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Legendary activist investor Carl Icahn made his career by exposing corporate mismanagements. But that's before a U.S shortseller gave him a taste of his own medicine. Cahn has lost about $15 billion since U.S. short-seller Hindenburg accused his company of manipulating stocks and misleading shareholders.

Carl Icahn loses $15 billion since Hindenburg allegations

Chevron corporation has decided to buy PDC energy in a $6.3 billion stock deal. With this deal, Chevron aims to supercharge its position in the US shale market.

Chevron's $6.3 billion bet | World Business Watch

While the world grapples with the tremors of a banking crisis in the United States, India stands tall as a beacon of resilience and economic strength. Despite the challenges posed by external factors, India's growth trajectory remains steadfast, supported by a robust banking sector and a steadfast commitment to financial stability.

In its latest assessment cited by Reuters, the Reserve Bank of India (RBI) revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23. This steadfast progress is a testament to the country's ability to weather storms and adapt to shifting global dynamics.

With a keen focus on managing risks and enhancing governance, the RBI, India's central bank, convened a meeting with senior management of government-owned banks to reinforce the importance of prudence and preparedness. The central bank urged lenders to strengthen their boards and fortify risk management frameworks, ensuring the early identification of potential vulnerabilities.

Amidst a high growth in credit and a surge of over 15 percent in loan demand compared to the previous year, the RBI cautioned that such rapid expansion could expose banks to the risk of bad loans. However, it also emphasized the need for continued financial and operational resilience, highlighting India's proactive approach to risk management.

Domestic Surge Amid Global Downfall

India's services exports have demonstrated commendable growth, with March witnessing a 13.1 percent year-on-year rise to $30.48 billion. This positive trend continued in April, as provisional government data indicated a further increase to $30.36 billion. Such resilience in the services sector significantly contributes to India's economic stability, serving as a buffer against external volatilities.

While the US banking crisis sends ripples across the global financial landscape, India's banking system remains largely insulated. The country's prudent lending practices and diligent risk management have shielded it from the worst effects of the crisis, allowing it to maintain steady growth and protect the interests of depositors and borrowers.

India's commitment to capital expenditure and public spending further bolsters its economic resilience. With a renewed focus on investment activity, the nation is set to benefit from increased capital expenditure and moderation in commodity prices. These factors, coupled with a revival in rural demand and the buoyancy of manufacturing, contribute to India's positive growth outlook and ability to withstand external shocks.

Inputs from Reuters)

While the world grapples with the tremors of a banking crisis in the United States, India stands tall as a beacon of resilience and economic strength. Despite the challenges posed by external factors, India's growth trajectory remains steadfast, supported by a robust banking sector and a steadfast commitment to financial stability.

While the world grapples with the tremors of a banking crisis in the United States, India stands tall as a beacon of resilience and economic strength. Despite the challenges posed by external factors, India's growth trajectory remains steadfast, supported by a robust banking sector and a steadfast commitment to financial stability. In its latest assessment cited by Reuters, the Reserve Bank of India (RBI) revealed that India's economy has sustained the growth momentum witnessed in the previous fiscal quarter of 2022-23. This steadfast progress is a testament to the country's ability to weather storms and adapt to shifting global dynamics. With a keen focus on managing risks and enhancing governance, the RBI, India's central bank, convened a meeting with senior management of government-owned banks to reinforce the importance of prudence and preparedness. The central bank urged lenders to strengthen their boards and fortify risk management frameworks, ensuring the early identification of potential vulnerabilities. Amidst a high growth in credit and a surge of over 15 percent in loan demand compared to the previous year, the RBI cautioned that such rapid expansion could expose banks to the risk of bad loans. However, it also emphasized the need for continued financial and operational resilience, highlighting India's proactive approach to risk management. Domestic Surge Amid Global Downfall India's services exports have demonstrated commendable growth, with March witnessing a 13.1 percent year-on-year rise to $30.48 billion. This positive trend continued in April, as provisional government data indicated a further increase to $30.36 billion. Such resilience in the services sector significantly contributes to India's economic stability, serving as a buffer against external volatilities. While the US banking crisis sends ripples across the global financial landscape, India's banking system remains largely insulated. The country's prudent lending practices and diligent risk management have shielded it from the worst effects of the crisis, allowing it to maintain steady growth and protect the interests of depositors and borrowers. India's commitment to capital expenditure and public spending further bolsters its economic resilience. With a renewed focus on investment activity, the nation is set to benefit from increased capital expenditure and moderation in commodity prices. These factors, coupled with a revival in rural demand and the buoyancy of manufacturing, contribute to India's positive growth outlook and ability to withstand external shocks. Inputs from Reuters)

From Crisis to Confidence: RBI Says India's Growth Momentum Shines Bright

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In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc. for a staggering $6.3 billion. Chevron intends to expand its presence in the U.S. shale market, reinforce its position, and drive sustainable growth.

The acquisition will see Chevron paying $72 per share, representing a premium of approximately 14 percent based on the 10-day average closing prices as of May 19. Through this move, Chevron is set to increase its production by just under 10 percent and significantly expand its holdings in the lucrative Colorado and West Texas shale basins.

CEO Mike Wirth emphasized the importance of this acquisition, stating, "PDC's attractive and complementary assets strengthen Chevron's position in key US production basins." He further added, "This transaction is accretive to all important financial measures and enhances Chevron's objective to safely deliver higher returns and lower carbon."

The market's response to the acquisition has been positive, with PDC shares surging by up to 8.5 percent before regular trading commenced in New York. Chevron shares experienced a slight dip of 0.7 percent, reflecting the market's anticipation of the deal's potential impact on the oil giant's future prospects.

By integrating PDC Energy's assets, Chevron aims to double its drilling portfolio in the DJ Basin, expanding it to over 600,000 acres and nearly tripling production in the region to 400,000 barrels per day. With this move, the DJ Basin is poised to become one of Chevron's top-tier assets globally.

In addition to the DJ Basin, PDC Energy's assets in proximity to Chevron's vast position in the Permian Basin of West Texas and New Mexico further strengthen Chevron's portfolio. Although these assets are relatively small and not materially impactful on production, they offer strategic value for Chevron's long-term growth plans.

An Industry Brimming with Mergers

Chevron's acquisition of PDC Energy underscores the current trend of mergers and acquisitions within the oil and gas industry as companies seek to capitalize on record profits and consolidate their positions. The Permian Basin, one of the most productive shale plays in the United States, has become a focal point for companies looking to expand their drilling sites and secure future reserves.

To facilitate the deal's successful completion, Chevron plans to increase its capital expenditure budget by $1 billion annually. Additionally, the company anticipates cost savings of approximately $400 million once the transaction is finalized by the end of this year, subject to regulatory and PDC shareholder approval. This strategic move is expected to enhance Chevron's financial performance, boosting its annual free cash flow by approximately $1 billion.

With a new global spending range of $14 billion to $16 billion annually through 2027, Chevron's acquisition of PDC Energy sets the stage for an exciting future brimming with potential for growth and innovation.

Inputs From Bloomberg)) 
&nbsp;

In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc.

In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc. for a staggering $6.3 billion. Chevron intends to expand its presence in the U.S. shale market, reinforce its position, and drive sustainable growth. The acquisition will see Chevron paying $72 per share, representing a premium of approximately 14 percent based on the 10-day average closing prices as of May 19. Through this move, Chevron is set to increase its production by just under 10 percent and significantly expand its holdings in the lucrative Colorado and West Texas shale basins. CEO Mike Wirth emphasized the importance of this acquisition, stating, "PDC's attractive and complementary assets strengthen Chevron's position in key US production basins." He further added, "This transaction is accretive to all important financial measures and enhances Chevron's objective to safely deliver higher returns and lower carbon." The market's response to the acquisition has been positive, with PDC shares surging by up to 8.5 percent before regular trading commenced in New York. Chevron shares experienced a slight dip of 0.7 percent, reflecting the market's anticipation of the deal's potential impact on the oil giant's future prospects. By integrating PDC Energy's assets, Chevron aims to double its drilling portfolio in the DJ Basin, expanding it to over 600,000 acres and nearly tripling production in the region to 400,000 barrels per day. With this move, the DJ Basin is poised to become one of Chevron's top-tier assets globally. In addition to the DJ Basin, PDC Energy's assets in proximity to Chevron's vast position in the Permian Basin of West Texas and New Mexico further strengthen Chevron's portfolio. Although these assets are relatively small and not materially impactful on production, they offer strategic value for Chevron's long-term growth plans. An Industry Brimming with Mergers Chevron's acquisition of PDC Energy underscores the current trend of mergers and acquisitions within the oil and gas industry as companies seek to capitalize on record profits and consolidate their positions. The Permian Basin, one of the most productive shale plays in the United States, has become a focal point for companies looking to expand their drilling sites and secure future reserves. To facilitate the deal's successful completion, Chevron plans to increase its capital expenditure budget by $1 billion annually. Additionally, the company anticipates cost savings of approximately $400 million once the transaction is finalized by the end of this year, subject to regulatory and PDC shareholder approval. This strategic move is expected to enhance Chevron's financial performance, boosting its annual free cash flow by approximately $1 billion. With a new global spending range of $14 billion to $16 billion annually through 2027, Chevron's acquisition of PDC Energy sets the stage for an exciting future brimming with potential for growth and innovation. Inputs From Bloomberg))

Chevron's Big Bet: Mega Deal with PDC Energy for $6.3 Billion

Facebook-parent company Meta is set to execute another round of job cuts as part of founder Mark Zuckerberg's goal of greater efficiency in 2023. Among other tech significants, Alibaba too announced job cuts in its cloud sector without specifying the exact number.

Affected employees are expected to be notified on Wednesday (May 24), Washington Post reported, while citing persons familiar with the matter.

<h2>Meta latest layoffs: How are they different?</h2>

As part of the "Year of Efficiency" move, Meta said that it would eliminate 21,000 roles.

The latest round of layoffs will result in job cuts for 10,000 employees, the Washington Post report added.

The current round of layoffs will affect Meta employees who work on trust and safety issues in Meta's business divisions.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/meta-layoffs-10000-job-cuts-facebook-whatsapp-instagram-indians-affected-facebook-layoffs-584200">Meta begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp</a>

Meta Platforms Inc. will now fire people who put up an online fight against misinformation and fake news across Facebook, Instagram and WhatsApp.&nbsp;

Meta's layoffs are part of a larger trend among tech giants in and beyond Silicon Valley that are executing job cuts citing an industry-wide downturn and the need for cost-cutting.

Meta joins Google, Amazon and Microsoft in trimming tens of thousands of jobs among a host of tech sector companies that kicked off a layoff spree last year.&nbsp;

<h2>Meta not alone: Alibaba to join layoff spree as well</h2>

On Tuesday, Alibaba announced its plans to cut roughly seven&nbsp;per cent workforce in its cloud department.

As of March 2023, Alibaba had more than 250,000 employees under its roster, although it is unclear how workers are divided between departments.

ALSO WATCH |&nbsp;Big tech's innovative layoff strategy: Resign voluntarily, take home 1-hr pay | Newspoint | WION

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In 2021, Alibaba Cloud had become the subject of regulatory oversight by the Chinese Communist Party after it reported a major software error to authorities.&nbsp;

It also played a role in China’s largest cybersecurity data leak in 2022, further inviting Beijing’s authoritarian gaze.

Reports in financial dailies have made many wonder if Alibaba’s latest layoff move is an attempt to concede to market forces or Chinese political nuances.

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Facebook-parent company Meta is set to execute another round of job cuts as part of founder Mark Zuckerberg's goal of greater efficiency in 2023. Among other tech significants, Alibaba too announced job cuts in its cloud sector without specifying the exact number.

Facebook-parent company Meta is set to execute another round of job cuts as part of founder Mark Zuckerberg's goal of greater efficiency in 2023. Among other tech significants, Alibaba too announced job cuts in its cloud sector without specifying the exact number. Affected employees are expected to be notified on Wednesday (May 24), Washington Post reported, while citing persons familiar with the matter. Meta latest layoffs: How are they different? As part of the "Year of Efficiency" move, Meta said that it would eliminate 21,000 roles. The latest round of layoffs will result in job cuts for 10,000 employees, the Washington Post report added. The current round of layoffs will affect Meta employees who work on trust and safety issues in Meta's business divisions. ALSO READ | Meta begins layoffs; to leave 10,000 without jobs across Facebook, Instagram, WhatsApp Meta Platforms Inc. will now fire people who put up an online fight against misinformation and fake news across Facebook, Instagram and WhatsApp. Meta's layoffs are part of a larger trend among tech giants in and beyond Silicon Valley that are executing job cuts citing an industry-wide downturn and the need for cost-cutting. Meta joins Google, Amazon and Microsoft in trimming tens of thousands of jobs among a host of tech sector companies that kicked off a layoff spree last year. Meta not alone: Alibaba to join layoff spree as well On Tuesday, Alibaba announced its plans to cut roughly seven per cent workforce in its cloud department. As of March 2023, Alibaba had more than 250,000 employees under its roster, although it is unclear how workers are divided between departments. ALSO WATCH | Big tech's innovative layoff strategy: Resign voluntarily, take home 1-hr pay | Newspoint | WION × In 2021, Alibaba Cloud had become the subject of regulatory oversight by the Chinese Communist Party after it reported a major software error to authorities. It also played a role in China’s largest cybersecurity data leak in 2022, further inviting Beijing’s authoritarian gaze. Reports in financial dailies have made many wonder if Alibaba’s latest layoff move is an attempt to concede to market forces or Chinese political nuances. 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 to lose jobs as Meta, Alibaba begin latest layoff bloodbath

The Reserve Bank of India (RBI), in a surprise move&nbsp;last week, announced that Rs 2,000 notes will no longer be in use and recommended people to deposit or exchange them for lower denominations before September 30. Following this statement, it urged all banks in India to offer a deposit or exchange facility to people for Rs 2,000 notes. It is to be noted that after the deadline, the notes will not be considered illegal but will still remain tender in India.&nbsp;

Soon after the announcement was made, many people were seen approaching&nbsp;banks to exchange notes, despite it being stated that the process will begin only on May 23. Everyone is&nbsp;confused and having questions like-&nbsp;is there a limit to how many notes of Rs 2,000 can be exchanged or deposited at once? Or do we need to give identity proof for exchange?&nbsp;

Answering all these queries, the State Bank of India (SBI) issued important guidelines for its customers and branches. 
 
Scroll to check:

But why are the Rs 2,000 notes being junked?

The Rs 2,000 banknotes were introduced in November 2016 under Section 21(1) of the RBI Act, 1934, which allows the central bank to issue currency notes not exceeding Rs 10,000.&nbsp;

With the fulfilment of its objective and availability of the banknotes, the printing of Rs 2,000 notes was stopped in 2018-2019. However, the circulation drastically dropped, bringing the value to Rs 3.62 trillion on March 2023 from Rs 6.73 trillion in March 2018.&nbsp;

As per media reports, things changed when in Feb 2020, &nbsp;ATMs were recalibrated by the banks to disperse more Rs 100 and Rs 500 notes, and not Rs 2000. This sparked speculation that Rs 2,000 notes were being phased out even if they remained legal tender.

The central bank also pointed out that a huge cluster of fake notes was also produced.&nbsp;

Below are&nbsp;the guideline issued by the State Bank of India:

An individual can exchange Rs 2,000 banknotes up to a limit of Rs 20,000/- at a time. No identity proof or requisition slip&nbsp;is required to be submitted by the depositor&nbsp;at the time of exchange.&nbsp;

"Please arrange accordingly and extend all cooperation to members of public so that the exercise is conducted in a smooth and seamless manner without any inconvenience to the public," the SBI said in its guideline.

It is expected that after SBI, all other banks will follow the same 2000 note exchange policy at their branches.

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The Reserve Bank of India (RBI), in a surprise move last week, announced that Rs 2,000 notes will no longer be in use and recommended people to deposit or exchange them for lower denominations before September 30.

The Reserve Bank of India (RBI), in a surprise move last week, announced that Rs 2,000 notes will no longer be in use and recommended people to deposit or exchange them for lower denominations before September 30. Following this statement, it urged all banks in India to offer a deposit or exchange facility to people for Rs 2,000 notes. It is to be noted that after the deadline, the notes will not be considered illegal but will still remain tender in India. Soon after the announcement was made, many people were seen approaching banks to exchange notes, despite it being stated that the process will begin only on May 23. Everyone is confused and having questions like- is there a limit to how many notes of Rs 2,000 can be exchanged or deposited at once? Or do we need to give identity proof for exchange? Answering all these queries, the State Bank of India (SBI) issued important guidelines for its customers and branches. Scroll to check: But why are the Rs 2,000 notes being junked? The Rs 2,000 banknotes were introduced in November 2016 under Section 21(1) of the RBI Act, 1934, which allows the central bank to issue currency notes not exceeding Rs 10,000. With the fulfilment of its objective and availability of the banknotes, the printing of Rs 2,000 notes was stopped in 2018-2019. However, the circulation drastically dropped, bringing the value to Rs 3.62 trillion on March 2023 from Rs 6.73 trillion in March 2018. As per media reports, things changed when in Feb 2020, ATMs were recalibrated by the banks to disperse more Rs 100 and Rs 500 notes, and not Rs 2000. This sparked speculation that Rs 2,000 notes were being phased out even if they remained legal tender. The central bank also pointed out that a huge cluster of fake notes was also produced. Below are the guideline issued by the State Bank of India: An individual can exchange Rs 2,000 banknotes up to a limit of Rs 20,000/- at a time. No identity proof or requisition slip is required to be submitted by the depositor at the time of exchange. "Please arrange accordingly and extend all cooperation to members of public so that the exercise is conducted in a smooth and seamless manner without any inconvenience to the public," the SBI said in its guideline. It is expected that after SBI, all other banks will follow the same 2000 note exchange policy at their branches. 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.

Why are Rs 2,000 notes being scrapped? SBI issues guidelines on how you can exchange your notes

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court.&nbsp;

While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world.&nbsp;

Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008.&nbsp;

These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/will-indians-spend-with-rs1000-currency-notes-again-rbi-governor-responds-595187">Will Indians be able to spend using ₹1000 notes again? RBI governor responds</a>

The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public.&nbsp;

This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry.

In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth."&nbsp;

**Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence.

"The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie.

The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/the-turnaround-story-of-indias-public-sector-banks-594985">The Turnaround Story of India's Public Sector Banks</a>

In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government.

The recording also indicates that the French banks were similarly pressured by the Banque de France.&nbsp;

In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?"

To this, Johnson replies: "I'm not sure that it was being put just on Barclays."

Kelly: "OK? Who else did you think, was being pressured?"

Johnson: "We understood that the French banks had been told to get their rates down[...]"

Kelly: "What entity was pressuring them?"

Johnson: "We believe it was the Banque du France."

Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity.

Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled.&nbsp;

The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions".&nbsp;

The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence.

The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment.

(With inputs from agencies)

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UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information.

UK and US regulators were aware of and participated in a state-led effort to manipulate interest rates during the 2008 financial crisis. As per a BBC report, newly uncovered evidence suggests that the regulators concealed this information. The evidence as cited by the BBC report suggests that lenders made a significant cut to their interest rate estimates under pressure from central banks. However, when bankers were later prosecuted for smaller-scale interest rate "rigging", this evidence was not presented in court. While regulators have previously faced allegations of involvement in interest rate manipulation, this evidence reveals a broader international effort by central banks across the Western world. Allegedly, central banks, including the Bank of England, Banque de France, European Central Bank, Banca d'Italia, Banco de Espana, and the Federal Reserve Bank of New York, intervened extensively in setting Libor and Euribor rates — benchmark interest rates that track how much it costs banks to borrow from one another — in October 2008. These actions were apparently aimed at artificially restoring calm to the market during a time when bank lending was nearly held up. Also read | Will Indians be able to spend using ₹1000 notes again? RBI governor responds The evidence, which was reportedly disclosed to investigating agencies such as the FBI and UK's Financial Services Authority (FSA) in November 2010, was never made public and has been kept secret from Parliament, Congress, and the public. This information suggests that Parliament may have been "misled" said Andrew Tyrie, the former chair of the UK Treasury Committee of MPs during the Libor inquiry. In a conversation with BBC, he said that "the evidence that Mr Verity** has unearthed strongly suggests that the committee's inquiry into the Libor scandal was not told the whole truth." **Financial Journalist Andy Verity is currently working as BBC News' economic correspondent and is behind the newly uncovered evidence. "The public rely on Parliament to get to the truth. This case illustrates why Parliament should bolster its information-gathering powers with more effective sanctions against those who provide less than the full picture. Parliament appears to have been misled and, if that's the case, should not let it rest," said Tyrie. The suppressed evidence that as per Verity's report indicates a potential cover-up is a recording from 2010 of an interview between FBI investigator Mike Kelly and Peter Johnson, a Barclays bank employee responsible for submitting Libor rates. Also read | The Turnaround Story of India's Public Sector Banks In the interview, Johnson reveals that in October 2008, he was instructed by his superiors to report artificially low Libor rates that were significantly below the actual interest rates available in the market. He claims that this instruction came under pressure from both the Bank of England and the UK government. The recording also indicates that the French banks were similarly pressured by the Banque de France. In the recording, Kelly can be heard asking Johnson: "Did you have any understanding as to why this pressure was being put upon Barclays?" To this, Johnson replies: "I'm not sure that it was being put just on Barclays." Kelly: "OK? Who else did you think, was being pressured?" Johnson: "We understood that the French banks had been told to get their rates down[...]" Kelly: "What entity was pressuring them?" Johnson: "We believe it was the Banque du France." Published data on Euribor submissions during that period support these claims, showing "record falls in banks' estimates of the cost of borrowing euros by French banks - moves only explicable as having been co-ordinated at a national level," writes Verity. Senior Conservative MP David Davis has called for a fresh investigation, expressing concerns that Parliament may have been misled. The MP said that the evidence points to "a case to believe that state agencies coerced individuals into perjury that led to false convictions". The US Department of Justice and the UK's Serious Fraud Office have prosecuted 37 traders for Libor manipulation. However, the prosecutions were done in the absence of this evidence. The regulators involved have either declined to comment, rebutted the claims, or stated that they followed disclosure rules. The Bank of England labelled the allegations "unsubstantiated," while the European Central Bank "strongly rebut" the assertions which it said "misrepresent the role of a central bank in implementing monetary policy". Responding to the allegations, Italian bank Intesa Sanpaolo has reportedly emphasised that it has always acted independently and in full compliance with rate-setting rules. As per Verity, the FBI and the Commodity Future Trading Commission (CFTC) have declined to comment. (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.

UK, US banking regulators were instructed to 'rig' interest rates during 2008 financial crisis: Report

GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns. Jain considers Adani Group to possess the best infrastructure assets available in India and aims to become one of the largest investors in the company within five years, after the Adani family.&nbsp;

In an interview, Jain stated, "We would certainly want to be partners in any of Adani Group's new offerings." The value of GQG's Adani holdings is estimated to be around $3.5 billion.

<h2>Details about GQG’s initial investments in Adani</h2>

In March, GQG made an initial investment of nearly $2 billion by purchasing shares in four of Adani's companies from a family trust. This investment provided a boost to the tycoon's companies, which had faced allegations of stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research.&nbsp;

The conglomerate's market value had plummeted by over $150 billion at one point. However, Jain remains unfazed by the short seller's allegations, which Adani has consistently denied, considering them to be a common occurrence in India's business landscape.

Jain justifies his contrarian investment by emphasising the value of Adani Group's businesses, including coal mining and airport assets, which align with India's development goals. Prime Minister Narendra Modi has been urging domestic businesses to bolster critical infrastructure and attract manufacturing investments, particularly as a means to divert production from China.&nbsp;

<h2>Adani stocks experiencing a massive surge</h2>

Adani Enterprises Ltd, the flagship firm, witnessed a three-day surge of 46%, with a 19% increase on Tuesday alone. Adani Ports &amp; Special Economic Zone Ltd also recovered all its losses triggered by Hindenburg, gaining 8%.&nbsp;

Watch:&nbsp;Tesla restarts India market talks, executives to visit India to diversify beyond China&nbsp;

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GQG Partners acquired significant shares in Adani Group companies, including Adani Transmission Ltd, Adani Enterprises Ltd, Adani Ports, and Adani Green Energy, amounting to substantial investments.

The rally in Adani Group stocks follows the report by the Supreme Court-appointed panel, which stated that there was no evidence of a regulatory failure by the group and no discernible pattern of manipulation contributing to the sharp rise in stock prices across Gautam Adani's companies. The 173-page report concluded that no single entity or connected group of entities could be held responsible for the observed stock price increases.

<a href="https://www.wionews.com/india-news/adani-groups-port-unit-recovers-all-stock-losses-suffered-after-hindenburg-expose-report-595426">Also Read |&nbsp;Adani Group’s port unit recovers all stock losses suffered after Hindenburg expose: Report</a>

As GQG Partners doubles down on its investment in Adani Group and expresses confidence in its future prospects, the rally in the conglomerate's stocks is expected to continue in the coming days.

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GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns.

GQG Partners LLC, led by veteran investor Rajiv Jain, has increased its stake in billionaire Gautam Adani's conglomerate by approximately 10 per cent and expressed interest in participating in the conglomerate's future fundraising campaigns. Jain considers Adani Group to possess the best infrastructure assets available in India and aims to become one of the largest investors in the company within five years, after the Adani family. In an interview, Jain stated, "We would certainly want to be partners in any of Adani Group's new offerings." The value of GQG's Adani holdings is estimated to be around $3.5 billion. Details about GQG’s initial investments in Adani In March, GQG made an initial investment of nearly $2 billion by purchasing shares in four of Adani's companies from a family trust. This investment provided a boost to the tycoon's companies, which had faced allegations of stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research. The conglomerate's market value had plummeted by over $150 billion at one point. However, Jain remains unfazed by the short seller's allegations, which Adani has consistently denied, considering them to be a common occurrence in India's business landscape. Jain justifies his contrarian investment by emphasising the value of Adani Group's businesses, including coal mining and airport assets, which align with India's development goals. Prime Minister Narendra Modi has been urging domestic businesses to bolster critical infrastructure and attract manufacturing investments, particularly as a means to divert production from China. Adani stocks experiencing a massive surge Adani Enterprises Ltd, the flagship firm, witnessed a three-day surge of 46%, with a 19% increase on Tuesday alone. Adani Ports & Special Economic Zone Ltd also recovered all its losses triggered by Hindenburg, gaining 8%. Watch: Tesla restarts India market talks, executives to visit India to diversify beyond China × GQG Partners acquired significant shares in Adani Group companies, including Adani Transmission Ltd, Adani Enterprises Ltd, Adani Ports, and Adani Green Energy, amounting to substantial investments. The rally in Adani Group stocks follows the report by the Supreme Court-appointed panel, which stated that there was no evidence of a regulatory failure by the group and no discernible pattern of manipulation contributing to the sharp rise in stock prices across Gautam Adani's companies. The 173-page report concluded that no single entity or connected group of entities could be held responsible for the observed stock price increases. Also Read | Adani Group’s port unit recovers all stock losses suffered after Hindenburg expose: Report As GQG Partners doubles down on its investment in Adani Group and expresses confidence in its future prospects, the rally in the conglomerate's stocks is expected to continue in the coming days. WATCH WION LIVE HERE ×

Rajiv Jain-led GQG raises stake in Adani Group by 10 per cent in $3.5 billion bet

Apple stocks relentless rally in 2023 has pushed the company back for a cusp of a historic milestone, a market capitalisation of 3 trillion dollars. The tech giant is within striking distance of its all-time high set January 2022. Thanks to the rally the investors have pushed the iPhone maker in droves this year driving the stock prices up 35%.

Apple's stock rally puts $3 trillion in view, stocks are up 35%

Micron predicts a hit to revenues from China's decision to ban the sale of its products to critical Chinese businesses. Where the US chipmaker got nearly 11% of its revenue from mainland China in its last fiscal year reports suggest that this is a fallout from the latest Sino-American trade dispute. Shares of Micron dropped as much as five percent that's the highest in over seven weeks and falls by 30% this year.

Micron predicts revenue hit from China's ban

Volvo trucks has signed a letter of intent to sell 1000 electric trucks to Swiss building solutions provider Holcim for delivery in the next seven years. Now its considered a game-changing move for the transportation industry. Volvo trucks has a historic deal as this groundbreaking collaboration aims to revolutionise the way goods are transported by introducing a fleet of about a thousand electronic trucks on to the roads.

Volvo's electric deal with Holcim to sell 1000 electric trucks

Volvo Group's subsidiary, Volvo Trucks, has achieved a significant milestone by securing its largest-ever commercial order for electric trucks. Swiss building solutions provider Holcim has committed to purchasing 1,000 electric trucks from Volvo Trucks, marking a major leap forward in adopting sustainable transportation solutions.

Volvo Group's subsidiary, Volvo Trucks, has achieved a significant milestone by securing its largest-ever commercial order for electric trucks. Swiss building solutions provider Holcim has committed to purchasing 1,000 electric trucks from Volvo Trucks, marking a major leap forward in adopting sustainable transportation solutions. This groundbreaking deal underscores the growing demand for electric trucks and the industry's commitment to reducing carbon emissions. Volvo Trucks, renowned for its diverse portfolio of brands, including Mack, Renault, and UD Trucks, recognizes the urgent need to address environmental concerns and has made substantial investments in electric vehicle technology. The initial delivery of 130 heavy electric trucks featuring Volvo's FH and FM models is scheduled for the fourth quarter of 2023, with further deliveries planned throughout 2024. These state-of-the-art electric trucks will be deployed in various European markets, including France, Germany, Switzerland, and Britain, catering specifically to Holcim's operations. While the specific financial details of the order were not disclosed, this landmark agreement is a testament to the trust placed in Volvo Trucks' electric vehicle capabilities and their commitment to sustainable solutions. Volvo’s ‘Zero-Emission’ Mission Volvo Trucks aligns with Holcim's environmental objectives and aims to have 50 percent of its truck sales consist of electric vehicles by 2030. The surge in demand for electric trucks from environmentally conscious companies striving to meet zero-emission targets has propelled Volvo Trucks' growth in the electric vehicle market. To cater to the anticipated increase in demand, Volvo Trucks is ramping up production at its facilities in Sweden, France, and the United States. In addition, a new production facility in Belgium is slated to begin operations in the third quarter of 2023. These expansion efforts highlight Volvo Trucks' dedication to meeting the evolving needs of its customers. Notably, all 1,000 trucks included in the Holcim order will be battery electric trucks (BEV). However, Volvo Trucks, like other industry players, is actively working on developing hydrogen-powered fuel cell trucks, which are expected to become available in the market in the latter half of this decade. This commitment to exploring alternative sustainable technologies positions Volvo Trucks as a frontrunner in driving the industry's transition towards cleaner and greener transportation solutions. Inputs from Reuters)

Volvo and Holcim To Electrify the Road with 1,000 Electric Trucks

A regulatory filing showed on Tuesday (May 16) that banking giant UBS felt that it was rushed into buying rival Credit Suisse in a deal it did not want. UBS told its investors in a filing to US Securities and Exchange Commission that it had less than four days to carry out due diligence.

It estimated a hit of about $17 billion from the takeover.

UBS is Switzerland's biggest bank. It agreed to buy Credit Suisse as its finances worsened given the global situation.&nbsp;

Clients of Credit Suisse were spooked and began withdrawing money after Credit Suisse' involvement in a series of corporate collapses. The trend accelerated after US bank failures, which sparked fear of a bigger banking crisis.

The wave of deposit outflows and a major share-price drop prompted Switzerland's central bank on March 15 to offer Credit Suisse liquidity assistance.

On the very next day, UBS and Credit Suisse signed a confidentiality agreement. UBS then began its due diligence.

On March 19, the Swiss National Bank announced UBS would buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and assume a loss of as much as 5 billion francs stemming from winding down parts of the business.

The final price was raised from an initial 1 billion francs, the filing showed.

Interest from UBS in buying Credit Suisse began in October when the ad hoc Strategy Committee of its board of directors reviewed its rival's distressed situation, according to the filing.

By that time, Credit Suisse was experiencing net assets and deposit outflows at levels that were substantially exceeding rates of the July September quarter, said UBS.

In early December, UBS management undertook a preliminary assessment of the consequences of a Credit Suisse purchase, which it presented to the Strategy Committee on December 19.

In February, the Strategy Committee and board of directors each concluded an acquisition was "not desirable" and recommended further analysis to prepare for a scenario in which Credit Suisse was in such difficulty that regulators could ask UBS to step in.

UBS said it carried out financial analyses from January to mid-March and assessed potential legal structures and possible measures to address concerns, as well as any negative impact to itself, in case authorities proposed an acquisition.

(With inputs from agencies)

A regulatory filing showed on Tuesday (May 16) that banking giant UBS felt that it was rushed into buying rival Credit Suisse in a deal it did not want. UBS told its investors in a filing to US Securities and Exchange Commission that it had less than four days to carry out due diligence.

A regulatory filing showed on Tuesday (May 16) that banking giant UBS felt that it was rushed into buying rival Credit Suisse in a deal it did not want. UBS told its investors in a filing to US Securities and Exchange Commission that it had less than four days to carry out due diligence. It estimated a hit of about $17 billion from the takeover. UBS is Switzerland's biggest bank. It agreed to buy Credit Suisse as its finances worsened given the global situation. Clients of Credit Suisse were spooked and began withdrawing money after Credit Suisse' involvement in a series of corporate collapses. The trend accelerated after US bank failures, which sparked fear of a bigger banking crisis. The wave of deposit outflows and a major share-price drop prompted Switzerland's central bank on March 15 to offer Credit Suisse liquidity assistance. On the very next day, UBS and Credit Suisse signed a confidentiality agreement. UBS then began its due diligence. On March 19, the Swiss National Bank announced UBS would buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and assume a loss of as much as 5 billion francs stemming from winding down parts of the business. The final price was raised from an initial 1 billion francs, the filing showed. Interest from UBS in buying Credit Suisse began in October when the ad hoc Strategy Committee of its board of directors reviewed its rival's distressed situation, according to the filing. By that time, Credit Suisse was experiencing net assets and deposit outflows at levels that were substantially exceeding rates of the July September quarter, said UBS. In early December, UBS management undertook a preliminary assessment of the consequences of a Credit Suisse purchase, which it presented to the Strategy Committee on December 19. In February, the Strategy Committee and board of directors each concluded an acquisition was "not desirable" and recommended further analysis to prepare for a scenario in which Credit Suisse was in such difficulty that regulators could ask UBS to step in. UBS said it carried out financial analyses from January to mid-March and assessed potential legal structures and possible measures to address concerns, as well as any negative impact to itself, in case authorities proposed an acquisition. (With inputs from agencies)

Was rushed into Credit Suisse merger, says UBS

BT Group, Britain's biggest broadband and mobile provider, has said it will cut up to 55,000 jobs by 2030. These will also include contractors. This huge job cut will affect 40 per cent of BT's workforce. The company will move in this direction as it completes its fibre rollout and adapts to new technologies like Artificial Intelligence (AI).

Under its boss Philip Jansen, the company was undertaking a transformation plan to build a national fibre network as well as rolling out high speed 5G services. &nbsp;&nbsp;

The former state monopoly reported on Thursday pro forma revenue and core earnings growth for the first time in six years in the year to the end of March. But the cost of transforming the business, and the hit to its free cash flow took a toll, sending its shares down 7 per cent in morning trade, Reuters reported.

Jansen told Reuters that post fibre roll-out, digitising the way it worked, adopting artificial intelligence (AI) and simplifying its structure, BT would opt for a much smaller workforce by the end of 2020s.

"New BT Group will be a leaner business with a brighter future," he said.

When the job cuts take place, BT's total workforce would reduce from 130,000 to between 75,000 and 90,000 by financial year 2030. Some 30,000 of its current employees are contractors.

Jansen said BT's ongoing job cuts would accelerate as it completes its fibre build and switches off 3G.

"It's a rolling programme (of cuts), but it's a five-to-seven-year landing zone," he told reporters.

<h2>"No surprise"</h2>

The Communication Workers Union (CWU) said that the job cuts were "no surprise" given that a lot of changes were taking place in infrastructure and technology.

Talks between BT and the CWU were necessary to ensure a smooth transition on that front, said the union, adding that BT should aim to keep direct jobs and cut contractors.

Vodafone, the rival of BT, said on Tuesday that in order to restore its competitive edge, it would cut 11,000 jobs worldwide.

Jansen said around 10,000 fewer network engineers would be needed to run digital networks, while technologies like automation and AI would replace another 10,000.

<h2>"Huge opportunities" in AI</h2>

He said that there were "huge opportunities" in using Artificial Intelligence. He added that generative AI large language models would be a leap forward that rivalled the arrival of the smartphone.

"We're not going to be in a situation where people feel like they're dealing with a robot," he said.

"We've got multichannel, we're online, we have got 450 stores, that's not planning on changing."

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

BT Group, Britain's biggest broadband and mobile provider, has said it will cut up to 55,000 jobs by 2030. These will also include contractors. This huge job cut will affect 40 per cent of BT's workforce.

BT Group, Britain's biggest broadband and mobile provider, has said it will cut up to 55,000 jobs by 2030. These will also include contractors. This huge job cut will affect 40 per cent of BT's workforce. The company will move in this direction as it completes its fibre rollout and adapts to new technologies like Artificial Intelligence (AI). Under its boss Philip Jansen, the company was undertaking a transformation plan to build a national fibre network as well as rolling out high speed 5G services. The former state monopoly reported on Thursday pro forma revenue and core earnings growth for the first time in six years in the year to the end of March. But the cost of transforming the business, and the hit to its free cash flow took a toll, sending its shares down 7 per cent in morning trade, Reuters reported. Jansen told Reuters that post fibre roll-out, digitising the way it worked, adopting artificial intelligence (AI) and simplifying its structure, BT would opt for a much smaller workforce by the end of 2020s. "New BT Group will be a leaner business with a brighter future," he said. When the job cuts take place, BT's total workforce would reduce from 130,000 to between 75,000 and 90,000 by financial year 2030. Some 30,000 of its current employees are contractors. Jansen said BT's ongoing job cuts would accelerate as it completes its fibre build and switches off 3G. "It's a rolling programme (of cuts), but it's a five-to-seven-year landing zone," he told reporters. "No surprise" The Communication Workers Union (CWU) said that the job cuts were "no surprise" given that a lot of changes were taking place in infrastructure and technology. Talks between BT and the CWU were necessary to ensure a smooth transition on that front, said the union, adding that BT should aim to keep direct jobs and cut contractors. Vodafone, the rival of BT, said on Tuesday that in order to restore its competitive edge, it would cut 11,000 jobs worldwide. Jansen said around 10,000 fewer network engineers would be needed to run digital networks, while technologies like automation and AI would replace another 10,000. "Huge opportunities" in AI He said that there were "huge opportunities" in using Artificial Intelligence. He added that generative AI large language models would be a leap forward that rivalled the arrival of the smartphone. "We're not going to be in a situation where people feel like they're dealing with a robot," he said. "We've got multichannel, we're online, we have got 450 stores, that's not planning on changing." (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 ×

BT looks to cut 55,000 jobs by 2030 as Artificial Intelligence arrives

Ghana’s Central Bank paused its steepest phase of monetary tightening after securing a 3 billion dollar lifeboat from the International Monetary Fund. It expects the downward trend in inflation to continue. Ghana has maintained the policy rate at 29.5%

Ghana's inflation rate takes a dip at 41.2% in April

The Reserve Bank Of India (RBI) stated that India’s growth momentum was intact in the march quarter. The inflation outcome is also set to be better than the forecast. This comes as the RBI pushes for stronger governance and risk management

Indian economy stable amidst US banking chaos

In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors. According to sources cited by NDTV, AAI has soared back into the black, recording a remarkable profit of ₹3,400 crores for the fiscal year that ended in March. This achievement marks the first time AAI has reported profits since the onset of the pandemic, which had significantly impacted air traffic and the aviation sector as a whole.

&nbsp;

During the preceding two fiscal years, AAI faced challenging times, reporting losses that raised concerns about the authority's financial health. However, AAI's resilience and strategic measures have borne fruit, leading to this exceptional turnaround.

&nbsp;

Excluding exceptional and extraordinary items and tax, AAI reported a loss of ₹803.72 crores in the fiscal year ending in March 2022. The loss was even more significant in the previous financial year, amounting to ₹3,176.12 crore. These figures highlight the magnitude of the struggle faced by the authority during the height of the pandemic.

&nbsp;

The source, privy to the matter, informed PTI that AAI's remarkable performance for the 2022-23 financial year had propelled the authority back into profitability. While ₹3,400 crore is the provisional figure, the final audited results will accurately depict the authority's financial success.

&nbsp;

Surge in Domestic Demand Fuels Profits

&nbsp;

The key driver behind AAI's resurgence has been the impressive growth in domestic air traffic. In 2022, domestic air passenger traffic witnessed a remarkable surge of 47.05 percent, with the numbers reaching an astounding 12.32 crore compared to the 8.38 crore passengers in the previous year.&nbsp;

&nbsp;

This growth trend continued unabated in the first quarter of 2023, where passenger numbers soared by a staggering 51.70 percent to 3.75 crores, as per official data. This surge in domestic air travel has undeniably played a pivotal role in AAI's financial renaissance.

&nbsp;

It is worth noting that despite the challenging circumstances, AAI managed to scrape together a meager profit of ₹8.76 crore in the fiscal year ending March 2022. This figure includes exceptional items and taxes.

&nbsp;

The government waived AAI's compulsory dividend payment requirement in the fiscal year ending March 2022. This decision was made considering the government's decision to waive Air India's debt before selling the struggling carrier to the Tata Group in January 2022. This decision further eased the financial burden on AAI and allowed the authority to focus on its recovery and growth initiatives.

&nbsp;

AAI, responsible for managing a vast network of 137 airports, including 24 international and 80 domestic airports, holds a significant position in India's aviation landscape. Beyond airports, AAI also provides crucial Air Traffic Management Services (ATMS) across the entire Indian airspace and adjoining oceanic areas. With this remarkable financial turnaround, AAI is poised to substantially impact the aviation sector's resurgence and contribute to the country's economic recovery.

 
&nbsp;

Inputs from NDTV)

In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors.

In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors. According to sources cited by NDTV, AAI has soared back into the black, recording a remarkable profit of ₹3,400 crores for the fiscal year that ended in March. This achievement marks the first time AAI has reported profits since the onset of the pandemic, which had significantly impacted air traffic and the aviation sector as a whole. During the preceding two fiscal years, AAI faced challenging times, reporting losses that raised concerns about the authority's financial health. However, AAI's resilience and strategic measures have borne fruit, leading to this exceptional turnaround. Excluding exceptional and extraordinary items and tax, AAI reported a loss of ₹803.72 crores in the fiscal year ending in March 2022. The loss was even more significant in the previous financial year, amounting to ₹3,176.12 crore. These figures highlight the magnitude of the struggle faced by the authority during the height of the pandemic. The source, privy to the matter, informed PTI that AAI's remarkable performance for the 2022-23 financial year had propelled the authority back into profitability. While ₹3,400 crore is the provisional figure, the final audited results will accurately depict the authority's financial success. Surge in Domestic Demand Fuels Profits The key driver behind AAI's resurgence has been the impressive growth in domestic air traffic. In 2022, domestic air passenger traffic witnessed a remarkable surge of 47.05 percent, with the numbers reaching an astounding 12.32 crore compared to the 8.38 crore passengers in the previous year. This growth trend continued unabated in the first quarter of 2023, where passenger numbers soared by a staggering 51.70 percent to 3.75 crores, as per official data. This surge in domestic air travel has undeniably played a pivotal role in AAI's financial renaissance. It is worth noting that despite the challenging circumstances, AAI managed to scrape together a meager profit of ₹8.76 crore in the fiscal year ending March 2022. This figure includes exceptional items and taxes. The government waived AAI's compulsory dividend payment requirement in the fiscal year ending March 2022. This decision was made considering the government's decision to waive Air India's debt before selling the struggling carrier to the Tata Group in January 2022. This decision further eased the financial burden on AAI and allowed the authority to focus on its recovery and growth initiatives. AAI, responsible for managing a vast network of 137 airports, including 24 international and 80 domestic airports, holds a significant position in India's aviation landscape. Beyond airports, AAI also provides crucial Air Traffic Management Services (ATMS) across the entire Indian airspace and adjoining oceanic areas. With this remarkable financial turnaround, AAI is poised to substantially impact the aviation sector's resurgence and contribute to the country's economic recovery. Inputs from NDTV)

Profit-Takeoff: Domestic Demand Fuels Airport Authority of India's Profits

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing. TRAI clarified that there is no special drive to probe all historical tariff plans filed by telecom companies except for specific plans currently under examination.&nbsp;

&nbsp;

The regulatory body's denial comes in response to media reports suggesting that TRAI was scrutinizing all past tariff plans against service providers for predatory pricing, particularly in relation to unlimited 5G data offerings. TRAI's clarification aims to dispel any confusion and set the record straight regarding its ongoing activities.

&nbsp;

TRAI has emphasized the significance of draft regulations on metering and billing, aiming to ease the burden on service providers by reducing the frequency of audits conducted annually. Under the new proposal, instead of quarterly audits for each licensed service area (LSA), TRAI suggests a switch to an annual audit, resulting in a remarkable 75 percent reduction in effort. This strategic adjustment is anticipated to enhance the efficiency of the auditing process and maximize resource utilization.

&nbsp;

TRAI emphasized the importance of the centralized audit system, prioritizing it overreaching each LSA and duplicating audits for individual plans. Going forward, LSAs will only undergo audits for plans not subject to the centralized audit. TRAI also emphasized that no financial disincentives will be imposed if service providers take timely corrective actions.

&nbsp;

The regulatory body further acknowledged the limitations of the current audit methodology, which fails to represent all segments of prepaid customers—a group that constitutes almost 95 percent of the total customer base. To address this, TRAI has rationalized the plan selection process to ensure proper representation of all types of plans. This move aims to achieve a fair and comprehensive assessment of cross-border tariff plans.

&nbsp;

TRAI clarified that any tariff might be subject to fresh examination based on the statutory mandate of the Authority. This includes instances where stakeholders, including Telecom Service Providers (TSPs), raise complaints of non-compliance with regulatory principles or allegations of predatory pricing.

&nbsp;

The clarification by TRAI brings clarity and reassurance to telecom companies and consumers alike, alleviating concerns about an extensive probe into past tariff plans for predatory pricing. With a focus on centralizing the audit system and reducing the burden on service providers, TRAI aims to strike a balance between effective regulation and industry efficiency.

&nbsp;

Inputs from NDTV)

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing.

The Telecom Regulatory Authority of India (TRAI) addressed and dismissed news reports on Saturday claiming an extensive investigation into past tariff plans for predatory pricing. TRAI clarified that there is no special drive to probe all historical tariff plans filed by telecom companies except for specific plans currently under examination. The regulatory body's denial comes in response to media reports suggesting that TRAI was scrutinizing all past tariff plans against service providers for predatory pricing, particularly in relation to unlimited 5G data offerings. TRAI's clarification aims to dispel any confusion and set the record straight regarding its ongoing activities. TRAI has emphasized the significance of draft regulations on metering and billing, aiming to ease the burden on service providers by reducing the frequency of audits conducted annually. Under the new proposal, instead of quarterly audits for each licensed service area (LSA), TRAI suggests a switch to an annual audit, resulting in a remarkable 75 percent reduction in effort. This strategic adjustment is anticipated to enhance the efficiency of the auditing process and maximize resource utilization. TRAI emphasized the importance of the centralized audit system, prioritizing it overreaching each LSA and duplicating audits for individual plans. Going forward, LSAs will only undergo audits for plans not subject to the centralized audit. TRAI also emphasized that no financial disincentives will be imposed if service providers take timely corrective actions. The regulatory body further acknowledged the limitations of the current audit methodology, which fails to represent all segments of prepaid customers—a group that constitutes almost 95 percent of the total customer base. To address this, TRAI has rationalized the plan selection process to ensure proper representation of all types of plans. This move aims to achieve a fair and comprehensive assessment of cross-border tariff plans. TRAI clarified that any tariff might be subject to fresh examination based on the statutory mandate of the Authority. This includes instances where stakeholders, including Telecom Service Providers (TSPs), raise complaints of non-compliance with regulatory principles or allegations of predatory pricing. The clarification by TRAI brings clarity and reassurance to telecom companies and consumers alike, alleviating concerns about an extensive probe into past tariff plans for predatory pricing. With a focus on centralizing the audit system and reducing the burden on service providers, TRAI aims to strike a balance between effective regulation and industry efficiency. Inputs from NDTV)

TRAI Clears the Airwaves: No Tariff Plan Probe for Predatory Pricing

In a remarkable turnaround, the public sector banks in India have scripted an inspiring tale of financial success. Cumulative profits of PSBs have crossed the ₹1 lakh crore-mark in the fiscal year ending March 2023.

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From a staggering net loss of Rs 85,390 crore in 2017-18, Indian PSBs have come a long way, with their profit soaring to 1 lakh crore rupees in 2022-23.

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The market leader, State Bank of India, played a significant role, accounting for nearly half of the total earnings. SBI alone reported a whopping annual profit of Rs 50,232 crore in 2022-23, showcasing a remarkable 59% surge compared to the previous fiscal year.

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Bank of Maharashtra witnessed the highest growth in net profit in percentage terms, recording a staggering 126 percent increase to Rs 2,602 crore. It was followed by UCO bank, which saw a net profit rise of 100 percent to Rs 1,862 crore, and Bank of Baroda, which reported a 94 percent increase to Rs 14,110 crore.

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Apart from Punjab National Bank, all other public sector banks witnessed impressive growth in their post-tax profits, showcasing the industry's transformation from record losses to record-breaking profits. This achievement can be attributed to the proactive initiatives and reforms undertaken by the Indian government.

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The government's efforts over the past eight years focused on enhancing credit discipline, fostering responsible lending practices, and bolstering governance within the banking sector. Technological advancements, bank mergers, and the unwavering confidence of bankers have also played crucial roles in this turnaround story.

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Financial analysts attribute the improved profitability of public sector banks to higher interest income and more effective management of non-performing assets or bad loans. These factors have worked in tandem to boost the banks' bottom line and restore investor confidence.

In a remarkable turnaround, the public sector banks in India have scripted an inspiring tale of financial success. Cumulative profits of PSBs have crossed the ₹1 lakh crore-mark in the fiscal year ending March 2023.

In a remarkable turnaround, the public sector banks in India have scripted an inspiring tale of financial success. Cumulative profits of PSBs have crossed the ₹1 lakh crore-mark in the fiscal year ending March 2023. From a staggering net loss of Rs 85,390 crore in 2017-18, Indian PSBs have come a long way, with their profit soaring to 1 lakh crore rupees in 2022-23. The market leader, State Bank of India, played a significant role, accounting for nearly half of the total earnings. SBI alone reported a whopping annual profit of Rs 50,232 crore in 2022-23, showcasing a remarkable 59% surge compared to the previous fiscal year. Bank of Maharashtra witnessed the highest growth in net profit in percentage terms, recording a staggering 126 percent increase to Rs 2,602 crore. It was followed by UCO bank, which saw a net profit rise of 100 percent to Rs 1,862 crore, and Bank of Baroda, which reported a 94 percent increase to Rs 14,110 crore. Apart from Punjab National Bank, all other public sector banks witnessed impressive growth in their post-tax profits, showcasing the industry's transformation from record losses to record-breaking profits. This achievement can be attributed to the proactive initiatives and reforms undertaken by the Indian government. The government's efforts over the past eight years focused on enhancing credit discipline, fostering responsible lending practices, and bolstering governance within the banking sector. Technological advancements, bank mergers, and the unwavering confidence of bankers have also played crucial roles in this turnaround story. Financial analysts attribute the improved profitability of public sector banks to higher interest income and more effective management of non-performing assets or bad loans. These factors have worked in tandem to boost the banks' bottom line and restore investor confidence.

The Turnaround Story of India's Public Sector Banks

The Securities and Exchange Board of India (SEBI) has unveiled an ambitious proposal to cut the time required to list shares on the country's stock exchanges to bolster India's stock market and facilitate faster access to capital. According to a consultation paper released on SEBI's website cited by Reuters, the market regulator aims to reduce the listing timeline from the closure of initial public offerings (IPOs) to just three days. The proposed change has been hailed as a significant stride toward enhancing the ease of doing business and benefiting both issuers and investors.

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SEBI emphasized the potential advantages of the proposed timeline reduction for listing and trading shares. In its consultation paper, the regulator stated that issuers would enjoy swifter access to the capital they raised, fostering a more efficient business environment. Simultaneously, investors would have the opportunity for early credit and greater liquidity in their investments. This move is expected to inject dynamism into the market, attracting more participation and stimulating economic growth.

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The proposed changes have elicited keen interest and stakeholder feedback, with SEBI inviting public comments on the matter until June 3. Market participants, industry experts, and investors have been encouraged to provide their insights and opinions on the potential implications of the proposed reduction in listing time.

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SEBI: Quick IPOs and Restricting Extreme Price Movement

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SEBI's endeavor to streamline the IPO process and boost market efficiency comes on the heels of another significant development. The market regulator also proposed measures to curb extreme price movements in shares actively traded through futures and options. The proposal, outlined in the consultation paper, includes extended trading suspensions and stricter restrictions on price fluctuations.

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Under the new measures, if a share in the futures and options segment experiences a daily rise or fall of 10 percent, trading would be suspended for an hour—a significant increase from the current 15-minute suspension period. Additionally, the share would be allowed to move only an additional 2 percent, down from the current 5 percent. These safeguards are designed to address concerns raised by recent market events, such as the precipitous decline in shares of Gautam Adani's group companies earlier this year. Following allegations of governance issues raised by U.S.-based short-seller Hindenburg Research, the group collectively suffered a staggering loss of over $100 billion in market value.

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SEBI stressed the importance of such safeguards in maintaining market stability, managing risks, and safeguarding investor interests. The proposed measures seek to strike a balance between facilitating efficient trading and preventing excessive volatility that may compromise the market's integrity.

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Inputs From Reuters)

The Securities and Exchange Board of India (SEBI) has unveiled an ambitious proposal to cut the time required to list shares on the country's stock exchanges to bolster India's stock market and facilitate faster access to capital.

The Securities and Exchange Board of India (SEBI) has unveiled an ambitious proposal to cut the time required to list shares on the country's stock exchanges to bolster India's stock market and facilitate faster access to capital. According to a consultation paper released on SEBI's website cited by Reuters, the market regulator aims to reduce the listing timeline from the closure of initial public offerings (IPOs) to just three days. The proposed change has been hailed as a significant stride toward enhancing the ease of doing business and benefiting both issuers and investors. SEBI emphasized the potential advantages of the proposed timeline reduction for listing and trading shares. In its consultation paper, the regulator stated that issuers would enjoy swifter access to the capital they raised, fostering a more efficient business environment. Simultaneously, investors would have the opportunity for early credit and greater liquidity in their investments. This move is expected to inject dynamism into the market, attracting more participation and stimulating economic growth. The proposed changes have elicited keen interest and stakeholder feedback, with SEBI inviting public comments on the matter until June 3. Market participants, industry experts, and investors have been encouraged to provide their insights and opinions on the potential implications of the proposed reduction in listing time. SEBI: Quick IPOs and Restricting Extreme Price Movement SEBI's endeavor to streamline the IPO process and boost market efficiency comes on the heels of another significant development. The market regulator also proposed measures to curb extreme price movements in shares actively traded through futures and options. The proposal, outlined in the consultation paper, includes extended trading suspensions and stricter restrictions on price fluctuations. Under the new measures, if a share in the futures and options segment experiences a daily rise or fall of 10 percent, trading would be suspended for an hour—a significant increase from the current 15-minute suspension period. Additionally, the share would be allowed to move only an additional 2 percent, down from the current 5 percent. These safeguards are designed to address concerns raised by recent market events, such as the precipitous decline in shares of Gautam Adani's group companies earlier this year. Following allegations of governance issues raised by U.S.-based short-seller Hindenburg Research, the group collectively suffered a staggering loss of over $100 billion in market value. SEBI stressed the importance of such safeguards in maintaining market stability, managing risks, and safeguarding investor interests. The proposed measures seek to strike a balance between facilitating efficient trading and preventing excessive volatility that may compromise the market's integrity. Inputs From Reuters)

SEBI's Turbo Boost: Quicker IPOs and Trading on the Horizon for Indian Market

China's Cyberspace Administration said that Micron's products pose significant network security risks, citing concerns for China's critical information infrastructure supply chain and national security. As a result, operators of key infrastructure will be barred from purchasing Micron's products. This decision comes amidst the ongoing dispute over chip technology between the United States and China, adding fuel to the already simmering tensions.

Micron fails China's security check

The Airports Authority of India, known as AAI, has defied all odds and made an extraordinary financial recovery. The remarkable resurgence of AAI can be attributed to the surge in domestic air traffic. In 2022, domestic air passenger numbers witnessed a staggering increase of 47.05%, reaching a total of 12.32 crore passengers compared to the previous year. This trend continued into the first three months of 2023, with a remarkable surge of 51.70%. During this period, 3.75 crore passengers took to the skies.

Indian Airports on profitability runway

In a move intensifying the ongoing tech dispute between the United States and China, China's cyberspace regulator, the Cyberspace Administration of China (CAC), on Sunday, announced a ban on products made by U.S. memory chipmaker Micron Technology Inc. The decision follows the conclusion of a network security review conducted by the CAC, which found serious security risks associated with Micron's products. While the details of these risks remain undisclosed, Reuters reports that the ban encompasses key infrastructure operators in sectors such as telecoms, transport, and finance, according to China's broad definition of critical information infrastructure.

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In its statement, the CAC emphasized the potential impact of Micron's products on China's critical information infrastructure supply chain and national security. Upon receiving the CAC's notice, Micron expressed its willingness to engage in further discussions with Chinese authorities.

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Industry analysts from Jefferies anticipate a limited impact on Micron as the company's major customers in China primarily consist of consumer electronics firms rather than infrastructure suppliers. They note that Micron's revenue in China is not heavily reliant on telcos and government sectors, indicating a potentially minimal overall impact on the company's operations.

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Micron Ban and the G7 Connection

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Micron, known for manufacturing dynamic random-access memory (DRAM) and NAND flash memory chips, competes with major players such as South Korea's Samsung Electronics Co Ltd, SK Hynix Inc, and Japan's Kioxia, a unit of Toshiba Corp. The timing of China's announcement during the Group of Seven (G7) summit in Japan has raised eyebrows, with experts suggesting a potential retaliatory motive against a major U.S. chipmaker. Christopher Miller, a professor at Tufts University and author of 'Chip War: The Fight For The World's Most Critical Technology,' asserts that the timing is not coincidental, highlighting the geopolitical implications surrounding the G7 summit.

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During the G7 summit, U.S. President Joe Biden stated that G7 nations had agreed to "de-risk and diversify" their relationship with China. The leaders also announced the establishment of an initiative to counter economic coercion. Analysts view this ban on Micron as an early test of the G7's efforts and their commitment to addressing the escalating tensions between the two global powers.

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China had initially announced its review of Micron's products in late March, and at the time, Micron stated its cooperation and confirmed that its business operations in China remained normal. In response to the U.S.-China dispute, the U.S. government has imposed export controls on chipmaking technology to China and taken steps to prevent Micron's rival, Yangtze Memory Technologies, from purchasing certain American components.

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Micron currently derives approximately 10 percent of its revenue from China. However, whether the ban will affect the company's sales to Non-Chinese customers within the country remains unclear. Last year, Micron generated $5.2 billion in revenue from China and Hong Kong, accounting for about 16 percent of its total revenue, according to Jefferies.

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Analysts point out that a significant portion of Micron's products flowing into China are purchased by Non-Chinese firms for use in products manufactured in the country. China's September 2021 implementation of rules aimed at protecting critical information infrastructure has compelled operators to comply with stricter requirements, particularly in areas such as data security.&nbsp;

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Inputs from Reuters)

In a move intensifying the ongoing tech dispute between the United States and China, China's cyberspace regulator, the Cyberspace Administration of China (CAC), on Sunday, announced a ban on products made by U.

In a move intensifying the ongoing tech dispute between the United States and China, China's cyberspace regulator, the Cyberspace Administration of China (CAC), on Sunday, announced a ban on products made by U.S. memory chipmaker Micron Technology Inc. The decision follows the conclusion of a network security review conducted by the CAC, which found serious security risks associated with Micron's products. While the details of these risks remain undisclosed, Reuters reports that the ban encompasses key infrastructure operators in sectors such as telecoms, transport, and finance, according to China's broad definition of critical information infrastructure. In its statement, the CAC emphasized the potential impact of Micron's products on China's critical information infrastructure supply chain and national security. Upon receiving the CAC's notice, Micron expressed its willingness to engage in further discussions with Chinese authorities. Industry analysts from Jefferies anticipate a limited impact on Micron as the company's major customers in China primarily consist of consumer electronics firms rather than infrastructure suppliers. They note that Micron's revenue in China is not heavily reliant on telcos and government sectors, indicating a potentially minimal overall impact on the company's operations. Micron Ban and the G7 Connection Micron, known for manufacturing dynamic random-access memory (DRAM) and NAND flash memory chips, competes with major players such as South Korea's Samsung Electronics Co Ltd, SK Hynix Inc, and Japan's Kioxia, a unit of Toshiba Corp. The timing of China's announcement during the Group of Seven (G7) summit in Japan has raised eyebrows, with experts suggesting a potential retaliatory motive against a major U.S. chipmaker. Christopher Miller, a professor at Tufts University and author of 'Chip War: The Fight For The World's Most Critical Technology,' asserts that the timing is not coincidental, highlighting the geopolitical implications surrounding the G7 summit. During the G7 summit, U.S. President Joe Biden stated that G7 nations had agreed to "de-risk and diversify" their relationship with China. The leaders also announced the establishment of an initiative to counter economic coercion. Analysts view this ban on Micron as an early test of the G7's efforts and their commitment to addressing the escalating tensions between the two global powers. China had initially announced its review of Micron's products in late March, and at the time, Micron stated its cooperation and confirmed that its business operations in China remained normal. In response to the U.S.-China dispute, the U.S. government has imposed export controls on chipmaking technology to China and taken steps to prevent Micron's rival, Yangtze Memory Technologies, from purchasing certain American components. Micron currently derives approximately 10 percent of its revenue from China. However, whether the ban will affect the company's sales to Non-Chinese customers within the country remains unclear. Last year, Micron generated $5.2 billion in revenue from China and Hong Kong, accounting for about 16 percent of its total revenue, according to Jefferies. Analysts point out that a significant portion of Micron's products flowing into China are purchased by Non-Chinese firms for use in products manufactured in the country. China's September 2021 implementation of rules aimed at protecting critical information infrastructure has compelled operators to comply with stricter requirements, particularly in areas such as data security. Inputs from Reuters)

Chip Clash Escalates: China Bans Micron's Products Citing Network Security Flaws

India's FOREX reserves have been on an upward trajectory, exhibiting a resilient growth pattern. Prior to the week ending May 12, the reserves soared by USD 7.196 billion to USD 595.976 billion. In addition to its foreign currency assets, India’s gold reserves also witnessed a significant increase. During the same week, the gold reserves surged by 38 million to 46.353 billion. This showcases India’s prudent approach to diversifying its FOREX reserves portfolio.

India's FOREX reserves hit 1-yr high, at $600 bn

The US debt limit talks are ongoing with no progress made so far, increasing market uncertainty. Speaker of the house Kevin McCarthy and President Joe Biden engaged in discussions but disagreements persist. The possibility of a default is looming, with treasury secretary Janet Yellen stating that the chances of paying all bills by mid-June are low. However, investors remain hopeful, as a bank of America survey revealed that 71% of investors believe a solution will be reached.

No progress in US debt limit talks

India's market regulator, Sebi, has proposed halving the time required to list shares on stock exchanges from IPO closure to just three days. This move aims to enhance the ease of doing business and provide faster access to raised capital for issuers while offering early credit and liquidity for investors. In addition, Sebi has proposed measures to address extreme price movements, including longer trading suspensions and tighter restrictions on price fluctuations.

India’s stock market makeover