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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.

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

Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent&nbsp;of its workforce, as reported by the BBC.&nbsp;The decision, according to CEO Anthony Tan, is driven by the need to bring down costs and ensure the long-term affordability of services.

By streamlining operations, Grab aims to optimise efficiency and maintain its competitive edge in the ever-evolving Southeast Asian market.

<h2>Grab's dominance in southeast Asia's digital landscape </h2>

Operating in eight Southeast Asian countries, Grab has become a ubiquitous "super-app" that offers a wide range of services, including ride-hailing, food delivery, and financial solutions.

The company solidified its position in 2018 by acquiring Uber's regional operations in a landmark deal. With an extensive presence in Malaysia, the Philippines, Singapore, Thailand, Vietnam, and beyond, Grab has established itself as the go-to platform for convenient on-demand services across the region.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-tech-giant-alibaba-names-new-ceo-chairman-606778">Chinese tech giant Alibaba names new CEO, chairman</a>

<h2>Adapting to technological advancements and competitive challenges </h2>

CEO Anthony Tan acknowledges the rapid pace of change in the industry, emphasising the influence of cutting-edge technologies, such as generative AI.

Grab faces the imperative to stay at the forefront of innovation while also grappling with the rising cost of capital, which directly impacts the competitive landscape.

These formidable challenges have prompted the company's strategic decision to reshape its workforce and streamline operations, ensuring flexibility and resilience in the face of an ever-changing digital ecosystem.

Also watch |&nbsp;Meta's layoffs shrink workforce to 2021 level

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<h2>Global trend of job reductions</h2>

Grab's move aligns with a broader trend observed in the gig economy worldwide. Other industry players, including Indonesian ride-hailing firm GoTo, Grab's regional competitor, have previously reduced their workforce to adapt to evolving market dynamics.

Similarly, companies like Just Eat in the UK and Lyft in the US have implemented significant job cuts due to a combination of changing market conditions and the profound impact of the COVID-19 pandemic on the industry, reported the BBC.

By implementing a substantial reduction in its workforce, Grab demonstrates its commitment to ensuring long-term viability and maintaining a strong market position in Southeast Asia's digital landscape amidst technological advancements and economic challenges.

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Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent of its workforce, as reported by the BBC.

Grab, the prominent ride-hailing and food delivery app, is taking a significant step by cutting 1,000 jobs, which amounts to approximately 11 per cent of its workforce, as reported by the BBC. The decision, according to CEO Anthony Tan, is driven by the need to bring down costs and ensure the long-term affordability of services. By streamlining operations, Grab aims to optimise efficiency and maintain its competitive edge in the ever-evolving Southeast Asian market. Grab's dominance in southeast Asia's digital landscape Operating in eight Southeast Asian countries, Grab has become a ubiquitous "super-app" that offers a wide range of services, including ride-hailing, food delivery, and financial solutions. The company solidified its position in 2018 by acquiring Uber's regional operations in a landmark deal. With an extensive presence in Malaysia, the Philippines, Singapore, Thailand, Vietnam, and beyond, Grab has established itself as the go-to platform for convenient on-demand services across the region. Also read | Chinese tech giant Alibaba names new CEO, chairman Adapting to technological advancements and competitive challenges CEO Anthony Tan acknowledges the rapid pace of change in the industry, emphasising the influence of cutting-edge technologies, such as generative AI. Grab faces the imperative to stay at the forefront of innovation while also grappling with the rising cost of capital, which directly impacts the competitive landscape. These formidable challenges have prompted the company's strategic decision to reshape its workforce and streamline operations, ensuring flexibility and resilience in the face of an ever-changing digital ecosystem. Also watch | Meta's layoffs shrink workforce to 2021 level Global trend of job reductions Grab's move aligns with a broader trend observed in the gig economy worldwide. Other industry players, including Indonesian ride-hailing firm GoTo, Grab's regional competitor, have previously reduced their workforce to adapt to evolving market dynamics. Similarly, companies like Just Eat in the UK and Lyft in the US have implemented significant job cuts due to a combination of changing market conditions and the profound impact of the COVID-19 pandemic on the industry, reported the BBC. By implementing a substantial reduction in its workforce, Grab demonstrates its commitment to ensuring long-term viability and maintaining a strong market position in Southeast Asia's digital landscape amidst technological advancements and economic challenges. WATCH WION LIVE HERE:

Grab's cutback blitz: 1,000 jobs slashed for long-term affordability

Air India has solidified its position in the global aviation market with the finalization of an unprecedented deal for 470 aircraft from industry giants Airbus and Boeing, Reuters reported. The agreement, initially outlined in February, represents the largest-ever plane order in terms of the number of aircraft. This record-breaking achievement comes hot on the heels of a similar milestone set by Indian rival, IndiGo, which recently placed an order for 500 Airbus narrowbody jets. The finalized contract not only boosts Air India's standing in the aerospace industry but also underlines India's robust demand for air travel, driven by a rapidly growing population.

Air India's Landmark Deal

Air India has officially converted its preliminary agreement into a firm order, securing its place in the aerospace industry's order backlogs. While the deal was valued at $70 billion based on list prices, industry analysts cited by Reuters anticipate significant discounts, as is customary for substantial orders. In their quest to keep pace with India's burgeoning aviation market, which is the world's fastest-growing and serves the largest population, Indian airlines have shattered previous industry records, despite manufacturers grappling with supply chain challenges and production targets.

The finalized contract entails Air India's acquisition of 250 planes from Airbus and 220 from Boeing. The Airbus portion comprises 210 A320neo and A321neo narrowbody jets, along with 40 A350 widebodies. Boeing's contribution includes 190 narrowbody 737 MAXs, 20 787 Dreamliners, and 10 777X widebodies. The ambitious fleet renewal and expansion program envisioned by Air India's Chief Executive, Campbell Wilson, aims to introduce the most advanced and fuel-efficient aircraft across the airline's extensive route network within five years.

Implications for Indian Aviation

The extensive buying spree by Indian airlines is a testament to the robust global demand for civilian aircraft as the travel industry rebounds from the COVID-19 pandemic. Furthermore, this trend aligns with airlines' efforts to minimize their environmental footprint by adopting more fuel-efficient and environmentally friendly models. While the demand for short and medium-haul narrowbody jets remains exceptionally high, Rolls-Royce, a prominent engine manufacturer, reports a significant resurgence in the market for long-haul widebodies.

Nevertheless, plane makers and suppliers express concerns regarding their capacity to meet the mounting order books amid escalating costs, scarcity of parts, and a shortage of skilled workers. Reuters cited Lars Wagner, CEO of MTU Aero Engines, who highlighted labor shortages and casting production issues as the primary strains in the engine supply chain.

Indian Rivalry and Competitiveness

Once renowned for its opulent planes and exceptional service, Air India faced a decline in reputation during the mid-2000s due to financial difficulties. However, under the ownership of the Tata conglomerate, Air India aims to revitalize its brand and capitalize on India's expanding base of air travelers and its large diaspora, which is currently predominantly served by foreign competitors such as Emirates. With the landmark order, Air India will strengthen its competitive position against budget carrier IndiGo, which currently holds the majority share of the Indian market and possesses a robust presence in regional flights.

Other Notable Orders

In addition to Air India's historic deal, other significant orders were announced at the Paris Airshow. Ethiopian Airlines revealed plans to finalize an order for approximately 130 Airbus and Boeing aircraft shortly after the event. Avolon, a leasing company, confirmed its order for 40 Boeing 737 MAX 8 planes. Philippine Airlines placed its order for nine Airbus A350-1000 widebody jets, while Qantas finalized a deal for nine Airbus A220-300s, as per Reuters. These additional orders reflect the sustained global demand for new aircraft and signify the industry's commitment to more efficient and environmentally conscious models.

(With Inputs from Reuters)

Air India has solidified its position in the global aviation market with the finalization of an unprecedented deal for 470 aircraft from industry giants Airbus and Boeing, Reuters reported.

Air India has solidified its position in the global aviation market with the finalization of an unprecedented deal for 470 aircraft from industry giants Airbus and Boeing, Reuters reported. The agreement, initially outlined in February, represents the largest-ever plane order in terms of the number of aircraft. This record-breaking achievement comes hot on the heels of a similar milestone set by Indian rival, IndiGo, which recently placed an order for 500 Airbus narrowbody jets. The finalized contract not only boosts Air India's standing in the aerospace industry but also underlines India's robust demand for air travel, driven by a rapidly growing population. Air India's Landmark Deal Air India has officially converted its preliminary agreement into a firm order, securing its place in the aerospace industry's order backlogs. While the deal was valued at $70 billion based on list prices, industry analysts cited by Reuters anticipate significant discounts, as is customary for substantial orders. In their quest to keep pace with India's burgeoning aviation market, which is the world's fastest-growing and serves the largest population, Indian airlines have shattered previous industry records, despite manufacturers grappling with supply chain challenges and production targets. The finalized contract entails Air India's acquisition of 250 planes from Airbus and 220 from Boeing. The Airbus portion comprises 210 A320neo and A321neo narrowbody jets, along with 40 A350 widebodies. Boeing's contribution includes 190 narrowbody 737 MAXs, 20 787 Dreamliners, and 10 777X widebodies. The ambitious fleet renewal and expansion program envisioned by Air India's Chief Executive, Campbell Wilson, aims to introduce the most advanced and fuel-efficient aircraft across the airline's extensive route network within five years. Implications for Indian Aviation The extensive buying spree by Indian airlines is a testament to the robust global demand for civilian aircraft as the travel industry rebounds from the COVID-19 pandemic. Furthermore, this trend aligns with airlines' efforts to minimize their environmental footprint by adopting more fuel-efficient and environmentally friendly models. While the demand for short and medium-haul narrowbody jets remains exceptionally high, Rolls-Royce, a prominent engine manufacturer, reports a significant resurgence in the market for long-haul widebodies. Nevertheless, plane makers and suppliers express concerns regarding their capacity to meet the mounting order books amid escalating costs, scarcity of parts, and a shortage of skilled workers. Reuters cited Lars Wagner, CEO of MTU Aero Engines, who highlighted labor shortages and casting production issues as the primary strains in the engine supply chain. Indian Rivalry and Competitiveness Once renowned for its opulent planes and exceptional service, Air India faced a decline in reputation during the mid-2000s due to financial difficulties. However, under the ownership of the Tata conglomerate, Air India aims to revitalize its brand and capitalize on India's expanding base of air travelers and its large diaspora, which is currently predominantly served by foreign competitors such as Emirates. With the landmark order, Air India will strengthen its competitive position against budget carrier IndiGo, which currently holds the majority share of the Indian market and possesses a robust presence in regional flights. Other Notable Orders In addition to Air India's historic deal, other significant orders were announced at the Paris Airshow. Ethiopian Airlines revealed plans to finalize an order for approximately 130 Airbus and Boeing aircraft shortly after the event. Avolon, a leasing company, confirmed its order for 40 Boeing 737 MAX 8 planes. Philippine Airlines placed its order for nine Airbus A350-1000 widebody jets, while Qantas finalized a deal for nine Airbus A220-300s, as per Reuters. These additional orders reflect the sustained global demand for new aircraft and signify the industry's commitment to more efficient and environmentally conscious models. (With Inputs from Reuters)

India 'Show stopper' at Paris air show: Air India finalises mega deal for 470 planes

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform. The informal meeting reportedly took place in the month of May. Ma also told his executives that they should focus on consumers to weather the effects of the slowdown in the Chinese economy.

The meeting came a few weeks before Alibaba's announcement on Tuesday (June 20) about the reshuffle of its top management. The current head of Taobao, Eddie Wu Yongming, will take over as Alibaba's CEO on September 10.

Current CEO Zhang Yong will step aside and will run Alibaba Cloud. Joseph Tsai will serve as chairman of Alibaba.

During the meeting with Taobao and Tmall Group executives, Ma said that it would be a mistake to take Alibaba's pre-eminent position in the Chinese e-commerce market for granted. He said that the company should remain alert for business failure risks.

Watch | Reports: Talks on China's military facility in Cuba underway

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To make his point, Ma cited examples of Nokia and Kodak.

Nokia, formerly the biggest mobile-phone maker in the world, fell off the top charts as it did not align with the advent of smartphones. Kodak, the film giant, was unseated due to digital photography. Ma cited these examples to drive home the point that market leaders can quickly get displaced from their top positions.

Jack Ma reportedly said Alibaba has to “go back to Taobao, go back to users, and go back to the internet”.

South China Morning Post, a news outlet owned by Alibaba, reported that 'Going back to Taobao' may mean a pivot to small and medium merchants.

Jack Ma has stepped down from corporate roles in Alibaba but remains somewhat of a 'spiritual leader' of the business empire that he built from scratch.

He reportedly said in the meeting that Alibaba should remain an internet company and the focus must be on user experience.

<h2>Sweeping changes at Alibaba</h2>

If the reported meeting between Jack Ma and Alibaba execs did take place, it happened at a time the group was undergoing huge changes.

Alibaba is breaking its huge empire into six independent entities.

Alibaba breaking up is one of the most significant overhauls of a leading Chinese tech firm.

Also Read | <a href="https://www.wionews.com/world/china-achieves-historic-milestone-launches-41-satellites-in-single-mission-setting-new-record-605522">China achieves historic milestone: Launches 41 satellites in single mission, setting new record</a>

The business empire hit on hard times as Chinese authorities slapped tighter restrictions on the tech sector in the country. Earlier this year, weak consumer spending resulted in Alibaba recording its third consecutive quarter of single-digit growth.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform.

Jack Ma, the founder of Alibaba Holding, held a meeting with e-commerce executives and told them to refocus on Taobao, as per a report in LatePost. Taobao is an Alibaba-owned online shopping platform. The informal meeting reportedly took place in the month of May. Ma also told his executives that they should focus on consumers to weather the effects of the slowdown in the Chinese economy. The meeting came a few weeks before Alibaba's announcement on Tuesday (June 20) about the reshuffle of its top management. The current head of Taobao, Eddie Wu Yongming, will take over as Alibaba's CEO on September 10. Current CEO Zhang Yong will step aside and will run Alibaba Cloud. Joseph Tsai will serve as chairman of Alibaba. During the meeting with Taobao and Tmall Group executives, Ma said that it would be a mistake to take Alibaba's pre-eminent position in the Chinese e-commerce market for granted. He said that the company should remain alert for business failure risks. Watch | Reports: Talks on China's military facility in Cuba underway × To make his point, Ma cited examples of Nokia and Kodak. Nokia, formerly the biggest mobile-phone maker in the world, fell off the top charts as it did not align with the advent of smartphones. Kodak, the film giant, was unseated due to digital photography. Ma cited these examples to drive home the point that market leaders can quickly get displaced from their top positions. Jack Ma reportedly said Alibaba has to “go back to Taobao, go back to users, and go back to the internet”. South China Morning Post, a news outlet owned by Alibaba, reported that 'Going back to Taobao' may mean a pivot to small and medium merchants. Jack Ma has stepped down from corporate roles in Alibaba but remains somewhat of a 'spiritual leader' of the business empire that he built from scratch. He reportedly said in the meeting that Alibaba should remain an internet company and the focus must be on user experience. Sweeping changes at Alibaba If the reported meeting between Jack Ma and Alibaba execs did take place, it happened at a time the group was undergoing huge changes. Alibaba is breaking its huge empire into six independent entities. Alibaba breaking up is one of the most significant overhauls of a leading Chinese tech firm. Also Read | China achieves historic milestone: Launches 41 satellites in single mission, setting new record The business empire hit on hard times as Chinese authorities slapped tighter restrictions on the tech sector in the country. Earlier this year, weak consumer spending resulted in Alibaba recording its third consecutive quarter of single-digit growth. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Jack Ma goes into huddle with execs, asks them to focus on Taobao: Report

Amid mounting geopolitical tensions and growing security concerns, Germany and China engaged in crucial trade talks, seeking to balance economic interests and national security, Reuters reported. The discussions, led by German Chancellor Olaf Scholz and Chinese Premier Li Qiang in Berlin, highlighted the potential benefits of free trade but drew criticism from skeptics who question the appropriateness of such talks at this juncture. As both countries face complex challenges, the delicate relationship between Germany, China, and the wider European Union (EU) is under scrutiny.

Security Concerns and Technological Risks

Germany's domestic intelligence agency issued a warning, underscoring China's ongoing campaign to acquire German technology for military purposes. The agency's annual report cited by Reuters highlighted the increasing risk of sophisticated cyber-spying operations, further raising concerns about national security and the potential compromise of sensitive technologies.

EU's Economic Security Plan

Simultaneously, the European Union's executive body unveiled an ambitious economic security plan. The plan aims to convince the 27 member states to adopt stricter controls on exports and emerging technologies that rival nations, including China, could utilize. While not explicitly naming China, the proposal emphasizes the need to reduce economic reliance and "de-risk" certain partnerships, signaling a shift in the EU's approach toward safeguarding strategic technologies.

Navigating the Balancing Act

As China's largest trading partner in Europe, Germany faces a delicate balancing act in formulating its China strategy. Despite China's significance as a vital market for German companies and a key source of materials for exports, concerns over national security and technology transfers have prompted a reevaluation of the relationship. The trade talks between Chancellor Scholz and Premier Li underscored the potential advantages of fair competition and open market access for achieving climate goals. Yet, critics argue that geopolitical tensions warrant a more cautious approach.

EU Member States Dilemma

The European Commission's economic security plan addresses the EU member states' concerns over certain nations' potential misuse of emerging technologies. However, implementing stricter export controls and screening outbound investments poses challenges, as nations are reluctant to relinquish their powers to grant export licenses, citing the need to balance economic interests with security considerations.

Future Debates and Funding

The EU's economic security plan sets the stage for an upcoming summit in Brussels, where EU leaders will engage in a critical debate on relations with China. The discussions will shape the EU's stance and policies towards China moving forward, considering the intricate dynamics of economic cooperation and security risks. Additionally, the European Commission has called for an extra €10 billion in funding to support industry development in strategic technologies.

(With Inputs from Reuters)

Amid mounting geopolitical tensions and growing security concerns, Germany and China engaged in crucial trade talks, seeking to balance economic interests and national security, Reuters reported.

Amid mounting geopolitical tensions and growing security concerns, Germany and China engaged in crucial trade talks, seeking to balance economic interests and national security, Reuters reported. The discussions, led by German Chancellor Olaf Scholz and Chinese Premier Li Qiang in Berlin, highlighted the potential benefits of free trade but drew criticism from skeptics who question the appropriateness of such talks at this juncture. As both countries face complex challenges, the delicate relationship between Germany, China, and the wider European Union (EU) is under scrutiny. Security Concerns and Technological Risks Germany's domestic intelligence agency issued a warning, underscoring China's ongoing campaign to acquire German technology for military purposes. The agency's annual report cited by Reuters highlighted the increasing risk of sophisticated cyber-spying operations, further raising concerns about national security and the potential compromise of sensitive technologies. EU's Economic Security Plan Simultaneously, the European Union's executive body unveiled an ambitious economic security plan. The plan aims to convince the 27 member states to adopt stricter controls on exports and emerging technologies that rival nations, including China, could utilize. While not explicitly naming China, the proposal emphasizes the need to reduce economic reliance and "de-risk" certain partnerships, signaling a shift in the EU's approach toward safeguarding strategic technologies. Navigating the Balancing Act As China's largest trading partner in Europe, Germany faces a delicate balancing act in formulating its China strategy. Despite China's significance as a vital market for German companies and a key source of materials for exports, concerns over national security and technology transfers have prompted a reevaluation of the relationship. The trade talks between Chancellor Scholz and Premier Li underscored the potential advantages of fair competition and open market access for achieving climate goals. Yet, critics argue that geopolitical tensions warrant a more cautious approach. EU Member States Dilemma The European Commission's economic security plan addresses the EU member states' concerns over certain nations' potential misuse of emerging technologies. However, implementing stricter export controls and screening outbound investments poses challenges, as nations are reluctant to relinquish their powers to grant export licenses, citing the need to balance economic interests with security considerations. Future Debates and Funding The EU's economic security plan sets the stage for an upcoming summit in Brussels, where EU leaders will engage in a critical debate on relations with China. The discussions will shape the EU's stance and policies towards China moving forward, considering the intricate dynamics of economic cooperation and security risks. Additionally, the European Commission has called for an extra €10 billion in funding to support industry development in strategic technologies. (With Inputs from Reuters)

Trading with the Dragon? Germany and China talk free trade amid geopolitical tensions

Former Nissan chairman Carlos Ghosn filed a lawsuit in Lebanon against the Japanese automaker, demanding over $1 billion, the news agency AFP reported on Tuesday (June 20) citing a judicial official.

Former Nissan chairman Carlos Ghosn filed a lawsuit in Lebanon against the Japanese automaker, demanding over $1 billion, the news agency AFP reported on Tuesday (June 20) citing a judicial official. The official said that Ghosn filed a suit with Lebanon's top prosecutor "against Nissan in Japan and employees of the firm." The lawsuit., which was filed in May, claimed that Nissan fabricated the charges against Ghosn leading to his arrest and prosecution and requested $1 billion in financial compensation. Ghosn, the former chairman and chief executive of the Renault-Nissan-Mitsubishi alliance, was arrested in 2018 on suspicion of financial misconduct before he was sacked by the automaker's board in a unanimous decision. In 2019, he jumped bail and escaped from Japan hidden in an audio-equipment box. He then landed in Beirut where he remains an international fugitive. Learned of the lawsuit through media: Nissan Speaking to AFP, Nissan said that it heard of the lawsuit through media reports and was trying to verify the information internally. The judicial official also told AFP on Tuesday that the judge has scheduled a court session in September that the defendants or their lawyers, whether Japanese or Lebanese, should attend. Lebanon does not extradite its citizens, and judicial authorities banned Ghosn from travel. The former Nissan chairman holds Lebanese, French and Brazilian nationality. Ghosn has denied the charges against him, arguing they were cooked up by Nissan executives who opposed his attempts to more closely integrate the automaker with partner Renault. Ghosn also said that he fled Japan because he did not believe he would receive a fair trial. Turkey acquits three in retrial over Ghosn's escape On May 30, a Turkish court acquitted three people over Carlos Ghosn's escape via Istanbul to Lebanon after fleeing Japan. A jet company executive and two pilots, who were detained, were convicted to four years and two months in jail in 2021 over the charge of migrant smuggling. Speaking to the news agency Reuters, Mehmet Fatih Danaci, a lawyer for the jet operator executive, said that an appeals court ordered the retrial of the case and returned the file to the lower court. "We appealed the ruling. In the retrial, the court acquitted our client, along with two pilots who were initially convicted," Danaci added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Former Nissan chairman sues automaker over his ouster: Report

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported. The state-owned Pakistan LNG Ltd. received no responses to its tender seeking six LNG shipments for delivery between October and December. Traders with insider knowledge cited by Bloomberg disclosed this setback.

Why are Suppliers Wary?

The failure of the tender can be attributed to a combination of factors. Overseas banks have been hesitant to accept letters of credit from Pakistani counterparts, which has made suppliers wary of extending offers for LNG cargoes. This reluctance stems from concerns over the financial stability and credibility of Pakistani entities involved in the transactions.

The energy crisis in Pakistan is already a cause for concern, and the inability to secure LNG supplies will only exacerbate the situation. Frequent blackouts plague the country's fragile power sector, and industries heavily reliant on consistent fuel supply will suffer further disruptions. Pakistan's high dependence on imports to meet its energy needs has made it particularly vulnerable to external factors, such as the energy crisis triggered by Russia's invasion of Ukraine last year.

Pakistan's Gloomy Economic Outlook

This recent setback in LNG procurement amplifies the existing challenges faced by Pakistan. The nation is grappling with a weakening currency, political turmoil, and escalating sovereign default risk. The International Monetary Fund has criticized the government's budget, deeming it insufficient to meet the goals outlined in the bailout program. The consequences of these issues extend beyond the energy sector, impacting the country's overall economic stability and welfare.

The repercussions of the failed LNG tender will be felt across various sectors. Households already grappling with erratic power supply will experience intensified hardships due to prolonged blackouts. Furthermore, industries dependent on a stable fuel supply, such as manufacturing and agriculture, will encounter operational difficulties, hindering productivity and economic growth.

Pakistan now faces the daunting task of addressing the energy crisis and finding alternative solutions to fulfill its LNG requirements. It remains to be seen how the government will navigate this situation, considering the multifaceted challenges it currently faces.

With Inputs from Bloomberg)

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported.

Pakistan's persistent struggle to purchase liquefied natural gas (LNG) from the spot market took a disappointing turn as their latest attempt ended without any suppliers offering cargo, Bloomberg reported. The state-owned Pakistan LNG Ltd. received no responses to its tender seeking six LNG shipments for delivery between October and December. Traders with insider knowledge cited by Bloomberg disclosed this setback. Why are Suppliers Wary? The failure of the tender can be attributed to a combination of factors. Overseas banks have been hesitant to accept letters of credit from Pakistani counterparts, which has made suppliers wary of extending offers for LNG cargoes. This reluctance stems from concerns over the financial stability and credibility of Pakistani entities involved in the transactions. The energy crisis in Pakistan is already a cause for concern, and the inability to secure LNG supplies will only exacerbate the situation. Frequent blackouts plague the country's fragile power sector, and industries heavily reliant on consistent fuel supply will suffer further disruptions. Pakistan's high dependence on imports to meet its energy needs has made it particularly vulnerable to external factors, such as the energy crisis triggered by Russia's invasion of Ukraine last year. Pakistan's Gloomy Economic Outlook This recent setback in LNG procurement amplifies the existing challenges faced by Pakistan. The nation is grappling with a weakening currency, political turmoil, and escalating sovereign default risk. The International Monetary Fund has criticized the government's budget, deeming it insufficient to meet the goals outlined in the bailout program. The consequences of these issues extend beyond the energy sector, impacting the country's overall economic stability and welfare. The repercussions of the failed LNG tender will be felt across various sectors. Households already grappling with erratic power supply will experience intensified hardships due to prolonged blackouts. Furthermore, industries dependent on a stable fuel supply, such as manufacturing and agriculture, will encounter operational difficulties, hindering productivity and economic growth. Pakistan now faces the daunting task of addressing the energy crisis and finding alternative solutions to fulfill its LNG requirements. It remains to be seen how the government will navigate this situation, considering the multifaceted challenges it currently faces. With Inputs from Bloomberg)

‘Fuel’ling Frustration: Pakistan's Attempt to Secure LNG Cargo in Spot Market Falls Flat

As the threat of El Nino effect looms large, financial institutions and farmers in India are increasingly concerned about its potential consequences on agricultural loans. According to a recent report by CLXNS, a digital-first debt resolution company, cited by CNBC, banks with significant exposure to the agricultural sector face growing vulnerability as they prepare for a potential rise in loan defaults. With historical data indicating the adverse impact of El Nino on crop production, the report urges&nbsp;proactive measures to mitigate the risks and protect the stability of the agricultural sector.

Rising Vulnerability and El Nino's Historical Impact

The report highlights a concerning trend in banks' agricultural sector exposure. As of January 2023, their total exposure to agriculture loans stood at 14.4 per cent of outstanding loans, representing a significant increase from the previous year's 10.4 per cent. This surge raises urgent questions about the sector's ability to withstand the impending El Nino impact.

Past instances of El Nino and its associated droughts have severely affected crop production in India. Data from 2001 to 2020 cited by CNBC shows that the country experienced seven El Nino years, four of which resulted in droughts. These drought years -- 2003, 2005, 2009-10, and 2015-16 -- witnessed kharif or summer-sown farm output declines, leading to inflationary pressures and threatening nearly half of the country's annual food supply.&nbsp;

Concerns of Financial Institutions

The Reserve Bank of India (RBI) has also expressed concerns about the potential consequences of an El Nino event adversely affecting the southwest monsoon. The RBI's recent bulletin predicts inflation to range tightly between 5.0 and 5.6 per cent over 2023-24, citing global uncertainties.&nbsp;

While there was a 15 per cent growth in agricultural lending from October to December 2022, accompanied by a decline in non-performing assets (NPAs), the report by CLXNS warns of the reverse effect that El Nino could have on these numbers. The impending El Nino could lead to an increase in NPAs, warranting cautious attention from financial institutions.

Additionally, the exponential growth of Kisan Credit Cards (KCCs) poses a significant concern. Outstanding KCC loans witnessed a remarkable 25 per cent increase, raising worries about potential loan defaults among farmers and the associated risks for financial institutions.

Recognizing the potential risks, the CLXNS report emphasizes the importance of implementing proactive measures to alleviate the financial burden on farmers and safeguard the stability of the agricultural sector. It suggests support measures like loan restructuring, interest rate relief, and extended repayment schedules to&nbsp;mitigate the impacts of El Nino, ensuring farmers' continued livelihood and the agricultural sector's sustainability.

As the threat of El Nino effect looms large, financial institutions and farmers in India are increasingly concerned about its potential consequences on agricultural loans.

As the threat of El Nino effect looms large, financial institutions and farmers in India are increasingly concerned about its potential consequences on agricultural loans. According to a recent report by CLXNS, a digital-first debt resolution company, cited by CNBC, banks with significant exposure to the agricultural sector face growing vulnerability as they prepare for a potential rise in loan defaults. With historical data indicating the adverse impact of El Nino on crop production, the report urges proactive measures to mitigate the risks and protect the stability of the agricultural sector. Rising Vulnerability and El Nino's Historical Impact The report highlights a concerning trend in banks' agricultural sector exposure. As of January 2023, their total exposure to agriculture loans stood at 14.4 per cent of outstanding loans, representing a significant increase from the previous year's 10.4 per cent. This surge raises urgent questions about the sector's ability to withstand the impending El Nino impact. Past instances of El Nino and its associated droughts have severely affected crop production in India. Data from 2001 to 2020 cited by CNBC shows that the country experienced seven El Nino years, four of which resulted in droughts. These drought years -- 2003, 2005, 2009-10, and 2015-16 -- witnessed kharif or summer-sown farm output declines, leading to inflationary pressures and threatening nearly half of the country's annual food supply. Concerns of Financial Institutions The Reserve Bank of India (RBI) has also expressed concerns about the potential consequences of an El Nino event adversely affecting the southwest monsoon. The RBI's recent bulletin predicts inflation to range tightly between 5.0 and 5.6 per cent over 2023-24, citing global uncertainties. While there was a 15 per cent growth in agricultural lending from October to December 2022, accompanied by a decline in non-performing assets (NPAs), the report by CLXNS warns of the reverse effect that El Nino could have on these numbers. The impending El Nino could lead to an increase in NPAs, warranting cautious attention from financial institutions. Additionally, the exponential growth of Kisan Credit Cards (KCCs) poses a significant concern. Outstanding KCC loans witnessed a remarkable 25 per cent increase, raising worries about potential loan defaults among farmers and the associated risks for financial institutions. Recognizing the potential risks, the CLXNS report emphasizes the importance of implementing proactive measures to alleviate the financial burden on farmers and safeguard the stability of the agricultural sector. It suggests support measures like loan restructuring, interest rate relief, and extended repayment schedules to mitigate the impacts of El Nino, ensuring farmers' continued livelihood and the agricultural sector's sustainability.

Financial Institutions on high alert as El Nino poses risk to farm loans, says report 

Chinese financial firms are undertaking a significant austerity drive as the government seeks to address income inequality and combat corruption within the sector, Reuters reported.

With China's economy facing a slowdown and public discontent growing, authorities have launched initiatives to rein in excessive wealth and lavish lifestyles. These measures include salary cuts, bonus reductions, and guidelines against ostentatious displays of affluence. Both state-owned and private-sector financial firms are taking proactive steps to align themselves with the government's agenda while also aiming to avoid regulatory scrutiny and public backlash.

Implementing Modesty

Employees at a leading Chinese state-owned mutual fund and a mid-sized bank have received directives to abstain from showcasing high-end lifestyles to ensure a more modest representation. This includes refraining from wearing luxury brands or carrying upscale bags at work. In addition, staff members have been cautioned against posting pictures of expensive meals, clothing, or accessories on social media platforms, aiming to avoid attracting regulatory attention and public criticism.

Cracking Down on Excessive Pursuits

China's top anti-corruption watchdog has vowed to eliminate the concept of a Western-style 'financial elite' and curb the indulgent pursuit of 'high-end taste'. Consequently, financial institutions are taking measures to shed their opulent image and align with President Xi Jinping's 'common prosperity' drive, which seeks to bridge the wealth gap and promote societal equality. The initiatives implemented by these firms signal their willingness to prioritize the public's concerns and the government's agenda.

Salary and Bonus Reductions

Leading financial entities, such as CITIC Securities and China International Capital Corp (CICC), are implementing austerity measures by cutting pay and bonuses. CITIC Securities has reduced base salaries in its investment banking division by up to 15 per cent, a notable step in addressing income disparity. Similarly, CICC has decreased this year's bonuses for investment bankers by 30 per cent to 50 per cent compared to the previous year.&nbsp;

Ideological Alignment and Addressing Inequality

Beyond the measures to combat corruption and promote 'common prosperity,' financial firms are also curbing the extravagant lifestyles of their employees to ensure compliance with the Communist Party's principles. Beijing is further strengthening the party's ideological and political role within the financial system by establishing a new financial watchdog. This move is part of a larger reorganization of government bodies during President Xi Jinping's third term. The central bank and securities regulator has also reduced budget allocations for employee salaries as part of broader efforts to reduce income disparity.

Reuters cited Xin Sun, a Chinese and East Asian business professor at King's College London, who highlighted the political significance of the current austerity push. 'Inequality in China has reached a high level for a long time,' says Sun, adding that the distribution of resources and benefits within the regime is a critical political priority for the Communist Party. By cutting back on the benefits of the 'financial elites,' the party aims to address inequality within its ranks to ensure political stability.

(With Inputs From Reuters)

Chinese financial firms are undertaking a significant austerity drive as the government seeks to address income inequality and combat corruption within the sector, Reuters reported.

Chinese financial firms are undertaking a significant austerity drive as the government seeks to address income inequality and combat corruption within the sector, Reuters reported. With China's economy facing a slowdown and public discontent growing, authorities have launched initiatives to rein in excessive wealth and lavish lifestyles. These measures include salary cuts, bonus reductions, and guidelines against ostentatious displays of affluence. Both state-owned and private-sector financial firms are taking proactive steps to align themselves with the government's agenda while also aiming to avoid regulatory scrutiny and public backlash. Implementing Modesty Employees at a leading Chinese state-owned mutual fund and a mid-sized bank have received directives to abstain from showcasing high-end lifestyles to ensure a more modest representation. This includes refraining from wearing luxury brands or carrying upscale bags at work. In addition, staff members have been cautioned against posting pictures of expensive meals, clothing, or accessories on social media platforms, aiming to avoid attracting regulatory attention and public criticism. Cracking Down on Excessive Pursuits China's top anti-corruption watchdog has vowed to eliminate the concept of a Western-style 'financial elite' and curb the indulgent pursuit of 'high-end taste'. Consequently, financial institutions are taking measures to shed their opulent image and align with President Xi Jinping's 'common prosperity' drive, which seeks to bridge the wealth gap and promote societal equality. The initiatives implemented by these firms signal their willingness to prioritize the public's concerns and the government's agenda. Salary and Bonus Reductions Leading financial entities, such as CITIC Securities and China International Capital Corp (CICC), are implementing austerity measures by cutting pay and bonuses. CITIC Securities has reduced base salaries in its investment banking division by up to 15 per cent, a notable step in addressing income disparity. Similarly, CICC has decreased this year's bonuses for investment bankers by 30 per cent to 50 per cent compared to the previous year. Ideological Alignment and Addressing Inequality Beyond the measures to combat corruption and promote 'common prosperity,' financial firms are also curbing the extravagant lifestyles of their employees to ensure compliance with the Communist Party's principles. Beijing is further strengthening the party's ideological and political role within the financial system by establishing a new financial watchdog. This move is part of a larger reorganization of government bodies during President Xi Jinping's third term. The central bank and securities regulator has also reduced budget allocations for employee salaries as part of broader efforts to reduce income disparity. Reuters cited Xin Sun, a Chinese and East Asian business professor at King's College London, who highlighted the political significance of the current austerity push. 'Inequality in China has reached a high level for a long time,' says Sun, adding that the distribution of resources and benefits within the regime is a critical political priority for the Communist Party. By cutting back on the benefits of the 'financial elites,' the party aims to address inequality within its ranks to ensure political stability. (With Inputs From Reuters)

New era of accountability: China’s financial sector adopts austerity measures

Singapore reported its eighth consecutive month of declining annual exports for the month of may. There are also reports indicating that the total employment growth has slowed and job vacancies have decreased for the fourth consecutive quarter, challenging Singapore's position as the most favourable job market for expats. The data coming in from Singapore over the last few months has raised concerns about the possibility of a recession in the country.

Singapore in a technical recession?

Seems like a mixed start for the Asian markets today mostly because of China's loan prime rate decision. Now, the Chinese Central Bank has cut some of its key lending rates to give its ailing rally sector boost.

Asia markets open mixed, consolidate after stellar rally | World Business Watch

Indian edtech giant Byju's has laid off nearly 1,000 employees across all the departments amid its tussle with lenders in the us for a 1 billion dollar term loan.

1,000 lose jobs at Indian edtech Byju's | World Business Watch

A recent report by Clxns, a digital-first debt resolution company, reveals a concerning trend. Banks that hold a significant exposure to agriculture loans are facing growing vulnerability, with the El Nino effect on the horizon, worries escalate over the potential rise in loan defaults among farmers.

El Nino threatens agriculture loans: Farmers & banks at risk | World Business Watch

Indian airline Indigo is all set to dominate the skies. That is courtesy of its request for 500 narrow-body A320 jets from airbus. On the other hand, it is raining good news for the European planemaker, just months after sealing a record deal with TATA.

Indigo makes history with order of 500 Airbus A320s

UK on Monday began implementing a preferential trading scheme with 65 poor and developing countries in a bid to boost the country's trade. UK's international trade minister Nigel Huddleston launched the developing countries trading scheme (DCTS). He said that this scheme will remove or reduce tariffs and simplifies trading rules.

UK's new trade scheme for developing nations

The CBDC or the Central Bank digital currency is all set to go global, thanks to the International Monetary Fund, which is working on a global platform for CBDC transactions. The IMF wants countries to agree on a common framework for digital currencies for easy global transactions.

IMF looking at global platform for digital currencies

Shares of InterGlobe Aviation climbed nearly 3 per cent to hit its 52-week high level during the trade on Tuesday, a day after IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus.

The stock of the parent of IndiGo gained 2.76 per cent to hit its 52-week high of Rs 2,499.95 during the day on the BSE. However, later it trimmed most of the early gains and ended almost flat at Rs 2,438.35, up 0.23 per cent.

At the NSE, shares of the company advanced 2.37 per cent to its 52-week high of Rs 2,490 in intra-day trade. Later, it gave up most of the gains and ended at Rs 2,434.40, up 0.09 per cent. 
In one of the largest-ever aircraft purchases by an airline, IndiGo on Monday announced placing a firm order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth path.

The multi-billion dollar deal comes less than five months after Air India placed orders for 470 aircraft with Airbus and Boeing.

The latest order by IndiGo is the largest-ever aircraft order placed by any airline with Airbus. 
Financial details of the order were not disclosed. The aircraft purchase agreement was signed between the airline and Airbus at the Paris Air Show 2023.

The latest order will provide IndiGo a further steady stream of deliveries between 2030 and 2035, the airline said in a release. Currently, IndiGo operates more than 300 aircraft. It has previous orders totalling 480 aircraft, which are yet to be delivered.

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Shares of InterGlobe Aviation climbed nearly 3 per cent to hit its 52-week high level during the trade on Tuesday, a day after IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus.

Shares of InterGlobe Aviation climbed nearly 3 per cent to hit its 52-week high level during the trade on Tuesday, a day after IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus. The stock of the parent of IndiGo gained 2.76 per cent to hit its 52-week high of Rs 2,499.95 during the day on the BSE. However, later it trimmed most of the early gains and ended almost flat at Rs 2,438.35, up 0.23 per cent. At the NSE, shares of the company advanced 2.37 per cent to its 52-week high of Rs 2,490 in intra-day trade. Later, it gave up most of the gains and ended at Rs 2,434.40, up 0.09 per cent. In one of the largest-ever aircraft purchases by an airline, IndiGo on Monday announced placing a firm order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth path. The multi-billion dollar deal comes less than five months after Air India placed orders for 470 aircraft with Airbus and Boeing. The latest order by IndiGo is the largest-ever aircraft order placed by any airline with Airbus. Financial details of the order were not disclosed. The aircraft purchase agreement was signed between the airline and Airbus at the Paris Air Show 2023. The latest order will provide IndiGo a further steady stream of deliveries between 2030 and 2035, the airline said in a release. Currently, IndiGo operates more than 300 aircraft. It has previous orders totalling 480 aircraft, which are yet to be delivered. WATCH WION LIVE HERE

InterGlobe Aviation shares hit 52-week high in intra-day trade

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported. IMF Managing Director Kristalina Georgieva emphasized the need for interoperability between countries during a conference attended by African central banks in Rabat, Morocco, on Monday. Unlike decentralized cryptocurrencies, CBDCs are digital currencies controlled by central banks.&nbsp;

Georgieva stated that CBDCs should transcend national boundaries and not remain fragmented propositions within individual countries. To achieve this, she said that the IMF has been working towards a common regulatory framework that will enable seamless global interoperability for CBDCs. Failure to establish such a platform could create a void that cryptocurrencies will likely fill, she added.&nbsp;

Backing the 'official' digital currency

Georgieva highlighted that 114 central banks worldwide are already exploring CBDCs, with approximately 10 having made substantial progress in their implementation. She also stressed that the potential of CBDCs would be underutilized if they were solely developed for domestic use. By connecting countries and facilitating cross-border transactions, CBDCs could enhance financial inclusion and reduce the costs of remittances. Currently, the average cost of money transfers amounts to 6.3 per cent, equivalent to $44 billion annually.

Georgieva further emphasized the importance of backing CBDCs with assets. While acknowledging the investment potential of cryptocurrencies backed by assets, she cautioned against speculative investments in cryptocurrencies lacking such support.

Tracking the global rise of CBDC&nbsp;

The rise in CBDC exploration is evident as per US-based&nbsp;think tank Atlantic Council, with 114 countries—representing over 95 percent of global GDP—actively considering or advancing CBDC projects. In contrast, in May 2020, only 35 countries were contemplating CBDCs. Presently, 60 countries are in an advanced exploration phase, including development, pilot testing, or launch.

Eleven nations have already fully launched their CBDCs, with China's pilot project reaching approximately 260 million people and expanding across the country in 2023. The most recent addition to the list is Jamaica, which introduced its own CBDC called JAM-DEX.

The imposition of financial sanctions on Russia has spurred countries to seek alternative payment systems that circumvent the dominance of the U.S. dollar. As a result, there are currently nine cross-border wholesale CBDC tests and seven cross-border retail projects, almost double the number compared to the previous year.

Throughout 2023, more than 20 countries are expected to take significant steps towards piloting their CBDCs. Australia, Thailand, Brazil, India, South Korea, and Russia intend to commence or continue pilot testing next year. Additionally, the European Central Bank (ECB) is likely to initiate its CBDC pilot in the near future.

As of December 2022, all G7 economies have transitioned from research to the development stage of CBDCs. Notably, the New York Federal Reserve's wholesale CBDC experiment, Project Cedar, propelled the United States into the development phase.

Among the G20 countries, 18 have reached the advanced stage of CBDC development, with seven already in the pilot phase. Almost every G20 nation has made substantial progress and allocated significant resources to CBDC projects in the past six months.

(With inputs from agencies)&nbsp;

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported.

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported. IMF Managing Director Kristalina Georgieva emphasized the need for interoperability between countries during a conference attended by African central banks in Rabat, Morocco, on Monday. Unlike decentralized cryptocurrencies, CBDCs are digital currencies controlled by central banks. Georgieva stated that CBDCs should transcend national boundaries and not remain fragmented propositions within individual countries. To achieve this, she said that the IMF has been working towards a common regulatory framework that will enable seamless global interoperability for CBDCs. Failure to establish such a platform could create a void that cryptocurrencies will likely fill, she added. Backing the 'official' digital currency Georgieva highlighted that 114 central banks worldwide are already exploring CBDCs, with approximately 10 having made substantial progress in their implementation. She also stressed that the potential of CBDCs would be underutilized if they were solely developed for domestic use. By connecting countries and facilitating cross-border transactions, CBDCs could enhance financial inclusion and reduce the costs of remittances. Currently, the average cost of money transfers amounts to 6.3 per cent, equivalent to $44 billion annually. Georgieva further emphasized the importance of backing CBDCs with assets. While acknowledging the investment potential of cryptocurrencies backed by assets, she cautioned against speculative investments in cryptocurrencies lacking such support. Tracking the global rise of CBDC The rise in CBDC exploration is evident as per US-based think tank Atlantic Council, with 114 countries—representing over 95 percent of global GDP—actively considering or advancing CBDC projects. In contrast, in May 2020, only 35 countries were contemplating CBDCs. Presently, 60 countries are in an advanced exploration phase, including development, pilot testing, or launch. Eleven nations have already fully launched their CBDCs, with China's pilot project reaching approximately 260 million people and expanding across the country in 2023. The most recent addition to the list is Jamaica, which introduced its own CBDC called JAM-DEX. The imposition of financial sanctions on Russia has spurred countries to seek alternative payment systems that circumvent the dominance of the U.S. dollar. As a result, there are currently nine cross-border wholesale CBDC tests and seven cross-border retail projects, almost double the number compared to the previous year. Throughout 2023, more than 20 countries are expected to take significant steps towards piloting their CBDCs. Australia, Thailand, Brazil, India, South Korea, and Russia intend to commence or continue pilot testing next year. Additionally, the European Central Bank (ECB) is likely to initiate its CBDC pilot in the near future. As of December 2022, all G7 economies have transitioned from research to the development stage of CBDCs. Notably, the New York Federal Reserve's wholesale CBDC experiment, Project Cedar, propelled the United States into the development phase. Among the G20 countries, 18 have reached the advanced stage of CBDC development, with seven already in the pilot phase. Almost every G20 nation has made substantial progress and allocated significant resources to CBDC projects in the past six months. (With inputs from agencies)

IMF backs a global central bank-backed digital currency network

India's nifty 50 which closed at a new record high on Friday Indian markets have been worked by a favorable monetary policy by the country's Central Bank The Reserve Bank of India paused its rate hikes for a second straight month better than expected queue for earnings and favorable macroeconomic scenario that seems to be aiding the Indian markets analysts predict the nifty 50 to our performance Asian pairs this year as the Indian economy remains relatively insulated to Global risk in the United States all three major indices ended the last trading session of the week in red that's mostly because Microsoft shares witnessed a session of profit booking after rallying in the past few weeks on to the oil markets then Global Benchmark crew that's trading below 75 dollars a barrel as demand concerns grow due to recession in the Eurozone

Analysts expect risk on sentiment for equities

The rival between the United States and china has taken yet another turn after US treasury department kept China, along with six other countries, in the 'monitoring list' for potential currency manipulation. While the US fell short of calling China 'a currency manipulator', it did raise concerns around Xhina's opaque exchange rate policy.

Yuan in US-China crossfire

Trade between India and Egypt will soon enter a new era. The two nations may start a barter trade as part of a larger deal to issue a credit line to Egypt. Sources tell Reuters that such a deal may be announced, when Indian PM Narendra Modi visits Egypt later this week.

India-Egypt may start barter trade: Sources

The Bangladesh bank has raised interest rates, signaling a tight monetary policy for the first half of the new fiscal year. These measures come as Bangladesh faces inflationary pressures stemming from pandemic-related spending, surging commodity prices and a weaker taka currency. Consumer prices rose by 9.94% in may, surpassing the average inflation target of 6%.

Bangladesh bank raises interest rates | World Business Watch

Indian budget carrier IndiGo said on Monday (June 19) that it had ordered a record 500 A320 planes from French manufacturer Airbus. The latest purchase&nbsp;has eclipsed Air India's purchase of 470 jets earlier this year and has set a new record. The multi-billion dollar purchase is the largest ever by number of aircraft.

The deal has come through after months of negotiations.

"This is just the beginning, there's more going forward. With the growth of India (and) the growth of the Indian aviation market ... this is the right time for us to place this order," Chief Executive Pieter Elbers told a news conference.

AFP reported that the list price is USD 55 billion. Closely-held actual sale prices are normally lower. This deal is the largest ever in civil aviation.

The planes will be delivered between 2030 and 2035.

The order also makes IndiGo Airbus' largest customer for A320 planes. IndiGo is racing to expand as travel rebounds in India in the post-pandemic period.

IndiGo, a no-frills carrier, is one of India's largest domestic flight operators. India was the world's fastest-growing air passenger market before the coronavirus pandemic.

The previous record-holder for the largest single order was Air India. In February 2023, Air India ordered 470 aircraft. The carrier had placed orders with Airbus and also with its US competitor Boeing.

A June 1 report by Barclays says that Indian carriers now have the second-largest order book and have a six&nbsp;per cent share of the industry backlog, behind only the US.

IndiGo accounts for about 60 per cent of India's domestic aviation market. The carrier was widely expected to keep Airbus as its supplier of single-aisle jets.

Indian carriers now have the second-largest order book, with an over six per cent&nbsp;share of the industry backlog, behind only the United States, according to a June 1 report by Barclays.

But some analysts have expressed concern that airlines could be over-ordering jets in pursuit of the same passengers.

Reuters said, quoting sources, that IndiGo is holding separate talks with Airbus and rival Boeing for 25 widebody planes. These would either be Airbus A330neos or Boeing 787 jets.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Indian budget carrier IndiGo said on Monday (June 19) that it had ordered a record 500 A320 planes from French manufacturer Airbus. The latest purchase has eclipsed Air India's purchase of 470 jets earlier this year and has set a new record.

Indian budget carrier IndiGo said on Monday (June 19) that it had ordered a record 500 A320 planes from French manufacturer Airbus. The latest purchase has eclipsed Air India's purchase of 470 jets earlier this year and has set a new record. The multi-billion dollar purchase is the largest ever by number of aircraft. The deal has come through after months of negotiations. "This is just the beginning, there's more going forward. With the growth of India (and) the growth of the Indian aviation market ... this is the right time for us to place this order," Chief Executive Pieter Elbers told a news conference. AFP reported that the list price is USD 55 billion. Closely-held actual sale prices are normally lower. This deal is the largest ever in civil aviation. The planes will be delivered between 2030 and 2035. The order also makes IndiGo Airbus' largest customer for A320 planes. IndiGo is racing to expand as travel rebounds in India in the post-pandemic period. IndiGo, a no-frills carrier, is one of India's largest domestic flight operators. India was the world's fastest-growing air passenger market before the coronavirus pandemic. The previous record-holder for the largest single order was Air India. In February 2023, Air India ordered 470 aircraft. The carrier had placed orders with Airbus and also with its US competitor Boeing. A June 1 report by Barclays says that Indian carriers now have the second-largest order book and have a six per cent share of the industry backlog, behind only the US. IndiGo accounts for about 60 per cent of India's domestic aviation market. The carrier was widely expected to keep Airbus as its supplier of single-aisle jets. Indian carriers now have the second-largest order book, with an over six per cent share of the industry backlog, behind only the United States, according to a June 1 report by Barclays. But some analysts have expressed concern that airlines could be over-ordering jets in pursuit of the same passengers. Reuters said, quoting sources, that IndiGo is holding separate talks with Airbus and rival Boeing for 25 widebody planes. These would either be Airbus A330neos or Boeing 787 jets. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

IndiGo seals biggest-ever deal in aviation history, orders 500 Airbus planes

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor.

In 2022-23, foreign direct investment (FDI) from the UAE to India stood at $3.35 billion. This was a three-fold increase from 1.03 billion dollars in 2021-22. The three-fold jump has also helped the UAE to rise from the seventh position it held in 2021-22.

As per reports, the UAE majorly invests in services, sea transport, power, and construction activities across India.

In the fiscal year 2022-23, Singapore was the largest investor in india, with investments worth $17.2 billion. The Southeast Asian city-state was followed by the island nation of Mauritius, which sent $6.1 billion in investments. The third place was taken by the United States with $6 billion worth of investments.&nbsp;

The West Asian country accounts for about 2.5 percent of the total FDI that India received in the last 23 years (April 2000 and March 2023). During this period, India has attracted $15.6 billion worth of investment&nbsp;from the UAE, the data showed.

Experts say that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was came into effect in May last year, has played a key role in boosting UAE's investments in India.

Under the bilateral deal, a number of goods from both countries are getting zero-duty access to each other's markets. Besides that, norms for promoting investments have been eased.

"Apart from CEPA, another growth engine of FDI from UAE in India is the investment commitment from UAE. UAE has committed to invest $75 billion in the Indian infrastructure sector over a period of time. It has also committed to partner with India in the renewable energy sector," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas &amp; Co, told PTI.&nbsp;

(With inputs from agencies)&nbsp;

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor.

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor. In 2022-23, foreign direct investment (FDI) from the UAE to India stood at $3.35 billion. This was a three-fold increase from 1.03 billion dollars in 2021-22. The three-fold jump has also helped the UAE to rise from the seventh position it held in 2021-22. As per reports, the UAE majorly invests in services, sea transport, power, and construction activities across India. In the fiscal year 2022-23, Singapore was the largest investor in india, with investments worth $17.2 billion. The Southeast Asian city-state was followed by the island nation of Mauritius, which sent $6.1 billion in investments. The third place was taken by the United States with $6 billion worth of investments. The West Asian country accounts for about 2.5 percent of the total FDI that India received in the last 23 years (April 2000 and March 2023). During this period, India has attracted $15.6 billion worth of investment from the UAE, the data showed. Experts say that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was came into effect in May last year, has played a key role in boosting UAE's investments in India. Under the bilateral deal, a number of goods from both countries are getting zero-duty access to each other's markets. Besides that, norms for promoting investments have been eased. "Apart from CEPA, another growth engine of FDI from UAE in India is the investment commitment from UAE. UAE has committed to invest $75 billion in the Indian infrastructure sector over a period of time. It has also committed to partner with India in the renewable energy sector," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co, told PTI. (With inputs from agencies)

UAE emerges as India's fourth largest source of foreign investment

Nigeria’s newly elected President Bola Tinubu has wasted no time in implementing a series of much-needed reforms aimed at realising the potential of Africa's largest economy, after a decade-long swing between slowdown and inflation.&nbsp;

<h2>Nigeria economic reforms: What do Tinubu’s reforms entail?</h2>

The reforms have been cited as bold and comprehensive.&nbsp;

They include the elimination of a costly fuel subsidy, the replacement of the country's central bank governor, and the initiation of a deep overhaul of Nigeria's power industry described as chronically inadequate in recent memory.

<h2>Nigeria economic reforms: What do they mean?</h2>

The measures have garnered a positive response, with Nigeria's dollar bonds experiencing a rally and stocks reaching a 15-year high as per a Bloomberg report. The economic reforms have been reported as Nigeria’s shift towards economic orthodoxy – unconventional leadership decisions taken with an aim towards overall betterment of the economy in the face of scarcity.

Also read |&nbsp;<a href="https://www.wionews.com/world/nigerians-have-chosen-well-president-muhammudu-buhari-hails-successor-tinubu-597537">'Nigerians have chosen well': President Muhammudu Buhari hails successor Tinubu</a>

While there remains skepticism on overall implementation of the reforms given the country's tumultuous history of leaders failing to scale through the initial economic optimism, investors view these policy changes as the beginning of a broader economic transformation.&nbsp;

The shift also aligns Nigeria with other countries like Turkey and Colombia, where similar policy changes have generated market enthusiasm after authorities signaled a departure from investor-unfriendly economic practices.

In a Bloomberg report, Amaka Anku, Africa director at Eurasia Group, commended the swift implementation of challenging reforms during the initial period of Tinubu's presidency.

This demonstrates determination and creates momentum and goodwill, which in turn boosts both domestic and international confidence and encourages investment, he noted.

<h2>Nigeria economic reforms: Ordinary Nigerians face burden</h2>

Meanwhile, the negative effects of these adjustments are primarily affecting the currency and the Nigerian population itself. The currency naira has significantly depreciated against the dollar since Tinubu assumed office, while the price of petrol has tripled.&nbsp;

This combination is expected to burden ordinary Nigerians, who are already grappling with widespread unemployment and soaring inflation.

Consumer inflation rate could&nbsp;climb as high as 29.8 per cent in June, from 22.4 per cent in May, as rising gasoline prices lift the cost of food and transport, according to Rand Merchant Bank analysts cited in Bloomberg.&nbsp;

This could force the central bank to raise its policy rate to 22 per cent in the second half, from 18.5 per cent, they said.

<h2>Nigeria economic reforms: Stocks rise after firing of&nbsp;central bank governor</h2>

Nigerian stocks and Eurobonds have continued to rise since the ousting of Godwin Emefiele, the former head of the Central Bank of Nigeria, on June 9.&nbsp;

Investors interpret his dismissal, along with his subsequent arrest, as an indication that President Tinubu will adopt a more market-friendly approach compared to his predecessor, Muhammadu Buhari.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-the-political-life-of-president-muhammadu-buhari-who-bid-farewell-to-nigeria-597476">Explained: The political life of outgoing Nigerian President Muhammadu Buhari</a>

Buhari's multiple exchange rate regime, which hindered the economy, was largely attributed to Emefiele, making him unpopular among the new president's allies.

Gordon Bowers, an analyst at Columbia Threadneedle Investments, described that the removal of the fuel subsidy and foreign exchange reforms will positively impact Nigeria's fiscal and external accounts, reducing long-standing distortions.&nbsp;

These reforms were considered essential minimum requirements, allowing Tinubu to shift his focus to growth-oriented and productivity-enhancing reforms that can substantially raise Nigeria's potential growth rate.

<h2>Nigeria economic reforms: Where would the currency settle?</h2>

The ultimate settling price for the naira under the new administration remains uncertain. But a pre-election report from a Tinubu advisory committee suggested a target range of 550-600 naira per dollar, with commercial banks acting as primary dealers through a willing-buyer-willing-seller model.

Experts anticipate further depreciation of the currency before it stabilises at a significantly weaker level.

Also watch |&nbsp;Nigeria's Naira hits record low

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JPMorgan analysts cited by Bloomberg previously indicated that the exchange rate should be adjusted to approximately 700-750 naira per dollar.

Despite concerns about the government's ability to maintain momentum, markets have responded positively to Tinubu's ambitious policy shift.&nbsp;

Tinubu is currently working alongside his chief of staff, advisers, an interim central bank chief, and a trusted informal team, having not yet appointed ministers.

<h2>Nigeria economic reforms: What else is on cards?</h2>

In addition to the aforementioned reforms, Tinubu's team is advocating for significant changes in Nigeria's oil and gas sector, aiming to reduce the role of the state energy company, which had expanded under Tinubu’s predecessor.&nbsp;

Last week, Nigeria’s national assembly passed legislation that’s expected to set off the biggest shakeup of the West African nation’s chronically inadequate power industry in almost two decades.

Further reforms will be necessary to get Nigeria’s economy back on track, experts say.&nbsp;

According to Amaka Anku, Africa director at Eurasia Group, the Tinubu administration will have to "focus on the harder, more long-term stuff, especially boosting revenue generation."&nbsp;

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Nigeria’s newly elected President Bola Tinubu has wasted no time in implementing a series of much-needed reforms aimed at realising the potential of Africa's largest economy, after a decade-long swing between slowdown and inflation.

Nigeria’s newly elected President Bola Tinubu has wasted no time in implementing a series of much-needed reforms aimed at realising the potential of Africa's largest economy, after a decade-long swing between slowdown and inflation. Nigeria economic reforms: What do Tinubu’s reforms entail? The reforms have been cited as bold and comprehensive. They include the elimination of a costly fuel subsidy, the replacement of the country's central bank governor, and the initiation of a deep overhaul of Nigeria's power industry described as chronically inadequate in recent memory. Nigeria economic reforms: What do they mean? The measures have garnered a positive response, with Nigeria's dollar bonds experiencing a rally and stocks reaching a 15-year high as per a Bloomberg report. The economic reforms have been reported as Nigeria’s shift towards economic orthodoxy – unconventional leadership decisions taken with an aim towards overall betterment of the economy in the face of scarcity. Also read | 'Nigerians have chosen well': President Muhammudu Buhari hails successor Tinubu While there remains skepticism on overall implementation of the reforms given the country's tumultuous history of leaders failing to scale through the initial economic optimism, investors view these policy changes as the beginning of a broader economic transformation. The shift also aligns Nigeria with other countries like Turkey and Colombia, where similar policy changes have generated market enthusiasm after authorities signaled a departure from investor-unfriendly economic practices. In a Bloomberg report, Amaka Anku, Africa director at Eurasia Group, commended the swift implementation of challenging reforms during the initial period of Tinubu's presidency. This demonstrates determination and creates momentum and goodwill, which in turn boosts both domestic and international confidence and encourages investment, he noted. Nigeria economic reforms: Ordinary Nigerians face burden Meanwhile, the negative effects of these adjustments are primarily affecting the currency and the Nigerian population itself. The currency naira has significantly depreciated against the dollar since Tinubu assumed office, while the price of petrol has tripled. This combination is expected to burden ordinary Nigerians, who are already grappling with widespread unemployment and soaring inflation. Consumer inflation rate could climb as high as 29.8 per cent in June, from 22.4 per cent in May, as rising gasoline prices lift the cost of food and transport, according to Rand Merchant Bank analysts cited in Bloomberg. This could force the central bank to raise its policy rate to 22 per cent in the second half, from 18.5 per cent, they said. Nigeria economic reforms: Stocks rise after firing of central bank governor Nigerian stocks and Eurobonds have continued to rise since the ousting of Godwin Emefiele, the former head of the Central Bank of Nigeria, on June 9. Investors interpret his dismissal, along with his subsequent arrest, as an indication that President Tinubu will adopt a more market-friendly approach compared to his predecessor, Muhammadu Buhari. Also read | Explained: The political life of outgoing Nigerian President Muhammadu Buhari Buhari's multiple exchange rate regime, which hindered the economy, was largely attributed to Emefiele, making him unpopular among the new president's allies. Gordon Bowers, an analyst at Columbia Threadneedle Investments, described that the removal of the fuel subsidy and foreign exchange reforms will positively impact Nigeria's fiscal and external accounts, reducing long-standing distortions. These reforms were considered essential minimum requirements, allowing Tinubu to shift his focus to growth-oriented and productivity-enhancing reforms that can substantially raise Nigeria's potential growth rate. Nigeria economic reforms: Where would the currency settle? The ultimate settling price for the naira under the new administration remains uncertain. But a pre-election report from a Tinubu advisory committee suggested a target range of 550-600 naira per dollar, with commercial banks acting as primary dealers through a willing-buyer-willing-seller model. Experts anticipate further depreciation of the currency before it stabilises at a significantly weaker level. Also watch | Nigeria's Naira hits record low × JPMorgan analysts cited by Bloomberg previously indicated that the exchange rate should be adjusted to approximately 700-750 naira per dollar. Despite concerns about the government's ability to maintain momentum, markets have responded positively to Tinubu's ambitious policy shift. Tinubu is currently working alongside his chief of staff, advisers, an interim central bank chief, and a trusted informal team, having not yet appointed ministers. Nigeria economic reforms: What else is on cards? In addition to the aforementioned reforms, Tinubu's team is advocating for significant changes in Nigeria's oil and gas sector, aiming to reduce the role of the state energy company, which had expanded under Tinubu’s predecessor. Last week, Nigeria’s national assembly passed legislation that’s expected to set off the biggest shakeup of the West African nation’s chronically inadequate power industry in almost two decades. Further reforms will be necessary to get Nigeria’s economy back on track, experts say. According to Amaka Anku, Africa director at Eurasia Group, the Tinubu administration will have to "focus on the harder, more long-term stuff, especially boosting revenue generation." WATCH WION LIVE HERE

Explained | Why Nigeria's economic reforms under President Tinubu are creating a buzz

In times of high consumerism you must be familiar with the term influencer culture it's a marketing phenomenon that took over social media and went viral a few years ago. Recently, several brand promoters and social media platforms celebrities have taken a U-turn and now indulge in a new form of influence-driven marketing called de-influencing. Keep watching to know more.

The growing popularity of 'de-influencing'