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New York-based private equity firm Blackstone has breached the $1 trillion in assets under management mark&nbsp;- becoming the first among its peers to reach the milestone. The firm first set the goal of crossing the $1 trillion landmark in 2018 by 2026 but reached it, three years in advance.&nbsp;

The company's assets rose to the trillion mark in the second quarter from $991.3 billion at the end of the first quarter. The move was made possible due to over $30 billion in inflows coming from&nbsp;insurance, infrastructure, credit and certain types of real estate.

Overall, Blackstone’s market capitalisation currently stands at nearly $132 billion, compared with about $113 billion for BlackRock.&nbsp;

The nearest rival of Blackstone when it comes to assets remains Apollo, known for its insurance business. At the end of the first quarter, Apollo had&nbsp;$600 billion in assets under management with the company setting a goal of reaching the $1 trillion mark by 2026.&nbsp;

<h2>Mantra for success&nbsp;</h2>

The company was started in 1985 by&nbsp;co-founders&nbsp;Peter G. Peterson and Stephen A. Schwarzman with a modest seed capital of $400,000. The transformation to a trillion-dollar empire is being regarded as one of the most dramatic transformations in modern markets. Experts argue that Blackstone's success can be narrowed down to the company's vision of diversifying its business routinely.&nbsp;

“We started with one private equity fund,” Schwarzman, Blackstone’s billionaire co-founder, said this year. “Now we do 60 different things.”

In his memoir,&nbsp;Schwarzman reflects on the mantra that has driven his company to insane heights.&nbsp;

"If you’re going to commit yourself to something, it’s as easy to do something big as it is to do something small,”&nbsp;wrote Schwarzman. “I only have so much time and so much energy. I always look for something that has almost limitless possibilities because I know that that itself is worthy.”

As one of the first firms to reach the $1 trillion landmark, Blackrock's dealmakers continue to influence the daily lives of Americans. Having a seat in most major companies, Blackstone shapes firms that determine how US citizens secure a house, find romance in their neighbourhood and access the lights in their homes.

<h2>Manoeuvring the 2008 financial crisis&nbsp;</h2>

In the aftermath of 'The Great Recession of 2008', Blackrock emerged stronger than ever by snapping up debt-investing firm GSO Capital Partners. It&nbsp;allowed the company to become a major source of financing in the country while banks, shackled by strict regulations, failed to have a lift-off.&nbsp;&nbsp;&nbsp;

Additionally, the company's bets on real estate prior to the financial crisis, although risky, managed to pay off big time, unlike the banks. So when the interest rates fell to historic lows, the firm capitalised on cheap debt and shopped for deals.&nbsp;

(With inputs from agencies)

&nbsp;

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

New York-based private equity firm Blackstone has breached the $1 trillion in assets under management mark - becoming the first among its peers to reach the milestone.

New York-based private equity firm Blackstone has breached the $1 trillion in assets under management mark - becoming the first among its peers to reach the milestone. The firm first set the goal of crossing the $1 trillion landmark in 2018 by 2026 but reached it, three years in advance. The company's assets rose to the trillion mark in the second quarter from $991.3 billion at the end of the first quarter. The move was made possible due to over $30 billion in inflows coming from insurance, infrastructure, credit and certain types of real estate. Overall, Blackstone’s market capitalisation currently stands at nearly $132 billion, compared with about $113 billion for BlackRock. The nearest rival of Blackstone when it comes to assets remains Apollo, known for its insurance business. At the end of the first quarter, Apollo had $600 billion in assets under management with the company setting a goal of reaching the $1 trillion mark by 2026. Mantra for success The company was started in 1985 by co-founders Peter G. Peterson and Stephen A. Schwarzman with a modest seed capital of $400,000. The transformation to a trillion-dollar empire is being regarded as one of the most dramatic transformations in modern markets. Experts argue that Blackstone's success can be narrowed down to the company's vision of diversifying its business routinely. “We started with one private equity fund,” Schwarzman, Blackstone’s billionaire co-founder, said this year. “Now we do 60 different things.” In his memoir, Schwarzman reflects on the mantra that has driven his company to insane heights. "If you’re going to commit yourself to something, it’s as easy to do something big as it is to do something small,” wrote Schwarzman. “I only have so much time and so much energy. I always look for something that has almost limitless possibilities because I know that that itself is worthy.” As one of the first firms to reach the $1 trillion landmark, Blackrock's dealmakers continue to influence the daily lives of Americans. Having a seat in most major companies, Blackstone shapes firms that determine how US citizens secure a house, find romance in their neighbourhood and access the lights in their homes. Manoeuvring the 2008 financial crisis In the aftermath of 'The Great Recession of 2008', Blackrock emerged stronger than ever by snapping up debt-investing firm GSO Capital Partners. It allowed the company to become a major source of financing in the country while banks, shackled by strict regulations, failed to have a lift-off. Additionally, the company's bets on real estate prior to the financial crisis, although risky, managed to pay off big time, unlike the banks. So when the interest rates fell to historic lows, the firm capitalised on cheap debt and shopped for deals. (With inputs from agencies) WATCH WION LIVE HERE:

Blackstone becomes first private equity firm to reach THIS $1 trillion milestone

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch&nbsp;for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings.

The fine was levied based on preceding matters concerning deficient controls in Deutsche Bank's&nbsp;ties with the Estonian branch of Denmark’s Danske Bank in 2015 and 2017. The Federal Reserve further added that the German bank must resolve issues and strengthen&nbsp;its&nbsp;data and risk management.

As per a Moneycontrol report, the fine&nbsp;came&nbsp;after Deutsche Bank disbursed about $630 million in 2017 to terminate investigations by the US and the UK concerning Russian equity traders.&nbsp;In the same year, the German lender was also charged $41 million for non-compliance with anti-money laundering activities.

Deutsche Bank stated that it was “positioned to meet regulator’s expectations” and that the bank would resolve the issues in the near future.

As per a Reuters report, the Joe Biden’s government has promised to restrict the recurring corporate offenders and illegal funds in the US financial system. The new fine poses a significant challenge to Stefan Simon, who took over Deutsche Bank's&nbsp;US operations this year.

The German lender has consistently been struggling to maintain firm ties with US and European regulators. German and US regulators are investigating&nbsp;the lender over deceptive marketing claims at the management firm DWS, a sister organisation.&nbsp;

In 2021, the bank paid $125 million in an attempt to avoid suit on allegations for involvement in foreign bribery schemes and collusion of the precious metals market. Additionally, Deutsche also paid $75 million to resolve a charge concerning sex trafficking and women being abused by the late financer Jeffery Epstein. In&nbsp;the same year, the&nbsp;bank settled to pay $200 million to the US Securities and Exchange Commission due to electronic record-keeping failures.&nbsp;

(With inputs&nbsp;from Reuters)

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings.

The US Federal Reserve on Wednesday imposed a $186 million fine on Deutsche Bank’s New York branch for ‘unsafe practices’, including inadequate action towards money laundering control and additional shortcomings. The fine was levied based on preceding matters concerning deficient controls in Deutsche Bank's ties with the Estonian branch of Denmark’s Danske Bank in 2015 and 2017. The Federal Reserve further added that the German bank must resolve issues and strengthen its data and risk management. As per a Moneycontrol report, the fine came after Deutsche Bank disbursed about $630 million in 2017 to terminate investigations by the US and the UK concerning Russian equity traders. In the same year, the German lender was also charged $41 million for non-compliance with anti-money laundering activities. Deutsche Bank stated that it was “positioned to meet regulator’s expectations” and that the bank would resolve the issues in the near future. As per a Reuters report, the Joe Biden’s government has promised to restrict the recurring corporate offenders and illegal funds in the US financial system. The new fine poses a significant challenge to Stefan Simon, who took over Deutsche Bank's US operations this year. The German lender has consistently been struggling to maintain firm ties with US and European regulators. German and US regulators are investigating the lender over deceptive marketing claims at the management firm DWS, a sister organisation. In 2021, the bank paid $125 million in an attempt to avoid suit on allegations for involvement in foreign bribery schemes and collusion of the precious metals market. Additionally, Deutsche also paid $75 million to resolve a charge concerning sex trafficking and women being abused by the late financer Jeffery Epstein. In the same year, the bank settled to pay $200 million to the US Securities and Exchange Commission due to electronic record-keeping failures. (With inputs from Reuters)

Fed fines Deutsche Bank $186 million for inefficient action to restrain money laundering

Netflix's second quarter&nbsp;earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, the company fell short of analyst estimates, leading to a sharp 9 percent drop in shares during after-hours trading.

While the subscriber base continues to grow, the average revenue per member has declined, partly attributed to lower prices in certain countries.&nbsp;One of the key obstacles for Netflix is the intensifying streaming competition, coupled with a nearing saturation point in the United States market.

The company has been exploring new ways to generate revenue and attract more customers. Netflix introduced a cheaper tier with advertising in November, however, this move has not resulted in the desired financial boost. Additionally, a widespread crackdown on password sharing in May aimed to encourage users to sign up for the more affordable ad-supported tier.

Despite the setback, Netflix remains optimistic about its future prospects. The company plans to accelerate revenue growth in the second half of the year by creating compelling shows and movies, improving monetization, expanding its video game business, and enhancing the overall user experience.

The streaming giant has also raised its 2023 free cash flow estimate to $5 billion, partly due to reduced content spending during production shutdowns.

Furthermore, Netflix is hopeful that the ongoing labor strikes in Hollywood will be resolved soon, allowing the company to leverage its global production advantage. As it looks ahead, Netflix aims to increase its advertising revenue and reach 10 percent of total revenue from this source.

Netflix's second quarter earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.

Netflix's second quarter earnings report has left investors disappointed as the streaming giant faced challenges in its highly competitive industry. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, the company fell short of analyst estimates, leading to a sharp 9 percent drop in shares during after-hours trading. While the subscriber base continues to grow, the average revenue per member has declined, partly attributed to lower prices in certain countries. One of the key obstacles for Netflix is the intensifying streaming competition, coupled with a nearing saturation point in the United States market. The company has been exploring new ways to generate revenue and attract more customers. Netflix introduced a cheaper tier with advertising in November, however, this move has not resulted in the desired financial boost. Additionally, a widespread crackdown on password sharing in May aimed to encourage users to sign up for the more affordable ad-supported tier. Despite the setback, Netflix remains optimistic about its future prospects. The company plans to accelerate revenue growth in the second half of the year by creating compelling shows and movies, improving monetization, expanding its video game business, and enhancing the overall user experience. The streaming giant has also raised its 2023 free cash flow estimate to $5 billion, partly due to reduced content spending during production shutdowns. Furthermore, Netflix is hopeful that the ongoing labor strikes in Hollywood will be resolved soon, allowing the company to leverage its global production advantage. As it looks ahead, Netflix aims to increase its advertising revenue and reach 10 percent of total revenue from this source.

Netflix's Q2 revenue falls short of expectations, shares slide

A court in the Indian state of Tamil Nadu handed down a ruling on Tuesday that has far-reaching implications for Google's operations in the country. The court has prohibited Google (GOOGL.O) from removing Disney's streaming service from its Indian app store.

The court has also ordered Google to lower its fee for in-app purchases to a mere 4 per cent, which poses a substantial threat to the tech giant's payments business model. Although details regarding the reasoning behind the ruling remain undisclosed as the formal order has not been released to the public, this verdict marks a pivotal moment in the ongoing battle between Google and Disney in the Indian market.

Disney's lawsuit on Google's hefty in-app service fees in India

Disney's lawsuit against Google in India has drawn widespread attention, marking the latest and most prominent legal challenge to Google's contentious practice of imposing hefty "service fees" ranging from 11 to 26 percent on in-app purchases.

Disney, the operator of the renowned Disney+ Hotstar streaming service in India,&nbsp;had argued&nbsp;that Google went as far as issuing a threat to remove the Hotstar app unless it conformed to the new payment mechanism. This lawsuit holds significant implications for the ongoing debate surrounding Google's fee structure and its impact on app developers in India.

Following an antitrust ruling that compelled Google to allow third-party payments, the tech giant introduced a revised service charge structure, which some companies are now scrutinising.&nbsp;However, several companies have raised concerns, alleging that the updated payment mechanism is essentially a covert continuation of Google's previous approach.

India's Competition Commission's actions against Google's antitrust violation

In October, India's competition commission imposed a hefty fine of $113 million on tech giant Google. The commission's decision came as a response to allegations made by multiple companies, asserting that Google's service fee for in-app payments violated an existing antitrust regulation. The commission launched an investigation into Google in May following complaints from various firms. These companies accused the US-based company of unfair practices and monopolistic behavior regarding in-app payments.

Furthermore, as part of its ruling, the watchdog requested that Google provide clarifications on various clauses related to the in-app payment mechanism, both before and after the User Choice Billing (UCB) systems. Additionally, the commission mandated that Google disclose detailed information about its rules concerning the sharing of user and app developer data.

Although Google previously said that the service charge funds were directed towards investments in the Google Play app store and the Android mobile operating system, ensuring their availability for free, along with developer tools and analytic services.&nbsp;

A court in the Indian state of Tamil Nadu handed down a ruling on Tuesday that has far-reaching implications for Google's operations in the country. The court has prohibited Google (GOOGL.

A court in the Indian state of Tamil Nadu handed down a ruling on Tuesday that has far-reaching implications for Google's operations in the country. The court has prohibited Google (GOOGL.O) from removing Disney's streaming service from its Indian app store. The court has also ordered Google to lower its fee for in-app purchases to a mere 4 per cent, which poses a substantial threat to the tech giant's payments business model. Although details regarding the reasoning behind the ruling remain undisclosed as the formal order has not been released to the public, this verdict marks a pivotal moment in the ongoing battle between Google and Disney in the Indian market. Disney's lawsuit on Google's hefty in-app service fees in India Disney's lawsuit against Google in India has drawn widespread attention, marking the latest and most prominent legal challenge to Google's contentious practice of imposing hefty "service fees" ranging from 11 to 26 percent on in-app purchases. Disney, the operator of the renowned Disney+ Hotstar streaming service in India, had argued that Google went as far as issuing a threat to remove the Hotstar app unless it conformed to the new payment mechanism. This lawsuit holds significant implications for the ongoing debate surrounding Google's fee structure and its impact on app developers in India. Following an antitrust ruling that compelled Google to allow third-party payments, the tech giant introduced a revised service charge structure, which some companies are now scrutinising. However, several companies have raised concerns, alleging that the updated payment mechanism is essentially a covert continuation of Google's previous approach. India's Competition Commission's actions against Google's antitrust violation In October, India's competition commission imposed a hefty fine of $113 million on tech giant Google. The commission's decision came as a response to allegations made by multiple companies, asserting that Google's service fee for in-app payments violated an existing antitrust regulation. The commission launched an investigation into Google in May following complaints from various firms. These companies accused the US-based company of unfair practices and monopolistic behavior regarding in-app payments. Furthermore, as part of its ruling, the watchdog requested that Google provide clarifications on various clauses related to the in-app payment mechanism, both before and after the User Choice Billing (UCB) systems. Additionally, the commission mandated that Google disclose detailed information about its rules concerning the sharing of user and app developer data. Although Google previously said that the service charge funds were directed towards investments in the Google Play app store and the Android mobile operating system, ensuring their availability for free, along with developer tools and analytic services.

India court blocks Google from removing Disney app amid in-app charges dispute

Executives from prominent U.S. chip businesses engaged in discussions with top officials of the Biden administration on Monday, focusing on China policy. Secretary of State Antony Blinken engaged in talks with chief executives of chip companies, addressing industry-related matters and supply chain concerns following his recent visit to China. These discussions unfolded against the backdrop of efforts by the semiconductor industry's influential lobby organization to curb potential additional restrictions.

During a press briefing, State Department spokesperson Matthew Miller stated that Blinken aimed to share his perspective on the industry and supply chain issues, particularly in light of his recent visit to China. He also expressed the intention to directly hear from these companies about their insights on supply chain matters and conducting business in China.

The meeting served as a platform for open dialogue between the government and chip industry leaders, reflecting the significance of this critical sector and its implications for global supply chains. In addition to the discussions with government officials, there were also talks about expediting the allocation of government funds designated for semiconductor manufacturers under the CHIPS Act.

Chip industry battles potential restrictions on China shipments.

As the Biden administration contemplates imposing additional restrictions on chip shipments to China, the chip industry is actively seeking to protect its revenues. The Semiconductor Industry Association (SIA) stated that China accounted for over a third of the global semiconductor market valued at $555.9 billion last year, with its semiconductor purchases totaling $180 billion, making it the largest single market.

Earlier on Monday, the SIA, representing U.S.-based chip manufacturers, urged the Biden administration to refrain from imposing further restrictions on chip shipments to China. The association emphasized the importance of maintaining ongoing access to the Chinese market, which holds the distinction of being the world's largest commercial market for commodity semiconductors.

Moreover, the administration is deliberating potential revisions to a comprehensive range of measures implemented in October, aiming to curb China's semiconductor industry. Additionally, there are plans to issue a fresh executive order that would restrict specific foreign investments. According to Reuters, a spokeswoman from the White House National Security Council emphasized that these efforts have been meticulously targeted at technologies with national security implications. The objective is to ensure that both U.S. and allied technologies are not exploited in a manner that jeopardizes national security interests.

 
Tech giants navigating China's market dynamics

China holds significant importance for technology giants such as Nvidia, Qualcomm, and Intel. Notably, Qualcomm is the only company that has obtained approval from U.S. regulators to sell mobile phone semiconductors to Huawei Technology Co., Ltd.

On the other hand, Nvidia has introduced an AI chip specifically designed for the Chinese market, gaining notable traction among key Chinese enterprises. Intel's CEO, Pat Gelsinger, also visited China recently to unveil the company's own AI chip offering targeted for the Chinese market. The significance of the Chinese market for these prominent chip manufacturers underscores the impact of China's regulations and market dynamics on their operations.

Reuters cites a source revealing that the United States administration has apprehensions about China's access to highly potent artificial intelligence processors. The report indicates that Washington is nearing the implementation of stricter regulations that will dictate the permissible computational power of such chips, although the specific threshold has not yet been finalized.

The U.S. government's commitment to enhancing the nation's chip manufacturing capabilities is highlighted through its active involvement in supporting the semiconductor sector. Secretary Gina Raimondo, from the United States Department of Commerce, is entrusted with overseeing the CHIPS Act, a substantial semiconductor manufacturing subsidy program worth $39 billion. Congress enacted this program the previous year with the aim of strengthening the domestic semiconductor industry.

As part of the CHIPS Act, a notable provision has been established in the form of a 25 percent investment tax credit aimed at incentivizing the construction of chip facilities. This provision is projected to be valued at around $24 billion.

Executives from prominent U.S. chip businesses engaged in discussions with top officials of the Biden administration on Monday, focusing on China policy. Secretary of State Antony Blinken engaged in talks with chief executives of chip companies, addressing industry-related matters and supply chain concerns following his recent visit to China.

Executives from prominent U.S. chip businesses engaged in discussions with top officials of the Biden administration on Monday, focusing on China policy. Secretary of State Antony Blinken engaged in talks with chief executives of chip companies, addressing industry-related matters and supply chain concerns following his recent visit to China. These discussions unfolded against the backdrop of efforts by the semiconductor industry's influential lobby organization to curb potential additional restrictions. During a press briefing, State Department spokesperson Matthew Miller stated that Blinken aimed to share his perspective on the industry and supply chain issues, particularly in light of his recent visit to China. He also expressed the intention to directly hear from these companies about their insights on supply chain matters and conducting business in China. The meeting served as a platform for open dialogue between the government and chip industry leaders, reflecting the significance of this critical sector and its implications for global supply chains. In addition to the discussions with government officials, there were also talks about expediting the allocation of government funds designated for semiconductor manufacturers under the CHIPS Act. Chip industry battles potential restrictions on China shipments. As the Biden administration contemplates imposing additional restrictions on chip shipments to China, the chip industry is actively seeking to protect its revenues. The Semiconductor Industry Association (SIA) stated that China accounted for over a third of the global semiconductor market valued at $555.9 billion last year, with its semiconductor purchases totaling $180 billion, making it the largest single market. Earlier on Monday, the SIA, representing U.S.-based chip manufacturers, urged the Biden administration to refrain from imposing further restrictions on chip shipments to China. The association emphasized the importance of maintaining ongoing access to the Chinese market, which holds the distinction of being the world's largest commercial market for commodity semiconductors. Moreover, the administration is deliberating potential revisions to a comprehensive range of measures implemented in October, aiming to curb China's semiconductor industry. Additionally, there are plans to issue a fresh executive order that would restrict specific foreign investments. According to Reuters, a spokeswoman from the White House National Security Council emphasized that these efforts have been meticulously targeted at technologies with national security implications. The objective is to ensure that both U.S. and allied technologies are not exploited in a manner that jeopardizes national security interests. Tech giants navigating China's market dynamics China holds significant importance for technology giants such as Nvidia, Qualcomm, and Intel. Notably, Qualcomm is the only company that has obtained approval from U.S. regulators to sell mobile phone semiconductors to Huawei Technology Co., Ltd. On the other hand, Nvidia has introduced an AI chip specifically designed for the Chinese market, gaining notable traction among key Chinese enterprises. Intel's CEO, Pat Gelsinger, also visited China recently to unveil the company's own AI chip offering targeted for the Chinese market. The significance of the Chinese market for these prominent chip manufacturers underscores the impact of China's regulations and market dynamics on their operations. Reuters cites a source revealing that the United States administration has apprehensions about China's access to highly potent artificial intelligence processors. The report indicates that Washington is nearing the implementation of stricter regulations that will dictate the permissible computational power of such chips, although the specific threshold has not yet been finalized. The U.S. government's commitment to enhancing the nation's chip manufacturing capabilities is highlighted through its active involvement in supporting the semiconductor sector. Secretary Gina Raimondo, from the United States Department of Commerce, is entrusted with overseeing the CHIPS Act, a substantial semiconductor manufacturing subsidy program worth $39 billion. Congress enacted this program the previous year with the aim of strengthening the domestic semiconductor industry. As part of the CHIPS Act, a notable provision has been established in the form of a 25 percent investment tax credit aimed at incentivizing the construction of chip facilities. This provision is projected to be valued at around $24 billion.

US officials engage in discussions with chip companies on China policy

It’s not all ‘chill’ in the streaming world of Netflix, as the company's q2 earnings report has left investors disappointed. Despite adding 5.9 million new streaming customers and surpassing earnings predictions, Netflix fell short of analyst estimates, causing shares to tumble nearly 9% in after-hours trading.

Netflix’s revenue reality check

&nbsp;

<meta charset="utf-8" />

After pushing its market value up by $550 billion this year, Tesla’s second quarter earnings report is out, and it is a rollercoaster ride of surprises and challenges.

Despite facing increasing competition and a challenging economic climate, Tesla managed to beat profit estimates, but the company's automotive gross margin witnessed a significant drop compared to the previous year as CEO Elon Musk set off an electric-vehicle price war to tackle competitors head-on.&nbsp;

Tesla's strategy of slashing prices multiple times in the United States, China, and other markets since late last year aimed to drive volume growth and boost sales.

The company's record-breaking 466,000 vehicle deliveries in the April-July period globally showcased the success of the aggressive pricing approach.

The significant price reduction has put pressure on Tesla's automotive gross margin, a critically monitored industry indicator, although Musk has stated to Reuters, that Tesla will sacrifice profit to promote volume growth, cited by Reuters.&nbsp;

However, these dramatic price cuts exerted pressure on the company's industry-leading automotive gross margin. In the second quarter, the company reported that gross margin fell to 18.1 percent from 26 percent a year earlier. This might have raised concerns about Tesla's ability to maintain its lead in the market. Tesla's overall gross margin for the April-June period was 18.2 percent, the lowest in 16 quarters&nbsp;

Tesla's CEO, Elon Musk, expressed uncertainty about the current economic climate. "One day it seems like the world economy is falling apart, the next day it's fine. We're in, I would call it, turbulent times," Reuters quoted Musk as saying. &nbsp;

Tesla shares, which had been mostly unchanged after hours, plummeted over 5 percent following Musk's remarks.&nbsp;

In these turbulent times, Tesla is focusing on cost reduction and new product development. Musk also revealed that the company is in talks with a major original equipment manufacturer to license its ‘full self-driving’ software. Furthermore, the search for profitability continues as Tesla's stock remains under scrutiny, trading at around 70 times forward earnings.

Amidst the challenges of the current turbulent times, Tesla is placing emphasis on cost reduction measures and forging ahead with new product development initiatives. Tesla's CEO, Elon Musk, disclosed that the company is engaged in discussions with a significant original equipment manufacturer to license its 'full self-driving' software.

As the pursuit of profitability remains a priority, Tesla's stock continues to be closely scrutinized, trading at approximately 70 times forward earnings. This shows that people continue to be bullish about the stock.&nbsp;

(Inputs from Reuters)

After pushing its market value up by $550 billion this year, Tesla’s second quarter earnings report is out, and it is a rollercoaster ride of surprises and challenges.

After pushing its market value up by $550 billion this year, Tesla’s second quarter earnings report is out, and it is a rollercoaster ride of surprises and challenges. Despite facing increasing competition and a challenging economic climate, Tesla managed to beat profit estimates, but the company's automotive gross margin witnessed a significant drop compared to the previous year as CEO Elon Musk set off an electric-vehicle price war to tackle competitors head-on. Tesla's strategy of slashing prices multiple times in the United States, China, and other markets since late last year aimed to drive volume growth and boost sales. The company's record-breaking 466,000 vehicle deliveries in the April-July period globally showcased the success of the aggressive pricing approach. The significant price reduction has put pressure on Tesla's automotive gross margin, a critically monitored industry indicator, although Musk has stated to Reuters, that Tesla will sacrifice profit to promote volume growth, cited by Reuters. However, these dramatic price cuts exerted pressure on the company's industry-leading automotive gross margin. In the second quarter, the company reported that gross margin fell to 18.1 percent from 26 percent a year earlier. This might have raised concerns about Tesla's ability to maintain its lead in the market. Tesla's overall gross margin for the April-June period was 18.2 percent, the lowest in 16 quarters Tesla's CEO, Elon Musk, expressed uncertainty about the current economic climate. "One day it seems like the world economy is falling apart, the next day it's fine. We're in, I would call it, turbulent times," Reuters quoted Musk as saying. Tesla shares, which had been mostly unchanged after hours, plummeted over 5 percent following Musk's remarks. In these turbulent times, Tesla is focusing on cost reduction and new product development. Musk also revealed that the company is in talks with a major original equipment manufacturer to license its ‘full self-driving’ software. Furthermore, the search for profitability continues as Tesla's stock remains under scrutiny, trading at around 70 times forward earnings. Amidst the challenges of the current turbulent times, Tesla is placing emphasis on cost reduction measures and forging ahead with new product development initiatives. Tesla's CEO, Elon Musk, disclosed that the company is engaged in discussions with a significant original equipment manufacturer to license its 'full self-driving' software. As the pursuit of profitability remains a priority, Tesla's stock continues to be closely scrutinized, trading at approximately 70 times forward earnings. This shows that people continue to be bullish about the stock. (Inputs from Reuters)

Tesla's profits take a hit in Q2 as EV maker records bumper sales

Spain's antitrust regulator on Tuesday imposed&nbsp;substantial fines&nbsp;on tech giants Amazon and Apple. The regulatory body has penalised the companies a combined total of 194.1 million euros ($218.03 million) for engaging in a collaborative effort to curtail the online sale of Apple products as well as devices offered by their competitors within Spain.

The penalty levied against Apple stands at a staggering 143.6 million euros, while Amazon faces a fine of 50.5 million euros. Both corporations have been granted a two-month window to submit an appeal, should they choose to contest the ruling.

The unveiling of Amazon and Apple's contracts

According to the Spanish National Markets and Competition Commission (CNMC), two contracts inked by Amazon and Apple on October 31, 2018, have come under scrutiny for containing anti-competitive clauses that inflicted harm upon Spain's online market for electronic devices.&nbsp;The regulatory authority alleges that the agreements imposed unjustifiable restrictions on the number of Apple product sellers allowed on Amazon's Spanish website. Shockingly, more than 90 percent of the existing shops utilizing Amazon's marketplace to vend Apple products were reportedly barred as a result.

The regulatory investigation has uncovered additional findings regarding the actions of Amazon and Apple. The antitrust regulator revealed that Amazon imposed restrictions on retailers located in other European Union countries, hindering their ability to access Spanish customers.

Furthermore, Apple's competitors faced limitations on their advertising capabilities when users searched for Apple products on Amazon's website. As a consequence of this agreement between the two tech giants, the report suggests that the prices of Apple devices sold online in Spain witnessed an increase. These revelations shed further light on the alleged anti-competitive practices carried out by Amazon and Apple in Spain's online marketplace.

Amazon and Apple's counter statements

Reuters cited an Amazon spokesperson who expressed their disagreement in response to the allegations made by the Spanish National Markets and Competition Commission (CNMC). In an emailed statement to Reuters, the spokesperson stated, "We reject CNMC's suggestion that Amazon benefits from excluding sellers from its marketplace because our business model is entirely dependent on the success of the companies selling on Amazon." They emphasized that Amazon's success relies on the achievements of the sellers utilizing their platform.

The spokesperson also highlighted the positive impact of the arrangement on Apple gadget customers. They noted that the number of discounts available on iPads and iPhones actually increased as a result of the agreement. This perspective aims to counter the allegations raised by the regulator and present a different interpretation of the situation.

Tech giant Apple has responded to the ongoing situation, stating that the purpose of this collaboration was to combat the rampant sale of counterfeit products online. The company revealed that, prior to the agreement, Apple had to invest substantial resources, both in terms of finances and time, to send numerous "take-down" warnings in an attempt to block the sale of counterfeit&nbsp;devices.&nbsp;

Spain's antitrust regulator on Tuesday imposed substantial fines on tech giants Amazon and Apple. The regulatory body has penalised the companies a combined total of 194.

Spain's antitrust regulator on Tuesday imposed substantial fines on tech giants Amazon and Apple. The regulatory body has penalised the companies a combined total of 194.1 million euros ($218.03 million) for engaging in a collaborative effort to curtail the online sale of Apple products as well as devices offered by their competitors within Spain. The penalty levied against Apple stands at a staggering 143.6 million euros, while Amazon faces a fine of 50.5 million euros. Both corporations have been granted a two-month window to submit an appeal, should they choose to contest the ruling. The unveiling of Amazon and Apple's contracts According to the Spanish National Markets and Competition Commission (CNMC), two contracts inked by Amazon and Apple on October 31, 2018, have come under scrutiny for containing anti-competitive clauses that inflicted harm upon Spain's online market for electronic devices. The regulatory authority alleges that the agreements imposed unjustifiable restrictions on the number of Apple product sellers allowed on Amazon's Spanish website. Shockingly, more than 90 percent of the existing shops utilizing Amazon's marketplace to vend Apple products were reportedly barred as a result. The regulatory investigation has uncovered additional findings regarding the actions of Amazon and Apple. The antitrust regulator revealed that Amazon imposed restrictions on retailers located in other European Union countries, hindering their ability to access Spanish customers. Furthermore, Apple's competitors faced limitations on their advertising capabilities when users searched for Apple products on Amazon's website. As a consequence of this agreement between the two tech giants, the report suggests that the prices of Apple devices sold online in Spain witnessed an increase. These revelations shed further light on the alleged anti-competitive practices carried out by Amazon and Apple in Spain's online marketplace. Amazon and Apple's counter statements Reuters cited an Amazon spokesperson who expressed their disagreement in response to the allegations made by the Spanish National Markets and Competition Commission (CNMC). In an emailed statement to Reuters, the spokesperson stated, "We reject CNMC's suggestion that Amazon benefits from excluding sellers from its marketplace because our business model is entirely dependent on the success of the companies selling on Amazon." They emphasized that Amazon's success relies on the achievements of the sellers utilizing their platform. The spokesperson also highlighted the positive impact of the arrangement on Apple gadget customers. They noted that the number of discounts available on iPads and iPhones actually increased as a result of the agreement. This perspective aims to counter the allegations raised by the regulator and present a different interpretation of the situation. Tech giant Apple has responded to the ongoing situation, stating that the purpose of this collaboration was to combat the rampant sale of counterfeit products online. The company revealed that, prior to the agreement, Apple had to invest substantial resources, both in terms of finances and time, to send numerous "take-down" warnings in an attempt to block the sale of counterfeit devices.

Spain's antitrust regulator imposes $218 million fine on Amazon and Apple. Here's why

Domino's prominent offering, $0.60 (49 rupee) pizza, has been&nbsp;hit by&nbsp;surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India.

Jubilant Foodworks, the operator of Domino's franchises in India, is facing the challenges of rampant inflation, which is squeezing the profits and pricing out many customers.&nbsp;

Reuters cited Sameer Khetarpal, CEO of Jubilant Foodworks, who said that 'the company's aim is to own that price point&nbsp;confirming the stripped down, seven-inch cheese pizza with a "sprinkle" of basil and parsley is Domino's cheapest anywhere.'&nbsp;

According to Khetarpal, the attractive price of the pizza serves as a callout to customers, encouraging them to order from Domino's rather than opting for more expensive dining alternatives. By endorsing this pricing strategy, Domino's worldwide team aims to retain existing customers who might otherwise be compelled to eat out less due to rising costs in the market.

Fast-Food Giants grapple with Soaring inflation

Online menu pricing shows that in Shanghai, the most affordable savory pizza from Domino's is priced at approximately $3.80, while in San Francisco, it costs nearly $12. The issue of soaring inflation in the 1.4 billion-person market is driving global fast-food giants like Domino's, Pizza Hut, and Burger King to reconsider their strategies.

Furthermore, Reuter's interviews with six CEOs and 12 shop managers, uncover&nbsp;the challenges faced by these fast-food giants as they navigate the impacts of excessive inflation in the market. Khetarpal further revealed that the measures taken to manage costs and combat the impact of 'historically high inflation' led to a significant 70 percent decline in profits during the first three months of 2023.

To counter the effects of rising costs, Khetarpal shares insights into Domino's India turnaround and financial advantages. One cost-saving measure involved eliminating lids from all pizza boxes sold in shops starting in December, resulting in a savings of 0.6 cents per box. As 37 percent of Domino's business in India is dine-in, this move has contributed to substantial savings in packing expenses.

India's fast-food inflationary price wars impact and navigation

In India's highly price-sensitive market, Domino's is not the only player prioritizing pricing strategies to tackle the impact of inflation, which is more pronounced compared to many other markets, including the United States. Executives across the fast-food industry believe that offering low-cost options can entice customers to visit their stores and applications, leading to potential additional purchases and upgrades.

Pizza Hut, in particular, is actively promoting its pizzas, starting at an attractive price of $0.96 (79 rupees), introduced last year. Sapphire Foods, the franchisee of Pizza Hut in India, claims that this is the brand's lowest-priced pizza globally.

Likewise, McDonald's has joined the pricing competition, introducing half-price meals in June. Akshay Jatia, the Executive Director of Westlife Foodworld, which operates 357 locations in western and southern India, revealed that these discounted meals will be the focus of promotional activities in the upcoming weeks. Further, he anticipates that this move will not only boost customer traffic but also increase revenues and profitability for the company.

As these giants navigate the challenges of India's dynamic market, the emphasis on pricing and enticing offers reflects the fierce competition and the pursuit of strategies to maintain a strong foothold in this ever-changing landscape.

The surge in inflation is influencing the strategies of pizza makers, making them reconsider their focus on offering more affordable cheesy and soft-crust pizzas. While cheaply priced pizzas may seem attractive, the effects of inflation are causing some customers to avoid these offerings due to their poor quality.

(Inputs from Reuters)

Domino's prominent offering, $0.60 (49 rupee) pizza, has been hit by surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India.

Domino's prominent offering, $0.60 (49 rupee) pizza, has been hit by surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India. Jubilant Foodworks, the operator of Domino's franchises in India, is facing the challenges of rampant inflation, which is squeezing the profits and pricing out many customers. Reuters cited Sameer Khetarpal, CEO of Jubilant Foodworks, who said that 'the company's aim is to own that price point confirming the stripped down, seven-inch cheese pizza with a "sprinkle" of basil and parsley is Domino's cheapest anywhere.' According to Khetarpal, the attractive price of the pizza serves as a callout to customers, encouraging them to order from Domino's rather than opting for more expensive dining alternatives. By endorsing this pricing strategy, Domino's worldwide team aims to retain existing customers who might otherwise be compelled to eat out less due to rising costs in the market. Fast-Food Giants grapple with Soaring inflation Online menu pricing shows that in Shanghai, the most affordable savory pizza from Domino's is priced at approximately $3.80, while in San Francisco, it costs nearly $12. The issue of soaring inflation in the 1.4 billion-person market is driving global fast-food giants like Domino's, Pizza Hut, and Burger King to reconsider their strategies. Furthermore, Reuter's interviews with six CEOs and 12 shop managers, uncover the challenges faced by these fast-food giants as they navigate the impacts of excessive inflation in the market. Khetarpal further revealed that the measures taken to manage costs and combat the impact of 'historically high inflation' led to a significant 70 percent decline in profits during the first three months of 2023. To counter the effects of rising costs, Khetarpal shares insights into Domino's India turnaround and financial advantages. One cost-saving measure involved eliminating lids from all pizza boxes sold in shops starting in December, resulting in a savings of 0.6 cents per box. As 37 percent of Domino's business in India is dine-in, this move has contributed to substantial savings in packing expenses. India's fast-food inflationary price wars impact and navigation In India's highly price-sensitive market, Domino's is not the only player prioritizing pricing strategies to tackle the impact of inflation, which is more pronounced compared to many other markets, including the United States. Executives across the fast-food industry believe that offering low-cost options can entice customers to visit their stores and applications, leading to potential additional purchases and upgrades. Pizza Hut, in particular, is actively promoting its pizzas, starting at an attractive price of $0.96 (79 rupees), introduced last year. Sapphire Foods, the franchisee of Pizza Hut in India, claims that this is the brand's lowest-priced pizza globally. Likewise, McDonald's has joined the pricing competition, introducing half-price meals in June. Akshay Jatia, the Executive Director of Westlife Foodworld, which operates 357 locations in western and southern India, revealed that these discounted meals will be the focus of promotional activities in the upcoming weeks. Further, he anticipates that this move will not only boost customer traffic but also increase revenues and profitability for the company. As these giants navigate the challenges of India's dynamic market, the emphasis on pricing and enticing offers reflects the fierce competition and the pursuit of strategies to maintain a strong foothold in this ever-changing landscape. The surge in inflation is influencing the strategies of pizza makers, making them reconsider their focus on offering more affordable cheesy and soft-crust pizzas. While cheaply priced pizzas may seem attractive, the effects of inflation are causing some customers to avoid these offerings due to their poor quality. (Inputs from Reuters)

Domino’s $0.60 cents, world’s cheapest pizza, hit by inflation in India

Authorities at a gas industry conference in Japan highlighted a concerning gap between current investments in gas infrastructure and the actual requirements. The conference, which took place on Wednesday, emphasized the critical importance of gas in ensuring global energy security and facilitating the transition to a net-zero economy.

Reuters reported that insufficient investments have been made in the sector, as stated in video remarks broadcasted during the LNG Producer-Consumer Conference in Tokyo.

The European energy crisis, triggered by Russia's invasion of Ukraine in 2022, has caused an escalated demand for liquefied natural gas (LNG), driven by growing concerns surrounding energy security. This event prompted nations to seek alternatives to Russian gas, leading to an increased focus on LNG as a viable option.

Escalating Demand for LNG amid energy security concerns

Suhail Mohamed Al Mazrouei, the Minister of Energy and Infrastructure of the United Arab Emirates, has highlighted the detrimental effects of inadequate investment on both producers and consumers within the energy sector. This scarcity of investment negatively impacts their ability to access affordable and reliable energy, consequently hindering economic growth.

Reuters reported that Al Mazrouei emphasized the insufficiency of gas and liquefied natural gas (LNG) investments to support the conversion of global coal plants to gas in a statement. He stated that the answer to whether there is enough investment in gas and LNG to facilitate such conversions is a resounding 'no.'

During the conference, Fatih Birol, the executive director of the International Energy Agency, highlighted the long-term role of gas in global energy markets. According to Reuters,&nbsp;Birol emphasised&nbsp;the "strong need" to reduce emissions from gas supplies. He acknowledged the challenge of striking a balance between the immediate requirement for additional gas supply in unpredictable global markets and the long-term objective of meeting climate goals.

Birol expressed his belief that solutions aimed at future-proofing gas infrastructure investments are necessary. These solutions could involve integrating technologies like carbon capture and storage throughout the value chain or facilitating the integration of low-emission gas.

Collaborative efforts to mitigate methane leaks in LNG

The detrimental impact of methane leaks from infrastructure poses a significant challenge to the environmental reputation of natural gas. Recent data reveals that the global energy industry released approximately 135 million metric tons of methane into the atmosphere last year, contributing to nearly one-third of the increase in global temperatures since the industrial revolution.

Recognizing the urgency of the situation, a collective statement was issued during the meeting by Japan, the United States, South Korea, Australia, and the European Union. The statement expressed support for concerted efforts to reduce methane emissions.

Ditte Juul Joergensen, director general of the European Commission's energy department, stressed the importance of global collaboration between LNG producers and consumers, as reported by Reuters. Speaking at the conference, she emphasised that the gas market shock experienced last year was not an isolated incident, underscoring the need for continuous cooperation to address future challenges.

Meanwhile, Japan's Prime Minister Fumio Kishida, currently on a visit to the Gulf region, which is a significant hub for oil and LNG production. During his visit, he is advocating for Japanese technologies that promote cleaner fuels, including hydrogen.

Authorities at a gas industry conference in Japan highlighted a concerning gap between current investments in gas infrastructure and the actual requirements. The conference, which took place on Wednesday, emphasized the critical importance of gas in ensuring global energy security and facilitating the transition to a net-zero economy.

Authorities at a gas industry conference in Japan highlighted a concerning gap between current investments in gas infrastructure and the actual requirements. The conference, which took place on Wednesday, emphasized the critical importance of gas in ensuring global energy security and facilitating the transition to a net-zero economy. Reuters reported that insufficient investments have been made in the sector, as stated in video remarks broadcasted during the LNG Producer-Consumer Conference in Tokyo. The European energy crisis, triggered by Russia's invasion of Ukraine in 2022, has caused an escalated demand for liquefied natural gas (LNG), driven by growing concerns surrounding energy security. This event prompted nations to seek alternatives to Russian gas, leading to an increased focus on LNG as a viable option. Escalating Demand for LNG amid energy security concerns Suhail Mohamed Al Mazrouei, the Minister of Energy and Infrastructure of the United Arab Emirates, has highlighted the detrimental effects of inadequate investment on both producers and consumers within the energy sector. This scarcity of investment negatively impacts their ability to access affordable and reliable energy, consequently hindering economic growth. Reuters reported that Al Mazrouei emphasized the insufficiency of gas and liquefied natural gas (LNG) investments to support the conversion of global coal plants to gas in a statement. He stated that the answer to whether there is enough investment in gas and LNG to facilitate such conversions is a resounding 'no.' During the conference, Fatih Birol, the executive director of the International Energy Agency, highlighted the long-term role of gas in global energy markets. According to Reuters, Birol emphasised the "strong need" to reduce emissions from gas supplies. He acknowledged the challenge of striking a balance between the immediate requirement for additional gas supply in unpredictable global markets and the long-term objective of meeting climate goals. Birol expressed his belief that solutions aimed at future-proofing gas infrastructure investments are necessary. These solutions could involve integrating technologies like carbon capture and storage throughout the value chain or facilitating the integration of low-emission gas. Collaborative efforts to mitigate methane leaks in LNG The detrimental impact of methane leaks from infrastructure poses a significant challenge to the environmental reputation of natural gas. Recent data reveals that the global energy industry released approximately 135 million metric tons of methane into the atmosphere last year, contributing to nearly one-third of the increase in global temperatures since the industrial revolution. Recognizing the urgency of the situation, a collective statement was issued during the meeting by Japan, the United States, South Korea, Australia, and the European Union. The statement expressed support for concerted efforts to reduce methane emissions. Ditte Juul Joergensen, director general of the European Commission's energy department, stressed the importance of global collaboration between LNG producers and consumers, as reported by Reuters. Speaking at the conference, she emphasised that the gas market shock experienced last year was not an isolated incident, underscoring the need for continuous cooperation to address future challenges. Meanwhile, Japan's Prime Minister Fumio Kishida, currently on a visit to the Gulf region, which is a significant hub for oil and LNG production. During his visit, he is advocating for Japanese technologies that promote cleaner fuels, including hydrogen.

LNG titans advocate greener gas investments amid surging demand

Top energy producers are increasingly looking at gas as a transition fuel to help the world meet its net-zero targets. But a recent industry conference has revealed an uncomfortable truth -- the energy industry's investment in gas infrastructure is falling short.

Tokyo meeting highlights need for more investments into gas

Ford’s assembly plant in Kansas was evacuated on Tuesday (July 19) following reports that an active shooter had barricaded himself in the second-floor bathroom of the facility.&nbsp;

Reuters reported no deaths, injuries or damages from the scene even as the Clay County sheriff’s office warned people that police officials were entering the plant to find the source of the threat.

<h2>The emergency call that sounded alarm at the Ford facility</h2>

At 5:20 PM local time, Ford’s safety and risk management team got a call from a man who reportedly claimed that he was armed with explosives, a rifle and a handgun. The man also claimed to have been barricaded in the second-floor bathroom in the paint area of the plant.

Watch:&nbsp;Gun violence in US: At least 160 shooting incidents in 2023

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This led the Ford management team to order the immediate evacuation of the assembly plant. All production lines were closed and the 7,250 employees who work at the plant were rushed to safety.&nbsp;

Reuters reported the United Auto Workers (UAW) union as saying that it was closely monitoring the situation.

In a statement, the union said, “It's our understanding that one individual is heavily armed inside the assembly plant, but swift action by union and plant leadership cleared the building."

<h2>Could be a ‘swatting prank call’</h2>

According to the statement by the union, there was heavy police deployment in the facility. It also informed that no workers were harmed as the events unfolded.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/technology/ford-plans-3200-job-cuts-in-europe-plans-to-move-some-work-to-the-us-555314">Ford to cut 3,200 jobs in Europe; plans to move some work to the US</a>

Meanwhile, police said it could possibly be a “swatting call” which triggered the evacuation and police action. People sometimes make swatting prank calls to trick emergency services into rushing police officials, most often a Special Weapons and Tactics (SWAT) team.

Sarah Boyd, a spokeswoman for the sheriff’s department, said, “The person who called claimed to be a disgruntled employee.”&nbsp;

Police blocked off the road on US 69 Highway as the investigation was ongoing. The sheriff’s department was asking people to avoid the area on Tuesday.

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Ford’s assembly plant in Kansas was evacuated on Tuesday (July 19) following reports that an active shooter had barricaded himself in the second-floor bathroom of the facility.

Ford’s assembly plant in Kansas was evacuated on Tuesday (July 19) following reports that an active shooter had barricaded himself in the second-floor bathroom of the facility. Reuters reported no deaths, injuries or damages from the scene even as the Clay County sheriff’s office warned people that police officials were entering the plant to find the source of the threat. The emergency call that sounded alarm at the Ford facility At 5:20 PM local time, Ford’s safety and risk management team got a call from a man who reportedly claimed that he was armed with explosives, a rifle and a handgun. The man also claimed to have been barricaded in the second-floor bathroom in the paint area of the plant. Watch: Gun violence in US: At least 160 shooting incidents in 2023 × This led the Ford management team to order the immediate evacuation of the assembly plant. All production lines were closed and the 7,250 employees who work at the plant were rushed to safety. Reuters reported the United Auto Workers (UAW) union as saying that it was closely monitoring the situation. In a statement, the union said, “It's our understanding that one individual is heavily armed inside the assembly plant, but swift action by union and plant leadership cleared the building." Could be a ‘swatting prank call’ According to the statement by the union, there was heavy police deployment in the facility. It also informed that no workers were harmed as the events unfolded. Also read: Ford to cut 3,200 jobs in Europe; plans to move some work to the US Meanwhile, police said it could possibly be a “swatting call” which triggered the evacuation and police action. People sometimes make swatting prank calls to trick emergency services into rushing police officials, most often a Special Weapons and Tactics (SWAT) team. Sarah Boyd, a spokeswoman for the sheriff’s department, said, “The person who called claimed to be a disgruntled employee.” Police blocked off the road on US 69 Highway as the investigation was ongoing. The sheriff’s department was asking people to avoid the area on Tuesday. WATCH WION LIVE HERE ×

Ford plant in Kansas evacuated after armed ‘disgruntled employee’ hides in bathroom

The Indian stock market continued its dream run on Wednesday (July 19) as equity indices—Nifty and Sensex—ended on a higher note, primarily driven by a strong buying spree.

For the fifth consecutive day, the 30-share BSE Sensex continued its rally closing at upwards of 302.30 points or 0.45 per cent,&nbsp;to settle at new record closing high of 67,097.44. Nifty was also up 83.90 points or 0.42 per cent at 19,833.20. About 1961 shares advanced, 1360 shares declined, and 119 shares unchanged.

Among the biggest gainers on the Sensex were NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Finserv, while losers were Hindalco Industries, Bajaj Auto, Hero MotoCorp, TCS and Maruti Suzuki.

IndusInd Bank climbed 2 per cent after the company on Tuesday reported a 30 per cent jump in consolidated net profit in April-June quarter at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions.

Tata Consultancy Services, Bharti Airtel, Maruti, Hindustan Unilever, Nestle and ICICI Bank were among the laggards.

All sectors ended in the green with PSU Bank up 2 per cent, while power, healthcare and oil and gas up 0.5 per cent each.

BSE midcap index and smallcap indices added 0.6 percent each.

Also read |&nbsp;<a href="https://www.wionews.com/world/tesla-seeks-to-expand-german-factory-to-make-it-biggest-in-country-617442">Tesla seeks to expand German factory to make it biggest in country</a>

According to exchange data, Foreign Institutional Investors (FIIs) continued their buying activity on Tuesday as they bought equities worth Rs 2,115.84 crore.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/equity-benchmark-indices-hit-fresh-peaks-sensex-breaches-67000-mark-in-intra-day-trade-617101">Equity benchmark indices hit fresh peaks; Sensex breaches 67,000-mark in intra-day trade</a>

The trend in Indian market was reflective of what is happening in the Asian markets in with Seoul, Tokyo and Shanghai also ending in green, whereas Hong Kong was the only market that was lowered.

Equity markets in Europe were quoting in the green. The US markets ended in positive territory on Tuesday.

WATCH WION LIVE HERE

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The Indian stock market continued its dream run on Wednesday (July 19) as equity indices—Nifty and Sensex—ended on a higher note, primarily driven by a strong buying spree.

The Indian stock market continued its dream run on Wednesday (July 19) as equity indices—Nifty and Sensex—ended on a higher note, primarily driven by a strong buying spree. For the fifth consecutive day, the 30-share BSE Sensex continued its rally closing at upwards of 302.30 points or 0.45 per cent, to settle at new record closing high of 67,097.44. Nifty was also up 83.90 points or 0.42 per cent at 19,833.20. About 1961 shares advanced, 1360 shares declined, and 119 shares unchanged. Among the biggest gainers on the Sensex were NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Finserv, while losers were Hindalco Industries, Bajaj Auto, Hero MotoCorp, TCS and Maruti Suzuki. IndusInd Bank climbed 2 per cent after the company on Tuesday reported a 30 per cent jump in consolidated net profit in April-June quarter at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions. Tata Consultancy Services, Bharti Airtel, Maruti, Hindustan Unilever, Nestle and ICICI Bank were among the laggards. All sectors ended in the green with PSU Bank up 2 per cent, while power, healthcare and oil and gas up 0.5 per cent each. BSE midcap index and smallcap indices added 0.6 percent each. Also read | Tesla seeks to expand German factory to make it biggest in country According to exchange data, Foreign Institutional Investors (FIIs) continued their buying activity on Tuesday as they bought equities worth Rs 2,115.84 crore. Also read | Equity benchmark indices hit fresh peaks; Sensex breaches 67,000-mark in intra-day trade The trend in Indian market was reflective of what is happening in the Asian markets in with Seoul, Tokyo and Shanghai also ending in green, whereas Hong Kong was the only market that was lowered. Equity markets in Europe were quoting in the green. The US markets ended in positive territory on Tuesday. WATCH WION LIVE HERE

Indian equity indices end at record highs; Sensex closes at lifetime high of 67,097

US carriers nowadays are facing a peculiar issue. They are finding it difficult to find suitable candidates for the captain’s role. That's because first officers from various airlines like United Airlines, American Airlines and Delta Airlines are refusing opportunities for promotion.

In aviation, the first officer is responsible for flight operations and navigation whereas the captain is in command of the plane and is responsible for the safety. Both roles have different pay rates.

The shortage in staff has already resulted in a 20 per cent decline in flying capacity for regional US airlines. This could imply similar problems for more established airlines like United Airlines as the number of passengers increase and the ratio of captains to first officers remain unbalanced.

In the past seven years, American Airlines has seen a two-fold increase in pilots declining promotions. Data from the pilots' Union indicates that around 7,000 or more first officers have refused promotion to the captain’s role.

The refusal to accept promotions is mainly due to erratic schedules for pilots despite the increase in compensation. Several pilots have reported work-life complaints arising from the frequent flight cancellations and delays. The present policies require pilots to mandatorily accept flying duties and assignments on non-working days, with extensions in their schedules and unpredictable changes.&nbsp;

Although the captain’s position offers better pay, the increase in unpredictable flying schedules and increased short notice assignments discourage pilots from taking up the captain’s role.

In a bid to resolve the crisis, United Airlines is offering their new pilot premium pay, limited involuntary and standby duties. Meanwhile, Delta and American Airlines are attempting to come up with new pilot contracts to tackle work-life complaints by providing premium payments and regulated four-to-five-day trips.

(With inputs from Reuters)

US carriers nowadays are facing a peculiar issue. They are finding it difficult to find suitable candidates for the captain’s role. That's because first officers from various airlines like United Airlines, American Airlines and Delta Airlines are refusing opportunities for promotion.

US carriers nowadays are facing a peculiar issue. They are finding it difficult to find suitable candidates for the captain’s role. That's because first officers from various airlines like United Airlines, American Airlines and Delta Airlines are refusing opportunities for promotion. In aviation, the first officer is responsible for flight operations and navigation whereas the captain is in command of the plane and is responsible for the safety. Both roles have different pay rates. The shortage in staff has already resulted in a 20 per cent decline in flying capacity for regional US airlines. This could imply similar problems for more established airlines like United Airlines as the number of passengers increase and the ratio of captains to first officers remain unbalanced. In the past seven years, American Airlines has seen a two-fold increase in pilots declining promotions. Data from the pilots' Union indicates that around 7,000 or more first officers have refused promotion to the captain’s role. The refusal to accept promotions is mainly due to erratic schedules for pilots despite the increase in compensation. Several pilots have reported work-life complaints arising from the frequent flight cancellations and delays. The present policies require pilots to mandatorily accept flying duties and assignments on non-working days, with extensions in their schedules and unpredictable changes. Although the captain’s position offers better pay, the increase in unpredictable flying schedules and increased short notice assignments discourage pilots from taking up the captain’s role. In a bid to resolve the crisis, United Airlines is offering their new pilot premium pay, limited involuntary and standby duties. Meanwhile, Delta and American Airlines are attempting to come up with new pilot contracts to tackle work-life complaints by providing premium payments and regulated four-to-five-day trips. (With inputs from Reuters)

US carriers struggle to fill in the Captain’s position as pilots decline promotions

In a significant move highlighting the global surge in AI investment, Infosys, India's second-largest software services exporter, has sealed a major deal to provide cutting-edge artificial intelligence (AI) and automation services over the next five years. The agreement cited by Reuters, with a targeted spend of $2 billion, encompasses a broad scope of AI and automation-related development, modernization, and maintenance services, signaling a strategic push by Infosys to bolster its capabilities in the rapidly evolving AI landscape.

The client's identity remains concealed, but Infosys has emphasised the inclusion of AI and automation services in their recent exchange filing. This landmark deal comes in the wake of the remarkable success of Microsoft-backed OpenAI's generative chatbot ChatGPT in late 2022, prompting companies worldwide to increase their investments in AI technologies.

Growing AI investments among Indian IT giants

Infosys' rival, Tata Consultancy Services (TCS), had recently announced plans to train 25,000 engineers for certification on Microsoft's Azure Open AI, underscoring the fierce competition in the AI domain among Indian IT giants. Additionally, Wipro, another key player in the industry, revealed its intentions to invest $1 billion in AI over the next three years, further indicating the sector's growing focus on harnessing the potential of AI technologies.

In late May, Infosys unveiled Infosys Topaz, a groundbreaking platform dedicated to generative AI. This innovative platform aligns perfectly with Infosys' strategic vision to advance AI capabilities and deliver state-of-the-art solutions to its esteemed clientele.

Market anticipation rises

The recent announcement of the undisclosed client's AI and automation deal with Infosys has sparked anticipation among market watchers ahead of the company's first-quarter results, scheduled for release on July 20. In the quarter that ended on March 31, 2023, Infosys demonstrated its robust growth, serving 40 clients in the $100 million-plus category, an increase from the 38 clients it had in December 2022.

Reuters cited Financial analysts at ICICI Securities, who projected Infosys to report a 0.8 per cent constant currency growth on a sequential basis in the June quarter. They anticipate the following September quarter to remain soft for the company, given the absence of significant mega-deal ramp-ups during that period. While the brokerage expects Infosys to narrow its revenue growth guidance for the financial year 2024 to 4-6 per cent from the current 4-7 per cent, it maintains an optimistic outlook, predicting attractive risk-reward prospects for Infosys' stock. ICICI Securities foresees a substantial 12.8 percent and 12.4 percent constant currency revenue growth in the financial year 2025 and 2026, respectively.

In the last month, shares of Infosys have shown promise, rising by 10 per cent and mitigating most of the losses incurred earlier in the year. Although it remains the only Nifty IT constituent with negative returns on a year-to-date basis, the narrowing losses compared to the 2023 lows have sparked renewed investor interest in the company.

(With Inputs from Reuters)

In a significant move highlighting the global surge in AI investment, Infosys, India's second-largest software services exporter, has sealed a major deal to provide cutting-edge artificial intelligence (AI) and automation services over the next five years.

In a significant move highlighting the global surge in AI investment, Infosys, India's second-largest software services exporter, has sealed a major deal to provide cutting-edge artificial intelligence (AI) and automation services over the next five years. The agreement cited by Reuters, with a targeted spend of $2 billion, encompasses a broad scope of AI and automation-related development, modernization, and maintenance services, signaling a strategic push by Infosys to bolster its capabilities in the rapidly evolving AI landscape. The client's identity remains concealed, but Infosys has emphasised the inclusion of AI and automation services in their recent exchange filing. This landmark deal comes in the wake of the remarkable success of Microsoft-backed OpenAI's generative chatbot ChatGPT in late 2022, prompting companies worldwide to increase their investments in AI technologies. Growing AI investments among Indian IT giants Infosys' rival, Tata Consultancy Services (TCS), had recently announced plans to train 25,000 engineers for certification on Microsoft's Azure Open AI, underscoring the fierce competition in the AI domain among Indian IT giants. Additionally, Wipro, another key player in the industry, revealed its intentions to invest $1 billion in AI over the next three years, further indicating the sector's growing focus on harnessing the potential of AI technologies. In late May, Infosys unveiled Infosys Topaz, a groundbreaking platform dedicated to generative AI. This innovative platform aligns perfectly with Infosys' strategic vision to advance AI capabilities and deliver state-of-the-art solutions to its esteemed clientele. Market anticipation rises The recent announcement of the undisclosed client's AI and automation deal with Infosys has sparked anticipation among market watchers ahead of the company's first-quarter results, scheduled for release on July 20. In the quarter that ended on March 31, 2023, Infosys demonstrated its robust growth, serving 40 clients in the $100 million-plus category, an increase from the 38 clients it had in December 2022. Reuters cited Financial analysts at ICICI Securities, who projected Infosys to report a 0.8 per cent constant currency growth on a sequential basis in the June quarter. They anticipate the following September quarter to remain soft for the company, given the absence of significant mega-deal ramp-ups during that period. While the brokerage expects Infosys to narrow its revenue growth guidance for the financial year 2024 to 4-6 per cent from the current 4-7 per cent, it maintains an optimistic outlook, predicting attractive risk-reward prospects for Infosys' stock. ICICI Securities foresees a substantial 12.8 percent and 12.4 percent constant currency revenue growth in the financial year 2025 and 2026, respectively. In the last month, shares of Infosys have shown promise, rising by 10 per cent and mitigating most of the losses incurred earlier in the year. Although it remains the only Nifty IT constituent with negative returns on a year-to-date basis, the narrowing losses compared to the 2023 lows have sparked renewed investor interest in the company. (With Inputs from Reuters)

Infosys rides the AI wave with jaw-dropping $2 billion pact

India's path to achieving developed nation status has been outlined in a recent research paper published in the Central Bank's monthly bulletin. The report reveals that India must sustain an annual growth rate of 7.6 percent over the next 25 years to successfully transition into a developed economy. As per World Bank standards, a key criterion for classifying a country as a high-income nation is its per capita income. Presently, India's per capita income stands at $2,500, necessitating a significant increase to surpass $21,664 by the year 2047.

As &nbsp;per the study conducted by the Reserve Bank of India's economic research department, the Indian economy would need to achieve a compound annual growth rate (CAGR) of 7.6 percent in real GDP from 2023–24 to 2047–48 to meet the requirements for becoming a developed nation. However, the study clarifies that this analysis does not represent the official view of the RBI.

The study further states that, in nominal terms, accounting for the impact of inflation, the economy would need to achieve a CAGR of 10.6 percent. The report provides insights into the growth trajectory India must sustain over the next couple of decades.

For the period between 2022 and 2023, India is projected to expand by 7.2 percent. Additionally, the RBI forecasts a GDP growth rate of 6.5 percent for the current fiscal year. These projections indicate the ongoing efforts to drive economic growth in the country.

To attain its long-term economic objectives, India needs to address the structure of its economy by boosting the industrial sector's contribution to GDP. The goal is to increase the industrial sector's proportion from the current 25.6 percent to 35 percent by the fiscal year 2047–48. Additionally, the article emphasizes that both agriculture and service activities must grow at a rate of 4.9 percent per year.

The article highlights that achieving high growth rates over an extended period is not uncommon in economic history. It underscores the importance of technological advancements and globalized markets in sustaining sustained high growth, emphasizing their relevance in India's growth trajectory.

Furthermore to achieve the targeted nominal per capita GDP growth rate of 9.1 percent, India must surpass its previous records, as stated in the article. Additionally, the report highlights that sustained average annual real GDP growth of 7.6 percent over the next 25 years could pave the way for India to become a developed nation by 2047.

Various policy initiatives will drive India's path to development, as emphasized in the analysis presented in the article. These initiatives include structural reforms, investments, the digitalization of the economy, logistics improvements, labor upskilling, and sector-specific policies focusing on manufacturing, exports, tourism, education, and health. These growth-enhancing measures are anticipated to contribute significantly to India's transformation into a developed country

India's path to achieving developed nation status has been outlined in a recent research paper published in the Central Bank's monthly bulletin. The report reveals that India must sustain an annual growth rate of 7.

India's path to achieving developed nation status has been outlined in a recent research paper published in the Central Bank's monthly bulletin. The report reveals that India must sustain an annual growth rate of 7.6 percent over the next 25 years to successfully transition into a developed economy. As per World Bank standards, a key criterion for classifying a country as a high-income nation is its per capita income. Presently, India's per capita income stands at $2,500, necessitating a significant increase to surpass $21,664 by the year 2047. As per the study conducted by the Reserve Bank of India's economic research department, the Indian economy would need to achieve a compound annual growth rate (CAGR) of 7.6 percent in real GDP from 2023–24 to 2047–48 to meet the requirements for becoming a developed nation. However, the study clarifies that this analysis does not represent the official view of the RBI. The study further states that, in nominal terms, accounting for the impact of inflation, the economy would need to achieve a CAGR of 10.6 percent. The report provides insights into the growth trajectory India must sustain over the next couple of decades. For the period between 2022 and 2023, India is projected to expand by 7.2 percent. Additionally, the RBI forecasts a GDP growth rate of 6.5 percent for the current fiscal year. These projections indicate the ongoing efforts to drive economic growth in the country. To attain its long-term economic objectives, India needs to address the structure of its economy by boosting the industrial sector's contribution to GDP. The goal is to increase the industrial sector's proportion from the current 25.6 percent to 35 percent by the fiscal year 2047–48. Additionally, the article emphasizes that both agriculture and service activities must grow at a rate of 4.9 percent per year. The article highlights that achieving high growth rates over an extended period is not uncommon in economic history. It underscores the importance of technological advancements and globalized markets in sustaining sustained high growth, emphasizing their relevance in India's growth trajectory. Furthermore to achieve the targeted nominal per capita GDP growth rate of 9.1 percent, India must surpass its previous records, as stated in the article. Additionally, the report highlights that sustained average annual real GDP growth of 7.6 percent over the next 25 years could pave the way for India to become a developed nation by 2047. Various policy initiatives will drive India's path to development, as emphasized in the analysis presented in the article. These initiatives include structural reforms, investments, the digitalization of the economy, logistics improvements, labor upskilling, and sector-specific policies focusing on manufacturing, exports, tourism, education, and health. These growth-enhancing measures are anticipated to contribute significantly to India's transformation into a developed country

India requires 7.6 percent annual growth for 25 years to attain developed nation status: RBI bulletin

India's homegrown digital payments platform UPI is going global. Now France becomes the first European country to accept UPI. The fintech sector is overjoyed. It's another boost to brand India. But analysts say a lot needs to be done before UPI takes off on the world stage.

UPI: India’s homegrown success story

According to a groundbreaking research paper by the reserve bank of India, the country aims to achieve developed nation status by 2047. To achieve this, India must maintain an astounding annual growth rate of 7.6%. The current per capita income stands at $2,500, but to meet the high-income country criteria set by the world bank, India must soar to more than $21,664 by 2047.

India needs 7.6% growth to achieve developed status

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. These groundbreaking reforms cited by Reuters, designed to 'make balance sheet work harder,' can potentially increase World Bank lending by an impressive $50 billion over the next decade. Banga, the former CEO of Mastercard who assumed his new role on June 2, has been mandated to accelerate the evolution of the 70-year-old institution and implement changes to support sustainable development efforts.

The United States, the bank's largest shareholder, initiated the push for reforms in October and later nominated Ajay Banga to lead the institution. U.S. Treasury Secretary Janet Yellen has been vocal about the need for multilateral development banks, including the World Bank, to prioritise climate action and other global challenges before considering capital increases. The new proposals, still under discussion with shareholder countries, build upon initial steps approved in April to enhance World Bank lending capabilities.

A multifaceted vision

Banga's vision is multifaceted, aiming to enable the bank to generate $6 in new lending for every $1 in loan guarantees over a 10-year period. This would equate to an impressive $30 billion for every $5 billion invested. One of the key strategies to achieve this goal is by allowing shareholders to guarantee loans, thus mitigating risks for countries that may face difficulties in repayment. By offering this assurance, the World Bank can significantly expand lending capacity, supporting nations in their endeavours to combat climate change and achieve sustainable growth.

Another innovative measure involves issuing a new hybrid capital instrument, allowing shareholders to invest in bonds. This move is projected to unlock up to $6 billion in additional lending, contributing further to the World Bank's expanded financial resources.

Moreover, the institution plans to absorb more risk by widening conditions for callable capital, which is money pledged by governments but not yet paid in. By leveraging this resource strategically, the World Bank can extend financial assistance to more countries, particularly those with urgent development needs.

The institution has also proposed increasing very low or zero-interest lending, including establishing a $6 billion crisis facility dedicated to supporting the world's poorest countries through the International Development Association. This measure aims to provide crucial financial lifelines during times of crisis, enabling vulnerable nations to respond effectively to emergencies while fostering long-term resilience.

President Banga emphasises that while these progressive reforms are essential for building a better bank, a capital increase will eventually be necessary. The proposals represent a significant step towards aligning the World Bank's operations with the global climate agenda and fostering a more inclusive and sustainable future for all member nations.

(With Inputs from Reuters)

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India.

To address the pressing challenges of climate change and strengthen the institution's capacity to aid developing countries, World Bank President Ajay Banga has announced a series of visionary proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. These groundbreaking reforms cited by Reuters, designed to 'make balance sheet work harder,' can potentially increase World Bank lending by an impressive $50 billion over the next decade. Banga, the former CEO of Mastercard who assumed his new role on June 2, has been mandated to accelerate the evolution of the 70-year-old institution and implement changes to support sustainable development efforts. The United States, the bank's largest shareholder, initiated the push for reforms in October and later nominated Ajay Banga to lead the institution. U.S. Treasury Secretary Janet Yellen has been vocal about the need for multilateral development banks, including the World Bank, to prioritise climate action and other global challenges before considering capital increases. The new proposals, still under discussion with shareholder countries, build upon initial steps approved in April to enhance World Bank lending capabilities. A multifaceted vision Banga's vision is multifaceted, aiming to enable the bank to generate $6 in new lending for every $1 in loan guarantees over a 10-year period. This would equate to an impressive $30 billion for every $5 billion invested. One of the key strategies to achieve this goal is by allowing shareholders to guarantee loans, thus mitigating risks for countries that may face difficulties in repayment. By offering this assurance, the World Bank can significantly expand lending capacity, supporting nations in their endeavours to combat climate change and achieve sustainable growth. Another innovative measure involves issuing a new hybrid capital instrument, allowing shareholders to invest in bonds. This move is projected to unlock up to $6 billion in additional lending, contributing further to the World Bank's expanded financial resources. Moreover, the institution plans to absorb more risk by widening conditions for callable capital, which is money pledged by governments but not yet paid in. By leveraging this resource strategically, the World Bank can extend financial assistance to more countries, particularly those with urgent development needs. The institution has also proposed increasing very low or zero-interest lending, including establishing a $6 billion crisis facility dedicated to supporting the world's poorest countries through the International Development Association. This measure aims to provide crucial financial lifelines during times of crisis, enabling vulnerable nations to respond effectively to emergencies while fostering long-term resilience. President Banga emphasises that while these progressive reforms are essential for building a better bank, a capital increase will eventually be necessary. The proposals represent a significant step towards aligning the World Bank's operations with the global climate agenda and fostering a more inclusive and sustainable future for all member nations. (With Inputs from Reuters)

World Bank's climate cash injection: A $50 billion green boost

India has made remarkable progress in its fight against multidimensional poverty, according to the latest report released by the National Institution for Transforming India (NITI Aayog). The report, titled 'National Multidimensional Poverty Index: A Progress Review 2023', reveals that an unprecedented 13.5 crore people moved out of multidimensional poverty between 2015-16 and 2019-21. This achievement places India well ahead of its 2030 target for reducing poverty under the Sustainable Development Goals (SDGs).

The NITI Aayog's second edition of the National Multidimensional Poverty Index (MPI) is based on data from the latest National Family Health Survey [NFHS-5 (2019-21)], comparing progress between the surveys NFHS-4 (2015-16) and NFHS-5 (2019-21). The MPI measures deprivations across three equally weighted dimensions: health, education, and standard of living, represented by 12 indicators aligned with the SDGs.

Notably, India has witnessed a significant decline of 9.89 percentage points in the number of multidimensionally poor individuals, reducing from 24.85 per cent in 2015-16 to 14.96 per cent in 2019-21. The rural areas have shown the fastest decline, with poverty decreasing from 32.59 per cent to 19.28 per cent, while urban areas experienced a reduction from 8.65 per cent to 5.27 per cent. Uttar Pradesh, in particular, stands out, with 3.43 crore people successfully escaping multidimensional poverty during this period. States like Bihar, Madhya Pradesh, Odisha, and Rajasthan also demonstrated substantial progress in reducing poverty rates.

Scaling India's SDG 'Summit'

The report highlights that the MPI value has nearly halved from 0.117 to 0.066 between 2015-16 and 2019-21, and the intensity of poverty has declined from 47 per cent to 44 per cent, signaling India's significant progress towards achieving SDG Target 1.2 well before the 2030 deadline.

The success in combating multidimensional poverty can be attributed to the government's strategic focus on ensuring sustainable and equitable development while eradicating poverty. Various flagship programs have played a crucial role in this achievement. Initiatives such as the Poshan Abhiyan and Anaemia Mukt Bharat have contributed to improved health indicators. At the same time, the Swachh Bharat Mission (SBM) and Jal Jeevan Mission (JJM) have resulted in enhanced sanitation and access to clean drinking water.

Furthermore, the Pradhan Mantri Ujjwala Yojana (PMUY), which provides subsidized cooking fuel, has transformed lives with a 14.6 percentage point improvement in cooking fuel deprivations. The Saubhagya, Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Jan Dhan Yojana (PMJDY), and Samagra Shiksha programs have also played instrumental roles in reducing multidimensional poverty across the country.

The NITI Aayog report offers multidimensional poverty estimates for the 36 States and Union Territories and 707 Administrative Districts, providing valuable insights for targeted interventions in regions with higher poverty rates.

The progress achieved in extremely low deprivation rates, especially in access to electricity, bank accounts, and drinking water, reflects the government's unwavering commitment to improving citizens' lives and fostering a brighter future for all.

India has made remarkable progress in its fight against multidimensional poverty, according to the latest report released by the National Institution for Transforming India (NITI Aayog).

India has made remarkable progress in its fight against multidimensional poverty, according to the latest report released by the National Institution for Transforming India (NITI Aayog). The report, titled 'National Multidimensional Poverty Index: A Progress Review 2023', reveals that an unprecedented 13.5 crore people moved out of multidimensional poverty between 2015-16 and 2019-21. This achievement places India well ahead of its 2030 target for reducing poverty under the Sustainable Development Goals (SDGs). The NITI Aayog's second edition of the National Multidimensional Poverty Index (MPI) is based on data from the latest National Family Health Survey [NFHS-5 (2019-21)], comparing progress between the surveys NFHS-4 (2015-16) and NFHS-5 (2019-21). The MPI measures deprivations across three equally weighted dimensions: health, education, and standard of living, represented by 12 indicators aligned with the SDGs. Notably, India has witnessed a significant decline of 9.89 percentage points in the number of multidimensionally poor individuals, reducing from 24.85 per cent in 2015-16 to 14.96 per cent in 2019-21. The rural areas have shown the fastest decline, with poverty decreasing from 32.59 per cent to 19.28 per cent, while urban areas experienced a reduction from 8.65 per cent to 5.27 per cent. Uttar Pradesh, in particular, stands out, with 3.43 crore people successfully escaping multidimensional poverty during this period. States like Bihar, Madhya Pradesh, Odisha, and Rajasthan also demonstrated substantial progress in reducing poverty rates. Scaling India's SDG 'Summit' The report highlights that the MPI value has nearly halved from 0.117 to 0.066 between 2015-16 and 2019-21, and the intensity of poverty has declined from 47 per cent to 44 per cent, signaling India's significant progress towards achieving SDG Target 1.2 well before the 2030 deadline. The success in combating multidimensional poverty can be attributed to the government's strategic focus on ensuring sustainable and equitable development while eradicating poverty. Various flagship programs have played a crucial role in this achievement. Initiatives such as the Poshan Abhiyan and Anaemia Mukt Bharat have contributed to improved health indicators. At the same time, the Swachh Bharat Mission (SBM) and Jal Jeevan Mission (JJM) have resulted in enhanced sanitation and access to clean drinking water. Furthermore, the Pradhan Mantri Ujjwala Yojana (PMUY), which provides subsidized cooking fuel, has transformed lives with a 14.6 percentage point improvement in cooking fuel deprivations. The Saubhagya, Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Jan Dhan Yojana (PMJDY), and Samagra Shiksha programs have also played instrumental roles in reducing multidimensional poverty across the country. The NITI Aayog report offers multidimensional poverty estimates for the 36 States and Union Territories and 707 Administrative Districts, providing valuable insights for targeted interventions in regions with higher poverty rates. The progress achieved in extremely low deprivation rates, especially in access to electricity, bank accounts, and drinking water, reflects the government's unwavering commitment to improving citizens' lives and fostering a brighter future for all.

Mission Possible: India's multidimensional poverty plummets ahead of schedule

A picture from the G20 Finance Ministers' meeting in India shows how women are leading some of the biggest economies in the world. Even in the 21st century women are mostly absent from the financial sectors. The economy forums are usually dominated by men and their black suits but these women are changing the norm women had in the International Monetary Fund, the World Trade Organization, the US treasury and European Central Bank. However, more broadly women remain a small minority in this field.

Impact of Women on the global economy with refreshing images from G20 Meet

India's Prime Minister Narendra Modi pushed the de-dollarisation movement in the United Arab Emirates on Saturday as the central banks of the two nations agreed to 'establish a framework to promote the use of local currencies for cross-border transactions'. The two sides also agreed to cooperate for the interlinking of their payment and messaging systems, reflecting New Delhi's lead in prioritising the move away from the US-dominated SWIFT payments interface.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brazils-president-lula-assents-to-common-brics-currency-to-counter-us-dollars-dominance-582289">Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance</a>

The agreement was signed during a one-day visit to the UAE by India's Prime Minister Narendra Modi, which he described as the one aimed towards"making our planet better."

<h2>India-UAE local currency framework: What does it mean?</h2>

The Memorandum of Understanding signed by&nbsp;the Governor of the Reserve Bank of India, Shaktikanta Das and the Governor of the Central Bank of UAE, H.E. Khaled Mohamed Balama, aims to&nbsp;put in place a Local Currency Settlement System (LCSS) to promote the use of Indian Rupee and Arab Emirates Dirham (AED) for bilateral trade.&nbsp;

"The MoU covers all current account transactions and permitted capital account transactions," an official readout by the Reserve Bank of India said.

The agreement would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market.

"The use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in UAE," Reserve Bank of India added.

<h2>India's UPI, and UAE's IPP to be interlinked</h2>

The two countries also agreed to cooperate on linking their Fast Payment Systems (FPSs) — India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform&nbsp;— as well as their respective Card Switches (Rupay switch and UAESWITCH). India and UAE will also explore the&nbsp;linking of payments messaging systems i.e., Structured Financial Messaging System (SFMS) of India with the messaging system in the UAE.

Also watch |&nbsp;De-dollarisation: 10 ASEAN countries agree to ditch the US Dollar

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"The UPI-IPP linkage will enable the users in either country to make fast, convenient, safe, and cost-effective cross-border funds transfers. The linking of Card Switches will facilitate the mutual acceptance of domestic cards and the processing of card transactions. The linkage of messaging systems is aimed to facilitate bilateral financial messaging between the two countries," the RBI said.

Bilateral trade&nbsp;between India and the UAE has increased from US$ 72.9 billion (Apr 21-Mar 2022) to US$ 84.5 billion (Apr 22-Mar 2023) registering a year-on-year increase of 16 per cent.&nbsp;

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India's Prime Minister Narendra Modi pushed the de-dollarisation movement in the United Arab Emirates on Saturday as the central banks of the two nations agreed to 'establish a framework to promote the use of local currencies for cross-border transactions'.

India's Prime Minister Narendra Modi pushed the de-dollarisation movement in the United Arab Emirates on Saturday as the central banks of the two nations agreed to 'establish a framework to promote the use of local currencies for cross-border transactions'. The two sides also agreed to cooperate for the interlinking of their payment and messaging systems, reflecting New Delhi's lead in prioritising the move away from the US-dominated SWIFT payments interface. Also read | Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance The agreement was signed during a one-day visit to the UAE by India's Prime Minister Narendra Modi, which he described as the one aimed towards"making our planet better." India-UAE local currency framework: What does it mean? The Memorandum of Understanding signed by the Governor of the Reserve Bank of India, Shaktikanta Das and the Governor of the Central Bank of UAE, H.E. Khaled Mohamed Balama, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of Indian Rupee and Arab Emirates Dirham (AED) for bilateral trade. "The MoU covers all current account transactions and permitted capital account transactions," an official readout by the Reserve Bank of India said. The agreement would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market. "The use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in UAE," Reserve Bank of India added. India's UPI, and UAE's IPP to be interlinked The two countries also agreed to cooperate on linking their Fast Payment Systems (FPSs) — India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform — as well as their respective Card Switches (Rupay switch and UAESWITCH). India and UAE will also explore the linking of payments messaging systems i.e., Structured Financial Messaging System (SFMS) of India with the messaging system in the UAE. Also watch | De-dollarisation: 10 ASEAN countries agree to ditch the US Dollar × "The UPI-IPP linkage will enable the users in either country to make fast, convenient, safe, and cost-effective cross-border funds transfers. The linking of Card Switches will facilitate the mutual acceptance of domestic cards and the processing of card transactions. The linkage of messaging systems is aimed to facilitate bilateral financial messaging between the two countries," the RBI said. Bilateral trade between India and the UAE has increased from US$ 72.9 billion (Apr 21-Mar 2022) to US$ 84.5 billion (Apr 22-Mar 2023) registering a year-on-year increase of 16 per cent. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian PM brings home de-dollarisation bonanza with rupee-dirham framework

One of the world’s largest food chain companies,&nbsp;McDonald's has been rocked by a barrage of sexual assault claims at its outlets in the UK. A report by BBC has revealed that most of the McDonald's staff, including those as young as 16, are harassed and groped almost daily by their senior managers.&nbsp;

In a response to the BBC report, McDonald's regretted that it had "fallen short" and said it "deeply apologised".

<h2>McDonald's toxic work culture</h2>

McDonald's signed a legally binding agreement with the Equality and Human Rights Commission (EHRC) in February this year, vowing to protect its staff from sexual harassment of any kind at the workplace.&nbsp;

The agreement prompted an investigation by BBC into the company’s work culture, which astonishingly revealed the sorry state of affairs.

BBC reported at least 31 cases related to sexual assault, and 78 related to sexual harassment. The UK equality watchdog has taken cognisance of the matter and launched a new email hotline for the victims.&nbsp;

<h2>Managers responsible for enabling sexual harassment</h2>

Most victims were quoted by BBC as saying that the managers at their outlets would either indulge in sexual acts with their juniors or turn a blind eye in such cases. For instance, “A manager in Hampshire suggested a 16-year-old male worker perform sexual acts in exchange for vapes."

Watch:&nbsp;McDonald's temporarily shuts US offices, to announce layoffs

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In another case, BBC quoted an Indian-origin worker as saying that her crew members would often talk in “gibberish” to imitate her. They would also refer to a Pakistani junior worker as a terrorist.

"There is a saying at McDonald's, "tits on tills" - boys in the kitchen, girls on the counter. The idea is to put attractive people at the front," said a 22-year-old worker Lucy.

"It's the expectation that if you work at McDonald's, you will be harassed," said another worker.

<h2>UK’s youngest workforce in danger</h2>

McDonald's is one of the UK’s largest private-sector employers, with more than 170,000 people working at its outlets across the country. It also employs the country’s youngest workforce, with most junior employees aged between 16 and 25.&nbsp;

<a href="https://www.wionews.com/india-news/no-more-tomatoes-in-mcdonalds-menu-items-company-cited-temporary-issue-612999">Also read:&nbsp;No more tomatoes in McDonald`s menu items, company cited `temporary’ issue</a>

For most of them, this happens to be their first job. It is important to note that McDonald's doesn’t employ these people directly, but indirectly through the franchise system. It means that individual operators are licensed to operate under McDonald's banner and are responsible for employing staff.

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&nbsp;

One of the world’s largest food chain companies, McDonald's has been rocked by a barrage of sexual assault claims at its outlets in the UK. A report by BBC has revealed that most of the McDonald's staff, including those as young as 16, are harassed and groped almost daily by their senior managers.

One of the world’s largest food chain companies, McDonald's has been rocked by a barrage of sexual assault claims at its outlets in the UK. A report by BBC has revealed that most of the McDonald's staff, including those as young as 16, are harassed and groped almost daily by their senior managers. In a response to the BBC report, McDonald's regretted that it had "fallen short" and said it "deeply apologised". McDonald's toxic work culture McDonald's signed a legally binding agreement with the Equality and Human Rights Commission (EHRC) in February this year, vowing to protect its staff from sexual harassment of any kind at the workplace. The agreement prompted an investigation by BBC into the company’s work culture, which astonishingly revealed the sorry state of affairs. BBC reported at least 31 cases related to sexual assault, and 78 related to sexual harassment. The UK equality watchdog has taken cognisance of the matter and launched a new email hotline for the victims. Managers responsible for enabling sexual harassment Most victims were quoted by BBC as saying that the managers at their outlets would either indulge in sexual acts with their juniors or turn a blind eye in such cases. For instance, “A manager in Hampshire suggested a 16-year-old male worker perform sexual acts in exchange for vapes." Watch: McDonald's temporarily shuts US offices, to announce layoffs × In another case, BBC quoted an Indian-origin worker as saying that her crew members would often talk in “gibberish” to imitate her. They would also refer to a Pakistani junior worker as a terrorist. "There is a saying at McDonald's, "tits on tills" - boys in the kitchen, girls on the counter. The idea is to put attractive people at the front," said a 22-year-old worker Lucy. "It's the expectation that if you work at McDonald's, you will be harassed," said another worker. UK’s youngest workforce in danger McDonald's is one of the UK’s largest private-sector employers, with more than 170,000 people working at its outlets across the country. It also employs the country’s youngest workforce, with most junior employees aged between 16 and 25. Also read: No more tomatoes in McDonald`s menu items, company cited `temporary’ issue For most of them, this happens to be their first job. It is important to note that McDonald's doesn’t employ these people directly, but indirectly through the franchise system. It means that individual operators are licensed to operate under McDonald's banner and are responsible for employing staff. WATCH WION LIVE HERE ×

I'm hatin' it: Over 100 McDonald's workers report sexual harassment at workplace

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits. With this move, India is urging its Group of 20 (G20) partners to bolster the proportion of taxes collected from MNCs on their ‘excess profits', according to a government official cited by Reuters.

This proposed reform has the potential to have a substantial impact on the global corporate landscape by challenging outdated regulations and striving for a fairer and more equitable taxation system.

Over 140 nations were scheduled to commence the implementation of a groundbreaking agreement in 2021 that seeks to revamp long-standing rules governing the taxation of multinational corporations. The current regulations have been widely regarded as obsolete, especially in light of the rise of digital giants like Apple and Amazon, which often report profits in jurisdictions with low tax rates.

The United States spearheads the international agreement that seeks to impose a minimum 15 percent tax on large multinational corporations. Additionally, the agreement includes an extra 25 percent tax on 'excess profits,'&nbsp;as defined by the Organization for Economic Cooperation and Development (OECD).

Despite the United States&nbsp;efforts to rally support for this agreement, reservations and concerns from several countries have posed a threat to its implementation. In response to the uncertain prospects of the global agreement, India has taken the initiative to put forth its own proposal as an alternative solution.

Reuters cited an official who revealed that India has put forward recommendations to ensure it receives its fair share of taxation rights on the surplus earnings of multinational corporations. These proposals have been submitted to the Organization for Economic Cooperation and Development (OECD) and are expected to be thoroughly discussed during the G20 summit held on Monday and Tuesday.

Under the agreement, global companies generating annual revenues exceeding $20 billion will be considered to have excess profits if their annual profit growth surpasses 10 percent. The proposed measure suggests a 25 percent levy on these excess revenues, which would be distributed among nations accordingly.

India, renowned as the world's most populous nation and one of the largest consumer marketplaces, is actively advocating for a larger portion of taxes to be allocated to the markets where corporations conduct their business. According to the People's Research on India's Consumer Economy, the average household income in India is projected to more than triple to $27,000 by the end of 2047, further highlighting the country's growing economic significance.

As the host country of the G20 summit, India will additionally propose the separation of withholding taxation from the concept of excess profit tax. The existing guidelines necessitate that countries offset their tax share through the withholding tax collected by companies when making payments to vendors and workers.

In a recent publication, the Organization for Economic Cooperation and Development (OECD) acknowledged that a few jurisdictions have expressed reservations regarding the equitable distribution of taxation rights among nations. The OECD further affirmed that efforts are being made to address these concerns and prepare the Multilateral Convention for prompt implementation&nbsp;and&nbsp;signing.

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits.

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits. With this move, India is urging its Group of 20 (G20) partners to bolster the proportion of taxes collected from MNCs on their ‘excess profits', according to a government official cited by Reuters. This proposed reform has the potential to have a substantial impact on the global corporate landscape by challenging outdated regulations and striving for a fairer and more equitable taxation system. Over 140 nations were scheduled to commence the implementation of a groundbreaking agreement in 2021 that seeks to revamp long-standing rules governing the taxation of multinational corporations. The current regulations have been widely regarded as obsolete, especially in light of the rise of digital giants like Apple and Amazon, which often report profits in jurisdictions with low tax rates. The United States spearheads the international agreement that seeks to impose a minimum 15 percent tax on large multinational corporations. Additionally, the agreement includes an extra 25 percent tax on 'excess profits,' as defined by the Organization for Economic Cooperation and Development (OECD). Despite the United States efforts to rally support for this agreement, reservations and concerns from several countries have posed a threat to its implementation. In response to the uncertain prospects of the global agreement, India has taken the initiative to put forth its own proposal as an alternative solution. Reuters cited an official who revealed that India has put forward recommendations to ensure it receives its fair share of taxation rights on the surplus earnings of multinational corporations. These proposals have been submitted to the Organization for Economic Cooperation and Development (OECD) and are expected to be thoroughly discussed during the G20 summit held on Monday and Tuesday. Under the agreement, global companies generating annual revenues exceeding $20 billion will be considered to have excess profits if their annual profit growth surpasses 10 percent. The proposed measure suggests a 25 percent levy on these excess revenues, which would be distributed among nations accordingly. India, renowned as the world's most populous nation and one of the largest consumer marketplaces, is actively advocating for a larger portion of taxes to be allocated to the markets where corporations conduct their business. According to the People's Research on India's Consumer Economy, the average household income in India is projected to more than triple to $27,000 by the end of 2047, further highlighting the country's growing economic significance. As the host country of the G20 summit, India will additionally propose the separation of withholding taxation from the concept of excess profit tax. The existing guidelines necessitate that countries offset their tax share through the withholding tax collected by companies when making payments to vendors and workers. In a recent publication, the Organization for Economic Cooperation and Development (OECD) acknowledged that a few jurisdictions have expressed reservations regarding the equitable distribution of taxation rights among nations. The OECD further affirmed that efforts are being made to address these concerns and prepare the Multilateral Convention for prompt implementation and signing.

India pushes for tax reform on MNC's profits, urges G20 to support fair taxation on ‘excess profits.'

Finance executives at top British companies are displaying increasing caution due to concerns over high inflation and rising interest rates. According to a quarterly survey conducted by Deloitte, optimism levels among chief financial officers (CFOs) have sharply declined, resulting in a significant shift in sentiment. CFOs now anticipate a slowdown in hiring and pay growth as they grapple with inflationary pressures and tightening monetary policies.

Key Findings

The Deloitte survey revealed that CFOs' optimism levels decreased by 35 percentage points, from a positive 25 to a negative 10, over the course of three months. Reuters cited Deloitte's chief economist, Ian Stewart, who noted that the initial burst of business optimism seen in the spring has diminished due to inflation and rising interest rates.

Finance leaders of major UK firms expressed concerns regarding tight monetary policies, considering them the greatest threat to their businesses. The cost of credit is perceived to be the highest since the credit crunch in 2009. Geopolitical uncertainties and energy prices, which had dominated concerns in recent years, took a backseat to the perceived impact of monetary policy.

CFOs displayed a preference for employees to spend more time in the office, with a net 50 per cent predicting increased office presence in the next two years. This change in sentiment reflects a shift towards cost reduction and cash control among corporations.

Labour Market and Wage Growth

The survey also highlighted early signs of cooling in the labour market, with CFOs signaling reduced recruitment difficulties and decreased wage growth. The Bank of England, concerned about the pace of wage growth contributing to inflationary pressures, is closely monitoring the labour market ahead of its decision on whether to raise borrowing costs for the 14th consecutive time on August 3.

Focus on Tight Monetary Policy

The Deloitte survey, based on responses from 69 CFOs (including 13 from FTSE 100 firms and 21 from FTSE 250 companies), highlighted the growing significance of tight monetary policy as the primary threat to businesses. This surpasses concerns related to geopolitics and energy prices, which have dominated for the past two years.

Call for Green Growth Opportunities

In a separate report cited by Reuters, the Confederation of British Industry (CBI) emphasised the potential for green growth to benefit the UK economy. The CBI estimated that capitalizing on green growth opportunities could boost up to £57 billion ($75 billion), equivalent to 2.4 per cent of GDP, by 2030. The organization urged the government to create a clear and stable policy environment and offer investment incentives to support the realisation of this potential.

CBI Director-General Rain Newton-Smith emphasised the importance of all political parties prioritising green growth in their manifestos as a pivotal general election approach.

Finance executives at top British companies are displaying increasing caution due to concerns over high inflation and rising interest rates. According to a quarterly survey conducted by Deloitte, optimism levels among chief financial officers (CFOs) have sharply declined, resulting in a significant shift in sentiment.

Finance executives at top British companies are displaying increasing caution due to concerns over high inflation and rising interest rates. According to a quarterly survey conducted by Deloitte, optimism levels among chief financial officers (CFOs) have sharply declined, resulting in a significant shift in sentiment. CFOs now anticipate a slowdown in hiring and pay growth as they grapple with inflationary pressures and tightening monetary policies. Key Findings The Deloitte survey revealed that CFOs' optimism levels decreased by 35 percentage points, from a positive 25 to a negative 10, over the course of three months. Reuters cited Deloitte's chief economist, Ian Stewart, who noted that the initial burst of business optimism seen in the spring has diminished due to inflation and rising interest rates. Finance leaders of major UK firms expressed concerns regarding tight monetary policies, considering them the greatest threat to their businesses. The cost of credit is perceived to be the highest since the credit crunch in 2009. Geopolitical uncertainties and energy prices, which had dominated concerns in recent years, took a backseat to the perceived impact of monetary policy. CFOs displayed a preference for employees to spend more time in the office, with a net 50 per cent predicting increased office presence in the next two years. This change in sentiment reflects a shift towards cost reduction and cash control among corporations. Labour Market and Wage Growth The survey also highlighted early signs of cooling in the labour market, with CFOs signaling reduced recruitment difficulties and decreased wage growth. The Bank of England, concerned about the pace of wage growth contributing to inflationary pressures, is closely monitoring the labour market ahead of its decision on whether to raise borrowing costs for the 14th consecutive time on August 3. Focus on Tight Monetary Policy The Deloitte survey, based on responses from 69 CFOs (including 13 from FTSE 100 firms and 21 from FTSE 250 companies), highlighted the growing significance of tight monetary policy as the primary threat to businesses. This surpasses concerns related to geopolitics and energy prices, which have dominated for the past two years. Call for Green Growth Opportunities In a separate report cited by Reuters, the Confederation of British Industry (CBI) emphasised the potential for green growth to benefit the UK economy. The CBI estimated that capitalizing on green growth opportunities could boost up to £57 billion ($75 billion), equivalent to 2.4 per cent of GDP, by 2030. The organization urged the government to create a clear and stable policy environment and offer investment incentives to support the realisation of this potential. CBI Director-General Rain Newton-Smith emphasised the importance of all political parties prioritising green growth in their manifestos as a pivotal general election approach.

CFOs lose their optimistic mojo: Inflation woes and interest rates dampen spirits

Unemployment rates among Chinese youth jumped to a record high of 21.3 per cent in June, reported the nation's National Bureau of Statistics (NBS) on Monday. In May, this rate for youth between the ages of 16 and 24 years stood at 20.8 per cent, which at the time was a record high.

Even as the unemployment rate for youth saw a spike, as per the NBS, the overall urban employment rate remained steady at 5.2 per cent.

<h2>A 'wait-and-see' attitude</h2>

As per Murphy Cruise, an economist at ratings agency Moody's low demand is driving the unemployment. He says that a low demand means that companies are hesitating to hire. They are taking a "wait-and-see" attitude before expanding operations, he added.

Also read | <a href="https://www.wionews.com/world/fresh-graduates-in-china-pose-like-corpses-to-stage-silent-protest-over-lack-of-jobs-608885">Fresh graduates in China pose like corpses to stage silent protest over lack of jobs</a>

Cruise said that adding to the hesitation are memories of repeated lockdowns and suddenly shifting policies that were part of 2022.

"Unfortunately... a revival in business activity is needed for broader demand to lift. That stalemate is keeping business activity weak," he said.

<h2>Economic growth</h2>

Official data shows that China's economy, grew by 6.3 per cent year-on-year in the second quarter of 2023. Analysts, however, were expecting a 7.1 per cent rebound, reports AFP.

In a statement, Beijing's National Bureau of Statistics said that the nation's economy "showed a good momentum of recovery".

"By quarter, the GDP grew by 4.5 per cent year-on-year in the first quarter and 6.3 percent in the second quarter," said NBS spokesman Fu Linghui.

Also read | <a href="https://www.wionews.com/business-economy/us-hiring-falls-short-of-expectations-in-june-signalling-cooling-economy-ahead-of-fed-decision-613241">US hiring falls short of expectations in June, signalling cooling economy ahead of Fed decision</a>

"Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily," he added.

However, the realistic growth in quarter-on-quarter terms shows that China's economy expanded by just 0.8 per cent between April and June. In comparison, the previous three months saw a 2.2 per cent growth.

<h2>Inflated economic growth</h2>

Analysts as per AFP had warned that China's growth figure could be misleading given the low base of comparison set by a year wrought by pandemic.

This time, a year ago, China which was wracked by sudden lockdowns, travel curbs and factory shutdowns, had reported a meagre 0.4 per cent growth — one of its lowest quarterly readings in recent years.

(With inputs from agencies)

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Unemployment rates among Chinese youth jumped to a record high of 21.3 per cent in June, reported the nation's National Bureau of Statistics (NBS) on Monday. In May, this rate for youth between the ages of 16 and 24 years stood at 20.

Unemployment rates among Chinese youth jumped to a record high of 21.3 per cent in June, reported the nation's National Bureau of Statistics (NBS) on Monday. In May, this rate for youth between the ages of 16 and 24 years stood at 20.8 per cent, which at the time was a record high. Even as the unemployment rate for youth saw a spike, as per the NBS, the overall urban employment rate remained steady at 5.2 per cent. A 'wait-and-see' attitude As per Murphy Cruise, an economist at ratings agency Moody's low demand is driving the unemployment. He says that a low demand means that companies are hesitating to hire. They are taking a "wait-and-see" attitude before expanding operations, he added. Also read | Fresh graduates in China pose like corpses to stage silent protest over lack of jobs Cruise said that adding to the hesitation are memories of repeated lockdowns and suddenly shifting policies that were part of 2022. "Unfortunately... a revival in business activity is needed for broader demand to lift. That stalemate is keeping business activity weak," he said. Economic growth Official data shows that China's economy, grew by 6.3 per cent year-on-year in the second quarter of 2023. Analysts, however, were expecting a 7.1 per cent rebound, reports AFP. In a statement, Beijing's National Bureau of Statistics said that the nation's economy "showed a good momentum of recovery". "By quarter, the GDP grew by 4.5 per cent year-on-year in the first quarter and 6.3 percent in the second quarter," said NBS spokesman Fu Linghui. Also read | US hiring falls short of expectations in June, signalling cooling economy ahead of Fed decision "Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents' income grew steadily," he added. However, the realistic growth in quarter-on-quarter terms shows that China's economy expanded by just 0.8 per cent between April and June. In comparison, the previous three months saw a 2.2 per cent growth. Inflated economic growth Analysts as per AFP had warned that China's growth figure could be misleading given the low base of comparison set by a year wrought by pandemic. This time, a year ago, China which was wracked by sudden lockdowns, travel curbs and factory shutdowns, had reported a meagre 0.4 per cent growth — one of its lowest quarterly readings in recent years. (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.

June saw China youth employment at record high of 21.3%; economy grew by 6.3%