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India's central bank recently announced that ₹2,000 currency notes will be sent out of circulation. While they will continue to be legal tender even after the cutoff date of September 30, 2023, people are encouraged to either deposit or exchange these notes.

The ₹2,000 notes form the largest currency denomination in India. As of March 31, 2023, ₹2,000 currency notes constituted 10.8 per cent of notes in circulation. This translates to about ₹3.62 lakh crore of currency notes.&nbsp;

Once this proportion of the currency is out of use, ₹500 will be the largest currency denomination in India. On Monday, the Reserve Bank of India governor was asked if there was any consideration to bring back the ₹1000 currency notes.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/what-rbi-will-do-with-your-out-of-use-rs2000-currency-note-595116">What will RBI do with your out-of-use ₹2,000 currency notes?</a>

The governor revealed that the Reserve Bank of India does not&nbsp;plan to reintroduce ₹1,000 banknotes to ease the impact following the withdrawal of ₹ 2,000 notes.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indians-might-rush-to-buy-gold-and-real-estate-after-2000-note-withdrawal-will-help-boost-economy-595175">Indians rush to jewellery stores, petrol pumps after 2,000 note withdrawal</a>

Das called reports on the subject "speculative".

"That's speculative. There's no such proposal right now," Das said when asked whether there is a possibility of reintroducing ₹ 1,000 notes.

<h2>No need to rush to banks: India's central bank chief</h2>

Speaking to journalists for the first time since the move, Das also said that no one should rush to banks to return or exchange their ₹2,000 notes.

"There is no reason to rush to banks now. You have four months, till September 30," the RBI Governor said. He added that the deadline was given so that people take the matter seriously.

<h2>How will it affect the Indian economy?</h2>

The impact of the withdrawal on the economy will be "very, very marginal", the RBI governor said, adding ₹2,000 notes made up for just 10.8 per cent of the total currency in circulation.

"₹2000 banknotes were introduced primarily to replenish the notes withdrawn following demonstration," the RBI chief added.

ALSO WATCH |&nbsp;Reserve Bank of India: 'Clean money policy' reason for withdrawal

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Eighty-nine per cent of the ₹2,000 notes were issued before March 2017. They are said to be at the end of their estimated life span of four to five years.

"The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8 per cent of notes in circulation on March 31, 2023," RBI said.

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India's central bank recently announced that ₹2,000 currency notes will be sent out of circulation. While they will continue to be legal tender even after the cutoff date of September 30, 2023, people are encouraged to either deposit or exchange these notes.

India's central bank recently announced that ₹2,000 currency notes will be sent out of circulation. While they will continue to be legal tender even after the cutoff date of September 30, 2023, people are encouraged to either deposit or exchange these notes. The ₹2,000 notes form the largest currency denomination in India. As of March 31, 2023, ₹2,000 currency notes constituted 10.8 per cent of notes in circulation. This translates to about ₹3.62 lakh crore of currency notes. Once this proportion of the currency is out of use, ₹500 will be the largest currency denomination in India. On Monday, the Reserve Bank of India governor was asked if there was any consideration to bring back the ₹1000 currency notes. ALSO READ | What will RBI do with your out-of-use ₹2,000 currency notes? The governor revealed that the Reserve Bank of India does not plan to reintroduce ₹1,000 banknotes to ease the impact following the withdrawal of ₹ 2,000 notes. ALSO READ | Indians rush to jewellery stores, petrol pumps after 2,000 note withdrawal Das called reports on the subject "speculative". "That's speculative. There's no such proposal right now," Das said when asked whether there is a possibility of reintroducing ₹ 1,000 notes. No need to rush to banks: India's central bank chief Speaking to journalists for the first time since the move, Das also said that no one should rush to banks to return or exchange their ₹2,000 notes. "There is no reason to rush to banks now. You have four months, till September 30," the RBI Governor said. He added that the deadline was given so that people take the matter seriously. How will it affect the Indian economy? The impact of the withdrawal on the economy will be "very, very marginal", the RBI governor said, adding ₹2,000 notes made up for just 10.8 per cent of the total currency in circulation. "₹2000 banknotes were introduced primarily to replenish the notes withdrawn following demonstration," the RBI chief added. ALSO WATCH | Reserve Bank of India: 'Clean money policy' reason for withdrawal × Eighty-nine per cent of the ₹2,000 notes were issued before March 2017. They are said to be at the end of their estimated life span of four to five years. "The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8 per cent of notes in circulation on March 31, 2023," RBI said. 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.

Will Indians be able to spend using ₹1000 notes again? RBI governor responds

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs.&nbsp;

The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to&nbsp;layoffs tracking platform Layoffs.fyi.

The platform&nbsp;showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/thousands-lose-jobs-as-big-four-deloitte-ernst-young-kpmg-announce-job-cuts-one-after-another-584954">Thousands set to lose jobs as 'Big Four' announce job cuts one after another</a>

According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts.&nbsp;

<h2>Why such mass layoffs?</h2>

Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions.

Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023.&nbsp;

ALSO READ | Gravitas: Tech layoffs: Is your job safe?

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Among the 'Big Four' financial consulting giants, Ernst &amp; Young executed 3,000 job cuts in the United States last month.

KPMG laid off close to 2 per cent of its US staff in February.

Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months.

McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023.

Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure.

Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year.

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Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.

Hundreds of thousands have lost jobs across sectors in 2023 as technology behemoths raced to cut costs. The job cuts in the technology sector neared 90,000 in January 2023 and came down to 39,471 in February, 37,662 in March, 19,807 in April and 11,491 in the month of May so far, according to layoffs tracking platform Layoffs.fyi. The platform showed that 695 tech companies have executed job cuts of around 198,000 employees so far in 2023. In 2022, over 1,000 tech companies laid off more than 161,000 employees. This indicates about a 19 per cent increase in the number of tech professionals who have lost their jobs in 2023 compared to the previous year. ALSO READ | Thousands set to lose jobs as 'Big Four' announce job cuts one after another According to a Business Today report, in January 2023, nearly 100,000 tech employees were affected globally as technology-majors such as Amazon, Microsoft and Google contributed to a high number of job cuts. Why such mass layoffs? Companies have cited reasons such as over-hiring during the pandemic's Work-From-Home era and uncertain global macroeconomic conditions. Mark Zuckerberg-owned Meta eliminated thousands of positions across Facebook, WhatsApp, Instagram and Reality Labs, as part of the company's goal of "greater efficiency. Meta had a hiring-freeze through the first three months of 2023. ALSO READ | Gravitas: Tech layoffs: Is your job safe? × Among the 'Big Four' financial consulting giants, Ernst & Young executed 3,000 job cuts in the United States last month. KPMG laid off close to 2 per cent of its US staff in February. Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months. McKinsey's restructuring will reportedly reduce about 3 per cent of its workforce in 2023. Meanwhile, global telecom carrier Vodafone has declared plans to reduce its workforce by 11,000 employees over the next three years. The company aims to streamline both its headquarters and local markets, seeking a more simplified operational structure. Adding to the challenging environment, Microsoft has decided not to provide salary increases to its salaried employees, including senior leaders, this year. 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.

Hundreds of thousands lose jobs in 2023 as tech giants race to cut costs

India's central bank, as part of its 'Clean Note Policy', declared that ₹2,000 currency notes will no longer be in circulation in the world’s fifth largest economy. The Reserve Bank of India has declared September 30, 2023, as the deadline to exchange the to-be-scrapped notes. The notes, however, will continue to be legal tender.&nbsp;

As of March 31, 2023, ₹2,000 currency notes constituted 10.8 per cent of notes in circulation. This translates to about ₹3.62 lakh crore of currency notes. The Reserve Bank of India, while explaining the move, said that the stock of other banknotes in denominations continues to be "adequate" to meet the currency requirement of the public.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-clean-note-policy-rbi-governor-explains-decision-to-withdraw-rs-2000-notes-594981">'Clean note policy': RBI governor explains decision to withdraw Rs 2,000 notes</a>

For the ₹2,000 currency notes at the end of their lifespan, the Reserve Bank of India will bring back into vogue its remarkable Currency Verification and Processing System (CVPS).

<h2>What RBI will do with scrapped currency notes: About Currency Verification Processing System</h2>

The RBI has&nbsp;rules in place for the disposal of notes unfit for circulation.&nbsp;

The currency notes, after collection from the concerned banks, are deposited at the Issue offices of the Reserve Bank. After grouping and sorting them under the Currency Verification and Processing System (CVPS), the RBI examines the currency notes to determine their genuineness.&nbsp;

ALSO WATCH |&nbsp;Reserve Bank of India: 'Clean money policy' reason for withdrawal

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Each CVPS installation is capable of processing up to 60,000 currency notes each hour. CVPS counts the notes and separates genuine ones from fake currency notes. The fake notes are destroyed by shredding.

But there is a catch.

The genuine currency notes which still had quality and life left for circulation before being deemed scrapped, are shredded in a way that they could be recycled into the new currency papers.

This means that the paper used to make the ₹2,000 currency note would eventually come back to your pocket in some other denomination.

<h2>What happens to fake or less-qualitative currency notes?</h2>

They are shredded and converted into briquettes. Such briquettes are sold for industrial use through a tender invited by the Reserve Bank of India.&nbsp;

In 2016, when India's Prime Minister Narendra Modi announced the demonetisation of about 89 per cent of the country's currency in circulation, RBI's state branch in Kerala state's Thiruvananthapuram sold it to India's only hardboard-making factory, The Western India Plywoods Limited.&nbsp;

The factory in the state's Kannur district reportedly uses a combination of around five&nbsp;per cent of the paper pulp created from these notes with 95 per cent of conventional wood pulp to make hardboards.

The Kannur factory reportedly received around 80 metric tonnes of shredded demonetised notes in the first three weeks after November 8, 2016, when the demonetisation was implemented.&nbsp;

WION has reached out to The Western India Plywoods Limited for a comment on the story. The story will be updated if and when they respond.&nbsp;

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India's central bank, as part of its 'Clean Note Policy', declared that ₹2,000 currency notes will no longer be in circulation in the world’s fifth largest economy.

India's central bank, as part of its 'Clean Note Policy', declared that ₹2,000 currency notes will no longer be in circulation in the world’s fifth largest economy. The Reserve Bank of India has declared September 30, 2023, as the deadline to exchange the to-be-scrapped notes. The notes, however, will continue to be legal tender. As of March 31, 2023, ₹2,000 currency notes constituted 10.8 per cent of notes in circulation. This translates to about ₹3.62 lakh crore of currency notes. The Reserve Bank of India, while explaining the move, said that the stock of other banknotes in denominations continues to be "adequate" to meet the currency requirement of the public. ALSO READ | 'Clean note policy': RBI governor explains decision to withdraw Rs 2,000 notes For the ₹2,000 currency notes at the end of their lifespan, the Reserve Bank of India will bring back into vogue its remarkable Currency Verification and Processing System (CVPS). What RBI will do with scrapped currency notes: About Currency Verification Processing System The RBI has rules in place for the disposal of notes unfit for circulation. The currency notes, after collection from the concerned banks, are deposited at the Issue offices of the Reserve Bank. After grouping and sorting them under the Currency Verification and Processing System (CVPS), the RBI examines the currency notes to determine their genuineness. ALSO WATCH | Reserve Bank of India: 'Clean money policy' reason for withdrawal × Each CVPS installation is capable of processing up to 60,000 currency notes each hour. CVPS counts the notes and separates genuine ones from fake currency notes. The fake notes are destroyed by shredding. But there is a catch. The genuine currency notes which still had quality and life left for circulation before being deemed scrapped, are shredded in a way that they could be recycled into the new currency papers. This means that the paper used to make the ₹2,000 currency note would eventually come back to your pocket in some other denomination. What happens to fake or less-qualitative currency notes? They are shredded and converted into briquettes. Such briquettes are sold for industrial use through a tender invited by the Reserve Bank of India. In 2016, when India's Prime Minister Narendra Modi announced the demonetisation of about 89 per cent of the country's currency in circulation, RBI's state branch in Kerala state's Thiruvananthapuram sold it to India's only hardboard-making factory, The Western India Plywoods Limited. The factory in the state's Kannur district reportedly uses a combination of around five per cent of the paper pulp created from these notes with 95 per cent of conventional wood pulp to make hardboards. The Kannur factory reportedly received around 80 metric tonnes of shredded demonetised notes in the first three weeks after November 8, 2016, when the demonetisation was implemented. WION has reached out to The Western India Plywoods Limited for a comment on the story. The story will be updated if and when they respond. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

What will RBI do with your out-of-use ₹2,000 currency notes?

The Chinese government has banned American chipmaker Micron from selling memory chips to key domestic industries, saying the company failed a security review. In a statement on Sunday (May 21), China's cyberspace regulator said that Micron failed its network security review and that it would block operators of key infrastructure projects from buying from the company.

The Chinese government has banned American chipmaker Micron from selling memory chips to key domestic industries, saying the company failed a security review. In a statement on Sunday (May 21), China's cyberspace regulator said that Micron failed its network security review and that it would block operators of key infrastructure projects from buying from the company. It is the first American chipmaker to be targeted by China following a series of export controls by the US on certain American components and chipmaking tools to block them from being used to advance China's military capabilities, according to a report by the news agency Reuters The cybersecurity administration (CAC) said that Micron's products "have relatively serious potential network security issues, which pose a major security risk to China's critical information infrastructure supply chain and affect China's national security." Micron ban boosts shares in local firms The ban comes after Chinese authorities launched a review in March of products sold in the country by Micron. The move also helped boost shares in some local chipmaking-related firms on Monday. Reuters reported that shares in companies including Gigadevice Semiconductors, Ingenic Semiconductor, and Shenzhen Kaifa Technology opened up by between 3% and 8%. ALSO READ | US-China chip war: Washington imposes trade ban on 21 Chinese chipmakers Micron's major rivals also saw their shares gain, with South Korea's Samsung Electronics and SK Hynix rising 0.7% and 2%, respectively, versus a 0.9% rise in the broader market. According to Bernstein analysts, as China's domestic memory suppliers are not competitive in technologies and capacity, the country would need to resort to Samsung, SK Hynix, Kioxia, Western Digital or other foreign suppliers as the alternative to Micron. US opposes ban; Micron says would engage in discussions with China The US Commerce Department opposed the ban on Micron. In a statement, a spokesperson from the Commerce Department said, "We firmly oppose restrictions that have no basis in fact. This action, along with recent raids and targeting of other American firms, is inconsistent with (China's) assertions that it is opening its markets and committed to a transparent regulatory framework." The department would now speak directly with Chinese authorities in Beijing to clarify their actions. The ban marks the latest escalation between the US and China, with Washington looking to cut off Beijing's access to cutting-edge semiconductors. Micron, meanwhile, said it received the CAC's review and looked forward to continuing to engage in discussions with Chinese authorities. "We are evaluating the conclusion and assessing our next steps," the company said in a statement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China bans chipmaker Micron, says it failed network security review

US retail giant Walmart will be procuring toys, shoes and bicycles from suppliers in India as it seeks to boost exports from the subcontinent to $10 billion annually by 2027.

A spokesperson from the firm told PTI news agency that it is looking to establish new supplier partnerships in various industries, such as food, pharmaceuticals, consumables, health and wellness, as well as apparel and home textiles.

"Walmart's efforts to expand sourcing from India involve strengthening collaborations with existing suppliers and facilitating the development of new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, as well as apparel and home textiles. We are also exploring opportunities in the areas of toys, shoes, and bicycles," the spokesperson was quoted as saying.

The move comes after representatives from Walmart held a virtual meeting with many Indian toy manufacturers to communicate their specific requirements and expected quality standards.

<h2>India was once net importer of toys</h2>

Once a net importer of toys, India has made great efforts to boost its local manufacturing capacity in order to meet external demands. Prime Minister Narendra Modi’s ‘Make in India’ initiative played a significant role in this turnaround as it generated $326.63 million in export revenue in the financial year 2021-22, up from $96.17 million in 2014-15.

Walmart joins other global retailers like IKEA who are already sourcing toys from India for their international operations, underscoring the country's growing clout in the toy industry.

In December 2020, Walmart had committed to triple its exports from India to $10 billion annually by 2027, which it said, would greatly benefit micro, small, and medium-sized enterprises (MSMEs) in India.

<h2>Walmart to invest heavily in automation for e-commerce</h2>

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"The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health &amp; wellness and general merchandise, along with apparel, homeware and other key Indian export categories," it had said.

On May 15, Walmart CEO Doug McMillon met Prime Minister Narendra Modi in the national capital New Delhi where he reiterated that the company planned exports from India worth $10 billion a year by 2027.

Commenting on the interaction, Walmart said, "We have a long history in India and we're continuing to grow an ecosystem that creates opportunity."

"We look forward to continuing to work together with our partners to make quality, affordable, sustainable products for our customers and members, help businesses grow, create jobs, strengthen resilient communities, and accelerate India’s progress as a manufacturing destination. This ties into our goal to expand our exports of ‘Made in India’ products from India to $10 billion each year by 2027," McMillon stated during his visit to India.

(With inputs&nbsp;from&nbsp;agencies)

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US retail giant Walmart will be procuring toys, shoes and bicycles from suppliers in India as it seeks to boost exports from the subcontinent to $10 billion annually by 2027.

US retail giant Walmart will be procuring toys, shoes and bicycles from suppliers in India as it seeks to boost exports from the subcontinent to $10 billion annually by 2027. A spokesperson from the firm told PTI news agency that it is looking to establish new supplier partnerships in various industries, such as food, pharmaceuticals, consumables, health and wellness, as well as apparel and home textiles. "Walmart's efforts to expand sourcing from India involve strengthening collaborations with existing suppliers and facilitating the development of new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, as well as apparel and home textiles. We are also exploring opportunities in the areas of toys, shoes, and bicycles," the spokesperson was quoted as saying. The move comes after representatives from Walmart held a virtual meeting with many Indian toy manufacturers to communicate their specific requirements and expected quality standards. India was once net importer of toys Once a net importer of toys, India has made great efforts to boost its local manufacturing capacity in order to meet external demands. Prime Minister Narendra Modi’s ‘Make in India’ initiative played a significant role in this turnaround as it generated $326.63 million in export revenue in the financial year 2021-22, up from $96.17 million in 2014-15. Walmart joins other global retailers like IKEA who are already sourcing toys from India for their international operations, underscoring the country's growing clout in the toy industry. In December 2020, Walmart had committed to triple its exports from India to $10 billion annually by 2027, which it said, would greatly benefit micro, small, and medium-sized enterprises (MSMEs) in India. Walmart to invest heavily in automation for e-commerce "The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness and general merchandise, along with apparel, homeware and other key Indian export categories," it had said. On May 15, Walmart CEO Doug McMillon met Prime Minister Narendra Modi in the national capital New Delhi where he reiterated that the company planned exports from India worth $10 billion a year by 2027. Commenting on the interaction, Walmart said, "We have a long history in India and we're continuing to grow an ecosystem that creates opportunity." "We look forward to continuing to work together with our partners to make quality, affordable, sustainable products for our customers and members, help businesses grow, create jobs, strengthen resilient communities, and accelerate India’s progress as a manufacturing destination. This ties into our goal to expand our exports of ‘Made in India’ products from India to $10 billion each year by 2027," McMillon stated during his visit to India. (With inputs from agencies)

Walmart to source toys, shoes, bicycles from India to boost exports

In a sudden development, the Reserve Bank of India on Friday announced the withdrawal of 2,000-rupee&nbsp;notes. India's central bank said that the move is a part of its 'clean note policy', which entails the withdrawal of soiled notes in circulation. People in India can deposit their 2,000-rupee notes with banks until September 30, 2023, starting Tuesday.

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₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender<a href="https://t.co/2jjqSeDkSk">https://t.co/2jjqSeDkSk</a>
— ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1659548576010354690?ref_src=twsrc%5Etfw">May 19, 2023</a></blockquote>
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However, the latest move by India's central bank is unlikely to have the same impact as the 2016 demonentisation, when the Indian economy came to a grinding halt after about 86 percent of the cash in circulation became invalid overnight.&nbsp;&nbsp;This time around, however, a number of factors may help cushion the impact on the Indian economy. &nbsp;

A temporary measure&nbsp;

First things first. The 2,000-rupee note never really took off in the market. Introduced after the 2016 demonetisation, which invalidated 500-rupee and 1,000-rupee notes, the 2000-rupee note has always had a sense of 'temporariness' attached to it. &nbsp;

Just weeks after the 2016 demonetisation, S Gurumurthy, who later became a Board Member of RBI, had indicated that the 2000-rupee note was a “bridge” to cover the gap in cash flow after the withdrawal of 500-rupee and 1000-rupee notes.&nbsp;

Gurumurthy had hinted about its eventual withdrawal during an interview with an Indian news channel in December 2016: "…Banks will be told that when you get Rs 2,000 notes, you don't return them. Slowly, banks will accumulate Rs 2,000 notes and replace them with lower denomination.” &nbsp;

According to the RBI, 89 percent of the notes were issued before March 2017 and are well past their estimated life span of 4-5 years. The printing of 2,000-rupee notes ceased in 2018-19, clearly pointing to its decline after the new 500-rupee notes and other denominations became adequately available. &nbsp;

In fact, speculation about the future of the 2,000-rupee note began surfacing in 2020, when several banks started to re-calibrate their ATMs to accommodate more 500-rupee notes. &nbsp;

Not a popular denomination&nbsp;

The 2021-22 RBI report shows that the 100-rupee note remains the most-preferred denomination in day-to-day cash transactions. On the other hand, the report showed that 500-rupee note is the most widely-used currency, constituting nearly 35 percent of the total cash volume. &nbsp;

Clearly, 2,000-rupee notes are not the preferred choice for daily transactions. The 2,000-rupee note has limited use as a medium of exchange as the denomination is too high to be used for daily transactions like buying groceries. It comes as no surprise that the total number of 2,000-rupee notes in circulation stood at just 214 crores in 2022, down from 273 crores in 2020. That’s less than 2 percent of the total cash volume. &nbsp;

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore (approximately $82 billion in 2023) in March 2018 to Rs 3.62 lakh crore (about $44 billion in 2023) in March 2023. When expressed in the form of percentages, its value in the total notes in circulation has fallen from 37.3 at its peak in March 2018 to just about 11 percent in March 2023. &nbsp;

There is also growing anecdotal evidence that the 2,000-rupee note is mostly used for storing 'black money', a term used in India to mean unaccounted income. Supporters of the RBI’s latest move have linked it to the fight against corruption. Former RBI deputy governor Rama Subramaniam Gandhi has called the withdrawal a standard practice, telling an Indian business portal&nbsp;that it will “discourage black money accumulation”. &nbsp;

To make matters worse, the latest RBI annual report shows a 54&nbsp;percent rise in counterfeits of 2,000-rupee notes between 2021 and 2022.&nbsp;

Rise of digital payments&nbsp;

When demonetisation was announced in November 2016, digital payments were in their infancy. In October that year, there were over 710 million digital transactions. One of the stated goals of the demonetisation drive was to promote a ‘less cash economy’ through online transactions. &nbsp;

Six months after demonetisation, digital transactions rose to over 1.11 billion and has been rising ever since.

Digital payments, especially via India’s flagship Unified Payment Interface (UPI) system, have grown from 0.10 million transactions worth about $6 million in October 2016 to nearly 8.9 billion transactions worth $172.4 billion in April 2023. &nbsp;

E-commerce has been playing a huge role in accelerating&nbsp;the push towards UPI payments. According to the '2023 Global Payments Report', cash's transaction value is expected to fall by 34 percent by 2026, while UPI transaction value is expected to rise by 88 percent by 2026.&nbsp;

While cash is still the king in India, it may soon lose its crown. According to UK-based data analytics firm GlobalData, the volume of cash in transaction declined from 90 percent in 2017 to about 59 percent in 2021.

There is no direct link between the withdrawal of 2,000-rupee notes and the rising online payments. But it will be safe to assume that the ease of transactions on UPI and other digital payment platforms&nbsp;nullify&nbsp;the need to use the 2,000-rupee note. In short, the note’s weakness as a medium of exchange became its biggest undoing. &nbsp;

In a sudden development, the Reserve Bank of India on Friday announced the withdrawal of 2,000-rupee notes. India's central bank said that the move is a part of its 'clean note policy', which entails the withdrawal of soiled notes in circulation.

In a sudden development, the Reserve Bank of India on Friday announced the withdrawal of 2,000-rupee notes. India's central bank said that the move is a part of its 'clean note policy', which entails the withdrawal of soiled notes in circulation. People in India can deposit their 2,000-rupee notes with banks until September 30, 2023, starting Tuesday. ₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tenderhttps://t.co/2jjqSeDkSk — ReserveBankOfIndia (@RBI) May 19, 2023 However, the latest move by India's central bank is unlikely to have the same impact as the 2016 demonentisation, when the Indian economy came to a grinding halt after about 86 percent of the cash in circulation became invalid overnight. This time around, however, a number of factors may help cushion the impact on the Indian economy. A temporary measure First things first. The 2,000-rupee note never really took off in the market. Introduced after the 2016 demonetisation, which invalidated 500-rupee and 1,000-rupee notes, the 2000-rupee note has always had a sense of 'temporariness' attached to it. Just weeks after the 2016 demonetisation, S Gurumurthy, who later became a Board Member of RBI, had indicated that the 2000-rupee note was a “bridge” to cover the gap in cash flow after the withdrawal of 500-rupee and 1000-rupee notes. Gurumurthy had hinted about its eventual withdrawal during an interview with an Indian news channel in December 2016: "…Banks will be told that when you get Rs 2,000 notes, you don't return them. Slowly, banks will accumulate Rs 2,000 notes and replace them with lower denomination.” According to the RBI, 89 percent of the notes were issued before March 2017 and are well past their estimated life span of 4-5 years. The printing of 2,000-rupee notes ceased in 2018-19, clearly pointing to its decline after the new 500-rupee notes and other denominations became adequately available. In fact, speculation about the future of the 2,000-rupee note began surfacing in 2020, when several banks started to re-calibrate their ATMs to accommodate more 500-rupee notes. Not a popular denomination The 2021-22 RBI report shows that the 100-rupee note remains the most-preferred denomination in day-to-day cash transactions. On the other hand, the report showed that 500-rupee note is the most widely-used currency, constituting nearly 35 percent of the total cash volume. Clearly, 2,000-rupee notes are not the preferred choice for daily transactions. The 2,000-rupee note has limited use as a medium of exchange as the denomination is too high to be used for daily transactions like buying groceries. It comes as no surprise that the total number of 2,000-rupee notes in circulation stood at just 214 crores in 2022, down from 273 crores in 2020. That’s less than 2 percent of the total cash volume. The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore (approximately $82 billion in 2023) in March 2018 to Rs 3.62 lakh crore (about $44 billion in 2023) in March 2023. When expressed in the form of percentages, its value in the total notes in circulation has fallen from 37.3 at its peak in March 2018 to just about 11 percent in March 2023. There is also growing anecdotal evidence that the 2,000-rupee note is mostly used for storing 'black money', a term used in India to mean unaccounted income. Supporters of the RBI’s latest move have linked it to the fight against corruption. Former RBI deputy governor Rama Subramaniam Gandhi has called the withdrawal a standard practice, telling an Indian business portal that it will “discourage black money accumulation”. To make matters worse, the latest RBI annual report shows a 54 percent rise in counterfeits of 2,000-rupee notes between 2021 and 2022. Rise of digital payments When demonetisation was announced in November 2016, digital payments were in their infancy. In October that year, there were over 710 million digital transactions. One of the stated goals of the demonetisation drive was to promote a ‘less cash economy’ through online transactions. Six months after demonetisation, digital transactions rose to over 1.11 billion and has been rising ever since. Digital payments, especially via India’s flagship Unified Payment Interface (UPI) system, have grown from 0.10 million transactions worth about $6 million in October 2016 to nearly 8.9 billion transactions worth $172.4 billion in April 2023. E-commerce has been playing a huge role in accelerating the push towards UPI payments. According to the '2023 Global Payments Report', cash's transaction value is expected to fall by 34 percent by 2026, while UPI transaction value is expected to rise by 88 percent by 2026. While cash is still the king in India, it may soon lose its crown. According to UK-based data analytics firm GlobalData, the volume of cash in transaction declined from 90 percent in 2017 to about 59 percent in 2021. There is no direct link between the withdrawal of 2,000-rupee notes and the rising online payments. But it will be safe to assume that the ease of transactions on UPI and other digital payment platforms nullify the need to use the 2,000-rupee note. In short, the note’s weakness as a medium of exchange became its biggest undoing.

India withdraws 2,000-rupee notes: Why the decision won’t have major impact on economy

Almost three years after it was banned, Chinese online fast fashion brand Shein is set to re-enter the Indian market. As per a PTI news agency report, citing industry sources, the brand will make its comeback in collaboration with leading Indian retailer Reliance Retail.

In June 2020, Shein was one of the many apps banned from Indian markets.&nbsp;Now, Shein has entered into a partnership with Reliance, one of India's leading companies, to capitalise on one of the fastest-growing fast fashion markets in the world.

Reliance Retail, a subsidiary of Mukesh Ambani's Reliance Industries, which&nbsp;has a wide range of fashion brands under its umbrella,&nbsp;also stands to benefit from this collaboration. While Reliance Retail is yet to confirm the news, it is believed that Shein will operate through Reliance Retail's retail arm.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/instagram-gearing-up-to-take-on-twitter-with-new-text-based-app-report-594481">Instagram gearing up to take on Twitter with new text-based app: Report</a>

By joining forces with Reliance Retail, Shein aims to make a strong comeback to India and overcome the challenges it previously faced. The partnership is not only beneficial to&nbsp;Shein's expansion plans but also offers Reliance Retail the advantage of collaborating with a well-known online fashion brand.

This strategic alliance will reportedly allow Shein to make use of Reliance Retail's sourcing capabilities, warehousing, and logistics infrastructure, as well as tap into the retailer's extensive network of online and offline stores.

Shein, which is currently facing scrutiny in some markets like the United States regarding sourcing practices, reportedly sees the Indian market as an opportunity.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-adidas-to-start-selling-stockpile-of-yeezy-sneakers-worth-1-billion-later-this-month-594410">Adidas to start selling stockpile of Yeezy sneakers worth $1 billion later this month</a>

PTI also reports that, as per its source, through this partnership, Shein will be sourcing for its global operation in the middle east and other markets.

<h2>Why was Shein banned in India?</h2>

Shein was established in 2008. The company's affordable pricing and trendy women's wear and other apparel are behind its popularity among millennials. However, in June 2020, India's&nbsp;Ministry of Electronics and Information Technology&nbsp;imposed a ban on the brand due to&nbsp;the escalating tensions between India and China on the Himalayan borders.&nbsp;

Although the Indian government banned Shein along with 59 other apps due to concerns about national sovereignty and integrity, the brand's products continued to be available through e-commerce platforms like Amazon. The issue&nbsp;was also brought before the Delhi High Court and in July 2022,&nbsp;the court&nbsp;issued a notice to the government seeking a ban on the sale of Shein products on Amazon.

(With inputs from agencies) 
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Almost three years after it was banned, Chinese online fast fashion brand Shein is set to re-enter the Indian market. As per a PTI news agency report, citing industry sources, the brand will make its comeback in collaboration with leading Indian retailer Reliance Retail.

Almost three years after it was banned, Chinese online fast fashion brand Shein is set to re-enter the Indian market. As per a PTI news agency report, citing industry sources, the brand will make its comeback in collaboration with leading Indian retailer Reliance Retail. In June 2020, Shein was one of the many apps banned from Indian markets. Now, Shein has entered into a partnership with Reliance, one of India's leading companies, to capitalise on one of the fastest-growing fast fashion markets in the world. Reliance Retail, a subsidiary of Mukesh Ambani's Reliance Industries, which has a wide range of fashion brands under its umbrella, also stands to benefit from this collaboration. While Reliance Retail is yet to confirm the news, it is believed that Shein will operate through Reliance Retail's retail arm. Also read | Instagram gearing up to take on Twitter with new text-based app: Report By joining forces with Reliance Retail, Shein aims to make a strong comeback to India and overcome the challenges it previously faced. The partnership is not only beneficial to Shein's expansion plans but also offers Reliance Retail the advantage of collaborating with a well-known online fashion brand. This strategic alliance will reportedly allow Shein to make use of Reliance Retail's sourcing capabilities, warehousing, and logistics infrastructure, as well as tap into the retailer's extensive network of online and offline stores. Shein, which is currently facing scrutiny in some markets like the United States regarding sourcing practices, reportedly sees the Indian market as an opportunity. Also read | Adidas to start selling stockpile of Yeezy sneakers worth $1 billion later this month PTI also reports that, as per its source, through this partnership, Shein will be sourcing for its global operation in the middle east and other markets. Why was Shein banned in India? Shein was established in 2008. The company's affordable pricing and trendy women's wear and other apparel are behind its popularity among millennials. However, in June 2020, India's Ministry of Electronics and Information Technology imposed a ban on the brand due to the escalating tensions between India and China on the Himalayan borders. Although the Indian government banned Shein along with 59 other apps due to concerns about national sovereignty and integrity, the brand's products continued to be available through e-commerce platforms like Amazon. The issue was also brought before the Delhi High Court and in July 2022, the court issued a notice to the government seeking a ban on the sale of Shein products on Amazon. (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.

3 years after ban, Shein joins hands with Reliance to make a comeback to India

The Indian government wants go first to resume flights as soon as possible. This statement comes a week after the troubled low-cost carrier was granted bankruptcy protection. The airline has cancelled all flights until may 26.

Indian minister hopeful of flights resuming | World Business Watch

Weather changes due to the El Nino effect, which warms the environment and causes droughts, floods and heatwaves across the world, comes with a huge economic cost. A new study published in the journal 'science' states that El Nino on an average cost the world 3.4 trillion dollars.

El Nino costs the world over $3 trillion

Pakistan, Sri Lanka, Kenya, Zambia, Mongolia and Laos, what do these countries have in common ? These countries are either on the brink of bankruptcy or have already gone bankrupt. A dozen poor countries are on the verge of collapse under the weight of billions of dollars in foreign loans that they had taken from China.

China's loan policy pushing poor countries to brink of collapse | World Business Watch

Russian President Vladimir Putin on Wednesday said the country decided to cut crude production to support global oil prices. Speaking during a government meeting, Putin also assured the world that the oil situation remains stable.

"All our actions, including those related to voluntary production cuts, are connected with the need to support a certain price environment on global markets in contact with our partners in OPEC+," media reports quoted Putin as saying.&nbsp;

Russia, one of the largest oil producers, had&nbsp;promised to reduce its crude production by 500,000 barrels per&nbsp;day in March&nbsp;and maintain the same production levels&nbsp;for the rest of the year, as per a Bloomberg report.&nbsp;

"We are reducing production, but nevertheless it is at the required level," Putin added.&nbsp;

While Moscow had argued that the production cut was in retaliation to the Western sanctions, Putin's latest statement only complicates the real intention of the move.&nbsp;

The United States and Europe have accused Russia of weaponising energy to contain the West in its drive to weaken Moscow's military campaign in Ukraine.

Moscow, on the other hand, has accused the West of weaponising the dollar and financial systems such as the international payments mechanism SWIFT against Russia.

Nevertheless, market watchers have been skeptical about the level of Moscow's oil production cuts.&nbsp;

While Russia on Wednesday said it has reached the pledged curbs this month, the International Energy Agency (IEA), the energy watchdog, argued that Russia needs to cut its production by 300,000 barrels a day to reach the target this month.

“Indeed, Russia may be boosting volumes to make up for lost revenue,” a Bloomberg report quoted IEA as saying.

Last week, oil pricing benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over fears of a US&nbsp;recession and risks of a historic default on government debt in early June. The price of Russian Urals flagship oil blend, denominated in roubles, fell&nbsp;below the breakeven level assumed for this year's federal budget, exacerbating already huge shortfall in the state coffers.

(With agency inputs)

Russian President Vladimir Putin on Wednesday said the country decided to cut crude production to support global oil prices. Speaking during a government meeting, Putin also assured the world that the oil situation remains stable.

Russian President Vladimir Putin on Wednesday said the country decided to cut crude production to support global oil prices. Speaking during a government meeting, Putin also assured the world that the oil situation remains stable. "All our actions, including those related to voluntary production cuts, are connected with the need to support a certain price environment on global markets in contact with our partners in OPEC+," media reports quoted Putin as saying. Russia, one of the largest oil producers, had promised to reduce its crude production by 500,000 barrels per day in March and maintain the same production levels for the rest of the year, as per a Bloomberg report. "We are reducing production, but nevertheless it is at the required level," Putin added. While Moscow had argued that the production cut was in retaliation to the Western sanctions, Putin's latest statement only complicates the real intention of the move. The United States and Europe have accused Russia of weaponising energy to contain the West in its drive to weaken Moscow's military campaign in Ukraine. Moscow, on the other hand, has accused the West of weaponising the dollar and financial systems such as the international payments mechanism SWIFT against Russia. Nevertheless, market watchers have been skeptical about the level of Moscow's oil production cuts. While Russia on Wednesday said it has reached the pledged curbs this month, the International Energy Agency (IEA), the energy watchdog, argued that Russia needs to cut its production by 300,000 barrels a day to reach the target this month. “Indeed, Russia may be boosting volumes to make up for lost revenue,” a Bloomberg report quoted IEA as saying. Last week, oil pricing benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over fears of a US recession and risks of a historic default on government debt in early June. The price of Russian Urals flagship oil blend, denominated in roubles, fell below the breakeven level assumed for this year's federal budget, exacerbating already huge shortfall in the state coffers. (With agency inputs)

'Situation stable': Vladimir Putin backs Russia's oil production cuts

UK's British Telecom on Thursday announced a 'drastic' job cut that will result in the lay-off of 50,000 staffers by 2030. This cut will account for 42 per cent of BT's workforce, which currently employs&nbsp;around 130,000 staff, including contractors, as per AFP news agency. The move is taken as a cost-cutting measure amid increased costs and slim margins.&nbsp;

AFP quoting Hargreaves Lansdown analyst Matt Britzman said,&nbsp;"Headlines will no doubt focus on the job cuts." 
 
"It's drastic, but it's not overly surprising given the mounting costs and slim margins in the wider business,"&nbsp;Britzman added.&nbsp;

Also Read | <a href="https://www.wionews.com/world/russia-arrests-three-hypersonic-missile-scientists-on-charges-of-very-serious-treason-593499">Russia arrests three hypersonic missile scientists on charges of 'very serious treason'</a>

This comes after UK mobile phone giant Vodafone announced to cut 11,000 jobs, one-tenth of its workforce, over three years. After the jobs cuts, the workforce will&nbsp;come down in between 75,000 and 90,000 over the next five to seven years, BT said in a statement.

A number of tech companies,&nbsp;including giants such as&nbsp;Facebook parent Meta, Google, and&nbsp;others have laid off a significant number of their employees this year. One of the major reasons why companies are laying off their employees is inflation which has taken the world economy down.&nbsp;

Also Read | <a href="https://www.wionews.com/south-asia/overseas-travel-ban-on-ex-sri-lankan-prime-minister-mahinda-rajapaksa-lifted-593509">Overseas travel ban on ex-Sri Lankan prime minister Mahinda Rajapaksa lifted</a>

"By the end of the 2020s, BT Group will rely on a much smaller workforce and a significantly reduced cost base," said chief executive Philip Jansen. In the statement, he added, that the firm is "navigating an extraordinary macro-economic backdrop."&nbsp;

On the contrary to the grim side, BT said that once the telecom's full fibre broadband and 5G network are launched the firm would not need staff then to be able to maintain it.&nbsp;

The slimmed-down group "will be a leaner business with a brighter future" and will "digitise the way we work and simplify our structure".

<h2>BT's revenue dipped&nbsp;&nbsp;</h2>

BT on Thursday also announced that the firm's net profit soared 50 per cent to £1.9 billion ($2.4 billion) in its fiscal year to March. However, performance-wise the company is not keeping up on its game. The performance was skewed by a one-off tax credit.

Watch | US President Joe Biden to visit Japan's Hiroshima for G7 summit

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Meanwhile, pre-tax profit sank 12 per cent to £1.7 billion from a year earlier and revenue dipped one per cent to £20.7 billion. Following the news of job cuts, investors went jittery.&nbsp;BT's share price dipped almost nine per cent to 134.80 pence in morning deals on the rising London stock market.

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UK's British Telecom on Thursday announced a 'drastic' job cut that will result in the lay-off of 50,000 staffers by 2030. This cut will account for 42 per cent of BT's workforce, which currently employs around 130,000 staff, including contractors, as per AFP news agency.

UK's British Telecom on Thursday announced a 'drastic' job cut that will result in the lay-off of 50,000 staffers by 2030. This cut will account for 42 per cent of BT's workforce, which currently employs around 130,000 staff, including contractors, as per AFP news agency. The move is taken as a cost-cutting measure amid increased costs and slim margins. AFP quoting Hargreaves Lansdown analyst Matt Britzman said, "Headlines will no doubt focus on the job cuts." "It's drastic, but it's not overly surprising given the mounting costs and slim margins in the wider business," Britzman added. Also Read | Russia arrests three hypersonic missile scientists on charges of 'very serious treason' This comes after UK mobile phone giant Vodafone announced to cut 11,000 jobs, one-tenth of its workforce, over three years. After the jobs cuts, the workforce will come down in between 75,000 and 90,000 over the next five to seven years, BT said in a statement. A number of tech companies, including giants such as Facebook parent Meta, Google, and others have laid off a significant number of their employees this year. One of the major reasons why companies are laying off their employees is inflation which has taken the world economy down. Also Read | Overseas travel ban on ex-Sri Lankan prime minister Mahinda Rajapaksa lifted "By the end of the 2020s, BT Group will rely on a much smaller workforce and a significantly reduced cost base," said chief executive Philip Jansen. In the statement, he added, that the firm is "navigating an extraordinary macro-economic backdrop." On the contrary to the grim side, BT said that once the telecom's full fibre broadband and 5G network are launched the firm would not need staff then to be able to maintain it. The slimmed-down group "will be a leaner business with a brighter future" and will "digitise the way we work and simplify our structure". BT's revenue dipped BT on Thursday also announced that the firm's net profit soared 50 per cent to £1.9 billion ($2.4 billion) in its fiscal year to March. However, performance-wise the company is not keeping up on its game. The performance was skewed by a one-off tax credit. Watch | US President Joe Biden to visit Japan's Hiroshima for G7 summit × Meanwhile, pre-tax profit sank 12 per cent to £1.7 billion from a year earlier and revenue dipped one per cent to £20.7 billion. Following the news of job cuts, investors went jittery. BT's share price dipped almost nine per cent to 134.80 pence in morning deals on the rising London stock market. 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. ×

British Telecom to make ‘drastic’ job cuts, lay off 55,000 staffers by 2030 in cost-cutting measure

US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April.

Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank.&nbsp;

Many analysts say it is too soon to call an end to the banking crisis. But the strong recovery in the US banking stocks indicate that worries about the health of US regional lenders are definitely easing.

The stocks of the most vulnerable regional US banks have risen sharply.

Shares of Western Alliance and Pacific West Bancorp were up over 21 percent for the week.

The KBW regional banking index, which reflects the performance of US companies that do business as regional banks, gained more than 7.5 percent.

But the latest rally has done little to ease the banking industry's suffering.

Western Alliance is down about 41 percent so far this year, and PacWest has tumbled 76 percent.

The KBW regional banking index has mirrored those losses, with about 26 percent knocked off the index in 2023.

Heads of collapsed banks blame social media

In a parallel development, heads of failed US banks mostly blame social media and not themselves, Bloomberg reported on Wednesday.&nbsp;

The senior executives at recently collapsed banks, facing a second day of grilling from the US legislators, said social media was the root cause for their dramatic crashes.

First Republic Bank was sold to JPMorgan Chase in a government-mediated sale. The chief of the failed bank, Michael Roffler, said: "The panic was very real" and refused to take the blame.

Signature Bank chairman Scott Shay said panic was "flooding through social media" before his bank was seized.

Meanwhile, former SVB CEO Greg Becker said the role social media plays in the financial system is "something that needs to be looked into."

US lawmakers, though, blamed the executives for mismanaging risks. Ayanna Pressley, a Democrat who represents a district in Massachusetts, said, "You blame social media; you say similar banks experienced the same thing, so it was not your fault for what happened ultimately."

"The bank failed on your watch — period," she added.&nbsp;

(With agency inputs)&nbsp;

US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April. Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank.

US regional bank stocks soared on Wednesday after Western Alliance Bancorp reported a deposit growth of over $2 billion since April. Earlier in the year, the US banking system, especially its regional banks, came under pressure after the collapse of the Silicon Valley Bank, Signature First Bank and First Republic Bank. Many analysts say it is too soon to call an end to the banking crisis. But the strong recovery in the US banking stocks indicate that worries about the health of US regional lenders are definitely easing. The stocks of the most vulnerable regional US banks have risen sharply. Shares of Western Alliance and Pacific West Bancorp were up over 21 percent for the week. The KBW regional banking index, which reflects the performance of US companies that do business as regional banks, gained more than 7.5 percent. But the latest rally has done little to ease the banking industry's suffering. Western Alliance is down about 41 percent so far this year, and PacWest has tumbled 76 percent. The KBW regional banking index has mirrored those losses, with about 26 percent knocked off the index in 2023. Heads of collapsed banks blame social media In a parallel development, heads of failed US banks mostly blame social media and not themselves, Bloomberg reported on Wednesday. The senior executives at recently collapsed banks, facing a second day of grilling from the US legislators, said social media was the root cause for their dramatic crashes. First Republic Bank was sold to JPMorgan Chase in a government-mediated sale. The chief of the failed bank, Michael Roffler, said: "The panic was very real" and refused to take the blame. Signature Bank chairman Scott Shay said panic was "flooding through social media" before his bank was seized. Meanwhile, former SVB CEO Greg Becker said the role social media plays in the financial system is "something that needs to be looked into." US lawmakers, though, blamed the executives for mismanaging risks. Ayanna Pressley, a Democrat who represents a district in Massachusetts, said, "You blame social media; you say similar banks experienced the same thing, so it was not your fault for what happened ultimately." "The bank failed on your watch — period," she added. (With agency inputs)

Regional bank stocks soar: Is the US banking crisis ending soon?

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said. &nbsp;

The move comes as the EU intends to implement 25 percent to 30 percent tariff on imports of high carbon goods such as steel, cement, aluminum, iron ore etc. The proposed carbon tax has raised concerns about its potential adverse impact on developing nations, particularly those that heavily rely on carbon-intensive industries.

The EU's carbon import tax, which is part of its broader climate change agenda, aims to encourage member-countries to reduce their carbon emissions and adopt greener practices.&nbsp;

Under the proposed tax, goods imported into the EU will be subject to a carbon border adjustment mechanism (CBAM), where a fee is imposed based on the carbon footprint associated with their production. The intention is to level the playing field for EU industries that already adhere to stringent emission regulations.

However, many developing countries, including India, worry that the proposed carbon tax could disproportionately affect their exports to the EU.&nbsp;

“In the name of environment protection, EU is introducing a trade barrier that would hit not only Indian exports but also of many other developing countries,” Reuters quoted a top government official with direct knowledge of the matter as saying.&nbsp;

India is likely to question the legality of the proposed tax, while arguing that it is already following the protocols pledged in the Paris climate agreement, reported Reuters.

India has also argued that the EU's proposed carbon tax lacks fairness and transparency and could hinder global trade. According to reports, the proposed tax could lead to declining export revenues, job losses, and economic instability in developing countries, including India.&nbsp;

The Federation of Indian Export Organisations has warned that the tax proposal could make India’s free trade agreements with other countries and a proposed pact with the EU “redundant” as the prices of many exported goods would rise by nearly one-fifth after the carbon tax.

(With agency inputs)

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said.

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said. The move comes as the EU intends to implement 25 percent to 30 percent tariff on imports of high carbon goods such as steel, cement, aluminum, iron ore etc. The proposed carbon tax has raised concerns about its potential adverse impact on developing nations, particularly those that heavily rely on carbon-intensive industries. The EU's carbon import tax, which is part of its broader climate change agenda, aims to encourage member-countries to reduce their carbon emissions and adopt greener practices. Under the proposed tax, goods imported into the EU will be subject to a carbon border adjustment mechanism (CBAM), where a fee is imposed based on the carbon footprint associated with their production. The intention is to level the playing field for EU industries that already adhere to stringent emission regulations. However, many developing countries, including India, worry that the proposed carbon tax could disproportionately affect their exports to the EU. “In the name of environment protection, EU is introducing a trade barrier that would hit not only Indian exports but also of many other developing countries,” Reuters quoted a top government official with direct knowledge of the matter as saying. India is likely to question the legality of the proposed tax, while arguing that it is already following the protocols pledged in the Paris climate agreement, reported Reuters. India has also argued that the EU's proposed carbon tax lacks fairness and transparency and could hinder global trade. According to reports, the proposed tax could lead to declining export revenues, job losses, and economic instability in developing countries, including India. The Federation of Indian Export Organisations has warned that the tax proposal could make India’s free trade agreements with other countries and a proposed pact with the EU “redundant” as the prices of many exported goods would rise by nearly one-fifth after the carbon tax. (With agency inputs)

India plans to challenge EU carbon tax at WTO: Report

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report.&nbsp;

"Congratulations to President @NAkufoAddo &amp; his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians," said IMF Managing Director Kristalina Georgieva in a tweet.

<blockquote class="twitter-tweet">
Congratulations to President <a href="https://twitter.com/NAkufoAddo?ref_src=twsrc%5Etfw">@NAkufoAddo</a> &amp; his team on the $3 billion IMF-supported program approved by our Executive Board. 
 
We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.
— Kristalina Georgieva (@KGeorgieva) <a href="https://twitter.com/KGeorgieva/status/1658932024336326661?ref_src=twsrc%5Etfw">May 17, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The initial disbursement of approximately $600 million is crucial for Ghana's ongoing economic recovery, reports said. Another $600 million will be released in November, reports added. The remaining funds are expected to be disbursed in equal portions of $350 million every six months, subject to regular IMF reviews.

Ghana, with its economy already burdened by the COVID-19 pandemic and the Russia-Ukraine war, has implemented several tough economic measures to secure the IMF package, including tax increases and imposing losses on domestic investors.

Additionally, Ghana has obtained financial assurances from a bilateral-creditors group co-chaired by China and France, further bolstering its efforts to stabilize the economy.

The $3 billion loan program, spanning three years, seeks to replenish Ghana's foreign-exchange reserves, which have plummeted nearly 50 percent since reaching a peak in August 2021.&nbsp;The central bank significantly utilised these reserves to defend the cedi against external pressures.

While the IMF loan provides a much-needed lifeline, Ghana continues its efforts to secure additional financial support. The government is currently in talks with the World Bank for an extra $900 million of budget support over three years. Simultaneously, negotiations with Eurobond holders to restructure $13 billion of debt owed to private investors are also underway.

(With agency inputs)

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report. "Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board.

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report. "Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians," said IMF Managing Director Kristalina Georgieva in a tweet. Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians. — Kristalina Georgieva (@KGeorgieva) May 17, 2023 The initial disbursement of approximately $600 million is crucial for Ghana's ongoing economic recovery, reports said. Another $600 million will be released in November, reports added. The remaining funds are expected to be disbursed in equal portions of $350 million every six months, subject to regular IMF reviews. Ghana, with its economy already burdened by the COVID-19 pandemic and the Russia-Ukraine war, has implemented several tough economic measures to secure the IMF package, including tax increases and imposing losses on domestic investors. Additionally, Ghana has obtained financial assurances from a bilateral-creditors group co-chaired by China and France, further bolstering its efforts to stabilize the economy. The $3 billion loan program, spanning three years, seeks to replenish Ghana's foreign-exchange reserves, which have plummeted nearly 50 percent since reaching a peak in August 2021. The central bank significantly utilised these reserves to defend the cedi against external pressures. While the IMF loan provides a much-needed lifeline, Ghana continues its efforts to secure additional financial support. The government is currently in talks with the World Bank for an extra $900 million of budget support over three years. Simultaneously, negotiations with Eurobond holders to restructure $13 billion of debt owed to private investors are also underway. (With agency inputs)

IMF comes to Ghana's aid with $3 billion loan

As the race to regulate digital assets heats up, a global securities watchdog will soon propose new rules for Crypto assets. This comes on the heels of news that the European Union (EU) states have ratified the first set of comprehensive rules to oversee digital assets.

Race to regulate Cryptos heats up | WION Business Watch

A parliament Treasury committee in the UK has said cryptocurrency trading should be regarded as a form of gambling rather than a financial service, whilst also demanding regulations for the industry.

A parliament Treasury committee in the UK has said cryptocurrency trading should be regarded as a form of gambling rather than a financial service, whilst also demanding regulations for the industry. The MPs concluded that like gambling, cryptocurrency can be addictive and that the government must avoid wasting taxpayers' money to promote tech innovations such as digital tokens. The panel after its fresh inquiry added that the volatile price of unbacked assets such as Bitcoin could lead consumers to lose life-changing sums of cash “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry,” said Conservative MP and Treasury committee chair, Harriett Baldwin. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like bitcoin more closely resembles gambling than a financial service, and should be regulated as such." Though the committee came down hard upon the cryptocurrency sector, it showed faith in blockchain technology which could benefit the financial services industry whilst having other benefits. WATCH | Have you invested in Cryptocurrency? Know how Bitcoin is a good investment | Business News | WION × Do not treat it as financial service: MPs While British media reports claimed that cryptocurrency trading would soon be brought under the Financial Conduct Authority - the committee was not too enthused by the prospect. It said treating crypto trading or investing like financial service would create a 'halo effect' - meaning investors would be lulled into a false sense of security that the industry was “safer than it is” or that they were protected from financial losses, when they are not. Binance bats for regulations After Binance, the world's largest cryptocurrency exchange halted Bitcoin withdrawals on the platform for a second time in under 12 hours, earlier this month, eyebrows were once again raised over cryptocurrency trading. Binance cited congestion on the blockchain due to the high volume of pending transactions as the reason for hitting the pause button. According to data made available by CrpytoQuant, the congestion happened as the platform saw its highest-ever net daily withdrawal of Bitcoin - a net 175,646 tokens on May 7. Read more: Who is Sam Bankman-Fried, the former FTX CEO & 'cryptogenius' who lost $14.5 billion in a day Even Binance Chief Executive Officer Changpeng Zhao has called for regulations in the industry to protect the investors. "We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Zhao while speaking at the G20 leaders' summit in Bali last year. "I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility," he added. WATCH WION LIVE HERE:

Cryptocurrency trading is form of gambling and should be regulated as such, say UK lawmakers

US&nbsp;President Joe Biden and top congressional Republican Kevin McCarthy will meet&nbsp;on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling. The meeting will be aimed at averting what the experts have cautioned as an&nbsp;economically catastrophic default that may become a reality amid the ongoing debt ceiling deadlock.

Meanwhile, the US Treasury Department on Monday reiterated its warning that it could run short of money to pay all its bills as soon as June 1. This, the department added, would trigger a default which is&nbsp;likely to spark a sharp economic downturn.

ASLO READ |&nbsp;<a href="https://www.wionews.com/world/us-pres-biden-house-speaker-mccarthy-meeting-on-debt-ceiling-ends-with-no-movement-talks-to-continue-590804">US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms</a>

House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending.

"We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

Both Republican and Democratic parties have agreed on the need for urgent action on debt ceiling.

ALSO WATCH |&nbsp;Biden, McCarthy debt ceiling meeting postponed, spending cuts on table

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The White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is scheduled to begin on Tuesday late afternoon.

'Time is running out'

In the past week, staffs for both sides have discussed a range of issues, including spending caps, new work requirements for some benefit programs for low-income Americans.&nbsp;

"Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Treasury Secretary Janet Yellen told a group of bankers. "There is no time to waste."

Earlier in 2011, a&nbsp;similar 2011 standoff led to a historic downgrade of the United States' credit rating. That downgrade sparked a selloff in stocks and pushed the government's borrowing costs higher.

ALSO WATCH |&nbsp;Biden, McCarthy debt ceiling meeting postponed, spending cuts on table

The current standoff has rattled investors, sending the cost of insuring exposure to US government debt to record highs. A Reuters/Ipsos poll completed on Monday found that three-quarters of Americans fear that a default would take a heavy toll on families like theirs.

"Nobody should use default as a hostage," Schumer said in a Senate speech on Tuesday. "The consequences would be devastating for America."

Meanwhile, McCarthy is keen to hold&nbsp;one-on-one talks with Biden.

"If the president comes to an agreement, the Democrats in the Senate will vote for it. The House will pass it, if we are all in agreement," McCarthy said. "Why do we waste more time going around and around, not solving any of the real problems? I think you’re putting the country in jeopardy when you do that."

Adding to the challenge of striking a deal, McCarthy agreed when he became speaker early this year to a change in House rules that allows for just one member to call for his ouster as leader of the chamber, which gives greater power to hardliners, including the roughly three dozen members of the House Freedom Caucus.

(With inputs from agencies)

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US President Joe Biden and top congressional Republican Kevin McCarthy will meet on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling.

US President Joe Biden and top congressional Republican Kevin McCarthy will meet on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling. The meeting will be aimed at averting what the experts have cautioned as an economically catastrophic default that may become a reality amid the ongoing debt ceiling deadlock. Meanwhile, the US Treasury Department on Monday reiterated its warning that it could run short of money to pay all its bills as soon as June 1. This, the department added, would trigger a default which is likely to spark a sharp economic downturn. ASLO READ | US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. Both Republican and Democratic parties have agreed on the need for urgent action on debt ceiling. ALSO WATCH | Biden, McCarthy debt ceiling meeting postponed, spending cuts on table × The White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is scheduled to begin on Tuesday late afternoon. 'Time is running out' In the past week, staffs for both sides have discussed a range of issues, including spending caps, new work requirements for some benefit programs for low-income Americans. "Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Treasury Secretary Janet Yellen told a group of bankers. "There is no time to waste." Earlier in 2011, a similar 2011 standoff led to a historic downgrade of the United States' credit rating. That downgrade sparked a selloff in stocks and pushed the government's borrowing costs higher. ALSO WATCH | Biden, McCarthy debt ceiling meeting postponed, spending cuts on table The current standoff has rattled investors, sending the cost of insuring exposure to US government debt to record highs. A Reuters/Ipsos poll completed on Monday found that three-quarters of Americans fear that a default would take a heavy toll on families like theirs. "Nobody should use default as a hostage," Schumer said in a Senate speech on Tuesday. "The consequences would be devastating for America." Meanwhile, McCarthy is keen to hold one-on-one talks with Biden. "If the president comes to an agreement, the Democrats in the Senate will vote for it. The House will pass it, if we are all in agreement," McCarthy said. "Why do we waste more time going around and around, not solving any of the real problems? I think you’re putting the country in jeopardy when you do that." Adding to the challenge of striking a deal, McCarthy agreed when he became speaker early this year to a change in House rules that allows for just one member to call for his ouster as leader of the chamber, which gives greater power to hardliners, including the roughly three dozen members of the House Freedom Caucus. (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.

‘Time is running out’ as Joe Biden, McCarthy meet in bid to resolve US debt ceiling deadlock

Known for its unconventional marketing methods, Elon Musk-led tesla has announced its decision to embark on a new frontier: traditional advertising.

Musk-led Tesla bets on advertising | World Business Watch

Price cuts have taken a toll on Lyft's profit margins, leading to a less-than-stellar second-quarter forecast. Elaine Paul has stepped down as CFO. Now, all eyes will be on Erin Brewer, who brings a wealth of experience to the Lyft team.

Lyft's CFO Elaine Paul to step down | World Business Watch

Srichand Parmanand Hinduja, the eldest of four Hinduja brothers,&nbsp;Hinduja Group chairman and founder of IndusInd Bank, died at the age of 87 in London, the family spokesperson said on Wednesday.

SP Hinduja, Indian-born British billionaire businessman, investor, and philanthropist, had been unwell for some time, the spokesperson said.

In a statement, the family said, "Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, Mr S P Hinduja today." 
 
SP Hinduja had lost his wife Madhu in January this year. She was 82. He is survived by his daughters, Shanu and Vinoo. 
 
"He was a visionary and mentor to the family bestowing the founding principles and values of our late father, PD Hinduja. He played a very important role alongside his brothers in building a strong relationship between his host country, the UK and his home country, India," it added. 
 
Since the 1990s, he was consistently ranked among the UK and Asia's wealthiest people. In 2022, Hinduja topped the Sunday Times&nbsp;Rich List with an estimated wealth of £28.472&nbsp;billion sterling. Based on the rich list compiled by Asian Media &amp; Marketing Group, Hinduja's wealth is estimated at £25.2&nbsp;billion (US$31.7&nbsp;billion).

The Hinduja family patriarch and his brothers, Gopichand and Prakash, were accused of receiving nearly SEK 81 million in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract. A court had, however, exonerated them. 
 
&nbsp;

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Srichand Parmanand Hinduja, the eldest of four Hinduja brothers, Hinduja Group chairman and founder of IndusInd Bank, died at the age of 87 in London, the family spokesperson said on Wednesday.

Srichand Parmanand Hinduja, the eldest of four Hinduja brothers, Hinduja Group chairman and founder of IndusInd Bank, died at the age of 87 in London, the family spokesperson said on Wednesday. SP Hinduja, Indian-born British billionaire businessman, investor, and philanthropist, had been unwell for some time, the spokesperson said. In a statement, the family said, "Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, Mr S P Hinduja today." SP Hinduja had lost his wife Madhu in January this year. She was 82. He is survived by his daughters, Shanu and Vinoo. "He was a visionary and mentor to the family bestowing the founding principles and values of our late father, PD Hinduja. He played a very important role alongside his brothers in building a strong relationship between his host country, the UK and his home country, India," it added. Since the 1990s, he was consistently ranked among the UK and Asia's wealthiest people. In 2022, Hinduja topped the Sunday Times Rich List with an estimated wealth of £28.472 billion sterling. Based on the rich list compiled by Asian Media & Marketing Group, Hinduja's wealth is estimated at £25.2 billion (US$31.7 billion). The Hinduja family patriarch and his brothers, Gopichand and Prakash, were accused of receiving nearly SEK 81 million in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract. A court had, however, exonerated them. 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.

Indian-born British billionaire SP Hinduja passes away at 87 in London

Vodafone Group said on Tuesday (May 16) that the carrying value of the British telecom giant's investment in Vodafone Idea Limited (VIL) is nil. In the notes to its FY23 preliminary results, Vodafone said, "The carrying value of the Group’s investment in VIL is €nil and the Group is recording no further share of losses in respect of VIL."

"The Group's s potential exposure under this mechanism is capped at INR 64 billion (€719 million) following payments made under this mechanism from Vodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (€235 million)," the notes added.&nbsp;

As per the terms of the merger between Vodafone India and Idea Cellular in 2017, the parties agreed on a mechanism for payments between the group and VIL pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, and tax and other matters, and refunds relating to Vodafone India and Idea Cellular.

ALSO READ | <a href="https://www.wionews.com/business-economy/vodafone-to-cut-11000-jobs-over-three-years-biggest-layoffs-in-companys-history-592861">Vodafone to cut 11,000 jobs over next three years, biggest layoffs in company's history</a>

Vodafone said on Tuesday that cash payments or cash receipts relating to the above matters must have been made or received by VIL before any amount becomes due from or owed to the Group

The telecom giant pointed out that VIL remains in need of additional liquidity support from its lenders and intends to raise additional funding.&nbsp;

"There are significant uncertainties in relation to VIL’s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the Group as of 31 March 2023," it further said.&nbsp;

In its preliminary results, Vodafone also announced that it would be cutting 11,000 jobs over the next three years, the biggest layoff in its history. Chief Executive Officer Della

Vella said that Vodafone's performance had not been good enough, and to consistently deliver, the company must change.

Vella said that the organisation would be simplified, cutting out complexity to regain its competitiveness. "We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” she added.&nbsp; 
&nbsp;

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Vodafone Group said on Tuesday (May 16) that the carrying value of the British telecom giant's investment in Vodafone Idea Limited (VIL) is nil. In the notes to its FY23 preliminary results, Vodafone said, "The carrying value of the Group’s investment in VIL is €nil and the Group is recording no further share of losses in respect of VIL.

Vodafone Group said on Tuesday (May 16) that the carrying value of the British telecom giant's investment in Vodafone Idea Limited (VIL) is nil. In the notes to its FY23 preliminary results, Vodafone said, "The carrying value of the Group’s investment in VIL is €nil and the Group is recording no further share of losses in respect of VIL." "The Group's s potential exposure under this mechanism is capped at INR 64 billion (€719 million) following payments made under this mechanism from Vodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (€235 million)," the notes added. As per the terms of the merger between Vodafone India and Idea Cellular in 2017, the parties agreed on a mechanism for payments between the group and VIL pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, and tax and other matters, and refunds relating to Vodafone India and Idea Cellular. ALSO READ | Vodafone to cut 11,000 jobs over next three years, biggest layoffs in company's history Vodafone said on Tuesday that cash payments or cash receipts relating to the above matters must have been made or received by VIL before any amount becomes due from or owed to the Group The telecom giant pointed out that VIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. "There are significant uncertainties in relation to VIL’s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the Group as of 31 March 2023," it further said. In its preliminary results, Vodafone also announced that it would be cutting 11,000 jobs over the next three years, the biggest layoff in its history. Chief Executive Officer Della Vella said that Vodafone's performance had not been good enough, and to consistently deliver, the company must change. Vella said that the organisation would be simplified, cutting out complexity to regain its competitiveness. "We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” she 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.

Vodafone says carrying value of group's investment in Vodafone Idea is zero

Elon Musk's Tesla, in a bid to diversify its supply chain beyond China, has eyed India as the next potential spot of manufacturing. A group of senior Tesla executives next week will reportedly meet officials in Prime Minister Narendra Modi's administration.&nbsp;

The meeting will be held to discuss local sourcing of components for Tesla's models, Bloomberg reported while citing people familiar with the matter.

<h2>Tesla's road to India and a Chinese stumble</h2>

Tesla has not yet entered the world's fifth largest economy.&nbsp;

While Elon Musk has criticised what he said were India's high import taxes, India is averse to the idea of letting Tesla sell electric vehicles made in China.&nbsp;

In April 2022, speaking at Raisina Dialogue in New Delhi, India's road transport minister Nitin Gadkari said that Tesla's proposition of "manufacturing in China and selling in India" cannot be an acceptable one.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india/manufacturing-in-china-and-selling-in-india-when-nitin-gadkari-took-a-dig-at-musk-473921">'Manufacturing in China and selling in India'... when Nitin Gadkari took a dig at Musk</a>

He said, "If Elon Musk is ready to manufacture in India, we have all the competencies and technology. Our request to him is to manufacture in India. India is a huge market, we have ports here. He could make in India and export all over."

ALSO WATCH |&nbsp;India: Tesla shouldn't import cars from China, says India's road transport minister Nitin Gadkari

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At the same time, while Tesla has found it difficult to break into India, its global rivals such as Mercedes-Benz AG have taken steps to sell locally assembled cars. They are betting on rising demand for electric vehicles in what is the world’s most populous country and an automobile market with high growth potential.

<h2>Tesla executives India visit: Who will meet whom?</h2>

The visitors are set to include C-suite executives and managers from Austin, Texas-based Tesla’s supply chain, production and business development teams.&nbsp;

The executives are expected to reiterate Tesla’s request for India to cut import taxes on its vehicles, Bloomberg reported while citing people familiar with the matter.

Among other American companies, Apple has carved out India as an alternative manufacturing base and now produces 7 per cent of its global smartphone output in India.

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Elon Musk's Tesla, in a bid to diversify its supply chain beyond China, has eyed India as the next potential spot of manufacturing. A group of senior Tesla executives next week will reportedly meet officials in Prime Minister Narendra Modi's administration.

Elon Musk's Tesla, in a bid to diversify its supply chain beyond China, has eyed India as the next potential spot of manufacturing. A group of senior Tesla executives next week will reportedly meet officials in Prime Minister Narendra Modi's administration. The meeting will be held to discuss local sourcing of components for Tesla's models, Bloomberg reported while citing people familiar with the matter. Tesla's road to India and a Chinese stumble Tesla has not yet entered the world's fifth largest economy. While Elon Musk has criticised what he said were India's high import taxes, India is averse to the idea of letting Tesla sell electric vehicles made in China. In April 2022, speaking at Raisina Dialogue in New Delhi, India's road transport minister Nitin Gadkari said that Tesla's proposition of "manufacturing in China and selling in India" cannot be an acceptable one. ALSO READ | 'Manufacturing in China and selling in India'... when Nitin Gadkari took a dig at Musk He said, "If Elon Musk is ready to manufacture in India, we have all the competencies and technology. Our request to him is to manufacture in India. India is a huge market, we have ports here. He could make in India and export all over." ALSO WATCH | India: Tesla shouldn't import cars from China, says India's road transport minister Nitin Gadkari × At the same time, while Tesla has found it difficult to break into India, its global rivals such as Mercedes-Benz AG have taken steps to sell locally assembled cars. They are betting on rising demand for electric vehicles in what is the world’s most populous country and an automobile market with high growth potential. Tesla executives India visit: Who will meet whom? The visitors are set to include C-suite executives and managers from Austin, Texas-based Tesla’s supply chain, production and business development teams. The executives are expected to reiterate Tesla’s request for India to cut import taxes on its vehicles, Bloomberg reported while citing people familiar with the matter. Among other American companies, Apple has carved out India as an alternative manufacturing base and now produces 7 per cent of its global smartphone output in India. 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.

Elon Musk choosing India over China? Big meet to decide Tesla's road to New Delhi

Wells Fargo will pay $1 billion to settle a lawsuit which accused it of defrauding shareholders. The exercise involved the San Francisco-headquartered bank reportedly defrauding shareholders&nbsp;about its progress in recovering from a series of scandals over its treatment of customers.

The settlement would be an all-cash one, according to a preliminary approval granted by the US district judge&nbsp;Gregory Woods in Manhattan federal court.

The final approval's hearing has been scheduled for September 8.

Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight.

Wells Fargo is the fourth largest US bank. It is also subject to an asset cap by the Feds. This asset cap limits its growth and furthermore, depletes its ability to compete with its competitors such as JPMorgan, Bank of America Corp and CItigroup Inc.

<h2>Wells Fargo overstated its compliance-related developments: Shareholders</h2>

Shareholders accused Wells Fargo of overstating how well it was complying with Feds' orders. They further stated that&nbsp;the bank's market value fell by more than $54 billion over two years ending in March 2020 as the shortcomings became known.

The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show.

ALSO READ |&nbsp;<a href="https://www.wionews.com/economy/wells-fargo-ordered-to-pay-37-billion-fine-for-consumer-loan-violations-largest-ever-penalty-against-a-bank-544943">Wells Fargo ordered to pay $3.7 billion fine for consumer loan violations, largest ever penalty against a bank</a>

"While we disagree with the allegations in this case, we are pleased to have resolved this matter," Wells Fargo said in a statement.

Lawyers for the plaintiffs may seek up to 19&nbsp;&nbsp;per cent of the settlement fund for legal fees.

Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation over its business practices.

ALSO WATCH |&nbsp;World Business Watch: U.S. banks get ready for profit crunch

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These practices included opening about 3.5 million accounts without customer permission, and charging hundreds of thousands of borrowers for auto insurance they did not need.

Chief Executive Charlie Scharf has said repairing the 171-year-old bank founded by Henry Wells and William Fargo has taken longer than he expected when he took over in 2019.

"When I arrived, we did not have the culture, effective processes, or appropriate management oversight in place to remediate weaknesses on a timely basis," he said in his March 3 letter to shareholders. "Today, we approach these issues differently."

(With inputs from agencies)

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Wells Fargo will pay $1 billion to settle a lawsuit which accused it of defrauding shareholders. The exercise involved the San Francisco-headquartered bank reportedly defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers.

Wells Fargo will pay $1 billion to settle a lawsuit which accused it of defrauding shareholders. The exercise involved the San Francisco-headquartered bank reportedly defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. The settlement would be an all-cash one, according to a preliminary approval granted by the US district judge Gregory Woods in Manhattan federal court. The final approval's hearing has been scheduled for September 8. Wells Fargo has operated since 2018 under consent orders from the Federal Reserve and two other financial regulators requiring that it improve governance and oversight. Wells Fargo is the fourth largest US bank. It is also subject to an asset cap by the Feds. This asset cap limits its growth and furthermore, depletes its ability to compete with its competitors such as JPMorgan, Bank of America Corp and CItigroup Inc. Wells Fargo overstated its compliance-related developments: Shareholders Shareholders accused Wells Fargo of overstating how well it was complying with Feds' orders. They further stated that the bank's market value fell by more than $54 billion over two years ending in March 2020 as the shortcomings became known. The San Francisco-based bank denied wrongdoing, and settled to eliminate the burden and cost of litigation, court papers show. ALSO READ | Wells Fargo ordered to pay $3.7 billion fine for consumer loan violations, largest ever penalty against a bank "While we disagree with the allegations in this case, we are pleased to have resolved this matter," Wells Fargo said in a statement. Lawyers for the plaintiffs may seek up to 19 per cent of the settlement fund for legal fees. Wells Fargo has since 2016 paid or set aside several billion dollars to resolve regulatory probes and litigation over its business practices. ALSO WATCH | World Business Watch: U.S. banks get ready for profit crunch × These practices included opening about 3.5 million accounts without customer permission, and charging hundreds of thousands of borrowers for auto insurance they did not need. Chief Executive Charlie Scharf has said repairing the 171-year-old bank founded by Henry Wells and William Fargo has taken longer than he expected when he took over in 2019. "When I arrived, we did not have the culture, effective processes, or appropriate management oversight in place to remediate weaknesses on a timely basis," he said in his March 3 letter to shareholders. "Today, we approach these issues differently." (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.

Wells Fargo will pay $1 bn in class action lawsuit

The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices. President Lula had earlier referred to the old policy being aimed to "please investors, to the detriment of the Brazilian people."

<h2>New policy announcement by Petrobas</h2>

The earlier policies adopted by the oil company had delivered record profits of $36 billion last year due to the global surge in fuel prices following the Russia-Ukraine war.&nbsp; 
Faced by resistance from investors in Petrobras, the company has still gone ahead with policy changes that would use ‘market references’ for setting fuel prices.&nbsp;

Watch:&nbsp;Is Brazil the next pandemic hot-spot? | Why do bats have so many viruses? | World DNA

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<h2>New policy ends subordination to the import parity prices</h2>

The new policy which puts an end to “the mandatory subordination (of prices) to the import parity price” in US dollars was welcomed by everyone.&nbsp; 
Petrobras has announced hefty price cuts to meet the new policy changes; 12.6 percent for gasoline, 12.7 percent for diesel and 21.4 percent for cooking gas.

<a href="https://www.wionews.com/world/covid-vaccination-forgery-case-ex-brazil-prez-bolsonaro-questioned-by-cops-denies-tampering-records-593126">Also Read:&nbsp;Covid vaccination forgery case: Ex-Brazil prez Bolsonaro questioned by cops, denies tampering records</a>

<h2>A welcoming policy change</h2>

President Lula posted a video on his social media handle where he can be seen applauding the new policy adapted by Petrobas.&nbsp; 
"I am particularly happy, and I think the people will be too. More than a campaign commitment, it is a victory of the people... And it is only the beginning. We are going to invest in industry and the generation of jobs”: President Lula.

Jean Paul Prates, Petrobras chief executive also commented on the issue by saying that "We will continue to be the market reference, without abdicating the company's competitive advantages".

<h2>Rise in share prices</h2>

The share prices of Petrobas rose to more than four percent on the Sao Paulo stock exchange on Tuesday, 16 May, 2023, before setting back at 2.2 percent at the close. 
The rise in share prices was an unexpected but yet a welcome occurrence. Oil industry analyst, Israel Rodrigues of Genial Investimentos expected “the market to be something much worse,” perhaps a direct intervention.&nbsp;

<h2>A happy ending for everyone?&nbsp;</h2>

The Russia-Ukraine war that spiked the fuel prices around the globe had become an important issue in President Lula’s election campaign for his third term.&nbsp; 
The promise made by President Lula during his election campaigns to regulate the fuel prices had earlier caused anxiousness amongst investors.&nbsp; 
However, with the new policy changes adopted by Petrobas while maintaining its stock prices seem to be setting the tone for the fuel prices in Brazil right.&nbsp;

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&nbsp;

The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices.

The Brazilian state-run oil company Petrobras on Tuesday, 16 May, 2023, ended its policy of pegging fuel prices to the international market. Keeping his promise during his election campaigns to "Brazilianize" Petrobras’ pricing policy for the benefit of the local Brazilian people, President Lula da Silva has succeeded in putting an end to the pegging fuel prices. President Lula had earlier referred to the old policy being aimed to "please investors, to the detriment of the Brazilian people." New policy announcement by Petrobas The earlier policies adopted by the oil company had delivered record profits of $36 billion last year due to the global surge in fuel prices following the Russia-Ukraine war. Faced by resistance from investors in Petrobras, the company has still gone ahead with policy changes that would use ‘market references’ for setting fuel prices. Watch: Is Brazil the next pandemic hot-spot? | Why do bats have so many viruses? | World DNA × New policy ends subordination to the import parity prices The new policy which puts an end to “the mandatory subordination (of prices) to the import parity price” in US dollars was welcomed by everyone. Petrobras has announced hefty price cuts to meet the new policy changes; 12.6 percent for gasoline, 12.7 percent for diesel and 21.4 percent for cooking gas. Also Read: Covid vaccination forgery case: Ex-Brazil prez Bolsonaro questioned by cops, denies tampering records A welcoming policy change President Lula posted a video on his social media handle where he can be seen applauding the new policy adapted by Petrobas. "I am particularly happy, and I think the people will be too. More than a campaign commitment, it is a victory of the people... And it is only the beginning. We are going to invest in industry and the generation of jobs”: President Lula. Jean Paul Prates, Petrobras chief executive also commented on the issue by saying that "We will continue to be the market reference, without abdicating the company's competitive advantages". Rise in share prices The share prices of Petrobas rose to more than four percent on the Sao Paulo stock exchange on Tuesday, 16 May, 2023, before setting back at 2.2 percent at the close. The rise in share prices was an unexpected but yet a welcome occurrence. Oil industry analyst, Israel Rodrigues of Genial Investimentos expected “the market to be something much worse,” perhaps a direct intervention. A happy ending for everyone? The Russia-Ukraine war that spiked the fuel prices around the globe had become an important issue in President Lula’s election campaign for his third term. The promise made by President Lula during his election campaigns to regulate the fuel prices had earlier caused anxiousness amongst investors. However, with the new policy changes adopted by Petrobas while maintaining its stock prices seem to be setting the tone for the fuel prices in Brazil right. WATCH WION LIVE HERE ×

Brazilian oil company Petrobas scraps international price peg

Electric vehicle manufacturer Tesla is about to embark on a new marketing adventure.&nbsp;

During the automaker's annual shareholder meeting on Tuesday, CEO Elon Musk revealed that Tesla, known for its unconventional marketing methods, is preparing to adopt traditional advertising. The decision comes at a time when the car-maker is looking to showcase&nbsp;innovative features of its electric vehicles and dispel misconceptions about their affordability.&nbsp;

Tesla has long shunned traditional advertising, relying instead on its dedicated fanbase, word-of-mouth, and even homemade ads from enthusiastic customers. Back in 2010, Tesla was celebrated as one of "America's hottest brands" by Advertising Age, highlighting the effectiveness of their unique marketing approach.

During the shareholder meeting, as per a Bloomberg report, Elon Musk acknowledged that Tesla's incredible features and functionality often go unnoticed by the general public. He recognised the need to spread awareness about their vehicles and counter prevailing beliefs that Teslas are prohibitively expensive.&nbsp;

Musk's experience as the CEO of Twitter, a platform heavily reliant on advertising, is believed to have convinced him about the&nbsp;potential of advertising.

"Advertising is awesome, and everyone should do it," media reports quoted Musk as saying.&nbsp;

While the decision to embrace advertising is intriguing, the exact nature of Tesla's campaign remains mysterious. As history has shown, Musk's companies often collaborate and share resources, so it wouldn't be surprising if he sought assistance from another venture.&nbsp;

Speculation abounds that Twitter, another company under Musk's purview, could play a role in launching Tesla's inaugural ads. With Musk's knack for surprising the world, we can only anticipate an advertising approach as innovative as Tesla's vehicles.&nbsp;

(With inputs from agencies)

Electric vehicle manufacturer Tesla is about to embark on a new marketing adventure. During the automaker's annual shareholder meeting on Tuesday, CEO Elon Musk revealed that Tesla, known for its unconventional marketing methods, is preparing to adopt traditional advertising.

Electric vehicle manufacturer Tesla is about to embark on a new marketing adventure. During the automaker's annual shareholder meeting on Tuesday, CEO Elon Musk revealed that Tesla, known for its unconventional marketing methods, is preparing to adopt traditional advertising. The decision comes at a time when the car-maker is looking to showcase innovative features of its electric vehicles and dispel misconceptions about their affordability. Tesla has long shunned traditional advertising, relying instead on its dedicated fanbase, word-of-mouth, and even homemade ads from enthusiastic customers. Back in 2010, Tesla was celebrated as one of "America's hottest brands" by Advertising Age, highlighting the effectiveness of their unique marketing approach. During the shareholder meeting, as per a Bloomberg report, Elon Musk acknowledged that Tesla's incredible features and functionality often go unnoticed by the general public. He recognised the need to spread awareness about their vehicles and counter prevailing beliefs that Teslas are prohibitively expensive. Musk's experience as the CEO of Twitter, a platform heavily reliant on advertising, is believed to have convinced him about the potential of advertising. "Advertising is awesome, and everyone should do it," media reports quoted Musk as saying. While the decision to embrace advertising is intriguing, the exact nature of Tesla's campaign remains mysterious. As history has shown, Musk's companies often collaborate and share resources, so it wouldn't be surprising if he sought assistance from another venture. Speculation abounds that Twitter, another company under Musk's purview, could play a role in launching Tesla's inaugural ads. With Musk's knack for surprising the world, we can only anticipate an advertising approach as innovative as Tesla's vehicles. (With inputs from agencies)

Elon Musk's 'ad-venturous' spirit: Tesla's unconventional approach takes a new turn