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India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets. However, the recent ban on non-basmati white rice exports has unleashed unforeseen repercussions, echoing far beyond its borders and affecting millions worldwide.

With its economy booming and international trade expanding, India's role in shaping global economic dynamics has become increasingly pronounced. As it accounts for over 40% of the global rice trade, the country's actions now hold tremendous sway over food security and prices across continents.

On July 20, India imposed an export ban on non-basmati white rice to curb surging domestic food prices and secure ample rice supply at reasonable costs for its citizens. This bold move, though aimed at stabilising its internal economy, has sent shockwaves rippling across Asian and African nations, particularly those heavily reliant on Indian rice imports.

Countries like Malaysia and Singapore have been identified as the most vulnerable to the ban's impact. Malaysia's substantial reliance on Indian rice imports puts it in a precarious position. Singapore, already dependent on food imports in general, now faces the prospect of navigating through these uncertain times.

The repercussions do not end with Asia. Africa and the Middle East also find themselves exposed to the consequences of India's export restrictions. Nations such as Djibouti, Liberia, Qatar, Gambia and Kuwait are among the most affected, with disruptions in rice supply threatening food security in these regions.

This ban serves as a stark reminder of India's growing significance in shaping the global economy. As prices soar to decade highs and the threat of El Nino -- this &nbsp;looms over major Asian rice producers, the world watches closely, awaiting the response of major rice exporters like Vietnam and Cambodia and significant importers like Indonesia and Malaysia.

Experts warn that the ban's far-reaching impact will be felt by millions, especially the poorer consumers in neighboring countries like Bangladesh and Nepal. The ban, expected to persist until India's general elections in April next year, underlines India's newfound weight in global affairs.

As India grapples with high inflation, soaring food prices, and potential crop output strains, its actions have far-reaching implications, extending beyond rice markets to impact other grains like wheat. The global community anxiously awaits how the situation unfolds and how it may influence the overall trajectory of the world economy.

India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets.

India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets. However, the recent ban on non-basmati white rice exports has unleashed unforeseen repercussions, echoing far beyond its borders and affecting millions worldwide. With its economy booming and international trade expanding, India's role in shaping global economic dynamics has become increasingly pronounced. As it accounts for over 40% of the global rice trade, the country's actions now hold tremendous sway over food security and prices across continents. On July 20, India imposed an export ban on non-basmati white rice to curb surging domestic food prices and secure ample rice supply at reasonable costs for its citizens. This bold move, though aimed at stabilising its internal economy, has sent shockwaves rippling across Asian and African nations, particularly those heavily reliant on Indian rice imports. Countries like Malaysia and Singapore have been identified as the most vulnerable to the ban's impact. Malaysia's substantial reliance on Indian rice imports puts it in a precarious position. Singapore, already dependent on food imports in general, now faces the prospect of navigating through these uncertain times. The repercussions do not end with Asia. Africa and the Middle East also find themselves exposed to the consequences of India's export restrictions. Nations such as Djibouti, Liberia, Qatar, Gambia and Kuwait are among the most affected, with disruptions in rice supply threatening food security in these regions. This ban serves as a stark reminder of India's growing significance in shaping the global economy. As prices soar to decade highs and the threat of El Nino -- this looms over major Asian rice producers, the world watches closely, awaiting the response of major rice exporters like Vietnam and Cambodia and significant importers like Indonesia and Malaysia. Experts warn that the ban's far-reaching impact will be felt by millions, especially the poorer consumers in neighboring countries like Bangladesh and Nepal. The ban, expected to persist until India's general elections in April next year, underlines India's newfound weight in global affairs. As India grapples with high inflation, soaring food prices, and potential crop output strains, its actions have far-reaching implications, extending beyond rice markets to impact other grains like wheat. The global community anxiously awaits how the situation unfolds and how it may influence the overall trajectory of the world economy.

Decoded: India's growing global influence and impact of the rice export ban

Asia Pacific markets are largely down after ratings agency Fitch cut the US credit rating citing expected fiscal deterioration over the next three years.

Fitch ratings say, 'Expect US fiscal deterioration over next 3 years

U.S. banks have tightened their lending standards for both businesses and households in the second quarter of 2023, and they anticipate maintaining this cautious approach for the rest of the year, according to a survey conducted by the Federal Reserve and cited by Bloomberg. The survey of loan officers revealed a multitude of reasons behind this tightening, including a volatile economic outlook, declining credit quality in loan portfolios, concerns about bank funding costs, and deposit outflows.

Federal Reserve Chairman Jerome Powell commented on the survey, acknowledging that the overall lending conditions are tight and continue to tighten. As a result of these conditions, the Fed took decisive action by raising interest rates to their highest level since March 2001.

Factors at play

Among the factors contributing to the banks' increased caution are worries about the potential impact of legislative, supervisory, or accounting changes. Recently, the Federal Reserve and other regulators proposed a 16 per cent aggregate increase in capital requirements for banks with assets exceeding $100 billion, aiming to strengthen lenders against potential future challenges.

In response to the impending regulatory changes, some banks are already taking preventive measures, pulling back on lending or issuing warnings about potential future restrictions. The survey also revealed a decline in demand for new loans across various categories, affecting consumers, businesses, and commercial and residential real estate sectors.

Throughout the year, growth in U.S. bank lending has slowed, coinciding with the Federal Reserve's aggressive campaign to combat inflation by raising interest rates and subsequently increasing borrowing costs. As a result, banks are setting aside more funds for future loan losses, signifying their apprehension about worsening credit conditions.

Loan demand outlook in focus

Despite the tightening lending landscape, JPMorgan Chase's Chief Financial Officer, Jeremy Barnum, expressed optimism about reasonably robust loan card growth, particularly in auto loans. However, he also stated that the outlook for loan demand in other areas, including consumer and wealth sectors, is not as promising.

Slower bank lending can serve as a potential recession indicator, though it is not always definitive. According to Apollo's Chief Economist, Torsten Slok, the 'maximum negative impact' of tighter credit conditions on the gross domestic product (GDP) can take up to a year and a half to materialise.

While the possibility of a recession was a concern, the latest data from the Bureau of Labour Statistics has shown that the U.S. economy grew faster in the second quarter compared to the first. As a result, the growing consensus suggests that the immediate threat of a recession is diminishing.

Federal Reserve Chairman Jerome Powell echoed this sentiment, stating that the strong economic performance has instilled confidence in the country's economic outlook. Despite this optimism, the cautious approach taken by banks toward lending underscores the ongoing uncertainty surrounding the economic landscape.

(With Inputs from Agencies)

U.S. banks have tightened their lending standards for both businesses and households in the second quarter of 2023, and they anticipate maintaining this cautious approach for the rest of the year, according to a survey conducted by the Federal Reserve and cited by Bloomberg.

U.S. banks have tightened their lending standards for both businesses and households in the second quarter of 2023, and they anticipate maintaining this cautious approach for the rest of the year, according to a survey conducted by the Federal Reserve and cited by Bloomberg. The survey of loan officers revealed a multitude of reasons behind this tightening, including a volatile economic outlook, declining credit quality in loan portfolios, concerns about bank funding costs, and deposit outflows. Federal Reserve Chairman Jerome Powell commented on the survey, acknowledging that the overall lending conditions are tight and continue to tighten. As a result of these conditions, the Fed took decisive action by raising interest rates to their highest level since March 2001. Factors at play Among the factors contributing to the banks' increased caution are worries about the potential impact of legislative, supervisory, or accounting changes. Recently, the Federal Reserve and other regulators proposed a 16 per cent aggregate increase in capital requirements for banks with assets exceeding $100 billion, aiming to strengthen lenders against potential future challenges. In response to the impending regulatory changes, some banks are already taking preventive measures, pulling back on lending or issuing warnings about potential future restrictions. The survey also revealed a decline in demand for new loans across various categories, affecting consumers, businesses, and commercial and residential real estate sectors. Throughout the year, growth in U.S. bank lending has slowed, coinciding with the Federal Reserve's aggressive campaign to combat inflation by raising interest rates and subsequently increasing borrowing costs. As a result, banks are setting aside more funds for future loan losses, signifying their apprehension about worsening credit conditions. Loan demand outlook in focus Despite the tightening lending landscape, JPMorgan Chase's Chief Financial Officer, Jeremy Barnum, expressed optimism about reasonably robust loan card growth, particularly in auto loans. However, he also stated that the outlook for loan demand in other areas, including consumer and wealth sectors, is not as promising. Slower bank lending can serve as a potential recession indicator, though it is not always definitive. According to Apollo's Chief Economist, Torsten Slok, the 'maximum negative impact' of tighter credit conditions on the gross domestic product (GDP) can take up to a year and a half to materialise. While the possibility of a recession was a concern, the latest data from the Bureau of Labour Statistics has shown that the U.S. economy grew faster in the second quarter compared to the first. As a result, the growing consensus suggests that the immediate threat of a recession is diminishing. Federal Reserve Chairman Jerome Powell echoed this sentiment, stating that the strong economic performance has instilled confidence in the country's economic outlook. Despite this optimism, the cautious approach taken by banks toward lending underscores the ongoing uncertainty surrounding the economic landscape. (With Inputs from Agencies)

Cash flow slowdown: U.S. banks turn cautious on lending in 2023

UK Prime Minister Rishi Sunak is expected to confirm that the British Government will issue 100 licences to companies that want to extract oil and gas from the North Sea.

UK PM Sunak approves more drilling in North Sea, 100 new licences accepted | World Business Watch

Amid the global economic gloom, the euro zone has begun to grow again as inflation continues to cool down. Latest data shows that euro zone's gross domestic product rose by 0.3% between April and June, compared with the January to march quarter, when the economy had stagnated. Moreover, the GDP had fallen by 0.1% in the last three months of 2022. Euro zone's inflation continued to fall in July. The Consumer Price Index (CPI) for the euro zone fell to 5.3%, down from 5.5% in June.

Euro zone grows 0.3% in April-June quarter | World Business Watch

Panasonic reported a 42% surge in first-quarter operating profit, buoyed by a weaker Yen and stronger sales in its automotive and energy segments. Panasonic’s operating profit came to $637 million in the three months to end-June, almost exactly in line with analyst forecasts. Overall, first-quarter operating profit of the battery unit came to $206 million, jumping more than 80% from the same period the previous year.

Panasonic’s Q1 profit surges 42% | World Business Watch

ExxonMobil is reportedly in talks with Tesla, Ford Motor, Volkswagen, and other automakers to supply lithium for electric car batteries, as stated by individuals familiar with the matter, according to a Bloomberg Law report cited by Reuters.

However, discussions are likely in the early stages as ExxonMobil currently lacks the means to produce and supply this vital component for electric vehicles.

Additionally, Exxon has been engaged in negotiations with International Battery Metals for licensing Direct Lithium Extraction technology, according to Reuters.

In a separate report last month, Reuters mentioned Exxon's collaboration with Tetra Technologies Inc. to exploit over 6,100 acres of lithium-rich brine in Arkansas. Moreover, Exxon acquired more than 100,000 acres in Arkansas from privately held Galvanic Energy earlier this year.

Exxon's venture into the lithium industry hinges on selecting a direct lithium extraction (DLE) technique to extract lithium from the brines, a decision that remains pending. Currently, no DLE technology has been successfully commercialized, despite intense competition among various businesses striving to be the first.

Furthermore, Exxon's move comes amidst heightened interest from traditional energy firms and other players in innovative technologies aimed at boosting the global supply of this lightweight metal.

Exxon's rapid entry into the lithium market poses challenges, with the need to adopt a viable DLE solution at the forefront of their strategic considerations.

(Inputs from Reuters)

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ExxonMobil is reportedly in talks with Tesla, Ford Motor, Volkswagen, and other automakers to supply lithium for electric car batteries, as stated by individuals familiar with the matter, according to a Bloomberg Law report cited by Reuters.

ExxonMobil is reportedly in talks with Tesla, Ford Motor, Volkswagen, and other automakers to supply lithium for electric car batteries, as stated by individuals familiar with the matter, according to a Bloomberg Law report cited by Reuters. However, discussions are likely in the early stages as ExxonMobil currently lacks the means to produce and supply this vital component for electric vehicles. Additionally, Exxon has been engaged in negotiations with International Battery Metals for licensing Direct Lithium Extraction technology, according to Reuters. In a separate report last month, Reuters mentioned Exxon's collaboration with Tetra Technologies Inc. to exploit over 6,100 acres of lithium-rich brine in Arkansas. Moreover, Exxon acquired more than 100,000 acres in Arkansas from privately held Galvanic Energy earlier this year. Exxon's venture into the lithium industry hinges on selecting a direct lithium extraction (DLE) technique to extract lithium from the brines, a decision that remains pending. Currently, no DLE technology has been successfully commercialized, despite intense competition among various businesses striving to be the first. Furthermore, Exxon's move comes amidst heightened interest from traditional energy firms and other players in innovative technologies aimed at boosting the global supply of this lightweight metal. Exxon's rapid entry into the lithium market poses challenges, with the need to adopt a viable DLE solution at the forefront of their strategic considerations. (Inputs from Reuters) WATCH WION LIVE HERE

ExxonMobil in lithium supply talks with Tesla, Ford: Report

Asia's factory activity experienced a contraction in July, signaling a slowdown in global growth and reflecting the impact of China's weakening economy on the region's fragile recovery. Private surveys cited by Reuters revealed that several Asian countries, including Japan, South Korea, Taiwan, and Vietnam, faced challenges due to sluggish Chinese demand.

The Caixin/S&amp;P Global Manufacturing Purchasing Managers' Index (PMI) for China fell to 49.2 in July from 50.5 in June, marking the first decline in activity since April and falling short of analysts' expectations of 50.3. The 50-point index separates growth from contraction, and this decline highlights the mounting pressure on policymakers to manage inflation with tight monetary policies while navigating potential headwinds from a recession in the world's second-largest economy.

Japan, one of the leading economies in the region, experienced a contraction in its manufacturing activity during July, as shown by the final au Jibun Bank PMI, which dropped to 49.6 from 49.8 in June. The weakened activity was attributed to soft orders stemming from weakening global economic conditions and subdued demand from both domestic and overseas markets.

However, there were some signs of optimism in Japan's economic outlook. The country's factory output grew in June for the first time in two months, primarily due to solid auto production. Furthermore, the S&amp;P survey showed that cost pressures for Japanese companies eased, thanks to declining fuel and commodity prices. This provided some relief for manufacturers grappling with slowing demand from foreign markets.

Looking ahead, manufacturers' output expectations remained positive, with hopes for sustained demand improvements and the pandemic's fading economic impact. The subindex reflecting output expectations remained consistent with June's reading, which was the strongest since October 2021.

The challenges faced by Japan and other Asian economies come at a time when the region had been considered one of the few bright spots in the global economy. However, China's economic slowdown has clouded the overall outlook. In revised forecasts issued in July, the International Monetary Fund projected that emerging Asia's economic growth would accelerate to 5.3 per cent in 2023 from 4.5 per cent in 2022, while China's economy is expected to expand by 5.2 per cent this year after a 3.0 per cent increase in 2022.

The situation underscores the delicate balancing act for policymakers, who must address inflationary pressures with tight monetary policies while also supporting economic recovery and growth in the region. Falling new orders, bleak employment prospects, and high inventory levels point to subdued factory activity in the coming months, raising concerns about the durability of the economic recovery in the region.

(With Inputs from Reuters)

Asia's factory activity experienced a contraction in July, signaling a slowdown in global growth and reflecting the impact of China's weakening economy on the region's fragile recovery.

Asia's factory activity experienced a contraction in July, signaling a slowdown in global growth and reflecting the impact of China's weakening economy on the region's fragile recovery. Private surveys cited by Reuters revealed that several Asian countries, including Japan, South Korea, Taiwan, and Vietnam, faced challenges due to sluggish Chinese demand. The Caixin/S&P Global Manufacturing Purchasing Managers' Index (PMI) for China fell to 49.2 in July from 50.5 in June, marking the first decline in activity since April and falling short of analysts' expectations of 50.3. The 50-point index separates growth from contraction, and this decline highlights the mounting pressure on policymakers to manage inflation with tight monetary policies while navigating potential headwinds from a recession in the world's second-largest economy. Japan, one of the leading economies in the region, experienced a contraction in its manufacturing activity during July, as shown by the final au Jibun Bank PMI, which dropped to 49.6 from 49.8 in June. The weakened activity was attributed to soft orders stemming from weakening global economic conditions and subdued demand from both domestic and overseas markets. However, there were some signs of optimism in Japan's economic outlook. The country's factory output grew in June for the first time in two months, primarily due to solid auto production. Furthermore, the S&P survey showed that cost pressures for Japanese companies eased, thanks to declining fuel and commodity prices. This provided some relief for manufacturers grappling with slowing demand from foreign markets. Looking ahead, manufacturers' output expectations remained positive, with hopes for sustained demand improvements and the pandemic's fading economic impact. The subindex reflecting output expectations remained consistent with June's reading, which was the strongest since October 2021. The challenges faced by Japan and other Asian economies come at a time when the region had been considered one of the few bright spots in the global economy. However, China's economic slowdown has clouded the overall outlook. In revised forecasts issued in July, the International Monetary Fund projected that emerging Asia's economic growth would accelerate to 5.3 per cent in 2023 from 4.5 per cent in 2022, while China's economy is expected to expand by 5.2 per cent this year after a 3.0 per cent increase in 2022. The situation underscores the delicate balancing act for policymakers, who must address inflationary pressures with tight monetary policies while also supporting economic recovery and growth in the region. Falling new orders, bleak employment prospects, and high inventory levels point to subdued factory activity in the coming months, raising concerns about the durability of the economic recovery in the region. (With Inputs from Reuters)

Manufacturing blues in Asia: Global slowdown puts pressure on recovery

Easing inflation has come as a sweet news to consumers in the recent months. However, for chocolate lovers, the latest developments in cocoa-producing countries could come as a bitter news.&nbsp;

The cost of wholesale cocoa beans has surged to the highest levels in over a decade in the cocoa-producing countries of West Africa. Moreover, the region is grappling with the double blow of heavy rains and a devastating rot-causing disease, leaving cocoa production in dire straits.&nbsp;

West Africa accounts for a whopping two-thirds of the world's cocoa bean harvest.&nbsp;

This situation has set the alarm bells ringing for global chocolate manufacturers, who fear that the prices of their products will continue to climb throughout 2024. Candy makers like Lindt and Hershey's are not shying away from the truth, warning consumers that further price hikes are unavoidable.&nbsp;

Adding to the concern is the looming threat of an El niño effect -- it warms the ocean surface and leads to irregular weather patterns -- which could further impact cocoa output this year.&nbsp;

While the pandemic did lead to a temporary slowdown in global chocolate demand, the tables have turned. Consumption is rebounding, and the two years of supply shortages have severely depleted cocoa stockpiles.&nbsp;

Companies like Lindt are trying to safeguard against higher prices and shortages by stockpiling cocoa beans as a precautionary measure, but whether it will be enough to offset the crisis remains uncertain.&nbsp;

The impact of soaring wholesale costs is bound to affect consumers, with experts predicting that the pinch will be felt in the second half of 2023.&nbsp;

Sadly, the days of larger chocolate bars at affordable prices might become a thing of the past as manufacturers could resort to downsizing products or raising prices. The impending cocoa crisis serves as a stark reminder that even the sweetest indulgence is not immune to the bitter realities of supply and demand dynamics.&nbsp;

Easing inflation has come as a sweet news to consumers in the recent months. However, for chocolate lovers, the latest developments in cocoa-producing countries could come as a bitter news.

Easing inflation has come as a sweet news to consumers in the recent months. However, for chocolate lovers, the latest developments in cocoa-producing countries could come as a bitter news. The cost of wholesale cocoa beans has surged to the highest levels in over a decade in the cocoa-producing countries of West Africa. Moreover, the region is grappling with the double blow of heavy rains and a devastating rot-causing disease, leaving cocoa production in dire straits. West Africa accounts for a whopping two-thirds of the world's cocoa bean harvest. This situation has set the alarm bells ringing for global chocolate manufacturers, who fear that the prices of their products will continue to climb throughout 2024. Candy makers like Lindt and Hershey's are not shying away from the truth, warning consumers that further price hikes are unavoidable. Adding to the concern is the looming threat of an El niño effect -- it warms the ocean surface and leads to irregular weather patterns -- which could further impact cocoa output this year. While the pandemic did lead to a temporary slowdown in global chocolate demand, the tables have turned. Consumption is rebounding, and the two years of supply shortages have severely depleted cocoa stockpiles. Companies like Lindt are trying to safeguard against higher prices and shortages by stockpiling cocoa beans as a precautionary measure, but whether it will be enough to offset the crisis remains uncertain. The impact of soaring wholesale costs is bound to affect consumers, with experts predicting that the pinch will be felt in the second half of 2023. Sadly, the days of larger chocolate bars at affordable prices might become a thing of the past as manufacturers could resort to downsizing products or raising prices. The impending cocoa crisis serves as a stark reminder that even the sweetest indulgence is not immune to the bitter realities of supply and demand dynamics.

Soon, your favourite chocolate bar will get costlier. Here's why

British energy giant&nbsp;BP&nbsp;on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine.

Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year,&nbsp;BP&nbsp;said in a statement, mirroring hefty falls across the sector.

"Our financial performance is impacted by fluctuating prices of oil, gas and refined products," it added.

Energy prices soared a year ago following the Ukraine invasion by key producer Russia, sending global inflation to the highest levels in decades while providing record profits for oil and gas companies.&nbsp;

Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns.

Gas and oil prices have since pulled back but remain at elevated levels.

<h2>Shareholder rewards&nbsp;</h2>

Despite the slump in profits,&nbsp;BP&nbsp;said it was hiking its dividend and returning $1.5 billion to shareholders by repurchasing stock.

"This reflects confidence in our performance and the outlook for cash flow," chief executive Bernard Looney said in the earnings statement.

BP's share price advanced 1.9 percent in early London trading following the earnings update.

"BP's move to boost shareholder returns is in line with moves by some of the other leading oil producers as they focus on ensuring investors benefit from the strength of cash flow the industry is currently enjoying," said Steve Clayton, head of equity funds at Hargreaves Lansdown.

Natural gas prices have pulled back sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Oil prices have also tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling.

Profits remain hefty, however, as oil and gas firms stay focused on pumping out fossil fuels while pivoting toward cleaner energy.

The UK government said Monday that it would issue "hundreds" of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050.

The announcement has angered environmental groups.

"Handing out new oil and gas licences will do nothing to improve our energy security," Charlie Kronick, senior climate advisor at Greenpeace UK, said Tuesday.

He added in a statement that it would instead allow "companies like&nbsp;BP&nbsp;and Shell to rake in even more money for their shareholders".

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British energy giant BP on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine.

British energy giant BP on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia's invasion of Ukraine. Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement, mirroring hefty falls across the sector. "Our financial performance is impacted by fluctuating prices of oil, gas and refined products," it added. Energy prices soared a year ago following the Ukraine invasion by key producer Russia, sending global inflation to the highest levels in decades while providing record profits for oil and gas companies. Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. Gas and oil prices have since pulled back but remain at elevated levels. Shareholder rewards Despite the slump in profits, BP said it was hiking its dividend and returning $1.5 billion to shareholders by repurchasing stock. "This reflects confidence in our performance and the outlook for cash flow," chief executive Bernard Looney said in the earnings statement. BP's share price advanced 1.9 percent in early London trading following the earnings update. "BP's move to boost shareholder returns is in line with moves by some of the other leading oil producers as they focus on ensuring investors benefit from the strength of cash flow the industry is currently enjoying," said Steve Clayton, head of equity funds at Hargreaves Lansdown. Natural gas prices have pulled back sharply as European countries found new suppliers, built up reserves and experienced a mild winter. Oil prices have also tumbled, partly on fears of falling demand as the global economy slows, with major consumer China's post-Covid recovery stumbling. Profits remain hefty, however, as oil and gas firms stay focused on pumping out fossil fuels while pivoting toward cleaner energy. The UK government said Monday that it would issue "hundreds" of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050. The announcement has angered environmental groups. "Handing out new oil and gas licences will do nothing to improve our energy security," Charlie Kronick, senior climate advisor at Greenpeace UK, said Tuesday. He added in a statement that it would instead allow "companies like BP and Shell to rake in even more money for their shareholders". 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.

BP profit slumps on falling energy prices

Japanese electronics brand Panasonic&nbsp;on Monday revealed a remarkable 42 per cent surge in first-quarter operating profit as a weaker yen and strong sales in its automotive and energy segments bolstered the company's financial performance.

During the three months ending in June, Panasonic's operating profit reached a substantial $637 million, aligning almost precisely with analyst forecasts.

Notably, the battery unit showcased exceptional performance, with its first-quarter operating profit reaching $206 million, representing an impressive increase of over 80 per cent compared to the same period the previous year.

On the other hand, Panasonic's energy unit, responsible for manufacturing batteries for Tesla, emerged as a major driving force behind their remarkable profit surge during the quarter.

The battery unit further benefited from the U.S. inflation Reduction Act tax credits, contributing to an impressive 80 percent surge in non-adjusted operating profit compared to the previous year.

Panasonic's overall outlook remains optimistic, with the company maintaining its full-year operating profit forecast at a robust $300 billion.

Panasonic's electronic arm struggles in China's challenging market

In the first quarter, Panasonic's industry arm, focusing on electronics components and materials, recorded an 86.8 percent decline in operating profit, totaling $24 million, largely due to challenging conditions in China.

The rapid shift to electric vehicles has driven intense competition in China's auto market. Group CFO Hirokazu Umeda stated that the industrial company is facing increased competition in China's largest auto market, not only due to the swift adoption of electric vehicles but also from an inventory build-up of locally-made gasoline automobiles.

Panasonic also acknowledged the absence of signs indicating a full-fledged recovery in China's factory automation industry. Moreover, industries such as servers, data centers, and ICT are expected to take longer to recover overall.

(Inputs from Reuters)

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Japanese electronics brand Panasonic on Monday revealed a remarkable 42 per cent surge in first-quarter operating profit as a weaker yen and strong sales in its automotive and energy segments bolstered the company's financial performance.

Japanese electronics brand Panasonic on Monday revealed a remarkable 42 per cent surge in first-quarter operating profit as a weaker yen and strong sales in its automotive and energy segments bolstered the company's financial performance. During the three months ending in June, Panasonic's operating profit reached a substantial $637 million, aligning almost precisely with analyst forecasts. Notably, the battery unit showcased exceptional performance, with its first-quarter operating profit reaching $206 million, representing an impressive increase of over 80 per cent compared to the same period the previous year. On the other hand, Panasonic's energy unit, responsible for manufacturing batteries for Tesla, emerged as a major driving force behind their remarkable profit surge during the quarter. The battery unit further benefited from the U.S. inflation Reduction Act tax credits, contributing to an impressive 80 percent surge in non-adjusted operating profit compared to the previous year. Panasonic's overall outlook remains optimistic, with the company maintaining its full-year operating profit forecast at a robust $300 billion. Panasonic's electronic arm struggles in China's challenging market In the first quarter, Panasonic's industry arm, focusing on electronics components and materials, recorded an 86.8 percent decline in operating profit, totaling $24 million, largely due to challenging conditions in China. The rapid shift to electric vehicles has driven intense competition in China's auto market. Group CFO Hirokazu Umeda stated that the industrial company is facing increased competition in China's largest auto market, not only due to the swift adoption of electric vehicles but also from an inventory build-up of locally-made gasoline automobiles. Panasonic also acknowledged the absence of signs indicating a full-fledged recovery in China's factory automation industry. Moreover, industries such as servers, data centers, and ICT are expected to take longer to recover overall. (Inputs from Reuters) WATCH WION LIVE HERE

Panasonic records 42% surge in Q1 profit, keeps full-year forecast

Mexico's vibrant remittance ecosystem, one of the world's largest, supporting millions of families, is now facing severe pressure due to a significant increase in the value of the Mexican peso and rising inflation, disrupting lives for many in the country.

With Mexico receiving nearly $60 billion in remittances annually, primarily from the United States, these financial transfers play a crucial role in household spending in the nation.&nbsp;

The Mexican peso has surged by more than 14 percent against the U.S. dollar this year. Just a year ago, it traded at around 20.40 pesos per dollar, but on Friday, it reached a seven-and-a-half-year high of 16.63 pesos per dollar.

The&nbsp;strengthening of peso can be attributed to factors such as higher interest rates and the relocation of manufacturing capacity to the region, impacting remittances in Mexico.

Mexicans face remittance&nbsp;challenges&nbsp;

President Andres Manuel Lopez Obrador's substantial investment in social assistance programs and encouragement for countrymen to send funds back to Mexico have made consumer spending a pillar of economic development since the end of the Covid-19 pandemic.

Reuters quoted Carlos Serrano, the head economist at BBVA Mexico, as saying that the strengthening peso has worsened the buying power of remittances, particularly affecting lower-income families in states that receive the majority of remittances.

Headline inflation, which had reached a peak of 8.7 percent last summer, has since decreased to less than half that rate. However, core inflation remains two percentage points higher, leading the central bank to maintain interest rates at 11 percent, creating pressure for borrowers.

Despite remittances to Mexico heading for another record year, it presents a challenge for the Spanish-speaking country. &nbsp;Reuters quoted Pablo Lopez Sarabia, an economist at Tecnologico de Monterrey, as saying that the rise in remittances indicated that some Mexicans are sending more money to tackle the impact of inflation.

(Inputs from Reuters)

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Mexico's vibrant remittance ecosystem, one of the world's largest, supporting millions of families, is now facing severe pressure due to a significant increase in the value of the Mexican peso and rising inflation, disrupting lives for many in the country.

Mexico's vibrant remittance ecosystem, one of the world's largest, supporting millions of families, is now facing severe pressure due to a significant increase in the value of the Mexican peso and rising inflation, disrupting lives for many in the country. With Mexico receiving nearly $60 billion in remittances annually, primarily from the United States, these financial transfers play a crucial role in household spending in the nation. The Mexican peso has surged by more than 14 percent against the U.S. dollar this year. Just a year ago, it traded at around 20.40 pesos per dollar, but on Friday, it reached a seven-and-a-half-year high of 16.63 pesos per dollar. The strengthening of peso can be attributed to factors such as higher interest rates and the relocation of manufacturing capacity to the region, impacting remittances in Mexico. Mexicans face remittance challenges President Andres Manuel Lopez Obrador's substantial investment in social assistance programs and encouragement for countrymen to send funds back to Mexico have made consumer spending a pillar of economic development since the end of the Covid-19 pandemic. Reuters quoted Carlos Serrano, the head economist at BBVA Mexico, as saying that the strengthening peso has worsened the buying power of remittances, particularly affecting lower-income families in states that receive the majority of remittances. Headline inflation, which had reached a peak of 8.7 percent last summer, has since decreased to less than half that rate. However, core inflation remains two percentage points higher, leading the central bank to maintain interest rates at 11 percent, creating pressure for borrowers. Despite remittances to Mexico heading for another record year, it presents a challenge for the Spanish-speaking country. Reuters quoted Pablo Lopez Sarabia, an economist at Tecnologico de Monterrey, as saying that the rise in remittances indicated that some Mexicans are sending more money to tackle the impact of inflation. (Inputs from Reuters) WATCH WION LIVE HERE

Stronger Mexican peso cuts the value of remittances from the U.S.

To head its India and South Asia operations, Microsoft Corp has named Puneet Chandok as the corporate vice president.&nbsp;

As per a statement released on Tuesday, Chandok will take the reins from Anant Maheshwari, effective September 1st.

<h2>India's digital awakening</h2>

In a statement, Chandok&nbsp;said: "As India expands its own digital public infrastructure, I believe that this mission is more relevant here than ever before."

Reuters reports that along with India, Chandok will oversee the integration of Microsoft's businesses across multiple other nations in South Asia, namely Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka.

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The move reportedly comes as the technology giant seeks to grab a bigger share of the cloud technology market, further boosting the company’s presence in the region, while "deepening its focus on key industries through a customer-centric approach with generative AI at its core."

Microsoft, as per Reuters, has been investing more in India, which has emerged as a global innovation hub.

<h2>Company announcement</h2>

Announcing Chandok's appointment, Microsoft Asia President Ahmed Mazhari said: "We are delighted to announce that Puneet will be joining Microsoft India."

"Puneet has a strong track record of building and growing technology businesses and leveraging technology to deliver impact and change. As we embrace an AI-led future, Puneet’s leadership will play a vital role in ensuring Microsoft’s ongoing success in South Asia, and I extend my thanks to Anant Maheshwari for setting us on a growth path," he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/argentina-wont-use-one-dollar-of-reserves-to-repay-imf-says-economy-minister-621283">Argentina won't use 'one dollar' of reserves to repay IMF, says economy minister&nbsp;</a>

<h2>Past experience</h2>

Chandok joins Microsoft Corp after working as Amazon Web Services (AWS) India and South Asia Vice President for over four years.&nbsp;

He holds a master’s in business administration (MBA) from the Indian Institute of Management Calcutta, a bachelor’s degree in commerce, and diplomas in Computer Programming, Networking, and High-level Computer Systems.

During his time with AWS, Puneet as per Microsoft " led the company’s India and South Asia business, working closely with enterprises, digital businesses, startups, and SMBs to help them reduce technical debt, bring in agility, and innovate."

Before AWS, He was a Partner at a global management consulting firm McKinsey in India and Asia and also held senior regional and global roles at IBM.

(With inputs from agencies)

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To head its India and South Asia operations, Microsoft Corp has named Puneet Chandok as the corporate vice president. As per a statement released on Tuesday, Chandok will take the reins from Anant Maheshwari, effective September 1st.

To head its India and South Asia operations, Microsoft Corp has named Puneet Chandok as the corporate vice president. As per a statement released on Tuesday, Chandok will take the reins from Anant Maheshwari, effective September 1st. India's digital awakening In a statement, Chandok said: "As India expands its own digital public infrastructure, I believe that this mission is more relevant here than ever before." Reuters reports that along with India, Chandok will oversee the integration of Microsoft's businesses across multiple other nations in South Asia, namely Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Also read | ExxonMobil in lithium supply talks with Tesla, Ford: Report The move reportedly comes as the technology giant seeks to grab a bigger share of the cloud technology market, further boosting the company’s presence in the region, while "deepening its focus on key industries through a customer-centric approach with generative AI at its core." Microsoft, as per Reuters, has been investing more in India, which has emerged as a global innovation hub. Company announcement Announcing Chandok's appointment, Microsoft Asia President Ahmed Mazhari said: "We are delighted to announce that Puneet will be joining Microsoft India." "Puneet has a strong track record of building and growing technology businesses and leveraging technology to deliver impact and change. As we embrace an AI-led future, Puneet’s leadership will play a vital role in ensuring Microsoft’s ongoing success in South Asia, and I extend my thanks to Anant Maheshwari for setting us on a growth path," he added. Also read | Argentina won't use 'one dollar' of reserves to repay IMF, says economy minister Past experience Chandok joins Microsoft Corp after working as Amazon Web Services (AWS) India and South Asia Vice President for over four years. He holds a master’s in business administration (MBA) from the Indian Institute of Management Calcutta, a bachelor’s degree in commerce, and diplomas in Computer Programming, Networking, and High-level Computer Systems. During his time with AWS, Puneet as per Microsoft " led the company’s India and South Asia business, working closely with enterprises, digital businesses, startups, and SMBs to help them reduce technical debt, bring in agility, and innovate." Before AWS, He was a Partner at a global management consulting firm McKinsey in India and Asia and also held senior regional and global roles at IBM. (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.

Microsoft appoints Puneet Chandok as lead for its India, South Asia operations

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD). These standards will require companies to report on sustainability-related impacts, opportunities, and risks. The CSRD is set to take effect from the beginning of 2024, and reporting will commence for some companies during the 2024 financial year.

While the announcement was welcomed by many, sustainability-focused investor groups raised concerns about the EU Commission's decision to ease certain aspects of the new rules, particularly the removal of the mandatory nature of many sustainability disclosures, which remained in the adopted ESRS. The CSRD aims to update the current EU sustainability reporting framework, the 2014 Non-Financial Reporting Directive (NFRD), and will significantly expand the number of companies required to provide sustainability disclosures from around 12,000 to over 50,000. The new rules will also introduce more detailed reporting requirements on environmental impacts, human rights, social standards, and sustainability-related risks.

The European Financial Reporting Advisory Group (EFRAG) was tasked by the European Commission in June 2020 to develop new EU sustainability reporting standards. In November 2022, EFRAG submitted its final ESRS draft, making modifications to reduce administrative burdens on companies and cut the number of reporting requirements in half.

In June 2023, the European Commission released a proposed version of the final ESRS, introducing its own changes. Notably, the Commission proposed that all disclosure requirements, except for a set of general disclosures, undergo materiality assessments. This would allow companies to focus reporting on sustainability factors they consider significant to their businesses. The changes also involved phasing in certain reporting requirements, such as Scope 3 emissions and biodiversity-related topics, as well as 'own workforce' disclosures for companies with fewer than 750 employees in their first year of applying the standards.

However, investment and finance groups expressed concerns, stating that the amendments would impact their ability to obtain crucial sustainability-related information required for investment decisions. It would also hinder their ability to meet reporting requirements, including those under the EU's Sustainable Finance Disclosure Regulation (SFDR).

In response to investor concerns, the Commission published a Q&amp;A following the adoption of the ESRS. It clarified that 'disclosure requirements subject to materiality are not voluntary' and emphasised that information must be disclosed if deemed material. The materiality assessment process would also be subject to external assurance. Companies deciding not to report on climate change, for instance, would need to provide a detailed explanation for their decision due to the widespread and systemic impacts of climate change across the economy.

The Commission also highlighted the high level of interoperability between the ESRS and other sustainability reporting standards from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI). Companies required to report under ESRS on climate change would largely report the same information as those using the ISSB standard on climate-related disclosures.

With the adoption of the new sustainability reporting rules, the Commission's ESRS delegated act will be reviewed by the EU Parliament and Council during a two-month scrutiny period. Both bodies have the authority to reject the act but cannot amend it.

Once implemented, companies previously subject to the NFRD and large non-EU listed companies with more than 500 employees will need to start reporting under ESRS for the financial year 2024, with the first reports issued in 2025. Other large companies will begin reporting a year later. Listed SMEs, including non-EU-listed SMEs, will start issuing their first ESRS sustainability statements in 2027, with the option to opt-out for up to two years. Additionally, non-EU companies generating over €150 million of revenue annually in the EU and having a branch in the EU with revenue over €40 million or a subsidiary that is a large company or a listed SME will begin reporting from the financial year 2028 with the first reports due in 2029.

Mairead McGuinness, Commissioner for Financial Services, Financial Stability, and Capital Markets Union, praised the ambitious standards, emphasizing their role in supporting the EU's sustainable finance agenda. As per her, the standards strike a balance between minimising the reporting burden on companies and enabling them to showcase their efforts to meet the Green Deal Agenda, providing access to sustainable finance opportunities.

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD).

The European Commission achieved a significant milestone on July 31, 2023, by adopting the European Sustainability Reporting Standards (ESRS), a crucial step towards implementing the EU's upcoming Corporate Sustainable Reporting Directive (CSRD). These standards will require companies to report on sustainability-related impacts, opportunities, and risks. The CSRD is set to take effect from the beginning of 2024, and reporting will commence for some companies during the 2024 financial year. While the announcement was welcomed by many, sustainability-focused investor groups raised concerns about the EU Commission's decision to ease certain aspects of the new rules, particularly the removal of the mandatory nature of many sustainability disclosures, which remained in the adopted ESRS. The CSRD aims to update the current EU sustainability reporting framework, the 2014 Non-Financial Reporting Directive (NFRD), and will significantly expand the number of companies required to provide sustainability disclosures from around 12,000 to over 50,000. The new rules will also introduce more detailed reporting requirements on environmental impacts, human rights, social standards, and sustainability-related risks. The European Financial Reporting Advisory Group (EFRAG) was tasked by the European Commission in June 2020 to develop new EU sustainability reporting standards. In November 2022, EFRAG submitted its final ESRS draft, making modifications to reduce administrative burdens on companies and cut the number of reporting requirements in half. In June 2023, the European Commission released a proposed version of the final ESRS, introducing its own changes. Notably, the Commission proposed that all disclosure requirements, except for a set of general disclosures, undergo materiality assessments. This would allow companies to focus reporting on sustainability factors they consider significant to their businesses. The changes also involved phasing in certain reporting requirements, such as Scope 3 emissions and biodiversity-related topics, as well as 'own workforce' disclosures for companies with fewer than 750 employees in their first year of applying the standards. However, investment and finance groups expressed concerns, stating that the amendments would impact their ability to obtain crucial sustainability-related information required for investment decisions. It would also hinder their ability to meet reporting requirements, including those under the EU's Sustainable Finance Disclosure Regulation (SFDR). In response to investor concerns, the Commission published a Q&A following the adoption of the ESRS. It clarified that 'disclosure requirements subject to materiality are not voluntary' and emphasised that information must be disclosed if deemed material. The materiality assessment process would also be subject to external assurance. Companies deciding not to report on climate change, for instance, would need to provide a detailed explanation for their decision due to the widespread and systemic impacts of climate change across the economy. The Commission also highlighted the high level of interoperability between the ESRS and other sustainability reporting standards from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI). Companies required to report under ESRS on climate change would largely report the same information as those using the ISSB standard on climate-related disclosures. With the adoption of the new sustainability reporting rules, the Commission's ESRS delegated act will be reviewed by the EU Parliament and Council during a two-month scrutiny period. Both bodies have the authority to reject the act but cannot amend it. Once implemented, companies previously subject to the NFRD and large non-EU listed companies with more than 500 employees will need to start reporting under ESRS for the financial year 2024, with the first reports issued in 2025. Other large companies will begin reporting a year later. Listed SMEs, including non-EU-listed SMEs, will start issuing their first ESRS sustainability statements in 2027, with the option to opt-out for up to two years. Additionally, non-EU companies generating over €150 million of revenue annually in the EU and having a branch in the EU with revenue over €40 million or a subsidiary that is a large company or a listed SME will begin reporting from the financial year 2028 with the first reports due in 2029. Mairead McGuinness, Commissioner for Financial Services, Financial Stability, and Capital Markets Union, praised the ambitious standards, emphasizing their role in supporting the EU's sustainable finance agenda. As per her, the standards strike a balance between minimising the reporting burden on companies and enabling them to showcase their efforts to meet the Green Deal Agenda, providing access to sustainable finance opportunities.

Sustainability reporting gets a makeover: EU unveils bold standards to woo green investors

In a significant move towards tackling climate change, banks worldwide are working to develop global standards for accounting carbon emissions in bond or stock sale underwriting. However, recent deliberations within an industry working group have shown discord over how much these emissions banks should attribute to their carbon footprint.

According to sources cited by Reuters, the majority of banks in the working group recently backed a plan to exclude two-thirds of the emissions linked to their capital markets businesses from being attributed to them in carbon accounting. This decision has raised concerns among environmental advocates, who argue that banks should assume full responsibility for emissions generated by activities financed through bonds and stock sales, similar to their current practice with loans.

Fossil fuel companies under scrutiny

The role of capital markets in financing fossil fuel companies has been under scrutiny, with the environmental group Sierra Club revealing that almost half of the financing provided by the six biggest U.S. banks for top fossil fuel companies between 2016 and 2022 came from capital markets rather than direct lending. The accounting of these emissions will significantly impact banks' efforts to become carbon-neutral, as major lenders have pledged to achieve net-zero emissions by 2050, with interim targets set for this decade.

Banks with significant capital markets operations have argued that they should only be accountable for 33 per cent of emissions from activities financed through bonds and stock sales. They claim they lack control over borrowers, unlike with loans, and are concerned that capital market-related emissions could overshadow lending-related emissions.

On the other hand, advocates for a stricter accounting threshold, including at least two dissenting members within the working group, have advocated for a 100 per cent responsibility assumption. However, those supporting the 33 per cent threshold argue that assuming full responsibility would lead to double-counting across the financial system, as bond and stock investors would also account for some emissions in their own carbon footprints.

The accounting standard being discussed is not mandatory. Still, the Partnership for Carbon Accounting Financials (PCAF), an association of banks seeking to harmonise carbon accounting, formed the working group hoping others would adopt the emerging standard.

The final decision on whether to adopt the 33 per cent accounting share for capital markets rests with PCAF's board, but it is unclear if a decision has been made yet. Delays in the publication of PCAF's final methodology have been attributed to disagreements over the appropriate accounting threshold.

Campaign group ShareAction expressed concerns that the 33 per cent weighting was arbitrary and called on PCAF to publish guidance that ensures a transparent and unbiased assessment of banks' climate risks and impacts.

Looking ahead, the question remains whether banks will be required to combine their capital market-related emissions and lending-related emissions into a single target or treat them separately. This challenge may be addressed by the Science Based Targets initiative, backed by the United Nations and environmental groups, which is developing net-zero standards, including whether banks should have different or combined targets.

(With Inputs from Reuters)

In a significant move towards tackling climate change, banks worldwide are working to develop global standards for accounting carbon emissions in bond or stock sale underwriting.

In a significant move towards tackling climate change, banks worldwide are working to develop global standards for accounting carbon emissions in bond or stock sale underwriting. However, recent deliberations within an industry working group have shown discord over how much these emissions banks should attribute to their carbon footprint. According to sources cited by Reuters, the majority of banks in the working group recently backed a plan to exclude two-thirds of the emissions linked to their capital markets businesses from being attributed to them in carbon accounting. This decision has raised concerns among environmental advocates, who argue that banks should assume full responsibility for emissions generated by activities financed through bonds and stock sales, similar to their current practice with loans. Fossil fuel companies under scrutiny The role of capital markets in financing fossil fuel companies has been under scrutiny, with the environmental group Sierra Club revealing that almost half of the financing provided by the six biggest U.S. banks for top fossil fuel companies between 2016 and 2022 came from capital markets rather than direct lending. The accounting of these emissions will significantly impact banks' efforts to become carbon-neutral, as major lenders have pledged to achieve net-zero emissions by 2050, with interim targets set for this decade. Banks with significant capital markets operations have argued that they should only be accountable for 33 per cent of emissions from activities financed through bonds and stock sales. They claim they lack control over borrowers, unlike with loans, and are concerned that capital market-related emissions could overshadow lending-related emissions. On the other hand, advocates for a stricter accounting threshold, including at least two dissenting members within the working group, have advocated for a 100 per cent responsibility assumption. However, those supporting the 33 per cent threshold argue that assuming full responsibility would lead to double-counting across the financial system, as bond and stock investors would also account for some emissions in their own carbon footprints. The accounting standard being discussed is not mandatory. Still, the Partnership for Carbon Accounting Financials (PCAF), an association of banks seeking to harmonise carbon accounting, formed the working group hoping others would adopt the emerging standard. The final decision on whether to adopt the 33 per cent accounting share for capital markets rests with PCAF's board, but it is unclear if a decision has been made yet. Delays in the publication of PCAF's final methodology have been attributed to disagreements over the appropriate accounting threshold. Campaign group ShareAction expressed concerns that the 33 per cent weighting was arbitrary and called on PCAF to publish guidance that ensures a transparent and unbiased assessment of banks' climate risks and impacts. Looking ahead, the question remains whether banks will be required to combine their capital market-related emissions and lending-related emissions into a single target or treat them separately. This challenge may be addressed by the Science Based Targets initiative, backed by the United Nations and environmental groups, which is developing net-zero standards, including whether banks should have different or combined targets. (With Inputs from Reuters)

Green vs Greed: Banks' carbon commitments under scrutiny

The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market.

"We have already started the consultation with broker members on how to increase trade timings at least in a more convenient way for office-goers in the evening," Mint quoted&nbsp;Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the NSE,&nbsp;as saying.&nbsp;

The report added that the SEBI, India's capital markets regulator, must accept the idea before it can be expanded to include derivatives transactions.

There is currently a pre-open session from 9am to 9:15am, followed by the normal trade timing period for stocks on NSE and BSE from 9:15am to 3:30pm.&nbsp;

The trading hours for commodity derivatives on the exchanges are 9 am to 11:30 pm and 11:55 pm (in winters), as many commodities are mirror contracts of those traded on the US CME bourse.&nbsp;

The trading hours for currency derivatives on the exchanges are 9 am to 5 pm.

But an increase in trade timings would mean an additional cost burden on small brokers, reports said.&nbsp;

Derivatives markets - key focus of time change

According to the report in Mint, In order to boost interest in its derivatives business, the Bombay Stock Exchange switched the expiration day of its Sensex and Bankex derivatives contracts from Thursday to Friday in mid-May.&nbsp;

The modification was made in order to avoid competing with its larger rival, NSE, whose weekly and monthly derivatives contracts for the Nifty and Bank Nifty expire on Thursday.&nbsp;

But soon after BSE’s action, NSE declared that it would keep Thursday for Nifty expiration while moving its weekly and monthly Bank Nifty expiration to Friday. This was seen as an attempt to restrict competition.

In late June, NSE changed its decision following negotiations between the two parties. The Bank Nifty expiry has now been requested to be moved to Wednesday. This gave rise to market rumors that SEBI was pressuring NSE to reverse its decision to avoid concentration risk.

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The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market.

The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market. "We have already started the consultation with broker members on how to increase trade timings at least in a more convenient way for office-goers in the evening," Mint quoted Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the NSE, as saying. The report added that the SEBI, India's capital markets regulator, must accept the idea before it can be expanded to include derivatives transactions. There is currently a pre-open session from 9am to 9:15am, followed by the normal trade timing period for stocks on NSE and BSE from 9:15am to 3:30pm. The trading hours for commodity derivatives on the exchanges are 9 am to 11:30 pm and 11:55 pm (in winters), as many commodities are mirror contracts of those traded on the US CME bourse. The trading hours for currency derivatives on the exchanges are 9 am to 5 pm. But an increase in trade timings would mean an additional cost burden on small brokers, reports said. Derivatives markets - key focus of time change According to the report in Mint, In order to boost interest in its derivatives business, the Bombay Stock Exchange switched the expiration day of its Sensex and Bankex derivatives contracts from Thursday to Friday in mid-May. The modification was made in order to avoid competing with its larger rival, NSE, whose weekly and monthly derivatives contracts for the Nifty and Bank Nifty expire on Thursday. But soon after BSE’s action, NSE declared that it would keep Thursday for Nifty expiration while moving its weekly and monthly Bank Nifty expiration to Friday. This was seen as an attempt to restrict competition. In late June, NSE changed its decision following negotiations between the two parties. The Bank Nifty expiry has now been requested to be moved to Wednesday. This gave rise to market rumors that SEBI was pressuring NSE to reverse its decision to avoid concentration risk. WATCH WION LIVE HERE

NSE considers gradual extension of trade timings: Report 

The economic growth in the eurozone rebounded in the second quarter, according to the data released by the European Union’s (EU) agency, on Monday (July 31). The report has since led to a rise in European shares with the German blue-chip index or DAX hitting a record high.&nbsp;

<h2>Inflation in eurozone eases</h2>

The EU’s Eurostat data agency said that the growth in the 20 countries that use the euro referred to as the ‘eurozone’ reached 0.3 per cent over the second quarter, April-June period, after recording zero growth in the first three months of the year.&nbsp;

This comes after a long period of stagnation in the eurozone&nbsp;economy as inflation continues to fall from last year’s peak. According to the data, the inflation rate also declined from 5.5 per cent to 5.3 per cent in July.&nbsp;

Earlier this year, the European Commission (EC) winter forecasts also noted that the eurozone will narrowly avoid the technical recession which was expected last year in November as the growth since was 0.1 per cent quarter-on-quarter.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/european-commission-raises-eurozone-growth-forecast-for-2023-is-expected-to-avoid-recession-561561">European Commission raises eurozone growth forecast for 2023 as inflation eases</a>

However, concerns about the inflation in the eurozone – which continues to be stubbornly high – remained. This is also in addition to fears about the slow growth and stagnated Gross Domestic Product (GDP) reported between April and June in the biggest European economy, Germany.&nbsp;

Meanwhile, the French and Spanish economies grew more than expected. “This won’t be welcome news in Frankfurt, and will help the hawk’s cause,” said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics.&nbsp;

He added, “Coupled with scary-looking Q2 wage data, we still think that the ECB hawks will successfully push for one final hike in September before the data turn decisively against them. This is a close call.”

In the Eurozone, Belgium had the lowest inflation rate, at 1.6 per cent in July, according to the Eurostat data. However, the food and drink costs continue to rise sharply, at 10.8 per cent when compared with 11.6 per cent in June.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/eurozones-inflation-tumbles-fuels-rate-cut-debate-in-european-central-bank-599500">Eurozone's inflation tumbles, fuels rate cut debate in European Central Bank</a>

<h2>European stocks rise after report</h2>

After the data by the EU agency was released, European shares rose, including&nbsp;the German DAX as it inched up 0.1 per cent and hit a record high for the second consecutive session, according to Reuters. The rise was attributed to drugs and pesticide maker Bayer.

Additionally,&nbsp;pan-European STOXX 600 and&nbsp;Italy's FTSE MIB index also witnessed a rise&nbsp;on Monday.&nbsp;

<h2>ECB interest rate hikes</h2>

The European Central Bank (ECB), which has also sought to calm the soaring inflation – following in the footsteps of the US Federal Reserve and Bank of England has aggressively raised interest rates – announced its ninth consecutive hike, last week.&nbsp;

While there has been a recent drop in inflation, the figures remain far higher than the ECB’s two-per cent target. After the latest hike, the interest rate stood at 3.75 per cent highest since 2000-01.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/ecb-hikes-quarter-percentage-points-warns-of-persistence-inflation-620122">ECB hikes interest rate by 0.25 percentage points as inflation spooks Eurozone</a>

While ECB president Christine Lagarde last week indicated that the aggressive interest rate hikes could be paused, analysts suggest another hike is still a possibility which might further constrain economic growth.

Bert Colijn, senior eurozone economist at ING, a global financial institution, said that the recent eurozone GDP reading would not be “a dovish argument” at the next ECB rate-setting meeting in September, “leaving a further hike on the table,” report AFP.&nbsp;

(With inputs from agencies)&nbsp; 
 
 
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The economic growth in the eurozone rebounded in the second quarter, according to the data released by the European Union’s (EU) agency, on Monday (July 31). The report has since led to a rise in European shares with the German blue-chip index or DAX hitting a record high.

The economic growth in the eurozone rebounded in the second quarter, according to the data released by the European Union’s (EU) agency, on Monday (July 31). The report has since led to a rise in European shares with the German blue-chip index or DAX hitting a record high. Inflation in eurozone eases The EU’s Eurostat data agency said that the growth in the 20 countries that use the euro referred to as the ‘eurozone’ reached 0.3 per cent over the second quarter, April-June period, after recording zero growth in the first three months of the year. This comes after a long period of stagnation in the eurozone economy as inflation continues to fall from last year’s peak. According to the data, the inflation rate also declined from 5.5 per cent to 5.3 per cent in July. Earlier this year, the European Commission (EC) winter forecasts also noted that the eurozone will narrowly avoid the technical recession which was expected last year in November as the growth since was 0.1 per cent quarter-on-quarter. ALSO READ | European Commission raises eurozone growth forecast for 2023 as inflation eases However, concerns about the inflation in the eurozone – which continues to be stubbornly high – remained. This is also in addition to fears about the slow growth and stagnated Gross Domestic Product (GDP) reported between April and June in the biggest European economy, Germany. Meanwhile, the French and Spanish economies grew more than expected. “This won’t be welcome news in Frankfurt, and will help the hawk’s cause,” said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics. He added, “Coupled with scary-looking Q2 wage data, we still think that the ECB hawks will successfully push for one final hike in September before the data turn decisively against them. This is a close call.” In the Eurozone, Belgium had the lowest inflation rate, at 1.6 per cent in July, according to the Eurostat data. However, the food and drink costs continue to rise sharply, at 10.8 per cent when compared with 11.6 per cent in June. ALSO READ | Eurozone's inflation tumbles, fuels rate cut debate in European Central Bank European stocks rise after report After the data by the EU agency was released, European shares rose, including the German DAX as it inched up 0.1 per cent and hit a record high for the second consecutive session, according to Reuters. The rise was attributed to drugs and pesticide maker Bayer. Additionally, pan-European STOXX 600 and Italy's FTSE MIB index also witnessed a rise on Monday. ECB interest rate hikes The European Central Bank (ECB), which has also sought to calm the soaring inflation – following in the footsteps of the US Federal Reserve and Bank of England has aggressively raised interest rates – announced its ninth consecutive hike, last week. While there has been a recent drop in inflation, the figures remain far higher than the ECB’s two-per cent target. After the latest hike, the interest rate stood at 3.75 per cent highest since 2000-01. ALSO READ | ECB hikes interest rate by 0.25 percentage points as inflation spooks Eurozone While ECB president Christine Lagarde last week indicated that the aggressive interest rate hikes could be paused, analysts suggest another hike is still a possibility which might further constrain economic growth. Bert Colijn, senior eurozone economist at ING, a global financial institution, said that the recent eurozone GDP reading would not be “a dovish argument” at the next ECB rate-setting meeting in September, “leaving a further hike on the table,” report AFP. (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.

Eurozone economy returns to growth after inflation eases in July; Germany’s DAX hits new record

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021.

Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global.&nbsp;&nbsp;

According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits.

In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. &nbsp;

The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times.

A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth.&nbsp;

He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business.

(With inputs from agencies)

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Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying. The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021. Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global. According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits. In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times. A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth. He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business. (With inputs from agencies) WATCH WION LIVE HERE

Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

Elon Musk's X Corp, the parent company of Twitter (renamed X.com), sent a letter to the Center for Countering Digital Hate (CCDH), a nonprofit organisation studying hate speech and misinformation on social media. In the letter, X Corp&nbsp;accused the centre of making harmful and unfounded claims against Twitter and threatened legal action.

The Center for Countering Digital Hate published research in June, highlighting hate speech on Twitter.

One of their papers revealed that Twitter had taken no action against 99 per cent of 100 reported Twitter Blue accounts for "tweeting hate".

Elon Musk's company dismissed the research as false and misleading, citing improper methodology and accusing the centre of being funded by Twitter's competitors or foreign governments with ulterior motives.&nbsp;CCDH’s operations were “supported by funding from X Corp’s commercial competitors, as well as government entities and their affiliates," the letter read.&nbsp;

The letter was sent by Musk's lawyer Alex Spiro of the US law firm Quinn Emanuel Urquhart and Sullivan. “The article is little more than a series of inflammatory, misleading, and unsupported claims based on a cursory review of random tweets,” Spiro wrote.

<h2>Pushback&nbsp;</h2>

Imran Ahmed, the CEO of the Center for Countering Digital Hate, criticised Elon Musk's actions as an attempt to silence legitimate criticism and independent research.

He argued that Musk's motivation was to improve his relationship with advertisers and suppress negative stories.

Also Read | <a href="https://www.wionews.com/south-asia/bhutans-roaring-success-in-tiger-conservation-grows-spotlight-with-latest-numbers-620999">Bhutan's roaring success in Tiger conservation grows spotlight with latest numbers</a>

“Elon Musk’s actions represent a brazen attempt to silence honest criticism and independent research," he said adding that Musk sought to “stem the tide of negative stories and rebuild his relationship with advertisers," reported New York Times. In retaliation, a letter sent by Musk's lawyer said it is nothing but a “series of troubling and baseless claims that appear calculated to harm Twitter generally, and its digital advertising business specifically”.

<h2>Twitter's struggling advertising business</h2>

Under Elon Musk's ownership, Twitter's advertising business has faced challenges. The US&nbsp;ad revenue for a five-week period showed a 59 per cent decline compared to the previous year.

Also Read | <a href="https://www.wionews.com/world/song-about-going-to-prison-plays-as-trump-takes-to-stage-in-rally-620990">Song about 'going to prison' plays as Trump takes to stage in rally</a>

Advertisers seem wary of Musk's changes to the social network, which include removing content guidelines and featuring more ads related to online gambling and marijuana products.

<h2>Leadership changes&nbsp;</h2>

In an effort to address the advertising struggles, Musk hired Linda Yaccarino, a former top advertising executive for NBCUniversal, as Twitter's new chief executive.

This letter to the Center for Countering Digital Hate is not the first legal threat from X Corp.

Watch | UK: Health agency report shows slight increase in hospital admission

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In May, Musk targeted Microsoft's CEO, Satya Nadella, accusing the tech giant of improper data usage.

Additionally, X Corp&nbsp;sent a letter to Meta, the parent company of Facebook and Instagram, accusing them of copying Twitter's trade secrets when creating their new social app, Threads.

Furthermore, X Corp&nbsp;filed a lawsuit against Wachtell, Lipton, Rosen &amp; Katz, a prominent corporate law firm, over alleged unjust payments related to Musk's $44 billion acquisition of Twitter.

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Elon Musk's X Corp, the parent company of Twitter (renamed X.com), sent a letter to the Center for Countering Digital Hate (CCDH), a nonprofit organisation studying hate speech and misinformation on social media.

Elon Musk's X Corp, the parent company of Twitter (renamed X.com), sent a letter to the Center for Countering Digital Hate (CCDH), a nonprofit organisation studying hate speech and misinformation on social media. In the letter, X Corp accused the centre of making harmful and unfounded claims against Twitter and threatened legal action. The Center for Countering Digital Hate published research in June, highlighting hate speech on Twitter. One of their papers revealed that Twitter had taken no action against 99 per cent of 100 reported Twitter Blue accounts for "tweeting hate". Elon Musk's company dismissed the research as false and misleading, citing improper methodology and accusing the centre of being funded by Twitter's competitors or foreign governments with ulterior motives. CCDH’s operations were “supported by funding from X Corp’s commercial competitors, as well as government entities and their affiliates," the letter read. The letter was sent by Musk's lawyer Alex Spiro of the US law firm Quinn Emanuel Urquhart and Sullivan. “The article is little more than a series of inflammatory, misleading, and unsupported claims based on a cursory review of random tweets,” Spiro wrote. Pushback Imran Ahmed, the CEO of the Center for Countering Digital Hate, criticised Elon Musk's actions as an attempt to silence legitimate criticism and independent research. He argued that Musk's motivation was to improve his relationship with advertisers and suppress negative stories. Also Read | Bhutan's roaring success in Tiger conservation grows spotlight with latest numbers “Elon Musk’s actions represent a brazen attempt to silence honest criticism and independent research," he said adding that Musk sought to “stem the tide of negative stories and rebuild his relationship with advertisers," reported New York Times. In retaliation, a letter sent by Musk's lawyer said it is nothing but a “series of troubling and baseless claims that appear calculated to harm Twitter generally, and its digital advertising business specifically”. Twitter's struggling advertising business Under Elon Musk's ownership, Twitter's advertising business has faced challenges. The US ad revenue for a five-week period showed a 59 per cent decline compared to the previous year. Also Read | Song about 'going to prison' plays as Trump takes to stage in rally Advertisers seem wary of Musk's changes to the social network, which include removing content guidelines and featuring more ads related to online gambling and marijuana products. Leadership changes In an effort to address the advertising struggles, Musk hired Linda Yaccarino, a former top advertising executive for NBCUniversal, as Twitter's new chief executive. This letter to the Center for Countering Digital Hate is not the first legal threat from X Corp. Watch | UK: Health agency report shows slight increase in hospital admission × In May, Musk targeted Microsoft's CEO, Satya Nadella, accusing the tech giant of improper data usage. Additionally, X Corp sent a letter to Meta, the parent company of Facebook and Instagram, accusing them of copying Twitter's trade secrets when creating their new social app, Threads. Furthermore, X Corp filed a lawsuit against Wachtell, Lipton, Rosen & Katz, a prominent corporate law firm, over alleged unjust payments related to Musk's $44 billion acquisition of Twitter. 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. ×

Legal battle looms as X takes on hate speech tracker group over 'false claims'

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered.&nbsp;

Despite initial optimistic forecasts, Germany has narrowly avoided a recession, but its industrial sector continues to languish, endangering the dynamism it has exhibited since the post-war era.

A series of ongoing challenges exacerbates the situation.

Firstly, an energy crisis has struck the country, stemming from the Ukraine war, which is now directly affecting manufacturers in an economy already contending with a demographic skills deficit and low productivity. The compounding effects of these issues are further hampering Germany's growth potential.

Moreover, the intensifying global competition in electric vehicles poses a significant threat to Germany's stronghold in the automaking sector. This situation demands immediate attention as the country's automotive skills and expertise face increasing pressure from competitors worldwide.

Another critical issue arises from the economy's heavy reliance on manufacturing gasoline-powered vehicles. While competitors race ahead with electric vehicle production, Germany faces the pressing need to adapt its automotive industry swiftly. A recent illustration of the consequences can be seen in Volkswagen's sales projections, which experienced a decline due in part to reduced Chinese orders.

Thomas Mayer, founder of the Flossbach von Storch Research Institute and a seasoned economic observer in Germany, emphasised that the pace of the economy's growth or decline is of secondary concern. As quoted by Bloomberg, he asserts that Germany needs to pay attention to more fundamental challenges and cautions that the country may unintentionally compete for the unwelcome title of the "Sick Man of Europe."

Economic slowdown in Germany, encouraging outlook for Italy in 2023

The industrial decline in Germany, revealed by S&amp;P Global's purchasing manager index, has overshadowed the continued expansion in the service sector, impacting not just the nation itself but also having repercussions on other economies within the region. Shockingly, Germany is expected to be the only G7 nation experiencing economic contraction this year, a situation that demands urgent attention and action.

Though the predicted full-year decline of 0.3 percent in Germany's GDP may not appear substantial, it holds significant implications. The fact that this will be the first time since 2003 when Germany's GDP decreases while Italy's increases,&nbsp;underlines the severity of the economic challenges facing the country.

This week, the IMF projected an encouraging outlook for Italy in 2023, and Italian Prime Minister Giorgia Meloni highlighted it. The projections indicate higher growth rates for Italy compared to Germany and France, signaling a delayed but promising economic comeback. Factors contributing to this positive outlook include a potential tourist boom and increased expenditure driven by the European Union.&nbsp;&nbsp;

In Germany, the economic slowdown is not just a forecast; its impact is already being felt in various industries. Manufacturers are facing significant challenges, and the country's heavy reliance on gasoline-powered cars while competitors accelerate their electric vehicle production is a pressing concern.

To tackle long-term growth concerns, the German government is taking proactive measures, offering subsidies to companies willing to establish factories. Through a generous €20 billion giveaway, the government aims to stimulate semiconductor manufacturing and provide crucial support to the technology sector. These efforts are geared towards rejuvenating economic momentum and ensuring a competitive edge in the face of evolving global markets.

(With inputs from agencies)

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered.

Germany, the largest economy in Europe, is facing serious challenges as its economy grapples with ongoing struggles. As concerns rise about the potential impact on Europe's overall prosperity, the nation's growth engine seems to have sputtered. Despite initial optimistic forecasts, Germany has narrowly avoided a recession, but its industrial sector continues to languish, endangering the dynamism it has exhibited since the post-war era. A series of ongoing challenges exacerbates the situation. Firstly, an energy crisis has struck the country, stemming from the Ukraine war, which is now directly affecting manufacturers in an economy already contending with a demographic skills deficit and low productivity. The compounding effects of these issues are further hampering Germany's growth potential. Moreover, the intensifying global competition in electric vehicles poses a significant threat to Germany's stronghold in the automaking sector. This situation demands immediate attention as the country's automotive skills and expertise face increasing pressure from competitors worldwide. Another critical issue arises from the economy's heavy reliance on manufacturing gasoline-powered vehicles. While competitors race ahead with electric vehicle production, Germany faces the pressing need to adapt its automotive industry swiftly. A recent illustration of the consequences can be seen in Volkswagen's sales projections, which experienced a decline due in part to reduced Chinese orders. Thomas Mayer, founder of the Flossbach von Storch Research Institute and a seasoned economic observer in Germany, emphasised that the pace of the economy's growth or decline is of secondary concern. As quoted by Bloomberg, he asserts that Germany needs to pay attention to more fundamental challenges and cautions that the country may unintentionally compete for the unwelcome title of the "Sick Man of Europe." Economic slowdown in Germany, encouraging outlook for Italy in 2023 The industrial decline in Germany, revealed by S&P Global's purchasing manager index, has overshadowed the continued expansion in the service sector, impacting not just the nation itself but also having repercussions on other economies within the region. Shockingly, Germany is expected to be the only G7 nation experiencing economic contraction this year, a situation that demands urgent attention and action. Though the predicted full-year decline of 0.3 percent in Germany's GDP may not appear substantial, it holds significant implications. The fact that this will be the first time since 2003 when Germany's GDP decreases while Italy's increases, underlines the severity of the economic challenges facing the country. This week, the IMF projected an encouraging outlook for Italy in 2023, and Italian Prime Minister Giorgia Meloni highlighted it. The projections indicate higher growth rates for Italy compared to Germany and France, signaling a delayed but promising economic comeback. Factors contributing to this positive outlook include a potential tourist boom and increased expenditure driven by the European Union. In Germany, the economic slowdown is not just a forecast; its impact is already being felt in various industries. Manufacturers are facing significant challenges, and the country's heavy reliance on gasoline-powered cars while competitors accelerate their electric vehicle production is a pressing concern. To tackle long-term growth concerns, the German government is taking proactive measures, offering subsidies to companies willing to establish factories. Through a generous €20 billion giveaway, the government aims to stimulate semiconductor manufacturing and provide crucial support to the technology sector. These efforts are geared towards rejuvenating economic momentum and ensuring a competitive edge in the face of evolving global markets. (With inputs from agencies)

Germany grapples with economic turmoil amid energy crisis & industrial decline

Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT).

Finance Minister Nirmala Sitharaman on Saturday announced the government's decision to facilitate direct listings of both listed and unlisted companies on the IFSC exchanges.&nbsp;

The latest decision is expected to provide companies with easier and more cost-effective access to foreign capital,&nbsp;marking a significant step to boost India's capital markets capabilities.

Furthermore, the SGX Nifty, which was previously traded on the Singapore Exchange's platform, has been transferred to the National Stock Exchange's International Exchange in GIFT City.

GIFT City, a tax-neutral financial center based in Gujarat, aims to rival financial hubs like Singapore and provides attractive tax incentives and a more streamlined regulatory environment for businesses. The IFSC currently accommodates two stock exchanges: a commodity bourse and a bullion exchange.

India's Capital Market Initiatives &amp; Future of Securities Market Code

The current regulatory framework in the country prohibits the direct listing of equity shares of Indian-incorporated corporations on international stock markets.

As of now, the only avenues for Indian corporations to access global equity capital markets are through the American Depository Receipts (ADR) and Global Depository Receipts (GDR) regimes. Although the government announced plans in 2020 to permit primary listings on foreign exchanges, the initiative was put on hold following opposition from nationalist groups affiliated with the ruling party.

Sitharaman highlighted the government's recent initiatives, emphasizing the significant move of consolidating the laws governing the securities market in the country into a single Securities Market Code.

"The objective is to consolidate the SCRA (Securities Contracts (Regulations) Act) of 1956, the SEBI Act of 1992, and the Depositories Act of 1996 into one comprehensive Act with updated and rationalized provisions," she explained. This consolidation is crucial as it ensures the Code is future-ready, taking into account long-term developments and promoting ease of doing business.

The finance minister further elaborated that the Securities Market Code is designed to cater to the developmental and regulatory needs of the country's rapidly growing capital market. With a focus on fostering growth and facilitating a conducive environment, this Code is expected to play a pivotal role in shaping the future of India's capital market.

(With inputs from agencies)

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Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT).

Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT). Finance Minister Nirmala Sitharaman on Saturday announced the government's decision to facilitate direct listings of both listed and unlisted companies on the IFSC exchanges. The latest decision is expected to provide companies with easier and more cost-effective access to foreign capital, marking a significant step to boost India's capital markets capabilities. Furthermore, the SGX Nifty, which was previously traded on the Singapore Exchange's platform, has been transferred to the National Stock Exchange's International Exchange in GIFT City. GIFT City, a tax-neutral financial center based in Gujarat, aims to rival financial hubs like Singapore and provides attractive tax incentives and a more streamlined regulatory environment for businesses. The IFSC currently accommodates two stock exchanges: a commodity bourse and a bullion exchange. India's Capital Market Initiatives & Future of Securities Market Code The current regulatory framework in the country prohibits the direct listing of equity shares of Indian-incorporated corporations on international stock markets. As of now, the only avenues for Indian corporations to access global equity capital markets are through the American Depository Receipts (ADR) and Global Depository Receipts (GDR) regimes. Although the government announced plans in 2020 to permit primary listings on foreign exchanges, the initiative was put on hold following opposition from nationalist groups affiliated with the ruling party. Sitharaman highlighted the government's recent initiatives, emphasizing the significant move of consolidating the laws governing the securities market in the country into a single Securities Market Code. "The objective is to consolidate the SCRA (Securities Contracts (Regulations) Act) of 1956, the SEBI Act of 1992, and the Depositories Act of 1996 into one comprehensive Act with updated and rationalized provisions," she explained. This consolidation is crucial as it ensures the Code is future-ready, taking into account long-term developments and promoting ease of doing business. The finance minister further elaborated that the Securities Market Code is designed to cater to the developmental and regulatory needs of the country's rapidly growing capital market. With a focus on fostering growth and facilitating a conducive environment, this Code is expected to play a pivotal role in shaping the future of India's capital market. (With inputs from agencies) WATCH WION LIVE HERE

Firms can now list directly on IFSC exchanges to access global capital

The US Federal Reserve on Wednesday raised its interest rates by 25 basis points to a range of 5.25-5.50 per cent, the highest in 22 years.&nbsp;Across the Atlantic, the European Central Bank, which regulates the euro zone, also raised its rates by 25 basis points to 3.75 per cent, the highest level since 2000-01.

Aggressive rate hikes are not limited to the United States or the euro zone. Sixteen of the the G20 countries - the biggest economies in the world - have raised rates over the past year. The only exceptions to this trend are Japan and China - the world's third-and second-largest economies respectively.

China has been cutting rates intermittently in order to boost its flagging economy. In June this year, its central bank cut a key medium-term lending rate from 2.75 per cent to 2.65 per cent. Japan, on the other hand, has been following an unconventional monetary policy, wherein the interest rate is near-zero.

But one country took the cake when it came to its monetary policy: Turkiye. The country took a contrarian approach and began cutting rates from the end of 2021. This however led to the Turkish Lira losing&nbsp;about 60 per cent of its value and burdening the government with high debt.

But whether countries hiked or cut interest rates, there has been one common factor influencing these decisions - high inflation.

'Black swan' events and inflation

When author Nassim Nicholas Taleb coined the term 'Black Swan' in his book of the same name, he may not have imagined the enormous impact of the word on the global economy. A 'black swan' event is an unexpected and random incident which has a long-lasting impact on the economy.

The Covid-induced global lockdowns and the ongoing Ukraine war are clearly 'black swan' events. The twin events, which hit the world within a gap of two years, continue to disrupt the global supply chains and commodities markets, leading to a slowdown in the global economy and massive inflation worldwide.

Global inflation continues to be above the pre-pandemic (2017-19) levels of 3.5 per cent. According to the International Monetary Fund's forecast, the global headline inflation -- this includes prices of food and energy -- stood at 8.7 per cent last year. It fell to 6.8 per cent in 2023 and is expected to further decline to 5.2 per cent in 2024.

The inflation monster has eaten into the pockets of people living in advanced as well as poorer countries. To put inflation&nbsp;numbers in&nbsp;perspective: Venezuela had an inflation rate of 400 per cent as per a 2023 IMF estimate, while inflation in the UK is expected to be around seven per cent this year. The UK's inflation rate is the highest among the advanced countries in 2023. &nbsp;

Decoding central bank's interest rate logic

Major central banks across the world have been raising their interest rates aggressively to combat surging inflation. In 21st Century economics, this is commonly called the 'Taylor rule'. Named after the US new-Keynesian economist John B Taylor, the rule entails a higher interest rate when the inflation rate is higher and vice versa.

The conventional argument is that a high interest rate makes it costlier for people to borrow money. With borrowing getting expensive, consumers are forced to spend less. When spending declines, there is a fall in demand. It is therefore postulated that weakening demand will eventually reduce the price of goods.

This is precisely the logic behind global central banks rising the interest rates, when the inflation rate is not in the target range. Inflation targetting is a major monetary policy tool used by central banks to keep inflation within a tolerable range. This tolerance band varies from country to country. In the US, the inflation target is at 2 per cent. In India, the target is 4 per cent, with 2 per cent being the lower range and six per cent being the upper limit.

The conventional monetary strategy has helped countries bring down inflation, though not to the levels they believe are ideal.

Negative impact of rate hikes

High interest rates however have an unintended negative pull on the economy. The ongoing economic downturn around the world is an example of central banks prioritising lower inflation over healthy economic growth.

To be fair, it is tough to be a central banker in 2023. Two 'black swan' events have threatened the global economy. Some countries are on the brink of bankruptcy, while some are facing the heat of rising cost of living. So, controlling inflation has become the priority.

But eventually, no country can truly come out of economic misery by just adjusting the monetary policy. That would mean prolonged stress on the growth prospects of a country.

Higher interest rates lead to a domino effect, with severe long-term consequences for economic growth. Higher interest rates lead to a fall in consumer demand as people have less income to spend. This in turn impacts industrial output as lower demand means less production. Eventually, lower industrial performance forces companies to lay off employees, leading to a rise in unemployment.

The ongoing global economic downturn encapsulates the domino effect pretty well. Many now argue that the looming fear of recession in several advanced countries is a result of central banks continuing with unabated rate hikes.

Currently, central bankers face a two-fold challenge. They need to deliver on economic growth to avoid a recession and also tame high inflation. It will be a tough balancing act. In monetary policy, that's called 'soft landing' - a situation where central banks will raise rates enough to fight inflation but without causing a severe economic downturn.

The US Federal Reserve on Wednesday raised its interest rates by 25 basis points to a range of 5.25-5.50 per cent, the highest in 22 years. Across the Atlantic, the European Central Bank, which regulates the euro zone, also raised its rates by 25 basis points to 3.

The US Federal Reserve on Wednesday raised its interest rates by 25 basis points to a range of 5.25-5.50 per cent, the highest in 22 years. Across the Atlantic, the European Central Bank, which regulates the euro zone, also raised its rates by 25 basis points to 3.75 per cent, the highest level since 2000-01. Aggressive rate hikes are not limited to the United States or the euro zone. Sixteen of the the G20 countries - the biggest economies in the world - have raised rates over the past year. The only exceptions to this trend are Japan and China - the world's third-and second-largest economies respectively. China has been cutting rates intermittently in order to boost its flagging economy. In June this year, its central bank cut a key medium-term lending rate from 2.75 per cent to 2.65 per cent. Japan, on the other hand, has been following an unconventional monetary policy, wherein the interest rate is near-zero. But one country took the cake when it came to its monetary policy: Turkiye. The country took a contrarian approach and began cutting rates from the end of 2021. This however led to the Turkish Lira losing about 60 per cent of its value and burdening the government with high debt. But whether countries hiked or cut interest rates, there has been one common factor influencing these decisions - high inflation. 'Black swan' events and inflation When author Nassim Nicholas Taleb coined the term 'Black Swan' in his book of the same name, he may not have imagined the enormous impact of the word on the global economy. A 'black swan' event is an unexpected and random incident which has a long-lasting impact on the economy. The Covid-induced global lockdowns and the ongoing Ukraine war are clearly 'black swan' events. The twin events, which hit the world within a gap of two years, continue to disrupt the global supply chains and commodities markets, leading to a slowdown in the global economy and massive inflation worldwide. Global inflation continues to be above the pre-pandemic (2017-19) levels of 3.5 per cent. According to the International Monetary Fund's forecast, the global headline inflation -- this includes prices of food and energy -- stood at 8.7 per cent last year. It fell to 6.8 per cent in 2023 and is expected to further decline to 5.2 per cent in 2024. The inflation monster has eaten into the pockets of people living in advanced as well as poorer countries. To put inflation numbers in perspective: Venezuela had an inflation rate of 400 per cent as per a 2023 IMF estimate, while inflation in the UK is expected to be around seven per cent this year. The UK's inflation rate is the highest among the advanced countries in 2023. Decoding central bank's interest rate logic Major central banks across the world have been raising their interest rates aggressively to combat surging inflation. In 21st Century economics, this is commonly called the 'Taylor rule'. Named after the US new-Keynesian economist John B Taylor, the rule entails a higher interest rate when the inflation rate is higher and vice versa. The conventional argument is that a high interest rate makes it costlier for people to borrow money. With borrowing getting expensive, consumers are forced to spend less. When spending declines, there is a fall in demand. It is therefore postulated that weakening demand will eventually reduce the price of goods. This is precisely the logic behind global central banks rising the interest rates, when the inflation rate is not in the target range. Inflation targetting is a major monetary policy tool used by central banks to keep inflation within a tolerable range. This tolerance band varies from country to country. In the US, the inflation target is at 2 per cent. In India, the target is 4 per cent, with 2 per cent being the lower range and six per cent being the upper limit. The conventional monetary strategy has helped countries bring down inflation, though not to the levels they believe are ideal. Negative impact of rate hikes High interest rates however have an unintended negative pull on the economy. The ongoing economic downturn around the world is an example of central banks prioritising lower inflation over healthy economic growth. To be fair, it is tough to be a central banker in 2023. Two 'black swan' events have threatened the global economy. Some countries are on the brink of bankruptcy, while some are facing the heat of rising cost of living. So, controlling inflation has become the priority. But eventually, no country can truly come out of economic misery by just adjusting the monetary policy. That would mean prolonged stress on the growth prospects of a country. Higher interest rates lead to a domino effect, with severe long-term consequences for economic growth. Higher interest rates lead to a fall in consumer demand as people have less income to spend. This in turn impacts industrial output as lower demand means less production. Eventually, lower industrial performance forces companies to lay off employees, leading to a rise in unemployment. The ongoing global economic downturn encapsulates the domino effect pretty well. Many now argue that the looming fear of recession in several advanced countries is a result of central banks continuing with unabated rate hikes. Currently, central bankers face a two-fold challenge. They need to deliver on economic growth to avoid a recession and also tame high inflation. It will be a tough balancing act. In monetary policy, that's called 'soft landing' - a situation where central banks will raise rates enough to fight inflation but without causing a severe economic downturn.

Decoded: Why central banks hike interest rates to tame inflation 

Senior Officials from Taiwanese electronics contract-manufacturing firm Hon Hai Technology Group&nbsp;(Foxconn) met the Chief Minister of the Southern Indian state of Tamil Nadu and inked a pact to set up a $200mn facility. With the potential to create 6,000 jobs, this facility is expected to come up in the Kanchipuram district, near the capital city of Chennai.&nbsp;Foxconn Group Chairman Young Liu met Tamil Nadu Chief Minister MK Stalin and senior government officials&nbsp;regarding this deal.&nbsp;

The Letter of Intent (LoI) inked by Foxconn and Guidance Tamil Nadu (the state Government's nodal agency for investment promotion), is for establishing a facility to manufacture components for mobile phones.&nbsp;

"Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being the top choice for manufacturing in India for major companies across the world. This is a major achievement for the state," said Tamil Nadu's Industries Minister TRB Rajaa.&nbsp;&nbsp;

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Tamil Nadu takes the crown as India's electronic goods export powerhouse, achieving an incredible milestone by exporting electronic goods worth $5.37 billion. 
 
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"With this proposed investment and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country but also significantly increase its electronics exports in the coming years. This will play a critical role in attaining our Honourable Chief Minister Thiru MK&nbsp;Stalin's ambition of a One Trillion USD economy in Tamil Nadu," he added.&nbsp;

Foxconn already operates an Apple iPhone assembly facility in Sriperumbudur, on Chennai's outskirts. According to the data from the Indian government, Tamil Nadu topped the charts as the leading electronics exporter in the country. For the year 2022-23, the value of electronics exported touched $5.37bn or Rs&nbsp;44,044cr.&nbsp;&nbsp;

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Senior Officials from Taiwanese electronics contract-manufacturing firm Hon Hai Technology Group (Foxconn) met the Chief Minister of the Southern Indian state of Tamil Nadu and inked a pact to set up a $200mn facility.

Senior Officials from Taiwanese electronics contract-manufacturing firm Hon Hai Technology Group (Foxconn) met the Chief Minister of the Southern Indian state of Tamil Nadu and inked a pact to set up a $200mn facility. With the potential to create 6,000 jobs, this facility is expected to come up in the Kanchipuram district, near the capital city of Chennai. Foxconn Group Chairman Young Liu met Tamil Nadu Chief Minister MK Stalin and senior government officials regarding this deal. The Letter of Intent (LoI) inked by Foxconn and Guidance Tamil Nadu (the state Government's nodal agency for investment promotion), is for establishing a facility to manufacture components for mobile phones. "Foxconn’s repeated investments and expansion plans in Tamil Nadu are a testament to the state being the top choice for manufacturing in India for major companies across the world. This is a major achievement for the state," said Tamil Nadu's Industries Minister TRB Rajaa. Tamil Nadu takes the crown as India's electronic goods export powerhouse, achieving an incredible milestone by exporting electronic goods worth $5.37 billion. With a relentless focus on fostering innovation, attracting investments, and nurturing entrepreneurship, (1/2) pic.twitter.com/0GVpg4s8xd — Guidance Tamil Nadu (@Guidance_TN) July 4, 2023 × "With this proposed investment and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country but also significantly increase its electronics exports in the coming years. This will play a critical role in attaining our Honourable Chief Minister Thiru MK Stalin's ambition of a One Trillion USD economy in Tamil Nadu," he added. Foxconn already operates an Apple iPhone assembly facility in Sriperumbudur, on Chennai's outskirts. According to the data from the Indian government, Tamil Nadu topped the charts as the leading electronics exporter in the country. For the year 2022-23, the value of electronics exported touched $5.37bn or Rs 44,044cr. 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.

Taiwan's Foxconn to make phone components at $200mn facility in this Indian state

China's State Council on Monday (July 31) issued measures to restore and expand consumption in the automobile, real estate, and services sectors. The measures are being issued to give full play to the fundamental role of consumption in economic development.

China's State Council on Monday (July 31) issued measures to restore and expand consumption in the automobile, real estate, and services sectors. The measures are being issued to give full play to the fundamental role of consumption in economic development. In a document, the State Council said that in order to promote purchase of new energy vehicles, the government would improve the infrastructure for charging. It will support housing demand by expanding the supply of affordable rental housing. It will also encourage tourism by asking local governments to cut admission fees at scenic areas or even make them free during low periods. Speaking to state broadcaster CCTV, officials from the National Development and Reform Commission said it will take the summer, mid-autumn, and National Day holidays as an opportunity to expand holiday consumption. Govt to focus on boosting domestic demand The development comes a week after top Chinese leaders pledged to step up policy support for the economy focusing on boosting domestic demand. The Chinese economy, the second-largest in the world, grew at a frail pace in the second quarter as demand weakened at home and abroad. According to a report by the Xinhua news agency on July 24, the country's Politburo (a top decision-making body of the ruling party) said the government would step up economic policy adjustments, focusing on expanding domestic demand, boosting confidence, and preventing risks. "Currently, China's economy is facing new difficulties and challenges, which mainly arise from insufficient domestic demand, difficulties in the operation of some enterprises, risks and hidden dangers in key areas, as well as a grim and complex external environment," the Politburo was quoted as saying, after a meeting chaired by President Xi Jinping. The top decision-making body added that the government would implement its macro adjustments "in a precise and forceful manner" and strengthen counter-cyclical adjustments as it sticks with a prudent monetary policy and proactive fiscal policy. Though China is being seen on track to hit its modest 2023 growth target of around 5%, there were risks of annual goals being missed for the second year in a row, analysts said. Analysts pointed out that policymakers are unlikely to deliver any aggressive stimulus due to worries about growing debt risks. 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 launches steps to expand consumption in automobile, real estate sectors

The US&nbsp;Department of Energy (DOE) has made a groundbreaking announcement, envisioning the transformation of once-secret lands into clean energy powerhouses. These sites, which were previously utilised for developing atomic bombs, are now poised to play a vital role in fostering clean energy initiatives across the United States.

The DOE has identified approximately 70,000 acres (283 square kilometres) of property across five states, most of which serve as a buffer for national security purposes. These lands have the potential to serve as hosts for renewable energy projects such as solar, wind, and nuclear power. This ambitious plan aligns with America's commitment to advancing towards a cleaner and more sustainable future.

US&nbsp;Energy Secretary Jennifer Granholm presented the groundbreaking 'cleanup to clean energy' plan, aligning with President Joe Biden's ambitious clean electricity goals. Secretary Granholm reassured the public about the safety of these lands, stating that they are now fully clean and ready for redevelopment.

Experienced developers supporting at least 200 megawatts of clean electricity generation are poised to bring about a revolutionary transformation in the nation's energy landscape through this initiative.

"These sites are all safe now, completely clean, and ready for redevelopment," said U.S. Energy Secretary Jennifer Granholm at a press conference in Washington, D.C., held at her department's headquarters.

Hanford's transformation: from nuclear legacy to clean energy

During the 1940s, the United States government established Hanford and other complexes as part of the Manhattan Project to produce plutonium and uranium for atomic weapons.

Currently, Hanford is no longer operational, and the comprehensive decontamination of the entire site, plagued with highly radioactive waste leaks and other contamination, has already incurred billions of dollars in expenses. The ongoing cleanup efforts are expected to continue for several more years.

While there are no immediate details about the specific locations or timelines of potential developments, the initiative holds the promise of transforming these once-secret lands into significant contributors to clean energy generation.

Furthermore, amidst Hanford's continuous decontamination efforts to address highly radioactive waste and pollution, the ultimate mission remains crystal clear: harnessing the potential of solar, wind, and advanced nuclear technology to pave the path for a cleaner, greener, and more sustainable America.

The Department of Energy's 'cleanup to clean energy' plan not only echoes historical significance but also perfectly aligns with environmental goals, propelling the nation towards the momentous achievement of a grid powered entirely by clean energy by 2035.

(Inputs from Reuters)

&nbsp;

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The US Department of Energy (DOE) has made a groundbreaking announcement, envisioning the transformation of once-secret lands into clean energy powerhouses. These sites, which were previously utilised for developing atomic bombs, are now poised to play a vital role in fostering clean energy initiatives across the United States.

The US Department of Energy (DOE) has made a groundbreaking announcement, envisioning the transformation of once-secret lands into clean energy powerhouses. These sites, which were previously utilised for developing atomic bombs, are now poised to play a vital role in fostering clean energy initiatives across the United States. The DOE has identified approximately 70,000 acres (283 square kilometres) of property across five states, most of which serve as a buffer for national security purposes. These lands have the potential to serve as hosts for renewable energy projects such as solar, wind, and nuclear power. This ambitious plan aligns with America's commitment to advancing towards a cleaner and more sustainable future. US Energy Secretary Jennifer Granholm presented the groundbreaking 'cleanup to clean energy' plan, aligning with President Joe Biden's ambitious clean electricity goals. Secretary Granholm reassured the public about the safety of these lands, stating that they are now fully clean and ready for redevelopment. Experienced developers supporting at least 200 megawatts of clean electricity generation are poised to bring about a revolutionary transformation in the nation's energy landscape through this initiative. "These sites are all safe now, completely clean, and ready for redevelopment," said U.S. Energy Secretary Jennifer Granholm at a press conference in Washington, D.C., held at her department's headquarters. Hanford's transformation: from nuclear legacy to clean energy During the 1940s, the United States government established Hanford and other complexes as part of the Manhattan Project to produce plutonium and uranium for atomic weapons. Currently, Hanford is no longer operational, and the comprehensive decontamination of the entire site, plagued with highly radioactive waste leaks and other contamination, has already incurred billions of dollars in expenses. The ongoing cleanup efforts are expected to continue for several more years. While there are no immediate details about the specific locations or timelines of potential developments, the initiative holds the promise of transforming these once-secret lands into significant contributors to clean energy generation. Furthermore, amidst Hanford's continuous decontamination efforts to address highly radioactive waste and pollution, the ultimate mission remains crystal clear: harnessing the potential of solar, wind, and advanced nuclear technology to pave the path for a cleaner, greener, and more sustainable America. The Department of Energy's 'cleanup to clean energy' plan not only echoes historical significance but also perfectly aligns with environmental goals, propelling the nation towards the momentous achievement of a grid powered entirely by clean energy by 2035. (Inputs from Reuters) WATCH WION LIVE HERE

US to transform Cold War sites into largest solar power project

In a significant ruling, a US court has prohibited Johnson &amp; Johnson from using the bankruptcy of one of its subsidiaries as a means to coerce thousands of cancer patients into dropping their cases and accepting a settlement offer.

The appeals court made it unequivocal that a company must be genuinely facing "immediate, imminent, and clear" financial distress before seeking bankruptcy protection.

Following the court's decision, Johnson &amp; Johnson's stock experienced a decline of approximately two per cent in after-hours trade.

The lawsuits against Johnson &amp; Johnson stem from allegations that their baby powder and other talc products were contaminated with a harmful chemical known to cause cancer, resulting in multiple cancer victims taking legal action against the company.

Talc litigation saga: product withdrawal to bankruptcy

Since 2016, Johnson &amp; Johnson (J&amp;J) has grappled with a barrage of lawsuits regarding the use of talc in its products, especially after losing three cases that resulted in over $100 million in damages. The ongoing litigation led the company to pull all talc products from the market in 2020, citing poor sales.

Estimating that around 100,000 claims related to talc were either pending or expected to be filed against the firm, J&amp;J sought to safeguard its other products and offerings by creating a subsidiary named LTL Management in 2021. In a bid to avoid lawsuits, J&amp;J proposed that LTL Management, which had already filed for bankruptcy, pay a staggering $8.9 billion to resolve all talc-related claims. Subsequently, J&amp;J transferred its talc liabilities to LTL Management and sought bankruptcy protection for the subsidiary.

J&amp;J's legal manoeuvre aimed to settle the lawsuits through an $8.9 billion deal orchestrated via LTL Management. However, numerous plaintiffs rejected the offer, claiming that J&amp;J was attempting to coerce them into accepting the settlement by leveraging the threat of bankruptcy.

The United States Bankruptcy Court for the District of New Jersey, presided over by Judge Michael Kaplan, delivered a verdict on Friday, rejecting LTL's bankruptcy petition. Judge Kaplan cited that the lawsuits against the subsidiary did not demonstrate "imminent or immediate financial distress," leading to the rejection of the bankruptcy appeal.

Similarly, earlier this year, the United States Court of Appeals for the Third Circuit in Philadelphia had&nbsp;turned down the first bankruptcy filing for the same reason.

This marks the second time within six months that federal courts have denied J&amp;J's bankruptcy lawsuit for its subsidiary.&nbsp;

Legal Community responses&nbsp;

While Kaplan's rejection of J&amp;J's bankruptcy case signifies a setback for the company, he also expressed concern about the growing backlog of lawsuits in the court system, which may cause further delays for cancer victims awaiting resolution of their cases.

Moshe Maimon, a lawyer representing talc victims, commended the courts for their independence and integrity in preventing J&amp;J from evading legal scrutiny through bankruptcy.

On the other side, Andy Birchfield, one of the attorneys advocating for the dismissal of the second bankruptcy, celebrated the court's decision, stating that J&amp;J's attempt to force a settlement on cancer victims through the bankruptcy court had been thwarted.

Furthermore, in response, J&amp;J's worldwide vice president of litigation, Erik Haas, issued a statement affirming the company's commitment to pursue a resolution for the talc claims with the counsel representing approximately 60,000 claimants, as the bankruptcy court urged in its decision.

J&amp;J has consistently maintained that its bankruptcy approach is intended to ensure a fair and equitable settlement of damage claims. The firm firmly stands by its stance that its talc-based products are safe, even though they have been at the centre of numerous lawsuits.

(With inputs from agencies)

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In a significant ruling, a US court has prohibited Johnson & Johnson from using the bankruptcy of one of its subsidiaries as a means to coerce thousands of cancer patients into dropping their cases and accepting a settlement offer.

In a significant ruling, a US court has prohibited Johnson & Johnson from using the bankruptcy of one of its subsidiaries as a means to coerce thousands of cancer patients into dropping their cases and accepting a settlement offer. The appeals court made it unequivocal that a company must be genuinely facing "immediate, imminent, and clear" financial distress before seeking bankruptcy protection. Following the court's decision, Johnson & Johnson's stock experienced a decline of approximately two per cent in after-hours trade. The lawsuits against Johnson & Johnson stem from allegations that their baby powder and other talc products were contaminated with a harmful chemical known to cause cancer, resulting in multiple cancer victims taking legal action against the company. Talc litigation saga: product withdrawal to bankruptcy Since 2016, Johnson & Johnson (J&J) has grappled with a barrage of lawsuits regarding the use of talc in its products, especially after losing three cases that resulted in over $100 million in damages. The ongoing litigation led the company to pull all talc products from the market in 2020, citing poor sales. Estimating that around 100,000 claims related to talc were either pending or expected to be filed against the firm, J&J sought to safeguard its other products and offerings by creating a subsidiary named LTL Management in 2021. In a bid to avoid lawsuits, J&J proposed that LTL Management, which had already filed for bankruptcy, pay a staggering $8.9 billion to resolve all talc-related claims. Subsequently, J&J transferred its talc liabilities to LTL Management and sought bankruptcy protection for the subsidiary. J&J's legal manoeuvre aimed to settle the lawsuits through an $8.9 billion deal orchestrated via LTL Management. However, numerous plaintiffs rejected the offer, claiming that J&J was attempting to coerce them into accepting the settlement by leveraging the threat of bankruptcy. The United States Bankruptcy Court for the District of New Jersey, presided over by Judge Michael Kaplan, delivered a verdict on Friday, rejecting LTL's bankruptcy petition. Judge Kaplan cited that the lawsuits against the subsidiary did not demonstrate "imminent or immediate financial distress," leading to the rejection of the bankruptcy appeal. Similarly, earlier this year, the United States Court of Appeals for the Third Circuit in Philadelphia had turned down the first bankruptcy filing for the same reason. This marks the second time within six months that federal courts have denied J&J's bankruptcy lawsuit for its subsidiary. Legal Community responses While Kaplan's rejection of J&J's bankruptcy case signifies a setback for the company, he also expressed concern about the growing backlog of lawsuits in the court system, which may cause further delays for cancer victims awaiting resolution of their cases. Moshe Maimon, a lawyer representing talc victims, commended the courts for their independence and integrity in preventing J&J from evading legal scrutiny through bankruptcy. On the other side, Andy Birchfield, one of the attorneys advocating for the dismissal of the second bankruptcy, celebrated the court's decision, stating that J&J's attempt to force a settlement on cancer victims through the bankruptcy court had been thwarted. Furthermore, in response, J&J's worldwide vice president of litigation, Erik Haas, issued a statement affirming the company's commitment to pursue a resolution for the talc claims with the counsel representing approximately 60,000 claimants, as the bankruptcy court urged in its decision. J&J has consistently maintained that its bankruptcy approach is intended to ensure a fair and equitable settlement of damage claims. The firm firmly stands by its stance that its talc-based products are safe, even though they have been at the centre of numerous lawsuits. (With inputs from agencies) WATCH WION LIVE HERE

US court rejects J&J's bankruptcy strategy for lawsuit settlements