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The world of cryptocurrency the U.S security is an Exchange Commission it's launched a lawsuit against Coinbase yes and now this is the second major legal blow to the industry after a case against Binance on Monday listening another crypto giant is in trouble with U.S Regulators this time it's Coinbase on Tuesday the U.S security is an Exchange Commission sued the country's largest crypto asset trading platform the SCC accused the company of illegally operating without having first registered with the regulator it said Coinbase operated as an unregistered broker by handling cryptocurrency transactions since at least 2019.

Coinbase faces securities law violation

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry.

The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets.

"The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC.

Watch | US sues Binance, founder Zhao alleging securities law violations

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On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them.

<h2>Lawsuit rattles Coinbase customers</h2>

Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit

Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance."

On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme.

Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year.

The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors.

Also Read | <a href="https://www.wionews.com/business-economy/explained-us-charges-crypto-giant-binance-with-violating-securities-laws-whats-the-case-601095">Explained: US charges crypto giant Binance with violating securities laws. What's the case?</a>

The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions.

The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming

"You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement.

(With inputs from agencies)

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Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country.

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry. The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets. "The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC. Watch | US sues Binance, founder Zhao alleging securities law violations × On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them. Lawsuit rattles Coinbase customers Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance." On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme. Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year. The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors. Also Read | Explained: US charges crypto giant Binance with violating securities laws. What's the case? The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions. The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming "You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US SEC goes after crypto exchange Coinbase, just one day after suing Binance

For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray &amp; Christmas.

The report said that in May, 3,900 people were laid off due to Artificial Intelligence.&nbsp;

"We do believe Artificial Intelligence will cause more job loss, though we are surprised how quickly technology was cited as a reason," Andy Challenger, senior vice president of the outplacement firm, was quoted as saying by the Fortune magazine.

"It is incredible the speed the technology is evolving and being adapted," Challenger added without specifying which companies had the AI-related job cuts.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/big-four-hiring-decline-ernst-young-blames-overcapacity-for-3000-job-cuts-583498">'Big Four' hiring decline: Ernst &amp; Young blames 'overcapacity' for 3,000 job cuts</a>

A recent survey by software company Krista <a href="https://krista.ai/ai-trust-survey-2023/">found</a> most people believe that AI will affect their jobs at one point or the other. But while only 11 per cent of employees at managerial levels said that the technology will negatively affect their work, the number nearly doubled when it came to the rank-and-file workers.&nbsp;

Earlier in March, Goldman Sachs said in a report that 18 per cent of all jobs worldwide and a fourth of all jobs in the United States and Europe could be automated.

Also watch |&nbsp;Gravitas: Tech layoffs: Is your job safe?

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The report also found that white collar jobs such as the ones in the IT and finance sectors as well as the administrative and legal jobs were at greater risk of being replaced by the AI than the blue-collar ones that require physical labour.

Artificial Intelligence can automate tasks such as writing code, and other tasks that require years for humans to learn.&nbsp;

With that kind of computing power, some companies find it cheaper and more efficient to enlist Artificial Intelligence than employ people.&nbsp;

"The uncertainty lies in whether companies will cite A.I. as a reason [for termination] going forward," Challenger is further quoted as saying by the Fortune magazine.

"It remains to be seen how investors will react to that sort of adoption that costs human jobs."

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For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray & Christmas.

For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray & Christmas. The report said that in May, 3,900 people were laid off due to Artificial Intelligence. "We do believe Artificial Intelligence will cause more job loss, though we are surprised how quickly technology was cited as a reason," Andy Challenger, senior vice president of the outplacement firm, was quoted as saying by the Fortune magazine. "It is incredible the speed the technology is evolving and being adapted," Challenger added without specifying which companies had the AI-related job cuts. Also read | 'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts A recent survey by software company Krista found most people believe that AI will affect their jobs at one point or the other. But while only 11 per cent of employees at managerial levels said that the technology will negatively affect their work, the number nearly doubled when it came to the rank-and-file workers. Earlier in March, Goldman Sachs said in a report that 18 per cent of all jobs worldwide and a fourth of all jobs in the United States and Europe could be automated. Also watch | Gravitas: Tech layoffs: Is your job safe? × The report also found that white collar jobs such as the ones in the IT and finance sectors as well as the administrative and legal jobs were at greater risk of being replaced by the AI than the blue-collar ones that require physical labour. Artificial Intelligence can automate tasks such as writing code, and other tasks that require years for humans to learn. With that kind of computing power, some companies find it cheaper and more efficient to enlist Artificial Intelligence than employ people. "The uncertainty lies in whether companies will cite A.I. as a reason [for termination] going forward," Challenger is further quoted as saying by the Fortune magazine. "It remains to be seen how investors will react to that sort of adoption that costs human jobs." 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.

Thousands lose jobs as Artificial Intelligence replaces humans in tech sector

Economists at major global banks are divided on their predictions regarding Turkiye's approach to raising interest rates this month, reports Bloomberg. The unexpected re-election of President Recep Tayyip Erdogan has brought the prospect of a rate hike to the forefront, a stance previously dismissed by market observers.

Erdogan, known for his aversion to high borrowing costs, is reshuffling his economic team as Turkish assets face strain due to an inflation crisis exacerbated by his preference for ultra-low interest rates.

Varying Perspectives

Prominent financial institutions like JPMorgan Chase &amp; Co. and Barclays Plc now project a potential rate hike of 16.5 percentage points during the upcoming policy meeting, while Societe Generale SA anticipates a more modest increase, according to Bloomberg. If realized, these moves would represent some of the largest interest rate adjustments made by the Turkish central bank since 2010. Beyond this month, international banks offer contrasting visions of the future path of monetary tightening.

Societe Generale's Marek Drimal predicts two consecutive five-percentage-point hikes following a 6.5 percent&nbsp;move on June 22. This will bring&nbsp;the benchmark rate to 25 percent by August, from its current 8.5 percent. In contrast, Barclays' Ercan Erguzel suggests the possibility of the central bank reaching a key rate of 35 percent by October. JPMorgan maintains its end-of-year forecast of 30 percent, a view initially proposed months before the May elections.

"The first rate hike might be intended to close the gap between the policy rate and the average deposit rate," Fatih Akcelik, JPMorgan's Turkey economist, tells&nbsp;Bloomberg. The weighted average interest rate for deposits up to three months has skyrocketed to an unprecedented level of nearly 34 percent. These soaring rates reflect the urgent need for the central bank to address the divergence between policy rates and market rates.

Cabinet Reshuffling and Market Sentiments

Although President Erdogan has not publicly commented on interest rates since the election, he is actively revamping his cabinet. He has appointed Mehmet Simsek, a former Merrill Lynch strategist, as the new treasury and finance minister. Moreover, the potential consideration of Hafize Gaye Erkan, a finance professional with experience at Goldman Sachs Group Inc. and First Republic Bank, as the central bank's governor, indicates a potential shift towards more orthodox economic policies.

Governor Sahap Kavcioglu, currently leading Turkiye's&nbsp;central bank, shares Erdogan's belief that low-interest rates can effectively combat inflation. However, market expectations and the views expressed by economists align with the possibility of Turkey returning to a more conventional approach. Derivatives used to speculate on future borrowing costs now reflect an estimated increase of approximately 15 percent within a month.

It is worth noting that the Turkish central bank has refrained from raising rates for over two years and did not hint at any policy changes during its most recent meeting in May.

Economists at major global banks are divided on their predictions regarding Turkiye's approach to raising interest rates this month, reports Bloomberg. The unexpected re-election of President Recep Tayyip Erdogan has brought the prospect of a rate hike to the forefront, a stance previously dismissed by market observers.

Economists at major global banks are divided on their predictions regarding Turkiye's approach to raising interest rates this month, reports Bloomberg. The unexpected re-election of President Recep Tayyip Erdogan has brought the prospect of a rate hike to the forefront, a stance previously dismissed by market observers. Erdogan, known for his aversion to high borrowing costs, is reshuffling his economic team as Turkish assets face strain due to an inflation crisis exacerbated by his preference for ultra-low interest rates. Varying Perspectives Prominent financial institutions like JPMorgan Chase & Co. and Barclays Plc now project a potential rate hike of 16.5 percentage points during the upcoming policy meeting, while Societe Generale SA anticipates a more modest increase, according to Bloomberg. If realized, these moves would represent some of the largest interest rate adjustments made by the Turkish central bank since 2010. Beyond this month, international banks offer contrasting visions of the future path of monetary tightening. Societe Generale's Marek Drimal predicts two consecutive five-percentage-point hikes following a 6.5 percent move on June 22. This will bring the benchmark rate to 25 percent by August, from its current 8.5 percent. In contrast, Barclays' Ercan Erguzel suggests the possibility of the central bank reaching a key rate of 35 percent by October. JPMorgan maintains its end-of-year forecast of 30 percent, a view initially proposed months before the May elections. "The first rate hike might be intended to close the gap between the policy rate and the average deposit rate," Fatih Akcelik, JPMorgan's Turkey economist, tells Bloomberg. The weighted average interest rate for deposits up to three months has skyrocketed to an unprecedented level of nearly 34 percent. These soaring rates reflect the urgent need for the central bank to address the divergence between policy rates and market rates. Cabinet Reshuffling and Market Sentiments Although President Erdogan has not publicly commented on interest rates since the election, he is actively revamping his cabinet. He has appointed Mehmet Simsek, a former Merrill Lynch strategist, as the new treasury and finance minister. Moreover, the potential consideration of Hafize Gaye Erkan, a finance professional with experience at Goldman Sachs Group Inc. and First Republic Bank, as the central bank's governor, indicates a potential shift towards more orthodox economic policies. Governor Sahap Kavcioglu, currently leading Turkiye's central bank, shares Erdogan's belief that low-interest rates can effectively combat inflation. However, market expectations and the views expressed by economists align with the possibility of Turkey returning to a more conventional approach. Derivatives used to speculate on future borrowing costs now reflect an estimated increase of approximately 15 percent within a month. It is worth noting that the Turkish central bank has refrained from raising rates for over two years and did not hint at any policy changes during its most recent meeting in May.

Shifting tides in Turkiye's economy: Analysts grapple with implications of potential rate hike

US regulators on Monday (June 5) charged cryptocurrency giant <a href="https://www.wionews.com/business-economy/us-regulators-sue-binance-and-founder-changpeng-zhao-over-securities-law-violations-600997">Binance with violating securities laws which collectively amounted</a> to what the regulators called&nbsp;"an extensive web of deception" and "calculated evasion of the law." The Securities and Exchange Commission (SEC), which filed a complaint in a federal court in Washington DC, listed 13 charges against Binance, its Chief Executive Officer (CEO)&nbsp;Changpeng Zhao and the operator of its&nbsp;purportedly independent US&nbsp;exchange, according to a report by the news agency Reuters early Tuesday.

Binance, which is the world's largest cryptocurrency exchange, criticised the SEC's action by saying it was a wrongheaded approach that threatened US' role&nbsp;as a global hub for financial innovation and leadership.&nbsp;"We intend to defend our platform vigorously,"&nbsp;Binance&nbsp;said.&nbsp;

<h2>What is the case?</h2>

The SEC's case said that&nbsp;Changpeng Zhao and Binance entities&nbsp;engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,"&nbsp;

In its complaint, the SEC charged Binance&nbsp;with 13 offences, including&nbsp;operating an unregistered securities exchange and failing to restrict US&nbsp;customers from its platform. The SEC alleged that Binance artificially inflated its trading volumes, diverted customer funds and misled investors about its market surveillance controls. The SEC also claimed that the crypto giant and its CEO&nbsp;secretly controlled customers' assets, allowing them to commingle and divert investor funds "as they please."

ALSO READ | <a href="https://www.wionews.com/business-economy/explained-who-is-changpeng-zhao-binance-billionaire-sued-by-us-regulator-577000">Explained: Who is Changpeng Zhao, Binance billionaire sued by US regulator?</a>

"As alleged, Zhao and&nbsp;Binance&nbsp;misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied," the complaint read.&nbsp;

The Commission also said from almost three years back until June 2022,&nbsp;Sigma Chain- a trading firm owned and controlled by Zhao,&nbsp;engaged in so-called wash trading that artificially inflated the trading volume of crypto asset securities on &nbsp;Binance.&nbsp;Sigma Chain spent $11 million from an account on a yacht, the commission added.&nbsp;

The complaint further alleged that billions of dollars in Binance customer funds were&nbsp;commingled in an account held by a Zhao-controlled firm called Merit Peak, in breach of American rules that require customer money to be kept separate.

The crypto giant denied mixing customer deposits&nbsp;and company funds, saying users who sent money to the account were not making deposits but rather buying&nbsp;Binance’s bespoke dollar-linked crypto token.

<h2>SEC case latest legal trouble for Binance</h2>

The SEC's case is the latest in a series of legal troubles for Binance. In March, the crypto giant was sued by the US Commodity Futures Trading Commission (CFTC) for operating what the regulator alleged were an illegal exchange and a sham compliance program. Binance is also facing a probe from the US Justice Department for suspected money laundering&nbsp;and sanctions violations.&nbsp;

The latest case depicts&nbsp;the company as determined to evade US securities law, a trait that meant defendants "enriched themselves by billions of US dollars while placing investors' assets at significant risk."&nbsp;

<h2>Who is&nbsp;Changpeng Zhao?&nbsp;</h2>

Zhao, 46, was born in China before moving to Canada in 1989 at the age of 12, two months&nbsp;after China's Tiananmen Square crackdown on pro-democracy protesters. He founded Binance in 2017. Within six months, Binance&nbsp;became the world's biggest crypto exchange and currently accounts for about 60 per cent of&nbsp;global crypto trading volumes.&nbsp;

Over the years, Zhao installed a tight circle of associates, many of whom had worked or studied in China, into top jobs. Co-founder Yi He now runs&nbsp;Binance's $7.5 billion venture capital arm, as well as other important departments. The 46-year-old tasked his Chinese-born head of back office, Guangying Chen, with managing the company's finances.

And while Binance has hired widely from the traditional financial and regulatory worlds in recent years&nbsp;&nbsp;Zhao's tight control over his company has continued. In March, the CFTC said that&nbsp;Zhao answers to no one but himself.&nbsp;

<h2>How as Binance reacted to the SEC case?</h2>

Criticising the SEC's action, Binance said on Monday it would defend its platform vigorously, adding&nbsp;"Because&nbsp;Binance&nbsp;is not a US&nbsp;exchange, the SEC's actions are limited in reach."

"All user assets on&nbsp;Binance&nbsp;and&nbsp;Binance&nbsp;affiliate platforms, including&nbsp;Binance.US, are safe and secure," the blog post said.

In a separate statement, the crypto giant said it actively cooperated with the SEC from the beginning and respectfully disagreed with the allegations.&nbsp;

"Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward," Binance said. "An effective regulatory framework demands collaborative, transparent, and thoughtful policy engagement -- a path the SEC has abandoned,"&nbsp;&nbsp;it added.&nbsp;

The crypto giant also highlighted that it did not directly refute&nbsp;all of the SEC's claims.&nbsp;

Meanwhile, Zhao tweeted that&nbsp;Binance's&nbsp;"team is all standing by, ensuring systems are stable, including withdrawals, and deposits."

(With inputs from agencies)

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US regulators on Monday (June 5) charged cryptocurrency giant Binance with violating securities laws which collectively amounted to what the regulators called "an extensive web of deception" and "calculated evasion of the law.

US regulators on Monday (June 5) charged cryptocurrency giant Binance with violating securities laws which collectively amounted to what the regulators called "an extensive web of deception" and "calculated evasion of the law." The Securities and Exchange Commission (SEC), which filed a complaint in a federal court in Washington DC, listed 13 charges against Binance, its Chief Executive Officer (CEO) Changpeng Zhao and the operator of its purportedly independent US exchange, according to a report by the news agency Reuters early Tuesday. Binance, which is the world's largest cryptocurrency exchange, criticised the SEC's action by saying it was a wrongheaded approach that threatened US' role as a global hub for financial innovation and leadership. "We intend to defend our platform vigorously," Binance said. What is the case? The SEC's case said that Changpeng Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," In its complaint, the SEC charged Binance with 13 offences, including operating an unregistered securities exchange and failing to restrict US customers from its platform. The SEC alleged that Binance artificially inflated its trading volumes, diverted customer funds and misled investors about its market surveillance controls. The SEC also claimed that the crypto giant and its CEO secretly controlled customers' assets, allowing them to commingle and divert investor funds "as they please." ALSO READ | Explained: Who is Changpeng Zhao, Binance billionaire sued by US regulator? "As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied," the complaint read. The Commission also said from almost three years back until June 2022, Sigma Chain- a trading firm owned and controlled by Zhao, engaged in so-called wash trading that artificially inflated the trading volume of crypto asset securities on Binance. Sigma Chain spent $11 million from an account on a yacht, the commission added. The complaint further alleged that billions of dollars in Binance customer funds were commingled in an account held by a Zhao-controlled firm called Merit Peak, in breach of American rules that require customer money to be kept separate. The crypto giant denied mixing customer deposits and company funds, saying users who sent money to the account were not making deposits but rather buying Binance’s bespoke dollar-linked crypto token. SEC case latest legal trouble for Binance The SEC's case is the latest in a series of legal troubles for Binance. In March, the crypto giant was sued by the US Commodity Futures Trading Commission (CFTC) for operating what the regulator alleged were an illegal exchange and a sham compliance program. Binance is also facing a probe from the US Justice Department for suspected money laundering and sanctions violations. The latest case depicts the company as determined to evade US securities law, a trait that meant defendants "enriched themselves by billions of US dollars while placing investors' assets at significant risk." Who is Changpeng Zhao? Zhao, 46, was born in China before moving to Canada in 1989 at the age of 12, two months after China's Tiananmen Square crackdown on pro-democracy protesters. He founded Binance in 2017. Within six months, Binance became the world's biggest crypto exchange and currently accounts for about 60 per cent of global crypto trading volumes. Over the years, Zhao installed a tight circle of associates, many of whom had worked or studied in China, into top jobs. Co-founder Yi He now runs Binance's $7.5 billion venture capital arm, as well as other important departments. The 46-year-old tasked his Chinese-born head of back office, Guangying Chen, with managing the company's finances. And while Binance has hired widely from the traditional financial and regulatory worlds in recent years Zhao's tight control over his company has continued. In March, the CFTC said that Zhao answers to no one but himself. How as Binance reacted to the SEC case? Criticising the SEC's action, Binance said on Monday it would defend its platform vigorously, adding "Because Binance is not a US exchange, the SEC's actions are limited in reach." "All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," the blog post said. In a separate statement, the crypto giant said it actively cooperated with the SEC from the beginning and respectfully disagreed with the allegations. "Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward," Binance said. "An effective regulatory framework demands collaborative, transparent, and thoughtful policy engagement -- a path the SEC has abandoned," it added. The crypto giant also highlighted that it did not directly refute all of the SEC's claims. Meanwhile, Zhao tweeted that Binance's "team is all standing by, ensuring systems are stable, including withdrawals, and deposits." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: US charges crypto giant Binance with violating securities laws. What's the case?

Binance and its CEO Changpeng Zhao were sued by the regulators in the United States on Monday (June 5) for allegedly operating a "web of deception" and "calculated evasion of the law".&nbsp;

The allegations piled further pressure on the world's biggest cryptocurrency exchange and sent bitcoin to its lowest in almost three months.

News agencies reported that Binance allegedly permitted US residents to trade, even though the platform is not registered in the nation as a securities exchange. The case also alleges Binance misused customer funds.&nbsp;

A civil complaint listing 13 charges involving platforms and other investment entities controlled by founder Changpeng Zhao was filed by the Securities and Exchange Commission (SEC).&nbsp;

The SEC case is being followed closely after the charges in March by another US regulator, the Commodities Futures and Exchange Commission.&nbsp;

The allegations d levelled by SEC also claimed that Binance and Zhao secretly controlled customers' assets, allowing them to commingle and divert investor funds "as they please".&nbsp;

Billionaire Zhao is the founder of Binance and also one of the crypto industry's highest-profile moguls. He was once seen as the archrival of disgraced crypto tycoon Sam Bankman-Fried.&nbsp;

The complaint noted that Zhao maintained that Binance.US was independent of Binance, but was "secretly controlled" by Binance "behind the scenes".&nbsp;

The SEC said that the agency also alleged that Zhao and Binance "commingled" customer assets, including to another Zhao-controlled entity, Signa Chain, which "engaged in manipulative trading that artificially inflated the platform's trading volume".&nbsp;

SEC Chair Gary Gensler said, "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law."&nbsp;

"Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied."&nbsp;

<h2>Zhao reacts to the allegations&nbsp;</h2>

Zhao said on Twitter that the Binance "team is all standing by, ensuring systems are stable, including withdrawals, and deposits".&nbsp;

He added, "We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do."&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
4. 
 
Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. 
 
We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do. 
 
🙏
— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1665742100845961217?ref_src=twsrc%5Etfw">June 5, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

(With inputs from agencies)&nbsp;

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Binance and its CEO Changpeng Zhao were sued by the regulators in the United States on Monday (June 5) for allegedly operating a "web of deception" and "calculated evasion of the law".

Binance and its CEO Changpeng Zhao were sued by the regulators in the United States on Monday (June 5) for allegedly operating a "web of deception" and "calculated evasion of the law". The allegations piled further pressure on the world's biggest cryptocurrency exchange and sent bitcoin to its lowest in almost three months. News agencies reported that Binance allegedly permitted US residents to trade, even though the platform is not registered in the nation as a securities exchange. The case also alleges Binance misused customer funds. A civil complaint listing 13 charges involving platforms and other investment entities controlled by founder Changpeng Zhao was filed by the Securities and Exchange Commission (SEC). The SEC case is being followed closely after the charges in March by another US regulator, the Commodities Futures and Exchange Commission. The allegations d levelled by SEC also claimed that Binance and Zhao secretly controlled customers' assets, allowing them to commingle and divert investor funds "as they please". Billionaire Zhao is the founder of Binance and also one of the crypto industry's highest-profile moguls. He was once seen as the archrival of disgraced crypto tycoon Sam Bankman-Fried. The complaint noted that Zhao maintained that Binance.US was independent of Binance, but was "secretly controlled" by Binance "behind the scenes". The SEC said that the agency also alleged that Zhao and Binance "commingled" customer assets, including to another Zhao-controlled entity, Signa Chain, which "engaged in manipulative trading that artificially inflated the platform's trading volume". SEC Chair Gary Gensler said, "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law." "Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied." Zhao reacts to the allegations Zhao said on Twitter that the Binance "team is all standing by, ensuring systems are stable, including withdrawals, and deposits". He added, "We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do." 4. Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. We will issue a response once we see the complaint. Haven't seen it yet. Media gets the info before we do. 🙏 — CZ 🔶 Binance (@cz_binance) June 5, 2023 × (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US sues largest crypto exchange Binance, founder Changpeng Zhao over securities law violations

Tethys Robotics has created an underwater robot that can be used in situations where human divers would be too risky to enter. This is in accordance with a report. The new device is an autonomous underwater vehicle designed especially for usage in difficult and hazardous areas like murky rivers and channels. When traditional search and rescue methods fall short, the Tethys robot is ready to step in.

Tethys robot: This underwater robot may soon replace divers in dangerous operations

India's Central Bank - the Reserve Bank of India - is all to meet for three days, starting today. In the meeting, the Central Bank is expected to announce its latest monetary policy. Now, all eyes are on RBI governor Shaktikanta Das - will he cut rates or keep it unchanged?

India's RBI to meet over monetary policy

In a major coup for Tata Consultancy Services, or TCS, the IT services giant has secured a transformative 10-year contract with the department for education in the United Kingdom. This groundbreaking deal is set to revolutionize the teachers' pension scheme, the country's second-largest public sector pension program.

TCS bags 10-year contract for teacher’s pension in UK | World Business Watch

Fortune magazine released its annual Fortune 500 list of largest corporations in the United States, on Monday (June 5) and for the first time in its nearly seven-decade history over 10 per cent of companies on the list have female CEOs. Additionally, the magazine also reported that there are more Black CEOs than ever before.&nbsp;

In 2023, the revenue threshold for making the Fortune 500 list was $7.2 billion, also up by 13 per cent when compared to last year. Notably, these companies on this list represent two-thirds of the US GDP with $18 trillion in revenue.&nbsp;

While these record-breaking numbers of female and Black CEOs objectively sound good they are not necessarily when compared to the bigger&nbsp;picture.&nbsp;

<h2>Why are these numbers bad?</h2>

This year’s Fortune 500 reported 52 women who run the companies on the list which is up from 44, in 2022 this time around. This amounts to more than 10 per cent of the biggest businesses in the US being run by the “opposite sex”.&nbsp;

US company CVS Health, which ranks number six on the list with $323 billion in revenue, is led by CEO Karen Lynch. CVS is also reported to be one of the largest companies in history which is led by a woman, but it is worth noting that the cost of healthcare in the US is higher than most countries.&nbsp;

“There are signs of progress—slow, but real—in this year’s Fortune 500,” writes Fortune, Editor-in-Chief Alyson Shontell. Furthermore, she also questions why healthcare companies like CVS are “so big” to begin with, as she compares the list from 1995 when no healthcare companies made it to the top 25 as opposed to this year when there are eight.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-fortune-500-list-records-maximum-women-ceos-601016">Gravitas: Fortune 500 list records maximum women CEOs</a>

“The reality is that no other country monetizes its sick and elderly the way the US does. And the high cost of care contributes to health and wealth inequities here, too—not to mention burdensome costs for other businesses,” Shontell writes in the foreword to the June/July 2023 issue of the magazine.&nbsp;

Meanwhile, the magazine also reported that there are more Black CEOs running companies ranked in the Fortune 500 than ever before but there are just eight of them. Therefore, as Shontells said while there are signs of real change&nbsp;in terms of diversity in&nbsp;corporate America,&nbsp;progress remains slow.&nbsp;

<h2>Top 10 companies on the 2023 Fortune 500 list:&nbsp;</h2>

1. Walmart 
2. Amazon.com 
3. Exxon Mobil 
4. Apple 
5. UnitedHealth Group 
6. CVS Health 
7. Berkshire Hathaway 
8. Alphabet 
9. McKesson 
10. Chevron

This year’s list of Fortune 500 is based on over 200 diﬀerent cities spread across 38 US states. Notably, Walmart managed to retain its position at the top of the list for the 11th year in a row with a total revenue of $5.7 trillion. 
 
The magazine also noted that UnitedHealth Group is the highest-ranked healthcare company on the list followed by CVS. Furthermore, Texas was home to most Fortune 500s with the headquarters of more than 50 companies in the US state.&nbsp; 
 
&nbsp;

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Fortune magazine released its annual Fortune 500 list of largest corporations in the United States, on Monday (June 5) and for the first time in its nearly seven-decade history over 10 per cent of companies on the list have female CEOs.

Fortune magazine released its annual Fortune 500 list of largest corporations in the United States, on Monday (June 5) and for the first time in its nearly seven-decade history over 10 per cent of companies on the list have female CEOs. Additionally, the magazine also reported that there are more Black CEOs than ever before. In 2023, the revenue threshold for making the Fortune 500 list was $7.2 billion, also up by 13 per cent when compared to last year. Notably, these companies on this list represent two-thirds of the US GDP with $18 trillion in revenue. While these record-breaking numbers of female and Black CEOs objectively sound good they are not necessarily when compared to the bigger picture. Why are these numbers bad? This year’s Fortune 500 reported 52 women who run the companies on the list which is up from 44, in 2022 this time around. This amounts to more than 10 per cent of the biggest businesses in the US being run by the “opposite sex”. US company CVS Health, which ranks number six on the list with $323 billion in revenue, is led by CEO Karen Lynch. CVS is also reported to be one of the largest companies in history which is led by a woman, but it is worth noting that the cost of healthcare in the US is higher than most countries. “There are signs of progress—slow, but real—in this year’s Fortune 500,” writes Fortune, Editor-in-Chief Alyson Shontell. Furthermore, she also questions why healthcare companies like CVS are “so big” to begin with, as she compares the list from 1995 when no healthcare companies made it to the top 25 as opposed to this year when there are eight. ALSO WATCH | Gravitas: Fortune 500 list records maximum women CEOs “The reality is that no other country monetizes its sick and elderly the way the US does. And the high cost of care contributes to health and wealth inequities here, too—not to mention burdensome costs for other businesses,” Shontell writes in the foreword to the June/July 2023 issue of the magazine. Meanwhile, the magazine also reported that there are more Black CEOs running companies ranked in the Fortune 500 than ever before but there are just eight of them. Therefore, as Shontells said while there are signs of real change in terms of diversity in corporate America, progress remains slow. Top 10 companies on the 2023 Fortune 500 list: 1. Walmart 2. Amazon.com 3. Exxon Mobil 4. Apple 5. UnitedHealth Group 6. CVS Health 7. Berkshire Hathaway 8. Alphabet 9. McKesson 10. Chevron This year’s list of Fortune 500 is based on over 200 diﬀerent cities spread across 38 US states. Notably, Walmart managed to retain its position at the top of the list for the 11th year in a row with a total revenue of $5.7 trillion. The magazine also noted that UnitedHealth Group is the highest-ranked healthcare company on the list followed by CVS. Furthermore, Texas was home to most Fortune 500s with the headquarters of more than 50 companies in the US state. 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.

Fortune 500 reports a record number of female, Black CEOs. But the numbers are not good: Here’s why

Hong Kong 's central bank plans to test the use of its digital currency under a pilot project in its HK$1.8 trillion ($229 billion) mortgage market, with an aim to slash a month-long loan approval process by half, according to the pilot participants.

The test comes amid fierce competition among banks to attract mortgage customers in the world's least affordable housing market, with some lenders even handing out hefty cash rebates to draw in clients.

Here's a look at how the digital currency, e-HK dollar (e-HKD), can be potentially used in the mortgage business:

<h2>What is the e-HKD pilot programme?</h2>

The Hong Kong Monetary Authority (HKMA) kicked off the e-HKD pilot programme in May under which 16 firms were selected to examine the digital currency's use across 14 projects.

Two of the pilot participants, Fubon Bank (Hong Kong) and blockchain solutions provider Ripple, will examine the e-HKD's use in residential mortgage loans, which accounted for a-fifth of the banking sector's loan book in April.

<h2>How will the pilot test e-HKD's use in mortgages?</h2>

The pilot project will look at potentially giving e-HKD loans to homebuyers in an e-wallet, both online and offline, the pilot participants said.

At the core of the project are property title deeds, which are collateral backing banks' mortgages.

The project aims to turn deed records into digital tokens on the blockchain, helping keep a single source of truth about the deed which is integrated into the loan approval process.

Currently information on the title deed is first collected from the customer and then checked against a separate property title deed register.

Ripple said in an email it expects the use of the e-HKD to remove the need for a substantial amount of work currently performed by lawyers.

<h2>How will e-HKD reduce loan approval time?</h2>

In Hong Kong, it often takes a month, sometimes more, for a borrower to be able to start drawing down loan from the time of application. The pilot aims to reduce this wait by half.

Under the proposed use of the e-HKD in the mortgage market, when conditions such as loan-to-value ratio and the property value are met on the bank's digital platform, the e-HKD loan will be automatically released as the title deed would already be secured on the blockchain, the participants said.

Fubon said it expects the technology can be used in both new loan applications and mortgage top-ups.

<h2>What are the benefits of a digital ownership record?</h2>

Traditionally, banks inspect the ownership record of a property to rule out any pending issues and confirm there are no impediments to transfer before issuing a loan. These processes involve law firms and records stored at the Land Registry.

By storing title deeds on the blockchain, it removes the need for checks and reconciliation across separate systems.

<h2>What is the next step for e-HKD?</h2>

The HKMA has not decided on the official launch date of the e-HKD. All pilot participants need to present their project findings to the HKMA by September.

Hong Kong 's central bank plans to test the use of its digital currency under a pilot project in its HK$1.8 trillion ($229 billion) mortgage market, with an aim to slash a month-long loan approval process by half, according to the pilot participants.

Hong Kong 's central bank plans to test the use of its digital currency under a pilot project in its HK$1.8 trillion ($229 billion) mortgage market, with an aim to slash a month-long loan approval process by half, according to the pilot participants. The test comes amid fierce competition among banks to attract mortgage customers in the world's least affordable housing market, with some lenders even handing out hefty cash rebates to draw in clients. Here's a look at how the digital currency, e-HK dollar (e-HKD), can be potentially used in the mortgage business: What is the e-HKD pilot programme? The Hong Kong Monetary Authority (HKMA) kicked off the e-HKD pilot programme in May under which 16 firms were selected to examine the digital currency's use across 14 projects. Two of the pilot participants, Fubon Bank (Hong Kong) and blockchain solutions provider Ripple, will examine the e-HKD's use in residential mortgage loans, which accounted for a-fifth of the banking sector's loan book in April. How will the pilot test e-HKD's use in mortgages? The pilot project will look at potentially giving e-HKD loans to homebuyers in an e-wallet, both online and offline, the pilot participants said. At the core of the project are property title deeds, which are collateral backing banks' mortgages. The project aims to turn deed records into digital tokens on the blockchain, helping keep a single source of truth about the deed which is integrated into the loan approval process. Currently information on the title deed is first collected from the customer and then checked against a separate property title deed register. Ripple said in an email it expects the use of the e-HKD to remove the need for a substantial amount of work currently performed by lawyers. How will e-HKD reduce loan approval time? In Hong Kong, it often takes a month, sometimes more, for a borrower to be able to start drawing down loan from the time of application. The pilot aims to reduce this wait by half. Under the proposed use of the e-HKD in the mortgage market, when conditions such as loan-to-value ratio and the property value are met on the bank's digital platform, the e-HKD loan will be automatically released as the title deed would already be secured on the blockchain, the participants said. Fubon said it expects the technology can be used in both new loan applications and mortgage top-ups. What are the benefits of a digital ownership record? Traditionally, banks inspect the ownership record of a property to rule out any pending issues and confirm there are no impediments to transfer before issuing a loan. These processes involve law firms and records stored at the Land Registry. By storing title deeds on the blockchain, it removes the need for checks and reconciliation across separate systems. What is the next step for e-HKD? The HKMA has not decided on the official launch date of the e-HKD. All pilot participants need to present their project findings to the HKMA by September.

Explainer: How Hong Kong plans to test its digital dollar in $229 billion mortgage market

Indian tech giant Tata Consultancy Services (TCS) has won a 10-year contract to administer and enhance customer experiences for the Teachers' Pension Scheme in England and Wales.&nbsp;

This is the United Kingdom's second-largest public sector pension scheme, serving over 2 million members.

The exact financial size of the deal remains undisclosed. However, industry sources cited by Moneycontrol indicate that it is a substantial contract, reinforcing TCS's position as a leading provider of IT services.&nbsp;

This latest development&nbsp;marks TCS's third major deal in the region this year, following successful partnerships with insurer Phoenix Group and retail giant Marks &amp; Spencer.

TCS Supremacy: From Tech To Pensions

TCS is expected to use its omnichannel platform powered by TCS BaNCS to manage the pension scheme's administration services.&nbsp;

The platform will offer self-service capabilities, allowing users to access their account information anytime and from any channel, empowering them to make informed decisions regarding their pension plans.

The collaboration with the Department of Education&nbsp;presents an opportunity for TCS to further expand its already significant presence in the UK's life and pensions industry.&nbsp;

The Moneycontrol report said that the company plans to establish a service hub in Darlington, solidifying its commitment to delivering high-quality services to clients nationwide.&nbsp;

TCS's extensive workforce, spread across 30 locations in the UK, already underscores its position as the country's largest provider of software and IT services.

This contract win further boosts TCS's strong performance in the first half of 2023, with the company securing four major deals so&nbsp;far. One notable agreement is the $1 billion deal with the retail giant Marks &amp; Spencer.

Not just in the UK, the&nbsp;tech giant has been growing in India too. TCS, in collaboration with a consortium, has been awarded an advanced purchase order worth Rs 15,000 crore (approximately $1.8 billion) by the government-run telecommunications company BSNL. This order will facilitate the expansion of BSNL's 4G network across India.

Indian tech giant Tata Consultancy Services (TCS) has won a 10-year contract to administer and enhance customer experiences for the Teachers' Pension Scheme in England and Wales.

Indian tech giant Tata Consultancy Services (TCS) has won a 10-year contract to administer and enhance customer experiences for the Teachers' Pension Scheme in England and Wales. This is the United Kingdom's second-largest public sector pension scheme, serving over 2 million members. The exact financial size of the deal remains undisclosed. However, industry sources cited by Moneycontrol indicate that it is a substantial contract, reinforcing TCS's position as a leading provider of IT services. This latest development marks TCS's third major deal in the region this year, following successful partnerships with insurer Phoenix Group and retail giant Marks & Spencer. TCS Supremacy: From Tech To Pensions TCS is expected to use its omnichannel platform powered by TCS BaNCS to manage the pension scheme's administration services. The platform will offer self-service capabilities, allowing users to access their account information anytime and from any channel, empowering them to make informed decisions regarding their pension plans. The collaboration with the Department of Education presents an opportunity for TCS to further expand its already significant presence in the UK's life and pensions industry. The Moneycontrol report said that the company plans to establish a service hub in Darlington, solidifying its commitment to delivering high-quality services to clients nationwide. TCS's extensive workforce, spread across 30 locations in the UK, already underscores its position as the country's largest provider of software and IT services. This contract win further boosts TCS's strong performance in the first half of 2023, with the company securing four major deals so far. One notable agreement is the $1 billion deal with the retail giant Marks & Spencer. Not just in the UK, the tech giant has been growing in India too. TCS, in collaboration with a consortium, has been awarded an advanced purchase order worth Rs 15,000 crore (approximately $1.8 billion) by the government-run telecommunications company BSNL. This order will facilitate the expansion of BSNL's 4G network across India.

TCS to digitally transform UK teacher's pension scheme in landmark deal 

Oil prices experienced a significant boost, surging over 2 percent on Monday, following an unexpected announcement by Saudi Arabia, the world's largest oil exporter, that it would&nbsp;slash its production by an additional 1 million barrels per day from July onwards.

Saudi Arabia's move is being seen as an effort to effectively countering the prevailing macroeconomic challenges that have weighed down the oil market. Following the announcement, Brent crude futures soared to $77.64 a barrel, marking a $1.51 increase. On the other hand, U.S. West Texas Intermediate crude climbed to $73.15 a barrel, representing a gain of $1.41, as per a Reuters report.&nbsp;

Saudi Arabia's energy ministry announced on Sunday that the country's oil production would drop to 9 million barrels per day in July, down from around 10 million barrels per day in May. This reduction constitutes the kingdom's most substantial cut in years and adds to the broader agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to limit oil supply until 2024. The voluntary production cut by Saudi Arabia aims to combat the challenges faced by the oil market, which has been grappling with persistently low prices.

The unexpected announcement by Saudi Arabia has injected renewed optimism into the oil market.

Analysts predict that the additional cut, combined with the existing production limitations, could create a market deficit exceeding 3 million barrels per day in July. Consequently, this deficit is expected to drive prices higher in the coming weeks. Consultancy firm Rystad Energy told Reuters that there is a&nbsp;potential for a tighter oil market in the second half of the year, reinforcing the positive market sentiment triggered by Saudi Arabia's decision.

The Implications of the OPEC+ Agreement

The agreement among OPEC+ nations to extend production cuts until 2024 is seen as a collective effort to bolster oil prices. However, the impact of the production cuts&nbsp;may be limited due to adjustments made to quotas for certain countries. Russia, Nigeria, and Angola have already lowered their targets to align with their actual production levels, potentially diluting the overall impact of the cuts. Conversely, the United Arab Emirates (UAE) has been permitted to raise its output targets by approximately 200,000 barrels per day, reaching 3.22 million barrels per day. This decision has come at the expense of African nations, which have had their unused quotas reduced under the new agreement.

The number of operating oil rigs plummeted by 15 to a record low of 555 last week in the United States, according to the weekly report by Baker Hughes Co cited by Reuters. This decline reflects the industry's response to weaker prices, increased costs, and a shift toward prioritizing shareholder repayments over drilling activities. These factors have contributed to a slowdown in drilling operations since December.

(With inputs from Reuters)

Oil prices experienced a significant boost, surging over 2 percent on Monday, following an unexpected announcement by Saudi Arabia, the world's largest oil exporter, that it would slash its production by an additional 1 million barrels per day from July onwards.

Oil prices experienced a significant boost, surging over 2 percent on Monday, following an unexpected announcement by Saudi Arabia, the world's largest oil exporter, that it would slash its production by an additional 1 million barrels per day from July onwards. Saudi Arabia's move is being seen as an effort to effectively countering the prevailing macroeconomic challenges that have weighed down the oil market. Following the announcement, Brent crude futures soared to $77.64 a barrel, marking a $1.51 increase. On the other hand, U.S. West Texas Intermediate crude climbed to $73.15 a barrel, representing a gain of $1.41, as per a Reuters report. Saudi Arabia's energy ministry announced on Sunday that the country's oil production would drop to 9 million barrels per day in July, down from around 10 million barrels per day in May. This reduction constitutes the kingdom's most substantial cut in years and adds to the broader agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to limit oil supply until 2024. The voluntary production cut by Saudi Arabia aims to combat the challenges faced by the oil market, which has been grappling with persistently low prices. The unexpected announcement by Saudi Arabia has injected renewed optimism into the oil market. Analysts predict that the additional cut, combined with the existing production limitations, could create a market deficit exceeding 3 million barrels per day in July. Consequently, this deficit is expected to drive prices higher in the coming weeks. Consultancy firm Rystad Energy told Reuters that there is a potential for a tighter oil market in the second half of the year, reinforcing the positive market sentiment triggered by Saudi Arabia's decision. The Implications of the OPEC+ Agreement The agreement among OPEC+ nations to extend production cuts until 2024 is seen as a collective effort to bolster oil prices. However, the impact of the production cuts may be limited due to adjustments made to quotas for certain countries. Russia, Nigeria, and Angola have already lowered their targets to align with their actual production levels, potentially diluting the overall impact of the cuts. Conversely, the United Arab Emirates (UAE) has been permitted to raise its output targets by approximately 200,000 barrels per day, reaching 3.22 million barrels per day. This decision has come at the expense of African nations, which have had their unused quotas reduced under the new agreement. The number of operating oil rigs plummeted by 15 to a record low of 555 last week in the United States, according to the weekly report by Baker Hughes Co cited by Reuters. This decline reflects the industry's response to weaker prices, increased costs, and a shift toward prioritizing shareholder repayments over drilling activities. These factors have contributed to a slowdown in drilling operations since December. (With inputs from Reuters)

Oil prices get a 'royal' boost: Oil prices soar after Saudi's production cuts

India's import of cheap Russian oil reached a new high in may, surpassing the combined purchases from Saudi Arabia, Iraq, the United Arab emirates, and the United States. According to data from energy cargo tracker Vortexa, India took 1.96 million barrels per day from Russia in may, 15% more than the previous high in April.

India's imports of Russian oil hits new high | World Business Watch

Byju's, India's&nbsp;billion-dollar ed-tech start-up, is all set to hit the market with an Initial Public Offering (IPO) of its test preparation&nbsp;division Aakash, a Moneycontrol report said on Monday.&nbsp;

According to the report, Aakash is likely to go public by mid-2024 and Byju's, its parent company, has given the nod to start the IPO process.&nbsp;

The development comes on the same day as the deadline for India's most valuable start-up to pay a quarterly interest of nearly $40 million on a $1.2 billion loan.

Byju's had bought Aakash, a test preparation platform, for $950 million in April 2021. In the last two years, the company has recorded a three-fold jump in revenue.&nbsp;

"The upcoming IPO will provide a significant capital infusion to bolster Aakash's infrastructure, broaden its reach, and extend high-quality test-prep education to a larger number of students across the nation," various media reports quoted the company as saying.&nbsp;

Aakash Education Services Limited (AESL) revenue is on track to reach Rs 4,000 crore (approximately&nbsp;$500 million)&nbsp;with an EBITDA (operational profit) of Rs 900 crore (approximately $110 million) in the fiscal year 2023-24, the company said in a statement.&nbsp;

Aakash has over 325 centres currently serving more than 4,00,000 students across the country.&nbsp;

According to Ken Research, test-preparation&nbsp;market revenues are predicted to grow at a compound annual growth rate of 9.3 percent over 2020-2025, led by the online test preparation segment which is predicted to grow at a CAGR of 42.3 per cent over the same duration.

(With PTI inputs)&nbsp;

Byju's, India's billion-dollar ed-tech start-up, is all set to hit the market with an Initial Public Offering (IPO) of its test preparation division Aakash, a Moneycontrol report said on Monday.

Byju's, India's billion-dollar ed-tech start-up, is all set to hit the market with an Initial Public Offering (IPO) of its test preparation division Aakash, a Moneycontrol report said on Monday. According to the report, Aakash is likely to go public by mid-2024 and Byju's, its parent company, has given the nod to start the IPO process. The development comes on the same day as the deadline for India's most valuable start-up to pay a quarterly interest of nearly $40 million on a $1.2 billion loan. Byju's had bought Aakash, a test preparation platform, for $950 million in April 2021. In the last two years, the company has recorded a three-fold jump in revenue. "The upcoming IPO will provide a significant capital infusion to bolster Aakash's infrastructure, broaden its reach, and extend high-quality test-prep education to a larger number of students across the nation," various media reports quoted the company as saying. Aakash Education Services Limited (AESL) revenue is on track to reach Rs 4,000 crore (approximately $500 million) with an EBITDA (operational profit) of Rs 900 crore (approximately $110 million) in the fiscal year 2023-24, the company said in a statement. Aakash has over 325 centres currently serving more than 4,00,000 students across the country. According to Ken Research, test-preparation market revenues are predicted to grow at a compound annual growth rate of 9.3 percent over 2020-2025, led by the online test preparation segment which is predicted to grow at a CAGR of 42.3 per cent over the same duration. (With PTI inputs)

Byju's test-prep division Aakash to launch an IPO in mid-2024

In a bid to dominate global&nbsp;skies, India's IndiGo airline is all set to purchase 500 narrow-body A320 jets from Airbus.

The latest development is nothing short of a bonanza for the European planemaker, which earlier in the year had sealed another record deal with Air India.&nbsp;

According to media reports, Airbus is now close to sealing this massive deal with the Indian low-cost carrier.

If the deal goes through, it will be the biggest aviation deal in recent history, even dwarfing the 250-aircraft deal struck with the Tata-owned Air India.

The deal could be valued at $50 billion. But would typically be worth less than half this after widespread airline industry discounts for bulk deals, according to aircraft analysts.

The European planemaker is also in talks to sell 25 A330neo to Indigo, reports added.&nbsp;

IndiGo's commercial ties with Airbus go a long way back in history. IndiGo, which has a 56 percent market share in the Indian aviation sector, has been&nbsp;one of the biggest customers of Airbus. The Indian low-cost airline has ordered 830 Airbus a320-family jets so far, media reports said.&nbsp;

The expansion drive by IndiGo comes amid a strong rebound in travel post-covid, with passenger numbers surging despite high ticket rates.

India is the world's third-largest aviation market. IndiGo aims to take advantage of that by doubling its capacity by the end of the decade and expanding its network in international markets.

As part of its international expansion, the airline already has a codeshare partnership with seven carriers including Turkish Airlines, American Airlines and KLM.

The alliance with Turkish Airlines has seen Indigo make a major push into Europe, a favourite holiday destination among Indians, with the budget carrier now offering flights to 33 European airports.

In a bid to dominate global skies, India's IndiGo airline is all set to purchase 500 narrow-body A320 jets from Airbus. The latest development is nothing short of a bonanza for the European planemaker, which earlier in the year had sealed another record deal with Air India.

In a bid to dominate global skies, India's IndiGo airline is all set to purchase 500 narrow-body A320 jets from Airbus. The latest development is nothing short of a bonanza for the European planemaker, which earlier in the year had sealed another record deal with Air India. According to media reports, Airbus is now close to sealing this massive deal with the Indian low-cost carrier. If the deal goes through, it will be the biggest aviation deal in recent history, even dwarfing the 250-aircraft deal struck with the Tata-owned Air India. The deal could be valued at $50 billion. But would typically be worth less than half this after widespread airline industry discounts for bulk deals, according to aircraft analysts. The European planemaker is also in talks to sell 25 A330neo to Indigo, reports added. IndiGo's commercial ties with Airbus go a long way back in history. IndiGo, which has a 56 percent market share in the Indian aviation sector, has been one of the biggest customers of Airbus. The Indian low-cost airline has ordered 830 Airbus a320-family jets so far, media reports said. The expansion drive by IndiGo comes amid a strong rebound in travel post-covid, with passenger numbers surging despite high ticket rates. India is the world's third-largest aviation market. IndiGo aims to take advantage of that by doubling its capacity by the end of the decade and expanding its network in international markets. As part of its international expansion, the airline already has a codeshare partnership with seven carriers including Turkish Airlines, American Airlines and KLM. The alliance with Turkish Airlines has seen Indigo make a major push into Europe, a favourite holiday destination among Indians, with the budget carrier now offering flights to 33 European airports.

Airbus frontrunner to sell 500 aircraft to India's IndiGo: Report

India's foreign exchange reserves has fallen for the second consecutive week. According to the latest Reserve Bank of India data, India's forex reserves stood at $589.138 billion, after falling $4.339 billion in the week ending on May 26.&nbsp;

In the week ending on May 19, India's foreign exchange reserves declined by $6.052 billion to $593.477 billion. This was the biggest weekly fall in the past three months.&nbsp;

Interestingly, India's foreign exchange reserves touched approximately $600 billion around May 21-22. It is to be noted that in October 2021, the country's forex reserves had reached an all-time high of $645 billion.&nbsp;

The recent decline in India's foreign exchange reserves shows that the central bank has been intervening to shore up the Indian rupee, which ended at 82.3 on Friday.

Due to stronger US dollar, the rupee declined by 1.1 percent in the month of May. This was the biggest one-month drop in the Indian rupee this year.&nbsp;

The Indian currency is likely to breach the 83 rupee per dollar mark due to a stronger dollar, reports said. However, a Bloomberg report said that the rupee is unlikely to drop below 83 as the US dollar has started showing signs of weakness.&nbsp;

The latest forex figures come just days before India's central bank is expected to announce its latest monetary policy.

Reports suggest that the RBI will maintain the interest rate at 6.5 percent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline. However, with the Indian rupee hovering near the 83 per dollar mark, the RBI may be forced to hike the interest rate to support&nbsp;the currency.&nbsp;

After the last monetary policy meeting in April, the RBI had paused its rate hike cycle and stayed with the 6.5 percent repo rate. Prior to that the central bank had cumulatively hiked the rates by 2.5 percent since May 2022 in a bid to contain inflation.

India's foreign exchange reserves has fallen for the second consecutive week. According to the latest Reserve Bank of India data, India's forex reserves stood at $589.

India's foreign exchange reserves has fallen for the second consecutive week. According to the latest Reserve Bank of India data, India's forex reserves stood at $589.138 billion, after falling $4.339 billion in the week ending on May 26. In the week ending on May 19, India's foreign exchange reserves declined by $6.052 billion to $593.477 billion. This was the biggest weekly fall in the past three months. Interestingly, India's foreign exchange reserves touched approximately $600 billion around May 21-22. It is to be noted that in October 2021, the country's forex reserves had reached an all-time high of $645 billion. The recent decline in India's foreign exchange reserves shows that the central bank has been intervening to shore up the Indian rupee, which ended at 82.3 on Friday. Due to stronger US dollar, the rupee declined by 1.1 percent in the month of May. This was the biggest one-month drop in the Indian rupee this year. The Indian currency is likely to breach the 83 rupee per dollar mark due to a stronger dollar, reports said. However, a Bloomberg report said that the rupee is unlikely to drop below 83 as the US dollar has started showing signs of weakness. The latest forex figures come just days before India's central bank is expected to announce its latest monetary policy. Reports suggest that the RBI will maintain the interest rate at 6.5 percent during its upcoming June 8 announcement, considering the easing of retail inflation in April and the potential for further decline. However, with the Indian rupee hovering near the 83 per dollar mark, the RBI may be forced to hike the interest rate to support the currency. After the last monetary policy meeting in April, the RBI had paused its rate hike cycle and stayed with the 6.5 percent repo rate. Prior to that the central bank had cumulatively hiked the rates by 2.5 percent since May 2022 in a bid to contain inflation.

India's forex reserves fall for the second consecutive week

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has expressed confidence that her home country Bulgaria will ultimately join the Euro zone, despite political obstacles that have hindered the nation's bid for the past three years.&nbsp;

Speaking at a joint IMF and Croatian central bank conference in Dubrovnik, Georgieva emphasized that Bulgaria's entry into the Euro zone is a matter of "when, not if".&nbsp;

Bulgaria, alongside Croatia, entered the Euro-area's waiting room, called ERM-2, in 2020. While Croatia successfully adopted the Euro in January, Bulgaria, a former Soviet satellite state in Eastern Europe, had to abandon its initial goal of joining the Euro zone by 2024 due to political turmoil.&nbsp;

Georgieva pointed out that Croatia's more stable political environment, exemplified by the re-election of prime minister Andrej Plenkovic in the 2020 general election, played a significant role in the country's successful transition. She stressed the need for political will and societal unity during challenging times, underscoring that such conditions can lead to favorable outcomes.&nbsp;

“The contrast between Croatia and Bulgaria shows that where there’s political will, and where society is united, even in the hardest times, a good outcome can be achieved,” Bloomberg quoted Georgieva as saying.

Georgieva also acknowledged the significance of Bulgaria's currency board, which has ensured stability in the country, and reassured that no one desires to see it disappear. The Sofia-born economist said Bulgaria's currency board “has anchored the stability in the country. Nobody wants to see the currency board go away.”

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has expressed confidence that her home country Bulgaria will ultimately join the Euro zone, despite political obstacles that have hindered the nation's bid for the past three years.

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has expressed confidence that her home country Bulgaria will ultimately join the Euro zone, despite political obstacles that have hindered the nation's bid for the past three years. Speaking at a joint IMF and Croatian central bank conference in Dubrovnik, Georgieva emphasized that Bulgaria's entry into the Euro zone is a matter of "when, not if". Bulgaria, alongside Croatia, entered the Euro-area's waiting room, called ERM-2, in 2020. While Croatia successfully adopted the Euro in January, Bulgaria, a former Soviet satellite state in Eastern Europe, had to abandon its initial goal of joining the Euro zone by 2024 due to political turmoil. Georgieva pointed out that Croatia's more stable political environment, exemplified by the re-election of prime minister Andrej Plenkovic in the 2020 general election, played a significant role in the country's successful transition. She stressed the need for political will and societal unity during challenging times, underscoring that such conditions can lead to favorable outcomes. “The contrast between Croatia and Bulgaria shows that where there’s political will, and where society is united, even in the hardest times, a good outcome can be achieved,” Bloomberg quoted Georgieva as saying. Georgieva also acknowledged the significance of Bulgaria's currency board, which has ensured stability in the country, and reassured that no one desires to see it disappear. The Sofia-born economist said Bulgaria's currency board “has anchored the stability in the country. Nobody wants to see the currency board go away.”

Bulgaria's entry into Euro zone: IMF chief optimistic despite political deadlock

India's import of&nbsp;Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US.

India imported 1.96 million barrels per day&nbsp;from Russia in May alone, marking a 15 percent increase from the previous high in April. These statistics, obtained from energy cargo tracker Vortexa, highlight Russia's rising dominance in India's crude oil market, constituting almost 42 percent of all oil imported that month.

The surge in Russia's share came at the expense of traditional Middle Eastern suppliers. Shipments from Saudi Arabia dropped to their lowest level since February 2021, totaling 560,000 tonnes. The Organization of the Petroleum Exporting Countries (OPEC) also witnessed a decline, with its share in India's oil imports reaching an all-time low of 39 percent in May. Previously, OPEC, primarily comprising countries from the Middle East and Africa, accounted for up to 90 percent of India's crude oil imports. However, the availability of discounted Russian oil following Moscow's invasion of Ukraine in February last year prompted a shift in India's import sources.

For the eighth consecutive month, Russia emerged as the largest single supplier of crude oil to India.&nbsp;The country has&nbsp;now surpassed&nbsp;the combined purchases from Iraq and Saudi Arabia, which were India's primary suppliers in the past decade, as well as the UAE and the US. Iraq supplied 0.83 million bpd of oil in May, while the UAE shipped 203,000 bpd, and the US accounted for 138,000 barrels per day.

Factors Driving the Trend

The dramatic increase in imports from Russia can be attributed to Indian refiners capitalizing on the availability of abundant Russian crude, which is offered at a discount compared to other grades. Previously, Indian refiners were deterred by high freight costs associated with Russian oil, but they now find it economically favorable. Refiners have grown confident in processing Russian crude, leading to a voracious appetite for this source. Industry experts cited by various news agencies predict that Indian refiners will continue to increase their reliance on Russian crude as long as they can back off from spot crude purchases.

One of the key drivers behind the surge in imports is the favorable pricing. In April, the average cost of Russian crude, including freight costs, landed on Indian shores at $68.21 per barrel, the lowest level since the Ukraine conflict began. In comparison, Saudi Arabian crude was priced at $86.96 per barrel, while Iraqi oil stood at $77.77 per barrel. Although the May import price has not yet been released, the cost advantage enjoyed by Russian oil makes it an attractive option for Indian refiners.

Russia's increased oil sales to India are partly attributed to the European Union's ban on Russian seaborne oil imports and the imposition of a $60-per-barrel price cap in December. These restrictions prevent other countries from utilizing EU shipping and insurance services unless they sell oil below the cap. Industry officials have revealed that Indian refiners are leveraging the UAE's dirham to pay for oil imported at prices lower than $60, further facilitating the Russian oil trade.

India's import of Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US. India imported 1.

India's import of Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US. India imported 1.96 million barrels per day from Russia in May alone, marking a 15 percent increase from the previous high in April. These statistics, obtained from energy cargo tracker Vortexa, highlight Russia's rising dominance in India's crude oil market, constituting almost 42 percent of all oil imported that month. The surge in Russia's share came at the expense of traditional Middle Eastern suppliers. Shipments from Saudi Arabia dropped to their lowest level since February 2021, totaling 560,000 tonnes. The Organization of the Petroleum Exporting Countries (OPEC) also witnessed a decline, with its share in India's oil imports reaching an all-time low of 39 percent in May. Previously, OPEC, primarily comprising countries from the Middle East and Africa, accounted for up to 90 percent of India's crude oil imports. However, the availability of discounted Russian oil following Moscow's invasion of Ukraine in February last year prompted a shift in India's import sources. For the eighth consecutive month, Russia emerged as the largest single supplier of crude oil to India. The country has now surpassed the combined purchases from Iraq and Saudi Arabia, which were India's primary suppliers in the past decade, as well as the UAE and the US. Iraq supplied 0.83 million bpd of oil in May, while the UAE shipped 203,000 bpd, and the US accounted for 138,000 barrels per day. Factors Driving the Trend The dramatic increase in imports from Russia can be attributed to Indian refiners capitalizing on the availability of abundant Russian crude, which is offered at a discount compared to other grades. Previously, Indian refiners were deterred by high freight costs associated with Russian oil, but they now find it economically favorable. Refiners have grown confident in processing Russian crude, leading to a voracious appetite for this source. Industry experts cited by various news agencies predict that Indian refiners will continue to increase their reliance on Russian crude as long as they can back off from spot crude purchases. One of the key drivers behind the surge in imports is the favorable pricing. In April, the average cost of Russian crude, including freight costs, landed on Indian shores at $68.21 per barrel, the lowest level since the Ukraine conflict began. In comparison, Saudi Arabian crude was priced at $86.96 per barrel, while Iraqi oil stood at $77.77 per barrel. Although the May import price has not yet been released, the cost advantage enjoyed by Russian oil makes it an attractive option for Indian refiners. Russia's increased oil sales to India are partly attributed to the European Union's ban on Russian seaborne oil imports and the imposition of a $60-per-barrel price cap in December. These restrictions prevent other countries from utilizing EU shipping and insurance services unless they sell oil below the cap. Industry officials have revealed that Indian refiners are leveraging the UAE's dirham to pay for oil imported at prices lower than $60, further facilitating the Russian oil trade.

Russia becomes India's top oil supplier, surpasses Saudi Arabia and Iraq

A video doing rounds on social media shows a security guard locking down the office door of a Gurugram-based startup near Indian capital New Delhi, allegedly with employees still inside.&nbsp;

The office space belongs to Coding Ninjas, an ed-tech startup described as a learning platform for those wanting to learn coding.

"It's due to an order," the security guard responds when asked by the person making the video as to why he was locking the office down.&nbsp;

The security guard then cited a senior executive as person behind the purported order and nodded in agreement when asked if this is to ensure that employees do not get outside.&nbsp;

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WION reached out to Coding Ninjas to verify the content seen in the viral video.

A spokesperson for the company said: "We want to clarify the incident that occurred two weeks ago was due to a regrettable action by an employee in one of our offices. The same was immediately rectified within minutes. The employee acknowledged his mistake and apologised for the inconvenience caused due to his actions. In light of the incident, the founders also personally expressed their regret and apologised to all the employees."

"This was an isolated incident and we are taking proactive measures to ensure that it will not be repeated. Disciplinary action is being taken against the concerned employee. This was an aberration at Coding Ninjas and against our values and culture as an organisation. We want to assure everyone that this action was not intentional. We regret that the inconvenience this incident has caused," the statement added.&nbsp;

<h2>'Is it an office or a prison': Indians on social media react to viral video</h2>

Coding Ninjas did not respond to WION's query as to what exact "disciplinary action" is being taken by the company against the concerned employee. The story will be updated if and when they come up with a response on the same.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-biggest-startup-scandal-how-one-event-in-indias-noida-scarred-indias-entrepreneurial-ambitions-578023">‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions</a>

At the same time, it is not yet clear what was the reason for alleged locking up of the employees, as mentioned in the viral video.

The video has led to massive uproar on social media.

Individuals employed in the IT sector claimed this incident as an example of the wider state of exploitative work culture in sectors across India.

Also watch |&nbsp;India@75: World's 3rd largest startup ecosystem

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"Really sad to see this, hope virality of this video creates waves and toxic culture of sales led startups changes specially in ed tech space," a user commented on LinkedIn.&nbsp;

"Is it an office or a prison," another LinkedIn user asked.

India is the third largest tech startup ecosystem globally after the United States and China.

The world's fifth largest economy has nearly 27,000 active tech startups, having added 1,300 just in 2022.

In terms of the unicorns — the&nbsp;privately held startup companies valued at over US$1 billion each — India emerged&nbsp;as the third-largest hub with 68 such companies, according to&nbsp;Global Unicorn Index 2023.

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

A video doing rounds on social media shows a security guard locking down the office door of a Gurugram-based startup near Indian capital New Delhi, allegedly with employees still inside.

A video doing rounds on social media shows a security guard locking down the office door of a Gurugram-based startup near Indian capital New Delhi, allegedly with employees still inside. The office space belongs to Coding Ninjas, an ed-tech startup described as a learning platform for those wanting to learn coding. "It's due to an order," the security guard responds when asked by the person making the video as to why he was locking the office down. The security guard then cited a senior executive as person behind the purported order and nodded in agreement when asked if this is to ensure that employees do not get outside. × WION reached out to Coding Ninjas to verify the content seen in the viral video. A spokesperson for the company said: "We want to clarify the incident that occurred two weeks ago was due to a regrettable action by an employee in one of our offices. The same was immediately rectified within minutes. The employee acknowledged his mistake and apologised for the inconvenience caused due to his actions. In light of the incident, the founders also personally expressed their regret and apologised to all the employees." "This was an isolated incident and we are taking proactive measures to ensure that it will not be repeated. Disciplinary action is being taken against the concerned employee. This was an aberration at Coding Ninjas and against our values and culture as an organisation. We want to assure everyone that this action was not intentional. We regret that the inconvenience this incident has caused," the statement added. 'Is it an office or a prison': Indians on social media react to viral video Coding Ninjas did not respond to WION's query as to what exact "disciplinary action" is being taken by the company against the concerned employee. The story will be updated if and when they come up with a response on the same. Also read | ‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions At the same time, it is not yet clear what was the reason for alleged locking up of the employees, as mentioned in the viral video. The video has led to massive uproar on social media. Individuals employed in the IT sector claimed this incident as an example of the wider state of exploitative work culture in sectors across India. Also watch | India@75: World's 3rd largest startup ecosystem × "Really sad to see this, hope virality of this video creates waves and toxic culture of sales led startups changes specially in ed tech space," a user commented on LinkedIn. "Is it an office or a prison," another LinkedIn user asked. India is the third largest tech startup ecosystem globally after the United States and China. The world's fifth largest economy has nearly 27,000 active tech startups, having added 1,300 just in 2022. In terms of the unicorns — the privately held startup companies valued at over US$1 billion each — India emerged as the third-largest hub with 68 such companies, according to Global Unicorn Index 2023. 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.

'Office or prison': Did an Indian ed-tech firm lock up its staff? Here's what we know

The luxury stock market, which once experienced a booming period due&nbsp;to China's rising consumption, is now witnessing a significant downturn. The blame for this pullback is being placed squarely on China's economic uncertainties. As investors grapple with mounting red flags, the sector's future is being questioned, casting a shadow on the global economy.

The rush into luxury stocks, reminiscent of the rally seen in the Big Tech industry, is rapidly losing its allure. China, previously credited&nbsp;for driving the sector's rally, is now being held accountable for the ongoing decline in luxury stocks. There is growing concerns that pricey luxury shares may have peaked, with the conviction in China reopening trade taking a significant hit.

Market Volatility and Indicators

In a dramatic turn of events, luxury conglomerate LVMH saw its shares lose more than $50 billion after reaching a historic milestone of surpassing $500 billion in market value. This decline not only impacted the company's financial standing but also led Bernard Arnault, chairman of LVMH, to relinquish his title as the world's richest person to Elon Musk. The Stoxx Europe Luxury Index also suffered its first monthly decline of the year, falling nearly 5 percent in May. These losses mark a reversal from the near-50 percent rally experienced since October 2022, fueled by China reopening bets that propelled luxury stock valuations to record levels.

Multiple indicators are pointing toward an impending slowdown. China's retail sales and industrial production in April fell short of expectations, reflecting a waning economic recovery. Bloomberg's Chief Asia Economist, Chang Shu, has expressed concerns about the strength and sustainability of China's economic rebound. Moreover, the youth unemployment rate in China has reached record highs, adding to the uncertainty surrounding the consumer market. Even China's big-spending Gen Z population, once avid buyers of luxury goods, are hesitating due to the stagnating economic conditions.

Challenges to Luxury Sector's Resilience

The current sell-off in luxury stocks challenges the notion that the sector is insulated from economic fluctuations due to its affluent customer base. Expensive valuations and increased prices during the pandemic have driven consumers away. Bloomberg cited a Beijing-based consumer, Kathy Nie, as saying&nbsp;that the unfavorable economic situation and exorbitant prices have dissuaded her from making further luxury purchases.

The repercussions of the luxury sector's decline extend beyond the balance sheets of individual companies. As luxury giants like LVMH and Hermes account for a substantial portion of benchmark indexes, a sustained downturn could undermine broader markets in Europe, particularly France. The overreliance on luxury stocks in benchmark indexes poses a risk to the overall stability of European markets.

While some experts believe that China's luxury demand will remain resilient even during challenging times, others express caution. Alberto Tocchio, a portfolio manager at Kairos Partners, warns that valuations remain expensive despite the recent correction. Raj Shant, a client portfolio manager at PGIM's Jennison Associates, draws parallels between the current situation and Japan's luxury market, which remained strong even during periods of sideways growth.

The luxury stock market, which once experienced a booming period due to China's rising consumption, is now witnessing a significant downturn. The blame for this pullback is being placed squarely on China's economic uncertainties.

The luxury stock market, which once experienced a booming period due to China's rising consumption, is now witnessing a significant downturn. The blame for this pullback is being placed squarely on China's economic uncertainties. As investors grapple with mounting red flags, the sector's future is being questioned, casting a shadow on the global economy. The rush into luxury stocks, reminiscent of the rally seen in the Big Tech industry, is rapidly losing its allure. China, previously credited for driving the sector's rally, is now being held accountable for the ongoing decline in luxury stocks. There is growing concerns that pricey luxury shares may have peaked, with the conviction in China reopening trade taking a significant hit. Market Volatility and Indicators In a dramatic turn of events, luxury conglomerate LVMH saw its shares lose more than $50 billion after reaching a historic milestone of surpassing $500 billion in market value. This decline not only impacted the company's financial standing but also led Bernard Arnault, chairman of LVMH, to relinquish his title as the world's richest person to Elon Musk. The Stoxx Europe Luxury Index also suffered its first monthly decline of the year, falling nearly 5 percent in May. These losses mark a reversal from the near-50 percent rally experienced since October 2022, fueled by China reopening bets that propelled luxury stock valuations to record levels. Multiple indicators are pointing toward an impending slowdown. China's retail sales and industrial production in April fell short of expectations, reflecting a waning economic recovery. Bloomberg's Chief Asia Economist, Chang Shu, has expressed concerns about the strength and sustainability of China's economic rebound. Moreover, the youth unemployment rate in China has reached record highs, adding to the uncertainty surrounding the consumer market. Even China's big-spending Gen Z population, once avid buyers of luxury goods, are hesitating due to the stagnating economic conditions. Challenges to Luxury Sector's Resilience The current sell-off in luxury stocks challenges the notion that the sector is insulated from economic fluctuations due to its affluent customer base. Expensive valuations and increased prices during the pandemic have driven consumers away. Bloomberg cited a Beijing-based consumer, Kathy Nie, as saying that the unfavorable economic situation and exorbitant prices have dissuaded her from making further luxury purchases. The repercussions of the luxury sector's decline extend beyond the balance sheets of individual companies. As luxury giants like LVMH and Hermes account for a substantial portion of benchmark indexes, a sustained downturn could undermine broader markets in Europe, particularly France. The overreliance on luxury stocks in benchmark indexes poses a risk to the overall stability of European markets. While some experts believe that China's luxury demand will remain resilient even during challenging times, others express caution. Alberto Tocchio, a portfolio manager at Kairos Partners, warns that valuations remain expensive despite the recent correction. Raj Shant, a client portfolio manager at PGIM's Jennison Associates, draws parallels between the current situation and Japan's luxury market, which remained strong even during periods of sideways growth.

Luxury shares slide amid China’s market volatility

BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.

The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda.

The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/brics-backed-new-development-bank-invites-saudi-arabia-to-join-the-club-598674">BRICS-backed New Development Bank invites Saudi Arabia to join the club</a>

As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said.

<h2>Greenback backlash: What else is happening?</h2>

All over the world, a backlash is brewing against the hegemony of the US dollar.&nbsp;

Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar.&nbsp;

India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade.&nbsp;

Among its allies, France is starting to complete transactions in yuan.&nbsp;

Also watch |&nbsp;Gravitas: India asks BRICS to fight for terror

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In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past.&nbsp;

For many countries, their reasons for taking these measures are not much different from one another.&nbsp;

The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them.&nbsp;

"Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg.&nbsp;

"More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added.&nbsp;

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BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries.

BRICS nations are leading the Greenback backlash against the global hegemony of the US dollar. A potential new shared currency between them, they say, could shield other member countries from the impact of sanctions such as the ones imposed against Russia by the United States and European countries. The foreign ministers of Brazil, Russia, India, China and South Africa met in Cape Town earlier this week. The shared currency for international trade among the bloc's nations was an issue that topped their agenda. The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, told reporters after the meeting. Also read | BRICS-backed New Development Bank invites Saudi Arabia to join the club As part of bloc's efforts to come up with a shared currency, proposals are reportedly being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the BRICS "will be guided to them as to what the future models might be," Pandor said. Greenback backlash: What else is happening? All over the world, a backlash is brewing against the hegemony of the US dollar. Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the US dollar. India and Malaysia have also signed an accord to ramp up usage of the rupee in bilateral trade. Among its allies, France is starting to complete transactions in yuan. Also watch | Gravitas: India asks BRICS to fight for terror × In this sudden wave of agreements aimed at sidestepping the greenback, experts detect a sort of gradual, meaningful action that was missing in the past. For many countries, their reasons for taking these measures are not much different from one another. The US dollar, they say, is being weaponised to push America’s foreign-policy priorities and punish those that oppose them. "Countries have chafed for decades under US dollar dominance," Jonathan Wood, principal for global issues at consultancy Control Risks was quoted as saying by Bloomberg. "More aggressive and expansive use of US sanctions in recent years reinforces this discomfort—and coincides with demands by major emerging markets for a new distribution of global power," he added. 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.

Greenback backlash: BRICS 'common currency' targets economic weaponisation of US dollar

Pop icon Taylor Swift is scheduled to sing for two shows in November in inflation-hit Argentina. The tickets in the standing-room only area closest to the stage where Swift will sing are going for 75,000 pesos, or about $153.&nbsp;

In an interesting intersection of finance and entertainment, it is worth noting that inflation in Argentina has topped 100 per cent according to the latest available figures. For the Swifties, as Taylor Swift fans like to describe themselves, the lesson on high inflation and exchange rates has become an important element of affording to watch the pop icon live in a concert.

<h2>How will Argentinian Swifties afford to watch Taylor sing?</h2>

For tens of thousands in Argentina, the final cost of Taylor Swift's concert ticket may end up even less than $153.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/selena-gomez-says-shes-proud-to-know-bestie-taylor-swift-pens-loving-note-578458">Selena Gomez says she's proud to know 'bestie' Taylor Swift; pens loving note</a>

This is because the customers of country's Banco Patagonia bank -- if they pace up to be among the first 24,000 Swifties buying tickets for Taylor Swift shows -- can pay in six installments the cost of tickets free of interest, according to the ticket sale website AllAccess.com.&nbsp;

<h2>But how would first 24,000 tickets cost less than $153?</h2>

In Argentina, there is a formal currency exchange rate and an informal one. As per the formal currency exchange rate, a dollar is worth 241 pesos against informal exchange rate's 490 pesos per dollar cost.&nbsp;

Credit cards are tied to Argentina’s official exchange rate which is overvalued due to strict government controls.&nbsp;

To take advantage of the gap between exchange rates, pay installments without interest are also a popular strategy for locals to partially shield themselves from high inflation and currency devaluations.&nbsp;

<h2>But isn't there an economic crisis in Argentina?</h2>

Yes there is. But despite that Argentines are known for splurging on tickets when big shows arrive.&nbsp;

Coldplay sold out 10 shows in Buenos Aires last year, more concerts in any other single city during their worldwide tour.

Tickets to the general public in Argentina go on sale June 6.&nbsp;

Also watch |&nbsp;Explore Taylor Swift's 'love story' with costumes

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Taylor Swift’s concerts have faced ire on social media for being too pricey. Some of the cheapest seats at this week’s concerts in Chicago are above $700 in the secondary market.&nbsp;

For other US shows, tickets that were originally sold for as little as $49 plus fees are often going for more than $1,500 in reseller apps.

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Pop icon Taylor Swift is scheduled to sing for two shows in November in inflation-hit Argentina. The tickets in the standing-room only area closest to the stage where Swift will sing are going for 75,000 pesos, or about $153.

Pop icon Taylor Swift is scheduled to sing for two shows in November in inflation-hit Argentina. The tickets in the standing-room only area closest to the stage where Swift will sing are going for 75,000 pesos, or about $153. In an interesting intersection of finance and entertainment, it is worth noting that inflation in Argentina has topped 100 per cent according to the latest available figures. For the Swifties, as Taylor Swift fans like to describe themselves, the lesson on high inflation and exchange rates has become an important element of affording to watch the pop icon live in a concert. How will Argentinian Swifties afford to watch Taylor sing? For tens of thousands in Argentina, the final cost of Taylor Swift's concert ticket may end up even less than $153. Also read | Selena Gomez says she's proud to know 'bestie' Taylor Swift; pens loving note This is because the customers of country's Banco Patagonia bank -- if they pace up to be among the first 24,000 Swifties buying tickets for Taylor Swift shows -- can pay in six installments the cost of tickets free of interest, according to the ticket sale website AllAccess.com. But how would first 24,000 tickets cost less than $153? In Argentina, there is a formal currency exchange rate and an informal one. As per the formal currency exchange rate, a dollar is worth 241 pesos against informal exchange rate's 490 pesos per dollar cost. Credit cards are tied to Argentina’s official exchange rate which is overvalued due to strict government controls. To take advantage of the gap between exchange rates, pay installments without interest are also a popular strategy for locals to partially shield themselves from high inflation and currency devaluations. But isn't there an economic crisis in Argentina? Yes there is. But despite that Argentines are known for splurging on tickets when big shows arrive. Coldplay sold out 10 shows in Buenos Aires last year, more concerts in any other single city during their worldwide tour. Tickets to the general public in Argentina go on sale June 6. Also watch | Explore Taylor Swift's 'love story' with costumes × Taylor Swift’s concerts have faced ire on social media for being too pricey. Some of the cheapest seats at this week’s concerts in Chicago are above $700 in the secondary market. For other US shows, tickets that were originally sold for as little as $49 plus fees are often going for more than $1,500 in reseller apps. 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.

How Taylor Swift's fans in Argentina will dodge inflation to see her sing in November concert

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there&nbsp;may have been an inadvertent&nbsp;positive impact of the&nbsp;ongoing geopolitical situation.

According to the International Energy Agency's World Energy Investment 2023 report, the war, which began on February 24 last year, has "accelerated momentum behind the deployment of a range of clean energy technologies."

Annual investment&nbsp;into clean energy is expected to rise by 24 percent between 2021 and 2023, driven by Western countries trying to reduce their dependency on Russian energy supply. In the same period, investments in fossil fuels rose by 15 percent.

According to IEA's estimates, around $2.8 trillion will be invested in the energy sector this year, more than $1.7 trillion out of it going into clean energy.

Clean energy investments primarily go towards renewable power and electric vehicles, with low-emission fuels, efficiency improvements, end-use renewables and grids also attracting significant investments.

Notably, more money has been invested in clean energy than in fossil fuels since 2018, and the gap is widening. "For every $1 spent on fossil fuels, $1.7 is now spent on clean energy. Five years ago this ratio was 1:1," the global energy watchdog's report noted.

Solar - the 'star performer'

The IEA report has called solar as "star performer", arguing that solar investments will lead the ongoing revolution in low-emissions electricity technologies. Over $1 billion per day is expected to go into solar investments in 2023. In overall terms, investments worth $380 billion will go into the sector.

This is significant, as investments into solar power will outpace that in oil production for the first time his history. Fossil fuels, of which oil is a significant part, will attract over $1 trillion in investments this year.

"Historically, fossil fuels have dominated the energy sector. The fact that investments into solar has now surpass those into fossil fuels is a indication and validation of the growing recognition and potential and viability of renewable energy sources," Anand Jain, founder and CEO of&nbsp;Aerem, an Indian solar tech start-up, told wionnews.com.

The shift in the investment pattern&nbsp;highlights the growing awareness of the threat posed by carbon emissions by fossil fuels, which contributes to climate change and rising global temperatures.

However, investment into renewable energy, primarily solar, has been lopsided, with advanced economies and China accounting for majority of the&nbsp;investments in the last two years. As per an IEA&nbsp;estimate, solar PVs -- they are used to power panels --&nbsp;make&nbsp;up almost half of new investment in renewable power.&nbsp;

The unequal distribution of clean energy investment threatens to create deep divisions in global energy supply and deprive developing and less developed countries of clean energy.

Jain advocates a two-pronged approach to encourage increasing use of solar power in the global energy matrix. "Government measures like phasing out subsidies for fossil fuels and implementing carbon pricing mechanisms must be complimented with public awareness initiatives about the environmental consequences of conventional energy sources," he said.

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there may have been an inadvertent positive impact of the ongoing geopolitical situation.

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there may have been an inadvertent positive impact of the ongoing geopolitical situation. According to the International Energy Agency's World Energy Investment 2023 report, the war, which began on February 24 last year, has "accelerated momentum behind the deployment of a range of clean energy technologies." Annual investment into clean energy is expected to rise by 24 percent between 2021 and 2023, driven by Western countries trying to reduce their dependency on Russian energy supply. In the same period, investments in fossil fuels rose by 15 percent. According to IEA's estimates, around $2.8 trillion will be invested in the energy sector this year, more than $1.7 trillion out of it going into clean energy. Clean energy investments primarily go towards renewable power and electric vehicles, with low-emission fuels, efficiency improvements, end-use renewables and grids also attracting significant investments. Notably, more money has been invested in clean energy than in fossil fuels since 2018, and the gap is widening. "For every $1 spent on fossil fuels, $1.7 is now spent on clean energy. Five years ago this ratio was 1:1," the global energy watchdog's report noted. Solar - the 'star performer' The IEA report has called solar as "star performer", arguing that solar investments will lead the ongoing revolution in low-emissions electricity technologies. Over $1 billion per day is expected to go into solar investments in 2023. In overall terms, investments worth $380 billion will go into the sector. This is significant, as investments into solar power will outpace that in oil production for the first time his history. Fossil fuels, of which oil is a significant part, will attract over $1 trillion in investments this year. "Historically, fossil fuels have dominated the energy sector. The fact that investments into solar has now surpass those into fossil fuels is a indication and validation of the growing recognition and potential and viability of renewable energy sources," Anand Jain, founder and CEO of Aerem, an Indian solar tech start-up, told wionnews.com. The shift in the investment pattern highlights the growing awareness of the threat posed by carbon emissions by fossil fuels, which contributes to climate change and rising global temperatures. However, investment into renewable energy, primarily solar, has been lopsided, with advanced economies and China accounting for majority of the investments in the last two years. As per an IEA estimate, solar PVs -- they are used to power panels -- make up almost half of new investment in renewable power. The unequal distribution of clean energy investment threatens to create deep divisions in global energy supply and deprive developing and less developed countries of clean energy. Jain advocates a two-pronged approach to encourage increasing use of solar power in the global energy matrix. "Government measures like phasing out subsidies for fossil fuels and implementing carbon pricing mechanisms must be complimented with public awareness initiatives about the environmental consequences of conventional energy sources," he said.

Ukraine war 'accelerated momentum' towards clean energy: International Energy Agency report

Amazon is reportedly exploring the possibility of launching a mobile phone service that would offer affordable or potentially free plans to its Prime subscribers in US, according to a recent report by Bloomberg.&nbsp;The move could potentially disrupt the dominant players in the wireless industry by exerting pressure on their pricing power.

Media reports citing sources close to the matter revealed that Amazon has been engaged in discussions with major mobile carriers including AT&amp;T, T-Mobile, Verizon, and Dish.&nbsp;

Also Read | <a href="https://www.wionews.com/business-economy/indias-electric-two-wheeler-retail-sales-hit-record-high-in-may-2023-600040">India's electric two-wheeler retail sales hit record high in May 2023</a>

The purpose of these talks is to negotiate low wholesale prices that would allow Amazon to offer wireless plans to Prime members for as little as $10 per month. As a reseller or mobile virtual network operator (MVNO), Amazon would have the flexibility to set its own pricing.

<h2>Negotiations ongoing&nbsp;</h2>

These negotiations between Amazon and the carriers have been ongoing for nearly two months and could continue for a while longer, as per the Bloomberg report.&nbsp;

Also Read | <a href="https://www.wionews.com/trending/elon-musks-tweet-on-whatisawoman-fans-twitter-buzz-heres-all-you-need-to-know-600021">Elon Musk's tweet on #WhatIsAWoman fans Twitter buzz. Here's all you need to know</a>

The news of Amazon potentially entering the mobile phone service market had an immediate impact on the share prices of Verizon, T-Mobile, and AT&amp;T, which experienced declines between 5% and 7% in premarket trading.&nbsp;In contrast, Dish, with its smaller market capitalization, saw a 9% spike.

<h2>Amazon reacts&nbsp;</h2>

Amazon responded to the report by stating that it is "always exploring" additional benefits for Prime subscribers but currently does not have immediate plans to add wireless services.

<h2>Amazon subscriber base&nbsp;</h2>

Amazon Prime, the company's premium subscription service, had an estimated 168 million subscribers by the end of 2022, according to Consumer Intelligence Research Partners, reported Forbes.&nbsp;

Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia

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Although Prime experienced a slight decline from its 2021 subscriber count of 170 million, it remains a significant force in the e-commerce industry.&nbsp;

Amazon can bring disruption into mobile phone service market&nbsp;

Amazon's potential entry into the mobile phone service market could introduce a disruptive force, offering affordable options to its vast Prime subscriber base and challenging the pricing strategies of the established carriers.&nbsp;However, it remains to be seen whether these talks will materialise into a concrete offering from Amazon in the near future.

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&nbsp;

Amazon is reportedly exploring the possibility of launching a mobile phone service that would offer affordable or potentially free plans to its Prime subscribers in US, according to a recent report by Bloomberg.

Amazon is reportedly exploring the possibility of launching a mobile phone service that would offer affordable or potentially free plans to its Prime subscribers in US, according to a recent report by Bloomberg. The move could potentially disrupt the dominant players in the wireless industry by exerting pressure on their pricing power. Media reports citing sources close to the matter revealed that Amazon has been engaged in discussions with major mobile carriers including AT&T, T-Mobile, Verizon, and Dish. Also Read | India's electric two-wheeler retail sales hit record high in May 2023 The purpose of these talks is to negotiate low wholesale prices that would allow Amazon to offer wireless plans to Prime members for as little as $10 per month. As a reseller or mobile virtual network operator (MVNO), Amazon would have the flexibility to set its own pricing. Negotiations ongoing These negotiations between Amazon and the carriers have been ongoing for nearly two months and could continue for a while longer, as per the Bloomberg report. Also Read | Elon Musk's tweet on #WhatIsAWoman fans Twitter buzz. Here's all you need to know The news of Amazon potentially entering the mobile phone service market had an immediate impact on the share prices of Verizon, T-Mobile, and AT&T, which experienced declines between 5% and 7% in premarket trading. In contrast, Dish, with its smaller market capitalization, saw a 9% spike. Amazon reacts Amazon responded to the report by stating that it is "always exploring" additional benefits for Prime subscribers but currently does not have immediate plans to add wireless services. Amazon subscriber base Amazon Prime, the company's premium subscription service, had an estimated 168 million subscribers by the end of 2022, according to Consumer Intelligence Research Partners, reported Forbes. Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia × Although Prime experienced a slight decline from its 2021 subscriber count of 170 million, it remains a significant force in the e-commerce industry. Amazon can bring disruption into mobile phone service market Amazon's potential entry into the mobile phone service market could introduce a disruptive force, offering affordable options to its vast Prime subscriber base and challenging the pricing strategies of the established carriers. However, it remains to be seen whether these talks will materialise into a concrete offering from Amazon in the near future. 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. ×

Amazon in talks to introduce ‘Prime wireless’, slashing cell phone bills to $10 or even free

OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.

Also Read | <a href="https://www.wionews.com/business-economy/indias-electric-two-wheeler-retail-sales-hit-record-high-in-may-2023-600040">India's electric two-wheeler retail sales hit record high in May 2023</a>

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. Before then, OPEC ministers will meet at 11 a.m. on Saturday.

The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May.

If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.

"This number is premature, we didn’t go into these things (yet)," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd.

Also Read | <a href="https://www.wionews.com/trending/elon-musks-tweet-on-whatisawoman-fans-twitter-buzz-heres-all-you-need-to-know-600021">Elon Musk's tweet on #WhatIsAWoman fans Twitter buzz. Here's all you need to know</a>

Typically, production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation.

Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding too much with Russia despite Western sanctions over Moscow's invasion of Ukraine.

In response, OPEC officials have said the West's money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export.

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Asian countries such as China and India have bought the lion's share of Russian oil exports and refused to join Western sanctions on Russia.

<h2>Surprise announcement&nbsp;</h2>

"We look forward to a resolution that will secure sustainability of balance of supply and demand," said UAE's Energy Minister Suhail Al Mazroui.

Ministers spoke to reporters in their hotels in Vienna. OPEC has denied media access to its headquarters to reporters from Reuters and other news media.

The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76.

Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should "watch out", which many market watchers interpreted as a warning of additional supply cuts.

Russian Deputy Prime Minister Alexander Novak, however, subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported. Novak, who is on a U.S. sanctions list, is expected in Vienna for Sunday meetings.

The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports.

"There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Edward Moya at brokerage OANDA said: "The oil market is doubtful a consensus for another output cut can be reached between the Saudis and Russians, but traders should never underestimate what the Saudis will do and leverage during OPEC+ meetings."

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&nbsp;

OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices. Also Read | India's electric two-wheeler retail sales hit record high in May 2023 Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. Before then, OPEC ministers will meet at 11 a.m. on Saturday. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. "This number is premature, we didn’t go into these things (yet)," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd. Also Read | Elon Musk's tweet on #WhatIsAWoman fans Twitter buzz. Here's all you need to know Typically, production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation. Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding too much with Russia despite Western sanctions over Moscow's invasion of Ukraine. In response, OPEC officials have said the West's money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export. Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia × Asian countries such as China and India have bought the lion's share of Russian oil exports and refused to join Western sanctions on Russia. Surprise announcement "We look forward to a resolution that will secure sustainability of balance of supply and demand," said UAE's Energy Minister Suhail Al Mazroui. Ministers spoke to reporters in their hotels in Vienna. OPEC has denied media access to its headquarters to reporters from Reuters and other news media. The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76. Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should "watch out", which many market watchers interpreted as a warning of additional supply cuts. Russian Deputy Prime Minister Alexander Novak, however, subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported. Novak, who is on a U.S. sanctions list, is expected in Vienna for Sunday meetings. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd. Edward Moya at brokerage OANDA said: "The oil market is doubtful a consensus for another output cut can be reached between the Saudis and Russians, but traders should never underestimate what the Saudis will do and leverage during OPEC+ meetings." 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. ×

OPEC+ begins meetings, likely to opt for further oil output cut amid flagging prices