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In 2022, LaundryMate launched its services in Bengaluru with one common goal - To disrupt and ease the way India does its daily laundry. Find out how LaundryMate is working on this idea daily to make it a success. And how LaundryMate makes laundry absurdly simple. Watch what made Abhinay Choudhari - the co-founder of BigBasket and Laundrymate - see business opportunities in grocery and laundry in India.

How LaundryMate disrupted and eased the way India does its daily laundry?

Elon Musk has once again succeeded in capturing the world's attention. Whether one loved or loathed the new logo, its unveiling has left netizens worldwide buzzing with excitement. Musk shared a video of his company's San Francisco headquarters on Saturday which showed the new logo 'X' in aerial footage. The giant sign has been placed atop the downtown building and is adorned with running LED lights, enhancing the beauty of the historic building.

Tesla CEO took to the microblogging site to showcase the breathtaking sight of the newly adorned San Francisco headquarters. The video has already garnered significant attention, amassing over 1.8 million views and 46,000 likes.&nbsp;

<h2>Social media frenzy&nbsp;</h2>

"Why do I imagine Elon standing up there with the look of Batman in his eyes saying quietly 'The world is mine'?" one user posted on X, drawing comparisons to the iconic superhero.&nbsp;

Also Read | <a href="https://www.wionews.com/world/melting-swiss-glacier-coughs-up-body-remains-of-hiker-who-went-missing-in-1986-620545">Melting Swiss glacier coughs up body remains of hiker who went missing in 1986</a>

"That's LIT," wrote another user. "You are signaling to your friends in Mars. Right??" speculated a netizen, playfully suggesting that the X logo might have a secret extraterrestrial message.&nbsp;Elon had long been vocal about his ambition to colonise Mars, and fans enjoyed entertaining the idea that the logo might hold hidden meanings.

"You turned the place into a nightclub?" one user cheekily commented, comparing the electrifying atmosphere of the logo with that of a club.&nbsp;

Also Read | <a href="https://www.wionews.com/science/asian-masalanomics-for-spice-trade-spiced-up-in-vietnam-2000-years-ago-reveals-study-620534">Asian masalanomics for spice trade spiced up in Vietnam 2000 years ago, reveals study</a>

Amid the sea of positive comments, there was some criticism of the new logo as well.&nbsp;

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Our HQ in San Francisco tonight <a href="https://t.co/VQO2NoX9Tz">pic.twitter.com/VQO2NoX9Tz</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1685211486669484032?ref_src=twsrc%5Etfw">July 29, 2023</a></blockquote>
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"I truly don't get the hype about that change. Personally, I hate the new icon, and do miss the bird," wrote one user, expressing their disappointment over the change of logo, which featured a bluebird. "That X looks cheap af, black is too dark, looks like an unfinished marketing trainee job," the tweet continued, criticizing the new logo design.

<h2>Controversy surrounding installation</h2>

Despite the excitement surrounding the new logo, its installation on the historic building has sparked controversy.&nbsp;

The city of San Francisco initiated an investigation after learning that the giant 'X' sign was installed without proper permits. The Department of Building Inspection stated that any modifications to the building's exterior require a permit to maintain historical integrity and ensure safe installation.

Watch | Rains soak Northern China as Doksuri makes its way to Beijing

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"Any replacement letters or symbols would require a permit to ensure consistency with the historic nature of the building and to make sure additions are safely attached to the sign," the spokesperson said.&nbsp;

Elon Musk had announced the logo change earlier, leading to the installation of the LED sign board.&nbsp;

Interestingly, the appearance of the signboard came after San Francisco police stopped workers from removing the brand's iconic bird and logo due to safety concerns for pedestrians as they had not taped off the sidewalk.&nbsp;

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Elon Musk has once again succeeded in capturing the world's attention. Whether one loved or loathed the new logo, its unveiling has left netizens worldwide buzzing with excitement.

Elon Musk has once again succeeded in capturing the world's attention. Whether one loved or loathed the new logo, its unveiling has left netizens worldwide buzzing with excitement. Musk shared a video of his company's San Francisco headquarters on Saturday which showed the new logo 'X' in aerial footage. The giant sign has been placed atop the downtown building and is adorned with running LED lights, enhancing the beauty of the historic building. Tesla CEO took to the microblogging site to showcase the breathtaking sight of the newly adorned San Francisco headquarters. The video has already garnered significant attention, amassing over 1.8 million views and 46,000 likes. Social media frenzy "Why do I imagine Elon standing up there with the look of Batman in his eyes saying quietly 'The world is mine'?" one user posted on X, drawing comparisons to the iconic superhero. Also Read | Melting Swiss glacier coughs up body remains of hiker who went missing in 1986 "That's LIT," wrote another user. "You are signaling to your friends in Mars. Right??" speculated a netizen, playfully suggesting that the X logo might have a secret extraterrestrial message. Elon had long been vocal about his ambition to colonise Mars, and fans enjoyed entertaining the idea that the logo might hold hidden meanings. "You turned the place into a nightclub?" one user cheekily commented, comparing the electrifying atmosphere of the logo with that of a club. Also Read | Asian masalanomics for spice trade spiced up in Vietnam 2000 years ago, reveals study Amid the sea of positive comments, there was some criticism of the new logo as well. Our HQ in San Francisco tonight pic.twitter.com/VQO2NoX9Tz — Elon Musk (@elonmusk) July 29, 2023 × "I truly don't get the hype about that change. Personally, I hate the new icon, and do miss the bird," wrote one user, expressing their disappointment over the change of logo, which featured a bluebird. "That X looks cheap af, black is too dark, looks like an unfinished marketing trainee job," the tweet continued, criticizing the new logo design. Controversy surrounding installation Despite the excitement surrounding the new logo, its installation on the historic building has sparked controversy. The city of San Francisco initiated an investigation after learning that the giant 'X' sign was installed without proper permits. The Department of Building Inspection stated that any modifications to the building's exterior require a permit to maintain historical integrity and ensure safe installation. Watch | Rains soak Northern China as Doksuri makes its way to Beijing × "Any replacement letters or symbols would require a permit to ensure consistency with the historic nature of the building and to make sure additions are safely attached to the sign," the spokesperson said. Elon Musk had announced the logo change earlier, leading to the installation of the LED sign board. Interestingly, the appearance of the signboard came after San Francisco police stopped workers from removing the brand's iconic bird and logo due to safety concerns for pedestrians as they had not taped off the sidewalk. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

WATCH: Elon Musk unveils new 'X' logo at San Francisco headquarters, sparks social media frenzy

The European Central Bank (ECB) on Thursday increased its interest rate by&nbsp;0.25 percentage point, bringing it to 3.75 percent. This is the highest interest rate level since 2000-01.&nbsp;The latest hike, the ninth consecutive,&nbsp;reflected&nbsp;that taming&nbsp;inflation continues to be the top priority for the ECB.&nbsp;

In a statement, the ECB expressed its determination to bring&nbsp;inflation back to its medium-term target of two percent in a timely manner. "Inflation continues to decline but is still expected to remain too high for too long," the ECB added.&nbsp;

Following the decision, the euro fell 0.3 percent versus the US dollar, trading at $1.105. The Stoxx 600 increased by 1.2 percent, while government bond rates fell. The reactions indicate that market participants are likely to expect future rate rises in the eurozone.

In the last few months, inflation has shown some signs of cooling down in the Eurozone. In June, inflation dropped to 5.5 percent, down from the 6.1 percent recorded in May. While this decline is a positive development, it is essential to note that it remains significantly higher than the ECB's target of two percent.

Furthermore, an recent ECB survey revealed that business loans in the Eurozone fell to their lowest level between the middle of June and early July. Data on Eurozone economic activity released earlier this week showed a decline in the region's two largest economies, Germany and France. The numbers have fueled speculation that the eurozone would enter a recession this year.

However, in some relief for the Euro zone, the ECB did raise the possibility of a rate pause in September. Speaking to media personnel after the announcement, ECB President Christine Lagarde said, "What I can assure you of is that we are not going to cut. That is a definite no. But on the other side, (there) could be a hike, (there) could be a pause."

Now all eyes are on the latest inflation data, which will come out next week. This will set the course for the ECB's monetary policy for the rest of the year.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

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The European Central Bank (ECB) on Thursday increased its interest rate by 0.25 percentage point, bringing it to 3.75 percent. This is the highest interest rate level since 2000-01.

The European Central Bank (ECB) on Thursday increased its interest rate by 0.25 percentage point, bringing it to 3.75 percent. This is the highest interest rate level since 2000-01. The latest hike, the ninth consecutive, reflected that taming inflation continues to be the top priority for the ECB. In a statement, the ECB expressed its determination to bring inflation back to its medium-term target of two percent in a timely manner. "Inflation continues to decline but is still expected to remain too high for too long," the ECB added. Following the decision, the euro fell 0.3 percent versus the US dollar, trading at $1.105. The Stoxx 600 increased by 1.2 percent, while government bond rates fell. The reactions indicate that market participants are likely to expect future rate rises in the eurozone. In the last few months, inflation has shown some signs of cooling down in the Eurozone. In June, inflation dropped to 5.5 percent, down from the 6.1 percent recorded in May. While this decline is a positive development, it is essential to note that it remains significantly higher than the ECB's target of two percent. Furthermore, an recent ECB survey revealed that business loans in the Eurozone fell to their lowest level between the middle of June and early July. Data on Eurozone economic activity released earlier this week showed a decline in the region's two largest economies, Germany and France. The numbers have fueled speculation that the eurozone would enter a recession this year. However, in some relief for the Euro zone, the ECB did raise the possibility of a rate pause in September. Speaking to media personnel after the announcement, ECB President Christine Lagarde said, "What I can assure you of is that we are not going to cut. That is a definite no. But on the other side, (there) could be a hike, (there) could be a pause." Now all eyes are on the latest inflation data, which will come out next week. This will set the course for the ECB's monetary policy for the rest of the year. (With inputs from agencies) WATCH WION LIVE HERE

ECB hikes interest rate by 0.25 percentage points as inflation spooks Eurozone

In March, Alexandre Ponsin set out on a family road trip from Colorado to California in his newly purchased Tesla, a used 2021 Model 3. He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery.

In March, Alexandre Ponsin set out on a family road trip from Colorado to California in his newly purchased Tesla, a used 2021 Model 3. He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery. He soon realized he was sometimes getting less than half that much range, particularly in cold weather – such severe underperformance that he was convinced the car had a serious defect. “We’re looking at the range, and you literally see the number decrease in front of your eyes,” he said of his dashboard range meter. Ponsin contacted Tesla and booked a service appointment in California. He later received two text messages, telling him that “remote diagnostics” had determined his battery was fine, and then: “We would like to cancel your visit.” What Ponsin didn’t know was that Tesla employees had been instructed to thwart any customers complaining about poor driving range from bringing their vehicles in for service. Last summer, the company quietly created a “Diversion Team” in Las Vegas to cancel as many range-related appointments as possible. The Austin, Texas-based electric carmaker deployed the team because its service centres were inundated with appointments from owners who had expected better performance based on the company’s advertised estimates and the projections displayed by the in-dash range meters of the cars themselves, according to several people familiar with the matter. Inside the Nevada team’s office, some employees celebrated cancelling service appointments by putting their phones on mute and striking a metal xylophone, triggering applause from coworkers who sometimes stood on desks. The team often closed hundreds of cases a week and staffers were tracked on their average number of diverted appointments per day. Managers told the employees that they were saving Tesla about $1,000 for every canceled appointment, the people said. Another goal was to ease the pressure on service centres, some of which had long waits for appointments. In most cases, the complaining customers’ cars likely did not need repair, according to the people familiar with the matter. Rather, Tesla created the groundswell of complaints another way – by hyping the range of its futuristic electric vehicles, or EVs, raising consumer expectations beyond what the cars can deliver. Teslas often fail to achieve their advertised range estimates and the projections provided by the cars’ own equipment, according to Reuters interviews with three automotive experts who have tested or studied the company’s vehicles. Neither Tesla nor its Chief Executive Elon Musk responded to detailed questions from Reuters for this story. Tesla years ago began exaggerating its vehicles’ potential driving distance – by rigging their range-estimating software. The company decided about a decade ago, for marketing purposes, to write algorithms for its range meter that would show drivers “rosy” projections for the distance it could travel on a full battery, according to a person familiar with an early design of the software for its in-dash readouts. Then, when the battery fell below 50% of its maximum charge, the algorithm would show drivers more realistic projections for their remaining driving range, this person said. To prevent drivers from getting stranded as their predicted range started declining more quickly, Teslas were designed with a “safety buffer,” allowing about 15 miles (24 km) of additional range even after the dash readout showed an empty battery, the source said. The directive to present the optimistic range estimates came from Tesla Chief Executive Elon Musk, this person said. “Elon wanted to show good range numbers when fully charged,” the person said, adding: “When you buy a car off the lot seeing 350-mile, 400-mile range, it makes you feel good.” Tesla’s intentional inflation of in-dash range-meter projections and the creation of its range-complaints diversion team have not been previously reported. Driving range is among the most important factors in consumer decisions on which electric car to buy, or whether to buy one at all. So-called range anxiety – the fear of running out of power before reaching a charger – has been a primary obstacle to boosting electric-vehicle sales. At the time Tesla programmed in the rosy range projections, it was selling only two models: the two-door Roadster, its first vehicle, which was later discontinued; and the Model S, a luxury sport sedan launched in 2012. It now sells four models: two cars, the 3 and S; and two crossover SUVs, the X and Y. Tesla plans the return of the Roadster, along with a “Cybertruck” pickup. Reuters could not determine whether Tesla still uses algorithms that boost in-dash range estimates. But automotive testers and regulators continue to flag the company for exaggerating the distance its vehicles can travel before their batteries run out. Tesla was fined earlier this year by South Korean regulators who found the cars delivered as little as half their advertised range in cold weather. Another recent study found that three Tesla models averaged 26% below their advertised ranges. The US Environmental Protection Agency (EPA) has required Tesla since the 2020 model year to reduce the range estimates the automaker wanted to advertise for six of its vehicles by an average of 3%. The EPA told Reuters, however, that it expects some variation between the results of separate tests conducted by automakers and the agency. Data collected in 2022 and 2023 from more than 8,000 Teslas by Recurrent, a Seattle-based EV analytics company, showed that the cars’ dashboard range meters didn’t change their estimates to reflect hot or cold outside temperatures, which can greatly reduce range. Recurrent found that Tesla’s four models almost always calculated that they could travel more than 90% of their advertised EPA range estimates regardless of external temperatures. Scott Case, Recurrent’s chief executive, told Reuters that Tesla’s range meters also ignore many other conditions affecting driving distance. Electric cars can lose driving range for a lot of the same reasons as gasoline cars — but to a greater degree. The cold is a particular drag on EVs, slowing the chemical and physical reactions inside their batteries and requiring a heating system to protect them. Other drains on the battery include hilly terrain, headwinds, a driver’s lead foot and running the heating or air-conditioning inside the cabin. Tesla discusses the general effect of such conditions in a “Range Tips” section of its website. The automaker also recently updated its vehicle software to provide a breakdown of battery consumption during recent trips with suggestions on how range might have been improved. Tesla vehicles provide range estimates in two ways: One through a dashboard meter of current range that’s always on, and a second projection through its navigation system, which works when a driver inputs a specific destination. The navigation system’s range estimate, Case said, does account for a wider set of conditions, including temperature. While those estimates are “more realistic,” they still tend to overstate the distance the car can travel before it needs to be recharged, he said. Recurrent tested other automakers’ in-dash range meters – including the Ford Mustang Mach-E, the Chevrolet Bolt and the Hyundai Kona – and found them to be more accurate. The Kona’s range meter generally underestimated the distance the car could travel, the tests showed. Recurrent conducted the study with the help of a National Science Foundation grant. Tesla, Case said, has consistently designed the range meters in its cars to deliver aggressive rather than conservative estimates: “That’s where Tesla has taken a different path from most other automakers.” Failed tests and false advertising Tesla isn’t the only automaker with cars that don’t regularly achieve their advertised ranges. One of the experts, Gregory Pannone, co-authored a study of 21 different brands of electric vehicles, published in April by SAE International, an engineering organization. The research found that, on average, the cars fell short of their advertised ranges by 12.5% in highway driving. The study did not name the brands tested, but Pannone told Reuters that three Tesla models posted the worst performance, falling short of their advertised ranges by an average of 26%. The EV pioneer pushes the limits of government testing regulations that govern the claims automakers put on window stickers, the three automotive experts told Reuters. Like their gas-powered counterparts, new electric vehicles are required by US federal law to display a label with fuel-efficiency information. In the case of EVs, this is stated in miles-per-gallon equivalent (MPGe), allowing consumers to compare them to gasoline or diesel vehicles. The labels also include estimates of total range: how far an EV can travel on a full charge, in combined city and highway driving. EV makers have a choice in how to calculate a model’s range. They can use a standard EPA formula that converts fuel-economy results from city and highway driving tests to calculate a total range figure. Or automakers can conduct additional tests to come up with their own range estimate. The only reason to conduct more tests is to generate a more favorable estimate, said Pannone, a retired auto-industry veteran. Tesla conducts additional range tests on all of its models. By contrast, many other automakers, including Ford, Mercedes and Porsche, continue to rely on the EPA’s formula to calculate potential range, according to agency data for 2023 models. That generally produces more conservative estimates, Pannone said. Mercedes-Benz told Reuters it uses the EPA’s formula because it believes it provides a more accurate estimate. “We follow a certification strategy that reflects the real-world driving behavior of our customers in the best possible way,” the German carmaker said in a statement. Ford and Porsche didn’t respond to requests for comment. Whatever an automaker decides, the EPA must approve the window-sticker numbers. The agency told Reuters it conducts its own tests on 15% to 20% of new electric vehicles each year as part of an audit program and has tested six Tesla models since the 2020 model year. EPA data obtained by Reuters through the Freedom of Information Act showed that the audits resulted in Tesla being required to lower all the cars’ estimated ranges by an average of 3%. The projected range for one vehicle, the 2021 Model Y Long Range AWD (all-wheel drive), dropped by 5.15%. The EPA said all the changes to Tesla’s range estimates were made before the company used the figures on window stickers. The EPA said it has seen “everything” in its audits of EV manufacturers’ range testing, including low and high estimates from other automakers. “That is what we expect when we have new manufacturers and new technologies entering the market and why EPA prioritizes” auditing them, the agency said. The EPA cautioned that individuals’ actual experience with vehicle efficiency might differ from the estimates the agency approves. Independent automotive testers commonly examine the EPA-approved fuel-efficiency or driving range claims against their own experience in structured tests or real-world driving. Often, they get different results, as in the case of Tesla vehicles. Pannone called Tesla “the most aggressive” electric-vehicle manufacturer when it comes to range calculations. “I’m not suggesting they’re cheating,” Pannone said of Tesla. “What they’re doing, at least minimally, is leveraging the current procedures more than the other manufacturers.” Jonathan Elfalan, vehicle testing director for the automotive website Edmunds.com, reached a similar conclusion to Pannone after an extensive examination of vehicles from Tesla and other major automakers, including Ford, General Motors, Hyundai and Porsche. All five Tesla models tested by Edmunds failed to achieve their advertised range, the website reported in February 2021. All but one of 10 other models from other manufacturers exceeded their advertised range. Tesla complained to Edmunds that the test failed to account for the safety buffer programmed into Tesla’s in-dash range meters. So Edmunds did further testing, this time running the vehicles, as Tesla requested, past the point where their range meters indicated the batteries had run out. Only two of six Teslas tested matched their advertised range, Edmunds reported in March 2021. The tests found no fixed safety buffer. Edmunds has continued to test electric vehicles, using its own standard method, to see if they meet their advertised range estimates. As of July, no Tesla vehicle had, Elfalan said. “They've gotten really good at exploiting the rule book and maximizing certain points to work in their favor involving EPA tests,” Elfalan told Reuters. The practice can “misrepresent what their customers will experience with their vehicles.” South Korean regulators earlier this year fined Tesla about $2.1 million for falsely advertised driving ranges on its local website between August 2019 and December 2022. The Korea Fair Trade Commission (KFTC) found that Tesla failed to tell customers that cold weather can drastically reduce its cars’ range. It cited tests by the country’s environment ministry that showed Tesla cars lost up to 50.5% of the company’s claimed ranges in cold weather. The KFTC also flagged certain statements on Tesla’s website, including one that claimed about a particular model: “You can drive 528 km (328 miles) or longer on a single charge.” Regulators required Tesla to remove the “or longer” phrase. Korean regulators required Tesla to publicly admit it had misled consumers. Musk and two local executives did so in a June 19 statement, acknowledging “false/exaggerated advertising.” Creating a diversion By last year, sales of Tesla’s electric vehicles were surging. The company delivered about 1.3 million cars in 2022, nearly 13 times more than five years before. As sales grew, so did demand for service appointments. The wait for an available booking was sometimes a month, according to one of the sources familiar with the diversion team’s operations. Tesla instructs owners to book appointments through a phone app. The company found that many problems could be handled by its “virtual” service teams, who can remotely diagnose and fix various issues. Tesla supervisors told some virtual team members to steer customers away from bringing their cars into service whenever possible. One current Tesla “Virtual Service Advisor” described part of his job in his LinkedIn profile: “Divert customers who do not require in person service.” Such advisors handled a variety of issues, including range complaints. But last summer, Tesla created the Las Vegas “Diversion Team” to handle only range cases, according to the people familiar with the matter. The office atmosphere at times resembled that of a telemarketing boiler room. A supervisor had purchased the metallophone – a xylophone with metal keys – that employees struck to celebrate appointment cancellations, according to the people familiar with the office’s operations. Advisers would normally run remote diagnostics on customers’ cars and try to call them, the people said. They were trained to tell customers that the EPA-approved range estimates were just a prediction, not an actual measurement, and that batteries degrade over time, which can reduce range. Advisors would offer tips on extending range by changing driving habits. If the remote diagnostics found anything else wrong with the vehicle that was not related to driving range, advisors were instructed not to tell the customer, one of the sources said. Managers told them to close the cases. Tesla also updated its phone app so that any customer who complained about range could no longer book service appointments, one of the sources said. Instead, they could request that someone from Tesla contact them. It often took several days before owners were contacted because of the large backlog of range complaints, the source said. The update routed all US range complaints to the Nevada diversion team, which started in Las Vegas and later moved to the nearby suburb of Henderson. The team was soon fielding up to 2,000 cases a week, which sometimes included multiple complaints from customers frustrated they couldn't book a service appointment, one of the people said. The team was expected to close about 750 cases a week. To accomplish that, office supervisors told advisers to call a customer once and, if there was no answer, to close the case as unresponsive, the source said. When customers did respond, advisers were told to try to complete the call in no more than five minutes. In late 2022, managers aiming to quickly close cases told advisors to stop running remote diagnostic tests on the vehicles of owners who had reported range problems, according to one of the people familiar with the diversion team’s operations. “Thousands of customers were told there is nothing wrong with their car” by advisors who had never run diagnostics, the person said. Reuters could not establish how long the practice continued. Tesla recently stopped using its diversion team in Nevada to handle range-related complaints, according to the person familiar with the matter. Virtual service advisors in an office in Utah are now handling range cases, the person said. Reuters could not determine why the change was made. On the road By the time Alexandre Ponsin reached California on his March road trip, he had stopped to charge his Model 3’s battery about a dozen times. Concerned that something was seriously wrong with the car, he had called and texted with several Tesla representatives. One of them booked the first available appointment in Santa Clara – about two weeks away – but advised him to show up at a Tesla service center as soon as he arrived in California. Ponsin soon received a text saying that remote diagnostics had shown his battery “is in good health.” “We would like to cancel your visit for now if you have no other concerns,” the text read. “Of course I still have concerns,” Ponsin shot back. “I have 150 miles of range on a full charge!” The next day, he received another text message asking him to cancel the appointment. “I am sorry, but no I do not want to close the service appointment as I do not feel my concerns have been addressed,” he replied. Undeterred, Ponsin brought his car to the Santa Clara service center without an appointment. A technician there told him the car was fine. “It lasted 10 minutes,” Ponsin said, “and they didn’t even look at the car physically.” After doing more research into range estimates, he said he ultimately concluded there is nothing wrong with his car. The problem, he said, was that Tesla is overstating its performance. He believes Tesla “should be a lot more explicit about the variation in the range,” especially in very cold weather. “I do love my Tesla,” the engineer said. “But I have just tempered my expectation of what it can do in certain conditions.”

Tesla created secret team to suppress thousands of driving range complaints

In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI)&nbsp;research department has said.&nbsp;

According to the latest Ecowrap by India's largest public sector bank, India is become the&nbsp;third-largest economy in the world by 2027. The report added that the&nbsp;economic reforms initiated since 2014 have accelerated India's progress towards achieving this significant milestone.

In 2014, India was ranked tenth in terms of GDP.&nbsp;It now appears on track to make a remarkable leap of seven places in the next 4-5 years. Earlier, India was projected to reach this milestone by 2029.

"The path taken by India since 2014 reveals that India is likely to get the tag of the third-largest economy in 2027 (or FY28) based on actual GDP data as of March 2023," stated the economists at SBI.&nbsp;

At the current rate of growth, India is on track to surpass&nbsp;global economic powerhouses like Japan and Germany within the next five years, signifying a significant shift in the global economic landscape.

What is more intriguing is the remarkable incremental increase in India's economy between 2022 and 2027, which is projected to be more than the current size of the&nbsp;Australian&nbsp;economy.

Moreover, if India is able to hold on to this growth trajectory, it will be on its way to reach the milestone of $20 trillion by 2047. Additionally, India's global share of the GDP is set to surpass four percent by 2027, further solidifying its position on the international economic stage.

The report added that at least two states are set to break the 500 billion dollar mark by 2027–2028. Among them are Maharashtra, which houses India's financial capital, Mumbai, and Uttar Pradesh, the country's most populous state. The report referred&nbsp;to Uttar Pradesh, ruled by Yogi Adityanath, as 'the land of the midnight sun',&nbsp;indicating its potential for economic prosperity.

In a testament to India's remarkable progress, the economies of major Indian states are projected to outpace those of certain Asian and European countries, such as Vietnam and Norway, by 2027.

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In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI) research department has said.

In a big boost to India's global ambitions, India's economy will soon be among the world's top three, a projection by the State Bank of India (SBI) research department has said. According to the latest Ecowrap by India's largest public sector bank, India is become the third-largest economy in the world by 2027. The report added that the economic reforms initiated since 2014 have accelerated India's progress towards achieving this significant milestone. In 2014, India was ranked tenth in terms of GDP. It now appears on track to make a remarkable leap of seven places in the next 4-5 years. Earlier, India was projected to reach this milestone by 2029. "The path taken by India since 2014 reveals that India is likely to get the tag of the third-largest economy in 2027 (or FY28) based on actual GDP data as of March 2023," stated the economists at SBI. At the current rate of growth, India is on track to surpass global economic powerhouses like Japan and Germany within the next five years, signifying a significant shift in the global economic landscape. What is more intriguing is the remarkable incremental increase in India's economy between 2022 and 2027, which is projected to be more than the current size of the Australian economy. Moreover, if India is able to hold on to this growth trajectory, it will be on its way to reach the milestone of $20 trillion by 2047. Additionally, India's global share of the GDP is set to surpass four percent by 2027, further solidifying its position on the international economic stage. The report added that at least two states are set to break the 500 billion dollar mark by 2027–2028. Among them are Maharashtra, which houses India's financial capital, Mumbai, and Uttar Pradesh, the country's most populous state. The report referred to Uttar Pradesh, ruled by Yogi Adityanath, as 'the land of the midnight sun', indicating its potential for economic prosperity. In a testament to India's remarkable progress, the economies of major Indian states are projected to outpace those of certain Asian and European countries, such as Vietnam and Norway, by 2027. WATCH WION LIVE HERE

India set to be the third-largest global economy by FY28: SBI Ecowrap

Elon Musk the owner of X-corp has a habit of garnering headlines not as much for his technological Ventures but also for the things that he in fact does or goes on to say. This time his company Tesla one of the world's most valuable automakers is in the news for approaching things under the carpet. Take a look.

Tesla creates a secret team to suppress driving range complaints

A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline. The report indicated that a large number of international passengers may not be able to connect with Maharajah, who wears a turban and has a large moustache. &nbsp;

Sources also said that as a part of its rebranding exercise, the Air India is developing a new colour palette consisting of red, white and purple instead of its former red and white. The addition of purple comes from Vistara's palette which is said to merge with Air India.

Initially designed for an in-flight memo pad, Air India's iconic mascot was inspired by the image of Syed Wajid Ali, an industrialist from Pakistan. It was conceived by the airline's Commercial Director, Bobby Kooka, the airline's art director and publicity head Jal Cowasji, and illustrator Umesh Rao of the Bombay-based advertising firm J Walter Thompson.

As the Maharajah took to the skies, the mascot instantly became a highly recognised symbol of Indian luxury and hospitality with his potbelly, an enormous curling moustache, a striped turban and a closed-eye calm look on his face.

The Maharajah was later featured on posters made by a group of designers at Air India's in-house art studio. In later years, foreign artists and designers were also commissioned, which increased the Maharajah's visual appeal. The most recognisable travel posters created by the airline between 1946 and 1972 were included in Rogue's Gallery, a collection released by Air India in 1977. Some witty ones that even piqued politicians were included in this collection.

A few iconic posters feature the Maharaja laying down his jacket to welcome a pretty passenger onboard and rescuing a mermaid from the sea in Sydney. A few other notable ones include the Maharajah joining a line of capuchin friars in Rome and playing the tabla among the Beatles in London.

“He can be a lover boy in Paris, a sumo wrestler in Tokyo, a pavement artist, a Red Indian, a monk... he can effortlessly flirt with the beauties of the world. And most importantly, he can get away with it all. Simply because he is the Maharajah," Forbes India quoted the late Kooka as saying.

Even though the airline battled with rising debts and countless inefficiencies, the Maharajah continued to make his appearances with grace. However, it is now time for him to leave.

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A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline.

A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline. The report indicated that a large number of international passengers may not be able to connect with Maharajah, who wears a turban and has a large moustache. Sources also said that as a part of its rebranding exercise, the Air India is developing a new colour palette consisting of red, white and purple instead of its former red and white. The addition of purple comes from Vistara's palette which is said to merge with Air India. Initially designed for an in-flight memo pad, Air India's iconic mascot was inspired by the image of Syed Wajid Ali, an industrialist from Pakistan. It was conceived by the airline's Commercial Director, Bobby Kooka, the airline's art director and publicity head Jal Cowasji, and illustrator Umesh Rao of the Bombay-based advertising firm J Walter Thompson. As the Maharajah took to the skies, the mascot instantly became a highly recognised symbol of Indian luxury and hospitality with his potbelly, an enormous curling moustache, a striped turban and a closed-eye calm look on his face. The Maharajah was later featured on posters made by a group of designers at Air India's in-house art studio. In later years, foreign artists and designers were also commissioned, which increased the Maharajah's visual appeal. The most recognisable travel posters created by the airline between 1946 and 1972 were included in Rogue's Gallery, a collection released by Air India in 1977. Some witty ones that even piqued politicians were included in this collection. A few iconic posters feature the Maharaja laying down his jacket to welcome a pretty passenger onboard and rescuing a mermaid from the sea in Sydney. A few other notable ones include the Maharajah joining a line of capuchin friars in Rome and playing the tabla among the Beatles in London. “He can be a lover boy in Paris, a sumo wrestler in Tokyo, a pavement artist, a Red Indian, a monk... he can effortlessly flirt with the beauties of the world. And most importantly, he can get away with it all. Simply because he is the Maharajah," Forbes India quoted the late Kooka as saying. Even though the airline battled with rising debts and countless inefficiencies, the Maharajah continued to make his appearances with grace. However, it is now time for him to leave. WATCH WION LIVE HERE

Flashback Friday: Looking back at the 'flying Maharajah'  

In a big boost to India's global ambitions, India's economy will soon be among the world's top three. That's the projection by Indian bank SBI in its research report. According to SBI's latest ecowrap, India is likely to be the world's third largest economy by 2027-28. The report credits economic reforms since 2014 for India achieving the target by 2027-28.

India to be third largest economy by 2027-28: Report | World Business Watch

The US economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the federal reserve’s 16-month-long fight to bring down inflation.

US economy accelerated to a 2.4% growth rate in April-June quarter | World Business Watch

We tell you all the factors behind the Chinese economy losing its fire. We also look at whether there is a new contender that could benefit from China's loss?

Why is China's economy losing its fire?

The European Central Bank (ECB) has raised its interest rate by 0.25 percentage points. With the latest hike, the ECB's current interest rate stands at 3.75%, this is a 23-year-high and indicates that the fight against inflation is far from over.

European central bank hikes rates from 3.5% to 3.75% | World Business Watch

US chipmaker Advanced Micro Devices (AMD) has announced that it&nbsp;will be investing $400 million in India over the next five years.

AMD’s Chief Technology Officer, Mark Papermaster, made the announcement on Friday (July 28) in the presence of Prime Minister Narendra Modi during an annual semiconductor conference in the PM’s home state Gujarat.

Other speakers at the marquee event include Foxconn Chairman Young Liu and Micron&nbsp;CEO Sanjay Mehrotra.

AMD is expected to open its new design centre campus in southern Bengaluru city—which is known as the Silicon Valley of India— by the end of this year and will serve as the company’s largest design centre.

AMD said that it would generate about 3,000 new engineering roles within five years.

"Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide," Papermaster said.

The California-based firm has been operating in India since 2001 when it opened its first site in the capital New Delhi city.

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<h2>New campus coming up in Bengaluru</h2>

Now, the company has more than 6500 employees in India. And with this new 500,000-square-foot Bengaluru campus, AMD will increase its office footprint in 10 locations across these cities—Bangaluru, Delhi, Gurugram, Hyderabad and Mumbai.

The new AMD campus is expected to open before the end of 2023 and will feature extensive lab space, state-of-the-art collaboration tools and seating configurations designed to foster teamwork.

The investment is supported by the various policy initiatives of the Government of India focused on the semiconductor industry.

For years, India has been trying hard to improve its nascent chip-making industry. In 2021, the Narendra Modi-led government unveiled a $10 billion incentive programme for the chip sector, but the plan has hit few roadblocks as no company has managed to set a up a fabrication plant.

Unlike its top rival Intel, AMD outsources production of chips it designs to third-party manufacturers like Taiwan's TSMC, reports Reuters news agency.

TSMC and South Korea's Samsung are among the elite few chipmakers globally to have mastered cutting-edge chipmaking, a technology many nations are now vying for to avoid supply chain shocks, such as those faced during the pandemic.

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US chipmaker Advanced Micro Devices (AMD) has announced that it will be investing $400 million in India over the next five years. AMD’s Chief Technology Officer, Mark Papermaster, made the announcement on Friday (July 28) in the presence of Prime Minister Narendra Modi during an annual semiconductor conference in the PM’s home state Gujarat.

US chipmaker Advanced Micro Devices (AMD) has announced that it will be investing $400 million in India over the next five years. AMD’s Chief Technology Officer, Mark Papermaster, made the announcement on Friday (July 28) in the presence of Prime Minister Narendra Modi during an annual semiconductor conference in the PM’s home state Gujarat. Other speakers at the marquee event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. AMD is expected to open its new design centre campus in southern Bengaluru city—which is known as the Silicon Valley of India— by the end of this year and will serve as the company’s largest design centre. AMD said that it would generate about 3,000 new engineering roles within five years. "Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide," Papermaster said. The California-based firm has been operating in India since 2001 when it opened its first site in the capital New Delhi city. #WATCH | Gandhinagar, Gujarat: Mark Papermaster, EVP and CTO, Advanced Micro Devices (AMD) at Semiconductor India says, "...AMD will invest $400 million in India in the next five years. AMD will enhance its R&D capabilities...We will build our largest design centre in… pic.twitter.com/Vt1bYREuYI — ANI (@ANI) July 28, 2023 × New campus coming up in Bengaluru Now, the company has more than 6500 employees in India. And with this new 500,000-square-foot Bengaluru campus, AMD will increase its office footprint in 10 locations across these cities—Bangaluru, Delhi, Gurugram, Hyderabad and Mumbai. The new AMD campus is expected to open before the end of 2023 and will feature extensive lab space, state-of-the-art collaboration tools and seating configurations designed to foster teamwork. The investment is supported by the various policy initiatives of the Government of India focused on the semiconductor industry. For years, India has been trying hard to improve its nascent chip-making industry. In 2021, the Narendra Modi-led government unveiled a $10 billion incentive programme for the chip sector, but the plan has hit few roadblocks as no company has managed to set a up a fabrication plant. Unlike its top rival Intel, AMD outsources production of chips it designs to third-party manufacturers like Taiwan's TSMC, reports Reuters news agency. TSMC and South Korea's Samsung are among the elite few chipmakers globally to have mastered cutting-edge chipmaking, a technology many nations are now vying for to avoid supply chain shocks, such as those faced during the pandemic. WATCH WION LIVE HERE

AMD announces investment of $400 million in India over next five years

An ex-employee at Twitter (Now X) has shed light on how US billionaire Elon Musk has handled the operations at the popular microblogging site since taking over in October last year.

In the shocking revelations, Esther Crawford, a product manager at Twitter who was fired following Musk’s takeover, claimed the ‘X’ owner to be driven by instinct, not data. She also claimed that Musk was always surrounded by sycophants and ‘yes men’, who always seemed to agree to whatever Musk suggested.

In a lengthy post on X, Crawford wrote, “I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge."

"At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said," Crawford added.

<h2>Elon Musk, a toxic boss?</h2>

In her X post, Crawford mentioned that the employees at the company would always fear being called into meetings with Musk, especially when they were supposed to deliver some negative news.

"The challenge is his personality and demeanor can turn on a dime going from excited to angry," she wrote.

She also mentioned that more than anything else, Musk would rely on the feedback coming from Twitter polls and some random sources. The X owner would never pay heed to genuine feedback coming from employees and backed by strong data, she claimed.

Watch:&nbsp;Elon Musk rebrands Twitter to ‘X’ in brand overhaul

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"His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful," Crawford warned.

She added that Musk might have proven success tackling engineering problems, but “a social networking platform requires emotional intelligence.”

<h2>Musk’s future plans for X</h2>

The comments from the ex-Twitter employee come at a time when Musk has taken up the task of overhauling the Twitter brand altogether, by replacing the world-famous blue bird logo with X.

<a href="https://www.wionews.com/trending/sudha-murty-trends-on-x-for-her-concerns-over-using-same-spoon-for-veg-non-veg-619524">Also read:&nbsp;Sudha Murty trends on X for her concerns over using same spoon for veg, non-veg</a>

Musk plans to turn X into a WeChat-like all-in-one app which will not only offer people to express their views on the internet but also allow them to exchange messages and payments.

<h2>Challenges ahead</h2>

Since Musk took over X last year, advertising revenues have nosedived, prompting concerns regarding its subscription-based model.&nbsp;

Some have even alleged increased hate speech content on X as some previously banned—mostly right-wing—accounts were reinstated following Musk’s so-called ‘free speech’ campaign.

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&nbsp;

An ex-employee at Twitter (Now X) has shed light on how US billionaire Elon Musk has handled the operations at the popular microblogging site since taking over in October last year.

An ex-employee at Twitter (Now X) has shed light on how US billionaire Elon Musk has handled the operations at the popular microblogging site since taking over in October last year. In the shocking revelations, Esther Crawford, a product manager at Twitter who was fired following Musk’s takeover, claimed the ‘X’ owner to be driven by instinct, not data. She also claimed that Musk was always surrounded by sycophants and ‘yes men’, who always seemed to agree to whatever Musk suggested. In a lengthy post on X, Crawford wrote, “I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge." "At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said," Crawford added. Elon Musk, a toxic boss? In her X post, Crawford mentioned that the employees at the company would always fear being called into meetings with Musk, especially when they were supposed to deliver some negative news. "The challenge is his personality and demeanor can turn on a dime going from excited to angry," she wrote. She also mentioned that more than anything else, Musk would rely on the feedback coming from Twitter polls and some random sources. The X owner would never pay heed to genuine feedback coming from employees and backed by strong data, she claimed. Watch: Elon Musk rebrands Twitter to ‘X’ in brand overhaul × "His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful," Crawford warned. She added that Musk might have proven success tackling engineering problems, but “a social networking platform requires emotional intelligence.” Musk’s future plans for X The comments from the ex-Twitter employee come at a time when Musk has taken up the task of overhauling the Twitter brand altogether, by replacing the world-famous blue bird logo with X. Also read: Sudha Murty trends on X for her concerns over using same spoon for veg, non-veg Musk plans to turn X into a WeChat-like all-in-one app which will not only offer people to express their views on the internet but also allow them to exchange messages and payments. Challenges ahead Since Musk took over X last year, advertising revenues have nosedived, prompting concerns regarding its subscription-based model. Some have even alleged increased hate speech content on X as some previously banned—mostly right-wing—accounts were reinstated following Musk’s so-called ‘free speech’ campaign. WATCH WION LIVE HERE ×

Ex-Twitter employee claims Musk driven by instinct not data, guided by sycophants

India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India,&nbsp;to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.&nbsp;

The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi.&nbsp;

The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure.

<h2>Rupee internationalisation: Which countries can trade in Indian Rupee?</h2>

According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.

In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-steps-up-rupees-internationalisation-for-sri-lankas-economic-recovery-589593">India steps up rupee's internationalisation for Sri Lanka's economic recovery</a>

"Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha.&nbsp;

<h2>Russia top proponent of de-dollarisation move</h2>

Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation."&nbsp;

On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports.

Also watch |&nbsp;The growing footprint of Indian rupee | In-Depth Analysis

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The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine.

Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade.

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India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.

India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session. The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi. The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure. Rupee internationalisation: Which countries can trade in Indian Rupee? According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom. In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]." Also read | India steps up rupee's internationalisation for Sri Lanka's economic recovery "Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha. Russia top proponent of de-dollarisation move Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation." On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports. Also watch | The growing footprint of Indian rupee | In-Depth Analysis × The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine. Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade. 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.

Indian Rupee bolsters New Delhi's economic might in 18 countries

In an expected but significant turn of events, the US Federal Reserve recently raised the interest rate benchmark range to a staggering 5.25 percent - the highest in over two decades.

Fed's chair, Jerome Powell, offered a vision of a "soft landing" for the economy, giving hope to some. However, he quickly quashed any hopes of rate cuts this year, causing turbulence in the stock market. While the S&amp;P500 remained stable, ending Wednesday's trading session flat, the tech-heavy Nasdaq experienced a slight stumble, reflecting the delicate balance of market sentiment.

As the dust of monetary proactive measures settled, the benchmark 10-year Treasury yield showed signs of oscillation, slightly dipping to 3.8 percent after reaching a height of 3.9 percent on Tuesday. Bonds in the United States rode the tide of uncertainty, rising amidst the storm of financial speculation.

The above reading highlights how inflation and the responses to it can impact people's savings and create wobbling effects on the financial market. Let's delve into the concept of inflation and examine how the Federal Reserve's proactive measures can influence the financial market.

1. Fed’s monetary policy impacting debt market

Since 2001, inflation has made a strong comeback in the U.S., compelling the Federal Reserve to consistently implement robust measures to adjust its monetary policy, given that the inflation rate reached levels not seen in over 40 years.

The Federal Reserve's new policy shift was clearly reflected in the bond market. The yield on the 10-year US Treasury note, an important indicator for the bond market, increased from 1.52 percent at the end of 2021 to over 4 percent this month, marking its highest level in over 10 years.

Simultaneously, the yield on the 3-month US Treasury bill experienced a significant increase, rising from 0.06 percent at the end of 2021 to nearly 5.50 percent in mid-July 2023. These changes in interest rates also had an impact on the stock market.

2. Increasing interest rate impacting equity market

Over the last 30 years, US equities have shown a tendency to grow in value when inflation has accelerated, although the association has not been very strong. Larger firms have a stronger link with inflation than mid-sized firms, and mid-sized firms have a stronger relationship than smaller firms. As inflation rises, the price of foreign equities in developed markets falls, and the price of emerging market stocks falls even further.

However, when interest rates increase, it can impact the stock market in several ways, such as:

Slower Economic Growth: Growing rates can lead to slower economic growth, which can affect the earnings of U.S. companies. When economic growth slows down, businesses may not perform as well, ultimately putting pressure on stock prices.

Attractive Investment Alternatives: Other investment options like bonds and certificates of deposit may become more appealing to investors because they offer higher yields. This can make investors less interested in buying stocks, especially if the outlook for future interest rates remains positive.

Impact on Stock Prices: If a company's future earnings fail to meet investors' expectations, their stock prices may go down. This measure is represented by the P/E ratio which means, price investors are willing to pay for a company’s stock relative to its earnings .

This situation took place in 2022 when stocks with high P/E ratios got the hardest hit when interest rates increased, including technology companies and others that performed well during the pandemic.

Higher Borrowing Costs: Higher interest rates could lead to higher borrowing costs for companies, cutting into their profits.

Some companies borrowed money at lower rates in the past, but now they may have to pay more interest on new debt. This could potentially result in lower earnings for these companies and could impact their stock prices as well.

3. Uncertainties in the stock market persist

Amidst multiple interest rate hikes by the Federal Reserve in 2023, the stock market's future remains uncertain. Fed Chair Jerome Powell has signaled that rates will remain high for an extended period and ruled out any immediate rate cuts. The Fed is striving to strike a delicate balance between economic growth and controlling inflation without triggering a recession.

Nevertheless, there is a glimmer of hope in companies' performances. If inflation declines, it could prove beneficial for the stock market. While rising interest rates may pose challenges for stocks, there are still opportunities depending on how well companies perform and meet expectations.

Despite the uncertainty, investors must exercise caution and closely monitor corporate earnings in this environment of inflation and high interest rates. Strong company performance and growth potential could have a positive impact on the stock market. However, volatility may persist, and investors should be prepared for fluctuations.

&nbsp;

&nbsp;

<hr />

In an expected but significant turn of events, the US Federal Reserve recently raised the interest rate benchmark range to a staggering 5.25 percent - the highest in over two decades.

In an expected but significant turn of events, the US Federal Reserve recently raised the interest rate benchmark range to a staggering 5.25 percent - the highest in over two decades. Fed's chair, Jerome Powell, offered a vision of a "soft landing" for the economy, giving hope to some. However, he quickly quashed any hopes of rate cuts this year, causing turbulence in the stock market. While the S&P500 remained stable, ending Wednesday's trading session flat, the tech-heavy Nasdaq experienced a slight stumble, reflecting the delicate balance of market sentiment. As the dust of monetary proactive measures settled, the benchmark 10-year Treasury yield showed signs of oscillation, slightly dipping to 3.8 percent after reaching a height of 3.9 percent on Tuesday. Bonds in the United States rode the tide of uncertainty, rising amidst the storm of financial speculation. The above reading highlights how inflation and the responses to it can impact people's savings and create wobbling effects on the financial market. Let's delve into the concept of inflation and examine how the Federal Reserve's proactive measures can influence the financial market. 1. Fed’s monetary policy impacting debt market Since 2001, inflation has made a strong comeback in the U.S., compelling the Federal Reserve to consistently implement robust measures to adjust its monetary policy, given that the inflation rate reached levels not seen in over 40 years. The Federal Reserve's new policy shift was clearly reflected in the bond market. The yield on the 10-year US Treasury note, an important indicator for the bond market, increased from 1.52 percent at the end of 2021 to over 4 percent this month, marking its highest level in over 10 years. Simultaneously, the yield on the 3-month US Treasury bill experienced a significant increase, rising from 0.06 percent at the end of 2021 to nearly 5.50 percent in mid-July 2023. These changes in interest rates also had an impact on the stock market. 2. Increasing interest rate impacting equity market Over the last 30 years, US equities have shown a tendency to grow in value when inflation has accelerated, although the association has not been very strong. Larger firms have a stronger link with inflation than mid-sized firms, and mid-sized firms have a stronger relationship than smaller firms. As inflation rises, the price of foreign equities in developed markets falls, and the price of emerging market stocks falls even further. However, when interest rates increase, it can impact the stock market in several ways, such as: Slower Economic Growth: Growing rates can lead to slower economic growth, which can affect the earnings of U.S. companies. When economic growth slows down, businesses may not perform as well, ultimately putting pressure on stock prices. Attractive Investment Alternatives: Other investment options like bonds and certificates of deposit may become more appealing to investors because they offer higher yields. This can make investors less interested in buying stocks, especially if the outlook for future interest rates remains positive. Impact on Stock Prices: If a company's future earnings fail to meet investors' expectations, their stock prices may go down. This measure is represented by the P/E ratio which means, price investors are willing to pay for a company’s stock relative to its earnings . This situation took place in 2022 when stocks with high P/E ratios got the hardest hit when interest rates increased, including technology companies and others that performed well during the pandemic. Higher Borrowing Costs: Higher interest rates could lead to higher borrowing costs for companies, cutting into their profits. Some companies borrowed money at lower rates in the past, but now they may have to pay more interest on new debt. This could potentially result in lower earnings for these companies and could impact their stock prices as well. 3. Uncertainties in the stock market persist Amidst multiple interest rate hikes by the Federal Reserve in 2023, the stock market's future remains uncertain. Fed Chair Jerome Powell has signaled that rates will remain high for an extended period and ruled out any immediate rate cuts. The Fed is striving to strike a delicate balance between economic growth and controlling inflation without triggering a recession. Nevertheless, there is a glimmer of hope in companies' performances. If inflation declines, it could prove beneficial for the stock market. While rising interest rates may pose challenges for stocks, there are still opportunities depending on how well companies perform and meet expectations. Despite the uncertainty, investors must exercise caution and closely monitor corporate earnings in this environment of inflation and high interest rates. Strong company performance and growth potential could have a positive impact on the stock market. However, volatility may persist, and investors should be prepared for fluctuations.

Decoded: How the Federal Reserve's war against inflation impacts the US markets

In a much-needed boost to its&nbsp;economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.4 billion loan for a period of two years.

This move is expected to provide relief to Pakistan, which is facing an acute Balance of Payments&nbsp;crisis. Its&nbsp;current reserves barely cover two months' worth of import bills.

"The Chinese Exim Bank has rolled over principal amounts totaling $2.4 billion, which were scheduled for payment in the next two fiscal years," Dar said through the messaging platform X, formerly known as Twitter.

The finance minister further revealed that Pakistan will only be required to pay interest on these loans for the next two years. This extension comes as a welcome respite, as previously, Pakistan had&nbsp;to&nbsp;repay&nbsp;the loan amount cum interest by 2025.

Reuters quoted Prime Minister Shehbaz Sharif as saying that Pakistan’s long-term ally Beijing, which has pledged over $65 billion in infrastructure investment in Pakistan as part of the Belt and Road Initiative (BRI), has in recent months either rolled over or granted new loans worth around $5 billion to Islamabad as negotiations with the International Monetary Fund dragged on for eight months.

Furthermore,&nbsp;IMF's billion-dollar package also had a profound impact on Pakistan's foreign exchange reserves. A few weeks ago, these reserves had dwindled to $4 billion. However, following the infusion of funds through the IMF package, Pakistan's foreign reserves&nbsp;surged to $14 billion last week.

The last-ditch IMF accord, which came only with stringent fiscal discipline requirements, helped Pakistan avoid a sovereign default.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a much-needed boost to its economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.

In a much-needed boost to its economy, cash-strapped Pakistan has secured crucial aid from its steadfast ally, China. On Thursday, Pakistan's finance minister, Ishaq Dar, announced that Beijing has agreed to roll over a significant $2.4 billion loan for a period of two years. This move is expected to provide relief to Pakistan, which is facing an acute Balance of Payments crisis. Its current reserves barely cover two months' worth of import bills. "The Chinese Exim Bank has rolled over principal amounts totaling $2.4 billion, which were scheduled for payment in the next two fiscal years," Dar said through the messaging platform X, formerly known as Twitter. The finance minister further revealed that Pakistan will only be required to pay interest on these loans for the next two years. This extension comes as a welcome respite, as previously, Pakistan had to repay the loan amount cum interest by 2025. Reuters quoted Prime Minister Shehbaz Sharif as saying that Pakistan’s long-term ally Beijing, which has pledged over $65 billion in infrastructure investment in Pakistan as part of the Belt and Road Initiative (BRI), has in recent months either rolled over or granted new loans worth around $5 billion to Islamabad as negotiations with the International Monetary Fund dragged on for eight months. Furthermore, IMF's billion-dollar package also had a profound impact on Pakistan's foreign exchange reserves. A few weeks ago, these reserves had dwindled to $4 billion. However, following the infusion of funds through the IMF package, Pakistan's foreign reserves surged to $14 billion last week. The last-ditch IMF accord, which came only with stringent fiscal discipline requirements, helped Pakistan avoid a sovereign default. WATCH WION LIVE HERE

China rolls over $2.4 billion loan for 2 years: Pakistan finance minister

The EU has launched an antitrust investigation into tech giant Microsoft, and it all revolves around their bundling tactics. The EU's concerns revolve around Microsoft's bundling of its video and chat application, teams, together with its other office products. The European Commission, the EU's executive arm, suspects that this practice may be tipping the scales in favor of teams, potentially denying customers the freedom to choose whether to include the app when subscribing to office 365.

Microsoft faces EU antitrust heat

The U.S. Federal Reserve on Wednesday&nbsp;raised the interest rate by&nbsp;0.25&nbsp;percentage points&nbsp;to 5.5 percent. This is the highest interest level seen&nbsp;in the last 22 years.&nbsp;

During a press conference following the latest policy move, Powell emphasized that the central bank is closely monitoring incoming data, particularly for indications of the economy moving towards a period of "below-trend" growth, which he believes is necessary for inflation to decrease.

Following the release of the Federal Reserve's policy statement, Treasury rates in the United States experienced volatility, leading to a decline. However, U.S. stocks concluded the day with a relatively flat performance. Futures markets indicated minimal fluctuations in betting on the trajectory of Fed rate increases for the remainder of the year, with only a slight possibility of a hike in September.

Fed's inflation tackling and indicator monitoring

The U.S. Federal Reserve's decision to raise interest rates, as anticipated, followed two days of meetings. Inflation remains a persistent concern for the central bank, prompting the 11th rate hike in the last 12 meetings aimed at curbing the surging prices.

Nonetheless, the central bank remains vigilant, ready to respond to the evolving economic data and inflation outlook, while also considering the risks associated with falling inflation and weak economic indicators. Powell emphasized that decisions will be made on a meeting-by-meeting basis, carefully evaluating the incoming data's implications on economic activity and inflation dynamics, along with the balance of risks.

Key price indicators are continuing to rise at a rate that exceeds the Fed's target, with inflation showing a slowdown but no noticeable impact on the job market, which maintains a low unemployment rate of 3.6 percent. Economic growth has remained above the Fed's estimated 1.8 percent trend rate, with analysts predicting similar growth in second-quarter GDP.

Possibility of another hike in September

While Federal Reserve Chair Jerome Powell expressed optimism for a "soft landing" of the economy, wherein inflation decreases, unemployment remains low, and a recession is averted, his remarks on the necessity for slower development hint at a possible inclination towards higher rates to exert greater pressure on demand.

Powell stated, "It is certainly possible that we would raise the (federal) funds rate again at the September meeting if the data warranted it, and I would also say that it is possible that we would choose to hold steady at that meeting if that was the right policy call."

While the Fed remains open to future rate adjustments, Powell cautioned against expecting any rate cuts in the immediate future, affirming, "We'll be comfortable cutting rates when we're comfortable cutting rates, and that won't be this year."

Fed Chair Jerome Powell acknowledged the positive development of reduced inflation from last year's highs. However, as the central bank navigates a challenging phase in its fight against inflation, it faces the delicate task of balancing the need for future rate hikes against the risks of going too far, potentially resulting in economic losses.

&nbsp;

WATCH WION LIVE HERE

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The U.S. Federal Reserve on Wednesday raised the interest rate by 0.25 percentage points to 5.5 percent. This is the highest interest level seen in the last 22 years.

The U.S. Federal Reserve on Wednesday raised the interest rate by 0.25 percentage points to 5.5 percent. This is the highest interest level seen in the last 22 years. During a press conference following the latest policy move, Powell emphasized that the central bank is closely monitoring incoming data, particularly for indications of the economy moving towards a period of "below-trend" growth, which he believes is necessary for inflation to decrease. Following the release of the Federal Reserve's policy statement, Treasury rates in the United States experienced volatility, leading to a decline. However, U.S. stocks concluded the day with a relatively flat performance. Futures markets indicated minimal fluctuations in betting on the trajectory of Fed rate increases for the remainder of the year, with only a slight possibility of a hike in September. Fed's inflation tackling and indicator monitoring The U.S. Federal Reserve's decision to raise interest rates, as anticipated, followed two days of meetings. Inflation remains a persistent concern for the central bank, prompting the 11th rate hike in the last 12 meetings aimed at curbing the surging prices. Nonetheless, the central bank remains vigilant, ready to respond to the evolving economic data and inflation outlook, while also considering the risks associated with falling inflation and weak economic indicators. Powell emphasized that decisions will be made on a meeting-by-meeting basis, carefully evaluating the incoming data's implications on economic activity and inflation dynamics, along with the balance of risks. Key price indicators are continuing to rise at a rate that exceeds the Fed's target, with inflation showing a slowdown but no noticeable impact on the job market, which maintains a low unemployment rate of 3.6 percent. Economic growth has remained above the Fed's estimated 1.8 percent trend rate, with analysts predicting similar growth in second-quarter GDP. Possibility of another hike in September While Federal Reserve Chair Jerome Powell expressed optimism for a "soft landing" of the economy, wherein inflation decreases, unemployment remains low, and a recession is averted, his remarks on the necessity for slower development hint at a possible inclination towards higher rates to exert greater pressure on demand. Powell stated, "It is certainly possible that we would raise the (federal) funds rate again at the September meeting if the data warranted it, and I would also say that it is possible that we would choose to hold steady at that meeting if that was the right policy call." While the Fed remains open to future rate adjustments, Powell cautioned against expecting any rate cuts in the immediate future, affirming, "We'll be comfortable cutting rates when we're comfortable cutting rates, and that won't be this year." Fed Chair Jerome Powell acknowledged the positive development of reduced inflation from last year's highs. However, as the central bank navigates a challenging phase in its fight against inflation, it faces the delicate task of balancing the need for future rate hikes against the risks of going too far, potentially resulting in economic losses. WATCH WION LIVE HERE

Federal Reserve raises rates, Powell hints at another hike in September

The Bank of England is set to incur a loss of more than $ 190 billion from the sale of bonds due to the high interest rates. Reports suggest that the payment will be paid by the treasury out of current spending. The development comes after successive chancellors failed to set aside funds to cover losses.

Bank of England set to incur $190 bn loss from bond sales | World Business Watch

The rise of Artificial Intelligence is all set to revolutionise the nature of work. But this could also be bad news for women workers in the United States. A Mckinsey report states that more American women are more likely to lose their jobs by the end of this decade, compared to men, due to the rise of AI and automation.

Will AI snatch jobs from women? | World Business Watch

Top banks have finally spoken about a major threat, which will eventually put pressure on the global economy. Top European banks have pointed out that. Bad loans are going to negatively impact global finance, as well as people's confidence in the banking system.

Top European banks worry about bad loans | World Business Watch

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel.

Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring.

'Drunk in Controversy'

The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation.

The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market.

In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run.

Understanding industry trends

The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide.

Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively.

(With Inputs from Agencies)

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel. Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring. 'Drunk in Controversy' The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation. The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market. In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run. Understanding industry trends The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide. Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively. (With Inputs from Agencies)

Brews & Blues: Anheuser-Busch Restructures with Layoffs

A groundbreaking development is set to reshape the landscape of electric vehicles in the United States. Seven major automakers have joined forces to form a new company, determined to challenge Tesla's dominance and capitalize on the biden administration's EV subsidies.

Automakers launch US EV charging network

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit.

In their recent report on Wednesday, the company revealed that their January-June adjusted profits before interest and tax (EBIT) rose by 11 percent to 14.1 billion euros ($15.6 billion), surpassing the analysts' forecast of 12.1 billion euros, as per Reuters&nbsp;poll.

During the second quarter alone, Stellantis achieved a remarkable milestone, generating a whopping $109 billion&nbsp;in net revenues, with their net profit reaching an impressive $12 billion, showcasing the company's robust financial position and market prowess.

The surge in net revenues and profits can be attributed to a substantial nine percent year-on-year increase in consolidated shipments, totaling 3.202 million units, further solidifying its position in the automotive industry.

Pricing power as key driver of earnings and green mobility

Natalie Knight, the newly appointed CFO of the group, emphasised that pricing power remains the primary driver of the group's earnings, encompassing Fiat, Peugeot, Alfa Romeo, Ram, and Jeep. She further elaborated that the company successfully implemented several price hikes and adeptly maintained them while also strategically assessing the need for additional pricing adjustments in the first half.

Stellantis facilitated this impressive boost in earnings by reducing supply constraints and returning to normal inventory levels, enabling the company to meet the demands of a growing market effectively.

However, its achievements extend beyond increased sales; the company is also at the forefront of driving sustainable practices. Their commitment to green mobility has yielded significant results, with sales of battery electric vehicles (BEV) and low-emission vehicles (LEV) surging by 24 percent and 28 percent year-on-year, respectively. Stellantis sold an impressive 169,000 battery electric vehicles and 315,000 low-emission vehicles, cementing their position as a leading force in eco-friendly transportation.

Profit margin concerns&nbsp;

Stellantis is facing concerns regarding its profit margin, particularly after Tesla of the United States initiated a wave of price discounts in China in January, putting pressure on automakers and suppliers to cut costs. The company's adjusted EBIT margin declined to 14.4 percent&nbsp;from 14.5 percent&nbsp;a year ago as the pricing power, boosted by a considerable inflationary environment in the previous year, no longer persisted, according to Chief Executive Carlos Tavares.

Reuters quoted Taveres as saying, "If the market is more competitive in terms of pricing, we need to work harder on cost reduction to make sure that we give back to the market the breathing space it needs while protecting our per unit margins."&nbsp;

However, he highlighted that Stellantis' margin performance still outperformed Tesla's and General Motors&nbsp;margins, which stood at 10.5 percent&nbsp;and 8.3 percent, respectively.

Furthermore, the company's optimism about its future prospects is clearly demonstrated through its share buyback program. The company has already repurchased shares worth 774 million dollars and has set a target to complete a buyback of 1.6 billion dollars by the end of the year. This move highlights Stellantis' belief in its own growth and reinforces its commitment to enhancing shareholder value.

(With inputs from Reuters)

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit.

Stellantis, the world's third-largest carmaker by sales, had an impressive performance in the first half of 2023, with a remarkable 12 percent year-on-year surge in net revenues and an astounding 37 percent spike in net profit. In their recent report on Wednesday, the company revealed that their January-June adjusted profits before interest and tax (EBIT) rose by 11 percent to 14.1 billion euros ($15.6 billion), surpassing the analysts' forecast of 12.1 billion euros, as per Reuters poll. During the second quarter alone, Stellantis achieved a remarkable milestone, generating a whopping $109 billion in net revenues, with their net profit reaching an impressive $12 billion, showcasing the company's robust financial position and market prowess. The surge in net revenues and profits can be attributed to a substantial nine percent year-on-year increase in consolidated shipments, totaling 3.202 million units, further solidifying its position in the automotive industry. Pricing power as key driver of earnings and green mobility Natalie Knight, the newly appointed CFO of the group, emphasised that pricing power remains the primary driver of the group's earnings, encompassing Fiat, Peugeot, Alfa Romeo, Ram, and Jeep. She further elaborated that the company successfully implemented several price hikes and adeptly maintained them while also strategically assessing the need for additional pricing adjustments in the first half. Stellantis facilitated this impressive boost in earnings by reducing supply constraints and returning to normal inventory levels, enabling the company to meet the demands of a growing market effectively. However, its achievements extend beyond increased sales; the company is also at the forefront of driving sustainable practices. Their commitment to green mobility has yielded significant results, with sales of battery electric vehicles (BEV) and low-emission vehicles (LEV) surging by 24 percent and 28 percent year-on-year, respectively. Stellantis sold an impressive 169,000 battery electric vehicles and 315,000 low-emission vehicles, cementing their position as a leading force in eco-friendly transportation. Profit margin concerns Stellantis is facing concerns regarding its profit margin, particularly after Tesla of the United States initiated a wave of price discounts in China in January, putting pressure on automakers and suppliers to cut costs. The company's adjusted EBIT margin declined to 14.4 percent from 14.5 percent a year ago as the pricing power, boosted by a considerable inflationary environment in the previous year, no longer persisted, according to Chief Executive Carlos Tavares. Reuters quoted Taveres as saying, "If the market is more competitive in terms of pricing, we need to work harder on cost reduction to make sure that we give back to the market the breathing space it needs while protecting our per unit margins." However, he highlighted that Stellantis' margin performance still outperformed Tesla's and General Motors margins, which stood at 10.5 percent and 8.3 percent, respectively. Furthermore, the company's optimism about its future prospects is clearly demonstrated through its share buyback program. The company has already repurchased shares worth 774 million dollars and has set a target to complete a buyback of 1.6 billion dollars by the end of the year. This move highlights Stellantis' belief in its own growth and reinforces its commitment to enhancing shareholder value. (With inputs from Reuters)

Stellantis surpasses forecasts, achieves remarkable 37% spike in net profit

A day after Alphabet's Google reported better than expected results, Meta's second-quarter results on Wednesday surpassed market expectations by achieving an earnings per share of $2.98.&nbsp;

Meta's earnings per share,&nbsp;which shows the profitability of a company,&nbsp;exceeded the anticipated $2.91.

The company's revenue soared to a remarkable $32 billion, surpassing the estimated $31.12 billion. During the second quarter ending on June 30, Meta's sales recorded an 11 percent increase, surpassing analysts' average forecast of $31.12 billion.

Moreover, Meta's advertising revenue saw a noteworthy 12 percent increase in the third quarter, outpacing Google's three percent growth.

Advertisers are now capitalising on the momentum by reinvesting in digital marketing after a period of restraint. They are encouraged by indicators suggesting that the economy can withstand inflationary pressures without major disruptions, leading to their confidence in making these strategic moves.

The announcement of Meta's impressive quarterly performance marks the first time since the end of 2021 that the company has reported double-digit growth, highlighting a significant and robust comeback from recent challenges.

Wall Street has been closely monitoring Meta's user metrics, and the latest numbers have not disappointed.&nbsp;With an impressive 2.06 billion daily active users, surpassing expectations of 2.04 billion, and 3.03 billion monthly active users, exceeding the projected 3 billion, Meta's user base remains robust and active.

In addition to its thriving user base, Meta's average revenue per user (ARPU) stands at an impressive $10.63, outperforming the anticipated $10.22. Meta's solid financial performance sparked a wave of optimism among investors, leading to a remarkable five percent rise in the company's stock during extended trading.

Year-to-date, Meta has shown exceptional growth, with its stock witnessing a significant 159 percent increase, while the broader S&amp;P 500 has advanced by 19 percent.&nbsp;

However, despite positive projections, the company anticipates a rise in expenses for the years 2023 and 2024. These increased costs are attributed to factors like legal fees and amplified investments in infrastructure, which are deemed essential for staying competitive in the rapidly evolving AI landscape of the tech sector. Notably, these spending decisions have been taken following a period of effective cost-cutting measures.

(With inputs from agencies)

A day after Alphabet's Google reported better than expected results, Meta's second-quarter results on Wednesday surpassed market expectations by achieving an earnings per share of $2.

A day after Alphabet's Google reported better than expected results, Meta's second-quarter results on Wednesday surpassed market expectations by achieving an earnings per share of $2.98. Meta's earnings per share, which shows the profitability of a company, exceeded the anticipated $2.91. The company's revenue soared to a remarkable $32 billion, surpassing the estimated $31.12 billion. During the second quarter ending on June 30, Meta's sales recorded an 11 percent increase, surpassing analysts' average forecast of $31.12 billion. Moreover, Meta's advertising revenue saw a noteworthy 12 percent increase in the third quarter, outpacing Google's three percent growth. Advertisers are now capitalising on the momentum by reinvesting in digital marketing after a period of restraint. They are encouraged by indicators suggesting that the economy can withstand inflationary pressures without major disruptions, leading to their confidence in making these strategic moves. The announcement of Meta's impressive quarterly performance marks the first time since the end of 2021 that the company has reported double-digit growth, highlighting a significant and robust comeback from recent challenges. Wall Street has been closely monitoring Meta's user metrics, and the latest numbers have not disappointed. With an impressive 2.06 billion daily active users, surpassing expectations of 2.04 billion, and 3.03 billion monthly active users, exceeding the projected 3 billion, Meta's user base remains robust and active. In addition to its thriving user base, Meta's average revenue per user (ARPU) stands at an impressive $10.63, outperforming the anticipated $10.22. Meta's solid financial performance sparked a wave of optimism among investors, leading to a remarkable five percent rise in the company's stock during extended trading. Year-to-date, Meta has shown exceptional growth, with its stock witnessing a significant 159 percent increase, while the broader S&P 500 has advanced by 19 percent. However, despite positive projections, the company anticipates a rise in expenses for the years 2023 and 2024. These increased costs are attributed to factors like legal fees and amplified investments in infrastructure, which are deemed essential for staying competitive in the rapidly evolving AI landscape of the tech sector. Notably, these spending decisions have been taken following a period of effective cost-cutting measures. (With inputs from agencies)

Meta's Q2 results exceed expectations with 11% revenue growth

Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap.

Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap.

Mattel made the announcement to its staff about Dickson’s departure on Wednesday (July 27), just days after the “Barbie” movie raked in $155 million in the last three days, making it the biggest film debut so far this year.

Dickson had been serving Mattel for at least two decades. He has been hailed for “reinvigorating Mattel’s iconic brands, including Barbie, Hot Wheels and Fisher-Price,” Gap’s statement said.

For at least a year, Gap has been looking to fill the shoes of its former CEO Sonia Syngal who left the company in July 2022.

<h2>Gap's year-long search for&nbsp;successor ends</h2>

Dickson will be filling the shoes of Gap’s former CEO Sonia Syngal who left the company.

Since then, Gap’s chairman Bob Martin has been serving as the interim CEO. But during a May earnings call, Martin told investors that he didn’t expect to hold the position of interim CEO as long as he had.

“Gap Inc. is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions. But it’s the work ahead that excites me most - the chance to work hand-in-hand with the teams to evolve Gap Inc. for a new era,” Dickson said in a statement.

“Under Bobby’s leadership, the team has begun to truly reset the company for long-term success, establishing a new foundation that I’m eager to build on.”

<h2>Dickson joins Gap at critical juncture</h2>

Dickson, a UCLA graduate, joined Mattel in 2000 and looked after its global brand portfolio, overseeing strategy, brand marketing, design and development.

He also oversaw franchise management, including licensing and merchandising, live events and digital gaming.

Months before the highly anticipated release of the Barbie movie, the 55-year-old entered into licensing agreements with&nbsp;more than 100 brands, including Gap, to sell a range of Barbie-themed merchandise, turning the iconic pink doll into a ubiquitous brand.

Dickson is joining Gap at a time when it's struggling to right-size its business and win back customers.

The garment company is also experiencing a yearslong sales slump and a series of leadership shake-ups across its portfolio of brands: Athleta, Banana Republic, Old Navy and its namesake banner.&nbsp;

In April, Gap laid off more than 2,000 workers to streamline operations and cut costs.&nbsp;

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Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap. Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap.

Richard Dickson, president and chief operating officer at Mattel who is credited for reviving the firm’s Barbie franchise, was poached by Apparel giant Gap. Richard Dickson will leave his position at the toymaker on August 3 and will join as Gap's new CEO on August 22, according to a statement issued by Gap. Mattel made the announcement to its staff about Dickson’s departure on Wednesday (July 27), just days after the “Barbie” movie raked in $155 million in the last three days, making it the biggest film debut so far this year. Dickson had been serving Mattel for at least two decades. He has been hailed for “reinvigorating Mattel’s iconic brands, including Barbie, Hot Wheels and Fisher-Price,” Gap’s statement said. For at least a year, Gap has been looking to fill the shoes of its former CEO Sonia Syngal who left the company in July 2022. Gap's year-long search for successor ends Dickson will be filling the shoes of Gap’s former CEO Sonia Syngal who left the company. Since then, Gap’s chairman Bob Martin has been serving as the interim CEO. But during a May earnings call, Martin told investors that he didn’t expect to hold the position of interim CEO as long as he had. “Gap Inc. is a portfolio of iconic brands, known for having defined American style with bold thinking and making quality fashion accessible to millions. But it’s the work ahead that excites me most - the chance to work hand-in-hand with the teams to evolve Gap Inc. for a new era,” Dickson said in a statement. “Under Bobby’s leadership, the team has begun to truly reset the company for long-term success, establishing a new foundation that I’m eager to build on.” Dickson joins Gap at critical juncture Dickson, a UCLA graduate, joined Mattel in 2000 and looked after its global brand portfolio, overseeing strategy, brand marketing, design and development. He also oversaw franchise management, including licensing and merchandising, live events and digital gaming. Months before the highly anticipated release of the Barbie movie, the 55-year-old entered into licensing agreements with more than 100 brands, including Gap, to sell a range of Barbie-themed merchandise, turning the iconic pink doll into a ubiquitous brand. Dickson is joining Gap at a time when it's struggling to right-size its business and win back customers. The garment company is also experiencing a yearslong sales slump and a series of leadership shake-ups across its portfolio of brands: Athleta, Banana Republic, Old Navy and its namesake banner. In April, Gap laid off more than 2,000 workers to streamline operations and cut costs. WATCH WION LIVE HERE

Gap poaches Richard Dickson from Mattel who is famed for reviving ‘Barbie’