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In the realm of retirement planning in the US, a chilling uncertainty has taken root, casting a shroud over the once-cherished 'American Dream'.

The echoes of Bane's words from the Dark Knight series reverberate through this narrative, reminding us that while some have faced darkness, others were born into it. Such a comparison finds an uncanny reflection in the experiences of baby boomers and millennials.

Like those who have endured the darkness, baby boomers have weathered their fair share of financial storms. They emerged into an era of industry growth and relative stability. Their confidence is a testament to their journey through these economic landscapes. They believe they've surpassed their predecessors, akin to those who emerged from the shadows with newfound strength.

Conversely, millennials, akin to those born into darkness, have faced an intricate web of challenges from the outset. Economic upheavals, student debt burdens, and the digital age's shifting landscapes have shaped their experience. With financial optimism less assured, they echo Bane's sentiment of being born into a reality where the journey is inherently different.

Just as Bane's words draw a line between the darkness and the light, so do the experiences of baby boomers and millennials carve distinct paths through the financial labyrinth, shaped by the eras into which they were thrust.

In the realm of retirement planning in the US, a chilling uncertainty has taken root, casting a shroud over the once-cherished 'American Dream'. The echoes of Bane's words from the Dark Knight series reverberate through this narrative, reminding us that while some have faced darkness, others were born into it.

In the realm of retirement planning in the US, a chilling uncertainty has taken root, casting a shroud over the once-cherished 'American Dream'. The echoes of Bane's words from the Dark Knight series reverberate through this narrative, reminding us that while some have faced darkness, others were born into it. Such a comparison finds an uncanny reflection in the experiences of baby boomers and millennials. Like those who have endured the darkness, baby boomers have weathered their fair share of financial storms. They emerged into an era of industry growth and relative stability. Their confidence is a testament to their journey through these economic landscapes. They believe they've surpassed their predecessors, akin to those who emerged from the shadows with newfound strength. Conversely, millennials, akin to those born into darkness, have faced an intricate web of challenges from the outset. Economic upheavals, student debt burdens, and the digital age's shifting landscapes have shaped their experience. With financial optimism less assured, they echo Bane's sentiment of being born into a reality where the journey is inherently different. Just as Bane's words draw a line between the darkness and the light, so do the experiences of baby boomers and millennials carve distinct paths through the financial labyrinth, shaped by the eras into which they were thrust.

Millennial money: Retirement planning in uncertain times

Chinese officials have directed state-owned banks to play a more active role in the currency market this week, aiming to prevent a surge in yuan volatility, as reported by Bloomberg. This move follows the yuan's decline to approximately 7.35 per dollar.

Sources from Bloomberg suggest that high-ranking Chinese authorities are considering the possibility of reducing foreign exchange reserve requirements for banks to mitigate currency depreciation. Additionally, they are investigating whether domestic companies contributed to the yuan's decline by trading against it.

Despite Beijing's attempts to boost market sentiment through measures like a surprise interest rate cut, a series of stronger-than-expected daily reference rates for the yuan, and substantial injections of short-term liquidity into the financial system, a sense of pessimism has enveloped China's markets this week.

In spite of these measures, the onshore yuan is edging closer to its lowest point since 2007, while a prominent Hong Kong stock index is nearing the threshold of a bear market.

Moreover, the preferred foreign exchange control tool of the People's Bank of China (PBOC), known as the fixing, imposes a 2 percent daily limit on fluctuations in the onshore yuan's value. However, traders are growing increasingly impatient with China's persistently weak economic indicators.

Furthermore, in its monetary policy report, the People's Bank of China emphasized its commitment to avoiding excessive adjustments to the yuan. The report highlighted that the foreign exchange market currently aligns with underlying economic fundamentals.

Assuring the capability to ensure the "orderly functioning of the foreign exchange market," the central bank asserted that the Chinese government possesses the requisite tools and resources.

(Inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Chinese officials have directed state-owned banks to play a more active role in the currency market this week, aiming to prevent a surge in yuan volatility, as reported by Bloomberg.

Chinese officials have directed state-owned banks to play a more active role in the currency market this week, aiming to prevent a surge in yuan volatility, as reported by Bloomberg. This move follows the yuan's decline to approximately 7.35 per dollar. Sources from Bloomberg suggest that high-ranking Chinese authorities are considering the possibility of reducing foreign exchange reserve requirements for banks to mitigate currency depreciation. Additionally, they are investigating whether domestic companies contributed to the yuan's decline by trading against it. Despite Beijing's attempts to boost market sentiment through measures like a surprise interest rate cut, a series of stronger-than-expected daily reference rates for the yuan, and substantial injections of short-term liquidity into the financial system, a sense of pessimism has enveloped China's markets this week. In spite of these measures, the onshore yuan is edging closer to its lowest point since 2007, while a prominent Hong Kong stock index is nearing the threshold of a bear market. Moreover, the preferred foreign exchange control tool of the People's Bank of China (PBOC), known as the fixing, imposes a 2 percent daily limit on fluctuations in the onshore yuan's value. However, traders are growing increasingly impatient with China's persistently weak economic indicators. Furthermore, in its monetary policy report, the People's Bank of China emphasized its commitment to avoiding excessive adjustments to the yuan. The report highlighted that the foreign exchange market currently aligns with underlying economic fundamentals. Assuring the capability to ensure the "orderly functioning of the foreign exchange market," the central bank asserted that the Chinese government possesses the requisite tools and resources. (Inputs from Bloomberg) WATCH WION LIVE HERE

China directs its state banks to intensify yuan intervention

Experts at S&P Global Mobility predict Germany's new car market will recover and turn positive this year. Despite the challenges, the forecast predicts a positive turnaround, though sales are anticipated to remain notably below pre-pandemic levels.

Experts at S&P Global Mobility predict Germany's new car market will recover and turn positive this year. Despite the challenges, the forecast predicts a positive turnaround, though sales are anticipated to remain notably below pre-pandemic levels. Last year, there were 2.7 million new automobile registrations. Earlier this month, the KBA motor transport authority reported an 18.1 percent increase to 243,277 cars in July, spurred by a 68.9 percent increase in battery electric vehicles (BEV). New registrations increased 13.6 percent year over year to 1.6 million in the first seven months. While Martin Benecke, Senior Manager, S&P Global Mobility, anticipates new registrations to grow to 2.9 million next year, he does not expect the German auto market to recover to its former highs. Prior to the pandemic and the crisis in Ukraine, Germany had 3.6 million new automobile registrations in 2019. Bloomberg quoted him as saying, "If things go well, it could reach another 3 million passenger cars. But no more." Furthermore, long-running shortages of crucial components like semiconductors have lessened, but automakers are still working through their order books. However, the potential of supply chain bottlenecks returning despite rising demand for electric cars, as well as customers pulling back on spending due to high pricing and a deteriorating global economy, casts doubt on the future. (Inputs from Bloomberg) WATCH WION LIVE HERE

S&P global predicts modest growth for German car market in 2023

China's more assertive stance in supporting its markets has provided a sense of relief for assets in developing countries, which have been under pressure due to concerns about the global economy's second-largest player.

After enduring a nine-day streak of losses that began in April of the previous year, emerging-market equities experienced a rebound. Chinese stocks surged during late Asian trading, shortly after Beijing strengthened its defense of the currency. This development bolstered sentiment towards other risky assets.

Currencies such as the South African rand and South Korean won, which had been adversely affected by recent declines in the yuan, led the rally on Tuesday.

However, it's unclear how long the reprieve will last. Strategists suggest that China's measures to stabilise the yuan are insufficient to arrest its devaluation, as the lack of any meaningful initiatives to promote consumer spending and a raging property sector crisis further erode investor confidence.

Concerns regarding China's economic slowdown and expectations of prolonged higher interest rates by the US Federal Reserve have contributed to the most significant August sell-off in years for emerging markets.

Bloomberg quoted Piotr Matys, a currency analyst at InTouch Capital Markets in London, as saying: "The rebound in Chinese stocks provides emerging markets with some respite. But concrete measures from Beijing are needed to address structural issues in the Chinese economy, which are a major source of concern for investors to anticipate sustained improvement in risk appetite."

China has implemented measures to curtail offshore funding, resulting in increased costs for speculators attempting to bet against the yuan. Additionally, the country set a new record for the currency's reference rate, surpassing initial predictions.

On Tuesday, the People's Bank of China fixed the daily exchange rate at 7.1992 per dollar, notably lower than the Bloomberg survey average of 7.3103. This marked the most significant deviation since the inception of polling in 2018.

Furthermore, while several traders attribute the sudden surge in Chinese equities to technical factors and a lack of new catalysts, discussions about state-backed fund purchases have also been prevalent.

Moreover, the BRICS meeting&nbsp;in Johannesburg is&nbsp;focusing on reducing dependence on the US dollar. Apart from developments related to the summit, investors are eager to gather insights into the global interest rate trajectory from central bankers at their annual gathering in Jackson Hole, Wyoming, later this week.&nbsp;

(Inputs from Bloomberg)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

China's more assertive stance in supporting its markets has provided a sense of relief for assets in developing countries, which have been under pressure due to concerns about the global economy's second-largest player.

China's more assertive stance in supporting its markets has provided a sense of relief for assets in developing countries, which have been under pressure due to concerns about the global economy's second-largest player. After enduring a nine-day streak of losses that began in April of the previous year, emerging-market equities experienced a rebound. Chinese stocks surged during late Asian trading, shortly after Beijing strengthened its defense of the currency. This development bolstered sentiment towards other risky assets. Currencies such as the South African rand and South Korean won, which had been adversely affected by recent declines in the yuan, led the rally on Tuesday. However, it's unclear how long the reprieve will last. Strategists suggest that China's measures to stabilise the yuan are insufficient to arrest its devaluation, as the lack of any meaningful initiatives to promote consumer spending and a raging property sector crisis further erode investor confidence. Concerns regarding China's economic slowdown and expectations of prolonged higher interest rates by the US Federal Reserve have contributed to the most significant August sell-off in years for emerging markets. Bloomberg quoted Piotr Matys, a currency analyst at InTouch Capital Markets in London, as saying: "The rebound in Chinese stocks provides emerging markets with some respite. But concrete measures from Beijing are needed to address structural issues in the Chinese economy, which are a major source of concern for investors to anticipate sustained improvement in risk appetite." China has implemented measures to curtail offshore funding, resulting in increased costs for speculators attempting to bet against the yuan. Additionally, the country set a new record for the currency's reference rate, surpassing initial predictions. On Tuesday, the People's Bank of China fixed the daily exchange rate at 7.1992 per dollar, notably lower than the Bloomberg survey average of 7.3103. This marked the most significant deviation since the inception of polling in 2018. Furthermore, while several traders attribute the sudden surge in Chinese equities to technical factors and a lack of new catalysts, discussions about state-backed fund purchases have also been prevalent. Moreover, the BRICS meeting in Johannesburg is focusing on reducing dependence on the US dollar. Apart from developments related to the summit, investors are eager to gather insights into the global interest rate trajectory from central bankers at their annual gathering in Jackson Hole, Wyoming, later this week. (Inputs from Bloomberg) WATCH WION LIVE HERE

China's stronger stance on yuan brings relief to emerging markets

The Supreme Court denied debt relief to most federal student loan holders. Still, some borrowers are beginning to have their balances wiped away, according to a Bloomberg report.

The government announced Monday that at least $116 billion in assistance for 3.4 million debtors has&nbsp;been granted through a variety of programs. This is still a small portion of the $1.8 trillion overall federal student debt amount, and the White House announced in June that it will look into new options for canceling some of these debts.

The United States Department of Education recently began forgiving $39 billion in student debt for over 800,000 students who registered in income-driven repayment plans and made monthly payments for at least 20 years.

In April of last year, the Biden administration undertook a one-time attempt to fix administrative mistakes that had left borrowers on the hook for repayments when their balances should have gone to zero.&nbsp;

Bloomberg interviewed Shannon Short, who is 52 and has had student debt since college in 1988. His $299,000 debt has now been reduced to zero as a result of what amounts to a record-keeping modification. He owed more than $140,000, up from $140,000 in 2005, and he planned to make monthly payments of roughly $700 when bills resumed in October.

Bloomberg quoted him as saying, "I sat there and cried for 20 minutes. This debt relief has changed my whole financial future."&nbsp;

Furthermore, for decades, Income-Driven Repayment (IDR) and public service loan forgiveness programs have provided avenues for getting amounts removed, but record-keeping errors have resulted in low levels of debt being wiped away, according to Government Accountability Office audits.

The Biden administration is now attempting to resolve long-standing concerns by changing records so that qualifying borrowers may be eligible for balance discharge based on loan type. The initiative is distinct from the main forgiveness plan, which was introduced in August of last year and&nbsp;approximately cost $400 billion.

(Inputs from Bloomberg)

The Supreme Court denied debt relief to most federal student loan holders. Still, some borrowers are beginning to have their balances wiped away, according to a Bloomberg report.

The Supreme Court denied debt relief to most federal student loan holders. Still, some borrowers are beginning to have their balances wiped away, according to a Bloomberg report. The government announced Monday that at least $116 billion in assistance for 3.4 million debtors has been granted through a variety of programs. This is still a small portion of the $1.8 trillion overall federal student debt amount, and the White House announced in June that it will look into new options for canceling some of these debts. The United States Department of Education recently began forgiving $39 billion in student debt for over 800,000 students who registered in income-driven repayment plans and made monthly payments for at least 20 years. In April of last year, the Biden administration undertook a one-time attempt to fix administrative mistakes that had left borrowers on the hook for repayments when their balances should have gone to zero. Bloomberg interviewed Shannon Short, who is 52 and has had student debt since college in 1988. His $299,000 debt has now been reduced to zero as a result of what amounts to a record-keeping modification. He owed more than $140,000, up from $140,000 in 2005, and he planned to make monthly payments of roughly $700 when bills resumed in October. Bloomberg quoted him as saying, "I sat there and cried for 20 minutes. This debt relief has changed my whole financial future." Furthermore, for decades, Income-Driven Repayment (IDR) and public service loan forgiveness programs have provided avenues for getting amounts removed, but record-keeping errors have resulted in low levels of debt being wiped away, according to Government Accountability Office audits. The Biden administration is now attempting to resolve long-standing concerns by changing records so that qualifying borrowers may be eligible for balance discharge based on loan type. The initiative is distinct from the main forgiveness plan, which was introduced in August of last year and approximately cost $400 billion. (Inputs from Bloomberg)

Many students receive debt relief in the US. Here's why

The UK launched a new investigation into Microsoft Corp.'s $69 billion acquisition of Activision Blizzard Inc. after the tech giant presented a significantly revised proposal to the country's antitrust agency, effectively reviving a transaction that had previously been believed to be dormant.

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In an unusual move, the Competition and Markets Authority stated that it was evaluating Microsoft's offer after it stated that it would transfer the rights to all existing and future Activision games published over the next 15 years to Ubisoft Entertainment SA. The European Economic Area is not included in the divestiture, according to the CMA. 
&nbsp; 
A CMA merger decision being reconsidered at this level is&nbsp;exceptional, and it comes after a series of dramatic twists and turns in the deal's global regulatory fights. The agreement acquired surprising traction after the UK agreed to examine new information. In the United States, Microsoft prevailed against the Federal Trade Commission's legal objection to the acquisition. In May, the European Union approved the accord with behavioral treatments. 
&nbsp; 
Bloomberg cited Sarah Cardell, head of the CMA, saying, "This is not a green light. We will carefully and objectively assess the details of the restructured deal and its impact on competition, including in light of third-party comments." 
&nbsp; 
Furthermore, Microsoft missed the July 18 deadline under the initial deal—inked in January 2022—to consummate the acquisition as it overcame regulatory hurdles. Activision agreed to extend the deadline to October 18 to allow Microsoft more time to resolve the outstanding issues. 
&nbsp; 
In July, Microsoft urged the UK regulator to rethink its April veto, claiming that the situation had "materially changed" as a result of the US court judgment and a later agreement to license Activision's blockbuster hit Call of Duty to competitor Sony Group Corp. The proposed divestiture may eliminate the need for the CMA to rule on that request. 
&nbsp; 
Furthermore, the CMA has stated that it favors structural remedies to resolve concerns about anti-competitive transactions. To meet that objective, Microsoft and Activision have been looking for a divestment that will satisfy authorities without jeopardizing what Microsoft deems the acquisition's critical components. For example, the software behemoth has openly rejected outselling the Call of Duty property. The phase one investigation will now resume, and the CMA has set a statutory deadline of October 18.

The UK launched a new investigation into Microsoft Corp.'s $69 billion acquisition of Activision Blizzard Inc. after the tech giant presented a significantly revised proposal to the country's antitrust agency, effectively reviving a transaction that had previously been believed to be dormant.

The UK launched a new investigation into Microsoft Corp.'s $69 billion acquisition of Activision Blizzard Inc. after the tech giant presented a significantly revised proposal to the country's antitrust agency, effectively reviving a transaction that had previously been believed to be dormant. In an unusual move, the Competition and Markets Authority stated that it was evaluating Microsoft's offer after it stated that it would transfer the rights to all existing and future Activision games published over the next 15 years to Ubisoft Entertainment SA. The European Economic Area is not included in the divestiture, according to the CMA. A CMA merger decision being reconsidered at this level is exceptional, and it comes after a series of dramatic twists and turns in the deal's global regulatory fights. The agreement acquired surprising traction after the UK agreed to examine new information. In the United States, Microsoft prevailed against the Federal Trade Commission's legal objection to the acquisition. In May, the European Union approved the accord with behavioral treatments. Bloomberg cited Sarah Cardell, head of the CMA, saying, "This is not a green light. We will carefully and objectively assess the details of the restructured deal and its impact on competition, including in light of third-party comments." Furthermore, Microsoft missed the July 18 deadline under the initial deal—inked in January 2022—to consummate the acquisition as it overcame regulatory hurdles. Activision agreed to extend the deadline to October 18 to allow Microsoft more time to resolve the outstanding issues. In July, Microsoft urged the UK regulator to rethink its April veto, claiming that the situation had "materially changed" as a result of the US court judgment and a later agreement to license Activision's blockbuster hit Call of Duty to competitor Sony Group Corp. The proposed divestiture may eliminate the need for the CMA to rule on that request. Furthermore, the CMA has stated that it favors structural remedies to resolve concerns about anti-competitive transactions. To meet that objective, Microsoft and Activision have been looking for a divestment that will satisfy authorities without jeopardizing what Microsoft deems the acquisition's critical components. For example, the software behemoth has openly rejected outselling the Call of Duty property. The phase one investigation will now resume, and the CMA has set a statutory deadline of October 18.

UK reopens investigation into Microsoft's proposed acquisition of Activision

Nvidia shares reached a new peak on Tuesday in anticipation of the chip designer's upcoming quarterly earnings report, reflecting its reliance on the artificial intelligence upswing. 
&nbsp; 
However, the stock experienced a decline of 1.1 per cent shortly after hitting the record high of $481.87 as trading commenced. This fleeting surge surpassed its previous peak of $480.88, achieved on July 14. 
&nbsp; 
Nvidia's shares have gained approximately 19 per cent after hitting a two-month low, driven by growing speculation that Nvidia's sales projections will once again exceed Wall Street estimates. 
&nbsp; 
Analysts cautiously predict that Nvidia, a dominant force in the market for chips essential to power generative AI services like ChatGPT and others, could unveil third-quarter sales totaling $12.50 billion. This projection represents a substantial 110 per cent increase from the previous year's figures. 
&nbsp; 
Reuters cited Dennis Dick, Triple D Trading's market structure analyst, saying, "It could be the most important earnings report of the year. We want to hear that they can build on the fantastic quarter they had last quarter." 
&nbsp; 
In May, the company predicted second-quarter revenue that exceeded expectations by over 50 percent, an outcome that catapulted its market valuation past $1 trillion. This achievement positioned it as the standout performer on the S&amp;P 500 index.&nbsp; 
&nbsp; 
Nvidia's remarkably positive projection from the previous quarter triggered a surge in AI-related stocks and their Big Tech counterparts. Consequently, it played a pivotal role in fueling this year's stock market upswing in the United States.

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During this month alone, at least 19 brokerage firms have revised their target price for Nvidia, culminating in a consensus estimate of $500. This represents a 6.5 percent escalation from the stock's most recent closing value. Notably, Nvidia's shares have quadrupled in value so far this year. 
&nbsp; 
According to a Monday report by Goldman Sachs, Nvidia experienced the most pronounced surge in hedge fund interest during the second quarter. 
&nbsp; 
"The Nvidia AI story is driving the market right now.&nbsp;If Nvidia fails to meet expectations, the market will suffer greatly," Danis Dick was quoted Reuters as saying.

(Inputs from Reuters)

WATCH WION LIVE HERE

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Nvidia shares reached a new peak on Tuesday in anticipation of the chip designer's upcoming quarterly earnings report, reflecting its reliance on the artificial intelligence upswing.

Nvidia shares reached a new peak on Tuesday in anticipation of the chip designer's upcoming quarterly earnings report, reflecting its reliance on the artificial intelligence upswing. However, the stock experienced a decline of 1.1 per cent shortly after hitting the record high of $481.87 as trading commenced. This fleeting surge surpassed its previous peak of $480.88, achieved on July 14. Nvidia's shares have gained approximately 19 per cent after hitting a two-month low, driven by growing speculation that Nvidia's sales projections will once again exceed Wall Street estimates. Analysts cautiously predict that Nvidia, a dominant force in the market for chips essential to power generative AI services like ChatGPT and others, could unveil third-quarter sales totaling $12.50 billion. This projection represents a substantial 110 per cent increase from the previous year's figures. Reuters cited Dennis Dick, Triple D Trading's market structure analyst, saying, "It could be the most important earnings report of the year. We want to hear that they can build on the fantastic quarter they had last quarter." In May, the company predicted second-quarter revenue that exceeded expectations by over 50 percent, an outcome that catapulted its market valuation past $1 trillion. This achievement positioned it as the standout performer on the S&P 500 index. Nvidia's remarkably positive projection from the previous quarter triggered a surge in AI-related stocks and their Big Tech counterparts. Consequently, it played a pivotal role in fueling this year's stock market upswing in the United States. During this month alone, at least 19 brokerage firms have revised their target price for Nvidia, culminating in a consensus estimate of $500. This represents a 6.5 percent escalation from the stock's most recent closing value. Notably, Nvidia's shares have quadrupled in value so far this year. According to a Monday report by Goldman Sachs, Nvidia experienced the most pronounced surge in hedge fund interest during the second quarter. "The Nvidia AI story is driving the market right now. If Nvidia fails to meet expectations, the market will suffer greatly," Danis Dick was quoted Reuters as saying. (Inputs from Reuters) WATCH WION LIVE HERE

AI boom helps Nvidia shares reach new peak ahead of quarterly results

It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole. As usual, everyone is particularly interested in hearing what Federal Reserve Chair Jerome Powell, who is scheduled to speak Friday morning, might have to say.

The minutes of the July policy meeting held by the US central bank were recently released, and it was clear from the records that most Federal Reserve members at the time viewed a large upside risk to inflation, which may have necessitated even further tightening. On the other hand, two also backed maintaining current rates, the first significant indication of disagreement over the course of action in a long time.

Key data points since that meeting have demonstrated that price and wage pressures are continuing to diminish, which should support the argument for stopping rate hikes. Although consumer expenditure and labor-market activity indices have continued to show improvement, authorities may nonetheless be concerned about the likelihood of an ongoing decline in inflation.

A crucial question is how Powell might be considering those developments. In addition, any hints as to how the central bank might be formulating a strategy for rate decreases in 2024 will also be closely watched. Otherwise, participants will take interest in active discussions regarding “Structural Shifts in the Global Economy,” the retreat’s main theme this year.

(With inputs from agencies)

WATCH WION LIVE HERE

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It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole.

It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole. As usual, everyone is particularly interested in hearing what Federal Reserve Chair Jerome Powell, who is scheduled to speak Friday morning, might have to say. The minutes of the July policy meeting held by the US central bank were recently released, and it was clear from the records that most Federal Reserve members at the time viewed a large upside risk to inflation, which may have necessitated even further tightening. On the other hand, two also backed maintaining current rates, the first significant indication of disagreement over the course of action in a long time. Key data points since that meeting have demonstrated that price and wage pressures are continuing to diminish, which should support the argument for stopping rate hikes. Although consumer expenditure and labor-market activity indices have continued to show improvement, authorities may nonetheless be concerned about the likelihood of an ongoing decline in inflation. A crucial question is how Powell might be considering those developments. In addition, any hints as to how the central bank might be formulating a strategy for rate decreases in 2024 will also be closely watched. Otherwise, participants will take interest in active discussions regarding “Structural Shifts in the Global Economy,” the retreat’s main theme this year. (With inputs from agencies) WATCH WION LIVE HERE

All eyes now on Federal Reserve Chief Powell in Jackson Hole: Report  

The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an&nbsp;increase in domestic tourism and international arrivals, a report said. According to the Hotel Association of India (HAI) and Benori Knowledge report, “Vision 2047: Indian Hotel Industry", the direct GDP contribution of the hotel industry was $40 billion in 2022 and is predicted to increase to $68 billion by 2027.

It also stated that it could reach $1 trillion by 2047. The association for the hotel industry said that, in order for the sector to reach its goal, growth must expand outside of metro areas into second- and third-tier cities as well as rural areas.

The report noted that the total contribution does take into account aspects of services from related business verticals, such as food and beverage and salons and spas, but does not take into account the expansion of the services market, eliminating scenario-based contribution estimations. The report says that variables including GDP growth, rising income levels, a rise in both domestic and international visitor arrivals&nbsp;are attributed to&nbsp;the predicted gain.

Domestic tourist visits are anticipated to rise from 677 million in 2021 to 1.5 billion by 2030 and then further to 15 billion by 2047 in the long term (2037-2047), according to the report. The survey noted that there would be 1.5 million international visitors arriving in India in 2021, 15 million by 2024, 25 million by 2030, and "are further projected to grow attracting 100 million tourists by 2047."

As per the report, all of these variables have opened up new prospects in the tourist and hospitality sectors. Technology, environmental and social sustainability, assistance from policymakers, and macroeconomic variables will all be significant, HAI Secretary General M P Bezbaruah told PTI.&nbsp;

(With inputs from agencies)&nbsp;

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The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an increase in domestic tourism and international arrivals, a report said.

The Indian hotel industry is expected to directly contribute $ 1 trillion to the country’s GDP by 2047, attributed to an increase in domestic tourism and international arrivals, a report said. According to the Hotel Association of India (HAI) and Benori Knowledge report, “Vision 2047: Indian Hotel Industry", the direct GDP contribution of the hotel industry was $40 billion in 2022 and is predicted to increase to $68 billion by 2027. It also stated that it could reach $1 trillion by 2047. The association for the hotel industry said that, in order for the sector to reach its goal, growth must expand outside of metro areas into second- and third-tier cities as well as rural areas. The report noted that the total contribution does take into account aspects of services from related business verticals, such as food and beverage and salons and spas, but does not take into account the expansion of the services market, eliminating scenario-based contribution estimations. The report says that variables including GDP growth, rising income levels, a rise in both domestic and international visitor arrivals are attributed to the predicted gain. Domestic tourist visits are anticipated to rise from 677 million in 2021 to 1.5 billion by 2030 and then further to 15 billion by 2047 in the long term (2037-2047), according to the report. The survey noted that there would be 1.5 million international visitors arriving in India in 2021, 15 million by 2024, 25 million by 2030, and "are further projected to grow attracting 100 million tourists by 2047." As per the report, all of these variables have opened up new prospects in the tourist and hospitality sectors. Technology, environmental and social sustainability, assistance from policymakers, and macroeconomic variables will all be significant, HAI Secretary General M P Bezbaruah told PTI. (With inputs from agencies) WATCH WION LIVE HERE

Hotel industry projected to contribute $1 trillion to India’s GDP by 2047: Report 

CaratLane employees are expected to&nbsp;receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported.

In total, CaratLane has about 1,500 employees, the most of whom work in the manufacturing and retail segments, and do not hold stock in the company. Instead, they receive bonuses and promotions.

About 400 workers make up the startup’s corporate team, where providing ESOPs was a more common practice. 75 of the 400 employees own shares in CaratLane, which are currently valued between Rs 340 and Rs 380 crore, or roughly 1.72 per cent of the company.

Employees at CaratLane will have their shares purchased by Titan, which plans to acquire a 100 per cent stake in the enterprise. It has been raising its investment already. Titan now owns 71.09 per cent of CaratLane and is getting ready to pay Rs 4,621 crore to acquire the remaining 27.18 per cent from the company’s founder and CEO, Mithun Sanchetti and his family. This will bring Titan’s total ownership in the jewellery firm to 98.28 percent. The acquisition is expected to be complete by October 31, 2023, following regulatory approvals.

For Titan to acquire complete ownership of CaratLane, just the ESOP pool will be remaining.

“The ESOP component (of 1.72 percent in the company) will also be bought out at the same time by the end of October. A bunch of it will be done by then and whatever remains, Titan will buy as and when the vesting happens,” Moneycontrol quoted Sanchetti as saying.

The rationale behind the acquisition

The Tata group firm Titan Co Ltd had initially acquired 62 per cent stake in CaratLane for Rs 357.24 crore on July 14, 2023. Titan gave an explanation regarding its decision, saying: “We believe the synergies with the jewellery business of Titan Co is very high.”

It further stated that CaratLane is a well-known brand and company in the online jewelry market that serves a distinct clientele and has strong internal capacities in design, manufacturing, technology, and e-commerce.

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CaratLane employees are expected to receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported.

CaratLane employees are expected to receive Rs 340 crore to Rs 380 crore in employee stock ownership plan (ESOP) payouts as Titan is in course of acquiring the remaining stake in the jewellery start up, Moneycontrol reported. In total, CaratLane has about 1,500 employees, the most of whom work in the manufacturing and retail segments, and do not hold stock in the company. Instead, they receive bonuses and promotions. About 400 workers make up the startup’s corporate team, where providing ESOPs was a more common practice. 75 of the 400 employees own shares in CaratLane, which are currently valued between Rs 340 and Rs 380 crore, or roughly 1.72 per cent of the company. Employees at CaratLane will have their shares purchased by Titan, which plans to acquire a 100 per cent stake in the enterprise. It has been raising its investment already. Titan now owns 71.09 per cent of CaratLane and is getting ready to pay Rs 4,621 crore to acquire the remaining 27.18 per cent from the company’s founder and CEO, Mithun Sanchetti and his family. This will bring Titan’s total ownership in the jewellery firm to 98.28 percent. The acquisition is expected to be complete by October 31, 2023, following regulatory approvals. For Titan to acquire complete ownership of CaratLane, just the ESOP pool will be remaining. “The ESOP component (of 1.72 percent in the company) will also be bought out at the same time by the end of October. A bunch of it will be done by then and whatever remains, Titan will buy as and when the vesting happens,” Moneycontrol quoted Sanchetti as saying. The rationale behind the acquisition The Tata group firm Titan Co Ltd had initially acquired 62 per cent stake in CaratLane for Rs 357.24 crore on July 14, 2023. Titan gave an explanation regarding its decision, saying: “We believe the synergies with the jewellery business of Titan Co is very high.” It further stated that CaratLane is a well-known brand and company in the online jewelry market that serves a distinct clientele and has strong internal capacities in design, manufacturing, technology, and e-commerce. WATCH WION LIVE HERE

CaratLane employees to receive Rs 340-380 crore from ESOPs, after sale to Titan

India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA).

The report by the WFDSA said that Indian direct selling has seen growth of 5.4 per cent above 2021 retail sales. According to the report, the Indian market experienced the highest Compounded Annual Growth Rate (CAGR) of nearly 13.3 per cent during the previous three years, measured in constant dollars.

The global direct selling market reported a 1.5 per cent fall to $172.89 billion in 2022.

With an overall decline of five&nbsp;per cent from 2021, the US ranked first on the list with $40.52. It was followed by Korea, Germany, China, Japan, and Malaysia.

According to Rajat Banerji, chairman of the India Direct Selling Association (IDSA), “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.”

He also added that the Consumer Protection (Direct Selling) Rules 202 and its subsequent amendment should bring stability to the Indian direct selling market, which may gather the interest of major international direct selling organisations as well as investors.

“Only three among the top ten (sellers) are in India today and we would like to see all start their business in India,” Rajat added.

IDSA is a self-regulatory body for the direct selling industry in India.

(With inputs form agencies)

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India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA).

India has made a leap to the 11th position in the ranking of the top direct seller markets with retail sales of $3.23 billion in 2022, according to a report by the international industry association World Federation of Direct Selling Associations (WFDSA). The report by the WFDSA said that Indian direct selling has seen growth of 5.4 per cent above 2021 retail sales. According to the report, the Indian market experienced the highest Compounded Annual Growth Rate (CAGR) of nearly 13.3 per cent during the previous three years, measured in constant dollars. The global direct selling market reported a 1.5 per cent fall to $172.89 billion in 2022. With an overall decline of five per cent from 2021, the US ranked first on the list with $40.52. It was followed by Korea, Germany, China, Japan, and Malaysia. According to Rajat Banerji, chairman of the India Direct Selling Association (IDSA), “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.” He also added that the Consumer Protection (Direct Selling) Rules 202 and its subsequent amendment should bring stability to the Indian direct selling market, which may gather the interest of major international direct selling organisations as well as investors. “Only three among the top ten (sellers) are in India today and we would like to see all start their business in India,” Rajat added. IDSA is a self-regulatory body for the direct selling industry in India. (With inputs form agencies) WATCH WION LIVE HERE

India moves up to 11th position in global direct selling ranking: Report

Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money.

India’s Chandrayaan-3 is scheduled to touch down on the lunar south pole on Wednesday. Analysts and businesspeople anticipate a quick boost for the nation’s fledgling space industry if it is successful.

Before the lander plummeted from orbit and likely took with it the financing for a replacement mission, observers say, Russia’s Luna-25, which was launched less than two weeks ago, had been on pace to arrive first.

The unexpected race to reach a previously undiscovered area of the moon brings to mind the space race between the US and the USSR in the 1960s.

But now that space travel is a lucrative industry, the moon’s south pole is prized for the water ice that scientists believe could one day support a lunar colony, mining operations, and eventually journeys to Mars.

With the help of Prime Minister Narendra Modi, India has privatised space launches and is attempting to attract international investment as it aims to grow its market share in the launch industry five-fold over the course of the next ten years.

Analysts predict that India’s space industry will benefit from its reputation for cost-effective engineering if Chandrayaan-3 is a success. Only about $74 million was allocated by the Indian Space Research Organisation (ISRO) for the project.

The inspector general of the US space agency has calculated that NASA is on schedule to spend nearly $93 billion on its Artemis lunar plan through 2025.

“The moment this mission is successful, it raises the profile of everyone associated with it,” said Ajey Lele, a consultant with the Manohar Parrikar Institute for Defence Studies and Analyses in New Delhi.

Russia’s setback &nbsp;

Russia was able to launch a moonshot despite sanctions from the West over its involvement in the Ukraine War and growing isolation. However, some authorities question its capacity to support a Luna-25 replacement. The amount Russia spent on the expedition is unknown.

According to Moscow-based author and independent space specialist Vadim Lukashevich, the exploration costs are consistently decreasing annually.

A replication of Luna-25 is “extremely unlikely” given Russia’s budget priorities, he continued.

Prior to 2021, when it said it would collaborate with China on its moon plan, Russia had been considering a position in NASA’s Artemis programme. Little data about the attempt has been made public.

2019 saw China’s first-ever soft landing on the moon’s far side, while the country has additional missions in progress. According to space research company Euroconsult, China will invest $12 billion in its space project in 2022.

NASA’s strategy guide&nbsp;

According to officials, NASA has provided the blueprint that India is using by opening up to private funding.

For instance, SpaceX, run by Elon Musk, is creating the Starship rocket to carry NASA’s astronauts to the moon’s surface as part of a $3 billion contract.

In addition to that contract, Musk has stated that SpaceX will invest about $2 billion in Starship this year.

By the end of the year, or in 2024, lunar landers being constructed by the American space companies Astrobotic and Intuitive Machines (LUNR.O) are anticipated to be sent to the moon’s south pole.

Additionally, privately funded alternatives to the International Space Station are being created by businesses like Axiom Space and Jeff Bezos’ Blue Origin. Axiom reported raising $350 million from Saudi and South Korean investors on Monday.

Space is still risky. India’s most recent moon mission failed in 2019, the same year an Israeli startup’s bid to make history by becoming the first privately funded moon mission also failed.

(With inputs from Reuters)

&nbsp;

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Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money.

Presently, India hopes to win this week’s space race by being the first country to set foot on the moon’s south pole. The race is about science, politics of national pride, and a brand-new frontier: money. India’s Chandrayaan-3 is scheduled to touch down on the lunar south pole on Wednesday. Analysts and businesspeople anticipate a quick boost for the nation’s fledgling space industry if it is successful. Before the lander plummeted from orbit and likely took with it the financing for a replacement mission, observers say, Russia’s Luna-25, which was launched less than two weeks ago, had been on pace to arrive first. The unexpected race to reach a previously undiscovered area of the moon brings to mind the space race between the US and the USSR in the 1960s. But now that space travel is a lucrative industry, the moon’s south pole is prized for the water ice that scientists believe could one day support a lunar colony, mining operations, and eventually journeys to Mars. With the help of Prime Minister Narendra Modi, India has privatised space launches and is attempting to attract international investment as it aims to grow its market share in the launch industry five-fold over the course of the next ten years. Analysts predict that India’s space industry will benefit from its reputation for cost-effective engineering if Chandrayaan-3 is a success. Only about $74 million was allocated by the Indian Space Research Organisation (ISRO) for the project. The inspector general of the US space agency has calculated that NASA is on schedule to spend nearly $93 billion on its Artemis lunar plan through 2025. “The moment this mission is successful, it raises the profile of everyone associated with it,” said Ajey Lele, a consultant with the Manohar Parrikar Institute for Defence Studies and Analyses in New Delhi. Russia’s setback Russia was able to launch a moonshot despite sanctions from the West over its involvement in the Ukraine War and growing isolation. However, some authorities question its capacity to support a Luna-25 replacement. The amount Russia spent on the expedition is unknown. According to Moscow-based author and independent space specialist Vadim Lukashevich, the exploration costs are consistently decreasing annually. A replication of Luna-25 is “extremely unlikely” given Russia’s budget priorities, he continued. Prior to 2021, when it said it would collaborate with China on its moon plan, Russia had been considering a position in NASA’s Artemis programme. Little data about the attempt has been made public. 2019 saw China’s first-ever soft landing on the moon’s far side, while the country has additional missions in progress. According to space research company Euroconsult, China will invest $12 billion in its space project in 2022. NASA’s strategy guide According to officials, NASA has provided the blueprint that India is using by opening up to private funding. For instance, SpaceX, run by Elon Musk, is creating the Starship rocket to carry NASA’s astronauts to the moon’s surface as part of a $3 billion contract. In addition to that contract, Musk has stated that SpaceX will invest about $2 billion in Starship this year. By the end of the year, or in 2024, lunar landers being constructed by the American space companies Astrobotic and Intuitive Machines (LUNR.O) are anticipated to be sent to the moon’s south pole. Additionally, privately funded alternatives to the International Space Station are being created by businesses like Axiom Space and Jeff Bezos’ Blue Origin. Axiom reported raising $350 million from Saudi and South Korean investors on Monday. Space is still risky. India’s most recent moon mission failed in 2019, the same year an Israeli startup’s bid to make history by becoming the first privately funded moon mission also failed. (With inputs from Reuters) WATCH WION LIVE HERE

How the money is influencing a new space race with India’s boom and Russia’s crunch 

India’s restricitve trade policies&nbsp;with custom duties as high as 22 per cent may have&nbsp;given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest.

The glass cover, the touch-screen display, the camera module, and the printed circuit board assembly, when combined, makes about 75 per cent of a smart phone’s bill-of-materials price. Vietnam, the world’s second-largest handset exporter after China, is able to source components with zero-tariff from trade partners.

In contrast, despite its eagerness to promote local smart phone manufacture, India has a four per cent cost disadvantage, according to the 2023 edition of a price comparison research published by the industry association India Cellular &amp; Electronics Association (ICEA).

India has intentionally increased the burden on assemblers even as it started compensating them for the various cost disadvantages that already exist, namely inadequate infrastructure and excessive regulations.

The existence of production-linked incentives, or PLIs, guarantees to pay businesses up to 4 per cent to 6 per cent of their additional sales for a period of five years. But the report suggests that India is hampering its ability to compete, while it pays companies to locate its plants there.

Another opinion holds that the assistance is “supported through indirect revenue from increased indirect taxes from the same sector,” as the ICEA study states.

Competition elsewhere in Asia and is focused on semiconductors. Several nations, ranging from Thailand to Singapore and Malaysia, are currently looking to move the manufacturing of front-end chips from East to Southeast and South Asia. India is attempting to climb that ladder through testing and packaging. While those intentions have yet to materialise, the nation is now Vietnam’s next competitor in a low-value-added activity like assembly electronics parts because to its affordable labour.

Multinational companies have altered their manufacturing plans after the pandemic and President Xi Jinping’s deteriorating relations with the West. Only a few weeks after they begin shipping from Chinese manufacturing, the Foxconn Technology Group plant in the southern Indian state of Tamil Nadu is getting ready to export iPhone 15s, according to a report by Bloomberg News.

Apple Inc. and other companies are wary of placing an undue reliance on China to meet global demand. India now has an opportunity to take over the supply chain as a result of their pursuit of a China+1 strategy. However, due to Samsung Electronics Co., Vietnam’s phone exports increased by six times last year compared to other South Asian countries. This is the difference that New Delhi seeks to bridge.

However, data from the ICEA revealed that India’s total cost disadvantage due to tariffs on smart phone components came to around 3.6 per cent in comparison to the cost gap with Vietnam. This competitive disadvantage may increase to a near 4 per cent. This could possibly prompt multinational companies to look for alternative manufacturing locations in countries like Vietnam, potentially making it a huge competitor to India.

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India’s restricitve trade policies with custom duties as high as 22 per cent may have given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest.

India’s restricitve trade policies with custom duties as high as 22 per cent may have given Vietnam the upper hand for manufacturing smart phones, and other electronics, reports suggest. The glass cover, the touch-screen display, the camera module, and the printed circuit board assembly, when combined, makes about 75 per cent of a smart phone’s bill-of-materials price. Vietnam, the world’s second-largest handset exporter after China, is able to source components with zero-tariff from trade partners. In contrast, despite its eagerness to promote local smart phone manufacture, India has a four per cent cost disadvantage, according to the 2023 edition of a price comparison research published by the industry association India Cellular & Electronics Association (ICEA). India has intentionally increased the burden on assemblers even as it started compensating them for the various cost disadvantages that already exist, namely inadequate infrastructure and excessive regulations. The existence of production-linked incentives, or PLIs, guarantees to pay businesses up to 4 per cent to 6 per cent of their additional sales for a period of five years. But the report suggests that India is hampering its ability to compete, while it pays companies to locate its plants there. Another opinion holds that the assistance is “supported through indirect revenue from increased indirect taxes from the same sector,” as the ICEA study states. Competition elsewhere in Asia and is focused on semiconductors. Several nations, ranging from Thailand to Singapore and Malaysia, are currently looking to move the manufacturing of front-end chips from East to Southeast and South Asia. India is attempting to climb that ladder through testing and packaging. While those intentions have yet to materialise, the nation is now Vietnam’s next competitor in a low-value-added activity like assembly electronics parts because to its affordable labour. Multinational companies have altered their manufacturing plans after the pandemic and President Xi Jinping’s deteriorating relations with the West. Only a few weeks after they begin shipping from Chinese manufacturing, the Foxconn Technology Group plant in the southern Indian state of Tamil Nadu is getting ready to export iPhone 15s, according to a report by Bloomberg News. Apple Inc. and other companies are wary of placing an undue reliance on China to meet global demand. India now has an opportunity to take over the supply chain as a result of their pursuit of a China+1 strategy. However, due to Samsung Electronics Co., Vietnam’s phone exports increased by six times last year compared to other South Asian countries. This is the difference that New Delhi seeks to bridge. However, data from the ICEA revealed that India’s total cost disadvantage due to tariffs on smart phone components came to around 3.6 per cent in comparison to the cost gap with Vietnam. This competitive disadvantage may increase to a near 4 per cent. This could possibly prompt multinational companies to look for alternative manufacturing locations in countries like Vietnam, potentially making it a huge competitor to India. WATCH WION LIVE HERE

Vietnam likely to benefit more from India’s restrictive trade policy

The Group of Seven's (G7) imposed cap on Russia's flagship oil price has seen limited repercussions on the provision of Western trade services as the price surged beyond the cap.

The number of ships calling at the nation's ports that are either owned or insured by the West has decreased marginally since early July—before the Urals soared above $60—but they remain an important element of Moscow's petroleum supply chain.

Corporations headquartered in countries that had agreed to the quota controlled about 40 percent of tankers lifting oil from Russia's Baltic and Black Sea ports. Before breaching the threshold, Westerners owned almost half of these tankers. Many people still have insurance that is routed through London.

Earlier this month, a senior US government official stated that they are not measuring the efficacy of the limit based on how much Russian oil trades below $60. What matters is if Russian oil revenues are lower in aggregate than they would be in the absence of price control. And, according to that criteria, the measure is effective, he added.

Though technically the price of Russian oil must be $60 or less for companies in the US, EU, or G-7 to provide services such as vessels and insurance, all that is required in practice is a written pledge—known as an attestation—that the cargo was purchased below that threshold.

Furthermore, it is unclear how much further due diligence individual owners and insurers are performing on the cargoes or why they are continuing to provide their services.

However, owners and insurers have long contended that knowing the precise price at which a cargo moves is hard since longer-term transactions may differ from short-term market values. Outside of the EU and the G-7, there are no limits on service providers.

Insurers have recently complained and publicly expressed their concerns regarding the risks associated with providing coverage for cargoes through the attestation mechanism.

Moreover, there has been a decline in the number of vessels visiting Russian ports with standard industry insurance offered by members of the London-based International Group of P&amp;I Clubs.

This percentage has decreased from over 60 percent of port calls in the period before Urals crude exceeded the cap to approximately 45 percent. Insurers often maintain standard policies that stipulate coverage becomes void if a cargo or journey breaches stipulated penalties.

(Inputs from Bloomberg)

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The Group of Seven's (G7) imposed cap on Russia's flagship oil price has seen limited repercussions on the provision of Western trade services as the price surged beyond the cap.

The Group of Seven's (G7) imposed cap on Russia's flagship oil price has seen limited repercussions on the provision of Western trade services as the price surged beyond the cap. The number of ships calling at the nation's ports that are either owned or insured by the West has decreased marginally since early July—before the Urals soared above $60—but they remain an important element of Moscow's petroleum supply chain. Corporations headquartered in countries that had agreed to the quota controlled about 40 percent of tankers lifting oil from Russia's Baltic and Black Sea ports. Before breaching the threshold, Westerners owned almost half of these tankers. Many people still have insurance that is routed through London. Earlier this month, a senior US government official stated that they are not measuring the efficacy of the limit based on how much Russian oil trades below $60. What matters is if Russian oil revenues are lower in aggregate than they would be in the absence of price control. And, according to that criteria, the measure is effective, he added. Though technically the price of Russian oil must be $60 or less for companies in the US, EU, or G-7 to provide services such as vessels and insurance, all that is required in practice is a written pledge—known as an attestation—that the cargo was purchased below that threshold. Furthermore, it is unclear how much further due diligence individual owners and insurers are performing on the cargoes or why they are continuing to provide their services. However, owners and insurers have long contended that knowing the precise price at which a cargo moves is hard since longer-term transactions may differ from short-term market values. Outside of the EU and the G-7, there are no limits on service providers. Insurers have recently complained and publicly expressed their concerns regarding the risks associated with providing coverage for cargoes through the attestation mechanism. Moreover, there has been a decline in the number of vessels visiting Russian ports with standard industry insurance offered by members of the London-based International Group of P&I Clubs. This percentage has decreased from over 60 percent of port calls in the period before Urals crude exceeded the cap to approximately 45 percent. Insurers often maintain standard policies that stipulate coverage becomes void if a cargo or journey breaches stipulated penalties. (Inputs from Bloomberg) WATCH WION LIVE HERE

G-7 services remain unaffected despite Russia's flagship oil price crossing $60

The development bank founded by the BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on August 21 ahead of the summit's opening in Johannesburg. 
 
The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and the United Arab Emirates, Vladimir Kazbekov told a press briefing ahead of the BRICS Summit in Johannesburg on August&nbsp;22-24.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-key-facts-about-the-brics-2023-summit-626490">Explained | Key facts about the upcoming BRICS 2023 Summit at Johannesburg</a>

The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa.

The BRICS nations aim to turn the bloc into a counterweight to the West.

Also watch |&nbsp;What's at stake for India at the BRICS Summit in South Africa?

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"We are going to tap (the) Indian market — rupees — maybe by October in India," Kazbekov said.

"Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (US&nbsp;dollar)," he said.

Kazbekov did not give a target size for the Indian rupee bond programme.

<h2>BRICS Bank's obligations towards Russia</h2>

Earlier, the BRICS Bank had asserted its obligations towards Russia, who, reports suggest, continued to make payments to the NDB throughout the crisis. 
 
"Russia plays a significant role in the decision-making process and given its special role as a founding member, NDB intends to think about fulfilling its obligations vis-a-vis, in compliance with applicable restrictions introduced on financial capital," he told at an annual meeting in May 2023.

(With inputs from agencies)

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The development bank founded by the BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on August 21 ahead of the summit's opening in Johannesburg.

The development bank founded by the BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on August 21 ahead of the summit's opening in Johannesburg. The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and the United Arab Emirates, Vladimir Kazbekov told a press briefing ahead of the BRICS Summit in Johannesburg on August 22-24. Also read | Explained | Key facts about the upcoming BRICS 2023 Summit at Johannesburg The New Development Bank remains one of the foremost achievements of the BRICS nations, Brazil, Russia, India, China and South Africa. The BRICS nations aim to turn the bloc into a counterweight to the West. Also watch | What's at stake for India at the BRICS Summit in South Africa? × "We are going to tap (the) Indian market — rupees — maybe by October in India," Kazbekov said. "Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Let's say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (US dollar)," he said. Kazbekov did not give a target size for the Indian rupee bond programme. BRICS Bank's obligations towards Russia Earlier, the BRICS Bank had asserted its obligations towards Russia, who, reports suggest, continued to make payments to the NDB throughout the crisis. "Russia plays a significant role in the decision-making process and given its special role as a founding member, NDB intends to think about fulfilling its obligations vis-a-vis, in compliance with applicable restrictions introduced on financial capital," he told at an annual meeting in May 2023. (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.

Soon, you can buy Indian rupee bond from BRICS Bank

Singapore will hand out a $5.2 billion pension fund top-up for citizens aged 50 and above to boost retirement savings amid rising costs of living, prime minister Lee Hsien Loong said.

Singapore unveils $5 billion retirement plan for those above 50

China plans to allow local governments to sell $205.9 billion of special financing bonds to help 12 regions repay debt, Caixin reported. China’s central bank and financial regulators met with bank executives and told lenders again to boost loans to support a recovery, adding to signs of heightened concern from policymakers about the deteriorating economic outlook.

China local governments to sell $206 billion of financing debt

India climbed up to the 11th place in the global direct selling ranking as it clocked sales of $3.23 billion (around Rs 26,852 crore) in 2022, said a report by global industry body the World Federation of Direct Selling Association (WFDSA).

Last year, India’s direct selling registered a growth of 5.4 per cent over 2021 retail sales, the WFDSA report stated.

In the last three years, India saw the highest Compounded Annual Growth Rate (CAGR) of over 13.3% on a constant dollar basis.

While India registered strong growth, the global direct selling industry reported a decline of 1.5 per cent in 2022 to $172.89 billion, PTI news agency reported.

The United States, though registering a decline of 5 per cent over 2021, retained its top spot with direct sales worth $40.52 billion. It was followed by Korea, Germany, China, Japan and Malaysia.

<h2>Report a major booster for Indian retail industry&nbsp;</h2>

Indian Direct Selling Association (IDSA) Chairman Rajat Banerji said that the report has injected optimism in the mood of the industry and added that India has the potential to make a position in the top five global markets over the next decade."

With the notification of Consumer Protection (Direct Selling) Rules 2021 and its subsequent amendment, the direct selling industry in India should see stability that could inspire investor confidence as well as interest from the large global direct selling companies, he added.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/german-minister-volker-wissing-lauds-indias-seamless-digital-adoption-627428">German minister Volker Wissing goes vegetable shopping, pays using 'impressive' UPI</a>

"Only three among the top ten (sellers) are in India today and we would like to see all start their business in India," Rajat said, reported PTI news agency.

IDSA is a self-regulatory body for the direct selling industry in India.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-critical-role-stressed-by-south-africas-brics-sherpa-anil-sooklal-ahead-af-the-summit-627360">India's 'critical role' stressed by South Africa's BRICS Sherpa Anil Sooklal ahead of the summit</a>

The WFSDA was established in 1978. It is a non-governmental, voluntary organisation. As a union of national associations, it represents the world-wide direct sales industry. The Federation Secretariat is located in Washington.

The World Federation of Associations of Direct Selling consists of 57 national associations and one regional (namely, the European Direct Selling Association), its website states.

(With inputs from agencies)

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India climbed up to the 11th place in the global direct selling ranking as it clocked sales of $3.23 billion (around Rs 26,852 crore) in 2022, said a report by global industry body the World Federation of Direct Selling Association (WFDSA).

India climbed up to the 11th place in the global direct selling ranking as it clocked sales of $3.23 billion (around Rs 26,852 crore) in 2022, said a report by global industry body the World Federation of Direct Selling Association (WFDSA). Last year, India’s direct selling registered a growth of 5.4 per cent over 2021 retail sales, the WFDSA report stated. In the last three years, India saw the highest Compounded Annual Growth Rate (CAGR) of over 13.3% on a constant dollar basis. While India registered strong growth, the global direct selling industry reported a decline of 1.5 per cent in 2022 to $172.89 billion, PTI news agency reported. The United States, though registering a decline of 5 per cent over 2021, retained its top spot with direct sales worth $40.52 billion. It was followed by Korea, Germany, China, Japan and Malaysia. Report a major booster for Indian retail industry Indian Direct Selling Association (IDSA) Chairman Rajat Banerji said that the report has injected optimism in the mood of the industry and added that India has the potential to make a position in the top five global markets over the next decade." With the notification of Consumer Protection (Direct Selling) Rules 2021 and its subsequent amendment, the direct selling industry in India should see stability that could inspire investor confidence as well as interest from the large global direct selling companies, he added. Also read | German minister Volker Wissing goes vegetable shopping, pays using 'impressive' UPI "Only three among the top ten (sellers) are in India today and we would like to see all start their business in India," Rajat said, reported PTI news agency. IDSA is a self-regulatory body for the direct selling industry in India. Also read | India's 'critical role' stressed by South Africa's BRICS Sherpa Anil Sooklal ahead of the summit The WFSDA was established in 1978. It is a non-governmental, voluntary organisation. As a union of national associations, it represents the world-wide direct sales industry. The Federation Secretariat is located in Washington. The World Federation of Associations of Direct Selling consists of 57 national associations and one regional (namely, the European Direct Selling Association), its website states. (With inputs from agencies) WATCH WION LIVE HERE

India jumps to 11th position in global direct selling ranking

Amid efforts to revive&nbsp;its sluggish economy, the second-largest in the world, China has slashed key benchmark lending rates, a move taken for the second time this year, media reports said.&nbsp;The People's Bank of China (PBOC) took action on Monday by decreasing the one-year loan prime rate (LPR) by 10 basis points from 3.55 per cent to 3.45 per cent.

Notably, there was no change to the five-year rate, which remains at 4.20 per cent. This move to lower the one-year benchmark lending rate was widely expected.

Days back, China, in an unexpected turn of events, cut down key policy rates, a decision which clearly indicated an escalated effort by Chinese authorities to implement monetary easing measures. This development sparked speculation about a potential cut in China's lending benchmark loan prime rate (LPR), which turned out to be the case on Monday.&nbsp;

Also Read | <a href="https://www.wionews.com/world/ecowas-rejects-niger-coup-leaders-pitch-to-restore-civilian-rule-in-three-years-627364">ECOWAS rejects Niger coup leader's pledge to restore civilian rule in three years</a>

However, economists were surprised by the absence of cuts to the five-year rate, media reports said.&nbsp;

<h2>What were the expectations?&nbsp;&nbsp;</h2>

A majority of experts surveyed by Reuters had foreseen a 15-basis-point reduction in the one-year rate, which significantly influences new and existing loans. Moreover, these analysts had anticipated a decrease of at least 15 basis points in the five-year rate, which serves as a reference rate for mortgages. The surprise absence of action on the five-year rate left many puzzled.

<h2>Economic factors driving the decision</h2>

Credit growth decline and escalating deflation concerns in July have led to the need for additional monetary easing measures to counteract the economic slowdown.&nbsp;

Also Read | <a href="https://www.wionews.com/world/south-africas-president-ramaphosa-calls-for-unsc-reform-sets-pitch-for-brics-expansion-ahead-of-summit-627366">South Africa's President Ramaphosa calls for UNSC reform, sets pitch for BRICS expansion ahead of summit</a>

The market has also been affected by apprehensions about potential defaults from housing developers and payment defaults by private wealth management firms, causing a decrease in financial market confidence.

Most recently, real estate behemoth Evergrande has filed for bankruptcy protection in the United States amid the escalating real estate turmoil in China.&nbsp;Tommy Wu, Senior China economist at Commerzbank, said,&nbsp;"All of these add to the urgency that policymakers need to act fast before consumer and business confidence deteriorate sharply."&nbsp;

<h2>MLF rates&nbsp;</h2>

Earlier, PBOC reduced the interest rate for one-year medium-term lending facility (MLF) loans totalling 401 billion yuan ($55.25 billion) provided to certain financial institutions. The rate was lowered by 15 basis points, settling at 2.50 per cent as opposed to the previous 2.65 per cent.

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In an online statement, the PBOC clarified that this infusion of funds was aimed at mitigating various factors, including tax payments, with the intention of maintaining a suitable level of liquidity within the banking system.

(With inputs from agencies)

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Amid efforts to revive its sluggish economy, the second-largest in the world, China has slashed key benchmark lending rates, a move taken for the second time this year, media reports said.

Amid efforts to revive its sluggish economy, the second-largest in the world, China has slashed key benchmark lending rates, a move taken for the second time this year, media reports said. The People's Bank of China (PBOC) took action on Monday by decreasing the one-year loan prime rate (LPR) by 10 basis points from 3.55 per cent to 3.45 per cent. Notably, there was no change to the five-year rate, which remains at 4.20 per cent. This move to lower the one-year benchmark lending rate was widely expected. Days back, China, in an unexpected turn of events, cut down key policy rates, a decision which clearly indicated an escalated effort by Chinese authorities to implement monetary easing measures. This development sparked speculation about a potential cut in China's lending benchmark loan prime rate (LPR), which turned out to be the case on Monday. Also Read | ECOWAS rejects Niger coup leader's pledge to restore civilian rule in three years However, economists were surprised by the absence of cuts to the five-year rate, media reports said. What were the expectations? A majority of experts surveyed by Reuters had foreseen a 15-basis-point reduction in the one-year rate, which significantly influences new and existing loans. Moreover, these analysts had anticipated a decrease of at least 15 basis points in the five-year rate, which serves as a reference rate for mortgages. The surprise absence of action on the five-year rate left many puzzled. Economic factors driving the decision Credit growth decline and escalating deflation concerns in July have led to the need for additional monetary easing measures to counteract the economic slowdown. Also Read | South Africa's President Ramaphosa calls for UNSC reform, sets pitch for BRICS expansion ahead of summit The market has also been affected by apprehensions about potential defaults from housing developers and payment defaults by private wealth management firms, causing a decrease in financial market confidence. Most recently, real estate behemoth Evergrande has filed for bankruptcy protection in the United States amid the escalating real estate turmoil in China. Tommy Wu, Senior China economist at Commerzbank, said, "All of these add to the urgency that policymakers need to act fast before consumer and business confidence deteriorate sharply." MLF rates Earlier, PBOC reduced the interest rate for one-year medium-term lending facility (MLF) loans totalling 401 billion yuan ($55.25 billion) provided to certain financial institutions. The rate was lowered by 15 basis points, settling at 2.50 per cent as opposed to the previous 2.65 per cent. Watch | Pakistan: President Arif Alvi denies signing of key laws × In an online statement, the PBOC clarified that this infusion of funds was aimed at mitigating various factors, including tax payments, with the intention of maintaining a suitable level of liquidity within the banking system. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

China slashes key benchmark lending rates to revive sluggish economy

China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin.

The regions involved, including Tianjin, Guizhou, Yunnan, Shaanxi, and Chongqing, are under increased pressure to pay off local government debt. Caixin published a report on Saturday without citing the source of the data.

According to the report, the Chinese central bank may establish a special purpose unit alongside banks to offer long-term, low-cost liquidity to local government finance units. According to the statement, the anticipated actions should assist local government financial vehicles (LGFVs) in lowering liquidity risks.

China requests more loans and the reduction of debt risk as its problems worsen.&nbsp;

One of the biggest dangers to the stability of the Chinese economy and its financial system is the debt of LGFVs and other off-balance sheet issuers. The problem has previously been referred to as one of China's “major economic and financial risks” by President Xi Jinping.

As another indication of how authorities were attempting to address financial threats, the government started a round of nationwide inspections to determine how much money local governments owed, according to a June article by Bloomberg News.

China’s top decision-making body, the Politburo of the ruling Communist Party, announced in July that it will take a series of steps to address local government debt.

(With inputs from agencies)

&nbsp;

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China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin.

China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin. The regions involved, including Tianjin, Guizhou, Yunnan, Shaanxi, and Chongqing, are under increased pressure to pay off local government debt. Caixin published a report on Saturday without citing the source of the data. According to the report, the Chinese central bank may establish a special purpose unit alongside banks to offer long-term, low-cost liquidity to local government finance units. According to the statement, the anticipated actions should assist local government financial vehicles (LGFVs) in lowering liquidity risks. China requests more loans and the reduction of debt risk as its problems worsen. One of the biggest dangers to the stability of the Chinese economy and its financial system is the debt of LGFVs and other off-balance sheet issuers. The problem has previously been referred to as one of China's “major economic and financial risks” by President Xi Jinping. As another indication of how authorities were attempting to address financial threats, the government started a round of nationwide inspections to determine how much money local governments owed, according to a June article by Bloomberg News. China’s top decision-making body, the Politburo of the ruling Communist Party, announced in July that it will take a series of steps to address local government debt. (With inputs from agencies) WATCH WION LIVE HERE

China’s local governments will sell $206 billion to repay financing debt 

S&P's Global Mobility experts predict Germany's new car market to recover and turn positive this year despite a demand downturn although sales are expected to remain significantly below pre-pandemic levels.

S&P Global's Insights on German auto market

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister.

This year's BRICS Summit is taking place amid tectonic geopolitical shifts, in which two key member states - Russia and China - are playing a starring role. Western sanctions against Russia have started to hurt the economy, with the rouble weakening due to fall in exports and a flight of capital. China, on the other hand, is locked in an economic tussle with the United States while facing its worst downturn in four decades.

There are several indications that the upcoming BRICS summit may focus on greater economic co-operation to navigate the uncertainties arising out of the Ukraine War and the global economic slowdown. Perhaps, the Johannesburg summit is a great opportunity for the five-member grouping of emerging economies to break the long-held view about its 'irrelevance'.

BRICS expansion

All eyes are now whether the grouping will expand to add 40 more countries, including Argentina, Iran and Saudi Arabia. Many argue that the expansion of the grouping will help in counter-balancing the US-led Group of Seven's influence on the global economy. This will not only help the BRICS remain relevant in the global order but also provide an alternate source of financing for the developing world. Any expansion in BRICS' membership will also be seen as China's attempt to emerge as the leader of the developing world, much to the chagrin of rival India.

China's De-dollarisation move

The BRICS plan to expand its membership is closely linked to China's move to de-dollarise the global trade. Through de-dollarisation, China seeks to eventually replace the US dollar with other denominations. But with China locked in a fierce economic 'cold war' with the US, there are already indications that Beijing intends to push yuan as an alternative to the US dollar. Two member countries, Brazil and Russia, are already paying for Chinese goods in yuan. However, the US dollar continues to remain the global reserve currency, accounting for about 80 per cent of the global trade.

BRICS common currency?

However, China's ambitions for the yuan are likely to hit a roadblock. India, China's regional rival which harbours ambitions of making the rupee a dominant global player, will not like the yuan becoming a major reserve currency. Given the complicated political relations between the two neighbours, it is not very difficult to understand India's concerns. Nevertheless, the grouping has been stressing on the need to reduce the dependence on the US dollar. But reports suggest that a framework for a common 'BRICS currency', first mooted by Russia and Brazil, is unlikely to be discussed at the upcoming summit.

Greater trade with Africa

A substantial part of the discussions&nbsp;is likely to revolve around deepening trade ties with African countries. The grouping is all set to explore greater opportunities in the continent, which is considered a largely untapped market, through the African Continental Free Trade Area. The BRICS, China in particular,&nbsp;is already Africa's biggest trading partner, with trade expected to reach more than $500 billion by 2030.&nbsp;

BRICS economic potential

Constituting over 40 per cent of the world population, the BRICS is a huge unexplored market. The five member countries together account for over one-fourth of the global Gross Domestic Product. As per a UN report, foreign investments into the five-member BRICS quadrupled between 2001 and 2021,&nbsp;helping ignite economic growth.&nbsp;&nbsp;

The BRICS economies represent 18 per cent of global exports, with a huge potential for more exports between the member countries. Moreover, an expansion of the BRICS is likely to not only boost global trade but also the grouping's economic relevance. One estimate suggests that an expanded BRICS can contribute over 50 per cent of global GDP by 2030.

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister.

The BRICS Summit is all set to take place from August 22 to 24 at Johannesburg, South Africa. The leaders of India, China, Brazil and South Africa will be attending the meeting, while Russia will be represented by its foreign minister. This year's BRICS Summit is taking place amid tectonic geopolitical shifts, in which two key member states - Russia and China - are playing a starring role. Western sanctions against Russia have started to hurt the economy, with the rouble weakening due to fall in exports and a flight of capital. China, on the other hand, is locked in an economic tussle with the United States while facing its worst downturn in four decades. There are several indications that the upcoming BRICS summit may focus on greater economic co-operation to navigate the uncertainties arising out of the Ukraine War and the global economic slowdown. Perhaps, the Johannesburg summit is a great opportunity for the five-member grouping of emerging economies to break the long-held view about its 'irrelevance'. BRICS expansion All eyes are now whether the grouping will expand to add 40 more countries, including Argentina, Iran and Saudi Arabia. Many argue that the expansion of the grouping will help in counter-balancing the US-led Group of Seven's influence on the global economy. This will not only help the BRICS remain relevant in the global order but also provide an alternate source of financing for the developing world. Any expansion in BRICS' membership will also be seen as China's attempt to emerge as the leader of the developing world, much to the chagrin of rival India. China's De-dollarisation move The BRICS plan to expand its membership is closely linked to China's move to de-dollarise the global trade. Through de-dollarisation, China seeks to eventually replace the US dollar with other denominations. But with China locked in a fierce economic 'cold war' with the US, there are already indications that Beijing intends to push yuan as an alternative to the US dollar. Two member countries, Brazil and Russia, are already paying for Chinese goods in yuan. However, the US dollar continues to remain the global reserve currency, accounting for about 80 per cent of the global trade. BRICS common currency? However, China's ambitions for the yuan are likely to hit a roadblock. India, China's regional rival which harbours ambitions of making the rupee a dominant global player, will not like the yuan becoming a major reserve currency. Given the complicated political relations between the two neighbours, it is not very difficult to understand India's concerns. Nevertheless, the grouping has been stressing on the need to reduce the dependence on the US dollar. But reports suggest that a framework for a common 'BRICS currency', first mooted by Russia and Brazil, is unlikely to be discussed at the upcoming summit. Greater trade with Africa A substantial part of the discussions is likely to revolve around deepening trade ties with African countries. The grouping is all set to explore greater opportunities in the continent, which is considered a largely untapped market, through the African Continental Free Trade Area. The BRICS, China in particular, is already Africa's biggest trading partner, with trade expected to reach more than $500 billion by 2030. BRICS economic potential Constituting over 40 per cent of the world population, the BRICS is a huge unexplored market. The five member countries together account for over one-fourth of the global Gross Domestic Product. As per a UN report, foreign investments into the five-member BRICS quadrupled between 2001 and 2021, helping ignite economic growth. The BRICS economies represent 18 per cent of global exports, with a huge potential for more exports between the member countries. Moreover, an expansion of the BRICS is likely to not only boost global trade but also the grouping's economic relevance. One estimate suggests that an expanded BRICS can contribute over 50 per cent of global GDP by 2030.

BRICS Summit 2023: What to expect on the economic front?

Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting. The German mission in India took to X, formerly known as Twitter, as the minister from Berlin expressed great fascination with the sheer convenience of using digital payment service popular in India.&nbsp;

The German side hailed it as India's national success story.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/upi-hits-record-9-billion-transactions-in-may-worth-rs-143-trillion-599456">UPI records 9 billion transactions in May worth Rs 14.3 trillion</a>

The German mission in New Delhi showed Wissing using the UPI for purchasing groceries. The embassy described how UPI empowers millions of Indians to conduct transactions within seconds.&nbsp;

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One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport <a href="https://twitter.com/Wissing?ref_src=twsrc%5Etfw">@Wissing</a> was able to experience the simplicity of UPI payments first hand and is very fascinated! <a href="https://t.co/I57P8snF0C">pic.twitter.com/I57P8snF0C</a>
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The German minister was present in Bengaluru to participate in the G20 Digital Ministers Meeting held on August 19.&nbsp;

Indian social media users warmly thanked him for hailing the digital economic transformation of the world's fifth largest economy and encouraged him to continue sharing his experiences.

One user remarked, "Thank you for playing a role in India's digital economic revolution. Keep engaging and utilising."

Another user pointed out, "This will undoubtedly benefit German merchants and shoppers in Germany, where cash transactions pose challenges."

A third user on 'X' asked, "When will Germany become a part of the UPI platform? UPI's influence is becoming global!"

Also watch |&nbsp;India's UPI to get three new features, payments likely to be more efficient after update

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India's digital payment system UPI empowers customers to execute instant payments around the clock and has replaced need for physical currency for Indians all over the country. The projections state that the UPI will take over 90 per cent of all payment transactions in India in near future.&nbsp;The system employs a Virtual Payment Address (VPA) established by the user.

In recent times, countries such as Sri Lanka, France, UAE, and Singapore have joined initiatives with India to explore innovative fintech and payment solutions.&nbsp;

In July, Prime Minister Narendra Modi announced the agreement between India and France to adopt the UPI payment mechanism.

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Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting.

Germany's Federal Minister for Digital and Transport, Volker Wissing, had a firsthand experience of the convenience of using India's digital payment interface UPI (Unified Payments Interface) during his recent visit to Bengaluru in southern India for G20 Digital Ministers Meeting. The German mission in India took to X, formerly known as Twitter, as the minister from Berlin expressed great fascination with the sheer convenience of using digital payment service popular in India. The German side hailed it as India's national success story. Also read | UPI records 9 billion transactions in May worth Rs 14.3 trillion The German mission in New Delhi showed Wissing using the UPI for purchasing groceries. The embassy described how UPI empowers millions of Indians to conduct transactions within seconds. One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated! pic.twitter.com/I57P8snF0C — German Embassy India (@GermanyinIndia) August 20, 2023 × The German minister was present in Bengaluru to participate in the G20 Digital Ministers Meeting held on August 19. Indian social media users warmly thanked him for hailing the digital economic transformation of the world's fifth largest economy and encouraged him to continue sharing his experiences. One user remarked, "Thank you for playing a role in India's digital economic revolution. Keep engaging and utilising." Another user pointed out, "This will undoubtedly benefit German merchants and shoppers in Germany, where cash transactions pose challenges." A third user on 'X' asked, "When will Germany become a part of the UPI platform? UPI's influence is becoming global!" Also watch | India's UPI to get three new features, payments likely to be more efficient after update × India's digital payment system UPI empowers customers to execute instant payments around the clock and has replaced need for physical currency for Indians all over the country. The projections state that the UPI will take over 90 per cent of all payment transactions in India in near future. The system employs a Virtual Payment Address (VPA) established by the user. In recent times, countries such as Sri Lanka, France, UAE, and Singapore have joined initiatives with India to explore innovative fintech and payment solutions. In July, Prime Minister Narendra Modi announced the agreement between India and France to adopt the UPI payment mechanism. 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. 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.

German minister hails India's digital transformation after buying vegetables using UPI

Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo.

Projections indicate that Brazilian imports of Russian petroleum products are anticipated to surge by 25 percent&nbsp;compared to July, reaching an impressive daily intake of over 235,000 barrels. These figures notably outstrip the quantities sourced from the United States, which once held the distinction of being Brazil's predominant foreign petroleum supplier.

The surge in Brazilian-Russian petroleum trade commenced in February, coinciding with the EU's implementation of a ban on Russian petroleum imports and the collaborative imposition of a cap on Russian petroleum prices by the Group of Seven nations.

Furthermore, this concerted effort by the United States and its allied countries aims to curtail the influx of petrodollars into Russia, thereby diminishing support for the nation's involvement in the Ukrainian conflict. Consequently, these initiatives have exerted downward pressure on Russian gasoline prices, strategically aligning with Moscow's bid to enhance its competitiveness in emerging markets.

Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, stating that "getting discounted barrels is a financial boon" to Brazil, where the government is always under pressure to lower the cost of transport fuels.

The price ceiling for Russian premium oil products such as diesel is set at $100 per barrel, while the price ceiling for discounted gasoline is fixed at $45 per barrel. Companies in the G-7 can only transport Russian oil if the shipment costs less than those rates. Katona thinks that purchasing Russian diesel has reduced Brazil's imported gasoline prices by $10 to $15 per barrel.

Moreover, according to Kpler, since the quota went into force, Brazil has become the world's second-largest user of Russian diesel, after only Turkey. Brazil has attempted to remain impartial about who is to blame for the war.

(Inputs from Bloomberg)

&nbsp;

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Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo.

Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo. Projections indicate that Brazilian imports of Russian petroleum products are anticipated to surge by 25 percent compared to July, reaching an impressive daily intake of over 235,000 barrels. These figures notably outstrip the quantities sourced from the United States, which once held the distinction of being Brazil's predominant foreign petroleum supplier. The surge in Brazilian-Russian petroleum trade commenced in February, coinciding with the EU's implementation of a ban on Russian petroleum imports and the collaborative imposition of a cap on Russian petroleum prices by the Group of Seven nations. Furthermore, this concerted effort by the United States and its allied countries aims to curtail the influx of petrodollars into Russia, thereby diminishing support for the nation's involvement in the Ukrainian conflict. Consequently, these initiatives have exerted downward pressure on Russian gasoline prices, strategically aligning with Moscow's bid to enhance its competitiveness in emerging markets. Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, stating that "getting discounted barrels is a financial boon" to Brazil, where the government is always under pressure to lower the cost of transport fuels. The price ceiling for Russian premium oil products such as diesel is set at $100 per barrel, while the price ceiling for discounted gasoline is fixed at $45 per barrel. Companies in the G-7 can only transport Russian oil if the shipment costs less than those rates. Katona thinks that purchasing Russian diesel has reduced Brazil's imported gasoline prices by $10 to $15 per barrel. Moreover, according to Kpler, since the quota went into force, Brazil has become the world's second-largest user of Russian diesel, after only Turkey. Brazil has attempted to remain impartial about who is to blame for the war. (Inputs from Bloomberg) WATCH WION LIVE HERE

Brazil buys record amount of petrol from sanctions-hit Russia

US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal.

The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million&nbsp;).

In total, Adani Powers sold 311 million shares in the firm on Wednesday at an average price of Rs 279.17 per share, which amounts to Rs 8.7 billion, according to data shared by the firm to the Indian stock exchange BSE.

The news of heavy investment witnessed a strong buying of Adani Power shares by local investors. Adani Power's share opened up&nbsp;on Thursday (Aug 17) and went on to hit an intraday high of Rs 288.50 apiece on the National Stock Exchange, clocking over 3 per cent intraday rise during early morning deals.

Apart from Goldman Sachs, Rajiv Jain-led GQG bought 152 million shares at an average price of Rs 279.15 apiece in a series of secondary block transactions.

<h2>GQG invests in Adani</h2>

"The GQG investment in Adani Power is a landmark deal, that showcases another vertical in the emerging energy transition space in which Adani portfolio companies are playing a leading role.

"This transaction also highlights the vote of confidence of global investor in India’s new age and re-energised power sector that is being propelled by energy transition plan of Indian government," said GQG in a note.

GQG Partners is always known for taking contrarian bets and its assets under management are worth close to $100 billion.&nbsp;

It holds about $13 billion in Indian companies including ITC, Sun Pharmaceutical Industries, State Bank of India, ICICI Bank and Housing Development Finance Corp (now merged with HDFC Bank).

Notably, the renewed interest on Adani Powers comes days after Qatar Investment Authority, a sovereign fund, picked up a 2.7 per cent stake in Adani Green Energy for Rs3.9 billion.

Recently, Deloitte quit as the auditor of Adani Ports, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/intel-drops-54-billion-deal-after-china-holds-up-approval-report-626275">Intel drops $5.4 billion deal after China holds up approval: Report&nbsp;</a>

The report, which alleged improper use of tax havens and concerns over the conglomerate's debt levels - something it denies - wiped out nearly $147 billion from the market cap of the group's listed entities.

Though shares of the group companies have rebounded, they are still down around $100 billion in value.

Adani Ports had said that Deloitte's reason for quitting as its auditor was not convincing or sufficient to warrant such a move.

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US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal. The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million ).

US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal. The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million ). In total, Adani Powers sold 311 million shares in the firm on Wednesday at an average price of Rs 279.17 per share, which amounts to Rs 8.7 billion, according to data shared by the firm to the Indian stock exchange BSE. The news of heavy investment witnessed a strong buying of Adani Power shares by local investors. Adani Power's share opened up on Thursday (Aug 17) and went on to hit an intraday high of Rs 288.50 apiece on the National Stock Exchange, clocking over 3 per cent intraday rise during early morning deals. Apart from Goldman Sachs, Rajiv Jain-led GQG bought 152 million shares at an average price of Rs 279.15 apiece in a series of secondary block transactions. GQG invests in Adani "The GQG investment in Adani Power is a landmark deal, that showcases another vertical in the emerging energy transition space in which Adani portfolio companies are playing a leading role. "This transaction also highlights the vote of confidence of global investor in India’s new age and re-energised power sector that is being propelled by energy transition plan of Indian government," said GQG in a note. GQG Partners is always known for taking contrarian bets and its assets under management are worth close to $100 billion. It holds about $13 billion in Indian companies including ITC, Sun Pharmaceutical Industries, State Bank of India, ICICI Bank and Housing Development Finance Corp (now merged with HDFC Bank). Notably, the renewed interest on Adani Powers comes days after Qatar Investment Authority, a sovereign fund, picked up a 2.7 per cent stake in Adani Green Energy for Rs3.9 billion. Recently, Deloitte quit as the auditor of Adani Ports, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January. Also read | Intel drops $5.4 billion deal after China holds up approval: Report The report, which alleged improper use of tax havens and concerns over the conglomerate's debt levels - something it denies - wiped out nearly $147 billion from the market cap of the group's listed entities. Though shares of the group companies have rebounded, they are still down around $100 billion in value. Adani Ports had said that Deloitte's reason for quitting as its auditor was not convincing or sufficient to warrant such a move. WATCH WION LIVE HERE

Goldman Sachs picks up stake in Adani Power, invests over $300 million

Asia-pacific markets began the day with decline as investors digested a mix of factors including Japan's recent inflation figures and fresh challenges in China's real estate sector.

Asian markets open lower; US stocks extend losing run | World Business Watch