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A group of investors has initiated legal action against Sotheby's Holdings Inc. and numerous others concerning a 2021 auction and marketing campaign for Bored Ape Yacht Club non-fungible tokens (NFTs). The move came after a sharp decline in prices for these celebrity-endorsed collectables was reported.

In a class action lawsuit, the four main plaintiffs assert that the auction house deliberately promoted the NFTs in a misleading manner and engaged in collusion with creator Yuga Labs to artificially inflate their values.

<a href="https://www.wionews.com/trending/towel-movement-a-fight-for-space-on-greeces-beaches-626332">Also read:&nbsp;Towel Movement: A fight for space on Greece`s beaches</a>

Sotheby's is listed as one of the 30 defendants in the lawsuit, which also implicates celebrities like Justin Bieber and Paris Hilton for endorsing the NFT collection without revealing their financial connections to it.

<h2>Massive decline reported in values of the NFTs</h2>

Presently, CoinGecko's cryptocurrency market tracker reveals that the vivid digital ape illustrations are now purchasable for as low as $52,445, a stark contrast to their previous price of over $400,000 in May 2022.

Watch:&nbsp;Study reveals the science behind why we find certain people attractive | Trending on WION

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In September 2021, Sotheby's conducted an online auction where over 100 of these NFTs were sold to a single bidder for over $24 million, exceeding the estimated $12 million to $18 million.

<h2>Fake hype created?</h2>

The revised lawsuit, initially filed in December without implicating Sotheby's, alleges that the sale was deceptive and that the auction house had been enlisted by Yuga Labs to generate interest and hype around the Bored Ape brand.

Furthermore, the lawsuit claims that Sotheby's portrayal of the undisclosed buyer as a 'traditional' collector created a false impression that the NFT market had entered the mainstream.

<h2>Sotheby's response</h2>

Sotheby's refutes the claims, asserting that they are unfounded while pledging to defend against them vigorously.

The investors are now seeking a jury trial and over $5 million in damages.

The lawsuit also implicates other companies, including Adidas and MoonPay, for conspiring to artificially inflate NFT prices.

<h2>What are NFTs?</h2>

NFTs, which transform digital collectables into unique, verifiable assets for blockchain-based trading, witnessed a surge in prices in 2021, exemplified by Jack Dorsey's tweet NFT selling for $2.9 million, a LeBron James slam dunk clip for over $200,000, and Beeple's "Everydays: The First 5000 Days" fetching a record $69 million.

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A group of investors has initiated legal action against Sotheby's Holdings Inc. and numerous others concerning a 2021 auction and marketing campaign for Bored Ape Yacht Club non-fungible tokens (NFTs).

A group of investors has initiated legal action against Sotheby's Holdings Inc. and numerous others concerning a 2021 auction and marketing campaign for Bored Ape Yacht Club non-fungible tokens (NFTs). The move came after a sharp decline in prices for these celebrity-endorsed collectables was reported. In a class action lawsuit, the four main plaintiffs assert that the auction house deliberately promoted the NFTs in a misleading manner and engaged in collusion with creator Yuga Labs to artificially inflate their values. Also read: Towel Movement: A fight for space on Greece`s beaches Sotheby's is listed as one of the 30 defendants in the lawsuit, which also implicates celebrities like Justin Bieber and Paris Hilton for endorsing the NFT collection without revealing their financial connections to it. Massive decline reported in values of the NFTs Presently, CoinGecko's cryptocurrency market tracker reveals that the vivid digital ape illustrations are now purchasable for as low as $52,445, a stark contrast to their previous price of over $400,000 in May 2022. Watch: Study reveals the science behind why we find certain people attractive | Trending on WION × In September 2021, Sotheby's conducted an online auction where over 100 of these NFTs were sold to a single bidder for over $24 million, exceeding the estimated $12 million to $18 million. Fake hype created? The revised lawsuit, initially filed in December without implicating Sotheby's, alleges that the sale was deceptive and that the auction house had been enlisted by Yuga Labs to generate interest and hype around the Bored Ape brand. Furthermore, the lawsuit claims that Sotheby's portrayal of the undisclosed buyer as a 'traditional' collector created a false impression that the NFT market had entered the mainstream. Sotheby's response Sotheby's refutes the claims, asserting that they are unfounded while pledging to defend against them vigorously. The investors are now seeking a jury trial and over $5 million in damages. The lawsuit also implicates other companies, including Adidas and MoonPay, for conspiring to artificially inflate NFT prices. What are NFTs? NFTs, which transform digital collectables into unique, verifiable assets for blockchain-based trading, witnessed a surge in prices in 2021, exemplified by Jack Dorsey's tweet NFT selling for $2.9 million, a LeBron James slam dunk clip for over $200,000, and Beeple's "Everydays: The First 5000 Days" fetching a record $69 million. WATCH WION LIVE HERE ×

Investors sue Sotheby's, Justin Bieber, Hilton among others as NFT prices crash

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. 
&nbsp; 
A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth.

The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries.

Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent&nbsp;of men. This is due to the disparities between the two genders in preparing for an economic downturn.&nbsp;

Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans.

"Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty.

Recessions' Dual Consequences for Women

In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors.

"Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha.

In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits.&nbsp;

Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession&nbsp;that impacts women more than men.

Care Economy Gap: Fueling Gender Disparities

"Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty.

Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit.

The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. 
&nbsp; 
As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities.

Crisis Ripple Effect: Women's Excess Burden in Recessions

The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women.

Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women.&nbsp;

"If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said.&nbsp;

"The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.&nbsp;

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled.

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth. The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries. Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent of men. This is due to the disparities between the two genders in preparing for an economic downturn. Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans. "Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty. Recessions' Dual Consequences for Women In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors. "Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha. In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits. Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession that impacts women more than men. Care Economy Gap: Fueling Gender Disparities "Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty. Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit. The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities. Crisis Ripple Effect: Women's Excess Burden in Recessions The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women. Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women. "If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said. "The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.

'Shecession': How women are more impacted by economic downturns

Target's recent earnings report provides valuable insights into the current state of the American economy and consumer behavior. The retail giant's performance sheds light on what people are buying and where sales have increased, reflecting broader economic trends and consumer sentiments.

HIGHLIGHTS OF TARGET'S EARNINGS

- Earnings per share: $1.80

- Revenue: $24.77 Billion

Despite missing quarterly sales expectations and lowering its full-year forecast, Target's earnings report offers a nuanced perspective on the American economy's dynamics.

DECODING CONSUMER SPENDING TRENDS THROUGH TARGET'S EARNINGS

- Consumers cut down on discretionary spends

- Trends point at cautious consumer spending

- Consumers more focused on necessities

- Sales of impulse driven items down

Target's strong performance in certain categories underscores evolving consumer priorities. The retailer's struggles to entice shoppers to spend on discretionary items reflect a broader trend of cautious consumer behavior.

Target's CEO Brian Cornell highlighted, rising interest rates, the return of student loan payments, and elevated prices for everyday essentials as challenges for consumers. "As we look at the consumer landscape today, we recognize the consumer is still challenged by the levels of inflation that they’re seeing in food and beverage and household essentials," he said.

The emphasis on necessities is evident in Target's merchandise mix and sales trends. While sales of fun and impulse-driven items have declined, categories like groceries and household essentials remain resilient. Groceries constitute a smaller portion of Target's revenue compared to Walmart, emphasizing Target's reliance on other product categories. This trend aligns with consumer prioritization of needs over wants, as discretionary funds are directed towards essential items rather than leisure purchases.

Target's strategic shifts and successes also indicate consumers' changing preferences. The retailer's adaptation to high-frequency categories, such as groceries and household essentials, showcases its responsiveness to consumer demands. Growth in these areas has compensated for declines in discretionary categories, signifying a focus on meeting essential needs amidst economic challenges.

The collaboration with Ulta Beauty and the surge in beauty product sales suggest consumers' continued interest in self-care and personal indulgence. Sales of brightly colored tumblers, Barbie-themed merchandise, and exclusive vinyl records illustrate the enduring appeal of nostalgic and unique items. This trend indicates that consumers are willing to spend on products that provide a sense of comfort, joy, and self-expression.

The partnership with Ulta Beauty underscores the evolving retail landscape, where specialized collaborations enhance the shopping experience and tap into diverse consumer interests. This strategy aligns with consumers' desire for personalized and meaningful purchases, which can mitigate the impact of economic uncertainty.

Target's recent earnings report offers a nuanced glimpse into the American economy's current state and consumer behavior. The company's struggles to drive discretionary spending highlight the impact of inflation and economic uncertainty on consumer choices. However, the success of certain product categories, strategic partnerships, and emphasis on affordability underscore consumers' evolving preferences and their desire for both essentials and meaningful indulgences.

Target's recent earnings report provides valuable insights into the current state of the American economy and consumer behavior. The retail giant's performance sheds light on what people are buying and where sales have increased, reflecting broader economic trends and consumer sentiments.

Target's recent earnings report provides valuable insights into the current state of the American economy and consumer behavior. The retail giant's performance sheds light on what people are buying and where sales have increased, reflecting broader economic trends and consumer sentiments. HIGHLIGHTS OF TARGET'S EARNINGS - Earnings per share: $1.80 - Revenue: $24.77 Billion Despite missing quarterly sales expectations and lowering its full-year forecast, Target's earnings report offers a nuanced perspective on the American economy's dynamics. DECODING CONSUMER SPENDING TRENDS THROUGH TARGET'S EARNINGS - Consumers cut down on discretionary spends - Trends point at cautious consumer spending - Consumers more focused on necessities - Sales of impulse driven items down Target's strong performance in certain categories underscores evolving consumer priorities. The retailer's struggles to entice shoppers to spend on discretionary items reflect a broader trend of cautious consumer behavior. Target's CEO Brian Cornell highlighted, rising interest rates, the return of student loan payments, and elevated prices for everyday essentials as challenges for consumers. "As we look at the consumer landscape today, we recognize the consumer is still challenged by the levels of inflation that they’re seeing in food and beverage and household essentials," he said. The emphasis on necessities is evident in Target's merchandise mix and sales trends. While sales of fun and impulse-driven items have declined, categories like groceries and household essentials remain resilient. Groceries constitute a smaller portion of Target's revenue compared to Walmart, emphasizing Target's reliance on other product categories. This trend aligns with consumer prioritization of needs over wants, as discretionary funds are directed towards essential items rather than leisure purchases. Target's strategic shifts and successes also indicate consumers' changing preferences. The retailer's adaptation to high-frequency categories, such as groceries and household essentials, showcases its responsiveness to consumer demands. Growth in these areas has compensated for declines in discretionary categories, signifying a focus on meeting essential needs amidst economic challenges. The collaboration with Ulta Beauty and the surge in beauty product sales suggest consumers' continued interest in self-care and personal indulgence. Sales of brightly colored tumblers, Barbie-themed merchandise, and exclusive vinyl records illustrate the enduring appeal of nostalgic and unique items. This trend indicates that consumers are willing to spend on products that provide a sense of comfort, joy, and self-expression. The partnership with Ulta Beauty underscores the evolving retail landscape, where specialized collaborations enhance the shopping experience and tap into diverse consumer interests. This strategy aligns with consumers' desire for personalized and meaningful purchases, which can mitigate the impact of economic uncertainty. Target's recent earnings report offers a nuanced glimpse into the American economy's current state and consumer behavior. The company's struggles to drive discretionary spending highlight the impact of inflation and economic uncertainty on consumer choices. However, the success of certain product categories, strategic partnerships, and emphasis on affordability underscore consumers' evolving preferences and their desire for both essentials and meaningful indulgences.

Decoded: What Target's earnings say about the US economy

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai.

To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.”

Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing.

Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter.

Early life

Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant.

After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores.

Significant Investments

Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore.

As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment.

He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder.

&nbsp;

Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments.

&nbsp;

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On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad.

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai. To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.” Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing. Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter. Early life Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant. After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores. Significant Investments Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore. As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment. He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder. Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments. WATCH WION LIVE HERE

Flashback Friday: Revisiting the legacy of Indian investor Rakesh Jhunjhunwala

Amazon.com Inc. is going to impose a new price on merchants who do not utilize the company's logistical services, a move that many of these sellers see as coercive and unexpected given that the US government is preparing to sue the e-commerce behemoth.

The new cost is aimed at merchants that use Seller Fulfilled Prime, a program that allows them to manage logistics themselves while still receiving an Amazon Prime badge, which indicates to buyers that they may anticipate fast delivery. These merchants frequently offer larger things like furniture, which do not work well with Amazon's highly automated warehouses, which are meant to handle smaller products.

The documents reviewed by Bloomberg reveal that thousands of third-party vendors who transport items themselves will pay a 2 percent charge in October, which is on top of the 15 percent commission that merchants pay as a part of selling products on the platform.

Amazon has been increasing costs for merchants in recent years, which normally pay for advertising and shipping to help optimize their sales. As core internet sales growth slows, the business has grown in importance.

In the second quarter, seller services produced $32.3 billion, up 18 percent from the same period last year and more than the successful cloud services sector. For the first time last year, seller fees began eating up about half of the cost of each transaction, making it more difficult for merchants to turn a profit.

Bloomberg quoted Jason Boyce, CEO of Avenue7Media, as saying, "We’re sitting here waiting for the FTC to take action against Amazon for antitrust issues, and this fee shows Amazon is not scared at all."

Amazon has been accused of wielding excessive control over the over 2 million businesses that use its platform, which accounts for around 37.6 percent of all online spending in the United States, according to Insider Intelligence, or approximately six times more than its nearest online competition, Walmart Inc.

Moreover, seeing the increasing dominant control of Amazon, the Federal Trade Commission is planning an antitrust action against Amazon, and the timing of the additional tax caught several merchants and consultants off guard.

Bloomberg contacted some retailers who saw the additional price as an effort to get them to use Amazon's logistical services instead of shipping orders themselves.&nbsp;One furniture merchant enrolled in Seller Fulfilled Prime said that the fee will cost his company approximately $1 million a year, so he would rather use the service of Amazon as leaving the platform is not an option, seeing the size of Amazon's customer base.

(Inputs from Bloomberg)

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Amazon.com Inc. is going to impose a new price on merchants who do not utilize the company's logistical services, a move that many of these sellers see as coercive and unexpected given that the US government is preparing to sue the e-commerce behemoth.

Amazon.com Inc. is going to impose a new price on merchants who do not utilize the company's logistical services, a move that many of these sellers see as coercive and unexpected given that the US government is preparing to sue the e-commerce behemoth. The new cost is aimed at merchants that use Seller Fulfilled Prime, a program that allows them to manage logistics themselves while still receiving an Amazon Prime badge, which indicates to buyers that they may anticipate fast delivery. These merchants frequently offer larger things like furniture, which do not work well with Amazon's highly automated warehouses, which are meant to handle smaller products. The documents reviewed by Bloomberg reveal that thousands of third-party vendors who transport items themselves will pay a 2 percent charge in October, which is on top of the 15 percent commission that merchants pay as a part of selling products on the platform. Amazon has been increasing costs for merchants in recent years, which normally pay for advertising and shipping to help optimize their sales. As core internet sales growth slows, the business has grown in importance. In the second quarter, seller services produced $32.3 billion, up 18 percent from the same period last year and more than the successful cloud services sector. For the first time last year, seller fees began eating up about half of the cost of each transaction, making it more difficult for merchants to turn a profit. Bloomberg quoted Jason Boyce, CEO of Avenue7Media, as saying, "We’re sitting here waiting for the FTC to take action against Amazon for antitrust issues, and this fee shows Amazon is not scared at all." Amazon has been accused of wielding excessive control over the over 2 million businesses that use its platform, which accounts for around 37.6 percent of all online spending in the United States, according to Insider Intelligence, or approximately six times more than its nearest online competition, Walmart Inc. Moreover, seeing the increasing dominant control of Amazon, the Federal Trade Commission is planning an antitrust action against Amazon, and the timing of the additional tax caught several merchants and consultants off guard. Bloomberg contacted some retailers who saw the additional price as an effort to get them to use Amazon's logistical services instead of shipping orders themselves. One furniture merchant enrolled in Seller Fulfilled Prime said that the fee will cost his company approximately $1 million a year, so he would rather use the service of Amazon as leaving the platform is not an option, seeing the size of Amazon's customer base. (Inputs from Bloomberg) WATCH WION LIVE HERE

Amazon imposes new fees on sellers who ship their own packages

Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter. &nbsp;

The offer, made by interim Prime Minister Anwaar-ul-Haq Kakar was accepted.

This week, at the end of the five-year term of the legislature and just weeks after securing a $3 billion loan package with the IMF to prevent a default, former prime minister Shehbaz Sharif turned over authority to Kakar. The new premier, whose main responsibility will be to supervise the national elections scheduled for November, promised to maintain economic policies while serving in an interim capacity.&nbsp;

Political parties want to base the elections on the most recent population census, which will take an additional three months to be completed. As a result, the polls are expected to be postponed.&nbsp;

In 2018, Akhtar, who oversaw the central bank from 2006 to 2009, briefly filled the position of the finance minister. She now serves as chairperson of Pakistan Stock Exchange Ltd. She has also held positions in the Asian Development Bank, the World Bank, and the United Nations.&nbsp;

(With inputs from agencies)&nbsp;

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Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter.

Pakistan has decided to appoint Shamshad Akhtar as the finance minister for the present government, ensuring the country’s commitments to the International Monetary Fund (IMF) for its key bailout program, Bloomberg reported citing two sources familiar with the matter. The offer, made by interim Prime Minister Anwaar-ul-Haq Kakar was accepted. This week, at the end of the five-year term of the legislature and just weeks after securing a $3 billion loan package with the IMF to prevent a default, former prime minister Shehbaz Sharif turned over authority to Kakar. The new premier, whose main responsibility will be to supervise the national elections scheduled for November, promised to maintain economic policies while serving in an interim capacity. Political parties want to base the elections on the most recent population census, which will take an additional three months to be completed. As a result, the polls are expected to be postponed. In 2018, Akhtar, who oversaw the central bank from 2006 to 2009, briefly filled the position of the finance minister. She now serves as chairperson of Pakistan Stock Exchange Ltd. She has also held positions in the Asian Development Bank, the World Bank, and the United Nations. (With inputs from agencies) WATCH WION LIVE HERE

Pakistan to choose ex-central banker as finance minister 

The latest Ministry of Finance data reveals a notable surge in income tax return filers. However, a deeper analysis of the figures indicates a significant disparity in the number of individuals who have actually paid their income tax in FY23 compared to the estimated numbers from FY20.

While individuals earning over Rs 1 crore witnessed a substantial 48.4 percent year-on-year increase, these high earners constituted only 0.2 percent of the total income tax returns (ITRs) filed during FY 2022–23.

On the contrary, individuals earning up to Rs 5 lakh or those with no tax liability, accounting for nearly 60 percent of the share, experienced a modest growth of just 4.9 percent.

The latest figures on e-filing of income tax returns show that for the fiscal year 2022–23, a total of 1,69,890 individuals declared an income exceeding Rs 1 crore in their submitted ITRs. In contrast, a substantial count of 4.65 crore individuals declared either nil tax or an income of less than Rs 5 lakh.

Understanding the surge in tax filings but the decrease in tax returns

The data revealed by Finance Minister Nirmala Sitharaman in the Lok Sabha shows that income tax compliance, gauged by the number of individuals filing tax returns, grew between 2019–20 and 2022–23. However, a more rapid increase has been observed in the number of individuals with no tax liability.

Another potential factor contributing to the surge in tax returns: the influx of first-time taxpayers, many of whom may not fall within the taxable bracket. Additionally, the demand for copies of tax returns for diverse purposes, such as loan applications, visa processing, and other necessities that require I-T filings, further bolsters the number of returns filed, even in cases of nil tax liability.

Experts speculate that this trend could potentially amplify in the upcoming year due to the new tax regime. Under this regime, income of nearly&nbsp; Rs 7 lakh would carry zero tax liability, effectively making it the default taxation structure.

Punjab leads the way in ITR submissions

An analysis of state-wise ITRs by the Hindu Businessline show that Chandigarh, Delhi, and Goa had the highest proportions of population filing ITRs IN 2022-23 — 23 percent, 17 percent, and 15 percent, respectively. Among the major states, Punjab emerged as a leader in submitting ITRs due to its robust agricultural, manufacturing, trading, and emerging service sectors.

However, while agricultural income typically enjoys exemption from income tax, individuals surpassing certain thresholds are mandated to pay income tax. Moreover, the state boasts a substantial number of government employees whose salaries might be subject to tax deduction at the source, thereby augmenting the pool of eligible tax return filers.

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The latest Ministry of Finance data reveals a notable surge in income tax return filers. However, a deeper analysis of the figures indicates a significant disparity in the number of individuals who have actually paid their income tax in FY23 compared to the estimated numbers from FY20.

The latest Ministry of Finance data reveals a notable surge in income tax return filers. However, a deeper analysis of the figures indicates a significant disparity in the number of individuals who have actually paid their income tax in FY23 compared to the estimated numbers from FY20. While individuals earning over Rs 1 crore witnessed a substantial 48.4 percent year-on-year increase, these high earners constituted only 0.2 percent of the total income tax returns (ITRs) filed during FY 2022–23. On the contrary, individuals earning up to Rs 5 lakh or those with no tax liability, accounting for nearly 60 percent of the share, experienced a modest growth of just 4.9 percent. The latest figures on e-filing of income tax returns show that for the fiscal year 2022–23, a total of 1,69,890 individuals declared an income exceeding Rs 1 crore in their submitted ITRs. In contrast, a substantial count of 4.65 crore individuals declared either nil tax or an income of less than Rs 5 lakh. Understanding the surge in tax filings but the decrease in tax returns The data revealed by Finance Minister Nirmala Sitharaman in the Lok Sabha shows that income tax compliance, gauged by the number of individuals filing tax returns, grew between 2019–20 and 2022–23. However, a more rapid increase has been observed in the number of individuals with no tax liability. Another potential factor contributing to the surge in tax returns: the influx of first-time taxpayers, many of whom may not fall within the taxable bracket. Additionally, the demand for copies of tax returns for diverse purposes, such as loan applications, visa processing, and other necessities that require I-T filings, further bolsters the number of returns filed, even in cases of nil tax liability. Experts speculate that this trend could potentially amplify in the upcoming year due to the new tax regime. Under this regime, income of nearly Rs 7 lakh would carry zero tax liability, effectively making it the default taxation structure. Punjab leads the way in ITR submissions An analysis of state-wise ITRs by the Hindu Businessline show that Chandigarh, Delhi, and Goa had the highest proportions of population filing ITRs IN 2022-23 — 23 percent, 17 percent, and 15 percent, respectively. Among the major states, Punjab emerged as a leader in submitting ITRs due to its robust agricultural, manufacturing, trading, and emerging service sectors. However, while agricultural income typically enjoys exemption from income tax, individuals surpassing certain thresholds are mandated to pay income tax. Moreover, the state boasts a substantial number of government employees whose salaries might be subject to tax deduction at the source, thereby augmenting the pool of eligible tax return filers. WATCH WION LIVE HERE

India: 60 per cent decline in people who actually paid income tax since 2020

Is it time to rethink and recalibrate India's inflation and monetary policy trajectory? Are the markets and the central bank underestimating inflation risks again, as they did in 2021? Inflation has been India's bane for decades. But economists expect the recent surge in price pressures to be transitory.

India's inflation troubles persist

On the strength of robust online advertising, Tencent Holdings' revenue increased by 11% in the second quarter, but it fell short of analysts' expectations due to continuing worries about China's economic recovery. The IT behemoth in China announced total revenue for the April to June quarter of 149.2 billion yuan ($20.6 billion).

Tencent's Q2 revenue growth misses expectations

Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest reveals that there are 63 million female cryptocurrency owners in India, accounting for 9.2 per cent of the female population of around 685 million.

Nearly 10 per cent of Indian women own crypto currency

Amazon is adding a new charge for third-party sellers who ship their own products instead of paying for the company’s fulfillment services. Beginning Oct. 1, members of Amazon’s Seller Fulfilled Prime program will pay the company a 2% fee on each product sold, according to a notice sent to merchants last week.

Amazon adds a new fee for sellers who ship their own packages

The World Trade Organisation (WTO) said China's tariffs on 2.4 billion dollars of US goods in response to then US President Donald Trump's steel and aluminium charges breached its core trade agreements. In a verdict on Wednesday, a panel of three WTO experts agreed with Washington that China's tariffs denied the most favoured country status and breached other trade concessions made when the country joined the trade organisation.

WTO rejects China's Trump-era tariffs complaint

Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg. &nbsp;

According to a statement released on Wednesday, Intel Corporation and Tower Semiconductor have mutually decided to end the agreement made in February 2022. The Israeli firm confirmed that the contract had been terminated. Bloomberg had previously reported that the two corporations were in talks to cancel the agreement after failing to obtain Chinese approval.&nbsp;

The acquisition of the Israeli firm served as the cornerstone of Intel Chief Executive Officer Pat Gelsinger’s strategy to enter the Taiwan Semiconductor Manufacturing Co. (TSMC), dominated foundry business, a sector of the semiconductor industry that is expanding more quickly. However, Tower has experience and clients that Intel does not, while having a relatively tiny presence in the market where companies build chips on a contract basis.&nbsp;

“We will continue to look for opportunities to work together” with Tower in the future, Bloomberg quoted Gelsinger as saying. &nbsp;

Intel will pay Tower a termination fee of $353 million.&nbsp;

When the settlement was announced, Intel stated that it would take “about 12 months.” The chipmaker stated in October that it was aiming for the first quarter of 2023, but in March it cautioned that the timeframe might shift to the second quarter.&nbsp;

The deal has to be completed by midnight on August 15 in California.&nbsp;

Securing approval for deals that need the consent of authorities in Beijing and Washington has grown more challenging due to the rising tension between the two countries, particularly for transactions involving semiconductors.&nbsp;

Despite having a smaller revenue in comparison to Intel and TSMC, Tower is active in the manufacturing of older types of chips for significant clients like Broadcom Inc. Intel’s strategy aimed to incorporate Tower’s clientele with aging plants in its network. Many new types of chips for applications like electric vehicles could be produced in these older facilities even if they do not necessitate the state-of-the-art manufacturing processes that an Intel or Nvidia Corp. requires. &nbsp;

Investors had already lowered their expectations for the deal. Compared to the overall growth in chip equities, Tower’s US-traded stock has fallen 22 per cent this year. As of Tuesday, it was at $33.78. Intel had made a share offer of $53.&nbsp;

&nbsp;

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Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg.

Intel Corp. announced that it is foregoing plans on its $5.4 billion acquisition of Tower Semiconductor Ltd. because it was unable to obtain regulatory permission in time, according to a report by Bloomberg. According to a statement released on Wednesday, Intel Corporation and Tower Semiconductor have mutually decided to end the agreement made in February 2022. The Israeli firm confirmed that the contract had been terminated. Bloomberg had previously reported that the two corporations were in talks to cancel the agreement after failing to obtain Chinese approval. The acquisition of the Israeli firm served as the cornerstone of Intel Chief Executive Officer Pat Gelsinger’s strategy to enter the Taiwan Semiconductor Manufacturing Co. (TSMC), dominated foundry business, a sector of the semiconductor industry that is expanding more quickly. However, Tower has experience and clients that Intel does not, while having a relatively tiny presence in the market where companies build chips on a contract basis. “We will continue to look for opportunities to work together” with Tower in the future, Bloomberg quoted Gelsinger as saying. Intel will pay Tower a termination fee of $353 million. When the settlement was announced, Intel stated that it would take “about 12 months.” The chipmaker stated in October that it was aiming for the first quarter of 2023, but in March it cautioned that the timeframe might shift to the second quarter. The deal has to be completed by midnight on August 15 in California. Securing approval for deals that need the consent of authorities in Beijing and Washington has grown more challenging due to the rising tension between the two countries, particularly for transactions involving semiconductors. Despite having a smaller revenue in comparison to Intel and TSMC, Tower is active in the manufacturing of older types of chips for significant clients like Broadcom Inc. Intel’s strategy aimed to incorporate Tower’s clientele with aging plants in its network. Many new types of chips for applications like electric vehicles could be produced in these older facilities even if they do not necessitate the state-of-the-art manufacturing processes that an Intel or Nvidia Corp. requires. Investors had already lowered their expectations for the deal. Compared to the overall growth in chip equities, Tower’s US-traded stock has fallen 22 per cent this year. As of Tuesday, it was at $33.78. Intel had made a share offer of $53. WATCH WION LIVE HERE

Intel drops $5.4 billion deal after China holds up approval: Report 

With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic.

Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.3 per cent over the prior three months between April and June. The outcome follows the 0.4 per cent corrected decline in the first quarter and is much below the 0.2 per cent growth as seen in a Bloomberg survey.

The resignation of long-time Prime Minister Mark Rutte has caused political unrest as well as economic hardship in the Netherlands. Labor shortages, weak demand from trading partners in Europe, and sharp increases in interest rates as the European Central Bank attempts to control inflation are the causes of the slump in the first half of 2023.

“Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes,” Bloomberg quoted the Economic Affairs Minister, Micky Adriaansens telling Dutch press agency, ANP.

After analysis of the statistics, it was revealed that while exports grew by 0.7 per cent and government spending increased by 0.7 per cent, domestic consumption fell by 1.6 per cent.

(With inputs from agencies)

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With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic. Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.

With weak consumer spending and export earnings, the Dutch economy has entered its first recession since the pandemic. Bloomberg cited data from the statistics office indicating that the gross domestic product decreased 0.3 per cent over the prior three months between April and June. The outcome follows the 0.4 per cent corrected decline in the first quarter and is much below the 0.2 per cent growth as seen in a Bloomberg survey. The resignation of long-time Prime Minister Mark Rutte has caused political unrest as well as economic hardship in the Netherlands. Labor shortages, weak demand from trading partners in Europe, and sharp increases in interest rates as the European Central Bank attempts to control inflation are the causes of the slump in the first half of 2023. “Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes,” Bloomberg quoted the Economic Affairs Minister, Micky Adriaansens telling Dutch press agency, ANP. After analysis of the statistics, it was revealed that while exports grew by 0.7 per cent and government spending increased by 0.7 per cent, domestic consumption fell by 1.6 per cent. (With inputs from agencies) WATCH WION LIVE HERE

Netherlands suffers recession with weak consumer spending and exports

Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg.

Sources familiar with the situation, told Bloomberg that farmers in Ghana are anticipated to harvest the least amount in 13 years during the season ending next month, falling short of official projections by almost a quarter. According to them, the shortfall is preventing the industry’s regulator from fulfilling current contracts and forcing it to postpone the supply of 44,000 metric tons of cocoa for future harvests.

The decision would put additional pressure on the world’s cocoa markets, where prices have increased this year due to extreme weather, which has reduced output among leading growers. The 2017 main-crop harvest in Ivory Coast, the greatest exporter in the world, is predicted to decrease by about a fifth from the previous year.

The actual harvest is now expected to be around 650,000 tons, down from the initial estimate of 850,000 tons by the Ghana Cocoa Board, which was hampered by a lack of fertilizers, spraying chemicals, and sales to the neighboring Ivory Coast, where a stronger currency offers better returns for farmers, the sources said. They said that the regulator had already renewed around 40,000 tons of contracts during the previous season.

Leading producers’ output problems will probably put the globe on track for a third consecutive supply shortfall. Major chocolate producers have cautioned that, given the rise in wholesale costs, they cannot rule out further consumer price hikes.

The problem for Ghana comes on top of difficulties in trying to secure funds to buy beans for the crop in the years 2023–2024, highlighting worries about the debt crisis in the West African country. The Ghana Cocoa Board is looking for additional methods of funding the upcoming season, which begins on October 1.

(With inputs from agencies)&nbsp;

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Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg.

Ghana, the second-largest producer of cocoa in the world, may not be able to fulfill some of its crop contracts for a second season due to weak harvest, raises the possibility of a global shortage, according to a report by Bloomberg. Sources familiar with the situation, told Bloomberg that farmers in Ghana are anticipated to harvest the least amount in 13 years during the season ending next month, falling short of official projections by almost a quarter. According to them, the shortfall is preventing the industry’s regulator from fulfilling current contracts and forcing it to postpone the supply of 44,000 metric tons of cocoa for future harvests. The decision would put additional pressure on the world’s cocoa markets, where prices have increased this year due to extreme weather, which has reduced output among leading growers. The 2017 main-crop harvest in Ivory Coast, the greatest exporter in the world, is predicted to decrease by about a fifth from the previous year. The actual harvest is now expected to be around 650,000 tons, down from the initial estimate of 850,000 tons by the Ghana Cocoa Board, which was hampered by a lack of fertilizers, spraying chemicals, and sales to the neighboring Ivory Coast, where a stronger currency offers better returns for farmers, the sources said. They said that the regulator had already renewed around 40,000 tons of contracts during the previous season. Leading producers’ output problems will probably put the globe on track for a third consecutive supply shortfall. Major chocolate producers have cautioned that, given the rise in wholesale costs, they cannot rule out further consumer price hikes. The problem for Ghana comes on top of difficulties in trying to secure funds to buy beans for the crop in the years 2023–2024, highlighting worries about the debt crisis in the West African country. The Ghana Cocoa Board is looking for additional methods of funding the upcoming season, which begins on October 1. (With inputs from agencies) WATCH WION LIVE HERE

Ghana may not meet demand for cocoa after weak harvest 

For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated.

However, the numbers project a slightly hopeful narrative.&nbsp;

According to the annual Credit Suisse and UBS global wealth report, the grand total of all the personal wealth all over the globe dropped 2.4% to $454.4 trillion.

Considerably that was because of losses in stock and bond markets, which disproportionately impact more affluent people.

However, global median wealth, which is a more significant indicator that depicts how a typical person is progressing, actually ascended 3 per&nbsp;cent in the year 2022.&nbsp;

The exhaustion of wealth faced by the wealthier made the world lose about 3.5 million millionaires.

As per the UBS annual wealth report, that came out on Tuesday (August 15), the number of adults, who were in possession of assets worth more than $1 million descended from 62.9 million at the end of 2021 to 59.4 million at the end of 2022.

According to the Swiss bank, global wealth was affected by high inflation and the descent of numerous currencies against the dollar.

In the United States, the number of millionaires fell by 1.8 million to 22.7 million. However, there still are more millionaires in the United States than in any other country.

China is second on the list with 6.2 million millionaires.

In spite of the drop, the report revealed that there were four times as many dollar millionaires as there were at the turn of the century.

In the United Kingdom, the number of millionaires dropped by 440,000 to 2.6 million, which is the third largest fall after Japan.

In Japan, it dropped from 3.2 million to 2.6 million. Australia witnessed the fourth largest decline, with 360,000 people losing the status of millionaires, bringing down the total to 1.8 million.

Paul Donovan, the chief economist at UBS, said: “The global economy is experiencing a period of astonishing economic alteration. The sweeping changes of the fourth industrial revolution represent the most dramatic structural upheaval in 250 years. Revolutions, it turns out, are revolutionary, social as well as economic relationships will be challenged by this process.”

As per another research for the Bloomberg billionaires index, the most affluent 500 people in the world lost a combined wealth of $1.4 trillion in 2022.

(With inputs from the agencies) 
 
&nbsp;

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For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated.

For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated. However, the numbers project a slightly hopeful narrative. According to the annual Credit Suisse and UBS global wealth report, the grand total of all the personal wealth all over the globe dropped 2.4% to $454.4 trillion. Considerably that was because of losses in stock and bond markets, which disproportionately impact more affluent people. However, global median wealth, which is a more significant indicator that depicts how a typical person is progressing, actually ascended 3 per cent in the year 2022. The exhaustion of wealth faced by the wealthier made the world lose about 3.5 million millionaires. As per the UBS annual wealth report, that came out on Tuesday (August 15), the number of adults, who were in possession of assets worth more than $1 million descended from 62.9 million at the end of 2021 to 59.4 million at the end of 2022. According to the Swiss bank, global wealth was affected by high inflation and the descent of numerous currencies against the dollar. In the United States, the number of millionaires fell by 1.8 million to 22.7 million. However, there still are more millionaires in the United States than in any other country. China is second on the list with 6.2 million millionaires. In spite of the drop, the report revealed that there were four times as many dollar millionaires as there were at the turn of the century. In the United Kingdom, the number of millionaires dropped by 440,000 to 2.6 million, which is the third largest fall after Japan. In Japan, it dropped from 3.2 million to 2.6 million. Australia witnessed the fourth largest decline, with 360,000 people losing the status of millionaires, bringing down the total to 1.8 million. Paul Donovan, the chief economist at UBS, said: “The global economy is experiencing a period of astonishing economic alteration. The sweeping changes of the fourth industrial revolution represent the most dramatic structural upheaval in 250 years. Revolutions, it turns out, are revolutionary, social as well as economic relationships will be challenged by this process.” As per another research for the Bloomberg billionaires index, the most affluent 500 people in the world lost a combined wealth of $1.4 trillion in 2022. (With inputs from the agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Over 3.5 million people lost 'dollar millionaire' status last year: Report

Is it time for India to reevaluate its inflation and monetary policy trajectory? Are the markets and central bank underestimating&nbsp;the inflation risk, just like they did in 2021?

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Inflation has plagued India for decades, yet economists anticipate the recent surge in price pressures to be temporary. Retail inflation in India surged to a 15-month high due to soaring prices of vegetables and cereals.

Recently, RBI Governor Shaktikanta Das unveiled the Monetary Policy Committee's decision on interest rates, shedding light on additional choices the central bank has made amid the global economic uncertainty. As expected by experts,&nbsp;the RBI MPC kept the key policy rate -- repo rate --&nbsp;unchanged at 6.5 per cent.&nbsp;

Despite prevailing expectations, the Reserve Bank of India appears poised to maintain its current stance, with the likelihood of a rate cut emerging as the next move. A closer examination of India's latest inflation figures reveals notable insights into the factors driving these trends.

Headline inflation registered a surprising surge, reaching 7.44 percent in July compared to the previous year. This marked the highest reading since April 2022, surpassing the upper threshold of the RBI's inflation tolerance band of 2 percent to 6 percent for the first time in five months.

The sharp increase can be attributed to the recent uptick in food prices. However, core inflation, which excludes volatile components like vegetables, experienced only a slight uptick. This aspect has contributed to economists' confidence in viewing the current inflationary pressures as transitory.

While the broader consensus anticipates that the&nbsp;RBI will&nbsp;take&nbsp;proactive measures, indications point to the central bank maintaining steady rates for the time being. Yet, a minority of economists emphasize the need to remain vigilant in monitoring potential price pressures.

Sakshi Gupta, the Principal Economist at HDFC Bank, commented on the retail inflation, "While this upward movement might be temporary, it's crucial to reassess the inflation trajectory, particularly if food costs begin to influence both expectations and core inflation."

Amidst these differing perspectives regarding the course of inflation, the Reserve Bank of India (RBI), on its part, is anticipated to maintain its current interest rates. The prevailing consensus strongly indicates that the next plausible step will be a reduction in interest rates.

Domestic rating agency Icra said on Monday that it expects the Reserve Bank to decrease interest rates only in the July-September quarter of next year. According to the agency, the total reduction in the cycle will be a "shallow" (0.50-0.75 percent).

The RBI can raise interest rates only if headline inflation remains over six per cent for two consecutive quarters, according to the agency.

Is it time for India to reevaluate its inflation and monetary policy trajectory? Are the markets and central bank underestimating the inflation risk, just like they did in 2021?

Is it time for India to reevaluate its inflation and monetary policy trajectory? Are the markets and central bank underestimating the inflation risk, just like they did in 2021? Inflation has plagued India for decades, yet economists anticipate the recent surge in price pressures to be temporary. Retail inflation in India surged to a 15-month high due to soaring prices of vegetables and cereals. Recently, RBI Governor Shaktikanta Das unveiled the Monetary Policy Committee's decision on interest rates, shedding light on additional choices the central bank has made amid the global economic uncertainty. As expected by experts, the RBI MPC kept the key policy rate -- repo rate -- unchanged at 6.5 per cent. Despite prevailing expectations, the Reserve Bank of India appears poised to maintain its current stance, with the likelihood of a rate cut emerging as the next move. A closer examination of India's latest inflation figures reveals notable insights into the factors driving these trends. Headline inflation registered a surprising surge, reaching 7.44 percent in July compared to the previous year. This marked the highest reading since April 2022, surpassing the upper threshold of the RBI's inflation tolerance band of 2 percent to 6 percent for the first time in five months. The sharp increase can be attributed to the recent uptick in food prices. However, core inflation, which excludes volatile components like vegetables, experienced only a slight uptick. This aspect has contributed to economists' confidence in viewing the current inflationary pressures as transitory. While the broader consensus anticipates that the RBI will take proactive measures, indications point to the central bank maintaining steady rates for the time being. Yet, a minority of economists emphasize the need to remain vigilant in monitoring potential price pressures. Sakshi Gupta, the Principal Economist at HDFC Bank, commented on the retail inflation, "While this upward movement might be temporary, it's crucial to reassess the inflation trajectory, particularly if food costs begin to influence both expectations and core inflation." Amidst these differing perspectives regarding the course of inflation, the Reserve Bank of India (RBI), on its part, is anticipated to maintain its current interest rates. The prevailing consensus strongly indicates that the next plausible step will be a reduction in interest rates. Domestic rating agency Icra said on Monday that it expects the Reserve Bank to decrease interest rates only in the July-September quarter of next year. According to the agency, the total reduction in the cycle will be a "shallow" (0.50-0.75 percent). The RBI can raise interest rates only if headline inflation remains over six per cent for two consecutive quarters, according to the agency.

India's inflation outlook: Does the central bank need to re-evaluate its monetary policy?

The World Trade Organization (WTO) said China's tariffs on $2.4 billion of U.S. goods, in response to then-U.S. President Donald Trump's steel and aluminum charges, breached its core trade agreements.

In its verdict on Wednesday, a panel of three WTO experts agreed with Washington that China's tariffs denied the most-favored country status and breached other trade concessions made when the country joined the trade organization.

The WTO’s 164 members must treat other signatories indiscriminately or grant commercial benefits per its most-favored country principle.

The Biden administration was "pleased" with the verdict and claimed China's actions show Beijing's "hypocrisy by both suing the US in the WTO and unilaterally retaliating with tariffs," according to US Trade Representative spokeswoman Sam Michel.

China's Ministry of Commerce justified the tariffs, claiming that they are necessary to protect the country's legal interests. It requested the US eliminate the tariffs in a statement published following the verdict.

Within the following 60 days, either China or the United States may file an appeal. Because the WTO's Appellate Body has been inactive since 2019, Beijing's petition will serve as a veto.&nbsp;

The conflict stretches back to the early days of Trump's trade battle, when his administration placed tariffs of 25 percent on global steel imports and 10 percent on aluminum imports.

The US metal tariffs, intended to reduce an influx of cheap Chinese steel and aluminum, prompted Beijing to launch a WTO complaint and slap taxes on a variety of imported US items, including aluminum waste and scrap, pork, fruits, and nuts.

The US replied with a counter-dispute, claiming that the Chinese taxes were illegitimate and that the metal tariffs were required to preserve US national security.

However, a separate WTO tribunal ruled in December 2022 that US metal charges were not justified under the WTO's national security exception, a decision that the Biden administration vigorously opposed. Trump's steel and aluminum tariffs on China remain in place.

(Inputs from Bloomberg)

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The World Trade Organization (WTO) said China's tariffs on $2.4 billion of U.S. goods, in response to then-U.S. President Donald Trump's steel and aluminum charges, breached its core trade agreements.

The World Trade Organization (WTO) said China's tariffs on $2.4 billion of U.S. goods, in response to then-U.S. President Donald Trump's steel and aluminum charges, breached its core trade agreements. In its verdict on Wednesday, a panel of three WTO experts agreed with Washington that China's tariffs denied the most-favored country status and breached other trade concessions made when the country joined the trade organization. The WTO’s 164 members must treat other signatories indiscriminately or grant commercial benefits per its most-favored country principle. The Biden administration was "pleased" with the verdict and claimed China's actions show Beijing's "hypocrisy by both suing the US in the WTO and unilaterally retaliating with tariffs," according to US Trade Representative spokeswoman Sam Michel. China's Ministry of Commerce justified the tariffs, claiming that they are necessary to protect the country's legal interests. It requested the US eliminate the tariffs in a statement published following the verdict. Within the following 60 days, either China or the United States may file an appeal. Because the WTO's Appellate Body has been inactive since 2019, Beijing's petition will serve as a veto. The conflict stretches back to the early days of Trump's trade battle, when his administration placed tariffs of 25 percent on global steel imports and 10 percent on aluminum imports. The US metal tariffs, intended to reduce an influx of cheap Chinese steel and aluminum, prompted Beijing to launch a WTO complaint and slap taxes on a variety of imported US items, including aluminum waste and scrap, pork, fruits, and nuts. The US replied with a counter-dispute, claiming that the Chinese taxes were illegitimate and that the metal tariffs were required to preserve US national security. However, a separate WTO tribunal ruled in December 2022 that US metal charges were not justified under the WTO's national security exception, a decision that the Biden administration vigorously opposed. Trump's steel and aluminum tariffs on China remain in place. (Inputs from Bloomberg) WATCH WION LIVE HERE

WTO rules in favour of US, declares China's retaliatory tariffs contrary to group's principles

Estée Lauder, a prominent beauty brand, is grappling with a series of challenges in both the Chinese and U.S. markets. CEO Fabrizio Freda is pressured to reverse the brand's declining fortunes and strengthen its foothold in these critical regions.

The company's shares have tumbled by around 33 per cent this year, reaching their lowest point in over three years. Unlike the broader stock market rally, which saw the S&amp;P 500 index surge by 16 per cent since the beginning of the year, Estée Lauder has not experienced a similar resurgence.

Eroding global market share

One of the most pressing issues for the company is the erosion of its market share in its homegrown U.S. market. With U.S. sales struggling to recover to pre-pandemic levels, Estée Lauder faces stiff competition from indie brands. These smaller cosmetics companies are known for their cost-effectiveness and strong social media presence, which attract beauty consumers seeking fresh and innovative products.

In Asia, particularly China, Estée Lauder's troubles persist. Despite introducing discounts to lure customers to the duty-free island of Hainan, the travel retail business has failed to rebound as expected. This has resulted in difficulties for the company in managing excess inventory. China's economic growth slowed considerably in the second quarter, making consumers more discerning in their beauty purchases, particularly given record-high youth unemployment rates.

Amid these challenges, Estée Lauder is set to release its latest financial results soon. Earlier this year, Freda indicated that sales for the fiscal year ending on June 30 could experience a substantial decline of up to 12 per cent, primarily due to weak demand in Asia.

Future outlook

Freda, who has led the New York-based company for 14 years, has unveiled a comprehensive strategy to counter these setbacks. This strategy involves reducing reliance on U.S. department stores, which have faced their own challenges in recent years, and overhauling the supply chain in Asia. The goal is to solidify Estée Lauder's position in the Chinese market, which remains a significant growth opportunity.

In the past, Estée Lauder was a dominant force in over 350 U.S. department stores, contributing significantly to its sales. However, the shift to online shopping prompted by the COVID-19 pandemic disrupted this sales channel, leading to closures of the company's free-standing stores and layoffs. Most of Estée Lauder's North American sales came from department stores, accounting for 60 per cent of the business. Now, less than 40 per cent of U.S. sales are derived from this source.

Freda is determined to reverse this trend, expressing his desire to regain market share growth in the U.S. At the same time, the rise of digitally native beauty brands like e.l.f. Beauty, known for offering affordable and trendy makeup, has prompted Estée Lauder to refresh its brand image. The company plans to tap into the TikTok phenomenon to swiftly respond to trends and rebalance its product distribution, focusing on partnerships with retail giants Ulta Beauty, Target, and Sephora-Kohl's ventures, where mass beauty brands drive sales.

Additionally, Estée Lauder is pursuing a strategy to regionalise its supply chain, reducing dependence on China and diversifying its manufacturing and distribution locations. The company is constructing a manufacturing plant in Japan, slated to open later this year, to cater to the Asia-Pacific region. It is also establishing two distribution centers in China to enhance its presence in the market.

While some analysts applaud these investments in the Asia Pacific region, others speculate that Estée Lauder's decision to prioritise Japan indicates a shift away from China. This could be a contingency plan considering the uncertain economic rebound in China. Overall, Estée Lauder faces a complex challenge, but with a multi-pronged strategy in place, it aims to restore its market share and growth trajectory.

(With inputs from agencies)

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Estée Lauder, a prominent beauty brand, is grappling with a series of challenges in both the Chinese and U.S. markets. CEO Fabrizio Freda is pressured to reverse the brand's declining fortunes and strengthen its foothold in these critical regions.

Estée Lauder, a prominent beauty brand, is grappling with a series of challenges in both the Chinese and U.S. markets. CEO Fabrizio Freda is pressured to reverse the brand's declining fortunes and strengthen its foothold in these critical regions. The company's shares have tumbled by around 33 per cent this year, reaching their lowest point in over three years. Unlike the broader stock market rally, which saw the S&P 500 index surge by 16 per cent since the beginning of the year, Estée Lauder has not experienced a similar resurgence. Eroding global market share One of the most pressing issues for the company is the erosion of its market share in its homegrown U.S. market. With U.S. sales struggling to recover to pre-pandemic levels, Estée Lauder faces stiff competition from indie brands. These smaller cosmetics companies are known for their cost-effectiveness and strong social media presence, which attract beauty consumers seeking fresh and innovative products. In Asia, particularly China, Estée Lauder's troubles persist. Despite introducing discounts to lure customers to the duty-free island of Hainan, the travel retail business has failed to rebound as expected. This has resulted in difficulties for the company in managing excess inventory. China's economic growth slowed considerably in the second quarter, making consumers more discerning in their beauty purchases, particularly given record-high youth unemployment rates. Amid these challenges, Estée Lauder is set to release its latest financial results soon. Earlier this year, Freda indicated that sales for the fiscal year ending on June 30 could experience a substantial decline of up to 12 per cent, primarily due to weak demand in Asia. Future outlook Freda, who has led the New York-based company for 14 years, has unveiled a comprehensive strategy to counter these setbacks. This strategy involves reducing reliance on U.S. department stores, which have faced their own challenges in recent years, and overhauling the supply chain in Asia. The goal is to solidify Estée Lauder's position in the Chinese market, which remains a significant growth opportunity. In the past, Estée Lauder was a dominant force in over 350 U.S. department stores, contributing significantly to its sales. However, the shift to online shopping prompted by the COVID-19 pandemic disrupted this sales channel, leading to closures of the company's free-standing stores and layoffs. Most of Estée Lauder's North American sales came from department stores, accounting for 60 per cent of the business. Now, less than 40 per cent of U.S. sales are derived from this source. Freda is determined to reverse this trend, expressing his desire to regain market share growth in the U.S. At the same time, the rise of digitally native beauty brands like e.l.f. Beauty, known for offering affordable and trendy makeup, has prompted Estée Lauder to refresh its brand image. The company plans to tap into the TikTok phenomenon to swiftly respond to trends and rebalance its product distribution, focusing on partnerships with retail giants Ulta Beauty, Target, and Sephora-Kohl's ventures, where mass beauty brands drive sales. Additionally, Estée Lauder is pursuing a strategy to regionalise its supply chain, reducing dependence on China and diversifying its manufacturing and distribution locations. The company is constructing a manufacturing plant in Japan, slated to open later this year, to cater to the Asia-Pacific region. It is also establishing two distribution centers in China to enhance its presence in the market. While some analysts applaud these investments in the Asia Pacific region, others speculate that Estée Lauder's decision to prioritise Japan indicates a shift away from China. This could be a contingency plan considering the uncertain economic rebound in China. Overall, Estée Lauder faces a complex challenge, but with a multi-pronged strategy in place, it aims to restore its market share and growth trajectory. (With inputs from agencies) WATCH WION LIVE HERE

Facing the mirror: Estée Lauder reflects on China struggles, US sales slump

The U.S. Consumer Financial Protection Bureau (CFPB) is poised to introduce fresh regulations aimed at companies involved in collecting and selling personal data. This move comes as part of the Biden administration's efforts to tighten the reins on the practices of data brokers.

In March, the CFPB launched a public investigation into the operations of companies such as credit bureaus and background screening agencies. Furthermore, their findings suggested the need for tighter privacy safeguards, as the data brokers reported consumers in distress to companies that subsequently targeted them with predatory debt products.

Additionally, prior to the announcement on Tuesday, CFPB officials stated that the proposal would broaden the number of companies currently subject to the Fair Credit Reporting Act — a 1970 law governing the privacy of consumer data provided to lenders — to include the use of data derived from payment histories, personal income, and criminal records.

Last year, President Joe Biden sought the US Federal Trade Commission's&nbsp;help in protecting the data of women seeking reproductive healthcare, who may face law enforcement action in some states. The FTC has also filed a lawsuit against a firm based in Idaho for selling mobile phone geolocation data, alleging that it might be tracked to abortion clinics, churches, and addiction treatment programs.

According to Rohit Chopra, head of the US Consumer Financial Protection Bureau, data brokers' behavior can be "particularly worrisome" because the sensitive data driving the usage of artificial intelligence can be obtained from military personnel, persons suffering from dementia, and others.

"The CFPB will be taking steps to ensure that modern-day data brokers in the surveillance industry know that they cannot engage in illegal collection and sharing of our data," Reuters quoted him as&nbsp;saying.

(With inputs from agencies)

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The U.S. Consumer Financial Protection Bureau (CFPB) is poised to introduce fresh regulations aimed at companies involved in collecting and selling personal data.

The U.S. Consumer Financial Protection Bureau (CFPB) is poised to introduce fresh regulations aimed at companies involved in collecting and selling personal data. This move comes as part of the Biden administration's efforts to tighten the reins on the practices of data brokers. In March, the CFPB launched a public investigation into the operations of companies such as credit bureaus and background screening agencies. Furthermore, their findings suggested the need for tighter privacy safeguards, as the data brokers reported consumers in distress to companies that subsequently targeted them with predatory debt products. Additionally, prior to the announcement on Tuesday, CFPB officials stated that the proposal would broaden the number of companies currently subject to the Fair Credit Reporting Act — a 1970 law governing the privacy of consumer data provided to lenders — to include the use of data derived from payment histories, personal income, and criminal records. Last year, President Joe Biden sought the US Federal Trade Commission's help in protecting the data of women seeking reproductive healthcare, who may face law enforcement action in some states. The FTC has also filed a lawsuit against a firm based in Idaho for selling mobile phone geolocation data, alleging that it might be tracked to abortion clinics, churches, and addiction treatment programs. According to Rohit Chopra, head of the US Consumer Financial Protection Bureau, data brokers' behavior can be "particularly worrisome" because the sensitive data driving the usage of artificial intelligence can be obtained from military personnel, persons suffering from dementia, and others. "The CFPB will be taking steps to ensure that modern-day data brokers in the surveillance industry know that they cannot engage in illegal collection and sharing of our data," Reuters quoted him as saying. (With inputs from agencies) WATCH WION LIVE HERE

US regulatory body set to unveil measures for 'Surveillance Industry'

Fitch ratings, a prominent credit ratings agency, has issued a stark warning that it might downgrade several major banks, including the likes of JP Morgan chase. Chris Wolfe, an analyst at fitch ratings, reveals that the industry's health assessment took a hit earlier this year, albeit with minimal fanfare. However, the possibility of another downgrade, this time from AA- to A+, could have more profound consequences.

Fitch ratings’ warning for US banks | World Business Watch

After the Rouble dropped to levels not seen before the Ukraine War, Russia is considering reinstating capital restrictions. A Bloomberg report quoting four sources showed that a proposal to mandate sales of export revenues was discussed during a meeting between the government and exporters on Monday before the bank of Russia announced an emergency rate hike. Two of those Bloomberg sources said no progress was made, and another meeting may be scheduled for later this week.

Russia plan capital controls to stem Rouble slump | World Business News

Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million.

South China Morning Post (SCMP) reported that Singapore Police Force (SPF) arrested 10 foreign nationals, including three Chinese, in the crackdown and seized cash, prime properties, luxury cars and other valuable assets.

The authorities said Wednesday it was a well-coordinated operation involving several agencies and more than 400 personnel, including those from the Criminal Investigation Department, Commercial Affairs Department (CAD), Special Operations Command or riot police, and Police Intelligence Department.

<h2>What are the allegations against those arrested?</h2>

According to the authorities, the group is allegedly involved in laundering money earned through criminal activities overseas, such as scams and online gambling.

Police said another 12 are assisting the investigations while eight people were put on the most-wanted list and are currently on the run.

The police identified them through extensive investigations, including the analysis of suspicious transaction reports (STRs) made by financial institutions about suspicious activity, as reported by Strait Times.

<h2>Police in action mode</h2>

The police have issued a prohibition of disposal orders for 94 properties and 50 vehicles, collectively valued at over S$815 million, along with various ornaments, bottles of liquor, and wine.

These orders prohibit the suspects from selling the mentioned properties and vehicles as the police open an investigation. 
 
In addition, the police have seized over 35 associated bank accounts, holding an estimated total balance exceeding S$110 million, to aid investigations and prevent the transfer of suspected criminal proceeds.

<a href="https://www.wionews.com/entertainment/hollywood/news-disney-to-close-lucasfilm-singapore-studio-amid-industry-challenges-and-restructuring-625711">Also read:&nbsp;Disney to close Lucasfilm Singapore studio amid industry challenges and restructuring</a>

Furthermore, the authorities have confiscated more than S$23 million in cash, over 250 luxury bags and watches, 120 electronic devices including computers and mobile phones, over 270 pieces of jewellery, two gold bars, and 11 documents containing information about virtual assets.

<h2>Singapore’s ‘zero tolerance’ policy</h2>

Singapore’s Commercial Affairs Department (CAD) said in a statement that they were committed to keeping their country from becoming a safe haven for financial criminals.

Watch:&nbsp;Indian woman jumps from cruise ship, dies in Singapore strait

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CAD director David Chew said, “We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities."

“Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he added.

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Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million.

Singapore on Tuesday (August 15) launched one of the biggest anti-money laundering operations the country has ever witnessed, leading to the seizure of assets worth $736 million. South China Morning Post (SCMP) reported that Singapore Police Force (SPF) arrested 10 foreign nationals, including three Chinese, in the crackdown and seized cash, prime properties, luxury cars and other valuable assets. The authorities said Wednesday it was a well-coordinated operation involving several agencies and more than 400 personnel, including those from the Criminal Investigation Department, Commercial Affairs Department (CAD), Special Operations Command or riot police, and Police Intelligence Department. What are the allegations against those arrested? According to the authorities, the group is allegedly involved in laundering money earned through criminal activities overseas, such as scams and online gambling. Police said another 12 are assisting the investigations while eight people were put on the most-wanted list and are currently on the run. The police identified them through extensive investigations, including the analysis of suspicious transaction reports (STRs) made by financial institutions about suspicious activity, as reported by Strait Times. Police in action mode The police have issued a prohibition of disposal orders for 94 properties and 50 vehicles, collectively valued at over S$815 million, along with various ornaments, bottles of liquor, and wine. These orders prohibit the suspects from selling the mentioned properties and vehicles as the police open an investigation. In addition, the police have seized over 35 associated bank accounts, holding an estimated total balance exceeding S$110 million, to aid investigations and prevent the transfer of suspected criminal proceeds. Also read: Disney to close Lucasfilm Singapore studio amid industry challenges and restructuring Furthermore, the authorities have confiscated more than S$23 million in cash, over 250 luxury bags and watches, 120 electronic devices including computers and mobile phones, over 270 pieces of jewellery, two gold bars, and 11 documents containing information about virtual assets. Singapore’s ‘zero tolerance’ policy Singapore’s Commercial Affairs Department (CAD) said in a statement that they were committed to keeping their country from becoming a safe haven for financial criminals. Watch: Indian woman jumps from cruise ship, dies in Singapore strait × CAD director David Chew said, “We have zero tolerance for the use of Singapore as a safe haven for criminals or their families, nor for the abuse of our banking facilities." “Our message to these criminals is simple – if we catch you, we will arrest you. If we find your ill-gotten gains, we will seize them. We will deal with you to the fullest extent of our laws,” he added. WATCH WION LIVE HERE ×

Singapore’s massive anti-money laundering operation: Cash, assets worth $700mn seized, 10 arrested

A group of investors protested outside the office of Zhongrong International Trust Co—one of China’s largest shadow banks—after it again failed to make payments on dozens of its products.

Zhongrong is the ninth largest trust in China, with 600 billion Chinese yuan, or $82 billion, worth of assets under management. It has been deferring its payments since late July.

According to Bloomberg, Zhongrong has missed payments on dozens of products and has no immediate plan to make clients whole payouts.

At least 30 products are now overdue, and Zhongrong also reportedly halted redemptions on some short-term instruments.

<h2>Deferred payments since July&nbsp;</h2>

On Wednesday (Aug 16), around two dozen protesters flocked to Zhongrong to demand payment. A video of the incident also went viral showing around 10 police and security officers deployed outside the office and attempting to pacify the agitated crowd.

In one of the clips, which was accessed by Bloomberg, a woman angrily asks about a product she owned that matured on July 28. “Why doesn’t the company pay us back?” she says. “It has already matured. Your financial statements said there is a profit.”

Another woman shouts,&nbsp;“Give us the money back, or we will die here.” A third says: “Why you don’t give us a clear explanation?”

The liquidity crisis troubling Zhongrong has sent alarm bells in Beijing as it comes just days after Country Garden, China's biggest private-sector developer by sales, missed interest payments on two US-dollar-denominated bonds.

<h2>China economy: Overall urban employment rises, economy in China signals sharper downturn</h2>

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<h2>Looming crisis&nbsp;</h2>

Both events are concerning as China's trust companies, once seen as a safe place for wealthy Chinese to park their money for hefty returns, are struggling to repay their clients.

These trust companies sell investment or trust products to corporate and wealthy clients. The clients' funds are then pooled and invested in a wide range of products or used as loans to private companies — including real-estate developers.

According to Bloomberg Economics, as of the end of 2022, China's trust sector's exposure to real estate was about 2.2 trillion yuan, or $302 billion, accounting for 10 per cent of its total assets.

Recently, a lot of trust firms have started defaulting on billions of dollars of investment products and the industry has shrunk by about 20 per cent from its peak in 2017, when regulators began clamping down on the nation’s shadow-banking excesses.&nbsp;

“The big danger is that a negative feedback loop kicks in, with property stress causing strains in the financial system, undermining credit expansion and depressing growth, which, in turn, exacerbates the slump in the property sector,” Bloomberg Economics said in a note.

(With inputs from agencies)

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A group of investors protested outside the office of Zhongrong International Trust Co—one of China’s largest shadow banks—after it again failed to make payments on dozens of its products.

A group of investors protested outside the office of Zhongrong International Trust Co—one of China’s largest shadow banks—after it again failed to make payments on dozens of its products. Zhongrong is the ninth largest trust in China, with 600 billion Chinese yuan, or $82 billion, worth of assets under management. It has been deferring its payments since late July. According to Bloomberg, Zhongrong has missed payments on dozens of products and has no immediate plan to make clients whole payouts. At least 30 products are now overdue, and Zhongrong also reportedly halted redemptions on some short-term instruments. Deferred payments since July On Wednesday (Aug 16), around two dozen protesters flocked to Zhongrong to demand payment. A video of the incident also went viral showing around 10 police and security officers deployed outside the office and attempting to pacify the agitated crowd. In one of the clips, which was accessed by Bloomberg, a woman angrily asks about a product she owned that matured on July 28. “Why doesn’t the company pay us back?” she says. “It has already matured. Your financial statements said there is a profit.” Another woman shouts, “Give us the money back, or we will die here.” A third says: “Why you don’t give us a clear explanation?” The liquidity crisis troubling Zhongrong has sent alarm bells in Beijing as it comes just days after Country Garden, China's biggest private-sector developer by sales, missed interest payments on two US-dollar-denominated bonds. China economy: Overall urban employment rises, economy in China signals sharper downturn Looming crisis Both events are concerning as China's trust companies, once seen as a safe place for wealthy Chinese to park their money for hefty returns, are struggling to repay their clients. These trust companies sell investment or trust products to corporate and wealthy clients. The clients' funds are then pooled and invested in a wide range of products or used as loans to private companies — including real-estate developers. According to Bloomberg Economics, as of the end of 2022, China's trust sector's exposure to real estate was about 2.2 trillion yuan, or $302 billion, accounting for 10 per cent of its total assets. Recently, a lot of trust firms have started defaulting on billions of dollars of investment products and the industry has shrunk by about 20 per cent from its peak in 2017, when regulators began clamping down on the nation’s shadow-banking excesses. “The big danger is that a negative feedback loop kicks in, with property stress causing strains in the financial system, undermining credit expansion and depressing growth, which, in turn, exacerbates the slump in the property sector,” Bloomberg Economics said in a note. (With inputs from agencies) WATCH WION LIVE HERE

Dozens of investors protest as China's shadow bank misses payments, signals deep distress in economy

Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report.

According to four persons with knowledge of the discussions who asked to remain anonymous, the mandated selling of export revenues was addressed at a meeting on Monday before the Bank of Russia announced an emergency rate hike. According to two of the attendees, no progress was made and a subsequent meeting may be scheduled for this week.

After the rouble temporarily crossed over 100 to the dollar for the first time since March of last year, the Bank of Russia increased its benchmark rate from 8.5 per cent to 12 per cent on Tuesday. The rouble appreciated after the rate hike before losing ground.&nbsp;

Forced sales of export income, along with other actions including restrictions on foreign currency transactions between banks, had assisted in halting the rouble’s decline after the conflict began in February 2022.&nbsp;

With a loss of almost 25 per cent, the currency is now among the three worst performers in emerging economies this year.&nbsp;

According to Sofya Donets, an economist at Renaissance Capital, it may take many months for the rouble to strengthen in the absence of additional measures like central bank interventions or mandated sales of export income.

Presently the majority of the central bank’s reserves are frozen due to the sanctions; therefore, policymakers are not eager to enter the currency market directly.

(With inputs from agencies)

&nbsp;

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Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report.

Russia may partially reintroduce capital controls to prevent the rouble from falling to levels not seen since the start of the Ukrainian conflict, according to a Bloomberg report. According to four persons with knowledge of the discussions who asked to remain anonymous, the mandated selling of export revenues was addressed at a meeting on Monday before the Bank of Russia announced an emergency rate hike. According to two of the attendees, no progress was made and a subsequent meeting may be scheduled for this week. After the rouble temporarily crossed over 100 to the dollar for the first time since March of last year, the Bank of Russia increased its benchmark rate from 8.5 per cent to 12 per cent on Tuesday. The rouble appreciated after the rate hike before losing ground. Forced sales of export income, along with other actions including restrictions on foreign currency transactions between banks, had assisted in halting the rouble’s decline after the conflict began in February 2022. With a loss of almost 25 per cent, the currency is now among the three worst performers in emerging economies this year. According to Sofya Donets, an economist at Renaissance Capital, it may take many months for the rouble to strengthen in the absence of additional measures like central bank interventions or mandated sales of export income. Presently the majority of the central bank’s reserves are frozen due to the sanctions; therefore, policymakers are not eager to enter the currency market directly. (With inputs from agencies) WATCH WION LIVE HERE

Russia discusses return to capital controls to stem rouble slump: Report  

According to a recent report, social media platform X, formerly known as Twitter, has retracted from its previous move of slowing down access to a few of the top news outlets. However, the delays in accessing links to other&nbsp;social media competing platforms like Bluesky, Facebook, and Instagram continue to remain. This alleged deliberate delay, which lasted approximately five seconds upon clicking a link on X, was observed during tests conducted by The Washington Post and Reuters. However, as of late Tuesday, X seemed to have eliminated this delay. Despite confirmation of the removal, there was no comment&nbsp;by X.&nbsp;

<h2>Previous conflicts</h2>

Billionaire Elon Musk, who acquired Twitter in October, has previously engaged in public disputes with news organisations and journalists who have critiqued his companies, including Tesla and SpaceX. Moreover, X has previously prevented users from sharing links to rival social media platforms.

Also Read | <a href="https://www.wionews.com/world/georgia-governor-brian-kemp-takes-to-twitter-to-refute-donald-trumps-allegations-of-election-theft-625869">Georgia Governor Brian Kemp takes to Twitter to refute Donald Trump's allegations of election theft</a>

At the time he cited that there will be no free advertising for these competing platforms and that it is a violation of X policies. As per reports, Musk said that cross-posting is accepted but what is not acceptable is X platform being used in order to promote one's content.&nbsp;

<h2>Delay in accessing links&nbsp;</h2>

While the exact events which led to the delay in accessing links remain unclear, a user on Hacker News, a technology-focused forum, reportedly said that X began imposing delays on links to the New York Times on August 4.

Also Read | <a href="https://www.wionews.com/world/hunter-bidens-lawyer-steps-down-to-testify-as-witness-in-doj-investigation-625865">Hunter Biden's lawyer steps down, to testify as witness in DOJ investigation</a>

On that same day, Musk publicly criticised the New York Times for its coverage of South Africa and accused it of promoting genocide. However, it is worth noting that there is no proven connection between these two events and no certain conclusion can be drawn.&nbsp;

<h2>Concerns and reactions&nbsp;</h2>

Before the delay in accessing the links was reversed, representatives from The New York Times expressed concerns over the incident. "While we don't know the rationale behind the application of this time delay, we would be concerned by targeted pressure applied to any news organisation for unclear reasons," the spokesperson said on Tuesday.

Watch | Poland beefs defence amid Russia-Ukraine war

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A Reuters spokesperson said: "We are aware of the report in the Washington Post of a delay in opening links to Reuters stories on X. We are looking into the matter."&nbsp;Bluesky, a competitor of X, and Meta reportedly did not respond to requests for comments on the issue.

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According to a recent report, social media platform X, formerly known as Twitter, has retracted from its previous move of slowing down access to a few of the top news outlets.

According to a recent report, social media platform X, formerly known as Twitter, has retracted from its previous move of slowing down access to a few of the top news outlets. However, the delays in accessing links to other social media competing platforms like Bluesky, Facebook, and Instagram continue to remain. This alleged deliberate delay, which lasted approximately five seconds upon clicking a link on X, was observed during tests conducted by The Washington Post and Reuters. However, as of late Tuesday, X seemed to have eliminated this delay. Despite confirmation of the removal, there was no comment by X. Previous conflicts Billionaire Elon Musk, who acquired Twitter in October, has previously engaged in public disputes with news organisations and journalists who have critiqued his companies, including Tesla and SpaceX. Moreover, X has previously prevented users from sharing links to rival social media platforms. Also Read | Georgia Governor Brian Kemp takes to Twitter to refute Donald Trump's allegations of election theft At the time he cited that there will be no free advertising for these competing platforms and that it is a violation of X policies. As per reports, Musk said that cross-posting is accepted but what is not acceptable is X platform being used in order to promote one's content. Delay in accessing links While the exact events which led to the delay in accessing links remain unclear, a user on Hacker News, a technology-focused forum, reportedly said that X began imposing delays on links to the New York Times on August 4. Also Read | Hunter Biden's lawyer steps down, to testify as witness in DOJ investigation On that same day, Musk publicly criticised the New York Times for its coverage of South Africa and accused it of promoting genocide. However, it is worth noting that there is no proven connection between these two events and no certain conclusion can be drawn. Concerns and reactions Before the delay in accessing the links was reversed, representatives from The New York Times expressed concerns over the incident. "While we don't know the rationale behind the application of this time delay, we would be concerned by targeted pressure applied to any news organisation for unclear reasons," the spokesperson said on Tuesday. Watch | Poland beefs defence amid Russia-Ukraine war × A Reuters spokesperson said: "We are aware of the report in the Washington Post of a delay in opening links to Reuters stories on X. We are looking into the matter." Bluesky, a competitor of X, and Meta reportedly did not respond to requests for comments on the issue. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Musk retracts slowed access to news outlets, but delay not removed for social media rivals