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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'. 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%

Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities. The company has released its long-delayed results.

The loss showed "the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern," Evergrande said in a stock exchange filing.

Evergrande, once China's largest real estate company, was found in 2021 to be drowning in more than USD 300 billion in liabilities. This has sparked a nationwide property crisis. The amount of money involved made the crisis capable of having global economic ramifications. Trading in Evergrande's Hong Kong-listed shares has been suspended since March 2022.&nbsp;

In the same month, Evergrande said that it won't be able to publish its 2021 audited results within the timeframe required by Hong Kong's listing rules. It blamed the delay on "a large number of additional audit procedures" and the COVID-19 pandemic.

Watch | China: Youth unemployment at record high, economy shows signs of weakness | All you need to know

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&nbsp;

On Monday, the company said that the net loss it suffered amounted to 686.22 billion yuan (USD 95.7 billion) in 2021. The latest filing in the Hong Kong stock exchange may bring Evergrande close to a resumption of trading.&nbsp;

<h2>Is Evergrande still struggling?</h2>

On Monday, the company released unaudited results for the first half of 2022 as well. These showed that the group's total liabilities had grown to 2.47 trillion yuan by June 2022. This is being considered a sign that Evergrande is still not completely out of troubled waters.

This year, Evergrande announced a long-awaited restructuring proposal. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.

"The respective restructuring effective date is anticipated to be 1 October 2023 and the longstop date is 15 December 2023," Evergrande said on Monday.

<h2>Property sector in turmoil</h2>

The property sector in China is still in turmoil. Major developers, including Evergrande, have been observed to be unable to complete housing projects. This has triggered protests and mortgage boycotts from homebuyers.&nbsp;

Evergrande has become symbolic of a broader crisis in China's property sector. This sector accounts for around a quarter of the country's gross domestic product.

Also Read | <a href="https://www.wionews.com/world/where-is-qin-gang-chinese-foreign-minister-was-last-seen-over-three-weeks-ago-616546">Where is Qin Gang? Chinese foreign minister was last seen over three weeks ago</a>

Smaller firms have defaulted on loans or had problems raising cash since the government brought in stricter lending curbs in 2020.

In November, China's banking regulator and central bank unveiled new measures to promote the "stable and healthy development" of the real estate industry.

They include credit support for indebted developers, financial support to ensure projects are completed and assistance for deferred-payment loans for homebuyers.

(With inputs from agencies)

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Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities.

Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities. The company has released its long-delayed results. The loss showed "the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern," Evergrande said in a stock exchange filing. Evergrande, once China's largest real estate company, was found in 2021 to be drowning in more than USD 300 billion in liabilities. This has sparked a nationwide property crisis. The amount of money involved made the crisis capable of having global economic ramifications. Trading in Evergrande's Hong Kong-listed shares has been suspended since March 2022. In the same month, Evergrande said that it won't be able to publish its 2021 audited results within the timeframe required by Hong Kong's listing rules. It blamed the delay on "a large number of additional audit procedures" and the COVID-19 pandemic. Watch | China: Youth unemployment at record high, economy shows signs of weakness | All you need to know × On Monday, the company said that the net loss it suffered amounted to 686.22 billion yuan (USD 95.7 billion) in 2021. The latest filing in the Hong Kong stock exchange may bring Evergrande close to a resumption of trading. Is Evergrande still struggling? On Monday, the company released unaudited results for the first half of 2022 as well. These showed that the group's total liabilities had grown to 2.47 trillion yuan by June 2022. This is being considered a sign that Evergrande is still not completely out of troubled waters. This year, Evergrande announced a long-awaited restructuring proposal. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. "The respective restructuring effective date is anticipated to be 1 October 2023 and the longstop date is 15 December 2023," Evergrande said on Monday. Property sector in turmoil The property sector in China is still in turmoil. Major developers, including Evergrande, have been observed to be unable to complete housing projects. This has triggered protests and mortgage boycotts from homebuyers. Evergrande has become symbolic of a broader crisis in China's property sector. This sector accounts for around a quarter of the country's gross domestic product. Also Read | Where is Qin Gang? Chinese foreign minister was last seen over three weeks ago Smaller firms have defaulted on loans or had problems raising cash since the government brought in stricter lending curbs in 2020. In November, China's banking regulator and central bank unveiled new measures to promote the "stable and healthy development" of the real estate industry. They include credit support for indebted developers, financial support to ensure projects are completed and assistance for deferred-payment loans for homebuyers. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Evergrande, China's troubled property giant, reports $96 billion loss

In 2022, OPEN became India's 100th unicorn. But how did that happen? What really happened behind the scenes that led to the creation of this billion-dollar idea? Here is the story of the man who played a vital role in building Asia's first neo-banking platform for small and medium enterprises. His struggles, the highs, the lows, and the comebacks eventually led to the success of OPEN. From partnering with nearly all major Indian banks to serving over 3.5 million businesses, OPEN is a homegrown success story from India.

How did OPEN become India's 100th unicorn?

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China. U.S. Treasury Secretary Yellen expressed eagerness on Sunday to foster collaboration with China in various areas of mutual concern, particularly in debt restructuring for impoverished nations.

She also emphasized the need for reforms within multilateral development banks before any consideration of capital increases. This stance underscores the U.S.'s efforts to promote international cooperation and address pressing global challenges.

During a press conference preceding a gathering of the Group of 20 finance ministers and central bankers in India, Janet Yellen highlighted the positive outcomes of her recent visit to Beijing, stating that it has contributed to solidifying the relationship between the United States and China. Yellen emphasized that as the world's two largest economies, there is an obligation to collaborate on matters of shared interest, reflecting a commitment to international cooperation. The remarks underscore the importance of fostering a constructive and cooperative approach between the US and China to address global concerns.

Janet Yellen placed stress on addressing debt restructuring for underprivileged nations and implementing reforms within multilateral banking institutions. Reuters cited Yellen as highlighting the need for a comprehensive "user guide" on debt restructuring to provide clear guidance to borrowing nations and other stakeholders involved in the process.

She also underscored the importance of strengthening the financial stability of the International Monetary Fund's Poverty Reduction and Growth Trust, which offers interest-free loans to the most impoverished countries. Yellen expressed the willingness of the US Treasury to support the IMF in exploring various options, including the utilization of internal fund resources. These remarks highlight Yellen's dedication to addressing the challenges faced by indebted nations and advocating for the improvement of global financial institutions.

In a specific reference to China's debt restructuring efforts in Zambia, Janet Yellen acknowledged that although the negotiation process had been time-consuming, they managed to overcome differences. She stressed the importance of applying the common principles established in Zambia's case to other similar situations rather than starting from scratch each time.Yellen emphasized the need for expedited progress, expressing her desire for the timely completion of debt relief initiatives in Sri Lanka and Ghana. She further stated that the prompt finalization of these programs would enable the International Monetary Fund (IMF) to initiate loan program assessments in the upcoming autumn.

Yellen also outlined a number of next steps for the World Bank and other multilateral development banks' evolution, but stated that any consideration of capital increases for the institutions must come after reforms aimed at expanding their role beyond poverty reduction to address global challenges such as climate change and pandemics.

Furthermore, Reuters cited Yellen as stating that she estimated that multilateral development banks could potentially increase lending by $200 billion over a ten-year period using internal resources, thanks to ongoing balance sheet reforms and recommendations outlined in the G20 Capital Adequacy Framework report from last year. She mentioned her efforts to establish a new set of principles that would enable the "targeted use" of the World Bank's concessional funding for addressing global issues like climate change. Yellen also expressed her commitment to enhancing these resources and exploring additional.

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China.

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China. U.S. Treasury Secretary Yellen expressed eagerness on Sunday to foster collaboration with China in various areas of mutual concern, particularly in debt restructuring for impoverished nations. She also emphasized the need for reforms within multilateral development banks before any consideration of capital increases. This stance underscores the U.S.'s efforts to promote international cooperation and address pressing global challenges. During a press conference preceding a gathering of the Group of 20 finance ministers and central bankers in India, Janet Yellen highlighted the positive outcomes of her recent visit to Beijing, stating that it has contributed to solidifying the relationship between the United States and China. Yellen emphasized that as the world's two largest economies, there is an obligation to collaborate on matters of shared interest, reflecting a commitment to international cooperation. The remarks underscore the importance of fostering a constructive and cooperative approach between the US and China to address global concerns. Janet Yellen placed stress on addressing debt restructuring for underprivileged nations and implementing reforms within multilateral banking institutions. Reuters cited Yellen as highlighting the need for a comprehensive "user guide" on debt restructuring to provide clear guidance to borrowing nations and other stakeholders involved in the process. She also underscored the importance of strengthening the financial stability of the International Monetary Fund's Poverty Reduction and Growth Trust, which offers interest-free loans to the most impoverished countries. Yellen expressed the willingness of the US Treasury to support the IMF in exploring various options, including the utilization of internal fund resources. These remarks highlight Yellen's dedication to addressing the challenges faced by indebted nations and advocating for the improvement of global financial institutions. In a specific reference to China's debt restructuring efforts in Zambia, Janet Yellen acknowledged that although the negotiation process had been time-consuming, they managed to overcome differences. She stressed the importance of applying the common principles established in Zambia's case to other similar situations rather than starting from scratch each time.Yellen emphasized the need for expedited progress, expressing her desire for the timely completion of debt relief initiatives in Sri Lanka and Ghana. She further stated that the prompt finalization of these programs would enable the International Monetary Fund (IMF) to initiate loan program assessments in the upcoming autumn. Yellen also outlined a number of next steps for the World Bank and other multilateral development banks' evolution, but stated that any consideration of capital increases for the institutions must come after reforms aimed at expanding their role beyond poverty reduction to address global challenges such as climate change and pandemics. Furthermore, Reuters cited Yellen as stating that she estimated that multilateral development banks could potentially increase lending by $200 billion over a ten-year period using internal resources, thanks to ongoing balance sheet reforms and recommendations outlined in the G20 Capital Adequacy Framework report from last year. She mentioned her efforts to establish a new set of principles that would enable the "targeted use" of the World Bank's concessional funding for addressing global issues like climate change. Yellen also expressed her commitment to enhancing these resources and exploring additional.

Yellen's India visit spurs US-China cooperation and multilateral banking reforms

China's economy has shown&nbsp;further signs of weakness in the second quarter. The nation's GDP expanded by 0.8 per cent during April-June, compared with the previous quarter; and worryingly, youth unemployment has hit a record high. The latest data shows that the economy has missed growth expectations&nbsp;and consumers continue to remain cautious. As a result, Chinese policymakers are under increasing pressure&nbsp;to unveil a stimulus package for the world's second-largest economy.&nbsp;

Here is a look at the main storm clouds over China's economy.

Sluggish consumption

For almost 3 years, strict zero-Covid policies meant repeated lockdowns, the fear of being arbitrarily quarantined and other draconian health measures. When the restrictions were lifted at the end of 2022, millions flocked to restaurants, shopping malls and on long-awaited holidays. However, that optimism hasn't lasted, with the recovery running out of steam and the labour market under pressure.

Moreover, more than one in five young people is unemployed. As per China's National Bureau of Statistics, unemployment among Chinese youths jumped to a record 21.3 per cent in June. Overall, urban unemployment remained at 5.2 per cent.&nbsp;

Real estate crisis

Brick and mortar are a pillar of the Chinese economy. Property has long been seen as a safe bet for middle-class Chinese seeking to grow their wealth. The demand sent property prices soaring, while developers expanded at breakneck speed thanks to generous bank loans. But as the real estate companies' debts reached unsustainable heights, authorities pushed the brakes in 2020.

Since then, developers' access to credit has been considerably reduced. The most vulnerable entities are struggling to complete their projects, fuelling a crisis of confidence with potential buyers that is depressing prices.

China's central bank last week decided to extend its support for developers, notably through loan repayment extensions, until the end of 2024. The decision came after officials cut interest rates last month. Analysts say the measures are insufficient to save the sector.

Fear of&nbsp;looming deflation

For months, prices in China have been virtually flat. While on paper, this may seem like a good thing for purchasing power, a drop into deflation would pose a long-term threat. Instead of spending, consumers postpone purchases in the hope of lower prices.

And in the absence of demand, companies cut back on production, freeze hiring or lay off staff and agree to further price cuts to clear their inventories. It consequentially weighs on profitability as the companies' costs remain the same.

Chinese trade under threat

China, long described as the workshop of the world, remains highly dependent on exports, making it vulnerable to changes in the global economy. The threat of recession in the US and Europe, combined with galloping inflation, is weakening international demand for Chinese products. In June, exports fell for the second month in a row.

Geopolitical tensions

President Xi Jinping is seemingly struggling to navigate through geopolitical tensions. Tensions between China and the United States have also hurt the economic outlook.

Washington officials are working to de-risk their economy from China.

The US is working to tighten restrictions on semiconductor exports, and is pressuring allies to do the same. Last week, the Chinese customs spokesperson blamed outside forces having a direct impact on Chinese trade.

Debt burden on local authorities

Also dragging on the economy is the dire finances of some local authorities after three years of astronomical spending to combat Covid-19. The real estate crisis has deprived them of a major source of property income.

China's economy has shown further signs of weakness in the second quarter. The nation's GDP expanded by 0.8 per cent during April-June, compared with the previous quarter; and worryingly, youth unemployment has hit a record high.

China's economy has shown further signs of weakness in the second quarter. The nation's GDP expanded by 0.8 per cent during April-June, compared with the previous quarter; and worryingly, youth unemployment has hit a record high. The latest data shows that the economy has missed growth expectations and consumers continue to remain cautious. As a result, Chinese policymakers are under increasing pressure to unveil a stimulus package for the world's second-largest economy. Here is a look at the main storm clouds over China's economy. Sluggish consumption For almost 3 years, strict zero-Covid policies meant repeated lockdowns, the fear of being arbitrarily quarantined and other draconian health measures. When the restrictions were lifted at the end of 2022, millions flocked to restaurants, shopping malls and on long-awaited holidays. However, that optimism hasn't lasted, with the recovery running out of steam and the labour market under pressure. Moreover, more than one in five young people is unemployed. As per China's National Bureau of Statistics, unemployment among Chinese youths jumped to a record 21.3 per cent in June. Overall, urban unemployment remained at 5.2 per cent. Real estate crisis Brick and mortar are a pillar of the Chinese economy. Property has long been seen as a safe bet for middle-class Chinese seeking to grow their wealth. The demand sent property prices soaring, while developers expanded at breakneck speed thanks to generous bank loans. But as the real estate companies' debts reached unsustainable heights, authorities pushed the brakes in 2020. Since then, developers' access to credit has been considerably reduced. The most vulnerable entities are struggling to complete their projects, fuelling a crisis of confidence with potential buyers that is depressing prices. China's central bank last week decided to extend its support for developers, notably through loan repayment extensions, until the end of 2024. The decision came after officials cut interest rates last month. Analysts say the measures are insufficient to save the sector. Fear of looming deflation For months, prices in China have been virtually flat. While on paper, this may seem like a good thing for purchasing power, a drop into deflation would pose a long-term threat. Instead of spending, consumers postpone purchases in the hope of lower prices. And in the absence of demand, companies cut back on production, freeze hiring or lay off staff and agree to further price cuts to clear their inventories. It consequentially weighs on profitability as the companies' costs remain the same. Chinese trade under threat China, long described as the workshop of the world, remains highly dependent on exports, making it vulnerable to changes in the global economy. The threat of recession in the US and Europe, combined with galloping inflation, is weakening international demand for Chinese products. In June, exports fell for the second month in a row. Geopolitical tensions President Xi Jinping is seemingly struggling to navigate through geopolitical tensions. Tensions between China and the United States have also hurt the economic outlook. Washington officials are working to de-risk their economy from China. The US is working to tighten restrictions on semiconductor exports, and is pressuring allies to do the same. Last week, the Chinese customs spokesperson blamed outside forces having a direct impact on Chinese trade. Debt burden on local authorities Also dragging on the economy is the dire finances of some local authorities after three years of astronomical spending to combat Covid-19. The real estate crisis has deprived them of a major source of property income.

Decoded: 6 reasons why China's economy is struggling

Nearly ten months after billionaire business magnate Elon Musk took over Twitter, the financial health of the microblogging platform is yet to see a sight of improvement. Musk on Saturday said that Twitter's cash flow is still negative and that there has been a nearly 50 per cent drop in the advertising revenue of the social media platform. Twitter also continues to have its infamous legacy of heavy debt load, an aspect Musk inherited from Jack Dorsey's executive leadership.

"Need to reach positive cash flow before we have the luxury of anything else," Musk said in a tweet early on Saturday.

Ever since Musk acquired Twitter in October last year, the platform has been gripped by massive chaos. From layoffs of thousands of employees to lax content moderation, Musk's Twitter has been swarmed by a number of issues and conflicts that have repelled many advertisers.

<h2>A 'tanking' active user base: What all Twitter is facing amid threat of rout from Zuckerberg's Threads</h2>

According to the chief of internet services company Cloudflare, Twitter's website traffic is tanking and there have been signs that the users are migrating to alternative platforms such as Threads, BlueSky and Mastodon.&nbsp;

In early July, Twitter started forcing internet surfers to log in to view tweets. Musk also set a rate limit for the number of tweets different Twitter accounts could read each day:&nbsp;initially 6,000 for paying users and 600 for non-paying users. Musk said the changes were introduced to curb attempts to scrape the website.

Also read |&nbsp;<a href="https://www.wionews.com/world/code-for-recommending-tweets-will-be-public-says-elon-musk-573189">Twitter to make its code used for recommending tweets public, says Elon Musk</a>

The limit has since been increased. Twitter also removed the requirement of logging in to view the tweets last week.

Meanwhile, Meta owner Mark Zuckerberg launched his answer to Twitter, the Threads platform, saying:&nbsp;"The goal is to keep it friendly as it expands. I think it’s possible and will ultimately be the key to its success."

"That’s one reason why Twitter&nbsp;never succeeded as much as I think it should have, and we want to do it differently.”

<h2>How do Twitter's finances look right now?</h2>

Not quite bright and definitely not alright.

Also watch |&nbsp;Explained: The future of Twitter under Elon Musk

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After&nbsp;cutting cloud service bills, Musk had said that Twitter&nbsp;reduced its non-debt expenditures to $1.5 billion from a projected $4.5 billion in 2023.

But annually, Twitter is supposed to pay $1.5 billion in payments due to debt it took on a $44 billion deal in October 2023.

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Nearly ten months after billionaire business magnate Elon Musk took over Twitter, the financial health of the microblogging platform is yet to see a sight of improvement.

Nearly ten months after billionaire business magnate Elon Musk took over Twitter, the financial health of the microblogging platform is yet to see a sight of improvement. Musk on Saturday said that Twitter's cash flow is still negative and that there has been a nearly 50 per cent drop in the advertising revenue of the social media platform. Twitter also continues to have its infamous legacy of heavy debt load, an aspect Musk inherited from Jack Dorsey's executive leadership. "Need to reach positive cash flow before we have the luxury of anything else," Musk said in a tweet early on Saturday. Ever since Musk acquired Twitter in October last year, the platform has been gripped by massive chaos. From layoffs of thousands of employees to lax content moderation, Musk's Twitter has been swarmed by a number of issues and conflicts that have repelled many advertisers. A 'tanking' active user base: What all Twitter is facing amid threat of rout from Zuckerberg's Threads According to the chief of internet services company Cloudflare, Twitter's website traffic is tanking and there have been signs that the users are migrating to alternative platforms such as Threads, BlueSky and Mastodon. In early July, Twitter started forcing internet surfers to log in to view tweets. Musk also set a rate limit for the number of tweets different Twitter accounts could read each day: initially 6,000 for paying users and 600 for non-paying users. Musk said the changes were introduced to curb attempts to scrape the website. Also read | Twitter to make its code used for recommending tweets public, says Elon Musk The limit has since been increased. Twitter also removed the requirement of logging in to view the tweets last week. Meanwhile, Meta owner Mark Zuckerberg launched his answer to Twitter, the Threads platform, saying: "The goal is to keep it friendly as it expands. I think it’s possible and will ultimately be the key to its success." "That’s one reason why Twitter never succeeded as much as I think it should have, and we want to do it differently.” How do Twitter's finances look right now? Not quite bright and definitely not alright. Also watch | Explained: The future of Twitter under Elon Musk × After cutting cloud service bills, Musk had said that Twitter reduced its non-debt expenditures to $1.5 billion from a projected $4.5 billion in 2023. But annually, Twitter is supposed to pay $1.5 billion in payments due to debt it took on a $44 billion deal in October 2023. 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.

Twitter still sinking under Elon Musk? Platform struggles to reach 'positive cash flows'

Amidst much fanfare and after repeated delays, US billionaire Elon Musk-owned Tesla has finally managed to build the first Cybertruck at its plant in Texas. Musk took to Twitter to congratulate team Tesla.&nbsp;

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Congrats Tesla Team! <a href="https://t.co/FPUgBqBpdY">https://t.co/FPUgBqBpdY</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1680140839107051520?ref_src=twsrc%5Etfw">July 15, 2023</a></blockquote>
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Musk introduced the pickup truck back in 2019; however, its mass production could never kick off due to a shortage of essential components. In a May shareholders meeting, Musk said Tesla aimed at producing a quarter-million Cybertucks every year depending on demand. With its first truck out, Tesla is running two years behind the original production schedule.

<h2>When will mass production of Cybertrucks start?</h2>

A report by Economic Times quoted Musk as saying that Cybertrucks won’t go into mass production before 2024. "I always try to downplay the start of production. It increases exponentially, but it is very slow at first," Musk was quoted as saying.

Watch:&nbsp;Tesla’s stock soars by $57 billion

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Musk also told the investors that Cybertruck’s specifications and price will be different. The pickup truck segment is one of the most profitable segments in the American EV sector, and Tesla’s Cybertruck will be competing against key players, including Ford Motor and Rivian Automotive.

<h2>What’s so special about Tesla Cybertrucks?</h2>

The Tesla Cybertruck is an all-electric pickup truck that stands out with its futuristic and unconventional design. Introduced in November 2019, the Cybertruck quickly gained attention for its angular and armoured exoskeleton made from ultra-hard 30X cold-rolled stainless steel. This material is claimed to provide remarkable durability and resistance to dents and damage.

The Cybertruck would be available in three versions: a single-motor rear-wheel drive, a dual-motor all-wheel drive, and a tri-motor all-wheel drive. The tri-motor version boasts impressive performance figures, including a 0-60 mph acceleration in under 2.9 seconds and a towing capacity of up to 14,000 pounds.

<a href="https://www.wionews.com/business-economy/tesla-set-to-revolutionise-indias-auto-industry-with-proposed-factory-614987">Also read:&nbsp;Tesla set to revolutionise India`s auto industry with proposed factory</a>

With an estimated range of up to 500 miles on a single charge, the Cybertruck utilises Tesla's advanced electric powertrain technology. It also features adaptive air suspension for adjustable ground clearance and the ability to traverse rough terrains. In fact, Musk earlier in a statement said the truck would be waterproof which would briefly help it serve as a boat.

Inside, the Cybertruck offers seating for up to six passengers and a minimalist yet spacious cabin. The dashboard houses a large touchscreen display for vehicle controls and infotainment.&nbsp;

<h2>Tesla Cybertruck price&nbsp;</h2>

In 2019, Musk stated that the price of the base model (single-motor rear-wheel-drive) will be around $40,000. A dual-motor all-wheel-drive could start at $49,900, while a tri-motor all-wheel-drive is expected to start at $69,900.

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Amidst much fanfare and after repeated delays, US billionaire Elon Musk-owned Tesla has finally managed to build the first Cybertruck at its plant in Texas. Musk took to Twitter to congratulate team Tesla.

Amidst much fanfare and after repeated delays, US billionaire Elon Musk-owned Tesla has finally managed to build the first Cybertruck at its plant in Texas. Musk took to Twitter to congratulate team Tesla. Congrats Tesla Team! https://t.co/FPUgBqBpdY — Elon Musk (@elonmusk) July 15, 2023 × Musk introduced the pickup truck back in 2019; however, its mass production could never kick off due to a shortage of essential components. In a May shareholders meeting, Musk said Tesla aimed at producing a quarter-million Cybertucks every year depending on demand. With its first truck out, Tesla is running two years behind the original production schedule. When will mass production of Cybertrucks start? A report by Economic Times quoted Musk as saying that Cybertrucks won’t go into mass production before 2024. "I always try to downplay the start of production. It increases exponentially, but it is very slow at first," Musk was quoted as saying. Watch: Tesla’s stock soars by $57 billion × Musk also told the investors that Cybertruck’s specifications and price will be different. The pickup truck segment is one of the most profitable segments in the American EV sector, and Tesla’s Cybertruck will be competing against key players, including Ford Motor and Rivian Automotive. What’s so special about Tesla Cybertrucks? The Tesla Cybertruck is an all-electric pickup truck that stands out with its futuristic and unconventional design. Introduced in November 2019, the Cybertruck quickly gained attention for its angular and armoured exoskeleton made from ultra-hard 30X cold-rolled stainless steel. This material is claimed to provide remarkable durability and resistance to dents and damage. The Cybertruck would be available in three versions: a single-motor rear-wheel drive, a dual-motor all-wheel drive, and a tri-motor all-wheel drive. The tri-motor version boasts impressive performance figures, including a 0-60 mph acceleration in under 2.9 seconds and a towing capacity of up to 14,000 pounds. Also read: Tesla set to revolutionise India`s auto industry with proposed factory With an estimated range of up to 500 miles on a single charge, the Cybertruck utilises Tesla's advanced electric powertrain technology. It also features adaptive air suspension for adjustable ground clearance and the ability to traverse rough terrains. In fact, Musk earlier in a statement said the truck would be waterproof which would briefly help it serve as a boat. Inside, the Cybertruck offers seating for up to six passengers and a minimalist yet spacious cabin. The dashboard houses a large touchscreen display for vehicle controls and infotainment. Tesla Cybertruck price In 2019, Musk stated that the price of the base model (single-motor rear-wheel-drive) will be around $40,000. A dual-motor all-wheel-drive could start at $49,900, while a tri-motor all-wheel-drive is expected to start at $69,900. WATCH WION LIVE HERE ×

Tesla’s Texas plant builds first Cybertruck, no mass production before 2024

United States Treasury Secretary Janet Yellen said on Sunday (July 16) that redoubling support for Ukraine was the single best way to aid the global economy, adding there was a massive difference that foreign assistance was making to the war-torn country.

United States Treasury Secretary Janet Yellen said on Sunday (July 16) that redoubling support for Ukraine was the single best way to aid the global economy, adding there was a massive difference that foreign assistance was making to the war-torn country. Speaking on the sidelines of the G20 finance minister summit in the Indian state of Gujarat, Yellen said, "Ending this war is first and foremost a moral imperative. But it's also the single best thing we can do for the global economy." "Budgetary support is critical to Ukraine's resistance," Yellen told reporters in Gujarat's Gandhinagar. "By helping keep the economy and the government running, we are giving Ukraine the support it needs so it can fight for freedom and its sovereignty," she added. The US treasury secretary also highlighted that one of her government's core goals was to combat Russia's efforts to evade Washington's sanctions. Yellen's remarks came four days after leaders of G7 promised to support Ukraine for as long as it took to defeat the Russian offensive. A report by the news agency AFP said the G7 plan provides a framework under which individual countries would agree to bilateral deals with Ukraine detailing the weapons they would give and the response they would make if Russia ups the ante. Eager to work with China on areas of mutual interest Yellen also said on Sunday that she was eager to work with China in areas of mutual interest, including debt restructurings for poorer countries. Yellen said that her visit to Beijing last week helped put the US-China relationship on "surer footing" and that the world's two biggest economies had an obligation to the world "to cooperate on areas of mutual concern". "There is much more work to do. But I believe this trip was an important start. I am eager to build on the groundwork that we laid in Beijing to mobilise further action," she told reporters in Gandhinagar. The treasury secretary also said she would continue to push hard at the G20 finance minister summit for the full and timely participation of all bilateral official creditors on pending debt restructurings. (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.

Redoubling support for Ukraine single best way to aid global economy: Yellen

Deloitte, one of the world's largest consultancy firms, has acknowledged the misuse of government information, further widening the scandal that has recently engulfed fellow big four firm PwC. The disclosure came as part of an ongoing Senate inquiry, although Deloitte has been reluctant to provide specific details due to client confidentiality.

The accounting firm revealed that the Home Affairs Department dropped it after failing to disclose a conflict of interest, similar to a breach identified during its work with the Australian National Audit Office (ANAO). PwC, on the other hand, has been embroiled in a reputation crisis, resulting in dismissals, parliamentary inquiries, police referrals, and the divestment of its government services division for a mere $1 following its misuse of confidential tax policy information.

When approached for a comment on the misuse of government information, Deloitte declined to respond directly but assured the Senate inquiry that it takes its obligations seriously. The firm stated that any instances of confidential government information misuse would be investigated according to their standard procedures. The consequences would vary depending on the internal investigation findings, potentially including disciplinary actions against both partners and employees, in line with their policies addressing misconduct.

The Guardian cited Senator Barbara Pocock of the Greens party, who asserted that Deloitte's disclosure confirmed that the misuse of government information by consultants extends beyond the PwC tax scandal. She expressed concerns that the revelations thus far are only the tip of the iceberg.

Dr. Andy Schmulow, an associate professor of law at the University of Wollongong, told The Guardian that the&nbsp;disclosed breaches expose wider structural issues in the industry that must be addressed. "What this demonstrates is that the system itself is so dysfunctional … that it is no longer possible, even in theory, to uphold the public good," Dr&nbsp;Schmulow told the UK publication.&nbsp;

In addition to the misuse of government information, Deloitte also confirmed nine instances of misusing confidential or proprietary information during the previous fiscal year. However, specific details regarding these incidents were not provided to the Senate, leaving room for potential further investigations.

Deloitte did disclose two instances of conflict of interest breaches related to government contracts. In one case, Deloitte audited the environmental, social, and governance data of a government agency while simultaneously auditing its financial statements without seeking pre-approval from the ANAO as required by their independence and conflict management policies. The second breach involved the Home Affairs Department terminating a contract after an investigation revealed an undisclosed organizational conflict of interest.

Deloitte informed the Senate that it was unaware of any other significant conflict of interest matters concerning government work. Still, it declined to share details about its partnership structure, citing the document's sensitivity and potential impact on commercial advantage and partnership integrity. PwC, in contrast, provided a copy of its partnership agreement to the Senate but requested that it remain confidential among committee members.

Earlier this week, PwC admitted to another serious conflict of interest breach; however, it clarified that it did not involve the misuse of government information.

(With Inputs from Agencies)

Deloitte, one of the world's largest consultancy firms, has acknowledged the misuse of government information, further widening the scandal that has recently engulfed fellow big four firm PwC.

Deloitte, one of the world's largest consultancy firms, has acknowledged the misuse of government information, further widening the scandal that has recently engulfed fellow big four firm PwC. The disclosure came as part of an ongoing Senate inquiry, although Deloitte has been reluctant to provide specific details due to client confidentiality. The accounting firm revealed that the Home Affairs Department dropped it after failing to disclose a conflict of interest, similar to a breach identified during its work with the Australian National Audit Office (ANAO). PwC, on the other hand, has been embroiled in a reputation crisis, resulting in dismissals, parliamentary inquiries, police referrals, and the divestment of its government services division for a mere $1 following its misuse of confidential tax policy information. When approached for a comment on the misuse of government information, Deloitte declined to respond directly but assured the Senate inquiry that it takes its obligations seriously. The firm stated that any instances of confidential government information misuse would be investigated according to their standard procedures. The consequences would vary depending on the internal investigation findings, potentially including disciplinary actions against both partners and employees, in line with their policies addressing misconduct. The Guardian cited Senator Barbara Pocock of the Greens party, who asserted that Deloitte's disclosure confirmed that the misuse of government information by consultants extends beyond the PwC tax scandal. She expressed concerns that the revelations thus far are only the tip of the iceberg. Dr. Andy Schmulow, an associate professor of law at the University of Wollongong, told The Guardian that the disclosed breaches expose wider structural issues in the industry that must be addressed. "What this demonstrates is that the system itself is so dysfunctional … that it is no longer possible, even in theory, to uphold the public good," Dr Schmulow told the UK publication. In addition to the misuse of government information, Deloitte also confirmed nine instances of misusing confidential or proprietary information during the previous fiscal year. However, specific details regarding these incidents were not provided to the Senate, leaving room for potential further investigations. Deloitte did disclose two instances of conflict of interest breaches related to government contracts. In one case, Deloitte audited the environmental, social, and governance data of a government agency while simultaneously auditing its financial statements without seeking pre-approval from the ANAO as required by their independence and conflict management policies. The second breach involved the Home Affairs Department terminating a contract after an investigation revealed an undisclosed organizational conflict of interest. Deloitte informed the Senate that it was unaware of any other significant conflict of interest matters concerning government work. Still, it declined to share details about its partnership structure, citing the document's sensitivity and potential impact on commercial advantage and partnership integrity. PwC, in contrast, provided a copy of its partnership agreement to the Senate but requested that it remain confidential among committee members. Earlier this week, PwC admitted to another serious conflict of interest breach; however, it clarified that it did not involve the misuse of government information. (With Inputs from Agencies)

Deloitte admits wrongdoing, widening scandal's grip on consultancy firms

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week.

The visit will encompass discussions with Indian officials as well as participation in meetings with financial officials from the Group of 20. Following the India visit, Secretary Yellen will engage in bilateral talks in Vietnam. Notably, the Treasury highlighted Secretary Yellen's focus on 'friend-shoring,'&nbsp;which emphasises the establishment of resilient supply chains through enhanced connections with reliable partners.

Furthermore, the Treasury said that during her visit to Vietnam, Secretary Yellen will engage in meetings with Vietnamese financial officials, central bankers, and the economic commissioner of the Vietnamese Communist Party. Additionally, she will collaborate with Vietnamese officials to address U.S. concerns regarding Vietnam's currency practices, with the Treasury praising Vietnam's positive engagement in constructive dialogue on these matters.

In India, Secretary Yellen is scheduled to hold a news conference on July 16 in preparation for the G20 meeting. The Treasury stated that Secretary Yellen will conduct bilateral meetings with officials from India and the European Union.

The official noted that leaders from Western nations project that multilateral development banks could generate an extra $200 billion in lending capacity over the next decade through existing measures or those being contemplated.

The Treasury expects the World Bank to establish a mechanism that provides additional resources to countries grappling with global challenges such as climate change. Moreover, the World Bank is expected to explore financing opportunities for subnational and supranational entities rather than solely focusing on national governments.

Sources cited by Reuters indicate that during the tour from July 13 to 21, Secretary Yellen will emphasize the importance of nations having resilient and comprehensive supply chains. However, this message is not specifically aimed at China and does not imply any desire by the United States to sever ties with the Chinese economy.

Although, on her visit, Yellen voiced her concerns to Chinese authorities regarding what she perceived as punitive measures targeting U.S. businesses. She also raised the issue of China's recent attempt to impose export restrictions on gallium and germanium, two crucial minerals used in semiconductor production.

An official cited by Reuters described this move as ‘arguably the most evident illustration of why we emphasize the importance of building diversified and secure supply chains.’ The official also mentioned that U.S. authorities were still in the process of determining how this measure would be implemented.

Additionally, Secretary Yellen would advocate for the acceleration of debt restructuring processes by all official bilateral creditors, including China. The source noted that while progress had been made in Zambia's debt situation, there was a need for faster resolution in other cases.

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week.

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week. The visit will encompass discussions with Indian officials as well as participation in meetings with financial officials from the Group of 20. Following the India visit, Secretary Yellen will engage in bilateral talks in Vietnam. Notably, the Treasury highlighted Secretary Yellen's focus on 'friend-shoring,' which emphasises the establishment of resilient supply chains through enhanced connections with reliable partners. Furthermore, the Treasury said that during her visit to Vietnam, Secretary Yellen will engage in meetings with Vietnamese financial officials, central bankers, and the economic commissioner of the Vietnamese Communist Party. Additionally, she will collaborate with Vietnamese officials to address U.S. concerns regarding Vietnam's currency practices, with the Treasury praising Vietnam's positive engagement in constructive dialogue on these matters. In India, Secretary Yellen is scheduled to hold a news conference on July 16 in preparation for the G20 meeting. The Treasury stated that Secretary Yellen will conduct bilateral meetings with officials from India and the European Union. The official noted that leaders from Western nations project that multilateral development banks could generate an extra $200 billion in lending capacity over the next decade through existing measures or those being contemplated. The Treasury expects the World Bank to establish a mechanism that provides additional resources to countries grappling with global challenges such as climate change. Moreover, the World Bank is expected to explore financing opportunities for subnational and supranational entities rather than solely focusing on national governments. Sources cited by Reuters indicate that during the tour from July 13 to 21, Secretary Yellen will emphasize the importance of nations having resilient and comprehensive supply chains. However, this message is not specifically aimed at China and does not imply any desire by the United States to sever ties with the Chinese economy. Although, on her visit, Yellen voiced her concerns to Chinese authorities regarding what she perceived as punitive measures targeting U.S. businesses. She also raised the issue of China's recent attempt to impose export restrictions on gallium and germanium, two crucial minerals used in semiconductor production. An official cited by Reuters described this move as ‘arguably the most evident illustration of why we emphasize the importance of building diversified and secure supply chains.’ The official also mentioned that U.S. authorities were still in the process of determining how this measure would be implemented. Additionally, Secretary Yellen would advocate for the acceleration of debt restructuring processes by all official bilateral creditors, including China. The source noted that while progress had been made in Zambia's debt situation, there was a need for faster resolution in other cases.

US Treasury Secretary Yellen set to attend G20 meeting in India, hold bilateral talks in Vietnam

The U.S. Federal Trade Commission on Thursday asked an appeals court to pause Microsoft Corp’s $69 billion takeover of Activision Blizzard Inc while its challenge to the gaming deal is pending, Bloomberg News reported, without citing a source.

Reuters could not confirm the FTC filing and the agency declined to comment.

Also Read | <a href="https://www.wionews.com/world/ukraine-will-join-nato-putin-has-lost-the-war-biden-in-helsinki-615245">Ukraine 'will join NATO', Putin has 'lost the war': Biden in Helsinki</a>

A U.S. appeals court on the West Coast opened a docket on Thursday on the FTC’s effort to overturn its loss, but no docket entries requesting a stay were visible in mid-afternoon.

Also Read | <a href="https://www.wionews.com/world/cocaine-at-white-house-secret-service-ends-probe-without-identifying-suspect-615229">Cocaine at White House: Secret Service ends probe without finding suspect</a>

A federal judge had ruled for Microsoft on Tuesday, saying that the agency had failed to show that the deal would be illegal under antitrust law.

Watch | Russian general says top military brass betrayed soldiers fighting in Ukraine

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The FTC appealed that loss late on Wednesday, and Microsoft has said it would fight that appeal.&nbsp;

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The U.S. Federal Trade Commission on Thursday asked an appeals court to pause Microsoft Corp’s $69 billion takeover of Activision Blizzard Inc while its challenge to the gaming deal is pending, Bloomberg News reported, without citing a source.

The U.S. Federal Trade Commission on Thursday asked an appeals court to pause Microsoft Corp’s $69 billion takeover of Activision Blizzard Inc while its challenge to the gaming deal is pending, Bloomberg News reported, without citing a source. Reuters could not confirm the FTC filing and the agency declined to comment. Also Read | Ukraine 'will join NATO', Putin has 'lost the war': Biden in Helsinki A U.S. appeals court on the West Coast opened a docket on Thursday on the FTC’s effort to overturn its loss, but no docket entries requesting a stay were visible in mid-afternoon. Also Read | Cocaine at White House: Secret Service ends probe without finding suspect A federal judge had ruled for Microsoft on Tuesday, saying that the agency had failed to show that the deal would be illegal under antitrust law. Watch | Russian general says top military brass betrayed soldiers fighting in Ukraine × The FTC appealed that loss late on Wednesday, and Microsoft has said it would fight that appeal. 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. ×

US FTC asks appeals court to pause Microsoft’s Activision deal

In&nbsp;a major setback for Electric Vehicle maker Tesla, the Indian finance ministry on Thursday said it is not considering any custom duty waiver for the Elon Musk-owned company.&nbsp;

"Any duty waiver for Tesla is not under active consideration of the Department of Revenue, as of now," Reuters quoted India's revenue secretary Sanjay Malhotra as saying.&nbsp;

The finance ministry's statement came after Musk had claimed that Prime Minister Narendra Modi urged&nbsp;his company to make substantial investments in India.&nbsp;

Malhotra's statement carries importance as the Electric Vehicle maker in the past had sought custom duty waivers for importing Tesla cars into India. But India had denied Tesla's request in the past, leading to a breakdown in the talks to establish a presence in Asia's third-largest economy.&nbsp;

It is to be noted that India imposes a 100 per cent import duty on Electric Vehicles.&nbsp;

Tesla, the world's most-valued automaker, was recently in the news for holding discussions with the Indian government to establish a car factory.&nbsp;The Times of India had reported that Tesla was exploring the possibility of establishing its auto parts and electronics chain in India.&nbsp;

The proposed factory is expected to have an annual production capacity of 500,000 EVs, with prices starting at $24,400. Additionally, Tesla is looking at India as a base for its EVs, which will be exported to the Indo-Pacific region. This will also help the EV maker reduce its supply chain dependence on China.&nbsp;

(With inputs from Reuters)

In a major setback for Electric Vehicle maker Tesla, the Indian finance ministry on Thursday said it is not considering any custom duty waiver for the Elon Musk-owned company.

In a major setback for Electric Vehicle maker Tesla, the Indian finance ministry on Thursday said it is not considering any custom duty waiver for the Elon Musk-owned company. "Any duty waiver for Tesla is not under active consideration of the Department of Revenue, as of now," Reuters quoted India's revenue secretary Sanjay Malhotra as saying. The finance ministry's statement came after Musk had claimed that Prime Minister Narendra Modi urged his company to make substantial investments in India. Malhotra's statement carries importance as the Electric Vehicle maker in the past had sought custom duty waivers for importing Tesla cars into India. But India had denied Tesla's request in the past, leading to a breakdown in the talks to establish a presence in Asia's third-largest economy. It is to be noted that India imposes a 100 per cent import duty on Electric Vehicles. Tesla, the world's most-valued automaker, was recently in the news for holding discussions with the Indian government to establish a car factory. The Times of India had reported that Tesla was exploring the possibility of establishing its auto parts and electronics chain in India. The proposed factory is expected to have an annual production capacity of 500,000 EVs, with prices starting at $24,400. Additionally, Tesla is looking at India as a base for its EVs, which will be exported to the Indo-Pacific region. This will also help the EV maker reduce its supply chain dependence on China. (With inputs from Reuters)

Setback for Tesla?: India's finance ministry says no duty waiver for EV maker

In a significant development, a federal court has rejected the FTC's attempt to halt the $69 billion Microsoft deal to acquire gaming powerhouse Activision blizzard. The court ruling determined that the FTC failed to present compelling evidence that the deal would violate antitrust laws.

No pause in $69 bn Microsoft-activision merger deal

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported. The ruling by U.S. District Judge Analisa Torres marked the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission (SEC). However, the SEC did secure a partial victory as well.

Following the announcement of the ruling, XRP experienced a surge in value, increasing by 75 per cent, according to Refinitiv Eikon data. The decision is specific to the facts of the case but is expected to provide ammunition for other crypto firms involved in similar battles with the SEC regarding the jurisdiction of their products.

Case details

The SEC accused Ripple and its current and former chief executives of conducting an unregistered securities offering worth $1.3 billion by selling XRP, which was created in 2012. The cryptocurrency industry has closely watched the case, which disputes the SEC's claim that most crypto tokens are securities subject to strict investor protection rules.

Judge Torres ruled that Ripple's sales of XRP on public cryptocurrency exchanges did not qualify as offers of securities under the law, as purchasers did not have a reasonable expectation of profit tied to Ripple's efforts. She referred to the sales as 'blind bid/ask transactions,' where buyers were unaware if their payments went to Ripple or other sellers of XRP.

Unregistered sales of securities

However, the judge also found that Ripple's sales of XRP to hedge funds and other sophisticated buyers, amounting to $728.9 million, constituted unregistered sales of securities. She stated that Ripple's marketing targeted institutional investors, promoting a speculative value proposition for XRP that relied on the company's efforts to develop the underlying blockchain infrastructure.

While the ruling is seen as a major victory for Ripple, the case involving Garlinghouse and Larsen aiding the company's violation of the law will proceed to trial. The defendants cannot argue at trial that they lacked 'fair notice' regarding XRP's classification as a cryptocurrency.

Surging crypto value since verdict

Coinbase, the largest U.S. cryptocurrency exchange, announced that it would resume trading of XRP on its platform in response to the court ruling. Coinbase's stock surged by 24 per cent and closed at $107 per share following the news on Thursday.

The ruling has prompted calls from the crypto industry for Congress to clarify the status of digital assets and establish clear rules for tokens. The outcome of the Ripple case has given optimism to market participants, boosting the shares of various cryptocurrency and blockchain-related companies such as Riot Platforms, Marathon Digital Holdings, Microstrategy, and Hut 8 Mining.

In the aftermath of the ruling, Bitcoin, the largest cryptocurrency, rose by 4.1 per cent to $31,584, while Ethereum, the second-largest cryptocurrency, increased by 6.43 per cent to $1,993.3.

(With Inputs from Reuters)

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported.

In a significant legal victory for Ripple Labs Inc, a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges, Reuters reported. The ruling by U.S. District Judge Analisa Torres marked the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission (SEC). However, the SEC did secure a partial victory as well. Following the announcement of the ruling, XRP experienced a surge in value, increasing by 75 per cent, according to Refinitiv Eikon data. The decision is specific to the facts of the case but is expected to provide ammunition for other crypto firms involved in similar battles with the SEC regarding the jurisdiction of their products. Case details The SEC accused Ripple and its current and former chief executives of conducting an unregistered securities offering worth $1.3 billion by selling XRP, which was created in 2012. The cryptocurrency industry has closely watched the case, which disputes the SEC's claim that most crypto tokens are securities subject to strict investor protection rules. Judge Torres ruled that Ripple's sales of XRP on public cryptocurrency exchanges did not qualify as offers of securities under the law, as purchasers did not have a reasonable expectation of profit tied to Ripple's efforts. She referred to the sales as 'blind bid/ask transactions,' where buyers were unaware if their payments went to Ripple or other sellers of XRP. Unregistered sales of securities However, the judge also found that Ripple's sales of XRP to hedge funds and other sophisticated buyers, amounting to $728.9 million, constituted unregistered sales of securities. She stated that Ripple's marketing targeted institutional investors, promoting a speculative value proposition for XRP that relied on the company's efforts to develop the underlying blockchain infrastructure. While the ruling is seen as a major victory for Ripple, the case involving Garlinghouse and Larsen aiding the company's violation of the law will proceed to trial. The defendants cannot argue at trial that they lacked 'fair notice' regarding XRP's classification as a cryptocurrency. Surging crypto value since verdict Coinbase, the largest U.S. cryptocurrency exchange, announced that it would resume trading of XRP on its platform in response to the court ruling. Coinbase's stock surged by 24 per cent and closed at $107 per share following the news on Thursday. The ruling has prompted calls from the crypto industry for Congress to clarify the status of digital assets and establish clear rules for tokens. The outcome of the Ripple case has given optimism to market participants, boosting the shares of various cryptocurrency and blockchain-related companies such as Riot Platforms, Marathon Digital Holdings, Microstrategy, and Hut 8 Mining. In the aftermath of the ruling, Bitcoin, the largest cryptocurrency, rose by 4.1 per cent to $31,584, while Ethereum, the second-largest cryptocurrency, increased by 6.43 per cent to $1,993.3. (With Inputs from Reuters)

Ripple 'Ripples' the market: Landmark legal win sends XRP soaring

India&nbsp;will not impose a countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters.

In a rare move, the ministry is to&nbsp;reject&nbsp;the recommendation by the Directorate General of Trade Remedies (DGTR) to impose 18.95% CVD on certain flat-rolled steel products imported from China for five years, the finance ministry official directly involved in the matter, told Reuters.

The decision by the finance ministry aims to protect steel-consuming firms from higher prices even though it could hurt local steel manufacturers, the source said.

"Imposing CVD protects manufacturers, but users end up paying a higher cost," said the official, who did not want to be named because a final decision has not been made public. "So you have to balance the interest between users and manufacturers."

CVDs are additional taxes imposed on imported goods or products that are subsidised in their home country thus hurting the industries in the country importing them.

As per World Trade Organisation rules, a member country is allowed to impose an&nbsp;anti-subsidy&nbsp;duty if a product is subsidised by the government of its trading partner.

CVD by&nbsp;India&nbsp;on such Chinese products was removed on February last year and over 170&nbsp;Indian steel companies including Jindal Stainless Ltd and Steel Authority of&nbsp;India&nbsp;have backed a petition to re-impose CVD for another five years, as per the DGTR report.

In April DGTR - which is&nbsp;India's trade ministry's arm that investigates unfair trade practices - recommended CVD on some stainless steel flat products.

The finance ministry has&nbsp;rejected the recommendation despite steel purchases from China touching a six-year high in the April-May period, with imports rising 62%.

The official said that imposing CVD would have hurt small and medium-consuming companies while benefiting a few large conglomerates at a time when the economic recovery in&nbsp;India&nbsp;was rapid but uneven.

The decision will further help Chinese shipments at a time when Asia's largest economy is poised to export the most steel this year since 2016, as it was already benefiting from a weakening yuan and competitive prices, amid weak demand at home.

India's finance and trade ministry did not immediately reply to emails sent after office hours.

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India will not impose a countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters.

India will not impose a countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters. In a rare move, the ministry is to reject the recommendation by the Directorate General of Trade Remedies (DGTR) to impose 18.95% CVD on certain flat-rolled steel products imported from China for five years, the finance ministry official directly involved in the matter, told Reuters. The decision by the finance ministry aims to protect steel-consuming firms from higher prices even though it could hurt local steel manufacturers, the source said. "Imposing CVD protects manufacturers, but users end up paying a higher cost," said the official, who did not want to be named because a final decision has not been made public. "So you have to balance the interest between users and manufacturers." CVDs are additional taxes imposed on imported goods or products that are subsidised in their home country thus hurting the industries in the country importing them. As per World Trade Organisation rules, a member country is allowed to impose an anti-subsidy duty if a product is subsidised by the government of its trading partner. CVD by India on such Chinese products was removed on February last year and over 170 Indian steel companies including Jindal Stainless Ltd and Steel Authority of India have backed a petition to re-impose CVD for another five years, as per the DGTR report. In April DGTR - which is India's trade ministry's arm that investigates unfair trade practices - recommended CVD on some stainless steel flat products. The finance ministry has rejected the recommendation despite steel purchases from China touching a six-year high in the April-May period, with imports rising 62%. The official said that imposing CVD would have hurt small and medium-consuming companies while benefiting a few large conglomerates at a time when the economic recovery in India was rapid but uneven. The decision will further help Chinese shipments at a time when Asia's largest economy is poised to export the most steel this year since 2016, as it was already benefiting from a weakening yuan and competitive prices, amid weak demand at home. India's finance and trade ministry did not immediately reply to emails sent after office hours. 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.

India to reject call for anti-subsidy tax on certain Chinese steel products

India's agricultural sector is grappling with the repercussions of erratic weather patterns, leading to uneven rainfall distribution across the country.&nbsp;This unpredictability has sent shockwaves through the agricultural landscape, raising concerns about crop production and its inevitable impact on food prices. The concentration of excessive rainfall in some regions and deficiencies in others creates a complex and challenging scenario for farmers and consumers alike.

The consequences of such erratic weather are far-reaching.&nbsp;

Excess rains in key agricultural areas like Punjab, Haryana, and western Uttar Pradesh are expected to benefit high-yielding crops, such as rice.&nbsp; However, the story takes a different turn in regions like Andhra Pradesh, Telangana, Karnataka, and West Bengal, where deficient rainfall threatens the production of rice, a staple in many Indian households. This disparity in rainfall distribution has far-reaching implications for crop yields and ultimately impacts the stability of food prices.&nbsp;

Beyond rice, other essential crops like sugarcane also bear the brunt of unpredictable weather. Vegetables and pulses, in particular, experience price volatility due to climate issues, floods, and droughts. Additionally, the production of pulses like tur faces challenges, potentially resulting in price spikes. Tomatoes, a kitchen staple, have witnessed soaring prices, driven by a combination of adverse weather conditions and supply chain disruptions.&nbsp;

In response to the rising prices of essential commodities, the government has taken measures to stabilize the markets. Efforts are underway to procure tomatoes from different states and redistribute them in areas where prices have surged the most.&nbsp;

Looking ahead, the arrival of new crop supplies from Maharashtra and Madhya Pradesh is anticipated to provide relief in the coming weeks. These fresh inflows of agricultural produce should help stabilize prices and ease the pressure on consumers.&nbsp;However, the path to sustained stability remains uncertain, as the unpredictability of weather patterns continues to pose challenges for the agricultural sector.&nbsp;

India's agricultural sector is grappling with the repercussions of erratic weather patterns, leading to uneven rainfall distribution across the country. This unpredictability has sent shockwaves through the agricultural landscape, raising concerns about crop production and its inevitable impact on food prices.

India's agricultural sector is grappling with the repercussions of erratic weather patterns, leading to uneven rainfall distribution across the country. This unpredictability has sent shockwaves through the agricultural landscape, raising concerns about crop production and its inevitable impact on food prices. The concentration of excessive rainfall in some regions and deficiencies in others creates a complex and challenging scenario for farmers and consumers alike. The consequences of such erratic weather are far-reaching. Excess rains in key agricultural areas like Punjab, Haryana, and western Uttar Pradesh are expected to benefit high-yielding crops, such as rice. However, the story takes a different turn in regions like Andhra Pradesh, Telangana, Karnataka, and West Bengal, where deficient rainfall threatens the production of rice, a staple in many Indian households. This disparity in rainfall distribution has far-reaching implications for crop yields and ultimately impacts the stability of food prices. Beyond rice, other essential crops like sugarcane also bear the brunt of unpredictable weather. Vegetables and pulses, in particular, experience price volatility due to climate issues, floods, and droughts. Additionally, the production of pulses like tur faces challenges, potentially resulting in price spikes. Tomatoes, a kitchen staple, have witnessed soaring prices, driven by a combination of adverse weather conditions and supply chain disruptions. In response to the rising prices of essential commodities, the government has taken measures to stabilize the markets. Efforts are underway to procure tomatoes from different states and redistribute them in areas where prices have surged the most. Looking ahead, the arrival of new crop supplies from Maharashtra and Madhya Pradesh is anticipated to provide relief in the coming weeks. These fresh inflows of agricultural produce should help stabilize prices and ease the pressure on consumers. However, the path to sustained stability remains uncertain, as the unpredictability of weather patterns continues to pose challenges for the agricultural sector.

Decoded: Erratic weather patterns across India is bad news for food prices

OYO announced the launch of its new program called 'Spotless Stay' aimed at evaluating and maintaining the cleanliness and upkeep of hotels. As part of this initiative, OYO will conduct regular audits of its partner hotels to assess their overall condition and cleanliness.

Under the Spotless Stay program, hotels that receive high customer cleanliness ratings will be rewarded with benefits, including improved search rankings on the OYO platform. The company plans to assign on-field officers who will perform comprehensive on-ground audits of one property daily, resulting in over 3,000 monthly audits. By October 2023, OYO aims to scale the number of monthly audits to 6,000.

During the audits, the hotels will undergo meticulous assessments to evaluate various aspects such as overall maintenance and upkeep, cleanliness, in-room hygiene, upholstery and linen maintenance, and washroom cleanliness. Customer ratings received in the week leading up to the audit will also be considered.

OYO highlighted that property owners would be required to undertake thorough deep cleaning and overhaul procedures, including the replacement of upholstery, linen, sheets, and pillow covers. A follow-up audit will be conducted within one week to monitor the progress and address any areas requiring further attention. If a hotel fails to meet the necessary standards, it will be placed on a performance improvement plan to ensure compliance with the required parameters.

According to the company, the Spotless Stay initiative has already been implemented in more than 250 OYO hotels. OYO intends to enhance the quality and cleanliness of its partner hotels by proactively addressing any cleanliness issues and continuously monitoring their progress.

By introducing this program, OYO aims to reassure its customers of its commitment to providing clean and well-maintained accommodations while also impressing its investors. The Spotless Stay initiative aligns with OYO's efforts to enhance customer satisfaction and improve the brand's overall image. The program benefits customers by ensuring high cleanliness standards and provides an incentive for hotels to maintain cleanliness and hygiene, as it directly impacts their search rankings on the OYO platform.

As a technology-driven hospitality platform, OYO aims to enhance the quality of its services and elevate industry standards. By conducting regular audits and implementing programs like Spotless Stay, OYO aims to raise the bar for cleanliness and maintenance across its partner hotels.

OYO announced the launch of its new program called 'Spotless Stay' aimed at evaluating and maintaining the cleanliness and upkeep of hotels. As part of this initiative, OYO will conduct regular audits of its partner hotels to assess their overall condition and cleanliness.

OYO announced the launch of its new program called 'Spotless Stay' aimed at evaluating and maintaining the cleanliness and upkeep of hotels. As part of this initiative, OYO will conduct regular audits of its partner hotels to assess their overall condition and cleanliness. Under the Spotless Stay program, hotels that receive high customer cleanliness ratings will be rewarded with benefits, including improved search rankings on the OYO platform. The company plans to assign on-field officers who will perform comprehensive on-ground audits of one property daily, resulting in over 3,000 monthly audits. By October 2023, OYO aims to scale the number of monthly audits to 6,000. During the audits, the hotels will undergo meticulous assessments to evaluate various aspects such as overall maintenance and upkeep, cleanliness, in-room hygiene, upholstery and linen maintenance, and washroom cleanliness. Customer ratings received in the week leading up to the audit will also be considered. OYO highlighted that property owners would be required to undertake thorough deep cleaning and overhaul procedures, including the replacement of upholstery, linen, sheets, and pillow covers. A follow-up audit will be conducted within one week to monitor the progress and address any areas requiring further attention. If a hotel fails to meet the necessary standards, it will be placed on a performance improvement plan to ensure compliance with the required parameters. According to the company, the Spotless Stay initiative has already been implemented in more than 250 OYO hotels. OYO intends to enhance the quality and cleanliness of its partner hotels by proactively addressing any cleanliness issues and continuously monitoring their progress. By introducing this program, OYO aims to reassure its customers of its commitment to providing clean and well-maintained accommodations while also impressing its investors. The Spotless Stay initiative aligns with OYO's efforts to enhance customer satisfaction and improve the brand's overall image. The program benefits customers by ensuring high cleanliness standards and provides an incentive for hotels to maintain cleanliness and hygiene, as it directly impacts their search rankings on the OYO platform. As a technology-driven hospitality platform, OYO aims to enhance the quality of its services and elevate industry standards. By conducting regular audits and implementing programs like Spotless Stay, OYO aims to raise the bar for cleanliness and maintenance across its partner hotels.

OYO implements deep cleaning and overhaul procedures through 'Spotless Stay'

Elon Musk-owned Twitter on Thursday (July 14) started sharing advertising revenue to select content creators on the platform. Users who subscribed to Twitter Blue and managed to earn more than five million tweet impressions each month for the last three months are eligible to earn a share of the pie.&nbsp;

An automatic email went to eligible creators wherein it was stated that they will receive their share of the ad revenue within the next three days in their connected Stripe accounts.&nbsp;

Twitter released a statement saying the programme's rollout will be expanded later this month to all eligible creators.&nbsp;

"We’re expanding our creator monetisation offering to include ads revenue sharing for creators. This means that creators can get a share in ad revenue, starting in the replies to their posts. This is part of our effort to help people earn a living directly on Twitter. We're rolling out the program more broadly later this month and all eligible creators will be able to apply."

After the announcement, some of the creators shared screenshots of the email showing they were getting substantial amounts for their content and virality.&nbsp;

Billy Markus, the co-creator of the Dogecoin cryptocurrency, shared his payout, which amounted to a whopping $37,050. Meanwhile, writer&nbsp;Brian Krassenstein with over 750,000 followers said Twitter paid him almost $25,000.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Twitter just paid me almost $25,000. <a href="https://t.co/oIJ2Ycymzb">pic.twitter.com/oIJ2Ycymzb</a>
— Brian Krassenstein (@krassenstein) <a href="https://twitter.com/krassenstein/status/1679550723174834201?ref_src=twsrc%5Etfw">July 13, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Musk took to&nbsp;the platform and said the first payout for ads that appear in content creator's reply threads would be cumulative from when he first announced the programme in February. Earlier this week, Musk informed about the payout saying the first block of payment amounted to $5 million.&nbsp;

"In a few weeks, X/Twitter will start paying creators for ads served in their replies. First block payment totals $5M. Note, the creator must be verified and only ads served to verified users count," tweeted Musk.&nbsp;

<a href="https://www.wionews.com/technology/twitter-to-now-pay-verified-content-creators-for-ads-in-replies-says-elon-musk-602912">Also read |&nbsp;Twitter to now pay verified content creators for ads in replies, says Elon Musk</a>

Ever since taking over Twitter, Musk has been seeking new avenues&nbsp;to raise money as well as bring more creators to the platform. The payout comes at a crucial time when Meta has opened Twitter rival Threads to counter the hegemony of the bird app.&nbsp;

Many experts have claimed that Threads might be a Twitter killer but with the news of payouts spreading across social media like wildfire, more content creators will be looking to join the bandwagon.&nbsp;

<a href="https://www.wionews.com/videos/elon-musk-merges-twitter-with-x-corp-581535">WATCH |&nbsp;Elon Musk merges Twitter with X Corp</a>

<iframe allowfullscreen="" autoplay="1" data-gtm-yt-inspected-19="true" data-gtm-yt-inspected-24="true" data-gtm-yt-inspected-30="true" frameborder="0" height="350" src="https://www.wionews.com/videos/elon-musk-merges-twitter-with-x-corp-581535/embed" width="560"></iframe>

<a href="https://www.wionews.com/technology/musk-unveils-plan-for-creators-to-make-money-on-twitter-says-platform-will-not-keep-any-money-582530#" id="jqclosemark">×</a>

Apart from earning money through ad revenues, creators on Twitter&nbsp;have been given the freedom to offer monthly subscriptions in the $2.99, $4.99, or $9.99 bracket to users. Musk, in a tweet thread, informed that for the next 12 months, the creators will be making most of the money as Twitter will not charge anything.&nbsp;&nbsp;

"For the next 12 months, Twitter will keep none of the money. You will receive whatever money we receive, so that’s 70% for subscriptions on iOS &amp; Android (they charge 30%) and ~92% on web (could be better, depending on payment processor)," tweeted Musk.&nbsp;

Musk added that after the first year, as the iOS and Android fees drop, Twitter will add a small amount on top of that, dependent on the volume.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;&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>

Elon Musk-owned Twitter on Thursday (July 14) started sharing advertising revenue to select content creators on the platform. Users who subscribed to Twitter Blue and managed to earn more than five million tweet impressions each month for the last three months are eligible to earn a share of the pie.

Elon Musk-owned Twitter on Thursday (July 14) started sharing advertising revenue to select content creators on the platform. Users who subscribed to Twitter Blue and managed to earn more than five million tweet impressions each month for the last three months are eligible to earn a share of the pie. An automatic email went to eligible creators wherein it was stated that they will receive their share of the ad revenue within the next three days in their connected Stripe accounts. Twitter released a statement saying the programme's rollout will be expanded later this month to all eligible creators. "We’re expanding our creator monetisation offering to include ads revenue sharing for creators. This means that creators can get a share in ad revenue, starting in the replies to their posts. This is part of our effort to help people earn a living directly on Twitter. We're rolling out the program more broadly later this month and all eligible creators will be able to apply." After the announcement, some of the creators shared screenshots of the email showing they were getting substantial amounts for their content and virality. Billy Markus, the co-creator of the Dogecoin cryptocurrency, shared his payout, which amounted to a whopping $37,050. Meanwhile, writer Brian Krassenstein with over 750,000 followers said Twitter paid him almost $25,000. Twitter just paid me almost $25,000. pic.twitter.com/oIJ2Ycymzb — Brian Krassenstein (@krassenstein) July 13, 2023 × Musk took to the platform and said the first payout for ads that appear in content creator's reply threads would be cumulative from when he first announced the programme in February. Earlier this week, Musk informed about the payout saying the first block of payment amounted to $5 million. "In a few weeks, X/Twitter will start paying creators for ads served in their replies. First block payment totals $5M. Note, the creator must be verified and only ads served to verified users count," tweeted Musk. Also read | Twitter to now pay verified content creators for ads in replies, says Elon Musk Ever since taking over Twitter, Musk has been seeking new avenues to raise money as well as bring more creators to the platform. The payout comes at a crucial time when Meta has opened Twitter rival Threads to counter the hegemony of the bird app. Many experts have claimed that Threads might be a Twitter killer but with the news of payouts spreading across social media like wildfire, more content creators will be looking to join the bandwagon. WATCH | Elon Musk merges Twitter with X Corp × Apart from earning money through ad revenues, creators on Twitter have been given the freedom to offer monthly subscriptions in the $2.99, $4.99, or $9.99 bracket to users. Musk, in a tweet thread, informed that for the next 12 months, the creators will be making most of the money as Twitter will not charge anything. "For the next 12 months, Twitter will keep none of the money. You will receive whatever money we receive, so that’s 70% for subscriptions on iOS & Android (they charge 30%) and ~92% on web (could be better, depending on payment processor)," tweeted Musk. Musk added that after the first year, as the iOS and Android fees drop, Twitter will add a small amount on top of that, dependent on the volume. (With inputs from agencies) WATCH WION LIVE HERE:

Twitter starts sharing advertising revenue with verified creators

Amid the mounting U.S. debt, the cost of servicing debt has seen a 25 percent surge in the the ongoing&nbsp;fiscal year (October to June), reaching a staggering $652 billion.&nbsp;According to the US Department of Treasury, the&nbsp;weighted average interest for total outstanding debt is at 2.76 per cent, the&nbsp;highest level since February 2012.&nbsp;Consequently, this has contributed to the significant increase in the federal budget deficit.&nbsp;

The Treasury Department said on Thursday that&nbsp;the federal government deficit has exceeded $1.39 trillion over the nine-month period ending in June, marking a whopping&nbsp;170 percent rise compared to the corresponding period in the previous year.&nbsp;Moreover, the federal government's deficit has nearly tripled since October 2022, further exacerbating the colossal debt burden of $32 trillion.

The increasing deficit is likely to fuel the efforts of Republican lawmakers to reduce federal spending. Although the Grand Old Party, which holds&nbsp;the control of the House, recently reached an agreement with the Biden administration to temporarily suspend the debt ceiling, a fresh clash over spending for the upcoming fiscal year 2024, commencing on October 1, could be&nbsp;on the horizon.

Factors contributing to the expansion of the budget deficit

Rising interest rates have played a significant role, as the US Federal Reserve has increased its benchmark rate by 5 percentage points since initiating rate hikes in March of the previous year. Currently, five-year Treasury rates stand at approximately 3.96 per cent, a notable rise from 1.35 per cent&nbsp;at the start of the year. Consequently, as lower-yielding assets mature, the Treasury's interest rates on existing debt will steadily increase.

A drop in tax revenue has also been a contributing factor, primarily due to a decline in capital gains tax collection. The decline in government revenue can be attributed to the decrease in stock, bond, and other asset prices observed in the previous year. Tax revenue between October and June was 11 percent lower compared to the same period a year ago.

There has been a surge in government spending, with a significant jump of 10 percent. This surge can be attributed, in part, to the impact of inflation. The rise in inflation has necessitated higher expenditures across multiple categories of government spending.

(With inputs from agencies)

Amid the mounting U.S. debt, the cost of servicing debt has seen a 25 percent surge in the the ongoing fiscal year (October to June), reaching a staggering $652 billion.

Amid the mounting U.S. debt, the cost of servicing debt has seen a 25 percent surge in the the ongoing fiscal year (October to June), reaching a staggering $652 billion. According to the US Department of Treasury, the weighted average interest for total outstanding debt is at 2.76 per cent, the highest level since February 2012. Consequently, this has contributed to the significant increase in the federal budget deficit. The Treasury Department said on Thursday that the federal government deficit has exceeded $1.39 trillion over the nine-month period ending in June, marking a whopping 170 percent rise compared to the corresponding period in the previous year. Moreover, the federal government's deficit has nearly tripled since October 2022, further exacerbating the colossal debt burden of $32 trillion. The increasing deficit is likely to fuel the efforts of Republican lawmakers to reduce federal spending. Although the Grand Old Party, which holds the control of the House, recently reached an agreement with the Biden administration to temporarily suspend the debt ceiling, a fresh clash over spending for the upcoming fiscal year 2024, commencing on October 1, could be on the horizon. Factors contributing to the expansion of the budget deficit Rising interest rates have played a significant role, as the US Federal Reserve has increased its benchmark rate by 5 percentage points since initiating rate hikes in March of the previous year. Currently, five-year Treasury rates stand at approximately 3.96 per cent, a notable rise from 1.35 per cent at the start of the year. Consequently, as lower-yielding assets mature, the Treasury's interest rates on existing debt will steadily increase. A drop in tax revenue has also been a contributing factor, primarily due to a decline in capital gains tax collection. The decline in government revenue can be attributed to the decrease in stock, bond, and other asset prices observed in the previous year. Tax revenue between October and June was 11 percent lower compared to the same period a year ago. There has been a surge in government spending, with a significant jump of 10 percent. This surge can be attributed, in part, to the impact of inflation. The rise in inflation has necessitated higher expenditures across multiple categories of government spending. (With inputs from agencies)

$652 billion & counting: Soaring US debt costs reach 11-year high

The Indian government on Wednesday approved the selling price as well as the royalty on lithium and rare earth elements (REEs), thereby enabling the first auction of their recently-discovered blocks, and kept royalty at “reasonable” rates to encourage private sector participation in their commercial mining.

For lithium, the Indian Cabinet approved a royalty rate of three percent based on the London Metal Exchange price chargeable on the “contained lithium metal”, since the newly-discovered resources would require proper technology and quantum investment to profitably extract lithium from its ore.

The royalty on REE has been fixed at one percent of the average sale price of rare earth oxide (REO) chargeable on the REO contained in the produced ore. This is in line with the international practice where REE royalty is half of the royalty on ilmenite, rutile and zircon (two percent).

Both lithium and REE were not exclusively specified in the Second Schedule of the Mines and Minerals (Development and Regulation) Act of 1957. This meant that they attracted royalty rates of 12 per cent. The new rates would be applicable for the next three years. Wednesday’s fixation of average sale price and royalty would enable state governments to auction the newly-found blocks.&nbsp;

The Mines Ministry had proposed that royalty may “initially be kept at a reasonable level” to encourage more participation. It said that in prescribing royalty for minerals to be mined for the first time in the country, factors such as ease in royalty administration, fair revenue to the states and investor interest to mine the minerals must be considered.&nbsp;

“Encouraging indigenous mining of lithium and REE is in the national interest. It would lead to a reduction in imports and would also help in the efforts of making Atmanirbhar Bharat,” it argued.

India meets about 70 percent of its lithium - the key element for manufacturing electric vehicle batteries - through imports even as it seeks to increase the EV penetration from current 1 percent to 30 percent by 2030.

India depends on China and Hong Kong for about 70 percent of its lithium imports and more than 90 percent for lithium-ion. Australia is the world’s top lithium producer followed by the ‘Lithium Triangle’ of Argentina, Chile and Bolivia.

Recently, 5.9 million tonnes of lithium deposits were discovered in Salal-Hamina areas of Reasi district of Jammu &amp; Kashmir by the Geological Survey of India (GSI).&nbsp;

As for REE, Karnataka had informed that the Mincheri REE block in Raichur district was explored by the Geological Survey of India up to G3 level. Since the atomic minerals reported in this block were below the notified threshold value, the state government had been authorised to auction the block.

GSI has also conducted exploration and finalised the geological reports for nine other blocks with three in Bihar, two each in Gujarat and Maharashtra, one each in Jharkhand and Uttar Pradesh.

The Indian government on Wednesday approved the selling price as well as the royalty on lithium and rare earth elements (REEs), thereby enabling the first auction of their recently-discovered blocks, and kept royalty at “reasonable” rates to encourage private sector participation in their commercial mining.

The Indian government on Wednesday approved the selling price as well as the royalty on lithium and rare earth elements (REEs), thereby enabling the first auction of their recently-discovered blocks, and kept royalty at “reasonable” rates to encourage private sector participation in their commercial mining. For lithium, the Indian Cabinet approved a royalty rate of three percent based on the London Metal Exchange price chargeable on the “contained lithium metal”, since the newly-discovered resources would require proper technology and quantum investment to profitably extract lithium from its ore. The royalty on REE has been fixed at one percent of the average sale price of rare earth oxide (REO) chargeable on the REO contained in the produced ore. This is in line with the international practice where REE royalty is half of the royalty on ilmenite, rutile and zircon (two percent). Both lithium and REE were not exclusively specified in the Second Schedule of the Mines and Minerals (Development and Regulation) Act of 1957. This meant that they attracted royalty rates of 12 per cent. The new rates would be applicable for the next three years. Wednesday’s fixation of average sale price and royalty would enable state governments to auction the newly-found blocks. The Mines Ministry had proposed that royalty may “initially be kept at a reasonable level” to encourage more participation. It said that in prescribing royalty for minerals to be mined for the first time in the country, factors such as ease in royalty administration, fair revenue to the states and investor interest to mine the minerals must be considered. “Encouraging indigenous mining of lithium and REE is in the national interest. It would lead to a reduction in imports and would also help in the efforts of making Atmanirbhar Bharat,” it argued. India meets about 70 percent of its lithium - the key element for manufacturing electric vehicle batteries - through imports even as it seeks to increase the EV penetration from current 1 percent to 30 percent by 2030. India depends on China and Hong Kong for about 70 percent of its lithium imports and more than 90 percent for lithium-ion. Australia is the world’s top lithium producer followed by the ‘Lithium Triangle’ of Argentina, Chile and Bolivia. Recently, 5.9 million tonnes of lithium deposits were discovered in Salal-Hamina areas of Reasi district of Jammu & Kashmir by the Geological Survey of India (GSI). As for REE, Karnataka had informed that the Mincheri REE block in Raichur district was explored by the Geological Survey of India up to G3 level. Since the atomic minerals reported in this block were below the notified threshold value, the state government had been authorised to auction the block. GSI has also conducted exploration and finalised the geological reports for nine other blocks with three in Bihar, two each in Gujarat and Maharashtra, one each in Jharkhand and Uttar Pradesh.

India's El Dorado: All eyes set on first lithium, rare earth elements auctions

The International Monetary Fund (IMF) board of directors approved a 9-month Stand-By Arrangement (SBA) for Pakistan on Wednesday for an amount of $3 billion to support the authorities’ economic stabilization program.

This arrangement arrives at a challenging economic crossroads for Pakistan. The country has been facing a difficult external environment, along with the impact of devastating floods and policy missteps, resulting in significant fiscal and external deficits, a rise in inflation, and a depletion of reserve buffers during FY23.

As an initial step, the approval by the Executive Board enables an immediate disbursement of $1.2 billion to stabilize the economy. The remaining funds will be released gradually over the duration of the program, contingent upon two quarterly reviews.

The announcement of approval has brought hope to the country in addressing its economic imbalances and financial crises, particularly in the midst of challenges such as devastating floods and policy missteps. These circumstances have resulted in significant fiscal and external deficits, rising inflation, and depleted reserve buffers during FY23.

In response to the official approval by the IMF, Pakistan's Prime Minister Shahbaz Sarif expressed his belief that the package would strengthen Pakistan's economic position and help overcome immediate and medium-term economic challenges. He further emphasized that the achievement of this deal was attained despite daunting obstacles and seemingly impossible deadlines.

Furthermore, on Tuesday, prior to the approval of the IMF board's $3 billion bailout, Saudi Arabia also extended financial assistance to Pakistan in the amount of $2 billion.

What will be the key focus areas of IMF program?

The newly supported initiative in Pakistan, backed by the Stand-By Arrangement (SBA), will act as a policy framework to address both domestic and foreign imbalances. The program will focus on

(1) implementing the FY24 budget in order to enable Pakistan's essential fiscal adjustment and guarantee debt sustainability while safeguarding important social expenditures and ensuring debt sustainability.

(2) a return to a market-determined exchange rate as well as adequate FX market functioning to absorb external shocks and alleviate currency shortages.&nbsp;

(3) an appropriately restrictive monetary policy aimed at disinflation.

(4) continued progress on structural reforms, notably in the energy sector, state-owned enterprise (SOE) governance, and climate resilience.&nbsp;

&nbsp;

IMF is providing support to alleviate Pakistan's ongoing financial crisis

Pakistan's economic reform program will provide support for immediate stabilization efforts, safeguarding the economy against shocks. The success of the program in Pakistan hinges on steadfast policy implementation.

The official press release of the IMF cited Kristalina Georgieva, Managing Director and Chair of the Executive Board, who stated that when the authorities' new Stand-By Arrangement is faithfully executed, Pakistan would have a chance to recover macroeconomic stability and rectify these imbalances through continuous policy execution. Last year, Pakistan's economy was heavily damaged by considerable shocks, most notably the spillover effects of catastrophic floods, huge volatility in commodity prices, and the tightening of external and domestic financial conditions.

Further, she also added that maintaining control over non-important main spending will be key to keeping the budget within the projected limit. In the meantime, the government must quickly improve the energy sector's sustainability by matching rates with costs, changing the sector's cost base, and properly targeting power subsidies.

Accelerating structural reforms to reinforce safety nets, increase governance, especially of state-owned companies, and improve the business environment by providing a fair playing field for investment and trade are required for job creation and inclusive growth.

The International Monetary Fund (IMF) board of directors approved a 9-month Stand-By Arrangement (SBA) for Pakistan on Wednesday for an amount of $3 billion to support the authorities’ economic stabilization program.

The International Monetary Fund (IMF) board of directors approved a 9-month Stand-By Arrangement (SBA) for Pakistan on Wednesday for an amount of $3 billion to support the authorities’ economic stabilization program. This arrangement arrives at a challenging economic crossroads for Pakistan. The country has been facing a difficult external environment, along with the impact of devastating floods and policy missteps, resulting in significant fiscal and external deficits, a rise in inflation, and a depletion of reserve buffers during FY23. As an initial step, the approval by the Executive Board enables an immediate disbursement of $1.2 billion to stabilize the economy. The remaining funds will be released gradually over the duration of the program, contingent upon two quarterly reviews. The announcement of approval has brought hope to the country in addressing its economic imbalances and financial crises, particularly in the midst of challenges such as devastating floods and policy missteps. These circumstances have resulted in significant fiscal and external deficits, rising inflation, and depleted reserve buffers during FY23. In response to the official approval by the IMF, Pakistan's Prime Minister Shahbaz Sarif expressed his belief that the package would strengthen Pakistan's economic position and help overcome immediate and medium-term economic challenges. He further emphasized that the achievement of this deal was attained despite daunting obstacles and seemingly impossible deadlines. Furthermore, on Tuesday, prior to the approval of the IMF board's $3 billion bailout, Saudi Arabia also extended financial assistance to Pakistan in the amount of $2 billion. What will be the key focus areas of IMF program? The newly supported initiative in Pakistan, backed by the Stand-By Arrangement (SBA), will act as a policy framework to address both domestic and foreign imbalances. The program will focus on (1) implementing the FY24 budget in order to enable Pakistan's essential fiscal adjustment and guarantee debt sustainability while safeguarding important social expenditures and ensuring debt sustainability. (2) a return to a market-determined exchange rate as well as adequate FX market functioning to absorb external shocks and alleviate currency shortages. (3) an appropriately restrictive monetary policy aimed at disinflation. (4) continued progress on structural reforms, notably in the energy sector, state-owned enterprise (SOE) governance, and climate resilience. IMF is providing support to alleviate Pakistan's ongoing financial crisis Pakistan's economic reform program will provide support for immediate stabilization efforts, safeguarding the economy against shocks. The success of the program in Pakistan hinges on steadfast policy implementation. The official press release of the IMF cited Kristalina Georgieva, Managing Director and Chair of the Executive Board, who stated that when the authorities' new Stand-By Arrangement is faithfully executed, Pakistan would have a chance to recover macroeconomic stability and rectify these imbalances through continuous policy execution. Last year, Pakistan's economy was heavily damaged by considerable shocks, most notably the spillover effects of catastrophic floods, huge volatility in commodity prices, and the tightening of external and domestic financial conditions. Further, she also added that maintaining control over non-important main spending will be key to keeping the budget within the projected limit. In the meantime, the government must quickly improve the energy sector's sustainability by matching rates with costs, changing the sector's cost base, and properly targeting power subsidies. Accelerating structural reforms to reinforce safety nets, increase governance, especially of state-owned companies, and improve the business environment by providing a fair playing field for investment and trade are required for job creation and inclusive growth.

IMF greenlights $3 billion financial lifeline to support Pakistan's financial crisis 

In a significant move towards sustainable transportation, Tesla, the renowned electric vehicle (EV) manufacturer led by CEO Elon Musk, is in talks with the Indian government to establish a car factory in the country. This development comes just three weeks after Elon Musk expressed his intentions to bring Tesla to India 'as soon as humanly possible.'

According to a report from The Times of India, Tesla is exploring the possibility of establishing its auto parts and electronics chain in India while seeking incentives and tax benefits from the government. The Indian government, on the other hand, is interested in Tesla's assessment of the current auto components supply chain within the country. However, it seems that Tesla aims to establish its own supply chain ecosystem in India. The proposed factory is expected to have an annual production capacity of 500,000 EVs, with prices starting at $24,400.66. Additionally, India is likely to serve as an export base for Tesla, facilitating the shipment of electric vehicles to countries in the Indo-Pacific region and offering the automaker a diversified supply chain beyond China.

Big boost for the Indian EV sector

The potential arrival of Tesla in India has sparked anticipation and excitement within the Indian EV sector. It holds the promise of greater collaborations in technology research and development, a boost in the adoption of clean mobility, and a transformative impact on the economy and environment, paving the way for a greener future.

Additionally, Tesla's entry could drive the growth of EV charging infrastructure by encouraging investments in charging stations, battery swapping networks, and other supportive infrastructure. Establishing a robust EV supply chain ecosystem in India could also lead to partnerships with local suppliers, manufacturers, and service providers, promoting the growth of the domestic EV component ecosystem and supporting the government's 'Make in India' initiative.

(With Inputs from Agencies)

In a significant move towards sustainable transportation, Tesla, the renowned electric vehicle (EV) manufacturer led by CEO Elon Musk, is in talks with the Indian government to establish a car factory in the country.

In a significant move towards sustainable transportation, Tesla, the renowned electric vehicle (EV) manufacturer led by CEO Elon Musk, is in talks with the Indian government to establish a car factory in the country. This development comes just three weeks after Elon Musk expressed his intentions to bring Tesla to India 'as soon as humanly possible.' According to a report from The Times of India, Tesla is exploring the possibility of establishing its auto parts and electronics chain in India while seeking incentives and tax benefits from the government. The Indian government, on the other hand, is interested in Tesla's assessment of the current auto components supply chain within the country. However, it seems that Tesla aims to establish its own supply chain ecosystem in India. The proposed factory is expected to have an annual production capacity of 500,000 EVs, with prices starting at $24,400.66. Additionally, India is likely to serve as an export base for Tesla, facilitating the shipment of electric vehicles to countries in the Indo-Pacific region and offering the automaker a diversified supply chain beyond China. Big boost for the Indian EV sector The potential arrival of Tesla in India has sparked anticipation and excitement within the Indian EV sector. It holds the promise of greater collaborations in technology research and development, a boost in the adoption of clean mobility, and a transformative impact on the economy and environment, paving the way for a greener future. Additionally, Tesla's entry could drive the growth of EV charging infrastructure by encouraging investments in charging stations, battery swapping networks, and other supportive infrastructure. Establishing a robust EV supply chain ecosystem in India could also lead to partnerships with local suppliers, manufacturers, and service providers, promoting the growth of the domestic EV component ecosystem and supporting the government's 'Make in India' initiative. (With Inputs from Agencies)

Tesla set to revolutionise India's auto industry with proposed factory