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Chairman of the Essel Group Dr Subhash Chandra, in an exclusive interview with Zee Business, stated that the group will soon become debt-free.

The chairman added that the company's aim is to service debt by selling assets, and till now, it has successfully repaid Rs 40,000 crore ($4.8 billion) to the lenders.

"So far, we have paid Rs 50,000 crore ($6 billion) in interest as well," Dr Chandra stated.

He further added that the debt has been repaid by the group by selling some highly valuable assets and that his home has also been mortgaged to repay the debt. Dr Chandra said that they have pledged to repay everyone's debt with humility.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/brahmos-missile-misfiring-into-pakistan-cost-india-rs-240-million-598251">'BrahMos missile misfiring into Pakistan cost India Rs 240 million'</a>

He further informed that Dish TV is now&nbsp;debt-free and the Zee Enterprises-Sony merger process is also expected to get completed soon.

The chairperson said that he has been mentoring startups these days. Speaking about the ups and downs of life, Dr Chandra said, "A strong person never runs away from the problem but fights it.”

He further added that bad times taught him a lot.

<h2>When did the debt-repayment process begin?</h2>

The chairman of Essel Group, which has finished its 97 years, said that the group started repaying debt in January 2019. "It was our aim to repay all our debts by March 31, 2023; however, it couldn't be executed as the assets couldn't be sold due to some reasons," said Dr Chandra. He, however, added that some assets will be sold, after which the debt will be repaid.

WATCH |&nbsp;India: A truly 'bright spot' in world economy | Business News

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<h2>Dr Subhas Chandra on lenders</h2>

Speaking about some lenders who are creating controversies around debt, Dr Chandra said that Essel Group has received a lot of support from&nbsp;its lenders. In his words, "Lenders know that Essel Group has repaid the debt by selling valuable assets." The chairman further stated that Essel Group has never defaulted from 1967 to 2019.

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Chairman of the Essel Group Dr Subhash Chandra, in an exclusive interview with Zee Business, stated that the group will soon become debt-free. The chairman added that the company's aim is to service debt by selling assets, and till now, it has successfully repaid Rs 40,000 crore ($4.

Chairman of the Essel Group Dr Subhash Chandra, in an exclusive interview with Zee Business, stated that the group will soon become debt-free. The chairman added that the company's aim is to service debt by selling assets, and till now, it has successfully repaid Rs 40,000 crore ($4.8 billion) to the lenders. "So far, we have paid Rs 50,000 crore ($6 billion) in interest as well," Dr Chandra stated. He further added that the debt has been repaid by the group by selling some highly valuable assets and that his home has also been mortgaged to repay the debt. Dr Chandra said that they have pledged to repay everyone's debt with humility. ALSO READ | 'BrahMos missile misfiring into Pakistan cost India Rs 240 million' He further informed that Dish TV is now debt-free and the Zee Enterprises-Sony merger process is also expected to get completed soon. The chairperson said that he has been mentoring startups these days. Speaking about the ups and downs of life, Dr Chandra said, "A strong person never runs away from the problem but fights it.” He further added that bad times taught him a lot. When did the debt-repayment process begin? The chairman of Essel Group, which has finished its 97 years, said that the group started repaying debt in January 2019. "It was our aim to repay all our debts by March 31, 2023; however, it couldn't be executed as the assets couldn't be sold due to some reasons," said Dr Chandra. He, however, added that some assets will be sold, after which the debt will be repaid. WATCH | India: A truly 'bright spot' in world economy | Business News Dr Subhas Chandra on lenders Speaking about some lenders who are creating controversies around debt, Dr Chandra said that Essel Group has received a lot of support from its lenders. In his words, "Lenders know that Essel Group has repaid the debt by selling valuable assets." The chairman further stated that Essel Group has never defaulted from 1967 to 2019. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Essel Group will be debt-free soon, says Chairman Dr Subhash Chandra

Global mining giant&nbsp;BHP&nbsp;said Thursday it had been underpaying thousands of Australian staff for more than a decade, an error that will cost at least US$280 million to fix.

The company said 28,500 current and former employees were stripped of paid leave they were entitled to.&nbsp;

BHP&nbsp;Australia president Geraldine Slattery said the error would be rectified "as quickly as possible" and "with interest".

The company did not explain how the error occurred.

"We are sorry to all current and former employees impacted by these errors. This is not good enough and falls short of the standards we expect at&nbsp;BHP," Slattery said.

BHP&nbsp;expects to have a fuller estimate of the cost of the error when it reports earnings in August, but it put the initial price tag at "US$280 million pre-tax."

The company's share price fell almost one percent on the news.

BHP&nbsp;is one of the world's largest companies, and a leading producer of metallurgical coal, iron ore, nickel, copper and potash.

Australia has some of the world's strongest labour protections and it is not uncommon for companies to discover problems with past payrolls and be forced to rectify the situation.

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Global mining giant BHP said Thursday it had been underpaying thousands of Australian staff for more than a decade, an error that will cost at least US$280 million to fix.

Global mining giant BHP said Thursday it had been underpaying thousands of Australian staff for more than a decade, an error that will cost at least US$280 million to fix. The company said 28,500 current and former employees were stripped of paid leave they were entitled to. BHP Australia president Geraldine Slattery said the error would be rectified "as quickly as possible" and "with interest". The company did not explain how the error occurred. "We are sorry to all current and former employees impacted by these errors. This is not good enough and falls short of the standards we expect at BHP," Slattery said. BHP expects to have a fuller estimate of the cost of the error when it reports earnings in August, but it put the initial price tag at "US$280 million pre-tax." The company's share price fell almost one percent on the news. BHP is one of the world's largest companies, and a leading producer of metallurgical coal, iron ore, nickel, copper and potash. Australia has some of the world's strongest labour protections and it is not uncommon for companies to discover problems with past payrolls and be forced to rectify the situation. 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.

Mining giant BHP faces $280 million cost for underpaying staff

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally.

That's because&nbsp;the youngest working generation arrived fashionably late to the party, facing negative returns as the Russia-Ukraine war and supply chain disruptions dampened risk sentiment.&nbsp;

Understandably, these investors hesitated to dive back into the market. The crypto crash hit even harder, leading most Gen Z investors -- a&nbsp;group of people born between the late 1990s and the early 2010s -- to turn to a timeless gem: gold.&nbsp;

This timeless jewel, renowned for its resilience against inflation, continues to captivate investors.&nbsp;

Gold has surged nearly 20 percent&nbsp;in the past year, outshining inflation and other mainstream assets. In contrast, the S&amp;P 500 -- an index tracking the stock performance of 500 of the largest companies&nbsp;in the United States -- only managed a modest 2 percent&nbsp;uptick during the same period.

While seasoned investors stress on long-term stock strategies, many individuals hesitate to hold onto digital assets locked away in wallets, especially if their performance falters. But gold, in jewelry form, holds a sentimental value that encourages investors to stay the course and enjoy appreciation.&nbsp;

With the rise in popularity of rose and white gold, this radiant metal has gained broader appeal, catering to diverse tastes.

While gold is currently in the spotlight, it has historically underperformed equities in the long run.&nbsp;

So, investors looking for the Midas touch could add a touch of glamour through gold and a bit of sophistication through equities to craft a precious fortune.

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally.

If you ventured into the world of investments during the pandemic, you were likely enticed by the stock market and crypto buzz. However, many first-time investors, particularly Gen Z, missed out on the opportunity to seize the dazzling rally. That's because the youngest working generation arrived fashionably late to the party, facing negative returns as the Russia-Ukraine war and supply chain disruptions dampened risk sentiment. Understandably, these investors hesitated to dive back into the market. The crypto crash hit even harder, leading most Gen Z investors -- a group of people born between the late 1990s and the early 2010s -- to turn to a timeless gem: gold. This timeless jewel, renowned for its resilience against inflation, continues to captivate investors. Gold has surged nearly 20 percent in the past year, outshining inflation and other mainstream assets. In contrast, the S&P 500 -- an index tracking the stock performance of 500 of the largest companies in the United States -- only managed a modest 2 percent uptick during the same period. While seasoned investors stress on long-term stock strategies, many individuals hesitate to hold onto digital assets locked away in wallets, especially if their performance falters. But gold, in jewelry form, holds a sentimental value that encourages investors to stay the course and enjoy appreciation. With the rise in popularity of rose and white gold, this radiant metal has gained broader appeal, catering to diverse tastes. While gold is currently in the spotlight, it has historically underperformed equities in the long run. So, investors looking for the Midas touch could add a touch of glamour through gold and a bit of sophistication through equities to craft a precious fortune.

Gold rush: How the precious metal is beating S&P 500 returns

Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller.

The group plans to raise approximately $3.5 billion through an equity share sale to institutional investors, as per a PTI report. The funds raised will be allocated towards the group's capital expenditure requirements. With boards of two flagship firms --&nbsp;Adani Enterprises Ltd and Adani Transmission Ltd -- already approving share sales, Adani Green Energy Ltd is expected to follow suit.&nbsp;

Adani Enterprises Ltd and Adani Transmission Ltd have already received board approvals for raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors. Furthermore, the Adani Green Energy Ltd board will likely approve a fundraising plan of up to $1 billion in the coming weeks, media reports said.

The fundraising process&nbsp;is expected to conclude within the second quarter of the current fiscal year -- July to September 2023. Investors from Europe and the Middle East have displayed strong interest, while both existing and new investors are anticipated to participate.

GQG Partners, a prominent investor that injected $1.87 billion into four Adani group companies in March, is expected to remain engaged in the conglomerate's growth story. The group's recent roadshows abroad, targeting a diverse range of financial institutions and investors, have played a pivotal role in solidifying this investor trust.

The decision to raise funds follows Adani Enterprises' decision to cancel a Rs 20,000 crore follow-on public offering (FPO) three months ago, triggered by the Hindenburg report.

The US short-seller, Hindenburg Research, had alleged accounting fraud and stock price manipulation within the Adani Group, leading to a significant decline in the conglomerate's market value.

Adani Group has categorically denied all allegations and has since embarked on a comprehensive recovery strategy. To reassure investors, the group has realigned its ambitions and repaid substantial amounts of debt. Additionally, Adani promoters successfully sold stakes worth Rs 15,446 crore to GQG Partners, further bolstering market confidence.

The Adani Group's latest fundraising endeavor represents the largest borrowing since the release of the Hindenburg report. By securing substantial funds, the conglomerate aims to fuel its expansion projects&nbsp;and reinforcing its position as a leading player in sectors ranging from ports to energy.&nbsp;

Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller.

Indian billionaire Gautam Adani's conglomerate, the Adani Group, is embarking on an audacious comeback strategy following a challenging period prompted by a scathing report from a US short seller. The group plans to raise approximately $3.5 billion through an equity share sale to institutional investors, as per a PTI report. The funds raised will be allocated towards the group's capital expenditure requirements. With boards of two flagship firms -- Adani Enterprises Ltd and Adani Transmission Ltd -- already approving share sales, Adani Green Energy Ltd is expected to follow suit. Adani Enterprises Ltd and Adani Transmission Ltd have already received board approvals for raising up to Rs 21,000 crore (over $2.5 billion) through share sales to qualified institutional investors. Furthermore, the Adani Green Energy Ltd board will likely approve a fundraising plan of up to $1 billion in the coming weeks, media reports said. The fundraising process is expected to conclude within the second quarter of the current fiscal year -- July to September 2023. Investors from Europe and the Middle East have displayed strong interest, while both existing and new investors are anticipated to participate. GQG Partners, a prominent investor that injected $1.87 billion into four Adani group companies in March, is expected to remain engaged in the conglomerate's growth story. The group's recent roadshows abroad, targeting a diverse range of financial institutions and investors, have played a pivotal role in solidifying this investor trust. The decision to raise funds follows Adani Enterprises' decision to cancel a Rs 20,000 crore follow-on public offering (FPO) three months ago, triggered by the Hindenburg report. The US short-seller, Hindenburg Research, had alleged accounting fraud and stock price manipulation within the Adani Group, leading to a significant decline in the conglomerate's market value. Adani Group has categorically denied all allegations and has since embarked on a comprehensive recovery strategy. To reassure investors, the group has realigned its ambitions and repaid substantial amounts of debt. Additionally, Adani promoters successfully sold stakes worth Rs 15,446 crore to GQG Partners, further bolstering market confidence. The Adani Group's latest fundraising endeavor represents the largest borrowing since the release of the Hindenburg report. By securing substantial funds, the conglomerate aims to fuel its expansion projects and reinforcing its position as a leading player in sectors ranging from ports to energy.

After Hindenburg row, Adani Group seeks $3 billion share sale

Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc. and Microsoft Corp. have emerged as the market's darlings, surging ahead while economically sensitive industries take a back seat.&nbsp;

According to Bloomberg, the latest Markets Live Pulse survey&nbsp;indicates that 41 percent of market participants believe the highest returns this year will come from quality stocks focused on profitability. This has fueled the resurgence of the tech-heavy Nasdaq 100, which has already recovered over half of its losses from the previous year.

The rise of Artificial Intelligence (AI)

One of the driving forces behind the tech rally is the growing buzz around Artificial Intelligence. Investors are captivated by the potential of AI and its impact on various industries. Companies like Nvidia Corp., which specializes in the chips required for complex AI computing tasks, are witnessing significant gains. In fact, Nvidia recently became the first chipmaker to achieve a market valuation of $1 trillion, reflecting the enthusiasm surrounding AI-driven technologies.

Tech stock triumph and its pricey valuations

According to the MLIV Pulse survey, the strategy of buying quality stocks focused on profitability has outperformed momentum, value, and low-risk/volatility/beta stocks. This trend underscores investors' preference for stability and solid financial performance. Citigroup Inc. recently raised its outlook on tech stocks to overweight, anticipating a boost from AI and a potential end to the Federal Reserve's rate hikes.

While the rush to tech stocks continues unabated, it comes at a price. The tech sector now stands as the most expensive among S&amp;P 500 sectors, with valuation multiples reaching levels unseen since early 2022. Bloomberg Intelligence highlights that investors should be cautious, as much of the expected growth may already be factored into current stock prices.

Recession concerns and investor sentiment

The survey reveals that investors view a potential recession as the biggest risk for stocks over the next year, with 42 percent of respondents expressing this concern. Interest rates closely follow as the second-highest risk at 23 percent. While inflation has shown signs of slowing, it remains elevated, and credit conditions have tightened. However, the labor market remains relatively robust, and consumer spending continues to support the economy.

The current market environment is far from normal, anticipating a recession shaping investors' decision-making and limiting visibility. Retail investors and Wall Street professionals appear divided on the future direction of Treasury yields, further highlighting the lack of clarity. In such uncertain times, investors find themselves at a crossroads, cautiously analyzing potential market moves and chasing the direction that promises the least pain.

Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc.

Investors are flocking to the tech sector, drawn by the promise of profitable growth in the face of looming recession concerns. Leading tech giants such as Apple Inc. and Microsoft Corp. have emerged as the market's darlings, surging ahead while economically sensitive industries take a back seat. According to Bloomberg, the latest Markets Live Pulse survey indicates that 41 percent of market participants believe the highest returns this year will come from quality stocks focused on profitability. This has fueled the resurgence of the tech-heavy Nasdaq 100, which has already recovered over half of its losses from the previous year. The rise of Artificial Intelligence (AI) One of the driving forces behind the tech rally is the growing buzz around Artificial Intelligence. Investors are captivated by the potential of AI and its impact on various industries. Companies like Nvidia Corp., which specializes in the chips required for complex AI computing tasks, are witnessing significant gains. In fact, Nvidia recently became the first chipmaker to achieve a market valuation of $1 trillion, reflecting the enthusiasm surrounding AI-driven technologies. Tech stock triumph and its pricey valuations According to the MLIV Pulse survey, the strategy of buying quality stocks focused on profitability has outperformed momentum, value, and low-risk/volatility/beta stocks. This trend underscores investors' preference for stability and solid financial performance. Citigroup Inc. recently raised its outlook on tech stocks to overweight, anticipating a boost from AI and a potential end to the Federal Reserve's rate hikes. While the rush to tech stocks continues unabated, it comes at a price. The tech sector now stands as the most expensive among S&P 500 sectors, with valuation multiples reaching levels unseen since early 2022. Bloomberg Intelligence highlights that investors should be cautious, as much of the expected growth may already be factored into current stock prices. Recession concerns and investor sentiment The survey reveals that investors view a potential recession as the biggest risk for stocks over the next year, with 42 percent of respondents expressing this concern. Interest rates closely follow as the second-highest risk at 23 percent. While inflation has shown signs of slowing, it remains elevated, and credit conditions have tightened. However, the labor market remains relatively robust, and consumer spending continues to support the economy. The current market environment is far from normal, anticipating a recession shaping investors' decision-making and limiting visibility. Retail investors and Wall Street professionals appear divided on the future direction of Treasury yields, further highlighting the lack of clarity. In such uncertain times, investors find themselves at a crossroads, cautiously analyzing potential market moves and chasing the direction that promises the least pain.

Tech takes centrestage: Investors dance to the beat of profitability amid dull market tunes

India is contemplating a substantial reduction in import taxes on solar panels to address the increasing demand for renewable energy and bridge the gap in local production, sources told Reuters.

The government seeks to accelerate the adoption of clean energy by cutting the import tax from 40 percent to 20 percent and potentially lowering the goods and services tax (GST) on solar panels from 12 percent to 5 percent.

Sources within the renewable energy ministry told&nbsp;Reuters&nbsp;that discussions have taken place with the finance ministry to seek approval for these tax cuts. The move aims to support the renewable energy sector and enable companies to meet the surging demand for solar power.

Major players in the Indian solar industry, including Tata Power, Adani Green, and Vikram Solar, have faced challenges in sourcing sufficient domestic equipment to complete their projects. The proposed tax cuts could alleviate these supply constraints by reducing the reliance on imports.

The tax increase on solar panels was implemented in April 2022, aligning with India's vision to enhance self-reliance and reduce emissions by expanding renewable energy generation. However, the local capacity for solar panel manufacturing is yet to keep up with the growing demand. With a current annual capacity of 32 gigawatts (GW), India's requirement stands at 52 GW due to the rising adoption of sustainable energy by corporate offices, industrial units, and factories.

Tax Makeover To Drive India’s Renewable Revolution

India has heavily relied on solar panel imports to bridge this gap, with an estimated need for 8 to 10 GW per year in the next two years. In the previous fiscal year alone, India imported solar panels worth $3 billion, with a staggering 92 percent originating from China. The proposed tax cuts could reduce the cost of imported panels by 20 percent, making them more competitive with domestically manufactured modules.

Prime Minister Modi has set an ambitious target of achieving 365 GW of installed solar capacity by 2031-32. However, slow progress in domestic component supplies and higher import taxes have hindered the growth of the renewable energy industry. The recent tax reduction aims to boost the sector's expansion, supporting Prime Minister Modi's comprehensive green energy strategy.

If implemented, the tax cuts would benefit solar power companies and facilitate the country's transition to a cleaner and more sustainable future. The increased affordability of imported solar panels could encourage wider adoption of solar energy across various sectors and contribute to reducing India's carbon footprint.

(With inputs from Reuters)

India is contemplating a substantial reduction in import taxes on solar panels to address the increasing demand for renewable energy and bridge the gap in local production, sources told Reuters.

India is contemplating a substantial reduction in import taxes on solar panels to address the increasing demand for renewable energy and bridge the gap in local production, sources told Reuters. The government seeks to accelerate the adoption of clean energy by cutting the import tax from 40 percent to 20 percent and potentially lowering the goods and services tax (GST) on solar panels from 12 percent to 5 percent. Sources within the renewable energy ministry told Reuters that discussions have taken place with the finance ministry to seek approval for these tax cuts. The move aims to support the renewable energy sector and enable companies to meet the surging demand for solar power. Major players in the Indian solar industry, including Tata Power, Adani Green, and Vikram Solar, have faced challenges in sourcing sufficient domestic equipment to complete their projects. The proposed tax cuts could alleviate these supply constraints by reducing the reliance on imports. The tax increase on solar panels was implemented in April 2022, aligning with India's vision to enhance self-reliance and reduce emissions by expanding renewable energy generation. However, the local capacity for solar panel manufacturing is yet to keep up with the growing demand. With a current annual capacity of 32 gigawatts (GW), India's requirement stands at 52 GW due to the rising adoption of sustainable energy by corporate offices, industrial units, and factories. Tax Makeover To Drive India’s Renewable Revolution India has heavily relied on solar panel imports to bridge this gap, with an estimated need for 8 to 10 GW per year in the next two years. In the previous fiscal year alone, India imported solar panels worth $3 billion, with a staggering 92 percent originating from China. The proposed tax cuts could reduce the cost of imported panels by 20 percent, making them more competitive with domestically manufactured modules. Prime Minister Modi has set an ambitious target of achieving 365 GW of installed solar capacity by 2031-32. However, slow progress in domestic component supplies and higher import taxes have hindered the growth of the renewable energy industry. The recent tax reduction aims to boost the sector's expansion, supporting Prime Minister Modi's comprehensive green energy strategy. If implemented, the tax cuts would benefit solar power companies and facilitate the country's transition to a cleaner and more sustainable future. The increased affordability of imported solar panels could encourage wider adoption of solar energy across various sectors and contribute to reducing India's carbon footprint. (With inputs from Reuters)

Solar panels get a tax makeover: India's 'sunny' solution to energy demands 

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.&nbsp;

As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year.

The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors.

The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019.

Goldman Sachs&nbsp;Response And Industry Dynamics

Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million.

These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce.

While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties.

(With inputs from Reuters)

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry.

In response to a stagnant deals market, Goldman Sachs, one of the world's leading investment banks, is set to initiate a fresh round of job cuts. The decision comes as the institution grapples with the ongoing challenges faced by the financial industry. As per a Reuters report, fewer than 250 positions will be affected, encompassing various seniority levels, including partners and managing directors. The anticipated layoffs mark another significant move by Goldman Sachs, following a sizeable reduction earlier this year and additional job cuts in the previous year. The current predicament faced by Goldman Sachs and its peers can be attributed to a confluence of factors. The Federal Reserve's stringent interest rate hikes, implemented to combat inflation, have adversely impacted dealmaking activity. Moreover, the economic uncertainties stemming from the protracted conflict in Ukraine have further clouded the outlook for the financial sector. These circumstances have contributed to a decline in global mergers and acquisitions, reaching the lowest levels witnessed in over a decade during the first quarter of 2023. Simultaneously, the volume of initial public offerings has dropped to its lowest point since 2019. Goldman Sachs Response And Industry Dynamics Goldman Sachs intends to address these challenges by enhancing its efficiency ratio and bolstering profitability. The bank plans to reduce headcount, abstain from replacing departing staff, and trim other expenses as part of its strategy. The aim is to achieve a more favorable efficiency ratio by cutting costs. The bank has set a medium-term target of a 60 percent efficiency ratio, compared to the 68.7 percent reported at the end of March. The strategy also encompasses a targeted payroll reduction of $600 million. These job cuts align with similar measures taken by rival firms in the industry. Morgan Stanley, another prominent investment bank, reportedly plans to eliminate around 3,000 positions in the second quarter, marking its second round of layoffs within six months. Likewise, Lazard Ltd, a key player in the financial sector, has announced a reduction of 10 percent in its workforce. While Goldman Sachs is working towards improving its operational efficiency, these job cuts' implications on the institution and the broader financial sector remain uncertain. The decision aims to address the current challenging market conditions and enhance profitability. However, it also underscores the significant hurdles faced by investment banks in the face of subdued dealmaking and geopolitical uncertainties. (With inputs from Reuters)

Goldman Sachs to shed jobs amid economic uncertainties

In a bid to meet the growing demand for clean energy, India is considering a significant reduction in import taxes on solar panels. The government aims to bridge the gap between local production and rising demand by cutting the import tax from 40% to 20%.

India to slash import tax on solar panels | World Business Watch

Job creation will be the biggest challenge for Indian policymakers as the India's young population continues to grow. India has already overtaken China as the most populous country and about 53% of India is below the age of 30. But India's young do not seem to find full-time jobs, especially in the urban areas. Urban unemployment was at 6.8% in the January-March quarter. The share of urban workers with full-time jobs declined to 48.9% in December 2022.

India faces massive youth unemployment crisis | World Business Watch

The Indian government said on Wednesday (May 31) that the economy grew 6.1 per cent in the fourth quarter of 2022-23, which pushed the annual growth rate to 7.2 per cent.&nbsp;

The official data showed that the growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23.&nbsp;

The data released by the National Statistical Office (NSO) stated that the Gross Domestic Product (GDP) had expanded by 4 per cent in the January-March period of 2021-22.&nbsp;

The economy expanded 7.2 per cent in 2022-23 against a 9.1 per cent growth in 2021-22.&nbsp;

The NSO, in its second advance estimate of national accounts, had pegged the country's growth at 7 per cent for 2022-23.&nbsp;

The official data mentioned that the "real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹149.26 lakh crore."

"The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22," it added.&nbsp;

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Annual <a href="https://twitter.com/hashtag/GDP?src=hash&amp;ref_src=twsrc%5Etfw">#GDP</a> Estimates (in Lakh Crore) and Growth Rates (%) at Constant Prices.<a href="https://twitter.com/Rao_InderjitS?ref_src=twsrc%5Etfw">@Rao_InderjitS</a> <a href="https://twitter.com/PIB_India?ref_src=twsrc%5Etfw">@PIB_India</a> <a href="https://twitter.com/NITIAayog?ref_src=twsrc%5Etfw">@NITIAayog</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/hashtag/MOSPI?src=hash&amp;ref_src=twsrc%5Etfw">#MOSPI</a> <a href="https://twitter.com/hashtag/NSO?src=hash&amp;ref_src=twsrc%5Etfw">#NSO</a> <a href="https://twitter.com/hashtag/GoIStats?src=hash&amp;ref_src=twsrc%5Etfw">#GoIStats</a> <a href="https://twitter.com/hashtag/DataForDevelopment?src=hash&amp;ref_src=twsrc%5Etfw">#DataForDevelopment</a> <a href="https://twitter.com/hashtag/KnowYourStats?src=hash&amp;ref_src=twsrc%5Etfw">#KnowYourStats</a> <a href="https://twitter.com/hashtag/GDP?src=hash&amp;ref_src=twsrc%5Etfw">#GDP</a> <a href="https://t.co/FDWzNZctF3">pic.twitter.com/FDWzNZctF3</a>
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𝐀𝐧𝐧𝐮𝐚𝐥 <a href="https://twitter.com/hashtag/%F0%9D%90%86%F0%9D%90%83%F0%9D%90%8F?src=hash&amp;ref_src=twsrc%5Etfw">#𝐆𝐃𝐏</a> 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬 (𝐢𝐧 𝐋𝐚𝐤𝐡 𝐂𝐫𝐨𝐫𝐞) 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐑𝐚𝐭𝐞𝐬 (%) 𝐚𝐭 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞𝐬.<a href="https://twitter.com/Rao_InderjitS?ref_src=twsrc%5Etfw">@Rao_InderjitS</a> <a href="https://twitter.com/PIB_India?ref_src=twsrc%5Etfw">@PIB_India</a> <a href="https://twitter.com/NITIAayog?ref_src=twsrc%5Etfw">@NITIAayog</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/hashtag/MOSPI?src=hash&amp;ref_src=twsrc%5Etfw">#MOSPI</a> <a href="https://twitter.com/hashtag/NSO?src=hash&amp;ref_src=twsrc%5Etfw">#NSO</a> <a href="https://twitter.com/hashtag/GoIStats?src=hash&amp;ref_src=twsrc%5Etfw">#GoIStats</a> <a href="https://twitter.com/hashtag/DataForDevelopment?src=hash&amp;ref_src=twsrc%5Etfw">#DataForDevelopment</a> <a href="https://twitter.com/hashtag/KnowYourStats?src=hash&amp;ref_src=twsrc%5Etfw">#KnowYourStats</a> <a href="https://twitter.com/hashtag/GDP?src=hash&amp;ref_src=twsrc%5Etfw">#GDP</a> <a href="https://t.co/SGsbYiotbC">pic.twitter.com/SGsbYiotbC</a>
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As quoted by the news agency Reuters, Upasna Bhardwaj, who is the chief economist at the Kotak Mahindra Bank in Mumbai, said, "The sharp upside to the GDP growth suggests the resilience of the Indian economy despite the global slowdown."&nbsp;

"However, we remain watchful on the sustainability of the strength especially when much of the non-agricultural growth has been led by public investment, while consumption remains tepid," Bhardwaj added.&nbsp;

India's neighbour China has registered an economic growth of 4.5 per cent in the first three months of 2023.&nbsp;

<h2>'This India is different': Morgan Stanley report&nbsp;</h2>

The latest report by Morgan Stanley noted that India, under Prime Minister Narendra Modi, has seen a massive transformation. It has gained a position in the world order and becoming a key driver for Asia and global growth.&nbsp;

"This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade."&nbsp;

The report has listed the 10 big changes that have happened since Prime Minister Narendra Modi took office in 2014. It said that bringing corporate tax at par with peers was one of the biggest supply-side policy reforms.&nbsp;

(With inputs from agencies)

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The Indian government said on Wednesday (May 31) that the economy grew 6.1 per cent in the fourth quarter of 2022-23, which pushed the annual growth rate to 7.2 per cent.

The Indian government said on Wednesday (May 31) that the economy grew 6.1 per cent in the fourth quarter of 2022-23, which pushed the annual growth rate to 7.2 per cent. The official data showed that the growth in the January-March period was higher than the 4.5 per cent expansion in the previous October-December quarter of 2022-23. The data released by the National Statistical Office (NSO) stated that the Gross Domestic Product (GDP) had expanded by 4 per cent in the January-March period of 2021-22. The economy expanded 7.2 per cent in 2022-23 against a 9.1 per cent growth in 2021-22. The NSO, in its second advance estimate of national accounts, had pegged the country's growth at 7 per cent for 2022-23. The official data mentioned that the "real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹149.26 lakh crore." "The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22," it added. Annual #GDP Estimates (in Lakh Crore) and Growth Rates (%) at Constant Prices.@Rao_InderjitS @PIB_India @NITIAayog @PMOIndia #MOSPI #NSO #GoIStats #DataForDevelopment #KnowYourStats #GDP pic.twitter.com/FDWzNZctF3 — Ministry of Statistics & Programme Implementation (@GoIStats) May 31, 2023 × 𝐀𝐧𝐧𝐮𝐚𝐥 #𝐆𝐃𝐏 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬 (𝐢𝐧 𝐋𝐚𝐤𝐡 𝐂𝐫𝐨𝐫𝐞) 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐑𝐚𝐭𝐞𝐬 (%) 𝐚𝐭 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞𝐬.@Rao_InderjitS @PIB_India @NITIAayog @PMOIndia #MOSPI #NSO #GoIStats #DataForDevelopment #KnowYourStats #GDP pic.twitter.com/SGsbYiotbC — Ministry of Statistics & Programme Implementation (@GoIStats) May 31, 2023 × As quoted by the news agency Reuters, Upasna Bhardwaj, who is the chief economist at the Kotak Mahindra Bank in Mumbai, said, "The sharp upside to the GDP growth suggests the resilience of the Indian economy despite the global slowdown." "However, we remain watchful on the sustainability of the strength especially when much of the non-agricultural growth has been led by public investment, while consumption remains tepid," Bhardwaj added. India's neighbour China has registered an economic growth of 4.5 per cent in the first three months of 2023. 'This India is different': Morgan Stanley report The latest report by Morgan Stanley noted that India, under Prime Minister Narendra Modi, has seen a massive transformation. It has gained a position in the world order and becoming a key driver for Asia and global growth. "This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook," it said. "India has transformed in less than a decade." The report has listed the 10 big changes that have happened since Prime Minister Narendra Modi took office in 2014. It said that bringing corporate tax at par with peers was one of the biggest supply-side policy reforms. (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.

India: GDP grows 6.1% in March quarter, 7.2% in 2022-23

Elon Musk,&nbsp;on Tuesday, arrived in Beijing on an unannounced visit. This is his first trip to China in more than three years. He is expected to&nbsp;visit Tesla's Shanghai plant during his trip.&nbsp;

Musk met Foreign Minister Qin Gang in Beijing after he landed, said the ministry.

Qin told Musk China was "committed to creating a better market-oriented, rule-of-law-based and internationalised business environment" for foreign enterprises, his ministry said on its website.

Musk in response said, "Tesla opposes 'decoupling and breaking chains', and is willing to continue to expand its business in China", according to the ministry's readout.

According to Beijing, on Tuesday, Qin and Musk discussed relations between China and the United States, with the Chinese foreign minister saying the two countries should "apply the brakes in a timely manner to avoid dangerous driving".

<h2>Musk's private jet lands in Beijing&nbsp;</h2>

As per a Reuters news agency witness, a private jet, which is used by Tesla Inc CEO Elon Musk, landed in Beijing on Tuesday.

According to a flight aggregation website ADS-B Exchange, Musk’s private jet, a 2015 Gulfstream G650ER, was seen leaving Alaska before crossing over Japan and South Korea on Tuesday morning.

The jet with its identifying tail number could be seen at Beijing Capital International Airport on Tuesday, according to the Reuters witness.

After the United States, China is Tesla's second-largest market. The electric car company's Shanghai plant is its largest production hub.

Musk's visit to China would be the first after he took the internet by storm with his bizarre dance moves during a 2020 event at Tesla's plant in Shanghai.

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&nbsp;

This would also mark his first visit to the country since the COVID-19 pandemic.&nbsp;

This also comes after Tesla is facing challenges including intense competition from Chinese automaker companies that are exporting their vehicles as demand in the world's largest auto market weakens.&nbsp;

Earlier this month, Musk in a conversation with CNBC had said, "There are some constraints on our ability to expand in China." He added: "It's not a demand issue."

In the same interview, Musk said tensions between the United States and China "should be a concern for everyone."

<h2>Tesla's road to India and a Chinese stumble</h2>

Tesla has not yet entered India, 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;

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."

(With inputs from agencies)

&nbsp;

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Elon Musk, on Tuesday, arrived in Beijing on an unannounced visit. This is his first trip to China in more than three years. He is expected to visit Tesla's Shanghai plant during his trip.

Elon Musk, on Tuesday, arrived in Beijing on an unannounced visit. This is his first trip to China in more than three years. He is expected to visit Tesla's Shanghai plant during his trip. Musk met Foreign Minister Qin Gang in Beijing after he landed, said the ministry. Qin told Musk China was "committed to creating a better market-oriented, rule-of-law-based and internationalised business environment" for foreign enterprises, his ministry said on its website. Musk in response said, "Tesla opposes 'decoupling and breaking chains', and is willing to continue to expand its business in China", according to the ministry's readout. According to Beijing, on Tuesday, Qin and Musk discussed relations between China and the United States, with the Chinese foreign minister saying the two countries should "apply the brakes in a timely manner to avoid dangerous driving". Musk's private jet lands in Beijing As per a Reuters news agency witness, a private jet, which is used by Tesla Inc CEO Elon Musk, landed in Beijing on Tuesday. According to a flight aggregation website ADS-B Exchange, Musk’s private jet, a 2015 Gulfstream G650ER, was seen leaving Alaska before crossing over Japan and South Korea on Tuesday morning. The jet with its identifying tail number could be seen at Beijing Capital International Airport on Tuesday, according to the Reuters witness. After the United States, China is Tesla's second-largest market. The electric car company's Shanghai plant is its largest production hub. Musk's visit to China would be the first after he took the internet by storm with his bizarre dance moves during a 2020 event at Tesla's plant in Shanghai. .@elonmusk knows how to get down pic.twitter.com/yIwcByxAuL — Tesla Owners Silicon Valley (@teslaownersSV) March 6, 2023 × This would also mark his first visit to the country since the COVID-19 pandemic. This also comes after Tesla is facing challenges including intense competition from Chinese automaker companies that are exporting their vehicles as demand in the world's largest auto market weakens. Earlier this month, Musk in a conversation with CNBC had said, "There are some constraints on our ability to expand in China." He added: "It's not a demand issue." In the same interview, Musk said tensions between the United States and China "should be a concern for everyone." Tesla's road to India and a Chinese stumble Tesla has not yet entered India, 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. 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." (With inputs from agencies) WATCH WION LIVE HERE

Tesla CEO Elon Musk lands in Beijing, meets Foreign Minister Qin Gang

Tesla's Chief Executive Officer (CEO) Elon Musk met Chinese Industry Minister Jin Zhuanglong in Beijing on Wednesday (May 31) to discuss ways to develop new energy vehicles.

Tesla's Chief Executive Officer (CEO) Elon Musk met Chinese Industry Minister Jin Zhuanglong in Beijing on Wednesday (May 31) to discuss ways to develop new energy vehicles. According to a readout from the Ministry of Industry and Information Technology, Musk met Zhuanglong to discuss "the development of new energy vehicles and intelligent connected vehicles." The readout did not give any further details. Musk arrived in Beijing on Tuesday, his first trip to China in more than three years. On Wednesday, the Tesla CEO visited the Commerce Ministry. Speaking to reporters, Chinese Foreign Ministry spokesperson Mao Ning said, "Regarding your second question about the situation of Mr. Musk visiting China, China has released information on relevant meetings which you can check. I have no further information to add." Musk was seen leaving his hotel accompanied by Tesla's China-based public affairs chief Grace Tao and head of global manufacturing Tom Zhu. His car was later seen parked outside the ministry. Musk meets Chinese foreign minister A day back, Musk met Chinese Foreign Minister Qing Gang hours after landing in Beijing. According to a report by the news agency Reuters, Gang told Musk that China was committed to improving the business environment for investors, including Tesla, and used an elaborate driving metaphor to describe China-US relations. The Tesla CEO, meanwhile, expressed his opposition to an economic decoupling between Washington and Beijing. "The interests of the United States and China are intertwined, like conjoined twins, who are inseparable from each other," Musk added. 'He's a pioneer': Musk showered with praise during China trip Musk has been showered with praise since the time he arrived in Beijing. There is an outpour of enthusiasm for him on Chinese social media. "He's a global idol," commented one user. "Elon Musk is just great, if only China could have someone like Elon Musk," said another. His visit to China comes as Tesla is facing intensifying competition from Chinese-made electric vehicles and some uncertainty about expansion plans for the Shanghai plant. And his extensive ties to China have raised eyebrows in the US, with President Joe Biden saying in November 2022 that the executive's links to foreign countries were "worthy" of scrutiny. (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.

Elon Musk in China: Tesla CEO, minister talk ways to develop new energy vehicles

The lean patch continues for the Chinese economy.&nbsp;

China's manufacturing sector contracted faster than expected in May due to weakening demand. Latest government data shows that the manufacturing Purchasing Managers' Index or PMI fell to 48.8 in May from 49.2 in April.&nbsp;

An index below 50 shows contraction in the sector, which clearly indicates that recovery in the world's second largest economy is losing steam after&nbsp;an uptick in the first three months of 2023.&nbsp;

The weak manufacturing data for May is all set to add more pressure on policymakers to double down on economic recovery.

The data comes while China hopes to get a much-needed boost from Elon Musk, who is on an unannounced trip to China, his first since the pandemic began in early 2020.

The Chinese foreign ministry on Tuesday said that Musk's Tesla is likely to expand its business in the country.

China is a huge market for the Electric Vehicle maker Tesla. The world's second largest economy is the company's second-largest market after the United States.

The company also runs its biggest production hub in Shanghai, which began operations in late 2019.&nbsp;

This makes China critical in Musk's plan to dominate the global EV market. Hence, it must come as no surprise that Chinese media reports suggest that Musk wants better economic ties between the US And China.

“The interests of the united states and China are intertwined, like conjoined twins, inseparable from each other," he is reported to have said in Beijing.&nbsp;

However, China's manufacturing might is now being challenged by India. The country is shoring up its manufacturing capacity as part of its 'Make in India' initiative.

A recent survey of over 100 CEOs showed that India is increasingly being favoured over China as a top destinations by multinational companies.&nbsp;

Even Tesla seems to be interested in manufacturing in India.&nbsp;

Recent reports have suggested that the EV maker is likely to set up a factory in India, as part of a plan to diversify its supply chain.&nbsp;

Notably, Musk has criticised what he said were India's high import taxes. On the other hand, India is averse to the idea of letting Tesla sell electric vehicles made in China.&nbsp;

The lean patch continues for the Chinese economy. China's manufacturing sector contracted faster than expected in May due to weakening demand. Latest government data shows that the manufacturing Purchasing Managers' Index or PMI fell to 48.

The lean patch continues for the Chinese economy. China's manufacturing sector contracted faster than expected in May due to weakening demand. Latest government data shows that the manufacturing Purchasing Managers' Index or PMI fell to 48.8 in May from 49.2 in April. An index below 50 shows contraction in the sector, which clearly indicates that recovery in the world's second largest economy is losing steam after an uptick in the first three months of 2023. The weak manufacturing data for May is all set to add more pressure on policymakers to double down on economic recovery. The data comes while China hopes to get a much-needed boost from Elon Musk, who is on an unannounced trip to China, his first since the pandemic began in early 2020. The Chinese foreign ministry on Tuesday said that Musk's Tesla is likely to expand its business in the country. China is a huge market for the Electric Vehicle maker Tesla. The world's second largest economy is the company's second-largest market after the United States. The company also runs its biggest production hub in Shanghai, which began operations in late 2019. This makes China critical in Musk's plan to dominate the global EV market. Hence, it must come as no surprise that Chinese media reports suggest that Musk wants better economic ties between the US And China. “The interests of the united states and China are intertwined, like conjoined twins, inseparable from each other," he is reported to have said in Beijing. However, China's manufacturing might is now being challenged by India. The country is shoring up its manufacturing capacity as part of its 'Make in India' initiative. A recent survey of over 100 CEOs showed that India is increasingly being favoured over China as a top destinations by multinational companies. Even Tesla seems to be interested in manufacturing in India. Recent reports have suggested that the EV maker is likely to set up a factory in India, as part of a plan to diversify its supply chain. Notably, Musk has criticised what he said were India's high import taxes. On the other hand, India is averse to the idea of letting Tesla sell electric vehicles made in China.

China's manufacturing sector contracts further in May

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported.

The bank, consisting of Brazil, Russia, India, China, and South Africa, aims to diversify its members based on geography, development stages, and country size, Dilma Rousseff, the bank's president, said.&nbsp;

During the annual meeting held in Shanghai on Tuesday, Rousseff announced that Saudi Arabia is in discussions to join the bank, a move that would enhance the lender's financial strength.&nbsp;

The NDB was formed in 2014 as a counterbalance to the International Monetary Fund (IMF) and the World Bank.

Expanding NDB's Influence

As an institution open to any United Nations member country, the NDB has steadily expanded its membership. Bangladesh, the United Arab Emirates and Uruguay became members in 2021, Egypt joined the multilateral bank in&nbsp;February this year.&nbsp;

Drawing on her experience as the former president of Brazil, Rousseff emphasised that new members will contribute resources to the bank, enabling it to diversify its portfolio and enhance its ability to mobilize funds. She acknowledged the crucial role multilateral banks play in developing countries, recognising the challenges they face in obtaining finance to address social and economic issues on a large scale.

In an apparent bid to accelerate the de-dollarisation of the world economy, Rousseff announced that the bank would finance more projects in local currencies. In doing so, she argued that it would strengthen domestic markets and shield borrowers from currency fluctuations.

Several countries in the global south -- the developing and less developed countries --&nbsp;have currencies that are not fully convertible within the current financial framework, causing their economies&nbsp;to suffer from sudden exchange rate fluctuations.&nbsp;

"The world is going through a transformation process, and it's not about one currency against another one," Bloomberg quoted Rousseff as saying during a press briefing in Shanghai.

Leslie Maasdorp, Vice President and Chief Financial Officer of the NDB, confirmed that the bank is on track to achieve its goal of financing 30 percent of its projects in local currencies by 2026. Currently, the bank allocates approximately 22 percent of project funding in local currencies.&nbsp;

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported.

The New Development Bank (NDB), established by the BRICS group of nations, is set to broaden its membership as part of its efforts to increase capital and counter the influence of Western-dominated multilateral banks, Bloomberg reported. The bank, consisting of Brazil, Russia, India, China, and South Africa, aims to diversify its members based on geography, development stages, and country size, Dilma Rousseff, the bank's president, said. During the annual meeting held in Shanghai on Tuesday, Rousseff announced that Saudi Arabia is in discussions to join the bank, a move that would enhance the lender's financial strength. The NDB was formed in 2014 as a counterbalance to the International Monetary Fund (IMF) and the World Bank. Expanding NDB's Influence As an institution open to any United Nations member country, the NDB has steadily expanded its membership. Bangladesh, the United Arab Emirates and Uruguay became members in 2021, Egypt joined the multilateral bank in February this year. Drawing on her experience as the former president of Brazil, Rousseff emphasised that new members will contribute resources to the bank, enabling it to diversify its portfolio and enhance its ability to mobilize funds. She acknowledged the crucial role multilateral banks play in developing countries, recognising the challenges they face in obtaining finance to address social and economic issues on a large scale. In an apparent bid to accelerate the de-dollarisation of the world economy, Rousseff announced that the bank would finance more projects in local currencies. In doing so, she argued that it would strengthen domestic markets and shield borrowers from currency fluctuations. Several countries in the global south -- the developing and less developed countries -- have currencies that are not fully convertible within the current financial framework, causing their economies to suffer from sudden exchange rate fluctuations. "The world is going through a transformation process, and it's not about one currency against another one," Bloomberg quoted Rousseff as saying during a press briefing in Shanghai. Leslie Maasdorp, Vice President and Chief Financial Officer of the NDB, confirmed that the bank is on track to achieve its goal of financing 30 percent of its projects in local currencies by 2026. Currently, the bank allocates approximately 22 percent of project funding in local currencies.

BRICS-backed New Development Bank invites Saudi Arabia to join the club

Nvidia Corp's CEO Jensen Huang on Monday said that Artificial Intelligence has ended the 'digital divide' across the world. Speaking at the&nbsp;Computex forum in Taipei, Huang said that AI has ushered in a new era of computing, making it possible for anyone to become a programmer by simply speaking to a computer.

“Every single computing era you could do different things that weren’t possible before, and artificial intelligence certainly qualifies. Everyone is a programmer now – you just have to say something to the computer," he told the audience in Taipei.&nbsp;

Nvidia has rapidly emerged as the world's most valuable listed semiconductor company, owing to its pivotal role as a leading supplier of chips and computing systems for AI. The company's chips power a wide range of AI applications, including the popular language model ChatGPT, and have garnered immense demand from various industries. Most notably,&nbsp;Nvidia's AI chips have enabled companies like Microsoft to enhance their search engines, such as Bing, with human-like chat features.

With the programming barrier significantly lowered, the ease of use and accessibility of AI technology has contributed to its exponential progress. Huang confidently stated that the AI revolution would touch every industry, enabling businesses and individuals to achieve previously thought impossible feats, Reuters reported.

At the Taipei event, Huang showcased the capabilities of AI by demonstrating a program that composed a short pop song lauding Nvidia with minimal instruction. This example exemplified the potential for AI to generate creative and engaging content, capturing the audience's attention worldwide.

During his speech, Huang unveiled a series of innovative applications, including a strategic partnership with WPP, the world's largest advertising group. The collaboration aims to leverage generative AI-enabled content for digital advertising, providing advertisers with advanced tools to create captivating campaigns.

While the demand for Nvidia's AI chips continues to surge, the company has faced challenges in meeting this growing appetite. The scarcity of graphics processing units (GPUs), integral to AI systems, has drawn comparisons to the difficulty of acquiring illicit drugs. Nvidia is proactively addressing these supply chain challenges and ensuring that the market's hunger for AI chips is adequately satisfied.

(With inputs from Reuters)

Nvidia Corp's CEO Jensen Huang on Monday said that Artificial Intelligence has ended the 'digital divide' across the world. Speaking at the Computex forum in Taipei, Huang said that AI has ushered in a new era of computing, making it possible for anyone to become a programmer by simply speaking to a computer.

Nvidia Corp's CEO Jensen Huang on Monday said that Artificial Intelligence has ended the 'digital divide' across the world. Speaking at the Computex forum in Taipei, Huang said that AI has ushered in a new era of computing, making it possible for anyone to become a programmer by simply speaking to a computer. “Every single computing era you could do different things that weren’t possible before, and artificial intelligence certainly qualifies. Everyone is a programmer now – you just have to say something to the computer," he told the audience in Taipei. Nvidia has rapidly emerged as the world's most valuable listed semiconductor company, owing to its pivotal role as a leading supplier of chips and computing systems for AI. The company's chips power a wide range of AI applications, including the popular language model ChatGPT, and have garnered immense demand from various industries. Most notably, Nvidia's AI chips have enabled companies like Microsoft to enhance their search engines, such as Bing, with human-like chat features. With the programming barrier significantly lowered, the ease of use and accessibility of AI technology has contributed to its exponential progress. Huang confidently stated that the AI revolution would touch every industry, enabling businesses and individuals to achieve previously thought impossible feats, Reuters reported. At the Taipei event, Huang showcased the capabilities of AI by demonstrating a program that composed a short pop song lauding Nvidia with minimal instruction. This example exemplified the potential for AI to generate creative and engaging content, capturing the audience's attention worldwide. During his speech, Huang unveiled a series of innovative applications, including a strategic partnership with WPP, the world's largest advertising group. The collaboration aims to leverage generative AI-enabled content for digital advertising, providing advertisers with advanced tools to create captivating campaigns. While the demand for Nvidia's AI chips continues to surge, the company has faced challenges in meeting this growing appetite. The scarcity of graphics processing units (GPUs), integral to AI systems, has drawn comparisons to the difficulty of acquiring illicit drugs. Nvidia is proactively addressing these supply chain challenges and ensuring that the market's hunger for AI chips is adequately satisfied. (With inputs from Reuters)

AI Magic: Nvidia’s CEO says ‘anyone can become a Programmer’

Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their outstanding debts, various media reports have said.&nbsp;The debt collection announcement, a rare occurrence, sheds light on the dire financial situation plaguing the country's local governments even as the economic situation remains uncertainty.

In a statement published by the official Changjiang Daily newspaper, Wuhan's finance bureau has called upon 259 companies and entities to settle their combined debts of over 100 million yuan ($14 million) at the earliest. The debtors comprise a mix of state-owned and privately owned companies, government departments, and even think tanks, as reported by official media outlets. It also includes prominent entities such as Dongfeng Wuhan Light Vehicle, controlled by the city's state asset regulator, and Uni-President Enterprises, a Taiwanese food and beverage giant with significant operations in mainland China.

China's local governments have been grappling with the aftermath of President Xi Jinping's zero-Covid campaign, which strained budgets due to extensive spending on Covid-related measures such as frequent lockdowns, mass testing, and quarantine centers. A real estate crash further compounded the financial burdens, as local governments heavily rely on revenue from land sales. These factors have significantly impacted the financial stability of cities and provinces throughout China.

Mounting Government Debt

Analysts estimate that China's outstanding government debts surpassed a staggering 123 trillion yuan ($18 trillion) last year, with nearly $10 trillion classified as 'hidden debt' owed by risky local government financing platforms.

Hidden debt is defined as any borrowing that is not included in the government's on-budget debt but carries an explicit or tacit promise to be repaid with fiscal funds or is supported by illegal guarantees. It mostly consists of the issuing of bonds by state-owned businesses created to finance local government investments like the construction of infrastructure, including roads and bridges.&nbsp;

As budgets tighten, some cities have resorted to cutting medical benefits for seniors, leading to public protests. The strain on municipal finances has put other vital services at risk, further exacerbating the impact on local communities. The challenges faced by Wuhan are not isolated incidents, as other cities like Kunming, the capital of Yunnan province, and Guizhou, one of China's poorest provinces, have also struggled with their financial situations. These cities have publicly acknowledged their difficulties and sought assistance from Beijing to avoid defaulting on their obligations.

The debt collection predicament faced by Wuhan and other cities raises critical questions about China's economic stability and the financial health of local governments. The ability of municipal authorities to navigate these challenges and find sustainable solutions will be vital in maintaining stability and delivering essential services to their residents.&nbsp;

Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their outstanding debts, various media reports have said. The debt collection announcement, a rare occurrence, sheds light on the dire financial situation plaguing the country's local governments even as the economic situation remains uncertainty.

Wuhan, the largest city in central China, has publicly demanded that hundreds of local companies repay their outstanding debts, various media reports have said. The debt collection announcement, a rare occurrence, sheds light on the dire financial situation plaguing the country's local governments even as the economic situation remains uncertainty. In a statement published by the official Changjiang Daily newspaper, Wuhan's finance bureau has called upon 259 companies and entities to settle their combined debts of over 100 million yuan ($14 million) at the earliest. The debtors comprise a mix of state-owned and privately owned companies, government departments, and even think tanks, as reported by official media outlets. It also includes prominent entities such as Dongfeng Wuhan Light Vehicle, controlled by the city's state asset regulator, and Uni-President Enterprises, a Taiwanese food and beverage giant with significant operations in mainland China. China's local governments have been grappling with the aftermath of President Xi Jinping's zero-Covid campaign, which strained budgets due to extensive spending on Covid-related measures such as frequent lockdowns, mass testing, and quarantine centers. A real estate crash further compounded the financial burdens, as local governments heavily rely on revenue from land sales. These factors have significantly impacted the financial stability of cities and provinces throughout China. Mounting Government Debt Analysts estimate that China's outstanding government debts surpassed a staggering 123 trillion yuan ($18 trillion) last year, with nearly $10 trillion classified as 'hidden debt' owed by risky local government financing platforms. Hidden debt is defined as any borrowing that is not included in the government's on-budget debt but carries an explicit or tacit promise to be repaid with fiscal funds or is supported by illegal guarantees. It mostly consists of the issuing of bonds by state-owned businesses created to finance local government investments like the construction of infrastructure, including roads and bridges. As budgets tighten, some cities have resorted to cutting medical benefits for seniors, leading to public protests. The strain on municipal finances has put other vital services at risk, further exacerbating the impact on local communities. The challenges faced by Wuhan are not isolated incidents, as other cities like Kunming, the capital of Yunnan province, and Guizhou, one of China's poorest provinces, have also struggled with their financial situations. These cities have publicly acknowledged their difficulties and sought assistance from Beijing to avoid defaulting on their obligations. The debt collection predicament faced by Wuhan and other cities raises critical questions about China's economic stability and the financial health of local governments. The ability of municipal authorities to navigate these challenges and find sustainable solutions will be vital in maintaining stability and delivering essential services to their residents.

Cash crunch in Wuhan: City plays debt collector in unusual move

Las Vegas, the renowned gambling capital of the world, is undergoing a transformation that has left many visitors puzzled and wondering if their luck is running out.&nbsp;

In their bid to attract what they deem as 'higher value customers', casinos on the iconic Las Vegas Strip have implemented changes that have raised eyebrows and sparked controversy.&nbsp;With higher minimum bets, reduced payouts, and the introduction of a triple-zero iteration of the roulette game, the changing gambling landscape in Sin City is&nbsp;leaving everyday gamblers in the lurch.

The changes begin at the blackjack tables, where the minimum bets have soared to new heights, making it increasingly challenging for budget-conscious players to join in the action.&nbsp;

Once seated, players face another hurdle as the traditional 3:2 payout ratio, where a winning hand earned them $15 for every $10 bet, has now shifted to a less favorable 6:5 ratio.&nbsp;This change has led to staggering losses for blackjack players, reaching the highest levels since 2007, according to data from the Nevada Gaming Control Board.

While the shift to higher minimum bets and lower payouts may be concerning, the introduction of a triple-zero iteration of the roulette game has truly stirred the controversy.&nbsp;

In the traditional roulette game, players bet on numbers ranging from 1 to 36, with a single zero (0) providing an advantage to the house. However, with the triple-zero iteration, an additional zero (00) has been added, further tilting the odds in favor of the casino.&nbsp;

This means that the chances of winning for gamblers have decreased significantly, making every bet on the roulette wheel an even riskier proposition.

High-Value vs Accessibility

Casino executives defend these changes as a necessary strategy to attract and cater to higher-paying customers, ensuring maximum revenue for their establishments. They argue that raising the minimum bets and altering the payout ratios can create a more exclusive and lucrative gambling environment, reported Business Insider.

However, critics argue that these changes compromise the fairness and accessibility of the gambling experience that Las Vegas is known for.

As word spreads about these alterations, visitors to the Las Vegas Strip are becoming increasingly aware of the shifting landscape.&nbsp;

According to US media reports, former professional poker player John Mehaffey and his wife Kristina have found that over two-thirds of blackjack tables on the Strip have shifted to the less favorable 6:5 payout ratio.

The impact of these changes remains to be seen as the debate surrounding the balance between attracting high-value customers and maintaining a fair gambling environment rages on.&nbsp;

Las Vegas, the renowned gambling capital of the world, is undergoing a transformation that has left many visitors puzzled and wondering if their luck is running out.

Las Vegas, the renowned gambling capital of the world, is undergoing a transformation that has left many visitors puzzled and wondering if their luck is running out. In their bid to attract what they deem as 'higher value customers', casinos on the iconic Las Vegas Strip have implemented changes that have raised eyebrows and sparked controversy. With higher minimum bets, reduced payouts, and the introduction of a triple-zero iteration of the roulette game, the changing gambling landscape in Sin City is leaving everyday gamblers in the lurch. The changes begin at the blackjack tables, where the minimum bets have soared to new heights, making it increasingly challenging for budget-conscious players to join in the action. Once seated, players face another hurdle as the traditional 3:2 payout ratio, where a winning hand earned them $15 for every $10 bet, has now shifted to a less favorable 6:5 ratio. This change has led to staggering losses for blackjack players, reaching the highest levels since 2007, according to data from the Nevada Gaming Control Board. While the shift to higher minimum bets and lower payouts may be concerning, the introduction of a triple-zero iteration of the roulette game has truly stirred the controversy. In the traditional roulette game, players bet on numbers ranging from 1 to 36, with a single zero (0) providing an advantage to the house. However, with the triple-zero iteration, an additional zero (00) has been added, further tilting the odds in favor of the casino. This means that the chances of winning for gamblers have decreased significantly, making every bet on the roulette wheel an even riskier proposition. High-Value vs Accessibility Casino executives defend these changes as a necessary strategy to attract and cater to higher-paying customers, ensuring maximum revenue for their establishments. They argue that raising the minimum bets and altering the payout ratios can create a more exclusive and lucrative gambling environment, reported Business Insider. However, critics argue that these changes compromise the fairness and accessibility of the gambling experience that Las Vegas is known for. As word spreads about these alterations, visitors to the Las Vegas Strip are becoming increasingly aware of the shifting landscape. According to US media reports, former professional poker player John Mehaffey and his wife Kristina have found that over two-thirds of blackjack tables on the Strip have shifted to the less favorable 6:5 payout ratio. The impact of these changes remains to be seen as the debate surrounding the balance between attracting high-value customers and maintaining a fair gambling environment rages on.

High rollers only: Las Vegas casinos chase bigger bets and smaller wins

Nvidia is now one of the five trillion dollar companies in the world. The Santa Clara, California-headquartered chipmaker became the first in the sector to achieve a $1 trillion market capitalisation on Tuesday.&nbsp;

The trillion-dollar market cap in recent days has been powered by enormous growth potential powered by artificial intelligence.

Nvidia joins Alphabet Inc., Amazon.com Inc., Apple Inc. and Microsoft Corp. in the elusive trillion-dollar club.

Only nine companies globally have ever achieved this level.

<h2>What led to Nvidia's $1 billion rise: The AI factor</h2>

In the last three months, Nvidia reported $2 billion in profit in its quarterly earnings.

Nvidia’s business got a boost after the demand for PC gaming and cryptocurrency mining went up during the Covid pandemic.

Artificial Intelligence powered Nvidia's rise, as CEO Jensen Huang showed an elevated potential for the company's data-centric growth.

<h2>Nvidia Computex 2023</h2>

Last weekend,&nbsp;Nvidia’s Computex 2023 keynote was full of Artificial Intelligence announcements. This included a demo of games using&nbsp;Avatar Cloud Engine (ACE) for Games to support natural language.

ALSO WATCH |&nbsp;Nvidia CEO on the AI revolution

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Nvidia Computex 2023 also included an announcement related to a&nbsp;new DGX GH200 supercomputer built around its latest Grace Hopper Superchip that is reported to be&nbsp;collectively capable of an exaflop of AI performance.

<h2>The $1 trillion group</h2>

Nvidia's&nbsp;valuation pushed past the trillion-dollar benchmark as trading opened on Tuesday&nbsp;at over $400 per share. The development has put the chipmaker&nbsp;into an exclusive club occupied by companies such as Apple and Microsoft.

The two&nbsp;surpassed the significant mark in August 2018 and August 2019, respectively. Amazon and Google are the other big tech&nbsp;stocks in the club.

Mark Zuckerberg's Meta is a former member.

Reuters reported Nvidia’s shares jumped around 25 per cent last week.

The premarket trading on Tuesday morning had the stock hitting up to $404.91, a gain of about four&nbsp;per cent, Bloomberg reported.

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Nvidia is now one of the five trillion dollar companies in the world. The Santa Clara, California-headquartered chipmaker became the first in the sector to achieve a $1 trillion market capitalisation on Tuesday.

Nvidia is now one of the five trillion dollar companies in the world. The Santa Clara, California-headquartered chipmaker became the first in the sector to achieve a $1 trillion market capitalisation on Tuesday. The trillion-dollar market cap in recent days has been powered by enormous growth potential powered by artificial intelligence. Nvidia joins Alphabet Inc., Amazon.com Inc., Apple Inc. and Microsoft Corp. in the elusive trillion-dollar club. Only nine companies globally have ever achieved this level. What led to Nvidia's $1 billion rise: The AI factor In the last three months, Nvidia reported $2 billion in profit in its quarterly earnings. Nvidia’s business got a boost after the demand for PC gaming and cryptocurrency mining went up during the Covid pandemic. Artificial Intelligence powered Nvidia's rise, as CEO Jensen Huang showed an elevated potential for the company's data-centric growth. Nvidia Computex 2023 Last weekend, Nvidia’s Computex 2023 keynote was full of Artificial Intelligence announcements. This included a demo of games using Avatar Cloud Engine (ACE) for Games to support natural language. ALSO WATCH | Nvidia CEO on the AI revolution × Nvidia Computex 2023 also included an announcement related to a new DGX GH200 supercomputer built around its latest Grace Hopper Superchip that is reported to be collectively capable of an exaflop of AI performance. The $1 trillion group Nvidia's valuation pushed past the trillion-dollar benchmark as trading opened on Tuesday at over $400 per share. The development has put the chipmaker into an exclusive club occupied by companies such as Apple and Microsoft. The two surpassed the significant mark in August 2018 and August 2019, respectively. Amazon and Google are the other big tech stocks in the club. Mark Zuckerberg's Meta is a former member. Reuters reported Nvidia’s shares jumped around 25 per cent last week. The premarket trading on Tuesday morning had the stock hitting up to $404.91, a gain of about four per cent, Bloomberg reported. 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.

Artificial Intelligence powers Nvidia to $1 trillion market cap

Danish ambassador Freddy Svane speaks to WION on India and Denmark's green energy partnership. He talks about the challenges to transition to a cleaner and greener energy source and how the two countries could be key in developing technologies to benefit the world.

Investing in cleaner & greener energy sources | World Business Watch

Las Vegas, the city synonymous with gambling and entertainment, is experiencing a shift in its iconic casino floors. In an effort to attract what they call 'higher value customers, casinos are implementing changes that are leaving everyday gamblers feeling the pinch. Minimum bets for popular games like blackjack have skyrocketed, making it more difficult for budget-conscious players to participate.

Las Vegas casinos target ‘high value’ customers

China's economy is causing a stir in the world of global finance. Financial markets are flashing warning signs, signaling potential trouble ahead. however, some analysts believe that wall street may be missing the forest for the trees, failing to grasp the long-term perspective.

China’s economic fluctuations puzzle wall street | World Business Watch

If you have invested in an index fund that tracks the S&P500 and its underlying stocks you would have had $108 for every 100 you invested in 2023. Watch the video to know more.

S&P500 2023: Story of high fliers & low ballers

China's economic trajectory has recently garnered attention and raised concerns in financial markets. Expectations of a robust post-COVID rebound have largely failed to materialise, leading to increased scrutiny from analysts.&nbsp;

While Wall Street has adopted a short-sighted perspective, some experts argue that the bigger picture should be considered.&nbsp;

Despite growth acceleration in the first quarter of 2023, more recent data, as reported by Business Insider, indicates signs of a slowdown in various sectors, leading to revised growth estimates for the year.&nbsp;

As worries about China's economy reverberate through global markets, analysts emphasize the need for a long-term outlook to comprehend the situation fully.

China's economy experienced an acceleration to 4.5 percent growth in the first quarter, building on the relaxation of COVID-19 restrictions in late 2021. However, recent data indicate a deceleration in growth, with declines in retail sales, home sales, industrial production, and fixed-asset investment. Disappointed investors, hopeful for a stronger rebound, prompted Wall Street to revise their growth estimates for the year.

This downward trend has had a ripple effect across markets, as evidenced by the fall of the yuan below the psychologically important level of 7 per dollar earlier this month. Additionally, the price of copper, which was expected to benefit from high demand in Chinese factories, experienced a four-month low in mid-May. Luxury brands dependent on the Chinese consumer base also suffered declines in their share prices.

Short-Term Metrics vs. Long-Term Outlook

Analysts argue that unrealistic expectations and a preference for immediate metrics over long-term perspectives influence Wall Street's reaction to China's economic performance.&nbsp;

Some experts recall China's response to the 2008 financial crisis, where massive stimulus led to double-digit growth. However, this approach resulted in a significant debt burden that has since been a focus for the Chinese government.&nbsp;

While demand is slowing, China remains determined to limit debt growth while ensuring steady economic expansion. The government set a conservative growth target of 5 percent in March, which experts consider achievable.&nbsp;

Though full-scale stimulus measures are not expected, China possesses various tools to maintain growth. These measures include providing cheap loans to sectors in need, increasing lending quotas for policy banks, and easing financial conditions later in the year.

Despite China's efforts to manage its economy, challenges persist. Youth unemployment rates remain high, and geopolitical risks may hinder access to foreign technology.&nbsp;

Private investment, a key driver of growth in China, has nearly collapsed over the past 15 months, which some attribute to stringent regulations and an expanding role of the state in the market. However, several analysts maintain that China has the capacity to tackle these challenges and maintain steady growth.&nbsp;

China's economic trajectory has recently garnered attention and raised concerns in financial markets. Expectations of a robust post-COVID rebound have largely failed to materialise, leading to increased scrutiny from analysts.

China's economic trajectory has recently garnered attention and raised concerns in financial markets. Expectations of a robust post-COVID rebound have largely failed to materialise, leading to increased scrutiny from analysts. While Wall Street has adopted a short-sighted perspective, some experts argue that the bigger picture should be considered. Despite growth acceleration in the first quarter of 2023, more recent data, as reported by Business Insider, indicates signs of a slowdown in various sectors, leading to revised growth estimates for the year. As worries about China's economy reverberate through global markets, analysts emphasize the need for a long-term outlook to comprehend the situation fully. China's economy experienced an acceleration to 4.5 percent growth in the first quarter, building on the relaxation of COVID-19 restrictions in late 2021. However, recent data indicate a deceleration in growth, with declines in retail sales, home sales, industrial production, and fixed-asset investment. Disappointed investors, hopeful for a stronger rebound, prompted Wall Street to revise their growth estimates for the year. This downward trend has had a ripple effect across markets, as evidenced by the fall of the yuan below the psychologically important level of 7 per dollar earlier this month. Additionally, the price of copper, which was expected to benefit from high demand in Chinese factories, experienced a four-month low in mid-May. Luxury brands dependent on the Chinese consumer base also suffered declines in their share prices. Short-Term Metrics vs. Long-Term Outlook Analysts argue that unrealistic expectations and a preference for immediate metrics over long-term perspectives influence Wall Street's reaction to China's economic performance. Some experts recall China's response to the 2008 financial crisis, where massive stimulus led to double-digit growth. However, this approach resulted in a significant debt burden that has since been a focus for the Chinese government. While demand is slowing, China remains determined to limit debt growth while ensuring steady economic expansion. The government set a conservative growth target of 5 percent in March, which experts consider achievable. Though full-scale stimulus measures are not expected, China possesses various tools to maintain growth. These measures include providing cheap loans to sectors in need, increasing lending quotas for policy banks, and easing financial conditions later in the year. Despite China's efforts to manage its economy, challenges persist. Youth unemployment rates remain high, and geopolitical risks may hinder access to foreign technology. Private investment, a key driver of growth in China, has nearly collapsed over the past 15 months, which some attribute to stringent regulations and an expanding role of the state in the market. However, several analysts maintain that China has the capacity to tackle these challenges and maintain steady growth.

The great Wall Street mystery: Unraveling China’s economic puzzle

Apple supplier Foxconn is ramping up efforts at&nbsp;recruitment and retaining employees&nbsp;at the world’s largest iPhone factory in Zhengzhou, China ahead of the launch of a new model. The model in question is iPhone 15 which is expected to be launched in September by the United States-based tech giant.&nbsp;

It also indicates Foxconn’s commitment to continue assembling iPhones in the capital of central Henan province amid Apple’s reported efforts to shift the ongoing manufacturing supply chain away from China.&nbsp;

<h2>From a rise in pay to bonuses: What is being offered to employees?</h2>

The Taiwan-based Foxconn said that new workers at the plant in Zhengzhou will receive bonuses of up to $424 (3,000 yuan) if they managed to stay on the job for at least 90 days, with hourly pay of up to 21 yuan ($3), reported South China Morning Post (SCMP). The announcement was made on the messaging app WeChat over the weekend by Foxconn’s integrated Digital Product Business Group, which is responsible for iPhone production.&nbsp;

Meanwhile, existing factory workers can obtain a referral bonus of 500 yuan ($71), provided the person stays at the company for a month, reported BBC. However, this is not Foxconn’s first attempt to retain its workers. 
 
As per the report by SCMP, the company has raised worker benefits twice this month.&nbsp;This includes offering one of the highest loyalty bonuses to new recruits who remain employed for at least three months, which was raised to 2,500 yuan on May 22 from 2,000 yuan on May 3, said the media report.&nbsp;

<h2>About the world’s largest iPhone factory</h2>

Foxconn’s Zhengzhou plant, also known as iPhone City, is the world’s largest iPhone factory.&nbsp;As per reports, it&nbsp;employs more than 200,000 workers and assembles nearly 80 per cent of the global supply of Apple's&nbsp;flagship device.&nbsp;

However, the facility witnessed major disruptions due to China’s strict zero-Covid policy, last year, which has since prompted the company to diversify its production&nbsp;of the US tech giant’s flagship device to India and Vietnam.&nbsp;

Additionally, hundreds of workers protested at the Zhengzhou plant over COVID-19-related restrictions, and reported overdue pay, while workers also complained about the lack of food and medication. The disruptions in November and December also led to the US-based tech giant’s first quarterly decline in revenue since 2019, said Apple chief executive Tim Cook, as per reports.&nbsp;

However, Foxconn’s CEO said that the Taiwan-based company has no plans to leave its second-largest base in China’s Chengdu and its “important” production base there, after the announcement of its significant expansion in India.&nbsp;

Seemingly in a bid to reaffirm its commitment to China Foxconn also opened a new global business base in Zhengzhou, earlier this year, reported SCMP. This comes amid reports of the company opening an iPhone production facility in the Indian city of Chennai. 
 
&nbsp;

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Apple supplier Foxconn is ramping up efforts at recruitment and retaining employees at the world’s largest iPhone factory in Zhengzhou, China ahead of the launch of a new model.

Apple supplier Foxconn is ramping up efforts at recruitment and retaining employees at the world’s largest iPhone factory in Zhengzhou, China ahead of the launch of a new model. The model in question is iPhone 15 which is expected to be launched in September by the United States-based tech giant. It also indicates Foxconn’s commitment to continue assembling iPhones in the capital of central Henan province amid Apple’s reported efforts to shift the ongoing manufacturing supply chain away from China. From a rise in pay to bonuses: What is being offered to employees? The Taiwan-based Foxconn said that new workers at the plant in Zhengzhou will receive bonuses of up to $424 (3,000 yuan) if they managed to stay on the job for at least 90 days, with hourly pay of up to 21 yuan ($3), reported South China Morning Post (SCMP). The announcement was made on the messaging app WeChat over the weekend by Foxconn’s integrated Digital Product Business Group, which is responsible for iPhone production. Meanwhile, existing factory workers can obtain a referral bonus of 500 yuan ($71), provided the person stays at the company for a month, reported BBC. However, this is not Foxconn’s first attempt to retain its workers. As per the report by SCMP, the company has raised worker benefits twice this month. This includes offering one of the highest loyalty bonuses to new recruits who remain employed for at least three months, which was raised to 2,500 yuan on May 22 from 2,000 yuan on May 3, said the media report. About the world’s largest iPhone factory Foxconn’s Zhengzhou plant, also known as iPhone City, is the world’s largest iPhone factory. As per reports, it employs more than 200,000 workers and assembles nearly 80 per cent of the global supply of Apple's flagship device. However, the facility witnessed major disruptions due to China’s strict zero-Covid policy, last year, which has since prompted the company to diversify its production of the US tech giant’s flagship device to India and Vietnam. Additionally, hundreds of workers protested at the Zhengzhou plant over COVID-19-related restrictions, and reported overdue pay, while workers also complained about the lack of food and medication. The disruptions in November and December also led to the US-based tech giant’s first quarterly decline in revenue since 2019, said Apple chief executive Tim Cook, as per reports. However, Foxconn’s CEO said that the Taiwan-based company has no plans to leave its second-largest base in China’s Chengdu and its “important” production base there, after the announcement of its significant expansion in India. Seemingly in a bid to reaffirm its commitment to China Foxconn also opened a new global business base in Zhengzhou, earlier this year, reported SCMP. This comes amid reports of the company opening an iPhone production facility in the Indian city of Chennai. 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.

Foxconn hikes pay for workers in world’s largest iPhone factory ahead of new model launch

Almost all white-collar employees in India are open to new job opportunities, a survey of nearly 4,000 skilled, white-collar employees in India revealed.

The Talent Trends study 2023 by global recruitment firm Michael Page found that 75 per cent of these people are active job seekers, meaning they are looking out for opportunities on a given day or plan to find a new job in the next six months.&nbsp;

While 23 per cent were reported to be on the fence but stayed open about finding a new job.

In total, 98 per cent white-collar skilled people surveyed by the Talent Trends across industry sectors were reportedly open to new job opportunities.

<h2>'People are constantly looking out' for new opportunities</h2>

Ankit Agarwala, managing director of Michael Page India, told Economic Times that the findings simply show that people are "constantly looking out despite the economic realities".

ALSO WATCH |&nbsp;Gravitas: Tech layoffs: Is your job safe?

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"Our survey shows that the willingness to look out for a job among the employees is not linked to the feasibility of finding a new job," Agarwala was quoted as saying by Economic Times.

<h2>Who were the participants?</h2>

The participants reportedly included 21 per cent top-level, including C-suite employees, 51 per cent departmental managers, 14 per cent mid-level such as line managers, while 10 per cent included ones without any managerial responsibilities.

<h2>What does it mean?</h2>

The study showed that people are open to new opportunities notwithstanding when they started their current job.

Almost two-thirds of those who started their job as recently as 2022 being active job seekers.&nbsp;

"The culture of long-term service to a single company is becoming an obsolete concept. Loyalty has lost its lustre and job hopping is becoming a norm," said Agarwala. "This trend is especially picking up with an acute shortage of skills in the market and employers too are not looking at loyalty as an important requisite in talent-as was the case 3-4 years ago-as long as they find the right skills."

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Almost all white-collar employees in India are open to new job opportunities, a survey of nearly 4,000 skilled, white-collar employees in India revealed. The Talent Trends study 2023 by global recruitment firm Michael Page found that 75 per cent of these people are active job seekers, meaning they are looking out for opportunities on a given day or plan to find a new job in the next six months.

Almost all white-collar employees in India are open to new job opportunities, a survey of nearly 4,000 skilled, white-collar employees in India revealed. The Talent Trends study 2023 by global recruitment firm Michael Page found that 75 per cent of these people are active job seekers, meaning they are looking out for opportunities on a given day or plan to find a new job in the next six months. While 23 per cent were reported to be on the fence but stayed open about finding a new job. In total, 98 per cent white-collar skilled people surveyed by the Talent Trends across industry sectors were reportedly open to new job opportunities. 'People are constantly looking out' for new opportunities Ankit Agarwala, managing director of Michael Page India, told Economic Times that the findings simply show that people are "constantly looking out despite the economic realities". ALSO WATCH | Gravitas: Tech layoffs: Is your job safe? × "Our survey shows that the willingness to look out for a job among the employees is not linked to the feasibility of finding a new job," Agarwala was quoted as saying by Economic Times. Who were the participants? The participants reportedly included 21 per cent top-level, including C-suite employees, 51 per cent departmental managers, 14 per cent mid-level such as line managers, while 10 per cent included ones without any managerial responsibilities. What does it mean? The study showed that people are open to new opportunities notwithstanding when they started their current job. Almost two-thirds of those who started their job as recently as 2022 being active job seekers. "The culture of long-term service to a single company is becoming an obsolete concept. Loyalty has lost its lustre and job hopping is becoming a norm," said Agarwala. "This trend is especially picking up with an acute shortage of skills in the market and employers too are not looking at loyalty as an important requisite in talent-as was the case 3-4 years ago-as long as they find the right skills." 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.

Nearly all skilled employees ready to switch jobs if given a chance: Survey

India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks.

Foreign investors bought shares worth $4.5 billion in May so far, a little more than a two-fold increase from last month, according to India’s National Securities Depository.&nbsp;

The US remains the world's largest stock market with a market capitalisation of $44.54 trillion, followed by China ($10.26 trillion), Japan ($5.68 trillion) and Hong Kong ($5.14 trillion).

<h2>India stock market rebound: How much is it?</h2>

The market capitalisation of India stood at $3.3 trillion as of Friday. This was aided by rebound in Adani Group shares from a rout earlier this year in the wake of shortseller Hindenburg's adverse report.

<h2>Investors choose India over China</h2>

Meanwhile, a number of overseas funds have been rotating money out of China into Indian stocks.

Beijing’s stringent Covid-19 policies, turmoil in its real estate industry, and a wave of anti-trust campaigns against China’s valuable tech firms have crushed sentiments for Chinese assets, economists say.

Mark Mobius, founder of Mobius Capital Partners and a market expert, also sees India as a viable alternative. "You have got a billion people (Indians), they can do the same thing that the Chinese do. They can do the same kind of manufacturing and so forth," Mobius was quoted as saying by Fox Business.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/indias-growing-economic-clout-powers-dubais-fdi-profile-to-top-spot-597931">India's growing economic clout powers Dubai's FDI profile to top spot</a>&nbsp;

Earlier, Christopher Wood, strategist at Jefferies Financial Group, increased the weight of Indian stocks in his Asia Pacific portfolio, excluding Japan, Bloomberg reported.&nbsp;

This reflects the dissatisfaction&nbsp;among investors when it comes to the Chinese stock market.

ALSO WATCH |&nbsp;Decoding India’s stock market | The India Story

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Foreign investors have added $5.7 billion worth of India stocks since the start of April, chasing stable earnings growth and aided by one of the highest GDP growth rates among large economies in the world, Bloomberg reported.

<h2>India's stock market rebound: Adani revival a crucial factor</h2>

A panel appointed by India's Supreme Court had found no conclusive evidence of stock price manipulation as accused by the US short seller Hindenburg Research.&nbsp;

Adani Group's 10 listed entities added nearly $15 billion to their market value last week to trim their losses post-Hindenburg’s report to $105 billion from as high as $153 billion earlier.

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India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks. Foreign investors bought shares worth $4.

India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks. Foreign investors bought shares worth $4.5 billion in May so far, a little more than a two-fold increase from last month, according to India’s National Securities Depository. The US remains the world's largest stock market with a market capitalisation of $44.54 trillion, followed by China ($10.26 trillion), Japan ($5.68 trillion) and Hong Kong ($5.14 trillion). India stock market rebound: How much is it? The market capitalisation of India stood at $3.3 trillion as of Friday. This was aided by rebound in Adani Group shares from a rout earlier this year in the wake of shortseller Hindenburg's adverse report. Investors choose India over China Meanwhile, a number of overseas funds have been rotating money out of China into Indian stocks. Beijing’s stringent Covid-19 policies, turmoil in its real estate industry, and a wave of anti-trust campaigns against China’s valuable tech firms have crushed sentiments for Chinese assets, economists say. Mark Mobius, founder of Mobius Capital Partners and a market expert, also sees India as a viable alternative. "You have got a billion people (Indians), they can do the same thing that the Chinese do. They can do the same kind of manufacturing and so forth," Mobius was quoted as saying by Fox Business. ALSO READ | India's growing economic clout powers Dubai's FDI profile to top spot Earlier, Christopher Wood, strategist at Jefferies Financial Group, increased the weight of Indian stocks in his Asia Pacific portfolio, excluding Japan, Bloomberg reported. This reflects the dissatisfaction among investors when it comes to the Chinese stock market. ALSO WATCH | Decoding India’s stock market | The India Story × Foreign investors have added $5.7 billion worth of India stocks since the start of April, chasing stable earnings growth and aided by one of the highest GDP growth rates among large economies in the world, Bloomberg reported. India's stock market rebound: Adani revival a crucial factor A panel appointed by India's Supreme Court had found no conclusive evidence of stock price manipulation as accused by the US short seller Hindenburg Research. Adani Group's 10 listed entities added nearly $15 billion to their market value last week to trim their losses post-Hindenburg’s report to $105 billion from as high as $153 billion earlier. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India again becomes world's fifth largest stock market as investors pip China, Adani stocks rebound