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In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision.

As per an AFP report, the figures fell below analysts' expectations, providing some relief for the US Federal Reserve as it considers a return to interest rate hikes later this month that will help address persistent inflation above its long-term target of two per cent.

<h2>What the US Labour Department said</h2>

According to the Labour Department, the world's largest economy added 209,000 jobs last month, a decline from the revised figure of 306,000 in May. However, the unemployment rate slightly decreased to 3.6 per cent, remaining close to historically low levels.

The number of new jobs created fell short of the median expectation of 240,000 in a survey conducted by MarketWatch, while the unemployment rate aligned with predictions.

Also read | <a href="https://www.wionews.com/business-economy/two-bangladeshi-banks-introduce-indian-rupee-trade-transactions-to-bolster-foreign-reserves-613220">Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves</a>

However, despite the slowdown in job creation, experts believe that the Fed is unlikely to postpone another interest rate hike at its upcoming meeting.

Talking to AFP, Oxford Economics' lead US economist, Oren Klachkin, said that "It's a step in the right direction but we're not near the level that we would need to see to be convinced that the labour market is significantly cooling down".

Although job growth has eased, average hourly earnings increased by 0.4 per cent on a monthly basis and rose by 4.4 per cent annually.

<h2>'Bidenomics in action'</h2>

President Joe Biden referred to Friday's jobs report as evidence of his economic policies, stating that the economy added over 200,000 jobs in June, totalling 13.2 million jobs since he took office.

"That's more jobs added in two and a half years than any president has ever created in a four-year term," bragged Biden.

Also read | <a href="https://www.wionews.com/world/in-his-latest-bidenomics-speech-biden-touts-achievements-613035">In his latest 'Bidenomics' speech, Biden touts achievements</a>

The employment growth primarily came from sectors such as government, healthcare, social assistance, and construction.

<h2>A hike in June is certain</h2>

Minutes from the Fed's last rate decision revealed that several members of its rate-setting committee supported an interest rate hike in June to address high inflation.

AFP reports that while ultimately, the Federal Open Market Committee (FOMC) voted to pause the consecutive rate increases, it indicated the likelihood of two additional increases by the end of the year to bring inflation back down.

KPMG's chief economist, Diane Swonk, said that the Fed is expected to raise rates by at least another half per cent before pausing, with a hike in July being highly probable. However, futures traders are reportedly assigning a nearly 95 per cent probability that the Fed will raise its base rate by a quarter percentage point at the upcoming meeting on July 25-26, as per data from CME Group.

(With inputs from agencies)

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In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision.

In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision. As per an AFP report, the figures fell below analysts' expectations, providing some relief for the US Federal Reserve as it considers a return to interest rate hikes later this month that will help address persistent inflation above its long-term target of two per cent. What the US Labour Department said According to the Labour Department, the world's largest economy added 209,000 jobs last month, a decline from the revised figure of 306,000 in May. However, the unemployment rate slightly decreased to 3.6 per cent, remaining close to historically low levels. The number of new jobs created fell short of the median expectation of 240,000 in a survey conducted by MarketWatch, while the unemployment rate aligned with predictions. Also read | Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves However, despite the slowdown in job creation, experts believe that the Fed is unlikely to postpone another interest rate hike at its upcoming meeting. Talking to AFP, Oxford Economics' lead US economist, Oren Klachkin, said that "It's a step in the right direction but we're not near the level that we would need to see to be convinced that the labour market is significantly cooling down". Although job growth has eased, average hourly earnings increased by 0.4 per cent on a monthly basis and rose by 4.4 per cent annually. 'Bidenomics in action' President Joe Biden referred to Friday's jobs report as evidence of his economic policies, stating that the economy added over 200,000 jobs in June, totalling 13.2 million jobs since he took office. "That's more jobs added in two and a half years than any president has ever created in a four-year term," bragged Biden. Also read | In his latest 'Bidenomics' speech, Biden touts achievements The employment growth primarily came from sectors such as government, healthcare, social assistance, and construction. A hike in June is certain Minutes from the Fed's last rate decision revealed that several members of its rate-setting committee supported an interest rate hike in June to address high inflation. AFP reports that while ultimately, the Federal Open Market Committee (FOMC) voted to pause the consecutive rate increases, it indicated the likelihood of two additional increases by the end of the year to bring inflation back down. KPMG's chief economist, Diane Swonk, said that the Fed is expected to raise rates by at least another half per cent before pausing, with a hike in July being highly probable. However, futures traders are reportedly assigning a nearly 95 per cent probability that the Fed will raise its base rate by a quarter percentage point at the upcoming meeting on July 25-26, as per data from CME Group. (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.

US hiring falls short of expectations in June, signalling cooling economy ahead of Fed decision

There's some good news for grounded Indian airline Go First. A Singapore arbitration court has ordered US engine maker Pratt & Whitney to deliver five engines per month between august and December 2023 to the budget airline.

Go First gets relief from Singapore arbitration court

Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday. This move comes as Bangladesh aims to strengthen its declining foreign exchange reserves.

Traditionally, trade transactions in Bangladesh have been conducted exclusively in US dollars. However, Reuters reports that state-owned Sonali Bank and Eastern Bank have recently opened "nostro" accounts in rupees with India's State Bank of India and ICICI Bank, respectively.

<h2>Nostro bank accounts</h2>

The establishment of these nostro accounts will allow the banks to hold funds in rupees abroad and facilitate international trade and foreign exchange transactions, reports Reuters.

According to Afzal Karim, the managing director of Sonali Bank, "This is just the beginning. More banks will join us in the coming days."

The introduction of Indian rupee trade transactions is anticipated to alleviate pressure on Bangladesh's foreign reserves, he added.

Also read | <a href="https://www.wionews.com/south-asia/taliban-orders-closure-of-hair-and-beauty-salons-in-afghanistan-further-restricting-womens-rights-611826">Taliban order closure of hair and beauty salons in Afghanistan, further restricting women's rights</a>

"It will ease pressure on the foreign reserves."

The exchange rate mechanism for these transactions will be determined on a cross-currency basis by individual banks, with a formal announcement scheduled for July 11, according to Ali Reza Iftekhar, the managing director of Eastern Bank.

<h2>Why did Bangladesh introduce transactions in Indian Rupee</h2>

Talking to Reuters, Iftekhar said that by incorporating the Indian Rupee in trade with India, Bangladesh aims to establish a convenient and cost-effective mechanism for cross-border transactions.

"The use of the Indian Rupee in India-Bangladesh trade provides a convenient and cost-effective mechanism for conducting cross-border transactions, contributing to the strengthening of economic ties between the two nations," he said.

<h2>Bilateral relationship and Bangladesh's financial troubles</h2>

India stands as Bangladesh's second-largest import source after China. In the year leading up to June 2022, Bangladesh's exports to India amounted to $2 billion, while imports from India reached $13.69 billion.

Also read | <a href="https://www.wionews.com/south-asia/pakistan-thieves-would-use-police-van-to-loot-cooking-oil-now-arrested-613018">Pakistan: Gang of thieves looting cooking oil busted; used police van for crime, three arrested</a>

Bangladesh has been facing challenges in paying for imported fuel due to a shortage of US dollars. Its dollar reserves have also seen a decline of over a third since Russia's invasion of Ukraine in February 2022, reaching a seven-year low of $31.60 billion.

The devaluation of Bangladesh's currency, the 'Taka', by more than a sixth in the past 12 months through May further adds to the country's economic struggles.

(With inputs from agencies)

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Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday.

Two major banks in Bangladesh, including the largest state-owned lender, are planning to introduce trade transactions denominated in Indian rupees, announced officials on Friday. This move comes as Bangladesh aims to strengthen its declining foreign exchange reserves. Traditionally, trade transactions in Bangladesh have been conducted exclusively in US dollars. However, Reuters reports that state-owned Sonali Bank and Eastern Bank have recently opened "nostro" accounts in rupees with India's State Bank of India and ICICI Bank, respectively. Nostro bank accounts The establishment of these nostro accounts will allow the banks to hold funds in rupees abroad and facilitate international trade and foreign exchange transactions, reports Reuters. According to Afzal Karim, the managing director of Sonali Bank, "This is just the beginning. More banks will join us in the coming days." The introduction of Indian rupee trade transactions is anticipated to alleviate pressure on Bangladesh's foreign reserves, he added. Also read | Taliban order closure of hair and beauty salons in Afghanistan, further restricting women's rights "It will ease pressure on the foreign reserves." The exchange rate mechanism for these transactions will be determined on a cross-currency basis by individual banks, with a formal announcement scheduled for July 11, according to Ali Reza Iftekhar, the managing director of Eastern Bank. Why did Bangladesh introduce transactions in Indian Rupee Talking to Reuters, Iftekhar said that by incorporating the Indian Rupee in trade with India, Bangladesh aims to establish a convenient and cost-effective mechanism for cross-border transactions. "The use of the Indian Rupee in India-Bangladesh trade provides a convenient and cost-effective mechanism for conducting cross-border transactions, contributing to the strengthening of economic ties between the two nations," he said. Bilateral relationship and Bangladesh's financial troubles India stands as Bangladesh's second-largest import source after China. In the year leading up to June 2022, Bangladesh's exports to India amounted to $2 billion, while imports from India reached $13.69 billion. Also read | Pakistan: Gang of thieves looting cooking oil busted; used police van for crime, three arrested Bangladesh has been facing challenges in paying for imported fuel due to a shortage of US dollars. Its dollar reserves have also seen a decline of over a third since Russia's invasion of Ukraine in February 2022, reaching a seven-year low of $31.60 billion. The devaluation of Bangladesh's currency, the 'Taka', by more than a sixth in the past 12 months through May further adds to the country's economic struggles. (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.

Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves

A recent report by B4Ukraine and the Kyiv School of Economics shed light on the financial activities of global corporations operating in Russia, exposing their significant revenues and minimal tax contributions. The report suggests that these corporations, some claiming to have exited the Russian market, indirectly fund the ongoing conflict and severe breaches of international human rights and humanitarian law in Ukraine. The findings raise concerns about the ethical implications of their operations and the role of corporate finance in sustaining regional tensions.

Revenue and Tax Contributions

According to the report, global corporations accumulated over $213.9 billion in revenues from their local Russian businesses in 2022, generating profits of $14.1 billion. Surprisingly, the companies paid a mere $3.1 billion in profit tax, potentially underestimating their total tax bill. These findings indicate a substantial disconnect between their substantial revenues and minimal tax contributions.

The report highlights that companies headquartered in European Union (EU) member states alone earned $75.2 billion in 2022. However, their profit tax payment amounted to just $594 million, revealing a significant disparity. Meanwhile, U.S. companies emerged as the largest contributors to the Kremlin's coffers, collecting the highest total revenues in Russia and paying $712 million in profit tax. German companies followed closely, contributing $402 million in profit tax. In total, G7 and EU countries represented 16 out of the top 20 contributors to profit tax in Russia during the same period.

Industries and Essential Goods

The report further identifies the industries that witnessed the highest revenues in Russia in 2022. Alcohol and tobacco, fast-moving consumer goods (FMCG), and automobiles emerged as the top sectors. Notably, the FMCG sector accounted for over $21 billion in revenues. Major European brands, including Unilever, Danone, and Nestlé, were prominent players in this sector. Despite scaling back some of their activities since the invasion, these companies have chosen to maintain a presence in Russia. Their argument for remaining is often centered around the 'essential'&nbsp;nature of the goods they supply. However, the report highlights concerns regarding the broadening definition of 'essential,' which now encompasses products like shampoo, aftershave, and confectionery. Many companies were reluctant to disclose the criteria they used to classify goods as essential or non-essential.

Implications and Global Responsibility

The findings of the report raise serious questions about the indirect financing of the conflict and human rights abuses in Ukraine by global corporations. The disproportionately low tax contributions compared to their substantial revenues suggest a potential lack of accountability and responsibility. As tensions in the region continue to escalate, the role of these corporations in financially supporting the conflict becomes a matter of global concern. The impact extends beyond profit and tax figures, directly affecting human rights and international relations.

The report serves as a call to action, urging corporations to reassess their operations and take responsibility for the consequences of their financial activities. Transparency and ethical considerations should guide their decision-making processes, particularly regarding engagement in regions marred by conflict and human rights concerns.

(With Inputs from Agencies)

A recent report by B4Ukraine and the Kyiv School of Economics shed light on the financial activities of global corporations operating in Russia, exposing their significant revenues and minimal tax contributions.

A recent report by B4Ukraine and the Kyiv School of Economics shed light on the financial activities of global corporations operating in Russia, exposing their significant revenues and minimal tax contributions. The report suggests that these corporations, some claiming to have exited the Russian market, indirectly fund the ongoing conflict and severe breaches of international human rights and humanitarian law in Ukraine. The findings raise concerns about the ethical implications of their operations and the role of corporate finance in sustaining regional tensions. Revenue and Tax Contributions According to the report, global corporations accumulated over $213.9 billion in revenues from their local Russian businesses in 2022, generating profits of $14.1 billion. Surprisingly, the companies paid a mere $3.1 billion in profit tax, potentially underestimating their total tax bill. These findings indicate a substantial disconnect between their substantial revenues and minimal tax contributions. The report highlights that companies headquartered in European Union (EU) member states alone earned $75.2 billion in 2022. However, their profit tax payment amounted to just $594 million, revealing a significant disparity. Meanwhile, U.S. companies emerged as the largest contributors to the Kremlin's coffers, collecting the highest total revenues in Russia and paying $712 million in profit tax. German companies followed closely, contributing $402 million in profit tax. In total, G7 and EU countries represented 16 out of the top 20 contributors to profit tax in Russia during the same period. Industries and Essential Goods The report further identifies the industries that witnessed the highest revenues in Russia in 2022. Alcohol and tobacco, fast-moving consumer goods (FMCG), and automobiles emerged as the top sectors. Notably, the FMCG sector accounted for over $21 billion in revenues. Major European brands, including Unilever, Danone, and Nestlé, were prominent players in this sector. Despite scaling back some of their activities since the invasion, these companies have chosen to maintain a presence in Russia. Their argument for remaining is often centered around the 'essential' nature of the goods they supply. However, the report highlights concerns regarding the broadening definition of 'essential,' which now encompasses products like shampoo, aftershave, and confectionery. Many companies were reluctant to disclose the criteria they used to classify goods as essential or non-essential. Implications and Global Responsibility The findings of the report raise serious questions about the indirect financing of the conflict and human rights abuses in Ukraine by global corporations. The disproportionately low tax contributions compared to their substantial revenues suggest a potential lack of accountability and responsibility. As tensions in the region continue to escalate, the role of these corporations in financially supporting the conflict becomes a matter of global concern. The impact extends beyond profit and tax figures, directly affecting human rights and international relations. The report serves as a call to action, urging corporations to reassess their operations and take responsibility for the consequences of their financial activities. Transparency and ethical considerations should guide their decision-making processes, particularly regarding engagement in regions marred by conflict and human rights concerns. (With Inputs from Agencies)

Funding the Fire: Multinationals' Profits and the Flames of Conflict in Ukraine

Asian American workers in the tech industry have filed a series of lawsuits against what they say is ‘systemic bias’ in Silicon Valley, which prevents them from reaching managerial and senior executive roles. Through the lawsuits, the workers have demanded that major tech companies make policies and put systems in place to track the rates of promotion among Asian American employees.

A USA Today report quoted Asian American worker Vaishnavi Jayakumar, originally from Singapore, as alleging that she was discriminated against on a racial basis at Meta where she was ‘layered’ under less experienced white workers.&nbsp;

“I've never felt more keenly that as an Asian woman, I'm destined to be a worker, I'm not destined to be a leader,” USA Today quoted Jayakumar as saying in an interview. “And that's an awful feeling,” she added.

<h2>Lawsuits filed by Asian Americans</h2>

The lawsuits filed by enraged Asian Americans allege&nbsp;that when it comes to taking on leadership positions, they are among the least supported groups. "The pattern of discrimination experienced by Ms. Jayakumar mirrors that faced by the broader Asian American community: others make assumptions about what work Asian Americans are suited for," the statement read.

Watch:&nbsp;Asian Americans face hate crimes owing to Anti-China rhetoric

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“The generations of men and women before us had to suffer in silence. I don't think any one of us wants this to continue for a minute longer than it already has,” Jayakumar commented.

<h2>Are Asian Americans really discriminated against?</h2>

An analysis done by USA Today found that while Asian Americans were most likely to be hired for professional roles, they were the least likely of all to reach the managerial and senior roles with more power. 
 
This is glaringly visible in companies like Meta, where Asian Americans make up 46 per cent of the total workforce, but just 27 per cent of executives. White employees, on the other side, make up just 39 per cent of the total workforce but occupy 58 per cent of total executive roles.

<a href="https://www.wionews.com/world/indians-among-top-earners-in-us-surpass-other-asian-groups-report-553585">Also read:&nbsp;Indians among top earners in US, surpass other Asian groups: Report</a>

Buck Gee, an executive adviser to Ascend Foundation, the nation’s largest network of Asian American professionals, said, “The tech industry has made progress in becoming more racially diverse in its workforce but has made virtually no progress in becoming more racially equitable in its leadership pipeline.”

<h2>False perception about Asian Americans</h2>

The lawsuits highlight that there is a false perception in the corporate space that Asian Americans generally don’t face discrimination. But, Pawan Dhingra, president of the Association for Asian American Studies and a professor at Amherst College, says, “The economic realities for Asians and Asian Americans vary greatly, particularly for those in low-wage and low-opportunity jobs on H-1B visas.”

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Asian American workers in the tech industry have filed a series of lawsuits against what they say is ‘systemic bias’ in Silicon Valley, which prevents them from reaching managerial and senior executive roles.

Asian American workers in the tech industry have filed a series of lawsuits against what they say is ‘systemic bias’ in Silicon Valley, which prevents them from reaching managerial and senior executive roles. Through the lawsuits, the workers have demanded that major tech companies make policies and put systems in place to track the rates of promotion among Asian American employees. A USA Today report quoted Asian American worker Vaishnavi Jayakumar, originally from Singapore, as alleging that she was discriminated against on a racial basis at Meta where she was ‘layered’ under less experienced white workers. “I've never felt more keenly that as an Asian woman, I'm destined to be a worker, I'm not destined to be a leader,” USA Today quoted Jayakumar as saying in an interview. “And that's an awful feeling,” she added. Lawsuits filed by Asian Americans The lawsuits filed by enraged Asian Americans allege that when it comes to taking on leadership positions, they are among the least supported groups. "The pattern of discrimination experienced by Ms. Jayakumar mirrors that faced by the broader Asian American community: others make assumptions about what work Asian Americans are suited for," the statement read. Watch: Asian Americans face hate crimes owing to Anti-China rhetoric × “The generations of men and women before us had to suffer in silence. I don't think any one of us wants this to continue for a minute longer than it already has,” Jayakumar commented. Are Asian Americans really discriminated against? An analysis done by USA Today found that while Asian Americans were most likely to be hired for professional roles, they were the least likely of all to reach the managerial and senior roles with more power. This is glaringly visible in companies like Meta, where Asian Americans make up 46 per cent of the total workforce, but just 27 per cent of executives. White employees, on the other side, make up just 39 per cent of the total workforce but occupy 58 per cent of total executive roles. Also read: Indians among top earners in US, surpass other Asian groups: Report Buck Gee, an executive adviser to Ascend Foundation, the nation’s largest network of Asian American professionals, said, “The tech industry has made progress in becoming more racially diverse in its workforce but has made virtually no progress in becoming more racially equitable in its leadership pipeline.” False perception about Asian Americans The lawsuits highlight that there is a false perception in the corporate space that Asian Americans generally don’t face discrimination. But, Pawan Dhingra, president of the Association for Asian American Studies and a professor at Amherst College, says, “The economic realities for Asians and Asian Americans vary greatly, particularly for those in low-wage and low-opportunity jobs on H-1B visas.” WATCH WION LIVE HERE ×

US: Asian Americans file lawsuits against ‘racial bias’ in Silicon Valley top positions

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour.

As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. 
Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year.

<h2>Sacked employees offered to work at alternative workshops</h2>

As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly.

Watch:&nbsp;Tesla’s stock soars by $57 billion

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The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week.

<h2>Ongoing price war in China’s EV market</h2>

Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters.

Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days.&nbsp;

<a href="https://www.wionews.com/business-economy/tesla-secures-big-win-in-crash-case-court-says-autopilot-feature-did-not-fail-584976">Also read:&nbsp;Tesla secures big win in crash case, court says autopilot feature did not fail</a>

Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng.&nbsp;

They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing."&nbsp;

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&nbsp;

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share. However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour. As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year. Sacked employees offered to work at alternative workshops As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly. Watch: Tesla’s stock soars by $57 billion × The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week. Ongoing price war in China’s EV market Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters. Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days. Also read: Tesla secures big win in crash case, court says autopilot feature did not fail Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng. They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing." WATCH WION LIVE HERE ×

Tesla announces layoffs at Shanghai plant amid reports of automation

Japan's nominal base salary experienced its most rapid growth in 28 years in May, according to government data cited by Reuters released on Friday, intensifying the discussion surrounding the timing of the central bank's withdrawal from its ultra-loose monetary stimulus.

The global financial markets have been closely monitoring Japan's wage data as Bank of Japan Governor Kazuo Ueda considers pay growth a crucial factor in deliberations regarding a policy shift. Data from the labor ministry revealed that regular wages surged by 1.8 per cent in May compared to the previous year, marking the largest increase since February 1995. The substantial growth in base pay also contributed to a 2.5 per cent rise in workers' total cash earnings, or nominal wages, in May, following a revised 0.8 per cent increase recorded in April.

Reuters cited Hisashi Yamada, an economist, and professor at Hosei University, who stated that if inflation stabilizes around 2 per cent and nominal wages accelerate from 3 per cent to 3.5 per cent, the conditions could be set for the BOJ to dismantle the monetary easing framework from the Kuroda era. Meanwhile, Rengo, Japan's largest labor organization, announced on Wednesday that major companies had agreed to average pay hikes of 3.58 per cent this year, the highest since 1993 when it stood at 3.9 per cent.

A labour ministry official noted that the outcome of the 'shunto' spring labor negotiations would increasingly manifest in the government's wage statistics over the next few months.

However, despite the significant nominal wage growth, real wages in Japan contracted by 1.2 per cent in May, marking the 14th consecutive month of year-on-year declines. Relentless consumer inflation outpaced nominal pay growth, putting pressure on households' purchasing power. Analysts predict that real wages will continue to decline throughout 2023.

Additional data released on Friday revealed that Japanese household spending declined by 4.0 per cent in May compared to the previous year, marking the third consecutive month of decline and exceeding the market's median forecast of a 2.4 per cent drop. The data indicated decreased spending across various categories, including food, clothing, and transportation.

In an interview with the Nikkei newspaper published on Friday, BOJ's Deputy Governor Shinichi Uchida emphasised the central bank's need to continue supporting the economy through accommodative policies.

Reuters cited Taro Saito, an executive research fellow at NLI Research Institute, who predicted that next year's spring labor negotiations would likely result in wage growth similar to this year's due to prolonged price inflation and labor shortages. However, he cautioned that the uncertain global economic conditions pose the greatest risk to this scenario.

(With Inputs from Reuters)

Japan's nominal base salary experienced its most rapid growth in 28 years in May, according to government data cited by Reuters released on Friday, intensifying the discussion surrounding the timing of the central bank's withdrawal from its ultra-loose monetary stimulus.

Japan's nominal base salary experienced its most rapid growth in 28 years in May, according to government data cited by Reuters released on Friday, intensifying the discussion surrounding the timing of the central bank's withdrawal from its ultra-loose monetary stimulus. The global financial markets have been closely monitoring Japan's wage data as Bank of Japan Governor Kazuo Ueda considers pay growth a crucial factor in deliberations regarding a policy shift. Data from the labor ministry revealed that regular wages surged by 1.8 per cent in May compared to the previous year, marking the largest increase since February 1995. The substantial growth in base pay also contributed to a 2.5 per cent rise in workers' total cash earnings, or nominal wages, in May, following a revised 0.8 per cent increase recorded in April. Reuters cited Hisashi Yamada, an economist, and professor at Hosei University, who stated that if inflation stabilizes around 2 per cent and nominal wages accelerate from 3 per cent to 3.5 per cent, the conditions could be set for the BOJ to dismantle the monetary easing framework from the Kuroda era. Meanwhile, Rengo, Japan's largest labor organization, announced on Wednesday that major companies had agreed to average pay hikes of 3.58 per cent this year, the highest since 1993 when it stood at 3.9 per cent. A labour ministry official noted that the outcome of the 'shunto' spring labor negotiations would increasingly manifest in the government's wage statistics over the next few months. However, despite the significant nominal wage growth, real wages in Japan contracted by 1.2 per cent in May, marking the 14th consecutive month of year-on-year declines. Relentless consumer inflation outpaced nominal pay growth, putting pressure on households' purchasing power. Analysts predict that real wages will continue to decline throughout 2023. Additional data released on Friday revealed that Japanese household spending declined by 4.0 per cent in May compared to the previous year, marking the third consecutive month of decline and exceeding the market's median forecast of a 2.4 per cent drop. The data indicated decreased spending across various categories, including food, clothing, and transportation. In an interview with the Nikkei newspaper published on Friday, BOJ's Deputy Governor Shinichi Uchida emphasised the central bank's need to continue supporting the economy through accommodative policies. Reuters cited Taro Saito, an executive research fellow at NLI Research Institute, who predicted that next year's spring labor negotiations would likely result in wage growth similar to this year's due to prolonged price inflation and labor shortages. However, he cautioned that the uncertain global economic conditions pose the greatest risk to this scenario. (With Inputs from Reuters)

Japanese wages break records: Fastest growth in 28 years ignites stimulus exit debate

Twitter issued a legal threat to Meta Platforms, the parent company of Facebook, over its recently launched Threads platform, unravelling the battle between the rivals for social media supremacy, say media reports.&nbsp;

Meta's Threads platform has already garnered over 30 million sign-ups since its launch. The app seeks to rival Elon Musk's Twitter by leveraging Instagram's vast user base.&nbsp;

In a letter addressed to Meta CEO Mark Zuckerberg, Twitter's lawyer Alex Spiro warned that the company intends to sue Meta if it does not cease using Twitter's trade secrets and confidential information, reports Reuters.&nbsp;

Also Read | <a href="https://www.wionews.com/world/us-man-found-guilty-of-raping-impregnating-9-year-old-girl-gets-life-sentence-612846">US: Man found guilty of raping, impregnating 9-year-old girl gets life sentence</a>

The letter alleged that Meta has hired former Twitter employees who possess confidential information about the microblogging site.&nbsp;"Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information," Spiro wrote in the letter.

The report said that these hired employees "had and continue to have access to Twitter's trade secrets and other highly confidential information."&nbsp;

<h2>Threads to challenge Twitter dominance</h2>

Meta aims to compete directly with Twitter and capitalise on Instagram's billions of users. Threads platform poses a significant challenge to Twitter's market position. Users who used Threads noticed that there are many similarities between the two rival platforms, however, Threads lacks a few key features.&nbsp;

Also Read | <a href="https://www.wionews.com/world/hong-kong-police-arrest-four-men-for-allegedly-aiding-overseas-activists-612850">Hong Kong police arrest four men for allegedly aiding overseas activists</a>

Although Threads shares a striking resemblance to Twitter's microblogging platform, it does not support keyword searches or direct messages.

While the user interface may be reminiscent of Twitter, the absence of these essential features sets Threads apart from its competitor.

At present, neither Meta nor Twitter provided an official response to the reported legal dispute, Reuters reported.

<h2>What is Threads?&nbsp;&nbsp;</h2>

Threads app is designed for sharing text updates and engaging in public discussions. With Threads, users can conveniently log in using their Instagram accounts and craft posts that can stretch up to 500 characters. The app supports various media formats, allowing users to include links, photos, and videos up to 5 minutes in length.

Watch | Russian expert claims the US is working on weaponising asteroids against their enemies

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As part of its vision for the future of the internet, Instagram is actively working on expanding Threads' compatibility with open and interoperable social networks. This move aims to foster a more connected and inclusive online experience, where users can seamlessly interact across different platforms.&nbsp;

On 6 July, Meta rolled out Threads in more than 100 countries for iOS and Android, and people in those countries can download the app from the Apple App Store and Google Play Store.&nbsp;

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Twitter issued a legal threat to Meta Platforms, the parent company of Facebook, over its recently launched Threads platform, unravelling the battle between the rivals for social media supremacy, say media reports.

Twitter issued a legal threat to Meta Platforms, the parent company of Facebook, over its recently launched Threads platform, unravelling the battle between the rivals for social media supremacy, say media reports. Meta's Threads platform has already garnered over 30 million sign-ups since its launch. The app seeks to rival Elon Musk's Twitter by leveraging Instagram's vast user base. In a letter addressed to Meta CEO Mark Zuckerberg, Twitter's lawyer Alex Spiro warned that the company intends to sue Meta if it does not cease using Twitter's trade secrets and confidential information, reports Reuters. Also Read | US: Man found guilty of raping, impregnating 9-year-old girl gets life sentence The letter alleged that Meta has hired former Twitter employees who possess confidential information about the microblogging site. "Twitter intends to strictly enforce its intellectual property rights, and demands that Meta take immediate steps to stop using any Twitter trade secrets or other highly confidential information," Spiro wrote in the letter. The report said that these hired employees "had and continue to have access to Twitter's trade secrets and other highly confidential information." Threads to challenge Twitter dominance Meta aims to compete directly with Twitter and capitalise on Instagram's billions of users. Threads platform poses a significant challenge to Twitter's market position. Users who used Threads noticed that there are many similarities between the two rival platforms, however, Threads lacks a few key features. Also Read | Hong Kong police arrest four men for allegedly aiding overseas activists Although Threads shares a striking resemblance to Twitter's microblogging platform, it does not support keyword searches or direct messages. While the user interface may be reminiscent of Twitter, the absence of these essential features sets Threads apart from its competitor. At present, neither Meta nor Twitter provided an official response to the reported legal dispute, Reuters reported. What is Threads? Threads app is designed for sharing text updates and engaging in public discussions. With Threads, users can conveniently log in using their Instagram accounts and craft posts that can stretch up to 500 characters. The app supports various media formats, allowing users to include links, photos, and videos up to 5 minutes in length. Watch | Russian expert claims the US is working on weaponising asteroids against their enemies × As part of its vision for the future of the internet, Instagram is actively working on expanding Threads' compatibility with open and interoperable social networks. This move aims to foster a more connected and inclusive online experience, where users can seamlessly interact across different platforms. On 6 July, Meta rolled out Threads in more than 100 countries for iOS and Android, and people in those countries can download the app from the Apple App Store and Google Play Store. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Twitter threatens legal action against Meta's Threads, unraveling battle for social media supremacy

Amidst a struggling oil market, Saudi Arabia and Russia, the world's leading oil producers, have intensified their focus on achieving market stability while positioning themselves to spearhead initiatives that can provide much-needed support to the flagging oil market.

Prince Abdulaziz Bin Salman, the Saudi Arabian energy minister, said at a conference on Wednesday that his nation's collaboration with Russia as a member of the OPEC+ alliance is "going strong" and that it "will do whatever is necessary" to stabilise the market.

The OPEC+ alliance, consisting of 23 oil-producing nations responsible for approximately 40 percent of the world's crude oil production, has actively engaged in implementing deliberate cuts to their production levels with the objective of boosting prices.

Saudi Arabia and Russia on Monday deepened their cuts in monthly oil supply.&nbsp;The move came amid&nbsp;concerns over a global economic slowdown and a further rate hike by the US Federal Reserve.&nbsp;

While the oil-rich West Asian kingdom has extended its voluntary oil output cut of one million barrels per day till August, adding that the cut could also be extended beyond that month.&nbsp;

Almost immediately after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said his sanctions-hit country would cut oil exports by 500,000 barrels per day in August.

However, after a brief spurt in prices, oil prices remained flat at $76.30 per barrel, failing to surpass the crucial threshold of $80-$100 per barrel. This range is considered necessary for many OPEC nations to balance their budgets.&nbsp;

In response to market conditions, the 23-member oil producers group clarified that it does not have specific price targets in mind. Instead, the alliance argued that it wants to achieve a balanced oil market that serves the best interests of both consumers and producers.

Amidst a struggling oil market, Saudi Arabia and Russia, the world's leading oil producers, have intensified their focus on achieving market stability while positioning themselves to spearhead initiatives that can provide much-needed support to the flagging oil market.

Amidst a struggling oil market, Saudi Arabia and Russia, the world's leading oil producers, have intensified their focus on achieving market stability while positioning themselves to spearhead initiatives that can provide much-needed support to the flagging oil market. Prince Abdulaziz Bin Salman, the Saudi Arabian energy minister, said at a conference on Wednesday that his nation's collaboration with Russia as a member of the OPEC+ alliance is "going strong" and that it "will do whatever is necessary" to stabilise the market. The OPEC+ alliance, consisting of 23 oil-producing nations responsible for approximately 40 percent of the world's crude oil production, has actively engaged in implementing deliberate cuts to their production levels with the objective of boosting prices. Saudi Arabia and Russia on Monday deepened their cuts in monthly oil supply. The move came amid concerns over a global economic slowdown and a further rate hike by the US Federal Reserve. While the oil-rich West Asian kingdom has extended its voluntary oil output cut of one million barrels per day till August, adding that the cut could also be extended beyond that month. Almost immediately after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said his sanctions-hit country would cut oil exports by 500,000 barrels per day in August. However, after a brief spurt in prices, oil prices remained flat at $76.30 per barrel, failing to surpass the crucial threshold of $80-$100 per barrel. This range is considered necessary for many OPEC nations to balance their budgets. In response to market conditions, the 23-member oil producers group clarified that it does not have specific price targets in mind. Instead, the alliance argued that it wants to achieve a balanced oil market that serves the best interests of both consumers and producers.

Saudi Arabia says cooperation with Russia over oil 'going strong'

Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF).

The Central Bank of Sri Lanka (CBSL) has reduced its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) from 13 per cent and 14 per cent to 11 per cent and 12 per cent, respectively. This 2 per cent reduction follows a 2.5 per cent cut during the previous policy meeting in June. Last year, Sri Lanka faced a crisis when it depleted its foreign exchange reserves, leading to skyrocketing food and energy prices. In July, protests resulted in the resignation of then-President Gotabaya Rajapaksa.

Tackling Inflation After Infamous Political Unrest

To combat inflation, the central bank raised interest rates by a record 950 basis points last year and increased them by an additional 100 basis points on March 3. However, President Ranil Wickremesinghe, who assumed office in July, negotiated a $2.9 billion bailout from the IMF in March to address the economic challenges.

The CBSL issued a statement urging the banking and financial sector to pass on the benefits of the monetary policy easing to individuals and businesses, thereby supporting economic activity and promoting a rebound. Sri Lanka's key inflation index peaked at 70 per cent year-on-year in September but gradually decreased to 12 per cent in June.

Reuters cited Dimantha Mathew, the head of research at First Capital, who highlighted the CBSL's intention to swiftly implement a domestic debt restructuring plan. He explained that with the rapid reduction of interest rates, the government would issue long-term bonds to lower borrowing costs. Mathew predicted that borrowing costs would decline to between 11 per cent and 13 per cent as rates continue to trend downward.

Factors Affecting Recovery

Although economic activity in Sri Lanka remained subdued in the second quarter of 2023, the CBSL expects a gradual recovery toward the end of the year. Factors contributing to this recovery include:

<ul>
	<li>Policy normalization</li>
	<li>Improved supply conditions</li>
	<li>Relaxation of import restrictions</li>
	<li>Enhanced foreign exchange liquidity</li>
</ul>

The central bank also anticipates that this recovery will gradually close the large negative output gap in the economy and lead to the attainment of the economy's potential level of growth over the medium term.

Analysts predict that more rate cuts will occur in the coming months to support economic recovery and reduce borrowing costs for both corporations and the government. Reuters cited Thilina Panduwawala, head of research at Frontier Research, who stated that the CBSL's confidence in the inflation trajectory and foreign inflows is instrumental in supporting the economy through lower interest rates. Panduwawala's projection is for the SLFR to reach 10 per cent by the end of the year, implying the likelihood of two more 100 basis point cuts during the remainder of the year.

(With Inputs from Reuters)

Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF).

Sri Lanka made its second consecutive interest rate cut as the country's inflation rate begins to stabilize after a severe economic crisis, Reuters reported. The focus has now shifted toward revitalising economic growth following a bailout from the International Monetary Fund (IMF). The Central Bank of Sri Lanka (CBSL) has reduced its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) from 13 per cent and 14 per cent to 11 per cent and 12 per cent, respectively. This 2 per cent reduction follows a 2.5 per cent cut during the previous policy meeting in June. Last year, Sri Lanka faced a crisis when it depleted its foreign exchange reserves, leading to skyrocketing food and energy prices. In July, protests resulted in the resignation of then-President Gotabaya Rajapaksa. Tackling Inflation After Infamous Political Unrest To combat inflation, the central bank raised interest rates by a record 950 basis points last year and increased them by an additional 100 basis points on March 3. However, President Ranil Wickremesinghe, who assumed office in July, negotiated a $2.9 billion bailout from the IMF in March to address the economic challenges. The CBSL issued a statement urging the banking and financial sector to pass on the benefits of the monetary policy easing to individuals and businesses, thereby supporting economic activity and promoting a rebound. Sri Lanka's key inflation index peaked at 70 per cent year-on-year in September but gradually decreased to 12 per cent in June. Reuters cited Dimantha Mathew, the head of research at First Capital, who highlighted the CBSL's intention to swiftly implement a domestic debt restructuring plan. He explained that with the rapid reduction of interest rates, the government would issue long-term bonds to lower borrowing costs. Mathew predicted that borrowing costs would decline to between 11 per cent and 13 per cent as rates continue to trend downward. Factors Affecting Recovery Although economic activity in Sri Lanka remained subdued in the second quarter of 2023, the CBSL expects a gradual recovery toward the end of the year. Factors contributing to this recovery include: Policy normalization Improved supply conditions Relaxation of import restrictions Enhanced foreign exchange liquidity The central bank also anticipates that this recovery will gradually close the large negative output gap in the economy and lead to the attainment of the economy's potential level of growth over the medium term. Analysts predict that more rate cuts will occur in the coming months to support economic recovery and reduce borrowing costs for both corporations and the government. Reuters cited Thilina Panduwawala, head of research at Frontier Research, who stated that the CBSL's confidence in the inflation trajectory and foreign inflows is instrumental in supporting the economy through lower interest rates. Panduwawala's projection is for the SLFR to reach 10 per cent by the end of the year, implying the likelihood of two more 100 basis point cuts during the remainder of the year. (With Inputs from Reuters)

Chasing Growth: Sri Lanka unleashes second round of interest rate cuts

India is witnessing a major economic shift, which can reshape the consumer spending landscape in India. It is a shift which is already mirroring patterns observed in the United States.&nbsp;

We are talking about the growing&nbsp;credit card craze in India.&nbsp;

In the United States, debt is a constant companion for many Americans. According to the US Federal Reserve, credit card debt has soared to a mind boggling $988 billion as of April 2023, marking an all-time high for a country that has historically thrived on credit.&nbsp;

Across the globe, India is witnessing a similar shift in consumer spending patterns just like the US. The Reserve Bank of India reveals that credit card dues in India have surged by nearly 30 percent from April 2022 to 2023, reaching a staggering $30 billion.&nbsp;

So, what does this economic transformation mean for the world's fastest-growing major economy?

On the bright side, India's credit card frenzy is fueling the digital revolution. India is heading towards becoming a cashless society faster than most developed nations, with transactions happening at lightning speed and minimal costs. The credit card spree also stimulates consumer spending, drives economic growth, and opens up new avenues for businesses to thrive.

However, India's central bank has been raising concerns about the potential risks associated with the credit card frenzy. Excessive credit card debt can lead to financial instability, impacting individuals and the broader economy.

PRO TIP:&nbsp;As competition among fintech players intensifies in India, the ease of "buy now, pay later" has reached unprecedented levels.&nbsp;But it is crucial to keep a watchful eye on those credit card bills because chasing reward points today could dent your future goals tomorrow.

India is witnessing a major economic shift, which can reshape the consumer spending landscape in India. It is a shift which is already mirroring patterns observed in the United States.

India is witnessing a major economic shift, which can reshape the consumer spending landscape in India. It is a shift which is already mirroring patterns observed in the United States. We are talking about the growing credit card craze in India. In the United States, debt is a constant companion for many Americans. According to the US Federal Reserve, credit card debt has soared to a mind boggling $988 billion as of April 2023, marking an all-time high for a country that has historically thrived on credit. Across the globe, India is witnessing a similar shift in consumer spending patterns just like the US. The Reserve Bank of India reveals that credit card dues in India have surged by nearly 30 percent from April 2022 to 2023, reaching a staggering $30 billion. So, what does this economic transformation mean for the world's fastest-growing major economy? On the bright side, India's credit card frenzy is fueling the digital revolution. India is heading towards becoming a cashless society faster than most developed nations, with transactions happening at lightning speed and minimal costs. The credit card spree also stimulates consumer spending, drives economic growth, and opens up new avenues for businesses to thrive. However, India's central bank has been raising concerns about the potential risks associated with the credit card frenzy. Excessive credit card debt can lead to financial instability, impacting individuals and the broader economy. PRO TIP: As competition among fintech players intensifies in India, the ease of "buy now, pay later" has reached unprecedented levels. But it is crucial to keep a watchful eye on those credit card bills because chasing reward points today could dent your future goals tomorrow.

Decoded: The growing credit card frenzy in India

The Russian ruble experienced a significant decline following the failed mutiny attempt by Wagner mercenaries last month, causing the currency to breach a key threshold against the U.S. dollar, Bloomberg reported. Kremlin officials have expressed concerns as the ruble traded near 91 per U.S. dollar on Wednesday, extending its 3 per cent fall in the wake of the rebellion.

Ruble's Rollercoaster Ride

The currency's latest drop signifies that it has surpassed the crucial range of 80-90 rubles per U.S. dollar, initially considered optimal by First Russian Deputy Prime Minister Andrey Belousov. The ongoing unrest in Russia, exacerbated by economic headwinds and sanctions resulting from the country's invasion of Ukraine, has contributed to the ruble's poor performance throughout 2023. Investors closely monitor the impact of Western trade restrictions and increased military spending on the Russian economy.

Since the beginning of the year, the ruble has experienced a significant depreciation, with its value against the dollar plummeting by 21 per cent. The diminishing value of the ruble has led many currency holders to seek alternative options, resulting in a rise in retail deposits held in other countries. According to a recent analysis by Bloomberg Economics, retail deposits held in foreign currencies have surged to $43.5 billion from early 2022 through May 2023. Furthermore, 15 regions within Russia have witnessed a substantial increase in demand for alternative currencies, reaching levels as high as 70-80 per cent immediately after the Wagner Group's mutiny attempt, as highlighted by Belousov.

Ruble's Reliance On Other Currencies

Meanwhile, the Kremlin has started relying more heavily on other currencies, particularly China's yuan. In February, Russia's finance ministry revealed that the government had begun selling its $54 billion yuan reserves to compensate for declining energy revenues. This shift in currency reserves emphasizes Russia's attempt to diversify its holdings in response to the economic challenges it faces.

The international community will closely observe how Russia addresses its economic challenges and navigates the complexities arising from ongoing conflicts and global trade restrictions. The fate of the ruble will continue to have significant implications for the Russian economy and regional and global financial markets.

(With Inputs from Bloomberg)

The Russian ruble experienced a significant decline following the failed mutiny attempt by Wagner mercenaries last month, causing the currency to breach a key threshold against the U.

The Russian ruble experienced a significant decline following the failed mutiny attempt by Wagner mercenaries last month, causing the currency to breach a key threshold against the U.S. dollar, Bloomberg reported. Kremlin officials have expressed concerns as the ruble traded near 91 per U.S. dollar on Wednesday, extending its 3 per cent fall in the wake of the rebellion. Ruble's Rollercoaster Ride The currency's latest drop signifies that it has surpassed the crucial range of 80-90 rubles per U.S. dollar, initially considered optimal by First Russian Deputy Prime Minister Andrey Belousov. The ongoing unrest in Russia, exacerbated by economic headwinds and sanctions resulting from the country's invasion of Ukraine, has contributed to the ruble's poor performance throughout 2023. Investors closely monitor the impact of Western trade restrictions and increased military spending on the Russian economy. Since the beginning of the year, the ruble has experienced a significant depreciation, with its value against the dollar plummeting by 21 per cent. The diminishing value of the ruble has led many currency holders to seek alternative options, resulting in a rise in retail deposits held in other countries. According to a recent analysis by Bloomberg Economics, retail deposits held in foreign currencies have surged to $43.5 billion from early 2022 through May 2023. Furthermore, 15 regions within Russia have witnessed a substantial increase in demand for alternative currencies, reaching levels as high as 70-80 per cent immediately after the Wagner Group's mutiny attempt, as highlighted by Belousov. Ruble's Reliance On Other Currencies Meanwhile, the Kremlin has started relying more heavily on other currencies, particularly China's yuan. In February, Russia's finance ministry revealed that the government had begun selling its $54 billion yuan reserves to compensate for declining energy revenues. This shift in currency reserves emphasizes Russia's attempt to diversify its holdings in response to the economic challenges it faces. The international community will closely observe how Russia addresses its economic challenges and navigates the complexities arising from ongoing conflicts and global trade restrictions. The fate of the ruble will continue to have significant implications for the Russian economy and regional and global financial markets. (With Inputs from Bloomberg)

Ruble Retreat: Failed rebellion sends Russian currency into tailspin

Asia Pacific markets are feeling the Fed's impact today as minutes from the US federal reserve revealed. A divided opinion on rate hikes fell one percent in Japan while the Cosby dropped 0.8 percent in South Korea.

US Fed meeting minutes triggers selling; Asian markets largely down

In a bold move, Indian refiners have managed to save a staggering $7 billion in foreign exchange by ramping up their purchases of discounted Russian crude oil. As western buyers reduced imports from Russia due to the conflict in Ukraine, Moscow began offering attractive discounts on its crude. Indian refiners seized this opportunity, leading to remarkable savings.

Indian refiners save $7 bn on Russian crude | World Business Watch

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new --&nbsp;projects in 2022.&nbsp;

The 2023 edition of the World Investment Report said&nbsp;that the total FDI&nbsp;into India soared by 10 percent, from 44.7 billion dollars in 2021 to&nbsp;an impressive $49.3 billion in 2022.&nbsp;

“India and ASEAN were the most buoyant recipients (of foreign investment), with increases of 10 and 5 percent&nbsp;respectively, and strong growth in project announcements,” the report said.&nbsp;

The report further revealed&nbsp;that India was surpassed only by the United States and the United Kingdom, in terms of FDI inflow. This solidifies India’s reputation as a global economy, firmly placing it on the radar of international investors.

India further consolidated its position as a preferred&nbsp;investment destination by securing the second-largest amount of international project&nbsp;finance in 2022.&nbsp;International project financing&nbsp;refers to International lenders who provide&nbsp;debt or equity to develop infrastructure projects across the world.&nbsp;

Nevertheless, the total FDI in 2022 was lower than what was recorded in 2020, amid the Covid-19 pandemic, when India attracted $64 billion of foreign investments.&nbsp;

In another development signifying the rise of&nbsp;Indian businesses&nbsp;on the&nbsp;international stage, Indian multinational companies substantially increased&nbsp;their&nbsp;overseas investments in 2022. The report disclosed that Indian companies' invested&nbsp;about $42 billion in overseas, a three-fold increase in total investments.

“Two of the largest greenfield projects were in renewables, with Acme Group announcing a $13 billion plant in Egypt to produce 2.2 billion tonnes of green hydrogen annually and ReNew Power announcing that it will set up a $8 billion green hydrogen plant in the Suez Canal Economic Zone,” the report said referring to the two leading Indian renewable energy firms.&nbsp;

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new -- projects in 2022.

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new -- projects in 2022. The 2023 edition of the World Investment Report said that the total FDI into India soared by 10 percent, from 44.7 billion dollars in 2021 to an impressive $49.3 billion in 2022. “India and ASEAN were the most buoyant recipients (of foreign investment), with increases of 10 and 5 percent respectively, and strong growth in project announcements,” the report said. The report further revealed that India was surpassed only by the United States and the United Kingdom, in terms of FDI inflow. This solidifies India’s reputation as a global economy, firmly placing it on the radar of international investors. India further consolidated its position as a preferred investment destination by securing the second-largest amount of international project finance in 2022. International project financing refers to International lenders who provide debt or equity to develop infrastructure projects across the world. Nevertheless, the total FDI in 2022 was lower than what was recorded in 2020, amid the Covid-19 pandemic, when India attracted $64 billion of foreign investments. In another development signifying the rise of Indian businesses on the international stage, Indian multinational companies substantially increased their overseas investments in 2022. The report disclosed that Indian companies' invested about $42 billion in overseas, a three-fold increase in total investments. “Two of the largest greenfield projects were in renewables, with Acme Group announcing a $13 billion plant in Egypt to produce 2.2 billion tonnes of green hydrogen annually and ReNew Power announcing that it will set up a $8 billion green hydrogen plant in the Suez Canal Economic Zone,” the report said referring to the two leading Indian renewable energy firms.

India emerges as FDI powerhouse, secures third highest foreign investment in 2022

Samsung Electronics, the world's largest manufacturer of memory chips, smartphones, and TVs, is projected to experience a substantial decline in its June-quarter profit, Reuters reported. Analysts anticipate a staggering 96 per cent year-on-year drop, marking the lowest profit for any quarter in over 14 years. Despite efforts to curtail supply, a chip glut continues to plague Samsung's cash cow business, resulting in significant losses.

According to a Refinitiv SmartEstimate from 27 analysts cited by Reuters, Samsung's operating profit for the April-June quarter is predicted to reach 555 billion won ($427 million). If this estimate holds true, it would mark Samsung's lowest profit since Q4 of 2008, when the company reported a consolidated operating loss of approximately 740 billion won. In contrast, last year's same period saw Samsung achieve an operating profit of 14.1 trillion won.

Chip Downturn

The primary cause for this downturn is the chip division, traditionally Samsung's most profitable sector. The division is expected to report quarterly losses ranging from 3 trillion to 4 trillion won due to the continuous decline in memory chip prices and reductions in inventory values. DRAM memory chip prices, widely utilized in smartphones, PCs, and servers, fell approximately 13 per cent to 18 per cent during the quarter, as reported by TrendForce. Buyers refrained from purchasing new chips, depleting existing inventories.

Ray of recovery in sight

Nonetheless, the rate of price decline has slowed compared to previous quarters, mainly due to supply cuts implemented by Samsung Electronics and other memory chip manufacturers. Analysts predict the market will bottom out around the third quarter, although a significant recovery may not occur until 2024. Despite the ongoing downturn, Samsung aims to bolster its market share in the field of artificial intelligence (AI). The company focuses on high bandwidth memory (HBM) and chip contract manufacturing to achieve this.

Samsung's mobile business is expected to report an operating profit of approximately 3.3 trillion won. This estimate is based on forecasts from five analysts who considered the company's efforts to reduce marketing costs and a slight decline in smartphone shipments compared to the previous quarter, which saw the launch of Samsung's latest flagship model.

To maintain dominance in the premium phone market, Samsung plans to unveil its latest foldable smartphones earlier than usual, with the launch scheduled for later this month in Seoul. Industry analysts view this move as an attempt to gain an edge over rival Apple before the release of the next iPhone.

Samsung Electronics will announce its preliminary second-quarter earnings results on Friday, followed by a comprehensive report later this month.

(With Inputs from Reuters)

Samsung Electronics, the world's largest manufacturer of memory chips, smartphones, and TVs, is projected to experience a substantial decline in its June-quarter profit, Reuters reported.

Samsung Electronics, the world's largest manufacturer of memory chips, smartphones, and TVs, is projected to experience a substantial decline in its June-quarter profit, Reuters reported. Analysts anticipate a staggering 96 per cent year-on-year drop, marking the lowest profit for any quarter in over 14 years. Despite efforts to curtail supply, a chip glut continues to plague Samsung's cash cow business, resulting in significant losses. According to a Refinitiv SmartEstimate from 27 analysts cited by Reuters, Samsung's operating profit for the April-June quarter is predicted to reach 555 billion won ($427 million). If this estimate holds true, it would mark Samsung's lowest profit since Q4 of 2008, when the company reported a consolidated operating loss of approximately 740 billion won. In contrast, last year's same period saw Samsung achieve an operating profit of 14.1 trillion won. Chip Downturn The primary cause for this downturn is the chip division, traditionally Samsung's most profitable sector. The division is expected to report quarterly losses ranging from 3 trillion to 4 trillion won due to the continuous decline in memory chip prices and reductions in inventory values. DRAM memory chip prices, widely utilized in smartphones, PCs, and servers, fell approximately 13 per cent to 18 per cent during the quarter, as reported by TrendForce. Buyers refrained from purchasing new chips, depleting existing inventories. Ray of recovery in sight Nonetheless, the rate of price decline has slowed compared to previous quarters, mainly due to supply cuts implemented by Samsung Electronics and other memory chip manufacturers. Analysts predict the market will bottom out around the third quarter, although a significant recovery may not occur until 2024. Despite the ongoing downturn, Samsung aims to bolster its market share in the field of artificial intelligence (AI). The company focuses on high bandwidth memory (HBM) and chip contract manufacturing to achieve this. Samsung's mobile business is expected to report an operating profit of approximately 3.3 trillion won. This estimate is based on forecasts from five analysts who considered the company's efforts to reduce marketing costs and a slight decline in smartphone shipments compared to the previous quarter, which saw the launch of Samsung's latest flagship model. To maintain dominance in the premium phone market, Samsung plans to unveil its latest foldable smartphones earlier than usual, with the launch scheduled for later this month in Seoul. Industry analysts view this move as an attempt to gain an edge over rival Apple before the release of the next iPhone. Samsung Electronics will announce its preliminary second-quarter earnings results on Friday, followed by a comprehensive report later this month. (With Inputs from Reuters)

Samsung's Q2 profits take a 96% dive: Chip glut deals a heavy blow

A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021. The massive boost in their revenues was supported by soaring energy prices and high-interest rates.&nbsp;

The 722 companies raked in $1.08 trillion in 2021 and $1.09 trillion last year in windfall profits even as billions of people across the globe struggle to access food and clean water. As per the analysis, the average annual earning of the companies was found to be 89 per cent higher than the average of the last four years covering 2017 to 2020.

Windfall profits are defined as those exceeding by 10 per cent the average profits in the last four years. Experts generally believe that windfall profits should be highly taxed by governments across the globe to divert resources where they are needed the most.

<h2>Who are the biggest beneficiaries?</h2>

The 722 corporations include those from the pharmaceutical and energy sectors to banks and food companies. The 45 energy companies, listed on the Forbes list of the 2,000 biggest companies, collectively raked in $237 billion in average windfall profits over the past two years. This massive wealth generation led to the creation of a total of 96 energy billionaires with a combined wealth of nearly $432 billion.

Watch:&nbsp;US President Joe Biden compares oil firms to war profiteers, threatens windfall tax

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Furthermore, 18 food and beverages companies made $14 billion a year in windfall profits in the last two years, 28 pharma companies made $47 billion a year and nine aerospace and defence corporations made $8 billion in windfall profits.

This was when above 250 million people across 58 nations suffered acute food insecurity and a high cost of living crisis.

<h2>‘Government needs to act’</h2>

Experts believe the greediness of global companies is leading to massive poverty and cost-of-living crisis across the globe, including the developed countries.

Katy Chakrabortty, Oxfam’s head of advocacy, said, “These eye-watering excess profits are not only immoral, but we are also seeing increasing evidence that a corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families.”&nbsp;

<a href="https://www.wionews.com/world/windfall-of-war-energy-firms-report-bumper-profits-as-millions-continue-to-struggle-530281">Also read:&nbsp;'Windfall of war': Energy firms report bumper profits as millions continue to struggle</a>

“When the windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people facing hunger in East Africa, it is clear governments need to act,” she added.

“We need to see windfall taxes introduced across the board and an end to this racket, where rich shareholders are rewarded at the expense of everyone else,” Katy Chakrabortty demanded.

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&nbsp;

A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021.

A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021. The massive boost in their revenues was supported by soaring energy prices and high-interest rates. The 722 companies raked in $1.08 trillion in 2021 and $1.09 trillion last year in windfall profits even as billions of people across the globe struggle to access food and clean water. As per the analysis, the average annual earning of the companies was found to be 89 per cent higher than the average of the last four years covering 2017 to 2020. Windfall profits are defined as those exceeding by 10 per cent the average profits in the last four years. Experts generally believe that windfall profits should be highly taxed by governments across the globe to divert resources where they are needed the most. Who are the biggest beneficiaries? The 722 corporations include those from the pharmaceutical and energy sectors to banks and food companies. The 45 energy companies, listed on the Forbes list of the 2,000 biggest companies, collectively raked in $237 billion in average windfall profits over the past two years. This massive wealth generation led to the creation of a total of 96 energy billionaires with a combined wealth of nearly $432 billion. Watch: US President Joe Biden compares oil firms to war profiteers, threatens windfall tax × Furthermore, 18 food and beverages companies made $14 billion a year in windfall profits in the last two years, 28 pharma companies made $47 billion a year and nine aerospace and defence corporations made $8 billion in windfall profits. This was when above 250 million people across 58 nations suffered acute food insecurity and a high cost of living crisis. ‘Government needs to act’ Experts believe the greediness of global companies is leading to massive poverty and cost-of-living crisis across the globe, including the developed countries. Katy Chakrabortty, Oxfam’s head of advocacy, said, “These eye-watering excess profits are not only immoral, but we are also seeing increasing evidence that a corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families.” Also read: 'Windfall of war': Energy firms report bumper profits as millions continue to struggle “When the windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people facing hunger in East Africa, it is clear governments need to act,” she added. “We need to see windfall taxes introduced across the board and an end to this racket, where rich shareholders are rewarded at the expense of everyone else,” Katy Chakrabortty demanded. WATCH WION LIVE HERE ×

World’s 722 biggest companies earning trillions in windfall profits: Report

India has discussed supplying over 11 metric tons of green hydrogen every year to Singapore and the European Union, a Reuters report said, citing sources. In turn, the two countries are expected to invest in the Indian green projects, the report added.

India has discussed supplying over 11 metric tons of green hydrogen every year to Singapore and the European Union, a Reuters report said, citing sources. In turn, the two countries are expected to invest in the Indian green projects, the report added. According to Reuters sources, a potential India-EU green hydrogen deal may focus on EU companies earning carbon credits by investing in clean energy projects in India. Reports said that EU may be supplied with 10 million metric tones of green hydrogen every year. Carbon credits can be considered permits that let the owner release a specific volume of greenhouse gases. More specifically, one credit permits the owner to emit one ton of carbon dioxide or the equivalent in any other greenhouse gases. Carbon credits are given to businesses in a fixed amount and they diminish over time. Carbon credits are considered as a financial incentive for companies to cut their carbon emissions. As per the Reuters report, the city-state of Singapore is considering buying 1 to 1.5 million metric tons of green hydrogen annually. The country, moreover, is more focused on buying green ammonia, a popular fuel derived from green hydrogen. India last year declared its ambition to become a major green hydrogen exporter. The Indian government approved a $2.13 billion incentive plan and a target to produce 5 million metric tons of green hydrogen by 2030. Indian companies such as Reliance Industries, Indian Oil and Adani Enterprises have big plans for green hydrogen. Countries around the globe are turning to hydrogen in a bid to turn away from fossil fuels and address global warming.

India in talks with Singapore, EU over supply of green hydrogen: report

In a significant development in the long-standing legal battle between technology giant Apple Inc. and Optis Cellular Technology LLC, the London Court of Appeal dismissed Apple's appeal on Tuesday and upheld the previous ruling that the company infringed on two telecommunications patents, Reuters reported. The patents in question are claimed to be essential to technological standards, including 4G.

The legal dispute was initiated in 2019 when Texas-based Optis Cellular Technology sued Apple, alleging that the tech giant had unlawfully utilized patents crucial to certain technological standards without proper licensing. After a trial, London's High Court ruled last year that two of Optis' 4G patents were indeed 'standard essential patents' and concluded that Apple had infringed upon them.

Apple, seeking to overturn this decision, filed an appeal in May, arguing that the two patents were not essential to 4G standards and that no infringement had occurred. However, their challenge was met with disappointment as the Court of Appeal sided with the High Court's initial ruling, deeming it justified in rejecting Apple's arguments on non-infringement and the essential nature of the patents.

In a written ruling, Judge Colin Birss affirmed the High Court's decision, stating that Apple had indeed infringed upon the patents and that they were essential to the 4G standards. Apple and Optis Cellular Technology LLC have not provided any immediate comments following the latest ruling.

This ruling represents the latest chapter in the protracted legal battle between Apple and Optis, which has already witnessed multiple trials and appellate hearings in Britain alone. The Court of Appeal's decision follows a previous ruling in October, where Optis successfully appealed against the revocation of two other 4G-related patents. This ruling granted Optis an injunction to prevent Apple from further infringing upon their patents until a court has decided on the fair, reasonable, and non-discriminatory terms of use.

The ongoing legal clash has posed significant challenges for Apple, one of the world's leading technology companies. The infringement of telecommunications patents has raised concerns regarding Apple's adherence to intellectual property rights and compliance with fair licensing practices.

(With Inputs from Reuters)

In a significant development in the long-standing legal battle between technology giant Apple Inc. and Optis Cellular Technology LLC, the London Court of Appeal dismissed Apple's appeal on Tuesday and upheld the previous ruling that the company infringed on two telecommunications patents, Reuters reported.

In a significant development in the long-standing legal battle between technology giant Apple Inc. and Optis Cellular Technology LLC, the London Court of Appeal dismissed Apple's appeal on Tuesday and upheld the previous ruling that the company infringed on two telecommunications patents, Reuters reported. The patents in question are claimed to be essential to technological standards, including 4G. The legal dispute was initiated in 2019 when Texas-based Optis Cellular Technology sued Apple, alleging that the tech giant had unlawfully utilized patents crucial to certain technological standards without proper licensing. After a trial, London's High Court ruled last year that two of Optis' 4G patents were indeed 'standard essential patents' and concluded that Apple had infringed upon them. Apple, seeking to overturn this decision, filed an appeal in May, arguing that the two patents were not essential to 4G standards and that no infringement had occurred. However, their challenge was met with disappointment as the Court of Appeal sided with the High Court's initial ruling, deeming it justified in rejecting Apple's arguments on non-infringement and the essential nature of the patents. In a written ruling, Judge Colin Birss affirmed the High Court's decision, stating that Apple had indeed infringed upon the patents and that they were essential to the 4G standards. Apple and Optis Cellular Technology LLC have not provided any immediate comments following the latest ruling. This ruling represents the latest chapter in the protracted legal battle between Apple and Optis, which has already witnessed multiple trials and appellate hearings in Britain alone. The Court of Appeal's decision follows a previous ruling in October, where Optis successfully appealed against the revocation of two other 4G-related patents. This ruling granted Optis an injunction to prevent Apple from further infringing upon their patents until a court has decided on the fair, reasonable, and non-discriminatory terms of use. The ongoing legal clash has posed significant challenges for Apple, one of the world's leading technology companies. The infringement of telecommunications patents has raised concerns regarding Apple's adherence to intellectual property rights and compliance with fair licensing practices. (With Inputs from Reuters)

iFail: Apple's appeal crushed, court confirms patent infringement

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively.

The decision was taken after a series of aggressive tightening measures by the central bank to curb inflation, which marked a pivotal moment. The decision taken to control escalating inflation rates has raised concerns, prompting discussion among experts and economists.

The RBA cash rate is currently standing at an 11-year high of 4.10 percent and has seen a cumulative increase of 400 basis points since May of the previous year. The rapid and unprecedented cycle aims to strike a balance between supply and demand, ensuring a more sustainable economic equilibrium.

However, the uncertainties&nbsp;around the economic outlook, particularly in relation to household consumption and the global economy scene, have prompted the RBA to take pause and assess the state of the country's economy.

While economic data over the past month has been mixed, indicating the need for further analysis and implying that further tightening may be required in the future, several factors such as sustained gains in housing prices, a rebound in building approvals, and a robust jobs report have raised some concerns about the effectiveness of current financial conditions. 
&nbsp;

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively.

Australia’s central bank on Tuesday decided to keep the current interest rate unchanged as it assessed the impact of past rate hikes; however, it cautioned that further tightening might be necessary in order to manage inflation effectively. The decision was taken after a series of aggressive tightening measures by the central bank to curb inflation, which marked a pivotal moment. The decision taken to control escalating inflation rates has raised concerns, prompting discussion among experts and economists. The RBA cash rate is currently standing at an 11-year high of 4.10 percent and has seen a cumulative increase of 400 basis points since May of the previous year. The rapid and unprecedented cycle aims to strike a balance between supply and demand, ensuring a more sustainable economic equilibrium. However, the uncertainties around the economic outlook, particularly in relation to household consumption and the global economy scene, have prompted the RBA to take pause and assess the state of the country's economy. While economic data over the past month has been mixed, indicating the need for further analysis and implying that further tightening may be required in the future, several factors such as sustained gains in housing prices, a rebound in building approvals, and a robust jobs report have raised some concerns about the effectiveness of current financial conditions.

Australia's central bank holds interest rate amid inflation concerns

Shares of major K-Pop management agencies experienced a decline on Wednesday following reports that South Korea's antitrust watchdog, the Korea Fair Trade Commission (KFTC), had initiated investigations into potential infractions of subcontracting rules related to the production of albums and merchandise, Reuters reported.&nbsp;

The KFTC dispatched investigators to the offices of HYBE, SM Entertainment, and YG Entertainment on Tuesday, aiming to examine whether the agencies engaged in unfair practices such as verbal contracts, delayed payments, or unfair contractual terms with their subcontractors. While no specific charges have been brought forth yet, the market responded with decreased share prices for the agencies involved.

Investigation Details

According to industry sources cited by Yonhap news agency, the KFTC's investigation focuses on potential violations of subcontracting rules by K-Pop management agencies. The commission is particularly interested in examining practices such as using verbal contracts without written documentation, unfair contractual terms, and delayed payment to subcontractors. However, the KFTC declined to comment on the specifics of the ongoing investigation, maintaining confidentiality. HYBE, SM Entertainment, and YG Entertainment refrained from making immediate comments in response to the reports.

Market Impact

Shares of HYBE, the management agency responsible for the global K-Pop sensation BTS, dropped by 2.1 per cent during early morning trade. Similarly, SM Entertainment and YG Entertainment shares experienced declines of 1.5 per cent and 0.4 per cent, respectively. However, YG Entertainment managed to reverse its losses and traded 2.23 per cent higher.&nbsp;

Financial Performance

HYBE, in its financial report for the January-March quarter, disclosed sales amounting to 410.6 billion won ($315.9 million). Of this, approximately 44.9 per cent came from album sales, while 16.8 per cent originated from merchandise and intellectual property. Shinhan Investment &amp; Securities released a report cited by Reuters providing these figures. On the other hand, YG Entertainment, known for managing the girl group Blackpink, initially experienced a minor loss of up to 1.49 per cent but later reversed the trend to trade higher.

(With Inputs from Reuters)

Shares of major K-Pop management agencies experienced a decline on Wednesday following reports that South Korea's antitrust watchdog, the Korea Fair Trade Commission (KFTC), had initiated investigations into potential infractions of subcontracting rules related to the production of albums and merchandise, Reuters reported.

Shares of major K-Pop management agencies experienced a decline on Wednesday following reports that South Korea's antitrust watchdog, the Korea Fair Trade Commission (KFTC), had initiated investigations into potential infractions of subcontracting rules related to the production of albums and merchandise, Reuters reported. The KFTC dispatched investigators to the offices of HYBE, SM Entertainment, and YG Entertainment on Tuesday, aiming to examine whether the agencies engaged in unfair practices such as verbal contracts, delayed payments, or unfair contractual terms with their subcontractors. While no specific charges have been brought forth yet, the market responded with decreased share prices for the agencies involved. Investigation Details According to industry sources cited by Yonhap news agency, the KFTC's investigation focuses on potential violations of subcontracting rules by K-Pop management agencies. The commission is particularly interested in examining practices such as using verbal contracts without written documentation, unfair contractual terms, and delayed payment to subcontractors. However, the KFTC declined to comment on the specifics of the ongoing investigation, maintaining confidentiality. HYBE, SM Entertainment, and YG Entertainment refrained from making immediate comments in response to the reports. Market Impact Shares of HYBE, the management agency responsible for the global K-Pop sensation BTS, dropped by 2.1 per cent during early morning trade. Similarly, SM Entertainment and YG Entertainment shares experienced declines of 1.5 per cent and 0.4 per cent, respectively. However, YG Entertainment managed to reverse its losses and traded 2.23 per cent higher. Financial Performance HYBE, in its financial report for the January-March quarter, disclosed sales amounting to 410.6 billion won ($315.9 million). Of this, approximately 44.9 per cent came from album sales, while 16.8 per cent originated from merchandise and intellectual property. Shinhan Investment & Securities released a report cited by Reuters providing these figures. On the other hand, YG Entertainment, known for managing the girl group Blackpink, initially experienced a minor loss of up to 1.49 per cent but later reversed the trend to trade higher. (With Inputs from Reuters)

Market drops a beat as K-Pop agencies face antitrust heat

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.45 trillion rupees ($273.77 billion) at the end of the June quarter, Reuters reported. This milestone follows the completion of the much-anticipated $40 billion merger between HDFC Bank and HDFC on July 1, making it the largest merger in India's corporate history and propelling the bank into the esteemed list of the world's top 10 banks based on market capitalisation.

According to HDFC Bank, its loan book experienced a significant 13.1 per cent growth in the June quarter compared to the previous year, although some figures may not be directly comparable. Furthermore, the merged entity reported that its deposits surged to around 20.64 trillion rupees by the end of June, marking a notable 16.2 per cent increase from the previous year.

HDFC Bank also revealed that the combined entity's liquidity coverage ratio, a crucial measure of the bank's cash-like assets, stood at approximately 120 per cent on a proforma basis for the quarter ending June 30.&nbsp;

Breaking down the figures, HDFC Bank's standalone gross advances soared to about 16.16 trillion rupees as of June end, representing a substantial 15.8 per cent growth, while deposits witnessed a notable 19.2 per cent surge to 19.13 trillion rupees. As for the combined advances of HDFC Bank Ltd. and Housing Development Finance Corp., they experienced a 13 per cent year-on-year increase, reaching 22.45 lakh crore rupees by June 30. Meanwhile, HDFC Bank's standalone advances recorded a 15.8 per cent growth, amounting to 16.55 lakh crore rupees.

The merger between HDFC Bank and HDFC was announced in April 2022 and officially took effect on July 1, although the record date for delisting HDFC shares from the exchanges is set for July 13. After this date, HDFC shareholders will receive HDFC Bank shares based on the agreed-upon swap ratio of 42 shares of HDFC Bank for every 25 shares held.

HDFC Bank reported impressive growth in its retail book, which rose by 20 per cent compared to the previous year, while commercial and rural banking loans experienced a similar growth rate of 20 per cent. Corporate and other wholesale loans showed an 11 per cent year-on-year increase.

It's important to note that due to the timing of HDFC's financial book closure a few days before June 30, some of the merged entity's numbers are not directly comparable to the same period last year, as stated by the bank.

(With Inputs from Reuters)

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.

HDFC Bank, one of India's leading financial institutions, announced on Wednesday that its merged loan book with Housing Development Finance Corporation (HDFC) reached approximately 22.45 trillion rupees ($273.77 billion) at the end of the June quarter, Reuters reported. This milestone follows the completion of the much-anticipated $40 billion merger between HDFC Bank and HDFC on July 1, making it the largest merger in India's corporate history and propelling the bank into the esteemed list of the world's top 10 banks based on market capitalisation. According to HDFC Bank, its loan book experienced a significant 13.1 per cent growth in the June quarter compared to the previous year, although some figures may not be directly comparable. Furthermore, the merged entity reported that its deposits surged to around 20.64 trillion rupees by the end of June, marking a notable 16.2 per cent increase from the previous year. HDFC Bank also revealed that the combined entity's liquidity coverage ratio, a crucial measure of the bank's cash-like assets, stood at approximately 120 per cent on a proforma basis for the quarter ending June 30. Breaking down the figures, HDFC Bank's standalone gross advances soared to about 16.16 trillion rupees as of June end, representing a substantial 15.8 per cent growth, while deposits witnessed a notable 19.2 per cent surge to 19.13 trillion rupees. As for the combined advances of HDFC Bank Ltd. and Housing Development Finance Corp., they experienced a 13 per cent year-on-year increase, reaching 22.45 lakh crore rupees by June 30. Meanwhile, HDFC Bank's standalone advances recorded a 15.8 per cent growth, amounting to 16.55 lakh crore rupees. The merger between HDFC Bank and HDFC was announced in April 2022 and officially took effect on July 1, although the record date for delisting HDFC shares from the exchanges is set for July 13. After this date, HDFC shareholders will receive HDFC Bank shares based on the agreed-upon swap ratio of 42 shares of HDFC Bank for every 25 shares held. HDFC Bank reported impressive growth in its retail book, which rose by 20 per cent compared to the previous year, while commercial and rural banking loans experienced a similar growth rate of 20 per cent. Corporate and other wholesale loans showed an 11 per cent year-on-year increase. It's important to note that due to the timing of HDFC's financial book closure a few days before June 30, some of the merged entity's numbers are not directly comparable to the same period last year, as stated by the bank. (With Inputs from Reuters)

HDFC Bank's Mega Merger: Creating a financial powerhouse worth $273.77 billion

Twitter CEO Linda Yaccarino has defended Twitter's temporary cap on how many tweets one can read everyday. Yaccarino tweeted on Tuesday that the temporary daily cap on reading tweets is a part of several "big moves" that are needed to strengthen twitter. she also added that twitter's revamp is a meaningful and ongoing process.

Twitter CEO defends reading limit move | World Business Watch

Latest data suggests that the gap between rich and poor widened at the fastest pace between January and March 2023. The latest data highlights a significant increase in the wealth gap between the richest and poorest households. The wealth gap grew by 1.1 percentage points between January and March 2023 compared to the same period in 2022. That's the fastest increase since record-keeping began in 2010.

Canada wealth gap rose at highest pace in Q1 of 2023 | World Business Watch

Indian markets have extended their winning streak for the sixth straight session. It was another remarkable day as the bulls continue their unstoppable charge to defying gravity yet again, to scale to new record levels.

India: Sensex & Nifty gain for fifth session, foreign investors pick India for returns | World DNA

A US court has ruled that two precious metals companies must pay nearly $146 million in restitution and penalties after more than 500,000 American Silver Eagle coins that vanished under their care. The firms, Argent Asset Group and First State Depository Company, owned by Robert Higgins, have been accused of orchestrating a "fraudulent and deceptive scheme" by promising to store the coins for customers but failed to do so.

<h2>The lost "treasure"</h2>

As per BBC, an investigation revealed that the coins, which were supposed to be held in vaults, could not be located. As part of the settlement, Argent Asset Group and First State Depository Company have been ordered to make compensation of $112.7 million and pay a penalty of $33mn.

Also read |&nbsp;<a href="https://www.wionews.com/world/discovery-of-cocaine-in-white-house-library-prompts-secret-service-investigation-611984">Discovery of cocaine in White House library prompts secret service investigation</a>

The US Commodity Futures Trading Commission (CFTC), alleged that Higgins' companies operated "fraudulent silver leasing programmes" known as the Maximus Program and the Silver Lease Program between 2014 and 2022.&nbsp;

The CFTC stated that the firms "solicited and misappropriated at least $7 million in funds and silver from at least 200 customers" and also made "false and misleading excuses for why assets could not be withdrawn".

<h2>What are American Silver Eagle Coins?</h2>

American Silver Eagle coins are backed by the US government, with each coin guaranteed to contain at least one troy ounce (31.1g) of 99.9 per cent pure silver, according to the United States Mint.

Investigators discovered more than 500,000 American Silver Eagle coins and over 9,000 gold coins missing from customers' accounts. Instead of the coins, they found empty boxes with "IOU" slips that are used to represent customers' holdings, however, they&nbsp;contained no assets.

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The CFTC emphasised the severity of the misconduct and stated that appropriate enforcement actions were necessary.&nbsp;

"This kind of egregious behaviour merits the full weight of the Commission's enforcement authority."

In addition to the monetary penalties, the court ruling regarding the missing American Silver Eagle coins has also mandated the closure of the implicated firms, Argent Asset Group LLC and First State Depository Company LLC, reports Market Watch. Moreover, the owner, Robert Higgins, has been permanently barred from participating in the commodities industry.

A US court has ruled that two precious metals companies must pay nearly $146 million in restitution and penalties after more than 500,000 American Silver Eagle coins that vanished under their care.

A US court has ruled that two precious metals companies must pay nearly $146 million in restitution and penalties after more than 500,000 American Silver Eagle coins that vanished under their care. The firms, Argent Asset Group and First State Depository Company, owned by Robert Higgins, have been accused of orchestrating a "fraudulent and deceptive scheme" by promising to store the coins for customers but failed to do so. The lost "treasure" As per BBC, an investigation revealed that the coins, which were supposed to be held in vaults, could not be located. As part of the settlement, Argent Asset Group and First State Depository Company have been ordered to make compensation of $112.7 million and pay a penalty of $33mn. Also read | Discovery of cocaine in White House library prompts secret service investigation The US Commodity Futures Trading Commission (CFTC), alleged that Higgins' companies operated "fraudulent silver leasing programmes" known as the Maximus Program and the Silver Lease Program between 2014 and 2022. The CFTC stated that the firms "solicited and misappropriated at least $7 million in funds and silver from at least 200 customers" and also made "false and misleading excuses for why assets could not be withdrawn". What are American Silver Eagle Coins? American Silver Eagle coins are backed by the US government, with each coin guaranteed to contain at least one troy ounce (31.1g) of 99.9 per cent pure silver, according to the United States Mint. Investigators discovered more than 500,000 American Silver Eagle coins and over 9,000 gold coins missing from customers' accounts. Instead of the coins, they found empty boxes with "IOU" slips that are used to represent customers' holdings, however, they contained no assets. Also read | French officials fine Google $2.2 million over incomplete search results The CFTC emphasised the severity of the misconduct and stated that appropriate enforcement actions were necessary. "This kind of egregious behaviour merits the full weight of the Commission's enforcement authority." In addition to the monetary penalties, the court ruling regarding the missing American Silver Eagle coins has also mandated the closure of the implicated firms, Argent Asset Group LLC and First State Depository Company LLC, reports Market Watch. Moreover, the owner, Robert Higgins, has been permanently barred from participating in the commodities industry.

'IOU': Precious metals companies ordered to pay $146 million over missing American Silver Eagle coins 