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A recent report claims that the country will lose 6,500 millionaires in 2023 with a large number of them migrating to Dubai and Singapore. The latest Henley private wealth migration report said that India will see the second-highest outflow of millionaires globally. that's next only to China, which will see the exodus of 13,500 millionaires. UK and sanctions-hit Russia have occupied the third and fourth places in this year's list.

India to lose 6.500 millionaires this year | World Business Watch

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. &nbsp;

Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar.

"Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," the minister told Reuters.

If Egypt ends up trading with India in rupee, it will join 18 other countries, including Germany, Kenya, Sri Lanka, Singapore, UK, where traders are allowed to import goods by paying in rupee.&nbsp;

The Egyptian minister's comment comes hours after Bloomberg reported that India was providing Egypt with a credit line worth an unspecified value. But he denied the report.&nbsp;

Moreover, Prime Minister Narendra Modi is set to visit Egypt later this month, as the two countries seek to become strategic partners.&nbsp;

The visit comes at a time when the cash-strapped country is trying to stabilise its economy.&nbsp;

The ongoing Ukraine war has rocked its tourism industry, raised commodity prices, and prompted foreign investors to pull about $20 billion out of its financial markets.

Inflation has risen sharply over the last year after a series of currency devaluations, a prolonged shortage of foreign currency and continuing delays in imports.

Recently, Egypt received a $3 billion package from the International Monetary Fund (IMF). Friendly Gulf nations too have&nbsp;pledged billions in investments to help the North African nation.&nbsp;

(With inputs from agencies)

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar.

Will the Indian rupee get an international boost? Reports from cash-strapped Egypt suggest that the country may pay for imports from India in rupees. Egypt's supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US dollar. "Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," the minister told Reuters. If Egypt ends up trading with India in rupee, it will join 18 other countries, including Germany, Kenya, Sri Lanka, Singapore, UK, where traders are allowed to import goods by paying in rupee. The Egyptian minister's comment comes hours after Bloomberg reported that India was providing Egypt with a credit line worth an unspecified value. But he denied the report. Moreover, Prime Minister Narendra Modi is set to visit Egypt later this month, as the two countries seek to become strategic partners. The visit comes at a time when the cash-strapped country is trying to stabilise its economy. The ongoing Ukraine war has rocked its tourism industry, raised commodity prices, and prompted foreign investors to pull about $20 billion out of its financial markets. Inflation has risen sharply over the last year after a series of currency devaluations, a prolonged shortage of foreign currency and continuing delays in imports. Recently, Egypt received a $3 billion package from the International Monetary Fund (IMF). Friendly Gulf nations too have pledged billions in investments to help the North African nation. (With inputs from agencies)

Egypt looking to pay for imports from India in rupees: Report

The Indian government has asked Chinese smartphone makers to induct Indian equity partners in their local operations, The Economic Times reported on Tuesday, citing sources.

In addition, the report added that Indians need to be in the top executive positions in Chinese smartphone companies operating in India.&nbsp;

Positions like the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Chief Technical Officers need to be occupied by Indian nationals, the media report said.&nbsp;

The Economic Times added that Chinese handset makers also need to Indianise their manufacturing ecosystem to the component level.&nbsp;

The publication quoted Pankaj Mohindroo, Chairman of India Cellular and Electronics Association, as saying that the government wants to develop Indian skills and companies through the new policy. "For instance, it wants Indian distribution in place of foreign distributors," he added.&nbsp;

According to&nbsp;Counterpoint Research, the share of Chinese smartphone makers in the Indian market stood at&nbsp;75 percent in 2022.&nbsp;

Fighting tax evasion

The report also said that Chinese smartphone makers were urged to comply with Indian laws and not evade taxes. Alleged tax evasion has been a major bone of contention between Chinese smartphone makers and the Indian government.

Last year, India's Department of Revenue Intelligence had issued a notice to mobile company Oppo for misdeclaration of certain goods leading to custom duty evasion of about Rs 2,981 crore.

Three show-cause notices were also issued to Xiaomi, another Chinese mobile company, for duty liability of about Rs 653 crore. The third Chinese company that came under the tax radar was Vivo India, which had received a demand notice for Rs 2,217 crore. 
&nbsp;

The Indian government has asked Chinese smartphone makers to induct Indian equity partners in their local operations, The Economic Times reported on Tuesday, citing sources.

The Indian government has asked Chinese smartphone makers to induct Indian equity partners in their local operations, The Economic Times reported on Tuesday, citing sources. In addition, the report added that Indians need to be in the top executive positions in Chinese smartphone companies operating in India. Positions like the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Chief Technical Officers need to be occupied by Indian nationals, the media report said. The Economic Times added that Chinese handset makers also need to Indianise their manufacturing ecosystem to the component level. The publication quoted Pankaj Mohindroo, Chairman of India Cellular and Electronics Association, as saying that the government wants to develop Indian skills and companies through the new policy. "For instance, it wants Indian distribution in place of foreign distributors," he added. According to Counterpoint Research, the share of Chinese smartphone makers in the Indian market stood at 75 percent in 2022. Fighting tax evasion The report also said that Chinese smartphone makers were urged to comply with Indian laws and not evade taxes. Alleged tax evasion has been a major bone of contention between Chinese smartphone makers and the Indian government. Last year, India's Department of Revenue Intelligence had issued a notice to mobile company Oppo for misdeclaration of certain goods leading to custom duty evasion of about Rs 2,981 crore. Three show-cause notices were also issued to Xiaomi, another Chinese mobile company, for duty liability of about Rs 653 crore. The third Chinese company that came under the tax radar was Vivo India, which had received a demand notice for Rs 2,217 crore.

Indianise manufacturing, hire Indians for top posts: Government to Chinese smartphone makers

It seems that West Asia is the new go-to place for the two economic rivals -- the US and China. Saudi Arabia, West Asia's biggest economic power, in particular, is the at centre of the global rivalry.

Just days after hosting the US Secretary of State Antony Blinken, the oil-rich kingdom played host to the largest Chinese-Arab business gathering in Riyadh.

As per a Bloomberg report, the two-day business gathering, which ended on Monday, made two things clear to the world.&nbsp;

While Saudi officials spoke about integrating Chinese businesses into the Arab World, Chinese executives said they were ready to de-Americanise the oil-rich kingdom.

Speaking at the gathering, Saudi Arabia's investment minister Khalid al-Falih sought to place his country as a bridge between China and the larger Arab world.

"The time has come, in my view, for China to be a principal investment partner in the Arab world’s development drive," he said.&nbsp;

China's growing clout in the oil-rich West Asia is the result of the US reducing its focus on the region in the last decade.

Moreover, the recent thaw in the Saudi-Iran relationship, which was aided by the Chinese, has only consolidated China's position in the oil-rich but politically sensitive region.&nbsp;

China-Saudi ties&nbsp;

China is already the number one buyer of Saudi oil, which makes up 18% of the country's total oil purchases.&nbsp;

China is also Saudi Arabia’s largest trading partner. Last year, the bilateral trade between Saudi Arabia and China stood at $116 billion.&nbsp;

However, Saudi Arabia has not been a major investor in China since&nbsp;its top sovereign wealth funds mostly opt&nbsp;for the US and Europe, where markets are deep and rules transparent.

But China seems determined to attract investments from Saudi Arabia and&nbsp;the larger Arab world. President Xi Jinping’s landmark trip&nbsp;to the kingdom in December 2022 was a clear indication of China's growing interest in the region.&nbsp;And the Arabs seem willing to do business with the Chinese.&nbsp;

"Now is the best time for Arab money to get into China because Arabs missed the first stage of the Chinese miracle," Karim Alwadi, co-founder of Beltway Group, which co-invests with Chinese companies in middle eastern infrastructure projects, told Bloomberg.&nbsp;

It seems that West Asia is the new go-to place for the two economic rivals -- the US and China. Saudi Arabia, West Asia's biggest economic power, in particular, is the at centre of the global rivalry.

It seems that West Asia is the new go-to place for the two economic rivals -- the US and China. Saudi Arabia, West Asia's biggest economic power, in particular, is the at centre of the global rivalry. Just days after hosting the US Secretary of State Antony Blinken, the oil-rich kingdom played host to the largest Chinese-Arab business gathering in Riyadh. As per a Bloomberg report, the two-day business gathering, which ended on Monday, made two things clear to the world. While Saudi officials spoke about integrating Chinese businesses into the Arab World, Chinese executives said they were ready to de-Americanise the oil-rich kingdom. Speaking at the gathering, Saudi Arabia's investment minister Khalid al-Falih sought to place his country as a bridge between China and the larger Arab world. "The time has come, in my view, for China to be a principal investment partner in the Arab world’s development drive," he said. China's growing clout in the oil-rich West Asia is the result of the US reducing its focus on the region in the last decade. Moreover, the recent thaw in the Saudi-Iran relationship, which was aided by the Chinese, has only consolidated China's position in the oil-rich but politically sensitive region. China-Saudi ties China is already the number one buyer of Saudi oil, which makes up 18% of the country's total oil purchases. China is also Saudi Arabia’s largest trading partner. Last year, the bilateral trade between Saudi Arabia and China stood at $116 billion. However, Saudi Arabia has not been a major investor in China since its top sovereign wealth funds mostly opt for the US and Europe, where markets are deep and rules transparent. But China seems determined to attract investments from Saudi Arabia and the larger Arab world. President Xi Jinping’s landmark trip to the kingdom in December 2022 was a clear indication of China's growing interest in the region. And the Arabs seem willing to do business with the Chinese. "Now is the best time for Arab money to get into China because Arabs missed the first stage of the Chinese miracle," Karim Alwadi, co-founder of Beltway Group, which co-invests with Chinese companies in middle eastern infrastructure projects, told Bloomberg.

Exit US, enter China: Saudi Arabia woos Beijing as Washington DC's influence declines

China's equity market is grappling with persistent challenges as investor confidence continues to wane, despite the government's efforts to stimulate economic growth, Bloomberg reported.

The recent interest rate cut by the People's Bank of China has failed to generate enthusiasm among equity traders, with trading volumes remaining significantly below average. The CSI 300 Index, representing the top 300 stocks in Shanghai and Shenzhen, has been stuck in a bear market for over a year, reflecting investors' prevailing lack of confidence.

Lingering Weak Sentiment

Investors had hoped that 2023 would be a turnaround year for Chinese stocks as they counted on Beijing to revitalize the economy and revive the property market after years of COVID-19 restrictions. However, weak sentiment has replaced the initial optimism, proving difficult to reverse and wrong-footing China's stock bulls for the second consecutive year. Experts cited by Bloomberg point to the need for China to create an environment where producer prices recover, the equity market regains traction, and concerns over credit risks associated with local government financing vehicles are alleviated.

Consumer Concerns and Record Youth Unemployment

Consumer confidence in China remains low, with few signs of improvement in sight. The economy continues to grapple with record levels of youth unemployment, exacerbating concerns about the long-term prospects of the job market. Additionally, the housing market has experienced its longest-ever downturn, creating further apprehension among investors and households. The prevailing sense of lost animal spirits risks becoming a self-fulfilling prophecy, with some experts drawing parallels to Japan's 'balance-sheet recession' scenario.

Stimulus Efforts and Property Market Revival

Chinese authorities are considering a broad package of stimulus measures, explicitly focusing on reviving the property market to boost market sentiment. However, the impact has been limited, as a gauge of developers' shares rose less than 1 percent in response to the news. The recent cut to the seven-day reverse repo rate is expected to make it cheaper for banks to borrow from each other, potentially reducing the cost of loans that underpin mortgages. While these measures provide some relief, analysts cited by Bloomberg argue that a more proactive approach from Beijing is necessary to address the underlying concerns and restore investor confidence effectively.

Struggles to Restore Confidence

Despite a decisive shift in policy tone favouring private enterprises, risk aversion among businesses, households, and investors remains high. The equity market is witnessing a lack of appetite for fresh capital, as evidenced by a meager 81 new fund launches in May, the lowest level in eight years. Even as Beijing encourages funds to increase their equity allocations, it will require significant efforts to make Chinese A-shares a more attractive asset class.

Outlook and Expectations

Market analysts have revised their China stock-index targets downward in recent weeks, reflecting the deepening losses onshore and in Hong Kong. The upcoming decision on the one-year policy rate by the central bank, along with May data on industrial production and retail sales, will provide further insights into the market's trajectory. Market watchers cited by Bloomberg stress the importance of signaling confidence and offering additional support measures to invigorate investor sentiment. With China's comparatively lower inflation and significant reserve of resources, experts believe the country can provide stimulus and reignite its equity market.

China's equity market is grappling with persistent challenges as investor confidence continues to wane, despite the government's efforts to stimulate economic growth, Bloomberg reported.

China's equity market is grappling with persistent challenges as investor confidence continues to wane, despite the government's efforts to stimulate economic growth, Bloomberg reported. The recent interest rate cut by the People's Bank of China has failed to generate enthusiasm among equity traders, with trading volumes remaining significantly below average. The CSI 300 Index, representing the top 300 stocks in Shanghai and Shenzhen, has been stuck in a bear market for over a year, reflecting investors' prevailing lack of confidence. Lingering Weak Sentiment Investors had hoped that 2023 would be a turnaround year for Chinese stocks as they counted on Beijing to revitalize the economy and revive the property market after years of COVID-19 restrictions. However, weak sentiment has replaced the initial optimism, proving difficult to reverse and wrong-footing China's stock bulls for the second consecutive year. Experts cited by Bloomberg point to the need for China to create an environment where producer prices recover, the equity market regains traction, and concerns over credit risks associated with local government financing vehicles are alleviated. Consumer Concerns and Record Youth Unemployment Consumer confidence in China remains low, with few signs of improvement in sight. The economy continues to grapple with record levels of youth unemployment, exacerbating concerns about the long-term prospects of the job market. Additionally, the housing market has experienced its longest-ever downturn, creating further apprehension among investors and households. The prevailing sense of lost animal spirits risks becoming a self-fulfilling prophecy, with some experts drawing parallels to Japan's 'balance-sheet recession' scenario. Stimulus Efforts and Property Market Revival Chinese authorities are considering a broad package of stimulus measures, explicitly focusing on reviving the property market to boost market sentiment. However, the impact has been limited, as a gauge of developers' shares rose less than 1 percent in response to the news. The recent cut to the seven-day reverse repo rate is expected to make it cheaper for banks to borrow from each other, potentially reducing the cost of loans that underpin mortgages. While these measures provide some relief, analysts cited by Bloomberg argue that a more proactive approach from Beijing is necessary to address the underlying concerns and restore investor confidence effectively. Struggles to Restore Confidence Despite a decisive shift in policy tone favouring private enterprises, risk aversion among businesses, households, and investors remains high. The equity market is witnessing a lack of appetite for fresh capital, as evidenced by a meager 81 new fund launches in May, the lowest level in eight years. Even as Beijing encourages funds to increase their equity allocations, it will require significant efforts to make Chinese A-shares a more attractive asset class. Outlook and Expectations Market analysts have revised their China stock-index targets downward in recent weeks, reflecting the deepening losses onshore and in Hong Kong. The upcoming decision on the one-year policy rate by the central bank, along with May data on industrial production and retail sales, will provide further insights into the market's trajectory. Market watchers cited by Bloomberg stress the importance of signaling confidence and offering additional support measures to invigorate investor sentiment. With China's comparatively lower inflation and significant reserve of resources, experts believe the country can provide stimulus and reignite its equity market.

The Great Wall of doubt: China's equity market battles for confidence

Zyus Life Sciences Inc., a leading cannabis oil company, is set to revolutionize the industry as it prepares to go public through a reverse takeover strategy, Bloomberg reported.

By sidestepping the traditional initial public offering (IPO) route, Zyus has opted for a unique approach that involves merging with an established crude producer, Phoenix Canada Oil Co. Ltd. This unconventional decision comes as Zyus faced challenges in the IPO market due to market downturns and a lack of interest from lead investors.

The reverse takeover allows Zyus to negotiate directly with a select group of institutional investors, allowing for lower costs and reduced regulatory scrutiny.

The Journey to Public Trading

Zyus Life Sciences, known for developing cannabinoid drugs to alleviate pain associated with conditions such as osteoarthritis and bone cancer, initially pursued the traditional IPO route. However, unfavorable market conditions and a lack of interest from investors forced them to explore alternative paths.

According to Bloomberg, the company under CEO Brent Zettl encountered difficulties as the markets were heading south, with no takers willing to be the lead investor. This prompted the company to consider a reverse takeover strategy as a viable alternative to achieve its goal of going public.

The Power of Reverse Takeovers

Reverse takeovers have gained popularity during times of market volatility, providing stability and flexibility to companies seeking to go public. Unlike traditional IPOs, which require broad investor participation, reverse takeovers enable negotiations with a select group of institutional investors.

As a result, marketing costs are reduced, and regulatory scrutiny is minimized, allowing companies like Zyus to navigate market challenges more effectively. Professor Ari Pandes from the University of Calgary told Bloomberg&nbsp;that reverse takeovers offer companies a level of stability as they are not at the mercy of market fluctuations, a risk often associated with traditional IPOs.

Zyus Life Sciences' Game-Changing Move

Amid a decline in stock issuances and a challenging IPO landscape in Canada, Zyus Life Sciences' reverse takeover marks a significant milestone for the industry. The company successfully completed the merger with Phoenix Canada Oil Co. Ltd., raising an impressive C$20.1 million in the process. This strategic move enables Zyus to access the public trading markets under the name Zyus Life Sciences Corp&nbsp;on Canada's TSX-Venture Exchange.

The funds raised through the reverse takeover will play a pivotal role in Zyus' growth trajectory. With CEO Brent Zettl having invested C$62 million of his own money into the company, Zyus aims to utilize the capital infusion to support its capital needs and advance its cannabinoid drug development. The company plans to pursue further clinical trials and seek approvals from the US Food and Drug Administration (FDA) for its treatments.

(With Inputs from Bloomberg)

Zyus Life Sciences Inc., a leading cannabis oil company, is set to revolutionize the industry as it prepares to go public through a reverse takeover strategy, Bloomberg reported.

Zyus Life Sciences Inc., a leading cannabis oil company, is set to revolutionize the industry as it prepares to go public through a reverse takeover strategy, Bloomberg reported. By sidestepping the traditional initial public offering (IPO) route, Zyus has opted for a unique approach that involves merging with an established crude producer, Phoenix Canada Oil Co. Ltd. This unconventional decision comes as Zyus faced challenges in the IPO market due to market downturns and a lack of interest from lead investors. The reverse takeover allows Zyus to negotiate directly with a select group of institutional investors, allowing for lower costs and reduced regulatory scrutiny. The Journey to Public Trading Zyus Life Sciences, known for developing cannabinoid drugs to alleviate pain associated with conditions such as osteoarthritis and bone cancer, initially pursued the traditional IPO route. However, unfavorable market conditions and a lack of interest from investors forced them to explore alternative paths. According to Bloomberg, the company under CEO Brent Zettl encountered difficulties as the markets were heading south, with no takers willing to be the lead investor. This prompted the company to consider a reverse takeover strategy as a viable alternative to achieve its goal of going public. The Power of Reverse Takeovers Reverse takeovers have gained popularity during times of market volatility, providing stability and flexibility to companies seeking to go public. Unlike traditional IPOs, which require broad investor participation, reverse takeovers enable negotiations with a select group of institutional investors. As a result, marketing costs are reduced, and regulatory scrutiny is minimized, allowing companies like Zyus to navigate market challenges more effectively. Professor Ari Pandes from the University of Calgary told Bloomberg that reverse takeovers offer companies a level of stability as they are not at the mercy of market fluctuations, a risk often associated with traditional IPOs. Zyus Life Sciences' Game-Changing Move Amid a decline in stock issuances and a challenging IPO landscape in Canada, Zyus Life Sciences' reverse takeover marks a significant milestone for the industry. The company successfully completed the merger with Phoenix Canada Oil Co. Ltd., raising an impressive C$20.1 million in the process. This strategic move enables Zyus to access the public trading markets under the name Zyus Life Sciences Corp on Canada's TSX-Venture Exchange. The funds raised through the reverse takeover will play a pivotal role in Zyus' growth trajectory. With CEO Brent Zettl having invested C$62 million of his own money into the company, Zyus aims to utilize the capital infusion to support its capital needs and advance its cannabinoid drug development. The company plans to pursue further clinical trials and seek approvals from the US Food and Drug Administration (FDA) for its treatments. (With Inputs from Bloomberg)

Zyus Life Sciences lights it up with an unconventional IPO maneuver

RBI governor Shaktikanta Das has received the 'Governor of the Year' award at London's Central Banking Awards 2023.

Das has been awarded for his pivotal role in implementing critical reforms, driving world-leading payment innovations, and steering India through challenging times with exceptional leadership skills.&nbsp;

Das was recommended for the award by London-based international economic research journal Central Banking in March 2023.

Assuming the position of RBI governor in December 2018, Das faced a challenging situation as one of India's major Non-Banking Financial Companies (NBFCs) went bankrupt, triggering a liquidity crunch. This event exposed significant flaws in the business models of several mid-sized banks that heavily relied on NBFCs. Subsequently, other banks, including Punjab and Maharashtra Co-operative Bank, also faced collapse.

The award statement said that Das' tenure "has been marked by a series of grave challenges, starting with the collapse of a major non-banking firm, moving through the first and second waves of the coronavirus, and then, in 2022, Russia’s invasion of Ukraine and its inflationary impact."&nbsp;

The organizers highlighted Das's significant accomplishments, including the resolution of collapsed non-bank financial companies and the steady improvement of the banking sector, which had hindered India's growth for an extended period.&nbsp;

Das is the second Central Bank governor to receive this prestigious award, following Raghuram Rajan, who won the title in 2015.&nbsp;

In addition to successfully addressing India's banking crisis, the statement lauded Das for effectively managing India's response to the COVID-19 pandemic and for skillfully tackling the inflationary impact of Russia's invasion of Ukraine.&nbsp; 
&nbsp;

RBI governor Shaktikanta Das has received the 'Governor of the Year' award at London's Central Banking Awards 2023. Das has been awarded for his pivotal role in implementing critical reforms, driving world-leading payment innovations, and steering India through challenging times with exceptional leadership skills.

RBI governor Shaktikanta Das has received the 'Governor of the Year' award at London's Central Banking Awards 2023. Das has been awarded for his pivotal role in implementing critical reforms, driving world-leading payment innovations, and steering India through challenging times with exceptional leadership skills. Das was recommended for the award by London-based international economic research journal Central Banking in March 2023. Assuming the position of RBI governor in December 2018, Das faced a challenging situation as one of India's major Non-Banking Financial Companies (NBFCs) went bankrupt, triggering a liquidity crunch. This event exposed significant flaws in the business models of several mid-sized banks that heavily relied on NBFCs. Subsequently, other banks, including Punjab and Maharashtra Co-operative Bank, also faced collapse. The award statement said that Das' tenure "has been marked by a series of grave challenges, starting with the collapse of a major non-banking firm, moving through the first and second waves of the coronavirus, and then, in 2022, Russia’s invasion of Ukraine and its inflationary impact." The organizers highlighted Das's significant accomplishments, including the resolution of collapsed non-bank financial companies and the steady improvement of the banking sector, which had hindered India's growth for an extended period. Das is the second Central Bank governor to receive this prestigious award, following Raghuram Rajan, who won the title in 2015. In addition to successfully addressing India's banking crisis, the statement lauded Das for effectively managing India's response to the COVID-19 pandemic and for skillfully tackling the inflationary impact of Russia's invasion of Ukraine.

Shaktikanta Das named ‘Governor of the Year’ at London Central Banking Awards 2023

Shares of software giant Oracle Corporation surged by as much as 5 percent in extended trading on Monday, following the announcement of its fiscal fourth-quarter results, media reports said.&nbsp;Oracle's robust earnings and revenue growth were primarily fueled by the strength of its cloud services and license support division.&nbsp;

Oracle reported adjusted earnings of $1.67 per share for the fiscal fourth quarter, surpassing the estimated $1.58 per share predicted by analysts.&nbsp;

According to Refinitiv, the company's revenue exceeded expectations, reaching $13.84 billion compared to the anticipated $13.74 billion.&nbsp;

Oracle's revenue grew by 17 percent year over year in the quarter ending on May 31, with net income totaling $3.32 billion, or $1.19 per share.&nbsp;This represented&nbsp;a significant increase from the year-ago quarter's net income of $3.19 billion, or $1.16 per share.

During a conference call, Oracle's CEO Safra Catz provided an optimistic outlook for the fiscal first quarter.&nbsp;The company expects adjusted earnings per share in the range of $1.12 to $1.16, along with 8 percent to 10 percent revenue growth.&nbsp;

Analysts polled by Refinitiv had projected adjusted earnings of $1.14 per share on $12.34 billion in revenue, indicating an estimated growth of 7.8 percent.

Strong Performance in Cloud Services

Oracle's cloud services and license support division emerged as the company's primary revenue driver, experiencing a remarkable 23 percent jump to $9.37 billion. However, revenue from cloud licenses and on-premises solutions declined by 15 percent to $2.15 billion.&nbsp;

Notably, revenue from cloud infrastructure demonstrated exceptional growth, reaching $1.4 billion with a staggering 76 percent increase, surpassing the 55 percent growth recorded in the previous quarter.&nbsp;

Although Oracle's cloud infrastructure unit is expanding faster than its counterparts, Microsoft and Google, it still trails behind them in terms of overall market share.

Expansion into Generative AI

Oracle's Chair and Technology Chief, Larry Ellison, revealed the company's plan to introduce a generative artificial intelligence (AI) cloud service through a partnership with startup Cohere.&nbsp;

This collaboration will leverage Oracle's cloud infrastructure while ensuring the privacy and security of enterprise customers' training data.&nbsp;

The new service aims to enable organizations to develop and utilize their own private specialized large-language models. Oracle has already implemented this tool internally, showcasing its commitment to harnessing the potential of AI technologies.

Government Approvals and Market Performance

Oracle achieved significant milestones during the quarter, as US defense and intelligence agencies approved more of its cloud services.&nbsp;

Excluding after-hours trading, Oracle's stock has demonstrated a substantial increase of almost 43 percent year-to-date, outperforming the broader S&amp;P 500 index, which has risen by approximately 13 percent.&nbsp;

The stock experienced a notable 6 percent surge during regular trading on Tuesday, marking its best performance in a year.&nbsp;This positive momentum was bolstered by Wolfe Research, who upgraded Oracle to a 'buy' rating from a 'hold' based on the company's improving financials and strong position in the AI sector.

Shares of software giant Oracle Corporation surged by as much as 5 percent in extended trading on Monday, following the announcement of its fiscal fourth-quarter results, media reports said.

Shares of software giant Oracle Corporation surged by as much as 5 percent in extended trading on Monday, following the announcement of its fiscal fourth-quarter results, media reports said. Oracle's robust earnings and revenue growth were primarily fueled by the strength of its cloud services and license support division. Oracle reported adjusted earnings of $1.67 per share for the fiscal fourth quarter, surpassing the estimated $1.58 per share predicted by analysts. According to Refinitiv, the company's revenue exceeded expectations, reaching $13.84 billion compared to the anticipated $13.74 billion. Oracle's revenue grew by 17 percent year over year in the quarter ending on May 31, with net income totaling $3.32 billion, or $1.19 per share. This represented a significant increase from the year-ago quarter's net income of $3.19 billion, or $1.16 per share. During a conference call, Oracle's CEO Safra Catz provided an optimistic outlook for the fiscal first quarter. The company expects adjusted earnings per share in the range of $1.12 to $1.16, along with 8 percent to 10 percent revenue growth. Analysts polled by Refinitiv had projected adjusted earnings of $1.14 per share on $12.34 billion in revenue, indicating an estimated growth of 7.8 percent. Strong Performance in Cloud Services Oracle's cloud services and license support division emerged as the company's primary revenue driver, experiencing a remarkable 23 percent jump to $9.37 billion. However, revenue from cloud licenses and on-premises solutions declined by 15 percent to $2.15 billion. Notably, revenue from cloud infrastructure demonstrated exceptional growth, reaching $1.4 billion with a staggering 76 percent increase, surpassing the 55 percent growth recorded in the previous quarter. Although Oracle's cloud infrastructure unit is expanding faster than its counterparts, Microsoft and Google, it still trails behind them in terms of overall market share. Expansion into Generative AI Oracle's Chair and Technology Chief, Larry Ellison, revealed the company's plan to introduce a generative artificial intelligence (AI) cloud service through a partnership with startup Cohere. This collaboration will leverage Oracle's cloud infrastructure while ensuring the privacy and security of enterprise customers' training data. The new service aims to enable organizations to develop and utilize their own private specialized large-language models. Oracle has already implemented this tool internally, showcasing its commitment to harnessing the potential of AI technologies. Government Approvals and Market Performance Oracle achieved significant milestones during the quarter, as US defense and intelligence agencies approved more of its cloud services. Excluding after-hours trading, Oracle's stock has demonstrated a substantial increase of almost 43 percent year-to-date, outperforming the broader S&P 500 index, which has risen by approximately 13 percent. The stock experienced a notable 6 percent surge during regular trading on Tuesday, marking its best performance in a year. This positive momentum was bolstered by Wolfe Research, who upgraded Oracle to a 'buy' rating from a 'hold' based on the company's improving financials and strong position in the AI sector.

Booming cloud services help Oracle to post better than expected Q4 results

The government of Chinese President Xi Jinping has reportedly been exerting pressure&nbsp;to boost the country's economy as Beijing is mulling a broad package of stimulus measures, Bloomberg reported citing people familiar with the matter.&nbsp;

Earlier this month, Bloomberg quoted sources to report that after existing policies failed to sustain a rebound in the property market, China aimed at introducing a set of measures to support the ailing sector.&nbsp;

While speaking on the condition of anonymity, the sources told the outlet that the measures are designed to support areas such as real estate and domestic demand. They also mentioned that interest rate reductions, supporting the real estate market, and more key areas are under consideration.&nbsp;

As quoted, one person said that regulators are seeking to lower costs on outstanding residential mortgages and boost re-lending through the nation's policy banks. They want to ensure homes are delivered.&nbsp;

This comes as the news agency Reuters reported that China's central bank cut short-term borrowing costs on Tuesday to help restore confidence. The move signalled possible easing for longer-term rates.&nbsp;

The plan is not final yet, and the State Council may discuss the policies as soon as this Friday. They might make some amends in the policies during the discussion.&nbsp;

According to Larry Hu, who is the head of China economics at Macquarie Group Ltd, the rate cut signals Beijing's stance is turning more supportive.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/former-samsung-electronics-executive-accused-of-stealing-secrets-for-china-chip-factory-603612">Former Samsung Electronics executive accused of stealing secrets for China chip factory</a>&nbsp;

As quoted by Bloomberg, Hu said that "policy is the only game changer" in the face of weak consumer and business confidence in the economy.&nbsp;

Hu added, "The rate cut today sent a clear signal that policy would turn more supportive in the coming months, a significant shift from the tapering in stimulus since April."&nbsp;

<h2>China's new loans in May miss forecasts</h2>

Reuters mentioned in its report that China's new bank loans picked up in May from the previous month, amid an economy-friendy policy being accommodated by the central bank. However, the signs of slowing momentum have raised expectations that more stimulus may be needed to sustain the recovery.&nbsp;

Analysts have said that the weaker-than-expected credit data could strengthen the case for policymakers to roll out more support steps, including a cut in the benchmark lending rate this month.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/china-searching-waters-where-north-korean-satellite-crashed-south-korea-603520">China searching waters where North Korean satellite crashed: South Korea</a>&nbsp;

Watch:&nbsp;Gravitas: India-China relations hit an all-time low. Here's why&nbsp;

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New bank lending rose to $190.18 billion in May, data from the People's Bank of China (PBOC) showed on Tuesday. The figures are up from April but missed analysts' estimates.&nbsp;

According to the economists polled by Reuters, it was expected that new yuan loans would jump to 1.6 trillion yuan last month, versus 718.8 billion yuan in April and against 1.89 trillion yuan a year earlier.&nbsp;

As quoted by the news agency, Zhiwei Zhang, chief economist at Pinpoint Asset Management, said in a note: "The credit growth is weak, which is not surprising as other economic indicators such as PMI and exports also sent consistent signals."&nbsp;

"This explains why the PBOC cut the reverse repo rate this morning. It is a small step in the right direction. I expect more policy actions to follow in coming weeks," Zhang added.&nbsp;

(With inputs from agencies)&nbsp;

 
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The government of Chinese President Xi Jinping has reportedly been exerting pressure to boost the country's economy as Beijing is mulling a broad package of stimulus measures, Bloomberg reported citing people familiar with the matter.

The government of Chinese President Xi Jinping has reportedly been exerting pressure to boost the country's economy as Beijing is mulling a broad package of stimulus measures, Bloomberg reported citing people familiar with the matter. Earlier this month, Bloomberg quoted sources to report that after existing policies failed to sustain a rebound in the property market, China aimed at introducing a set of measures to support the ailing sector. While speaking on the condition of anonymity, the sources told the outlet that the measures are designed to support areas such as real estate and domestic demand. They also mentioned that interest rate reductions, supporting the real estate market, and more key areas are under consideration. As quoted, one person said that regulators are seeking to lower costs on outstanding residential mortgages and boost re-lending through the nation's policy banks. They want to ensure homes are delivered. This comes as the news agency Reuters reported that China's central bank cut short-term borrowing costs on Tuesday to help restore confidence. The move signalled possible easing for longer-term rates. The plan is not final yet, and the State Council may discuss the policies as soon as this Friday. They might make some amends in the policies during the discussion. According to Larry Hu, who is the head of China economics at Macquarie Group Ltd, the rate cut signals Beijing's stance is turning more supportive. Also read: Former Samsung Electronics executive accused of stealing secrets for China chip factory As quoted by Bloomberg, Hu said that "policy is the only game changer" in the face of weak consumer and business confidence in the economy. Hu added, "The rate cut today sent a clear signal that policy would turn more supportive in the coming months, a significant shift from the tapering in stimulus since April." China's new loans in May miss forecasts Reuters mentioned in its report that China's new bank loans picked up in May from the previous month, amid an economy-friendy policy being accommodated by the central bank. However, the signs of slowing momentum have raised expectations that more stimulus may be needed to sustain the recovery. Analysts have said that the weaker-than-expected credit data could strengthen the case for policymakers to roll out more support steps, including a cut in the benchmark lending rate this month. Also read: China searching waters where North Korean satellite crashed: South Korea Watch: Gravitas: India-China relations hit an all-time low. Here's why × New bank lending rose to $190.18 billion in May, data from the People's Bank of China (PBOC) showed on Tuesday. The figures are up from April but missed analysts' estimates. According to the economists polled by Reuters, it was expected that new yuan loans would jump to 1.6 trillion yuan last month, versus 718.8 billion yuan in April and against 1.89 trillion yuan a year earlier. As quoted by the news agency, Zhiwei Zhang, chief economist at Pinpoint Asset Management, said in a note: "The credit growth is weak, which is not surprising as other economic indicators such as PMI and exports also sent consistent signals." "This explains why the PBOC cut the reverse repo rate this morning. It is a small step in the right direction. I expect more policy actions to follow in coming weeks," Zhang added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China mulling broad stimulus to prop ailing real estate sector, boost economy: Report

Tata Consultancy Services (TCS), one of the largest IT firms in India, has been dealing with a tricky situation after the mass resignation of female employees. A report by Bloomberg mentioned that when the IT giant ended the work-from-home policy, more female employees decided not to return to the office as compared to male employees.&nbsp;

Not just TCS, the work-from-home policy was implemented in various sectors during the coronavirus (COVID-19) pandemic to curb the spread of the deadly virus. But the economies across the world gradually reopened when the lockdown measures were relaxed and many companies started to call their employees back to office.&nbsp;

But the report shows that the attrition among women was reported to be higher at TCS when it called employees back to work, which was unusual for the company, where female attrition has historically been either lower or similar to their male counterparts.&nbsp;

In the company's annual report last week, Chief Human Resources Officer of TCS Milind Lakkad said, "I would think working from home during the pandemic reset the domestic arrangements for some women, keeping them from returning to office."&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/india-nine-tata-steel-workers-hospitalised-after-steam-leak-in-odisha-plant-603973">Nine Tata Steel workers hospitalised after steam leak in Odisha plant</a>&nbsp;

"It is a setback to our efforts to promote gender diversity, but we are doubling down on it," Lakkad said, further adding that women make up about 36% of TCS employees. He said that the company is trying to increase their representation, including in leadership roles.&nbsp;

According to the report, the work-from-home scenario has provided the flexibility to work remotely. In recent years, it has helped companies to attract and retain talent.&nbsp;

Watch:&nbsp;India tops digital payments ranking&nbsp;

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<h2>WFH: A blessing for women?&nbsp;</h2>

Work-from-home has helped women employees especially as several reports have claimed that they have managed to juggle office and home duties in a hybrid environment. Bloomberg said that the shift now is making them drop out of the workforce, worsening already low participation in the workforce.&nbsp;

According to World Bank data, at 24%, India's female labour force participation is much lower than 61% in China. The report argues that's a risk for economic growth in the world's most populous nation, where women comprise about half of the citizens.&nbsp;

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Tata Consultancy Services (TCS), one of the largest IT firms in India, has been dealing with a tricky situation after the mass resignation of female employees. A report by Bloomberg mentioned that when the IT giant ended the work-from-home policy, more female employees decided not to return to the office as compared to male employees.

Tata Consultancy Services (TCS), one of the largest IT firms in India, has been dealing with a tricky situation after the mass resignation of female employees. A report by Bloomberg mentioned that when the IT giant ended the work-from-home policy, more female employees decided not to return to the office as compared to male employees. Not just TCS, the work-from-home policy was implemented in various sectors during the coronavirus (COVID-19) pandemic to curb the spread of the deadly virus. But the economies across the world gradually reopened when the lockdown measures were relaxed and many companies started to call their employees back to office. But the report shows that the attrition among women was reported to be higher at TCS when it called employees back to work, which was unusual for the company, where female attrition has historically been either lower or similar to their male counterparts. In the company's annual report last week, Chief Human Resources Officer of TCS Milind Lakkad said, "I would think working from home during the pandemic reset the domestic arrangements for some women, keeping them from returning to office." Also read: Nine Tata Steel workers hospitalised after steam leak in Odisha plant "It is a setback to our efforts to promote gender diversity, but we are doubling down on it," Lakkad said, further adding that women make up about 36% of TCS employees. He said that the company is trying to increase their representation, including in leadership roles. According to the report, the work-from-home scenario has provided the flexibility to work remotely. In recent years, it has helped companies to attract and retain talent. Watch: India tops digital payments ranking × WFH: A blessing for women? Work-from-home has helped women employees especially as several reports have claimed that they have managed to juggle office and home duties in a hybrid environment. Bloomberg said that the shift now is making them drop out of the workforce, worsening already low participation in the workforce. According to World Bank data, at 24%, India's female labour force participation is much lower than 61% in China. The report argues that's a risk for economic growth in the world's most populous nation, where women comprise about half of the citizens. 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.

What’s forcing women employees to quit India’s largest IT firm TCS?

In response to an interim order passed by the Indian market regulator Securities and Exchange Board of India (SEB), Zee Entertainment Enterprises Ltd. (ZEEL) has assured to take all appropriate steps as necessary in order to ensure that the interest of the company and its shareholders is kept at the forefront.

ZEEL added that its board is currently reviewing the detailed order.

“The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI), with respect to Dr. Subhash Chandra and Mr. Punit Goenka. The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required,” R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd said on Tuesday.&nbsp;

“With a singular focus on enhancing the shareholder value year after year, the Board of the Company has continued to guide the management towards its strategic goals and priorities for the future. All the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront. The Board recognizes the significant contribution made by Dr. Subhash Chandra as the founder of the Company and the growth and value generation centric leadership showcased by Mr. Punit Goenka. The Board is confident that the company will continue to achieve the set goals for the future and most above, create value for all stakeholders,” he added.&nbsp;

Zee Entertainment Enterprises also filed an appeal with the Securities Appellate Tribunal (SAT) against SEBI's interim order, which barred Essel Group Chairman Dr Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding the position of director or key managerial personnel in any listed company.

The matter will be heard on Thursday.&nbsp;

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In response to an interim order passed by the Indian market regulator Securities and Exchange Board of India (SEB), Zee Entertainment Enterprises Ltd. (ZEEL) has assured to take all appropriate steps as necessary in order to ensure that the interest of the company and its shareholders is kept at the forefront.

In response to an interim order passed by the Indian market regulator Securities and Exchange Board of India (SEB), Zee Entertainment Enterprises Ltd. (ZEEL) has assured to take all appropriate steps as necessary in order to ensure that the interest of the company and its shareholders is kept at the forefront. ZEEL added that its board is currently reviewing the detailed order. “The Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) has noted the interim ex-parte order issued by the Securities and Exchange Board of India (SEBI), with respect to Dr. Subhash Chandra and Mr. Punit Goenka. The Board is currently in the process of reviewing the detailed order, and appropriate legal advice is being sought in order to take the next steps as required,” R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd said on Tuesday. “With a singular focus on enhancing the shareholder value year after year, the Board of the Company has continued to guide the management towards its strategic goals and priorities for the future. All the appropriate steps will be actioned as necessary, in order to ensure that the interest of the Company and all its valuable shareholders is kept at the forefront. The Board recognizes the significant contribution made by Dr. Subhash Chandra as the founder of the Company and the growth and value generation centric leadership showcased by Mr. Punit Goenka. The Board is confident that the company will continue to achieve the set goals for the future and most above, create value for all stakeholders,” he added. Zee Entertainment Enterprises also filed an appeal with the Securities Appellate Tribunal (SAT) against SEBI's interim order, which barred Essel Group Chairman Dr Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding the position of director or key managerial personnel in any listed company. The matter will be heard on Thursday. WATCH WION LIVE HERE

Appropriate steps will be taken: ZEEL on SEBI’s interim ex-parte order

Are 'Net Zero' pledges by several companies just a hogwash? A recent report seems to suggest that. A report by experts from four top independent research organisations shows that companies talk about going "green" but have little or no plans to implement them. The net zero stocktake report says that the number of publicly listed corporations aiming for net zero increased from 417 to 929. However, unlike with national targets, the criteria for net-zero efforts at the company level aren't clearly defined.

Companies' 'Net Zero' policies a hogwash? | World Business Watch

Weeks after it cleared the regulatory roadblock in the European Union, fresh trouble seems to be brewing for US tech giant Microsoft and its proposed acquisition of video game giant Activision blizzard. Reports suggest that the US regulator plans to stop the transaction from going through before the deal’s July 18 deadline.

Microsoft's deal hits regulatory roadblock | World Business News

Swiss banking giant UBS has completed its emergency takeover of local rival Credit Suisse. This will make UBS a trillion dollar banking behemoth. The combined group will oversee 5 trillion dollars of assets, which will give UBS a leading position in key markets. the two banks now jointly employ about 120,000 worldwide, although UBS has said it will be cutting jobs to reduce costs.

Credit Suisse is now a part of UBS | World Business Watch

Global snack maker Mondelez international is facing a significant corporate boycott in the Nordic region due to its ties with Russia. Major companies across Norway and Sweden have decided to stop selling Mondelez products, including popular brands like Oreo and Toblerone.

Nordic companies boycott mondelez over russian connection

Italians are boiling over with frustration as the price of their beloved pasta has soared to unprecedented heights. Grocery prices across Europe have been climbing due to higher energy and labor costs, as well as the ripple effects of the war in Ukraine. Despite a decline in food commodity costs, the price of pasta remains disproportionately high. A consumer advocacy group called Assoutenti has called for a weeklong national pasta strike, set to begin on June 22nd.

Italians protest soaring Pasta prices with national strike

JPMorgan chase, one of the largest banks in the nation, has reached a landmark settlement in the class-action lawsuit filed by victims of convicted sex offender Jeffrey Epstein. The bank has agreed to pay a staggering 290 million dollars to address allegations of enabling epstein's sex trafficking activities while he was a client.

Closing the vault: JPMorgan chase's million-dollar settlement

Reports from Egypt suggest that the country may pay for imports from India in rupees. Egyptian supply minister Ali Moselhy told Reuters that the country is looking to pay for imports from India, China and Russia in their local currencies instead of the US Dollar.

Egypt may start paying for Indian imports in rupees

A day after India's market regulator barred Zee promoter Subhash Chandra and CEO Punit Goenka from holding key board positions, Zee group promoters moved to the Securities Appellate Tribunal, the SAT. Earlier in the day Zee Entertainment's board said that it was reviewing the order for the next course of action. The Securities and Exchange Board of India or the SEBI has directed Zee Entertainment Enterprises Limited to place the interim order before its board within the next seven days while Chandra and Goenka have 21 days to respond to the market watchdog's allegations.

Zee promoters move appellate tribunal

Mondelez International, the renowned global snack maker behind popular brands like Oreo and Toblerone, is grappling with a growing corporate boycott across the Nordic region due to its involvement in Russia, Reuters reported on Monday.

Major players in Norway and Sweden, including airlines, railway groups, hotels, retailers, shipping companies, and even the Norwegian Football Association, have recently announced their decision to stop selling Mondelez products. This boycott poses a significant challenge to Mondelez's local business, prompting the company to seek a meeting with Norwegian government representatives to safeguard its operations in the region.

Boycott Expansion and Govt. Involvement

Leading Nordic companies such as airlines SAS and Norwegian Air, railway group SJ, hotel chain Strawberry, retailer Elkjop, shipping group Fjord Line, and the Norwegian Football Association have joined the boycott, publicly declaring their intention to discontinue the sale of Mondelez products. Mondelez, known for its strong presence in Norway and Sweden through local chocolate manufacturers Freia and Marabou, now faces an uphill battle to retain its market share.

In response to the escalating situation, the Norwegian foreign ministry has announced plans to meet with companies on both sides of the boycott. However, the ministry has refrained from proposing a specific solution, emphasising that it is up to companies and individuals to make independent choices regarding their trade partners. State Secretary Erling Rimestad has&nbsp;underscored the importance of individual decision-making while highlighting that some Western companies divested their Russian assets following Moscow's invasion of Ukraine last year.

Nordic companies' decision to boycott Mondelez stems from an announcement made by Ukraine's National Agency for the Prevention of Corruption earlier this year. The agency blacklisted Mondelez and several other groups for conducting business with sanctions-hit Russia. The move prompted Coop Norge, Norway's second-largest food retailer, to seek guidance from the Norwegian government before making any decision&nbsp;on its association with Mondelez.

Mondelez's Response

Chicago-based Mondelez has vehemently defended its position, stating that it does not sell Russian-made products in Norway. The company asserts that official guidelines should be based on objective criteria that treat all companies equally. Mondelez also clarified that it maintains limited activity in Russia, having halted investments and advertising after the war began last year. The company reaffirmed its commitment to complying with political decisions and sanctions, signaling its willingness to make necessary operational adjustments to ensure full compliance.

Mondelez International finds itself navigating choppy waters as a widening boycott threatens its sales in the Nordic region. With major companies discontinuing Mondelez products and seeking government guidance, the company faces significant challenges ahead. The outcome of the meeting between Mondelez and Norwegian government representatives holds the key to resolving this brewing controversy. As the situation unfolds, stakeholders eagerly await further updates on how Mondelez plans to address the Nordic boycott and safeguard its regional operations.

(With Inputs from Reuters)

Mondelez International, the renowned global snack maker behind popular brands like Oreo and Toblerone, is grappling with a growing corporate boycott across the Nordic region due to its involvement in Russia, Reuters reported on Monday.

Mondelez International, the renowned global snack maker behind popular brands like Oreo and Toblerone, is grappling with a growing corporate boycott across the Nordic region due to its involvement in Russia, Reuters reported on Monday. Major players in Norway and Sweden, including airlines, railway groups, hotels, retailers, shipping companies, and even the Norwegian Football Association, have recently announced their decision to stop selling Mondelez products. This boycott poses a significant challenge to Mondelez's local business, prompting the company to seek a meeting with Norwegian government representatives to safeguard its operations in the region. Boycott Expansion and Govt. Involvement Leading Nordic companies such as airlines SAS and Norwegian Air, railway group SJ, hotel chain Strawberry, retailer Elkjop, shipping group Fjord Line, and the Norwegian Football Association have joined the boycott, publicly declaring their intention to discontinue the sale of Mondelez products. Mondelez, known for its strong presence in Norway and Sweden through local chocolate manufacturers Freia and Marabou, now faces an uphill battle to retain its market share. In response to the escalating situation, the Norwegian foreign ministry has announced plans to meet with companies on both sides of the boycott. However, the ministry has refrained from proposing a specific solution, emphasising that it is up to companies and individuals to make independent choices regarding their trade partners. State Secretary Erling Rimestad has underscored the importance of individual decision-making while highlighting that some Western companies divested their Russian assets following Moscow's invasion of Ukraine last year. Nordic companies' decision to boycott Mondelez stems from an announcement made by Ukraine's National Agency for the Prevention of Corruption earlier this year. The agency blacklisted Mondelez and several other groups for conducting business with sanctions-hit Russia. The move prompted Coop Norge, Norway's second-largest food retailer, to seek guidance from the Norwegian government before making any decision on its association with Mondelez. Mondelez's Response Chicago-based Mondelez has vehemently defended its position, stating that it does not sell Russian-made products in Norway. The company asserts that official guidelines should be based on objective criteria that treat all companies equally. Mondelez also clarified that it maintains limited activity in Russia, having halted investments and advertising after the war began last year. The company reaffirmed its commitment to complying with political decisions and sanctions, signaling its willingness to make necessary operational adjustments to ensure full compliance. Mondelez International finds itself navigating choppy waters as a widening boycott threatens its sales in the Nordic region. With major companies discontinuing Mondelez products and seeking government guidance, the company faces significant challenges ahead. The outcome of the meeting between Mondelez and Norwegian government representatives holds the key to resolving this brewing controversy. As the situation unfolds, stakeholders eagerly await further updates on how Mondelez plans to address the Nordic boycott and safeguard its regional operations. (With Inputs from Reuters)

Sweet diplomacy gone sour: Nordic regions boycott Mondelez over Russian connection

Italians are preparing to take a stand against skyrocketing pasta prices as the cost of this beloved culinary staple has surged at a rate twice that of inflation, a report in the Associated Press said. &nbsp;

Frustrated with the lack of intervention from the government, a consumer advocacy group called Assoutenti has called for a weeklong national pasta strike set to commence on June 22nd.&nbsp;

This unprecedented move aims to bring attention to the disproportionate price-to-production cost ratio and force retailers to address the issue. Grocery prices have been rising across Europe due to various factors, including higher energy and labor costs, but the pasta price surge has hit Italian households particularly hard.

The ‘Macaroni’ Strike

Associated Press reported that the upcoming pasta strike, dubbed the 'Macaroni Strike' by Furio Truzzi, the president of Assoutenti, is inspired by the Anglo-Saxon tradition of boycotting goods.&nbsp;

Italians hope that the act of keeping pasta off the shelves will exert enough pressure on retailers to drive prices down. Assoutenti strongly believes that the current pricing of pasta is unjustifiably high and does not align with the actual production costs involved.

Government Response and Public Impact

While some European countries have implemented price controls or brokered agreements with grocery stores to alleviate the burden on consumers, the Italian government has chosen not to intervene directly in the market. Instead, they plan to enhance price monitoring and collaborate closely with the country's 20 regions. However, this decision has been met with disappointment from Italians who were hoping for more decisive action.

Italian families feel the strain of rising grocery costs, with an average yearly expenditure increase of €915 ($984). The impact extends beyond pasta, affecting other essential items such as sugar, rice, olive oil, and potatoes.&nbsp;

To cope with the situation, a significant portion of the population has resorted to reducing their grocery store spending and opting for discount stores. However, even discount prices are not as affordable as they used to be, exacerbating the challenges faced by pensioners and low-income individuals.

Implications and Demands

The pasta crisis in Italy highlights the growing divide between those who can afford everyday essentials and those who struggle to make ends meet. As food banks witness a surge in demand, the situation has drawn attention to the urgent need for relief measures.&nbsp;

Meanwhile, the French government has reached a three-month agreement with supermarket chains to reduce prices on hundreds of staple foods, which is expected to extend throughout the summer. Similar discussions have taken place&nbsp;in the United Kingdom, where food inflation has reached a 45-year high.

Some other countries like&nbsp;Hungary and Croatia&nbsp;have resorted to mandating price controls on specific items like cooking oil, pork cuts, wheat flour, and milk. However, economists caution that such measures could potentially worsen food inflation by stimulating demand while discouraging new supply.

As Italy braces for the national pasta strike, the world's eyes&nbsp;are on this unique form of protest. The outcome remains uncertain, but one thing is clear: Italians are determined to bring about change and pasta back to their tables.

(With Inputs from agencies)&nbsp;

Italians are preparing to take a stand against skyrocketing pasta prices as the cost of this beloved culinary staple has surged at a rate twice that of inflation, a report in the Associated Press said.

Italians are preparing to take a stand against skyrocketing pasta prices as the cost of this beloved culinary staple has surged at a rate twice that of inflation, a report in the Associated Press said. Frustrated with the lack of intervention from the government, a consumer advocacy group called Assoutenti has called for a weeklong national pasta strike set to commence on June 22nd. This unprecedented move aims to bring attention to the disproportionate price-to-production cost ratio and force retailers to address the issue. Grocery prices have been rising across Europe due to various factors, including higher energy and labor costs, but the pasta price surge has hit Italian households particularly hard. The ‘Macaroni’ Strike Associated Press reported that the upcoming pasta strike, dubbed the 'Macaroni Strike' by Furio Truzzi, the president of Assoutenti, is inspired by the Anglo-Saxon tradition of boycotting goods. Italians hope that the act of keeping pasta off the shelves will exert enough pressure on retailers to drive prices down. Assoutenti strongly believes that the current pricing of pasta is unjustifiably high and does not align with the actual production costs involved. Government Response and Public Impact While some European countries have implemented price controls or brokered agreements with grocery stores to alleviate the burden on consumers, the Italian government has chosen not to intervene directly in the market. Instead, they plan to enhance price monitoring and collaborate closely with the country's 20 regions. However, this decision has been met with disappointment from Italians who were hoping for more decisive action. Italian families feel the strain of rising grocery costs, with an average yearly expenditure increase of €915 ($984). The impact extends beyond pasta, affecting other essential items such as sugar, rice, olive oil, and potatoes. To cope with the situation, a significant portion of the population has resorted to reducing their grocery store spending and opting for discount stores. However, even discount prices are not as affordable as they used to be, exacerbating the challenges faced by pensioners and low-income individuals. Implications and Demands The pasta crisis in Italy highlights the growing divide between those who can afford everyday essentials and those who struggle to make ends meet. As food banks witness a surge in demand, the situation has drawn attention to the urgent need for relief measures. Meanwhile, the French government has reached a three-month agreement with supermarket chains to reduce prices on hundreds of staple foods, which is expected to extend throughout the summer. Similar discussions have taken place in the United Kingdom, where food inflation has reached a 45-year high. Some other countries like Hungary and Croatia have resorted to mandating price controls on specific items like cooking oil, pork cuts, wheat flour, and milk. However, economists caution that such measures could potentially worsen food inflation by stimulating demand while discouraging new supply. As Italy braces for the national pasta strike, the world's eyes are on this unique form of protest. The outcome remains uncertain, but one thing is clear: Italians are determined to bring about change and pasta back to their tables. (With Inputs from agencies)

From spaghetti to strike: Italy's national pasta protest amid rising food prices

Retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items, with experts saying that RBI is expected to hold interest rates steady in the current fiscal.&nbsp;

This is the fourth straight month when retail inflation has declined and the third straight month of Consumer Price Index (CPI) based inflation remaining within the RBI's comfort zone of below 6 per cent.&nbsp;

CPI-based inflation stood at 4.7 per cent in April and 7.04 per cent in May 2022.&nbsp;

At 4.25 per cent, retail inflation is the lowest since April 2021 when it was 4.23 per cent.&nbsp;

Inflation for the food basket was at 2.91 per cent in May, lower than 3.84 per cent in April. The food basket accounts for nearly half of the CPI.&nbsp;

Inflation in fuel and light eased to 4.64 per cent, from 5.52 per cent in April.&nbsp;

CPI inflation print for May eased more than expected, with the positive surprise chiefly driven by the food and beverages segment. Nevertheless, concerns loom on the horizon regarding the potential impact of a sub-par monsoon on food inflation in the second half of this fiscal.&nbsp;

ICRA Chief Economist and Head of Research and Outreach Aditi Nayar said the headline CPI inflation may rise mildly to 4.5-4.7 per cent in June 2023 based on the early uptrend in the prices of most of the food items, barring edible oils.&nbsp;

ICRA expects an extended pause by RBI through FY2024, and the stance to remain unchanged over the next couple of policy meetings, Nayar said.&nbsp;

Barclays, MD &amp; Head of EM Asia (ex-China) Economics, Rahul Bajoria said inflation moderated further in May, given the high base and some sequential easing in energy costs. The RBI is likely to watch for the persistence of core inflation and the impact of El Nino on food prices in the coming months.&nbsp;

The decline in inflation was mainly driven by food items led by 'oils and fats' and vegetables where inflation fell by 16 per cent and 8.18 per cent respectively.&nbsp;

However, inflation in cereals and pulses came in higher at 12.65 per cent and 6.56 per cent respectively.&nbsp;

Experts said the monsoon forecast and performance will hold clues to future movements in food inflation, and pulses will be more vulnerable in this context.&nbsp;

India Ratings and Research (Ind-Ra) said going forward inflation is expected to remain in the 4.4-5.4 per cent range for the rest of this fiscal. It expects RBI to maintain a pause on interest rates for the rest of the current fiscal.&nbsp;

Last week, the Reserve Bank kept policy rates unchanged at 6.5 per cent and projected retail inflation for the current fiscal to average 5.1 per cent. June quarter inflation was projected at 4.6 per cent.

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Retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items, with experts saying that RBI is expected to hold interest rates steady in the current fiscal.

Retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items, with experts saying that RBI is expected to hold interest rates steady in the current fiscal. This is the fourth straight month when retail inflation has declined and the third straight month of Consumer Price Index (CPI) based inflation remaining within the RBI's comfort zone of below 6 per cent. CPI-based inflation stood at 4.7 per cent in April and 7.04 per cent in May 2022. At 4.25 per cent, retail inflation is the lowest since April 2021 when it was 4.23 per cent. Inflation for the food basket was at 2.91 per cent in May, lower than 3.84 per cent in April. The food basket accounts for nearly half of the CPI. Inflation in fuel and light eased to 4.64 per cent, from 5.52 per cent in April. CPI inflation print for May eased more than expected, with the positive surprise chiefly driven by the food and beverages segment. Nevertheless, concerns loom on the horizon regarding the potential impact of a sub-par monsoon on food inflation in the second half of this fiscal. ICRA Chief Economist and Head of Research and Outreach Aditi Nayar said the headline CPI inflation may rise mildly to 4.5-4.7 per cent in June 2023 based on the early uptrend in the prices of most of the food items, barring edible oils. ICRA expects an extended pause by RBI through FY2024, and the stance to remain unchanged over the next couple of policy meetings, Nayar said. Barclays, MD & Head of EM Asia (ex-China) Economics, Rahul Bajoria said inflation moderated further in May, given the high base and some sequential easing in energy costs. The RBI is likely to watch for the persistence of core inflation and the impact of El Nino on food prices in the coming months. The decline in inflation was mainly driven by food items led by 'oils and fats' and vegetables where inflation fell by 16 per cent and 8.18 per cent respectively. However, inflation in cereals and pulses came in higher at 12.65 per cent and 6.56 per cent respectively. Experts said the monsoon forecast and performance will hold clues to future movements in food inflation, and pulses will be more vulnerable in this context. India Ratings and Research (Ind-Ra) said going forward inflation is expected to remain in the 4.4-5.4 per cent range for the rest of this fiscal. It expects RBI to maintain a pause on interest rates for the rest of the current fiscal. Last week, the Reserve Bank kept policy rates unchanged at 6.5 per cent and projected retail inflation for the current fiscal to average 5.1 per cent. June quarter inflation was projected at 4.6 per cent. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India May retail inflation dips to 2-year low of 4.25%, RBI likely to hold rates steady in FY 24

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry. The implications of these trends have economists and manufacturers alike questioning the outlook for this vital sector.

According to recent business surveys conducted by data firm S&amp;P Global and cited by CNN, factories in the United States and the Eurozone reported a decline in new orders for manufactured goods in May. This decline comes as factories work through the backlogs accumulated during the pandemic's early days. However, the sustainability of these backlogs, which surged due to the initial impact of the pandemic, remains uncertain.

In the United States, the manufacturing sector entered contraction territory in May, as highlighted by data from S&amp;P Global and the Institute for Supply Management. This marked the seventh consecutive month of contraction, with the pace of decline accelerating compared to the previous month. US government data also revealed a consistent slowdown, with factory orders, excluding transportation, falling for the third consecutive month in April. Factory orders, excluding defense, declined in four of the past six months through April.

A similar scenario unfolded in the Eurozone, where production, new orders, and backlogs all experienced a decline in May, causing the sector to contract at a faster pace. Industrial production in the 20-nation currency area sharply declined in March, primarily driven by a significant slump in Ireland. This indicator measures the output of manufacturers, miners, and utility companies within the eurozone.

China's Manufacturing Woes

China, known for its robust manufacturing industry, also faces challenges. The country's Caixin manufacturing Purchasing Managers' Index showed an improvement in business conditions in May, providing temporary relief for investors concerned about stalled growth in the world's second-largest economy. However, recent data revealed a substantial 7.5 percent decline in exports from China in May, the largest drop since January, coupled with a further contraction in imports.

China's trade figures reflect weak global demand for Chinese goods and compound existing economic troubles such as rising unemployment and a deep slump in the property sector. The underwhelming rebound in China's economy raises doubts about the country's potential to reinvigorate global economic growth.

Manufacturers' Pessimism and Industry Outlook

Manufacturers' optimism worldwide has hit its lowest level since December, as revealed by the JPMorgan Global Manufacturing PMI cited by CNN. The growth seen in some large emerging markets in May contributed to a partial improvement in manufacturing activity. However, the outlook for the industry remains bleak, particularly with new export orders experiencing a sharp decline.

The economic landscape has played a significant role in the industry's challenges. Consumers worldwide shifted their spending patterns towards services due to the pandemic, resulting in a surge in goods purchases. However, as countries ease pandemic-related restrictions, consumers have redirected their spending back towards services, presenting a hurdle for goods producers. Additionally, tighter financial conditions resulting from central banks raising interest rates further compound the woes faced by manufacturers.

Leading manufacturers are also feeling the strain. Foxconn, a major electronics manufacturer and a key supplier for Apple, expects flat revenues from its cloud and networking products in 2023, with a projected decline in the second quarter. Similarly, 3M, a manufacturing behemoth, witnessed a significant decline in demand for consumer electronic devices, impacting its electronics business. In response, 3M announced plans for global layoffs in April.&nbsp;

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry.

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry. The implications of these trends have economists and manufacturers alike questioning the outlook for this vital sector. According to recent business surveys conducted by data firm S&P Global and cited by CNN, factories in the United States and the Eurozone reported a decline in new orders for manufactured goods in May. This decline comes as factories work through the backlogs accumulated during the pandemic's early days. However, the sustainability of these backlogs, which surged due to the initial impact of the pandemic, remains uncertain. In the United States, the manufacturing sector entered contraction territory in May, as highlighted by data from S&P Global and the Institute for Supply Management. This marked the seventh consecutive month of contraction, with the pace of decline accelerating compared to the previous month. US government data also revealed a consistent slowdown, with factory orders, excluding transportation, falling for the third consecutive month in April. Factory orders, excluding defense, declined in four of the past six months through April. A similar scenario unfolded in the Eurozone, where production, new orders, and backlogs all experienced a decline in May, causing the sector to contract at a faster pace. Industrial production in the 20-nation currency area sharply declined in March, primarily driven by a significant slump in Ireland. This indicator measures the output of manufacturers, miners, and utility companies within the eurozone. China's Manufacturing Woes China, known for its robust manufacturing industry, also faces challenges. The country's Caixin manufacturing Purchasing Managers' Index showed an improvement in business conditions in May, providing temporary relief for investors concerned about stalled growth in the world's second-largest economy. However, recent data revealed a substantial 7.5 percent decline in exports from China in May, the largest drop since January, coupled with a further contraction in imports. China's trade figures reflect weak global demand for Chinese goods and compound existing economic troubles such as rising unemployment and a deep slump in the property sector. The underwhelming rebound in China's economy raises doubts about the country's potential to reinvigorate global economic growth. Manufacturers' Pessimism and Industry Outlook Manufacturers' optimism worldwide has hit its lowest level since December, as revealed by the JPMorgan Global Manufacturing PMI cited by CNN. The growth seen in some large emerging markets in May contributed to a partial improvement in manufacturing activity. However, the outlook for the industry remains bleak, particularly with new export orders experiencing a sharp decline. The economic landscape has played a significant role in the industry's challenges. Consumers worldwide shifted their spending patterns towards services due to the pandemic, resulting in a surge in goods purchases. However, as countries ease pandemic-related restrictions, consumers have redirected their spending back towards services, presenting a hurdle for goods producers. Additionally, tighter financial conditions resulting from central banks raising interest rates further compound the woes faced by manufacturers. Leading manufacturers are also feeling the strain. Foxconn, a major electronics manufacturer and a key supplier for Apple, expects flat revenues from its cloud and networking products in 2023, with a projected decline in the second quarter. Similarly, 3M, a manufacturing behemoth, witnessed a significant decline in demand for consumer electronic devices, impacting its electronics business. In response, 3M announced plans for global layoffs in April.

Factory Blues: The Global Manufacturing Industry's Unfortunate Downswing

Food delivery partners in New York city will get a minimum wage. This move comes at a time when there has been a surge in app-based food delivery services. As per one estimate, New York's food delivery workers currently make on average about 7 dollars an hour. The new pay-rate will allow them to eventually earn nearly 20 dollars an hour.

Minimum wages for food delivery agents in New York | World Business Watch

Ola electric, a major player in India's electric vehicle market, is making waves as it gears up for a massive stock market listing. Known for its electric scooters, it plans to raise between $600 million and $1 billion in its upcoming initial public offering (IPO), scheduled for late 2023.

Ola electric's $1 billion IPO to accelerate EV market dominance

India is not considering allowing sugar exports until at least the first half of the next season, as the government is worried the El Nino weather pattern could reduce rainfall and dent production, government sources said on Monday.

India, the world's second-biggest sugar exporter, usually decides the amount of the sweetener mills can export before the start of the new marketing year on October&nbsp;1. The delay in shipments from India could support global sugar prices trading near multi-year highs.

"The weather is a big negative factor. Last year, despite good monsoon rains, sugar production fell. This year, with El Nino, we can't take the risk of allowing exports early," said a senior government official who did not want to be identified in line with official rules.

The El Nino weather pattern, which triggered most droughts that India faced during the past seven decades, could bring about extreme weather later this year.

"In any sugar season, it takes at least a few months to get a clear idea about production, and that's why we will wait until there's an absolutely clear picture about production," said another government official, who also declined to be identified.

"As far as exports are concerned, we will not be in any hurry at all."

A government spokesperson did not immediately respond to a request for comment.

At the start of the current sugar season to September&nbsp;30, 2023, the industry pegged this year's output at 36 million tonnes, which has been scaled down to 32.8 million tonnes.

Due to the lower output, India allowed exports of 6.1 million tonnes for this season. As the quota is exhausted, India is currently not exporting sugar.

Even if India agrees to allow exports later during the 2023-2024 season, New Delhi may not allow more than 4 million tonnes, the officials said. The government is keen to control food prices ahead of some state elections in 2023 and a general election in mid-2024.

The country exported more than 11 million tonnes in 2021/2022, an all-time high.

The world needs more Indian sugar and as early as possible since global prices are trading near 11-years high, said a Mumbai-based dealer with a global trade house.

"The delay in Indian exports will further lift prices, and will allow Brazilian sellers to demand even higher prices," said a Mumbai-based dealer with a global trade house. 
 
&nbsp;

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India is not considering allowing sugar exports until at least the first half of the next season, as the government is worried the El Nino weather pattern could reduce rainfall and dent production, government sources said on Monday.

India is not considering allowing sugar exports until at least the first half of the next season, as the government is worried the El Nino weather pattern could reduce rainfall and dent production, government sources said on Monday. India, the world's second-biggest sugar exporter, usually decides the amount of the sweetener mills can export before the start of the new marketing year on October 1. The delay in shipments from India could support global sugar prices trading near multi-year highs. "The weather is a big negative factor. Last year, despite good monsoon rains, sugar production fell. This year, with El Nino, we can't take the risk of allowing exports early," said a senior government official who did not want to be identified in line with official rules. The El Nino weather pattern, which triggered most droughts that India faced during the past seven decades, could bring about extreme weather later this year. "In any sugar season, it takes at least a few months to get a clear idea about production, and that's why we will wait until there's an absolutely clear picture about production," said another government official, who also declined to be identified. "As far as exports are concerned, we will not be in any hurry at all." A government spokesperson did not immediately respond to a request for comment. At the start of the current sugar season to September 30, 2023, the industry pegged this year's output at 36 million tonnes, which has been scaled down to 32.8 million tonnes. Due to the lower output, India allowed exports of 6.1 million tonnes for this season. As the quota is exhausted, India is currently not exporting sugar. Even if India agrees to allow exports later during the 2023-2024 season, New Delhi may not allow more than 4 million tonnes, the officials said. The government is keen to control food prices ahead of some state elections in 2023 and a general election in mid-2024. The country exported more than 11 million tonnes in 2021/2022, an all-time high. The world needs more Indian sugar and as early as possible since global prices are trading near 11-years high, said a Mumbai-based dealer with a global trade house. "The delay in Indian exports will further lift prices, and will allow Brazilian sellers to demand even higher prices," said a Mumbai-based dealer with a global trade house. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India to cap sugar exports until H1 2024 as El Nino looms: Report