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The economic fallout of climate change could impact nations worldwide. Rising carbon emissions may lead to soaring debt servicing costs for 59 countries within the next decade as the world grapples with the consequences of unchecked climate change, states a recent research report.&nbsp;

Researchers warn of potential credit score downgrades for major players like China, India, the United States, and Canada. The implications are dire, with higher borrowing costs for nations translating into increased corporate debt.

The economic damage caused by climate change is already evident, with recent heat waves shaving off 0.6 per cent of global output. While insurance giant Allianz sounds the alarm, rating agencies have been cautious in quantifying the risks posed by climate change in their assessments.

However, a collaborative study by the University of East Anglia and the University of Cambridge, through the use of AI models and climate economic projections, has created a ‘climate-adjusted’ rating system.

While rating agencies recognize that economies are vulnerable to climate change, they have been cautious in assessing such risks in their ratings exercises due to uncertainty about the potential magnitude of the harm.

The UEA/Cambridge project uses&nbsp;current S&amp;P Global ratings to train artificial intelligence models, which are then coupled with climate economic models and S&amp;P's own natural catastrophe risk assessments to develop new ratings for alternative climate scenarios.

If the world manages to meet the Paris Climate Agreement's aim of keeping temperatures below two degrees Celsius, sovereign credit ratings would experience little impact in the short term and very minor long-term repercussions, according to the simulation.

However, a worst-case scenario of high emissions, on the other hand, would result in greater global debt servicing expenses, amounting to hundreds of billions of dollars in current money, according to the model.

Developing nations with lower credit scores may bear the brunt of the physical impacts of climate change. Yet, even nations with the highest credit rankings are at risk of severe downgrades due to the potential steep fall they would experience.&nbsp;

(Inputs form Reuters)

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The economic fallout of climate change could impact nations worldwide. Rising carbon emissions may lead to soaring debt servicing costs for 59 countries within the next decade as the world grapples with the consequences of unchecked climate change, states a recent research report.

The economic fallout of climate change could impact nations worldwide. Rising carbon emissions may lead to soaring debt servicing costs for 59 countries within the next decade as the world grapples with the consequences of unchecked climate change, states a recent research report. Researchers warn of potential credit score downgrades for major players like China, India, the United States, and Canada. The implications are dire, with higher borrowing costs for nations translating into increased corporate debt. The economic damage caused by climate change is already evident, with recent heat waves shaving off 0.6 per cent of global output. While insurance giant Allianz sounds the alarm, rating agencies have been cautious in quantifying the risks posed by climate change in their assessments. However, a collaborative study by the University of East Anglia and the University of Cambridge, through the use of AI models and climate economic projections, has created a ‘climate-adjusted’ rating system. While rating agencies recognize that economies are vulnerable to climate change, they have been cautious in assessing such risks in their ratings exercises due to uncertainty about the potential magnitude of the harm. The UEA/Cambridge project uses current S&P Global ratings to train artificial intelligence models, which are then coupled with climate economic models and S&P's own natural catastrophe risk assessments to develop new ratings for alternative climate scenarios. If the world manages to meet the Paris Climate Agreement's aim of keeping temperatures below two degrees Celsius, sovereign credit ratings would experience little impact in the short term and very minor long-term repercussions, according to the simulation. However, a worst-case scenario of high emissions, on the other hand, would result in greater global debt servicing expenses, amounting to hundreds of billions of dollars in current money, according to the model. Developing nations with lower credit scores may bear the brunt of the physical impacts of climate change. Yet, even nations with the highest credit rankings are at risk of severe downgrades due to the potential steep fall they would experience. (Inputs form Reuters) WATCH WION LIVE HERE

Climate change hurts global economy: 59 countries will face massive debt burden in next 10 years

Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million. The purchase is being made in order to streamline the ownership structure of the Indian payments company, Antfinin said on Monday.

Paytm’s shares rose to 11.4 per cent on Monday after the announcement, while their share value has already gone up by more than 50 per cent this year.

The price of Sharma’s stake acquisition from Antfin (Netherlands) Holding B.V. is 796.6 rupees ($9.3) per share, &nbsp;Paytm’s most recent closing price.

After the sale, Antfin’s ownership in the company will drop to 13.5 per cent, no longer making it the largest stakeholder.

Previously, China’s Alibaba sold all of its stake in February, exiting Paytm.

Through open market transactions, the Japanese investment company Softbank Group Corp has also been reducing its stake in Paytm; which presently stands at 9.18 per cent.

Following the sale, Paytm’s founder, Sharma will be the largest stakeholder with a holding of 19.42 per cent.

“No cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Mr. Sharma, directly or otherwise,” Reuters quoted Paytm as saying in a statement.

The company further stated that Sharma and the current board will continue in their respective positions and that there would be no change in the management or control of Paytm.

(With inputs from Reuters)

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Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million.

Paytm’s founder and CEO, Vijay Shekhar Sharma, plans to buy a 10.3 per cent stake from the fintech company Antfinin, a subsidiary of China’s Ant Financial for $628 million. The purchase is being made in order to streamline the ownership structure of the Indian payments company, Antfinin said on Monday. Paytm’s shares rose to 11.4 per cent on Monday after the announcement, while their share value has already gone up by more than 50 per cent this year. The price of Sharma’s stake acquisition from Antfin (Netherlands) Holding B.V. is 796.6 rupees ($9.3) per share, Paytm’s most recent closing price. After the sale, Antfin’s ownership in the company will drop to 13.5 per cent, no longer making it the largest stakeholder. Previously, China’s Alibaba sold all of its stake in February, exiting Paytm. Through open market transactions, the Japanese investment company Softbank Group Corp has also been reducing its stake in Paytm; which presently stands at 9.18 per cent. Following the sale, Paytm’s founder, Sharma will be the largest stakeholder with a holding of 19.42 per cent. “No cash payment will be made for this acquisition, and neither will any pledge, guarantee, or other value assurance be provided by Mr. Sharma, directly or otherwise,” Reuters quoted Paytm as saying in a statement. The company further stated that Sharma and the current board will continue in their respective positions and that there would be no change in the management or control of Paytm. (With inputs from Reuters) WATCH WION LIVE HERE

Vijay Shekhar Sharma to buy 10.3 per cent stake in Paytm from Antfin for $628 million 

The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market.

The gazette notification issued on August 3 also mentioned that the imports were adding "injury to the domestic markets."&nbsp;

"The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication,"&nbsp;the notification said.

The Times of India reported in July that the Commerce Ministry's recommendation to impose an anti-dumping duty comes at a time when India is undergoing a digitisation drive under the ambitious Bharat Net rural outreach plan, with commercial operators adding optical fibre to their networks to support 4G and 5G services.

The anti-dumping duty is likely to be a major relief to both domestic businesses and international companies that manufacture locally. Sterlite Industries, Birla Cable, Birla Furukawa Fibre Optics, HFCL, and American Corning are among the big names in the optical fibre business.

As per media reports, local manufacturers have been complaining that cheap imports, particularly from China, are hurting their business.

Upon an investigation by the DGTR, it was revealed that dumping did have a significant impact on Indian manufacturers. "It was further found that the growth in demand was almost entirely subsumed by such dumped imports," the Times of India quoted the agency as saying.

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The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market.

The Directorate General of Trade Remedies (DGTR), an arm of the Commerce Ministry of India, has imposed an anti-dumping duty on optical fibers from China, Korea and Indonesia in a move to secure the domestic industry from artificially cheap rates that are capturing the market. The gazette notification issued on August 3 also mentioned that the imports were adding "injury to the domestic markets." "The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication," the notification said. The Times of India reported in July that the Commerce Ministry's recommendation to impose an anti-dumping duty comes at a time when India is undergoing a digitisation drive under the ambitious Bharat Net rural outreach plan, with commercial operators adding optical fibre to their networks to support 4G and 5G services. The anti-dumping duty is likely to be a major relief to both domestic businesses and international companies that manufacture locally. Sterlite Industries, Birla Cable, Birla Furukawa Fibre Optics, HFCL, and American Corning are among the big names in the optical fibre business. As per media reports, local manufacturers have been complaining that cheap imports, particularly from China, are hurting their business. Upon an investigation by the DGTR, it was revealed that dumping did have a significant impact on Indian manufacturers. "It was further found that the growth in demand was almost entirely subsumed by such dumped imports," the Times of India quoted the agency as saying. WATCH WION LIVE HERE

India imposes anti-dumping duty on optical fibre imports from China, Korea and Indonesia 

JPMorgan’s chief economist said that the bank no longer expects a recession in the United States this year, joining other forecasters who reversed their decision and once opined that a downturn was inevitable.

Earlier, JPMorgan stated that a recession was to be expected in 2023, but they have now revised their forecast of “modest, sub-par growth,” for 2024, Bloomberg reported.

Chief US economist of the bank, Michale Feroli, in his research paper published on Friday (Aug 4) said that they now expect a "healthy pace" due to certain gains in productivity.&nbsp;

The firm increased its current-quarter real annualised GDP growth estimate to 2.5 per cent from 0.5 per cent.

"Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected," the economist wrote.&nbsp;

The economist pointed to the resolution of the debt ceiling impasse in Congress and the containment of a banking crisis in March as potential headwinds that have since been removed.

He also noted productivity gains, due in part to the broader implementation of artificial intelligence, and improved labour supply even as hiring has softened&nbsp;in recent months.

However, despite the positive signs, Feroli said that there is a potential risk still lurking.

He specifically cited the danger of Fed policy that has seen 11 interest rate hikes implemented since March 2022. Those increases have totalled 5.25 percentage points, yet inflation is still holding well above the central bank’s 2 per cent target, CNBC noted.

“While a recession is no longer our modal scenario, risk of a downturn is still very elevated. One way this risk could materialize is if the Fed is not done hiking rates,” Feroli said.

“Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”

Earlier this week, the Bank of America economists also reversed their estimates saying that they no longer forecast a 2024 recession for the US and increased their 2023 economic growth outlook for the country.

(With inputs from agencies) 
 
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JPMorgan’s chief economist said that the bank no longer expects a recession in the United States this year, joining other forecasters who reversed their decision and once opined that a downturn was inevitable.

JPMorgan’s chief economist said that the bank no longer expects a recession in the United States this year, joining other forecasters who reversed their decision and once opined that a downturn was inevitable. Earlier, JPMorgan stated that a recession was to be expected in 2023, but they have now revised their forecast of “modest, sub-par growth,” for 2024, Bloomberg reported. Chief US economist of the bank, Michale Feroli, in his research paper published on Friday (Aug 4) said that they now expect a "healthy pace" due to certain gains in productivity. The firm increased its current-quarter real annualised GDP growth estimate to 2.5 per cent from 0.5 per cent. "Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected," the economist wrote. The economist pointed to the resolution of the debt ceiling impasse in Congress and the containment of a banking crisis in March as potential headwinds that have since been removed. He also noted productivity gains, due in part to the broader implementation of artificial intelligence, and improved labour supply even as hiring has softened in recent months. However, despite the positive signs, Feroli said that there is a potential risk still lurking. He specifically cited the danger of Fed policy that has seen 11 interest rate hikes implemented since March 2022. Those increases have totalled 5.25 percentage points, yet inflation is still holding well above the central bank’s 2 per cent target, CNBC noted. “While a recession is no longer our modal scenario, risk of a downturn is still very elevated. One way this risk could materialize is if the Fed is not done hiking rates,” Feroli said. “Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.” Earlier this week, the Bank of America economists also reversed their estimates saying that they no longer forecast a 2024 recession for the US and increased their 2023 economic growth outlook for the country. (With inputs from agencies) WATCH WION LIVE HERE

JPMorgan signals positive outlook for US, takes back ‘recession’ call

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions.

Of this, top 10 wilful defaulters owe&nbsp;4,929 million (Rs 40,825) crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said.

"The Reserve Bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said.Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 crore.

Other wilful defaults are Rotomac Global Private Limited Rs 2,894 crore, Winsome Diamonds and Jewellery Limited Rs 2,846 crore, Frost International Limited Rs 2,518 crore, Shri Lakshmi Cotsyn Limited Rs 2,180 crore and Zoom Developers Private Limited Rs 2,066 crore.

Karad said the provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than fifteen years.

"RBI had advised IBA, vide letter dated May 10, 2007, that, banks may enter into compromise settlement with wilful defaulters/ fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers and all such cases of compromise settlements should be vetted by Management Committee/Board of banks," he said.

Further, he said, compromise settlement with borrowers classified as wilful defaulters or fraud is also covered in RBI's Master Circular on Wilful Defaulters dated July 1, 2015 and Master Directions on Frauds dated July 1, 2016.

The compromise settlement, however, is not a matter of right for borrower but is a discretion to be exercised by lenders based on their commercial judgements, he said.

As per RBI's circular dated June 8, 2023, he said, regulated entities may undertake compromise settlements or technical write-offs in respect of accounts classified as fraud or wilful defaulter without prejudice to the criminal proceeding underway against such borrowers, and all such proposals need to be approved by the board.

As per inputs received from RBI, he said, the framework prescribes minimum cooling-off period of 12 months as a general prescription for normal cases of compromise settlements, without prejudice to the penal measures applicable in respect of borrowers classified as a wilful defaulter.

"Such penal measures, as per the RBI's Master Circular on Wilful Defaulters dated July 1, 2015, entail, inter alia, that no additional facilities should be granted by any bank/financial institutions to borrowers listed as wilful defaulters, and that such companies (including their entrepreneurs/promoters) get debarred from institutional finance for floating new ventures for a period of five years from the date of removal of their name from the list of wilful defaulters," he said.

Replying to another question, Karad said public at large have benefited from the amalgamation as the amalgamated bank is offering enhanced access to banking services through a stronger and larger network, greater financial inclusion of the underprivileged, wider and customised array of banking and other financial products and services, and improved digital experience through investments in technology.

Employees have benefited through opening up of wider career and geographical opportunities, enhanced depth and breadth of employees' exposure and improved perquisites through harmonisation of benefits on best-across-banks basis, while ensuring that no employee has lost his or her job as a result of the amalgamation, he said.

In a separate reply, Karad said 66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implication of Rs 115.36 crore.

In order to prevent fraudulent online transactions, he said, RBI has been issuing various instructions to the regulated entities from time to time.

"RBI had issued a comprehensive circular on Cyber Security Framework for Banks in June, 2016 and for Urban Cooperative Banks in October, 2018 respectively. As per these circulars, banks were advised to put in place a board-approved cyber security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk," he said.

Further, he said, to enhance the cyber security posture of online transaction and prevent cyber frauds, Indian Computer Emergency Response Team (CERT-In) issues alerts and advisories regarding latest cyber threats/vulnerabilities and countermeasures to protect computers and networks on an ongoing basis, tracking and disabling phishing websites and facilitating the investigation of fraudulent activities in coordination with service providers, regulators, and law enforcement agencies.

With regard to complaints received by the JanSamarth Portal, he said, total 23,276 grievances have been received since its launch, out of which 21,250 complaints have been closed in a time-bound manner.

JanSamarth Portal was launched to provide a common platform for availing loan under few credit-linked government schemes to start with.

(With inputs from agencies)

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The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions.

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe 4,929 million (Rs 40,825) crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said. "The Reserve Bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said.Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 crore. Other wilful defaults are Rotomac Global Private Limited Rs 2,894 crore, Winsome Diamonds and Jewellery Limited Rs 2,846 crore, Frost International Limited Rs 2,518 crore, Shri Lakshmi Cotsyn Limited Rs 2,180 crore and Zoom Developers Private Limited Rs 2,066 crore. Karad said the provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than fifteen years. "RBI had advised IBA, vide letter dated May 10, 2007, that, banks may enter into compromise settlement with wilful defaulters/ fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers and all such cases of compromise settlements should be vetted by Management Committee/Board of banks," he said. Further, he said, compromise settlement with borrowers classified as wilful defaulters or fraud is also covered in RBI's Master Circular on Wilful Defaulters dated July 1, 2015 and Master Directions on Frauds dated July 1, 2016. The compromise settlement, however, is not a matter of right for borrower but is a discretion to be exercised by lenders based on their commercial judgements, he said. As per RBI's circular dated June 8, 2023, he said, regulated entities may undertake compromise settlements or technical write-offs in respect of accounts classified as fraud or wilful defaulter without prejudice to the criminal proceeding underway against such borrowers, and all such proposals need to be approved by the board. As per inputs received from RBI, he said, the framework prescribes minimum cooling-off period of 12 months as a general prescription for normal cases of compromise settlements, without prejudice to the penal measures applicable in respect of borrowers classified as a wilful defaulter. "Such penal measures, as per the RBI's Master Circular on Wilful Defaulters dated July 1, 2015, entail, inter alia, that no additional facilities should be granted by any bank/financial institutions to borrowers listed as wilful defaulters, and that such companies (including their entrepreneurs/promoters) get debarred from institutional finance for floating new ventures for a period of five years from the date of removal of their name from the list of wilful defaulters," he said. Replying to another question, Karad said public at large have benefited from the amalgamation as the amalgamated bank is offering enhanced access to banking services through a stronger and larger network, greater financial inclusion of the underprivileged, wider and customised array of banking and other financial products and services, and improved digital experience through investments in technology. Employees have benefited through opening up of wider career and geographical opportunities, enhanced depth and breadth of employees' exposure and improved perquisites through harmonisation of benefits on best-across-banks basis, while ensuring that no employee has lost his or her job as a result of the amalgamation, he said. In a separate reply, Karad said 66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implication of Rs 115.36 crore. In order to prevent fraudulent online transactions, he said, RBI has been issuing various instructions to the regulated entities from time to time. "RBI had issued a comprehensive circular on Cyber Security Framework for Banks in June, 2016 and for Urban Cooperative Banks in October, 2018 respectively. As per these circulars, banks were advised to put in place a board-approved cyber security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk," he said. Further, he said, to enhance the cyber security posture of online transaction and prevent cyber frauds, Indian Computer Emergency Response Team (CERT-In) issues alerts and advisories regarding latest cyber threats/vulnerabilities and countermeasures to protect computers and networks on an ongoing basis, tracking and disabling phishing websites and facilitating the investigation of fraudulent activities in coordination with service providers, regulators, and law enforcement agencies. With regard to complaints received by the JanSamarth Portal, he said, total 23,276 grievances have been received since its launch, out of which 21,250 complaints have been closed in a time-bound manner. JanSamarth Portal was launched to provide a common platform for availing loan under few credit-linked government schemes to start with. (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.

India: Top 50 wilful defaulters owe $105,40 million to banks

State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier.

Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago.

However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending.

Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter.

Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates.

SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year.

The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns.

Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees.

SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months.

The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

SBI's shares, which have lost 6.6% this year, ended 2.9% down.

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State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago. However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending. Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter. Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates. SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year. The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns. Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees. SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said. SBI's shares, which have lost 6.6% this year, ended 2.9% down. 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.

State Bank of India Q1 profit nearly triples to all-time high

Shares of Apollo global management hit an all-time high after reporting a record profit. Apollo's insurance business benefited from rising interest rates and solid inflows. New York-based Apollo said Thursday that its net income for the April-June quarter jumped 75% to 1 billion dollars or 1.7 dollars per share. That's higher than the average prediction of 1.65 dollars per share from experts polled by Bloomberg.

Apollo management posts $1 bn profit | World Business News

Saudi Arabia's economic plans to move away from oil-related activity seem to have encountered a significant dent as business growth in the kingdom slowed in July. Saudi Arabia's non-oil industries started to feel the effects of rising interest rates, which hurt the overall business growth last month. Riyad bank said the purchasing managers' index for Saudi Arabia was 57.7 in July, down from 59.6 in June. While the figure was still well above 50, which differentiates growth from contraction, the slowdown was mostly caused by slower growth in new orders.

Saudi Arabia's business growth decelerates in July | World Business Watch

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&amp;P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

Reuters quoted S&amp;P Global&nbsp;report&nbsp;as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment."&nbsp;

India could possibly overtake Japan and China and become the world’s third largest economy, if S&amp;P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023.

According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing.&nbsp;

The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments.

Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023.

“Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying.&nbsp;

S&amp;P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting&nbsp;India’s economy towards manufacturing.&nbsp;

An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank

The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday.

Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant&nbsp;Knight Frank said.&nbsp;

“We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said.

As per Knight Frank's projections,&nbsp;India’s construction industry will contribute nearly one-fifth to the&nbsp;GDP by 2030 and support 100 million jobs.

According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers.

According to the realty consultant, the real estate sector's annual turnover is likely to&nbsp;increase to $1 trillion by 2030.

(With inputs from Reuters)

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According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere.

(With inputs from Reuters)

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected. Reuters quoted S&P Global report as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment." India could possibly overtake Japan and China and become the world’s third largest economy, if S&P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023. According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing. The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments. Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023. “Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying. S&P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting India’s economy towards manufacturing. An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday. Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant Knight Frank said. “We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said. As per Knight Frank's projections, India’s construction industry will contribute nearly one-fifth to the GDP by 2030 and support 100 million jobs. According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers. According to the realty consultant, the real estate sector's annual turnover is likely to increase to $1 trillion by 2030. (With inputs from Reuters) WATCH WION LIVE HERE According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere. (With inputs from Reuters)

India projected to grow at an annual rate of 6.7% through 2031: S&P Global

Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant.&nbsp;With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville.

Inspired by the coffee roasting entrepreneur, Alfred Peet, the founders decided to base their business model on selling high-quality coffee beans and equipment. As Starbucks emerged out of the shadows of its competitors by the early 1980, a new era began. This was after Howard Schultz joined in 1982 as the head of marketing.

The beginning of a new era &nbsp;

Schultz noticed that first-time customers were often confused in the stores due to their limited knowledge about fine coffees. So, he worked with store employees to develop customer-friendly sales skills and created brochures to help customers learn about the company’s products.

When Schultz visited Milan in the spring of 1983, he had the biggest idea for the future of Starbucks. He was impressed by the cafés in Italy and learned that Milan alone had 1,500 coffee shops. Inspired, he thought of transforming the regional business into a national chain of coffee shops. Baldwin and Bowker, however, were unenthusiastic about Schultz’s suggestion since they preferred that Starbucks remained purely a coffee and equipment retailer rather than it evolving into a café.

The shift from a retailer of coffee beans to a chain of cafés&nbsp;

Schultz quit Starbucks in 1985 after he was unable to convince the founders and launched his own coffee chain, named Il Giornale, which swiftly spread to other cities. However, Il Giornale purchased Starbucks in 1987, and all operations were merged under the Starbucks brand. Along with the sale of beans and equipment, the management devised a dedicated café concept for company.

The coffee shop network expanded from 20 locations to having more than 100 in just four years. After the firm went public in 1992, Starbucks continued to see rapid growth. Starbucks started operating in locations outside of North America in 1996, and it quickly grew to become the biggest coffee shop company worldwide.

What has made Starbucks so successful?&nbsp;

Based on a study by Danish analyst Martin Roll, Starbuck’s success has been attributed to its brand philosophy, brand strategy and brand communication.

Brand Philosophy&nbsp;

Since its early days in the 1990’s, the coffee shop chain has built its brand through a great customer experience. Informal and casual conversations between employees and customers are used to capture the overall mood and gather feedback, in addition to quantitative market research.&nbsp;

Brand Strategy&nbsp;

The corporation has made enormous investments to create a uniform look and feel for its locations, products, and food and beverages. One of the most recognisable trademarks in the world is the Starbucks Siren. One of the main goals of the company’s worldwide expansion strategy is to replicate the Starbucks experience. Because of this, regardless of whether a store is located in New York, New Mexico, Moscow, Tokyo, or Shanghai, customers will essentially have a consistent experience.

Brand Communication &nbsp;

Without brand communication, one of Starbucks’ most prized intangible assets would not have been feasible. The brand’s internal creative team published its branding standards on its website in October 2019.&nbsp;Starbucks has invested a substantial sum of money in marketing and brand awareness projects. In 2008, the company spent around $200 million, while the company was experiencing slow growth. However, by the time of its first global brand campaign in 2014, the shift towards brand communication was complete

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Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant. With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville.

Beginning with a single shop in 1971 in downtown Seattle, Starbucks has transformed into a well-established global brand and a leading coffee giant. With over 33,000 coffee shops, Starbucks came to life with the vision of its three founders, Jerry Baldwin, Gordon Bowker and Zev Siegel, who named it after “Starbuk”, the first mate in the classic novel ‘Moby Dick’, authored by Herman Melville. Inspired by the coffee roasting entrepreneur, Alfred Peet, the founders decided to base their business model on selling high-quality coffee beans and equipment. As Starbucks emerged out of the shadows of its competitors by the early 1980, a new era began. This was after Howard Schultz joined in 1982 as the head of marketing. The beginning of a new era Schultz noticed that first-time customers were often confused in the stores due to their limited knowledge about fine coffees. So, he worked with store employees to develop customer-friendly sales skills and created brochures to help customers learn about the company’s products. When Schultz visited Milan in the spring of 1983, he had the biggest idea for the future of Starbucks. He was impressed by the cafés in Italy and learned that Milan alone had 1,500 coffee shops. Inspired, he thought of transforming the regional business into a national chain of coffee shops. Baldwin and Bowker, however, were unenthusiastic about Schultz’s suggestion since they preferred that Starbucks remained purely a coffee and equipment retailer rather than it evolving into a café. The shift from a retailer of coffee beans to a chain of cafés Schultz quit Starbucks in 1985 after he was unable to convince the founders and launched his own coffee chain, named Il Giornale, which swiftly spread to other cities. However, Il Giornale purchased Starbucks in 1987, and all operations were merged under the Starbucks brand. Along with the sale of beans and equipment, the management devised a dedicated café concept for company. The coffee shop network expanded from 20 locations to having more than 100 in just four years. After the firm went public in 1992, Starbucks continued to see rapid growth. Starbucks started operating in locations outside of North America in 1996, and it quickly grew to become the biggest coffee shop company worldwide. What has made Starbucks so successful? Based on a study by Danish analyst Martin Roll, Starbuck’s success has been attributed to its brand philosophy, brand strategy and brand communication. Brand Philosophy Since its early days in the 1990’s, the coffee shop chain has built its brand through a great customer experience. Informal and casual conversations between employees and customers are used to capture the overall mood and gather feedback, in addition to quantitative market research. Brand Strategy The corporation has made enormous investments to create a uniform look and feel for its locations, products, and food and beverages. One of the most recognisable trademarks in the world is the Starbucks Siren. One of the main goals of the company’s worldwide expansion strategy is to replicate the Starbucks experience. Because of this, regardless of whether a store is located in New York, New Mexico, Moscow, Tokyo, or Shanghai, customers will essentially have a consistent experience. Brand Communication Without brand communication, one of Starbucks’ most prized intangible assets would not have been feasible. The brand’s internal creative team published its branding standards on its website in October 2019. Starbucks has invested a substantial sum of money in marketing and brand awareness projects. In 2008, the company spent around $200 million, while the company was experiencing slow growth. However, by the time of its first global brand campaign in 2014, the shift towards brand communication was complete WATCH WION LIVE HERE

Flashback Friday: Tracing the success of coffee giant Starbucks 

Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month.

According to Riyad Bank, the Purchasing Managers' Index for Saudi Arabia declined from 59.6 in June to 57.7 in July. While the reading remains comfortably above 50, indicating growth rather than contraction, the deceleration can be attributed to a moderation in new-order growth.

Amidst intense competition, price reductions were observed during the month, yet business activity expansion remained on par with June's levels.

However, in 2022, the Saudi economy demonstrated robust growth, expanding by over 9 percent, outpacing other G20 members, and propelling the GDP beyond the trillion-dollar mark for the first time. Although this year's growth trajectory has fallen short of expectations due to declining oil prices and production, some experts now even anticipate a contraction.

Saudi Arabia's currency, the riyal, is fixed to the U.S. dollar, necessitating close monitoring of decisions made by the U.S. Federal Reserve. This linkage persists even as Saudi inflation has remained notably lower than that of the United States over the past two years. The Fed has raised interest rates aggressively over the past year, most recently by 25 basis points last month, to lower inflation.

Furthermore, in a bid to bolster crude prices, Saudi Arabia announced on Thursday its decision to extend oil production cuts for at least an additional month, until the end of September. Anticipated Saudi production for September hovers around 9 million barrels per day (bpd).

Crown Prince Mohammed Bin Salman has directed substantial investments into diverse sectors such as tourism, sports, and electric vehicles. Nonetheless, the country's exports remain heavily reliant on oil, which accounts for more than 90 percent of its total exports.

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Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month.

Saudi Arabia's efforts to diversify its economy beyond oil face a setback as business expansion in the nation experienced a notable deceleration in July. The impact of elevated interest rates began to affect Saudi Arabia's non-oil sectors, contributing to an overall slowdown in business growth last month. According to Riyad Bank, the Purchasing Managers' Index for Saudi Arabia declined from 59.6 in June to 57.7 in July. While the reading remains comfortably above 50, indicating growth rather than contraction, the deceleration can be attributed to a moderation in new-order growth. Amidst intense competition, price reductions were observed during the month, yet business activity expansion remained on par with June's levels. However, in 2022, the Saudi economy demonstrated robust growth, expanding by over 9 percent, outpacing other G20 members, and propelling the GDP beyond the trillion-dollar mark for the first time. Although this year's growth trajectory has fallen short of expectations due to declining oil prices and production, some experts now even anticipate a contraction. Saudi Arabia's currency, the riyal, is fixed to the U.S. dollar, necessitating close monitoring of decisions made by the U.S. Federal Reserve. This linkage persists even as Saudi inflation has remained notably lower than that of the United States over the past two years. The Fed has raised interest rates aggressively over the past year, most recently by 25 basis points last month, to lower inflation. Furthermore, in a bid to bolster crude prices, Saudi Arabia announced on Thursday its decision to extend oil production cuts for at least an additional month, until the end of September. Anticipated Saudi production for September hovers around 9 million barrels per day (bpd). Crown Prince Mohammed Bin Salman has directed substantial investments into diverse sectors such as tourism, sports, and electric vehicles. Nonetheless, the country's exports remain heavily reliant on oil, which accounts for more than 90 percent of its total exports. WATCH WION LIVE HERE

Saudi Arabia's non-oil businesses face troubles as growth slows in July

New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.7 per share.

<meta charset="utf-8" />

Responding to this outstanding financial performance, Apollo's stock rose by 6.3 percent, hitting $86.47 per share, marking the most significant surge in over four months.

In a statement, CEO Marc Rowan emphasised, "As the industry and investors increasingly recognize the vast potential within private credit, the tangible outcomes of our efforts are becoming more evident."

Notably, the Athene insurance subsidiary, a key player for Apollo, reported a remarkable 76 percent surge in spread-related profits, reaching a total of $799 million. This surge was driven by robust inflows and the upward trajectory of interest rates. Simultaneously, the net investment spread also experienced a substantial increase of 66 percent, amounting to $1 billion, as higher interest rates mitigated the rise in fund costs.

These results underscore Apollo's unwavering focus on credit and insurance, with Athene contributing over 80 percent of the adjusted net income during the June quarter.

Apollo's executives have praised the company's expansion in originating private credit investments, which are subsequently syndicated to insurance firms and other external clients. As they put it, "The potential market for private investment-grade securities could extend beyond the insurance sector, matching its size within it."

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New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.

New York-based financial giant Apollo Global Management has reported a remarkable surge in profits, reaching $1 billion. This represents an impressive 75 percent increase in adjusted net income for the April-June quarter, translating to $1.7 per share. Responding to this outstanding financial performance, Apollo's stock rose by 6.3 percent, hitting $86.47 per share, marking the most significant surge in over four months. In a statement, CEO Marc Rowan emphasised, "As the industry and investors increasingly recognize the vast potential within private credit, the tangible outcomes of our efforts are becoming more evident." Notably, the Athene insurance subsidiary, a key player for Apollo, reported a remarkable 76 percent surge in spread-related profits, reaching a total of $799 million. This surge was driven by robust inflows and the upward trajectory of interest rates. Simultaneously, the net investment spread also experienced a substantial increase of 66 percent, amounting to $1 billion, as higher interest rates mitigated the rise in fund costs. These results underscore Apollo's unwavering focus on credit and insurance, with Athene contributing over 80 percent of the adjusted net income during the June quarter. Apollo's executives have praised the company's expansion in originating private credit investments, which are subsequently syndicated to insurance firms and other external clients. As they put it, "The potential market for private investment-grade securities could extend beyond the insurance sector, matching its size within it." WATCH WION LIVE HERE

Apollo Management shares hit all-time high after company records $1 billion in profits

&nbsp;

Electric vehicles (EVs) have taken center stage in the automobile world, captivating headlines and intriguing financial experts who see them as the next industry disruptor.

As the global shift towards electrification gains momentum, governments worldwide are throwing their weight behind EVs, recognizing their pivotal role in achieving zero emissions targets. This support has also ignited massive investments into the promising EV sector.

However, beneath the positive narrative lies lingering complexities. Despite resounding endorsements from governments, environmental advocates, and industry players, doubts cast a shadow of uncertainty over the core identity and trajectory of EVs.

To unravel this narrative, we delve into the global rush of EV investments, the concerns surrounding lithium batteries, and the challenges faced by the automobile industry as it navigates the delicate balance between expanding the EV market and maintaining profit margins.

Global Odyssey of EV Investment

As the automobile industry undergoes a seismic shift, EVs have emerged as the avant-garde, prompting worldwide market players to ramp up capital expenditure for portfolio diversification. A titan in this domain, Tesla, dominates by virtually selling every vehicle it manufactures. Its empire expands across six colossal gigafactories, with a newly confirmed Mexican counterpart driving CEO Elon Musk's audacious vision of manufacturing a staggering 20 million cars annually.

Across continents, China's automotive heavyweight BYD, with the backing of Warren Buffet, transitions from domestic triumph to international conquest. In 2022, it shipped a resounding 56,000 vehicles and announced a $1 billion plan for EV and battery construction in India.

In sync with the electric revolution, India takes the stage with strategic initiatives like FAME India and PLI schemes, bolstering local EV production. Notably, Tata Group's headline-grabbing investment of $4 billion in a UK EV battery plant for Tata Motors and Jaguar, coupled with an additional $2 billion infusion over five years, paints an electrifying future.

Unsettling concern at the heart of EV's Power: the Lithium

EV batteries, powered by lithium (Li) ion chemistry, play a key role in the world of electric vehicles and renewable energy storage. However, these Li batteries pose a recycling challenge, costing more to recycle than to mine fresh lithium. While this isn't an immediate issue, as EV demand surges, recycling urgency will reverberate through industries.

Furthermore, the concern extends beyond recycling -- mining lithium for batteries comes with a hefty environmental price tag. Extracting metals for Li batteries guzzles a whopping 500,000 gallons of water per tonne of lithium. As EVs surge for a cleaner future, the question arises: Can we curb carbon emissions without leaving a massive environmental footprint in our wake?

Cautious approach in the time of EV expansion

In this persistent uncertainty surrounding the EV market, some players remain conservative. Toyota, for instance, has drawn enough scrutiny for its measured approach to EV expansion. They challenge an all-electric future, citing global variations in adoption rates due to costs and infrastructure gaps. A conservative stance also allows companies to concentrate on well-established markets still dominated by internal combustion engines.

However, prudence doesn't come without trade-offs. Forward-thinking players enjoy cost advantages and economies of scale as EV demand skyrockets. Waiting may hedge risks, but it might also mean forfeiting opportunities to diversify and cater to evolving consumer preferences. Lalit Singh, CEO of TelioEV, advocates for a harmonious blend of caution and foresight, a pivotal formula for triumph in the ever-shifting automotive terrain.

Expensive EV at the cost of sustainable future

Going deeper into this subject, the main hurdle faced by electric vehicles (EVs) is their high price. Although governments of various countries offer incentives to support sustainable goals, these incentives are often limited to a certain number of vehicles, so when these perks are removed, the once attractive EVs become unaffordable.

Recently, Tesla disclosed its investment plan for India, with an estimated starting price of 2 million rupees ($24,400.66). This is more than twice the cost of India's cheapest EV, the MG Comet, and half a million rupees more than the Tata Nexon EV, the country's top-selling EV. While EV prices are relatively lower compared to global offerings, Tesla's pricing approach has raised concerns.

EV makers adopting price cut strategy to increase sales

The hurdle of pricing has instilled hesitation among consumers considering EV adoption, compelling manufacturers to turn to price cuts. While this strategy aims to boost sales figures, it simultaneously exerts strain on company profits, causing concern among investors who view this development with cautious eyes as whether this approach efficiently accelerates sales is a challenging riddle to solve.

Major players like General Motors, Ford, Hyundai, and Toyota find themselves with over 90 days' worth of unsold EV inventory at current sales rates, casting a shadow of doubt over the effectiveness of price reduction alone.

"To drive EV adoption, cutting prices isn't enough. Companies must invest in tech, achieve economies of scale, and collaborate with governments for incentives. Highlight cost savings, improve charging infrastructure, and educate consumers on benefits. A balanced approach for affordable and sustainable," &nbsp;according to Singh.

Striking a Balance for EV triumph

The future of EVs is clearly cloudy amid the current technology shift. To boost efficiency and consumer confidence, EV manufacturers have to address charging infrastructure shortages and supply chain issues.

Moreover, Singh suggests that consumer education, supportive policies, and collaborations can accelerate EV adoption. Emphasising recycling, integrating autonomous driving, and ensuring reliability will enhance the sector's success amid the evolving landscape. Continuous monitoring of industry trends is crucial for informed decision-making.

&nbsp;

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Electric vehicles (EVs) have taken center stage in the automobile world, captivating headlines and intriguing financial experts who see them as the next industry disruptor.

Electric vehicles (EVs) have taken center stage in the automobile world, captivating headlines and intriguing financial experts who see them as the next industry disruptor. As the global shift towards electrification gains momentum, governments worldwide are throwing their weight behind EVs, recognizing their pivotal role in achieving zero emissions targets. This support has also ignited massive investments into the promising EV sector. However, beneath the positive narrative lies lingering complexities. Despite resounding endorsements from governments, environmental advocates, and industry players, doubts cast a shadow of uncertainty over the core identity and trajectory of EVs. To unravel this narrative, we delve into the global rush of EV investments, the concerns surrounding lithium batteries, and the challenges faced by the automobile industry as it navigates the delicate balance between expanding the EV market and maintaining profit margins. Global Odyssey of EV Investment As the automobile industry undergoes a seismic shift, EVs have emerged as the avant-garde, prompting worldwide market players to ramp up capital expenditure for portfolio diversification. A titan in this domain, Tesla, dominates by virtually selling every vehicle it manufactures. Its empire expands across six colossal gigafactories, with a newly confirmed Mexican counterpart driving CEO Elon Musk's audacious vision of manufacturing a staggering 20 million cars annually. Across continents, China's automotive heavyweight BYD, with the backing of Warren Buffet, transitions from domestic triumph to international conquest. In 2022, it shipped a resounding 56,000 vehicles and announced a $1 billion plan for EV and battery construction in India. In sync with the electric revolution, India takes the stage with strategic initiatives like FAME India and PLI schemes, bolstering local EV production. Notably, Tata Group's headline-grabbing investment of $4 billion in a UK EV battery plant for Tata Motors and Jaguar, coupled with an additional $2 billion infusion over five years, paints an electrifying future. Unsettling concern at the heart of EV's Power: the Lithium EV batteries, powered by lithium (Li) ion chemistry, play a key role in the world of electric vehicles and renewable energy storage. However, these Li batteries pose a recycling challenge, costing more to recycle than to mine fresh lithium. While this isn't an immediate issue, as EV demand surges, recycling urgency will reverberate through industries. Furthermore, the concern extends beyond recycling -- mining lithium for batteries comes with a hefty environmental price tag. Extracting metals for Li batteries guzzles a whopping 500,000 gallons of water per tonne of lithium. As EVs surge for a cleaner future, the question arises: Can we curb carbon emissions without leaving a massive environmental footprint in our wake? Cautious approach in the time of EV expansion In this persistent uncertainty surrounding the EV market, some players remain conservative. Toyota, for instance, has drawn enough scrutiny for its measured approach to EV expansion. They challenge an all-electric future, citing global variations in adoption rates due to costs and infrastructure gaps. A conservative stance also allows companies to concentrate on well-established markets still dominated by internal combustion engines. However, prudence doesn't come without trade-offs. Forward-thinking players enjoy cost advantages and economies of scale as EV demand skyrockets. Waiting may hedge risks, but it might also mean forfeiting opportunities to diversify and cater to evolving consumer preferences. Lalit Singh, CEO of TelioEV, advocates for a harmonious blend of caution and foresight, a pivotal formula for triumph in the ever-shifting automotive terrain. Expensive EV at the cost of sustainable future Going deeper into this subject, the main hurdle faced by electric vehicles (EVs) is their high price. Although governments of various countries offer incentives to support sustainable goals, these incentives are often limited to a certain number of vehicles, so when these perks are removed, the once attractive EVs become unaffordable. Recently, Tesla disclosed its investment plan for India, with an estimated starting price of 2 million rupees ($24,400.66). This is more than twice the cost of India's cheapest EV, the MG Comet, and half a million rupees more than the Tata Nexon EV, the country's top-selling EV. While EV prices are relatively lower compared to global offerings, Tesla's pricing approach has raised concerns. EV makers adopting price cut strategy to increase sales The hurdle of pricing has instilled hesitation among consumers considering EV adoption, compelling manufacturers to turn to price cuts. While this strategy aims to boost sales figures, it simultaneously exerts strain on company profits, causing concern among investors who view this development with cautious eyes as whether this approach efficiently accelerates sales is a challenging riddle to solve. Major players like General Motors, Ford, Hyundai, and Toyota find themselves with over 90 days' worth of unsold EV inventory at current sales rates, casting a shadow of doubt over the effectiveness of price reduction alone. "To drive EV adoption, cutting prices isn't enough. Companies must invest in tech, achieve economies of scale, and collaborate with governments for incentives. Highlight cost savings, improve charging infrastructure, and educate consumers on benefits. A balanced approach for affordable and sustainable," according to Singh. Striking a Balance for EV triumph The future of EVs is clearly cloudy amid the current technology shift. To boost efficiency and consumer confidence, EV manufacturers have to address charging infrastructure shortages and supply chain issues. Moreover, Singh suggests that consumer education, supportive policies, and collaborations can accelerate EV adoption. Emphasising recycling, integrating autonomous driving, and ensuring reliability will enhance the sector's success amid the evolving landscape. Continuous monitoring of industry trends is crucial for informed decision-making. WATCH WION LIVE HERE

Unveiling the electric vehicle revolution: Decoding the future beyond the hype

Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'.&nbsp;

In simple words, an 'overweight' rating indicates that the brokerage firm anticipates India to do better in the future.

According to the brokerage firm, India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth position.&nbsp;

The latest upgrade comes just four months after the firm raised India from 'underweight' to 'equal weight', citing a decline in valuation premium and a stable economy.

Within the Asia Pacific basket, India has&nbsp;now replaced Japan as the primary 'overweight' market for Morgan Stanley.&nbsp;

“We upgrade India to overweight for secular leadership. We see a secular trend towards sustained superior USD Earnings Per Share&nbsp;growth versus Emerging Markets over the cycle," the note read. It added that&nbsp;a young demographic profile is supporting equity inflows into India.

The Morgan Stanley note added that India’s future resembles China’s history to a large extent. In comparison to India’s 6.5 per cent GDP growth, the brokerage anticipates China’s GDP to expand by only 3.9 per cent by the end of the decade.

"We think returning India to an 'overweight' rating and downgrading China to 'equal weight'&nbsp;is warranted," analysts said. They were referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India.

(With inputs from Reuters)

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Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'.

Brokerage firm Morgan Stanley on Wednesday updated India’s rating to ‘overweight’, saying that the country is at the start of a long wave boom. The firm added that supportive foreign inflows, macro stability and positive earnings outlook will help India outperform China, which has been downgraded to 'equal weight'. In simple words, an 'overweight' rating indicates that the brokerage firm anticipates India to do better in the future. According to the brokerage firm, India is now the top ranked, most-preferred market among emerging markets (EMs), rising from the sixth position. The latest upgrade comes just four months after the firm raised India from 'underweight' to 'equal weight', citing a decline in valuation premium and a stable economy. Within the Asia Pacific basket, India has now replaced Japan as the primary 'overweight' market for Morgan Stanley. “We upgrade India to overweight for secular leadership. We see a secular trend towards sustained superior USD Earnings Per Share growth versus Emerging Markets over the cycle," the note read. It added that a young demographic profile is supporting equity inflows into India. The Morgan Stanley note added that India’s future resembles China’s history to a large extent. In comparison to India’s 6.5 per cent GDP growth, the brokerage anticipates China’s GDP to expand by only 3.9 per cent by the end of the decade. "We think returning India to an 'overweight' rating and downgrading China to 'equal weight' is warranted," analysts said. They were referring to the Indian markets' outperformance over China as a sign of a structural breakout in favour of India. (With inputs from Reuters) WATCH WION LIVE HERE

Morgan Stanley upgrades India’s rating to ‘overweight’, downgrades China

Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters.

The scale of layoffs and the businesses affected were not specified by the source.

Apart from the layoffs in New York, UBS is also in the process of closing Credit Suisse’s investment bank’s office in Houston, Reuters sources added.&nbsp;

Sources further told Reuters that the New York office will now handle the oil industry on behalf of the Houston office. But no clarity was provided on the number of workers that have been impacted by the layoffs.

UBS and Credit Suisse refused to make comments on the matter.

The latest layoffs come following UBS’s government-backed acquisition of Credit Suisse in June. Ever since the acquisition was announced,&nbsp;UBS has been clear that the layoffs will lower the risk of Credit Suisse’s investment bank.

After the emergency acquisition of Credit Suisse, UBS’s total employee count increased to nearly 120,000.&nbsp;

A Bloomberg report said that the bank has planned three rounds of cuts for 2023, with the July layoffs being the first and the other two could be carried out in September and October.

The Swiss banking giant hopes to save $6 billion in staff costs over the coming years through the job cuts.&nbsp;

(With inputs from agencies)

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Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters. The scale of layoffs and the businesses affected were not specified by the source.

Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters. The scale of layoffs and the businesses affected were not specified by the source. Apart from the layoffs in New York, UBS is also in the process of closing Credit Suisse’s investment bank’s office in Houston, Reuters sources added. Sources further told Reuters that the New York office will now handle the oil industry on behalf of the Houston office. But no clarity was provided on the number of workers that have been impacted by the layoffs. UBS and Credit Suisse refused to make comments on the matter. The latest layoffs come following UBS’s government-backed acquisition of Credit Suisse in June. Ever since the acquisition was announced, UBS has been clear that the layoffs will lower the risk of Credit Suisse’s investment bank. After the emergency acquisition of Credit Suisse, UBS’s total employee count increased to nearly 120,000. A Bloomberg report said that the bank has planned three rounds of cuts for 2023, with the July layoffs being the first and the other two could be carried out in September and October. The Swiss banking giant hopes to save $6 billion in staff costs over the coming years through the job cuts. (With inputs from agencies) WATCH WION LIVE HERE

UBS lays off Credit Suisse investment bank staff, closes Houston office  

The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent.

The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments in their respective assemblies to pave way for introduction of changes in law by October 1.

"The valuation may be done based on the amount paid or payable or deposited with the supplier by or on behalf of the player, excluding the amount entered into games bets out of winnings of previous games and bets and not on the total value of each bets placed. Entry (level) whatever they pay to get chips and not what they pay in each game," finance minister Nirmala Sitharaman said.

Giving an example, she said if a bet is placed for say Rs 1,000, and the player wins Rs 300, then if the player again places a bet of Rs 1,300, then GST will not be levied on the winning amount. 
 
A review of the taxation of online gaming and casinos will be undertaken after 6 months or around April 2024 to see if any change in rules is required.

Briefing reporters after the 51st GST Council meeting here, Sitharaman said for the purpose of GST levy, the valuation of supply of online gaming and casinos will be done based on the amount paid or deposited with the supplier, excluding the winning amount in the bet.

Revenue secretary Sanjay Malhotra said that offshore gaming platforms will have to register themselves with the GST authorities.

Also read: <a href="https://www.wionews.com/india-news/another-cheetah-found-dead-in-indias-kuno-national-park-as-furious-foreign-experts-move-to-top-court-621646">Another cheetah found dead in India's Kuno National Park as furious foreign experts move top court</a>

In case they do not follow the law, the government will invoke the provisions of the Information Technology Act to block those sites, Malhotra added.

The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing of online gaming and casinos.

"We will undertake amendments to CGST Act at the earliest, in this session itself. From October 1, it will be implemented," Sitharaman said.

Malhotra said the amendments will specifically define online gaming, online money gaming, virtual digital assets used to pay for online games, and supplier in case of online gaming. 
Asked about the impact on the ongoing legal cases in case of online gaming, Malhotra said the decision of the GST Council is only clarificatory in nature as online gaming was always an actionable claim in the nature of betting and gambling on which 28 per cent GST is leviable.

The Council had at its meeting last month decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it.

Sitharaman said Delhi finance minister opposed 28 per cent tax on online gaming and wanted the matter to go back to group of ministers. Goa and Sikkim, whose revenues come from casinos, said 28 per cent GST should be levied on GGR (gross gaming revenue) or platform fees and not on face value.

Sitharaman, however, said other states, including Chhattisgarh, West Bengal, Karnataka, Gujarat, Maharashtra and Uttar Pradesh, wanted the decision taken at the Council meeting last month to be implemented at the earliest.

&nbsp;

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The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent.

The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent. The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments in their respective assemblies to pave way for introduction of changes in law by October 1. "The valuation may be done based on the amount paid or payable or deposited with the supplier by or on behalf of the player, excluding the amount entered into games bets out of winnings of previous games and bets and not on the total value of each bets placed. Entry (level) whatever they pay to get chips and not what they pay in each game," finance minister Nirmala Sitharaman said. Giving an example, she said if a bet is placed for say Rs 1,000, and the player wins Rs 300, then if the player again places a bet of Rs 1,300, then GST will not be levied on the winning amount. A review of the taxation of online gaming and casinos will be undertaken after 6 months or around April 2024 to see if any change in rules is required. Briefing reporters after the 51st GST Council meeting here, Sitharaman said for the purpose of GST levy, the valuation of supply of online gaming and casinos will be done based on the amount paid or deposited with the supplier, excluding the winning amount in the bet. Revenue secretary Sanjay Malhotra said that offshore gaming platforms will have to register themselves with the GST authorities. Also read: Another cheetah found dead in India's Kuno National Park as furious foreign experts move top court In case they do not follow the law, the government will invoke the provisions of the Information Technology Act to block those sites, Malhotra added. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing of online gaming and casinos. "We will undertake amendments to CGST Act at the earliest, in this session itself. From October 1, it will be implemented," Sitharaman said. Malhotra said the amendments will specifically define online gaming, online money gaming, virtual digital assets used to pay for online games, and supplier in case of online gaming. Asked about the impact on the ongoing legal cases in case of online gaming, Malhotra said the decision of the GST Council is only clarificatory in nature as online gaming was always an actionable claim in the nature of betting and gambling on which 28 per cent GST is leviable. The Council had at its meeting last month decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed 28 per cent tax on online gaming and wanted the matter to go back to group of ministers. Goa and Sikkim, whose revenues come from casinos, said 28 per cent GST should be levied on GGR (gross gaming revenue) or platform fees and not on face value. Sitharaman, however, said other states, including Chhattisgarh, West Bengal, Karnataka, Gujarat, Maharashtra and Uttar Pradesh, wanted the decision taken at the Council meeting last month to be implemented at the earliest. 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: 28 per cent GST on online gaming to stay; will be reviewed after 6 months of roll-out

Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million.

The surge in profit was fueled by robust domestic sales and remarkable expansion in the chronic drug segment. Mankind Pharma's impressive revenue rose by 8.3 per cent, reaching almost $311 million&nbsp;in the April-June quarter.

This substantial revenue and profit growth comes after the company's successful listing in May 2023.&nbsp;

The company's pharma segment outperformed the Indian pharma market by 1.5x,&nbsp;led by volume growth and highest ever chronic (drugs) share. Notably, the share of chronic drugs segment in&nbsp;domestic sales rose to 36 per cent&nbsp;in the April-June quarter.&nbsp;

The revenue from the domestic business rose 13.6 per cent to reach $292 million&nbsp;in the quarter that ended on June 30.&nbsp;

The company's&nbsp;consumer healthcare business division, home to brands like Manforce and Prega News, recorded a rise of 7.8 per cent in total revenue, amounting to $25 million.

The Manforce condom brand competes alongside global giants like Durex from Reckitt Benckiser Group and Skore from TTK Group.

Looking forward, the company's focus remains on distinctive filings, including important market in-licensing. The new integrated bulk medicine and formulation production factory is scheduled to open in September. The firm is also looking at exporting dydrogesterone&nbsp;to important markets.

Dydrogesterone is a progestogen that is used to treat progesterone shortages or irregular periods in women, as well as other symptoms caused by excessive estrogen activity.

Mankind Pharma's stocks have surged by a remarkable 61 per cent&nbsp;from the initial offer price of $13.07, highlighting investor confidence.&nbsp;

(With inputs from agencies)

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Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million.

Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million. The surge in profit was fueled by robust domestic sales and remarkable expansion in the chronic drug segment. Mankind Pharma's impressive revenue rose by 8.3 per cent, reaching almost $311 million in the April-June quarter. This substantial revenue and profit growth comes after the company's successful listing in May 2023. The company's pharma segment outperformed the Indian pharma market by 1.5x, led by volume growth and highest ever chronic (drugs) share. Notably, the share of chronic drugs segment in domestic sales rose to 36 per cent in the April-June quarter. The revenue from the domestic business rose 13.6 per cent to reach $292 million in the quarter that ended on June 30. The company's consumer healthcare business division, home to brands like Manforce and Prega News, recorded a rise of 7.8 per cent in total revenue, amounting to $25 million. The Manforce condom brand competes alongside global giants like Durex from Reckitt Benckiser Group and Skore from TTK Group. Looking forward, the company's focus remains on distinctive filings, including important market in-licensing. The new integrated bulk medicine and formulation production factory is scheduled to open in September. The firm is also looking at exporting dydrogesterone to important markets. Dydrogesterone is a progestogen that is used to treat progesterone shortages or irregular periods in women, as well as other symptoms caused by excessive estrogen activity. Mankind Pharma's stocks have surged by a remarkable 61 per cent from the initial offer price of $13.07, highlighting investor confidence. (With inputs from agencies) WATCH WION LIVE HERE

Mankind Pharma reports 66% surge in Q1 profit

In a major move aimed at boosting local manufacturing, India on Thursday (August 3) imposed with immediate effect curbs on importing laptops, tablets and personal computers.

“Import of laptops, tablets, all-in-one personal computers, and ultra small form factor computers and servers falling under HSN 8741 shall be ‘restricted’ and their import would be allowed against a valid licence for restricted imports,” a notification released by the ministry of commerce read.

However, imports under baggage rules are still allowed. It means that one laptop, tablet, all-in-one personal computer, or ultra-small form factor computer, including those bought from online portals through post or courier, will not fall under the purview of the Import Licensing Rules.

However, the duty on such items will have to be paid. The import was free under the previous regime.

<h2>More details about the new import regime</h2>

The notification also mentions that 20 such items (laptops, tablets and PCs) per consignment to focus on research and development, testing, benchmarking, evaluation, repair and re-export, and product development purposes will be exempted from import licence.

Make no mistake, these exemptions only apply to those items not meant to be sold. The items must be destroyed or re-exported once the intended purpose of the import is fulfilled.

It also added that the license for restricted imports was not required for re-importing goods sent abroad for repair.

<h2>Move aimed at boosting local manufacturing</h2>

Experts believe the move will boost the government’s ‘Make in India’ programme, as the country seeks to capitalise upon its vast consumer market to force manufacturers to start production in India.

"The move's spirit is to push manufacturing to India. It's not a nudge, it's a push," Ali Akhtar Jafri, former director general at electronics industry body MAIT, was quoted as saying by Reuters.

Also read<a href="https://www.wionews.com/business-economy/morgan-stanley-upgrades-indias-rating-to-overweight-downgrades-china-621878">:&nbsp;Morgan Stanley upgrades India’s rating to ‘overweight’, downgrades China</a>

The intent seems to be "import substitution of certain goods that are imported heavily," said Madhavi Arora, an economist at Emkay Global.

Previously, India relied on excessive import duties to discourage imports and encourage local manufacturing.

In 2022, India produced mobile phones worth a whopping $38 billion, while the production of laptops and blankets was a mere $4 billion.&nbsp;

<h2>Production-linked incentives&nbsp;</h2>

India is actively promoting domestic production by offering production-linked incentives across various sectors, including electronics.

The application deadline for India's $2 billion manufacturing incentive programme has been also extended, to attract significant investments in IT hardware manufacturing. This programme encompasses items such as laptops, tablets, personal computers, and servers.

Watch:&nbsp;India: A truly 'bright spot' in world economy

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This incentive initiative plays a pivotal role in India's aspiration to establish itself as a dominant player in the worldwide electronics supply network, aiming to achieve a yearly production value of $300 billion by 2026.

(With inputs from agencies)

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In a major move aimed at boosting local manufacturing, India on Thursday (August 3) imposed with immediate effect curbs on importing laptops, tablets and personal computers.

In a major move aimed at boosting local manufacturing, India on Thursday (August 3) imposed with immediate effect curbs on importing laptops, tablets and personal computers. “Import of laptops, tablets, all-in-one personal computers, and ultra small form factor computers and servers falling under HSN 8741 shall be ‘restricted’ and their import would be allowed against a valid licence for restricted imports,” a notification released by the ministry of commerce read. However, imports under baggage rules are still allowed. It means that one laptop, tablet, all-in-one personal computer, or ultra-small form factor computer, including those bought from online portals through post or courier, will not fall under the purview of the Import Licensing Rules. However, the duty on such items will have to be paid. The import was free under the previous regime. More details about the new import regime The notification also mentions that 20 such items (laptops, tablets and PCs) per consignment to focus on research and development, testing, benchmarking, evaluation, repair and re-export, and product development purposes will be exempted from import licence. Make no mistake, these exemptions only apply to those items not meant to be sold. The items must be destroyed or re-exported once the intended purpose of the import is fulfilled. It also added that the license for restricted imports was not required for re-importing goods sent abroad for repair. Move aimed at boosting local manufacturing Experts believe the move will boost the government’s ‘Make in India’ programme, as the country seeks to capitalise upon its vast consumer market to force manufacturers to start production in India. "The move's spirit is to push manufacturing to India. It's not a nudge, it's a push," Ali Akhtar Jafri, former director general at electronics industry body MAIT, was quoted as saying by Reuters. Also read: Morgan Stanley upgrades India’s rating to ‘overweight’, downgrades China The intent seems to be "import substitution of certain goods that are imported heavily," said Madhavi Arora, an economist at Emkay Global. Previously, India relied on excessive import duties to discourage imports and encourage local manufacturing. In 2022, India produced mobile phones worth a whopping $38 billion, while the production of laptops and blankets was a mere $4 billion. Production-linked incentives India is actively promoting domestic production by offering production-linked incentives across various sectors, including electronics. The application deadline for India's $2 billion manufacturing incentive programme has been also extended, to attract significant investments in IT hardware manufacturing. This programme encompasses items such as laptops, tablets, personal computers, and servers. Watch: India: A truly 'bright spot' in world economy × This incentive initiative plays a pivotal role in India's aspiration to establish itself as a dominant player in the worldwide electronics supply network, aiming to achieve a yearly production value of $300 billion by 2026. (With inputs from agencies) WATCH WION LIVE HERE ×

India restricts imports of laptops, tablets and PCs to boost local manufacturing

The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times.

S&amp;P Global’s index for India's services sector increased from 58.5 in June to&nbsp;62.3 in July. Analysts from Reuters had predicted a decline to 58.0. For two years, the services PMI for India has been above the 50-point threshold that separates growth from expansion.

Although the manufacturing sector PMI for India fell to 57.7 in July, the overall S&amp;P Global India Composite PMI Output Index reached a 13-year high of 61.9.

“The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter,” the Economic Times quoted Pollyanna De Lima, the economics director at S&amp;P Global Market Intelligence, as saying.

With the overall demand remaining strong, the new-business sub-index indicated that the demand growth in July was at its highest since June 2010.&nbsp;The release further said that Bangladesh, Nepal, Sri Lanka and the UAE were key sources of international growth.

Operating costs increased at their quickest rate since June 2022, and businesses passed some of that cost on to consumers, although comparatively slower than in the previous three months due to their careful price setting.

De Lima was quoted as saying that&nbsp;competitive advantage continued to support demand for Indian services, as rise in output costs remained modest compared to other countries.&nbsp;

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The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times.

The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times. S&P Global’s index for India's services sector increased from 58.5 in June to 62.3 in July. Analysts from Reuters had predicted a decline to 58.0. For two years, the services PMI for India has been above the 50-point threshold that separates growth from expansion. Although the manufacturing sector PMI for India fell to 57.7 in July, the overall S&P Global India Composite PMI Output Index reached a 13-year high of 61.9. “The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter,” the Economic Times quoted Pollyanna De Lima, the economics director at S&P Global Market Intelligence, as saying. With the overall demand remaining strong, the new-business sub-index indicated that the demand growth in July was at its highest since June 2010. The release further said that Bangladesh, Nepal, Sri Lanka and the UAE were key sources of international growth. Operating costs increased at their quickest rate since June 2022, and businesses passed some of that cost on to consumers, although comparatively slower than in the previous three months due to their careful price setting. De Lima was quoted as saying that competitive advantage continued to support demand for Indian services, as rise in output costs remained modest compared to other countries. WATCH WION LIVE HERE

India’s service sector grew at its fastest rate in 13 years: S&P Global Index 

Toyota Motors has kicked into high gear, experiencing a smooth ride in its first quarter under the leadership of CEO Koji Sato.

The Japanese automotive giant has reported an astounding 75 per cent&nbsp;surge in net income, soaring to an impressive $9.1 billion. Operating margins have rocketed past 10 per cent, propelling Toyota's market shares to an all-time high.

With improved semiconductor supplies, a critical component, the company adeptly met the burgeoning demand for its vehicles. Additionally, a weaker yen has played to Toyota's advantage in its extensive overseas operations, with the exception of Asia, where fierce competition on Chinese roads impacted performance.

Additionally, a 15 per cent&nbsp;increase in the average vehicle selling price has significantly contributed to a nearly 24 per cent&nbsp;revenue surge for the quarter.

However, beneath Toyota's electrifying accomplishments lie substantial challenges on the horizon, despite new-energy powertrains accounting for over a third of sales during the reporting period.

Nonetheless, the company's trading multiple remains impressively just below 10 times the projected earnings for the next 12 months, almost double that of its counterparts like Ford Motor, General Motors, Stellantis, and Nissan Motor.

While Toyota makes significant strides in the electric car market, hybrids constituted more than a third of sales during the reporting period, primarily involving conventional engines combined with batteries. Intriguingly, a mere 29,000 out of the 2.3 million vehicles sold since Sato's intervention were purely electric.

Furthermore, CEO Koji Sato has strategically focused on penetrating the competitive Chinese market, where local contenders are gaining market share, particularly at the expense of well-established brands that have been relatively slower in developing battery-powered vehicles. These same Chinese brands are also expanding into new markets like Thailand, a region historically strong&nbsp;for&nbsp;Toyota.

As part of Toyota's commitment to electrification, CEO Koji Sato has signaled a renewed emphasis, with the company planning to infuse $1.8 billion into its EV business through share sales in telecom&nbsp;company KDDI.&nbsp;

(Inputs from Reuters)

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Toyota Motors has kicked into high gear, experiencing a smooth ride in its first quarter under the leadership of CEO Koji Sato. The Japanese automotive giant has reported an astounding 75 per cent surge in net income, soaring to an impressive $9.

Toyota Motors has kicked into high gear, experiencing a smooth ride in its first quarter under the leadership of CEO Koji Sato. The Japanese automotive giant has reported an astounding 75 per cent surge in net income, soaring to an impressive $9.1 billion. Operating margins have rocketed past 10 per cent, propelling Toyota's market shares to an all-time high. With improved semiconductor supplies, a critical component, the company adeptly met the burgeoning demand for its vehicles. Additionally, a weaker yen has played to Toyota's advantage in its extensive overseas operations, with the exception of Asia, where fierce competition on Chinese roads impacted performance. Additionally, a 15 per cent increase in the average vehicle selling price has significantly contributed to a nearly 24 per cent revenue surge for the quarter. However, beneath Toyota's electrifying accomplishments lie substantial challenges on the horizon, despite new-energy powertrains accounting for over a third of sales during the reporting period. Nonetheless, the company's trading multiple remains impressively just below 10 times the projected earnings for the next 12 months, almost double that of its counterparts like Ford Motor, General Motors, Stellantis, and Nissan Motor. While Toyota makes significant strides in the electric car market, hybrids constituted more than a third of sales during the reporting period, primarily involving conventional engines combined with batteries. Intriguingly, a mere 29,000 out of the 2.3 million vehicles sold since Sato's intervention were purely electric. Furthermore, CEO Koji Sato has strategically focused on penetrating the competitive Chinese market, where local contenders are gaining market share, particularly at the expense of well-established brands that have been relatively slower in developing battery-powered vehicles. These same Chinese brands are also expanding into new markets like Thailand, a region historically strong for Toyota. As part of Toyota's commitment to electrification, CEO Koji Sato has signaled a renewed emphasis, with the company planning to infuse $1.8 billion into its EV business through share sales in telecom company KDDI. (Inputs from Reuters) WATCH WION LIVE HERE

Toyota Motors' net income electrifies investors, surges 75% in Q1

In a recent announcement on Tuesday, the Reserve Bank of India (RBI) revealed that 88 per cent of the country's highest denomination 2000-rupee currency notes, amounting to 3.14 trillion rupees ($38.17 billion), have been returned to the central bank since their withdrawal from circulation. The decision to withdraw these high-value notes was made in May, allowing for exchange or deposit until September 30.

The introduction of the 2000-rupee denominated notes in 2016 aimed to replenish India's economy after the government's unexpected demonetization move, which scrapped high-value banknotes. However, the RBI has consistently expressed its desire to reduce high-value notes in circulation and halted the printing of 2000-rupee notes over the past four years.

RBI's Clean Note Policy

As of July 31, 2023, the total value of 2000-rupee notes in circulation stands at 420 billion rupees. This is a significant decline from 3.62 trillion rupees on March 31, 2023, marking the end of the last fiscal year. During this period, the central bank stated that 87 per cent of the banknotes received by lenders were in the form of deposits, while the remaining 13 per cent were exchanged for other denominations.

To facilitate a smooth transition, the RBI urged the public to utilize the next two months to deposit and/or exchange any remaining 2000-rupee banknotes they hold to avoid a last-minute rush before the September 30 deadline. The central bank's 'Clean Note Policy' motivated the withdrawal of the 2000-rupee banknotes, citing their limited use in transactions. The RBI reassured the public that an ample stock of banknotes in other denominations remains available to meet their currency requirements.

Notably, the total value of 2000-rupee banknotes in circulation, which stood at 3.62 lakh crore rupees on March 31, 2023, declined to 3.56 lakh crore rupees by May 19, 2023.

As the withdrawal deadline approaches, the RBI's call to the public to take timely action will ensure a smooth and orderly process. Individuals and businesses are encouraged to deposit or exchange their 2000-rupee banknotes well before September 30, 2023, to avoid any potential inconvenience.

( With Inputs from Agencies)

In a recent announcement on Tuesday, the Reserve Bank of India (RBI) revealed that 88 per cent of the country's highest denomination 2000-rupee currency notes, amounting to 3.

In a recent announcement on Tuesday, the Reserve Bank of India (RBI) revealed that 88 per cent of the country's highest denomination 2000-rupee currency notes, amounting to 3.14 trillion rupees ($38.17 billion), have been returned to the central bank since their withdrawal from circulation. The decision to withdraw these high-value notes was made in May, allowing for exchange or deposit until September 30. The introduction of the 2000-rupee denominated notes in 2016 aimed to replenish India's economy after the government's unexpected demonetization move, which scrapped high-value banknotes. However, the RBI has consistently expressed its desire to reduce high-value notes in circulation and halted the printing of 2000-rupee notes over the past four years. RBI's Clean Note Policy As of July 31, 2023, the total value of 2000-rupee notes in circulation stands at 420 billion rupees. This is a significant decline from 3.62 trillion rupees on March 31, 2023, marking the end of the last fiscal year. During this period, the central bank stated that 87 per cent of the banknotes received by lenders were in the form of deposits, while the remaining 13 per cent were exchanged for other denominations. To facilitate a smooth transition, the RBI urged the public to utilize the next two months to deposit and/or exchange any remaining 2000-rupee banknotes they hold to avoid a last-minute rush before the September 30 deadline. The central bank's 'Clean Note Policy' motivated the withdrawal of the 2000-rupee banknotes, citing their limited use in transactions. The RBI reassured the public that an ample stock of banknotes in other denominations remains available to meet their currency requirements. Notably, the total value of 2000-rupee banknotes in circulation, which stood at 3.62 lakh crore rupees on March 31, 2023, declined to 3.56 lakh crore rupees by May 19, 2023. As the withdrawal deadline approaches, the RBI's call to the public to take timely action will ensure a smooth and orderly process. Individuals and businesses are encouraged to deposit or exchange their 2000-rupee banknotes well before September 30, 2023, to avoid any potential inconvenience. ( With Inputs from Agencies)

RBI's currency cleanup: 2000-rupee notes vanish as 88% of currency returned since May

Apple and Microsoft, the prominent U.S. tech giants, continue to dominate as two of the world's largest companies by market capitalization. This can be attributed to the substantial surge in tech stocks, fueled by the escalating interest in artificial intelligence.

In the previous month, Apple, holding the title of the globe's most valuable company, achieved a historic milestone of becoming the first corporation to attain a $3 trillion market capitalisation. The company's expansion into new markets and optimistic expectations regarding moderate U.S. interest rate increases contributed to this milestone.

In contrast, Microsoft surpassed Wall Street projections for its fiscal fourth-quarter revenue, primarily driven by remarkable growth in its cloud computing and office software sectors. However, the company experienced a 1.4 percent decline in its share price during July after unveiling a spending strategy to meet the rising demand for AI services. As of July 31, Microsoft's market capitalisation stood at $2.49 trillion.

The surge in tech stocks did not exclusively benefit Apple and Microsoft. Strong quarterly earnings from Alphabet, Meta, and Intel significantly boosted overall market sentiment in July. Notably, Meta's market capitalisation surged by more than 10 per cent during the same month, thanks to a positive revenue outlook and robust growth in advertising revenue.

Reuters quoted Wedbush analyst Dan Ive as stating, "We maintain our belief that a new tech bull market has commenced this year, with the AI Gold Rush reminiscent of a '1995 Moment' akin to the early days of the Internet rather than a '1999/2000 Bubble Moment."&nbsp;

Furthermore, according to Refinitiv data, 69 per cent of large and mid-cap U.S. corporations have outperformed analysts' Q2 earnings projections, with the tech sector contributing to 82 per cent of these favorable outcomes.

(Inputs from Reuters)

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Apple and Microsoft, the prominent U.S. tech giants, continue to dominate as two of the world's largest companies by market capitalization. This can be attributed to the substantial surge in tech stocks, fueled by the escalating interest in artificial intelligence.

Apple and Microsoft, the prominent U.S. tech giants, continue to dominate as two of the world's largest companies by market capitalization. This can be attributed to the substantial surge in tech stocks, fueled by the escalating interest in artificial intelligence. In the previous month, Apple, holding the title of the globe's most valuable company, achieved a historic milestone of becoming the first corporation to attain a $3 trillion market capitalisation. The company's expansion into new markets and optimistic expectations regarding moderate U.S. interest rate increases contributed to this milestone. In contrast, Microsoft surpassed Wall Street projections for its fiscal fourth-quarter revenue, primarily driven by remarkable growth in its cloud computing and office software sectors. However, the company experienced a 1.4 percent decline in its share price during July after unveiling a spending strategy to meet the rising demand for AI services. As of July 31, Microsoft's market capitalisation stood at $2.49 trillion. The surge in tech stocks did not exclusively benefit Apple and Microsoft. Strong quarterly earnings from Alphabet, Meta, and Intel significantly boosted overall market sentiment in July. Notably, Meta's market capitalisation surged by more than 10 per cent during the same month, thanks to a positive revenue outlook and robust growth in advertising revenue. Reuters quoted Wedbush analyst Dan Ive as stating, "We maintain our belief that a new tech bull market has commenced this year, with the AI Gold Rush reminiscent of a '1995 Moment' akin to the early days of the Internet rather than a '1999/2000 Bubble Moment." Furthermore, according to Refinitiv data, 69 per cent of large and mid-cap U.S. corporations have outperformed analysts' Q2 earnings projections, with the tech sector contributing to 82 per cent of these favorable outcomes. (Inputs from Reuters) WATCH WION LIVE HERE

Apple & Microsoft two biggest companies by market capitalisation

The recent job openings data indicates that the state of the U.S. economy remains concerning. This poses a significant challenge for the Biden administration, which has been actively seeking ways to revitalize the struggling economy.

According to the Job Openings and Labor Turnover Survey (JOLTS) report cited by Reuters, job openings, which serve as a barometer of labor demand, experienced a decline of 34,000, settling at 9.582 million by the end of June. This figure marks the lowest level since April 2021, falling short of economists' prediction, which anticipated 9.610 million job opportunities.

These numbers reflect conditions typical of a tightly competitive labor market, potentially influencing the Federal Reserve's decision to maintain current interest rates.

Reduced job transitions may impact inflation positively

Labor Department data released on Tuesday reveals a declining sense of confidence among workers in the labor market, as resignations experienced their most significant drop since April 2020. The decreasing trend in people transitioning between occupations indicates that wage growth will slow down and eventually help in reducing inflation.

Reuters cited Eugenio Aleman, chief economist at Raymond James in St. Petersburg, Florida, as stating, "While today's report discusses data from June, this continued strength in the labor market is likely to keep Fed officials hawkish."

In the wake of last month's reports highlighting a substantial decline in inflation during June, the JOLTS survey has further reinforced the notion that the economy is on a trajectory toward the Federal Reserve's "soft landing," as opposed to a recession. The Federal Reserve has raised its policy rate by 5.25 percentage points&nbsp;since March 2022, including the most recent increase last week.

Despite prevailing opinions among analysts that additional rate hikes are unlikely in the current phase of tightening, the trajectory will heavily depend on the upcoming job and inflation data.

Mixed sector trends emerge

Furthermore, hiring experienced a decline of 326,000, reaching a low of 5.905 million — marking the lowest point since February 2021. This drop led to the&nbsp;hiring rate dropping to 3.8 percent, the lowest recorded since the initial wave of the pandemic, down from 4.0 percent in May.

In a shift across industries, healthcare and social support saw a notable increase of 136,000 job opportunities, while vacancies in state and local government expanded by 62,000, excluding education roles.

Conversely, sectors such as transportation, warehousing, and utilities saw a decrease of 78,000 available positions, likely due to the alleviation of supply chain bottlenecks.&nbsp;&nbsp;A reduction of 29,000 unfilled positions occurred in state and local government education, along with a decline of 21,000 federal government vacancies.&nbsp;

(Inputs from Reuters)

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The recent job openings data indicates that the state of the U.S. economy remains concerning. This poses a significant challenge for the Biden administration, which has been actively seeking ways to revitalize the struggling economy.

The recent job openings data indicates that the state of the U.S. economy remains concerning. This poses a significant challenge for the Biden administration, which has been actively seeking ways to revitalize the struggling economy. According to the Job Openings and Labor Turnover Survey (JOLTS) report cited by Reuters, job openings, which serve as a barometer of labor demand, experienced a decline of 34,000, settling at 9.582 million by the end of June. This figure marks the lowest level since April 2021, falling short of economists' prediction, which anticipated 9.610 million job opportunities. These numbers reflect conditions typical of a tightly competitive labor market, potentially influencing the Federal Reserve's decision to maintain current interest rates. Reduced job transitions may impact inflation positively Labor Department data released on Tuesday reveals a declining sense of confidence among workers in the labor market, as resignations experienced their most significant drop since April 2020. The decreasing trend in people transitioning between occupations indicates that wage growth will slow down and eventually help in reducing inflation. Reuters cited Eugenio Aleman, chief economist at Raymond James in St. Petersburg, Florida, as stating, "While today's report discusses data from June, this continued strength in the labor market is likely to keep Fed officials hawkish." In the wake of last month's reports highlighting a substantial decline in inflation during June, the JOLTS survey has further reinforced the notion that the economy is on a trajectory toward the Federal Reserve's "soft landing," as opposed to a recession. The Federal Reserve has raised its policy rate by 5.25 percentage points since March 2022, including the most recent increase last week. Despite prevailing opinions among analysts that additional rate hikes are unlikely in the current phase of tightening, the trajectory will heavily depend on the upcoming job and inflation data. Mixed sector trends emerge Furthermore, hiring experienced a decline of 326,000, reaching a low of 5.905 million — marking the lowest point since February 2021. This drop led to the hiring rate dropping to 3.8 percent, the lowest recorded since the initial wave of the pandemic, down from 4.0 percent in May. In a shift across industries, healthcare and social support saw a notable increase of 136,000 job opportunities, while vacancies in state and local government expanded by 62,000, excluding education roles. Conversely, sectors such as transportation, warehousing, and utilities saw a decrease of 78,000 available positions, likely due to the alleviation of supply chain bottlenecks. A reduction of 29,000 unfilled positions occurred in state and local government education, along with a decline of 21,000 federal government vacancies. (Inputs from Reuters) WATCH WION LIVE HERE

US job openings sink to two-year low, labour market remains tight

The global factory activity remained in a downturn in July, according to private surveys released on Tuesday, indicating that sluggish growth and weakness in China were taking a toll on the global economy, although the outlook in the Americas was noticeably brighter than elsewhere.

This situation presents a challenge for policymakers, who are navigating between implementing aggressive monetary policy tightening to control inflation and preventing potential recessions.

S&amp;P Global&nbsp;manufacturing activity index held steady at 48.7 in July, marking its lowest point since June 2020. The sub-indices for factory production and new orders too&nbsp;hit six-month lows. A value below 50 indicates a decline in manufacturing activity.

Additionally, the Purchasing Managers' Index (PMI) for the Eurozone indicated the sharpest decline in manufacturing activity since the onset of the COVID pandemic in July. Despite firms significantly reducing their prices, demand slumped.

Furthermore, the Eurozone experiences the fastest manufacturing contraction since the onset of the COVID pandemic, with significant weaknesses observed in Germany, France, and Italy. Germany, the largest economy in Europe, experienced a notable decline, while France and Italy, the second and third largest economies in the eurozone, also showed significant deteriorations compared to June.

Starting in the third quarter, manufacturing deceleration in Germany escalated as statistics indicated a heightened decline in new orders for goods. Simultaneously, the industrial sector in France experienced further contraction in July, though the decline wasn't as dire as initially projected.

Reuters quoted Thomas Rinn, Accenture's global industrial head, as saying&nbsp;that the manufacturing data was an indicator of the ongoing uncertainty in&nbsp;Eurozone's manufacturing sector.&nbsp;

Asia's manufacturing challenges amid sluggish Chinese demand

In Asia, recent surveys have highlighted a downturn in factory activity across countries, including Japan, South Korea, Taiwan, and Vietnam during July. This trend underscores the impact of sluggish Chinese demand on the region's manufacturing sector.&nbsp;

China's Caixin/S&amp;P Global Manufacturing PMI dropped to 49.2 in July from June's 50.5, falling short of the anticipated 50.3 and marking the first contraction since April. These figures align with the government's official PMI report, which was&nbsp;released on Monday, adding to the challenges facing officials working to revive China's post-COVID recovery efforts.

Japan's final Au Jibun Bank PMI declined to 49.6 in July from 49.8 in June, reflecting both weak local and international demand. In South Korea, S&amp;P Global reported a PMI of 49.4 in July, a slight improvement from June's 47.8, but still below the critical 50-threshold.

Similarly, Taiwan witnessed a decline in manufacturing PMI, falling to 44.1 in July from 44.8 in June. On the other hand, Vietnam saw an increase in its index, rising to 48.7 in July from 46.2, according to surveys.

While manufacturing in India witnessed a second consecutive month of decline, the pace of reduction remained healthy and exceeded expectations.

America remains stable in manufacturing amid global uncertainties.

In contrast to the oscillations observed in Asia and Europe, manufacturing operations in the United States, Canada, Brazil, and Mexico remained relatively stable.

Meanwhile, the United States witnessed a stabilization of its manufacturing sector, albeit at a subdued level. Although there was a slight uptick in new orders, factory employment hit&nbsp;a three-year low, reflecting an intensified wave of workforce reductions.

According to the Institute for Supply Management (ISM), the manufacturing Purchasing Managers' Index (PMI) for the United States stood&nbsp;at 46.4 in July, marking the ninth consecutive month of contraction. In Canada and Brazil, the July numbers approached the critical threshold of 50, with Canada's PMI at 49.6 and Brazil's at 47.8.

(Inputs from Reuters)

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The global factory activity remained in a downturn in July, according to private surveys released on Tuesday, indicating that sluggish growth and weakness in China were taking a toll on the global economy, although the outlook in the Americas was noticeably brighter than elsewhere.

The global factory activity remained in a downturn in July, according to private surveys released on Tuesday, indicating that sluggish growth and weakness in China were taking a toll on the global economy, although the outlook in the Americas was noticeably brighter than elsewhere. This situation presents a challenge for policymakers, who are navigating between implementing aggressive monetary policy tightening to control inflation and preventing potential recessions. S&P Global manufacturing activity index held steady at 48.7 in July, marking its lowest point since June 2020. The sub-indices for factory production and new orders too hit six-month lows. A value below 50 indicates a decline in manufacturing activity. Additionally, the Purchasing Managers' Index (PMI) for the Eurozone indicated the sharpest decline in manufacturing activity since the onset of the COVID pandemic in July. Despite firms significantly reducing their prices, demand slumped. Furthermore, the Eurozone experiences the fastest manufacturing contraction since the onset of the COVID pandemic, with significant weaknesses observed in Germany, France, and Italy. Germany, the largest economy in Europe, experienced a notable decline, while France and Italy, the second and third largest economies in the eurozone, also showed significant deteriorations compared to June. Starting in the third quarter, manufacturing deceleration in Germany escalated as statistics indicated a heightened decline in new orders for goods. Simultaneously, the industrial sector in France experienced further contraction in July, though the decline wasn't as dire as initially projected. Reuters quoted Thomas Rinn, Accenture's global industrial head, as saying that the manufacturing data was an indicator of the ongoing uncertainty in Eurozone's manufacturing sector. Asia's manufacturing challenges amid sluggish Chinese demand In Asia, recent surveys have highlighted a downturn in factory activity across countries, including Japan, South Korea, Taiwan, and Vietnam during July. This trend underscores the impact of sluggish Chinese demand on the region's manufacturing sector. China's Caixin/S&P Global Manufacturing PMI dropped to 49.2 in July from June's 50.5, falling short of the anticipated 50.3 and marking the first contraction since April. These figures align with the government's official PMI report, which was released on Monday, adding to the challenges facing officials working to revive China's post-COVID recovery efforts. Japan's final Au Jibun Bank PMI declined to 49.6 in July from 49.8 in June, reflecting both weak local and international demand. In South Korea, S&P Global reported a PMI of 49.4 in July, a slight improvement from June's 47.8, but still below the critical 50-threshold. Similarly, Taiwan witnessed a decline in manufacturing PMI, falling to 44.1 in July from 44.8 in June. On the other hand, Vietnam saw an increase in its index, rising to 48.7 in July from 46.2, according to surveys. While manufacturing in India witnessed a second consecutive month of decline, the pace of reduction remained healthy and exceeded expectations. America remains stable in manufacturing amid global uncertainties. In contrast to the oscillations observed in Asia and Europe, manufacturing operations in the United States, Canada, Brazil, and Mexico remained relatively stable. Meanwhile, the United States witnessed a stabilization of its manufacturing sector, albeit at a subdued level. Although there was a slight uptick in new orders, factory employment hit a three-year low, reflecting an intensified wave of workforce reductions. According to the Institute for Supply Management (ISM), the manufacturing Purchasing Managers' Index (PMI) for the United States stood at 46.4 in July, marking the ninth consecutive month of contraction. In Canada and Brazil, the July numbers approached the critical threshold of 50, with Canada's PMI at 49.6 and Brazil's at 47.8. (Inputs from Reuters) WATCH WION LIVE HERE

Global manufacturing faces downturn amid China's growth slowdown

Starbucks on Tuesday released its latest quarterly earnings, impressively surpassing analysts' earnings expectations.

However, the company faced a slight setback in same-store sales, falling short of Wall Street's target at 10 per cent instead of the anticipated 11 per cent.

Nevertheless, Starbucks managed to exceed analysts' projections with adjusted earnings per share of $1, outperforming the predicted 95 cents.

The coffee chain slightly lifted its outlook for full-year earnings growth, but its shares experienced a marginal dip in after-hours trading.

The company's domestic market remains robust, though it faced a minor hiccup with same-store sales growth in North America reaching 7 per cent, falling short of the expected 8.4 per cent.

Moreover, to cater to its younger, more affluent customers in the United States, Starbucks introduced new beverages and expanded food choices, resulting in increased average customer sales.

However, quarterly transactions in North America only grew by 1 per cent, a notable drop compared to the 6 per cent increase seen in the previous quarter.

Starbucks thrives in China with 46% Sales surge

Starbucks experienced a remarkable resurgence in China, witnessing a 46 per cent surge in comparable sales during the third quarter. Corporate managers said&nbsp;that this rebound aligned with their expectations and is anticipated to continue.

As per Bank of America Global Research analysts cited by Reuters, Chinese city travel witnessed a remarkable surge of approximately 128 per cent in the third quarter, rebounding to pre-pandemic levels seen in 2019.

Starbucks projects revenue pressure.

In a meeting with investors, Starbucks officials expressed their expectation of ongoing revenue pressure in the fourth quarter, primarily driven by the at-home coffee business. They also anticipate a decrease in pricing trends after several months of price increases.

Furthermore, Starbucks achieved a global comparable sales increase of 10 per cent, slightly below analysts' forecasts of an 11.8 per cent rise, according to Refinitiv IBES data. Additionally, same-store sales grew by 24 percent in its overseas business, falling short of the projected 25.7 per cent.

Nevertheless, the company managed to enhance its adjusted operating margin to 17.4 per cent in the quarter that ended on July 2, up from 16.9 per cent in the previous year. This improvement was attributed to lower commodity prices, which helped offset the impact of increased investments in pay and worker benefits.

(Inputs from Reuters)

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Starbucks on Tuesday released its latest quarterly earnings, impressively surpassing analysts' earnings expectations. However, the company faced a slight setback in same-store sales, falling short of Wall Street's target at 10 per cent instead of the anticipated 11 per cent.

Starbucks on Tuesday released its latest quarterly earnings, impressively surpassing analysts' earnings expectations. However, the company faced a slight setback in same-store sales, falling short of Wall Street's target at 10 per cent instead of the anticipated 11 per cent. Nevertheless, Starbucks managed to exceed analysts' projections with adjusted earnings per share of $1, outperforming the predicted 95 cents. The coffee chain slightly lifted its outlook for full-year earnings growth, but its shares experienced a marginal dip in after-hours trading. The company's domestic market remains robust, though it faced a minor hiccup with same-store sales growth in North America reaching 7 per cent, falling short of the expected 8.4 per cent. Moreover, to cater to its younger, more affluent customers in the United States, Starbucks introduced new beverages and expanded food choices, resulting in increased average customer sales. However, quarterly transactions in North America only grew by 1 per cent, a notable drop compared to the 6 per cent increase seen in the previous quarter. Starbucks thrives in China with 46% Sales surge Starbucks experienced a remarkable resurgence in China, witnessing a 46 per cent surge in comparable sales during the third quarter. Corporate managers said that this rebound aligned with their expectations and is anticipated to continue. As per Bank of America Global Research analysts cited by Reuters, Chinese city travel witnessed a remarkable surge of approximately 128 per cent in the third quarter, rebounding to pre-pandemic levels seen in 2019. Starbucks projects revenue pressure. In a meeting with investors, Starbucks officials expressed their expectation of ongoing revenue pressure in the fourth quarter, primarily driven by the at-home coffee business. They also anticipate a decrease in pricing trends after several months of price increases. Furthermore, Starbucks achieved a global comparable sales increase of 10 per cent, slightly below analysts' forecasts of an 11.8 per cent rise, according to Refinitiv IBES data. Additionally, same-store sales grew by 24 percent in its overseas business, falling short of the projected 25.7 per cent. Nevertheless, the company managed to enhance its adjusted operating margin to 17.4 per cent in the quarter that ended on July 2, up from 16.9 per cent in the previous year. This improvement was attributed to lower commodity prices, which helped offset the impact of increased investments in pay and worker benefits. (Inputs from Reuters) WATCH WION LIVE HERE

Starbucks misses quarterly sales targets, expects sustained rebound in China

Fitch Ratings has downgraded the US government’s credit rating from top AAA to AA+ amidst concerns over the country’s ability to handle its finances and debt burden.

“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the rating agency said Tuesday (August 1).

It said that the US appeared to suffer from an “erosion of governance," pointing out the recent debt ceiling crisis as an example.

This is the second time in the nation’s history that US' credit rating has been cut.

<h2>Yellen slams move</h2>

Treasury Secretary Janet Yellen, however, disagreed with Fitch’s assessment, calling the downgrade "arbitrary".

It was based on "outdated data" from the period 2018 to 2020, she said.

"Treasury securities remain the world's preeminent safe and liquid asset, and... the American economy is fundamentally strong," she said in a statement.

However, the cut will have little impact as the US still holds the highest possible rating, deemed conducive for investments.

<h2>Warnings to US govt</h2>

On May 24, the&nbsp;US-based ratings agency said that it could remove the government’s triple-A rating after Congress again struggled to raise the borrowing limit.

A week later, a deal was reached that suspended the limit and cut about $1.5 trillion from the government deficit over the next decade.

Fitch cited the worsening political divisions around spending and tax policy as a key reason for its decision.

It said that the US governance has declined relative to other highly rated countries and it noted “repeated debt limit standoffs and last-minute resolutions.”

Notably, the January 6 insurrection was one of the key factors for Fitch to cut the rating, and it was informed to the Biden administration, a person familiar with the discussions between the administration and the rating agency told AP news agency.

Another factor in influencing Fitch’s decision is that it expects the US economy to slip into “mild recession” in the last three months of this year and early next year.

Fitch’s decision follows another credit rating agency, Standard &amp; Poor's, which has already reduced the US's rating from the top AAA status to AA+ following a similar row over the debt ceiling in 2011.

(With inputs from agencies)

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Fitch Ratings has downgraded the US government’s credit rating from top AAA to AA+ amidst concerns over the country’s ability to handle its finances and debt burden.

Fitch Ratings has downgraded the US government’s credit rating from top AAA to AA+ amidst concerns over the country’s ability to handle its finances and debt burden. “In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the rating agency said Tuesday (August 1). It said that the US appeared to suffer from an “erosion of governance," pointing out the recent debt ceiling crisis as an example. This is the second time in the nation’s history that US' credit rating has been cut. Yellen slams move Treasury Secretary Janet Yellen, however, disagreed with Fitch’s assessment, calling the downgrade "arbitrary". It was based on "outdated data" from the period 2018 to 2020, she said. "Treasury securities remain the world's preeminent safe and liquid asset, and... the American economy is fundamentally strong," she said in a statement. However, the cut will have little impact as the US still holds the highest possible rating, deemed conducive for investments. Warnings to US govt On May 24, the US-based ratings agency said that it could remove the government’s triple-A rating after Congress again struggled to raise the borrowing limit. A week later, a deal was reached that suspended the limit and cut about $1.5 trillion from the government deficit over the next decade. Fitch cited the worsening political divisions around spending and tax policy as a key reason for its decision. It said that the US governance has declined relative to other highly rated countries and it noted “repeated debt limit standoffs and last-minute resolutions.” Notably, the January 6 insurrection was one of the key factors for Fitch to cut the rating, and it was informed to the Biden administration, a person familiar with the discussions between the administration and the rating agency told AP news agency. Another factor in influencing Fitch’s decision is that it expects the US economy to slip into “mild recession” in the last three months of this year and early next year. Fitch’s decision follows another credit rating agency, Standard & Poor's, which has already reduced the US's rating from the top AAA status to AA+ following a similar row over the debt ceiling in 2011. (With inputs from agencies) WATCH WION LIVE HERE

Fitch downgrades US credit ratings from AAA to AA+, Biden admin calls move ‘arbitrary’