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Rolls-Royce shares soared 19 per cent on Monday (July 24) after the engine maker raised its guidance for the full year. The company now expects underlying operating profit to be in the range of £1.2 billion ($1.56 billion) to £1.4 billion ($1.81 billion), up from a previous guidance of £0.8-1 billion ($1.04-1.30 billion).&nbsp;

The company's CEO Warren East said that the improved guidance was due to "stronger-than-expected" demand for its products and services. He also said that the company was "making good progress" on its transformation plan. The news of Rolls-Royce's improved guidance was met with relief by investors, who had been concerned about the company's recent performance. The company's shares had fallen by more than 40 per cent in the past year.

The improved guidance suggests that Rolls-Royce is on the right track to recovery. However, the company still faces a number of challenges, including the ongoing grounding of the Boeing 737 MAX. Despite these challenges, the news of Rolls-Royce's improved guidance is a positive sign for the company and its investors.

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Rolls-Royce shares soared 19 per cent on Monday (July 24) after the engine maker raised its guidance for the full year. The company now expects underlying operating profit to be in the range of £1.

Rolls-Royce shares soared 19 per cent on Monday (July 24) after the engine maker raised its guidance for the full year. The company now expects underlying operating profit to be in the range of £1.2 billion ($1.56 billion) to £1.4 billion ($1.81 billion), up from a previous guidance of £0.8-1 billion ($1.04-1.30 billion). The company's CEO Warren East said that the improved guidance was due to "stronger-than-expected" demand for its products and services. He also said that the company was "making good progress" on its transformation plan. The news of Rolls-Royce's improved guidance was met with relief by investors, who had been concerned about the company's recent performance. The company's shares had fallen by more than 40 per cent in the past year. The improved guidance suggests that Rolls-Royce is on the right track to recovery. However, the company still faces a number of challenges, including the ongoing grounding of the Boeing 737 MAX. Despite these challenges, the news of Rolls-Royce's improved guidance is a positive sign for the company and its investors. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Rolls-Royce shares rise by 19% after company's turnaround plan delivers better results

Analysts have said that overall consumer sentiment in China is down, but the case is quite different when it comes to condoms as Durex maker Reckitt said on Wednesday (July 26) that the trend is not stopping people from buying more and more condoms, a report by news agency Reuters mentioned.&nbsp;

Recently, Albert Park, who is the chief economist at the Asian Development Bank, said that China's cautious consumer confidence has been a "dampener" for its fragile recovery.&nbsp;

China on Monday reported second-quarter GDP numbers, which largely missed expectations. The data showed that China's economy grew 6.3 per cent&nbsp;from a year ago in the quarter ending June. Meanwhile, retail sales for June increased by 3.1 per cent.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/foxconn-to-invest-200-million-to-establish-electronic-components-plant-in-tamil-nadu-619829">Foxconn to invest $200 million to establish electronic components plant in Tamil Nadu</a>&nbsp;

The statistics also highlight that China's post-Covid growth is not going the way it was projected.&nbsp;

But few commodities are not bound by market fluctuations. Are condoms one of them?&nbsp;

Watch:&nbsp;Will AI snatch jobs from women?&nbsp;

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On Tuesday, the British consumer goods giant Unilever said that because of a drop in China's property market and exports, consumer sentiment is at a historic low.&nbsp;

Contrary to the trends, Reckitt reported earnings results on Wednesday. It said like-for-like net revenue growth in its health business was 8.8%.&nbsp;

The growth was led in part by its "Intimate Wellness" brands, which include K-Y lubricant.

In China, Reckitt saw "the benefit of re-opening post-COVID-related lockdowns" and it grew by high single digits globally.&nbsp;

While talking about the growth, CEO Nicandro Durante said that Reckitt is launching innovations, such as new materials for condoms, and that&nbsp;people "are enjoying the nightlife".&nbsp;

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Analysts have said that overall consumer sentiment in China is down, but the case is quite different when it comes to condoms as Durex maker Reckitt said on Wednesday (July 26) that the trend is not stopping people from buying more and more condoms, a report by news agency Reuters mentioned.

Analysts have said that overall consumer sentiment in China is down, but the case is quite different when it comes to condoms as Durex maker Reckitt said on Wednesday (July 26) that the trend is not stopping people from buying more and more condoms, a report by news agency Reuters mentioned. Recently, Albert Park, who is the chief economist at the Asian Development Bank, said that China's cautious consumer confidence has been a "dampener" for its fragile recovery. China on Monday reported second-quarter GDP numbers, which largely missed expectations. The data showed that China's economy grew 6.3 per cent from a year ago in the quarter ending June. Meanwhile, retail sales for June increased by 3.1 per cent. Also read: Foxconn to invest $200 million to establish electronic components plant in Tamil Nadu The statistics also highlight that China's post-Covid growth is not going the way it was projected. But few commodities are not bound by market fluctuations. Are condoms one of them? Watch: Will AI snatch jobs from women? × On Tuesday, the British consumer goods giant Unilever said that because of a drop in China's property market and exports, consumer sentiment is at a historic low. Contrary to the trends, Reckitt reported earnings results on Wednesday. It said like-for-like net revenue growth in its health business was 8.8%. The growth was led in part by its "Intimate Wellness" brands, which include K-Y lubricant. In China, Reckitt saw "the benefit of re-opening post-COVID-related lockdowns" and it grew by high single digits globally. While talking about the growth, CEO Nicandro Durante said that Reckitt is launching innovations, such as new materials for condoms, and that people "are enjoying the nightlife". 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.

Consumer sentiment is down in China, but it's not impacting condom sale

Global financial payment-major Mastercard said that companies must stop individuals in the United States from buying legal marijuana using&nbsp;their debit cards.&nbsp;

Marijuana remains legal for medical use in 38 of the 50 states in the US. It is also legal for adults over 21 years old to buy for recreational use in 23 states, including Washington DC and the entire US West Coast. But federally, the largely recreational drug remains illegal.&nbsp; 
 
Mastercard said that it implemented the move after some shops were found to be accepting debit payments while a federal ban remained in place.&nbsp;

"As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connect them to Mastercard to terminate the activity," Mastercard said in a statement on Wednesday.

Also read |&nbsp;<a href="https://www.wionews.com/science/credit-card-equivalent-study-finds-how-much-plastic-humans-inhale-every-week-but-where-does-it-go-606194">‘Credit card-equivalent’: Study finds how much plastic humans inhale every week. But where does it go?</a>

"The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems," the statement continued.

<h2>What does it mean?</h2>

Industry insiders have decried the move as a blow to the industry.

Sunburn Cannabis CEO Brady Cobb said in a statement that "this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category."

Pot firm Verano's President, Darren Weiss, said, "We will continue to advocate for cannabis reform in Washington through further dialogue with elected officials and stakeholders to advance conversations supporting the growth of safe, legal cannabis across the US."

<h2>How do customers pay for marijuana?</h2>

Customers are forced to pay for marijuana in cash in 38 states where marijuana remains legal.

Earlier this month, Republican Senator John Cornyn said Majority Leader Chuck Schumer's plan to pass a marijuana banking bill was "wishful thinking".

Also watch |&nbsp;RBI is transforming India's credit card industry by promoting customer choice and flexibility

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The SAFE Banking Act is a significant legislation that would make it easier for the cannabis industry to access banking services.

Many US states now make significant revenues through marijuana sales.&nbsp;

California now regularly rakes in more than $1 billion per year in marijuana tax revenue.&nbsp;

Many other states make hundreds of millions per year.&nbsp;

The states in the US reported a cumulative&nbsp;$15.16 billion in tax revenue from recreational cannabis sales in 2022, excluding the revenue from medical marijuana, according to the Marijuana Policy Project.

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Global financial payment-major Mastercard said that companies must stop individuals in the United States from buying legal marijuana using their debit cards. Marijuana remains legal for medical use in 38 of the 50 states in the US.

Global financial payment-major Mastercard said that companies must stop individuals in the United States from buying legal marijuana using their debit cards. Marijuana remains legal for medical use in 38 of the 50 states in the US. It is also legal for adults over 21 years old to buy for recreational use in 23 states, including Washington DC and the entire US West Coast. But federally, the largely recreational drug remains illegal. Mastercard said that it implemented the move after some shops were found to be accepting debit payments while a federal ban remained in place. "As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connect them to Mastercard to terminate the activity," Mastercard said in a statement on Wednesday. Also read | ‘Credit card-equivalent’: Study finds how much plastic humans inhale every week. But where does it go? "The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems," the statement continued. What does it mean? Industry insiders have decried the move as a blow to the industry. Sunburn Cannabis CEO Brady Cobb said in a statement that "this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category." Pot firm Verano's President, Darren Weiss, said, "We will continue to advocate for cannabis reform in Washington through further dialogue with elected officials and stakeholders to advance conversations supporting the growth of safe, legal cannabis across the US." How do customers pay for marijuana? Customers are forced to pay for marijuana in cash in 38 states where marijuana remains legal. Earlier this month, Republican Senator John Cornyn said Majority Leader Chuck Schumer's plan to pass a marijuana banking bill was "wishful thinking". Also watch | RBI is transforming India's credit card industry by promoting customer choice and flexibility × The SAFE Banking Act is a significant legislation that would make it easier for the cannabis industry to access banking services. Many US states now make significant revenues through marijuana sales. California now regularly rakes in more than $1 billion per year in marijuana tax revenue. Many other states make hundreds of millions per year. The states in the US reported a cumulative $15.16 billion in tax revenue from recreational cannabis sales in 2022, excluding the revenue from medical marijuana, according to the Marijuana Policy Project. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

SAFE Act row: Mastercard asks US cannabis shops to stop swiping its cards

American multinational investment company, BlackRock, entered into a joint venture with Jio Financial Services, the financial services division of Indian tycoon Mukesh Ambani's empire, to launch a digital-first asset manager to serve the expanding investor population in India.

Jio BlackRock will be the name of the joint enterprise.

According to a statement released on Wednesday, BlackRock and Jio Financial Services each intend to spend up to $150 million in the 50-50 venture. BlackRock had $9.4 trillion in assets under management at the end of June.

In a LinkedIn post, Larry Fink, chairman and CEO of BlackRock, said, "Today marks a major move for BlackRock&nbsp;as we work to expand our footprint through a forthcoming joint venture in India with Jio Financial Services, a company built by Reliance Industries Limited."&nbsp;

While many Indian households have traditionally preferred real estate and jewelry as their primary assets, the joint venture seeks to benefit from the growing number of savers who are integrating financial items in their retirement plans.

The partnership will “deliver our combined expertise and scale to unlock the power of investing for millions of people in India,” Fink said.

Analysts anticipate that Ambani’s Jio mobile phone network, which has the largest user base in India, will provide Jio Financial Services with access to massive troves of customer data. The trading of Jio Financial Services' shares is anticipated to begin this quarter.

According to chief executive of Jio Financial Services, Hitesh Sethia, the joint venure “will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products."&nbsp;

This is the BlackRock’s second attempt to break into the Indian retail sector. This is after it pulled out of a joint venture with the DSP Group in 2018.

(With inputs from Reuters)

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American multinational investment company, BlackRock, entered into a joint venture with Jio Financial Services, the financial services division of Indian tycoon Mukesh Ambani's empire, to launch a digital-first asset manager to serve the expanding investor population in India.

American multinational investment company, BlackRock, entered into a joint venture with Jio Financial Services, the financial services division of Indian tycoon Mukesh Ambani's empire, to launch a digital-first asset manager to serve the expanding investor population in India. Jio BlackRock will be the name of the joint enterprise. According to a statement released on Wednesday, BlackRock and Jio Financial Services each intend to spend up to $150 million in the 50-50 venture. BlackRock had $9.4 trillion in assets under management at the end of June. In a LinkedIn post, Larry Fink, chairman and CEO of BlackRock, said, "Today marks a major move for BlackRock as we work to expand our footprint through a forthcoming joint venture in India with Jio Financial Services, a company built by Reliance Industries Limited." While many Indian households have traditionally preferred real estate and jewelry as their primary assets, the joint venture seeks to benefit from the growing number of savers who are integrating financial items in their retirement plans. The partnership will “deliver our combined expertise and scale to unlock the power of investing for millions of people in India,” Fink said. Analysts anticipate that Ambani’s Jio mobile phone network, which has the largest user base in India, will provide Jio Financial Services with access to massive troves of customer data. The trading of Jio Financial Services' shares is anticipated to begin this quarter. According to chief executive of Jio Financial Services, Hitesh Sethia, the joint venure “will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products." This is the BlackRock’s second attempt to break into the Indian retail sector. This is after it pulled out of a joint venture with the DSP Group in 2018. (With inputs from Reuters) WATCH WION LIVE HERE

BlackRock joins hands with Jio Financial Services to launch digital-first asset manager

Europe's leading banks, including Deutsche Bank and Lloyds Banking Group, have raised concerns over the escalating threat of bad loans amidst the current global economic challenges marked by sluggish growth and surging inflation.

As financial regulators and investors closely monitor the banking sector's performance during this uncertain economic climate, the focus has shifted to how banks in Europe manage their loan books and identify signs of potential stress.

In the recent flurry of bank earnings reports in Europe, a few key trends emerged in the global banking landscape. Investment banks are experiencing pressure due to a deal drought, while retail banking profitability is benefiting from higher interest rates.

Lloyds Banking Group reported taking a higher charge for troubled loans, resulting in first-half profit falling short of expectations. The economic slowdown in Britain weighed heavily on the bank's finances, prompting calls for further actions from management to assist savers. The unexpected surge in potentially soured loans, amounting to $855 million, and declining loan volumes led analysts at JPMorgan to predict downgrades in Lloyds' performance for the year. As a consequence, Lloyds' shares were down three&nbsp;per cent early on Wednesday.

In contrast, higher interest rates have been a boon for UniCredit, allowing the bank to significantly exceed earnings expectations in the second quarter. Although UniCredit foresees an increase in its cost of risk, CEO Andrea Orcel asserted that it would be less severe than initially anticipated. Orcel expressed cautious optimism. "We don't expect an Armageddon increase in the cost of risk," he said, adding that expected shocks would be pushed further into the future.

While the International Monetary Fund (IMF) marginally revised its 2023 global growth estimates upward, it cautioned that persistent challenges continue to dampen the medium-term economic outlook. Inflation has moderated, and acute stress in the banking sector has subsided; however, the IMF emphasized that risks to the global economy remain tilted toward the downside, and credit remains tight.

The European Central Bank (ECB) reported a significant drop in euro zone companies' demand for loans during the last quarter, reaching the lowest level on record. The trend is expected to continue throughout the summer as banks tighten access to credit. In response to the growing concern about bad loans, Germany's financial regulator, BaFin, has urged banks to increase the provisions for such risks.

Deutsche Bank revealed that provisions for bad loans nearly doubled in the second quarter compared to the previous year, amounting to $455 million. James von Moltke, the bank's Chief Financial Officer, highlighted a "softening in some sectors," signaling potential trouble areas. The bank adjusted its guidance, expecting provisions for souring loans to be at the higher end.

Meanwhile, Santander, a major Spanish bank, reported weakness in its key market, Brazil, with net profit plunging 52 per cent year-on-year in the quarter. Rising costs attributed to inflation, negative tax impacts, and a decline in net interest income have contributed to the challenges in the Brazilian market. However, Santander's financial chief expressed optimism, suggesting that bad loans in Brazil may have already peaked.

European Union banking regulators are preparing to release stress test results later this week, evaluating banks' resilience during an extended period of high inflation and interest rates. The ECB's decision to raise euro zone borrowing costs to the highest level in 22 years has positively impacted some banks' performance. UniCredit, for instance, raised its net profit and shareholder reward targets for the year after experiencing a 25 per cent year-on-year surge in revenues. As a result, the bank's shares rose around 2 per cent on Wednesday, with Jefferies forecasting further upside potential to net interest income.

(With Inputs from Reuters)

Europe's leading banks, including Deutsche Bank and Lloyds Banking Group, have raised concerns over the escalating threat of bad loans amidst the current global economic challenges marked by sluggish growth and surging inflation.

Europe's leading banks, including Deutsche Bank and Lloyds Banking Group, have raised concerns over the escalating threat of bad loans amidst the current global economic challenges marked by sluggish growth and surging inflation. As financial regulators and investors closely monitor the banking sector's performance during this uncertain economic climate, the focus has shifted to how banks in Europe manage their loan books and identify signs of potential stress. In the recent flurry of bank earnings reports in Europe, a few key trends emerged in the global banking landscape. Investment banks are experiencing pressure due to a deal drought, while retail banking profitability is benefiting from higher interest rates. Lloyds Banking Group reported taking a higher charge for troubled loans, resulting in first-half profit falling short of expectations. The economic slowdown in Britain weighed heavily on the bank's finances, prompting calls for further actions from management to assist savers. The unexpected surge in potentially soured loans, amounting to $855 million, and declining loan volumes led analysts at JPMorgan to predict downgrades in Lloyds' performance for the year. As a consequence, Lloyds' shares were down three per cent early on Wednesday. In contrast, higher interest rates have been a boon for UniCredit, allowing the bank to significantly exceed earnings expectations in the second quarter. Although UniCredit foresees an increase in its cost of risk, CEO Andrea Orcel asserted that it would be less severe than initially anticipated. Orcel expressed cautious optimism. "We don't expect an Armageddon increase in the cost of risk," he said, adding that expected shocks would be pushed further into the future. While the International Monetary Fund (IMF) marginally revised its 2023 global growth estimates upward, it cautioned that persistent challenges continue to dampen the medium-term economic outlook. Inflation has moderated, and acute stress in the banking sector has subsided; however, the IMF emphasized that risks to the global economy remain tilted toward the downside, and credit remains tight. The European Central Bank (ECB) reported a significant drop in euro zone companies' demand for loans during the last quarter, reaching the lowest level on record. The trend is expected to continue throughout the summer as banks tighten access to credit. In response to the growing concern about bad loans, Germany's financial regulator, BaFin, has urged banks to increase the provisions for such risks. Deutsche Bank revealed that provisions for bad loans nearly doubled in the second quarter compared to the previous year, amounting to $455 million. James von Moltke, the bank's Chief Financial Officer, highlighted a "softening in some sectors," signaling potential trouble areas. The bank adjusted its guidance, expecting provisions for souring loans to be at the higher end. Meanwhile, Santander, a major Spanish bank, reported weakness in its key market, Brazil, with net profit plunging 52 per cent year-on-year in the quarter. Rising costs attributed to inflation, negative tax impacts, and a decline in net interest income have contributed to the challenges in the Brazilian market. However, Santander's financial chief expressed optimism, suggesting that bad loans in Brazil may have already peaked. European Union banking regulators are preparing to release stress test results later this week, evaluating banks' resilience during an extended period of high inflation and interest rates. The ECB's decision to raise euro zone borrowing costs to the highest level in 22 years has positively impacted some banks' performance. UniCredit, for instance, raised its net profit and shareholder reward targets for the year after experiencing a 25 per cent year-on-year surge in revenues. As a result, the bank's shares rose around 2 per cent on Wednesday, with Jefferies forecasting further upside potential to net interest income. (With Inputs from Reuters)

Bad loans: Europe's banking sector's new arch-nemesis?

The field of Information Technology is rapidly evolving, however, there's been an urgent need for laws and regulations to keep pace with advancements in the digital space soon. The Indian Government plans to bring in new and updated legislations in the field of IT and digital.

Indian Min Rajeev Chandrashekhar speaks to WION, says 'Digital India Act addresses new challenges'

Tata Motors, India’s largest automaker by revenue, has surpassed all expectations, delivering a stellar performance in the last quarter. Fueled by strong demand for their luxury Jaguar Land Rover (JLR) cars and a notable improvement in supply chain issues, the company is racing ahead with confidence.

Tata motors records $391.3 million profit in Q2

Just ahead of a possible interest rate hike by the US fed, the world's largest economy has seen a two-year-high in consumer confidence. As per the conference board, a business research group, consumer confidence index rose to 117 in July from 110.1 in June. This was the highest since July 2021.

Consumer confidence at its highest since July 2021

Spotify disrupted the music streaming scene with its large music collection, attractive pricing plans and new offerings such as podcasts. But is it ready to welcome a new competitor in the form of TikTok music?

TikTok launches music streaming & discovery platform

Alphabet, the parent company of Google, has experienced&nbsp;a remarkable surge in profits&nbsp;in its second quarter (April to June),&nbsp;The company reported a net profit of $1.44 per share in the second quarter, which ended on June 30.&nbsp;

The rise in profits can be attributed to consistent demand for Alphabet's cloud services and a notable rebound in advertising revenue. Consequently, the company's stock rose by an impressive 8 per cent in after-hours trade on Tuesday.&nbsp;

The tech giant's revenue for the second quarter stood at $74.6 billion, easily beating estimates of $72.82 billion, as reported by Reuters.&nbsp;

In response to the company's strong performance, Alphabet announced that its long-time CFO, Ruth Porat, would be taking on a new role while they search for a new finance chief. 
&nbsp; 
During an earnings call, Google's Chief Business Officer Philipp Schindler revealed that a substantial 80 per cent of advertisers now utilize at least one AI-driven search product. The company has ambitious plans to integrate generative AI technology into other products, including Gmail, Google Photos, and its Android mobile operating system. Generative AI has the capability to create text, images, and videos that closely resemble human-produced content. 
&nbsp; 
Reuters quoted Thomas Monteiro, a senior analyst at Investing.com, as saying that Google's earnings per share surpassed expectations at a critical juncture when investors were uncertain about its ability to compete with other tech giants amidst the AI revolution. The substantial margin by which Google exceeded projections strongly indicates that the company is now entering a new phase of growth.

Google Cloud revenue surges, advertiser spending boosts earnings

Google Cloud, one of the major cloud service providers, reported an impressive 28 per cent increase in revenue, reaching $8.1 billion. This exceeded expectations of $7.75 billion and maintained a similar growth rate to that of the first quarter. In comparison, advertisers, who account for a large portion of Alphabet's earnings, have reduced their expenditure on unproven platforms, benefiting both Google and Facebook's Meta Platforms. 
&nbsp; 
The shift in advertiser spending patterns has also played a significant role in Alphabet's success. Advertisers, who contribute substantially to Alphabet's earnings, have redirected their investments away from unproven platforms, benefiting both Google and Meta Platforms, the owner of Facebook. This change in spending behavior has further bolstered Alphabet's impressive earnings performance. 
&nbsp; 
Alphabet's second-quarter financial results are expected to provide reassurance to investors who were concerned about a potential slowdown in advertising following the rapid growth of web services during the pandemic as customers returned to offline purchasing.

Microsoft's stock declines amid cloud service slowdown

Meanwhile, Microsoft witnessed its stock decline on Tuesday by four per cent as the firm revealed a slowing in the growth of certain sections of its business, despite the company's multiple AI efforts, including collaborations with OpenAI and Meta.

While the tech giant surpassed Wall Street expectations with $56.2 billion in revenue, exceeding the projected $55.5 billion, its latest earnings report revealed lackluster revenue growth for its cloud service, Azure. In the fourth quarter of the year, Azure revenue increased by only 26 per cent, a slight decrease compared to the 27 per cent growth in the previous quarter. 
&nbsp; 
Earlier this year, Microsoft expanded its collaboration with OpenAI, with the ChatGPT developer providing AI capabilities for Microsoft Azure and other AI technologies. This strategic alliance is believed to position the company to potentially surpass its competitor, Google, which also announced its quarterly profits on Thursday.

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Alphabet, the parent company of Google, has experienced a remarkable surge in profits in its second quarter (April to June), The company reported a net profit of $1.

Alphabet, the parent company of Google, has experienced a remarkable surge in profits in its second quarter (April to June), The company reported a net profit of $1.44 per share in the second quarter, which ended on June 30. The rise in profits can be attributed to consistent demand for Alphabet's cloud services and a notable rebound in advertising revenue. Consequently, the company's stock rose by an impressive 8 per cent in after-hours trade on Tuesday. The tech giant's revenue for the second quarter stood at $74.6 billion, easily beating estimates of $72.82 billion, as reported by Reuters. In response to the company's strong performance, Alphabet announced that its long-time CFO, Ruth Porat, would be taking on a new role while they search for a new finance chief. During an earnings call, Google's Chief Business Officer Philipp Schindler revealed that a substantial 80 per cent of advertisers now utilize at least one AI-driven search product. The company has ambitious plans to integrate generative AI technology into other products, including Gmail, Google Photos, and its Android mobile operating system. Generative AI has the capability to create text, images, and videos that closely resemble human-produced content. Reuters quoted Thomas Monteiro, a senior analyst at Investing.com, as saying that Google's earnings per share surpassed expectations at a critical juncture when investors were uncertain about its ability to compete with other tech giants amidst the AI revolution. The substantial margin by which Google exceeded projections strongly indicates that the company is now entering a new phase of growth. Google Cloud revenue surges, advertiser spending boosts earnings Google Cloud, one of the major cloud service providers, reported an impressive 28 per cent increase in revenue, reaching $8.1 billion. This exceeded expectations of $7.75 billion and maintained a similar growth rate to that of the first quarter. In comparison, advertisers, who account for a large portion of Alphabet's earnings, have reduced their expenditure on unproven platforms, benefiting both Google and Facebook's Meta Platforms. The shift in advertiser spending patterns has also played a significant role in Alphabet's success. Advertisers, who contribute substantially to Alphabet's earnings, have redirected their investments away from unproven platforms, benefiting both Google and Meta Platforms, the owner of Facebook. This change in spending behavior has further bolstered Alphabet's impressive earnings performance. Alphabet's second-quarter financial results are expected to provide reassurance to investors who were concerned about a potential slowdown in advertising following the rapid growth of web services during the pandemic as customers returned to offline purchasing. Microsoft's stock declines amid cloud service slowdown Meanwhile, Microsoft witnessed its stock decline on Tuesday by four per cent as the firm revealed a slowing in the growth of certain sections of its business, despite the company's multiple AI efforts, including collaborations with OpenAI and Meta. While the tech giant surpassed Wall Street expectations with $56.2 billion in revenue, exceeding the projected $55.5 billion, its latest earnings report revealed lackluster revenue growth for its cloud service, Azure. In the fourth quarter of the year, Azure revenue increased by only 26 per cent, a slight decrease compared to the 27 per cent growth in the previous quarter. Earlier this year, Microsoft expanded its collaboration with OpenAI, with the ChatGPT developer providing AI capabilities for Microsoft Azure and other AI technologies. This strategic alliance is believed to position the company to potentially surpass its competitor, Google, which also announced its quarterly profits on Thursday. WATCH WION LIVE HERE

Alphabet's Q2 earnings exceed expectations, Microsoft stocks dip

Pan Gongsheng is the man of the moment in China. He has been appointed as the governor of the country's central bank. This is a huge responsibility for pan, as the world's second-largest economy struggles to grow. 60-year-old Pan replaces Yi Gang, who has reached the retirement age of 65. His appointment signals that Beijing is prioritizing policy continuity. This is at a time when economic recovery is losing momentum and officials are grappling with various ways to boost confidence.

China appoints a new central bank governor

In an overwhelmingly bipartisan move, the Senate has backed a game-changing legislation that aims to keep a tight leash on US investments in Chinese technologies, from cutting-edge semiconductors to Artificial Intelligence wonders. With a 91 to 6 vote, lawmakers are taking decisive action to secure America's critical technologies.

US senate's new rules for China deals | World Business Watch

The International Monetary Fund has raised its 2023 global growth estimates slightly. This is after the world recorded resilient economic activity in the first quarter. However, it warned that persistent challenges were dampening the medium-term outlook. The world economy is now projected to grow at 3.0% in 2023. That's up 0.2 percentage point from its April forecast. Its outlook for 2024 remained unchanged, which was also at 3.0%.

IMF provides a glimmer of hope | World DNA

Alphabet the parent company of Google has defied expectations with its second-quarter earnings the company's profits have increased driven by steady demand for its cloud services in a remarkable rebound in the advertising sector. Meanwhile, Microsoft witnessed stock declines after Azure's Cloud Revenue growth hit a bump.

Alphabet's tech earnings report card

TikTok in the United States has not been in the state's good books for privacy concerns but it is now taking a step ahead to sell China-made goods in the United States by launching an e-commerce platform in the country. Reportedly the platform will be launched in early August. The idea is to give TikTok an edge over other competitors.

TikTok to launch an e-commerce platform

Gabon became the African nation to launch a debt-for-nature swap, on Tuesday (July 25) and plans to buy up at least $450 million of its government debt in exchange for an eco-friendly blue bond, reported Reuters.&nbsp;

The debt-for-nature swaps have recently gained some popularity among conservation finance, particularly after Ecuador struck the biggest deal of its kind and refinanced $1.6 billion of its commercial debt.&nbsp;

<h2>What are ‘debt-for-nature swaps’?</h2>

Debt-for-nature swap is when creditors provide debt relief for developing countries who commit to taking steps towards the conservation of the environment, like decarbonizing the economy, investing in climate-resilient infrastructure, or protecting biodiverse forests or reefs, according to the International Monetary Fund (IMF).&nbsp;

These so-called swaps can be useful for countries that are most vulnerable to climate change and often unable to afford investment to strengthen climate change-related resilience. Typically, a country’s debt, bought up by banks or specialist investors is replaced with cheaper ones with the help of a multilateral development bank “credit guarantee” or “risk insurance”.&nbsp;

Therefore, these debt-for-nature swaps free up fiscal resources for governments to improve resilience without triggering a fiscal crisis or sacrificing spending on other development priorities, said the IMF.&nbsp;

The supporters of this concept, which was first ideated by the late “godfather of biodiversity,” Thomas Lovejoy,&nbsp;in the 1980s, call it a win-win for financiers, countries and conservationists, as per media reports.

<h2>About Gabon’s deal</h2>

The central African nation’s beaches and coastal waters are home to nearly a third of the global population and the world’s largest population of leatherback turtles, an endangered species.&nbsp;

Citing a regulatory filing, Reuters reported that Gabon on the London Stock Exchange had “launched invitations to tender for purchase by the Republic for cash its 2025 Notes and 2031 Notes”.&nbsp;

The filing has since prompted the three Eurobonds, that it referred, to rise as much as 2.2 cents on the dollar, reported the news agency. Furthermore, the February 2031 maturity rose 2.203 cents to 83.702 cents and the November 2031 maturity jumped 2.129 cents to 83.573 cents.&nbsp;

The Gabonese government offered to buy back the bonds for 85 cents per $1 of the bond. Meanwhile, the 2025 maturity, which rose 1.194 cents to 95.4 cents, is also lower than the offer price of 96.75 cents.

A report by Reuters citing industry sources also said that the United States International Development Finance Corporation (DFC) would provide political risk insurance as it has for Ecuador and Belize.

Earlier this year, Ecuador sealed the world’s largest debt-for-nature swap on record amounting to $1.6 billion which has freed up as much as $18 million every year for the next two decades. The amount currently serves as a consistent revenue stream for the conservation of the Galapagos Islands, one of the world’s most precious ecosystems. 
 
(With inputs from agencies)&nbsp; 
 
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Gabon became the African nation to launch a debt-for-nature swap, on Tuesday (July 25) and plans to buy up at least $450 million of its government debt in exchange for an eco-friendly blue bond, reported Reuters.

Gabon became the African nation to launch a debt-for-nature swap, on Tuesday (July 25) and plans to buy up at least $450 million of its government debt in exchange for an eco-friendly blue bond, reported Reuters. The debt-for-nature swaps have recently gained some popularity among conservation finance, particularly after Ecuador struck the biggest deal of its kind and refinanced $1.6 billion of its commercial debt. What are ‘debt-for-nature swaps’? Debt-for-nature swap is when creditors provide debt relief for developing countries who commit to taking steps towards the conservation of the environment, like decarbonizing the economy, investing in climate-resilient infrastructure, or protecting biodiverse forests or reefs, according to the International Monetary Fund (IMF). These so-called swaps can be useful for countries that are most vulnerable to climate change and often unable to afford investment to strengthen climate change-related resilience. Typically, a country’s debt, bought up by banks or specialist investors is replaced with cheaper ones with the help of a multilateral development bank “credit guarantee” or “risk insurance”. Therefore, these debt-for-nature swaps free up fiscal resources for governments to improve resilience without triggering a fiscal crisis or sacrificing spending on other development priorities, said the IMF. The supporters of this concept, which was first ideated by the late “godfather of biodiversity,” Thomas Lovejoy, in the 1980s, call it a win-win for financiers, countries and conservationists, as per media reports. About Gabon’s deal The central African nation’s beaches and coastal waters are home to nearly a third of the global population and the world’s largest population of leatherback turtles, an endangered species. Citing a regulatory filing, Reuters reported that Gabon on the London Stock Exchange had “launched invitations to tender for purchase by the Republic for cash its 2025 Notes and 2031 Notes”. The filing has since prompted the three Eurobonds, that it referred, to rise as much as 2.2 cents on the dollar, reported the news agency. Furthermore, the February 2031 maturity rose 2.203 cents to 83.702 cents and the November 2031 maturity jumped 2.129 cents to 83.573 cents. The Gabonese government offered to buy back the bonds for 85 cents per $1 of the bond. Meanwhile, the 2025 maturity, which rose 1.194 cents to 95.4 cents, is also lower than the offer price of 96.75 cents. A report by Reuters citing industry sources also said that the United States International Development Finance Corporation (DFC) would provide political risk insurance as it has for Ecuador and Belize. Earlier this year, Ecuador sealed the world’s largest debt-for-nature swap on record amounting to $1.6 billion which has freed up as much as $18 million every year for the next two decades. The amount currently serves as a consistent revenue stream for the conservation of the Galapagos Islands, one of the world’s most precious ecosystems. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Gabon releases tender for Africa’s first 'debt-for-nature swap': What is it?

The popular short form video hosting app TikTok is planning to launch an e-commerce portal in early August to sell Chinese-made items in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan.&nbsp;

As per the Wall Street Journal's report, the app seeks to replicate the success of Chinese shopping platforms Shein and Temu by managing the storage and shipping of items on behalf of Chinese manufacturers and merchants.

Temu, a Chinese-owned store situated in Boston, has experienced remarkable success this year, thanks to a hit Super Bowl ad and increased exposure on TikTok. The store attributes its ability to offer competitive pricing to the elimination of middlemen, allowing Chinese sellers to directly serve American customers and ship products from China. Meanwhile, Shein, originally founded in China, has achieved worldwide popularity, projecting sales of $100 billion by 2022.

However, their success has not been without controversy, as the both of company has faced criticism for producing poor-quality clothes and maintaining unsafe working conditions.

Furthermore, the reported move comes at a time when TikTok is under increased investigation from US regulators, primarily due to data security apprehensions. As discussions surrounding a bill granting the Biden administration the authority to block applications posing security risks continue, TikTok is making efforts to evade a potential ban in the country.

Moreover, the Biden administration in March demanded that TikTok's Chinese owners divest their shares or face the risk of a US ban. It is noteworthy that previous attempts to ban TikTok by former President Donald Trump in 2020 were thwarted by US courts. Nevertheless, with over 150 million users in the US, TikTok remains at the center of ongoing regulatory deliberations.

TikTok, amid the ongoing tensions, is making efforts to broaden its services. The latest move is enabling users to create text-only posts, entering territory that Twitter has witnessed upheaval in, particularly after Elon Musk's purchase last year.

Revealed on Monday, TikTok's new feature will grant users the option to choose from a variety of backdrops for their text posts. These text postings may include hashtags and provide users with the ability to tag other users. With this expansion, TikTok seeks to capitalize on the shifting social media landscape and offer its users a new and engaging way to interact.

The popular short form video hosting app TikTok is planning to launch an e-commerce portal in early August to sell Chinese-made items in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan.

The popular short form video hosting app TikTok is planning to launch an e-commerce portal in early August to sell Chinese-made items in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. As per the Wall Street Journal's report, the app seeks to replicate the success of Chinese shopping platforms Shein and Temu by managing the storage and shipping of items on behalf of Chinese manufacturers and merchants. Temu, a Chinese-owned store situated in Boston, has experienced remarkable success this year, thanks to a hit Super Bowl ad and increased exposure on TikTok. The store attributes its ability to offer competitive pricing to the elimination of middlemen, allowing Chinese sellers to directly serve American customers and ship products from China. Meanwhile, Shein, originally founded in China, has achieved worldwide popularity, projecting sales of $100 billion by 2022. However, their success has not been without controversy, as the both of company has faced criticism for producing poor-quality clothes and maintaining unsafe working conditions. Furthermore, the reported move comes at a time when TikTok is under increased investigation from US regulators, primarily due to data security apprehensions. As discussions surrounding a bill granting the Biden administration the authority to block applications posing security risks continue, TikTok is making efforts to evade a potential ban in the country. Moreover, the Biden administration in March demanded that TikTok's Chinese owners divest their shares or face the risk of a US ban. It is noteworthy that previous attempts to ban TikTok by former President Donald Trump in 2020 were thwarted by US courts. Nevertheless, with over 150 million users in the US, TikTok remains at the center of ongoing regulatory deliberations. TikTok, amid the ongoing tensions, is making efforts to broaden its services. The latest move is enabling users to create text-only posts, entering territory that Twitter has witnessed upheaval in, particularly after Elon Musk's purchase last year. Revealed on Monday, TikTok's new feature will grant users the option to choose from a variety of backdrops for their text posts. These text postings may include hashtags and provide users with the ability to tag other users. With this expansion, TikTok seeks to capitalize on the shifting social media landscape and offer its users a new and engaging way to interact.

TikTok to launch e-commerce platform in US to sell Chinese goods

US Federal Trade Commission is getting ready to file a lawsuit against Amazon which might lead to breaking up parts of the company will. The lawsuit is expected to be filed in August and will challenge various practices of Amazon's business. Some possible issues include problems with Amazon Prime rules that prevent lower prices on other websites and policies that force sellers to use Amazon Services. The lawsuit is likely to focus on Amazon's digital advertising business and Prime as well.

Allegations of steering sellers to use Amazon's Services

Travellers in Hong Kong's airport voiced support for <a href="https://www.wionews.com/world/hong-kong-leader-says-rule-of-law-being-damaged-citys-recovery-will-take-long-time-242574">pro-democracy demonstrators</a> on Tuesday, despite an overnight occupation of the international transit hub that saw tens of thousands of passengers stranded.

The airport, one of the busiest in the world, reopened on Tuesday morning but <a href="https://www.wionews.com/world/hong-kong-protest-us-urges-all-sides-to-refrain-from-violence-flight-operations-resume-after-unprecedented-closure-242560">hundreds of flights remained cancelled </a>and several hundred protesters returned for a fresh rally on Tuesday afternoon.

Monday's abrupt closure came 10 weeks into a crisis that has seen millions of people take to Hong Kong's streets in the biggest challenge to Chinese rule of the semi-autonomous city since its 1997 handover from Britain.

"It may affect me, but I still know what they are doing and I support them so it doesn't matter, said 27-year-old advertising worker Mag Mak, whose flight back home to Hong Kong from Dubai was delayed by five hours.

"I think the government is so rubbish and they don't have any response to the protesters," she added.

Frank Filser, 53, was struggling to reschedule a flight back to Germany to visit his father who has terminal cancer.

But he said he sympathised with the protesters despite the disruption.

"They fight for Hong Kong and that's their view," he said.

"Anytime I can go back to Germany, but what about the people who grew up here? This is their home."

Real estate worker Tibor, a long-term foreign resident of Hong Kong, was waiting at the terminal for a rescheduled flight after his journey on Monday was cancelled.&nbsp;

He said he understood the protests because "it's really frustrating to live in a society where your government is not really having a dialogue with their own people".

A wide cross-section of Hong Kong has taken to the streets in recent weeks to show their support for the pro-democracy movement and condemn the police response to protests, including rallies of elderly residents and civil servants.

But the movement has divided parts of the city, with small demonstrations in support of police and the government, and scuffles breaking out between pro-Beijing residents and protesters in some neighbourhoods.

Some passengers at the airport took a less forgiving view of the occupation.

The nationalistic Chinese tabloid the Global Times tweeted footage of one irate Australian passenger who confronted young demonstrators and told them to "go get a job".&nbsp;

Others told AFP they were angry at having their travel plans frustrated.

"I don't mind what they [the protesters] do but they made us five hours delayed," said 50-year-old Wing Au-Yeung, who had stopped off in the city to collect his aged mother before travelling to South Korea with his family.&nbsp;

"They can do what they want but it should not affect other people."

Travellers in Hong Kong's airport voiced support for pro-democracy demonstrators on Tuesday, despite an overnight occupation of the international transit hub that saw tens of thousands of passengers stranded.

Travellers in Hong Kong's airport voiced support for pro-democracy demonstrators on Tuesday, despite an overnight occupation of the international transit hub that saw tens of thousands of passengers stranded. The airport, one of the busiest in the world, reopened on Tuesday morning but hundreds of flights remained cancelled and several hundred protesters returned for a fresh rally on Tuesday afternoon. Monday's abrupt closure came 10 weeks into a crisis that has seen millions of people take to Hong Kong's streets in the biggest challenge to Chinese rule of the semi-autonomous city since its 1997 handover from Britain. "It may affect me, but I still know what they are doing and I support them so it doesn't matter, said 27-year-old advertising worker Mag Mak, whose flight back home to Hong Kong from Dubai was delayed by five hours. "I think the government is so rubbish and they don't have any response to the protesters," she added. Frank Filser, 53, was struggling to reschedule a flight back to Germany to visit his father who has terminal cancer. But he said he sympathised with the protesters despite the disruption. "They fight for Hong Kong and that's their view," he said. "Anytime I can go back to Germany, but what about the people who grew up here? This is their home." Real estate worker Tibor, a long-term foreign resident of Hong Kong, was waiting at the terminal for a rescheduled flight after his journey on Monday was cancelled. He said he understood the protests because "it's really frustrating to live in a society where your government is not really having a dialogue with their own people". A wide cross-section of Hong Kong has taken to the streets in recent weeks to show their support for the pro-democracy movement and condemn the police response to protests, including rallies of elderly residents and civil servants. But the movement has divided parts of the city, with small demonstrations in support of police and the government, and scuffles breaking out between pro-Beijing residents and protesters in some neighbourhoods. Some passengers at the airport took a less forgiving view of the occupation. The nationalistic Chinese tabloid the Global Times tweeted footage of one irate Australian passenger who confronted young demonstrators and told them to "go get a job". Others told AFP they were angry at having their travel plans frustrated. "I don't mind what they [the protesters] do but they made us five hours delayed," said 50-year-old Wing Au-Yeung, who had stopped off in the city to collect his aged mother before travelling to South Korea with his family. "They can do what they want but it should not affect other people."

Australian court orders Meta to pay $14 million for privacy breach

A recent survey&nbsp;conducted by the CFA Institute, a renowned worldwide association for bankers, investors, and finance chiefs, has shed light on the sentiment surrounding central bank digital currencies (CBDCs). The survey, which garnered responses from over 4,150 participants, highlighted that only 42 per cent of them believed CBDCs should be launched. It also indicated a lack of understanding about CBDCs and revealed concerns about their potential benefits and risks, particularly in developed economies. The results demonstrated a significant divide between respondents from developed and emerging markets, with China and India showing higher levels of support. Age was also found to be a factor influencing attitudes towards CBDCs.

Limited Support and Understanding

The survey's most striking finding was the limited support for the launch of CBDCs, with only 42 per cent of respondents favoring their introduction. Moreover, the study showed that even among a financially literate cohort like the CFA Institute members, there was a lack of understanding about what CBDCs actually entail, according to Olivier Fines, an official from the institute.

Global Divide and Concerns

The survey revealed a general feeling of skepticism about the potential benefits of CBDCs, especially in developed economies where existing online and mobile payment systems are already efficient. Developed markets exhibited less support, with only 37 per cent in favor of CBDCs compared to 61 per cent in emerging markets. In the United States, just 31 per cent of respondents supported the idea of a digital dollar, while support rates were slightly higher in Canada (38 per cent), the European Union (45 per cent), and the United Kingdom (46 per cent).

In contrast, China, currently running the world's largest CBDC pilot project, demonstrated stronger support, with 70 per cent of respondents favouring CBDCs. India, which plans to launch an e-rupee the following year, also showed considerable support, with 66 per cent of respondents backing the initiative. This divergence in sentiment between developed and developing economies could be attributed to a perceived need for CBDCs to address specific gaps in the latter.

Central Bank Skepticism

Even central banks, including the Bank of England, led by Andrew Bailey, expressed doubts about CBDCs, referring to them as a 'solution looking for a problem.' The survey revealed that nearly half of UK respondents opposing CBDCs believed that introducing these digital currencies would not address any pressing needs.

Major Concerns

Among the global respondents, the most significant concern regarding CBDCs was the risk of cyberhacking, with 69 per cent of participants expressing worries about potential security breaches. Data privacy was also a major concern for 64 per cent of respondents in developed markets and 57 per cent in developing economies.

Age-Related Trends

The survey identified a correlation between age and attitudes towards CBDCs. Participants under the age of 30 were more receptive to CBDCs, with less than a quarter opposing their introduction. In contrast, 37 per cent of respondents aged over 55 expressed opposition to CBDCs. This trend indicates that younger individuals, akin to crypto asset enthusiasts, are more open to adopting CBDCs. However, the question remains whether this perception will evolve with age.

Unresolved Questions

Despite ongoing discussions and growing interest in CBDCs, the survey results indicated that the main question remains: What distinct advantages will CBDCs offer in comparison to existing payment systems? Reuters cited Olivier Fines of the CFA Institute, who emphasised that the argument surrounding the necessity of CBDCs has not yet been conclusively settled.

(With inputs from Reuters)

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A recent survey conducted by the CFA Institute, a renowned worldwide association for bankers, investors, and finance chiefs, has shed light on the sentiment surrounding central bank digital currencies (CBDCs).

A recent survey conducted by the CFA Institute, a renowned worldwide association for bankers, investors, and finance chiefs, has shed light on the sentiment surrounding central bank digital currencies (CBDCs). The survey, which garnered responses from over 4,150 participants, highlighted that only 42 per cent of them believed CBDCs should be launched. It also indicated a lack of understanding about CBDCs and revealed concerns about their potential benefits and risks, particularly in developed economies. The results demonstrated a significant divide between respondents from developed and emerging markets, with China and India showing higher levels of support. Age was also found to be a factor influencing attitudes towards CBDCs. Limited Support and Understanding The survey's most striking finding was the limited support for the launch of CBDCs, with only 42 per cent of respondents favoring their introduction. Moreover, the study showed that even among a financially literate cohort like the CFA Institute members, there was a lack of understanding about what CBDCs actually entail, according to Olivier Fines, an official from the institute. Global Divide and Concerns The survey revealed a general feeling of skepticism about the potential benefits of CBDCs, especially in developed economies where existing online and mobile payment systems are already efficient. Developed markets exhibited less support, with only 37 per cent in favor of CBDCs compared to 61 per cent in emerging markets. In the United States, just 31 per cent of respondents supported the idea of a digital dollar, while support rates were slightly higher in Canada (38 per cent), the European Union (45 per cent), and the United Kingdom (46 per cent). In contrast, China, currently running the world's largest CBDC pilot project, demonstrated stronger support, with 70 per cent of respondents favouring CBDCs. India, which plans to launch an e-rupee the following year, also showed considerable support, with 66 per cent of respondents backing the initiative. This divergence in sentiment between developed and developing economies could be attributed to a perceived need for CBDCs to address specific gaps in the latter. Central Bank Skepticism Even central banks, including the Bank of England, led by Andrew Bailey, expressed doubts about CBDCs, referring to them as a 'solution looking for a problem.' The survey revealed that nearly half of UK respondents opposing CBDCs believed that introducing these digital currencies would not address any pressing needs. Major Concerns Among the global respondents, the most significant concern regarding CBDCs was the risk of cyberhacking, with 69 per cent of participants expressing worries about potential security breaches. Data privacy was also a major concern for 64 per cent of respondents in developed markets and 57 per cent in developing economies. Age-Related Trends The survey identified a correlation between age and attitudes towards CBDCs. Participants under the age of 30 were more receptive to CBDCs, with less than a quarter opposing their introduction. In contrast, 37 per cent of respondents aged over 55 expressed opposition to CBDCs. This trend indicates that younger individuals, akin to crypto asset enthusiasts, are more open to adopting CBDCs. However, the question remains whether this perception will evolve with age. Unresolved Questions Despite ongoing discussions and growing interest in CBDCs, the survey results indicated that the main question remains: What distinct advantages will CBDCs offer in comparison to existing payment systems? Reuters cited Olivier Fines of the CFA Institute, who emphasised that the argument surrounding the necessity of CBDCs has not yet been conclusively settled. (With inputs from Reuters) WATCH WION LIVE HERE

Global survey reveals limited support for Central Bank Digital Currencies

Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being&nbsp;highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants.

Data from the Pakistan Bureau of Emigration, shows&nbsp;that over half of the immigrants originated from Pakistan's Punjab region, with approximately 27,000 people coming from Pakistan-occupied Kashmir (POK).

The unprecedented departure of such a large number of people, especially skilled professionals, poses significant challenges for Pakistan's economy and workforce.

Pakistanis migrating to foreign nations has surged in recent years. In 2022, the figure reached three times that of 2021, with a staggering 225,000&nbsp;individuals leaving the country. Even in 2020, amidst the pandemic and global travel restrictions, 280,000&nbsp;Pakistanis chose to&nbsp;emigrate.

As per an Express Tribune article, West Asian nations, particularly Saudi Arabia and the United Arab Emirates (UAE), have attracted the bulk of Pakistani immigrants. Interestingly, among European locations, Romania has emerged as a popular choice.

One significant factor that has been encouraging migration&nbsp;is Pakistan's dual citizenship policy. Emigrants who choose to settle abroad can retain their Pakistani passport and use it for travel, offering convenience and flexibility.

As Pakistan's economy faces challenges and its political landscape remains uncertain, the outflow of a significant number of its citizens, including highly skilled professionals, raises concerns about the potential impact on critical sectors and the nation's development.

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Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants.

Pakistan is currently facing a worrying trend of mass emigration. A record-breaking 800,000 Pakistanis left the country in the first half of 2023, with at least 100,000 of them being highly skilled professionals, including doctors, nurses, engineers, IT experts, and accountants. Data from the Pakistan Bureau of Emigration, shows that over half of the immigrants originated from Pakistan's Punjab region, with approximately 27,000 people coming from Pakistan-occupied Kashmir (POK). The unprecedented departure of such a large number of people, especially skilled professionals, poses significant challenges for Pakistan's economy and workforce. Pakistanis migrating to foreign nations has surged in recent years. In 2022, the figure reached three times that of 2021, with a staggering 225,000 individuals leaving the country. Even in 2020, amidst the pandemic and global travel restrictions, 280,000 Pakistanis chose to emigrate. As per an Express Tribune article, West Asian nations, particularly Saudi Arabia and the United Arab Emirates (UAE), have attracted the bulk of Pakistani immigrants. Interestingly, among European locations, Romania has emerged as a popular choice. One significant factor that has been encouraging migration is Pakistan's dual citizenship policy. Emigrants who choose to settle abroad can retain their Pakistani passport and use it for travel, offering convenience and flexibility. As Pakistan's economy faces challenges and its political landscape remains uncertain, the outflow of a significant number of its citizens, including highly skilled professionals, raises concerns about the potential impact on critical sectors and the nation's development. WATCH WION LIVE HERE

Pakistan's economy suffers as brain drain reaches record levels in 2023

The founder of OpenAI, Sam Altman, has embarked on an innovative new project known as Worldcoin, which introduces a unique approach to token distribution by scanning human beings. The project aims to provide individuals with a distinctive 'World ID,' achieved through the scanning of a human eyeball using Worldcoin's revolutionary device called the 'orb, a silver ball roughly the size of a bowling ball.

During its beta period, Worldcoin attracted an impressive two&nbsp;million users. With its official launch on Monday, the project is now scaling up its 'orbing' operations to cover 35 cities across 20 countries. Interested users can acquire tokens by simply downloading the company's app and gaining access to the orb at a later stage.

Moreover, in certain countries, new sign-ups will also be rewarded with Worldcoin's own cryptocurrency token called 'WLD.' The integration of cryptocurrency into the World ID concept is a crucial aspect, as cryptocurrency blockchains will serve as a secure and private means of storing World IDs, immune to control or shutdown by any single entity.

In early Monday trade, the price of WLD, the cryptocurrency token of Worldcoin, saw a significant surge. As per Binance's website, it peaked at $5.29 on the world's largest exchange and was trading at $2.49 at 1000 GMT after hitting a low of $0.15. The total trade volume reached an impressive $25.1 million.

Reuters quoted Sam Altman, the founder of OpenAI and the driving force behind Worldcoin, as saying that a world with Universal Basic Income (UBI) might be "very far in the future," and he was uncertain about which organization could be responsible for distributing such funds. However, Altman believed&nbsp;that Worldcoin serves as a crucial foundation for exploring and making this vision of UBI a reality. He emphasised the need to experiment with new ideas to pave the way for transformative changes.

Furthermore, Altman is an advocate for Universal Basic Income, a social welfare program that offers regular payments to every individual. With the rise of AI and automation taking over more tasks previously performed by people, Altman argued&nbsp;that UBI could play a vital role in reducing income inequality.

Worldcoin's unique approach introduces the use of World IDs, which limit their usage to verified individuals, thereby enabling the potential to combat fraud while implementing UBI. The project believes that in the era of generative AI, which produces remarkably human-like language, World IDs will be indispensable in distinguishing between real individuals and AI bots.

(Inputs from Reuters)

&nbsp;

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The founder of OpenAI, Sam Altman, has embarked on an innovative new project known as Worldcoin, which introduces a unique approach to token distribution by scanning human beings.

The founder of OpenAI, Sam Altman, has embarked on an innovative new project known as Worldcoin, which introduces a unique approach to token distribution by scanning human beings. The project aims to provide individuals with a distinctive 'World ID,' achieved through the scanning of a human eyeball using Worldcoin's revolutionary device called the 'orb, a silver ball roughly the size of a bowling ball. During its beta period, Worldcoin attracted an impressive two million users. With its official launch on Monday, the project is now scaling up its 'orbing' operations to cover 35 cities across 20 countries. Interested users can acquire tokens by simply downloading the company's app and gaining access to the orb at a later stage. Moreover, in certain countries, new sign-ups will also be rewarded with Worldcoin's own cryptocurrency token called 'WLD.' The integration of cryptocurrency into the World ID concept is a crucial aspect, as cryptocurrency blockchains will serve as a secure and private means of storing World IDs, immune to control or shutdown by any single entity. In early Monday trade, the price of WLD, the cryptocurrency token of Worldcoin, saw a significant surge. As per Binance's website, it peaked at $5.29 on the world's largest exchange and was trading at $2.49 at 1000 GMT after hitting a low of $0.15. The total trade volume reached an impressive $25.1 million. Reuters quoted Sam Altman, the founder of OpenAI and the driving force behind Worldcoin, as saying that a world with Universal Basic Income (UBI) might be "very far in the future," and he was uncertain about which organization could be responsible for distributing such funds. However, Altman believed that Worldcoin serves as a crucial foundation for exploring and making this vision of UBI a reality. He emphasised the need to experiment with new ideas to pave the way for transformative changes. Furthermore, Altman is an advocate for Universal Basic Income, a social welfare program that offers regular payments to every individual. With the rise of AI and automation taking over more tasks previously performed by people, Altman argued that UBI could play a vital role in reducing income inequality. Worldcoin's unique approach introduces the use of World IDs, which limit their usage to verified individuals, thereby enabling the potential to combat fraud while implementing UBI. The project believes that in the era of generative AI, which produces remarkably human-like language, World IDs will be indispensable in distinguishing between real individuals and AI bots. (Inputs from Reuters) WATCH WION LIVE HERE

Sam Altman of OpenAI launches Worldcoin crypto project

In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers. The decision cited by Reuters, aimed at reducing public confusion and enhancing overall safety measures for both taxpayers and IRS employees, marks a major step in the ongoing efforts to reform IRS operations.

The policy change comes on the heels of the passage of the Inflation Reduction Act and the establishment of a new IRS strategic operating plan in April, signaling a broader overhaul of the agency's practices. IRS Commissioner Danny Werfel, who made the announcement, emphasised that the alteration would foster increased confidence in the tax administration process, describing it as a 'common-sense step.'

IRS rings the doorbell of change

Under the previous procedure, revenue officers would visit homes and businesses without prior notice to recover significant tax debts, often amounting to a median unpaid balance of $110,000. However, such unannounced visits have been the subject of mounting security concerns and anxiety among taxpayers, especially in the face of false and inflammatory rhetoric surrounding the IRS and its workforce.

Commissioner Werfel pointed out that advancements in technology and the availability of alternative means of communication have rendered unannounced visits unnecessary and even risky for both parties involved. Instead, revenue officers will now initiate contact through mailed appointment letters, known as 725-B, to schedule in-person meetings with taxpayers in most cases.

The National Treasury Employees Union (NTEU), representing IRS workers and employees in various federal agencies, has supported the policy change. CNBC cited NTEU's national president, Tony Reardon, who highlighted the mounting danger faced by IRS officers in recent years, partly due to hostile rhetoric and unfounded claims directed at the agency's employees. The NTEU believes that the transition to scheduled meetings will protect IRS officers and allow them to carry out their mission of helping taxpayers fulfill their lawful tax obligations effectively.

Unannounced visits restricted to special cases

The new policy, however, does not entirely eliminate unannounced visits. The IRS clarified that extremely limited circumstances, such as the service of summonses and subpoenas or sensitive enforcement activities involving asset seizures, may still warrant such visits. However, these occurrences are expected to be minimal, numbering only a few hundred annually. In contrast, under the previous policy, tens of thousands of unannounced visits occurred annually.

By ending the routine practice of unannounced visits, the IRS aims to streamline its operations and allocate resources more efficiently. The additional funding provided by the Inflation Reduction Act will enable the agency to bolster staffing for compliance work, ensuring that revenue collection can be effectively carried out without resorting to stressful and potentially unsafe visits.

(With inputs from Agencies)

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In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers.

In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers. The decision cited by Reuters, aimed at reducing public confusion and enhancing overall safety measures for both taxpayers and IRS employees, marks a major step in the ongoing efforts to reform IRS operations. The policy change comes on the heels of the passage of the Inflation Reduction Act and the establishment of a new IRS strategic operating plan in April, signaling a broader overhaul of the agency's practices. IRS Commissioner Danny Werfel, who made the announcement, emphasised that the alteration would foster increased confidence in the tax administration process, describing it as a 'common-sense step.' IRS rings the doorbell of change Under the previous procedure, revenue officers would visit homes and businesses without prior notice to recover significant tax debts, often amounting to a median unpaid balance of $110,000. However, such unannounced visits have been the subject of mounting security concerns and anxiety among taxpayers, especially in the face of false and inflammatory rhetoric surrounding the IRS and its workforce. Commissioner Werfel pointed out that advancements in technology and the availability of alternative means of communication have rendered unannounced visits unnecessary and even risky for both parties involved. Instead, revenue officers will now initiate contact through mailed appointment letters, known as 725-B, to schedule in-person meetings with taxpayers in most cases. The National Treasury Employees Union (NTEU), representing IRS workers and employees in various federal agencies, has supported the policy change. CNBC cited NTEU's national president, Tony Reardon, who highlighted the mounting danger faced by IRS officers in recent years, partly due to hostile rhetoric and unfounded claims directed at the agency's employees. The NTEU believes that the transition to scheduled meetings will protect IRS officers and allow them to carry out their mission of helping taxpayers fulfill their lawful tax obligations effectively. Unannounced visits restricted to special cases The new policy, however, does not entirely eliminate unannounced visits. The IRS clarified that extremely limited circumstances, such as the service of summonses and subpoenas or sensitive enforcement activities involving asset seizures, may still warrant such visits. However, these occurrences are expected to be minimal, numbering only a few hundred annually. In contrast, under the previous policy, tens of thousands of unannounced visits occurred annually. By ending the routine practice of unannounced visits, the IRS aims to streamline its operations and allocate resources more efficiently. The additional funding provided by the Inflation Reduction Act will enable the agency to bolster staffing for compliance work, ensuring that revenue collection can be effectively carried out without resorting to stressful and potentially unsafe visits. (With inputs from Agencies) WATCH WION LIVE HERE

From stealth mode to mailed letters: IRS reform to make tax collection safer

In a closely watched move, the Federal Reserve is poised to raise interest rates by 0.25 percent this week. This anticipated hike would mark the central bank's 11th rate increase in just 18 months, setting the stage for a significant monetary shift.

The Federal Reserve's two-day policy meeting will commence today, with the monetary policy decision slated to be announced on Wednesday. Market participants, investors, and analysts are on high alert as they await further insights into the central bank's strategy and projections, which could have significant implications for the global financial landscape.

This week's decision, unlike the June announcement, will not see central bank officials accompany it with revised economic estimates. Notably, last month's predictions indicated that two additional rate increases would be necessary in 2023 to align with the Fed's target of two&nbsp;percent.

Federal Reserve Chair Jay Powell is expected to address the public with a crucial announcement that is garnering significant attention from Wall Street. It is widely anticipated that Powell will leave the door open for further rate increases later this year, citing concerns about inflation and lending conditions.

With mounting inflationary pressures and economic uncertainties, Powell's address is highly anticipated, as it may set the course for the Federal Reserve's monetary policy in the coming months. Wall Street and investors alike await insights into the central bank's strategies and outlook, as they prepare for potential impacts on financial markets and lending conditions.

Traders have been closely monitoring the situation, with a 99.8 percent chance already placed on the Fed's announcement of a 0.25 percent rate hike. The decision comes as consumer prices inched up at the slowest rate since March 2021, with headline CPI reaching three&nbsp;percent. However, inflation surged 4.8 percent year on year on a "core' basis, which excludes food and gas expenses. This level of inflation exceeds the Fed's target of 2 percent, adding to the complexity of the central bank's decision-making process.

The Federal Reserve's anticipated&nbsp;rate hike has prompted discussions among officials and economists. Fed governor Chris Waller and Dallas Fed president Lorie Logan have both reaffirmed their forecast that this rate move is the first step of a two-phase process aimed at tackling inflation and achieving a soft landing for the economy. However, not everyone shares this view. Some Wall Street economists believe that this week's rate hike may mark the conclusion of the central bank's aggressive tightening cycle, as inflation data shows signs of easing.

With lingering inflation concerns, the financial world eagerly awaits the implications of the Fed's decision. The impact on the economy, Wall Street, and Main Street is substantial, leading experts to diverge on the appropriate course of action. The central bank's delicate balancing act, seeking to address inflationary pressures while maintaining economic growth, leaves the question of whether this rate hike is merely the beginning or the end of a monetary symphony.

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In a closely watched move, the Federal Reserve is poised to raise interest rates by 0.25 percent this week. This anticipated hike would mark the central bank's 11th rate increase in just 18 months, setting the stage for a significant monetary shift.

In a closely watched move, the Federal Reserve is poised to raise interest rates by 0.25 percent this week. This anticipated hike would mark the central bank's 11th rate increase in just 18 months, setting the stage for a significant monetary shift. The Federal Reserve's two-day policy meeting will commence today, with the monetary policy decision slated to be announced on Wednesday. Market participants, investors, and analysts are on high alert as they await further insights into the central bank's strategy and projections, which could have significant implications for the global financial landscape. This week's decision, unlike the June announcement, will not see central bank officials accompany it with revised economic estimates. Notably, last month's predictions indicated that two additional rate increases would be necessary in 2023 to align with the Fed's target of two percent. Federal Reserve Chair Jay Powell is expected to address the public with a crucial announcement that is garnering significant attention from Wall Street. It is widely anticipated that Powell will leave the door open for further rate increases later this year, citing concerns about inflation and lending conditions. With mounting inflationary pressures and economic uncertainties, Powell's address is highly anticipated, as it may set the course for the Federal Reserve's monetary policy in the coming months. Wall Street and investors alike await insights into the central bank's strategies and outlook, as they prepare for potential impacts on financial markets and lending conditions. Traders have been closely monitoring the situation, with a 99.8 percent chance already placed on the Fed's announcement of a 0.25 percent rate hike. The decision comes as consumer prices inched up at the slowest rate since March 2021, with headline CPI reaching three percent. However, inflation surged 4.8 percent year on year on a "core' basis, which excludes food and gas expenses. This level of inflation exceeds the Fed's target of 2 percent, adding to the complexity of the central bank's decision-making process. The Federal Reserve's anticipated rate hike has prompted discussions among officials and economists. Fed governor Chris Waller and Dallas Fed president Lorie Logan have both reaffirmed their forecast that this rate move is the first step of a two-phase process aimed at tackling inflation and achieving a soft landing for the economy. However, not everyone shares this view. Some Wall Street economists believe that this week's rate hike may mark the conclusion of the central bank's aggressive tightening cycle, as inflation data shows signs of easing. With lingering inflation concerns, the financial world eagerly awaits the implications of the Fed's decision. The impact on the economy, Wall Street, and Main Street is substantial, leading experts to diverge on the appropriate course of action. The central bank's delicate balancing act, seeking to address inflationary pressures while maintaining economic growth, leaves the question of whether this rate hike is merely the beginning or the end of a monetary symphony. WATCH WION LIVE HERE

Federal Reserve likely to resume rate hikes following June pause

Harley-Davidson and Triumph, the iconic names that have enthralled bikers worldwide, have set their sights on India's premium motorcycle market, ready to challenge the long-standing dominance of Royal Enfield. Analysts predict that this move could significantly dent Royal Enfield's market share, marking one of the biggest threats to its over half-century of dominance.

The frenzy surrounding their new models has ignited a spark of excitement among Indian riders, and improved financing options are also tempting lower-income buyers to consider premium bikes, signaling a potential shift from smaller to more powerful machines.

Harley-Davidson and Triumph's surprising strategy caught the industry off guard, but their aggressive pricing and domestic production have struck a chord with Indian riders and can pose the most significant challenges to Royal Enfield's virtual monopoly in high-end motorcycles, coming at a time when spending in India in premium segments such as mobile phones and cars is increasing.

Affordable price point

Historically, their expensive imports struggled for market share, but this time, they've unleashed a game-changing move by&nbsp; releasing their lowest models in the world's largest motorcycle market by sales, where their pricey imports have long fought for market dominance. This time, they are manufacturing the motorcycles in India with domestic partners in order to keep pricing around $2,841 (233,000 rupees).

The impact of this bold move has reverberated across the market, affecting Royal Enfield maker Eicher Motors' stock price, which experienced a significant decline of up to 12.5 percent. Analysts are cautioning about potential earnings risk for at least two years due to the threat posed by this market disruption, even though Harley-Davidson and Triumph sales currently trail those of Royal Enfield.

According to experts at Kotak, the introduction of the Harley-Davidson X440 and Triumph Speed 400, with their attractive cost and brand appeal, poses a serious challenge to Royal Enfield's dominance in India's 250-cc-plus sector. It is predicted that Royal Enfield's market share in this segment, which currently stands above 90 percent, could drop to 75 percent as consumers are lured by the more affordable options presented by these new entrants. For comparison, the closest Royal Enfield model, the Classic 350, starts at 193,000 rupees.

Long road ahead

Harley-Davidson imported its ultra-premium bikes for a decade before abandoning the market and closing the majority of its dealer network in 2020. It sold fewer than 30,000 motorbikes, which is less than the number of bikes sold by Royal Enfield each month.

In a bid to re-establish its presence in the Indian market, Harley-Davidson joined forces with Hero MotoCorp, the world's largest motorcycle manufacturer, to co-design and market a new line of Harley-Davidson-branded motorcycles. The collaboration kicked off with the launch of the X440 model, representing the beginning of a new chapter for the iconic brand in India.

Meanwhile, Triumph, with its modest sales of approximately 1,200 motorcycles per year in India, took a different approach to expanding its foothold in the country. The company partnered with Bajaj Auto in 2020 to develop mid-capacity bikes, with Bajaj managing the distribution. Triumph's decision proved fruitful, as it received an overwhelming response, securing orders for over 14,000 Speed 400 motorcycles, surpassing its total India sales over the past decade.

In this fiercely competitive landscape, Royal Enfield, known for its strong brand identity, is not intimidated. Armed with an extensive showroom network, robust after-sales service, and a dedicated fan base, Royal Enfield possesses a unique advantage. However, both Harley-Davidson and Triumph, with their rich heritage and esteemed brand cachet, are formidable contenders that should not be underestimated.

(Inputs from Reuters)

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Harley-Davidson and Triumph, the iconic names that have enthralled bikers worldwide, have set their sights on India's premium motorcycle market, ready to challenge the long-standing dominance of Royal Enfield.

Harley-Davidson and Triumph, the iconic names that have enthralled bikers worldwide, have set their sights on India's premium motorcycle market, ready to challenge the long-standing dominance of Royal Enfield. Analysts predict that this move could significantly dent Royal Enfield's market share, marking one of the biggest threats to its over half-century of dominance. The frenzy surrounding their new models has ignited a spark of excitement among Indian riders, and improved financing options are also tempting lower-income buyers to consider premium bikes, signaling a potential shift from smaller to more powerful machines. Harley-Davidson and Triumph's surprising strategy caught the industry off guard, but their aggressive pricing and domestic production have struck a chord with Indian riders and can pose the most significant challenges to Royal Enfield's virtual monopoly in high-end motorcycles, coming at a time when spending in India in premium segments such as mobile phones and cars is increasing. Affordable price point Historically, their expensive imports struggled for market share, but this time, they've unleashed a game-changing move by releasing their lowest models in the world's largest motorcycle market by sales, where their pricey imports have long fought for market dominance. This time, they are manufacturing the motorcycles in India with domestic partners in order to keep pricing around $2,841 (233,000 rupees). The impact of this bold move has reverberated across the market, affecting Royal Enfield maker Eicher Motors' stock price, which experienced a significant decline of up to 12.5 percent. Analysts are cautioning about potential earnings risk for at least two years due to the threat posed by this market disruption, even though Harley-Davidson and Triumph sales currently trail those of Royal Enfield. According to experts at Kotak, the introduction of the Harley-Davidson X440 and Triumph Speed 400, with their attractive cost and brand appeal, poses a serious challenge to Royal Enfield's dominance in India's 250-cc-plus sector. It is predicted that Royal Enfield's market share in this segment, which currently stands above 90 percent, could drop to 75 percent as consumers are lured by the more affordable options presented by these new entrants. For comparison, the closest Royal Enfield model, the Classic 350, starts at 193,000 rupees. Long road ahead Harley-Davidson imported its ultra-premium bikes for a decade before abandoning the market and closing the majority of its dealer network in 2020. It sold fewer than 30,000 motorbikes, which is less than the number of bikes sold by Royal Enfield each month. In a bid to re-establish its presence in the Indian market, Harley-Davidson joined forces with Hero MotoCorp, the world's largest motorcycle manufacturer, to co-design and market a new line of Harley-Davidson-branded motorcycles. The collaboration kicked off with the launch of the X440 model, representing the beginning of a new chapter for the iconic brand in India. Meanwhile, Triumph, with its modest sales of approximately 1,200 motorcycles per year in India, took a different approach to expanding its foothold in the country. The company partnered with Bajaj Auto in 2020 to develop mid-capacity bikes, with Bajaj managing the distribution. Triumph's decision proved fruitful, as it received an overwhelming response, securing orders for over 14,000 Speed 400 motorcycles, surpassing its total India sales over the past decade. In this fiercely competitive landscape, Royal Enfield, known for its strong brand identity, is not intimidated. Armed with an extensive showroom network, robust after-sales service, and a dedicated fan base, Royal Enfield possesses a unique advantage. However, both Harley-Davidson and Triumph, with their rich heritage and esteemed brand cachet, are formidable contenders that should not be underestimated. (Inputs from Reuters) WATCH WION LIVE HERE

Harley-Davidson and Triumph prepare to take on Royal Enfield's dominance in India

The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year.&nbsp;

<h2>IMF about the growth forecast</h2>

In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies.&nbsp;

The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview.&nbsp;

“What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters.&nbsp;

The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany.

<h2>Lower inflation</h2>

According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024.&nbsp;

Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end.

However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes.

The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels.&nbsp;

<h2>‘Broadly stable’ outlook for EMDEs</h2>

In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies.&nbsp;

The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024.&nbsp;

<h2>What about India?</h2>

India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.”

(With inputs from agencies)&nbsp; 
&nbsp;

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The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023.

The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year. IMF about the growth forecast In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies. The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview. “What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters. The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany. Lower inflation According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024. Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end. However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes. The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels. ‘Broadly stable’ outlook for EMDEs In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies. The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024. What about India? India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF raises 2023 global economic growth forecast to 3 per cent; India remains bright spot