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India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger.

The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. will make the resulting entity fourth biggest in terms of equity market capitalisation, just behind JPMorgan Chae &amp; Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp.&nbsp;

The tieup is valued at about $172 billion, Bloomberg reported.

<h2>How big will be the new HDFC Bank entity?</h2>

The new entity will have nearly 120 million customers, more than the population of Germany. The branch network will increase to over 8,300 along with a collective headcount of over 177,000 employees.

Also read |&nbsp;<a href="https://www.wionews.com/trending/india-bank-job-advertisement-says-2021-batch-students-not-eligible-then-clarifies-402664">India: Bank job advertisement says ‘2021 batch students not eligible’, then clarifies</a>

In terms of market capitalisation, the bank will leave behind its Indian competitors State Bank of India and ICICI Bank with market capitalisations of about $62 billion and $72 billion respectively, the Bloomberg report added while citing data up to June 22.&nbsp;

<h2>HDFC-HDFC Bank merger&nbsp;</h2>

The merger of housing finance major HDFC with HDFC Bank, the country's biggest private lender, will come into effect on July 1, according to HDFC Chairman Deepak Parekh. The merger will reportedly mark the biggest transaction in India's corporate history.

The merger deal of HDFC Bank and HDFC was announced on April 4 last year.

The transaction was proposed to "create a large balance sheet and net worth that would allow greater flow of credit into the economy", according to the lender.

Also watch |&nbsp;World Business Watch: HDFC Bank's net profit jumps by 18.5%

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The bank had said that the merger will also enable it to underwrite larger ticket loans, including infrastructure loans.

HDFC Limited offers home loans to the Low Income Group (LIG) and Middle Income Group (MIG) segments under the affordable housing initiatives of the government. "Access to housing finance for this category would be improved further on account of low-cost funds available with HDFC Bank," the bank said.

After the merger deal, HDFC Bank will be entirely owned by public shareholders.&nbsp;The existing shareholders of HDFC will own 41 per cent of the lender.

Under the 25:42 swap ratio, every shareholder of HDFC will receive 42 shares of HDFC Bank for every 25 shares they own.

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India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger. The tieup of HDFC Bank Ltd. and Housing Development Finance Corp.

India's HDFC Bank will soon rank among the world's most valuable banks after completing a landmark merger. The tieup of HDFC Bank Ltd. and Housing Development Finance Corp. will make the resulting entity fourth biggest in terms of equity market capitalisation, just behind JPMorgan Chae & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp. The tieup is valued at about $172 billion, Bloomberg reported. How big will be the new HDFC Bank entity? The new entity will have nearly 120 million customers, more than the population of Germany. The branch network will increase to over 8,300 along with a collective headcount of over 177,000 employees. Also read | India: Bank job advertisement says ‘2021 batch students not eligible’, then clarifies In terms of market capitalisation, the bank will leave behind its Indian competitors State Bank of India and ICICI Bank with market capitalisations of about $62 billion and $72 billion respectively, the Bloomberg report added while citing data up to June 22. HDFC-HDFC Bank merger The merger of housing finance major HDFC with HDFC Bank, the country's biggest private lender, will come into effect on July 1, according to HDFC Chairman Deepak Parekh. The merger will reportedly mark the biggest transaction in India's corporate history. The merger deal of HDFC Bank and HDFC was announced on April 4 last year. The transaction was proposed to "create a large balance sheet and net worth that would allow greater flow of credit into the economy", according to the lender. Also watch | World Business Watch: HDFC Bank's net profit jumps by 18.5% × The bank had said that the merger will also enable it to underwrite larger ticket loans, including infrastructure loans. HDFC Limited offers home loans to the Low Income Group (LIG) and Middle Income Group (MIG) segments under the affordable housing initiatives of the government. "Access to housing finance for this category would be improved further on account of low-cost funds available with HDFC Bank," the bank said. After the merger deal, HDFC Bank will be entirely owned by public shareholders. The existing shareholders of HDFC will own 41 per cent of the lender. Under the 25:42 swap ratio, every shareholder of HDFC will receive 42 shares of HDFC Bank for every 25 shares they own. WATCH WION LIVE HERE

India's HDFC to be among world's most valuable banks after mega merger

China's factory activity declined for the third consecutive month in June, accompanied by a deepening weakness in other sectors, according to official surveys cited by Reuters released on Friday. These developments have added pressure on Chinese authorities to take additional measures to bolster economic growth as both domestic and international demand falter.

Although China's economy had surpassed expectations with faster-than-anticipated growth in the first quarter, driven mainly by a post-COVID rebound in consumption, policymakers have struggled to maintain this momentum in the second quarter. The National Bureau of Statistics reported that the services sector, which has been a key driver of growth, also experienced its weakest reading since China lifted its strict COVID-related restrictions in late 2020.

A Stumbling Economy

The official manufacturing purchasing managers' index (PMI) inched up to 49.0 in June from May's 48.8, remaining below the 50-point mark that indicates expansion and is in line with predictions. Conversely, the non-manufacturing PMI declined to 53.2 from May's 54.50, signaling a slowdown in service sector activity and construction.

Reuters cited Rob Carnell, the regional head of research Asia-Pacific at ING, who highlighted that domestic tourism and dining out had initially helped to compensate for lost time earlier in the year. However, he emphasized that such activities can only sustain growth for a limited period. Retail sales indicators also indicate that they remain above historical trends but suggest a moderation in the second half of the year.

The separate services index from the National Bureau of Statistics fell to 52.8 in June from May's 53.8, reaching its lowest level since December when China eased its COVID restrictions. The release of these figures initially led to a decline in the yuan's value, reaching a seven-month low, and the Australian dollar, which hit a three-week low. However, both currencies later recovered from their losses.

Reuters cited Julian Evans-Pritchard, the head of China economics at Capital Economics, who noted that after a brief boost from the reopening, the service sector seems to be settling into a new normal of slower growth in the post-pandemic period.

Recovery Anticipation and Reality

Economists had initially anticipated that China's economy would recover quickly and become a significant driver of global growth after the abandonment of COVID controls. However, analysts are now downgrading their forecasts for the remainder of the year. Nomura, in particular, has been the most bearish, revising its growth forecast for China's gross domestic product (GDP) this year to 5.1 per cent from 5.5 per cent. This downgrade accounts for the potential impact of new stimulus measures. The PMI data indicated that new export orders have contracted for the third consecutive month.

Reuters cited Bruce Pang, the chief economist, and head of research for Greater China at Jones Lang LaSalle, who highlighted the imbalances and weaknesses reflected in the June PMI, including the continuous contraction of both domestic and external demand, an accelerated slowdown in the operations of small enterprises, and mounting pressure on the private economy. Pang emphasized the urgent need for a more substantial package of policy measures to achieve annual growth targets.

China's Economic Recovery Pledge

The Chinese government has set a modest GDP growth target of around 5 per cent for this year after falling short of its 2022 goal. This month, China's cabinet pledged to promote a sustained economic recovery 'in a timely manner.' While addressing the World Economic Forum summit in Tianjin, Premier Li Qiang reiterated Beijing's commitment to boost demand but did not announce any specific policies.

China has already reduced key lending benchmark rates this month to support economic activity. Although sources involved in policy discussions have indicated that China will implement additional stimulus measures, concerns about debt and capital flight may limit the scope of these measures to primarily address weak demand in the consumer and private sectors.

According to ING's Rob Carnell, cited by Reuters, he expects the government to provide some support but anticipates that it will be in the form of smaller, targeted measures rather than a large-scale financial stimulus. He stated that these measures may not substantially impact GDP growth. 
&nbsp;

(With Inputs from Reuters)

China's factory activity declined for the third consecutive month in June, accompanied by a deepening weakness in other sectors, according to official surveys cited by Reuters released on Friday.

China's factory activity declined for the third consecutive month in June, accompanied by a deepening weakness in other sectors, according to official surveys cited by Reuters released on Friday. These developments have added pressure on Chinese authorities to take additional measures to bolster economic growth as both domestic and international demand falter. Although China's economy had surpassed expectations with faster-than-anticipated growth in the first quarter, driven mainly by a post-COVID rebound in consumption, policymakers have struggled to maintain this momentum in the second quarter. The National Bureau of Statistics reported that the services sector, which has been a key driver of growth, also experienced its weakest reading since China lifted its strict COVID-related restrictions in late 2020. A Stumbling Economy The official manufacturing purchasing managers' index (PMI) inched up to 49.0 in June from May's 48.8, remaining below the 50-point mark that indicates expansion and is in line with predictions. Conversely, the non-manufacturing PMI declined to 53.2 from May's 54.50, signaling a slowdown in service sector activity and construction. Reuters cited Rob Carnell, the regional head of research Asia-Pacific at ING, who highlighted that domestic tourism and dining out had initially helped to compensate for lost time earlier in the year. However, he emphasized that such activities can only sustain growth for a limited period. Retail sales indicators also indicate that they remain above historical trends but suggest a moderation in the second half of the year. The separate services index from the National Bureau of Statistics fell to 52.8 in June from May's 53.8, reaching its lowest level since December when China eased its COVID restrictions. The release of these figures initially led to a decline in the yuan's value, reaching a seven-month low, and the Australian dollar, which hit a three-week low. However, both currencies later recovered from their losses. Reuters cited Julian Evans-Pritchard, the head of China economics at Capital Economics, who noted that after a brief boost from the reopening, the service sector seems to be settling into a new normal of slower growth in the post-pandemic period. Recovery Anticipation and Reality Economists had initially anticipated that China's economy would recover quickly and become a significant driver of global growth after the abandonment of COVID controls. However, analysts are now downgrading their forecasts for the remainder of the year. Nomura, in particular, has been the most bearish, revising its growth forecast for China's gross domestic product (GDP) this year to 5.1 per cent from 5.5 per cent. This downgrade accounts for the potential impact of new stimulus measures. The PMI data indicated that new export orders have contracted for the third consecutive month. Reuters cited Bruce Pang, the chief economist, and head of research for Greater China at Jones Lang LaSalle, who highlighted the imbalances and weaknesses reflected in the June PMI, including the continuous contraction of both domestic and external demand, an accelerated slowdown in the operations of small enterprises, and mounting pressure on the private economy. Pang emphasized the urgent need for a more substantial package of policy measures to achieve annual growth targets. China's Economic Recovery Pledge The Chinese government has set a modest GDP growth target of around 5 per cent for this year after falling short of its 2022 goal. This month, China's cabinet pledged to promote a sustained economic recovery 'in a timely manner.' While addressing the World Economic Forum summit in Tianjin, Premier Li Qiang reiterated Beijing's commitment to boost demand but did not announce any specific policies. China has already reduced key lending benchmark rates this month to support economic activity. Although sources involved in policy discussions have indicated that China will implement additional stimulus measures, concerns about debt and capital flight may limit the scope of these measures to primarily address weak demand in the consumer and private sectors. According to ING's Rob Carnell, cited by Reuters, he expects the government to provide some support but anticipates that it will be in the form of smaller, targeted measures rather than a large-scale financial stimulus. He stated that these measures may not substantially impact GDP growth. (With Inputs from Reuters)

China's manufacturing sector continues to contract, heightening growth concerns

Morgan Stanley's board will focus on the selection of CEO James Gorman's successor at its summer and fall meetings, a person familiar with the situation said, while the outgoing boss looks to clear the decks by resolving major regulatory matters.

Morgan Stanley board considers next CEO while Gorman clears the decks

The lead negotiators for Johnson & Johnson's proposed $8.9 billion settlement of thousands of talc lawsuits faced intense questioning in US Bankruptcy court on Wednesday about how much support the company has for the deal.

Cancer plaintiffs drill down on J&J's support for $8.9 billion talc deal

The value of Chinese debt relief decreased by over 50% between 2021 and 2022, a report from rhodium group showed, with Angola alone receiving two-thirds of deferrals despite china backing multilateral efforts to standardise support for poor countries.

China's debt relief to poor countries slows amid continuing appeals for support

&nbsp;

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Global mergers and acquisitions (M&amp;A) activity experienced a significant 36 per cent&nbsp;year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&amp;A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery.

M&amp;A Volume and Value

According to Dealogic data as of June 29, cited by Reuters, the total value of M&amp;A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&amp;A market's recovery.

Regional Trends&nbsp;

M&amp;A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&amp;A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends.

Notable Transactions

Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group.

Challenges for Private Equity Firms&nbsp;

Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions.

Regulatory Scrutiny and Antitrust Concerns&nbsp;

Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&amp;A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. 
&nbsp;

(With Inputs from Reuters)

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery.

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery. M&A Volume and Value According to Dealogic data as of June 29, cited by Reuters, the total value of M&A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&A market's recovery. Regional Trends M&A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends. Notable Transactions Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group. Challenges for Private Equity Firms Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions. Regulatory Scrutiny and Antitrust Concerns Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. (With Inputs from Reuters)

Global mergers & acquisitions decline in Q2, but stock market recovery boosts optimism

Water bills for UK consumers have increased at about twice the rate of other goods since the industry was privatized, according to the office of national statistics.

UK water bills soar 350% since privatization to double inflation

LIBOR, the more than 50-year-old reference rate that came to epitomize Wall Street malfeasance, will soon be no more. SOFR, or secured overnight financing rate, a benchmark interest rate for Dollar-dominated derivatives & loans, is slowly taking its place.

LIBOR fades into history after 50 years of benchmark dominance

Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public. 
 
The charges were outlined in an indictment unsealed in Manhattan federal court that did not implicate Trump in any way. The indictment was among four separate insider trading cases brought against 10 people, including a Pfizer employee and an investment firm executive director. 
 
According to the indictment pertaining to the media company, the men were invited to invest in the special purpose acquisition company, Digital World Acquisition Corp., and were provided confidential information that a potential target of DWAC and another acquisition company, Benessere Capital Acquisition Corp., was Trump Media and Technology Group. 
 
Authorities said the defendants bought millions of dollars of DWAC securities on the open market before news of the Trump media business was made public. 
 
After the public announcement, the men dumped their securities for a significant profit, according to the court papers.

&nbsp;“Insider trading is not easy money,” US Attorney Damian Williams said in a release. “It's cheating. It's a bad bet. Because my Office, the Southern District of New York, is watching. And we're working quickly to investigate and prosecute anyone who corrupts our financial markets. And we'll keep at it as long as it takes. You can bet on that.” 
 
The arrested men were identified as Michael Shvartsman, 52, of Sunny Isles Beach, Florida; Gerald Shvartsman, 45, of Aventura, Florida; and Bruce Garelick, 53, of Fort Lauderdale, Florida. It was unclear who would represent them at Thursday afternoon initial court appearances in Miami. 
 
Michael Shvartsman owned Rocket One Capital LLC, a venture capital firm. His brother, Gerald Shvartsman, was Rocket One's chief investment officer, according to court papers. 
 
According to the indictment, Garelick was given a seat on DWAC's board of directors and had access to confidential information. It said he then shared that information with his co-conspirators. 
 
A lawyer who has represented Garelick in the past did not immediately return a message seeking comment Thursday. 
 
The indictment said that between June 2021 and November 2021, the men purchased securities including warrants of their own and shared the secrets with their friends and employees, who also bought tens of thousands of units of securities ahead of the merger announcement with Trump Media and Technology Group. 
 
Typically, a special purpose acquisition company, or SPAC, is formed with the intent to merge with a private company before the private company becomes publicly traded. 
 
In early 2021, representatives of Trump Media, including Trump, began communicating with&nbsp; Benessere about potentially merging to take Trump Media public, the indictment said. 
 
Between March and June 2021, Trump Media and Benessere entered into nonbinding letters of intent to merge, it said.

The letters required confidentiality but did allow Benessere and its agents to share confidential information with investors in the special purpose acquisition companies, the indictment said. 
&nbsp;

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Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public.

Three Florida men were arrested on Thursday and charged with illegally making more than $22 million by insider trading ahead of the public announcement that an acquisition firm was going to take a media company owned by former President Donald Trump public. The charges were outlined in an indictment unsealed in Manhattan federal court that did not implicate Trump in any way. The indictment was among four separate insider trading cases brought against 10 people, including a Pfizer employee and an investment firm executive director. According to the indictment pertaining to the media company, the men were invited to invest in the special purpose acquisition company, Digital World Acquisition Corp., and were provided confidential information that a potential target of DWAC and another acquisition company, Benessere Capital Acquisition Corp., was Trump Media and Technology Group. Authorities said the defendants bought millions of dollars of DWAC securities on the open market before news of the Trump media business was made public. After the public announcement, the men dumped their securities for a significant profit, according to the court papers. “Insider trading is not easy money,” US Attorney Damian Williams said in a release. “It's cheating. It's a bad bet. Because my Office, the Southern District of New York, is watching. And we're working quickly to investigate and prosecute anyone who corrupts our financial markets. And we'll keep at it as long as it takes. You can bet on that.” The arrested men were identified as Michael Shvartsman, 52, of Sunny Isles Beach, Florida; Gerald Shvartsman, 45, of Aventura, Florida; and Bruce Garelick, 53, of Fort Lauderdale, Florida. It was unclear who would represent them at Thursday afternoon initial court appearances in Miami. Michael Shvartsman owned Rocket One Capital LLC, a venture capital firm. His brother, Gerald Shvartsman, was Rocket One's chief investment officer, according to court papers. According to the indictment, Garelick was given a seat on DWAC's board of directors and had access to confidential information. It said he then shared that information with his co-conspirators. A lawyer who has represented Garelick in the past did not immediately return a message seeking comment Thursday. The indictment said that between June 2021 and November 2021, the men purchased securities including warrants of their own and shared the secrets with their friends and employees, who also bought tens of thousands of units of securities ahead of the merger announcement with Trump Media and Technology Group. Typically, a special purpose acquisition company, or SPAC, is formed with the intent to merge with a private company before the private company becomes publicly traded. In early 2021, representatives of Trump Media, including Trump, began communicating with Benessere about potentially merging to take Trump Media public, the indictment said. Between March and June 2021, Trump Media and Benessere entered into nonbinding letters of intent to merge, it said. The letters required confidentiality but did allow Benessere and its agents to share confidential information with investors in the special purpose acquisition companies, the indictment said. 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.

Three charged in insider trading case related to Trump media, accused of making $22 million

A report by Rhodium Group, on Thursday (June 29) showed that the value of Chinese debt relief dropped by more than 50 per cent between 2021 and 2022. This comes as Beijing, the world’s largest bilateral creditor, has recently backed more multilateral efforts to standardise support for poor nations.&nbsp;

<h2>The report about Chinese debt relief</h2>

According to the report, new sovereign debt negotiations and zero-interest loan write-offs which involved Chinese creditors totalled $9 billion in 2022, which is a decline from the previous year’s $19 billion.&nbsp;

Notably, 2021 also witnessed a large volume of deferrals by Beijing during the final year of the Debt Service Suspension Initiative (DSSI), which China decided to participate in at the beginning of 2020, as well as new negotiations under the Group of 20-led “Common Framework”.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/china-confirms-offer-of-two-year-moratorium-to-sri-lanka-on-loan-repayments-558581">China confirms offer of two-year moratorium on loan repayments to Sri Lanka</a>

However, this number only stands at $1.7 billion through April 2023 which is a total drop of over 90 per cent, according to Reuters. This comes as China is seen as a central figure in making meaningful progress in providing debt relief to emerging economies through the Common Framework as well as the World Bank and International Monetary Fund (IMF).

<h2>Beijing’s multilateral approach?</h2>

The Rhodium Group’s report also noted how “China’s decision to participate in the DSSI…was a substantial development, and reflected the recognition by Chinese lenders and policymakers that China cannot address sovereign debt issues unilaterally.”&nbsp;

While Beijing’s participation in DSSI was not a “complete paradigm shift,” China has been backing more multilateral efforts recently, noted the report.&nbsp;

The Rhodium Group’s report, published on Thursday, also found that China has extended support to multilateral initiatives set up during the COVID-19 pandemic making the process of helping countries back on their feet faster and simpler.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/cash-strapped-pakistan-owes-77-billion-to-china-saudi-arabia-report-580412">Cash-strapped Pakistan owes $77bn to China, Saudi Arabia, needs to repay by 2026: Report</a>

While Chinese officials have reportedly continued to negotiate suspension agreements bilaterally and debt relief has been concentrated in a couple of countries. As the data by the independent research provider shows, almost two-thirds of total deferrals were given to Angola alone.&nbsp;

Meanwhile, Pakistan received approximately $1 billion in deferrals which were followed by Kenya and the Republic of Congo, said the report.&nbsp;

However, while countries under debt did secure a large number of deferrals in 2021, around the time that DSSI morphed into the G20’s Common Framework, it does not necessarily explain the significant drop in the value of China’s debt relief since.&nbsp;

<h2>China's loan&nbsp;write-offs</h2>

While the most visible action on debt relief since COVID-19 has been Beijing’s zero-interest loan write-offs, even those appear to be being slowed down, said the report. The Rhodium Group tracked 16 write-offs between 2021 and April 2023 all of which have taken place in African countries.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-following-sri-lankas-path-to-land-in-chinese-debt-trap-489253">Pakistan following Sri Lanka's path to land in Chinese debt trap</a>

During this time, the data collected by the Rhodium Group shows that the total value of write-offs from 2021-2023 was $231 million. “Fewer zero-interest loans will be available for China to write off in coming years, and they remain politically sensitive, limiting the rhetorical benefit to Beijing,” the report noted.&nbsp;

<h2>‘The Zambia Effect’</h2>

Earlier this month, Zambia reached a tentative restructuring deal with its creditors, which included China, which has opened up the door for global negotiations over debt relief to countries in financial distress. The report has called this change in China’s approach the “Zambia Effect”.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/asian-borrowers-face-a-daunting-314-billion-debt-repayment-as-rates-rise-551462">Asian borrowers face a daunting $314 billion debt repayment as rates rise</a>

This comes as a report citing outside analysts claimed that Chinese banks were not ready to accept either IMF debt calculations or haircuts on their substantial loans. While the tentative deal might provide some relief to Zambia, the negotiations with private creditors are still ongoing.&nbsp;

The deal in question also involves contingencies based on a review of Zambia’s progress. However, it remains to be seen if China’s changed approach in the Zambia negotiations will be carried forward in other cases.&nbsp; 
 
(With inputs from agencies) 
&nbsp;

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A report by Rhodium Group, on Thursday (June 29) showed that the value of Chinese debt relief dropped by more than 50 per cent between 2021 and 2022. This comes as Beijing, the world’s largest bilateral creditor, has recently backed more multilateral efforts to standardise support for poor nations.

A report by Rhodium Group, on Thursday (June 29) showed that the value of Chinese debt relief dropped by more than 50 per cent between 2021 and 2022. This comes as Beijing, the world’s largest bilateral creditor, has recently backed more multilateral efforts to standardise support for poor nations. The report about Chinese debt relief According to the report, new sovereign debt negotiations and zero-interest loan write-offs which involved Chinese creditors totalled $9 billion in 2022, which is a decline from the previous year’s $19 billion. Notably, 2021 also witnessed a large volume of deferrals by Beijing during the final year of the Debt Service Suspension Initiative (DSSI), which China decided to participate in at the beginning of 2020, as well as new negotiations under the Group of 20-led “Common Framework”. ALSO READ | China confirms offer of two-year moratorium on loan repayments to Sri Lanka However, this number only stands at $1.7 billion through April 2023 which is a total drop of over 90 per cent, according to Reuters. This comes as China is seen as a central figure in making meaningful progress in providing debt relief to emerging economies through the Common Framework as well as the World Bank and International Monetary Fund (IMF). Beijing’s multilateral approach? The Rhodium Group’s report also noted how “China’s decision to participate in the DSSI…was a substantial development, and reflected the recognition by Chinese lenders and policymakers that China cannot address sovereign debt issues unilaterally.” While Beijing’s participation in DSSI was not a “complete paradigm shift,” China has been backing more multilateral efforts recently, noted the report. The Rhodium Group’s report, published on Thursday, also found that China has extended support to multilateral initiatives set up during the COVID-19 pandemic making the process of helping countries back on their feet faster and simpler. ALSO READ | Cash-strapped Pakistan owes $77bn to China, Saudi Arabia, needs to repay by 2026: Report While Chinese officials have reportedly continued to negotiate suspension agreements bilaterally and debt relief has been concentrated in a couple of countries. As the data by the independent research provider shows, almost two-thirds of total deferrals were given to Angola alone. Meanwhile, Pakistan received approximately $1 billion in deferrals which were followed by Kenya and the Republic of Congo, said the report. However, while countries under debt did secure a large number of deferrals in 2021, around the time that DSSI morphed into the G20’s Common Framework, it does not necessarily explain the significant drop in the value of China’s debt relief since. China's loan write-offs While the most visible action on debt relief since COVID-19 has been Beijing’s zero-interest loan write-offs, even those appear to be being slowed down, said the report. The Rhodium Group tracked 16 write-offs between 2021 and April 2023 all of which have taken place in African countries. ALSO READ | Pakistan following Sri Lanka's path to land in Chinese debt trap During this time, the data collected by the Rhodium Group shows that the total value of write-offs from 2021-2023 was $231 million. “Fewer zero-interest loans will be available for China to write off in coming years, and they remain politically sensitive, limiting the rhetorical benefit to Beijing,” the report noted. ‘The Zambia Effect’ Earlier this month, Zambia reached a tentative restructuring deal with its creditors, which included China, which has opened up the door for global negotiations over debt relief to countries in financial distress. The report has called this change in China’s approach the “Zambia Effect”. ALSO READ | Asian borrowers face a daunting $314 billion debt repayment as rates rise This comes as a report citing outside analysts claimed that Chinese banks were not ready to accept either IMF debt calculations or haircuts on their substantial loans. While the tentative deal might provide some relief to Zambia, the negotiations with private creditors are still ongoing. The deal in question also involves contingencies based on a review of Zambia’s progress. However, it remains to be seen if China’s changed approach in the Zambia negotiations will be carried forward in other cases. (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.

China slows down debt relief, shows support for multilateral approach: Report

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H&amp;M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe. 
 
H&amp;M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands, targeting shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes.

Shares in the world's second-biggest fashion retailer jumped 10.8 per cent&nbsp;to hit their highest level since February 2022. They were last trading at 174.6 Swedish crowns. 
 
H&amp;M increased sales in many markets despite a squeeze on consumers' spending ability and "unfavourable" weather,&nbsp;CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe.

Also read |<a href="https://www.wionews.com/world/hm-zara-among-brands-accused-of-unfairly-treating-bangladesh-suppliers-paid-them-less-than-production-costs-551622">&nbsp;H&amp;M, Zara among brands accused of treating Bangladesh suppliers unfairly, paying less than their cost</a> 
 
Sales from June 1-27 were up 10 per cent&nbsp;from a year earlier, H&amp;M said, a good sign for the start of its third quarter. 
 
A sharp drop in inventory levels was another positive surprise, said Cedric Rossi, next-gen consumer analyst at Bryan Garnier in Paris. 
 
"I was really surprised to see that, without any higher promotional activity - because markdowns were in line with last year - H&amp;M decreased its inventory position," Rossi said. H&amp;M's inventory was at 16.7 per cent&nbsp;of rolling 12-month sales on May 31, down from 19.2 per cent a year earlier. 
 
The stronger-than-expected profit and inventory position helped investors digest a weaker margin of 8.2 per cent&nbsp;for the second quarter, down from 9.2 per cent&nbsp;a year earlier. 
 
H&amp;M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure. 
 
H&amp;M last year announced layoffs and other cost cuts that it said would help it reduce costs from the second half of 2023 onwards. 
 
"The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit," Helmersson said.

Operating profit in the Swedish group's March-May second quarter was 4.74 billion Swedish crowns ($438.6 million) down from 4.98 billion a year earlier, but above the 4.07 billion forecast by analysts in a Refinitiv poll. 
 
H&amp;M, which closed a total of 303 stores across its brands in the year to May 31, said its new store openings would mainly be in "growth markets" while it would close stores mainly in established markets.

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H&M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe.

H&M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe. H&M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands, targeting shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes. Shares in the world's second-biggest fashion retailer jumped 10.8 per cent to hit their highest level since February 2022. They were last trading at 174.6 Swedish crowns. H&M increased sales in many markets despite a squeeze on consumers' spending ability and "unfavourable" weather, CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe. Also read | H&M, Zara among brands accused of treating Bangladesh suppliers unfairly, paying less than their cost Sales from June 1-27 were up 10 per cent from a year earlier, H&M said, a good sign for the start of its third quarter. A sharp drop in inventory levels was another positive surprise, said Cedric Rossi, next-gen consumer analyst at Bryan Garnier in Paris. "I was really surprised to see that, without any higher promotional activity - because markdowns were in line with last year - H&M decreased its inventory position," Rossi said. H&M's inventory was at 16.7 per cent of rolling 12-month sales on May 31, down from 19.2 per cent a year earlier. The stronger-than-expected profit and inventory position helped investors digest a weaker margin of 8.2 per cent for the second quarter, down from 9.2 per cent a year earlier. H&M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure. H&M last year announced layoffs and other cost cuts that it said would help it reduce costs from the second half of 2023 onwards. "The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit," Helmersson said. Operating profit in the Swedish group's March-May second quarter was 4.74 billion Swedish crowns ($438.6 million) down from 4.98 billion a year earlier, but above the 4.07 billion forecast by analysts in a Refinitiv poll. H&M, which closed a total of 303 stores across its brands in the year to May 31, said its new store openings would mainly be in "growth markets" while it would close stores mainly in established markets. WATCH WION LIVE HERE:

H&M shares jump 10% as summer collection boosts profit

The Indian rupee was poised for its biggest monthly advance versus the US&nbsp;dollar since January, aided by persistent foreign equity inflows.&nbsp;

The rupee was little changed at 82.0450 to the dollar on Friday, having hovered around the 82 handle throughout this week.&nbsp; 
 
For the month, the rupee was up 0.8 per cent&nbsp;on the back of more than $3.5 billion of inflows into Indian equities that have pushed the BSE Sensex and the Nifty 50 Index to record highs. 
 
The "significant" foreign inflows have helped the rupee hang around the 82 level in the face of weakness in the Chinese yuan and the hawkish US&nbsp;Federal Reserve, said Amit Pabari, managing director at CR Forex.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/reserve-bank-of-india-keeps-repo-rate-unchanged-at-65-601979">Reserve Bank of India keeps Repo Rate unchanged at 6.5%</a> 
 
The rupee has fared better than most of the Asian peers in June. The offshore yuan is down about 2 per cent&nbsp;this month, the Thai baht has lost 2.4 per cent&nbsp;and the Indonesian rupiah is little changed.&nbsp; 
 
The offshore yuan has been weighed by the divergent US and China interest rate outlook and disappointment over the Asian nation's reopening recovery. 
 
The Fed's hawkish tone and recent robust US&nbsp;data have made it more likely that the central bank will opt for more rate hikes.&nbsp; 
 
On Thursday, the final print for first-quarter GDP growth came in at 2.0 per cent, higher than last month's 1.3 per cent&nbsp;reading and the 1.4 per cent forecast by economists polled by Reuters. US&nbsp;weekly claims for unemployment insurance dropped to 239,000 from last week's revised 265,000 number. 
 
Odds of a 25-basis point hike by the Fed next month reached nearly 85 per cent, and that for another in September or November rose.&nbsp; 
 
The 2-year US&nbsp;yield climbed to nearly 4.90 per cent&nbsp;overnight, the highest since March. The dollar index reached a two-week high.

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The Indian rupee was poised for its biggest monthly advance versus the US dollar since January, aided by persistent foreign equity inflows. The rupee was little changed at 82.

The Indian rupee was poised for its biggest monthly advance versus the US dollar since January, aided by persistent foreign equity inflows. The rupee was little changed at 82.0450 to the dollar on Friday, having hovered around the 82 handle throughout this week. For the month, the rupee was up 0.8 per cent on the back of more than $3.5 billion of inflows into Indian equities that have pushed the BSE Sensex and the Nifty 50 Index to record highs. The "significant" foreign inflows have helped the rupee hang around the 82 level in the face of weakness in the Chinese yuan and the hawkish US Federal Reserve, said Amit Pabari, managing director at CR Forex. Also read | Reserve Bank of India keeps Repo Rate unchanged at 6.5% The rupee has fared better than most of the Asian peers in June. The offshore yuan is down about 2 per cent this month, the Thai baht has lost 2.4 per cent and the Indonesian rupiah is little changed. The offshore yuan has been weighed by the divergent US and China interest rate outlook and disappointment over the Asian nation's reopening recovery. The Fed's hawkish tone and recent robust US data have made it more likely that the central bank will opt for more rate hikes. On Thursday, the final print for first-quarter GDP growth came in at 2.0 per cent, higher than last month's 1.3 per cent reading and the 1.4 per cent forecast by economists polled by Reuters. US weekly claims for unemployment insurance dropped to 239,000 from last week's revised 265,000 number. Odds of a 25-basis point hike by the Fed next month reached nearly 85 per cent, and that for another in September or November rose. The 2-year US yield climbed to nearly 4.90 per cent overnight, the highest since March. The dollar index reached a two-week high. WATCH WION LIVE HERE:

Rupee heads for best monthly performance since Jan on portfolio inflows

The Indian government has reversed its previous decision of levying a tax on credit card spends outside India. It announced on Wednesday (June 29) that it will defer the inclusion of international credit card spends outside India under the Liberalised Remittance Scheme (LRS). This means that currently, there will be no Tax Collected at Source (TCS) imposed on international credit card spends outside India.

<h2>TCS rates implementation date postponed</h2>

The Indian government has extended the timeline for implementing the higher proposed TCS rates, which will now come into effect on October 1 instead of July 1 of this year.&nbsp;

This delay is reportedly due to concerns raised by banks regarding the readiness of their reporting systems to implement the different TCS rates for various categories such as medical expenses, education, and overseas tour packages.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/new-credit-card-rule-in-india-international-transactions-to-attract-20-per-cent-tax-govt-faces-pushback-593709">New credit card rule in India: International transactions to attract 20 per cent tax, govt faces pushback</a>&nbsp;

The inclusion of international credit card spends outside India under the LRS will also stand delayed.

<h2>TCS rates implementation date postponed: What the government said</h2>

In a statement released on Wednesday, India’s finance ministry said that the decision was made after discussions with stakeholders and considering their comments and suggestions.

The ministry stated, "The increase in TCS rates, which were initially set to be effective from July 1, 2023, will now be implemented from October 1, 2023, with the modification mentioned above. Until September 30, 2023, the previous rates (prior to the amendment by the Finance Act 2023) will continue to apply."

Also watch |&nbsp;China tightens rules on $1.3 trillion credit card business

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The extension of the TCS rate implementation is intended to give banks and card networks sufficient time to establish the necessary IT-based solutions, it added.

<h2>TCS rates: The law that guides revised Tax Collection at Source</h2>

Through the Finance Act 2023, the government proposed amendments to increase the TCS rate from 5 per cent to 20 per cent for remittances under the Liberalised Remittance Scheme.&nbsp;

This part of the amendment was originally scheduled to take effect from July 1, except for remittances for education or medical purposes, which remained unchanged.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/need-more-clarity-on-taxing-international-spending-of-over-rs-7-lakh-bankbazaar-ceo-596021">Need more clarity on taxing international spending of over Rs 7 lakh: Bankbazaar CEO</a>

Under the LRS, all resident individuals, including minors, can remit up to US $250,000 (approximately ₹2.06 crore) abroad per year without prior approval from the Reserve Bank of India (RBI).

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The Indian government has reversed its previous decision of levying a tax on credit card spends outside India. It announced on Wednesday (June 29) that it will defer the inclusion of international credit card spends outside India under the Liberalised Remittance Scheme (LRS).

The Indian government has reversed its previous decision of levying a tax on credit card spends outside India. It announced on Wednesday (June 29) that it will defer the inclusion of international credit card spends outside India under the Liberalised Remittance Scheme (LRS). This means that currently, there will be no Tax Collected at Source (TCS) imposed on international credit card spends outside India. TCS rates implementation date postponed The Indian government has extended the timeline for implementing the higher proposed TCS rates, which will now come into effect on October 1 instead of July 1 of this year. This delay is reportedly due to concerns raised by banks regarding the readiness of their reporting systems to implement the different TCS rates for various categories such as medical expenses, education, and overseas tour packages. Also read | New credit card rule in India: International transactions to attract 20 per cent tax, govt faces pushback The inclusion of international credit card spends outside India under the LRS will also stand delayed. TCS rates implementation date postponed: What the government said In a statement released on Wednesday, India’s finance ministry said that the decision was made after discussions with stakeholders and considering their comments and suggestions. The ministry stated, "The increase in TCS rates, which were initially set to be effective from July 1, 2023, will now be implemented from October 1, 2023, with the modification mentioned above. Until September 30, 2023, the previous rates (prior to the amendment by the Finance Act 2023) will continue to apply." Also watch | China tightens rules on $1.3 trillion credit card business × The extension of the TCS rate implementation is intended to give banks and card networks sufficient time to establish the necessary IT-based solutions, it added. TCS rates: The law that guides revised Tax Collection at Source Through the Finance Act 2023, the government proposed amendments to increase the TCS rate from 5 per cent to 20 per cent for remittances under the Liberalised Remittance Scheme. This part of the amendment was originally scheduled to take effect from July 1, except for remittances for education or medical purposes, which remained unchanged. Also read | Need more clarity on taxing international spending of over Rs 7 lakh: Bankbazaar CEO Under the LRS, all resident individuals, including minors, can remit up to US $250,000 (approximately ₹2.06 crore) abroad per year without prior approval from the Reserve Bank of India (RBI). WATCH WION LIVE HERE

Good news for India's credit card spenders abroad on Tax Collected at Source (TCS)

In some good news (finally) for the financial industry, the annual stress test conducted by the Federal Reserve shows that Wall Street's 23 larges&nbsp;banks are well-prepared to withstand severe economic downturns and real estate market instability, Bloomberg reported.

The stress test examines various economic scenarios and helps determine the value of funds banks must set aside as a financial cushion. Despite concerns over new capital requirements and regulatory changes, the results affirm the overall strength and capitalization of the banking industry.&nbsp;Notably, this year's criteria were established prior to the regional bank turmoil that occurred in March.

The annual stress test holds significant importance within the financial industry, as passing scores allow banking giants to return substantial amounts of money to their investors. However, it is expected that the results this year may take time to lead to dividend and buyback announcements, as many banks have expressed the need for clarity on new capital requirements that have been under discussion for several years. The Federal Reserve said that banks could start revealing their payout plans on Friday, but it is also considering overhauling its supervision efforts, Bloomberg reported.

Nonetheless, the stress test results reinforce claims that the banking industry remains robust and well-capitalized. Bloomberg quoted prominent bank executives, including Jamie Dimon, the CEO of JPMorgan Chase &amp; Co., as saying that increasing the mandatory reserve amounts would negatively impact lending. This year's hypothetical scenario involved:

<ul>
	<li dir="ltr">
	A surge in the U.S. unemployment rate to 10%.
	</li>
	<li dir="ltr">
	A 40% plunge in commercial real estate prices.
	</li>
	<li dir="ltr">
	A significant strengthening of the U.S. dollar against major currencies.
	</li>
</ul>

Additionally, the eight largest U.S. banks faced an exploratory market shock to their trading books for the first time, testing their resilience against greater inflationary pressures and rising interest rates.

According to Michael Barr, the Fed's vice chair for supervision,&nbsp;the stress test is a valuable measure of strength. But he adds that it is essential to remain cautious regarding potential risks and continue efforts to ensure the resilience of banks in various economic scenarios and market shocks.

The additional shock component introduced in this year's stress test will not affect capital requirements directly. Still, it will aid regulators in understanding trading risks and preparing for testing banks against multiple scenarios in the future. The Fed stated that 'the largest banks trading books were resilient to the rising rate environment tested.' This outcome serves as a reassuring response to concerns following recent bank failures.

Late trading saw shares of major banks, including JPMorgan, Wells Fargo &amp; Co., and Goldman Sachs, experience a rise in value. However, some voices cited by Bloomberg, such as Dennis Kelleher from Better Markets, a Washington-based group advocating for stricter financial rules, argued that urgent changes to the stress test format are necessary. They believe the 2023 exams failed to fully capture the extent of risk within the banking system.

(With Inputs from Bloomberg)

In some good news (finally) for the financial industry, the annual stress test conducted by the Federal Reserve shows that Wall Street's 23 larges banks are well-prepared to withstand severe economic downturns and real estate market instability, Bloomberg reported.

In some good news (finally) for the financial industry, the annual stress test conducted by the Federal Reserve shows that Wall Street's 23 larges banks are well-prepared to withstand severe economic downturns and real estate market instability, Bloomberg reported. The stress test examines various economic scenarios and helps determine the value of funds banks must set aside as a financial cushion. Despite concerns over new capital requirements and regulatory changes, the results affirm the overall strength and capitalization of the banking industry. Notably, this year's criteria were established prior to the regional bank turmoil that occurred in March. The annual stress test holds significant importance within the financial industry, as passing scores allow banking giants to return substantial amounts of money to their investors. However, it is expected that the results this year may take time to lead to dividend and buyback announcements, as many banks have expressed the need for clarity on new capital requirements that have been under discussion for several years. The Federal Reserve said that banks could start revealing their payout plans on Friday, but it is also considering overhauling its supervision efforts, Bloomberg reported. Nonetheless, the stress test results reinforce claims that the banking industry remains robust and well-capitalized. Bloomberg quoted prominent bank executives, including Jamie Dimon, the CEO of JPMorgan Chase & Co., as saying that increasing the mandatory reserve amounts would negatively impact lending. This year's hypothetical scenario involved: A surge in the U.S. unemployment rate to 10%. A 40% plunge in commercial real estate prices. A significant strengthening of the U.S. dollar against major currencies. Additionally, the eight largest U.S. banks faced an exploratory market shock to their trading books for the first time, testing their resilience against greater inflationary pressures and rising interest rates. According to Michael Barr, the Fed's vice chair for supervision, the stress test is a valuable measure of strength. But he adds that it is essential to remain cautious regarding potential risks and continue efforts to ensure the resilience of banks in various economic scenarios and market shocks. The additional shock component introduced in this year's stress test will not affect capital requirements directly. Still, it will aid regulators in understanding trading risks and preparing for testing banks against multiple scenarios in the future. The Fed stated that 'the largest banks trading books were resilient to the rising rate environment tested.' This outcome serves as a reassuring response to concerns following recent bank failures. Late trading saw shares of major banks, including JPMorgan, Wells Fargo & Co., and Goldman Sachs, experience a rise in value. However, some voices cited by Bloomberg, such as Dennis Kelleher from Better Markets, a Washington-based group advocating for stricter financial rules, argued that urgent changes to the stress test format are necessary. They believe the 2023 exams failed to fully capture the extent of risk within the banking system. (With Inputs from Bloomberg)

Dollars of Confidence: Wall Street heavyweights pass Stress Test, clear payout doubts

The slowdown in the global economy has hit the world of finance. Deals have dried up, leading to a sharp drop in revenues. This has led to several firms announcing layoffs. The latest to join the bandwagon is the Bank of Montreal, whose capital markets unit is cutting about 100 positions or 3.5% of the division’s staff.

Canada's BMO capital markets announces layoffs

In China, the world of livestreaming is undergoing a remarkable transformation. Gone are the days of massive discounts and celebrity hosts enticing viewers. Instead, brands are embracing a new era of content-driven livestreaming, where expert advice and engaging storytelling take center stage. Research indicates that livestreaming generated an astonishing $480 billion in sales last year, with predictions of a 30% surge this year.

Livestreaming's resurgence in China: Content steals the show

InterGlobe Aviation ltd, the parent company of Indian budget airline Indigo, has become the first Indian airline to cross 1 trillion rupees in market value. 1 trillion rupees in US dollar terms is over 12 billion dollars. Indigo has been able to reach this milestone after its shares soared 29% in 2023. Its stock hit a high of Rs 2,595 or 31.64 Dollars on the Bombay Stock Exchange.

Indigo is first Indian airline valued at over 1 trillion rupees

One of the world's most common artificial sweeteners is set to be declared a possible carcinogen next month by a leading global health body, according to two sources with knowledge of the process, pitting it against the food industry and regulators.

Aspartame, used in products from Coca-Cola diet sodas to Mars' Extra chewing gum and some Snapple drinks, will be listed in July as "possibly carcinogenic to humans" for the first time by the International Agency for Research on Cancer (IARC), the World Health Organization's (WHO) cancer research arm, the sources said.

The IARC ruling, finalised earlier this month after a meeting of the group's external experts, is intended to assess whether something is a potential hazard or not, based on all the published evidence.

It does not take into account how much of a product a person can safely consume. This advice for individuals comes from a separate WHO expert committee on food additives, known as JECFA (the Joint WHO and Food and Agriculture Organization's Expert Committee on Food Additives), alongside determinations from national regulators.

However, similar IARC rulings in the past for different substances have raised concerns among consumers about their use, led to lawsuits, and pressured manufacturers to recreate recipes and swap to alternatives. That has led to criticism that the IARC's assessments can be confusing to the public.

JECFA, the WHO committee on additives, is also reviewing aspartame use this year. Its meeting began at the end of June and it is due to announce its findings on the same day that the IARC makes public its decision – on July 14.

Since 1981, JECFA has said aspartame is safe to consume within accepted daily limits. For example, an adult weighing 60 kg (132 pounds) would have to drink between 12 and 36 cans of diet soda – depending on the amount of aspartame in the beverage – every day to be at risk. Its view has been widely shared by national regulators, including in the United States and Europe.

An IARC spokesperson said both the IARC and JECFA committees' findings were confidential until July, but added they were "complementary", with IARC's conclusion representing "the first fundamental step to understand carcinogenicity". The additives committee "conducts risk assessment, which determines the probability of a specific type of harm (e.g., cancer) to occur under certain conditions and levels of exposure."

However, industry and regulators fear that holding both processes at around the same time could be confusing, according to letters from U.S. and Japanese regulators seen by Reuters.

"We kindly ask both bodies to coordinate their efforts in reviewing aspartame to avoid any confusion or concerns among the public," Nozomi Tomita, an official from Japan's Ministry of Health, Labour and Welfare, wrote in a letter dated March 27 to WHO's deputy director general, Zsuzsanna Jakab.

The letter also called for the conclusions of both bodies to be released on the same day, as is now happening. The Japanese mission in Geneva, where the WHO is based, did not respond to a request for comment.

<h2>Debate&nbsp;</h2>

The IARC's rulings can have a huge impact. In 2015, its committee concluded that glyphosate is "probably carcinogenic". Years later, even as other bodies like the European Food Safety Authority (EFSA) contested this, companies were still feeling the effects of the decision. Germany’s Bayer in 2021 lost its third appeal against U.S. court verdicts that awarded damages to customers blaming their cancers on the use of its glyphosate-based weed-killers.

The IARC's decisions have also faced criticism for sparking needless alarm over hard-to-avoid substances or situations. It has previously put working overnight and consuming red meat into its "probably cancer-causing" class, and using mobile phones as "possibly cancer-causing", similar to aspartame.

"IARC is not a food safety body and their review of aspartame is not scientifically comprehensive and is based heavily on widely discredited research," Frances Hunt-Wood, the secretary general of the International Sweeteners Association (ISA), said.

The body, whose members include Mars Wrigley, a Coca-Cola unit and Cargill, said it had "serious concerns with the IARC review, which may mislead consumers".

The International Council of Beverages Associations' executive director Kate Loatman said public health authorities should be "deeply concerned" by the "leaked opinion", and also warned it "could needlessly mislead consumers into consuming more sugar rather than choosing safe no-and low-sugar options."

Aspartame has been extensively studied for years. Last year, an observational study in France among 100,000 adults showed that people who consumed larger amounts of artificial sweeteners – including aspartame – had a slightly higher cancer risk.

It followed a study from the Ramazzini Institute in Italy in the early 2000s, which reported that some cancers in mice and rats were linked to aspartame.

However, the first study could not prove that aspartame caused the increased cancer risk, and questions have been raised about the methodology of the second study, including by EFSA, which assessed it.

Aspartame is authorised for use globally by regulators who have reviewed all the available evidence, and major food and beverage makers have for decades defended their use of the ingredient. The IARC said it had assessed 1,300 studies in its June review.

Recent recipe tweaks by soft drinks giant Pepsico demonstrate the struggle the industry has when it comes to balancing taste preferences with health concerns. Pepsico removed aspartame from sodas in 2015, bringing it back a year later, only to remove it again in 2020.

Watch:&nbsp;WHO warns Covid 'has not gone away'

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Listing aspartame as a possible carcinogen is intended to motivate more research, said the sources close to the IARC, which will help agencies, consumers and manufacturers draw firmer conclusions.

But it will also likely ignite debate once again over the IARC's role, as well as the safety of sweeteners more generally.

<a href="https://www.wionews.com/india-news/indian-clock-tells-story-of-most-populous-nation-608958">Also read:&nbsp;Indian clock tells story of most populous nation</a>

Last month, the WHO published guidelines advising consumers not to use non-sugar sweeteners for weight control. The guidelines caused a furor&nbsp;in the food industry, which argues they can be helpful for consumers wanting to reduce the amount of sugar in their diet.

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&nbsp;

One of the world's most common artificial sweeteners is set to be declared a possible carcinogen next month by a leading global health body, according to two sources with knowledge of the process, pitting it against the food industry and regulators.

One of the world's most common artificial sweeteners is set to be declared a possible carcinogen next month by a leading global health body, according to two sources with knowledge of the process, pitting it against the food industry and regulators. Aspartame, used in products from Coca-Cola diet sodas to Mars' Extra chewing gum and some Snapple drinks, will be listed in July as "possibly carcinogenic to humans" for the first time by the International Agency for Research on Cancer (IARC), the World Health Organization's (WHO) cancer research arm, the sources said. The IARC ruling, finalised earlier this month after a meeting of the group's external experts, is intended to assess whether something is a potential hazard or not, based on all the published evidence. It does not take into account how much of a product a person can safely consume. This advice for individuals comes from a separate WHO expert committee on food additives, known as JECFA (the Joint WHO and Food and Agriculture Organization's Expert Committee on Food Additives), alongside determinations from national regulators. However, similar IARC rulings in the past for different substances have raised concerns among consumers about their use, led to lawsuits, and pressured manufacturers to recreate recipes and swap to alternatives. That has led to criticism that the IARC's assessments can be confusing to the public. JECFA, the WHO committee on additives, is also reviewing aspartame use this year. Its meeting began at the end of June and it is due to announce its findings on the same day that the IARC makes public its decision – on July 14. Since 1981, JECFA has said aspartame is safe to consume within accepted daily limits. For example, an adult weighing 60 kg (132 pounds) would have to drink between 12 and 36 cans of diet soda – depending on the amount of aspartame in the beverage – every day to be at risk. Its view has been widely shared by national regulators, including in the United States and Europe. An IARC spokesperson said both the IARC and JECFA committees' findings were confidential until July, but added they were "complementary", with IARC's conclusion representing "the first fundamental step to understand carcinogenicity". The additives committee "conducts risk assessment, which determines the probability of a specific type of harm (e.g., cancer) to occur under certain conditions and levels of exposure." However, industry and regulators fear that holding both processes at around the same time could be confusing, according to letters from U.S. and Japanese regulators seen by Reuters. "We kindly ask both bodies to coordinate their efforts in reviewing aspartame to avoid any confusion or concerns among the public," Nozomi Tomita, an official from Japan's Ministry of Health, Labour and Welfare, wrote in a letter dated March 27 to WHO's deputy director general, Zsuzsanna Jakab. The letter also called for the conclusions of both bodies to be released on the same day, as is now happening. The Japanese mission in Geneva, where the WHO is based, did not respond to a request for comment. Debate The IARC's rulings can have a huge impact. In 2015, its committee concluded that glyphosate is "probably carcinogenic". Years later, even as other bodies like the European Food Safety Authority (EFSA) contested this, companies were still feeling the effects of the decision. Germany’s Bayer in 2021 lost its third appeal against U.S. court verdicts that awarded damages to customers blaming their cancers on the use of its glyphosate-based weed-killers. The IARC's decisions have also faced criticism for sparking needless alarm over hard-to-avoid substances or situations. It has previously put working overnight and consuming red meat into its "probably cancer-causing" class, and using mobile phones as "possibly cancer-causing", similar to aspartame. "IARC is not a food safety body and their review of aspartame is not scientifically comprehensive and is based heavily on widely discredited research," Frances Hunt-Wood, the secretary general of the International Sweeteners Association (ISA), said. The body, whose members include Mars Wrigley, a Coca-Cola unit and Cargill, said it had "serious concerns with the IARC review, which may mislead consumers". The International Council of Beverages Associations' executive director Kate Loatman said public health authorities should be "deeply concerned" by the "leaked opinion", and also warned it "could needlessly mislead consumers into consuming more sugar rather than choosing safe no-and low-sugar options." Aspartame has been extensively studied for years. Last year, an observational study in France among 100,000 adults showed that people who consumed larger amounts of artificial sweeteners – including aspartame – had a slightly higher cancer risk. It followed a study from the Ramazzini Institute in Italy in the early 2000s, which reported that some cancers in mice and rats were linked to aspartame. However, the first study could not prove that aspartame caused the increased cancer risk, and questions have been raised about the methodology of the second study, including by EFSA, which assessed it. Aspartame is authorised for use globally by regulators who have reviewed all the available evidence, and major food and beverage makers have for decades defended their use of the ingredient. The IARC said it had assessed 1,300 studies in its June review. Recent recipe tweaks by soft drinks giant Pepsico demonstrate the struggle the industry has when it comes to balancing taste preferences with health concerns. Pepsico removed aspartame from sodas in 2015, bringing it back a year later, only to remove it again in 2020. Watch: WHO warns Covid 'has not gone away' × Listing aspartame as a possible carcinogen is intended to motivate more research, said the sources close to the IARC, which will help agencies, consumers and manufacturers draw firmer conclusions. But it will also likely ignite debate once again over the IARC's role, as well as the safety of sweeteners more generally. Also read: Indian clock tells story of most populous nation Last month, the WHO published guidelines advising consumers not to use non-sugar sweeteners for weight control. The guidelines caused a furor in the food industry, which argues they can be helpful for consumers wanting to reduce the amount of sugar in their diet. WATCH WION LIVE HERE ×

Popular artificial sweetener Aspartame used in Diet Coke causes cancer, WHO to declare soon

Amid increased government scrutiny and falling market share, Xiaomi India is reportedly slashing its workforce in the country to less than 1,000 employees, Economic Times reported Thursday. The report revealed that the Chinese company fired 30 employees last week of the approximately 1,500 people it employed at the beginning of the year.&nbsp;

One of the company’s senior executives was quoted by Economic Times as saying that Xiaomi India has prepared a performance improvement plan (PIP), based on which non-performing employees would be sacked.

Watch:&nbsp;Xiaomi's petition rejected in Indian court

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“As with any company, we take headcount decisions based on the market’s state and business projections,” Xiaomi said in a statement. Although it mentioned that the company will continue to hire talent ‘when and where needed’.

<h2>Xiaomi reviewing company strategy</h2>

The Chinese parent company of Xiaomi, a popular smartphone brand in India, is reportedly making decisions regarding internal restructuring and changes. According to the company, the goal of this move is to enhance operational efficiency, streamline the organisational structure, and optimise resource allocation. Throughout the year, the company has been reviewing its strategies, leading to a steady decline in its workforce.

<h2>Xiaomi India in hot waters</h2>

In the first quarter of 2023, Xiaomi India experienced a drop in shipments, with only five&nbsp;million units sold compared to 7-8 million units the previous year. This decline has caused Xiaomi to lose its position as the top smartphone brand in India, a title it held for 20 consecutive quarters. It now ranks third, trailing behind Samsung and Vivo, with a market share of 16 per cent.

<a href="https://www.wionews.com/business-economy/indias-ed-issues-show-cause-notice-to-xiaomi-over-illegal-remittances-602695">Also read:&nbsp;India's ED issues show-cause notice to Xiaomi over illegal remittances</a>

Furthermore, in June, the Enforcement Directorate, India’s economic intelligence agency, issued show-cause notices under the Foreign Exchange Management Act to Xiaomi India, its officials, and three banks. The allegations involve foreign exchange violations amounting to more than ₹5,551 crore. Show cause notices were served to Manu Kumar Jain, the former Managing Director, and Sameer B Rao, the Director and Chief Financial Officer of the company.

<h2>India’s ties with China ‘abnormal’</h2>

Xiaomi India finds itself sitting in the crosshairs of deteriorating ties between India and China. India’s External Affairs Minister S. Jaishankar earlier in April said that India’s ties with China were “abnormal” due to a violation of border management agreements by Beijing.

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&nbsp;

Amid increased government scrutiny and falling market share, Xiaomi India is reportedly slashing its workforce in the country to less than 1,000 employees, Economic Times reported Thursday.

Amid increased government scrutiny and falling market share, Xiaomi India is reportedly slashing its workforce in the country to less than 1,000 employees, Economic Times reported Thursday. The report revealed that the Chinese company fired 30 employees last week of the approximately 1,500 people it employed at the beginning of the year. One of the company’s senior executives was quoted by Economic Times as saying that Xiaomi India has prepared a performance improvement plan (PIP), based on which non-performing employees would be sacked. Watch: Xiaomi's petition rejected in Indian court × “As with any company, we take headcount decisions based on the market’s state and business projections,” Xiaomi said in a statement. Although it mentioned that the company will continue to hire talent ‘when and where needed’. Xiaomi reviewing company strategy The Chinese parent company of Xiaomi, a popular smartphone brand in India, is reportedly making decisions regarding internal restructuring and changes. According to the company, the goal of this move is to enhance operational efficiency, streamline the organisational structure, and optimise resource allocation. Throughout the year, the company has been reviewing its strategies, leading to a steady decline in its workforce. Xiaomi India in hot waters In the first quarter of 2023, Xiaomi India experienced a drop in shipments, with only five million units sold compared to 7-8 million units the previous year. This decline has caused Xiaomi to lose its position as the top smartphone brand in India, a title it held for 20 consecutive quarters. It now ranks third, trailing behind Samsung and Vivo, with a market share of 16 per cent. Also read: India's ED issues show-cause notice to Xiaomi over illegal remittances Furthermore, in June, the Enforcement Directorate, India’s economic intelligence agency, issued show-cause notices under the Foreign Exchange Management Act to Xiaomi India, its officials, and three banks. The allegations involve foreign exchange violations amounting to more than ₹5,551 crore. Show cause notices were served to Manu Kumar Jain, the former Managing Director, and Sameer B Rao, the Director and Chief Financial Officer of the company. India’s ties with China ‘abnormal’ Xiaomi India finds itself sitting in the crosshairs of deteriorating ties between India and China. India’s External Affairs Minister S. Jaishankar earlier in April said that India’s ties with China were “abnormal” due to a violation of border management agreements by Beijing. WATCH WION LIVE HERE ×

Xiaomi India to slash its workforce to 1,000 amid govt scrutiny and poor growth

Livestreaming in China is undergoing a transformation as big brands seek greater control over the process and move away from relying solely on massive discounts and celebrity hosts to attract viewers, Reuters reported. Apple recently joined China's livestreaming frenzy, and despite not offering deep discounts or a celebrity host, the tech giant's show garnered impressive engagement, with 1.3 million viewers and 300,000 likes within an hour. This shift in the livestreaming strategy highlights the growing importance of quality content and storytelling to resonate with consumers and drive return sales. As livestreaming continues to thrive in China, the industry's resilience is evident, with sales generated through livestreaming projected to increase by 30 per cent this year, reaching $480 billion.

The Changing Landscape of Livestreaming

Livestreaming has experienced stellar growth, especially during the COVID-19 pandemic, leading to the employment of over 1.23 million livestream hosts by 2020. Initially, livestreaming in China relied heavily on massive discounts and prominent hosts like Li Jiaqi, known as the 'lipstick brother', who offered viewers the best discounts on Alibaba's Tmall platform. However, brands are now moving away from this discount-focused strategy, turning their attention to building their own livestreaming channels and leveraging storytelling techniques.

The Shift to Content and Storytelling

Brands recognize that investing in content creation instead of simply offering discounts results in greater resonance with consumers and drives follow-up sales. Rather than paying hefty fees to celebrity hosts, brands are now collaborating with professional agencies to recruit and train livestreamers who align with their products and can authentically recommend them. This approach instills trust in consumers as they believe the hosts genuinely use and endorse the products, making the livestreaming experience more impactful.

Success Stories and Direct Communication

Livestreaming efforts have been successful for various brands, even those with higher price points that were initially deemed incompatible with bargain-heavy livestreaming. By utilizing livestream hosts recruited via agencies or smaller-scale influencers, brands have witnessed increased sales, even for full-priced products. Key to this success is the ability for audiences to directly communicate with hosts during livestreams, allowing immediate answers to questions about fit, color, and styling. This direct interaction enhances the consumer experience and builds trust between the brand and the audience.

Navigating Fragmentation and Regulatory Scrutiny

As livestreaming continues to evolve, brands must navigate the increasing fragmentation of platforms and hosts competing for viewers' attention. Traditional sales platforms like Alibaba's Tmall and JD.com face challenges from entertainment and information-led platforms such as Douyin and Xiaohongshu. Additionally, regulatory scrutiny has impacted the livestreaming landscape, temporarily suspending super hosts like Li Jiaqi and Viya due to tax scandals and controversial broadcasts. This highlights the risks associated with relying solely on a few hosts, emphasizing the importance of diversifying livestreaming strategies.

The Future of Livestreaming

Despite the challenges and changes in the livestreaming landscape, brands remain optimistic about the potential of livestreaming as a sales and communication tool. Building solid livestreaming channels and engaging content will be crucial for brands to leverage livestreaming and connect with their target audience effectively. While super hosts may have a wide reach, targeting specific audiences with smaller live streamers who can convert effectively is also gaining recognition.

(With Inputs from Reuters)

Livestreaming in China is undergoing a transformation as big brands seek greater control over the process and move away from relying solely on massive discounts and celebrity hosts to attract viewers, Reuters reported.

Livestreaming in China is undergoing a transformation as big brands seek greater control over the process and move away from relying solely on massive discounts and celebrity hosts to attract viewers, Reuters reported. Apple recently joined China's livestreaming frenzy, and despite not offering deep discounts or a celebrity host, the tech giant's show garnered impressive engagement, with 1.3 million viewers and 300,000 likes within an hour. This shift in the livestreaming strategy highlights the growing importance of quality content and storytelling to resonate with consumers and drive return sales. As livestreaming continues to thrive in China, the industry's resilience is evident, with sales generated through livestreaming projected to increase by 30 per cent this year, reaching $480 billion. The Changing Landscape of Livestreaming Livestreaming has experienced stellar growth, especially during the COVID-19 pandemic, leading to the employment of over 1.23 million livestream hosts by 2020. Initially, livestreaming in China relied heavily on massive discounts and prominent hosts like Li Jiaqi, known as the 'lipstick brother', who offered viewers the best discounts on Alibaba's Tmall platform. However, brands are now moving away from this discount-focused strategy, turning their attention to building their own livestreaming channels and leveraging storytelling techniques. The Shift to Content and Storytelling Brands recognize that investing in content creation instead of simply offering discounts results in greater resonance with consumers and drives follow-up sales. Rather than paying hefty fees to celebrity hosts, brands are now collaborating with professional agencies to recruit and train livestreamers who align with their products and can authentically recommend them. This approach instills trust in consumers as they believe the hosts genuinely use and endorse the products, making the livestreaming experience more impactful. Success Stories and Direct Communication Livestreaming efforts have been successful for various brands, even those with higher price points that were initially deemed incompatible with bargain-heavy livestreaming. By utilizing livestream hosts recruited via agencies or smaller-scale influencers, brands have witnessed increased sales, even for full-priced products. Key to this success is the ability for audiences to directly communicate with hosts during livestreams, allowing immediate answers to questions about fit, color, and styling. This direct interaction enhances the consumer experience and builds trust between the brand and the audience. Navigating Fragmentation and Regulatory Scrutiny As livestreaming continues to evolve, brands must navigate the increasing fragmentation of platforms and hosts competing for viewers' attention. Traditional sales platforms like Alibaba's Tmall and JD.com face challenges from entertainment and information-led platforms such as Douyin and Xiaohongshu. Additionally, regulatory scrutiny has impacted the livestreaming landscape, temporarily suspending super hosts like Li Jiaqi and Viya due to tax scandals and controversial broadcasts. This highlights the risks associated with relying solely on a few hosts, emphasizing the importance of diversifying livestreaming strategies. The Future of Livestreaming Despite the challenges and changes in the livestreaming landscape, brands remain optimistic about the potential of livestreaming as a sales and communication tool. Building solid livestreaming channels and engaging content will be crucial for brands to leverage livestreaming and connect with their target audience effectively. While super hosts may have a wide reach, targeting specific audiences with smaller live streamers who can convert effectively is also gaining recognition. (With Inputs from Reuters)

Livestreaming craze in China: Brands ditch discounts for compelling content

The National Geographic magazine has laid off its last remaining staff writers. According to a report by The Washington Post on Thursday (June 29), the cutback involves some 19 editorial staffers in all, who had been notified in April that these terminations were coming.

The National Geographic magazine has laid off its last remaining staff writers. According to a report by The Washington Post on Thursday (June 29), the cutback involves some 19 editorial staffers in all, who had been notified in April that these terminations were coming. Article assignments would now be contracted out to freelancers or pieced together by editors. The report added that the layoffs also eliminated the magazine’s audio department. Tuesday's layoffs were the second over the last nine months, and the fourth since a series of ownership changes started in 2015. Staffers confirm exiting magazine on Twitter Several departing staffers confirmed the news of exiting National Geographic on Twitter. "My new National Geographic just arrived, which includes my latest feature—my 16th, and my last as a senior writer. NatGeo is laying off all of its staff writers. I’ve been so lucky. I got to work w/incredible journalists and tell important, global stories. It’s been an honor," writer Craig Welch tweeted. Another writer at the magazine Doug Main, meanwhile, tweeted, "National Geographic is laying off its staff writers, including me." My new National Geographic just arrived, which includes my latest feature—my 16th, and my last as a senior writer. NatGeo is laying off all of its staff writers. I’ve been so lucky. I got to work w/incredible journalists and tell important, global stories. It’s been an honor. pic.twitter.com/VOt6KydD5Z — Craig Welch (@CraigAWelch) June 28, 2023 × The staffers laid off also include Debra Adams Simmons, who was in September 2022 promoted to vice president of diversity, equity and inclusion at National Geographic Media. The layoffs come a month after it was reported that National Geographic will no longer be sold on newsstands in the United States starting next year. National Geographic among most widely read magazines in US National Geographic remains among the most widely read magazines in the United States. The Washington Post report said that at its peak in the 1980s, the magazine reached 12 million subscribers in the US and millions more overseas. Speaking to the publication via email, National Geographic spokesperson Chris Albert said that staffing changes would not affect the company's plans to continue publishing a monthly magazine “but rather give us more flexibility to tell different stories and meet our audiences where they are across our many platforms.” 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.

National Geographic magazine lays off last remaining staff writers, to stop newsstands' sale from 2024

High-profile music tours are making a comeback in the post-pandemic era, and pop icons like Taylor Swift and Beyonce are no longer just well-known artists and entertainers. These musicians have matured into economic forces with the ability to considerably impact consumer purchasing in the cities where they perform.

Concert economics explained: Can pop stars power inflation?

It's a tale of unexpected financial triumph as Ukrainian debt warrants have taken the investment world by storm, delivering staggering returns and capturing the attention of major players in the market. Held by Morgan Stanley investment management, these exotic warrants have experienced an astonishing surge in value over a short period.

Ukraine’s debt warrants outshine emerging markets

A former Samsung executive has been indicted for stealing secrets from his former employer to help his client -- Taiwan's leading chip maker Foxconn. South Korean prosecutors allege that the theft caused a loss of over 200 million dollars to Samsung electronics, which is the world's biggest chipmaker. As per an unreleased indictment report, accessed by Reuters, Choi Jinseog is alleged to have stolen Samsung's trade secrets and details about the planned Foxconn plant. However, he has denied all charges.

Ex-Samsung executive accused of stealing secrets

Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations.&nbsp;

The layoffs as per CNBC are expected to impact all three of Ford's business units: Ford Blue, which focuses on internal combustion engine operations; Model e, the electric vehicle unit; and Ford Pro, the fleet service operations.

<h2>How many people will be affected by the layoffs?</h2>

The exact number of employees affected by the layoffs has not been disclosed by the company. In its most recent quarterly filing, Ford stated that it expected to incur charges in 2023 between $1.5 billion and $2 billion "primarily attributable to employee separations and supplier settlements".&nbsp;

This is comparable to similar actions in 2021 and 2022, which resulted in charges of $2 billion and $608 million, respectively.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ubs-plans-to-sack-more-than-half-or-35000-credit-suisse-staff-report-609469">UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report</a>

In an emailed statement, Ford, as per CNBC,&nbsp;said: "Delivering our Ford+ plan for growth and value creation includes increasing quality, lowering costs, investing in our priorities, and adjusting staffing to match the capabilities we need."&nbsp;

"People affected by the changes will be offered severance pay, benefits," added the company as reported by Reuters.

"This is related to the Ford+ growth plan we introduced in 2021," it added.

<h2>Ford+ Plan</h2>

Ford has been implementing restructuring efforts for several years as part of its Ford+ plan, led by CEO Jim Farley.&nbsp;

Last year in August, the company cut 3,000 workers in North America and recently conducted 3,800 layoffs in Europe.&nbsp;

Ford stated in its first-quarter filing that it would continue to review its global businesses and may take additional restructuring actions in cases where sustained profitability is not feasible.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/kpmg-joins-the-layoff-parade-canaries-in-the-economic-coal-mine-609151">KPMG joins the layoff parade: Canaries in the economic coal mine</a>

"We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses."

According to Ford's Farley, the company faces a cost disadvantage of approximately $7 billion compared to some of its competitors. The company aims to address this through efficiency gains and job reductions.&nbsp;

<h2>Ford and job cuts</h2>

In 2022, Ford's employee headcount decreased by approximately 10,000 people to 173,000 globally.

The employees affected by the most recent job cut will be offered severance pay, benefits, and assistance in finding new career opportunities. Reportedly, the layoffs have been communicated to contractors and team leaders, with employees expected to be notified throughout the week. The company has instructed affected units to work remotely during this period.&nbsp;

Ford's restructuring efforts align with the broader trend in the automotive industry, with other automakers such as General Motors and Stellantis also implementing layoffs and cost-cutting measures to focus more on the electric vehicles markets.

(With inputs from agencies)

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Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations.

Ford Motor has announced plans to carry out layoffs this week, primarily affecting engineering jobs in the United States and Canada. The job cuts are part of Ford's cost-cutting measures as the company undergoes a restructuring of its business operations. The layoffs as per CNBC are expected to impact all three of Ford's business units: Ford Blue, which focuses on internal combustion engine operations; Model e, the electric vehicle unit; and Ford Pro, the fleet service operations. How many people will be affected by the layoffs? The exact number of employees affected by the layoffs has not been disclosed by the company. In its most recent quarterly filing, Ford stated that it expected to incur charges in 2023 between $1.5 billion and $2 billion "primarily attributable to employee separations and supplier settlements". This is comparable to similar actions in 2021 and 2022, which resulted in charges of $2 billion and $608 million, respectively. Also read | UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report In an emailed statement, Ford, as per CNBC, said: "Delivering our Ford+ plan for growth and value creation includes increasing quality, lowering costs, investing in our priorities, and adjusting staffing to match the capabilities we need." "People affected by the changes will be offered severance pay, benefits," added the company as reported by Reuters. "This is related to the Ford+ growth plan we introduced in 2021," it added. Ford+ Plan Ford has been implementing restructuring efforts for several years as part of its Ford+ plan, led by CEO Jim Farley. Last year in August, the company cut 3,000 workers in North America and recently conducted 3,800 layoffs in Europe. Ford stated in its first-quarter filing that it would continue to review its global businesses and may take additional restructuring actions in cases where sustained profitability is not feasible. Also read | KPMG joins the layoff parade: Canaries in the economic coal mine "We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses." According to Ford's Farley, the company faces a cost disadvantage of approximately $7 billion compared to some of its competitors. The company aims to address this through efficiency gains and job reductions. Ford and job cuts In 2022, Ford's employee headcount decreased by approximately 10,000 people to 173,000 globally. The employees affected by the most recent job cut will be offered severance pay, benefits, and assistance in finding new career opportunities. Reportedly, the layoffs have been communicated to contractors and team leaders, with employees expected to be notified throughout the week. The company has instructed affected units to work remotely during this period. Ford's restructuring efforts align with the broader trend in the automotive industry, with other automakers such as General Motors and Stellantis also implementing layoffs and cost-cutting measures to focus more on the electric vehicles markets. (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.

Ford announces job cuts; layoff to affect engineering jobs in United States and Canada

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, is all set to face a trial, starting October 2. A federal court has rejected his bid to throw out most of the criminal cases, which accused him of fraud.

FTX Fraud Saga: Sam Bankman-Fried to face trial from October 2