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In Brazil, President Lula has unveiled an ambitious plan to address the country's fiscal challenges. Lula's economic team has introduced a series of measures aimed at generating additional revenue and achieving a balanced budget. The focus of these measures? Taxing closed-end and offshore funds, typically accessible to affluent investors.

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Citigroup says India’s cut to cooking gas cost might help slow inflation and shift attention to lowering the price of petrol and diesel ahead of certain important festivals and critical elections. Economists at Citibank, in a research note, said the government's plan to cut the price of cooking gas might ease inflation by roughly 30 basis points. Citibank economists suggested that more fiscal measures need to be discussed to reduce inflation and boost rural incomes. The economists noted that excise tax cuts are a possible solution to the high cost of fuel and getting inflation under control.

Citibank predicts relief: Cooking gas price cut to tackle inflation

Months after US-based short seller Hindenburg raised questions about its business dealings, India's Adani group is once again in the line of fire. This time, a non-profit media organisation, said that the business partners of the Adani family used 'opaque' funds to invest in its stocks.

After Hindenburg, another group slams Adani

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India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown.

The median projection of economists surveyed by Reuters indicates that India’s gross domestic product (GDP) expanded 7.7 per cent in the most recent quarter, which is faster growth than the country experienced in the April to June quarter in 2022.

According to economists, falling commodity costs have allowed for manufacturers to raise profits and somewhat offset the 250-basis point increase in interest rates since May 2022.

India, being the third-largest economy in Asia, has been able to defy the global downturn that has left several other economies, including China, faltering. India’s services sector, which accounts for more than half of its economic output, has had strong growth.

For the longest period since August 2011, the S&amp;P Global India services Purchasing Managers’ Index has been consistently over the 50-point threshold distinguishing growth from contraction for almost two years.

The Indian government has been putting more money toward infrastructure each year to stimulate growth. India spent roughly 28 per cent of its 10 trillion Indian rupee ($120.91 billion) capital expenditure budget in the first three months of the fiscal year, which began on April 1.

Kaushik Das, chief economist for India at Deutsche Bank, said that a 3 per cent drop in wholesale prices will also boost the nation's strong headline growth by lowering the “GDP deflator,” which is used to estimate real economic growth by excluding price increases.

Setbacks ahead&nbsp;

According to economists, the price effect may change in the upcoming months, and growth may slow.

August has been unusually dry after above average rainfall in July, which has driven up the cost of basic foods and reduced discretionary expenditure.

In India’s hinterlands, where agriculture provides the majority of the country’s income, dry weather could also reduce agricultural productivity and weaken the influence of the locals.

A comparison to higher growth rates from a year ago as well as slowing exports and global growth will also have an impact on future quarters’ growth.

Rahul Bajoria, an economist at Barclays, stated that there is some evidence that the activity is decreasing sequentially. “The market as a whole believes that things will slow down.”

(With inputs from Reuters)

&nbsp;

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India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown.

India’s economy expanded at its quickest rate in a year in the April-June quarter, data is expected to indicate on Thursday. Meanwhile, economists foresee a slowdown. The median projection of economists surveyed by Reuters indicates that India’s gross domestic product (GDP) expanded 7.7 per cent in the most recent quarter, which is faster growth than the country experienced in the April to June quarter in 2022. According to economists, falling commodity costs have allowed for manufacturers to raise profits and somewhat offset the 250-basis point increase in interest rates since May 2022. India, being the third-largest economy in Asia, has been able to defy the global downturn that has left several other economies, including China, faltering. India’s services sector, which accounts for more than half of its economic output, has had strong growth. For the longest period since August 2011, the S&P Global India services Purchasing Managers’ Index has been consistently over the 50-point threshold distinguishing growth from contraction for almost two years. The Indian government has been putting more money toward infrastructure each year to stimulate growth. India spent roughly 28 per cent of its 10 trillion Indian rupee ($120.91 billion) capital expenditure budget in the first three months of the fiscal year, which began on April 1. Kaushik Das, chief economist for India at Deutsche Bank, said that a 3 per cent drop in wholesale prices will also boost the nation's strong headline growth by lowering the “GDP deflator,” which is used to estimate real economic growth by excluding price increases. Setbacks ahead According to economists, the price effect may change in the upcoming months, and growth may slow. August has been unusually dry after above average rainfall in July, which has driven up the cost of basic foods and reduced discretionary expenditure. In India’s hinterlands, where agriculture provides the majority of the country’s income, dry weather could also reduce agricultural productivity and weaken the influence of the locals. A comparison to higher growth rates from a year ago as well as slowing exports and global growth will also have an impact on future quarters’ growth. Rahul Bajoria, an economist at Barclays, stated that there is some evidence that the activity is decreasing sequentially. “The market as a whole believes that things will slow down.” (With inputs from Reuters) WATCH WION LIVE HERE

India’s economy is expected to expand at its fastest rate in a year: Estimates

Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal.

According to sources familiar with the situation and documents reviewed by The Wall Street Journal, the fee rise will begin in October and April. Online purchases will mostly have these increased fees.

According to CMSPI, a consulting firm that works with merchants, the modifications may result in businesses paying an extra $502 million in fees every year.

More than half of those funds will come from network charge increases, according to CMSPI. Increases in interchange fees, often known as swipe fees, will provide the remaining funds. These charges are borne by retailers whenever customers use credit cards.

The interchange fee economy is mostly unknown to consumers. However, the fees are a significant point of friction between the card networks and all types of merchants, from huge internet retailers to neighborhood coffee shops.

According to the Nilson Report, a trade journal, U.S. businesses spent an estimated $93 billion on Visa and Mastercard credit-card fees last year. Comparatively, $33 billion was the amount in 2012.

At least a portion of the expense is transferred by retailers to customers in the form of higher pricing. Small companies are increasingly rewarding customers who pay with a debit card, cash, or check with discounts.

The costs that retailers must pay are determined by card networks like Visa and Mastercard. Visa and Mastercard regulate the network fees. The bank that issued the card receives exchange fees.

According to Visa, Mastercard, and the major banks, the fees assist in clearing the expenses relating to fraud detection and innovation. The banks frequently subsidise well-known credit-card rewards with the money they receive from interchange fees.

&nbsp;

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Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal.

Visa and Mastercard are looking to raise their credit card fees that merchants pay when they use customer’s credit cards for transactions, according to a report by The Wall Street Journal. According to sources familiar with the situation and documents reviewed by The Wall Street Journal, the fee rise will begin in October and April. Online purchases will mostly have these increased fees. According to CMSPI, a consulting firm that works with merchants, the modifications may result in businesses paying an extra $502 million in fees every year. More than half of those funds will come from network charge increases, according to CMSPI. Increases in interchange fees, often known as swipe fees, will provide the remaining funds. These charges are borne by retailers whenever customers use credit cards. The interchange fee economy is mostly unknown to consumers. However, the fees are a significant point of friction between the card networks and all types of merchants, from huge internet retailers to neighborhood coffee shops. According to the Nilson Report, a trade journal, U.S. businesses spent an estimated $93 billion on Visa and Mastercard credit-card fees last year. Comparatively, $33 billion was the amount in 2012. At least a portion of the expense is transferred by retailers to customers in the form of higher pricing. Small companies are increasingly rewarding customers who pay with a debit card, cash, or check with discounts. The costs that retailers must pay are determined by card networks like Visa and Mastercard. Visa and Mastercard regulate the network fees. The bank that issued the card receives exchange fees. According to Visa, Mastercard, and the major banks, the fees assist in clearing the expenses relating to fraud detection and innovation. The banks frequently subsidise well-known credit-card rewards with the money they receive from interchange fees. WATCH WION LIVE HERE

Visa, Mastercard gear up to increase credit-card fees: Report 

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem.

A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing.

Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with.

Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods.

The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures.

This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions.

However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar.

Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented.

Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses.

The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves.

But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain.

Not all is lost for Russia&nbsp;

Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual.

On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&amp;M once had their stores.&nbsp;Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country.

Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes.

As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods.

Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions.

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The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported. The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem. A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing. Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with. Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods. The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures. This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions. However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar. Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented. Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses. The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves. But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain. Not all is lost for Russia Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual. On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&M once had their stores. Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country. Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes. As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods. Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions. WATCH WION LIVE HERE

Russia’s earning from oil stays low as war expenses mount: Report  

India’s Gross Domestic Product (GDP) data for the quarter ending June 2023 was released on Thursday by the National Statistical Office (NSO). India’s GDP in the Q1 of fiscal year 2024 grew by 7.8 per cent, compared to 13.1 per cent in the same quarter last year.

Earlier, experts also predicted that India’s GDP growth would reach 7.8 per cent, an impressive rise from a mere 6.1 per cent recorded in the previous quarter ending March 2023. 
 
The latest data&nbsp;confirms India's stature as one of the fastest growing major economies in the world, especially since the slow recovery of China after the pandemic.

Meanwhile, the Reserve Bank of India had predicted India’s GDP growth in the specified period to be 8 per cent. For the Financial Year 2024, the RBI expected the Indian economy to grow at 6.5 per cent.

<h2>What’s behind the growth numbers?</h2>

As per economists, robust domestic demand, government investments in capital, and an emerging recovery in private investment together played a key role in driving the GDP growth numbers.

According to the government data, eight key infrastructure sectors' growth rose to 8 per cent in July 2023 from 4.8 per cent in the same month last year.

<h2>Inflation — a concerning point</h2>

In July, inflation surged to 7.4 per cent, exceeding the RBI’s upper tolerance threshold of 6 per cent. This breach was the first in the current year. Economists suggest that there's a strong likelihood of a similar breach happening again in August.&nbsp;

A recent survey of 17 economists conducted by the Economic Times indicates that the median inflation projection for the fiscal year 2023-24 is 5.5 per cent, slightly higher than the RBI's estimate of 5.4 per cent.

<h2>Rural demand remains weak</h2>

A report published by CareEdge Ratings has revealed that India’s rural demand remains weak and vulnerable. The trend was induced by erratic Monsoon season, unexpected or heavy rainfall and food inflation.&nbsp;

However, the report said that the upcoming festival season and celebrations could potentially drive up consumer demand.&nbsp;

The report added that there is also a notable risk for the winter crop sowing, known as rabi, due to the considerable shortfall in reservoir levels across eastern and southern India compared to the 10-year average. 
 
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India’s Gross Domestic Product (GDP) data for the quarter ending June 2023 was released on Thursday by the National Statistical Office (NSO). India’s GDP in the Q1 of fiscal year 2024 grew by 7.

India’s Gross Domestic Product (GDP) data for the quarter ending June 2023 was released on Thursday by the National Statistical Office (NSO). India’s GDP in the Q1 of fiscal year 2024 grew by 7.8 per cent, compared to 13.1 per cent in the same quarter last year. Earlier, experts also predicted that India’s GDP growth would reach 7.8 per cent, an impressive rise from a mere 6.1 per cent recorded in the previous quarter ending March 2023. The latest data confirms India's stature as one of the fastest growing major economies in the world, especially since the slow recovery of China after the pandemic. Meanwhile, the Reserve Bank of India had predicted India’s GDP growth in the specified period to be 8 per cent. For the Financial Year 2024, the RBI expected the Indian economy to grow at 6.5 per cent. What’s behind the growth numbers? As per economists, robust domestic demand, government investments in capital, and an emerging recovery in private investment together played a key role in driving the GDP growth numbers. According to the government data, eight key infrastructure sectors' growth rose to 8 per cent in July 2023 from 4.8 per cent in the same month last year. Inflation — a concerning point In July, inflation surged to 7.4 per cent, exceeding the RBI’s upper tolerance threshold of 6 per cent. This breach was the first in the current year. Economists suggest that there's a strong likelihood of a similar breach happening again in August. A recent survey of 17 economists conducted by the Economic Times indicates that the median inflation projection for the fiscal year 2023-24 is 5.5 per cent, slightly higher than the RBI's estimate of 5.4 per cent. Rural demand remains weak A report published by CareEdge Ratings has revealed that India’s rural demand remains weak and vulnerable. The trend was induced by erratic Monsoon season, unexpected or heavy rainfall and food inflation. However, the report said that the upcoming festival season and celebrations could potentially drive up consumer demand. The report added that there is also a notable risk for the winter crop sowing, known as rabi, due to the considerable shortfall in reservoir levels across eastern and southern India compared to the 10-year average. WATCH WION LIVE HERE ×

India’s GDP grows by 7.8 per cent in quarter ending June 2023

Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks.

The Organised Crime and Corruption Reporting Project (OCCRP), alleged that millions of dollars were invested in some publicly traded stocks of the group via "opaque" Mauritius funds, which "obscured" the involvement of alleged business partners of the Adani family.

The nonprofit media organisation said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. It named two individual investors, Nasser Ali Shaban Ahli and Chang Chung-Ling, who were described as "longtime business partners" of the Adani family. These two, the report said, spent years buying and selling Adani stocks while making considerable profits in the process.

The organisation said there was no evidence that Chang and Ahli's funds came from the Adani family. The source of the funds remains unknown. But documents showed evidence that their trading in Adani stock&nbsp;"was coordinated with the family", with Vinod Adani -- he is the elder brother of billionaire Gautam Adani -- using&nbsp;the same Mauritius funds to make his own investments.&nbsp;

Moreover, whether this arrangement is a violation of the Indian securities law is yet to be determined.

It may be argued that Ahli and Chang were acting on behalf of Adani “promoters”, a term used in India to refer to the majority owners of a business holding. If this turns out to be the case, this would mean insiders together own more than the 75 per cent of the shares.

“When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” Newslaundry quoted Arun Agarwal, an Indian market specialist and transparency advocate, as saying.&nbsp;

In response, the Adani group said the Mauritius funds investigated by OCCRP's reporters had already been named in the Hindenburg report. It added that the allegations were not only "baseless and unsubstantiated" but were "rehashed" from Hindenburg's allegations.

The latest allegations come after Hindenburg Research accused the Adani group of using offshore entities in tax havens such as Mauritius for dubious business dealings, including “brazen stock manipulation” and “accounting fraud”. However, the Adani group had called the short seller's claims misleading and without evidence, adding that it always complied with laws.

Days following the January report, the conglomerate stocks lost $150 billion in market value. The Hindenburg report, particularly, hit Gautam Adani hard. The Ahmedabad-based billionaire, who leads the ports-to-energy conglomerate, was, until January this year, the world's third-richest person.

However, following a recovery in recent months, the Adani group's market cap now remains around $100 billion.

After the uproar over the&nbsp;Hindenburg allegations this year, in addition to appointing its expert committee, India’s Supreme Court had directed SEBI to investigate the matter. The SEBI report is due next month.&nbsp;

(With inputs from agencies)

Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks.

Months after the US-based short seller Hindenburg Research raised questions about its business dealings, India's Adani group is once again in the line of fire. A nonprofit media organisation has said that business partners of the Adani family used 'opaque' funds to invest in its stocks. The Organised Crime and Corruption Reporting Project (OCCRP), alleged that millions of dollars were invested in some publicly traded stocks of the group via "opaque" Mauritius funds, which "obscured" the involvement of alleged business partners of the Adani family. The nonprofit media organisation said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. It named two individual investors, Nasser Ali Shaban Ahli and Chang Chung-Ling, who were described as "longtime business partners" of the Adani family. These two, the report said, spent years buying and selling Adani stocks while making considerable profits in the process. The organisation said there was no evidence that Chang and Ahli's funds came from the Adani family. The source of the funds remains unknown. But documents showed evidence that their trading in Adani stock "was coordinated with the family", with Vinod Adani -- he is the elder brother of billionaire Gautam Adani -- using the same Mauritius funds to make his own investments. Moreover, whether this arrangement is a violation of the Indian securities law is yet to be determined. It may be argued that Ahli and Chang were acting on behalf of Adani “promoters”, a term used in India to refer to the majority owners of a business holding. If this turns out to be the case, this would mean insiders together own more than the 75 per cent of the shares. “When the company buys its own shares above 75 percent … it’s not just illegal, but it’s share price manipulation,” Newslaundry quoted Arun Agarwal, an Indian market specialist and transparency advocate, as saying. In response, the Adani group said the Mauritius funds investigated by OCCRP's reporters had already been named in the Hindenburg report. It added that the allegations were not only "baseless and unsubstantiated" but were "rehashed" from Hindenburg's allegations. The latest allegations come after Hindenburg Research accused the Adani group of using offshore entities in tax havens such as Mauritius for dubious business dealings, including “brazen stock manipulation” and “accounting fraud”. However, the Adani group had called the short seller's claims misleading and without evidence, adding that it always complied with laws. Days following the January report, the conglomerate stocks lost $150 billion in market value. The Hindenburg report, particularly, hit Gautam Adani hard. The Ahmedabad-based billionaire, who leads the ports-to-energy conglomerate, was, until January this year, the world's third-richest person. However, following a recovery in recent months, the Adani group's market cap now remains around $100 billion. After the uproar over the Hindenburg allegations this year, in addition to appointing its expert committee, India’s Supreme Court had directed SEBI to investigate the matter. The SEBI report is due next month. (With inputs from agencies)

Business partners of Adani family used 'opaque' funds to invest in its stocks: Report

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.88 billion for the second quarter of this fiscal year, according to a report by Business Today. In March, UBS purchased Credit Suisse for just 3 billion Swiss francs ($3.4 billion), saving it from bankruptcy.

Due to the deal’s recent closure in June, the results for UBS as a whole only contain earnings for one month of Credit Suisse.

According to UBS, the $28.93 billion in negative goodwill on the Credit Suisse acquisition was the main factor in the result. Underlying earnings before tax, which excludes acquisition costs, negative goodwill, and integration-related expenditures, was $1.1 billion.

Negative goodwill indicates the fair market value of assets acquired as part of a merger that is higher than the purchase price.

&nbsp;“Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history,” Business Today quoted UBS CEO Sergio Ermotti as saying.

When it agreed to acquire Credit Suisse in March, the Swiss government imposed two agreements on UBS that it said it had terminated: a 9 billion Swiss franc ($10.24 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop.

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.

After acquiring Credit Suisse, the biggest bank in Switzerland, earlier this year, UBS Group AG reported its first quarterly earnings on Thursday, reporting a profit of $28.88 billion for the second quarter of this fiscal year, according to a report by Business Today. In March, UBS purchased Credit Suisse for just 3 billion Swiss francs ($3.4 billion), saving it from bankruptcy. Due to the deal’s recent closure in June, the results for UBS as a whole only contain earnings for one month of Credit Suisse. According to UBS, the $28.93 billion in negative goodwill on the Credit Suisse acquisition was the main factor in the result. Underlying earnings before tax, which excludes acquisition costs, negative goodwill, and integration-related expenditures, was $1.1 billion. Negative goodwill indicates the fair market value of assets acquired as part of a merger that is higher than the purchase price. “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history,” Business Today quoted UBS CEO Sergio Ermotti as saying. When it agreed to acquire Credit Suisse in March, the Swiss government imposed two agreements on UBS that it said it had terminated: a 9 billion Swiss franc ($10.24 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop.

UBS reports a $29 billion second quarter profit after Credit Suisse takeover

India's energy giant ONGC is all set to invest over 24 billion dollars in clean energy projects to meet its target of reaching net-zero emissions by 2038.

ONGC to focus on cutting emissions & renewable energy

SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.14) each, according to a report by CNBC-TV18.

As compensation for selling its holding to Zomato last year, SoftBank received a 3.35 percent stake in the company, which it now owns. Zomato acquired the fast-grocery delivery startup Blinkit at the time. The lock-in period for investors after the Blinkit deal ended on August 25.

According to the bulk deals data made available on the Bombay Stock Exchnage (BSE)and the National Stock Exchange (NSE), Tiger Global Management, another significant foreign investor in Zomato, sold all of its stake amounting to 1.44 per cent for Rs 1,123.85 crore ($135 million).

The venture capital fund operated by the US-based investment manager, Internet Fund III Pte Ltd, sold the shares through open market transactions.

As per stock exchange records, US-based private equity fund Tiger Global also sold its final shares of Zomato on Monday.

Data from BSE indicates that, the private equity firm sold 123.5 million shares in bulk for Rs 91.01 ($1.10) each, with buyers including Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, and BNP Paribas Arbitrage Fund.

Tiger Global made its initial Zomato investment in 2020 and acquired Zomato shares as part of the Blinkit transaction last year. In August 2022, the private equity group reduced its ownership in Zomato.

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SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.

SoftBank Vision Growth Fund has sold 10 crore shares of the online food delivery app Zomato through a block auction on Tuesday, August 29. The total transaction value is Rs 940 crore ($113 million), and shares were sold for Rs 94 ($1.14) each, according to a report by CNBC-TV18. As compensation for selling its holding to Zomato last year, SoftBank received a 3.35 percent stake in the company, which it now owns. Zomato acquired the fast-grocery delivery startup Blinkit at the time. The lock-in period for investors after the Blinkit deal ended on August 25. According to the bulk deals data made available on the Bombay Stock Exchnage (BSE)and the National Stock Exchange (NSE), Tiger Global Management, another significant foreign investor in Zomato, sold all of its stake amounting to 1.44 per cent for Rs 1,123.85 crore ($135 million). The venture capital fund operated by the US-based investment manager, Internet Fund III Pte Ltd, sold the shares through open market transactions. As per stock exchange records, US-based private equity fund Tiger Global also sold its final shares of Zomato on Monday. Data from BSE indicates that, the private equity firm sold 123.5 million shares in bulk for Rs 91.01 ($1.10) each, with buyers including Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, and BNP Paribas Arbitrage Fund. Tiger Global made its initial Zomato investment in 2020 and acquired Zomato shares as part of the Blinkit transaction last year. In August 2022, the private equity group reduced its ownership in Zomato. WATCH WION LIVE HERE

Softbank Vision Growth Fund sells 10 crore Zomato shares in block transaction 

The 3M co. has agreed to pay $6 billion to settle hundreds of thousands of cases claiming it provided faulty earplugs to the US military, resulting in hearing loss for soldiers in the field. The firm said in a statement on Tuesday that the payment conditions include $5 billion in cash and $1 billion in 3m common stock.

3M agrees to pay $6 bn in military earplug settlement

If you own a major enterprise and want to give it an AI makeover, Google will be able to help you. The US Tech giant has introduced a new AI-based product for enterprises for just 30 dollars per month.

Google's 'duet AI in workspace' to compete with Microsoft’s 'copilot'

China halved the stamp tax on stock trading on Monday, the&nbsp;latest move to bolster the faltering share market amid a slowdown in economic recovery.&nbsp;

In a short statement on Sunday, the finance ministry said it was lowering the 0.1 percent&nbsp;levy on stock trades "to energise the capital market and boost investor confidence".&nbsp;

Reuters quoted&nbsp;Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, as saying,&nbsp;"Such a policy will likely provide a short-term boost to the market but will have little long-term impact. The rebound could last only two to three days, or even less."

Along with the action by the finance ministry, the China Securities Regulatory Commission (CSRC) is implementing steps to boost market confidence in investing in publicly traded businesses.

The CSRC announced on Sunday that China will restrict the pace of initial public offerings (IPOs) and strictly control share reductions by significant owners. Meanwhile, the CSRC has reduced margin funding requirements in Chinese stock exchanges.

Late last month, China's authorities pledged to re-energize the world's second-largest stock market, which has been flailing as the post-pandemic recovery falters and a debt problem in the housing sector worsens.

Furthermore, Beijing has implemented a number of policies, including a smaller-than-expected reduction in a key lending benchmark last week. However, investors are calling for a more aggressive policy response, including huge government investment.

In the latest indicator of economic weakness, statistics released on Sunday revealed that earnings at China's industrial enterprises fell for the seventh month in a row, with poor demand pinching businesses.

Under the direction of the State Council, regulators, including the Ministry of Finance, submitted a draft proposal for a stamp duty reduction to the cabinet this month, according to sources familiar with the subject.

(Inputs from Reuters)

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China halved the stamp tax on stock trading on Monday, the latest move to bolster the faltering share market amid a slowdown in economic recovery. In a short statement on Sunday, the finance ministry said it was lowering the 0.

China halved the stamp tax on stock trading on Monday, the latest move to bolster the faltering share market amid a slowdown in economic recovery. In a short statement on Sunday, the finance ministry said it was lowering the 0.1 percent levy on stock trades "to energise the capital market and boost investor confidence". Reuters quoted Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, as saying, "Such a policy will likely provide a short-term boost to the market but will have little long-term impact. The rebound could last only two to three days, or even less." Along with the action by the finance ministry, the China Securities Regulatory Commission (CSRC) is implementing steps to boost market confidence in investing in publicly traded businesses. The CSRC announced on Sunday that China will restrict the pace of initial public offerings (IPOs) and strictly control share reductions by significant owners. Meanwhile, the CSRC has reduced margin funding requirements in Chinese stock exchanges. Late last month, China's authorities pledged to re-energize the world's second-largest stock market, which has been flailing as the post-pandemic recovery falters and a debt problem in the housing sector worsens. Furthermore, Beijing has implemented a number of policies, including a smaller-than-expected reduction in a key lending benchmark last week. However, investors are calling for a more aggressive policy response, including huge government investment. In the latest indicator of economic weakness, statistics released on Sunday revealed that earnings at China's industrial enterprises fell for the seventh month in a row, with poor demand pinching businesses. Under the direction of the State Council, regulators, including the Ministry of Finance, submitted a draft proposal for a stamp duty reduction to the cabinet this month, according to sources familiar with the subject. (Inputs from Reuters) WATCH WION LIVE HERE

China halves stock trade stamp duty in bid to revive slumping market

India is poised to witness the driest monsoon rains in eight years, with the El Nino weather pattern limiting September precipitation following an August that is on track to be the driest in more than a century, two meteorological department officials told Reuters.

The monsoon, which is critical to India's $3 trillion economy, provides over 70 percent of the rain required to hydrate crops and replenish reservoirs and aquifers. Nearly half of the farmland in the world's most populous nation lacks irrigation.

The summer rainfall shortage might raise the cost of staples like sugar, legumes, rice, and vegetables, as well as total food inflation, which reached its highest level since January 2020 in July.

Additionally, lower output may also lead India, the world's second-largest producer of rice, wheat, and sugar, to place more restrictions on these commodities' exports.

"El Nino dampened rainfall in August, and it will have a negative impact on rainfall in September," said a senior official with the India Meteorological Department (IMD).&nbsp;

Furthermore, on August 31, Indian meteorological officials are anticipated to release their September forecast.

El Nino's Effect

The IMD predicted a 4 per cent rainfall shortfall for the season in its most recent full-season projection on May 26, assuming a minor influence from the El Nino weather pattern.

El Nino is a warming of the Pacific seas that is often followed by drier weather across the Indian subcontinent. The current monsoon has been inconsistent, with June rainfall 9 percent below normal and July rains 13 percent above average.

The erratic distribution of monsoon rains has led India, the world's largest rice exporter, to limit rice shipments, impose a 40 per cent duty on onion exports, permit duty-free imports of pulses, and possibly prohibit sugar exports.

"India is on track to conclude the June-September monsoon season with a rainfall shortfall of at least 8 per cent, the most since 2015, when El Nino also reduced precipitation", according to the official cited by Reuters.

The southwest monsoon will begin to recede across northern India on or before September 17, according to another IMD official. He claims that the previous four Septembers have had above-average rainfall due to the monsoon's delayed exit.

"Northern and eastern states may experience below-normal rainfall in September. However, rain may return to the southern peninsula", according to the second official quoted by Reuters.&nbsp;

(Inputs from Reuters)

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India is poised to witness the driest monsoon rains in eight years, with the El Nino weather pattern limiting September precipitation following an August that is on track to be the driest in more than a century, two meteorological department officials told Reuters.

India is poised to witness the driest monsoon rains in eight years, with the El Nino weather pattern limiting September precipitation following an August that is on track to be the driest in more than a century, two meteorological department officials told Reuters. The monsoon, which is critical to India's $3 trillion economy, provides over 70 percent of the rain required to hydrate crops and replenish reservoirs and aquifers. Nearly half of the farmland in the world's most populous nation lacks irrigation. The summer rainfall shortage might raise the cost of staples like sugar, legumes, rice, and vegetables, as well as total food inflation, which reached its highest level since January 2020 in July. Additionally, lower output may also lead India, the world's second-largest producer of rice, wheat, and sugar, to place more restrictions on these commodities' exports. "El Nino dampened rainfall in August, and it will have a negative impact on rainfall in September," said a senior official with the India Meteorological Department (IMD). Furthermore, on August 31, Indian meteorological officials are anticipated to release their September forecast. El Nino's Effect The IMD predicted a 4 per cent rainfall shortfall for the season in its most recent full-season projection on May 26, assuming a minor influence from the El Nino weather pattern. El Nino is a warming of the Pacific seas that is often followed by drier weather across the Indian subcontinent. The current monsoon has been inconsistent, with June rainfall 9 percent below normal and July rains 13 percent above average. The erratic distribution of monsoon rains has led India, the world's largest rice exporter, to limit rice shipments, impose a 40 per cent duty on onion exports, permit duty-free imports of pulses, and possibly prohibit sugar exports. "India is on track to conclude the June-September monsoon season with a rainfall shortfall of at least 8 per cent, the most since 2015, when El Nino also reduced precipitation", according to the official cited by Reuters. The southwest monsoon will begin to recede across northern India on or before September 17, according to another IMD official. He claims that the previous four Septembers have had above-average rainfall due to the monsoon's delayed exit. "Northern and eastern states may experience below-normal rainfall in September. However, rain may return to the southern peninsula", according to the second official quoted by Reuters. (Inputs from Reuters) WATCH WION LIVE HERE

India nearing 8-year low in monsoon rainfall: Sources

In the latest move to lower&nbsp;tensions between the world's two largest economies, the United States and China have agreed to undertake frequent talks about commercial concerns and limitations on access to sophisticated technology.

The latest development comes&nbsp;amid U.S. Commerce Secretary Gina Raimondo's ongoing visit to China this week, where she is meeting with senior Chinese authorities in Beijing and Shanghai.

"I think it's a very good sign that we agreed to concrete dialogue, and I would say, more than just kind of nebulous commitments to continue to talk, this is an official channel," Raimondo said in an interview following four hours of talks with China's trade minister, Wang Wentao.

Raimondo said&nbsp;that she had an "open" and "pragmatic" talk with Wang and expressed worries about China's recent steps against Intel and Micron Technology, two American semiconductor companies. The Chinese government has halted a significant purchase planned by Intel and has prohibited Micron from selling in China this year.

She stated that two distinct conversations would be developed. One would be a working committee composed of corporate leaders that would focus on commercial concerns. The other would be federal information sharing on US export control enforcement.

Following the discussion, the Chinese Ministry of Commerce issued a statement saying that Wang voiced severe concerns about US tariffs on Chinese imports as well as the Biden administration's efforts to boost the US semiconductor sector through government subsidies.

Boosting info exchange amid enforcement challenge

Raimondo described the new discussion as an "information exchange" rather than a working group. She stated that the group was formed to provide more information regarding US export limits on sophisticated technology, but that its formation did not imply that the US would compromise on national security matters. The export enforcement group's first meeting was slated for Tuesday in Beijing.

Enforcement has been a challenge for the two nations, partially because it requires American authorities to perform inspections in China. China had suspended such inspections for around two years, but in the last eight months, it has authorised over 100 such checks to take place, according to the official.

The inspections of Chinese sites are intended to ensure that advanced American technology is not transferred to the Chinese military or security agencies.

The Commerce Department reported last week that 27 Chinese businesses had passed such examinations and were once again permitted to import sophisticated technology.

Furthermore, He Weiwen, a former Chinese commerce ministry official who is now a trade specialist at the Center for China and Globalization, a Beijing-based think tank, said the bilateral agreement to have additional talks demonstrated a shared commitment to pragmatism.

"It means that both sides agree on how to solve practical problems," he said, as quoted by the New York Times.

However, suggestions for a formal communication mechanism between the two nations sparked condemnation from some China specialists in the United States, demonstrating how politically delicate ties with China remain.

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In the latest move to lower tensions between the world's two largest economies, the United States and China have agreed to undertake frequent talks about commercial concerns and limitations on access to sophisticated technology.

In the latest move to lower tensions between the world's two largest economies, the United States and China have agreed to undertake frequent talks about commercial concerns and limitations on access to sophisticated technology. The latest development comes amid U.S. Commerce Secretary Gina Raimondo's ongoing visit to China this week, where she is meeting with senior Chinese authorities in Beijing and Shanghai. "I think it's a very good sign that we agreed to concrete dialogue, and I would say, more than just kind of nebulous commitments to continue to talk, this is an official channel," Raimondo said in an interview following four hours of talks with China's trade minister, Wang Wentao. Raimondo said that she had an "open" and "pragmatic" talk with Wang and expressed worries about China's recent steps against Intel and Micron Technology, two American semiconductor companies. The Chinese government has halted a significant purchase planned by Intel and has prohibited Micron from selling in China this year. She stated that two distinct conversations would be developed. One would be a working committee composed of corporate leaders that would focus on commercial concerns. The other would be federal information sharing on US export control enforcement. Following the discussion, the Chinese Ministry of Commerce issued a statement saying that Wang voiced severe concerns about US tariffs on Chinese imports as well as the Biden administration's efforts to boost the US semiconductor sector through government subsidies. Boosting info exchange amid enforcement challenge Raimondo described the new discussion as an "information exchange" rather than a working group. She stated that the group was formed to provide more information regarding US export limits on sophisticated technology, but that its formation did not imply that the US would compromise on national security matters. The export enforcement group's first meeting was slated for Tuesday in Beijing. Enforcement has been a challenge for the two nations, partially because it requires American authorities to perform inspections in China. China had suspended such inspections for around two years, but in the last eight months, it has authorised over 100 such checks to take place, according to the official. The inspections of Chinese sites are intended to ensure that advanced American technology is not transferred to the Chinese military or security agencies. The Commerce Department reported last week that 27 Chinese businesses had passed such examinations and were once again permitted to import sophisticated technology. Furthermore, He Weiwen, a former Chinese commerce ministry official who is now a trade specialist at the Center for China and Globalization, a Beijing-based think tank, said the bilateral agreement to have additional talks demonstrated a shared commitment to pragmatism. "It means that both sides agree on how to solve practical problems," he said, as quoted by the New York Times. However, suggestions for a formal communication mechanism between the two nations sparked condemnation from some China specialists in the United States, demonstrating how politically delicate ties with China remain. WATCH WION LIVE HERE

US and China expand talks in effort to reduce trade tensions

Saudi Arabia's overall spending on gasoline subsidies rose&nbsp;sharply in the last two years, ranking first among the Group of 20 nations in terms of per capita spending.

A recently-released IMF report highlighted that the government spent about $7,000 per person, or roughly 27 per cent of economic production, on both explicit and implicit energy subsidies.

The IMF research also showed that global fossil fuel subsidies increased from 2020 to $7 trillion last year as governments took steps to safeguard consumers and companies from a price jump caused by Russia's invasion of Ukraine. It projected that reducing fossil fuel subsidies might help reduce carbon dioxide emissions, reduce air pollution fatalities, and increase government income.

"Fossil fuels in most countries are priced incorrectly," stated Simon Black, Antung A. Liu, Ian Parry, and Nate Vernon in an IMF working paper. "Unfortunately, current prices are routinely set at levels that do not adequately reflect environmental damages and, in some cases, do not even account for supply costs."

According to the IMF, China was the largest source of subsidies in absolute terms, spending $2.2 trillion, followed by the United States and Russia. Last year, Saudi Arabia spent a total of $253 billion on subsidies.

Furthermore, the IMF has urged Saudi Arabia to move on with initiatives to reduce government subsidies and ensure the welfare of low-income households through increased and targeted social investment. Saudi gasoline is now one of the cheapest in the world as a result of its spending.

Just months before prices climbed to more than $100 per barrel, the government placed a maximum on domestic gasoline prices in 2021 to mitigate the impact of rising living costs on residents.

Last year, the IMF stated in its Article IV Consultation that the kingdom's work on subsidy reforms is "continuing unabated through planned step price increases that will lead to their elimination by 2030.

The majority of the worldwide total was made up of implicit subsidies, which the IMF characterized as undercharging for the environmental cost of fossil fuel combustion and lost tax income. Explicit subsidies, or selling fuel below supply costs, accounted for only 18 percent&nbsp;of the total.

(Inputs from Bloomberg)

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Saudi Arabia's overall spending on gasoline subsidies rose sharply in the last two years, ranking first among the Group of 20 nations in terms of per capita spending.

Saudi Arabia's overall spending on gasoline subsidies rose sharply in the last two years, ranking first among the Group of 20 nations in terms of per capita spending. A recently-released IMF report highlighted that the government spent about $7,000 per person, or roughly 27 per cent of economic production, on both explicit and implicit energy subsidies. The IMF research also showed that global fossil fuel subsidies increased from 2020 to $7 trillion last year as governments took steps to safeguard consumers and companies from a price jump caused by Russia's invasion of Ukraine. It projected that reducing fossil fuel subsidies might help reduce carbon dioxide emissions, reduce air pollution fatalities, and increase government income. "Fossil fuels in most countries are priced incorrectly," stated Simon Black, Antung A. Liu, Ian Parry, and Nate Vernon in an IMF working paper. "Unfortunately, current prices are routinely set at levels that do not adequately reflect environmental damages and, in some cases, do not even account for supply costs." According to the IMF, China was the largest source of subsidies in absolute terms, spending $2.2 trillion, followed by the United States and Russia. Last year, Saudi Arabia spent a total of $253 billion on subsidies. Furthermore, the IMF has urged Saudi Arabia to move on with initiatives to reduce government subsidies and ensure the welfare of low-income households through increased and targeted social investment. Saudi gasoline is now one of the cheapest in the world as a result of its spending. Just months before prices climbed to more than $100 per barrel, the government placed a maximum on domestic gasoline prices in 2021 to mitigate the impact of rising living costs on residents. Last year, the IMF stated in its Article IV Consultation that the kingdom's work on subsidy reforms is "continuing unabated through planned step price increases that will lead to their elimination by 2030. The majority of the worldwide total was made up of implicit subsidies, which the IMF characterized as undercharging for the environmental cost of fossil fuel combustion and lost tax income. Explicit subsidies, or selling fuel below supply costs, accounted for only 18 percent of the total. (Inputs from Bloomberg) WATCH WION LIVE HERE

Saudi Arabia leads G-20 with highest $7,000 per capita fuel subsidies

The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry.

According to a Mint report, the&nbsp;grant-in-aid will be offered for up to 18 months to aspiring innovators under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) program.

“With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies and products including commercialisation,” Mint quoted the statement made by the ministry of textiles.

The statement added that the GREAT guidelines give momentum to the development of high-performance fibres and composites, sustainable and recyclable textile materials, and smart textiles using artificial intelligence, the internet of things, 3D/4D printing, and rapid prototyping. The application areas for technical textiles include agrotextiles, building textiles, geotextiles, homes, medical textiles, mobile textiles, packaging textiles, protective textiles, and sports textiles.

Notably, companies must not be older than five years to qualify for the grant.

“To incentivise the incubators, the ministry will additionally provide 10 per cent of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10 per cent of the funding from the incubatee in two equal instalments is mandated,” the statement said.

The startup guidelines (GREAT), according to the statement, will give the technical textiles startup ecosystem in India the much-needed boost it needs, especially in specialised sub-segments like biodegradable and sustainable textiles, high-performance &amp; specialty fibres, and smart textiles, among others.

The government has also given 26 institutes its approval to upgrade their laboratory facilities and provide training in technical textile application fields.

It has also granted approval to 26 institutions’ requests for the creation and introduction of technical textile degree programs as well as technical textile courses or papers in important areas or specialisations.

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The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry.

The Indian government on Tuesday announced a scheme that will provide financial aid of up to Rs 50 lakh ($60,000) to technical textiles startups and other individuals engaged in the industry. According to a Mint report, the grant-in-aid will be offered for up to 18 months to aspiring innovators under the Grant for Research and Entrepreneurship Across Aspiring Innovators in Technical Textiles (GREAT) program. “With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies and products including commercialisation,” Mint quoted the statement made by the ministry of textiles. The statement added that the GREAT guidelines give momentum to the development of high-performance fibres and composites, sustainable and recyclable textile materials, and smart textiles using artificial intelligence, the internet of things, 3D/4D printing, and rapid prototyping. The application areas for technical textiles include agrotextiles, building textiles, geotextiles, homes, medical textiles, mobile textiles, packaging textiles, protective textiles, and sports textiles. Notably, companies must not be older than five years to qualify for the grant. “To incentivise the incubators, the ministry will additionally provide 10 per cent of total grant-in-aid to incubators. To strengthen authenticity and commitment towards the project, a minimum investment of 10 per cent of the funding from the incubatee in two equal instalments is mandated,” the statement said. The startup guidelines (GREAT), according to the statement, will give the technical textiles startup ecosystem in India the much-needed boost it needs, especially in specialised sub-segments like biodegradable and sustainable textiles, high-performance & specialty fibres, and smart textiles, among others. The government has also given 26 institutes its approval to upgrade their laboratory facilities and provide training in technical textile application fields. It has also granted approval to 26 institutions’ requests for the creation and introduction of technical textile degree programs as well as technical textile courses or papers in important areas or specialisations. WATCH WION LIVE HERE

India's technical textile startups to receive central aid up to Rs 50 lakh

Vinfast shares rose 21 percent on Monday, continuing a week-long rise that has more than tripled the company's market worth to $160 billion.

The company created a stir on Wall Street earlier this month, rapidly ascending in value to secure the third position in market capitalization, trailing only Tesla and Toyota.

Despite this success, Vinfast's limited number of publicly available shares has led to volatility, resulting in fluctuations of over 14 per cent in 11 out of the past 12 trading sessions. With a share price of $83.33, the stock appeared poised to augment its market capitalization by approximately $33.6 billion.

Vinfast's stock garnered significant attention on Stocktwits, a prominent platform for individual investors.

Pham Nhat Vuong, Vietnam's wealthiest individual and the founder of parent company Vingroup, which holds around 100 percent ownership of Vinfast, nearly entirely controls the company.

Although there's considerable consumer enthusiasm, Vinfast faces a substantial journey ahead to effectively rival Tesla and traditional automakers, both of whom are investing billions in the electric vehicle (EV) sector.

S&amp;P Global Mobility's data reveals that only 137 Vinfast EVs were registered in the United States up until June. The company's expansion into the US and European markets comes at a time when EV demand is dwindling and Tesla is engaging in a price war to uphold its dominance.

Vinfast's projection of selling up to 50,000 electric vehicles this year contrasts starkly with Tesla's forecast of 1.8 million vehicle sales.

Deviating from Tesla's direct-to-consumer approach, Vinfast is adopting a strategy reliant on dealers to drive sales. Additionally, the company is in the process of constructing a $4 billion facility in North Carolina.

(Inputs from Reuters)

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Vinfast shares rose 21 percent on Monday, continuing a week-long rise that has more than tripled the company's market worth to $160 billion. The company created a stir on Wall Street earlier this month, rapidly ascending in value to secure the third position in market capitalization, trailing only Tesla and Toyota.

Vinfast shares rose 21 percent on Monday, continuing a week-long rise that has more than tripled the company's market worth to $160 billion. The company created a stir on Wall Street earlier this month, rapidly ascending in value to secure the third position in market capitalization, trailing only Tesla and Toyota. Despite this success, Vinfast's limited number of publicly available shares has led to volatility, resulting in fluctuations of over 14 per cent in 11 out of the past 12 trading sessions. With a share price of $83.33, the stock appeared poised to augment its market capitalization by approximately $33.6 billion. Vinfast's stock garnered significant attention on Stocktwits, a prominent platform for individual investors. Pham Nhat Vuong, Vietnam's wealthiest individual and the founder of parent company Vingroup, which holds around 100 percent ownership of Vinfast, nearly entirely controls the company. Although there's considerable consumer enthusiasm, Vinfast faces a substantial journey ahead to effectively rival Tesla and traditional automakers, both of whom are investing billions in the electric vehicle (EV) sector. S&P Global Mobility's data reveals that only 137 Vinfast EVs were registered in the United States up until June. The company's expansion into the US and European markets comes at a time when EV demand is dwindling and Tesla is engaging in a price war to uphold its dominance. Vinfast's projection of selling up to 50,000 electric vehicles this year contrasts starkly with Tesla's forecast of 1.8 million vehicle sales. Deviating from Tesla's direct-to-consumer approach, Vinfast is adopting a strategy reliant on dealers to drive sales. Additionally, the company is in the process of constructing a $4 billion facility in North Carolina. (Inputs from Reuters) WATCH WION LIVE HERE

Vinfast share surges after becoming world's third-most valuable automaker

China's economy was expected to generate a third of global economic growth this year, but the country's precipitous downturn in recent months is causing concern throughout the world.

Policymakers are bracing their economies for a hit as China's imports of everything, from building supplies to electronics, fall. According to Caterpillar Inc., Chinese demand for construction machinery is worse than previously assumed.

A recent Bloomberg report highlighted&nbsp;that global investors have already removed more than $10 billion from China's stock markets, with blue chips accounting for the majority of the selling. Goldman Sachs Group Inc. and Morgan Stanley have reduced their targets for Chinese stocks, with the former also warning of regional spillover concerns.

Asian economies, along with African countries, have suffered the most damage to their commerce thus far. In July, Japan recorded its first dip in exports in more than two years as China reduced imports of vehicles and electronics. South Korean and Thai central bankers downgraded their growth projections last week, citing China's slow recovery.

China's downturn: global market impact

However, it is&nbsp;not all bleak, as China’s downturn will lower global energy costs, and the country's deflation will imply that the prices of commodities sent throughout the world are reducing. This is good news for nations like the United States and the United Kingdom, which are currently dealing with high inflation.

Some rising nations, such as India, perceive openings and hope to attract foreign investment that may be leaving China's borders.

However, as the world's second-largest economy, a prolonged downturn in China will&nbsp;affect the rest of the world rather than benefit it. According to International Monetary Fund research, every percentage point increase in China's growth rate boosts global expansion by around 0.3 percentage points.

China's deflation "isn't such a bad thing" for the global economy. "However, if the rest of the world, including the United States and Europe, goes into recession and China remains weak, that will be a problem—not just for China but for the entire global economy,"&nbsp;Peter Berezin, chief global strategist at BCA Research Inc., said in an interview on Bloomberg TV.

Decline in trade activity

Many nations, particularly those in Asia, consider China to be their most important export market for everything from electronic components and food to metals and energy.

The value of Chinese imports has declined for nine of the last ten months as demand falls from epidemic highs. Shipments from Africa, Asia, and North America were all worth less in July than a year earlier.

Africa and Asia have been impacted the worst, with imports falling by more than 14 per cent&nbsp;in the first seven months of this year. Part of this is due to a reduction in demand for electronics parts from South Korea and Taiwan, while declining commodity prices, such as those for fossil fuels, are also having an impact on the value of items exported to China.

At present, the real volume of goods shipped to China, such as iron ore, has remained stable. However, if the slowdown persists, supplies might be disrupted, affecting miners in Australia, South America, and other parts of the world.

Impact of currency fluctuation

China's economic difficulties have driven the yuan down more than 5 percent versus the dollar this year, with the yuan on the verge of breaking through the 7.3 barrier this month. The central bank has stepped up its defense of the yuan through a variety of means, including daily currency fixes.

According to Bloomberg statistics, the offshore yuan's devaluation is having a stronger influence on its counterparts in Asia, Latin America, and the Central and Eastern Europe bloc, with the Chinese currency's correlation to certain others growing.

China's interest rate reduction this year has made its bonds less appealing to international investors, who have decreased their exposure to the market and are seeking alternatives elsewhere in the region.

(Inputs from Bloomberg)

WATCH WION LIVE HERE

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China's economy was expected to generate a third of global economic growth this year, but the country's precipitous downturn in recent months is causing concern throughout the world.

China's economy was expected to generate a third of global economic growth this year, but the country's precipitous downturn in recent months is causing concern throughout the world. Policymakers are bracing their economies for a hit as China's imports of everything, from building supplies to electronics, fall. According to Caterpillar Inc., Chinese demand for construction machinery is worse than previously assumed. A recent Bloomberg report highlighted that global investors have already removed more than $10 billion from China's stock markets, with blue chips accounting for the majority of the selling. Goldman Sachs Group Inc. and Morgan Stanley have reduced their targets for Chinese stocks, with the former also warning of regional spillover concerns. Asian economies, along with African countries, have suffered the most damage to their commerce thus far. In July, Japan recorded its first dip in exports in more than two years as China reduced imports of vehicles and electronics. South Korean and Thai central bankers downgraded their growth projections last week, citing China's slow recovery. China's downturn: global market impact However, it is not all bleak, as China’s downturn will lower global energy costs, and the country's deflation will imply that the prices of commodities sent throughout the world are reducing. This is good news for nations like the United States and the United Kingdom, which are currently dealing with high inflation. Some rising nations, such as India, perceive openings and hope to attract foreign investment that may be leaving China's borders. However, as the world's second-largest economy, a prolonged downturn in China will affect the rest of the world rather than benefit it. According to International Monetary Fund research, every percentage point increase in China's growth rate boosts global expansion by around 0.3 percentage points. China's deflation "isn't such a bad thing" for the global economy. "However, if the rest of the world, including the United States and Europe, goes into recession and China remains weak, that will be a problem—not just for China but for the entire global economy," Peter Berezin, chief global strategist at BCA Research Inc., said in an interview on Bloomberg TV. Decline in trade activity Many nations, particularly those in Asia, consider China to be their most important export market for everything from electronic components and food to metals and energy. The value of Chinese imports has declined for nine of the last ten months as demand falls from epidemic highs. Shipments from Africa, Asia, and North America were all worth less in July than a year earlier. Africa and Asia have been impacted the worst, with imports falling by more than 14 per cent in the first seven months of this year. Part of this is due to a reduction in demand for electronics parts from South Korea and Taiwan, while declining commodity prices, such as those for fossil fuels, are also having an impact on the value of items exported to China. At present, the real volume of goods shipped to China, such as iron ore, has remained stable. However, if the slowdown persists, supplies might be disrupted, affecting miners in Australia, South America, and other parts of the world. Impact of currency fluctuation China's economic difficulties have driven the yuan down more than 5 percent versus the dollar this year, with the yuan on the verge of breaking through the 7.3 barrier this month. The central bank has stepped up its defense of the yuan through a variety of means, including daily currency fixes. According to Bloomberg statistics, the offshore yuan's devaluation is having a stronger influence on its counterparts in Asia, Latin America, and the Central and Eastern Europe bloc, with the Chinese currency's correlation to certain others growing. China's interest rate reduction this year has made its bonds less appealing to international investors, who have decreased their exposure to the market and are seeking alternatives elsewhere in the region. (Inputs from Bloomberg) WATCH WION LIVE HERE

Worries mount globally as China's economy slumps

Consumer confidence in the United States declined more than expected in August, as an unclear economic outlook and persistent inflation dampened optimism.

The Conference Board's index dipped to 106.1 this month from 114 in July, according to figures released Tuesday. The figure fell short of all forecasts in a Bloomberg survey, reversing most of the previous two months' gains.

The group's current circumstances index slipped to 144.8, the lowest level since November. A measure of consumer expectations, which measures their six-month view, fell to 80.2, remaining marginally higher than in June.

Furthermore, expected inflation for the coming year increased to 5.8 percent, the first increase in five months. While lower inflation has provided some respite to consumers, excessive costs remain a source of concern.

"Consumers were once again preoccupied with rising prices in general, and for groceries and petrol in particular," Conference Board chief economist Dana Peterson said in a statement.

Following the release of the confidence statistics and concurrent Bureau of Labor Statistics data on July job vacancies, the yield on 10-year Treasury notes dropped and equities continued gains.

Though economists have been extending their recession estimates due to improved economic progress, many still expect a dip in the next year as consumers show symptoms of weakness beneath the surface. Some Americans are using credit cards to make ends meet, while others are reducing their spending entirely.

Furthermore, respondents to the study were more pessimistic about the labor sector, where resilience has been a crucial source of the economy's continued performance this year.

Fewer consumers claimed employment was "abundant", while more said it was "hard to come by. The gap between the two metrics, which economists use to judge labor-market health, has shrunk to its smallest since April 2021.

A separate government study expected Friday will give more insight into the labor market's trajectory. While the US is expected to gain the fewest jobs since the end of 2020 in August, this would still be a respectable rate of payroll growth.

According to the study, high borrowing prices impacted confidence in August. Almost two-thirds of respondents indicated they expected rising interest rates in the coming months, the highest number since November.

"On a six-month moving average basis, plans to purchase automobiles and appliances continued to trend upward, but plans to purchase homes continued to trend downward—more in line with rising interest rates," Peterson said.

(With inputs from Reuters)

Consumer confidence in the United States declined more than expected in August, as an unclear economic outlook and persistent inflation dampened optimism. The Conference Board's index dipped to 106.

Consumer confidence in the United States declined more than expected in August, as an unclear economic outlook and persistent inflation dampened optimism. The Conference Board's index dipped to 106.1 this month from 114 in July, according to figures released Tuesday. The figure fell short of all forecasts in a Bloomberg survey, reversing most of the previous two months' gains. The group's current circumstances index slipped to 144.8, the lowest level since November. A measure of consumer expectations, which measures their six-month view, fell to 80.2, remaining marginally higher than in June. Furthermore, expected inflation for the coming year increased to 5.8 percent, the first increase in five months. While lower inflation has provided some respite to consumers, excessive costs remain a source of concern. "Consumers were once again preoccupied with rising prices in general, and for groceries and petrol in particular," Conference Board chief economist Dana Peterson said in a statement. Following the release of the confidence statistics and concurrent Bureau of Labor Statistics data on July job vacancies, the yield on 10-year Treasury notes dropped and equities continued gains. Though economists have been extending their recession estimates due to improved economic progress, many still expect a dip in the next year as consumers show symptoms of weakness beneath the surface. Some Americans are using credit cards to make ends meet, while others are reducing their spending entirely. Furthermore, respondents to the study were more pessimistic about the labor sector, where resilience has been a crucial source of the economy's continued performance this year. Fewer consumers claimed employment was "abundant", while more said it was "hard to come by. The gap between the two metrics, which economists use to judge labor-market health, has shrunk to its smallest since April 2021. A separate government study expected Friday will give more insight into the labor market's trajectory. While the US is expected to gain the fewest jobs since the end of 2020 in August, this would still be a respectable rate of payroll growth. According to the study, high borrowing prices impacted confidence in August. Almost two-thirds of respondents indicated they expected rising interest rates in the coming months, the highest number since November. "On a six-month moving average basis, plans to purchase automobiles and appliances continued to trend upward, but plans to purchase homes continued to trend downward—more in line with rising interest rates," Peterson said. (With inputs from Reuters)

U.S. consumer confidence drops more-than-expected in August

Valued at over $1 billion, Viasat's orbiting satellites have drawn the attention of space insurers, who are bracing for potential substantial claims.

The company's $1 billion ViaSat-3 Americas satellite, which is critical to increasing its fixed-broadband coverage and competing with rivals such as Elon Musk's Starlink, encountered an unforeseen difficulty while deploying its antenna in space in April.

If Viasat declares it a total loss, industry officials anticipate the claim would be a record-breaking $420 million, making it more difficult and expensive for other satellite operators to obtain insurance. Due to the financial risk of insuring such a costly satellite, ViaSat-3 is most likely protected by insurance from different providers.

The Seatle Times quoted Denis Bensoussan, head of satellite insurance for Beazley Insurance, as saying, "No single insurer wants to take the risk by itself; no other big insurer was prepared to openly reveal its involvement as a satellite underwriter."

Viasat's satellite woes affect insurance landscape

Viasat's problems in orbit come just a few years after major insurers such as American International Group and Allianz SE wound down their space portfolios. As a result, the $553 million market has a narrower pool of suppliers to bear the risks.

While big telecommunications companies with multimillion-dollar satellites continue to seek coverage, other space operators focused on launching huge batches of lesser satellites into low Earth orbit, such as Musk's SpaceX, aren't. To them, the loss of one satellite is nothing.

Executives at Viasat said it is too early to speculate on whether the company will launch a lawsuit. "We can take another couple or three months to obtain accurate measurements and then make those decisions without any consequences," Viasat CEO Mark Dankberg told analysts on August&nbsp;9, as reported by The Seattle Times, following the company's announcement of better-than-expected quarterly earnings.

Investors, on the other hand, are concerned. ViaSat stock dropped 28 percent in a single day, setting a new low after the company announced the ViaSat-3 problem in July. Executives now predict that the satellite problem would slow growth in 2025, although the impact would be restricted to its fixed-broadband service, which accounts for approximately 13 percent of its revenue.

Last month, William Blair's Louie DiPalma informed clients that the company's ViaSat-2 satellite, launched in 2017, also encountered an antenna abnormality, prompting a $188 million claim.

Following the discovery of the Inmarsat-6 issue, Viasat and other industry players "will almost certainly face significant difficulties in obtaining insurance for future satellite launches," DiPalma said in a note Friday.

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Valued at over $1 billion, Viasat's orbiting satellites have drawn the attention of space insurers, who are bracing for potential substantial claims. The company's $1 billion ViaSat-3 Americas satellite, which is critical to increasing its fixed-broadband coverage and competing with rivals such as Elon Musk's Starlink, encountered an unforeseen difficulty while deploying its antenna in space in April.

Valued at over $1 billion, Viasat's orbiting satellites have drawn the attention of space insurers, who are bracing for potential substantial claims. The company's $1 billion ViaSat-3 Americas satellite, which is critical to increasing its fixed-broadband coverage and competing with rivals such as Elon Musk's Starlink, encountered an unforeseen difficulty while deploying its antenna in space in April. If Viasat declares it a total loss, industry officials anticipate the claim would be a record-breaking $420 million, making it more difficult and expensive for other satellite operators to obtain insurance. Due to the financial risk of insuring such a costly satellite, ViaSat-3 is most likely protected by insurance from different providers. The Seatle Times quoted Denis Bensoussan, head of satellite insurance for Beazley Insurance, as saying, "No single insurer wants to take the risk by itself; no other big insurer was prepared to openly reveal its involvement as a satellite underwriter." Viasat's satellite woes affect insurance landscape Viasat's problems in orbit come just a few years after major insurers such as American International Group and Allianz SE wound down their space portfolios. As a result, the $553 million market has a narrower pool of suppliers to bear the risks. While big telecommunications companies with multimillion-dollar satellites continue to seek coverage, other space operators focused on launching huge batches of lesser satellites into low Earth orbit, such as Musk's SpaceX, aren't. To them, the loss of one satellite is nothing. Executives at Viasat said it is too early to speculate on whether the company will launch a lawsuit. "We can take another couple or three months to obtain accurate measurements and then make those decisions without any consequences," Viasat CEO Mark Dankberg told analysts on August 9, as reported by The Seattle Times, following the company's announcement of better-than-expected quarterly earnings. Investors, on the other hand, are concerned. ViaSat stock dropped 28 percent in a single day, setting a new low after the company announced the ViaSat-3 problem in July. Executives now predict that the satellite problem would slow growth in 2025, although the impact would be restricted to its fixed-broadband service, which accounts for approximately 13 percent of its revenue. Last month, William Blair's Louie DiPalma informed clients that the company's ViaSat-2 satellite, launched in 2017, also encountered an antenna abnormality, prompting a $188 million claim. Following the discovery of the Inmarsat-6 issue, Viasat and other industry players "will almost certainly face significant difficulties in obtaining insurance for future satellite launches," DiPalma said in a note Friday. WATCH WION LIVE HERE

Billion-dollar satellite, Viasat, risks disrupting space insurance market

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent&nbsp;SAF&nbsp;to 83 per cent conventional jet fuel.

AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured&nbsp;SAF&nbsp;blend.

Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with&nbsp;SAF&nbsp;blending of up to one per cent in demonstration mode.”

What is&nbsp;SAF?

SAF&nbsp;is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint.&nbsp;SAF&nbsp;is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses.

According to the International Air Transport Association (IATA), the use of&nbsp;SAF&nbsp;can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally,&nbsp;SAF&nbsp;could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses.

Targets set by aviation regulators

As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent&nbsp;SAF&nbsp;will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent&nbsp;SAF&nbsp;mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for&nbsp;SAF&nbsp;might increase to four or five per cent.

Meanwhile in the US, the Biden administration is targeting 100 per cent use of&nbsp;SAF&nbsp;by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent&nbsp;SAF&nbsp;in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050.

Current landscape and the future

According to a report by the European Union Aviation&nbsp;Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the&nbsp;SAF&nbsp;industry is still in its early stages of development.&nbsp;

Currently, the EU’s greatest possible&nbsp;SAF&nbsp;production capacity is only 0.24 million tonnes, or 10 per cent of the&nbsp;SAF&nbsp;needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current&nbsp;SAF&nbsp;providers and the production from new market entrants.

In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of&nbsp;SAF&nbsp;per year, whereas the estimated maximum requirement of&nbsp;SAF&nbsp;in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”.

What are aircraft manufacturers doing?

According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of&nbsp;SAF&nbsp;and conventional jet fuel. Presently, aircraft flying with 100 per cent&nbsp;SAF&nbsp;are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft.

At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent&nbsp;SAF&nbsp;blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today,&nbsp;SAF&nbsp;represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.”

WATCH WION LIVE HERE

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The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel.

The Tata group on May 4 initiated the use of sustainable aviation fuel (SAF), as Vistara became the first airline in India to successfully operate a wide-body commercial domestic flight from Delhi to Mumbai using a blend of 17 per cent SAF to 83 per cent conventional jet fuel. AirAsia India, a low-cost subsidiary of Air India, followed suit, operating the Pune-Delhi sector on May 19 using an indigenously-manufactured SAF blend. Upon receiving the AirAsia flight at Delhi’s Indira Gandhi International Airport, Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, said, “This would be the first domestic commercial passenger flight with SAF blending of up to one per cent in demonstration mode.” What is SAF? SAF is a type of biofuel that is used to power aircraft. Its chemical and physical properties are identical to that of conventional jet fuel, albeit with a significantly lower carbon footprint. SAF is made by using feedstocks consisting of various material such as cooking oil, municipal waste, agricultural residue, plants, and waste gasses. According to the International Air Transport Association (IATA), the use of SAF can significantly bring down carbon dioxide emissions by about 80 per cent. Additionally, SAF could potentially stabilise fuel prices in the aviation sector, making it easier for airlines to budget and predict their operating expenses. Targets set by aviation regulators As aviation regulatory bodies push forth their sustainability goals to lower emissions, Puri said that one per cent SAF will be mandatory for domestic airlines by 2025. He further added that 140 million litres of biofuels are required to produce one per cent SAF mixed with jet fuel. If there are greater volumes of biofuels available, the mandate for SAF might increase to four or five per cent. Meanwhile in the US, the Biden administration is targeting 100 per cent use of SAF by 2050. The EU on the other hand, instructs fuel suppliers to ensure that fuel with two per cent SAF in 2025 is supplied to all European Union (EU) airports. Subsequently, the supply is to increase to six per cent in 2030, 20 per cent in 2035 and steadily to 70 per cent in 2050. Current landscape and the future According to a report by the European Union Aviation Safety Agency (EASA), with a supply of less than 0.05 per cent of the overall jet fuel demand in 2020, the SAF industry is still in its early stages of development. Currently, the EU’s greatest possible SAF production capacity is only 0.24 million tonnes, or 10 per cent of the SAF needed to fulfil the proposed mandate by 2030. The 2030 mandate level is high but achievable given the announcements of major capacity additions from these current SAF providers and the production from new market entrants. In the Indian context, a press release from the Ministry of Petroleum and Natural Gas said, “India has feedstock for potential production of 19 to 24 million tons of SAF per year, whereas the estimated maximum requirement of SAF in India, considering 50 per cent blend, is around eight to ten million tons per year by 2030”. What are aircraft manufacturers doing? According to multiple reports by aviation news website Simple Flying, major aircraft manufacturers like Airbus and Boeing have aircraft that can fly with a 50 per cent blend of SAF and conventional jet fuel. Presently, aircraft flying with 100 per cent SAF are in the testing phase with Airbus conducting such tests on their A350 and A321 aircraft. At the Airbus Summit, Chief Technical Officer, Sabine Klauke was quoted as saying, “All Airbus aircraft today are certified to fly with a 50 per cent SAF blend. We have a clear ambition to achieve certification for 100 per cent sustainable aviation fuel for our fleets by 2030. So, if we look, what is used today, SAF represents maybe 0.03 per cent of the fuel which is used in civil aviation, and that's for sure. We have a clear plan leading to 2030.” WATCH WION LIVE HERE

Sustainable aviation fuel: The fuel of the future?