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UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

<h2>When will the job cuts happen?</h2>

As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October.

UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals.

This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees.

<h2>How will the job cuts affect the global financial sector?</h2>

The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts.

Watch |&nbsp;Credit Suisse is now a part of UBS | World Business Watch

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/credit-suisse-is-now-a-part-of-ubs-world-business-watch-603732/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021.&nbsp;

Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment.

Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions.&nbsp;

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360&amp;sa=U&amp;ved=2ahUKEwial-atieX_AhXmTmwGHahpC0gQFnoECAAQAg&amp;usg=AOvVaw1cP6ReS7Br9qR4j8hcpMqi" dir="ltr" href="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" target="_blank">Silicon Valley Bank to cut 500 jobs, says new owner: Report</a>

UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200.&nbsp;

As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books.

<h2>UBS and Credit Suisse integration</h2>

Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach.&nbsp;

The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated.&nbsp;
(With inputs from agencies)

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UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia. When will the job cuts happen? As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October. UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years. Also read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals. This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees. How will the job cuts affect the global financial sector? The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts. Watch | Credit Suisse is now a part of UBS | World Business Watch UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021. Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment. Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions. Also read | Silicon Valley Bank to cut 500 jobs, says new owner: Report UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200. As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books. UBS and Credit Suisse integration Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach. The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated. (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.

UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report

A government watchdog revealed on Tuesday that fraudsters may have stolen more than $200 billion from federal loans designed to aid struggling small businesses during the COVID-19 pandemic, Reuters reported. According to the Office of the Inspector General, approximately 17 per cent of the $1.2 trillion disbursed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) may have been fraudulently obtained.

The report cited by Reuters highlights that around $136 billion from the EIDL program and $64 billion from PPP loans are potentially missing due to fraudulent activities. The watchdog attributes this large-scale fraud to the SBA's decision to relax internal controls in their haste to distribute financial assistance to businesses affected by pandemic shutdowns.

SBA disputes the claims

However, the SBA has disputed the Inspector General's findings. CNBC quoted Bailey DeVries, a senior official at the SBA, as saying that the report significantly overestimated the extent of fraud in the programs. DeVries explained that additional fraud controls were implemented in 2021, and the 34 per cent potential fraud rate identified by the Inspector General for the EIDL program does not align with the SBA's current repayment data.

According to SBA figures cited by CNBC, 12 per cent of the loans went to borrowers who are currently past due, which mostly comprises legitimate businesses that are closed or facing financial difficulties. DeVries further noted that 74 per cent of businesses have either fully repaid or started repaying their loans, while 14 per cent are still in the deferment period.

The investigations conducted by the Inspector General's office have resulted in over 1,000 indictments, 803 arrests, and 529 convictions related to fraud in the loan programs, leading to the recovery of nearly $30 billion in stolen funds by federal law enforcement agencies, as per CNBC. Despite these efforts, the Inspector General's office continues to pursue tens of thousands of leads related to waste, fraud, and abuse in the loan programs, with many of these investigations expected to span several years.

Social Aid or Money Grabbing Scheme

The PPP provided guaranteed loans to small businesses, individuals, and nonprofits that could be forgiven under certain conditions. At the same time, the EIDL program offered low-interest, fixed-rate loans to support small businesses and organizations in covering their operating expenses. The&nbsp;report cited by CNBC revealed that as of May, approximately 1.6 million EIDL loans worth $114 billion are either past due, delinquent, or in liquidation. Out of these, more than 69,000 loans worth $3.2 billion have been written off. Additionally, over 500,000 PPP loans have defaulted.

The Inspector General's report suggests that nonpayment often indicates loan fraud, although not all past due, delinquent, or charged-off loans are necessarily fraudulent. The potential fraud estimate of over $200 billion emphasises the magnitude of the issue, with the watchdog criticizing the SBA for loosening controls and enabling fraudulent actors to exploit the relief programs.

In May 2021, Attorney General Merrick Garland established a COVID-19 Fraud Enforcement Task Force to tackle these issues. Last year, the U.S. Justice Department appointed federal prosecutor Kevin Chambers to lead investigations into alleged fraud schemes targeting government pandemic assistance programs.

The recent report follows previous findings of significant fraud in government aid programs, including the theft of $45.6 billion from the U.S. unemployment insurance program and the diversion of $250 million from a program intended to provide meals to children in need during the pandemic. Another watchdog report cited by Reuters highlighted that approximately $5.4 billion in COVID-19 aid was potentially awarded to individuals with questionable Social Security numbers.

The impact of this fraud extends beyond financial losses. It undermines the purpose of the relief programs, which were intended to provide critical support to struggling businesses and individuals during an unprecedented crisis. The misappropriation of funds not only diverts resources away from those in genuine need but also erodes public trust in government aid initiatives.

(With Inputs from Agencies)

A government watchdog revealed on Tuesday that fraudsters may have stolen more than $200 billion from federal loans designed to aid struggling small businesses during the COVID-19 pandemic, Reuters reported.

A government watchdog revealed on Tuesday that fraudsters may have stolen more than $200 billion from federal loans designed to aid struggling small businesses during the COVID-19 pandemic, Reuters reported. According to the Office of the Inspector General, approximately 17 per cent of the $1.2 trillion disbursed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) may have been fraudulently obtained. The report cited by Reuters highlights that around $136 billion from the EIDL program and $64 billion from PPP loans are potentially missing due to fraudulent activities. The watchdog attributes this large-scale fraud to the SBA's decision to relax internal controls in their haste to distribute financial assistance to businesses affected by pandemic shutdowns. SBA disputes the claims However, the SBA has disputed the Inspector General's findings. CNBC quoted Bailey DeVries, a senior official at the SBA, as saying that the report significantly overestimated the extent of fraud in the programs. DeVries explained that additional fraud controls were implemented in 2021, and the 34 per cent potential fraud rate identified by the Inspector General for the EIDL program does not align with the SBA's current repayment data. According to SBA figures cited by CNBC, 12 per cent of the loans went to borrowers who are currently past due, which mostly comprises legitimate businesses that are closed or facing financial difficulties. DeVries further noted that 74 per cent of businesses have either fully repaid or started repaying their loans, while 14 per cent are still in the deferment period. The investigations conducted by the Inspector General's office have resulted in over 1,000 indictments, 803 arrests, and 529 convictions related to fraud in the loan programs, leading to the recovery of nearly $30 billion in stolen funds by federal law enforcement agencies, as per CNBC. Despite these efforts, the Inspector General's office continues to pursue tens of thousands of leads related to waste, fraud, and abuse in the loan programs, with many of these investigations expected to span several years. Social Aid or Money Grabbing Scheme The PPP provided guaranteed loans to small businesses, individuals, and nonprofits that could be forgiven under certain conditions. At the same time, the EIDL program offered low-interest, fixed-rate loans to support small businesses and organizations in covering their operating expenses. The report cited by CNBC revealed that as of May, approximately 1.6 million EIDL loans worth $114 billion are either past due, delinquent, or in liquidation. Out of these, more than 69,000 loans worth $3.2 billion have been written off. Additionally, over 500,000 PPP loans have defaulted. The Inspector General's report suggests that nonpayment often indicates loan fraud, although not all past due, delinquent, or charged-off loans are necessarily fraudulent. The potential fraud estimate of over $200 billion emphasises the magnitude of the issue, with the watchdog criticizing the SBA for loosening controls and enabling fraudulent actors to exploit the relief programs. In May 2021, Attorney General Merrick Garland established a COVID-19 Fraud Enforcement Task Force to tackle these issues. Last year, the U.S. Justice Department appointed federal prosecutor Kevin Chambers to lead investigations into alleged fraud schemes targeting government pandemic assistance programs. The recent report follows previous findings of significant fraud in government aid programs, including the theft of $45.6 billion from the U.S. unemployment insurance program and the diversion of $250 million from a program intended to provide meals to children in need during the pandemic. Another watchdog report cited by Reuters highlighted that approximately $5.4 billion in COVID-19 aid was potentially awarded to individuals with questionable Social Security numbers. The impact of this fraud extends beyond financial losses. It undermines the purpose of the relief programs, which were intended to provide critical support to struggling businesses and individuals during an unprecedented crisis. The misappropriation of funds not only diverts resources away from those in genuine need but also erodes public trust in government aid initiatives. (With Inputs from Agencies)

Fraudsters make off with $200 billion from Covid Relief Programs, says US watchdog

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions. This ambitious goal, known as 'net zero,' requires a comprehensive transition to an environmentally friendly economy. Financial institutions play a pivotal role in this critical endeavor, and <a href="https://sustainabilityeconomics.com/">Sustainability Economics</a> has emerged as a leading solution provider to facilitate their net-zero targets.

Founded in 2022 by Kasu Venkata Reddy and Nayani Sreenadha Reddy, <a href="https://www.sustainabilityeconomics.com/static/media/SustainabilityEconomicsPressRelease.b118a518ad9b560be914.pdf">Sustainability Economics </a>is dedicated to simplifying the complex process of achieving net-zero transitions through cutting-edge technologies and an automation-first approach. Recognizing the importance of addressing climate change, the company aims to become the go-to destination for financial institutions&nbsp;seeking climate change mitigation strategies.

As the global finance industry constitutes a significant portion of the world's economy, it holds tremendous potential in the fight against climate change. However, transitioning to net zero requires various components, including carbon accounting, reporting, target setting, benchmarking, AI-driven climate scenario analysis, transition financing, carbon credits, and blockchain-powered marketplaces.

Providing a Platform for 'Change'

In response to these challenges, Sustainability Economics unveiled eight comprehensive platforms during the GreenFin 23 Summit in Boston, Massachusetts. These platforms cater to asset managers, asset owners, major banks, and insurers, providing them with the necessary tools to achieve their net-zero goals.

Among these platforms, 'Net Zero Investor' focuses on asset managers and asset owners, while 'Net-Zero Fin' and 'Net-Zero Insurer' assist insurance companies and banks. Additionally, Sustainability Economics offers five other platforms covering various aspects of climate financing, empowering the world to combat climate change effectively.

The 'Net-Zero Pulse' platform analyzes climate scenarios in alignment with models developed by esteemed organizations such as the Network for Greening the Financial System, International Energy Agency, and Intergovernmental Panel on Climate Change (IPCC). This ensures accurate and reliable data for informed decision-making.

Automating the issuance of carbon bonds and carbon credits transparently, the 'Net-Zero Bond' and 'Net-Zero Offset' platforms simplify the process while upholding transparency. Moreover, Sustainability Economics leverages blockchain technology through the 'Net-Zero DAOX' platform, which establishes a global marketplace for climate bonds and carbon credits.

The final platform, 'Net-Zero Metrics,' enables businesses to capture high-quality financial and climate metrics. By providing them with the necessary data, this platform facilitates informed decision-making and aids in making the right climate choices.

Together, these platforms guide businesses through seven phases of their journey toward achieving net zero. They enable companies to measure their carbon footprint, report emissions, set reduction targets, analyze climate scenarios, develop financing plans for a smooth transition, and issue and trade carbon bonds in the marketplace.

Sustainability Economics' business model centers around assisting financial institutions in their net-zero transitions while uncovering new business opportunities within the global net-zero economy. By leveraging their expertise and innovative platforms, Sustainability Economics aims to drive the transformation toward a sustainable future.

Follow Sustainability Economics on Twitter:&nbsp;@SE_NetZero

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions.

Climate change remains one of humanity's greatest challenges, prompting countries and institutions worldwide to take action by striving for near-zero greenhouse gas emissions. This ambitious goal, known as 'net zero,' requires a comprehensive transition to an environmentally friendly economy. Financial institutions play a pivotal role in this critical endeavor, and Sustainability Economics has emerged as a leading solution provider to facilitate their net-zero targets. Founded in 2022 by Kasu Venkata Reddy and Nayani Sreenadha Reddy, Sustainability Economics is dedicated to simplifying the complex process of achieving net-zero transitions through cutting-edge technologies and an automation-first approach. Recognizing the importance of addressing climate change, the company aims to become the go-to destination for financial institutions seeking climate change mitigation strategies. As the global finance industry constitutes a significant portion of the world's economy, it holds tremendous potential in the fight against climate change. However, transitioning to net zero requires various components, including carbon accounting, reporting, target setting, benchmarking, AI-driven climate scenario analysis, transition financing, carbon credits, and blockchain-powered marketplaces. Providing a Platform for 'Change' In response to these challenges, Sustainability Economics unveiled eight comprehensive platforms during the GreenFin 23 Summit in Boston, Massachusetts. These platforms cater to asset managers, asset owners, major banks, and insurers, providing them with the necessary tools to achieve their net-zero goals. Among these platforms, 'Net Zero Investor' focuses on asset managers and asset owners, while 'Net-Zero Fin' and 'Net-Zero Insurer' assist insurance companies and banks. Additionally, Sustainability Economics offers five other platforms covering various aspects of climate financing, empowering the world to combat climate change effectively. The 'Net-Zero Pulse' platform analyzes climate scenarios in alignment with models developed by esteemed organizations such as the Network for Greening the Financial System, International Energy Agency, and Intergovernmental Panel on Climate Change (IPCC). This ensures accurate and reliable data for informed decision-making. Automating the issuance of carbon bonds and carbon credits transparently, the 'Net-Zero Bond' and 'Net-Zero Offset' platforms simplify the process while upholding transparency. Moreover, Sustainability Economics leverages blockchain technology through the 'Net-Zero DAOX' platform, which establishes a global marketplace for climate bonds and carbon credits. The final platform, 'Net-Zero Metrics,' enables businesses to capture high-quality financial and climate metrics. By providing them with the necessary data, this platform facilitates informed decision-making and aids in making the right climate choices. Together, these platforms guide businesses through seven phases of their journey toward achieving net zero. They enable companies to measure their carbon footprint, report emissions, set reduction targets, analyze climate scenarios, develop financing plans for a smooth transition, and issue and trade carbon bonds in the marketplace. Sustainability Economics' business model centers around assisting financial institutions in their net-zero transitions while uncovering new business opportunities within the global net-zero economy. By leveraging their expertise and innovative platforms, Sustainability Economics aims to drive the transformation toward a sustainable future. Follow Sustainability Economics on Twitter: @SE_NetZero

Sustainability Economics Emerges as Key Player in Financial Institutions' Net-Zero Transition

Now as high-profile music tours make a comeback in the post-pandemic World pop icons like Taylor Swift and Beyonce are no longer just music or entertainment figures. These music artists have transcended themselves into economic phenomena capable of majorly affecting consumption in the cities they choose to tour take a look.

Concert economics explained: The craze for high-profile concerts

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported. The first five months of the year witnessed a double-digit profit slump, with a year-on-year contraction of 18.8 per cent, compounding the 20.6 per cent decline experienced from January to April.&nbsp;

These figures, released by the National Bureau of Statistics (NBS), underscore the overall weakening of the economy, evident in sluggish retail sales, dwindling exports, and a slump in property investment. Furthermore, the youth jobless rate reached a troubling high of 20.8 per cent.

Reuters quoted&nbsp;Wu Chaoming, deputy director of the Chasing International Economic Institute, as stating that the sluggish recovery in industrial profits necessitates additional policy measures to assist struggling companies. The situation is particularly concerning given that industrial earnings alone contracted by 12.6 per cent year-on-year in May and 18.2 per cent in April.

A Mirage of Hope

Although there are some glimmers&nbsp;of hope, such as the automotive sector witnessing a doubling in year-on-year profit in May, it is essential to note that this growth is partly attributable to the sector's poor performance during the pandemic-induced restrictions of the previous year.

Speaking to Reuters, NBS statistician Sun Xiao&nbsp;expressed apprehension about the increasingly complicated and challenging external environment, coupled with insufficient domestic demand, both of which continue to impede the revival of industrial profits. Sun emphasized the need for a more solid foundation to support the recovery. A breakdown of the data reveals that foreign firms experienced a decline in earnings of 13.6 per cent from January to May, while private-sector companies endured a significant slide of 21.3 per cent.

A Wave of decline across Markets

The impact of the profit decline is evident across various industrial sectors, with 24 out of 41 major sectors witnessing sinking profits. The petroleum, coal, and fuel processing industry reported the most significant slump, with profits plummeting by a staggering 92.8 per cent.

The initial impact of these figures was felt in the Chinese stock markets, with losses recorded in the morning session on Wednesday. However, some recovery has been observed during afternoon trading, resulting in a mixed performance for the main indexes.

In light of the uneven recovery in the world's second-largest economy, global agencies such as S&amp;P Global and Goldman Sachs have recently revised their growth forecasts for China, anticipating a slowdown. Economists widely expect policymakers to introduce further support measures to stabilize the economy, as it faces both domestic pressures and softened demand in major overseas markets. China recently implemented its first key lending benchmark reduction in ten months in response to the faltering rebound. Additionally, a 520 billion yuan package of purchase tax breaks for new-energy vehicles was announced, valid until the end of 2027.

Speaking at the Summer Davos Forum in Tianjin, Premier Li Qiang&nbsp;expressed confidence that China's second-quarter economic growth would outperform the first quarter and that the country is on track to achieve its 2023 growth target of approximately 5 percent.

Nevertheless, the Chinese government remains cautious about reviving the economy due to lingering concerns surrounding local government debt and other long-term risks. Reuters reported that the industrial profit figures cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their primary operations.

The forthcoming release of China's second-quarter GDP growth data in mid-July will provide further insights into its economic performance and the effectiveness of policy measures implemented to support its recovery.

(With Inputs from Reuters)

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported.

China's industrial firms are grappling with a sustained decline in annual profits, further highlighting the need for increased policy support to bolster the country's post-COVID economic recovery, Reuters reported. The first five months of the year witnessed a double-digit profit slump, with a year-on-year contraction of 18.8 per cent, compounding the 20.6 per cent decline experienced from January to April. These figures, released by the National Bureau of Statistics (NBS), underscore the overall weakening of the economy, evident in sluggish retail sales, dwindling exports, and a slump in property investment. Furthermore, the youth jobless rate reached a troubling high of 20.8 per cent. Reuters quoted Wu Chaoming, deputy director of the Chasing International Economic Institute, as stating that the sluggish recovery in industrial profits necessitates additional policy measures to assist struggling companies. The situation is particularly concerning given that industrial earnings alone contracted by 12.6 per cent year-on-year in May and 18.2 per cent in April. A Mirage of Hope Although there are some glimmers of hope, such as the automotive sector witnessing a doubling in year-on-year profit in May, it is essential to note that this growth is partly attributable to the sector's poor performance during the pandemic-induced restrictions of the previous year. Speaking to Reuters, NBS statistician Sun Xiao expressed apprehension about the increasingly complicated and challenging external environment, coupled with insufficient domestic demand, both of which continue to impede the revival of industrial profits. Sun emphasized the need for a more solid foundation to support the recovery. A breakdown of the data reveals that foreign firms experienced a decline in earnings of 13.6 per cent from January to May, while private-sector companies endured a significant slide of 21.3 per cent. A Wave of decline across Markets The impact of the profit decline is evident across various industrial sectors, with 24 out of 41 major sectors witnessing sinking profits. The petroleum, coal, and fuel processing industry reported the most significant slump, with profits plummeting by a staggering 92.8 per cent. The initial impact of these figures was felt in the Chinese stock markets, with losses recorded in the morning session on Wednesday. However, some recovery has been observed during afternoon trading, resulting in a mixed performance for the main indexes. In light of the uneven recovery in the world's second-largest economy, global agencies such as S&P Global and Goldman Sachs have recently revised their growth forecasts for China, anticipating a slowdown. Economists widely expect policymakers to introduce further support measures to stabilize the economy, as it faces both domestic pressures and softened demand in major overseas markets. China recently implemented its first key lending benchmark reduction in ten months in response to the faltering rebound. Additionally, a 520 billion yuan package of purchase tax breaks for new-energy vehicles was announced, valid until the end of 2027. Speaking at the Summer Davos Forum in Tianjin, Premier Li Qiang expressed confidence that China's second-quarter economic growth would outperform the first quarter and that the country is on track to achieve its 2023 growth target of approximately 5 percent. Nevertheless, the Chinese government remains cautious about reviving the economy due to lingering concerns surrounding local government debt and other long-term risks. Reuters reported that the industrial profit figures cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their primary operations. The forthcoming release of China's second-quarter GDP growth data in mid-July will provide further insights into its economic performance and the effectiveness of policy measures implemented to support its recovery. (With Inputs from Reuters)

China's industrial profits take a plunge: Economy looks for a makeover

Reliance Industries, owned by Mukesh Ambani, has encountered a setback in its attempt to acquire UK-based chemist and drugstore chain Boots, as Walgreens Boots Alliance, the American retail major, has decided to withdraw from the sale talks, reported the Hindu Businessline.

Walgreens, which had been seeking a buyer for Boots, stated that none of the received bids adequately reflected the potential value of the drugstore chain.

Previous reports on June 9 revealed that Apollo Global Management and Reliance Industries had submitted a binding bid of approximately US$7.3 billion&nbsp;for the acquisition of Boots. Walgreens had put the business up for sale in December, with a valuation expectation of around US$8.9 billion.

In a statement released on Tuesday, Walgreens explained, "Due to the severe impact of market instability on financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company. Consequently, WBA has decided that it is in the best interests of shareholders to focus on further growth and profitability of the two businesses."

Walgreens also expressed that it had engaged in productive discussions with various parties and received significant interest from prospective buyers. However, unforeseen and drastic changes in the global financial markets have occurred since the initiation of the sale process, leading to this outcome.

Also read |<a href="https://www.wionews.com/world/walgreens-to-pay-230mn-as-settlement-to-san-francisco-over-opioids-crisis-593623">&nbsp;Walgreens to pay $230mn as settlement to San Francisco over opioids crisis</a>

<h2>Boots to close over 300 stores?</h2>

The popular pharmacy chain, is planning to close 300 stores across the UK within the next year, resulting in a reduction of its store portfolio from approximately 2,200 to 1,900, reported the Sun.

The specific locations of the closures have not been confirmed by Boots, but it is believed that the affected shops will be those in close proximity to another site.

In its quarterly results, Boots stated that it will be consolidating a number of stores situated near each other over the next year.

This strategic move will allow Boots to allocate its team members more efficiently and focus investment on individual stores, aiming to consistently deliver an excellent and modernised service.

Also watch |&nbsp;Prosus slashes India's Byju's valuation to $5 billion

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Boots, which employs over 52,000 team members, has assured that these store closures will not result in any redundancies.

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Reliance Industries, owned by Mukesh Ambani, has encountered a setback in its attempt to acquire UK-based chemist and drugstore chain Boots, as Walgreens Boots Alliance, the American retail major, has decided to withdraw from the sale talks, reported the Hindu Businessline.

Reliance Industries, owned by Mukesh Ambani, has encountered a setback in its attempt to acquire UK-based chemist and drugstore chain Boots, as Walgreens Boots Alliance, the American retail major, has decided to withdraw from the sale talks, reported the Hindu Businessline. Walgreens, which had been seeking a buyer for Boots, stated that none of the received bids adequately reflected the potential value of the drugstore chain. Previous reports on June 9 revealed that Apollo Global Management and Reliance Industries had submitted a binding bid of approximately US$7.3 billion for the acquisition of Boots. Walgreens had put the business up for sale in December, with a valuation expectation of around US$8.9 billion. In a statement released on Tuesday, Walgreens explained, "Due to the severe impact of market instability on financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company. Consequently, WBA has decided that it is in the best interests of shareholders to focus on further growth and profitability of the two businesses." Walgreens also expressed that it had engaged in productive discussions with various parties and received significant interest from prospective buyers. However, unforeseen and drastic changes in the global financial markets have occurred since the initiation of the sale process, leading to this outcome. Also read | Walgreens to pay $230mn as settlement to San Francisco over opioids crisis Boots to close over 300 stores? The popular pharmacy chain, is planning to close 300 stores across the UK within the next year, resulting in a reduction of its store portfolio from approximately 2,200 to 1,900, reported the Sun. The specific locations of the closures have not been confirmed by Boots, but it is believed that the affected shops will be those in close proximity to another site. In its quarterly results, Boots stated that it will be consolidating a number of stores situated near each other over the next year. This strategic move will allow Boots to allocate its team members more efficiently and focus investment on individual stores, aiming to consistently deliver an excellent and modernised service. Also watch | Prosus slashes India's Byju's valuation to $5 billion Boots, which employs over 52,000 team members, has assured that these store closures will not result in any redundancies. WATCH WION LIVE HERE:

Reliance's attempt to acquire Boots thwarted as Walgreens shelves sale plans

Tesla's electric-vehicle charging technology is rapidly gaining momentum, positioning itself to become the North American standard. The automaker's move to expand access to its once-exclusive chargers has garnered support from prominent industry players, including Volvo Car, General Motors, Ford, and Rivian, Reuters reported. By embracing Tesla's charging design, these companies have diverted from earlier efforts by the Biden administration to establish the Combined Charging System (CCS) as the dominant charging standard in the United States.

SAE International, the esteemed standards organisation, spearheads the standardisation process and aims to develop an industry-approved configuration of Tesla's charging connector within six months or less. Collaborative discussions are already underway, as per Reuters, between SAE International, Tesla, Ford, GM, other automakers, and the federal government, demonstrating a shared sense of urgency and purpose to establish a universal plug standard that all stakeholders can adopt.

The potential standard, tentatively named the North American Charging Standard (NACS) by Tesla, has yet to be officially approved by SAE International. However, if successful, it could revolutionize the electric-vehicle charging landscape and streamline the charging experience for consumers across the continent.

Electrifying America: 1 million at a time

The United States, determined to support the growing electric vehicle market, is set to install an extensive network of electric-vehicle public chargers. According to a study conducted by the National Renewable Energy Laboratory cited by Reuters, the goal is to have 1.2 million chargers in place by 2030, including 1 million Level 2 chargers. These ambitious figures surpass the Biden administration's target of deploying 500,000 public chargers by the same year.

However, the widespread establishment of this public charging network requires substantial investment, estimated to be between $33 billion and $55 billion in cumulative public and private capital. Recognising the importance of interoperability and accessibility, the White House has shown support for both CCS and NACS connectors. Electric-vehicle charging stations that utilize Tesla-standard plugs while incorporating the U.S. charging standard connection, CCS, would be eligible for significant federal subsidies.

The positive reception of NACS has already made an impact at the state level. Texas and Washington have announced their intentions to mandate using NACS alongside CCS as part of the federal program. Whether the federal government will follow suit remains to be seen.

The potential adoption of NACS as the North American standard holds promising implications for Tesla and the electric vehicle industry as a whole. It would establish a consistent and widely accepted charging infrastructure, fueling the growth and accessibility of electric vehicles throughout the continent. As Tesla's charging technology gains support from industry leaders and policymakers, the future of electric vehicle charging is set to undergo a remarkable transformation.

(With Inputs from Reuters)

Tesla's electric-vehicle charging technology is rapidly gaining momentum, positioning itself to become the North American standard. The automaker's move to expand access to its once-exclusive chargers has garnered support from prominent industry players, including Volvo Car, General Motors, Ford, and Rivian, Reuters reported.

Tesla's electric-vehicle charging technology is rapidly gaining momentum, positioning itself to become the North American standard. The automaker's move to expand access to its once-exclusive chargers has garnered support from prominent industry players, including Volvo Car, General Motors, Ford, and Rivian, Reuters reported. By embracing Tesla's charging design, these companies have diverted from earlier efforts by the Biden administration to establish the Combined Charging System (CCS) as the dominant charging standard in the United States. SAE International, the esteemed standards organisation, spearheads the standardisation process and aims to develop an industry-approved configuration of Tesla's charging connector within six months or less. Collaborative discussions are already underway, as per Reuters, between SAE International, Tesla, Ford, GM, other automakers, and the federal government, demonstrating a shared sense of urgency and purpose to establish a universal plug standard that all stakeholders can adopt. The potential standard, tentatively named the North American Charging Standard (NACS) by Tesla, has yet to be officially approved by SAE International. However, if successful, it could revolutionize the electric-vehicle charging landscape and streamline the charging experience for consumers across the continent. Electrifying America: 1 million at a time The United States, determined to support the growing electric vehicle market, is set to install an extensive network of electric-vehicle public chargers. According to a study conducted by the National Renewable Energy Laboratory cited by Reuters, the goal is to have 1.2 million chargers in place by 2030, including 1 million Level 2 chargers. These ambitious figures surpass the Biden administration's target of deploying 500,000 public chargers by the same year. However, the widespread establishment of this public charging network requires substantial investment, estimated to be between $33 billion and $55 billion in cumulative public and private capital. Recognising the importance of interoperability and accessibility, the White House has shown support for both CCS and NACS connectors. Electric-vehicle charging stations that utilize Tesla-standard plugs while incorporating the U.S. charging standard connection, CCS, would be eligible for significant federal subsidies. The positive reception of NACS has already made an impact at the state level. Texas and Washington have announced their intentions to mandate using NACS alongside CCS as part of the federal program. Whether the federal government will follow suit remains to be seen. The potential adoption of NACS as the North American standard holds promising implications for Tesla and the electric vehicle industry as a whole. It would establish a consistent and widely accepted charging infrastructure, fueling the growth and accessibility of electric vehicles throughout the continent. As Tesla's charging technology gains support from industry leaders and policymakers, the future of electric vehicle charging is set to undergo a remarkable transformation. (With Inputs from Reuters)

Tesla plugs in for total charging domination, emerges as the electrifying standard

Byju's- a prominent Indian education technology startup- is facing a slew of problems. On Tuesday (June 27), a Delaware court rejected a request by Byju's Term Loan B lenders to probe into a $500 million transfer from its US-based subsidiary Byju's Alpha to other entities.

Byju's- a prominent Indian education technology startup- is facing a slew of problems. On Tuesday (June 27), a Delaware court rejected a request by Byju's Term Loan B lenders to probe into a $500 million transfer from its US-based subsidiary Byju's Alpha to other entities. The startup's valuation in Prosus NV has dropped to $5.1 billion. And last Friday (June 23), all three global investors at Byju's confirmed that their representatives had resigned from the board. These are just a few of the issues that Byju's is dealing with and the overall situation at the ed-tech startup remains uncertain. So what has gone wrong with Byju's in recent days? What has happened with Byju's recently? > On Tuesday, a lawyer representing Byju's told news agency Reuters that the startup had made up a shortfall in payments to a national pension fund. Byju's is currently battling a US lawsuit over a $1.2 billion loan. The lawyer's remark came after sources from India's labour ministry told Reuters that the Employees Provident Fund Organisation (EPFO) identified a shortfall in payments from Byju's for August 2022 to May this year. The sources said the startup deposited $15 million after a directive issued by the EPFO, and the remaining balance would be deposited in a couple of days. > The above development comes as a Delaware court on Tuesday rejected a request by Byju's Term Loan B lenders to probe into a $500 million transfer from Byju's Alpha to other entities, the news agency PTI reported citing sources. Byju's denied the allegations levelled by its $1.2 billion Term Loan B lenders, saying it never defaulted on payments. > A report by the news agency Bloomberg on Tuesday said that Byju's was in talks with potential new shareholders to raise $1 billion in funding. Sources told Bloomberg that the startup was offering benefits like preferential treatment in the case of liquidation to the potential investors-an option that none of its existing shareholders has. > Last week, Byju's lost board members representing three global investors- Peak XV, Prosus NV, and the Chan-Zuckerberg Initiative. Byju's auditor Deloitte also severed ties with the company. > Peak XV, Prosus NV, and the Chan-Zuckerberg Initiative did not give reasons for stepping down. However, Deloitte said it was resigning from Byju's as the company had delayed financial statements for the year ending March 31, 2022. Deloitte also said that it did not receive the necessary documents even after writing several letters to the board. Byju's has now appointed BDO as its new auditor. > Following the above resignations, Byju's told its investors it would file 2022 audited earnings by September this year and 2023 results by December this year, Reuters reported last Sunday citing a person familiar with developments. > In recent months, the company's investors cut their valuation estimates. Blackrock, for example, slashed its internal valuation of Byju's by more than 60% to $8.2 billion, disclosures showed, Reuters also reported. What is Byju's? Byju's claims that it is the world's largest education technology company. It offers courses in mathematics, physics and chemistry for school students and also offers courses on competitive examinations conducted in India. As students worldwide shifted to the online mode of teaching due to the Covid pandemic, Byju's valuation shot up from $5 billion before the pandemic to $22 billion last year. However, the company's growth slowed as the effect of the pandemic reduced and students resumed offline classes. Byju's is run by its founder Byju Raveendran, and his wife, Divya Gokulnath. Raveendran launched the startup in 2011 and its app in 2015. The layoffs Last week, Byju's initiated a fresh round of layoffs which would impact around 500-1,000 full-time employees across the companies departments, according to a report by the Times of India. This comes after around 2,500 employees were laid off in October last year. The report said that the current layoffs would affect employees across sales, marketing, product and other teams. Several employees are uncertain about their future due to the recent job cuts. "Morale is at an all-time low. Literally, every person has a job portal open on their laptop at all times. Everyone wants to leave desperately before they are asked to pack up overnight," a senior manager at Byju's, who chose to remain anonymous, told Reuters on Sunday. "Right now the situation is so dismal, subordinates are sitting with their managers and job hunting," the manager added. Other employees, who also chose to remain anonymous, said they received no memos about the exit of Deloitte and the board members. Two other employees told the news agency that performance incentives, bonuses and appraisals were stalled amid the turmoil. Byju's response Last Friday, Byju's defended its governance practices and business, saying it is fixing and improving them. Playing down Blackrock's valuation cut, Byju's said that Blackrock was a minor shareholder with less than 1% of the company, Reuters reported. The ed-tech startup also dismissed concerns over the job cuts, saying that while it did lay some people off, it hired more. (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.

Explained: What is wrong with Indian ed-tech startup Byju's?

India has dropped three spots to the 40th position&nbsp;on the latest Global&nbsp;Competitiveness Index&nbsp;released by the International Institute for Management Development (IMD), a Moneycontrol report said. While this represents a decline from last year, it is an improvement from the 43rd rank secured in 2019-2021.

The IMD's World Competitiveness Centre (WCC) report highlighted India's progress in government efficiency but pointed out lagging performance in business efficiency, infrastructure, and economic performance. Key factors contributing to India's score were exchange rate stability, compensation levels, and advancements in pollution control.

The report cited by Moneycontrol also identified several challenges India is expected to face in 2023. These include sustaining high GDP growth, managing financial market volatility, controlling inflation and fiscal deficit, accelerating digital transformation, and mobilizing resources for infrastructure development.

Global Competitiveness Snapshot

Out of the 64 economies ranked in the annual report, Denmark, Ireland, and Switzerland claimed the top three spots. The Netherlands, Taiwan, Hong Kong, Sweden, the US, and the UAE rounded out the top 10.

Notably, Ireland experienced a significant leap in this year's ranking, jumping from the 11th position to second place. This can be attributed to its strong performance in the economic domain, where it secured the top position, climbing from seventh place. Factors such as a skilled workforce, high educational attainment, policy stability, predictability, a competitive tax regime, and a business-friendly environment contributed to Ireland's advancement.

On the other hand, Singapore dropped to the fourth position from third place. It ranked fifth in 2021 after securing the top position in 2019 and 2020. The report attributed the drop to specific aspects of government efficiency, such as competition legislation and adaptability of government policy. Nonetheless, Singapore demonstrated strong performance in other areas, securing second place in employment, fourth place in international investment, and sixth place in productivity and efficiency.

Denmark maintained its top position by consistently performing well across all measured competitiveness factors, excelling in business efficiency and infrastructure while displaying improved results in government efficiency. Switzerland secured the third spot, demonstrating strong performance across all competitiveness factors, particularly in government efficiency and infrastructure. However, it experienced a slight decline in business efficiency and improved its economic performance.

The report highlighted that economies that delayed their reopening after the Covid-19 pandemic were starting to witness improvements in their competitiveness. Thus, Thailand, Indonesia, and Malaysia progressed in ranking, while early-opening economies like Sweden and Finland experienced setbacks.

The European region as a whole performed well in the ranking, with five economies securing positions in the top 10. Moneycontrol quoted Professor Arturo Bris, Director of the WCC, as saying that the ranking provides valuable insights for evaluating different business environments, supporting international investment decisions, and assessing the quality of life in each country.

The report also observed that the most competitive countries at the top of the list have unique approaches to achieving competitiveness, often leveraging market access and trading partnerships. Additionally, highly competitive economies tend to have robust and efficient institutions. Moneycontrol quoted Christos Cabolis, WCC's Chief Economist, as saying that resilient economies like Ireland, Iceland, Bahrain, the UAE, Saudi Arabia, Qatar, and Singapore have excelled in building resilience and adapting policies based on current economic conditions.

The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a comprehensive annual report that serves as a global reference point for a country's competitiveness. The ranking is based on an extensive study using economic literature, global, national, and regional sources, as well as inputs from the business community, government organisations, and academics.

(With Inputs from Agencies)

India has dropped three spots to the 40th position on the latest Global Competitiveness Index released by the International Institute for Management Development (IMD), a Moneycontrol report said.

India has dropped three spots to the 40th position on the latest Global Competitiveness Index released by the International Institute for Management Development (IMD), a Moneycontrol report said. While this represents a decline from last year, it is an improvement from the 43rd rank secured in 2019-2021. The IMD's World Competitiveness Centre (WCC) report highlighted India's progress in government efficiency but pointed out lagging performance in business efficiency, infrastructure, and economic performance. Key factors contributing to India's score were exchange rate stability, compensation levels, and advancements in pollution control. The report cited by Moneycontrol also identified several challenges India is expected to face in 2023. These include sustaining high GDP growth, managing financial market volatility, controlling inflation and fiscal deficit, accelerating digital transformation, and mobilizing resources for infrastructure development. Global Competitiveness Snapshot Out of the 64 economies ranked in the annual report, Denmark, Ireland, and Switzerland claimed the top three spots. The Netherlands, Taiwan, Hong Kong, Sweden, the US, and the UAE rounded out the top 10. Notably, Ireland experienced a significant leap in this year's ranking, jumping from the 11th position to second place. This can be attributed to its strong performance in the economic domain, where it secured the top position, climbing from seventh place. Factors such as a skilled workforce, high educational attainment, policy stability, predictability, a competitive tax regime, and a business-friendly environment contributed to Ireland's advancement. On the other hand, Singapore dropped to the fourth position from third place. It ranked fifth in 2021 after securing the top position in 2019 and 2020. The report attributed the drop to specific aspects of government efficiency, such as competition legislation and adaptability of government policy. Nonetheless, Singapore demonstrated strong performance in other areas, securing second place in employment, fourth place in international investment, and sixth place in productivity and efficiency. Denmark maintained its top position by consistently performing well across all measured competitiveness factors, excelling in business efficiency and infrastructure while displaying improved results in government efficiency. Switzerland secured the third spot, demonstrating strong performance across all competitiveness factors, particularly in government efficiency and infrastructure. However, it experienced a slight decline in business efficiency and improved its economic performance. The report highlighted that economies that delayed their reopening after the Covid-19 pandemic were starting to witness improvements in their competitiveness. Thus, Thailand, Indonesia, and Malaysia progressed in ranking, while early-opening economies like Sweden and Finland experienced setbacks. The European region as a whole performed well in the ranking, with five economies securing positions in the top 10. Moneycontrol quoted Professor Arturo Bris, Director of the WCC, as saying that the ranking provides valuable insights for evaluating different business environments, supporting international investment decisions, and assessing the quality of life in each country. The report also observed that the most competitive countries at the top of the list have unique approaches to achieving competitiveness, often leveraging market access and trading partnerships. Additionally, highly competitive economies tend to have robust and efficient institutions. Moneycontrol quoted Christos Cabolis, WCC's Chief Economist, as saying that resilient economies like Ireland, Iceland, Bahrain, the UAE, Saudi Arabia, Qatar, and Singapore have excelled in building resilience and adapting policies based on current economic conditions. The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a comprehensive annual report that serves as a global reference point for a country's competitiveness. The ranking is based on an extensive study using economic literature, global, national, and regional sources, as well as inputs from the business community, government organisations, and academics. (With Inputs from Agencies)

India slips to 40th position in Global Competitiveness Index, Denmark shines again

To bridge the digital divide and ensure universal access to high-speed broadband, the White House has announced the allocation of $42 billion to all 50 states and U.S. territories, Reuters reported on Monday. The funding, authorized by President Joe Biden's $1 trillion 2021 infrastructure law, aims to address the gaps in internet connectivity nationwide. The initiative, known as the Broadband Equity Access and Deployment Program, will leverage a newly released Federal Communications Commission coverage map to identify areas with inadequate broadband access. The funding distribution reflects the urgent need to address connectivity issues in both populated and rural regions.

Funding Distribution &amp; High-Speed Internet

Texas and California, the most populous states in the U.S., have received the largest funding shares, with Texas being allocated $3.1 billion and California receiving $1.9 billion. Surprisingly, less populous states like Virginia, Alabama, and Louisiana have also secured significant funding due to the lack of broadband infrastructure in their rural areas. Each state will receive a minimum of $107 million, ensuring a comprehensive nationwide approach, as per Reuters.

During a White House address, President Biden emphasised the significance of high-speed internet access, stating that it is just as essential as electricity, water, and other basic services in today's economy. The funding marks the largest-ever investment in high-speed internet, aiming to make internet access more equitable and inclusive.

Impact of Broadband Inequality &amp; Future Plans

The COVID-19 pandemic highlighted the digital divide, especially when schools shifted to online learning, leaving students without proper connectivity at a disadvantage. The lack of broadband access in rural and low-population areas has been a persistent issue, preventing economic growth and hindering educational opportunities. This initiative seeks to bridge these gaps, ensuring that every American can participate fully in the digital economy.

States are expected to submit their initial plans later this year, which will unlock 20 per cent of the allocated funding. The plans will outline strategies to improve broadband access in underserved areas. Once the plans are finalised, the remaining funds will be released, which may extend until 2025.&nbsp;

Biden's Economic Policies &amp; Public Opinion

The allocation of funds for broadband access is part of President Biden's broader economic agenda. In an effort to promote his economic policies, Reuters reported that the President will deliver a major economic speech in Chicago, outlining his vision for 'Bidenomics'. This initiative, alongside other legislative efforts, will shape the public's perception of his handling of the economy, which will be a focal point in the 2024 election.

According to a recent Reuters/Ipsos poll, 54 per cent of Americans disapprove of President Biden's overall job performance, while only 35 per cent approve of his handling of the economy. The upcoming election is expected to serve as a referendum on Biden's economic policies, with job creation and low unemployment being key factors. Concerns over elevated inflation and potential recessionary impacts from higher interest rates have added complexity to the economic landscape.

Broadband providers such as Verizon, Comcast, Charter Communications, and AT&amp;T have been hesitant to expand their services to low-population rural communities due to the expensive infrastructure investments and limited subscriber base. This has further contributed to the digital divide, and the current funding aims to incentivize providers to extend their services to these underserved areas.

(With Inputs from Reuters)

To bridge the digital divide and ensure universal access to high-speed broadband, the White House has announced the allocation of $42 billion to all 50 states and U.

To bridge the digital divide and ensure universal access to high-speed broadband, the White House has announced the allocation of $42 billion to all 50 states and U.S. territories, Reuters reported on Monday. The funding, authorized by President Joe Biden's $1 trillion 2021 infrastructure law, aims to address the gaps in internet connectivity nationwide. The initiative, known as the Broadband Equity Access and Deployment Program, will leverage a newly released Federal Communications Commission coverage map to identify areas with inadequate broadband access. The funding distribution reflects the urgent need to address connectivity issues in both populated and rural regions. Funding Distribution & High-Speed Internet Texas and California, the most populous states in the U.S., have received the largest funding shares, with Texas being allocated $3.1 billion and California receiving $1.9 billion. Surprisingly, less populous states like Virginia, Alabama, and Louisiana have also secured significant funding due to the lack of broadband infrastructure in their rural areas. Each state will receive a minimum of $107 million, ensuring a comprehensive nationwide approach, as per Reuters. During a White House address, President Biden emphasised the significance of high-speed internet access, stating that it is just as essential as electricity, water, and other basic services in today's economy. The funding marks the largest-ever investment in high-speed internet, aiming to make internet access more equitable and inclusive. Impact of Broadband Inequality & Future Plans The COVID-19 pandemic highlighted the digital divide, especially when schools shifted to online learning, leaving students without proper connectivity at a disadvantage. The lack of broadband access in rural and low-population areas has been a persistent issue, preventing economic growth and hindering educational opportunities. This initiative seeks to bridge these gaps, ensuring that every American can participate fully in the digital economy. States are expected to submit their initial plans later this year, which will unlock 20 per cent of the allocated funding. The plans will outline strategies to improve broadband access in underserved areas. Once the plans are finalised, the remaining funds will be released, which may extend until 2025. Biden's Economic Policies & Public Opinion The allocation of funds for broadband access is part of President Biden's broader economic agenda. In an effort to promote his economic policies, Reuters reported that the President will deliver a major economic speech in Chicago, outlining his vision for 'Bidenomics'. This initiative, alongside other legislative efforts, will shape the public's perception of his handling of the economy, which will be a focal point in the 2024 election. According to a recent Reuters/Ipsos poll, 54 per cent of Americans disapprove of President Biden's overall job performance, while only 35 per cent approve of his handling of the economy. The upcoming election is expected to serve as a referendum on Biden's economic policies, with job creation and low unemployment being key factors. Concerns over elevated inflation and potential recessionary impacts from higher interest rates have added complexity to the economic landscape. Broadband providers such as Verizon, Comcast, Charter Communications, and AT&T have been hesitant to expand their services to low-population rural communities due to the expensive infrastructure investments and limited subscriber base. This has further contributed to the digital divide, and the current funding aims to incentivize providers to extend their services to these underserved areas. (With Inputs from Reuters)

Internet for all: White House unveils $42 Billion plan to connect the US

Deutsche Bank&nbsp;has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.

In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts.

It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters.

DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money.

Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel&nbsp;and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. 
 
&nbsp;

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Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies. Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank. In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts. It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters. DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money. Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. 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.

Deutsche Bank tells investors some of their Russian shares are missing: Report

The Global Competitiveness Index 2023 tells us which are the best countries to do business, where regulatory processes are smoother and the government is business-friendly. If you are wondering which country took the top spot, look no further than the Scandinavian nation of Denmark.

World's best business hubs revealed: Denmark No 1

In the United States, GreenFin 23 convened an influential audience of finance, investment, and sustainability professionals to share insights, address key challenges and showcase leading sustainable financial products and services. WION's Susan Tehrani brings you more insights.

Greenfin 2023 Summit: Sustainable finance & investing event

Japanese automaker Nissan's shareholders on Tuesday re-elected their chief executive and other board nominees, days after reports emerged of a major fissure within the top hierarchy of the company&nbsp;and allegations of corporate surveillance.

At the first annual meeting since reaching a&nbsp;new deal with alliance partner Renault,&nbsp;Chief Executive Makoto Uchida and 10 other nominees of the board received the full support of the shareholders.&nbsp;

<h2>The surveillance controversy&nbsp;</h2>

Uchida receiving the long rope comes despite allegations of him carrying out surveillance against his deputy, Ashwani Gupta surfaced in April, earlier this year. Reportedly, Hari Nada, a senior adviser at Nissan wrote a letter to the&nbsp;independent directors on the Japanese automaker's board, revealing the surveillance saga.&nbsp;

In the letter, Nada said Uchida carried out surveillance over a long period in an attempt&nbsp;to acquire leverage to remove an executive and board member that he regarded as an obstacle to reaching a new deal with alliance partner Renault. Last week, the company formally launched an investigation into the matter, according to a Reuters report.&nbsp;

Gupta attended the Tuesday meeting which, incidentally was his last day at the company. His departure was announced last week and the company did not name a new COO to replace him while unveiling the executive line-up.&nbsp;

<a href="https://www.wionews.com/videos/nissan-vs-former-ceo-a-billion-dollar-lawsuit-607276">WATCH |&nbsp;Nissan vs former CEO: A billion-dollar lawsuit</a>

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Despite the events leading up to the meeting, no question regarding surveillance accusations was posed by the shareholders to the top Nissan executives. Only Gupta was asked about his time at the company, to which he preferred to give no answer.&nbsp;Uchida stepped in and said&nbsp;the executive had contributed greatly to projects starting with the formulation of a mid-term plan.

According to reports, Gupta had reservations about the new deal with Renault, the final terms of which are yet to be announced.&nbsp;

<h2>Nissan's troubles&nbsp;</h2>

Earlier this month, former Nissan chairman Carlos Ghosn&nbsp;filed a lawsuit in Lebanon against Nissan,&nbsp;demanding over $1 billion.&nbsp;In the lawsuit,&nbsp;Ghosn claimed that Nissan fabricated the charges against him, leading to his arrest and prosecution.&nbsp;

<a href="https://www.wionews.com/business-economy/former-nissan-chairman-sues-automaker-over-his-ouster-report-606878">Also read |&nbsp;Former Nissan chairman sues automaker over his ouster: Report</a>

Ghosn, the former chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested in 2018 on suspicion of financial misconduct before he was sacked by the automaker's board in a unanimous decision. In 2019, he jumped bail and escaped from Japan hidden in an audio-equipment box. He then landed in Beirut where he remains an international fugitive.

(With inputs from agencies)

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Japanese automaker Nissan's shareholders on Tuesday re-elected their chief executive and other board nominees, days after reports emerged of a major fissure within the top hierarchy of the company and allegations of corporate surveillance.

Japanese automaker Nissan's shareholders on Tuesday re-elected their chief executive and other board nominees, days after reports emerged of a major fissure within the top hierarchy of the company and allegations of corporate surveillance. At the first annual meeting since reaching a new deal with alliance partner Renault, Chief Executive Makoto Uchida and 10 other nominees of the board received the full support of the shareholders. The surveillance controversy Uchida receiving the long rope comes despite allegations of him carrying out surveillance against his deputy, Ashwani Gupta surfaced in April, earlier this year. Reportedly, Hari Nada, a senior adviser at Nissan wrote a letter to the independent directors on the Japanese automaker's board, revealing the surveillance saga. In the letter, Nada said Uchida carried out surveillance over a long period in an attempt to acquire leverage to remove an executive and board member that he regarded as an obstacle to reaching a new deal with alliance partner Renault. Last week, the company formally launched an investigation into the matter, according to a Reuters report. Gupta attended the Tuesday meeting which, incidentally was his last day at the company. His departure was announced last week and the company did not name a new COO to replace him while unveiling the executive line-up. WATCH | Nissan vs former CEO: A billion-dollar lawsuit × Despite the events leading up to the meeting, no question regarding surveillance accusations was posed by the shareholders to the top Nissan executives. Only Gupta was asked about his time at the company, to which he preferred to give no answer. Uchida stepped in and said the executive had contributed greatly to projects starting with the formulation of a mid-term plan. According to reports, Gupta had reservations about the new deal with Renault, the final terms of which are yet to be announced. Nissan's troubles Earlier this month, former Nissan chairman Carlos Ghosn filed a lawsuit in Lebanon against Nissan, demanding over $1 billion. In the lawsuit, Ghosn claimed that Nissan fabricated the charges against him, leading to his arrest and prosecution. Also read | Former Nissan chairman sues automaker over his ouster: Report Ghosn, the former chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested in 2018 on suspicion of financial misconduct before he was sacked by the automaker's board in a unanimous decision. In 2019, he jumped bail and escaped from Japan hidden in an audio-equipment box. He then landed in Beirut where he remains an international fugitive. (With inputs from agencies) WATCH WION LIVE HERE:

Nissan boss Uchida, board members receive shareholders backing despite surveillance allegations

Former Audi CEO Rupert Stadler was found guilty of fraud on Tuesday in connection with the company’s 2015 emission cheating scandal, widely known as the "dieselgate".

A Munich court handed 21 months of prison sentence to Stadler and ordered him to pay 1.1 million euros ($1.2 million) fine as part of an agreement between his lawyers, the judge and prosecutors after&nbsp;he pleaded guilty last month, German news agency dpa reported.

This makes him the highest-ranking executive convicted over cars that cheated on emissions tests with the help of illegal software.

In September 2015, German car giant Volkswagen —whose subsidiaries include Porsche, Audi, Skoda and Seat —admitted that it had installed software to rig emission levels in 11 million diesel vehicles worldwide.

The rigged devices made the vehicles appear less polluting in lab tests than they were on the road.

<h2>Initially claimed innocent&nbsp;</h2>

During the initial phase of the trial, which started in 2020, Stadler had denied wrongdoing. But in May, the 60-year-old admitted that he let the vehicles potentially equipped with manipulating software to be sold in the markets even after learning of the scam.

Stadler’s lawyer argued that his client "neglected" to inform business partners that cars with so-called defeat devices were still going on the market.

Throughout the trail, Stadler wasn’t named the main instigator of the scam, even Volkswagen had always maintained that the diesel trickery was the work of a handful of lower-level employees acting without the knowledge of their superiors.

But the German prosecutors argued that Stadler that even after learning of the cheat, allowed vehicles with defeat devices to be sold until early 2018.

For 11 years, Stadler had been Audi's chief executive until he was arrested in 2018. He was also a member of the management board at Volkswagen group.

He spent four months in pre-trial detention owing to prosecution concerns that he would try to influence witnesses.

<h2>Others also charged</h2>

Another co-defendant, an Audi engineer who previously confessed, was given a 21-month suspended sentence and a 50,000 euro fine, reports AFP news agency.

Volkswagen's former CEO Martin Winterkorn was also supposed to stand trial for fraud over the scandal, but his case has been indefinitely postponed due to his poor health.

The "dieselgate" saga shocked Germany and is seen as the country's biggest post-war industrial scandal.

It has already cost VW around 30 billion euros in fines, legal costs and compensation to car owners, mainly in the United States.

(With inputs from agencies)

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Former Audi CEO Rupert Stadler was found guilty of fraud on Tuesday in connection with the company’s 2015 emission cheating scandal, widely known as the "dieselgate".

Former Audi CEO Rupert Stadler was found guilty of fraud on Tuesday in connection with the company’s 2015 emission cheating scandal, widely known as the "dieselgate". A Munich court handed 21 months of prison sentence to Stadler and ordered him to pay 1.1 million euros ($1.2 million) fine as part of an agreement between his lawyers, the judge and prosecutors after he pleaded guilty last month, German news agency dpa reported. This makes him the highest-ranking executive convicted over cars that cheated on emissions tests with the help of illegal software. In September 2015, German car giant Volkswagen —whose subsidiaries include Porsche, Audi, Skoda and Seat —admitted that it had installed software to rig emission levels in 11 million diesel vehicles worldwide. The rigged devices made the vehicles appear less polluting in lab tests than they were on the road. Initially claimed innocent During the initial phase of the trial, which started in 2020, Stadler had denied wrongdoing. But in May, the 60-year-old admitted that he let the vehicles potentially equipped with manipulating software to be sold in the markets even after learning of the scam. Stadler’s lawyer argued that his client "neglected" to inform business partners that cars with so-called defeat devices were still going on the market. Throughout the trail, Stadler wasn’t named the main instigator of the scam, even Volkswagen had always maintained that the diesel trickery was the work of a handful of lower-level employees acting without the knowledge of their superiors. But the German prosecutors argued that Stadler that even after learning of the cheat, allowed vehicles with defeat devices to be sold until early 2018. For 11 years, Stadler had been Audi's chief executive until he was arrested in 2018. He was also a member of the management board at Volkswagen group. He spent four months in pre-trial detention owing to prosecution concerns that he would try to influence witnesses. Others also charged Another co-defendant, an Audi engineer who previously confessed, was given a 21-month suspended sentence and a 50,000 euro fine, reports AFP news agency. Volkswagen's former CEO Martin Winterkorn was also supposed to stand trial for fraud over the scandal, but his case has been indefinitely postponed due to his poor health. The "dieselgate" saga shocked Germany and is seen as the country's biggest post-war industrial scandal. It has already cost VW around 30 billion euros in fines, legal costs and compensation to car owners, mainly in the United States. (With inputs from agencies) WATCH WION LIVE HERE

Audi’s ex-CEO Rupert Stadler found guilty in ‘dieselgate’ scandal

India's Amara Raja Group said on Tuesday it has secured a $130 million solar power project in Bangladesh, marking its debut in the international market.

The project consists of the engineering, design, supply, installation, and commissioning of a 100 megawatt solar power plant.

ALSO READ&nbsp;<a href="https://www.wionews.com/opinions-blogs/bangladesh-transgender-community-on-the-road-to-equality-and-progress-601677">Bangladesh transgender community: On the road to equality and progress</a>

It will be funded by the EXIM Bank of India and completed in 18 months, Amara Raja Infra Private Limited (ARIPL), part of the Amara Raja Group, said in a statement.

After the project is commissioned, ARIPL will also provide comprehensive operation and maintenance services for two years, along with warranty spares and consumables, it added.

Bangladesh is facing its worst electricity crisis since 2013, a Reuters analysis of government data shows, due to erratic weather and difficulty paying for fuel imports amid declining forex reserves and a weakened currency.

WATCH&nbsp;Gravitas : Bangladesh to trade in rupees with India

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The South Asian country plans to generate 4,100 MW of clean energy by 2030. Its renewable energy output in electricity generation currently is negligible.

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&nbsp;

&nbsp;

India's Amara Raja Group said on Tuesday it has secured a $130 million solar power project in Bangladesh, marking its debut in the international market. The project consists of the engineering, design, supply, installation, and commissioning of a 100 megawatt solar power plant.

India's Amara Raja Group said on Tuesday it has secured a $130 million solar power project in Bangladesh, marking its debut in the international market. The project consists of the engineering, design, supply, installation, and commissioning of a 100 megawatt solar power plant. ALSO READ Bangladesh transgender community: On the road to equality and progress It will be funded by the EXIM Bank of India and completed in 18 months, Amara Raja Infra Private Limited (ARIPL), part of the Amara Raja Group, said in a statement. After the project is commissioned, ARIPL will also provide comprehensive operation and maintenance services for two years, along with warranty spares and consumables, it added. Bangladesh is facing its worst electricity crisis since 2013, a Reuters analysis of government data shows, due to erratic weather and difficulty paying for fuel imports amid declining forex reserves and a weakened currency. WATCH Gravitas : Bangladesh to trade in rupees with India × The South Asian country plans to generate 4,100 MW of clean energy by 2030. Its renewable energy output in electricity generation currently is negligible. WATCH WION LIVE HERE ×

India's Amara Raja Group secures $130 million solar power project in Bangladesh

KPMG, one of the world's leading accounting firms, has announced its plans to lay off approximately 5 per cent of its workforce in the United States, Moneycontrol reported on Monday. The decision comes as the company grapples with economic headwinds and historically low attrition rates. With over 39,000 employees in the U.S. as of September 30, 2022, KPMG's job cuts are expected to affect more than 1,900 employees.

This marks the second major round of layoffs for KPMG this year, following the release of approximately 700 employees in February. The firm's latest job cuts will be implemented throughout its 2023 financial year. In a statement cited by Moneycontrol, KPMG emphasized that the decision was&nbsp;deemed necessary for the firm's long-term interests and continued success in the future.

Like many others, the accounting industry has been navigating a challenging economic climate. The impact of the COVID-19 pandemic, coupled with economic uncertainties, has prompted companies to reevaluate their workforce and make necessary adjustments to sustain operations.&nbsp;

The Great Layoff Phenomenon

The layoffs at KPMG are part of a broader trend witnessed across various industries. Companies are proactively trimming their workforce to batten down the hatches and prepare for potential economic downturns. Ernst &amp; Young (EY), a member of the Big Four, shed 5 per cent of its workforce in April. Deloitte, another major player in the accounting industry, has also reported job cuts.

Moreover, KPMG's job cuts align with recent layoff announcements from other prominent companies. Goldman Sachs, the renowned investment bank, is reportedly slashing 125 managing directors in its latest round of job cuts over the past 12 months. Robinhood, the online brokerage platform, is cutting 7 per cent of its staff. Additionally, Ford, Uber, Oracle, Grubhub, and Spotify have all announced significant layoffs this year.

The increasing number of layoffs in various industries indicates&nbsp;a growing concern among companies regarding the potential impact of an economic downturn. These measures are taken to streamline operations, reduce costs, and navigate challenging market conditions. While specific details regarding the number of employees affected vary across companies, the overall trend highlights a cautious approach taken by businesses. The accounting industry, in particular, has faced significant challenges with the emergence of new technologies and shifting client demands.&nbsp;

The impact of these layoffs extends beyond the affected employees. It poses concerns for the overall job market and the economy at large. As more companies reduce their workforce, the job market becomes increasingly competitive, making it more challenging for individuals seeking employment opportunities. The ripple effects of these layoffs can be felt throughout various sectors and industries.

 
(With Inputs from Agencies)

KPMG, one of the world's leading accounting firms, has announced its plans to lay off approximately 5 per cent of its workforce in the United States, Moneycontrol reported on Monday.

KPMG, one of the world's leading accounting firms, has announced its plans to lay off approximately 5 per cent of its workforce in the United States, Moneycontrol reported on Monday. The decision comes as the company grapples with economic headwinds and historically low attrition rates. With over 39,000 employees in the U.S. as of September 30, 2022, KPMG's job cuts are expected to affect more than 1,900 employees. This marks the second major round of layoffs for KPMG this year, following the release of approximately 700 employees in February. The firm's latest job cuts will be implemented throughout its 2023 financial year. In a statement cited by Moneycontrol, KPMG emphasized that the decision was deemed necessary for the firm's long-term interests and continued success in the future. Like many others, the accounting industry has been navigating a challenging economic climate. The impact of the COVID-19 pandemic, coupled with economic uncertainties, has prompted companies to reevaluate their workforce and make necessary adjustments to sustain operations. The Great Layoff Phenomenon The layoffs at KPMG are part of a broader trend witnessed across various industries. Companies are proactively trimming their workforce to batten down the hatches and prepare for potential economic downturns. Ernst & Young (EY), a member of the Big Four, shed 5 per cent of its workforce in April. Deloitte, another major player in the accounting industry, has also reported job cuts. Moreover, KPMG's job cuts align with recent layoff announcements from other prominent companies. Goldman Sachs, the renowned investment bank, is reportedly slashing 125 managing directors in its latest round of job cuts over the past 12 months. Robinhood, the online brokerage platform, is cutting 7 per cent of its staff. Additionally, Ford, Uber, Oracle, Grubhub, and Spotify have all announced significant layoffs this year. The increasing number of layoffs in various industries indicates a growing concern among companies regarding the potential impact of an economic downturn. These measures are taken to streamline operations, reduce costs, and navigate challenging market conditions. While specific details regarding the number of employees affected vary across companies, the overall trend highlights a cautious approach taken by businesses. The accounting industry, in particular, has faced significant challenges with the emergence of new technologies and shifting client demands. The impact of these layoffs extends beyond the affected employees. It poses concerns for the overall job market and the economy at large. As more companies reduce their workforce, the job market becomes increasingly competitive, making it more challenging for individuals seeking employment opportunities. The ripple effects of these layoffs can be felt throughout various sectors and industries. (With Inputs from Agencies)

KPMG joins the layoff parade: Canaries in the economic coal mine

In a surprising shift within the energy industry, major fossil fuel players are boldly asserting that natural gas will play a pivotal role in the transition to a greener future, Bloomberg reported. Industry leaders such as Shell and Chevron are ramping up investments in natural gas, challenging the perception that it is a short-term bridge to renewable energy sources. This shift marks a turning point for natural gas, once seen as a temporary solution. Now, gas demand is expected to persist for decades to come.

Rising Confidence in Natural Gas

The confidence in natural gas stems from a series of geopolitical events and market dynamics. Russia's invasion of Ukraine and subsequent energy crisis have prompted Europe to expedite efforts to reduce reliance on Russian fuel. Simultaneously, emerging nations are signing long-term agreements to secure natural gas and avert future energy shortages. These factors have encouraged natural gas sellers, who are confident in the long-term demand for the fuel.

Profitability and Rethinking Investments

Natural gas has proven to be a profitable venture for energy companies like Shell and BP, while renewable energy targets have faced certain challenges, as per Bloomberg. As a result, these companies are reevaluating their investment strategies. Shell, for instance, plans to increase its natural gas investments by 25 per cent this year, reaching a record $5 billion. The pursuit of lower-margin renewable power investments is being reconsidered in light of lackluster returns.

Addressing Concerns and Methane Emissions

Critics cited by Bloomberg argue that natural gas demand must decline significantly to meet emission reduction targets and achieve net-zero status by 2050. Methane emissions, a byproduct of gas production, remain contentious due to their potent greenhouse effect. Major energy companies are committed to reducing methane emissions to mitigate these concerns. Shell, Exxon Mobil, and several others have pledged to achieve "near-zero" methane emissions by 2030 through a joint initiative.

Debates and Future Implications

While the momentum in favor of natural gas continues to build, debates persist regarding the extent of gas demand and investment needed. Bloomberg cited The International Energy Agency (IEA), which asserted that gas demand must decrease dramatically by the end of the decade to stay on track for a net-zero future. The IEA also advocates for ceasing new developments in oil, gas, and coal fields to align with emission reduction goals. However, the fossil fuel industry maintains that natural gas offers a cleaner alternative to coal, emitting approximately 50 per cent less carbon emissions when used for electricity generation.

In a surprising shift within the energy industry, major fossil fuel players are boldly asserting that natural gas will play a pivotal role in the transition to a greener future, Bloomberg reported.

In a surprising shift within the energy industry, major fossil fuel players are boldly asserting that natural gas will play a pivotal role in the transition to a greener future, Bloomberg reported. Industry leaders such as Shell and Chevron are ramping up investments in natural gas, challenging the perception that it is a short-term bridge to renewable energy sources. This shift marks a turning point for natural gas, once seen as a temporary solution. Now, gas demand is expected to persist for decades to come. Rising Confidence in Natural Gas The confidence in natural gas stems from a series of geopolitical events and market dynamics. Russia's invasion of Ukraine and subsequent energy crisis have prompted Europe to expedite efforts to reduce reliance on Russian fuel. Simultaneously, emerging nations are signing long-term agreements to secure natural gas and avert future energy shortages. These factors have encouraged natural gas sellers, who are confident in the long-term demand for the fuel. Profitability and Rethinking Investments Natural gas has proven to be a profitable venture for energy companies like Shell and BP, while renewable energy targets have faced certain challenges, as per Bloomberg. As a result, these companies are reevaluating their investment strategies. Shell, for instance, plans to increase its natural gas investments by 25 per cent this year, reaching a record $5 billion. The pursuit of lower-margin renewable power investments is being reconsidered in light of lackluster returns. Addressing Concerns and Methane Emissions Critics cited by Bloomberg argue that natural gas demand must decline significantly to meet emission reduction targets and achieve net-zero status by 2050. Methane emissions, a byproduct of gas production, remain contentious due to their potent greenhouse effect. Major energy companies are committed to reducing methane emissions to mitigate these concerns. Shell, Exxon Mobil, and several others have pledged to achieve "near-zero" methane emissions by 2030 through a joint initiative. Debates and Future Implications While the momentum in favor of natural gas continues to build, debates persist regarding the extent of gas demand and investment needed. Bloomberg cited The International Energy Agency (IEA), which asserted that gas demand must decrease dramatically by the end of the decade to stay on track for a net-zero future. The IEA also advocates for ceasing new developments in oil, gas, and coal fields to align with emission reduction goals. However, the fossil fuel industry maintains that natural gas offers a cleaner alternative to coal, emitting approximately 50 per cent less carbon emissions when used for electricity generation.

Fossil fuel giants flip the script, declare Natural Gas 'fuel of the future'

Accounting firm PwC Australia has announced to sell its government business to another firm for a mere A$1 after a scandal revealed in January rocked the company’s boat. In early 2023, it was revealed that an ex-partner of PwC Australia had leaked classified documents to one of his colleagues, who used them to pitch to potential clients. The ex-partner was working as an advisor to the Australian government.

<h2>‘Shocking breach of trust’</h2>

According to a report by BBC, the accused partner had leaked the drafts of corporate tax avoidance laws, amounting to a major violation of standards set by PwC. The leaks took place between 2014 and 2017, however, the company clarified that the confidential information was not used to help clients evade taxes.

Earlier this month, PwC Australia declared it had compiled a list of 76 current and former partners who it believes were involved in the scandal and handed it over to Australian lawmakers.

Former chief executive of PwC Australia Tom Seymour was also found involved in the scandal&nbsp;as he admitted to being one of at least 67 recipients of the classified information in May. He later stepped down from his post. Australia's Treasurer Jim Chalmers called the revelations a "shocking breach of trust".

Watch:&nbsp;Australia: New immigration policy makes it easier to retain international students

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PwC Australia's acting chief executive Kristin Stubbins on Monday assured a parliamentary inquiry that those involved in the scandal would face “severe consequences".&nbsp;“We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," she was quoted as saying by BBC.

<h2>New Chief Executive announced</h2>

PwC Australia named Kevin Burrowes as its new Chief Executive on Sunday&nbsp;and he is tasked with “working with his colleagues and management team to re-earn trust with PwC Australia's stakeholders,” as per a statement by Justin Carroll, the chair of PwC Australia's governance board.&nbsp;

Since the revelation of the scandal, officials and politicians in Australia have repeatedly called for boycotting PwC in awarding government contracts. Major pension funds including AustralianSuper, as well as the country's central bank have already declared their intentions to not sign any new contracts with the scandal-hit company.

<a href="https://www.wionews.com/world/russia-suffers-legal-setback-in-australian-embassy-standoff-608828">Also read:&nbsp;Russia suffers legal setback in Australian embassy standoff</a>

Official data states that the Australian government is committed to contracts with PwC worth A$255mn. PwC Australia will sell its government business, which accounts for 20 per cent of its total revenues, to private equity firm Allegro Funds, and it hopes to reach a binding deal with the firm by the end of this month.

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Accounting firm PwC Australia has announced to sell its government business to another firm for a mere A$1 after a scandal revealed in January rocked the company’s boat.

Accounting firm PwC Australia has announced to sell its government business to another firm for a mere A$1 after a scandal revealed in January rocked the company’s boat. In early 2023, it was revealed that an ex-partner of PwC Australia had leaked classified documents to one of his colleagues, who used them to pitch to potential clients. The ex-partner was working as an advisor to the Australian government. ‘Shocking breach of trust’ According to a report by BBC, the accused partner had leaked the drafts of corporate tax avoidance laws, amounting to a major violation of standards set by PwC. The leaks took place between 2014 and 2017, however, the company clarified that the confidential information was not used to help clients evade taxes. Earlier this month, PwC Australia declared it had compiled a list of 76 current and former partners who it believes were involved in the scandal and handed it over to Australian lawmakers. Former chief executive of PwC Australia Tom Seymour was also found involved in the scandal as he admitted to being one of at least 67 recipients of the classified information in May. He later stepped down from his post. Australia's Treasurer Jim Chalmers called the revelations a "shocking breach of trust". Watch: Australia: New immigration policy makes it easier to retain international students × PwC Australia's acting chief executive Kristin Stubbins on Monday assured a parliamentary inquiry that those involved in the scandal would face “severe consequences". “We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," she was quoted as saying by BBC. New Chief Executive announced PwC Australia named Kevin Burrowes as its new Chief Executive on Sunday and he is tasked with “working with his colleagues and management team to re-earn trust with PwC Australia's stakeholders,” as per a statement by Justin Carroll, the chair of PwC Australia's governance board. Since the revelation of the scandal, officials and politicians in Australia have repeatedly called for boycotting PwC in awarding government contracts. Major pension funds including AustralianSuper, as well as the country's central bank have already declared their intentions to not sign any new contracts with the scandal-hit company. Also read: Russia suffers legal setback in Australian embassy standoff Official data states that the Australian government is committed to contracts with PwC worth A$255mn. PwC Australia will sell its government business, which accounts for 20 per cent of its total revenues, to private equity firm Allegro Funds, and it hopes to reach a binding deal with the firm by the end of this month. WATCH WION LIVE HERE ×

Scandal-rocked accounting firm PwC Australia sells govt business division for A$1

Trouble mounts for the Bengaluru-based ed-tech company Byju’s as it might face action over delayed provident fund (PF) payments to the EPFO (Employees’ Provident Fund Organisation), reported the Indian media on Monday (June 26). A report by Moneycontrol citing data from the EPFO claimed that the company’s PF contributions have been lagging for months now.&nbsp;

<h2>What did the report find?</h2>

The report by Moneycontrol, citing the data sourced from EPFO, said that the company has been making delayed PF payments since October&nbsp;last year. Additionally, for some employees Byju’s made PF contributions for December only in June, said the report. &nbsp;

Similarly, several employees have reportedly accused the company of not depositing the PF from their salaries in their Employees Provident Fund (EPF) accounts.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/byjus-cuts-more-than-900-jobs-across-teams-senior-management-executives-asked-to-step-down-too-558238">BYJU'S cuts more than 900 jobs across teams, senior executives asked to step down too</a>

The report also noted a lag of three to four months in payments citing the data. However, the company has since reportedly expedited PF payment contributions following another report by Moneycontrol&nbsp;last week.&nbsp;

In the report, the media outlet claimed that employees’ PF passbooks were not showing contributions from November last year while their salary slips showed PF contribution entries.&nbsp;

The data also indicated that only around 10,000-13,000 employees received PF payments for January, February, and March, while a majority of them are still waiting for their PF payments for April and June, the report noted.&nbsp;

<h2>Indian law about PF contributions</h2>

Last year, in February, the Supreme Court ruled that an employer is required to cover damages if there is a delay in an employee’s PF contribution under the PF Act. The legislation requires the companies to make PF contributions before the 15th of next month and in case of any delays employees have the right to file a complaint with the EPFO against the employer.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/byjus-founders-planning-to-increase-their-stake-in-company-to-40-report-549433">BYJU's founders planning to increase stake in the company to 40%: Report</a>

The complaint would prompt the EPFO to initiate an enquiry against the employer, which in this case could be Byju’s. The company&nbsp;could be asked to recover the damage amount for the late deposit. In some cases, the employees can even file a police complaint against their employers. However, before any action or penalty against the employer, they are given time and opportunity to present their case.&nbsp;

In 2016, the EPFO was probing the now-defunct Kingfisher Airlines for delaying its PF&nbsp;contribution to international workers and was later fined $885,240 (Rs 7.62 lakh) for non-compliance. A similar penalty could be issued by the EPFO for Byju’s, said the report by Moneycontrol, citing PF consultants, personal finance experts, and lawyers.&nbsp;

<h2>Has Byju’s responded to these allegations?</h2>

When asked about the allegations of non-payment by Moneycontrol, the company declined to comment. However, also in response to the media outlet’s queries, a Byju’s spokesperson, as per Moneycontrol, said, “This is to confirm that there are no pending PF payments towards employees. There are no dues."

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/indias-byjus-denies-reports-of-three-board-members-quitting-deloitte-resigns-as-auditors-reports-607470">India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports</a>

Meanwhile, some sources close to the company told Moneycontrol that it was a reflection issue and that the company has been timely making PF payments.

<h2>Byju’s board members quit, Deloitte resigns as auditors</h2>

This comes days after media reports said that three board members of Byju’s – Peak XV Partners’ (previously known as Sequoia Capital India) GV Ravishankar, Prosus’ Russell Dreisenstock and Chan Zuckerberg Initiative’s Vivian Wu, quit.&nbsp;

Additionally, Deloitte, one of the world’s largest auditing firms which was supposed to audit Byju’s until 2025, also resigned with “immediate effect” citing “long-delayed” financial statements of the company for the year March 31, 2022.&nbsp;

(With inputs from agencies)&nbsp; 
 
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Trouble mounts for the Bengaluru-based ed-tech company Byju’s as it might face action over delayed provident fund (PF) payments to the EPFO (Employees’ Provident Fund Organisation), reported the Indian media on Monday (June 26).

Trouble mounts for the Bengaluru-based ed-tech company Byju’s as it might face action over delayed provident fund (PF) payments to the EPFO (Employees’ Provident Fund Organisation), reported the Indian media on Monday (June 26). A report by Moneycontrol citing data from the EPFO claimed that the company’s PF contributions have been lagging for months now. What did the report find? The report by Moneycontrol, citing the data sourced from EPFO, said that the company has been making delayed PF payments since October last year. Additionally, for some employees Byju’s made PF contributions for December only in June, said the report. Similarly, several employees have reportedly accused the company of not depositing the PF from their salaries in their Employees Provident Fund (EPF) accounts. ALSO READ | BYJU'S cuts more than 900 jobs across teams, senior executives asked to step down too The report also noted a lag of three to four months in payments citing the data. However, the company has since reportedly expedited PF payment contributions following another report by Moneycontrol last week. In the report, the media outlet claimed that employees’ PF passbooks were not showing contributions from November last year while their salary slips showed PF contribution entries. The data also indicated that only around 10,000-13,000 employees received PF payments for January, February, and March, while a majority of them are still waiting for their PF payments for April and June, the report noted. Indian law about PF contributions Last year, in February, the Supreme Court ruled that an employer is required to cover damages if there is a delay in an employee’s PF contribution under the PF Act. The legislation requires the companies to make PF contributions before the 15th of next month and in case of any delays employees have the right to file a complaint with the EPFO against the employer. ALSO READ | BYJU's founders planning to increase stake in the company to 40%: Report The complaint would prompt the EPFO to initiate an enquiry against the employer, which in this case could be Byju’s. The company could be asked to recover the damage amount for the late deposit. In some cases, the employees can even file a police complaint against their employers. However, before any action or penalty against the employer, they are given time and opportunity to present their case. In 2016, the EPFO was probing the now-defunct Kingfisher Airlines for delaying its PF contribution to international workers and was later fined $885,240 (Rs 7.62 lakh) for non-compliance. A similar penalty could be issued by the EPFO for Byju’s, said the report by Moneycontrol, citing PF consultants, personal finance experts, and lawyers. Has Byju’s responded to these allegations? When asked about the allegations of non-payment by Moneycontrol, the company declined to comment. However, also in response to the media outlet’s queries, a Byju’s spokesperson, as per Moneycontrol, said, “This is to confirm that there are no pending PF payments towards employees. There are no dues." ALSO READ | India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports Meanwhile, some sources close to the company told Moneycontrol that it was a reflection issue and that the company has been timely making PF payments. Byju’s board members quit, Deloitte resigns as auditors This comes days after media reports said that three board members of Byju’s – Peak XV Partners’ (previously known as Sequoia Capital India) GV Ravishankar, Prosus’ Russell Dreisenstock and Chan Zuckerberg Initiative’s Vivian Wu, quit. Additionally, Deloitte, one of the world’s largest auditing firms which was supposed to audit Byju’s until 2025, also resigned with “immediate effect” citing “long-delayed” financial statements of the company for the year March 31, 2022. (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.

Byju’s might face EPFO action over delayed provident fund payments: Report

The transition to a greener future will require a significant reliance on natural gas. Companies like Shell and Chevron are ramping up their investments in this fuel, challenging the notion that natural gas is merely a short-term bridge to renewable energy sources. This newfound confidence in gas demand is reshaping the long-term prospects for the industry.

Fossil fuel players embrace natural gas as the fuel of ‘future’

SpaceX, the pioneering private space company led by Elon Musk, is making headlines. Reports have emerged that SpaceX is offering insider shares, propelling its valuation to an impressive $150 billion. This surge in valuation marks a significant leap from their previous worth of $137 billion, a mere six months ago.

SpaceX's insider shares propel valuation to $150 bn

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail.&nbsp;

<h2>What did the report find?</h2>

The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/modis-us-visit-brings-home-billions-in-investments-from-google-amazon-608175">PM Modi's US visit brings home billions in investments from Google, Amazon</a>

However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year.&nbsp;

The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. 
 
It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added,&nbsp;“There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.”

<h2>‘First-of-its-kind’ monograph: TeamLease RegTech</h2>

Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-byjus-denies-reports-of-three-board-members-quitting-deloitte-resigns-as-auditors-reports-607470">India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports</a>

The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement.

He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.”&nbsp;

The report&nbsp;offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-invites-micron-technology-and-applied-materials-to-boost-semiconductor-manufacturing-in-india-607160">PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India</a>

“The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”.&nbsp; 
 
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A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws. In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail. What did the report find? The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance. Also read | PM Modi's US visit brings home billions in investments from Google, Amazon However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year. The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added, “There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.” ‘First-of-its-kind’ monograph: TeamLease RegTech Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm. Also read | India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement. He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.” The report offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses. Also read | PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India “The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Over 26,000 clauses can be used to put entrepreneurs in prison, finds report

India's premier IT firm Tata Consultancy Services (TCS) has denied the&nbsp;accusations of ‘fraud’ in its recruitment process. TCS refuted the accusations while responding to a number of media reports&nbsp;of a ‘bribes-for-jobs scandal’ that rocked the IT major last week.

"We probed the allegations made in the complaint and found out that the charges do not involve any fraud by or against the company, and financial impact. The reference to the alleged scam is incorrect," TCS said in a statement.

<h2>What is the 'bribes-for-jobs' scandal?</h2>

The 'complaint' was sent to TCS Chief Executive Officer (CEO) K Krithivasan, and Chief Operating Officer (COO) N Ganapathy Subramaniam, by a whistleblower, who alleged that ES Chakravarthy, the global head of its resource management group (RMG) 'accepted commissions from staffing firms for years.'

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/tcs-in-turmoil-bribery-scandal-rocks-indias-it-giant-607733">TCS in turmoil: Bribery scandal rocks India's IT giant</a>

Following a whistleblower complaint accessed&nbsp;by Livemint, an internal committee comprising three members, including chief information security officer Ajit Menon, was formed to investigate the allegations.

The investigation concluded with TCS placing its head of recruitment on leave, terminating four officials from the RMG division, and imposing a ban on three staffing firms.

The RMG, the follow-up statement noted, 'is entrusted with allocating resources to various projects, and fill shortfalls through contractors.'

Also watch |&nbsp;TCS bags 10-year contract for teacher’s pension in UK | World Business Watch

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"None of our key managerial positions has been involved in any irregularities. The issue relates to the breach of Code of Conduct by certain employees, and by vendors providing contractors," it further stated.

Those involved in the ‘scam’ made at least ₹100 crore via commissions, the Livemint report added.

The revelation of this recruitment scandal at TCS, a company with $27.93 billion in revenue and over 614,795 employees, has rocked India's IT sector in the last week, raising many questions about the presence of adequate safeguards and how such a situation could have transpired.

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India's premier IT firm Tata Consultancy Services (TCS) has denied the accusations of ‘fraud’ in its recruitment process. TCS refuted the accusations while responding to a number of media reports of a ‘bribes-for-jobs scandal’ that rocked the IT major last week.

India's premier IT firm Tata Consultancy Services (TCS) has denied the accusations of ‘fraud’ in its recruitment process. TCS refuted the accusations while responding to a number of media reports of a ‘bribes-for-jobs scandal’ that rocked the IT major last week. "We probed the allegations made in the complaint and found out that the charges do not involve any fraud by or against the company, and financial impact. The reference to the alleged scam is incorrect," TCS said in a statement. What is the 'bribes-for-jobs' scandal? The 'complaint' was sent to TCS Chief Executive Officer (CEO) K Krithivasan, and Chief Operating Officer (COO) N Ganapathy Subramaniam, by a whistleblower, who alleged that ES Chakravarthy, the global head of its resource management group (RMG) 'accepted commissions from staffing firms for years.' Also read | TCS in turmoil: Bribery scandal rocks India's IT giant Following a whistleblower complaint accessed by Livemint, an internal committee comprising three members, including chief information security officer Ajit Menon, was formed to investigate the allegations. The investigation concluded with TCS placing its head of recruitment on leave, terminating four officials from the RMG division, and imposing a ban on three staffing firms. The RMG, the follow-up statement noted, 'is entrusted with allocating resources to various projects, and fill shortfalls through contractors.' Also watch | TCS bags 10-year contract for teacher’s pension in UK | World Business Watch × "None of our key managerial positions has been involved in any irregularities. The issue relates to the breach of Code of Conduct by certain employees, and by vendors providing contractors," it further stated. Those involved in the ‘scam’ made at least ₹100 crore via commissions, the Livemint report added. The revelation of this recruitment scandal at TCS, a company with $27.93 billion in revenue and over 614,795 employees, has rocked India's IT sector in the last week, raising many questions about the presence of adequate safeguards and how such a situation could have transpired. WATCH WION LIVE HERE

TCS denies 'bribes-for-jobs' scandal after turmoil