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United States President Joe Biden on Wednesday (August 9) signed an executive order that would prohibit American investments in China in sensitive technologies such as computer chips and require government notification in other tech sectors.

United States President Joe Biden on Wednesday (August 9) signed an executive order that would prohibit American investments in China in sensitive technologies such as computer chips and require government notification in other tech sectors. On Thursday, the Chinese government said it was gravely concerned about the order and that it reserves the right to take measures. In a letter to Congress, President Biden said that he was declaring a national emergency to deal with the threat of advancement by countries like China "in sensitive technologies and products critical to the military, intelligence, surveillance or cyber-enabled capabilities." The executive order is expected to be implemented next year. "The Order directs the Secretary of the Treasury to establish a program to prohibit or require notification of certain types of outbound investments by United States persons into certain entities located in or subject to the jurisdiction of a country of concern, and certain other entities owned by persons of a country of concern, involved in specific categories of advanced technologies and products," an official statement from the Treasury said on Wednesday. "In an Annex to the Order, the President identified the People’s Republic of China, along with the Special Administrative Regions of Hong Kong and Macau, as a country of concern," the statement added. Who's targeted in the executive order? The executive order authorises the US Treasury Secretary to prohibit or restrict American investments in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence (AI) systems. The Biden administration said the restrictions would apply to "narrow subsets" of the three areas but did not elaborate. "Among other things, Treasury seeks input on the sub-sets of national security technologies and products related to semiconductors, quantum information technology, and artificial intelligence systems," another statement from the Treasury read. The statement said that the US benefits from an open investment climate and the new measure would not change that. "It is narrowly targeted at investments in highly sensitive technologies and products for the purposes of protecting US national security," it added. The order aims to prevent American capital and expertise from helping China develop technologies that could support its military modernisation and undermine US national security. The measure targets private equity, venture capital, joint ventures and greenfield investments. "This narrowly targeted action will complement our existing export control and inbound investment screening tools, and protect our national security while maintaining our longstanding commitment to open investment," the statement also said. Regulations to only affect future investments The White House said Biden consulted allies on the plan and incorporated feedback from the Group of Seven (G7) nations. On Wednesday, Senate Democratic leader Chuck Schumer said, "For too long, American money has helped fuel the Chinese military’s rise. Today the United States is taking a strategic first step to ensure American investment does not go to fund Chinese military advancement." The US Treasury pointed out that the regulations would only affect future investments and not the existing ones. Officials insisted the prohibitions were intended to address the most acute national security risks and not to separate the two countries' highly independent economies. However, the Republican party said the executive order was rife with loopholes and was not aggressive enough. Exemptions expected The US Treasury said that it anticipates exempting "certain transactions, including potentially those in publicly traded instruments and intracompany transfers from US parents to subsidiaries." "Treasury welcomes comments and views from a wide range of stakeholders on all aspects of how the Secretary should implement this new program. Treasury will take this input into account as it develops draft regulations, including refining the definitions of key terms, setting forth the notification requirements, and establishing the penalty and enforcement processes for violations, among other things," Wednesday's statement further said. How has China reacted to the executive order? China's commerce ministry said on Thursday that the executive order affected the normal operation and decision-making of enterprises, and undermines the international economic and trade order. The ministry said it hoped that Washington would respect the laws of the market economy and the principle of fair competition and refrain from "artificially hindering global economic and trade exchanges and cooperation, or set up obstacles for the recovery of the world economy". The foreign ministry said that Beijing was "strongly dissatisfied" with and "resolutely" opposes Washington's insistence on introducing investment restrictions on China, having also lodged solemn representations with the US. China urged the US to fulfil Biden's promise of no intention to decouple from China or obstruct China's economic development, the ministry added. Meanwhile, a spokesperson from the Chinese embassy told Reuters on Thursday the White House had not heeded "China’s repeated expression of deep concerns" about the plan. Pointing out that more than 70,000 American companies do business in China, the spokesperson said that the restrictions would hurt both Chinese and American businesses, interfere with normal cooperation and reduce investor confidence in the US. (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.

Explained: US President Biden orders ban on certain US tech investments in China. Who's targeted?

A bloomberg report claims adani enterprises is exploring selling its stake in its mumbai-listed consumer-staple joint venture with wilmar international, that could potentially free up capital for their core business, according to people familiar with the matter.

Adani mulls selling stake in wilmar joint venture: Reports

Canadian news industry groups have raised concerns over meta platforms' recent decision to block news content on its platforms within the country. This action, taken in response to an upcoming law that mandates tech companies to pay for news articles, has prompted canadian news organizations to accuse meta of exploiting its dominant position and hindering fair competition.

Meta to block news content across platforms in Canada

Credit rating agency S&amp;P Global&nbsp;will no longer publish ESG scores along with its credit ratings as the company adjusts its approach in response to investor feedback.

This decision comes amidst the challenges faced by rating providers in an evolving landscape where a consensus is lacking on how to effectively evaluate the long-term financial implications of environmental, social, and governance factors for issuers.

Reports also indicate persistent investor confusion regarding the formulation of ESG ratings.

Despite discontinuing ESG scores within credit ratings, the company assures that this update will not impact its commitment to ESG principles, criteria, or research pertaining to environmental, social, and governance issues.

"We have determined that the dedicated analytical narrative paragraphs in our credit rating reports are most effective at providing detail and transparency on ESG credit factors material to our rating analysis," the rating agency said.

The credit rating agency started publishing alphanumeric scores from one to five in 2021 to evaluate the environmental, social, and corporate governance factors (ESG) of companies.

This scoring mechanism was designed to provide a straightforward and visual representation, serving as a scorecard to underscore the significance of environmental, social, and governance factors within credit rating assessments.

For instance, Visa received a score of two for both "E" and "S" and a three for "G," while FirstEnergy, an Ohio utility under scrutiny, obtained a four for "G", which is S&amp;P's second-lowest rating.

However, some experts believe that S&amp;P reports will offer a more vivid insight into the methodology employed by the rating agency when determining a company's ESG rating.&nbsp;

"The ESG credit indicators were intended to illustrate and summarise the relevance of ESG credit factors to our rating analysis," S&amp;P said. "This update does not affect our ESG principles criteria or our research and commentary on ESG-related topics, including the influence that ESG factors can have on creditworthiness."

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Credit rating agency S&P Global will no longer publish ESG scores along with its credit ratings as the company adjusts its approach in response to investor feedback.

Credit rating agency S&P Global will no longer publish ESG scores along with its credit ratings as the company adjusts its approach in response to investor feedback. This decision comes amidst the challenges faced by rating providers in an evolving landscape where a consensus is lacking on how to effectively evaluate the long-term financial implications of environmental, social, and governance factors for issuers. Reports also indicate persistent investor confusion regarding the formulation of ESG ratings. Despite discontinuing ESG scores within credit ratings, the company assures that this update will not impact its commitment to ESG principles, criteria, or research pertaining to environmental, social, and governance issues. "We have determined that the dedicated analytical narrative paragraphs in our credit rating reports are most effective at providing detail and transparency on ESG credit factors material to our rating analysis," the rating agency said. The credit rating agency started publishing alphanumeric scores from one to five in 2021 to evaluate the environmental, social, and corporate governance factors (ESG) of companies. This scoring mechanism was designed to provide a straightforward and visual representation, serving as a scorecard to underscore the significance of environmental, social, and governance factors within credit rating assessments. For instance, Visa received a score of two for both "E" and "S" and a three for "G," while FirstEnergy, an Ohio utility under scrutiny, obtained a four for "G", which is S&P's second-lowest rating. However, some experts believe that S&P reports will offer a more vivid insight into the methodology employed by the rating agency when determining a company's ESG rating. "The ESG credit indicators were intended to illustrate and summarise the relevance of ESG credit factors to our rating analysis," S&P said. "This update does not affect our ESG principles criteria or our research and commentary on ESG-related topics, including the influence that ESG factors can have on creditworthiness." WATCH WION LIVE HERE

S&P Global abandons alphanumeric ESG scores after investor feedback

The Indian government on Tuesday announced the approval for banks from 22 partner nations,&nbsp;including Russia and the United Kingdom, to establish "vostro" accounts within India. This move aims to enhance the rupee trade by facilitating international banking services for clients with global banking needs.

A "vostro" account is an account held by domestic banks for foreign banks in the local currency. It serves as a mechanism for domestic banks to cater to the international banking requirements of their clients.

This concept falls under correspondent banking, wherein a bank (or intermediary) conducts wire transfers, commercial transactions, deposit acceptance, and documentation collection on behalf of another bank.

This provision offers local banks increased access to international financial markets and the ability to serve global clients without the need for a physical presence in other countries.

India has actively been urging its partner nations to facilitate trade using the rupee, aiming to reduce the expenses linked with currency conversion during transactions.

Several other countries, including Bangladesh, Russia, Germany, Israel, Uganda, Sri Lanka, the UK, Singapore, and New Zealand, have also established 'vostro' accounts to engage in rupee-denominated trade.

(Inputs from Reuters)

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The Indian government on Tuesday announced the approval for banks from 22 partner nations, including Russia and the United Kingdom, to establish "vostro" accounts within India.

The Indian government on Tuesday announced the approval for banks from 22 partner nations, including Russia and the United Kingdom, to establish "vostro" accounts within India. This move aims to enhance the rupee trade by facilitating international banking services for clients with global banking needs. A "vostro" account is an account held by domestic banks for foreign banks in the local currency. It serves as a mechanism for domestic banks to cater to the international banking requirements of their clients. This concept falls under correspondent banking, wherein a bank (or intermediary) conducts wire transfers, commercial transactions, deposit acceptance, and documentation collection on behalf of another bank. This provision offers local banks increased access to international financial markets and the ability to serve global clients without the need for a physical presence in other countries. India has actively been urging its partner nations to facilitate trade using the rupee, aiming to reduce the expenses linked with currency conversion during transactions. Several other countries, including Bangladesh, Russia, Germany, Israel, Uganda, Sri Lanka, the UK, Singapore, and New Zealand, have also established 'vostro' accounts to engage in rupee-denominated trade. (Inputs from Reuters) WATCH WION LIVE HERE

India's rupee trade gets a 'Vostro' boost

Tata Lockheed Martin Aerostructures Limited (TLMAL) achieved a significant milestone as it completed the delivery of 200 empennage structures for the&nbsp;'C-130J Super Hercules' military aircraft. The empennage is the name given to the entire tail section of the aircraft, including both the horizontal and vertical stabilizers, the rudder and the elevator.

As a combined unit, it works similar to the feather on the arrow, helping guide the aircraft. The 'C-130J Super Hercules' is the current variant of the legacy C-130 Hercules and is operated by 21 nations.

According to the firm, their facility in Adibatla, Hyderabad, in India, has the distinction of being the single global source of C-130J empennage assemblies that are installed on all new Super Hercules aircraft produced in Marietta, Georgia, in the United States. C-130J Empennage assemblies produced by TLMAL include the aircraft’s horizontal and vertical stabilizers along with leading edges and tip assemblies.

“The C-130J is known as the world’s workhorse not just for its large global presence, but also for its international supply chain partners including TLMAL,” said Rod McLean, vice president and general manager of the Air Mobility &amp; Maritime Missions line of business at Lockheed Martin. 
 
“Each TLMAL-produced empennage literally helps the mighty Super Hercules take flight to support critical missions that impact lives and make history. While it takes many parts and pieces to build an empennage, it also requires a group of highly dedicated and skilled individuals" he said.

Empennages made by TLMAL are included in C-130Js operated by seven nations, including India, said the firm. A tactical airlifter, C-130Js perform search and rescue, peacekeeping, combat delivery, maritime patrol, special operations, aerial refuelling, commercial cargo transport, medical evacuation and humanitarian response missions.

"Today, we take immense pride in reaching the momentous milestone of producing the 200th empennage for C-130J right here in India," said Sukaran Singh, CEO and managing director, Tata Advanced Systems Limited. In March 2023, Lockheed Martin and Tata Group signed a Memorandum of Understanding to begin the implementation of fighter wing production at their Hyderabad facility. The company had said, TLMAL demonstrated the capability to produce one of the most technologically complex aerostructures — a fuel-carrying, 9G (force enduring), 12,000 hour (endurance), interchangeable/replaceable fighter wing.

TLMAL- a joint venture between Tata Advanced Systems Limited (TASL) and Lockheed Martin Aeronautics], was established in 2010. At present, the combined entity employs 650 personnel in India.

&nbsp;

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Tata Lockheed Martin Aerostructures Limited (TLMAL) achieved a significant milestone as it completed the delivery of 200 empennage structures for the 'C-130J Super Hercules' military aircraft.

Tata Lockheed Martin Aerostructures Limited (TLMAL) achieved a significant milestone as it completed the delivery of 200 empennage structures for the 'C-130J Super Hercules' military aircraft. The empennage is the name given to the entire tail section of the aircraft, including both the horizontal and vertical stabilizers, the rudder and the elevator. As a combined unit, it works similar to the feather on the arrow, helping guide the aircraft. The 'C-130J Super Hercules' is the current variant of the legacy C-130 Hercules and is operated by 21 nations. According to the firm, their facility in Adibatla, Hyderabad, in India, has the distinction of being the single global source of C-130J empennage assemblies that are installed on all new Super Hercules aircraft produced in Marietta, Georgia, in the United States. C-130J Empennage assemblies produced by TLMAL include the aircraft’s horizontal and vertical stabilizers along with leading edges and tip assemblies. “The C-130J is known as the world’s workhorse not just for its large global presence, but also for its international supply chain partners including TLMAL,” said Rod McLean, vice president and general manager of the Air Mobility & Maritime Missions line of business at Lockheed Martin. “Each TLMAL-produced empennage literally helps the mighty Super Hercules take flight to support critical missions that impact lives and make history. While it takes many parts and pieces to build an empennage, it also requires a group of highly dedicated and skilled individuals" he said. Empennages made by TLMAL are included in C-130Js operated by seven nations, including India, said the firm. A tactical airlifter, C-130Js perform search and rescue, peacekeeping, combat delivery, maritime patrol, special operations, aerial refuelling, commercial cargo transport, medical evacuation and humanitarian response missions. "Today, we take immense pride in reaching the momentous milestone of producing the 200th empennage for C-130J right here in India," said Sukaran Singh, CEO and managing director, Tata Advanced Systems Limited. In March 2023, Lockheed Martin and Tata Group signed a Memorandum of Understanding to begin the implementation of fighter wing production at their Hyderabad facility. The company had said, TLMAL demonstrated the capability to produce one of the most technologically complex aerostructures — a fuel-carrying, 9G (force enduring), 12,000 hour (endurance), interchangeable/replaceable fighter wing. TLMAL- a joint venture between Tata Advanced Systems Limited (TASL) and Lockheed Martin Aeronautics], was established in 2010. At present, the combined entity employs 650 personnel in India. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Tata Lockheed Martin makes, delivers parts for 200 ‘C-130J’ military planes

In a major development indicating the spirit of give-and-take related to India-US ties, Washington and New Delhi notified the World Trade Organisation that they have mutually decided to close two major trade disputes.

The first case is related to Washington's imposition of duties on Indian steel and aluminium products. The second case is related to India's additional duties on some American goods.

The disputes have been addressed under the cases titled "United States — Certain Measures on Steel and Aluminium Products" (DS547) and "India — Additional Duties on Certain Products from the United States" (DS585).

Also read |&nbsp;<a href="https://www.wionews.com/videos/explained-india-us-agreements-on-defence-ai-trade-space-worlds-two-largest-democracies-607771">Explained: India-US agreements on defence, AI, trade &amp; space | World's two largest democracies</a>

The development emerges from a joint notification made on July 13 by India and the United States. This signals their mutual accord in resolving the issues that have been described as contentious in the past.

"In accordance with Article 12.7 of the Dispute Settlement Understanding, the panel reports provide a brief description of the disputes and note that solutions have been reached," World Trade Organisation said in a statement.

Earlier, the two countries had agreed to terminate six trade disputes.&nbsp;

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Recently, when India's Prime Minister Narendra Modi went on a state visit to the United States in June, the two countries had agreed to resolve contentious trade disputes within World Trade Organisation's framework.

Furthermore, the two countries decided on establishing a quid pro quo (mutual understanding) to discard retaliatory tariffs on certain imports from the United States.

India had imposed additional customs duties on 28 US products in 2019, including chickpeas, lentils and apples while retaliating to the US increasing duties on certain steel and aluminium products.

Following the&nbsp;resolution, India has removed additional duties on eight US products, government sources cited by PTI said.

The US is the largest trading partner of India. In 2022-23, the bilateral goods trade increased to $128.8 billion as against $119.5 billion in 2021-22.

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In a major development indicating the spirit of give-and-take related to India-US ties, Washington and New Delhi notified the World Trade Organisation that they have mutually decided to close two major trade disputes.

In a major development indicating the spirit of give-and-take related to India-US ties, Washington and New Delhi notified the World Trade Organisation that they have mutually decided to close two major trade disputes. The first case is related to Washington's imposition of duties on Indian steel and aluminium products. The second case is related to India's additional duties on some American goods. The disputes have been addressed under the cases titled "United States — Certain Measures on Steel and Aluminium Products" (DS547) and "India — Additional Duties on Certain Products from the United States" (DS585). Also read | Explained: India-US agreements on defence, AI, trade & space | World's two largest democracies The development emerges from a joint notification made on July 13 by India and the United States. This signals their mutual accord in resolving the issues that have been described as contentious in the past. "In accordance with Article 12.7 of the Dispute Settlement Understanding, the panel reports provide a brief description of the disputes and note that solutions have been reached," World Trade Organisation said in a statement. Earlier, the two countries had agreed to terminate six trade disputes. × Recently, when India's Prime Minister Narendra Modi went on a state visit to the United States in June, the two countries had agreed to resolve contentious trade disputes within World Trade Organisation's framework. Furthermore, the two countries decided on establishing a quid pro quo (mutual understanding) to discard retaliatory tariffs on certain imports from the United States. India had imposed additional customs duties on 28 US products in 2019, including chickpeas, lentils and apples while retaliating to the US increasing duties on certain steel and aluminium products. Following the resolution, India has removed additional duties on eight US products, government sources cited by PTI said. The US is the largest trading partner of India. In 2022-23, the bilateral goods trade increased to $128.8 billion as against $119.5 billion in 2021-22. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India, US mutually decide to close two major disputes at WTO

Recent data from the Federal Reserve Bank of New York shows credit card balance has breached the $1 trillion-mark. The increase in credit card debt suggests that many people feel confident about the economy and are using credit cards to buy things they need.

During the second quarter (April to June 2023), credit card debt went up by $45 billion, reaching a total of $1.03 trillion, reflecting increasing&nbsp;consumer spending as well as higher prices due to inflation, researchers said.

Meanwhile, the number of people who were late on their credit card payments was&nbsp;higher than it has been in 11 years, on an average. But when looking at the last few months, experts at the New York Fed noticed&nbsp;that the situation seems to be getting better and getting closer to what it was before the pandemic.

"Despite the many headwinds American consumers have faced over the last year—higher interest rates, post-pandemic inflationary pressures, and recent banking failures—there is little evidence of widespread financial distress for consumers," New York Fed researchers wrote in a blog accompanying the data release.

Concerns over growing credit balances amid recovery

Though growing balances may provide difficulties for certain borrowers, and student loan borrowers may be pressured once repayments begin this autumn, they stated that "household credit shows some early signs of stabilizing at pre-pandemic health, albeit with higher nominal balances."

Credit card holders have, in aggregate, $3.6 trillion in additional credit availability. A different report from the US Federal Reserve said that in May, the interest rate for credit cards was the highest it has ever been, at 22.2 percent. Since the pandemic began, more than 70 million new credit card accounts have been opened.

Even though the percentage of Americans who are behind on their payments is back to where it was before COVID-19, people are still worried about what could happen because so many are using credit cards so much.

Mortgage loans went up a lot in the months from April to June. It was about $393 billion, which is a lot more than the last three months, when it was around $324 billion.

For buying cars, the amount of money people owe went up by $20 billion in the second quarter. It's now around $1.58 trillion. More people also started borrowing money to buy cars, which went up by about 11 percent to $179 billion.

(Inputs from Reuters)

&nbsp;

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Recent data from the Federal Reserve Bank of New York shows credit card balance has breached the $1 trillion-mark. The increase in credit card debt suggests that many people feel confident about the economy and are using credit cards to buy things they need.

Recent data from the Federal Reserve Bank of New York shows credit card balance has breached the $1 trillion-mark. The increase in credit card debt suggests that many people feel confident about the economy and are using credit cards to buy things they need. During the second quarter (April to June 2023), credit card debt went up by $45 billion, reaching a total of $1.03 trillion, reflecting increasing consumer spending as well as higher prices due to inflation, researchers said. Meanwhile, the number of people who were late on their credit card payments was higher than it has been in 11 years, on an average. But when looking at the last few months, experts at the New York Fed noticed that the situation seems to be getting better and getting closer to what it was before the pandemic. "Despite the many headwinds American consumers have faced over the last year—higher interest rates, post-pandemic inflationary pressures, and recent banking failures—there is little evidence of widespread financial distress for consumers," New York Fed researchers wrote in a blog accompanying the data release. Concerns over growing credit balances amid recovery Though growing balances may provide difficulties for certain borrowers, and student loan borrowers may be pressured once repayments begin this autumn, they stated that "household credit shows some early signs of stabilizing at pre-pandemic health, albeit with higher nominal balances." Credit card holders have, in aggregate, $3.6 trillion in additional credit availability. A different report from the US Federal Reserve said that in May, the interest rate for credit cards was the highest it has ever been, at 22.2 percent. Since the pandemic began, more than 70 million new credit card accounts have been opened. Even though the percentage of Americans who are behind on their payments is back to where it was before COVID-19, people are still worried about what could happen because so many are using credit cards so much. Mortgage loans went up a lot in the months from April to June. It was about $393 billion, which is a lot more than the last three months, when it was around $324 billion. For buying cars, the amount of money people owe went up by $20 billion in the second quarter. It's now around $1.58 trillion. More people also started borrowing money to buy cars, which went up by about 11 percent to $179 billion. (Inputs from Reuters) WATCH WION LIVE HERE

US credit card balances breach $1 trillion-mark for the first time

India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia. This comes in the backdrop of India’s plan to internationalise the rupee, Moneycontrol quoted a government official as saying.

According to the official, nations such as Brazil, Argentina, South Africa, Senegal, and Tanzania are likely to be the next set of nations for India’s bilateral local currency settlement push, as the country plans to convince smaller countries first to accept payment in rupees for transactions.

“If we have to push rupee trade, we have to start with smaller nations where it would be easier to give a push rupee internationalisation,” the official said on condition of anonymity, adding that the proposals are preliminary and would require further discussions.&nbsp;

As of 2022–2023, New Delhi has a trade surplus with Tanzania and Brazil of $1.39 billion and $3.25 billion, respectively. According to data from the commerce ministry during the time period, the trade deficit with South Africa, Senegal, and Argentina is minimal.

According to previous reports by Moneycontrol, the Indian government’s choice of partners for its bilateral currency settlement plan will be based on the possibility to increase trade as well as balance the trade difference between the two nations. India either has a small trade deficit or a trade surplus with African and Latin American nations.

The main items that India exports to these countries are grains, engineering goods, pharmaceuticals, and petroleum products. While Brazil and Argentina are the primary import sources for India’s needs for edible oil, India also imports fertilisers, cotton, and toys from South Africa. Senegal and Tanzania are crucial in meeting New Delhi’s demands for diamonds and jewellery.

New Delhi signed a memorandum of understanding (MoU) with the UAE last month In order to use the rupee and the dirham to settle bilateral transactions. A local currency settlement plan was also discussed with Indonesia during talks between the two countries on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar in the mid-July.

According to reports, India is also considering Bangladesh and Sri Lanka for its local currency settlement plan as the two neighbours are experiencing a currency shortage.

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India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia.

India is likely to look at key partners in Latin America and Africa to establish bilateral agreements to carry out trade deals using local currencies, after the United Arab Emirates (UAE) and Indonesia. This comes in the backdrop of India’s plan to internationalise the rupee, Moneycontrol quoted a government official as saying. According to the official, nations such as Brazil, Argentina, South Africa, Senegal, and Tanzania are likely to be the next set of nations for India’s bilateral local currency settlement push, as the country plans to convince smaller countries first to accept payment in rupees for transactions. “If we have to push rupee trade, we have to start with smaller nations where it would be easier to give a push rupee internationalisation,” the official said on condition of anonymity, adding that the proposals are preliminary and would require further discussions. As of 2022–2023, New Delhi has a trade surplus with Tanzania and Brazil of $1.39 billion and $3.25 billion, respectively. According to data from the commerce ministry during the time period, the trade deficit with South Africa, Senegal, and Argentina is minimal. According to previous reports by Moneycontrol, the Indian government’s choice of partners for its bilateral currency settlement plan will be based on the possibility to increase trade as well as balance the trade difference between the two nations. India either has a small trade deficit or a trade surplus with African and Latin American nations. The main items that India exports to these countries are grains, engineering goods, pharmaceuticals, and petroleum products. While Brazil and Argentina are the primary import sources for India’s needs for edible oil, India also imports fertilisers, cotton, and toys from South Africa. Senegal and Tanzania are crucial in meeting New Delhi’s demands for diamonds and jewellery. New Delhi signed a memorandum of understanding (MoU) with the UAE last month In order to use the rupee and the dirham to settle bilateral transactions. A local currency settlement plan was also discussed with Indonesia during talks between the two countries on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar in the mid-July. According to reports, India is also considering Bangladesh and Sri Lanka for its local currency settlement plan as the two neighbours are experiencing a currency shortage. WATCH WION LIVE HERE

Brazil, South Africa may be next for India’s bilateral currency settlement plan: Report 

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company.

“The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying.

Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements.

“In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes.

The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year.

Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation.

According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022.

India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector.

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Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported.

Online gaming company Mobile Premier League (MPL) has decided to slash 350 jobs after India decided to increase Goods and Service Tax (GST) on gamers and gaming companies to 28 per cent, Mint reported. MPL’s founders Sai Srinivas and Shubh Malhotra in a late Tuesday email thanked their employees while saying that the last month has been challenging and uncertain for the company. “The new rules will increase our tax burden by as much as 350 to 400 per cent. As a business, one can prepare for a 50 per per cent increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” Mint quoted the email as saying. Quoting sources, Mint reported that the company confirmed that layoffs would be effective at the entry level while MPL declined to make any statements. “In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have seen since December when we turned EBITDA positive,” the email from the founders further said while addressing the additional costs leading to the large number of job slashes. The Bengaluru-based startup is supported by Sequoia Capital, which led a $35.5 million fundraising round in 2019. In 2022, VCCircle reported that the firm had cut off 100 employees, or around 10 per cent of its workforce, stating that it would no longer pursue “growth at any cost” and would instead pursue “profitable growth.” It also left the Indonesian market that year. Three fantasy sports platforms - DreamSports-owned Dream11, Games24x7-owned My11Circle, and Galactus Funware Technology-owned MPL - are among India’s top gaming corporations, and the industry is estimated to be worth $2-2.5 billion by the All-India Gaming Federation. According to highly placed industry sources citing data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), M-League Private Limited, Galactus’ Singapore-based parent company, spent $92 million on advertising and promotional expenses in financial year 2022, an 81 per cent increase over financial year 2021. This increase in spending significantly contributed to its losses increasing threefold from financial year 2021 to $149 million in financial year 2022. India decided to carry forward with the 28 per cent GST on the sector. To prevent or delay these enterprises from shifting their headquarters offshore and to protect their clients from the additional GST burden, the Council has suggested that even offshore entities offering such online money games to Indian consumers must register and pay GST. According to gaming companies, this could severely harm the sector. WATCH WION LIVE HERE

Mobile Premier League to slash 350 jobs after 28 pc GST burden 

Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39&nbsp;per cent drop in profits for the second quarter, ending on June 30.&nbsp;

In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39&nbsp;per cent compared to the profit of $48.4 billion in the second quarter of 2022.&nbsp;

The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector.

Amin H. Nasser, President &amp; CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy."

This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices.

However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors.

Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned.

Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the&nbsp;full-year 2022 and first-half 2023 performance results.

The oil giant has&nbsp;also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy.

"But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser.

(With inputs from agencies)

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Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.

Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39 per cent compared to the profit of $48.4 billion in the second quarter of 2022. The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector. Amin H. Nasser, President & CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy." This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices. However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors. Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned. Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the full-year 2022 and first-half 2023 performance results. The oil giant has also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy. "But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser. (With inputs from agencies) WATCH WION LIVE HERE

Saudi Aramco profits plunge 39% amid oil price tussle

After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report.

As global supplies tighten, several nations have come to depend more on sugar exports from South Asian countries. Uneven rainfall in India’s agricultural belts has raised fear that sugar production would be insufficient to meet global demand and there may be a consistent decline for a second consecutive season beginning in October.

Bloomberg reported that this might reduce the nation’s export capacity. To safeguard domestic supplies and maintain prices, the government has already restricted export of non-basmati rice and wheat. This has added to the strain on the world’s food markets, which are already under pressure due to bad weather patterns and the escalating conflicts in Ukraine.

According to Henrique Akamine, head of sugar and ethanol at Tropical Research Services, the government’s decision to limit rice exports is a clear indication that it is worried about both inflation and food security. “The worry right now is that the government will probably follow suit and do something similar regarding sugar,” Bloomberg quoted him as saying.

The major sugar cane producing regions in Maharashtra and Karnataka have not received adequate rainfall in June, leading to crop stress, Bloomberg quoted Aditya Jhunjhunwala, the president of Indian Sugar Mills Association (ISMA), as saying. Sugar output is expected to drop by 3.4 per cent from last year to 31.7 million tonnes in 2023-24. Despite this, supplies are expected to meet domestic demand, according to Jhunjhunwala.

Meanwhile, India will use more sugar for biofuel. According to ISMA, mills would divert 4.5 million tons to produce ethanol, up 9.8 per cent from the previous year. But Sanjeev Chopra, India's food secretary has called ISMA’s judgment of decreasing sugar production as one that will stoke fears of a shortage in the nation.

India has previously controlled its sugar exports. Shipments were limited to 6.1 million tons for the 2022–2023 season, down from 11 million tons the previous season. Analysts predict that only two to three million tons, if not none at all, will be permitted next season, perhaps threatening a further increase in global prices.

(With inputs from agencies)

&nbsp;

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After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report.

After India restricted exports of non-basmati rice in an effort to regulate domestic prices, traders are concerned that exports of sugar, another key crop, may also be at risk, according to a Bloomberg report. As global supplies tighten, several nations have come to depend more on sugar exports from South Asian countries. Uneven rainfall in India’s agricultural belts has raised fear that sugar production would be insufficient to meet global demand and there may be a consistent decline for a second consecutive season beginning in October. Bloomberg reported that this might reduce the nation’s export capacity. To safeguard domestic supplies and maintain prices, the government has already restricted export of non-basmati rice and wheat. This has added to the strain on the world’s food markets, which are already under pressure due to bad weather patterns and the escalating conflicts in Ukraine. According to Henrique Akamine, head of sugar and ethanol at Tropical Research Services, the government’s decision to limit rice exports is a clear indication that it is worried about both inflation and food security. “The worry right now is that the government will probably follow suit and do something similar regarding sugar,” Bloomberg quoted him as saying. The major sugar cane producing regions in Maharashtra and Karnataka have not received adequate rainfall in June, leading to crop stress, Bloomberg quoted Aditya Jhunjhunwala, the president of Indian Sugar Mills Association (ISMA), as saying. Sugar output is expected to drop by 3.4 per cent from last year to 31.7 million tonnes in 2023-24. Despite this, supplies are expected to meet domestic demand, according to Jhunjhunwala. Meanwhile, India will use more sugar for biofuel. According to ISMA, mills would divert 4.5 million tons to produce ethanol, up 9.8 per cent from the previous year. But Sanjeev Chopra, India's food secretary has called ISMA’s judgment of decreasing sugar production as one that will stoke fears of a shortage in the nation. India has previously controlled its sugar exports. Shipments were limited to 6.1 million tons for the 2022–2023 season, down from 11 million tons the previous season. Analysts predict that only two to three million tons, if not none at all, will be permitted next season, perhaps threatening a further increase in global prices. (With inputs from agencies) WATCH WION LIVE HERE

After India’s ban on rice exports, concerns over sugar emerge: Reports

Saudi Arabia's oil Behemoth Aaron KO reveals a dramatic 40 drop in profits for the second quarter Aaron core reported 30.07 billion dollars in net profit for the second quarter a drop of nearly 40 from the 48.4 billion dollars recorded in the same period just last year now who's the culprit here. What's the culprit here lower crude oil prices and weakening refining and chemicals margins the oil sector's roller coaster continues as Adam core's plummeting profits align with industry Trends this decline echoes in the financial results of other energy giants like BP Exxon Mobil shell and total energies who have all struggled with reduced earnings due to the drag of a weaker oil prices as Adam core navigates this period of uncertainty Global attention turns towards the upcoming U.N climate talks hosted by the United Arab Emirates with increased pressure to reduce Reliance on fossil fuels these events will serve as a pivotal drop backdrop for discussions on sustainable energy strategies

Saudi Aramco's Q2 report shows earnings dip

Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday.

The report quoted a senior official from India's Food Ministry as saying, “As the production in major growing areas, especially in Himachal Pradesh go up, we will see cooling down of prices.”

Himachal Pradesh’s tomato harvest is predicted to increase from 2,000 MT in July to 30,000 MT in August. The harvest is expected to see a uptick in Karnataka, Tamil Nadu, Maharashtra, Telangana, Madhya Pradesh, and Andhra Pradesh too.

Total tomato harvest is predicted to reach 956,000 MT in September and 1,333,000 MT in October, The Economic Times mentioned in its report.

The report further stated that the hike in retail prices was brought about by supply shortages attributed to heavy rains and floods in the northern and northwestern states in July, which damaged standing crops. Due to this, tomato supply from Himachal Pradesh fell from 10,875 MT in July 2022 to 1,505 MT presently in 2023.

“There is an area damage of 7,800 hectare out of the total sown area of 14,500 hectare of Kharif tomatoes in Himachal Pradesh resulting in reduced production,” the publication quoted the Food Ministry official as saying.

To combat rising tomato prices, the central government had directed the National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation (NCCF) to purchase tomatoes from mandis in Andhra Pradesh, Karnataka, and Maharashtra and distribute them in major consumption centres where retail prices have increased the most.

Despite this measure, the prices of tomatoes went up after a temporary relief due to limited supply.

Tomatoes are grown in almost every state in India, though in varied quantities. The southern and western parts of India produce the most, accounting for 56 per cent to 58 per cent of total Indian output.&nbsp;

Surplus states in western and southern India provide tomatoes to markets based on production seasons.&nbsp;Production seasons fluctuate among regions as well while the harvesting season is at its best from December to February.

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Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday.

Amid the ongoing price hike, the Indian government is expecting tomato harvest to increase from 223,000 metric tonnes (MT) in July to 544,000 MT in August, which is likely to bring down prices of the fruit and provide relief to consumers, The Economic Times reported on Tuesday. The report quoted a senior official from India's Food Ministry as saying, “As the production in major growing areas, especially in Himachal Pradesh go up, we will see cooling down of prices.” Himachal Pradesh’s tomato harvest is predicted to increase from 2,000 MT in July to 30,000 MT in August. The harvest is expected to see a uptick in Karnataka, Tamil Nadu, Maharashtra, Telangana, Madhya Pradesh, and Andhra Pradesh too. Total tomato harvest is predicted to reach 956,000 MT in September and 1,333,000 MT in October, The Economic Times mentioned in its report. The report further stated that the hike in retail prices was brought about by supply shortages attributed to heavy rains and floods in the northern and northwestern states in July, which damaged standing crops. Due to this, tomato supply from Himachal Pradesh fell from 10,875 MT in July 2022 to 1,505 MT presently in 2023. “There is an area damage of 7,800 hectare out of the total sown area of 14,500 hectare of Kharif tomatoes in Himachal Pradesh resulting in reduced production,” the publication quoted the Food Ministry official as saying. To combat rising tomato prices, the central government had directed the National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation (NCCF) to purchase tomatoes from mandis in Andhra Pradesh, Karnataka, and Maharashtra and distribute them in major consumption centres where retail prices have increased the most. Despite this measure, the prices of tomatoes went up after a temporary relief due to limited supply. Tomatoes are grown in almost every state in India, though in varied quantities. The southern and western parts of India produce the most, accounting for 56 per cent to 58 per cent of total Indian output. Surplus states in western and southern India provide tomatoes to markets based on production seasons. Production seasons fluctuate among regions as well while the harvesting season is at its best from December to February. WATCH WION LIVE HERE

Indian government confident of keeping tomato prices in check: Report

Vaibhav Taneja, the current&nbsp;Chief Accounting Officer (CAO) of Elon Musk's Tesla, will also act as the company's Chief Financial Officer (CFO).

The development follows the resignation of Zachary Kirkhorn, who served as Tesla's finance chief for the past four years, and won the reputation of 'master of coin' over a period of time, according to Press Trust of India.

<h2>Who is Vaibhav Taneja?</h2>

Taneja is a commerce graduate from University of Delhi in India.

Taneja's journey with Tesla began in 2017 after he switched from a solar energy firm SolarCity taken over by Tesla.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-set-to-revolutionise-indias-auto-industry-with-proposed-factory-614987">Tesla set to revolutionise India's auto industry with proposed factory</a>

He was initially the vice president of SolarCity. Later, the role evolved into that&nbsp;of corporate controller.

Taneja is described to have played a major role in the successful integration of the accounting teams from both companies.

Before SolarCity, the 45-year-old's professional experience&nbsp;included&nbsp;tenure at the 'Big Four' firm PricewaterhouseCoopers. At the PwC, he served for a whopping 17 years up until March 2016, according to his LinkedIn profile.

<h2>Why did Zachary Kirkhorn&nbsp;leave Tesla?</h2>

Tesla did not give any specific reason behind Kirkhorn's departure.&nbsp;

Kirkhorn, however, will continue to work at Tesla to assist with the transition through the end of this year, according to a filing related to the matter at&nbsp;the US Securities and Exchange Commission.

Also watch |&nbsp;World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs

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Meanwhile, Tesla's recently revealed quarterly earnings showed&nbsp;a 20 per cent&nbsp;increase in its share value from the same quarter last year.

Tesla’s profit margins were also better than expected. They, however, remained&nbsp;smaller than last year due to the declining prices of its vehicles.

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Vaibhav Taneja, the current Chief Accounting Officer (CAO) of Elon Musk's Tesla, will also act as the company's Chief Financial Officer (CFO). The development follows the resignation of Zachary Kirkhorn, who served as Tesla's finance chief for the past four years, and won the reputation of 'master of coin' over a period of time, according to Press Trust of India.

Vaibhav Taneja, the current Chief Accounting Officer (CAO) of Elon Musk's Tesla, will also act as the company's Chief Financial Officer (CFO). The development follows the resignation of Zachary Kirkhorn, who served as Tesla's finance chief for the past four years, and won the reputation of 'master of coin' over a period of time, according to Press Trust of India. Who is Vaibhav Taneja? Taneja is a commerce graduate from University of Delhi in India. Taneja's journey with Tesla began in 2017 after he switched from a solar energy firm SolarCity taken over by Tesla. Also read | Tesla set to revolutionise India's auto industry with proposed factory He was initially the vice president of SolarCity. Later, the role evolved into that of corporate controller. Taneja is described to have played a major role in the successful integration of the accounting teams from both companies. Before SolarCity, the 45-year-old's professional experience included tenure at the 'Big Four' firm PricewaterhouseCoopers. At the PwC, he served for a whopping 17 years up until March 2016, according to his LinkedIn profile. Why did Zachary Kirkhorn leave Tesla? Tesla did not give any specific reason behind Kirkhorn's departure. Kirkhorn, however, will continue to work at Tesla to assist with the transition through the end of this year, according to a filing related to the matter at the US Securities and Exchange Commission. Also watch | World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs × Meanwhile, Tesla's recently revealed quarterly earnings showed a 20 per cent increase in its share value from the same quarter last year. Tesla’s profit margins were also better than expected. They, however, remained smaller than last year due to the declining prices of its vehicles. 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.

Who is Vaibhav Taneja?  The new Chief Financial Officer of Elon Musk's Tesla

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday.&nbsp;

The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter.&nbsp;

He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes.

The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said.

Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023.

Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates.

Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros.

Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB.

Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax".

Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. 
 
&nbsp;

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Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates. From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday. The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter. He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes. The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said. Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023. Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates. Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros. Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB. Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax". Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. 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.

Italy govt shocks with 40 per cent windfall tax on banking sector, leading to share plunge

PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions. After the announcement, PayPal’s share hiked 2.66 percent

PayPal USD, a Stablecoin backed by US dollar deposits and short-term US Treasuries, will be released by Paxos Trust Co. PayPal consumers in the United States will progressively be allowed to use it.

Paxos will begin publishing a public monthly reserve report for PayPal USD in September 2023, outlining the instruments that comprise the reserves. Paxos will also provide a public third-party attestation of the value of PayPal USD reserve assets available to the public.

An independent third-party accounting firm will grant the attestation, conducting it in accordance with the attestation requirements of the American Institute of Certified Public Accountants (AICPA).

Moreover, PayPal USD reserves are completely guaranteed by US dollar deposits, US Treasuries, and comparable cash equivalents, and PayPal USD can be bought or traded at a rate of $1.00 per PayPal USD through PayPal.

The token may be redeemed for US dollars at any moment, and it can also be used to purchase and sell other cryptocurrencies available on PayPal's network, including bitcoin.

"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said Dan Schulman, president and CEO, PayPal. "Our commitment to responsible innovation and compliance, and our track record of delivering new experiences to our customers provide the foundation necessary to contribute to the growth of digital payments through PayPal USD."

Stablecoins navigate regulatory and industrial challenges.

Stablecoins are crypto tokens whose monetary value is pegged to a stable asset, which protects the coin from market volatility that occurs in the market. Notably, these coins are still in their initial stages of making headway into mainstream consumer payment ecosystems.

Consumers predominantly use Stablecoins for trading other cryptocurrencies like bitcoin and ether, leading to struggles within the Stablecoin market. The world’s largest Stablecoin is Tether, followed by USD Coin, which is issued by crypto provider Circle.

Furthermore, attempts by big mainstream firms to create Stablecoins in the past have been greeted with significant criticism from financial authorities and legislators. Meta's, formerly Facebook's, intentions to introduce a Stablecoin, Libra, in 2019 were thwarted when authorities voiced concerns that it would disrupt global financial stability.

Since then, a slew of major economies, from the United Kingdom to the European Union, have established legislation to oversee Stablecoins. The EU's regulations will take effect in June 2024.

However, now that PayPal is stepping into the spotlight, experts anticipate increased attention from regulatory bodies like the Federal Reserve and the Securities and Exchange Commission.

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PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions.

PayPal, the global payment giant, announced its very own U.S. dollar Stablecoin on Monday, marking a pivotal moment in the integration of digital currencies into mainstream transactions. After the announcement, PayPal’s share hiked 2.66 percent PayPal USD, a Stablecoin backed by US dollar deposits and short-term US Treasuries, will be released by Paxos Trust Co. PayPal consumers in the United States will progressively be allowed to use it. Paxos will begin publishing a public monthly reserve report for PayPal USD in September 2023, outlining the instruments that comprise the reserves. Paxos will also provide a public third-party attestation of the value of PayPal USD reserve assets available to the public. An independent third-party accounting firm will grant the attestation, conducting it in accordance with the attestation requirements of the American Institute of Certified Public Accountants (AICPA). Moreover, PayPal USD reserves are completely guaranteed by US dollar deposits, US Treasuries, and comparable cash equivalents, and PayPal USD can be bought or traded at a rate of $1.00 per PayPal USD through PayPal. The token may be redeemed for US dollars at any moment, and it can also be used to purchase and sell other cryptocurrencies available on PayPal's network, including bitcoin. "The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," said Dan Schulman, president and CEO, PayPal. "Our commitment to responsible innovation and compliance, and our track record of delivering new experiences to our customers provide the foundation necessary to contribute to the growth of digital payments through PayPal USD." Stablecoins navigate regulatory and industrial challenges. Stablecoins are crypto tokens whose monetary value is pegged to a stable asset, which protects the coin from market volatility that occurs in the market. Notably, these coins are still in their initial stages of making headway into mainstream consumer payment ecosystems. Consumers predominantly use Stablecoins for trading other cryptocurrencies like bitcoin and ether, leading to struggles within the Stablecoin market. The world’s largest Stablecoin is Tether, followed by USD Coin, which is issued by crypto provider Circle. Furthermore, attempts by big mainstream firms to create Stablecoins in the past have been greeted with significant criticism from financial authorities and legislators. Meta's, formerly Facebook's, intentions to introduce a Stablecoin, Libra, in 2019 were thwarted when authorities voiced concerns that it would disrupt global financial stability. Since then, a slew of major economies, from the United Kingdom to the European Union, have established legislation to oversee Stablecoins. The EU's regulations will take effect in June 2024. However, now that PayPal is stepping into the spotlight, experts anticipate increased attention from regulatory bodies like the Federal Reserve and the Securities and Exchange Commission. WATCH WION LIVE HERE

PayPal launches Stablecoin backed by US dollar

Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle.

Ashish Shah, the second co-founder of the company, posted on X (formerly known as Twitter), saying that he was “extremely devastated” by the death of his “friend, mentor, and brother.”

“Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and for strength to his family and near ones,” Mr Shah wrote on X.

Tributes and fond memories with Mr Murty began pouring in on social media.

“Very sad my second boss and what a mentor he was... I messaged him two days back and he was okay. Got him added to PruICICI group where a reunion is getting planned,” Kalpesh Teli said.

Mr. Murty served on the board of Adonia Hospitality, according to CrunchBase.

He was awarded bachelor’s degree from the Delhi College of Engineering in 1994 and did his MBA&nbsp;from IIM Calcutta in 1996. On his X profile, he admitted to being a secret sociopath and declared a passion for reading epic fantasies.

After graduating, Mr. Murty started offering private lessons out of his house. This was his first entrepreneurial experience. He established Tutors’ Bureau, a modest company that matched tutors with schoolchildren. Early in the 1990s, he managed the business for two years.

As of 2020, Pepperfry was valued at $500 million after receiving a $244 million investment over eight funding rounds. Goldman Sachs and Bertelsmann India Investments are two of its investors.

&nbsp;

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Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle.

Ambareesh Murty, the co-founder of Pepperfry, an online marketplace for furniture and home decor, died on Monday due to a cardiac arrest in Leh. The 51-year-old was a motorbike enthusiast who was traveling from Mumbai to Leh on a motorcycle. Ashish Shah, the second co-founder of the company, posted on X (formerly known as Twitter), saying that he was “extremely devastated” by the death of his “friend, mentor, and brother.” “Extremely devastated to inform that my friend, mentor, brother, soulmate @AmbareeshMurty is no more. Lost him yesterday night to a cardiac arrest at Leh. Please pray for him and for strength to his family and near ones,” Mr Shah wrote on X. Tributes and fond memories with Mr Murty began pouring in on social media. “Very sad my second boss and what a mentor he was... I messaged him two days back and he was okay. Got him added to PruICICI group where a reunion is getting planned,” Kalpesh Teli said. Mr. Murty served on the board of Adonia Hospitality, according to CrunchBase. He was awarded bachelor’s degree from the Delhi College of Engineering in 1994 and did his MBA from IIM Calcutta in 1996. On his X profile, he admitted to being a secret sociopath and declared a passion for reading epic fantasies. After graduating, Mr. Murty started offering private lessons out of his house. This was his first entrepreneurial experience. He established Tutors’ Bureau, a modest company that matched tutors with schoolchildren. Early in the 1990s, he managed the business for two years. As of 2020, Pepperfry was valued at $500 million after receiving a $244 million investment over eight funding rounds. Goldman Sachs and Bertelsmann India Investments are two of its investors. WATCH WION LIVE HERE

Pepperfry co-founder Ambareesh Murty dies of cardiac arrest at 51

Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported.

The research was conducted at Texas A&amp;M School of Public Health by analysing the data of 789 employees, including typing speed, mouse activity, and typing errors, over a two-year period.

The findings bring up important questions regarding the potential advantages of flexible work schedules, such as four-day workweeks and hybrid work, as employers look to strike a balance between productivity and worker well-being.

A significant majority of employees still work on-site, despite the growing acceptance of remote and hybrid work modes, highlighting the need for a wider change in work culture.

According to Dr. Taehyun Roh, an assistant professor in the Department of Epidemiology and Biostatistics, workers used their computers actively from Monday through Thursday, while Fridays saw a considerable decline in productivity.

A secondary survey for Canon USA revealed that, for 28 per cent of workers, Monday is the most productive day, with introverts favouring the beginning of the week in particular for their peak output.

The survey also revealed that workers were less productive in the afternoons and more likely to make mistakes, particularly on Fridays, which was consistent with the declining trend in task completion as the week came to a close.

The director of the Texas A&amp;M Ergonomics Center, Dr. Mark Benden, said that these results provide corporate executives with important insights into enhancing productivity and workplace sustainability.

In a recent study conducted in the US, Canada, the UK, and Ireland, longer hours worked over fewer days resulted in lower rates of burnout, improved general health, and higher levels of job satisfaction.

Although there may be benefits, widespread adoption of flexible work arrangements is still a work in progress. A work from home research poll from May found that nearly 60 per cent of full-time workers still did all of their work on-site.

&nbsp;
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Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported.

Differing from the popular belief, Monday has come to be the most productive day of the week while Friday afternoons were found to be the least productive, according to recent study in the US using computer usage data, Money Control reported. The research was conducted at Texas A&M School of Public Health by analysing the data of 789 employees, including typing speed, mouse activity, and typing errors, over a two-year period. The findings bring up important questions regarding the potential advantages of flexible work schedules, such as four-day workweeks and hybrid work, as employers look to strike a balance between productivity and worker well-being. A significant majority of employees still work on-site, despite the growing acceptance of remote and hybrid work modes, highlighting the need for a wider change in work culture. According to Dr. Taehyun Roh, an assistant professor in the Department of Epidemiology and Biostatistics, workers used their computers actively from Monday through Thursday, while Fridays saw a considerable decline in productivity. A secondary survey for Canon USA revealed that, for 28 per cent of workers, Monday is the most productive day, with introverts favouring the beginning of the week in particular for their peak output. The survey also revealed that workers were less productive in the afternoons and more likely to make mistakes, particularly on Fridays, which was consistent with the declining trend in task completion as the week came to a close. The director of the Texas A&M Ergonomics Center, Dr. Mark Benden, said that these results provide corporate executives with important insights into enhancing productivity and workplace sustainability. In a recent study conducted in the US, Canada, the UK, and Ireland, longer hours worked over fewer days resulted in lower rates of burnout, improved general health, and higher levels of job satisfaction. Although there may be benefits, widespread adoption of flexible work arrangements is still a work in progress. A work from home research poll from May found that nearly 60 per cent of full-time workers still did all of their work on-site. WATCH WION LIVE HERE

Least productive day of the week isn’t Monday: Study

Paramount Global said Monday it had reached an agreement to sell Simon &amp; Schuster, a top US publisher, to private equity firm KKR for $1.62 billion.&nbsp;

The proposed sale, if it goes through, will end a years' long effort to sell the prestigious publishing house, whose authors include Stephen King, Colleen Hoover and Bob Woodward. &nbsp;

"We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon &amp; Schuster for its next phase of growth with KKR," Paramount Global president and CEO Bob Bakish said in a statement Monday. &nbsp;

After the purchase -- which Paramount said will be made entirely in cash -- Simon &amp; Schuster will become a "standalone private company," according to the statement.&nbsp;

The publisher will retain its existing leadership. &nbsp;

"With KKR's support, we look forward to collaborating on new strategies that will enhance our ability to provide readers a great array of books and to give authors the best possible publication they can receive," Simon &amp; Schuster president and CEO Jonathan Karp said in the statement. &nbsp;

The deal announced Monday is less than last year's tentative plan to sell the company to Penguin Random House for $2.18 billion, which foundered amid regulatory concerns.&nbsp;

US District Court Judge Florence Pan, in her ruling, said the government had convincingly shown that the merger would substantially lessen competition "in the market for the US publishing rights to anticipated top-selling books."&nbsp;

Paramount at the time made clear its intentions to continue to look for a buyer for the unit, calling it "a non-core asset."&nbsp;

<h2>'Big Five'</h2>

Also in the running for a potential purchase were fellow publisher HarperCollins, held by Murdoch-owned News Corp, and investor Richard Hurowitz, backed by Abu Dhabi sovereign wealth fund Mubadala Investment, the Wall Street Journal reported last week. &nbsp;

Other big-name writers who have published with Simon &amp; Schuster, which was founded in 1924, include Doris Kearns Goodwin and Britain's Prince Harry. &nbsp;

The publishing house releases around 2,000 books per year, and owns a back catalog of about 36,000 titles for adults and children, plus audio works. &nbsp;

It employs more than 1,600 people. &nbsp;

Simon &amp; Schuster is the fourth largest of America's "Big Five" publishing companies, which also include HarperCollins, Hachette Book Group USA and Macmillan Publishers.&nbsp;

In after-hours trading Monday, shares of Paramount Global jumped 4.54 percent to $16.82, while KKR shares remained relatively stable, up 0.03 percent to $61.83. &nbsp;

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Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion. The proposed sale, if it goes through, will end a years' long effort to sell the prestigious publishing house, whose authors include Stephen King, Colleen Hoover and Bob Woodward.

Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion. The proposed sale, if it goes through, will end a years' long effort to sell the prestigious publishing house, whose authors include Stephen King, Colleen Hoover and Bob Woodward.  "We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with KKR," Paramount Global president and CEO Bob Bakish said in a statement Monday.  After the purchase -- which Paramount said will be made entirely in cash -- Simon & Schuster will become a "standalone private company," according to the statement. The publisher will retain its existing leadership.  "With KKR's support, we look forward to collaborating on new strategies that will enhance our ability to provide readers a great array of books and to give authors the best possible publication they can receive," Simon & Schuster president and CEO Jonathan Karp said in the statement.  The deal announced Monday is less than last year's tentative plan to sell the company to Penguin Random House for $2.18 billion, which foundered amid regulatory concerns. US District Court Judge Florence Pan, in her ruling, said the government had convincingly shown that the merger would substantially lessen competition "in the market for the US publishing rights to anticipated top-selling books." Paramount at the time made clear its intentions to continue to look for a buyer for the unit, calling it "a non-core asset." 'Big Five' Also in the running for a potential purchase were fellow publisher HarperCollins, held by Murdoch-owned News Corp, and investor Richard Hurowitz, backed by Abu Dhabi sovereign wealth fund Mubadala Investment, the Wall Street Journal reported last week.  Other big-name writers who have published with Simon & Schuster, which was founded in 1924, include Doris Kearns Goodwin and Britain's Prince Harry.  The publishing house releases around 2,000 books per year, and owns a back catalog of about 36,000 titles for adults and children, plus audio works.  It employs more than 1,600 people.  Simon & Schuster is the fourth largest of America's "Big Five" publishing companies, which also include HarperCollins, Hachette Book Group USA and Macmillan Publishers. In after-hours trading Monday, shares of Paramount Global jumped 4.54 percent to $16.82, while KKR shares remained relatively stable, up 0.03 percent to $61.83.  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 ×

Paramount announces sale of Simon & Schuster for $1.62 bn

The proposed free trade agreement between India and the UK is inching closer to realisation, reports said on Sunday.&nbsp;

In a bid to protect domestic interests, India has excluded data-related issues and dairy sector concessions from the proposed India-UK free trade agreement. However, the negotiations have taken an intriguing turn as India is considering&nbsp;duty concessions on automobiles and certain confectionery items.&nbsp;

This move aims to strike a balance between safeguarding domestic industries and promoting trade ties.

Negotiations have got a&nbsp;significant boost following the recent visit of Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal to London, where they held crucial meetings with various stakeholders, including senior British officials.

Under free trade agreements, two trading partners drastically decrease or remove customs tariffs on the maximum number of items exchanged between them, in addition to relaxing rules to encourage trade in services and investments.

Navigating data localization and "Rules of Origin"

UK corporations have expressed worries about India's data localization regulations. Another official stated that India and the United Kingdom are extremely close to completing discussions for a potential free trade agreement, with both parties trying to iron out disagreements on subjects such as investment treaties, intellectual property rights (IPRs), and rules of origin.

Nineteen of the FTA's 26 chapters have been closed. Both nations have discussed&nbsp;product-specific requirements, value addition, and certification in their rules of origin chapters.

The 'rules of origin' section specifies the minimal processing that must take place in an FTA nation in order for the final finished product to be called as originating products in that country. Moreover, under this clause, a nation that has signed an FTA with India is not permitted to dump goods from a third country into the Indian market simply by labeling them.

To export to India, it must perform a mandated value addition on that commodity. Rules of origin serve to keep items from being dumped. Investment is being discussed separately (as a bilateral investment treaty) between India and the United Kingdom, and it may be finished concurrently with the free trade agreement.

Bilateral commerce between the nations climbed to $20.36 billion in 2022–23, up from $17.5 billion in 2021–22. India's principal exports to the United Kingdom include ready-made clothes and textiles, gems and jewelry, engineering goods, petroleum and petrochemical products, transportation equipment, spices, machinery and instruments, medicines, and marine items.&nbsp;

India attracted $1.74 billion in foreign direct investment from the UK in 2022–23, up from $1 billion in 2021–22. Investments&nbsp;totaled $33.9 billion between April 2000 and March 2023.

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The proposed free trade agreement between India and the UK is inching closer to realisation, reports said on Sunday. In a bid to protect domestic interests, India has excluded data-related issues and dairy sector concessions from the proposed India-UK free trade agreement.

The proposed free trade agreement between India and the UK is inching closer to realisation, reports said on Sunday. In a bid to protect domestic interests, India has excluded data-related issues and dairy sector concessions from the proposed India-UK free trade agreement. However, the negotiations have taken an intriguing turn as India is considering duty concessions on automobiles and certain confectionery items. This move aims to strike a balance between safeguarding domestic industries and promoting trade ties. Negotiations have got a significant boost following the recent visit of Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal to London, where they held crucial meetings with various stakeholders, including senior British officials. Under free trade agreements, two trading partners drastically decrease or remove customs tariffs on the maximum number of items exchanged between them, in addition to relaxing rules to encourage trade in services and investments. Navigating data localization and "Rules of Origin" UK corporations have expressed worries about India's data localization regulations. Another official stated that India and the United Kingdom are extremely close to completing discussions for a potential free trade agreement, with both parties trying to iron out disagreements on subjects such as investment treaties, intellectual property rights (IPRs), and rules of origin. Nineteen of the FTA's 26 chapters have been closed. Both nations have discussed product-specific requirements, value addition, and certification in their rules of origin chapters. The 'rules of origin' section specifies the minimal processing that must take place in an FTA nation in order for the final finished product to be called as originating products in that country. Moreover, under this clause, a nation that has signed an FTA with India is not permitted to dump goods from a third country into the Indian market simply by labeling them. To export to India, it must perform a mandated value addition on that commodity. Rules of origin serve to keep items from being dumped. Investment is being discussed separately (as a bilateral investment treaty) between India and the United Kingdom, and it may be finished concurrently with the free trade agreement. Bilateral commerce between the nations climbed to $20.36 billion in 2022–23, up from $17.5 billion in 2021–22. India's principal exports to the United Kingdom include ready-made clothes and textiles, gems and jewelry, engineering goods, petroleum and petrochemical products, transportation equipment, spices, machinery and instruments, medicines, and marine items. India attracted $1.74 billion in foreign direct investment from the UK in 2022–23, up from $1 billion in 2021–22. Investments totaled $33.9 billion between April 2000 and March 2023. WATCH WION LIVE HERE

UK and India nearing a free trade agreement: Reports

With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said.

After the COVID-19 pandemic caused widespread adoption of work-from-home policies, companies like Amazon, Disney, JPMorgan, and even the video conferencing platform Zoom have asked its employees to return to the office. However, employees are unhappy about the new diktat.

Workers have the upper hand in labor negotiations as deaths due to COVID-19 have reduced the American workforce by roughly 500,000, according to The Guardian. The unemployment rate is close to the half-century record low of 3.5 per cent, according to July statistics from the Labor Department.

According to the Entrepreneur magazine, pressure from employers to return to office can lead to unionisation and strikes among workers. The Writers’ and Screen Actors Guilds, Amazon warehouse and delivery workers, Starbucks employees, and digital media publications, including Business Insider, have all gone on strike in large numbers.

Business Insider previously reported that employees like an Arizona administrator, who made a six figure salary, quit their jobs after being called back to office.

The Wall Street Journal reported that companies that allow full-time remote work have seen a five per cent increase in staffing levels over the past year, compared to just 2.6 per cent for full-time in-person offices. This means that employers who insist on bringing workers back to in-person work are experiencing slower hiring rates.

Nicholas Bloom, a Stanford economics professor, told The Wall Street Journal that workers now place an increasing importance on a flexible workplace and view hybrid work arrangements equal to an eight per cent salary rise. Additionally, Bloom told Wall Street Journal that ensuring employees have a healthy work-life balance increases employee retention, boosts performance, and improves customer satisfaction.

Prithwiraj Choudhury, an associate professor at the Harvard Business School, said in his research published earlier this year that employees who worked from home 75 per cent of the time were the most productive. “When you allow flexibility, it expands your talent pool”, Business Insider quoted Choudhury as saying. 
&nbsp;

&nbsp;

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With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said.

With the tightening labour market appreciating remote work as a key benefit, moves by employers to make it mandatory for workers to return to office are backfiring, a Business Insider report said. After the COVID-19 pandemic caused widespread adoption of work-from-home policies, companies like Amazon, Disney, JPMorgan, and even the video conferencing platform Zoom have asked its employees to return to the office. However, employees are unhappy about the new diktat. Workers have the upper hand in labor negotiations as deaths due to COVID-19 have reduced the American workforce by roughly 500,000, according to The Guardian. The unemployment rate is close to the half-century record low of 3.5 per cent, according to July statistics from the Labor Department. According to the Entrepreneur magazine, pressure from employers to return to office can lead to unionisation and strikes among workers. The Writers’ and Screen Actors Guilds, Amazon warehouse and delivery workers, Starbucks employees, and digital media publications, including Business Insider, have all gone on strike in large numbers. Business Insider previously reported that employees like an Arizona administrator, who made a six figure salary, quit their jobs after being called back to office. The Wall Street Journal reported that companies that allow full-time remote work have seen a five per cent increase in staffing levels over the past year, compared to just 2.6 per cent for full-time in-person offices. This means that employers who insist on bringing workers back to in-person work are experiencing slower hiring rates. Nicholas Bloom, a Stanford economics professor, told The Wall Street Journal that workers now place an increasing importance on a flexible workplace and view hybrid work arrangements equal to an eight per cent salary rise. Additionally, Bloom told Wall Street Journal that ensuring employees have a healthy work-life balance increases employee retention, boosts performance, and improves customer satisfaction. Prithwiraj Choudhury, an associate professor at the Harvard Business School, said in his research published earlier this year that employees who worked from home 75 per cent of the time were the most productive. “When you allow flexibility, it expands your talent pool”, Business Insider quoted Choudhury as saying. WATCH WION LIVE HERE

Moves by employers to end 'Work From Home' could backfire: Report 

Thailand&nbsp;is benefiting from India's rice export ban and has no reason to halt its own shipments as it has sufficient output for exports and domestic consumption, its commerce minister said on Monday.

India in late July ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets.

The Indian ban provides an opportunity for Thai rice producers, especially in Africa which consumes large volumes of rice from India, minister Jurin Laksanawisit told a press briefing.

"With India's export ban, global prices rise as volumes drop ... farmers can sell paddy rice at higher prices," he said.

But global prices are volatile and the government will closely monitor the situation, he added.

Thailand, the world's second-largest rice exporter, is expected to export more than 8 million metric tons of rice this year, Charoen Laothamatas, president of the Thai Rice Exporters Association, told the briefing.

In the first seven months,&nbsp;Thailand&nbsp;shipped 4.8 million metric tons, he said, with monthly exports of 700,000 to 800,000 tons. Last year's rice exports were 7.71 million tons.

"The world market is very turbulent because of speculation in every market, affecting countries that do not have stocks in hand," he said.

Thai rice export prices might increase by 20% after the Indian ban, Charoen said.

Exporters were reluctant to quote prices while waiting for more clarity and were likely to halt shipments for a time, said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association.

"Now we're worried about old contracts with delivery over the next two or three weeks as prices are quite volatile," he said. "But this should be a temporary event, until there is more clarity from India."

Two trade sources said last week that some rice exporters in&nbsp;Thailand&nbsp;and Vietnam were re-negotiating sales contracts for around half a million metric tons for August shipment.

The government would also ensure domestic rice prices do not rise too high, minister Jurin said, adding that inflation is expected to stay low.

"As rice exports remain normal, domestic consumption is not affected yet but paddy rice prices are higher, so rice prices must be managed to stay at appropriate levels," Jurin said.

Paddy prices were currently a record 12,000 baht ($344.43) per metric ton, he said, with paddy output expected to fall by an annual 5.6% to 32.35 million metric tons this year.

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Thailand is benefiting from India's rice export ban and has no reason to halt its own shipments as it has sufficient output for exports and domestic consumption, its commerce minister said on Monday.

Thailand is benefiting from India's rice export ban and has no reason to halt its own shipments as it has sufficient output for exports and domestic consumption, its commerce minister said on Monday. India in late July ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets. The Indian ban provides an opportunity for Thai rice producers, especially in Africa which consumes large volumes of rice from India, minister Jurin Laksanawisit told a press briefing. "With India's export ban, global prices rise as volumes drop ... farmers can sell paddy rice at higher prices," he said. But global prices are volatile and the government will closely monitor the situation, he added. Thailand, the world's second-largest rice exporter, is expected to export more than 8 million metric tons of rice this year, Charoen Laothamatas, president of the Thai Rice Exporters Association, told the briefing. In the first seven months, Thailand shipped 4.8 million metric tons, he said, with monthly exports of 700,000 to 800,000 tons. Last year's rice exports were 7.71 million tons. "The world market is very turbulent because of speculation in every market, affecting countries that do not have stocks in hand," he said. Thai rice export prices might increase by 20% after the Indian ban, Charoen said. Exporters were reluctant to quote prices while waiting for more clarity and were likely to halt shipments for a time, said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association. "Now we're worried about old contracts with delivery over the next two or three weeks as prices are quite volatile," he said. "But this should be a temporary event, until there is more clarity from India." Two trade sources said last week that some rice exporters in Thailand and Vietnam were re-negotiating sales contracts for around half a million metric tons for August shipment. The government would also ensure domestic rice prices do not rise too high, minister Jurin said, adding that inflation is expected to stay low. "As rice exports remain normal, domestic consumption is not affected yet but paddy rice prices are higher, so rice prices must be managed to stay at appropriate levels," Jurin said. Paddy prices were currently a record 12,000 baht ($344.43) per metric ton, he said, with paddy output expected to fall by an annual 5.6% to 32.35 million metric tons this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Thailand says no rice export halt, to benefit from India's export ban

Asian markets open lower; Markets await China's inflation figures. Watch the video to know more.

Asian markets open lower; Markets await China's inflation figures

Pakistan's&nbsp;once-fledging textile industry grapples with a slowdown. Accounting for 60 percent of the country's exports, the textile sector has been struggling since the economy&nbsp;began facing a balance of payments crisis. Textile exports for 2022–2023 plummeted by 15 percent to $16.5 billion, as per reports.

Pakistan's textile industry had experienced a resurgence towards the end of the COVID-19 pandemic, as the economy was released&nbsp;from restrictions earlier than regional rivals India and Bangladesh. Government support, including reduced energy rates, too helped the industry thrive amid the pandemic.

However, these benefits waned after Imran Khan's ouster&nbsp;last year.

Factories Shutting down&nbsp;

Numerous factories have recently faced closure and are operating well below their full capacity. According&nbsp;to News18,&nbsp;approximately 25 to 30 per cent of textile factories have shut down, resulting in an estimated loss of around 700,000 jobs since last year.&nbsp;

Furthermore,&nbsp;a bailout from the IMF and additional support from Saudi Arabia, China, and the United Arab Emirates, would only&nbsp;add to Pakistan's debt burden.&nbsp;Kamran Arshad, the Managing Director of Ghazi Fabrics International, voiced concerns about this approach,&nbsp;"But that’s not a solution, it’s just getting deeper and deeper into debt."

Arshad emphasized the need boost Pakistan's exports and foster&nbsp;an investor-friendly environment that encourages industrial growth and activity, as reported by News18.

Political instability and natural impact

The&nbsp;2022 political crisis, exacerbated by an economic decline, led to the closure of numerous textile factories. In May this year, Khan's arrest&nbsp;culminated&nbsp;in violence that was quelled only through a crackdown on his party and followers.

Adding to the predicament, destructive floods during the summer of 2022 resulted in&nbsp;cotton production reaching a historic low. The government's import freeze, aimed at safeguarding foreign reserves, further hindered the textile sector's ability to mitigate the shortfall by procuring from external sources.

The downward spiral of the textile industry raises significant concerns for Pakistan and as it employs over&nbsp;40 per cent of the nation's 20 million industrial workers.&nbsp;

(With inputs from agencies)

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Pakistan's once-fledging textile industry grapples with a slowdown. Accounting for 60 percent of the country's exports, the textile sector has been struggling since the economy began facing a balance of payments crisis.

Pakistan's once-fledging textile industry grapples with a slowdown. Accounting for 60 percent of the country's exports, the textile sector has been struggling since the economy began facing a balance of payments crisis. Textile exports for 2022–2023 plummeted by 15 percent to $16.5 billion, as per reports. Pakistan's textile industry had experienced a resurgence towards the end of the COVID-19 pandemic, as the economy was released from restrictions earlier than regional rivals India and Bangladesh. Government support, including reduced energy rates, too helped the industry thrive amid the pandemic. However, these benefits waned after Imran Khan's ouster last year. Factories Shutting down Numerous factories have recently faced closure and are operating well below their full capacity. According to News18, approximately 25 to 30 per cent of textile factories have shut down, resulting in an estimated loss of around 700,000 jobs since last year. Furthermore, a bailout from the IMF and additional support from Saudi Arabia, China, and the United Arab Emirates, would only add to Pakistan's debt burden. Kamran Arshad, the Managing Director of Ghazi Fabrics International, voiced concerns about this approach, "But that’s not a solution, it’s just getting deeper and deeper into debt." Arshad emphasized the need boost Pakistan's exports and foster an investor-friendly environment that encourages industrial growth and activity, as reported by News18. Political instability and natural impact The 2022 political crisis, exacerbated by an economic decline, led to the closure of numerous textile factories. In May this year, Khan's arrest culminated in violence that was quelled only through a crackdown on his party and followers. Adding to the predicament, destructive floods during the summer of 2022 resulted in cotton production reaching a historic low. The government's import freeze, aimed at safeguarding foreign reserves, further hindered the textile sector's ability to mitigate the shortfall by procuring from external sources. The downward spiral of the textile industry raises significant concerns for Pakistan and as it employs over 40 per cent of the nation's 20 million industrial workers. (With inputs from agencies) WATCH WION LIVE HERE

Pakistan's economic downturn hits its once-booming textile industry

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent.

China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets.

From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia.

During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market.

Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports.

China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million.

According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake.

Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030.

Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs.

“After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying.

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China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia. The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent. China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets. From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia. During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market. Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports. China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million. According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake. Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030. Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs. “After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying. WATCH WION LIVE HERE

China leads world in automobile exports, surpasses Japan 