Brendan Taylor overtakes Andy Flower to become Zimbabwe’s leading ODI run-scorer

Pakistan to head IMF, World Bank boards after 74 years  amid persistent economic crisis

"The scariest thing was"... flydubai Captain Smit Machchhar recalls cockpit fight and how he thought of his son and daughter

'We are not sitting in ivory towers, we are aware': SC issues notice to Rahul Gandhi, Akhilesh Yadav

Flying car race: Alef Aeronautics welcomes Tesla Roadster '11 years' later, but are the two models the same?

6-year-old among 2 killed as vehicle crashes into youth soccer game in US

WATCH | Flames engulf St Petersburg oil sites as Ukraine launches 1,000 drones at Russia

‘I have very severe problems’: Trump fuels health speculation during address to firefighters

US midterm elections 2026: Postal ballots and voter disenfranchisement — A key battle for Donald Trump

Lizard people? Ex-US Army sniper claims soldier killed by 'reptilian beings' in battle near Area 51

‘I don’t know how my family escaped': Congressman Raja Krishnamoorthi chokes while revealing he was inside US temple during foiled attack

Rain washes out 5th T20I as India-West Indies share honours 2-2

'Reason UN has lost credibility': Amid SIR protests India hits out at report alleging 'youth repression'

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

China responds to Trump's Press Secretary Katie Zacharia after toilet remark: 'Visit China more often'

UAE agrees with Saudi Arabia to rejoin Yemen fight as Houthi strikes rattle Riyadh

PCB omits Atherton, Hussain from tri-series commentary panel over Imran Khan interview row

SA vs AUS 2nd Test: Rain delays start as Rabada returns; Boland replaces Lyon for Australia

At least 400 arrested as protests turn violent in France; PM blames far left

WATCH | iPhones, luxury perfumes floating in Hormuz? Iranian fishermen make bizarre discovery

Two students die, 14 injured at Dandiya event in Hyderabad: Know what happened? VIDEO

'keep telling him you will get your opportunities': Iyer opens up on conversations with Sooryavanshi

‘Be back in few weeks’: Emi Martinez shares first update after head clash in Premier League match

Tiger Shroff attacked by three gunmen in Mumbai, actor safe, two injured

Taylor Swift performs at star-studded Academy Museum Gala 2026 in stunning Dior ensemble

Anirudh Ravichander-Kavya Maran wedding: Telangana CM reveals Chennai reception date

Inside Tesla's Roadster: 10 features of Elon Musk's 'flying car' that push the limits of electric vehicles | In Pics

Kolkata Durga Puja stampede: PM Modi announces Rs 2 lakh ex-gratia for kin of dead, Amit Shah to visit injured

One species, two lineages: Why Sri Lanka’s spectacled cobra differs genetically from Indian variant

2 injured in plane crash on busy California highway

'We feel like Mr India': Gujarat’s undercover SHE team guard garba nights at Navratri

Cattle-feed bran in biscuits, detergent in milk: FSSAI acts against 3 companies

'It's a joy to see the makers bring it on such a grand scale': SS Rajamouli on Ramayana

13 dead after truck mows down devotees, crashes into temple gate in Madhya Pradesh's Gwalior

IND-W vs ZIM-W, 2nd T20I: When and where to watch live streaming in India?

<p>Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday.&nbsp;</p>

<p>The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California. The event will be livestreamed at 1 pm local time (1700 GMT).&nbsp;</p>

<p>According to Wall Street experts, Apple will attempt to offer customers a variety of new features for iPhone, its flagship handset.&nbsp;</p>

<p>The new product launch comes amid a decline in smartphone demand internationally.&nbsp;In the April to June quarter, Apple reported a 2.4 per cent reduction in iPhone sales, an unusual decline for the product that has long driven the company’s expansion.</p>

<p>According to TF International Securities analyst Ming-Chi Kuo, the most expensive model of the new iPhone will contain a periscope camera that could potentially increase camera zoom capacity by five times or more.</p>

<p>According to a report published by Bloomberg, the anticipated watch range may use a new CPU based on Apple’s A15 Bionic chip technology, which was previously used in existing iPhone models to improve performance.</p>

<p>(With inputs from Reuters)</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday. The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California.

Analysts are anticipating a new line of iPhones and smartwatches to be launched at tech giant Apple's fall event on September 12, media reports said on Tuesday. The company has sent out invitations to the event, which will be held at the Steve Jobs Theater at the company headquarters in Cupertino, California. The event will be livestreamed at 1 pm local time (1700 GMT). According to Wall Street experts, Apple will attempt to offer customers a variety of new features for iPhone, its flagship handset. The new product launch comes amid a decline in smartphone demand internationally. In the April to June quarter, Apple reported a 2.4 per cent reduction in iPhone sales, an unusual decline for the product that has long driven the company’s expansion. According to TF International Securities analyst Ming-Chi Kuo, the most expensive model of the new iPhone will contain a periscope camera that could potentially increase camera zoom capacity by five times or more. According to a report published by Bloomberg, the anticipated watch range may use a new CPU based on Apple’s A15 Bionic chip technology, which was previously used in existing iPhone models to improve performance. (With inputs from Reuters) WATCH WION LIVE HERE

Apple to unveil new iPhone, smartwatch on September 12: Report

<p>Bitcoin scaled and shares of cryptocurrency-related firms soared after a US court overruled the Securities and Exchange Commission's decision to restrict an ETF that invests directly in the cryptocurrency.</p>

<p>Grayscale Investments LLC received approval from a federal court to form the first Bitcoin exchange-traded fund in the United States, marking a watershed milestone in the cryptocurrency industry's aim to capture billions of dollars from average investors.</p>

<p>On Tuesday, Grayscale Investments' bitcoin trust posted an approximately 21 per cent gain, far outpacing bitcoin's gains, which were around 7 per cent, and causing the cryptocurrency to trade beyond $27,700.</p>

<p>The crypto asset management firm won a federal court case, paving the way for the first bitcoin ETF to be launched in the United States and sparking a rise in the digital asset market. As a result of its strong performance on Tuesday in New York, the trust's discount to its bitcoin holdings shrank to less than 17 percent.</p>

<p>A federal appeals court decided on Tuesday that Grayscale Investments' application for a spot bitcoin exchange-traded fund should have been authorised by the U.S. securities and exchange commission.</p>

<p>A spot bitcoin ETF would allow investors to obtain exposure to the digital asset without needing to buy bitcoin on a retail exchange or keep the currency in a separate crypto wallet; thus, the judgement may be good news for bitcoin.</p>

<p>Many in the industry predicted that Grayscale would prevail in its dispute with the U.S. SEC, and now they're trying to figure out what Tuesday's news means for the many other issuers who have applications out for a spot bitcoin fund and the timeline.</p>

<p>The court ruling was hailed as a major milestone for the cryptocurrency sector since supporters had campaigned for a spot bitcoin ETF for years. For the last decade, U.S. authorities have repeatedly denied registrations by issuers, citing grounds such as fraud and market manipulation each time.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Bitcoin scaled and shares of cryptocurrency-related firms soared after a US court overruled the Securities and Exchange Commission's decision to restrict an ETF that invests directly in the cryptocurrency.

Bitcoin scaled and shares of cryptocurrency-related firms soared after a US court overruled the Securities and Exchange Commission's decision to restrict an ETF that invests directly in the cryptocurrency. Grayscale Investments LLC received approval from a federal court to form the first Bitcoin exchange-traded fund in the United States, marking a watershed milestone in the cryptocurrency industry's aim to capture billions of dollars from average investors. On Tuesday, Grayscale Investments' bitcoin trust posted an approximately 21 per cent gain, far outpacing bitcoin's gains, which were around 7 per cent, and causing the cryptocurrency to trade beyond $27,700. The crypto asset management firm won a federal court case, paving the way for the first bitcoin ETF to be launched in the United States and sparking a rise in the digital asset market. As a result of its strong performance on Tuesday in New York, the trust's discount to its bitcoin holdings shrank to less than 17 percent. A federal appeals court decided on Tuesday that Grayscale Investments' application for a spot bitcoin exchange-traded fund should have been authorised by the U.S. securities and exchange commission. A spot bitcoin ETF would allow investors to obtain exposure to the digital asset without needing to buy bitcoin on a retail exchange or keep the currency in a separate crypto wallet; thus, the judgement may be good news for bitcoin. Many in the industry predicted that Grayscale would prevail in its dispute with the U.S. SEC, and now they're trying to figure out what Tuesday's news means for the many other issuers who have applications out for a spot bitcoin fund and the timeline. The court ruling was hailed as a major milestone for the cryptocurrency sector since supporters had campaigned for a spot bitcoin ETF for years. For the last decade, U.S. authorities have repeatedly denied registrations by issuers, citing grounds such as fraud and market manipulation each time. WATCH WION LIVE HERE

Bitcoin surges to two-week high after Grayscale ETF ruling

A new IMF report revealed that Saudi Arabia has been spending a staggering $7,000 per person on fuel subsidies, marking the highest in the G20 group over the last two years.

Saudi Arabia leads G20 in $7,000 per person fuel subsidies

India's monsoon season, a lifeline for its agriculture and economy, is facing a formidable test this year. The El Niño weather pattern has cast a shadow, contributing to the country's impending crisis – the lowest monsoon rains in eight years. This alarming situation is driving concerns across various sectors.

El Niño threatens India’s economy with driest monsoon

<p>Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported.</p>

<p>Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction.</p>

<p>The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment.</p>

<p>Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million).</p>

<p>According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service.</p>

<p>In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability.</p>

<p>When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million).</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.

Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported. Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction. The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment. Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million). According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service. In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability. When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million). WATCH WION LIVE HERE

Tiger Global disinvests its stake in Zomato, selling its shares for $136 million: Report

The US Commerce Department has unveiled a pivotal initiative aimed at addressing the strained economic relations between the two global powers. This new development includes the launch of export control enforcement information talks and the establishment of a formal working group focused on resolving commercial issues.

US & China launch export talks amid trade tensions

Vietnamese electric vehicle manufacturer Vinfast has ignited a frenzy in the market. Shares of the company surged a staggering 21% in a single day, marking a continuation of the electric automaker's whirlwind ascent. With its valuation now surpassing $160 billion, Vinfast has established itself as the third-most valuable player in the auto industry, trailing only Tesla and Toyota.

Vinfast: EV maker's shares surge 21% in market rally

As foreign funding dwindles amid strained international relations, Chinese financiers are turning to an unexpected source to unlock domestic capital: a centuries-old card game known as ‘Guandan.’ translated as ‘throwing eggs,’ this poker-like game has found its way into the hearts of bankers, business executives, and even local officials seeking to strengthen connections.

Guandan: China's card game strategy for building connections

<p>Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint.</p>

<p>The company is a fully owned subsidiary of Reliance Retail Ventures (RRVL) and the packaged consumer goods division of Reliance Industries Limited.</p>

<p>Isha Mukesh Ambani, director of RRVL, addressed shareholders during the company’s 46th annual general meeting and said that since its launch in different regions of India earlier this year, consumers begun to grow fond of Campa Cola.</p>

<p>“We are scaling it up further in India, and have started work to take it global, starting with Asia and Africa,” Mint quoted Isha Ambani as saying. The brand has not yet been introduced to all parts of India. In 2022, RIL purchased Campa Cola from Pure Drinks Ltd. of New Delhi, which had previously been a well-known beverage among other cola brands.</p>

<p>The cricketer Muttiah Muralitharan’s Ceylon Beverage International had previously been the contract packaging partner for the canning operations of Campa Cola beverage. Mint reported that people also know that the corporation is increasing the brand’s capacity for Indian bottling.</p>

<p>The consumer products portfolio of RCPL has expanded to include beverages, everyday essentials, cookies, and personal care items through owned, partner, and acquired brands.</p>

<p>“We launched our FMCG&nbsp;(fast-moving consumer goods) business with the vision to provide world-class products at affordable prices... to make heritage brands contemporary for Indian consumers, keeping the age-old brand promise intact,” Mint quoted Amabni. “We have acquired and partnered with several such brands like Campa Cola, Sosyo and Lotus.”</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint.

Reliance Consumer Products Limited (RCPL) announced its plans to take their beverage brand Campa Cola to international markets, starting with Asia and Africa, on Monday, according to a report by Mint. The company is a fully owned subsidiary of Reliance Retail Ventures (RRVL) and the packaged consumer goods division of Reliance Industries Limited. Isha Mukesh Ambani, director of RRVL, addressed shareholders during the company’s 46th annual general meeting and said that since its launch in different regions of India earlier this year, consumers begun to grow fond of Campa Cola. “We are scaling it up further in India, and have started work to take it global, starting with Asia and Africa,” Mint quoted Isha Ambani as saying. The brand has not yet been introduced to all parts of India. In 2022, RIL purchased Campa Cola from Pure Drinks Ltd. of New Delhi, which had previously been a well-known beverage among other cola brands. The cricketer Muttiah Muralitharan’s Ceylon Beverage International had previously been the contract packaging partner for the canning operations of Campa Cola beverage. Mint reported that people also know that the corporation is increasing the brand’s capacity for Indian bottling. The consumer products portfolio of RCPL has expanded to include beverages, everyday essentials, cookies, and personal care items through owned, partner, and acquired brands. “We launched our FMCG (fast-moving consumer goods) business with the vision to provide world-class products at affordable prices... to make heritage brands contemporary for Indian consumers, keeping the age-old brand promise intact,” Mint quoted Amabni. “We have acquired and partnered with several such brands like Campa Cola, Sosyo and Lotus.” WATCH WION LIVE HERE

Reliance plans to introduce Campa Cola to international markets 

<p>Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated. It said that the quality of education is a major component that puts the population at a disadvantage.</p>

<p>Moody’s compared India’s current education outcome levels to those of Pakistan and Bangladesh, emphasising that better educational outcomes will help nations like India avoid potential job losses from digitalisation and Artificial Intelligence in the long run, especially in services like call centres and BPOs.</p>

<p>The rating agency stated in a report on sovereigns in South and Southeast Asia titled “Population growth alone will not drive credit benefits for emerging economies” that it anticipates continued population growth in the region to support economic expansion because the proportion of people who are working age will remain high relative to the proportion of people who are younger and older.</p>

<p>“However, the availability and scale of labour inputs alone will not drive materially stronger economic strength or better fiscal outcomes. Other conditions such as strong education and quality infrastructure are also key to reaping the benefits,” The Hindu quoted the report as saying.</p>

<p>Moody’s report also mentioned that there exists a significant gap in the quality of education between Pakistan, Bangladesh and India in comparison to China and other countries in South East Asia. This leads to labour force “participation imbalances.”</p>

<p>The organization predicts that, the population of India, Bangladesh, Indonesia, Pakistan, the Philippines, and Vietnam are to grow by a third, thereby leading to a 40 per cent of the increase in people in working age, over the next 20 years.</p>

<p>According to Moody’s, differences in the proportion of the male and female populations who have completed upper secondary education are most prominent in India and Bangladesh. It is believed that variations in the total mean years of education reflect gender disparities in educational success.</p>

<p>“The development of relevant engineering and programming expertise may actually provide employment opportunities, not only in technology-related fields, but also in higher-value-added manufacturing given the increasingly complex products being produced in some of these large countries, for example, smartphones in India and electric vehicles in Vietnam,” the report stated.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated.

Despite India’s increasing labour force availability attributed to an increasing population, it will not be sufficient to strengthen the economy or improve fiscal outcomes, a report by Moody’s Investors Service indicated. It said that the quality of education is a major component that puts the population at a disadvantage. Moody’s compared India’s current education outcome levels to those of Pakistan and Bangladesh, emphasising that better educational outcomes will help nations like India avoid potential job losses from digitalisation and Artificial Intelligence in the long run, especially in services like call centres and BPOs. The rating agency stated in a report on sovereigns in South and Southeast Asia titled “Population growth alone will not drive credit benefits for emerging economies” that it anticipates continued population growth in the region to support economic expansion because the proportion of people who are working age will remain high relative to the proportion of people who are younger and older. “However, the availability and scale of labour inputs alone will not drive materially stronger economic strength or better fiscal outcomes. Other conditions such as strong education and quality infrastructure are also key to reaping the benefits,” The Hindu quoted the report as saying. Moody’s report also mentioned that there exists a significant gap in the quality of education between Pakistan, Bangladesh and India in comparison to China and other countries in South East Asia. This leads to labour force “participation imbalances.” The organization predicts that, the population of India, Bangladesh, Indonesia, Pakistan, the Philippines, and Vietnam are to grow by a third, thereby leading to a 40 per cent of the increase in people in working age, over the next 20 years. According to Moody’s, differences in the proportion of the male and female populations who have completed upper secondary education are most prominent in India and Bangladesh. It is believed that variations in the total mean years of education reflect gender disparities in educational success. “The development of relevant engineering and programming expertise may actually provide employment opportunities, not only in technology-related fields, but also in higher-value-added manufacturing given the increasingly complex products being produced in some of these large countries, for example, smartphones in India and electric vehicles in Vietnam,” the report stated. WATCH WION LIVE HERE

Population growth insufficient to strengthen India’s economy: Moody’s Investors Service 

<p>Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug. 21 that real gross domestic product (GDP) growth had dipped from 2.6 per cent year-over-year in the first quarter of 2023 to 1.8 per cent in the second, according to a report by The Bangkok Post.</p>

<p>Thailand’s GDP expanded more slowly in comparison to the 2.6 per cent rise from January to March and lagged behind the consensus projection of 3.1 per cent growth in the second quarter in a poll conducted by Reuters.</p>

<p>“The economy was mainly driven by the acceleration of private consumption despite the slowdown of private investment and export of services,” Nikkei Asia quoted NESDC as saying in a statement.</p>

<p>In the quarter from April to June, private consumption increased to 7.8 per cent compared to the previous quarter’s 5.8 per cent increase.</p>

<p>Despite China being Thailand’s largest commercial partner, the global demand for exports, which make up around 60 per cent of the GDP, remained poor. Due to weak worldwide demand, exports of goods declined to 5.7 per cent from April to June, adding to a 6.4 per cent decline from the previous quarter.</p>

<p>“The fall in exports is expected to be more serious, as the weak economic outlook in China implies a greater drop in exports in the second half of the year,” and analyst at Asia Plus Securities told Nikkei Asia.</p>

<p>The total revenue from tourism climbed 71.7 per cent from the corresponding quarter in 2022.</p>

<p>When Bangkok eliminated all entry restrictions with the Covid 19 pandemic easing in the second half of 2022, the tourism sector in Thailand, which contributes around 18 per cent of GDP, started to rebound. The recovery began to accelerate in the third quarter.</p>

<p>The Tourism Authority of Thailand estimates that 29 million foreign visitors will visit Thailand this year, up from 11.5 million in 2022, albeit that number is still lower than the 39 million visitors who visited the nation in 2019, prior to the COVID-19 pandemic.</p>

<p>The National Economic and Social Development Council has revised its earlier predictions, which ranged from 2.7 per cent to 3.7 per cent to 2.5 per cent to 3.0 per cent growth for the Thai economy this year.</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug.

Thailand’s economic recovery has slowed down significantly during the second quarter of 2023. The National Economic and Social Development Council (NESDC) officially reported on Aug. 21 that real gross domestic product (GDP) growth had dipped from 2.6 per cent year-over-year in the first quarter of 2023 to 1.8 per cent in the second, according to a report by The Bangkok Post. Thailand’s GDP expanded more slowly in comparison to the 2.6 per cent rise from January to March and lagged behind the consensus projection of 3.1 per cent growth in the second quarter in a poll conducted by Reuters. “The economy was mainly driven by the acceleration of private consumption despite the slowdown of private investment and export of services,” Nikkei Asia quoted NESDC as saying in a statement. In the quarter from April to June, private consumption increased to 7.8 per cent compared to the previous quarter’s 5.8 per cent increase. Despite China being Thailand’s largest commercial partner, the global demand for exports, which make up around 60 per cent of the GDP, remained poor. Due to weak worldwide demand, exports of goods declined to 5.7 per cent from April to June, adding to a 6.4 per cent decline from the previous quarter. “The fall in exports is expected to be more serious, as the weak economic outlook in China implies a greater drop in exports in the second half of the year,” and analyst at Asia Plus Securities told Nikkei Asia. The total revenue from tourism climbed 71.7 per cent from the corresponding quarter in 2022. When Bangkok eliminated all entry restrictions with the Covid 19 pandemic easing in the second half of 2022, the tourism sector in Thailand, which contributes around 18 per cent of GDP, started to rebound. The recovery began to accelerate in the third quarter. The Tourism Authority of Thailand estimates that 29 million foreign visitors will visit Thailand this year, up from 11.5 million in 2022, albeit that number is still lower than the 39 million visitors who visited the nation in 2019, prior to the COVID-19 pandemic. The National Economic and Social Development Council has revised its earlier predictions, which ranged from 2.7 per cent to 3.7 per cent to 2.5 per cent to 3.0 per cent growth for the Thai economy this year. WATCH WION LIVE HERE

Thailand’s economy shows little signs of recovery, despite increasing tourism 

<p>Japanese auto giant Toyota said Tuesday (August 29) it halted operations at 12 of its 14 factories in Japan owing to a ‘system glitch’. The company claimed it did not appear to be a cyberattack.</p>

<p>“Twelve vehicle factories, affecting 25 lines, are not able to process orders for parts due to a system glitch… At this point, we believe it is not a cyberattack,” a Toyota spokesman told AFP.</p>

<p>The glitch reportedly began Tuesday morning. Toyota refrained from sharing more details but added, “We will continue to investigate the cause of the matter and will restore it as soon as possible.”</p>

<p>It was not clear when normal production was expected to resume. Also, the company did not make it clear whether or not factories abroad were affected.</p>

<p>Toyota’s two factories in the country are still operational. One factory in the southern Kyushu region and a subsidiary Daihatsu’s factory in Kyoto did not experience any glitches.</p>

<h2><strong>Toyota stocks plunge</strong></h2>

<p>The unexpected glitch caused Toyota's stocks to drop 0.64 per cent, to 2,421.0 yen, pushing them into negative territory. The downward trend seemed to ease before the midday pause in Tokyo's market activity.</p>

<p>In the previous year, Toyota had to halt operations across its domestic factories due to a cyberattack on one of its subsidiaries.</p>

<p><strong>Watch:&nbsp;Toyota’s net income surges by 75%</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/toyotas-net-income-surges-by-75-621916/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>As one of Japan's most significant and esteemed companies, Toyota's manufacturing operations have a considerable impact on the nation's economy.</p>

<p>Toyota is renowned for its remarkable efficiency and the "just-in-time" production system, which involves delivering small batches of essential components during various stages of assembly. While this strategy reduces costs and enhances efficiency, it also carries significant risks.</p>

<p>Despite facing pandemic challenges and global chip shortage, Toyota managed to maintain its position as the world's top-selling automaker for the third consecutive year in 2022.</p>

<h2><strong>Toyota financial outlook</strong></h2>

<p>In the fiscal year leading up to March 2024, Toyota aimed to achieve a net profit of 2.58 trillion yen ($17.6 billion), marking a 5.2 per cent increase from the previous year. The company also targeted sales of 38 trillion yen.</p>

<p>Major automakers have experienced a strong surge in global demand following the slowdown caused by the COVID-19 pandemic. Shortages of semiconductors, however, have constrained production capacity for various products, including cars and smartphones.</p>

<p><a href="https://www.wionews.com/science/japan-postpones-moon-sniper-mission-due-to-wind-conditions-629785"><strong>Also read:&nbsp;Japan postpones `Moon Sniper` mission due to wind conditions</strong></a></p>

<p>While Toyota reported improvements in chip supplies and efforts to restore production to normal levels by working closely with suppliers and raising product prices, the company still faced challenges in delivering new vehicles to customers on time.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>


Japanese auto giant Toyota said Tuesday (August 29) it halted operations at 12 of its 14 factories in Japan owing to a ‘system glitch’. The company claimed it did not appear to be a cyberattack.

Japanese auto giant Toyota said Tuesday (August 29) it halted operations at 12 of its 14 factories in Japan owing to a ‘system glitch’. The company claimed it did not appear to be a cyberattack. “Twelve vehicle factories, affecting 25 lines, are not able to process orders for parts due to a system glitch… At this point, we believe it is not a cyberattack,” a Toyota spokesman told AFP. The glitch reportedly began Tuesday morning. Toyota refrained from sharing more details but added, “We will continue to investigate the cause of the matter and will restore it as soon as possible.” It was not clear when normal production was expected to resume. Also, the company did not make it clear whether or not factories abroad were affected. Toyota’s two factories in the country are still operational. One factory in the southern Kyushu region and a subsidiary Daihatsu’s factory in Kyoto did not experience any glitches. Toyota stocks plunge The unexpected glitch caused Toyota's stocks to drop 0.64 per cent, to 2,421.0 yen, pushing them into negative territory. The downward trend seemed to ease before the midday pause in Tokyo's market activity. In the previous year, Toyota had to halt operations across its domestic factories due to a cyberattack on one of its subsidiaries. Watch: Toyota’s net income surges by 75% × As one of Japan's most significant and esteemed companies, Toyota's manufacturing operations have a considerable impact on the nation's economy. Toyota is renowned for its remarkable efficiency and the "just-in-time" production system, which involves delivering small batches of essential components during various stages of assembly. While this strategy reduces costs and enhances efficiency, it also carries significant risks. Despite facing pandemic challenges and global chip shortage, Toyota managed to maintain its position as the world's top-selling automaker for the third consecutive year in 2022. Toyota financial outlook In the fiscal year leading up to March 2024, Toyota aimed to achieve a net profit of 2.58 trillion yen ($17.6 billion), marking a 5.2 per cent increase from the previous year. The company also targeted sales of 38 trillion yen. Major automakers have experienced a strong surge in global demand following the slowdown caused by the COVID-19 pandemic. Shortages of semiconductors, however, have constrained production capacity for various products, including cars and smartphones. Also read: Japan postpones `Moon Sniper` mission due to wind conditions While Toyota reported improvements in chip supplies and efforts to restore production to normal levels by working closely with suppliers and raising product prices, the company still faced challenges in delivering new vehicles to customers on time. WATCH WION LIVE HERE ×

Toyota hit by massive system glitch, 12 factories halt production in Japan

<p>UK Prime Minister Rishi Sunak, is currently dealing with a fresh conflict of interest just days before the G20 conference in New Delhi. The dispute stems from concerns over questions around his wife, &nbsp;Akshata Murthy’s Infosys shares, a sizable international IT services and consultancy firm with its headquarters in Bengaluru. The shares are estimated to be worth 500 million pounds and are involved in a potential free trade deal (FTA) with India, according to a report by The Guardian.</p>

<p>According to the report, Infosys might be a major beneficiary of any agreement reached with India, and on August 26 Labour and the chair of the all-party House of Commons business and trade select committee urged Sunak to be more transparent about his wife’s financial interests.</p>

<p>Darren Johns, the Labour chair of the business and trade select committee, suggested that the British PM withdraw entirely from the trade negotiations.</p>

<p>“As the prime minister recently learned, it’s important he declares any interests properly. I expect him to do so in respect of the India trade deal too,"&nbsp;The Guardian&nbsp;quoted Jones as saying.</p>

<p>This latest step comes after Nadine Dorries, a former cultural secretary and strong critic of Sunak, finally submitted her letter of resignation from the House of Commons.</p>

<p>In a separate bilateral meeting with his Indian counterpart Narendra Modi, Sunak, who is scheduled to attend the G20 Summit in Delhi in September, is anticipated to address the trade negotiations between the UK and India.</p>

<p>Trade Secretary Kemi Badenoch returned from India this past weekend after having lengthy discussions about the potential FTA.</p>

<p>Sunak had unintentionally failed to properly declare his wife’s shareholding in the child-minding business Koru Kids, which stood to benefit from the government’s budget strategy, according to a report from the UK parliamentary watchdog that was issued earlier this week.</p>

<p>Sunak then expressed his regret for the “inadvertent” violation that had occurred “out of confusion,” and only then was the problem resolved.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


UK Prime Minister Rishi Sunak, is currently dealing with a fresh conflict of interest just days before the G20 conference in New Delhi. The dispute stems from concerns over questions around his wife, Akshata Murthy’s Infosys shares, a sizable international IT services and consultancy firm with its headquarters in Bengaluru.

UK Prime Minister Rishi Sunak, is currently dealing with a fresh conflict of interest just days before the G20 conference in New Delhi. The dispute stems from concerns over questions around his wife, Akshata Murthy’s Infosys shares, a sizable international IT services and consultancy firm with its headquarters in Bengaluru. The shares are estimated to be worth 500 million pounds and are involved in a potential free trade deal (FTA) with India, according to a report by The Guardian. According to the report, Infosys might be a major beneficiary of any agreement reached with India, and on August 26 Labour and the chair of the all-party House of Commons business and trade select committee urged Sunak to be more transparent about his wife’s financial interests. Darren Johns, the Labour chair of the business and trade select committee, suggested that the British PM withdraw entirely from the trade negotiations. “As the prime minister recently learned, it’s important he declares any interests properly. I expect him to do so in respect of the India trade deal too," The Guardian quoted Jones as saying. This latest step comes after Nadine Dorries, a former cultural secretary and strong critic of Sunak, finally submitted her letter of resignation from the House of Commons. In a separate bilateral meeting with his Indian counterpart Narendra Modi, Sunak, who is scheduled to attend the G20 Summit in Delhi in September, is anticipated to address the trade negotiations between the UK and India. Trade Secretary Kemi Badenoch returned from India this past weekend after having lengthy discussions about the potential FTA. Sunak had unintentionally failed to properly declare his wife’s shareholding in the child-minding business Koru Kids, which stood to benefit from the government’s budget strategy, according to a report from the UK parliamentary watchdog that was issued earlier this week. Sunak then expressed his regret for the “inadvertent” violation that had occurred “out of confusion,” and only then was the problem resolved. WATCH WION LIVE HERE

India-UK FTA involves conflict of interest with Rishi Sunak’s wife Akshata Murthy’s Infosys shares

<p>U.S. Trade Representative Katherine Tai has expressed concern to India about the Asian country's recent regulation requiring permits for the import of laptops, tablets, and personal computers, according to a statements cited by Reuters.&nbsp;</p>

<p>Tai's involvement comes amid concerns that the licensing regime may have an impact on exports from companies like Apple and Dell, forcing enterprises to increase local production.</p>

<p>"She noted that there were stakeholders who needed an opportunity to review and provide input to ensure that the policy, if implemented, does not have an adverse impact on U.S. exports to India," according to a statement released by the US after Tai met with India's Trade Minister Piyush Goyal on August 26.</p>

<p>Tai was in India last week to attend the G20 trade ministers' summit in the western state of Rajasthan.</p>

<p>The new licensing process in India, which goes into force on November 1, intends to "ensure trusted hardware and systems" enter the country. According to an Indian government official, it also aims to reduce reliance on imports, increase domestic manufacturing, and improve the country's trade deficit with China.</p>

<p>Furthermore, the statement also highlights that India and the United States would also continue negotiations to find a solution to their lone bilateral issue at the World Trade Organization, which includes New Delhi imposing restrictions on some agricultural imports into the country. Six other issues were settled amicably earlier this year.</p>

<p>(Inputs form Reuters)</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


U.S. Trade Representative Katherine Tai has expressed concern to India about the Asian country's recent regulation requiring permits for the import of laptops, tablets, and personal computers, according to a statements cited by Reuters.

U.S. Trade Representative Katherine Tai has expressed concern to India about the Asian country's recent regulation requiring permits for the import of laptops, tablets, and personal computers, according to a statements cited by Reuters. Tai's involvement comes amid concerns that the licensing regime may have an impact on exports from companies like Apple and Dell, forcing enterprises to increase local production. "She noted that there were stakeholders who needed an opportunity to review and provide input to ensure that the policy, if implemented, does not have an adverse impact on U.S. exports to India," according to a statement released by the US after Tai met with India's Trade Minister Piyush Goyal on August 26. Tai was in India last week to attend the G20 trade ministers' summit in the western state of Rajasthan. The new licensing process in India, which goes into force on November 1, intends to "ensure trusted hardware and systems" enter the country. According to an Indian government official, it also aims to reduce reliance on imports, increase domestic manufacturing, and improve the country's trade deficit with China. Furthermore, the statement also highlights that India and the United States would also continue negotiations to find a solution to their lone bilateral issue at the World Trade Organization, which includes New Delhi imposing restrictions on some agricultural imports into the country. Six other issues were settled amicably earlier this year. (Inputs form Reuters) WATCH WION LIVE HERE

U.S. trade chief concerned about India's laptop, tablet import licensing

<p>According to the Department for Promotion of Industry and Internal Trade (DPIIT) the months of April through June during the current fiscal year, foreign direct investment (FDI) into India decreased by 34 per cent to $10.94 billion, The Economic Times reported.</p>

<p>The DPIIT data indicated that, FDI inflows totaled $16.59 billion between April and June 2022–2023.</p>

<p>The figures show that during April to June 2023–24, FDI from nations like Mauritius, Singapore, the US, and the UAE decreased.</p>

<p>Inflows decreased in a number of industries, including trading, automobile, pharma, and computer hardware and software.</p>

<p>Top FDI destinations included Maharashtra, Karnataka, Gujarat, and Delhi.</p>

<p>Despite FDI inflows declining by roughly 30 per cent to $45 billion from $64 billion in 2020, India has moved up a spot to become the seventh-highest beneficiary in calendar 2021, according to the United Nations Conference on Trade and Development. In 2021, with FDI flows reaching about $1.6 trillion, global FDI flows returned to pre-pandemic levels.</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


According to the Department for Promotion of Industry and Internal Trade (DPIIT) the months of April through June during the current fiscal year, foreign direct investment (FDI) into India decreased by 34 per cent to $10.

According to the Department for Promotion of Industry and Internal Trade (DPIIT) the months of April through June during the current fiscal year, foreign direct investment (FDI) into India decreased by 34 per cent to $10.94 billion, The Economic Times reported. The DPIIT data indicated that, FDI inflows totaled $16.59 billion between April and June 2022–2023. The figures show that during April to June 2023–24, FDI from nations like Mauritius, Singapore, the US, and the UAE decreased. Inflows decreased in a number of industries, including trading, automobile, pharma, and computer hardware and software. Top FDI destinations included Maharashtra, Karnataka, Gujarat, and Delhi. Despite FDI inflows declining by roughly 30 per cent to $45 billion from $64 billion in 2020, India has moved up a spot to become the seventh-highest beneficiary in calendar 2021, according to the United Nations Conference on Trade and Development. In 2021, with FDI flows reaching about $1.6 trillion, global FDI flows returned to pre-pandemic levels. WATCH WION LIVE HERE

India’s April-June FDI equity inflows dropped 34 pc to $10.94 bn

<p>ITC Chairman and Managing director Sanijv Puri stated that the company is witnessing signs of volume growth as inflation begins to ease. He said that the trend is expected to continue over the forthcoming quarters, PTI reported.</p>

<p>According to Puri, this would undoubtedly result in an increase in volume, but it won't happen immediately. Puri made this statement in New Delhi, outside of the B20 Summit, which was hosted by the Confederation of Indian Industry (CII).</p>

<p>Puri commented on the ITC’s decision to demerge its hotel division, saying that by creating a wholly-owned new subsidiary, ITC Hotels Ltd., it will benefit the current shareholders.</p>

<p>“It will be a pure-play, focused on hospitality, which can leverage the institutional strengths of ITC. And ITC in turn will be able to leverage the synergy on its hospitality business, or its FMCG businesses,” PTI quoted Puri as saying.</p>

<p>It is a “very robust” strategy that will help the hotel industry advance faster while maintaining synergies, and it will boost ITC’s financial KPIs, he added.</p>

<p>According to Puri, there are two main causes of inflation: the first is the increase in foreign geopolitical variables, and the second is the problems with climate change.</p>

<p>“However, now, India is much better placed in the rest of the world and I would like to compliment the government for stewarding management of inflation and being extremely proactive in taking the right steps to control that,” he said.</p>

<p>ITC and several other FMCG manufacturers have reported volume growth and profitability improvement for the June quarter. Aashirvaad, Bingo, Sunfeast, YiPPee, Fiama, Vivel, and Savlon are just a few of ITC’s 25 brands.</p>

<p>Puri told PTI, “We are already seeing green shoots of pickup on volumes as inflation is moderating,” in response to a question regarding the recovery of consumer mood and volume growth, particularly in the rural market. He believes that when inflation slows, market prices will rise or the climate shall improve. He voiced his worries about the operating environment’s ongoing weather instability.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


ITC Chairman and Managing director Sanijv Puri stated that the company is witnessing signs of volume growth as inflation begins to ease. He said that the trend is expected to continue over the forthcoming quarters, PTI reported.

ITC Chairman and Managing director Sanijv Puri stated that the company is witnessing signs of volume growth as inflation begins to ease. He said that the trend is expected to continue over the forthcoming quarters, PTI reported. According to Puri, this would undoubtedly result in an increase in volume, but it won't happen immediately. Puri made this statement in New Delhi, outside of the B20 Summit, which was hosted by the Confederation of Indian Industry (CII). Puri commented on the ITC’s decision to demerge its hotel division, saying that by creating a wholly-owned new subsidiary, ITC Hotels Ltd., it will benefit the current shareholders. “It will be a pure-play, focused on hospitality, which can leverage the institutional strengths of ITC. And ITC in turn will be able to leverage the synergy on its hospitality business, or its FMCG businesses,” PTI quoted Puri as saying. It is a “very robust” strategy that will help the hotel industry advance faster while maintaining synergies, and it will boost ITC’s financial KPIs, he added. According to Puri, there are two main causes of inflation: the first is the increase in foreign geopolitical variables, and the second is the problems with climate change. “However, now, India is much better placed in the rest of the world and I would like to compliment the government for stewarding management of inflation and being extremely proactive in taking the right steps to control that,” he said. ITC and several other FMCG manufacturers have reported volume growth and profitability improvement for the June quarter. Aashirvaad, Bingo, Sunfeast, YiPPee, Fiama, Vivel, and Savlon are just a few of ITC’s 25 brands. Puri told PTI, “We are already seeing green shoots of pickup on volumes as inflation is moderating,” in response to a question regarding the recovery of consumer mood and volume growth, particularly in the rural market. He believes that when inflation slows, market prices will rise or the climate shall improve. He voiced his worries about the operating environment’s ongoing weather instability. WATCH WION LIVE HERE

 ITC CMD Sanjiv Puri sees signs of volume growth as inflation moderates

<p>Evergrande Group, the world's most indebted real estate developer, has announced a considerable reduction in net losses for the first half of the year, attributing it to an increase in income due to "the short boom of the property market" earlier this year.</p>

<p>Its stock dropped 87 percent at the outset on Monday after resuming trading after a 17-month halt.</p>

<p>Evergrande stated in a Sunday statement to the Hong Kong stock exchange that its loss attributable to shareholders was $4.5 billion for the January to June period, a 50 percent decrease from the $9.1 billion posted in the same period a year before. Revenue increased 44 percent year over year to $17.6 billion.</p>

<p>The developer is at the epicenter of a property industry crisis in China that has witnessed a spate of loan defaults, incomplete houses, and unpaid suppliers since late 2021, undermining consumer trust in the world's second-largest economy.</p>

<p>According to the firm, it "actively planned for the resumption of sales and successfully seized the short boom in the property market that emerged at the beginning of the year."</p>

<p>For many years, the Shenzhen-based firm was one of China's leading property developers in terms of sales. However, it had borrowed extensively to fuel its development and defaulted on its debt in 2021, triggering a crisis in China's real estate sector, which amounts to up to 30 percent of the country's GDP. It filed for bankruptcy in the United States earlier this month.</p>

<p>Furthermore, Prism Hong Kong and Shanghai, Evergrande's auditors, have not reached a conclusion on this report, citing several concerns pertaining to the firm as a going concern, including future cashflow.</p>

<p>Evergrande stated that its ability to continue will be dependent on the successful implementation of an offshore debt restructuring plan as well as successful repayment extension talks with the remaining lenders.</p>

<p>Evergrande said on Friday that it had "adequately" satisfied exchange recommendations for the resumption of trading in its Hong Kong-listed shares and had requested resumption on Aug. 28.</p>

<p>Furthermore, as part of one of the world's largest debt restructuring efforts, Evergrande filed for Chapter 11 bankruptcy protection in the United States earlier this month.</p>

<p>Courts in Hong Kong and the Cayman Islands will decide whether to approve a $31.7 billion offshore debt restructuring plan comprising bonds, collateral, and repurchase promises in early September. Last week, creditors voted on the proposal.</p>

<p>(Inputs from Reuters)</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Evergrande Group, the world's most indebted real estate developer, has announced a considerable reduction in net losses for the first half of the year, attributing it to an increase in income due to "the short boom of the property market" earlier this year.

Evergrande Group, the world's most indebted real estate developer, has announced a considerable reduction in net losses for the first half of the year, attributing it to an increase in income due to "the short boom of the property market" earlier this year. Its stock dropped 87 percent at the outset on Monday after resuming trading after a 17-month halt. Evergrande stated in a Sunday statement to the Hong Kong stock exchange that its loss attributable to shareholders was $4.5 billion for the January to June period, a 50 percent decrease from the $9.1 billion posted in the same period a year before. Revenue increased 44 percent year over year to $17.6 billion. The developer is at the epicenter of a property industry crisis in China that has witnessed a spate of loan defaults, incomplete houses, and unpaid suppliers since late 2021, undermining consumer trust in the world's second-largest economy. According to the firm, it "actively planned for the resumption of sales and successfully seized the short boom in the property market that emerged at the beginning of the year." For many years, the Shenzhen-based firm was one of China's leading property developers in terms of sales. However, it had borrowed extensively to fuel its development and defaulted on its debt in 2021, triggering a crisis in China's real estate sector, which amounts to up to 30 percent of the country's GDP. It filed for bankruptcy in the United States earlier this month. Furthermore, Prism Hong Kong and Shanghai, Evergrande's auditors, have not reached a conclusion on this report, citing several concerns pertaining to the firm as a going concern, including future cashflow. Evergrande stated that its ability to continue will be dependent on the successful implementation of an offshore debt restructuring plan as well as successful repayment extension talks with the remaining lenders. Evergrande said on Friday that it had "adequately" satisfied exchange recommendations for the resumption of trading in its Hong Kong-listed shares and had requested resumption on Aug. 28. Furthermore, as part of one of the world's largest debt restructuring efforts, Evergrande filed for Chapter 11 bankruptcy protection in the United States earlier this month. Courts in Hong Kong and the Cayman Islands will decide whether to approve a $31.7 billion offshore debt restructuring plan comprising bonds, collateral, and repurchase promises in early September. Last week, creditors voted on the proposal. (Inputs from Reuters) WATCH WION LIVE HERE

China Evergrande's first-half net loss shrinks to $4.5 billion

<p>India’s digital public infrastructure, such as Aadhaar, the Universal Payments Interface (UPI), and digilocker, would change India from an informal, low-productivity, numerous collection of micro-economies to a formal, high-productivity mega-economy, said Chairman and Co-Founder of Infosys Nandan Nilekani on Sunday.</p>

<p>"What is fundamentally happening is that India is going from multiple sets of micro-economies to a single mega-economy. This is the trend for the next 20 years. This has been solved by a new way of solving problems called digital public infrastructure, which solves problems with technology at the population scale," Nilekani said at the B20 Summit in Delhi.</p>

<p>Furthermore, while the rest of the world struggles to reconcile innovation and regulation, the senior technology executive claims that India has already found a balance through a participatory form of data governance and architecture.</p>

<p>"When you use a digital platform, it generates data. India has developed a novel method for people and businesses to monetize their data footprint. This data footprint is their digital capital. Individuals may use digital capital to advance in life. This notion does not exist anyplace in the world," he added.</p>

<p>Nilekani presented various data points relating to DPIs to demonstrate the country's widespread approval. For example, he stated that due to DPIs, India was able to send $4.5 billion to the bank accounts of 150 million residents during COVID, and 700 million people already have bank accounts linked to their Aadhaar numbers.</p>

<p>UPI has grown to become the world's most important payment system, with over 9.66 billion transactions conducted on the network each month, and 1.3 billion individuals now utilize Aadhaar to do 80 million identity authentication transactions every day.</p>

<p>"India accomplished in 9 years what would have taken 47 years using traditional methods. "We went from being one of the least banked countries to one of the most financially inclusive," Nilekani said.</p>

<p>"Without the $250 billion IT services industry, none of this would have been possible. In addition, we have an exceptional startup ecosystem. We had 1,000 startups in 2016. We now have one lakh. "It is not a 10 percent&nbsp;linear growth, but a 10x growth," he continued.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


India’s digital public infrastructure, such as Aadhaar, the Universal Payments Interface (UPI), and digilocker, would change India from an informal, low-productivity, numerous collection of micro-economies to a formal, high-productivity mega-economy, said Chairman and Co-Founder of Infosys Nandan Nilekani on Sunday.

India’s digital public infrastructure, such as Aadhaar, the Universal Payments Interface (UPI), and digilocker, would change India from an informal, low-productivity, numerous collection of micro-economies to a formal, high-productivity mega-economy, said Chairman and Co-Founder of Infosys Nandan Nilekani on Sunday. "What is fundamentally happening is that India is going from multiple sets of micro-economies to a single mega-economy. This is the trend for the next 20 years. This has been solved by a new way of solving problems called digital public infrastructure, which solves problems with technology at the population scale," Nilekani said at the B20 Summit in Delhi. Furthermore, while the rest of the world struggles to reconcile innovation and regulation, the senior technology executive claims that India has already found a balance through a participatory form of data governance and architecture. "When you use a digital platform, it generates data. India has developed a novel method for people and businesses to monetize their data footprint. This data footprint is their digital capital. Individuals may use digital capital to advance in life. This notion does not exist anyplace in the world," he added. Nilekani presented various data points relating to DPIs to demonstrate the country's widespread approval. For example, he stated that due to DPIs, India was able to send $4.5 billion to the bank accounts of 150 million residents during COVID, and 700 million people already have bank accounts linked to their Aadhaar numbers. UPI has grown to become the world's most important payment system, with over 9.66 billion transactions conducted on the network each month, and 1.3 billion individuals now utilize Aadhaar to do 80 million identity authentication transactions every day. "India accomplished in 9 years what would have taken 47 years using traditional methods. "We went from being one of the least banked countries to one of the most financially inclusive," Nilekani said. "Without the $250 billion IT services industry, none of this would have been possible. In addition, we have an exceptional startup ecosystem. We had 1,000 startups in 2016. We now have one lakh. "It is not a 10 percent linear growth, but a 10x growth," he continued. WATCH WION LIVE HERE

Digital payments driving India's shift to unified mega-economy, says Nilekani

The BRICS grouping has expanded for the first time since 2010. This time, six new countries will join the grouping. The grouping is expected to recalibrate the world economy.

Expanded BRICS and its economic implications

Soon, chairpersons and managing directors of India's state-owned banks can retire at a later age. Reports suggest that the government is considering a proposal to raise the age-limit for these officials. The age limit for state-run bank chiefs is much lower than their private sector peers, who retire at 70. Analysts have cited lower retirement age as a reason for the lack of continuity in strategy at state-owned lenders.

India may raise retirement age of officials at state lenders

Private equity firm veritas capital has thrown its hat into the ring, extending an offer to acquire Blackberry. Blackberry, once renowned for its iconic business smartphones, has undergone a transformation over the years. The company pivoted away from its smartphone business, instead focusing on software for cars and cybersecurity. The private equity firm, with a penchant for government-focused tech investments, has made an offer to acquire blackberry in its entirety. Details of the offer remain confidential, but sources indicate that Blackberry is actively engaged in discussions with other potential buyers as well.

Veritas capital offers to buy Blackberry

<p>China has decreased the stamp duty on stock trading by more than half, which will come in effect starting Monday. The latest step is being seen as a step to boost China's struggling economy which the Wall Street Journal recently reported is way past its days of boom.</p>

<p>The Chinese&nbsp;finance ministry said in a brief statement on Sunday it was reducing the 0.1 per cent&nbsp;duty on stock trades "in order to invigorate the capital market and boost investor confidence".</p>

<p>Earlier, it was reported that the&nbsp;authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/world/more-economic-trouble-for-china-household-debt-rate-inches-closer-to-the-imf-warning-line-621963">More economic trouble for China?: Household debt rate inches closer to the IMF warning line</a></strong></p>

<p>"Such a policy will likely give a short-term boost to the market but won't have much effect over the long run," Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, said before the announcement. "The rebound could last for just two to three days, or even shorter."</p>

<h2><strong>China takes up other measures to boost economy</strong></h2>

<p>Other than the finance ministry, the China Securities Regulatory Commission (CSRC) is also rolling out measures to revive&nbsp;market confidence in investing in listed companies.</p>

<p>The CSRC said on Sunday that China will slow the pace of initial public offerings (IPOs) and further regulate major shareholders' share reductions.</p>

<p>Meanwhile, stock exchanges in China have lowered their margin financing requirements, according to the CSRC's announcement.</p>

<p><strong>Also watch |&nbsp;Gravitas: Exposed: How China is using LinkedIn for espionage</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-exposed-how-china-is-using-linkedin-for-espionage-628507/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>Chinese stock market, which is the second largest in world, is currently reeling due to red flags seen in country's post-pandemic recovery and a massive debt crisis in the property market.</p>

<p>Beijing has taken a series of measures to revive its days of boom. But investors are demanding a stronger policy response including massive government spending.</p>

<p>On Sunday, official data showed profits at China's industrial firms extended this year's slump to a seventh month, with weak demand squeezing companies.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


China has decreased the stamp duty on stock trading by more than half, which will come in effect starting Monday. The latest step is being seen as a step to boost China's struggling economy which the Wall Street Journal recently reported is way past its days of boom.

China has decreased the stamp duty on stock trading by more than half, which will come in effect starting Monday. The latest step is being seen as a step to boost China's struggling economy which the Wall Street Journal recently reported is way past its days of boom. The Chinese finance ministry said in a brief statement on Sunday it was reducing the 0.1 per cent duty on stock trades "in order to invigorate the capital market and boost investor confidence". Earlier, it was reported that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. Also read | More economic trouble for China?: Household debt rate inches closer to the IMF warning line "Such a policy will likely give a short-term boost to the market but won't have much effect over the long run," Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, said before the announcement. "The rebound could last for just two to three days, or even shorter." China takes up other measures to boost economy Other than the finance ministry, the China Securities Regulatory Commission (CSRC) is also rolling out measures to revive market confidence in investing in listed companies. The CSRC said on Sunday that China will slow the pace of initial public offerings (IPOs) and further regulate major shareholders' share reductions. Meanwhile, stock exchanges in China have lowered their margin financing requirements, according to the CSRC's announcement. Also watch | Gravitas: Exposed: How China is using LinkedIn for espionage × Chinese stock market, which is the second largest in world, is currently reeling due to red flags seen in country's post-pandemic recovery and a massive debt crisis in the property market. Beijing has taken a series of measures to revive its days of boom. But investors are demanding a stronger policy response including massive government spending. On Sunday, official data showed profits at China's industrial firms extended this year's slump to a seventh month, with weak demand squeezing companies. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China forced to slash stamp duty on stock trading after loss of days of economic boom

<p>Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn. While unveiling the new, X Hiring Beta, the company wrote, "Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today."&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Unlock early access to the X Hiring Beta — exclusively for Verified Organizations.<br />
<br />
Feature your most critical roles and organically reach millions of relevant candidates.<br />
<br />
Apply for the Beta today 🚀: <a href="https://t.co/viOQ9BUM3Y">https://t.co/viOQ9BUM3Y</a> <a href="https://t.co/AYzdBIDjds">pic.twitter.com/AYzdBIDjds</a></p>
— Hiring (@XHiring) <a href="https://twitter.com/XHiring/status/1695154429828247798?ref_src=twsrc%5Etfw">August 25, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>Along with the post, there was a link that directed the users to a sign-up page. "Sign up for early access to X Hiring, currently available for Verified Organizations. If eligible, we'll enable the Hiring features on your account," it said.&nbsp;</p>

<h2><strong>Exclusive early access&nbsp;</strong></h2>

<p>This initiative is a part of X's endeavour to expand its offerings beyond micro-blogging social media platform and transform it into a more comprehensive platform.</p>

<p>Also Read | <a href="https://www.wionews.com/world/at-least-two-killed-one-injured-after-russian-shelling-hits-cafe-in-ukraines-northeast-629482">At least two killed, one injured after Russian shelling hits cafe in Ukraine’s northeast</a></p>

<p>The Hiring feature is currently in its testing phase and provides verified organisations with the opportunity to post job listings on their X profiles.</p>

<p>This feature is accessible exclusively to premium subscription holders, media reports said.&nbsp;</p>

<p>As per reports, for a monthly fee of $1,000 (approximately Rs 82,300), verified companies can make use of this feature and gain a competitive advantage by advertising job roles on their X profiles.</p>

<h2><strong>Streamlined recruitment process</strong></h2>

<p>Other reports also said that the Hiring feature will allow companies to seamlessly import job data using supported Applicant Tracking Systems (ATS) or through an XML feed. Although the current offerings of the Hiring feature might not match the depth of features provided by LinkedIn, it presents an innovative proposition for companies looking to diversify their recruitment strategies.</p>

<h2><strong>X's strategic integration</strong></h2>

<p>Industry observers view this venture as a strategic move towards transforming X into an "everything app." This step demonstrates X's aspiration to broaden its influence and embrace various roles in the technology sector.</p>

<p>Also Read | <a href="https://www.wionews.com/world/china-sends-police-experts-to-vanuatu-after-pro-west-pm-loses-power-629511">China sends ‘police experts’ to Vanuatu after pro-West PM loses power</a></p>

<p>X's recently acquired Laskie, its first acquisition since Elon Musk's took over the micro-blogging site. Integrating Laskie's expertise could play a crucial role in developing and launching the new Hiring feature.</p>

<p><strong>Watch | NASA's supersonic passenger flights are getting closer</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/nasas-supersonic-passenger-flights-are-getting-closer-629569/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2><strong>Enhanced visibility&nbsp;</strong></h2>

<p>Companies with verified status will reportedly have the privilege of showcasing up to five job positions on their profiles, enhancing their visibility to potential candidates. This feature seeks to streamline the recruitment process and provide an additional avenue for companies to connect with potential talent.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>


Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn.

Elon Musk's X, previously known as Twitter, has introduced a new feature on its platform, marking its entry into the realm of professional networking. This move represents a significant step in challenging established job search websites like LinkedIn. While unveiling the new, X Hiring Beta, the company wrote, "Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today." Unlock early access to the X Hiring Beta — exclusively for Verified Organizations. Feature your most critical roles and organically reach millions of relevant candidates. Apply for the Beta today 🚀: https://t.co/viOQ9BUM3Y pic.twitter.com/AYzdBIDjds — Hiring (@XHiring) August 25, 2023 × Along with the post, there was a link that directed the users to a sign-up page. "Sign up for early access to X Hiring, currently available for Verified Organizations. If eligible, we'll enable the Hiring features on your account," it said. Exclusive early access This initiative is a part of X's endeavour to expand its offerings beyond micro-blogging social media platform and transform it into a more comprehensive platform. Also Read | At least two killed, one injured after Russian shelling hits cafe in Ukraine’s northeast The Hiring feature is currently in its testing phase and provides verified organisations with the opportunity to post job listings on their X profiles. This feature is accessible exclusively to premium subscription holders, media reports said. As per reports, for a monthly fee of $1,000 (approximately Rs 82,300), verified companies can make use of this feature and gain a competitive advantage by advertising job roles on their X profiles. Streamlined recruitment process Other reports also said that the Hiring feature will allow companies to seamlessly import job data using supported Applicant Tracking Systems (ATS) or through an XML feed. Although the current offerings of the Hiring feature might not match the depth of features provided by LinkedIn, it presents an innovative proposition for companies looking to diversify their recruitment strategies. X's strategic integration Industry observers view this venture as a strategic move towards transforming X into an "everything app." This step demonstrates X's aspiration to broaden its influence and embrace various roles in the technology sector. Also Read | China sends ‘police experts’ to Vanuatu after pro-West PM loses power X's recently acquired Laskie, its first acquisition since Elon Musk's took over the micro-blogging site. Integrating Laskie's expertise could play a crucial role in developing and launching the new Hiring feature. Watch | NASA's supersonic passenger flights are getting closer × Enhanced visibility Companies with verified status will reportedly have the privilege of showcasing up to five job positions on their profiles, enhancing their visibility to potential candidates. This feature seeks to streamline the recruitment process and provide an additional avenue for companies to connect with potential talent. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Elon Musk unveils new job hiring feature on X for verified organisations

<p>The Federal Reserve may need to raise interest rates further to ensure inflation is contained, Fed Chair Jerome Powell said on Friday, nodding both to easing price pressures and the surprising overperformance of the U.S. economy and promising to move "carefully" at upcoming meetings.</p>

<p>Powell said Fed policymakers would proceed with care as they "decide whether to tighten further," but also made clear that the central bank has not yet concluded that its benchmark interest rate is high enough to be sure that inflation returns to the 2% target.</p>

<p>"It is the Fed’s job to bring inflation down to our 2% goal, and we will do so," Powell said in a keynote address to the Jackson Hole Economic Policy Symposium. "We have tightened policy significantly over the past year. Although inflation has moved down from its peak - a welcome development - it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective."</p>

<p>Also Read | <a href="https://www.wionews.com/world/explained-with-prigozhin-dead-wagner-groups-bloodied-past-tumultuous-present-uncertain-future-629170">With Prigozhin dead, Wagner group's bloodied past, tumultuous present &amp; uncertain future</a></p>

<p>In that context, recent data has raised a new concern, he said.</p>

<p>"We are attentive to signs that the economy may not be cooling as expected," with consumer spending "especially robust" and the housing sector possibly rebounding, Powell said.</p>

<p>The economy continues to grow above trend, Powell said, and if that continues "it could put further progress on inflation at risk and could warrant further tightening of monetary policy."</p>

<p>His remarks showed the Fed wrestling with conflicting signals from an economy where inflation has by some readings slowed a lot without much cost to the economy - a good outcome, but one that has raised the possibility that Fed policy is not restrictive enough to complete the job.</p>

<p>Also Read | <a href="https://www.wionews.com/world/greek-wildfires-are-worst-in-europe-in-decades-says-eu-backed-climate-service-629165">Greek wildfires are worst in Europe in years, says EU-backed climate service</a></p>

<p>Unlike in last year's speech at the closely watched annual conference hosted by the Federal Reserve Bank of Kansas City - a terse warning of more tightening to come - Powell did not warn households of coming "pain" from further policy tightening. But neither did he signal that rate cuts were anywhere close, or nod as some policymakers have done to the need to adjust rates downward once inflation cools more sustainably.</p>

<h2><strong>Finger on the trigger</strong></h2>

<p>Markets reacted by continuing to price in only a modest chance of a rate hike next month - less than 20%, based on rate futures pricing - but an increasing likelihood of a rate hike at one of the Fed's following two meetings - on Oct. 31-Nov. 1 and Dec. 12-13 - with prices indicating a better-than-50% chance of the policy rate ending the year in a 5.5%-5.75% range.</p>

<p>"My main takeaway is that when it comes to another rate hike, the chair still very much has his finger on the trigger, even if it's a bit less itchy than it was last year," said Inflation Insights' Omair Sharif.</p>

<p><strong>Watch | PM Modi, Xi Jinping discuss border issues in Johannesburg</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pm-modi-xi-jinping-discuss-border-issues-in-johannesburg-629142/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>It was difficult, Powell said, to know with precision the degree to which the Fed's current 5.25% to 5.5% benchmark interest rate had cleared the "neutral" rate of interest needed to slow the economy, and therefore hard to assess just where policy stands.</p>

<p>Powell repeated what has become a standard Fed diagnosis of inflation progress - with a pandemic-era jump in goods inflation easing and a decline in housing inflation "in the pipeline," but concern that continued consumer spending on a broad array of services and a tight labor market may make a return to 2% difficult.</p>

<p>Recent declines in measures of underlying inflation, stripped of food and energy prices, "were welcome, but two months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably," Powell said.</p>

<p>"Given the size" of the broader services sector, excluding housing, "some further progress will be essential," the Fed chief said, and it will likely require an economic slowdown to deliver it.</p>

<p>"Restrictive monetary policy will likely play an increasingly important role. Getting inflation sustainably back down to 2% is expected to require a period of below-trend economic growth as well as some softening in labor market conditions," Powell said.</p>

<p>While Powell's tone was not as stern as last year, when in a very abrupt set of remarks he disabused market notions that the Fed was then nearing the end of its rate-hike cycle and would cut rates through this year. Still, it was clear he did not want to set aside any options.</p>

<p>“Powell continues to walk a tightrope," said Michael Arone, chief investment strategist at State Street Global Advisors. "This year I think he is demonstrating that he is pleased with how far monetary policy has come and how inflation has been reduced. But he is still holding on tightly to this notion that they are watching it carefully and they still have work to do.”</p>

<p>The Fed chair also indicated he is not open to entertaining a discussion about changing the Fed's 2% target for inflation as some economists have suggested may be warranted in an environment with growth that is persistently above trend.</p>

<p>"Two percent is and will remain our inflation target," Powell said. "We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to that level over time."</p>

<p>Powell ended his speech on Friday with nearly the same line he finished with last year at Jackson Hole: "We will keep at it until the job is done."</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>


The Federal Reserve may need to raise interest rates further to ensure inflation is contained, Fed Chair Jerome Powell said on Friday, nodding both to easing price pressures and the surprising overperformance of the U.

The Federal Reserve may need to raise interest rates further to ensure inflation is contained, Fed Chair Jerome Powell said on Friday, nodding both to easing price pressures and the surprising overperformance of the U.S. economy and promising to move "carefully" at upcoming meetings. Powell said Fed policymakers would proceed with care as they "decide whether to tighten further," but also made clear that the central bank has not yet concluded that its benchmark interest rate is high enough to be sure that inflation returns to the 2% target. "It is the Fed’s job to bring inflation down to our 2% goal, and we will do so," Powell said in a keynote address to the Jackson Hole Economic Policy Symposium. "We have tightened policy significantly over the past year. Although inflation has moved down from its peak - a welcome development - it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective." Also Read | With Prigozhin dead, Wagner group's bloodied past, tumultuous present & uncertain future In that context, recent data has raised a new concern, he said. "We are attentive to signs that the economy may not be cooling as expected," with consumer spending "especially robust" and the housing sector possibly rebounding, Powell said. The economy continues to grow above trend, Powell said, and if that continues "it could put further progress on inflation at risk and could warrant further tightening of monetary policy." His remarks showed the Fed wrestling with conflicting signals from an economy where inflation has by some readings slowed a lot without much cost to the economy - a good outcome, but one that has raised the possibility that Fed policy is not restrictive enough to complete the job. Also Read | Greek wildfires are worst in Europe in years, says EU-backed climate service Unlike in last year's speech at the closely watched annual conference hosted by the Federal Reserve Bank of Kansas City - a terse warning of more tightening to come - Powell did not warn households of coming "pain" from further policy tightening. But neither did he signal that rate cuts were anywhere close, or nod as some policymakers have done to the need to adjust rates downward once inflation cools more sustainably. Finger on the trigger Markets reacted by continuing to price in only a modest chance of a rate hike next month - less than 20%, based on rate futures pricing - but an increasing likelihood of a rate hike at one of the Fed's following two meetings - on Oct. 31-Nov. 1 and Dec. 12-13 - with prices indicating a better-than-50% chance of the policy rate ending the year in a 5.5%-5.75% range. "My main takeaway is that when it comes to another rate hike, the chair still very much has his finger on the trigger, even if it's a bit less itchy than it was last year," said Inflation Insights' Omair Sharif. Watch | PM Modi, Xi Jinping discuss border issues in Johannesburg × It was difficult, Powell said, to know with precision the degree to which the Fed's current 5.25% to 5.5% benchmark interest rate had cleared the "neutral" rate of interest needed to slow the economy, and therefore hard to assess just where policy stands. Powell repeated what has become a standard Fed diagnosis of inflation progress - with a pandemic-era jump in goods inflation easing and a decline in housing inflation "in the pipeline," but concern that continued consumer spending on a broad array of services and a tight labor market may make a return to 2% difficult. Recent declines in measures of underlying inflation, stripped of food and energy prices, "were welcome, but two months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably," Powell said. "Given the size" of the broader services sector, excluding housing, "some further progress will be essential," the Fed chief said, and it will likely require an economic slowdown to deliver it. "Restrictive monetary policy will likely play an increasingly important role. Getting inflation sustainably back down to 2% is expected to require a period of below-trend economic growth as well as some softening in labor market conditions," Powell said. While Powell's tone was not as stern as last year, when in a very abrupt set of remarks he disabused market notions that the Fed was then nearing the end of its rate-hike cycle and would cut rates through this year. Still, it was clear he did not want to set aside any options. “Powell continues to walk a tightrope," said Michael Arone, chief investment strategist at State Street Global Advisors. "This year I think he is demonstrating that he is pleased with how far monetary policy has come and how inflation has been reduced. But he is still holding on tightly to this notion that they are watching it carefully and they still have work to do.” The Fed chair also indicated he is not open to entertaining a discussion about changing the Fed's 2% target for inflation as some economists have suggested may be warranted in an environment with growth that is persistently above trend. "Two percent is and will remain our inflation target," Powell said. "We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to that level over time." Powell ended his speech on Friday with nearly the same line he finished with last year at Jackson Hole: "We will keep at it until the job is done." 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. ×

Fed's Powell says higher rates may be needed, will move 'carefully'

<p>Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine.&nbsp;</p>

<h2><strong>Why buying a bottle of beer is more expensive than buying Heineken’s Russia business?</strong></h2>

<p>The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected.&nbsp;</p>

<p>In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.”&nbsp;</p>

<p>He added, “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”&nbsp;</p>

<p>Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and&nbsp;selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1).&nbsp;</p>

<p>However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook.</p>

<p>As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses.&nbsp;</p>

<p>This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters.&nbsp;</p>

<h2><strong>Heineken’s long exit from Russia</strong></h2>

<p>Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”.&nbsp;</p>

<p>He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.”</p>

<p>Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal.&nbsp;</p>

<p>The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia.</p>

<p>“We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em><br />
<br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1).

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine. Why buying a bottle of beer is more expensive than buying Heineken’s Russia business? The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected. In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.” He added, “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.” Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1). However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook. As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses. This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters. Heineken’s long exit from Russia Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”. He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.” Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal. The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia. “We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Dutch brewer Heineken finally exits Russia after selling business for symbolic one euro

<p>After a hiatus due to market challenges, Swiggy, the Indian food delivery company backed by Softbank, is targeting IPO plans for stock market listing in 2024. Sources familiar with the matter revealed to Reuters news agency that Swiggy has reinitiated discussions with bankers to evaluate its valuation. The previous funding round in 2022 valued Swiggy at $10.7 billion. However, the company, like numerous other Indian startups, had to shelve its initial public offering (IPO) aspirations due to market uncertainties and concerns over high valuations. The market rebound, both globally and in India, has spurred Swiggy to recommence its IPO preparations.</p>

<h2><strong>Valuation considerations</strong></h2>

<p>To steer its IPO plans, Swiggy has reached out to eight investment banks for proposals in early September. Notable names in the mix include Morgan Stanley, JP Morgan, and Bank of America, Reuters said quoting sources.&nbsp;</p>

<p>Also Read | <a href="https://www.wionews.com/business-economy/with-massive-compensation-for-flyers-saudi-arabia-brings-new-aviation-rules-to-combat-flight-disruptions-629394">With massive compensation for flyers, Saudi Arabia brings new aviation rules to combat flight disruptions</a></p>

<p>While Swiggy intends to use its prior valuation of $10.7 billion from the latest funding round as a reference point, the company has yet to finalise the extent of the stake sale and ultimate valuation, the sources added.&nbsp;</p>

<p>In contrast, Invesco, a minor shareholder in Swiggy, valued the company at approximately $5.5 billion in May. Swiggy had initially mulled over raising $800 million to $1 billion through its IPO, based on insider sources.</p>

<h2><strong>Tentative timeline&nbsp;</strong></h2>

<p>The sources indicate that Swiggy is aiming to complete its IPO listing between July and September 2024, a window following India's national elections slated for May.&nbsp;Swiggy disclosed that its core food delivery segment achieved profitability in May, a significant milestone nine years after its inception. However, the newer grocery delivery arm, Instamart, continues to face losses.</p>

<p>Notably, Swiggy's competitor, Zomato, has witnessed a 54.8 percent surge in its shares this year, signaling a return of investor trust in India's financial markets.</p>

<p>Also Read | <a href="https://www.wionews.com/world/second-aircraft-reportedly-linked-to-prigozhin-not-linked-to-wagner-629402">Second aircraft linked to Prigozhin had no connection to Wagner: Report</a></p>

<p>In a recent development, Indian grocery startup Zepto managed to secure $200 million in fresh funding, propelling its valuation to $1.4 billion, and becoming a unicorn.&nbsp;</p>

<p><strong>Watch | India SEBI submits Adani probe status report in Supreme Court</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-sebi-submits-adani-probe-status-report-in-supreme-court-629397/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>This achievement makes Zepto the first Indian startup to reach the billion-dollar valuation mark in nearly a year.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>


After a hiatus due to market challenges, Swiggy, the Indian food delivery company backed by Softbank, is targeting IPO plans for stock market listing in 2024. Sources familiar with the matter revealed to Reuters news agency that Swiggy has reinitiated discussions with bankers to evaluate its valuation.

After a hiatus due to market challenges, Swiggy, the Indian food delivery company backed by Softbank, is targeting IPO plans for stock market listing in 2024. Sources familiar with the matter revealed to Reuters news agency that Swiggy has reinitiated discussions with bankers to evaluate its valuation. The previous funding round in 2022 valued Swiggy at $10.7 billion. However, the company, like numerous other Indian startups, had to shelve its initial public offering (IPO) aspirations due to market uncertainties and concerns over high valuations. The market rebound, both globally and in India, has spurred Swiggy to recommence its IPO preparations. Valuation considerations To steer its IPO plans, Swiggy has reached out to eight investment banks for proposals in early September. Notable names in the mix include Morgan Stanley, JP Morgan, and Bank of America, Reuters said quoting sources. Also Read | With massive compensation for flyers, Saudi Arabia brings new aviation rules to combat flight disruptions While Swiggy intends to use its prior valuation of $10.7 billion from the latest funding round as a reference point, the company has yet to finalise the extent of the stake sale and ultimate valuation, the sources added. In contrast, Invesco, a minor shareholder in Swiggy, valued the company at approximately $5.5 billion in May. Swiggy had initially mulled over raising $800 million to $1 billion through its IPO, based on insider sources. Tentative timeline The sources indicate that Swiggy is aiming to complete its IPO listing between July and September 2024, a window following India's national elections slated for May. Swiggy disclosed that its core food delivery segment achieved profitability in May, a significant milestone nine years after its inception. However, the newer grocery delivery arm, Instamart, continues to face losses. Notably, Swiggy's competitor, Zomato, has witnessed a 54.8 percent surge in its shares this year, signaling a return of investor trust in India's financial markets. Also Read | Second aircraft linked to Prigozhin had no connection to Wagner: Report In a recent development, Indian grocery startup Zepto managed to secure $200 million in fresh funding, propelling its valuation to $1.4 billion, and becoming a unicorn. Watch | India SEBI submits Adani probe status report in Supreme Court × This achievement makes Zepto the first Indian startup to reach the billion-dollar valuation mark in nearly a year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

India: Swiggy revives IPO plans for 2024 stock market listing