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US bank stocks had been on a promising path to recovery, bouncing back from their recent slump. However, this week, they faced a setback as regulatory challenges emerged as formidable obstacles. The KBW bank index and KBW regional banking index experienced their worst weeks since early may, sending shockwaves through the market. With the federal reserve contemplating higher capital requirements for major lenders, and the impending release of results from the annual fed stress test, uncertainty looms over the banking sector.

Banking shares slide as regulatory pressures mount

Cash strapped Pakistan is still hopeful of an international monetary fund package. And in a last ditch effort to secure the loan, it is planning to introduce new taxes to appease the international fund. Pakistan plans to introduce new taxes and raise revenue by $750 million, just days before the new financial year begins on July 1. With the new tax proposals, Pakistan expects to secure at least 1.1 billion dollars in funding.

Pakistan's last-ditch effort for an IMF loan

In a significant development aimed at keeping Go First, the troubled Indian airline, afloat, the company's lenders have granted approval for interim funding of around Rs 400 crore, according to Moneycontrol, citing sources familiar with the matter. The Committee of Creditors (CoC), which includes the Central Bank of India, Bank of Baroda, Deutsche Bank, and IDBI Bank, voted in favor of the additional funding request, signaling a crucial step in the ongoing efforts to revive the struggling airline.

Lenders pass the ball to DGCA's Court

A top banker, who requested anonymity, disclosed to Moneycontrol that the lenders approved the funding based on Go First's business plan to support the revival of operations. Another source confirmed the approval, stating that the Committee of Creditors granted the interim finance request following a voting process held on Saturday. The cited sources also revealed that the lenders might be open to providing additional contingency funding in the future, if necessary, for specific events.

Go First, previously known as GoAir, currently owes Rs 6,521 crore to its lenders, with Central Bank of India having the highest exposure at Rs 1,987 crore, followed by Bank of Baroda at Rs 1,430 crore, Deutsche Bank at Rs 1,320 crore, and IDBI Bank at Rs 58 crore. The approval of the interim funding offers a glimmer of hope for the beleaguered airline as it seeks to overcome its financial challenges.

The next crucial step in the process lies with the Directorate General of Civil Aviation (DGCA), which is reviewing an application Go First submitted to resume operations. The airline requires the regulatory authority's clearance to restart flights and begin selling tickets. Sources cited by Moneycontrol indicated that Go First plans to commence operations on July 1, covering 78 routes with a fleet of approximately 22 aircraft. All stakeholders eagerly await the DGCA's decision after completing fleet inspections and other necessary checks.

Indian aviation and the Insolvency Issue

The&nbsp;financial crisis began when the airline filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) on May 2. This move came after the Wadia Group-owned carrier announced a temporary suspension of flight operations on May 3 and 4, citing a severe fund crunch. The airline attributed its financial difficulties to grounded Airbus A320neos equipped with allegedly faulty Pratt &amp; Whitney engines. However, Pratt &amp; Whitney denied these claims, calling them baseless.

Moneycontrol cited Go First's CEO, Kaushik Khona, as saying that the airline had grounded more than half of its fleet&nbsp;due to the non-supply of engines by Pratt and Whitney. The financial strain Go First faces is the latest crisis in India's fiercely competitive airline industry. Following operational failures, lenders have previously encountered challenges in recovering funds lent to other airlines, such as Vijay Mallya-promoted Kingfisher and Jet Airways.

While lenders have managed to recover a significant portion of the money lent to Kingfisher by attaching the assets of its promoter, Vijay Mallya, the fate of Jet Airways remains uncertain as attempts to rescue the airline are ongoing in the bankruptcy court. Recently, the NCLT granted additional time to bidders of Jet Airways to fulfill their dues.

In a significant development aimed at keeping Go First, the troubled Indian airline, afloat, the company's lenders have granted approval for interim funding of around Rs 400 crore, according to Moneycontrol, citing sources familiar with the matter.

In a significant development aimed at keeping Go First, the troubled Indian airline, afloat, the company's lenders have granted approval for interim funding of around Rs 400 crore, according to Moneycontrol, citing sources familiar with the matter. The Committee of Creditors (CoC), which includes the Central Bank of India, Bank of Baroda, Deutsche Bank, and IDBI Bank, voted in favor of the additional funding request, signaling a crucial step in the ongoing efforts to revive the struggling airline. Lenders pass the ball to DGCA's Court A top banker, who requested anonymity, disclosed to Moneycontrol that the lenders approved the funding based on Go First's business plan to support the revival of operations. Another source confirmed the approval, stating that the Committee of Creditors granted the interim finance request following a voting process held on Saturday. The cited sources also revealed that the lenders might be open to providing additional contingency funding in the future, if necessary, for specific events. Go First, previously known as GoAir, currently owes Rs 6,521 crore to its lenders, with Central Bank of India having the highest exposure at Rs 1,987 crore, followed by Bank of Baroda at Rs 1,430 crore, Deutsche Bank at Rs 1,320 crore, and IDBI Bank at Rs 58 crore. The approval of the interim funding offers a glimmer of hope for the beleaguered airline as it seeks to overcome its financial challenges. The next crucial step in the process lies with the Directorate General of Civil Aviation (DGCA), which is reviewing an application Go First submitted to resume operations. The airline requires the regulatory authority's clearance to restart flights and begin selling tickets. Sources cited by Moneycontrol indicated that Go First plans to commence operations on July 1, covering 78 routes with a fleet of approximately 22 aircraft. All stakeholders eagerly await the DGCA's decision after completing fleet inspections and other necessary checks. Indian aviation and the Insolvency Issue The financial crisis began when the airline filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) on May 2. This move came after the Wadia Group-owned carrier announced a temporary suspension of flight operations on May 3 and 4, citing a severe fund crunch. The airline attributed its financial difficulties to grounded Airbus A320neos equipped with allegedly faulty Pratt & Whitney engines. However, Pratt & Whitney denied these claims, calling them baseless. Moneycontrol cited Go First's CEO, Kaushik Khona, as saying that the airline had grounded more than half of its fleet due to the non-supply of engines by Pratt and Whitney. The financial strain Go First faces is the latest crisis in India's fiercely competitive airline industry. Following operational failures, lenders have previously encountered challenges in recovering funds lent to other airlines, such as Vijay Mallya-promoted Kingfisher and Jet Airways. While lenders have managed to recover a significant portion of the money lent to Kingfisher by attaching the assets of its promoter, Vijay Mallya, the fate of Jet Airways remains uncertain as attempts to rescue the airline are ongoing in the bankruptcy court. Recently, the NCLT granted additional time to bidders of Jet Airways to fulfill their dues.

Go First receives Rs 400 crore interim funding from lenders, DGCA approval awaited

Pakistan to introduce new taxes to appease IMF

The US dollar’s role as world’s primary reserve currency for global trade was challenged at a finance summit in Paris by South African President Cyril Ramaphosa and his Brazilian counterpart&nbsp;Luiz Inácio Lula da Silva after the US Treasury Secretary Janet Yellen defended the oversized role of US dollar in global markets.

At Paris Climate Finance summit, South African President Cyril Ramaphosa appeared to support Brazilian President Luiz Inácio Lula da Silva's call for emerging markets in the Global South to reconsider their reliance on the dollar.

Lula, who was on a panel with Ramaphosa, called for trading in domestic currencies and exploring alternative options.

<h2>'Issue of currency' to be discussed in BRICS summit</h2>

South African President Ramaphosa said&nbsp;that the "issue of currency" would be discussed at the upcoming meeting of BRICS countries later this year, which South Africa is scheduled to host in August.

The BRICS group comprises Brazil, Russia, India, China, and South Africa.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brazils-president-lula-assents-to-common-brics-currency-to-counter-us-dollars-dominance-582289">Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance</a>

Yellen argued that finding viable replacements for a currency that has dominated trade for decades would pose challenges for countries.

"There is a very good reason why the dollar is used widely in trade and that’s because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," she was quoted as saying by Financial Times.

Yellen's comments came at a time when China is pushing for increased international adoption of Yuan.

Russia has been using the Chinese yuan as one of its main currencies for international reserves and overseas trade since the beginning of the war in Ukraine.

Concerns have been raised that Washington might increasingly exploit the global dominance of the dollar to further its foreign policy objectives, as exemplified by the freezing of $300 billion worth of Russian central bank assets held in dollars and euros by Ukraine's western allies.

Also watch |&nbsp;Is BRICS raging against the US Dollar an exercise in futility?

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Although some central banks have responded to the sanctions on Russia by purchasing gold, they still retain nearly 60 per cent of their reserves in US currency, according to IMF data cited by Financial Times.

During the closing ceremony of the Paris summit, co-hosted by French President Emmanuel Macron and Prime Minister of Barbados Mia Mottley, Lula reiterated his concerns about the negative impact of the dollar's dominance on low- and middle-income countries.

He questioned why countries like Brazil couldn't engage in trade using their own currencies when conducting business with Argentina, China, or other nations.

"Why can’t we trade in our own currencies?" he asked.

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The US dollar’s role as world’s primary reserve currency for global trade was challenged at a finance summit in Paris by South African President Cyril Ramaphosa and his Brazilian counterpart Luiz Inácio Lula da Silva after the US Treasury Secretary Janet Yellen defended the oversized role of US dollar in global markets.

The US dollar’s role as world’s primary reserve currency for global trade was challenged at a finance summit in Paris by South African President Cyril Ramaphosa and his Brazilian counterpart Luiz Inácio Lula da Silva after the US Treasury Secretary Janet Yellen defended the oversized role of US dollar in global markets. At Paris Climate Finance summit, South African President Cyril Ramaphosa appeared to support Brazilian President Luiz Inácio Lula da Silva's call for emerging markets in the Global South to reconsider their reliance on the dollar. Lula, who was on a panel with Ramaphosa, called for trading in domestic currencies and exploring alternative options. 'Issue of currency' to be discussed in BRICS summit South African President Ramaphosa said that the "issue of currency" would be discussed at the upcoming meeting of BRICS countries later this year, which South Africa is scheduled to host in August. The BRICS group comprises Brazil, Russia, India, China, and South Africa. Also read | Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance Yellen argued that finding viable replacements for a currency that has dominated trade for decades would pose challenges for countries. "There is a very good reason why the dollar is used widely in trade and that’s because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," she was quoted as saying by Financial Times. Yellen's comments came at a time when China is pushing for increased international adoption of Yuan. Russia has been using the Chinese yuan as one of its main currencies for international reserves and overseas trade since the beginning of the war in Ukraine. Concerns have been raised that Washington might increasingly exploit the global dominance of the dollar to further its foreign policy objectives, as exemplified by the freezing of $300 billion worth of Russian central bank assets held in dollars and euros by Ukraine's western allies. Also watch | Is BRICS raging against the US Dollar an exercise in futility? × Although some central banks have responded to the sanctions on Russia by purchasing gold, they still retain nearly 60 per cent of their reserves in US currency, according to IMF data cited by Financial Times. During the closing ceremony of the Paris summit, co-hosted by French President Emmanuel Macron and Prime Minister of Barbados Mia Mottley, Lula reiterated his concerns about the negative impact of the dollar's dominance on low- and middle-income countries. He questioned why countries like Brazil couldn't engage in trade using their own currencies when conducting business with Argentina, China, or other nations. "Why can’t we trade in our own currencies?" he asked. WATCH WION LIVE HERE

'Why can’t we trade in our own currencies?': Brazil's Lula repeats de-dollarisation call of BRICS nations

In a major development for India's elevating digital landscape, Sundar Pichai, the Chief Executive of Google's parent company Alphabet, and Andrew Jassy, the CEO of Amazon, have unveiled significant investment plans following their meetings with Prime Minister Narendra Modi during his state visit to the United States.

These investments, cumulatively summing up to $25 billion,&nbsp;are aimed at fostering digital transformation, promoting local language content, generating employment opportunities, and bolstering the global export of Indian products.

Also read |&nbsp;<a href="https://www.wionews.com/world/satya-nadella-sundar-pichai-mukesh-ambani-anand-mahindra-attend-pm-modis-state-dinner-at-white-house-607635">Satya Nadella, Sundar Pichai, Mukesh Ambani, Anand Mahindra attend state dinner for PM Modi at White House</a>

The announcements made by Google and Amazon underscore the remarkable confidence that global tech giants place on India's digital future.

<h2>Google to start global fintech operation centre in GIFT city, Gujarat</h2>

Sundar Pichai shared that Google will establish a global fintech operation center in Gujarat's GIFT city, as tech giant's&nbsp;expanding&nbsp;presence in India continues to capitalise on the country's flourishing digital economy.

Also watch |&nbsp;PM Modi in US | Google will open global fintech centre in Gujarat: Sundar Pichai after meeting PM

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Specifically, Google also plans to invest a substantial $10 billion in the Indian Digitisation Fund.

Furthermore, Google will extend its virtual assistant, Bard, to encompass more Indian languages in the near future. This initiative will enhance accessibility and inclusivity by offering a localised digital experience to a wider population, empowering them with cutting-edge technology.

Sundar Pichai also acknowledged that Prime Minister Modi's Digital India initiative has established a global blueprint that other countries are now striving to emulate.

<h2>Amazon to follow Google's India-in-focus suit</h2>

Following Google's suit, Amazon CEO Andrew Jassy announced that Amazon has already invested an astonishing $11 billion in India.

Amazon chief executive said that the company intends to invest an additional $15 billion that adds up their total investment to an impressive $26 billion.

These funds will be utilised to generate more employment opportunities, support the digitalisation of small and medium-sized businesses, and facilitate the global export of Indian products. 
 
&nbsp;

WATCH WION LIVE HERE

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In a major development for India's elevating digital landscape, Sundar Pichai, the Chief Executive of Google's parent company Alphabet, and Andrew Jassy, the CEO of Amazon, have unveiled significant investment plans following their meetings with Prime Minister Narendra Modi during his state visit to the United States.

In a major development for India's elevating digital landscape, Sundar Pichai, the Chief Executive of Google's parent company Alphabet, and Andrew Jassy, the CEO of Amazon, have unveiled significant investment plans following their meetings with Prime Minister Narendra Modi during his state visit to the United States. These investments, cumulatively summing up to $25 billion, are aimed at fostering digital transformation, promoting local language content, generating employment opportunities, and bolstering the global export of Indian products. Also read | Satya Nadella, Sundar Pichai, Mukesh Ambani, Anand Mahindra attend state dinner for PM Modi at White House The announcements made by Google and Amazon underscore the remarkable confidence that global tech giants place on India's digital future. Google to start global fintech operation centre in GIFT city, Gujarat Sundar Pichai shared that Google will establish a global fintech operation center in Gujarat's GIFT city, as tech giant's expanding presence in India continues to capitalise on the country's flourishing digital economy. Also watch | PM Modi in US | Google will open global fintech centre in Gujarat: Sundar Pichai after meeting PM × Specifically, Google also plans to invest a substantial $10 billion in the Indian Digitisation Fund. Furthermore, Google will extend its virtual assistant, Bard, to encompass more Indian languages in the near future. This initiative will enhance accessibility and inclusivity by offering a localised digital experience to a wider population, empowering them with cutting-edge technology. Sundar Pichai also acknowledged that Prime Minister Modi's Digital India initiative has established a global blueprint that other countries are now striving to emulate. Amazon to follow Google's India-in-focus suit Following Google's suit, Amazon CEO Andrew Jassy announced that Amazon has already invested an astonishing $11 billion in India. Amazon chief executive said that the company intends to invest an additional $15 billion that adds up their total investment to an impressive $26 billion. These funds will be utilised to generate more employment opportunities, support the digitalisation of small and medium-sized businesses, and facilitate the global export of Indian products. WATCH WION LIVE HERE

PM Modi's US visit brings home billions in investments from Google, Amazon

Argentina's economic crisis and South American nation's continued reliance on the US dollar has resulted into an opportunity for Chinese Yuan that Bejing didn't see coming. Many leading companies are now embracing the Chinese Yuan, a currency that has not played much significant role in global trade so far.&nbsp;

According to Argentina's customs&nbsp;agency tally cited by Bloomberg, more than 500 Argentine companies have requested to pay for imports in yuan.

The import payments in the Chinese currency equivalent to $2.9 billion have reportedly been authorised.

In first 10 days of June, yuan transactions in Argentina’s currency market have doubled when compared to all of May, to about $285 million.&nbsp;

At the same time, the share of yuan transactions in Argentina’s foreign currency market recently hit a daily record of 28 per cent, compared with just 5 per cent in May, according to data from Mercado Abierto Electrónico exchanges cited by Bloomberg.&nbsp;

<h2>Argentina's embrace of Chinese Yuan: What does it mean?</h2>

The trend reportedly highlights both Argentina's economic crisis as well as China’s ambitions for the yuan.&nbsp;

"The central bank doesn’t have dollars, so it needs the emergency aid China is offering," Marcelo Elizondo, a trade economist in Buenos Aires, was quoted as saying by Bloomberg.&nbsp;

Also watch |&nbsp;Is the dollar era nearing an end?

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"For Argentina, its currency ties to China represents an emergency, but for China its a point of leverage to take advantage of a geopolitical opportunity," Elizondo added.

<h2>US dollar's receding dominance: What is happening?</h2>

The ongoing war in Ukraine and corresponding western economic sanctions on Russia have pressed many nations to opt for non-dollar trade routes, stoking a pattern of assertive financial independence among the nations of Global South.&nbsp;

Earlier, Brazil's President Luiz Inácio Lula da Silva had made an impassioned call to his BRICS counterparts Russia, India, China and South Africa to replace the US dollar with their own currencies for trading among the BRICS member nations.&nbsp;

Lula's comments came amid efforts by India, China and Russia to set up streams for trade in their own currencies and expanding calls amongst BRICS nations to launch a potential common currency mechanism for trade.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brazils-president-lula-assents-to-common-brics-currency-to-counter-us-dollars-dominance-582289">Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance</a>

"Every night I ask myself why all countries have to base their trade on the dollar," Lula had said at the New Development Bank in Shanghai, also called the BRICS bank.&nbsp;

"Who decided that our currencies were weak, that they didn't have value in other countries?," Lula asked.&nbsp;

<h2>China's Yuan outreach to Argentina</h2>

China recently allowed Argentina to use more than half of a $18 billion currency swap line for bilateral trade.&nbsp;

The two nations have shared a bilateral swap agreement since 2009.

WATCH WION LIVE HERE

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Argentina's economic crisis and South American nation's continued reliance on the US dollar has resulted into an opportunity for Chinese Yuan that Bejing didn't see coming.

Argentina's economic crisis and South American nation's continued reliance on the US dollar has resulted into an opportunity for Chinese Yuan that Bejing didn't see coming. Many leading companies are now embracing the Chinese Yuan, a currency that has not played much significant role in global trade so far. According to Argentina's customs agency tally cited by Bloomberg, more than 500 Argentine companies have requested to pay for imports in yuan. The import payments in the Chinese currency equivalent to $2.9 billion have reportedly been authorised. In first 10 days of June, yuan transactions in Argentina’s currency market have doubled when compared to all of May, to about $285 million. At the same time, the share of yuan transactions in Argentina’s foreign currency market recently hit a daily record of 28 per cent, compared with just 5 per cent in May, according to data from Mercado Abierto Electrónico exchanges cited by Bloomberg. Argentina's embrace of Chinese Yuan: What does it mean? The trend reportedly highlights both Argentina's economic crisis as well as China’s ambitions for the yuan. "The central bank doesn’t have dollars, so it needs the emergency aid China is offering," Marcelo Elizondo, a trade economist in Buenos Aires, was quoted as saying by Bloomberg. Also watch | Is the dollar era nearing an end? × "For Argentina, its currency ties to China represents an emergency, but for China its a point of leverage to take advantage of a geopolitical opportunity," Elizondo added. US dollar's receding dominance: What is happening? The ongoing war in Ukraine and corresponding western economic sanctions on Russia have pressed many nations to opt for non-dollar trade routes, stoking a pattern of assertive financial independence among the nations of Global South. Earlier, Brazil's President Luiz Inácio Lula da Silva had made an impassioned call to his BRICS counterparts Russia, India, China and South Africa to replace the US dollar with their own currencies for trading among the BRICS member nations. Lula's comments came amid efforts by India, China and Russia to set up streams for trade in their own currencies and expanding calls amongst BRICS nations to launch a potential common currency mechanism for trade. Also read | Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance "Every night I ask myself why all countries have to base their trade on the dollar," Lula had said at the New Development Bank in Shanghai, also called the BRICS bank. "Who decided that our currencies were weak, that they didn't have value in other countries?," Lula asked. China's Yuan outreach to Argentina China recently allowed Argentina to use more than half of a $18 billion currency swap line for bilateral trade. The two nations have shared a bilateral swap agreement since 2009. WATCH WION LIVE HERE

Argentina chooses Chinese Yuan over US dollar amid economic crisis

The U.S. Federal Trade Commission (FTC) has&nbsp;sought a preliminary injunction to temporarily halt Microsoft's acquisition of video game giant Activision Blizzard, Reuters reported. The five-day evidentiary hearing aims to determine if the proposed $69 billion merger would harm competition within the gaming industry.

According to Reuters, FTC's lawyer James Weingarten argued that if the deal&nbsp;goes through, the combined company would possess the ability and incentive to negatively impact competition across various markets related to gaming consoles, subscription services, and cloud gaming. The FTC is seeking a court ruling before the merger can proceed.

'Game' Paused

One of the primary concerns raised by the FTC is the potential exclusivity of Activision games to Microsoft's Xbox console, leaving competitors such as Nintendo and Sony's PlayStation at a disadvantage. Microsoft lawyer Beth Wilkinson countered this argument, stating that it would make strategic sense for Xbox to make Activision games available across multiple platforms. She warned that granting the injunction would lead to a protracted three-year administrative proceeding, jeopardizing the entire deal.

Scheduled to testify during the hearing are notable figures from both Microsoft and Activision, including Microsoft Gaming CEO Phil Spencer, senior Microsoft finance director Jamie Lawver, former Google Stadia cloud gaming service director Dov Zimring, and Sony Interactive Entertainment CEO Jim Ryan, who will appear via video deposition.

The U.S. Lawsuit Hurdle

Resolving the U.S. lawsuit is a critical step in finalizing the deal between Microsoft and Activision as they continue to face other antitrust battles around the world. While the European Union approved Microsoft's bid to acquire Activision in May, British competition authorities blocked the takeover in April.&nbsp;

The FTC argues that this potential acquisition, which would be the largest for Microsoft and the largest in the history of the gaming industry, could grant Microsoft the power to restrict or degrade Activision's content in ways that significantly diminish competition.

Microsoft, on the other hand, maintains that the merger would benefit gamers and gaming companies alike. As a gesture of goodwill, the company has offered to sign a legally binding consent decree with the FTC, ensuring that "Call of Duty" games would be accessible to rival companies for a period of ten years.

The hearing is scheduled to continue until June 29, with testimonies from key witnesses such as Microsoft CEO Satya Nadella and Activision CEO Bobby Kotick set for the following week.

 
(With Inputs from Reuters)

The U.S. Federal Trade Commission (FTC) has sought a preliminary injunction to temporarily halt Microsoft's acquisition of video game giant Activision Blizzard, Reuters reported.

The U.S. Federal Trade Commission (FTC) has sought a preliminary injunction to temporarily halt Microsoft's acquisition of video game giant Activision Blizzard, Reuters reported. The five-day evidentiary hearing aims to determine if the proposed $69 billion merger would harm competition within the gaming industry. According to Reuters, FTC's lawyer James Weingarten argued that if the deal goes through, the combined company would possess the ability and incentive to negatively impact competition across various markets related to gaming consoles, subscription services, and cloud gaming. The FTC is seeking a court ruling before the merger can proceed. 'Game' Paused One of the primary concerns raised by the FTC is the potential exclusivity of Activision games to Microsoft's Xbox console, leaving competitors such as Nintendo and Sony's PlayStation at a disadvantage. Microsoft lawyer Beth Wilkinson countered this argument, stating that it would make strategic sense for Xbox to make Activision games available across multiple platforms. She warned that granting the injunction would lead to a protracted three-year administrative proceeding, jeopardizing the entire deal. Scheduled to testify during the hearing are notable figures from both Microsoft and Activision, including Microsoft Gaming CEO Phil Spencer, senior Microsoft finance director Jamie Lawver, former Google Stadia cloud gaming service director Dov Zimring, and Sony Interactive Entertainment CEO Jim Ryan, who will appear via video deposition. The U.S. Lawsuit Hurdle Resolving the U.S. lawsuit is a critical step in finalizing the deal between Microsoft and Activision as they continue to face other antitrust battles around the world. While the European Union approved Microsoft's bid to acquire Activision in May, British competition authorities blocked the takeover in April. The FTC argues that this potential acquisition, which would be the largest for Microsoft and the largest in the history of the gaming industry, could grant Microsoft the power to restrict or degrade Activision's content in ways that significantly diminish competition. Microsoft, on the other hand, maintains that the merger would benefit gamers and gaming companies alike. As a gesture of goodwill, the company has offered to sign a legally binding consent decree with the FTC, ensuring that "Call of Duty" games would be accessible to rival companies for a period of ten years. The hearing is scheduled to continue until June 29, with testimonies from key witnesses such as Microsoft CEO Satya Nadella and Activision CEO Bobby Kotick set for the following week. (With Inputs from Reuters)

FTC vs Microsoft: High-stakes battle over $69 billion acquisition

Tata Consultancy Services (TCS), one of India's leading IT firms, has been thrown into turmoil as a bribery scandal involving senior personnel has come to light. According to a report by Mint, certain individuals within the company's resource management group (RMG) have been accepting bribes from staffing firms to secure jobs for their candidates over an extended period.

Following a whistleblower complaint accessed&nbsp;by Mint, 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.

One of the accused, ES Chakravarthy, the global head of RMG, has been barred from entering the office. Arun GK, another official from the RMG division, has also been dismissed. It is estimated that those involved in the scandal may have accumulated commissions totaling at least Rs 100 crore ($14 million) over the last three years.

An anonymous TCS executive expressed shock over the situation, emphasizing that this is the company's first reported scandal. The timing is particularly unfortunate, coming just days after K Krithivasan assumed the CEO role at TCS. This news also comes as TCS bagged its 4th major deal in the UK this year with Nest's pension scheme.

The executive recruitment process at TCS primarily relies on employee referral programs and partnerships with staffing firms. These firms provide candidate lists to TCS, which then evaluates them through tests or interviews before making hiring decisions based on their needs.

Adding Employees, Adding Bribes

The RMG division, responsible for approximately 3,000 employees, facilitates daily placements of around 1,400 engineers on various projects, averaging one placement per minute. TCS has been adding an average of 50,000 employees annually in recent years, including contractors. The extent of the irregularities is yet to be determined, but the impact could be significant considering the sheer scale of TCS's recruitment efforts.

TCS has responded to the allegations, stating that the company possesses robust procedures for investigating and resolving such issues.&nbsp;

The revelation of this recruitment scandal at TCS, a company with $27.93 billion in revenue and over 614,795 employees, has surprised many. It raises questions about the presence of adequate safeguards and how such a situation could have transpired.

Tata Consultancy Services (TCS), one of India's leading IT firms, has been thrown into turmoil as a bribery scandal involving senior personnel has come to light.

Tata Consultancy Services (TCS), one of India's leading IT firms, has been thrown into turmoil as a bribery scandal involving senior personnel has come to light. According to a report by Mint, certain individuals within the company's resource management group (RMG) have been accepting bribes from staffing firms to secure jobs for their candidates over an extended period. Following a whistleblower complaint accessed by Mint, 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. One of the accused, ES Chakravarthy, the global head of RMG, has been barred from entering the office. Arun GK, another official from the RMG division, has also been dismissed. It is estimated that those involved in the scandal may have accumulated commissions totaling at least Rs 100 crore ($14 million) over the last three years. An anonymous TCS executive expressed shock over the situation, emphasizing that this is the company's first reported scandal. The timing is particularly unfortunate, coming just days after K Krithivasan assumed the CEO role at TCS. This news also comes as TCS bagged its 4th major deal in the UK this year with Nest's pension scheme. The executive recruitment process at TCS primarily relies on employee referral programs and partnerships with staffing firms. These firms provide candidate lists to TCS, which then evaluates them through tests or interviews before making hiring decisions based on their needs. Adding Employees, Adding Bribes The RMG division, responsible for approximately 3,000 employees, facilitates daily placements of around 1,400 engineers on various projects, averaging one placement per minute. TCS has been adding an average of 50,000 employees annually in recent years, including contractors. The extent of the irregularities is yet to be determined, but the impact could be significant considering the sheer scale of TCS's recruitment efforts. TCS has responded to the allegations, stating that the company possesses robust procedures for investigating and resolving such issues. The revelation of this recruitment scandal at TCS, a company with $27.93 billion in revenue and over 614,795 employees, has surprised many. It raises questions about the presence of adequate safeguards and how such a situation could have transpired.

TCS in turmoil: Bribery scandal rocks India's IT giant

In a major blow to India's leading startup, Byju's, renowned audit firm Deloitte has tendered its resignation as the company's statutory auditor. Deloitte cited significant delays in receiving financial statements and the lack of resolution regarding audit report modifications. In an issued statement, Deloitte said that due to such irregularities, they are unable to plan and complete the audit in accordance with the applicable auditing standards.

Deloitte resigns as Byju's auditor amid financial irregularities

It's a battle of billionaires in the world of satellite broadband, as Elon Musk's Starlink and Mukesh Ambani's reliance JIO go head-to-head for control over India's internet landscape. Musk's Starlink and Ambani's reliance JIO are at odds over the government's distribution of satellite broadband spectrum, setting the stage for a clash of titans in the world's most populous nation.

Musk's Starlink challenges Ambani's JIO in an epic tech tussle

PM Narendra Modi’s visit to the US has triggered investment announcements from major companies. Semiconductor toolmaker applied materials has set its sights on India, announcing a jaw-dropping investment of $400 million in the country's engineering sector. This decision follows a high-profile meeting between Indian Prime Minister Narendra Modi and applied materials' CEO, Gary Dickerson.

Applied materials invests $400 mn in India's engineering future

Fears of persistent high inflation, slow wage growth and high mortgage rate have forced the Bank of England to raise the interest rate by 0.5 percent to a 5 percent. This is&nbsp;its 13th consecutive hike, taking the interest rate in the United Kingdom to its highest since 2008.

The latest rate hike has surprised analysts who had expected a 0.25 percent rise. In fact, the UK's central bank had given little indication of such a steep rate hike this time.&nbsp;

The Bank of England's rate increase comes a week after the European Central Bank decided to raise the lending rate to 3.5 percent.&nbsp;

The Bank of England Governor Andrew Bailey has defended the move, which was approved 7-2 by the UK central bank, saying that the central bank will do "whatever necessary to return to inflation under 2 percent&nbsp;in the medium run."

Inflation, slowing growth a worry

The UK central bank said that there is "significant" news that inflation in the UK will take much longer to decline.

The UK faces a tricky inflation challenge as inflation has been slow to fall from the 41-year high of 11.1 percent seen last year.

According to Reuters, consumer price inflation remained unchanged at 8.7 percent in May and underlying inflation rose to its highest since 1992.

Meanwhile, the Britain’s economy continues to face shocks from Brexit, Covid-19 pandemic and surging energy prices amid the Ukraine war. But it has miraculously dodged a widely expected recession so far.

However, unlike most other advanced economies, output has barely recovered to pre-pandemic levels, while growth this year is pegged at 0.25 percent.&nbsp;

(With inputs from Reuters)&nbsp;

Fears of persistent high inflation, slow wage growth and high mortgage rate have forced the Bank of England to raise the interest rate by 0.5 percent to a 5 percent.

Fears of persistent high inflation, slow wage growth and high mortgage rate have forced the Bank of England to raise the interest rate by 0.5 percent to a 5 percent. This is its 13th consecutive hike, taking the interest rate in the United Kingdom to its highest since 2008. The latest rate hike has surprised analysts who had expected a 0.25 percent rise. In fact, the UK's central bank had given little indication of such a steep rate hike this time. The Bank of England's rate increase comes a week after the European Central Bank decided to raise the lending rate to 3.5 percent. The Bank of England Governor Andrew Bailey has defended the move, which was approved 7-2 by the UK central bank, saying that the central bank will do "whatever necessary to return to inflation under 2 percent in the medium run." Inflation, slowing growth a worry The UK central bank said that there is "significant" news that inflation in the UK will take much longer to decline. The UK faces a tricky inflation challenge as inflation has been slow to fall from the 41-year high of 11.1 percent seen last year. According to Reuters, consumer price inflation remained unchanged at 8.7 percent in May and underlying inflation rose to its highest since 1992. Meanwhile, the Britain’s economy continues to face shocks from Brexit, Covid-19 pandemic and surging energy prices amid the Ukraine war. But it has miraculously dodged a widely expected recession so far. However, unlike most other advanced economies, output has barely recovered to pre-pandemic levels, while growth this year is pegged at 0.25 percent. (With inputs from Reuters)

Bank of England hikes interest rate to 5%, highest since 2008

US-based GE Aerospace announced on Thursday (June 22) that it has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines for the Indian Air Force. The announcement is a major milestone amidst Indian Prime Minister Narendra Modi's official state visit to the US and a key element in strengthening defence cooperation between the two countries.&nbsp;

GE Aerospace stated the agreement includes the potential joint production of its F414 engines in India, and GE Aerospace continues to work with the US government to receive the necessary export authorisation for this.&nbsp;

The effort is part of the Indian Air Force's Light Combat Aircraft (LCA) Mk2 programme.&nbsp;

For the unversed, US-based GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/indias-pm-modi-sets-techade-agenda-for-2020s-607153">India's PM Modi sets 'techade' agenda for making 2020s a transformative era in technology sector</a>&nbsp;

H Lawrence Culp, Jr, Chairman and Chief Executive Officer of GE and CEO of GE Aerospace said, "This is a historic agreement made possible by our longstanding partnership with India and HAL."&nbsp;

"We are proud to play a role in advancing President Biden and Prime Minister Modi's vision of closer coordination between the two nations. Our F414 engines are unmatched and will offer important economic and national security benefits for both countries as we help our customers produce the highest quality engines to meet the needs of their military fleet," Lawrence added.&nbsp;

Watch this report:&nbsp;

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<h2>GE Aerospace's presence in India&nbsp;</h2>

In India, GE Aerospace has operated for more than four decades. Its engagement has been seen in the industry including engines, avionics, services, engineering, manufacturing, and local sourcing. Apart from the potential new work in India, a number of US sites presently supporting work on the F414 engine will experience increased activity as a result of today's decision.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/india-to-team-up-with-nasa-for-joint-mission-to-iss-report-607356">India to team up with NASA for joint mission to ISS: Report</a>

GE began working with the Aeronautical Development Agency and HAL to support the development of India’s Light Combat Aircraft (LCA) with F404 engines in 1986. And GE Aerospace's F404 and F414 have been part of the development and production programmes of LCA Mk1 and LCA Mk2 programmes.&nbsp;

The press release by GE Aerospace mentioned that a total of 75 F404 engines have been delivered and another 99 are on order for LCA Mk1A. Meanwhile, eight F414 engines have been delivered as part of an ongoing development program for LCA Mk2.&nbsp;

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US-based GE Aerospace announced on Thursday (June 22) that it has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines for the Indian Air Force.

US-based GE Aerospace announced on Thursday (June 22) that it has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines for the Indian Air Force. The announcement is a major milestone amidst Indian Prime Minister Narendra Modi's official state visit to the US and a key element in strengthening defence cooperation between the two countries. GE Aerospace stated the agreement includes the potential joint production of its F414 engines in India, and GE Aerospace continues to work with the US government to receive the necessary export authorisation for this. The effort is part of the Indian Air Force's Light Combat Aircraft (LCA) Mk2 programme. For the unversed, US-based GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft. Also read: India's PM Modi sets 'techade' agenda for making 2020s a transformative era in technology sector H Lawrence Culp, Jr, Chairman and Chief Executive Officer of GE and CEO of GE Aerospace said, "This is a historic agreement made possible by our longstanding partnership with India and HAL." "We are proud to play a role in advancing President Biden and Prime Minister Modi's vision of closer coordination between the two nations. Our F414 engines are unmatched and will offer important economic and national security benefits for both countries as we help our customers produce the highest quality engines to meet the needs of their military fleet," Lawrence added. Watch this report: × GE Aerospace's presence in India In India, GE Aerospace has operated for more than four decades. Its engagement has been seen in the industry including engines, avionics, services, engineering, manufacturing, and local sourcing. Apart from the potential new work in India, a number of US sites presently supporting work on the F414 engine will experience increased activity as a result of today's decision. Also read: India to team up with NASA for joint mission to ISS: Report GE began working with the Aeronautical Development Agency and HAL to support the development of India’s Light Combat Aircraft (LCA) with F404 engines in 1986. And GE Aerospace's F404 and F414 have been part of the development and production programmes of LCA Mk1 and LCA Mk2 programmes. The press release by GE Aerospace mentioned that a total of 75 F404 engines have been delivered and another 99 are on order for LCA Mk1A. Meanwhile, eight F414 engines have been delivered as part of an ongoing development program for LCA Mk2. 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.

'Historic agreement': GE Aerospace signs MoU with HAL for production of fighter jet engines for IAF

Multilateral development banks are expected to unlock $200 billion in extra firepower for emerging economies by running their balance sheets more tightly and taking on more risk, world leaders meeting at a summit in Paris said on Friday.

Many of the around 40 leaders gathered in Paris voiced concerns that the World Bank and the International Monetary Fund were increasingly outdated for tackling challenges like climate change and post-COVID debt burdens of poor countries.

Also Read | <a href="https://www.wionews.com/world/china-temple-visits-on-rise-as-jobless-young-people-seek-spiritual-help-607805">China: Temple visits on rise as jobless young people seek spiritual help</a>

"We ... expect an overall increase of 200 billion (dollars) of MDBs' lending capacity over the next ten years by optimizing their balance sheets and taking more risks," the summit's final statement obtained by Reuters said.

"If these reforms are implemented, MDBs may need more capital," it added.

U.S Treasury Secretary Janet Yellen said in Paris ahead of the summit that efforts to squeeze more lending from the development lenders had to be carried out before considering the possibility of capital increases.

The U.S. is the largest shareholder of the IMF and World Bank.

Also Read | <a href="https://www.wionews.com/world/us-combat-ship-to-make-rare-port-call-in-vietnam-amid-south-china-sea-tensions-607798">US combat ship to make rare port call in Vietnam amid South China Sea tensions</a>

The Paris summit, hosted by French President Emmanuel Macron, gathered around two dozen leaders from Africa, China's prime minister and Brazil's president had gathered to give impetus to a new global finance agenda.

At the summit, wealthy nations finalised an overdue $100-billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests.

The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'.

"There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted," Mottley said at the summit's final panel.

Watch | Indian PM Modi and US President Biden stress democracy, minority rights in joint press conference

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"We leave Paris not with speeches simply, but a commitment to get down into the granular details to make sure that what we agree here can be executed."

Leaders were also hoping to reform post-war financial institutions and free up funds to tackle climate change by getting consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF-World Bank and United Nations.

The $100 billion pledge falls far short of poor nations' actual needs, but has become symbolic of wealthy countries' failure to deliver promised climate funds. This has fuelled mistrust in wider climate negotiations between countries attempting to boost CO2-cutting measures.

"If we can't shape the rules in this time like others before, then we will be accountable for what potentially can be worst reality of mankind," Mottley said.

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&nbsp;

Multilateral development banks are expected to unlock $200 billion in extra firepower for emerging economies by running their balance sheets more tightly and taking on more risk, world leaders meeting at a summit in Paris said on Friday.

Multilateral development banks are expected to unlock $200 billion in extra firepower for emerging economies by running their balance sheets more tightly and taking on more risk, world leaders meeting at a summit in Paris said on Friday. Many of the around 40 leaders gathered in Paris voiced concerns that the World Bank and the International Monetary Fund were increasingly outdated for tackling challenges like climate change and post-COVID debt burdens of poor countries. Also Read | China: Temple visits on rise as jobless young people seek spiritual help "We ... expect an overall increase of 200 billion (dollars) of MDBs' lending capacity over the next ten years by optimizing their balance sheets and taking more risks," the summit's final statement obtained by Reuters said. "If these reforms are implemented, MDBs may need more capital," it added. U.S Treasury Secretary Janet Yellen said in Paris ahead of the summit that efforts to squeeze more lending from the development lenders had to be carried out before considering the possibility of capital increases. The U.S. is the largest shareholder of the IMF and World Bank. Also Read | US combat ship to make rare port call in Vietnam amid South China Sea tensions The Paris summit, hosted by French President Emmanuel Macron, gathered around two dozen leaders from Africa, China's prime minister and Brazil's president had gathered to give impetus to a new global finance agenda. At the summit, wealthy nations finalised an overdue $100-billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. "There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted," Mottley said at the summit's final panel. Watch | Indian PM Modi and US President Biden stress democracy, minority rights in joint press conference × "We leave Paris not with speeches simply, but a commitment to get down into the granular details to make sure that what we agree here can be executed." Leaders were also hoping to reform post-war financial institutions and free up funds to tackle climate change by getting consensus on how to promote a number of initiatives struggling in bodies like the G20, COP, IMF-World Bank and United Nations. The $100 billion pledge falls far short of poor nations' actual needs, but has become symbolic of wealthy countries' failure to deliver promised climate funds. This has fuelled mistrust in wider climate negotiations between countries attempting to boost CO2-cutting measures. "If we can't shape the rules in this time like others before, then we will be accountable for what potentially can be worst reality of mankind," Mottley said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Development banks can boost lending by $200 bln: World leaders at Paris summit

A&nbsp;goose, that isn't even real,&nbsp;was sold for $6.2 million during an auction in New York City. 'The Goose', a Non-Fungible Token (NFT), belonged to a bankrupt crypto hedge fund named Three Arrows Capital.

Sotheby’s originally predicted that 'The Goose' would sell for $2 million to $3 million.&nbsp;

The price is more than twice what the premier auction house Sotheby had forecast. It is also the second-highest sale ever made for a piece of generative art, according to a Southeby comment cited by The Washington Post.&nbsp;<img alt="The Goose, by Dmitri Cherniak | Sotheby's" data-entity-type="file" data-entity-uuid="ff510b4c-c4fd-4912-b05d-597934e3ecc2" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202023-06-23T144238.777.png" />

The Goose, by Dmitri Cherniak | Sotheby's

In recent years, Sotheby has reportedly started serving a new set of clientele consisting of young, high-rolling crypto millionaires.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/donald-trump-nfts-a-wild-hit-sold-out-within-hours-of-rollout-543935">Donald Trump NFTs a wild hit, sold-out within hours of rollout</a>

"Sixty per cent of the buyers that night were under 40 years old," Michael Bouhanna, head of Digital Art and NFTs at Sotheby’s was quoted as saying by The Washington Post. "This is a group that is new to the art world but certainly a part of Sotheby’s future," Bouhanna added.

Also watch |&nbsp;World’s first NFT museum opens in Seattle

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Sotheby has sold $150 million worth of NFTs to date, according to the spokesperson Derek Parsons. This includes two auctions for NFTs seized from bankrupt Two Arrows. A May 19 event fetched $2.4 million while a June 15 auction generated a total of $11 million in NFT sales, including 'The Goose'.&nbsp;

<h2>The cluck of the unreal 'The Goose'</h2>

'The Goose' developed a cult following right when it was created in October 2021.&nbsp;

It is seen as the seminal edition of "Ringers", a collection of 1,000 NFTs created by digital artist Dmitri Cherniak, each unique and generated by coding.&nbsp;

For the anonymous buyer of 'The Goose', "NFTs are a critical part of the architecture for freedom in an increasingly centralised and corporate-run digital world."

<h2>Why is 'The Goose' valuable?</h2>

This is because it is deemed to be a representative of a coded moment of randomness with a meaning.&nbsp;

"One reason 'The Goose' is so valuable is because it shows off the beauty of randomness,"&nbsp;Nikolai Yakovenko, the founder of DeepNFTValue, a machine learning start-up that estimates the value of high-priced NFTs, was quoted as saying by The Washington Post.

The present buyer of 'The Goose' reportedly intends to keep it in his NFT museum, and hold on to it as an investment for at least 10 years.

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A goose, that isn't even real, was sold for $6.2 million during an auction in New York City. 'The Goose', a Non-Fungible Token (NFT), belonged to a bankrupt crypto hedge fund named Three Arrows Capital.

A goose, that isn't even real, was sold for $6.2 million during an auction in New York City. 'The Goose', a Non-Fungible Token (NFT), belonged to a bankrupt crypto hedge fund named Three Arrows Capital. Sotheby’s originally predicted that 'The Goose' would sell for $2 million to $3 million. The price is more than twice what the premier auction house Sotheby had forecast. It is also the second-highest sale ever made for a piece of generative art, according to a Southeby comment cited by The Washington Post. The Goose, by Dmitri Cherniak | Sotheby's In recent years, Sotheby has reportedly started serving a new set of clientele consisting of young, high-rolling crypto millionaires. Also read | Donald Trump NFTs a wild hit, sold-out within hours of rollout "Sixty per cent of the buyers that night were under 40 years old," Michael Bouhanna, head of Digital Art and NFTs at Sotheby’s was quoted as saying by The Washington Post. "This is a group that is new to the art world but certainly a part of Sotheby’s future," Bouhanna added. Also watch | World’s first NFT museum opens in Seattle × Sotheby has sold $150 million worth of NFTs to date, according to the spokesperson Derek Parsons. This includes two auctions for NFTs seized from bankrupt Two Arrows. A May 19 event fetched $2.4 million while a June 15 auction generated a total of $11 million in NFT sales, including 'The Goose'. The cluck of the unreal 'The Goose' 'The Goose' developed a cult following right when it was created in October 2021. It is seen as the seminal edition of "Ringers", a collection of 1,000 NFTs created by digital artist Dmitri Cherniak, each unique and generated by coding. For the anonymous buyer of 'The Goose', "NFTs are a critical part of the architecture for freedom in an increasingly centralised and corporate-run digital world." Why is 'The Goose' valuable? This is because it is deemed to be a representative of a coded moment of randomness with a meaning. "One reason 'The Goose' is so valuable is because it shows off the beauty of randomness," Nikolai Yakovenko, the founder of DeepNFTValue, a machine learning start-up that estimates the value of high-priced NFTs, was quoted as saying by The Washington Post. The present buyer of 'The Goose' reportedly intends to keep it in his NFT museum, and hold on to it as an investment for at least 10 years. WATCH WION LIVE HERE

This goose, which is not even real, has been auctioned for millions

The Vice media's bankruptcy saga is drawing to a close. Media reports suggest that fortress investment group is all set to buy the bankrupt media company. Fortress, Vice's largest secured creditor, is leading the buyer's list. It is followed by Soros fund management and Monroe capital. All three have made a combined bid of 225 million dollar to take over the company. A bankruptcy judge will have to give a final approval to the deal.

Fortress-led group set to buy Vice Media

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales. The tax incentives have surpassed market expectations, leading to a surge in major automakers' shares. The government's emphasis on promoting new energy vehicles (NEVs) highlights China's commitment to sustainable transportation and positions NEVs as a key driver of economic recovery.

Under the newly unveiled tax break package, NEVs purchased between 2024 and 2027 will be eligible for a purchase tax exemption. This exemption amounts to up to 30,000 yuan ($4,170) per vehicle for purchases made in 2024 and 2025. Subsequently, the exemption will be reduced by half and capped at 15,000&nbsp;yuan ($2,085)&nbsp;for purchases in 2026 and 2027. By extending and expanding the existing NEV purchase tax exemption, the Chinese government aims to boost consumer demand for electric vehicles and establish a solid foundation for long-term growth.

Stimulating Electric Vehicle Market

The $72 billion tax break package marks the largest-ever amount of tax incentives dedicated to the EV industry in China. This bold move builds upon the government's previous support for NEVs, which included subsidies and purchase incentives. Local players such as NIO, Li Auto, and BYD have emerged as leaders in China's electric vehicle market, backed by the government's commitment to sustainable transportation.

Furthermore, the capped purchase tax exemption is expected to fuel the growth of more affordable electric vehicle models, primarily produced by domestic companies. This measure aims to level the playing field and drive sales of domestically manufactured NEVs while encouraging the adoption of greener transportation alternatives over traditional gasoline-powered vehicles.

Industry analysts cited by Reuters predict that the substantial tax incentives will significantly boost China's EV sales and contribute to the continued expansion of the electric vehicle market. They anticipate a 30 per cent growth in EV sales in 2024, surpassing the estimated 15 per cent growth projected for this year. May's data from the China Passenger Car Association already showed a 10.5 percent&nbsp;increase in NEV sales compared to the previous month, with a remarkable 60.9 per cent surge compared to the same period last year.

(With Inputs from Reuters)

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales.

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales. The tax incentives have surpassed market expectations, leading to a surge in major automakers' shares. The government's emphasis on promoting new energy vehicles (NEVs) highlights China's commitment to sustainable transportation and positions NEVs as a key driver of economic recovery. Under the newly unveiled tax break package, NEVs purchased between 2024 and 2027 will be eligible for a purchase tax exemption. This exemption amounts to up to 30,000 yuan ($4,170) per vehicle for purchases made in 2024 and 2025. Subsequently, the exemption will be reduced by half and capped at 15,000 yuan ($2,085) for purchases in 2026 and 2027. By extending and expanding the existing NEV purchase tax exemption, the Chinese government aims to boost consumer demand for electric vehicles and establish a solid foundation for long-term growth. Stimulating Electric Vehicle Market The $72 billion tax break package marks the largest-ever amount of tax incentives dedicated to the EV industry in China. This bold move builds upon the government's previous support for NEVs, which included subsidies and purchase incentives. Local players such as NIO, Li Auto, and BYD have emerged as leaders in China's electric vehicle market, backed by the government's commitment to sustainable transportation. Furthermore, the capped purchase tax exemption is expected to fuel the growth of more affordable electric vehicle models, primarily produced by domestic companies. This measure aims to level the playing field and drive sales of domestically manufactured NEVs while encouraging the adoption of greener transportation alternatives over traditional gasoline-powered vehicles. Industry analysts cited by Reuters predict that the substantial tax incentives will significantly boost China's EV sales and contribute to the continued expansion of the electric vehicle market. They anticipate a 30 per cent growth in EV sales in 2024, surpassing the estimated 15 per cent growth projected for this year. May's data from the China Passenger Car Association already showed a 10.5 percent increase in NEV sales compared to the previous month, with a remarkable 60.9 per cent surge compared to the same period last year. (With Inputs from Reuters)

China's shock and bolt: $72 Billion tax breaks turbocharge Electric Vehicle market

United States Fed chair Jerome Powell on Wednesday said that lending rate hikes may continue in the future but at a slower pace.&nbsp;

Powell made this statement while speaking at a Congressional hearing on financial services.

"Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Reuters quoted him as saying.&nbsp;

His comment comes a week after the US Fed voted to hold interest rates steady after 10 consecutive hikes since March 2022. The US central bank has raised its lending rate by five percentage points since last year.&nbsp;

In absolute terms, the lending rate has risen from close to zero to a range between 5.0 and 5.25 percent.

Powell called the Fed's decision to not raise the interest rates on June 14 as an "exercise in prudence". He added that the latest rate pause allows the Fed time to gather more information before deciding on further rate hike towards the end of the year.

Inflation remains a big issue

Despite the pause in the lending rate hike, Powell told the Congress that the Fed's fight against inflation has a "long way to go".&nbsp;Inflation continues to be well above the Fed's 2 percent&nbsp;target.

"Inflation has moderated somewhat since the middle of last year. Nonetheless, inflation pressures continue to run high," he told the House committee, as per a Reuters report.&nbsp;

As per reports, the US Fed's median inflation estimates have fallen to 3.2 percent, while core inflation, which excludes volatile food and energy prices, is expected to rise to 3.9 percent this year.

'US dollar remains safe'

The US Fed chief also waded into the ongoing debate on de-dollarisation - a term signifying countries switching to a currency other than the US dollar. He said that the US dollar will continue to be world's reserve currency.&nbsp;

"The status of the United States of the dollar as the world's reserve currency is a very important thing to us. I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we we have, generally speaking, had had strong levels of price stability," Reuters quoted him as saying.

&nbsp;

(With inputs from agencies)&nbsp;

United States Fed chair Jerome Powell on Wednesday said that lending rate hikes may continue in the future but at a slower pace. Powell made this statement while speaking at a Congressional hearing on financial services.

United States Fed chair Jerome Powell on Wednesday said that lending rate hikes may continue in the future but at a slower pace. Powell made this statement while speaking at a Congressional hearing on financial services. "Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Reuters quoted him as saying. His comment comes a week after the US Fed voted to hold interest rates steady after 10 consecutive hikes since March 2022. The US central bank has raised its lending rate by five percentage points since last year. In absolute terms, the lending rate has risen from close to zero to a range between 5.0 and 5.25 percent. Powell called the Fed's decision to not raise the interest rates on June 14 as an "exercise in prudence". He added that the latest rate pause allows the Fed time to gather more information before deciding on further rate hike towards the end of the year. Inflation remains a big issue Despite the pause in the lending rate hike, Powell told the Congress that the Fed's fight against inflation has a "long way to go". Inflation continues to be well above the Fed's 2 percent target. "Inflation has moderated somewhat since the middle of last year. Nonetheless, inflation pressures continue to run high," he told the House committee, as per a Reuters report. As per reports, the US Fed's median inflation estimates have fallen to 3.2 percent, while core inflation, which excludes volatile food and energy prices, is expected to rise to 3.9 percent this year. 'US dollar remains safe' The US Fed chief also waded into the ongoing debate on de-dollarisation - a term signifying countries switching to a currency other than the US dollar. He said that the US dollar will continue to be world's reserve currency. "The status of the United States of the dollar as the world's reserve currency is a very important thing to us. I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we we have, generally speaking, had had strong levels of price stability," Reuters quoted him as saying. (With inputs from agencies)

U.S. Fed chief Jerome Powell hints at future rate hikes

A report by Reuters, citing three sources familiar with the matter, on Thursday (June 22) said that three board members of the Indian ed-tech company&nbsp;Byju’s have quit. Additionally, multiple media reports have also said that Deloitte has stepped down as the company’s auditor due to the delay in the company’s filing of financial results. This also comes amid the company’s reported disagreement with lenders when an investor slashed its valuation.&nbsp;

<h2>Three board members of Byju’s decide to step down</h2>

A report by Reuters, citing the three sources, said that the board members of Byju’s who quit were – Peak XV Partners’ (previously known as Sequoia Capital India) GV Ravishankar, Prosus’ Russell Dreisenstock and Chan Zuckerberg Initiative’s Vivian Wu.&nbsp;

However, the three possibly former board members could not be reached by the news agency for comment. Sources told Reuters that the departures mean Byju’s board members now include&nbsp;only the founder’s family – Chief Executive Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran.&nbsp;

<h2>Byju’s denies reports</h2>

Addressing the reports, Byju’s spokesperson called the resignations of the board members “entirely speculative” and denied the claims, as per Reuters. In a statement, the company added, significant developments or changes within the organisation are shared through official channels.

<h2>Byju’s auditor Deloitte quits</h2>

In the letter addressed to the board members of Think &amp; Learn Private Limited, the parent company of Byju’s, audit firm Deloitte said that the financial statements of the company for the year March 31, 2022, have been "long-delayed"&nbsp;and due to which it is resigning with "immediate effect".&nbsp;

It added, “We have not received any communications on the resolution of the audit report modifications in the respect of the year ended March 31, 2022, the status of the audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022, and we have not been able to commence the audit as on date,” as quoted by multiple Indian media reports.&nbsp;

The statement also said how this delay&nbsp;had a “significant impact” on Deloitte’s ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards. “In view of the aforesaid, we are tendering our resignation as statutory auditors of the Company with immediate effect,” Deloitte added.&nbsp;

This comes as Deloitte, one of the world’s largest auditing firms, was supposed to audit Byju’s until 2025. However, Byju’s in a statement, as per Reuters, that it has appointed BDO (MSKA &amp; Associates) as Deloitte’s replacement and that it will help the company “uphold the highest standards of financial scrutiny and accountability.”&nbsp;

BDO is now slated to be Byju’s statutory auditors for the year commencing from FY22 for the next five years. 
 
&nbsp;

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A report by Reuters, citing three sources familiar with the matter, on Thursday (June 22) said that three board members of the Indian ed-tech company Byju’s have quit.

A report by Reuters, citing three sources familiar with the matter, on Thursday (June 22) said that three board members of the Indian ed-tech company Byju’s have quit. Additionally, multiple media reports have also said that Deloitte has stepped down as the company’s auditor due to the delay in the company’s filing of financial results. This also comes amid the company’s reported disagreement with lenders when an investor slashed its valuation. Three board members of Byju’s decide to step down A report by Reuters, citing the three sources, said that the board members of Byju’s who quit were – Peak XV Partners’ (previously known as Sequoia Capital India) GV Ravishankar, Prosus’ Russell Dreisenstock and Chan Zuckerberg Initiative’s Vivian Wu. However, the three possibly former board members could not be reached by the news agency for comment. Sources told Reuters that the departures mean Byju’s board members now include only the founder’s family – Chief Executive Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran. Byju’s denies reports Addressing the reports, Byju’s spokesperson called the resignations of the board members “entirely speculative” and denied the claims, as per Reuters. In a statement, the company added, significant developments or changes within the organisation are shared through official channels. Byju’s auditor Deloitte quits In the letter addressed to the board members of Think & Learn Private Limited, the parent company of Byju’s, audit firm Deloitte said that the financial statements of the company for the year March 31, 2022, have been "long-delayed" and due to which it is resigning with "immediate effect". It added, “We have not received any communications on the resolution of the audit report modifications in the respect of the year ended March 31, 2022, the status of the audit readiness of the financial statements and the underlying books and records for the year ended March 31, 2022, and we have not been able to commence the audit as on date,” as quoted by multiple Indian media reports. The statement also said how this delay had a “significant impact” on Deloitte’s ability to plan, design, perform and complete the audit in accordance with the applicable auditing standards. “In view of the aforesaid, we are tendering our resignation as statutory auditors of the Company with immediate effect,” Deloitte added. This comes as Deloitte, one of the world’s largest auditing firms, was supposed to audit Byju’s until 2025. However, Byju’s in a statement, as per Reuters, that it has appointed BDO (MSKA & Associates) as Deloitte’s replacement and that it will help the company “uphold the highest standards of financial scrutiny and accountability.” BDO is now slated to be Byju’s statutory auditors for the year commencing from FY22 for the next five years. 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’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports

Now it is a battle of billionaires in the world of satellite broadband as Elon Musk Starlink and Mukesh Ambani's Reliance Jio go head to head for control over India's internet landscape. Musk's Starlink and Ambani's Reliance Jio are at odds over the government's distribution of satellite broadband spectrum setting the stage for a Clash of Titans in the world's most populous nation.

Clash of Titans: Billionaires battle for India's internet crown

In a recent survey by the European Union Chamber of Commerce in China, cited by South China Morning Post (SCMP), European businesses have reported a significant decline in optimism regarding China's Greater Bay Area. This highly valued southern city cluster, including Hong Kong and Shenzhen, has been facing&nbsp;challenges in attracting and retaining foreign investors. Out of the 75 companies surveyed, only 44 per cent have expressed optimism for the region's grand development plan, marking a significant drop from 68 per cent the previous year.

The survey results, released on Wednesday, shed light on increasing investor concerns over China's cooling economic activities, market barriers, and geopolitical tensions. Klaus Zenkel, head of the chamber's South China chapter, told SCMP&nbsp;that many South China members have not benefited from the Greater Bay Area. According to the poll, 52 per cent of the firms remained neutral towards the plan, up&nbsp;from 31 per cent a year earlier. Moreover, 4 per cent of the companies surveyed held a highly pessimistic outlook for the scheme to integrate Hong Kong, Macau, and nine mainland cities into an economic and business hub.

Primary Obstacles

The primary obstacles identified by the survey respondents stem from competition between cities within the Greater Bay Area. The development blueprint for the Greater Bay Area was introduced in 2018, with an aim&nbsp;to create a world-class growth engine to rival other prominent Bay areas like Tokyo, San Francisco, and New York. Over two-thirds of the European firms surveyed stated that Chinese authorities should clarify business opportunities available to both Chinese and foreign companies.

Industry analysts cited by SCMP have emphasized the need for enhanced policy coordination within the city cluster, as mainland cities in the region exhibit a relatively high degree of overlap in areas such as manufacturing, finance, and technological innovation. This overlap has resulted in a certain level of similarity in their industrial structures. SCMP cited Yuan Chenjie, principal representative at private equity firm SAIF Partners, who noted that the two leading cities, Guangzhou and Shenzhen, engage in homogeneous competition, which distinguishes them from cities in the Yangtze River Delta, such as Shanghai, Suzhou, and Wuxi. The latter cities have their own unique positioning, allowing for complementary and virtuous development.

Reports have also pointed out the lack of integration between cities in the Greater Bay Area. Market rules in the region are not uniform, with differences in industry regulation and intellectual property protection between Guangdong province, Macau, and Hong Kong.&nbsp;

Peng Peng, executive chairman of the Guangdong Society of Reform, highlighted the importance of drawing on the practices of Hong Kong, Macau, or even Singapore to address the concerns of foreign investors. Peng emphasised that Hong Kong and Singapore possess the best business environments in the world, providing valuable insights for the nine mainland cities in the Greater Bay Area.

The Greater Bay Area's combined economy reached 13 trillion yuan (US$1.8 trillion) last year, with significant contributions from Shenzhen, Guangzhou, and Hong Kong, according to the Hong Kong Trade Development Council.

In a recent survey by the European Union Chamber of Commerce in China, cited by South China Morning Post (SCMP), European businesses have reported a significant decline in optimism regarding China's Greater Bay Area.

In a recent survey by the European Union Chamber of Commerce in China, cited by South China Morning Post (SCMP), European businesses have reported a significant decline in optimism regarding China's Greater Bay Area. This highly valued southern city cluster, including Hong Kong and Shenzhen, has been facing challenges in attracting and retaining foreign investors. Out of the 75 companies surveyed, only 44 per cent have expressed optimism for the region's grand development plan, marking a significant drop from 68 per cent the previous year. The survey results, released on Wednesday, shed light on increasing investor concerns over China's cooling economic activities, market barriers, and geopolitical tensions. Klaus Zenkel, head of the chamber's South China chapter, told SCMP that many South China members have not benefited from the Greater Bay Area. According to the poll, 52 per cent of the firms remained neutral towards the plan, up from 31 per cent a year earlier. Moreover, 4 per cent of the companies surveyed held a highly pessimistic outlook for the scheme to integrate Hong Kong, Macau, and nine mainland cities into an economic and business hub. Primary Obstacles The primary obstacles identified by the survey respondents stem from competition between cities within the Greater Bay Area. The development blueprint for the Greater Bay Area was introduced in 2018, with an aim to create a world-class growth engine to rival other prominent Bay areas like Tokyo, San Francisco, and New York. Over two-thirds of the European firms surveyed stated that Chinese authorities should clarify business opportunities available to both Chinese and foreign companies. Industry analysts cited by SCMP have emphasized the need for enhanced policy coordination within the city cluster, as mainland cities in the region exhibit a relatively high degree of overlap in areas such as manufacturing, finance, and technological innovation. This overlap has resulted in a certain level of similarity in their industrial structures. SCMP cited Yuan Chenjie, principal representative at private equity firm SAIF Partners, who noted that the two leading cities, Guangzhou and Shenzhen, engage in homogeneous competition, which distinguishes them from cities in the Yangtze River Delta, such as Shanghai, Suzhou, and Wuxi. The latter cities have their own unique positioning, allowing for complementary and virtuous development. Reports have also pointed out the lack of integration between cities in the Greater Bay Area. Market rules in the region are not uniform, with differences in industry regulation and intellectual property protection between Guangdong province, Macau, and Hong Kong. Peng Peng, executive chairman of the Guangdong Society of Reform, highlighted the importance of drawing on the practices of Hong Kong, Macau, or even Singapore to address the concerns of foreign investors. Peng emphasised that Hong Kong and Singapore possess the best business environments in the world, providing valuable insights for the nine mainland cities in the Greater Bay Area. The Greater Bay Area's combined economy reached 13 trillion yuan (US$1.8 trillion) last year, with significant contributions from Shenzhen, Guangzhou, and Hong Kong, according to the Hong Kong Trade Development Council.

European businesses express concerns over optimism plunge in China's Greater Bay Area

Tata Consultancy Services (TCS), a prominent Indian IT services company, has announced a major partnership with the National Employment Savings Trust (Nest), the largest workplace pension scheme in the UK. Valued at £840 million ($1 billion), the agreement cited by Moneycontrol allows TCS to digitally transform Nest's administration services for improved user experience.

The partnership between TCS and Nest follows the cancellation of Nest's previous contract with Atos, a French IT services firm. This unexpected turn of events, occurring just two years into a potential 18-year tenure, may lead to as many as 1,000 jobs being lost at&nbsp;Atos&nbsp;in both the UK and India. As a result, Nest sought a new strategic partner to ensure the seamless continuation of its services, ultimately selecting TCS as the ideal candidate.

TCS's UK Love Affair

This £840 million agreement is the fourth significant deal TCS has secured in the UK in 2023 alone. Previous achievements include a £723-million contract with insurer Phoenix Group, a partnership with retail giant Marks &amp; Spencer, and a 10-year agreement with the Teacher's Pension Scheme in England &amp; Wales. Despite the challenging macro environment in the region, TCS has emerged as a frontrunner, solidifying its position as the leading provider of software and IT services in the UK.

Since its launch in 2011, Nest and TCS have enjoyed a close working relationship. Nest, a digital auto-enrolment pension scheme, currently boasts over 12 million members and aims to manage approximately £100 billion in assets by the end of the next decade. TCS's extended partnership with Nest will see the deployment of TCS BaNCS solutions, allowing members and employers to access timely and relevant information through personalized and self-directed channels.

“We have a strong foundation after many years of working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest," Moneycontrol quoted Gavin Perera-Betts, Chief Customer Officer at Nest, as saying&nbsp;

TCS: A Global IT Heavyweight

With a workforce spanning 30 locations across the UK, TCS has positioned itself as a powerhouse in the industry. The company's success in securing five large deals, including the Nest partnership, in the first half of 2023 demonstrates its commitment to growth and innovation.

In addition to their achievements in the UK, TCS recently received an advanced purchase order of Rs 15,000 crore ($1.8 billion) from the government-run telco BSNL in India. This order forms part of a consortium aimed at expanding BSNL's 4G network nationwide, further solidifying TCS's position as a major player in the global IT services sector.

Tata Consultancy Services (TCS), a prominent Indian IT services company, has announced a major partnership with the National Employment Savings Trust (Nest), the largest workplace pension scheme in the UK.

Tata Consultancy Services (TCS), a prominent Indian IT services company, has announced a major partnership with the National Employment Savings Trust (Nest), the largest workplace pension scheme in the UK. Valued at £840 million ($1 billion), the agreement cited by Moneycontrol allows TCS to digitally transform Nest's administration services for improved user experience. The partnership between TCS and Nest follows the cancellation of Nest's previous contract with Atos, a French IT services firm. This unexpected turn of events, occurring just two years into a potential 18-year tenure, may lead to as many as 1,000 jobs being lost at Atos in both the UK and India. As a result, Nest sought a new strategic partner to ensure the seamless continuation of its services, ultimately selecting TCS as the ideal candidate. TCS's UK Love Affair This £840 million agreement is the fourth significant deal TCS has secured in the UK in 2023 alone. Previous achievements include a £723-million contract with insurer Phoenix Group, a partnership with retail giant Marks & Spencer, and a 10-year agreement with the Teacher's Pension Scheme in England & Wales. Despite the challenging macro environment in the region, TCS has emerged as a frontrunner, solidifying its position as the leading provider of software and IT services in the UK. Since its launch in 2011, Nest and TCS have enjoyed a close working relationship. Nest, a digital auto-enrolment pension scheme, currently boasts over 12 million members and aims to manage approximately £100 billion in assets by the end of the next decade. TCS's extended partnership with Nest will see the deployment of TCS BaNCS solutions, allowing members and employers to access timely and relevant information through personalized and self-directed channels. “We have a strong foundation after many years of working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest," Moneycontrol quoted Gavin Perera-Betts, Chief Customer Officer at Nest, as saying TCS: A Global IT Heavyweight With a workforce spanning 30 locations across the UK, TCS has positioned itself as a powerhouse in the industry. The company's success in securing five large deals, including the Nest partnership, in the first half of 2023 demonstrates its commitment to growth and innovation. In addition to their achievements in the UK, TCS recently received an advanced purchase order of Rs 15,000 crore ($1.8 billion) from the government-run telco BSNL in India. This order forms part of a consortium aimed at expanding BSNL's 4G network nationwide, further solidifying TCS's position as a major player in the global IT services sector.

TCS wins big: Nest Pensions set for a $1 billion tech transformation

Former Nissan chairman Carlos Ghosn who fled Japan and filed a lawsuit against the carmaker in Lebanon. The international fugitive is currently in Beirut as he faces arrest in japan. But this story is about his $1 billion claims on charges that he was wrongly prosecuted.

Nissan vs former CEO: A billion-dollar lawsuit

In a bid to accelerate the growth of its electric vehicle industry, china has introduced a $72 billion package of tax breaks. These measures aim to boost the sales of electric vehicles and other green cars, revitalizing the country's economy amidst sluggish auto sales.

China’s $72 billion tax breaks to supercharge EV industry

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.

The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.&nbsp;

Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO –&nbsp;replacing Daniel Zhang, who holds both roles. Both appointments will take effect on September 10.

Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit.

The executive has played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009.

After the transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/jack-ma-goes-in-huddle-with-execs-asks-them-to-focus-on-taobao-report-606627">Jack Ma goes in huddle with execs, asks them to focus on Taobao: Report</a>

Alibaba has hit on hard times as Beijing imposed tighter restrictions on the domestic tech sector, while weak consumer spending saw it record its third consecutive quarter of single-digit revenue growth earlier this year.

And in a shock announcement, Alibaba said in late March that it would split into six business groups –&nbsp;one of the most significant overhauls of a leading Chinese tech firm to date.

Zhang said at the time that the restructuring would give the individual business units the ability to pursue independent financing and public listing plans.

<h2>'Smart move'</h2>

Jeffrey Towson, partner at TechMoat Consulting, said in a call that this week's shake-up "looks like the second half" of that reorganisation.

"The biggest growth engine that Alibaba has outside of its e-commerce business is their cloud business," Towson said.&nbsp;

Making this Zhang's sole focus "is a smart move," he added.&nbsp;

Incoming chairman Tsai said in a statement that Zhang had "demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years".

Tsai, a company veteran who was part of its founding team, brings extensive experience in various finance-related roles, including as former Alibaba chief financial officer.

Given that background, Li Chengdong, founder of Beijing-based tech-focused think tank Dolphin, told AFP that Tsai's appointment as chairman would likely "facilitate communication with Wall Street investors and maintain confidence in the stock price".

Under the new arrangement, each unit will be managed by its own CEO and board of directors.

Alibaba has said it aims to achieve a "more nimble" structure in order to maintain competitiveness in the face of new regulatory challenges and mounting pressures on the global economy.

Combined revenue at China's internet companies shrank by just over one per cent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology.

Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on a planned IPO by Alibaba affiliate Ant Group.

A record fine of $2.75 billion was later imposed on the tech giant for alleged unfair business practices.

In January, Ant Group said Jack Ma no longer held controlling rights in the company –&nbsp;a move analysts speculated might have helped pull Ant and Alibaba out of the regulatory doghouse.

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Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown.

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations, which span cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. Under the reshuffle, Joseph Tsai will serve as chairman and Eddie Wu as CEO – replacing Daniel Zhang, who holds both roles. Both appointments will take effect on September 10. Zhang said in a statement it was the "right time" for him to step down as Alibaba looks to implement a full spin-off of its advanced cloud computing unit. The executive has played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009. After the transition, Zhang will continue to serve as chairman and CEO of Alibaba Cloud Intelligence Group, the company said. Also read | Jack Ma goes in huddle with execs, asks them to focus on Taobao: Report Alibaba has hit on hard times as Beijing imposed tighter restrictions on the domestic tech sector, while weak consumer spending saw it record its third consecutive quarter of single-digit revenue growth earlier this year. And in a shock announcement, Alibaba said in late March that it would split into six business groups – one of the most significant overhauls of a leading Chinese tech firm to date. Zhang said at the time that the restructuring would give the individual business units the ability to pursue independent financing and public listing plans. 'Smart move' Jeffrey Towson, partner at TechMoat Consulting, said in a call that this week's shake-up "looks like the second half" of that reorganisation. "The biggest growth engine that Alibaba has outside of its e-commerce business is their cloud business," Towson said. Making this Zhang's sole focus "is a smart move," he added. Incoming chairman Tsai said in a statement that Zhang had "demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years". Tsai, a company veteran who was part of its founding team, brings extensive experience in various finance-related roles, including as former Alibaba chief financial officer. Given that background, Li Chengdong, founder of Beijing-based tech-focused think tank Dolphin, told AFP that Tsai's appointment as chairman would likely "facilitate communication with Wall Street investors and maintain confidence in the stock price". Under the new arrangement, each unit will be managed by its own CEO and board of directors. Alibaba has said it aims to achieve a "more nimble" structure in order to maintain competitiveness in the face of new regulatory challenges and mounting pressures on the global economy. Combined revenue at China's internet companies shrank by just over one per cent to 1.46 trillion yuan ($212 billion) in 2022, the first contraction in almost a decade, according to data from the Ministry of Industry and Information Technology. Alibaba founder Jack Ma has kept a low profile since late 2020, when a speech he made attacking Chinese regulators was followed by Beijing pulling the plug on a planned IPO by Alibaba affiliate Ant Group. A record fine of $2.75 billion was later imposed on the tech giant for alleged unfair business practices. In January, Ant Group said Jack Ma no longer held controlling rights in the company – a move analysts speculated might have helped pull Ant and Alibaba out of the regulatory doghouse. WATCH WION LIVE HERE

Chinese tech giant Alibaba names new CEO, chairman