PC servers, and ultra-small form factor devices.

According to the minister, the planned incremental investment under the plan is Rs 2,430 crore ($239 million), while the expected incremental production is estimated to be Rs 3.35 lakh crore ($40 billion). 75,000 additional direct jobs are anticipated.

At the media briefing, Vaishnaw said that India is presently emerging as a trusted supply chain partner and value-added partner and that companies are keen to carry out manufacturing and design in India.

Vaishnaw added that the government is optimistic about hardware exports having the same level of success as exports of smartphones.

“The government is working on multiple ways to improve electronics manufacturing in the country,”&nbsp;&nbsp;he said.

He added that Dixon’s Noida factory would shortly begin producing.

On May 29, 2023, the Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware was announced, with a budget of Rs 17,000 crore ($20 million). On May 17, the Union Cabinet, which is presided over by Prime Minister Narendra Modi, approved the introduction of the program.

The program aims to develop and broaden the nation's ecosystem for making IT gear.

By encouraging the localisation of components and sub-assemblies and allowing for a longer period of time to establish the supply chain within the nation, the PLI Scheme 2.0 for IT Hardware is anticipated to lead to the broadening and deepening of the manufacturing ecosystem.

The government launched Production Linked Incentive (PLI) schemes in a variety of industries as part of its Atmanirbhar and Make in India plan to increase exports, improve export competitiveness, attract investments, and lessen reliance on imports.

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The government of India has received an enthusiastic response from international companies for the Production Linked Incentive (PLI) Scheme for hardware, including Lenovo, HP, Dell and Acer, The Economic Times quoted Union Minster of Information Technology, Ashwini Vaishnaw as saying on Wednesday.

The government of India has received an enthusiastic response from international companies for the Production Linked Incentive (PLI) Scheme for hardware, including Lenovo, HP, Dell and Acer, The Economic Times quoted Union Minster of Information Technology, Ashwini Vaishnaw as saying on Wednesday. Up to 32 companies have submitted their proposals to the government. “Excellent response received for the production of laptops and PCs under the hardware Production Linked Incentive Scheme (PLI) scheme. We have met almost all the 32 companies who applied and the portal will be closing tonight. Companies that will be manufacturing laptops include HP India, Dell, Acer, Lenovo, Thomson and others,” The Economic Times quoted Vaishanaw as saying in a media briefing. Despite this, US tech giant Apple has not expressed interest in the PLI program yet. The IT Minister emphasised that under the PLI hardware plan, there will be a special emphasis on laptops built in India, as well as consideration for tablets, AiO PC servers, and ultra-small form factor devices. According to the minister, the planned incremental investment under the plan is Rs 2,430 crore ($239 million), while the expected incremental production is estimated to be Rs 3.35 lakh crore ($40 billion). 75,000 additional direct jobs are anticipated. At the media briefing, Vaishnaw said that India is presently emerging as a trusted supply chain partner and value-added partner and that companies are keen to carry out manufacturing and design in India. Vaishnaw added that the government is optimistic about hardware exports having the same level of success as exports of smartphones. “The government is working on multiple ways to improve electronics manufacturing in the country,” he said. He added that Dixon’s Noida factory would shortly begin producing. On May 29, 2023, the Production Linked Incentive (PLI) Scheme 2.0 for IT Hardware was announced, with a budget of Rs 17,000 crore ($20 million). On May 17, the Union Cabinet, which is presided over by Prime Minister Narendra Modi, approved the introduction of the program. The program aims to develop and broaden the nation's ecosystem for making IT gear. By encouraging the localisation of components and sub-assemblies and allowing for a longer period of time to establish the supply chain within the nation, the PLI Scheme 2.0 for IT Hardware is anticipated to lead to the broadening and deepening of the manufacturing ecosystem. The government launched Production Linked Incentive (PLI) schemes in a variety of industries as part of its Atmanirbhar and Make in India plan to increase exports, improve export competitiveness, attract investments, and lessen reliance on imports. WATCH WION LIVE HERE

Excellent response for hardware PLI scheme: India’s IT Minister Ashwini Vaishnaw  

Walt Disney is aiming to resurrect its streaming business in India by broadcasting free cricket on cell phones, believing that the move would increase advertising income and counter the impact of a customer exodus.

The most recent data highlights that Disney's India streaming business lost $41.5 million on sales of $390 million for the fiscal year ending March 20, 2022.

The Indian Premier League (IPL), one of the world's most lucrative yearly sporting assets, was previously owned by Disney. However, JioCinema, which is owned by Indian billionaire Mukesh Ambani's Viacom18, paid $2.9 billion to acquire those rights and then made them available for free on the streaming site.

According to Disney, the free offering will reach more than 540 million smartphone users, with the goal of making the matches "accessible to as many mobile users in India as possible."

With subscriber withdrawals quickening and reducing the user base by a third between October last year and July, the Burbank-based entertainment conglomerate's financial performance in the nation is projected to worsen.

Disney's difficulties are a warning lesson about the Indian market, where rising middle-class expectations are frequently thwarted by highly cost-conscious consumers.

Furthermore, according to two Disney officials cited by Reuters, the company realises that it miscalculated Indians' desire to pay; consumers signed up for Hotstar while it featured IPL but did not stick around to buy more expensive plans to view other material.

"We were optimistic about Indian subscribers' willingness to pay. "That didn't work out," one of the insiders stated. "Free cricket is the only bullet that's left."

From August 30, the firm will stream live matches of the Asia Cup, as well as the World Cup in October and November, to 600 million smartphones in the cricket-crazed nation. Moreover, the new strategy comes as Disney is also exploring options of finding a joint venture partner or even a sale of its India business.

(Inputs from Reuters)

&nbsp;

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Walt Disney is aiming to resurrect its streaming business in India by broadcasting free cricket on cell phones, believing that the move would increase advertising income and counter the impact of a customer exodus.

Walt Disney is aiming to resurrect its streaming business in India by broadcasting free cricket on cell phones, believing that the move would increase advertising income and counter the impact of a customer exodus. The most recent data highlights that Disney's India streaming business lost $41.5 million on sales of $390 million for the fiscal year ending March 20, 2022. The Indian Premier League (IPL), one of the world's most lucrative yearly sporting assets, was previously owned by Disney. However, JioCinema, which is owned by Indian billionaire Mukesh Ambani's Viacom18, paid $2.9 billion to acquire those rights and then made them available for free on the streaming site. According to Disney, the free offering will reach more than 540 million smartphone users, with the goal of making the matches "accessible to as many mobile users in India as possible." With subscriber withdrawals quickening and reducing the user base by a third between October last year and July, the Burbank-based entertainment conglomerate's financial performance in the nation is projected to worsen. Disney's difficulties are a warning lesson about the Indian market, where rising middle-class expectations are frequently thwarted by highly cost-conscious consumers. Furthermore, according to two Disney officials cited by Reuters, the company realises that it miscalculated Indians' desire to pay; consumers signed up for Hotstar while it featured IPL but did not stick around to buy more expensive plans to view other material. "We were optimistic about Indian subscribers' willingness to pay. "That didn't work out," one of the insiders stated. "Free cricket is the only bullet that's left." From August 30, the firm will stream live matches of the Asia Cup, as well as the World Cup in October and November, to 600 million smartphones in the cricket-crazed nation. Moreover, the new strategy comes as Disney is also exploring options of finding a joint venture partner or even a sale of its India business. (Inputs from Reuters) WATCH WION LIVE HERE

Disney banks on free cricket for streaming edge in India

The Minnesota Mining and Manufacturing Company (3M)&nbsp;has agreed to pay $6.01 billion to resolve claims filed by U.S. military veterans and service members, alleging hearing loss as a result of using the firm's earplugs, the company and plaintiffs' lawyers announced on Tuesday.

The agreement follows 3M's unsuccessful attempt earlier this year to take the claims, which had ballooned into the biggest mass tort litigation in US history, into bankruptcy court with the intention of reducing its culpability.

Chris Seeger, the primary lawyer representing the plaintiffs, said that around 240,000 people will&nbsp;be eligible for the settlement. 3M has the option to back out of the arrangement if less than 98 per cent of qualified claimants participate, but Seeger is optimistic that the threshold will be fulfilled.

The funds will be distributed from 2023 to 2029, with $1 billion paid out in 3M stock, according to a statement by the company. The Minnesota-based firm stated that it is not accepting responsibility and that the earplugs "are safe and effective when used properly."

"This historic agreement represents a tremendous victory for the thousands of brave men and women who bravely served our country and returned home with life-altering hearing injuries," said Seeger and his co-lead attorneys, Bryan Aylstock and Clayton Clark, in a joint statement.

On Tuesday, 3M's stock was up more than two&nbsp;per cent. According to some experts, the company's possible exposure from the earplug case might be as high as $10 billion.

3M's litigation saga

Aearo Technologies, which 3M purchased in 2008, manufactured the Combat Arms earplugs. From 2003 through 2015, the US military utilised them in training and battle, particularly in Afghanistan and Iraq.

Plaintiffs in the claims say that the business concealed design faults, manipulated test findings, and failed to give instructions for proper earplug use, resulting in hearing impairment.

In 2019, the complaints were consolidated before U.S. District Judge M. Casey Rodgers in federal court in Pensacola, Florida. At its peak, the lawsuit accounted for over 30% of all federal court cases in the United States.

3M has lost 10 of the 16 earplug claims that have gone to trial, for a total of $265 million awarded to 13 plaintiffs. The $6.01 billion figure includes the judgments. Moreover, Aearo declared bankruptcy in July 2022, with 3M guaranteeing $1 billion to cover its earplug litigation obligations.

3M claimed that the mass tort action was unjust because Rodgers excluded favourable scientific data and allowed thousands of "unvetted" claims to clog the court's docket.

However, in June, a bankruptcy court dismissed the bankruptcy, ruling that Aearo was not in enough financial trouble to warrant it.

The agreement reached on Monday comes only two months after 3M struck a tentative $10.3 billion deal with a slew of public water systems in the United States to address allegations of water contamination caused by per- and polyfluoroalkyl substances, or PFAS, sometimes known as "forever chemicals."

Although the agreement is not yet complete, 22 U.S. states and territories withdrew their previous objections to it on Monday.

(Inputs from Reuters)

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The Minnesota Mining and Manufacturing Company (3M) has agreed to pay $6.01 billion to resolve claims filed by U.S. military veterans and service members, alleging hearing loss as a result of using the firm's earplugs, the company and plaintiffs' lawyers announced on Tuesday.

The Minnesota Mining and Manufacturing Company (3M) has agreed to pay $6.01 billion to resolve claims filed by U.S. military veterans and service members, alleging hearing loss as a result of using the firm's earplugs, the company and plaintiffs' lawyers announced on Tuesday. The agreement follows 3M's unsuccessful attempt earlier this year to take the claims, which had ballooned into the biggest mass tort litigation in US history, into bankruptcy court with the intention of reducing its culpability. Chris Seeger, the primary lawyer representing the plaintiffs, said that around 240,000 people will be eligible for the settlement. 3M has the option to back out of the arrangement if less than 98 per cent of qualified claimants participate, but Seeger is optimistic that the threshold will be fulfilled. The funds will be distributed from 2023 to 2029, with $1 billion paid out in 3M stock, according to a statement by the company. The Minnesota-based firm stated that it is not accepting responsibility and that the earplugs "are safe and effective when used properly." "This historic agreement represents a tremendous victory for the thousands of brave men and women who bravely served our country and returned home with life-altering hearing injuries," said Seeger and his co-lead attorneys, Bryan Aylstock and Clayton Clark, in a joint statement. On Tuesday, 3M's stock was up more than two per cent. According to some experts, the company's possible exposure from the earplug case might be as high as $10 billion. 3M's litigation saga Aearo Technologies, which 3M purchased in 2008, manufactured the Combat Arms earplugs. From 2003 through 2015, the US military utilised them in training and battle, particularly in Afghanistan and Iraq. Plaintiffs in the claims say that the business concealed design faults, manipulated test findings, and failed to give instructions for proper earplug use, resulting in hearing impairment. In 2019, the complaints were consolidated before U.S. District Judge M. Casey Rodgers in federal court in Pensacola, Florida. At its peak, the lawsuit accounted for over 30% of all federal court cases in the United States. 3M has lost 10 of the 16 earplug claims that have gone to trial, for a total of $265 million awarded to 13 plaintiffs. The $6.01 billion figure includes the judgments. Moreover, Aearo declared bankruptcy in July 2022, with 3M guaranteeing $1 billion to cover its earplug litigation obligations. 3M claimed that the mass tort action was unjust because Rodgers excluded favourable scientific data and allowed thousands of "unvetted" claims to clog the court's docket. However, in June, a bankruptcy court dismissed the bankruptcy, ruling that Aearo was not in enough financial trouble to warrant it. The agreement reached on Monday comes only two months after 3M struck a tentative $10.3 billion deal with a slew of public water systems in the United States to address allegations of water contamination caused by per- and polyfluoroalkyl substances, or PFAS, sometimes known as "forever chemicals." Although the agreement is not yet complete, 22 U.S. states and territories withdrew their previous objections to it on Monday. (Inputs from Reuters) WATCH WION LIVE HERE

3M to settle US military earplug lawsuit for $6 billion

If you are regular user of visa & mastercard credit cards, there's some bad news for you. Soon, you may have to pay more for your purchases via credit cards.

Mastercard & Visa to hike credit card fees

The US economy grew more slowly than initially expected in the second quarter, while a separate report revealed that job creation is slowing. The slew of disappointing economic data raised the probability that the federal reserve will press the pause button in its efforts to rein inflation.

Weak US data fuels speculation of Fed rate pause

The exit of western car brands from Russia following the Ukraine war has turned out to be a boon for Chinese carmakers. Sleek Chinese SUVs and EVs now are increasingly popular in Russia and are set to eat into the market shares of western carmakers.

West vs China in Russia's car market