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The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint.

The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated. After India curtailed rice shipments after Russia’s action, food prices worldwide increased even more.

Presently the department of commerce, ministry of external affairs, department of revenue, department of food and public distribution, and the Food Corporation of India (FCI) are reviewing the UN request internally.

Based on the assessment of the stock position, the request is anticipated to be approved.&nbsp;&nbsp;A government official told Mint that India has never turned down a request from the World Food Program.

“The decision will be made strictly on the basis of availability of the commodity and keeping the country’s food security in mind. We have agreed at the World Trade Organization (WTO) that we will not impose any export restriction on the WFP. We have come up with rice export restrictions but they will be set aside when it comes to the request made by WFP,” Mint quotes the official as saying.

In order to process the aid, WFP has formally requested the country-of-origin certificate, commercial invoice, sanitary and phytosanitary certificate, as well as crop year certification.

Earlier, WFP-chartered ships supplied more than 380,000 tonnes of wheat through several Black Sea ports as part of the Black Sea grain agreement to support operations in Afghanistan, Ethiopia, Somalia, and Yemen. This was vital in lowering food costs brought on by the conflict in Ukraine.

In India, the Consumer Food Price Index (CPI)—which accounts for almost to half of the total consumer price basket—measures food inflation and increased to 4.49 per cent in June 2023 from 2.96 per cent (revised) in May 2023. While core inflation estimates show that the underlying trend in inflation is intact, Morgan Stanley anticipates headline inflation to track higher than their previous assumption.

Mint cited the official saying that grain transit from Russia and Ukraine is restricted, driving up food costs globally and raising concerns about supplies.

“The price of rice coming out of Australia and the US, the next big producers, is much higher compared to elsewhere. And India has to ensure food security because the quantity that will be sought by India is enormous,” Mint quoted the official.

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The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint. The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated.

The World Food Programme has requested India for 200,000 tonnes of rice to carry out humanitarian operations, according to a report by Mint. The appeal comes after the UN-mediated Black Sea grain deal, which was vital for world supply and collapsed last month when Russia withdrew on the grounds that the accord’s humanitarian goals could no longer be substantiated. After India curtailed rice shipments after Russia’s action, food prices worldwide increased even more. Presently the department of commerce, ministry of external affairs, department of revenue, department of food and public distribution, and the Food Corporation of India (FCI) are reviewing the UN request internally. Based on the assessment of the stock position, the request is anticipated to be approved. A government official told Mint that India has never turned down a request from the World Food Program. “The decision will be made strictly on the basis of availability of the commodity and keeping the country’s food security in mind. We have agreed at the World Trade Organization (WTO) that we will not impose any export restriction on the WFP. We have come up with rice export restrictions but they will be set aside when it comes to the request made by WFP,” Mint quotes the official as saying. In order to process the aid, WFP has formally requested the country-of-origin certificate, commercial invoice, sanitary and phytosanitary certificate, as well as crop year certification. Earlier, WFP-chartered ships supplied more than 380,000 tonnes of wheat through several Black Sea ports as part of the Black Sea grain agreement to support operations in Afghanistan, Ethiopia, Somalia, and Yemen. This was vital in lowering food costs brought on by the conflict in Ukraine. In India, the Consumer Food Price Index (CPI)—which accounts for almost to half of the total consumer price basket—measures food inflation and increased to 4.49 per cent in June 2023 from 2.96 per cent (revised) in May 2023. While core inflation estimates show that the underlying trend in inflation is intact, Morgan Stanley anticipates headline inflation to track higher than their previous assumption. Mint cited the official saying that grain transit from Russia and Ukraine is restricted, driving up food costs globally and raising concerns about supplies. “The price of rice coming out of Australia and the US, the next big producers, is much higher compared to elsewhere. And India has to ensure food security because the quantity that will be sought by India is enormous,” Mint quoted the official. WATCH WION LIVE HERE

Amid worsening global hunger, WFP requests India for 200,000 tonnes of rice 

China, renowned as the world's manufacturing hub, has been a major exporter of various goods and services. However, recent export data from the world's second-largest economy suggests a significant shift in global trends, potentially posing a threat.

In July, China experienced a sharp decline in exports, dropping by 14.5 per cent compared to the previous year, amounting to $281.8 billion. This signals a persistent economic downturn post-COVID-19, with July marking the third consecutive month of decreasing exports. June saw a 12.4 per cent drop, while May experienced a decline of 7.5 per cent.

Interestingly, Mexico and Canada have surpassed China as the top trading partners of the United States this year. American companies are increasingly focusing on reshaping their supply chains closer to home.

Chinese official data released on Friday revealed over 80 per cent year-on-year plunge in foreign investment in China during the second quarter.

While a general global demand slowdown, weakening consumer demands for goods and retreating business inventory growth contribute to the decline in Chinese exports, a closer examination of the export data suggests another significant factor.

Furthermore, the disruptions caused by the COVID-19 pandemic and the ongoing conflict in Ukraine, combined with efforts to reduce dependency on China, have led to the emergence of the 'nearshoring' phenomenon, impacting global supply chains.

US approach of &nbsp;‘nearshoring’ to reallocate trade

Nearshoring refers to moving business activities to a nearby country. It's a way of working closer to home compared to offshore outsourcing, where companies find suppliers in distant places to cut costs.

A report from the Center for Strategic and International Studies called "Nearshoring to the Americas" talks about the importance for the US to create new trade agreements with countries in the Americas. This would make supply chains safer and stronger by spreading them out.

The report also says that the trade issues between China and the US are making some businesses move their operations from the US to Mexico. In the future, other countries in Latin America might do the same if they get similar benefits for trade and investment with the US like Mexico has.

The growing divide between the United States and China regarding human rights, fair trade, and competition in technology and markets is causing concerns for their trade relationship. However, this divide has yet to affect the purchasing habits of American customers, as there is still strong demand for Chinese-made products like phones and clothing.

Additionally, the Biden administration is trying to portray a positive image of US-China trade. They try to assure Chinese authorities that the US is focused on reducing risk in commercial ties by moving important supply lines to the US or its allies rather than completely cutting economic ties.

However, due to increasing national security worries, the administration has stopped sending advanced computer chips to China and will announce more restrictions on US involvement in Chinese technology sectors shortly.

Shifting US trade dynamics to Mexico

Recent data from the US commerce department shows that Mexico has taken over from China as the leading provider of goods to the US. In the current year, the US has purchased goods worth $203 billion from China, a 25 per cent decrease compared to last year.

This shift holds significant importance due to the size of U.S.-China trade, one of the world's largest. The US has a considerable trade deficit with China, highlighting the significant influence of the Asian powerhouse on the world's biggest economy.

Furthermore, as per a report by Morgan Stanley, increased investment resulting from nearshoring could reach $46 billion over the next five years. This could drive Mexico's annual GDP growth to around 3 per cent during 2025-2027, a noticeable rise from the projected 1.9 per cent in 2022.

Manufacturing companies in the United States are relocating production closer to their home base and consumers, moving away from Asia. Moreover, besides its geographical proximity, Mexico offers a large, cost-effective labor pool and free-trade agreements with the United States and Europe.

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<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>

China, renowned as the world's manufacturing hub, has been a major exporter of various goods and services. However, recent export data from the world's second-largest economy suggests a significant shift in global trends, potentially posing a threat.

China, renowned as the world's manufacturing hub, has been a major exporter of various goods and services. However, recent export data from the world's second-largest economy suggests a significant shift in global trends, potentially posing a threat. In July, China experienced a sharp decline in exports, dropping by 14.5 per cent compared to the previous year, amounting to $281.8 billion. This signals a persistent economic downturn post-COVID-19, with July marking the third consecutive month of decreasing exports. June saw a 12.4 per cent drop, while May experienced a decline of 7.5 per cent. Interestingly, Mexico and Canada have surpassed China as the top trading partners of the United States this year. American companies are increasingly focusing on reshaping their supply chains closer to home. Chinese official data released on Friday revealed over 80 per cent year-on-year plunge in foreign investment in China during the second quarter. While a general global demand slowdown, weakening consumer demands for goods and retreating business inventory growth contribute to the decline in Chinese exports, a closer examination of the export data suggests another significant factor. Furthermore, the disruptions caused by the COVID-19 pandemic and the ongoing conflict in Ukraine, combined with efforts to reduce dependency on China, have led to the emergence of the 'nearshoring' phenomenon, impacting global supply chains. US approach of ‘nearshoring’ to reallocate trade Nearshoring refers to moving business activities to a nearby country. It's a way of working closer to home compared to offshore outsourcing, where companies find suppliers in distant places to cut costs. A report from the Center for Strategic and International Studies called "Nearshoring to the Americas" talks about the importance for the US to create new trade agreements with countries in the Americas. This would make supply chains safer and stronger by spreading them out. The report also says that the trade issues between China and the US are making some businesses move their operations from the US to Mexico. In the future, other countries in Latin America might do the same if they get similar benefits for trade and investment with the US like Mexico has. The growing divide between the United States and China regarding human rights, fair trade, and competition in technology and markets is causing concerns for their trade relationship. However, this divide has yet to affect the purchasing habits of American customers, as there is still strong demand for Chinese-made products like phones and clothing. Additionally, the Biden administration is trying to portray a positive image of US-China trade. They try to assure Chinese authorities that the US is focused on reducing risk in commercial ties by moving important supply lines to the US or its allies rather than completely cutting economic ties. However, due to increasing national security worries, the administration has stopped sending advanced computer chips to China and will announce more restrictions on US involvement in Chinese technology sectors shortly. Shifting US trade dynamics to Mexico Recent data from the US commerce department shows that Mexico has taken over from China as the leading provider of goods to the US. In the current year, the US has purchased goods worth $203 billion from China, a 25 per cent decrease compared to last year. This shift holds significant importance due to the size of U.S.-China trade, one of the world's largest. The US has a considerable trade deficit with China, highlighting the significant influence of the Asian powerhouse on the world's biggest economy. Furthermore, as per a report by Morgan Stanley, increased investment resulting from nearshoring could reach $46 billion over the next five years. This could drive Mexico's annual GDP growth to around 3 per cent during 2025-2027, a noticeable rise from the projected 1.9 per cent in 2022. Manufacturing companies in the United States are relocating production closer to their home base and consumers, moving away from Asia. Moreover, besides its geographical proximity, Mexico offers a large, cost-effective labor pool and free-trade agreements with the United States and Europe. WATCH WION LIVE HERE

Shifting trade dynamics: Is China losing advantage to ‘nearshoring’?

The leaders of Europe's major insurance companies have raised concerns about the growing political resistance in the United States over aggressive policy steps required to combat climate change. This, the UN-backed group of insurers called the Net Zero Insurance Alliance says,&nbsp;has put their ability to collaborate in combating climate change at risk.

The Net-Zero Insurance Alliance was established in 2021 to collectively address carbon emissions related to underwriting.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/explainer-why-the-insurance-industry-is-taking-over-100-billion-hit-from-climate-change-losses-550991">Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?</a>

However, this initiative's future has been uncertain since May this year&nbsp;when a letter from 23 Republican state Attorneys General&nbsp;suggested that the alliance's joint targets might violate antitrust laws, following which&nbsp;several insurers left the group.

<h2>What was the legal challenge?</h2>

This legal challenge emerged amidst rising opposition among certain Republican politicians who view environmental activism as detrimental to the oil and gas industry and the broader economy.

Several states, including Florida and Texas, have implemented legislation to discourage environmental, social, and governance investing and financing with target to deter harms on oil and gas industry.

Axa, a prominent European insurer, was a founding member of the Net-Zero Insurance Alliance but withdrew in May.

Its chief executive Thomas Buberl told the Financial Times, "My job is to manage insurance and not to deal . . . with 23 attorneys-general in the US."

It was "far more powerful" to act collectively on climate, he said, but he added: "You also have to at some point say to yourself, OK, where are your priorities? Is there a different way of getting to the same result with less hassle?"

Christian Mumenthaler, CEO of reinsurer Swiss Re, which also left the alliance in May, echoed Buberl's sentiment.

“It’s clear that in today’s political environment, it remains very difficult: there remains some political risk, some legal risk. Then the question is, OK, for the overall cause, how much is it adding?," Mumenthaler was quoted as saying by Financial Times.

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Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?

The leaders of Europe's major insurance companies have raised concerns about the growing political resistance in the United States over aggressive policy steps required to combat climate change.

The leaders of Europe's major insurance companies have raised concerns about the growing political resistance in the United States over aggressive policy steps required to combat climate change. This, the UN-backed group of insurers called the Net Zero Insurance Alliance says, has put their ability to collaborate in combating climate change at risk. The Net-Zero Insurance Alliance was established in 2021 to collectively address carbon emissions related to underwriting. Also read | Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses? However, this initiative's future has been uncertain since May this year when a letter from 23 Republican state Attorneys General suggested that the alliance's joint targets might violate antitrust laws, following which several insurers left the group. What was the legal challenge? This legal challenge emerged amidst rising opposition among certain Republican politicians who view environmental activism as detrimental to the oil and gas industry and the broader economy. Several states, including Florida and Texas, have implemented legislation to discourage environmental, social, and governance investing and financing with target to deter harms on oil and gas industry. Axa, a prominent European insurer, was a founding member of the Net-Zero Insurance Alliance but withdrew in May. Its chief executive Thomas Buberl told the Financial Times, "My job is to manage insurance and not to deal . . . with 23 attorneys-general in the US." It was "far more powerful" to act collectively on climate, he said, but he added: "You also have to at some point say to yourself, OK, where are your priorities? Is there a different way of getting to the same result with less hassle?" Christian Mumenthaler, CEO of reinsurer Swiss Re, which also left the alliance in May, echoed Buberl's sentiment. “It’s clear that in today’s political environment, it remains very difficult: there remains some political risk, some legal risk. Then the question is, OK, for the overall cause, how much is it adding?," Mumenthaler was quoted as saying by Financial Times. 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. Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?

Republican-led backlash over climate change raises concern among European insurers

The bail plea of Sam Bankman-Fried, the former CEO of now defunct cryptocurrency exchange FTX, was revoked and he will now head towards prison for allegedly tampering with witnesses.

On Friday (Aug 11), Manhattan District Cout Judge Lewis Kaplan announced his decision while hearing his bail plea. The ruling came less than two months before the scheduled October fraud trial.

"There is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice," Kaplan said during the hearing.

Sam Bankman-Fried's lawyers said they intend to appeal the decision.

<h2>Ex-FTX CEO was under house arrest</h2>

The 31-year-old disgraced founder has been living under house arrest at his parents’ home in Palo Alto, California, after being charged last year by the US government that he was involved in perhaps one of the largest financial frauds in US history.

He has been living at his parents’ house since December 2022’s arrest after he signed a $250 million bond.

He is accused of stealing billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund.

<h2>FTX Fraud Saga: Sam Bankman-Fried to face trial from October 2</h2>

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The billionaire could be sentenced to life if he is found guilty of those charges.

The government prosecutors wanted to revoke his bail and have the crypto star spend prison time until his trial after accusing him of witness tampering.

<h2>Ex-girlfriend to testify&nbsp;</h2>

The prosecutors claimed that the former FTX CEO leaked private diary entries of his former girlfriend, Caroline Ellison, to The New York Times.

The alleged leak of Ellison's diary included reflections on her relationship with Bankman-Fried and some of her professional misgivings.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-military-scientists-achieved-huge-breakthrough-in-laser-weapon-tech-report-624679">Chinese military scientists achieved 'huge breakthrough' in laser weapon tech: Report</a>

Hours after the Times published the piece, the prosecution filed a formal request with the judge to modify Bankman-Fried’s bail terms.

They argued that by leaking the documents, the defendant hoped "to portray a key cooperator testifying against him in a poor and inculpatory light."

Also read |&nbsp;<a href="https://www.wionews.com/world/south-africas-ex-president-zuma-released-hours-after-he-reported-at-prison-624621">South Africa's ex-president Zuma released an hour after reporting at prison</a>

They said that it was an attempt to "intimidate and corruptly persuade Ellison with respect to her upcoming trial testimony, as well as an effort to influence or prevent the testimony of other potential trial witnesses by creating the spectre that their most intimate business is at risk of being reported in the press."

Ellison was the former head of Alameda Research, a hedge fund co-founded by Bankman-Fried.

After pleading guilty to fraud charges, Ellison was likely to testify against Bankman-Fried in court.

(With inputs from agencies) 
 
&nbsp;

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The bail plea of Sam Bankman-Fried, the former CEO of now defunct cryptocurrency exchange FTX, was revoked and he will now head towards prison for allegedly tampering with witnesses.

The bail plea of Sam Bankman-Fried, the former CEO of now defunct cryptocurrency exchange FTX, was revoked and he will now head towards prison for allegedly tampering with witnesses. On Friday (Aug 11), Manhattan District Cout Judge Lewis Kaplan announced his decision while hearing his bail plea. The ruling came less than two months before the scheduled October fraud trial. "There is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice," Kaplan said during the hearing. Sam Bankman-Fried's lawyers said they intend to appeal the decision. Ex-FTX CEO was under house arrest The 31-year-old disgraced founder has been living under house arrest at his parents’ home in Palo Alto, California, after being charged last year by the US government that he was involved in perhaps one of the largest financial frauds in US history. He has been living at his parents’ house since December 2022’s arrest after he signed a $250 million bond. He is accused of stealing billions of dollars in FTX customer funds to plug losses at his Alameda Research hedge fund. FTX Fraud Saga: Sam Bankman-Fried to face trial from October 2 The billionaire could be sentenced to life if he is found guilty of those charges. The government prosecutors wanted to revoke his bail and have the crypto star spend prison time until his trial after accusing him of witness tampering. Ex-girlfriend to testify The prosecutors claimed that the former FTX CEO leaked private diary entries of his former girlfriend, Caroline Ellison, to The New York Times. The alleged leak of Ellison's diary included reflections on her relationship with Bankman-Fried and some of her professional misgivings. Also read | Chinese military scientists achieved 'huge breakthrough' in laser weapon tech: Report Hours after the Times published the piece, the prosecution filed a formal request with the judge to modify Bankman-Fried’s bail terms. They argued that by leaking the documents, the defendant hoped "to portray a key cooperator testifying against him in a poor and inculpatory light." Also read | South Africa's ex-president Zuma released an hour after reporting at prison They said that it was an attempt to "intimidate and corruptly persuade Ellison with respect to her upcoming trial testimony, as well as an effort to influence or prevent the testimony of other potential trial witnesses by creating the spectre that their most intimate business is at risk of being reported in the press." Ellison was the former head of Alameda Research, a hedge fund co-founded by Bankman-Fried. After pleading guilty to fraud charges, Ellison was likely to testify against Bankman-Fried in court. (With inputs from agencies) WATCH WION LIVE HERE

Former FTX CEO Sam Bankman-Fried’s bail revoked for witness tampering, heads to prison

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. &nbsp;

In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. &nbsp; &nbsp;

In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. &nbsp;

"Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. &nbsp;

Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. &nbsp; &nbsp;

With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. &nbsp; &nbsp;

IPO Listing &nbsp; &nbsp;

In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. &nbsp;

After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. &nbsp;

The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). &nbsp;

Purchase of stake from Antfin &nbsp; &nbsp;

In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. &nbsp; &nbsp;

The success of Paytm &nbsp;

Research by International Journal for Research in Engineering Application &amp; Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. &nbsp;

Revenue model &nbsp;

A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. &nbsp;

For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. &nbsp;

Innovative strategies &nbsp; &nbsp;

What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands.

Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success.

&nbsp;

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In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services.

In 2000, after receiving a loan worth 8,00,000 rupees ($9,000), Vijay Shekhar Sharma founded Paytm's parent organisation – One97 Communications, which offered digital goods and services. Later in 2010, with an initial investment of $2 million, Sharma launched Paytm, an acronym for 'pay through mobile,' which started as a prepaid mobile and DTH (direct-to-home) recharge platform headquartered in Noida, India. In less than ten years, Paytm has developed into one of the most valuable financial start-ups in the nation. In 2014, the Paytm Wallet became one of India's most popular digital wallets. The following few years saw Paytm grow its user base and enter the e-commerce space by enabling online shopping and ticketing. Digital payments surged in 2016 after India demonetised 500- and 1000-rupee notes. "Paytm Karo" became the infamous tagline that every Indian was familiar with when thinking about online shopping after demonetisation. Paytm was the first payment app in the nation that achieved 100 million downloads in 2017. As of March 1, 2021, Paytm had 1.2 billion monthly transactions and more than 150 million active users. With a 15 per cent month-over-month gain, the digital payments giant now holds the largest market share in the offline merchant payments sector. The business has expanded into several services, including ticketing for movies and flights, gold sales, insurance, bank deposits and remittances. IPO Listing In 2021, Paytm made history by conducting India's largest Initial Public Offering (IPO). Its initial public offering exceeded Coal India's IPO of Rs 15,200 crore ($1.8 billion) in 2010. After completing the IPO, Paytm's founder Vijay Shekhar Sharma broke into tears during his speech at the Bombay Stock Exchange (BSE), as per a report by NDTV. The company surpassed the market capitalisation milestone of Rs. 1 lakh crore ($12 billion). The digital payments company's market cap on the BSE touched Rs. 1.19 lakh crore ($14 billion). Purchase of stake from Antfin In August 2023, Paytm's CEO announced that he intends to purchase a 10.3 per cent stake from Antfin, an Ant Financial subsidiary, for $628 million. This move aimed to streamline ownership within the Indian payments firm. Following the announcement, Paytm's shares surged by 11.4 per cent, having already risen over 50 per cent in the year. Antfin (Netherlands) Holding B.V.'s acquisition price is 796.6 rupees ($9.3) per share, mirroring Paytm's recent closing price. This purchase will reduce Antfin's ownership to 13.5 per cent, relinquishing its status as the largest stakeholder. Notably, China's Alibaba sold its entire stake in Paytm in February, while Softbank Group Corp has gradually lowered its stake, now at 9.18 per cent. After this acquisition, Sharma, Paytm's founder, will become the primary stakeholder with 19.42 per cent. The success of Paytm Research by International Journal for Research in Engineering Application & Management attributes Paytm's success to its revenue model and innovative strategies to enhance its services in the Indian digital financial services sector. Revenue model A diversified revenue model of Paytm has played a huge role in its growth and market leadership. By adopting various revenue streams, Paytm has ensured financial stability and catered to different user base segments. For instance, the advertising revenue model allows sellers to promote their products on Paytm's platform for a fee. The subscription model lets sellers pay an annual subscription fee to list their products. And Paytm's advance payment model capitalises on customer payments by accruing interest until funds are transferred to sellers. Innovative strategies What began as a platform for online bill payments has evolved into a comprehensive mobile money solution, including the establishment of Paytm Payments Bank. This initiative bridges the gap for individuals needing access to traditional financial services. The launch of the Paytm for Business app and banking features targeting corporate customers exemplify Paytm's versatility and adaptability to varying market demands. Paytm was among the first financial companies to push for cashless transactions by making digital payments through a unified payments interface (UPI), which has presently proven to be a huge success. WATCH WION LIVE HERE

Flashback Friday: Pioneering the e-wallet ecosystem – The story of Paytm  

US tech giant Amazon is tracking and punishing employees who are not spending enough time in the office, according to an email sent to its employees by the administration earlier this week.

Some of the company’s staff members received a warning from Amazon on Wednesday (August 9) which said they were “not currently meeting our expectation of joining your colleagues in the office at least three days a week,” reported Financial Times.

A statement by Amazon clarified that the alert was sent to those employees who “have come into the office fewer than three days a week for five or more of the past eight weeks.”

The company acknowledged it could have alerted some of its employees by mistake and it encouraged them to report their attendance to the Human Resource team.

<h2>Amazon facing resistance</h2>

Amazon’s recent move reflects a wider trend in the US tech sector of encouraging employees to return to the office. The company tracks attendance through badge tap-ins, as done by Google.

However, the company has faced resistance from the workers, who now prefer the current hybrid or completely remote setup.&nbsp;

<a href="https://www.wionews.com/world/amazon-workers-from-two-fulfilment-centers-in-uk-to-stage-strikes-over-pay-dispute-619956">Also read:&nbsp;Amazon workers from two facilities in UK to stage strikes over pay dispute</a>

Recently, some Amazon workers staged a walkout over the return-to-office mandate.&nbsp;

<h2>Current status</h2>

As per a report by Morning Consult, about 85 per cent of tech workers are working either hybrid or&nbsp;fully remote. The figure fared around 50 per cent in May 2022, and was at around 20 per cent before the onset of the COVID-19 pandemic.

Now, studies have shown that workers don’t want to return to office despite efforts by their employers. A Morning Consult report cited by the Guardian noted that three in five tech workers were not interested in returning to the office full-time.

<h2>Wider trend among US tech companies</h2>

Amazon has joined the ranks of companies encouraging employees to come back to the office. In March, Apple initiated measures to penalise employees who didn't return part-time, and Elon Musk, upon becoming X’s CEO, also mandated a full-time return.

Advocates for workers' rights argue that forcing employees back to the office could bolster the burgeoning labour movement in the tech industry.

Watch:&nbsp;Apple services grow but iPhone sales decline, Amazon reports best earnings since 2020

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This push to return coincides with a new surge of COVID-19 cases in the US, highlighting the risks that initially prompted the shift to remote work.&nbsp;

Hospitalisations and deaths due to Covid have risen by 12.5 per cent and 10 per cent, respectively, in the past week, according to the Centers for Disease Control and Prevention.&nbsp;

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US tech giant Amazon is tracking and punishing employees who are not spending enough time in the office, according to an email sent to its employees by the administration earlier this week.

US tech giant Amazon is tracking and punishing employees who are not spending enough time in the office, according to an email sent to its employees by the administration earlier this week. Some of the company’s staff members received a warning from Amazon on Wednesday (August 9) which said they were “not currently meeting our expectation of joining your colleagues in the office at least three days a week,” reported Financial Times. A statement by Amazon clarified that the alert was sent to those employees who “have come into the office fewer than three days a week for five or more of the past eight weeks.” The company acknowledged it could have alerted some of its employees by mistake and it encouraged them to report their attendance to the Human Resource team. Amazon facing resistance Amazon’s recent move reflects a wider trend in the US tech sector of encouraging employees to return to the office. The company tracks attendance through badge tap-ins, as done by Google. However, the company has faced resistance from the workers, who now prefer the current hybrid or completely remote setup. Also read: Amazon workers from two facilities in UK to stage strikes over pay dispute Recently, some Amazon workers staged a walkout over the return-to-office mandate. Current status As per a report by Morning Consult, about 85 per cent of tech workers are working either hybrid or fully remote. The figure fared around 50 per cent in May 2022, and was at around 20 per cent before the onset of the COVID-19 pandemic. Now, studies have shown that workers don’t want to return to office despite efforts by their employers. A Morning Consult report cited by the Guardian noted that three in five tech workers were not interested in returning to the office full-time. Wider trend among US tech companies Amazon has joined the ranks of companies encouraging employees to come back to the office. In March, Apple initiated measures to penalise employees who didn't return part-time, and Elon Musk, upon becoming X’s CEO, also mandated a full-time return. Advocates for workers' rights argue that forcing employees back to the office could bolster the burgeoning labour movement in the tech industry. Watch: Apple services grow but iPhone sales decline, Amazon reports best earnings since 2020 × This push to return coincides with a new surge of COVID-19 cases in the US, highlighting the risks that initially prompted the shift to remote work. Hospitalisations and deaths due to Covid have risen by 12.5 per cent and 10 per cent, respectively, in the past week, according to the Centers for Disease Control and Prevention. WATCH WION LIVE HERE ×

Amazon issues warning to employees not spending enough time in office

The International Energy Agency (IEA) said on Friday (August 11) it&nbsp;raised its projection for global oil demand growth in 2023 to "scaling record highs".&nbsp;

IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.&nbsp;

The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/country-garden-billionaire-bags-big-payouts-as-default-looms-bloomberg-624506">Country Garden billionaire bags big payouts as default looms: Report</a>&nbsp;

It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day."&nbsp;

The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy".&nbsp;

The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/china-slides-towards-deflation-with-breakfast-buffets-costing-just-40-cents-624488">China slides towards deflation, with breakfast buffets costing just 40 cents</a>&nbsp;

The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February.&nbsp;

The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d.&nbsp;

(With inputs from agencies)

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The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.

The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher. The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak". Also read: Country Garden billionaire bags big payouts as default looms: Report It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day." The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy". The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity." Also read: China slides towards deflation, with breakfast buffets costing just 40 cents The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February. The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d. (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.

International Energy Agency says oil demand going up, prices could rise further this year

Tapestry, the US owner of lifestyle brands including Coach and Kate Spade, said Thursday it will acquire Michael Kors parent company Capri for $8.5 billion, creating a new global fashion giant to compete with European powerhouses.

The unified company will also include Tapestry's Stuart Weitzman and Capri's Jimmy Choo -- both prominent shoe brands -- as well as Versace, a go-to name for Hollywood A-listers looking to make a splash on red carpets.

That will give Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, also a celeb favorite.

The merger "creates a new powerful global luxury house," said Tapestry chief executive Joanne Crevoiserat.

The all-cash takeover aims to boost sales by combining customer data streams, broadening geographic reach and achieving some $200 million in annual cost savings within three years of the deal closing, a joint press release said.

Executives highlighted Tapestry's superior direct-to-consumer business as an area of potential growth for Capri, which garners more sales in Europe compared with Tapestry, which is stronger in Asia.

Both groups rely on the Americas for a majority of sales, according to a Tapestry presentation.

"We can learn a lot from how they (Capri) built their brands in Europe," Crevoiserat said on a conference call with analysts.

"It's about taking iconic brands with real heritage and design and craftsmanship and combining them with our modern consumer engagement platform," Crevoiserat said.&nbsp;

"That will yield more innovation, more connectivity and more relevance."

CFRA Research analyst Zachary Warring described Capri's brands as "maybe half a step up" on the luxury scale from Tapestry's, with a slightly wealthier customer profile.

The 59 percent premium paid on Capri shares constitutes a "solid price," but Warring cautioned that it could be "at least three to five years before you start to see real gains" at Tapestry, whose shares fell sharply.

Warring said Tapestry may ultimately divest one of the non-core brands to accelerate debt repayment. The deal is expected to close in 2024.

<h2>'Patchwork of brands'</h2>

Neil Saunders, managing director of consultancy GlobalData, said the transaction aims to enable Tapestry to benefit from a similar strategy to that employed by European powerhouses like LVMH based around "a patchwork of brands appealing to different segments, rather than by making individual brands ubiquitous."

While "there is a lot of logic behind the deal," Saunders called Capri's price "hefty" and described the state of the Michael Kors brand as a declining "mess."&nbsp;

"Admittedly, Tapestry has plenty of experience of reviving problem brands from its turnaround of Coach, which had become ubiquitous and sullied through constant discounting and promotions," Saunders said.

"Kate Spade was also in a similar position when Tapestry acquired it, and is now emerging in positive form from a successful reinvention. While the same thinking and playbook can be applied to Michael Kors, a turnaround will be far more complex and intricate."

Crevoiserat described Kors as "a strong brand ... with strong consumer resonance and awareness across customer demographics, adding that its customer base "skews slightly younger and more diverse."

"We will work on improving the brand experience," Crevoiserat said.&nbsp;

Both Capri and Tapestry have grown through acquisition. Together, they had revenues of $12.3 billion last year.&nbsp;

Revenues at LVMH -- the world's top luxury group whose brands include Louis Vuitton, Dior and Tiffany -- last year were 79.2 billion euros ($87.2 billion). Sales in 2022 at Kering, home to Gucci and Yves Saint Laurent, were 20.4 billion euros.

Tapestry will finance the deal through a combination of corporate bonds, bank loans and excess cash. Tapestry will suspend its share repurchase plan.

Shares of Capri surged more than 55 percent to $53.90, while Tapestry plunged nearly 16 percent to $34.67.

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Tapestry, the US owner of lifestyle brands including Coach and Kate Spade, said Thursday it will acquire Michael Kors parent company Capri for $8.5 billion, creating a new global fashion giant to compete with European powerhouses.

Tapestry, the US owner of lifestyle brands including Coach and Kate Spade, said Thursday it will acquire Michael Kors parent company Capri for $8.5 billion, creating a new global fashion giant to compete with European powerhouses. The unified company will also include Tapestry's Stuart Weitzman and Capri's Jimmy Choo -- both prominent shoe brands -- as well as Versace, a go-to name for Hollywood A-listers looking to make a splash on red carpets. That will give Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, also a celeb favorite. The merger "creates a new powerful global luxury house," said Tapestry chief executive Joanne Crevoiserat. The all-cash takeover aims to boost sales by combining customer data streams, broadening geographic reach and achieving some $200 million in annual cost savings within three years of the deal closing, a joint press release said. Executives highlighted Tapestry's superior direct-to-consumer business as an area of potential growth for Capri, which garners more sales in Europe compared with Tapestry, which is stronger in Asia. Both groups rely on the Americas for a majority of sales, according to a Tapestry presentation. "We can learn a lot from how they (Capri) built their brands in Europe," Crevoiserat said on a conference call with analysts. "It's about taking iconic brands with real heritage and design and craftsmanship and combining them with our modern consumer engagement platform," Crevoiserat said. "That will yield more innovation, more connectivity and more relevance." CFRA Research analyst Zachary Warring described Capri's brands as "maybe half a step up" on the luxury scale from Tapestry's, with a slightly wealthier customer profile. The 59 percent premium paid on Capri shares constitutes a "solid price," but Warring cautioned that it could be "at least three to five years before you start to see real gains" at Tapestry, whose shares fell sharply. Warring said Tapestry may ultimately divest one of the non-core brands to accelerate debt repayment. The deal is expected to close in 2024. 'Patchwork of brands' Neil Saunders, managing director of consultancy GlobalData, said the transaction aims to enable Tapestry to benefit from a similar strategy to that employed by European powerhouses like LVMH based around "a patchwork of brands appealing to different segments, rather than by making individual brands ubiquitous." While "there is a lot of logic behind the deal," Saunders called Capri's price "hefty" and described the state of the Michael Kors brand as a declining "mess." "Admittedly, Tapestry has plenty of experience of reviving problem brands from its turnaround of Coach, which had become ubiquitous and sullied through constant discounting and promotions," Saunders said. "Kate Spade was also in a similar position when Tapestry acquired it, and is now emerging in positive form from a successful reinvention. While the same thinking and playbook can be applied to Michael Kors, a turnaround will be far more complex and intricate." Crevoiserat described Kors as "a strong brand ... with strong consumer resonance and awareness across customer demographics, adding that its customer base "skews slightly younger and more diverse." "We will work on improving the brand experience," Crevoiserat said. Both Capri and Tapestry have grown through acquisition. Together, they had revenues of $12.3 billion last year. Revenues at LVMH -- the world's top luxury group whose brands include Louis Vuitton, Dior and Tiffany -- last year were 79.2 billion euros ($87.2 billion). Sales in 2022 at Kering, home to Gucci and Yves Saint Laurent, were 20.4 billion euros. Tapestry will finance the deal through a combination of corporate bonds, bank loans and excess cash. Tapestry will suspend its share repurchase plan. Shares of Capri surged more than 55 percent to $53.90, while Tapestry plunged nearly 16 percent to $34.67. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Coach owner to acquire Michael Kors, Versace parent in $8.5bn deal

All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report.

Yang, whose estimated net worth is $5 billion, would receive nearly $28 million through dividends on Friday for her personal stake in the company’s service unit, according to Bloomberg's calculations. The $22.5 million bond payments that the company missed this week can be paid out by that amount. Another $35 million in cash payouts could go to a family-owned foundation.

The question of whether Yang would use her personal funds to settle Country Garden's obligations has gained attention in the wake of creditors pressuring Hui Ka Yan, the founder of the bankrupt developer China Evergrande Group, to use his own funds to support his company.

Country Garden, formerly the biggest builder in China and regarded by investors as a “model enterprise”, would join a long list of defaulters, including Evergrande, if it does not make the payments during the allotted 30-day grace period.

With the company’s dollar bond expiring in 2026 selling at approximately 10 cents on the dollar, investors have already factored in a potential default. On Thursday, Country Garden was downgraded by Moody’s Investors Service from B1 to Caa1. The firm stated that it could lose up to $7.6 billion in the first half.

“Over the past 12 months, Country Garden has shown higher willingness to pay compared to other privately-owned developers such as CIFI and Evergrande,” Bloombrg quoted Zerlina Zeng, a senior credit analyst at Creditsights Singapore. “However, with contracted sales continuing to tumble, it is hard to say whether they will continue to use their own funds to keep the bondholders afloat.”

Yang has provided Country Garden with “strong support” since its offering, the company claimed in a Thursday night filing with the Hong Kong exchange. Together with family members, this amounts to around HK$38.6 billion ($4.9 billion) in loans, shareholding increases, bond purchases, and scrip dividends, it said, without mentioning how much of the support arrived recently.

Yang this month transferred a sibling-controlled charity foundation a sizable portion of her personal ownership in Country Garden Services, which she also chairs, in a move that alarmed the market. Analysts at UBS Group AG described the timing as ”unusual.” The property manager shifted the payment date for its 2022 payments and special payouts a few days later.

The unit paying the dividends, Country Garden Services, said in a statement to Bloomberg that the payout plan, which was approved in May, is unrelated to any “third-party factor”. The services company explained that it moved forward the dividend payment date from August 30 to Friday because it has enough of cash and wants to relieve investors’ fears about its stability.

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All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report.

All eyes are on Yang Huiyan, the billionaire chairperson of Chinese real-estate giant Country Garden, as bondholders hope that she will utilise her personal funds to sustain the company, according to a Bloomberg report. Yang, whose estimated net worth is $5 billion, would receive nearly $28 million through dividends on Friday for her personal stake in the company’s service unit, according to Bloomberg's calculations. The $22.5 million bond payments that the company missed this week can be paid out by that amount. Another $35 million in cash payouts could go to a family-owned foundation. The question of whether Yang would use her personal funds to settle Country Garden's obligations has gained attention in the wake of creditors pressuring Hui Ka Yan, the founder of the bankrupt developer China Evergrande Group, to use his own funds to support his company. Country Garden, formerly the biggest builder in China and regarded by investors as a “model enterprise”, would join a long list of defaulters, including Evergrande, if it does not make the payments during the allotted 30-day grace period. With the company’s dollar bond expiring in 2026 selling at approximately 10 cents on the dollar, investors have already factored in a potential default. On Thursday, Country Garden was downgraded by Moody’s Investors Service from B1 to Caa1. The firm stated that it could lose up to $7.6 billion in the first half. “Over the past 12 months, Country Garden has shown higher willingness to pay compared to other privately-owned developers such as CIFI and Evergrande,” Bloombrg quoted Zerlina Zeng, a senior credit analyst at Creditsights Singapore. “However, with contracted sales continuing to tumble, it is hard to say whether they will continue to use their own funds to keep the bondholders afloat.” Yang has provided Country Garden with “strong support” since its offering, the company claimed in a Thursday night filing with the Hong Kong exchange. Together with family members, this amounts to around HK$38.6 billion ($4.9 billion) in loans, shareholding increases, bond purchases, and scrip dividends, it said, without mentioning how much of the support arrived recently. Yang this month transferred a sibling-controlled charity foundation a sizable portion of her personal ownership in Country Garden Services, which she also chairs, in a move that alarmed the market. Analysts at UBS Group AG described the timing as ”unusual.” The property manager shifted the payment date for its 2022 payments and special payouts a few days later. The unit paying the dividends, Country Garden Services, said in a statement to Bloomberg that the payout plan, which was approved in May, is unrelated to any “third-party factor”. The services company explained that it moved forward the dividend payment date from August 30 to Friday because it has enough of cash and wants to relieve investors’ fears about its stability. WATCH WION LIVE HERE

Country Garden billionaire bags big payouts as default looms: Report

Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion.

Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market. The acquisition will bring together six fashion brands: Tapestry's Coach, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, and Michael Kors.

According to Tapestry CEO Joanne Crevoiserat, the company will be larger and more scalable, giving it the ability to reach more customers worldwide and compete more effectively in the luxury market.

According to her, the merger brings together "six iconic brands" that operate in more than 75 countries and generate an annual revenue of over $12 billion.

In an interview with CNBC, she said the acquisition would enable Tapestry to reach more customers of all ages and income levels. Versace and Jimmy Choo attract wealthier clientele, whereas Michael Kors pulls younger and more diverse customers.

"It does increase our access to the luxury market and the higher-end consumer segments in luxury," Reuters quoted Crevoiserat as saying.

Early trading saw Capri shares rise by 56 per cent to a little under the $57 per share transaction price, while Tapestry shares dropped to about 12 per cent.

The transaction occurred when Tapestry and Capri were experiencing limited sales in North America. Both businesses mentioned that American consumers are becoming more frugal with their spending in their quarterly reports from May.

According to Crevoiserat, the acquisition timing will be determined by both firms' long-term plans rather than by the state of the market. However, she maintained that the bigger business would be better equipped to adapt to rapidly shifting consumer preferences and the ups and downs of a global economy.

The slow-down in sales has had an effect, particularly on Capri. As it decreased its prediction in late May, its shares fell to a 52-week low. The business reported decreased sales, notably at department shops, for its luxury brands Versace and Jimmy Choo and Michael Kors. At the time, John Idol, the company's CEO, stated that the company anticipated that softness would last into the summer.

In contrast, Tapestry improved its full-year outlook during the most recent reported quarter.

Tapestry has worked to enhance its brands and win over a younger demographic of customers. In contrast, Coach has partnered with well-known companies and personalities like Disney and Kirsten Dunst to appeal to Gen Z customers.

The coach also reduced the number of products it carries to concentrate on bestsellers while maintaining high price points by limiting markdowns. Kate Spade has started to follow a similar strategy.

Tapestry has also looked outside the US and pursued bigger sales in countries like China to spur growth.

CNBC quoted Crevoiserat: "We have developed a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results."

According to Capri CEO Idol, the acquisition will give the business "greater resources and capabilities" to broaden its international clientele.

"We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company," said Idol added.

After the boards of both companies have unanimously approved the acquisition, the shareholders are to receive $57 per share and a 59 per cent premium on the 30-day volume average of Capri's value. The deal is expected to be finalized in 2024.

There are no financial requirements for the deal to be carried out. According to the companies, it will be financed using bridge financing from Bank of America and Morgan Stanley through senior notes, term loans, and cash, with some money going toward clearing Capri's outstanding debt.

&nbsp;

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Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion. Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market.

Fashion conglomerate and parent company of Coach and Kate Spade, Tapestry, is to acquire competitor Capri Holdings for $8.5 billion. Although it won't be as big as its European rivals, the merger will produce an American fashion giant better equipped to compete in the luxury market. The acquisition will bring together six fashion brands: Tapestry's Coach, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, and Michael Kors. According to Tapestry CEO Joanne Crevoiserat, the company will be larger and more scalable, giving it the ability to reach more customers worldwide and compete more effectively in the luxury market. According to her, the merger brings together "six iconic brands" that operate in more than 75 countries and generate an annual revenue of over $12 billion. In an interview with CNBC, she said the acquisition would enable Tapestry to reach more customers of all ages and income levels. Versace and Jimmy Choo attract wealthier clientele, whereas Michael Kors pulls younger and more diverse customers. "It does increase our access to the luxury market and the higher-end consumer segments in luxury," Reuters quoted Crevoiserat as saying. Early trading saw Capri shares rise by 56 per cent to a little under the $57 per share transaction price, while Tapestry shares dropped to about 12 per cent. The transaction occurred when Tapestry and Capri were experiencing limited sales in North America. Both businesses mentioned that American consumers are becoming more frugal with their spending in their quarterly reports from May. According to Crevoiserat, the acquisition timing will be determined by both firms' long-term plans rather than by the state of the market. However, she maintained that the bigger business would be better equipped to adapt to rapidly shifting consumer preferences and the ups and downs of a global economy. The slow-down in sales has had an effect, particularly on Capri. As it decreased its prediction in late May, its shares fell to a 52-week low. The business reported decreased sales, notably at department shops, for its luxury brands Versace and Jimmy Choo and Michael Kors. At the time, John Idol, the company's CEO, stated that the company anticipated that softness would last into the summer. In contrast, Tapestry improved its full-year outlook during the most recent reported quarter. Tapestry has worked to enhance its brands and win over a younger demographic of customers. In contrast, Coach has partnered with well-known companies and personalities like Disney and Kirsten Dunst to appeal to Gen Z customers. The coach also reduced the number of products it carries to concentrate on bestsellers while maintaining high price points by limiting markdowns. Kate Spade has started to follow a similar strategy. Tapestry has also looked outside the US and pursued bigger sales in countries like China to spur growth. CNBC quoted Crevoiserat: "We have developed a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results." According to Capri CEO Idol, the acquisition will give the business "greater resources and capabilities" to broaden its international clientele. "We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company," said Idol added. After the boards of both companies have unanimously approved the acquisition, the shareholders are to receive $57 per share and a 59 per cent premium on the 30-day volume average of Capri's value. The deal is expected to be finalized in 2024. There are no financial requirements for the deal to be carried out. According to the companies, it will be financed using bridge financing from Bank of America and Morgan Stanley through senior notes, term loans, and cash, with some money going toward clearing Capri's outstanding debt. WATCH WION LIVE HERE

Fashion conglomerate Tapestry strikes $8.5 billion deal to acquire Capri Holdings

China will allow provincial-level governments to raise about $139 billion (around 1 trillion yuan) to repay the debt of local-government financing vehicles and other off-balance sheet issuers.

China will allow provincial-level governments to raise about $139 billion (around 1 trillion yuan) to repay the debt of local-government financing vehicles and other off-balance sheet issuers. Citing anonymous sources, a report by the news agency Bloomberg on Friday (August 11) said that the Chinese finance ministry informed relevant authorities about the refinancing bonds programme. The quota has been set for each region, one of the sources told Bloomberg and refused to elaborate. The finance ministry has not commented on this development yet. Provincial govts to use bonds to repay 'hidden debt' Another source told Bloomberg that all provincial governments but Beijing, Shanghai, Guangdong and Tibet will be able to use the bonds to repay off-balance sheet liabilities which are also known as hidden debt in China. The authorities identified 12 provinces and cities as high-risk areas where more support will be provided including the provinces of Guizhou, Hunan, Jilin and Tiajin city. The report added that the programme will in effect bail out weaker issuers, including local-government financing vehicles (LGFVs), shifting the debt burden to provincial governments instead. The programme comes weeks after the ruling Communist Party’s Politburo had said it would use a package of measures to resolve local government debt. The amount covered under the debt swap programme is a drop in the bucket compared to the 66 trillion yuan the International Monetary Fund (IMF) estimates local government financing vehicles will hold by the end of this year. The report pointed out that the programme might help defuse the risks of default faced in the regions where it is implemented. It can also bring down the financing costs on hidden debts, give local governments more time to repay, and improve funding conditions in those places. It is not yet clear how provinces will distribute the quote between different LGFVs under jurisdiction as some LGFVs are owned at the provincial level while owned by city governments or the central government. 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 to allow provincial govts to raise $139 billion via bonds to repay debt

Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history.

Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.5 per cent in July, marking a notable increase from the previous month's 35.7 per cent.

The primary factor driving this wave of inflation is the sharp and concerning rise in the costs of food and beverages, which have surged by an alarming 68.4 per cent.

In response to the surge in&nbsp;inflation, the Egyptian central bank has increased the main interest rate&nbsp;by 100 basis points to 19.25 per cent. Experts, including analysts at Goldman Sachs Group, have&nbsp;forecasted&nbsp;inflation&nbsp;to remain above 30 per&nbsp;cent for the rest of the year.

The inflationary pressure has been particularly acute in Egypt, partly due to the ongoing conflict in Ukraine. As a major global wheat importer, Egypt heavily relies on supplies from the Black Sea region.

Egypt's acute shortage of foreign currency has further aggravated the situation and three devaluations of the Egyptian pound since early 2022 have added to the inflationary pressure.&nbsp;

Additionally, country's government debt is projected to reach around 93 per cent of the GDP in 2023. To address these challenges, the International Monetary Fund granted a $3 billion bailout to Egypt in December 2022. As part of the IMF-imposed conditions, Egypt is&nbsp;currently privatising&nbsp;loss-making public assets.&nbsp;

Despite these challenging circumstances, there is a glimmer of optimism on the horizon. Some analysts anticipate a 'sharp decline' in inflation over the course of 2024, which could provide some relief to the struggling economy.

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Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history. Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.

Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history. Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.5 per cent in July, marking a notable increase from the previous month's 35.7 per cent. The primary factor driving this wave of inflation is the sharp and concerning rise in the costs of food and beverages, which have surged by an alarming 68.4 per cent. In response to the surge in inflation, the Egyptian central bank has increased the main interest rate by 100 basis points to 19.25 per cent. Experts, including analysts at Goldman Sachs Group, have forecasted inflation to remain above 30 per cent for the rest of the year. The inflationary pressure has been particularly acute in Egypt, partly due to the ongoing conflict in Ukraine. As a major global wheat importer, Egypt heavily relies on supplies from the Black Sea region. Egypt's acute shortage of foreign currency has further aggravated the situation and three devaluations of the Egyptian pound since early 2022 have added to the inflationary pressure. Additionally, country's government debt is projected to reach around 93 per cent of the GDP in 2023. To address these challenges, the International Monetary Fund granted a $3 billion bailout to Egypt in December 2022. As part of the IMF-imposed conditions, Egypt is currently privatising loss-making public assets. Despite these challenging circumstances, there is a glimmer of optimism on the horizon. Some analysts anticipate a 'sharp decline' in inflation over the course of 2024, which could provide some relief to the struggling economy. WATCH WION LIVE HERE

Egypt hits highest inflation level amid currency crisis

At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.40).

"Many good, cheap choices popped up during the pandemic," Gao Yi, aged 71, told Reuters while he ate breakfast with his grandson in one of the chain's 160 locations in the Chinese capital.

"Not all of them last. But there are new good deals all the time; you just have to go out to find them."

Deflation in China appears like that.

A price war among lower-end restaurant chains in China is fueled by a lack of consumer demand, which analysts warn might hurt smaller firms already trying to compete with the discounts provided by larger players.

Deflation can hinder economic growth, as seen in Japan in the 1990s.

"Good deals are needed to get consumers through the door, so there is a lot of pressure on these businesses to find margins," Ben Cavender, the managing director at China Market Research Group in Shanghai, told Reuters.

People in China were mostly left to fend for themselves financially throughout the pandemic, unlike residents of Western nations, with government assistance focused primarily on the industrial industry. As some economists had feared, there was no immediate consumer splurge after the restrictions were lifted.

Spending appetites remain less, and confidence is low in an economy that has not been expanding. This is because earnings and pensions have stayed the same while employment remains unpredictable.

"Discount strategies, offering consumers a more value-for-money choice, match the current economic situation," Reuters quoted Zhu Danpeng, a food and beverage analyst and deputy head of the Guangdong Provincial Food Safety Promotion Alliance.

Staff reported that the central Nanchengxiang outlet was crowded on Thursday, as it has been each morning since the 3 yuan discount was introduced in May. Reuters questioned the company about its profit margins and business plan, but they did not receive a response.

The staff of the Beijing-based burger chain Xishaoye has similarly advertised decreased prices, claiming that some menu items will cost as little as 10 yuan. Burgers, snacks, and drinks are available on the menu at KFC operator Yum China for 19.9 yuan.

"Traffic is back, but spending per person has dropped," Joey Wat, Yum's chief executive officer, told Reuters.

"In our minds, the pandemic seems like it happened a long time ago. It actually hasn't. People need time to adjust," Reuters quotes another source.

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At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.

At Nanchengxiang restaurants in Beijing, diners can treat themselves to a large breakfast buffet with three types of rice porridge, sour and spicy soup and milk at just 3 yuan ($0.40). "Many good, cheap choices popped up during the pandemic," Gao Yi, aged 71, told Reuters while he ate breakfast with his grandson in one of the chain's 160 locations in the Chinese capital. "Not all of them last. But there are new good deals all the time; you just have to go out to find them." Deflation in China appears like that. A price war among lower-end restaurant chains in China is fueled by a lack of consumer demand, which analysts warn might hurt smaller firms already trying to compete with the discounts provided by larger players. Deflation can hinder economic growth, as seen in Japan in the 1990s. "Good deals are needed to get consumers through the door, so there is a lot of pressure on these businesses to find margins," Ben Cavender, the managing director at China Market Research Group in Shanghai, told Reuters. People in China were mostly left to fend for themselves financially throughout the pandemic, unlike residents of Western nations, with government assistance focused primarily on the industrial industry. As some economists had feared, there was no immediate consumer splurge after the restrictions were lifted. Spending appetites remain less, and confidence is low in an economy that has not been expanding. This is because earnings and pensions have stayed the same while employment remains unpredictable. "Discount strategies, offering consumers a more value-for-money choice, match the current economic situation," Reuters quoted Zhu Danpeng, a food and beverage analyst and deputy head of the Guangdong Provincial Food Safety Promotion Alliance. Staff reported that the central Nanchengxiang outlet was crowded on Thursday, as it has been each morning since the 3 yuan discount was introduced in May. Reuters questioned the company about its profit margins and business plan, but they did not receive a response. The staff of the Beijing-based burger chain Xishaoye has similarly advertised decreased prices, claiming that some menu items will cost as little as 10 yuan. Burgers, snacks, and drinks are available on the menu at KFC operator Yum China for 19.9 yuan. "Traffic is back, but spending per person has dropped," Joey Wat, Yum's chief executive officer, told Reuters. "In our minds, the pandemic seems like it happened a long time ago. It actually hasn't. People need time to adjust," Reuters quotes another source. WATCH WION LIVE HERE

China slides towards deflation, with breakfast buffets costing just 40 cents

Russian tech giant Yandex&nbsp;may have missed a government takeover, thanks to Kremlin's fear of a massive brain drain, a Reuters report said quoting sources.

Yandex, popular known as the Russian equivalent of Google, has been facing a major 'brain drain', with talented employees looking for greener pastures abroad.&nbsp;

Things have gone downhill for Yandex since the war with Ukraine began in February 2022.&nbsp;Many talented employees have left for Serbia, where the company is opening new offices. About 100,000 IT experts had left Russia last year, as per a government estimate.&nbsp;

The tech giant, among the few Russian companies with a global ambition, needs skilled employees to stay ahead in things like search technology, advertising, and ride-hailing. But if the government takes over Yandex, there are fears that more talented people may leave Russia, leaving the company in the lurch.

"It's obvious that if (nationalisation) happens, the company will gradually come to nothing," one of the people with knowledge of the talks told Reuters. "And this is probably what is stopping tough action from being taken," the source added.&nbsp;

According to Reuters, the owners of Yandex's Dutch holding company, Yandex NV, could make a profit of $7 billion if they sell off their Russian operations completely. However, the discussions over a possible sale have come to a stop.

But things may take a dramatic turn in the coming days. This is because Yandex co-founder Arkady Volozh on Thursday criticised Russia's war in Ukraine, calling it "barbaric." He added that his focus has shifted to getting skilled Russian engineers out of the country since the advent of war.&nbsp;

The Russian government nationalising private companies is not a new phenomenon.&nbsp;

Last year, it took control of assets in the Sakhalin oil and gas projects through a presidential order. In 2023, the government took "temporary control" of the assets of four Western companies in Russia, including giving control of the Russian subsidiary of French food group Danone to Chechen leader Ramzan Kadyrov's nephew.

Andrei Kostin, the CEO of Russia's state-owned VTB Bank, had suggested in June that Moscow should temporarily manage Yandex's assets, arguing that this would be good for Western investors. But the Bank did not take any action to buy the tech giant.&nbsp;

(With inputs from Reuters)

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Russian tech giant Yandex may have missed a government takeover, thanks to Kremlin's fear of a massive brain drain, a Reuters report said quoting sources. Yandex, popular known as the Russian equivalent of Google, has been facing a major 'brain drain', with talented employees looking for greener pastures abroad.

Russian tech giant Yandex may have missed a government takeover, thanks to Kremlin's fear of a massive brain drain, a Reuters report said quoting sources. Yandex, popular known as the Russian equivalent of Google, has been facing a major 'brain drain', with talented employees looking for greener pastures abroad. Things have gone downhill for Yandex since the war with Ukraine began in February 2022. Many talented employees have left for Serbia, where the company is opening new offices. About 100,000 IT experts had left Russia last year, as per a government estimate. The tech giant, among the few Russian companies with a global ambition, needs skilled employees to stay ahead in things like search technology, advertising, and ride-hailing. But if the government takes over Yandex, there are fears that more talented people may leave Russia, leaving the company in the lurch. "It's obvious that if (nationalisation) happens, the company will gradually come to nothing," one of the people with knowledge of the talks told Reuters. "And this is probably what is stopping tough action from being taken," the source added. According to Reuters, the owners of Yandex's Dutch holding company, Yandex NV, could make a profit of $7 billion if they sell off their Russian operations completely. However, the discussions over a possible sale have come to a stop. But things may take a dramatic turn in the coming days. This is because Yandex co-founder Arkady Volozh on Thursday criticised Russia's war in Ukraine, calling it "barbaric." He added that his focus has shifted to getting skilled Russian engineers out of the country since the advent of war. The Russian government nationalising private companies is not a new phenomenon. Last year, it took control of assets in the Sakhalin oil and gas projects through a presidential order. In 2023, the government took "temporary control" of the assets of four Western companies in Russia, including giving control of the Russian subsidiary of French food group Danone to Chechen leader Ramzan Kadyrov's nephew. Andrei Kostin, the CEO of Russia's state-owned VTB Bank, had suggested in June that Moscow should temporarily manage Yandex's assets, arguing that this would be good for Western investors. But the Bank did not take any action to buy the tech giant. (With inputs from Reuters) WATCH WION LIVE HERE

Yandex, Russia's tech giant, faces a 'brain drain'. Here's why

Italian banks Wednesday bounced back from the previous day's losses after the government limited a windfall tax to 0.1 percent of assets.

The sector had shed around $10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40 percent of "surplus profits" before the finance ministry stepped in to clarify and "preserve the stability of banking institutions" and calm a market storm.

Shares in major banks had plunged Tuesday after deputy Prime Minister Matteo Salvini told reporters the tax would be levied on profits the banks had netted in the wake of the European Central Bank's recent interest rate hikes.

Following the initial announcement, Intesa Sanpaolo lost 8.6 percent and Unicredit 5.9 percent of their share price while Monte dei Paschi di Siena, Bper Banca and Banco Bpm gave up 10.8, 10.9 and 9 percent respectively, as the sector shed $9.5 billion in market cap value according to an estimate by Radiocor financial news agency.

Wednesday saw the sector bounce back strongly on the Milan bourse, with Intesa Sanpaolo adding 2.3 percent, rival UniCredit 4.4 percent and Banco BPM 5.4 at the close.

Meloni's ministers had agreed the shock initial move at a cabinet meeting late Monday, vowing to invest the funds raised into helping households and businesses struggling with the cost of borrowing after ECB rate rises boosted banks' profits but hiked costs for borrowers.

Foreign Minister Antonio Tajani told Tuesday's Corriere della Sera newspaper the levy would "only last one year" while adding Rome's view was the ECB was "mistaken in raising interest rates, and this is the inevitable consequence".

Sector profits have been on the rise with Intesa Sanpaolo having seen its net profit jump 80 percent to 4.2 billion euros in the first half of the year, while UniCredit posted a half-yearly net profit of 4.4 billion euros.

Spain's left-wing government introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB.

Prime Minister Meloni's government is out to raise funds for the draft budget for 2024, after a surprise 0.3 percent decline in gross domestic product (GDP) in the second quarter of 2023.

In unveiling the measure, Meloni said in a Facebook post that "we decided to intervene with the only instrument at the government's disposal -- fiscality."

The Italian employers' association Unimpresa for its part said banks were paying out an average 0.32 percent on 669 billion euros of deposits while charging 4.25 percent on 1.3 trillion of household lending.

With the subsequent strict limiting of the windfall tax the impact is due to cost banks around 2.5 billion euros, analysts with Jefferies calculate -- around half the initial total forecast.

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Italian banks Wednesday bounced back from the previous day's losses after the government limited a windfall tax to 0.1 percent of assets. The sector had shed around $10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40 percent of "surplus profits" before the finance ministry stepped in to clarify and "preserve the stability of banking institutions" and calm a market storm.

Italian banks Wednesday bounced back from the previous day's losses after the government limited a windfall tax to 0.1 percent of assets. The sector had shed around $10 billion Tuesday on an initial announcement of a plan by the far-right government of Giorgia Meloni to take 40 percent of "surplus profits" before the finance ministry stepped in to clarify and "preserve the stability of banking institutions" and calm a market storm. Shares in major banks had plunged Tuesday after deputy Prime Minister Matteo Salvini told reporters the tax would be levied on profits the banks had netted in the wake of the European Central Bank's recent interest rate hikes. Following the initial announcement, Intesa Sanpaolo lost 8.6 percent and Unicredit 5.9 percent of their share price while Monte dei Paschi di Siena, Bper Banca and Banco Bpm gave up 10.8, 10.9 and 9 percent respectively, as the sector shed $9.5 billion in market cap value according to an estimate by Radiocor financial news agency. Wednesday saw the sector bounce back strongly on the Milan bourse, with Intesa Sanpaolo adding 2.3 percent, rival UniCredit 4.4 percent and Banco BPM 5.4 at the close. Meloni's ministers had agreed the shock initial move at a cabinet meeting late Monday, vowing to invest the funds raised into helping households and businesses struggling with the cost of borrowing after ECB rate rises boosted banks' profits but hiked costs for borrowers. Foreign Minister Antonio Tajani told Tuesday's Corriere della Sera newspaper the levy would "only last one year" while adding Rome's view was the ECB was "mistaken in raising interest rates, and this is the inevitable consequence". Sector profits have been on the rise with Intesa Sanpaolo having seen its net profit jump 80 percent to 4.2 billion euros in the first half of the year, while UniCredit posted a half-yearly net profit of 4.4 billion euros. Spain's left-wing government introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB. Prime Minister Meloni's government is out to raise funds for the draft budget for 2024, after a surprise 0.3 percent decline in gross domestic product (GDP) in the second quarter of 2023. In unveiling the measure, Meloni said in a Facebook post that "we decided to intervene with the only instrument at the government's disposal -- fiscality." The Italian employers' association Unimpresa for its part said banks were paying out an average 0.32 percent on 669 billion euros of deposits while charging 4.25 percent on 1.3 trillion of household lending. With the subsequent strict limiting of the windfall tax the impact is due to cost banks around 2.5 billion euros, analysts with Jefferies calculate -- around half the initial total forecast. 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.

Italian banks recover lost ground as Rome limits windfall tax

The Reserve Bank of India is expected to hold interest rates after the upcoming monetary policy committee meeting.

RBI keeps rate steady for the third time, India remains hawkish on inflation

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved.

"We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/air-india-all-set-for-brand-overhaul-but-maharaja-isnt-going-anywhere-624184">Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere</a>

Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England.

"It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team.

"Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates."

<h2>Shops still open</h2>

Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business."&nbsp;

"Stores will continue to trade as normal for the time being and staff will continue to be paid," he said.

British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries.

In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-tribunal-confirms-zee-sony-merger-paves-way-for-big-media-giant-624165">Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant</a>

That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year.

The GMB union blamed poor management for the collapse of Wilko.

"The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement.&nbsp;

"GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity."

Jackson said there had been "significant work... to streamline costs and transform the way the business operates".

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British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses. The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved. "We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website. Also read | Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England. "It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team. "Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates." Shops still open Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business." "Stores will continue to trade as normal for the time being and staff will continue to be paid," he said. British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries. In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high. Also read | Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year. The GMB union blamed poor management for the collapse of Wilko. "The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement. "GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity." Jackson said there had been "significant work... to streamline costs and transform the way the business operates". 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.

UK retailer Wilko collapses due to 'big debts'; 12,500 jobs at risk

The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be&nbsp;reduced to T+3 days from T+6 days. The new rules, which will come into&nbsp;effect in December this year, will allow&nbsp;IPOs to be listed three days after the issue closing date, The Economic Times reported.

“Consequent to extensive consultation with the market participants and considering the public comments received pursuant to the consultation paper on the aforesaid subject matter, it has been decided to reduce the time taken for the listing of specified securities after the closure of the public issue to three working days (T+3 days) as against the present requirement of six working days (T+6 days); ‘T’ being issue closing date,” The Economic Times quoted Sebi as saying.

The offer documents for public issues must properly disclose the T+3 schedule for listing, the report&nbsp;stated.

For public issues opening on or after September 1, 2023, the new guidelines will be voluntary, and they will be required for issues starting on or after December 1, 2023.

The market regulator said that stakeholders will gain from the shortened listing schedule since issuers and allottees will receive their funds and securities earlier, the report noted.&nbsp;

Additionally, the action guarantees that subscribers who were not given shares would immediately refunds. All stakeholders’ resources, including those of stock exchanges, banks, depositories, and brokers, will be used for a shorter period of time throughout the public offering process.

Companies must complete allocations under the new rules by 6 p.m. on T+1 day. On the T+2 day, funds will be returned to unsuccessful applicants.

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The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be reduced to T+3 days from T+6 days.

The Securities Exchange Bureau of India (Sebi) on Wednesday announced that the Initial Public Offering (IPO) listing timeline will be reduced to T+3 days from T+6 days. The new rules, which will come into effect in December this year, will allow IPOs to be listed three days after the issue closing date, The Economic Times reported. “Consequent to extensive consultation with the market participants and considering the public comments received pursuant to the consultation paper on the aforesaid subject matter, it has been decided to reduce the time taken for the listing of specified securities after the closure of the public issue to three working days (T+3 days) as against the present requirement of six working days (T+6 days); ‘T’ being issue closing date,” The Economic Times quoted Sebi as saying. The offer documents for public issues must properly disclose the T+3 schedule for listing, the report stated. For public issues opening on or after September 1, 2023, the new guidelines will be voluntary, and they will be required for issues starting on or after December 1, 2023. The market regulator said that stakeholders will gain from the shortened listing schedule since issuers and allottees will receive their funds and securities earlier, the report noted. Additionally, the action guarantees that subscribers who were not given shares would immediately refunds. All stakeholders’ resources, including those of stock exchanges, banks, depositories, and brokers, will be used for a shorter period of time throughout the public offering process. Companies must complete allocations under the new rules by 6 p.m. on T+1 day. On the T+2 day, funds will be returned to unsuccessful applicants. WATCH WION LIVE HERE

IPO rules changed, listing time brought down further: Sebi 

Tourism-related stocks in Japan and South Korea surged on Thursday (August 10) after China announced it would relax Covid pandemic-era restrictions on tour groups travelling to dozens of countries, the Financial Times reported. On Thursday, the Chinese tourism ministry said it was lifting restrictions on group travel to 78 countries which included Japan, South Korea, the United States (US), and the United Kingdom (UK).&nbsp;

As per the Financial Times report, shares in department stores in Tokyo climbed sharply, while those of Japan Airport Terminal rose by more than nine per cent. Kyoritsu Maintenance, which runs a hotel chain favoured by mainland Chinese tourists, gained over 11 per cent, the report added.&nbsp;

In South Korea's capital city Seoul, shares in Lotte Tour Development rose to nearly 30 per cent, and shares in Paradise Group were rallying more than 18 per cent. Shares of AmorePacific, a cosmetics conglomerate, increased seven per cent.&nbsp;

The report also said that airline stocks in China, Japan and South Korea, rose between one and five per cent.&nbsp;

Since the onset of the pandemic in 2020, China had mostly closed its borders to international travel for almost three years. However this year, the government resumed flights to 62 countries, 10 fewer than before.&nbsp;

On Thursday, South Korea's Culture and Tourism Minister Park Bo-gyoon said the resumption of Chinese tour groups would breathe new life into airline and retail sectors damaged by the pandemic.&nbsp;

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Tourism-related stocks in Japan and South Korea surged on Thursday (August 10) after China announced it would relax Covid pandemic-era restrictions on tour groups travelling to dozens of countries, the Financial Times reported.

Tourism-related stocks in Japan and South Korea surged on Thursday (August 10) after China announced it would relax Covid pandemic-era restrictions on tour groups travelling to dozens of countries, the Financial Times reported. On Thursday, the Chinese tourism ministry said it was lifting restrictions on group travel to 78 countries which included Japan, South Korea, the United States (US), and the United Kingdom (UK). As per the Financial Times report, shares in department stores in Tokyo climbed sharply, while those of Japan Airport Terminal rose by more than nine per cent. Kyoritsu Maintenance, which runs a hotel chain favoured by mainland Chinese tourists, gained over 11 per cent, the report added. In South Korea's capital city Seoul, shares in Lotte Tour Development rose to nearly 30 per cent, and shares in Paradise Group were rallying more than 18 per cent. Shares of AmorePacific, a cosmetics conglomerate, increased seven per cent. The report also said that airline stocks in China, Japan and South Korea, rose between one and five per cent. Since the onset of the pandemic in 2020, China had mostly closed its borders to international travel for almost three years. However this year, the government resumed flights to 62 countries, 10 fewer than before. On Thursday, South Korea's Culture and Tourism Minister Park Bo-gyoon said the resumption of Chinese tour groups would breathe new life into airline and retail sectors damaged by the pandemic. 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.

Stocks surge in Japan, S Korea after China announces relaxation in curbs for group tour to 78 nations

It’s not good news for google, as a u.s. Judge has rejected its bid to dismiss a $5 bn lawsuit claiming it invaded the privacy of millions of people. This alleged intrusion, uncovered even when users activated google's 'incognito' mode, has raised eyebrows, and ignited a conversation about the extent to which personal data is being harvested without explicit consent.

Google plea in $5bn lawsuit for data tracking dismissed

Disney's recent decline in Disney+ streaming subscribers persisted as revealed in the fiscal third quarter financial report released on Wednesday (August 9). In fact, the situation worsened considerably. However, the reorganisation efforts overseen by CEO Bob Iger during the eight months since his return to the position also yielded some positive outcomes. The losses in streaming and overall company performance have lessened, partially attributed to significant job cuts carried out over recent months and a hike in streaming prices.

During a discussion with financial analysts, Iger outlined three key sectors for future expansion: film studios, theme parks, and streaming services, reported Forbes.

He highlighted the potential synergy among these areas that holds significant potential, citing an example of the anticipation generated by the theatrical release of the third Guardians of the Galaxy film, which has subsequently led to increased interest and engagement with the preceding two movies on Disney+.

Iger has acknowledged the formidable obstacles the entertainment giant is currently facing in the short term.

However, amidst these challenges, he has highlighted the company's efforts to curtail expenses and foster creativity. The latest quarterly results have unveiled both triumphs and vulnerabilities within Disney's operations.

In the aftermath of the quarterly announcement, Disney's stock experienced a nearly three per cent&nbsp;surge during after-hours trading, reported Reuters.

Iger attributed this positive momentum to the impressive $1 billion surge in operating income achieved by the streaming business over the past three quarters.

This surge is integral to Disney's ambitious goal of achieving profitability in its streaming endeavours by 2024.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/after-criticism-disneys-bob-iger-shifts-stance-on-writers-actors-strikes-i-am-personally-committed-624021">After criticism, Disney's Bob Iger shifts stance on striking writers, actors: I am personally committed...</a>

<h2>Quality enhancement and overcoming industry hurdles</h2>

While celebrating certain triumphs, Iger also candidly acknowledged the imperative of enhancing the quality of Disney's cinematic offerings.

Moreover, he underscored the strategic importance of transforming Disney's premier sports brand, ESPN, into a platform tailored for direct-to-consumer streaming.

The spectre&nbsp;of ongoing writers' and actors' strikes in Hollywood, which have significantly disrupted film and television production, was also addressed.

Iger's commitment to the ongoing transformation of Disney was evident as he shared, "I returned to Disney in November, and I've agreed to stay on longer, because there was more to accomplish before our transformation is complete."

He unequivocally described the present environment as challenging, emphasising the company's unwavering resolve to evolve.

Disney's fiscal third quarter profits outperformed Wall Street predictions, buoyed by the company's efforts to trim costs.

Disney is on track to exceed its earlier commitment of cutting costs by over $5.5 billion, a promise made to investors back in February.

Despite this positive aspect, the company fell short of revenue expectations for the quarter and slightly missed the mark in terms of projected US Disney+ subscribers.

Also watch |&nbsp;Disney hikes streaming prices

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<h2>Strategic pricing adjustments and expansion</h2>

In a bid to lure and retain subscribers in an increasingly competitive streaming landscape, Disney unveiled plans to raise prices for its ad-free tier of Disney+ and the ad-free version of Hulu.

Simultaneously, the company announced its intention to introduce ad-supported streaming options in Europe and Canada. Additionally, a new ad-free package is set to be introduced for US&nbsp;subscribers.

While Disney's traditional television business faced continued decline, the direct-to-consumer sector reported a 9 per cent rise in revenue. Disney's Parks, Experiences, and Products group recorded a 13 per cent&nbsp;increase in revenue, largely attributed to the rebound of the Shanghai Disney Resort.&nbsp;

(With inputs from agencies)

&nbsp;

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Disney's recent decline in Disney+ streaming subscribers persisted as revealed in the fiscal third quarter financial report released on Wednesday (August 9). In fact, the situation worsened considerably.

Disney's recent decline in Disney+ streaming subscribers persisted as revealed in the fiscal third quarter financial report released on Wednesday (August 9). In fact, the situation worsened considerably. However, the reorganisation efforts overseen by CEO Bob Iger during the eight months since his return to the position also yielded some positive outcomes. The losses in streaming and overall company performance have lessened, partially attributed to significant job cuts carried out over recent months and a hike in streaming prices. During a discussion with financial analysts, Iger outlined three key sectors for future expansion: film studios, theme parks, and streaming services, reported Forbes. He highlighted the potential synergy among these areas that holds significant potential, citing an example of the anticipation generated by the theatrical release of the third Guardians of the Galaxy film, which has subsequently led to increased interest and engagement with the preceding two movies on Disney+. Iger has acknowledged the formidable obstacles the entertainment giant is currently facing in the short term. However, amidst these challenges, he has highlighted the company's efforts to curtail expenses and foster creativity. The latest quarterly results have unveiled both triumphs and vulnerabilities within Disney's operations. In the aftermath of the quarterly announcement, Disney's stock experienced a nearly three per cent surge during after-hours trading, reported Reuters. Iger attributed this positive momentum to the impressive $1 billion surge in operating income achieved by the streaming business over the past three quarters. This surge is integral to Disney's ambitious goal of achieving profitability in its streaming endeavours by 2024. Also read | After criticism, Disney's Bob Iger shifts stance on striking writers, actors: I am personally committed... Quality enhancement and overcoming industry hurdles While celebrating certain triumphs, Iger also candidly acknowledged the imperative of enhancing the quality of Disney's cinematic offerings. Moreover, he underscored the strategic importance of transforming Disney's premier sports brand, ESPN, into a platform tailored for direct-to-consumer streaming. The spectre of ongoing writers' and actors' strikes in Hollywood, which have significantly disrupted film and television production, was also addressed. Iger's commitment to the ongoing transformation of Disney was evident as he shared, "I returned to Disney in November, and I've agreed to stay on longer, because there was more to accomplish before our transformation is complete." He unequivocally described the present environment as challenging, emphasising the company's unwavering resolve to evolve. Disney's fiscal third quarter profits outperformed Wall Street predictions, buoyed by the company's efforts to trim costs. Disney is on track to exceed its earlier commitment of cutting costs by over $5.5 billion, a promise made to investors back in February. Despite this positive aspect, the company fell short of revenue expectations for the quarter and slightly missed the mark in terms of projected US Disney+ subscribers. Also watch | Disney hikes streaming prices Strategic pricing adjustments and expansion In a bid to lure and retain subscribers in an increasingly competitive streaming landscape, Disney unveiled plans to raise prices for its ad-free tier of Disney+ and the ad-free version of Hulu. Simultaneously, the company announced its intention to introduce ad-supported streaming options in Europe and Canada. Additionally, a new ad-free package is set to be introduced for US subscribers. While Disney's traditional television business faced continued decline, the direct-to-consumer sector reported a 9 per cent rise in revenue. Disney's Parks, Experiences, and Products group recorded a 13 per cent increase in revenue, largely attributed to the rebound of the Shanghai Disney Resort. (With inputs from agencies) WATCH WION LIVE HERE:

Disney+ loses 11.7mn subscribers, streaming fee hike and password crackdown awaits

India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant.&nbsp;

The merger is aimed at creating a $10 billion Indian media giant which was given necessary regulatory approvals from the stock exchanges of the country, along with the antitrust regulator last year. However, the proposed merger faced legal challenges from creditors in front of the National Company Law Tribunal (NCLT), where the companies sought their last approvals.&nbsp;

After the announcement, shares of Zee Entertainment Enterprises Limited (ZEEL) increased by 15 per cent on Thursday. The shares of Zee were trading at 14.32 per cent at Rs 276.95 at around 3:22 pm before markets closed.

Partner at ASR &amp; Associates Anuj Tiwari said that the NCLT in its order dismissed objections to the scheme, paving the way for a merger which will benefit all stakeholders.

Zee Entertainment Managing Director and CEO Punit Goenka said the merger will go ahead regardless of his position in the resultant entity. As per the agreement, ZEEL's CEO will serve as the MD and CEO of the combined company for five years.&nbsp;

Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) had earlier announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and programme libraries.

The agreements had followed the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence.

Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 billion (assuming an Indian rupee- US dollar exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL.

This will enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities.

SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, according to the companies.

This would eventually equal approximately 2.11 per cent of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86 per cent of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15 per cent stake.

The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms.

The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value.

Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players.

You can&nbsp;now write for wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant.

India’s company law tribunal approved a merger between Zee Entertainment Enterprises Ltd and Sony Group Corp.’s South Asian unit on Thursday (August 10), paving the way for the creation of a media giant. The merger is aimed at creating a $10 billion Indian media giant which was given necessary regulatory approvals from the stock exchanges of the country, along with the antitrust regulator last year. However, the proposed merger faced legal challenges from creditors in front of the National Company Law Tribunal (NCLT), where the companies sought their last approvals. After the announcement, shares of Zee Entertainment Enterprises Limited (ZEEL) increased by 15 per cent on Thursday. The shares of Zee were trading at 14.32 per cent at Rs 276.95 at around 3:22 pm before markets closed. Partner at ASR & Associates Anuj Tiwari said that the NCLT in its order dismissed objections to the scheme, paving the way for a merger which will benefit all stakeholders. Zee Entertainment Managing Director and CEO Punit Goenka said the merger will go ahead regardless of his position in the resultant entity. As per the agreement, ZEEL's CEO will serve as the MD and CEO of the combined company for five years. Sony Pictures Networks India Private Limited (SPNI) and Zee Entertainment Enterprises Ltd. (ZEEL) had earlier announced that they have signed definitive agreements to merge ZEEL with and into SPNI and combine their linear networks, digital assets, production operations and programme libraries. The agreements had followed the conclusion of an exclusive negotiation period during which ZEEL and SPNI conducted mutual due diligence. Under the terms of the definitive agreements, SPNI will have cash balance of USD $1.5 billion (assuming an Indian rupee- US dollar exchange rate of 75:1) at closing, including through infusion by the current shareholders of SPNI and the promoters (founders) of ZEEL. This will enable the combined company to drive sharper content creation across platforms, strengthen its footprint in the rapidly evolving digital ecosystem, bid for media rights in the fast-growing sports landscape and pursue other growth opportunities. SPNI is an indirect subsidiary of Sony Pictures Entertainment Inc (SPE). Under the transactions contemplated by a non-compete agreement, SPE, through a subsidiary, will pay a non-compete fee to certain promoters (founders) of ZEEL, which will be used by such promoters (founders) to infuse primary equity capital into SPNI, entitling the promoters (founders) of ZEEL to acquire shares of SPNI, according to the companies. This would eventually equal approximately 2.11 per cent of the shares of the combined company on a post-closing basis. After the closing, SPE will indirectly hold a majority 50.86 per cent of the combined company, the promoters (founders) of ZEEL will hold 3.99%, and the other ZEEL shareholders will hold a 45.15 per cent stake. The combination of ZEEL and SPNI is expected to achieve business synergies and given their relative strengths in scripted, factual and sports programming, respective distribution footprints across India and iconic entertainment brands, the combined company should be well-positioned to meet the growing consumer demand for premium content across entertainment touchpoints and platforms. The seamless blend of rich expertise in content creation, deep consumer insights and success across entertainment genres is expected to drive the combined company’s ability to accrue higher shareholder value. Under the stewardship of the Sony Group, a global leader in consumer technologies, gaming and entertainment, the combined company is expected to be able to better compete with the world’s largest streaming players. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant

One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers.

Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees. A pioneer in providing loans to India’s poor for trucks, tractors, and other vehicles, Thyagarajan turned Shriram into a conglomerate that offers services ranging from stockbroking to insurance.

Shriram’s share prices recorded a record high in July after rising by over 35 per cent this year -- more than four times as much as India’s benchmark stock index.

Now 86, Thyagarajan has taken up an advisory role.

In an interview with Bloomberg, he claimed that he got into the business to prove that lending to those without credit records or steady incomes was not unsafe as it is thought to be. He maintained that his method of doing business is relatively ordinary.

“I’m a bit of a leftist,” Bloomberg quoted Thyagarajan as saying in Chennai, where he founded the company in 1974. “I was never enthusiastic about making life pleasanter for people who already have a good life.” Rather, I “wanted to take away some unpleasantness in the lives of people who are getting into problems.”

Thyagarajan’s career illustrates the unrealised potential in the country with the largest population in the world, where an increasing number of its 1.4 billion citizens aim to join the expanding middle class.

However, roughly 25 per cent of Indians lack access to established financial systems. The World Bank estimates that one in three people, who have bank accounts in India, never use them.

Thyagarajan stated that lending to the poor is a sort of socialism. But he has attempted to show that the business can be secure and successful by providing a less expensive alternative to the heavy rates accessible to the unbanked. By doing so, he has convinced other businesses to lower borrowing costs.

The industry is now quite profitable. There are around 9,400 so-called shadow banks in India, most of which provide financial services to borrowers who are passed over by traditional lenders.

Building an Empire

For a man who was raised in a wealthy family in the state of Tamil Nadu, surrounded by servants, founding a lending company with socialist ideals may seem like an odd career decision. However, Thyagarajan asserted that he has always had an analytical and egalitarian mindset.

Before spending three years at the Indian Statistical Institute in Kolkata, he completed his undergraduate and graduate studies in mathematics in Chennai.

He began a 20-year career in finance as an employee at New India Assurance Co., one of India’s leading insurers, in 1961. It included employment at reinsurance broker JB Boda &amp; Co. and local lender Vysya Bank.

People in Chennai approached him along the route looking for money to purchase used trucks, and he provided loans to them from his inheritance. That side business eventually turned into his primary venture. He co-founded Shriram Chits with friends and family when he was 37.

The unbanked frequently relied on “chit funds”, a form of group savings where each participant contributes a certain amount each month. One investor receives a portion of the amount each month until everyone has gotten a certain amount. The funds are used to pay for farm equipment, tuition, or other substantial purchases.

Thyagarajan established additional businesses over time, and Shriram eventually expanded to include more than 30 companies.

Living Modestly

Tyagarajan drove a Hyundai hatchback for many years. He also does not own a mobile phone, which he regards as a distraction.

All of the tycoon’s shareholdings in Shriram firms were transferred to the Shriram Ownership Trust, which was established in 2006. Beneficiaries of the perpetual trust include 44 group executives. When executives retire, they take millions of dollars with them.

The entire worth of the trust’s holdings exceeds $750 million and has increased in recent years.

Thyagarajan told Bloomberg that he did not need the money then or now, and that he enjoys simple things.

Thyagarajan’s only regret -- the manner in which he gave away his wealth. He said he would have split the bounty if he had known how profitable Shriram would become.

“I did not imagine that so much money was going to be distributed to so few,” he says. “I’m not very happy about it. But it’s okay. I’m not very sad either,” he said in the interview.

(With inputs from agencies)

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One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers. Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees.

One of the world’s most distinctive financers, R Thyagarajan, who founded the Shriram Group, has impacted several lives by lending to low-income borrowers. Content with his small house and his $5,000 car, Thyagarajan gave away a major chunk of his wealth to his employees. A pioneer in providing loans to India’s poor for trucks, tractors, and other vehicles, Thyagarajan turned Shriram into a conglomerate that offers services ranging from stockbroking to insurance. Shriram’s share prices recorded a record high in July after rising by over 35 per cent this year -- more than four times as much as India’s benchmark stock index. Now 86, Thyagarajan has taken up an advisory role. In an interview with Bloomberg, he claimed that he got into the business to prove that lending to those without credit records or steady incomes was not unsafe as it is thought to be. He maintained that his method of doing business is relatively ordinary. “I’m a bit of a leftist,” Bloomberg quoted Thyagarajan as saying in Chennai, where he founded the company in 1974. “I was never enthusiastic about making life pleasanter for people who already have a good life.” Rather, I “wanted to take away some unpleasantness in the lives of people who are getting into problems.” Thyagarajan’s career illustrates the unrealised potential in the country with the largest population in the world, where an increasing number of its 1.4 billion citizens aim to join the expanding middle class. However, roughly 25 per cent of Indians lack access to established financial systems. The World Bank estimates that one in three people, who have bank accounts in India, never use them. Thyagarajan stated that lending to the poor is a sort of socialism. But he has attempted to show that the business can be secure and successful by providing a less expensive alternative to the heavy rates accessible to the unbanked. By doing so, he has convinced other businesses to lower borrowing costs. The industry is now quite profitable. There are around 9,400 so-called shadow banks in India, most of which provide financial services to borrowers who are passed over by traditional lenders. Building an Empire For a man who was raised in a wealthy family in the state of Tamil Nadu, surrounded by servants, founding a lending company with socialist ideals may seem like an odd career decision. However, Thyagarajan asserted that he has always had an analytical and egalitarian mindset. Before spending three years at the Indian Statistical Institute in Kolkata, he completed his undergraduate and graduate studies in mathematics in Chennai. He began a 20-year career in finance as an employee at New India Assurance Co., one of India’s leading insurers, in 1961. It included employment at reinsurance broker JB Boda & Co. and local lender Vysya Bank. People in Chennai approached him along the route looking for money to purchase used trucks, and he provided loans to them from his inheritance. That side business eventually turned into his primary venture. He co-founded Shriram Chits with friends and family when he was 37. The unbanked frequently relied on “chit funds”, a form of group savings where each participant contributes a certain amount each month. One investor receives a portion of the amount each month until everyone has gotten a certain amount. The funds are used to pay for farm equipment, tuition, or other substantial purchases. Thyagarajan established additional businesses over time, and Shriram eventually expanded to include more than 30 companies. Living Modestly Tyagarajan drove a Hyundai hatchback for many years. He also does not own a mobile phone, which he regards as a distraction. All of the tycoon’s shareholdings in Shriram firms were transferred to the Shriram Ownership Trust, which was established in 2006. Beneficiaries of the perpetual trust include 44 group executives. When executives retire, they take millions of dollars with them. The entire worth of the trust’s holdings exceeds $750 million and has increased in recent years. Thyagarajan told Bloomberg that he did not need the money then or now, and that he enjoys simple things. Thyagarajan’s only regret -- the manner in which he gave away his wealth. He said he would have split the bounty if he had known how profitable Shriram would become. “I did not imagine that so much money was going to be distributed to so few,” he says. “I’m not very happy about it. But it’s okay. I’m not very sad either,” he said in the interview. (With inputs from agencies) WATCH WION LIVE HERE

Meet R Thyagarajan, the man who donated his wealth to employees

With an aim to help the&nbsp;ruble, which has fallen to its lowest value in 16 months, the Bank of Russia has decided to stop buying foreign currency in the domestic market&nbsp;for the rest of 2023.&nbsp;

The decision comes as the ruble has lost about 24 percent of its value&nbsp;this year. The ongoing decline in its value makes Ruble one of the three worst-performing currencies,&nbsp;along with the Turkish lira and the Argentine peso.

The ruble&nbsp;traded above&nbsp;98 per dollar on Wednesday&nbsp;and is getting close to 100 per dollar-mark, a&nbsp;level last seen in March 2022.&nbsp;

The Bank of Russia has also released figures showing a decline in the country's current account surplus, which is the difference between&nbsp;exports and&nbsp;imports. In the first seven months this year, the surplus dropped to $25.2 billion from $165.4 billion in the same period last year. In July alone, the surplus was $1.8 billion, down from $17.8 billion in the previous year.

Elvira Nabiullina, the central bank's governor, has pointed to worsening global trade conditions as the main reason for the weakening ruble. However, she has ruled out taking action to boost the currency.

The ruble's value has almost halved since its peak last year due to increased government spending, lower income from oil, and Russians choosing to invest in accounts outside the country.

The latest data shows that major Russian exporters sold 84 per cent of their foreign earnings in the domestic market in June. However, their revenues, an important source of funding&nbsp;for Russia, dropped to $6.9 billion in July from $16.8 billion the previous year.

While the amount of goods Russia buys from other countries remains steady, there are limitations on how much Russia can sell, especially when it comes to oil.

There is also an artificial&nbsp;limit on the price of oil to&nbsp;make it harder for Russia to fund its war activities. Moreover, the amount of money coming into Russia&nbsp;is declining, while the country expands its&nbsp;international trade in ruble.

(Inputs from Reuters)

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With an aim to help the ruble, which has fallen to its lowest value in 16 months, the Bank of Russia has decided to stop buying foreign currency in the domestic market for the rest of 2023.

With an aim to help the ruble, which has fallen to its lowest value in 16 months, the Bank of Russia has decided to stop buying foreign currency in the domestic market for the rest of 2023. The decision comes as the ruble has lost about 24 percent of its value this year. The ongoing decline in its value makes Ruble one of the three worst-performing currencies, along with the Turkish lira and the Argentine peso. The ruble traded above 98 per dollar on Wednesday and is getting close to 100 per dollar-mark, a level last seen in March 2022. The Bank of Russia has also released figures showing a decline in the country's current account surplus, which is the difference between exports and imports. In the first seven months this year, the surplus dropped to $25.2 billion from $165.4 billion in the same period last year. In July alone, the surplus was $1.8 billion, down from $17.8 billion in the previous year. Elvira Nabiullina, the central bank's governor, has pointed to worsening global trade conditions as the main reason for the weakening ruble. However, she has ruled out taking action to boost the currency. The ruble's value has almost halved since its peak last year due to increased government spending, lower income from oil, and Russians choosing to invest in accounts outside the country. The latest data shows that major Russian exporters sold 84 per cent of their foreign earnings in the domestic market in June. However, their revenues, an important source of funding for Russia, dropped to $6.9 billion in July from $16.8 billion the previous year. While the amount of goods Russia buys from other countries remains steady, there are limitations on how much Russia can sell, especially when it comes to oil. There is also an artificial limit on the price of oil to make it harder for Russia to fund its war activities. Moreover, the amount of money coming into Russia is declining, while the country expands its international trade in ruble. (Inputs from Reuters) WATCH WION LIVE HERE

Bank of Russia pauses foreign currency purchases as ruble nears 100 per US dollar

The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting&nbsp;revenue issues in various sectors, excluding&nbsp;overseas parks.

Hulu, in which Disney has a majority stake,&nbsp;will also raise the cost of its ad-free service by $3 to $17.99 starting in October. Additionally, a new ad-free bundle that includes both Disney+ and Hulu will be available for $19.99.

Following the announcement, Disney's shares saw an almost three percent increase in after-hours trading.

CEO Bob Iger announced a rise of $1 billion in operational income for the company's streaming unit over the past three quarters, with a goal of achieving profitability by 2024.

While focusing on improving the quality of Disney's content, Iger also discussed plans to integrate the company's main sports brand, ESPN, into direct consumer streaming. Addressing ongoing challenges, he expressed a commitment to resolving writers' and actors' strikes in Hollywood, which have significantly impacted film and television production.

Disney is trying to maintain its&nbsp;subscriber base by introducing ad-supported streaming options in Europe and Canada and a new ad-free bundle for viewers in the United States.

In terms of finances, Disney's earnings for the third quarter exceeded Wall Street's expectations. It is also aiming to reduce expenses by more than the $5.5 billion.

However, Disney reported slightly lower quarterly revenue than expected, falling slightly short of analyst predictions for Disney+ subscribers in the United States.

It attracted 800,000 Disney+ customers, falling 100,000 short of analysts' expectations. Furthermore, Disney said it reduced losses at its streaming video services to $512 million in the recently-ended quarter, down from over $1.1 billion in the previous year.

(Inputs from Reuters)

WATCH WION LIVE HERE

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The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting revenue issues in various sectors, excluding overseas parks.

The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting revenue issues in various sectors, excluding overseas parks. Hulu, in which Disney has a majority stake, will also raise the cost of its ad-free service by $3 to $17.99 starting in October. Additionally, a new ad-free bundle that includes both Disney+ and Hulu will be available for $19.99. Following the announcement, Disney's shares saw an almost three percent increase in after-hours trading. CEO Bob Iger announced a rise of $1 billion in operational income for the company's streaming unit over the past three quarters, with a goal of achieving profitability by 2024. While focusing on improving the quality of Disney's content, Iger also discussed plans to integrate the company's main sports brand, ESPN, into direct consumer streaming. Addressing ongoing challenges, he expressed a commitment to resolving writers' and actors' strikes in Hollywood, which have significantly impacted film and television production. Disney is trying to maintain its subscriber base by introducing ad-supported streaming options in Europe and Canada and a new ad-free bundle for viewers in the United States. In terms of finances, Disney's earnings for the third quarter exceeded Wall Street's expectations. It is also aiming to reduce expenses by more than the $5.5 billion. However, Disney reported slightly lower quarterly revenue than expected, falling slightly short of analyst predictions for Disney+ subscribers in the United States. It attracted 800,000 Disney+ customers, falling 100,000 short of analysts' expectations. Furthermore, Disney said it reduced losses at its streaming video services to $512 million in the recently-ended quarter, down from over $1.1 billion in the previous year. (Inputs from Reuters) WATCH WION LIVE HERE

Disney hikes streaming prices, shifts focus to cost management

WeWork, a startup that was once valued at $47 billion, has issued a warning about the possibility of going bankrupt. On Wednesday, the company's stock plummeted by 38.5 percent, closing at just 12 cents.

The company, backed by SoftBank, has faced challenges since its attempt to become a public company in 2019, when&nbsp;investor concerns about losses, corporate governance issues, and its former CEO's management style stalled the plan.&nbsp;

WeWork's business involves both long-term leases and short-term rentals of office spaces. However, the global COVID-19 pandemic made shared office spaces less popular.

Despite going public at a lower price in 2021, WeWork has yet to turn a profit. WeWork's shares have dropped significantly since they first became available to the public in October 2021. As of Wednesday, the shares were trading at just 12&nbsp;cents each, giving the company a total value of about $260 million.

Over time, several top executives have left the company, including CEO Sandeep Mathrani in May and three board members last week.

These ongoing challenges are causing problems for SoftBank, a company that has been providing financial support to WeWork for a number of years. SoftBank's CEO, Masayoshi Son, personally supported WeWork and invested $10 billion after the company's troubled attempt to go public in 2019.

SoftBank ended up losing billions of dollars due to its investment.&nbsp;Son later expressed regret for his decision, admitting that his judgment was not good.

Furthermore, in an effort to improve its financial situation, WeWork negotiated a deal in March to reduce its debt by about $1.5 billion and postpone some of its debt payments.

Despite these efforts, WeWork still reported a loss of $349 million in the second quarter, although it was an improvement from the $577 million loss the previous year.

However, the company used up $646 million in cash during the first six months of this year. By the end of June, it had $205 million in cash on hand. The company's division in India mentioned that the bankruptcy warning would not affect its operations.

(With inputs from agencies)

WeWork, a startup that was once valued at $47 billion, has issued a warning about the possibility of going bankrupt. On Wednesday, the company's stock plummeted by 38.

WeWork, a startup that was once valued at $47 billion, has issued a warning about the possibility of going bankrupt. On Wednesday, the company's stock plummeted by 38.5 percent, closing at just 12 cents. The company, backed by SoftBank, has faced challenges since its attempt to become a public company in 2019, when investor concerns about losses, corporate governance issues, and its former CEO's management style stalled the plan. WeWork's business involves both long-term leases and short-term rentals of office spaces. However, the global COVID-19 pandemic made shared office spaces less popular. Despite going public at a lower price in 2021, WeWork has yet to turn a profit. WeWork's shares have dropped significantly since they first became available to the public in October 2021. As of Wednesday, the shares were trading at just 12 cents each, giving the company a total value of about $260 million. Over time, several top executives have left the company, including CEO Sandeep Mathrani in May and three board members last week. These ongoing challenges are causing problems for SoftBank, a company that has been providing financial support to WeWork for a number of years. SoftBank's CEO, Masayoshi Son, personally supported WeWork and invested $10 billion after the company's troubled attempt to go public in 2019. SoftBank ended up losing billions of dollars due to its investment. Son later expressed regret for his decision, admitting that his judgment was not good. Furthermore, in an effort to improve its financial situation, WeWork negotiated a deal in March to reduce its debt by about $1.5 billion and postpone some of its debt payments. Despite these efforts, WeWork still reported a loss of $349 million in the second quarter, although it was an improvement from the $577 million loss the previous year. However, the company used up $646 million in cash during the first six months of this year. By the end of June, it had $205 million in cash on hand. The company's division in India mentioned that the bankruptcy warning would not affect its operations. (With inputs from agencies)

WeWork, once valued at $47 billion, issues bankruptcy warning