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President Recep Tayyip Erdogan winning the Turkish presidential runoff has turned out to be a bad news for the ailing Turkish lira. Bloomberg reported that the lira fell 0.6 percent to a record low of 20.10 per US dollar on Monday.

Wall Street analysts see more weakness ahead, with foreign investors fearing further alienation under the Erdogan regime. Analysts at US banking giant Morgan Stanley has warned that the lira may slide 29 percent to reach 28 per dollar by the end of the year. Other analysts too are not very optimistic about the lira.&nbsp;

"We expect a shift in economic policies toward orthodoxy later in the year. This may be better for growth in the short term but will likely push the currency down further, stoke inflation and curb the economy’s long-run prospects," Bloomberg quoted economist Selva Bahar Baziki as saying.&nbsp;

In fact, three big factors spell more trouble for the Turkish lira in the future.

The country continues to face&nbsp;a very high rate of inflation, with the annual inflation standing at 43.68 percent in April 2023.&nbsp;

The Turkish central bank's net forex reserves has fallen into negative territory for the first time since 2002, standing at $-151.3 million on May 19.&nbsp;

The country's unusual monetary policy, ad-hoc policy measures and heavy government intervention&nbsp;have not helped the lira either.&nbsp;The Turkish central bank had slashed its benchmark rate by 5 percent in 2021 and 2022, after calls for rate cuts from Erdogan. The monetary policy has defied&nbsp;traditional monetary policy,&nbsp;running&nbsp;against a global trend of rising borrowing costs.

The weak lira, which has&nbsp;lost 44 percent&nbsp;in 2021 and 30 percent&nbsp;in 2022, has forced foreign investors to flee Turkiye. According to a Bloomberg report, total foreign holdings of Turkish stocks and bonds has decreased by about 85 percent, or nearly $130 billion, in the last decade.&nbsp;

Erdogan, who has won a historic 5-year term which will extend his tenure till 2028, has promised an economic team that would restore Turkey's "international credibility". His party manifesto for the&nbsp;presidential election has focused on a more orthodox economic approach.

This would would mean undoing years of unusually low-interest rates and increasing state intervention. If Erdogan does not change his track on economy, the lira will continue to depreciate against global currencies.&nbsp;

(With inputs from agencies)&nbsp;

President Recep Tayyip Erdogan winning the Turkish presidential runoff has turned out to be a bad news for the ailing Turkish lira. Bloomberg reported that the lira fell 0.

President Recep Tayyip Erdogan winning the Turkish presidential runoff has turned out to be a bad news for the ailing Turkish lira. Bloomberg reported that the lira fell 0.6 percent to a record low of 20.10 per US dollar on Monday. Wall Street analysts see more weakness ahead, with foreign investors fearing further alienation under the Erdogan regime. Analysts at US banking giant Morgan Stanley has warned that the lira may slide 29 percent to reach 28 per dollar by the end of the year. Other analysts too are not very optimistic about the lira. "We expect a shift in economic policies toward orthodoxy later in the year. This may be better for growth in the short term but will likely push the currency down further, stoke inflation and curb the economy’s long-run prospects," Bloomberg quoted economist Selva Bahar Baziki as saying. In fact, three big factors spell more trouble for the Turkish lira in the future. The country continues to face a very high rate of inflation, with the annual inflation standing at 43.68 percent in April 2023. The Turkish central bank's net forex reserves has fallen into negative territory for the first time since 2002, standing at $-151.3 million on May 19. The country's unusual monetary policy, ad-hoc policy measures and heavy government intervention have not helped the lira either. The Turkish central bank had slashed its benchmark rate by 5 percent in 2021 and 2022, after calls for rate cuts from Erdogan. The monetary policy has defied traditional monetary policy, running against a global trend of rising borrowing costs. The weak lira, which has lost 44 percent in 2021 and 30 percent in 2022, has forced foreign investors to flee Turkiye. According to a Bloomberg report, total foreign holdings of Turkish stocks and bonds has decreased by about 85 percent, or nearly $130 billion, in the last decade. Erdogan, who has won a historic 5-year term which will extend his tenure till 2028, has promised an economic team that would restore Turkey's "international credibility". His party manifesto for the presidential election has focused on a more orthodox economic approach. This would would mean undoing years of unusually low-interest rates and increasing state intervention. If Erdogan does not change his track on economy, the lira will continue to depreciate against global currencies. (With inputs from agencies)

No relief for Turkish lira as it fall to record low after Erdogan's victory

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession.&nbsp;

An country is said to be in recession when its economy contracts for two consecutive quarters.

More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said.&nbsp;Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added.&nbsp;

About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023.

In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023.&nbsp;

Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession.&nbsp;

The Ipsos survey noted that&nbsp;Inflation continues to remain&nbsp;a significant concern, with at&nbsp;least 63 percent&nbsp;across the 29 countries expecting&nbsp;it to rise over the coming year.&nbsp;

"Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted.&nbsp;

Bleak outlook for global economy

While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year,&nbsp;despite economic and geopolitical concerns.

"The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023.&nbsp;

It has said that the world economy is expected to grow by 2.8 per cent this year.&nbsp;Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.&nbsp;

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession.

Germany, the world's fourth-largest and Europe's largest economy, has become the first major economy to enter recession. However, a large number of people across the world already feel their economy is in a state of recession. A 29-nation survey by polling agency Ipsos has found that the fears about recession are far more widespread than actual recession. In reality, only Germany and Hungary have announced that they have entered recession. An country is said to be in recession when its economy contracts for two consecutive quarters. More than half the people surveyed in 26 countries felt their country was in recession, a report in Financial Times said. Only a quarter of the people surveyed in these countries felt their country was safe from a recession, the report added. About 80% of people surveyed in South Korea were convinced that their country was in recession, even though the country averted recession in the first three months of 2023. In the United Kingdom, 46% of those surveyed felt their country was in recession. The economy instead grew by 0.1 percent in the first three months of 2023. Only in The Netherlands, Australia and Singapore, more people felt that their economy was holding up well against the threat of recession. The Ipsos survey noted that Inflation continues to remain a significant concern, with at least 63 percent across the 29 countries expecting it to rise over the coming year. "Most expect that inflation won’t return to what they consider to be normal levels for at least a year. Forty-six percent say it will be at least 12 months before inflation returns to normal," the survey noted. Bleak outlook for global economy While the global economic outlook remains bleak for 2023, the International Monetary Fund has said that most economies will avert a recession this year, despite economic and geopolitical concerns. "The global economy is recovering from the shocks of the last few years, and particularly of course the pandemic, but also the Russian invasion of Ukraine," IMF chief economist Pierre-Olivier Gourinchas said in a press briefing in April 2023. It has said that the world economy is expected to grow by 2.8 per cent this year. Around 90 per cent of advanced economies are likely to experience slowing growth this year, the IMF added.

This global survey shows fear of recession is far more widespread than actual recession

After reports of ford, Stellantis and other automakers cutting jobs worldwide, British engine maker Rolls Royce has dismissed reports of a job cut at its company. the rebuttal has come after a Sunday times report said that the company would cut 3,000 jobs.

Rolls Royce denies reports of job cuts

As China's geopolitical assertiveness and questionable trade practices raise concerns, multinational corporations are seeking alternatives. According to a recent survey by research firm IMA India. One country that stands out as the top destination for these corporations is India.

CEOs opt for India as top alternative to china

The global fight against fake news has received a big setback. Microblogging platform Twitter has exited the European Union's Disinformation code, which aims to fight harmful content and fake news.

EU's fight against fake news hit Twitter roadblock

In a world, where economies are struggling to grow, one nation stands out. India, the fastest-growing key economy, is poised to achieve unparalleled success this year, propelled by a remarkable phenomenon —the "famous snowball effect". As per world economic forum (WEF) president Borge Brende, India's economy is witnessing a transformative journey that promises more investments, more jobs, and exponential growth in the years to come.

World Economic Forum president bullish on India

A recent report by PWC India has unveiled some staggering projections that showcase the remarkable transformation taking place in India's payment landscape. According to the report, the unified payments interface, or UPI, is on a trajectory to achieve an astonishing milestone of 1 billion transactions per day by 2026-27.

UPI to take over 90% of retail digital payments in India

The global fight against fake news has received&nbsp;a big setback.

Microblogging platform Twitter has exited the European Union's disinformation code, which aims to fight harmful content and fake news.

According to a Bloomberg report, this development comes after Twitter became the only major tech company to not submit a complete report required under the disinformation code.

Though voluntary, Twitter had promised to follow the European Union's disinformation code. This was before Elon Musk completed the takeover process in October 2022.&nbsp;

In a bid to fight disinformation, bring greater transparency in political advertising, and empower fact checkers, the European Union introduced a Code of Practice on Disinformation in May 2022. A month later, 34 organisations, including Twitter, signed it.&nbsp;

Bloomberg reported that the microblogging platform's report to the European Union lacked data and did not include commitments that would empower fact checkers.

“You can run but you can’t hide. Our teams will be ready for enforcement," media reports quoted EU's Internal Market Commissioner Thierry Breton as saying. Breton's statement indicates that obligations to fight fake news will remain despite Twitter's withdrawal from the disinformation code. &nbsp;

The coming months will be tough for Twitter.

Fighting disinformation will soon become a legal obligation under the EU's Digital Services Act.

However, Twitter's EU operations are in shambles amid the ongoing job cuts. This has raised doubts whether the company will be able to comply with the new law. Failing to follow the new law could lead to a hefty fine or an outright ban on the microblogging platform.&nbsp;

The global fight against fake news has received a big setback. Microblogging platform Twitter has exited the European Union's disinformation code, which aims to fight harmful content and fake news.

The global fight against fake news has received a big setback. Microblogging platform Twitter has exited the European Union's disinformation code, which aims to fight harmful content and fake news. According to a Bloomberg report, this development comes after Twitter became the only major tech company to not submit a complete report required under the disinformation code. Though voluntary, Twitter had promised to follow the European Union's disinformation code. This was before Elon Musk completed the takeover process in October 2022. In a bid to fight disinformation, bring greater transparency in political advertising, and empower fact checkers, the European Union introduced a Code of Practice on Disinformation in May 2022. A month later, 34 organisations, including Twitter, signed it. Bloomberg reported that the microblogging platform's report to the European Union lacked data and did not include commitments that would empower fact checkers. “You can run but you can’t hide. Our teams will be ready for enforcement," media reports quoted EU's Internal Market Commissioner Thierry Breton as saying. Breton's statement indicates that obligations to fight fake news will remain despite Twitter's withdrawal from the disinformation code. The coming months will be tough for Twitter. Fighting disinformation will soon become a legal obligation under the EU's Digital Services Act. However, Twitter's EU operations are in shambles amid the ongoing job cuts. This has raised doubts whether the company will be able to comply with the new law. Failing to follow the new law could lead to a hefty fine or an outright ban on the microblogging platform.

Elon Musk-owned Twitter exits European Union's Disinformation Code

India's rising economic might has given Dubai, one of the richest of the seven emirates in the United Arab Emirates, a key financial dividend in the form of Foreign Direct Investments (FDI).&nbsp;

According to a Financial Times-affiliated report by the FDI Markets, India is one of the top five source countries for announced FDI projects and estimated FDI capital in Dubai.&nbsp;

With 77.5 per cent of greenfield projects, the top sectors by FDI projects from India into Dubai in 2022 were software and IT services (32 per cent), followed by business services (19 per cent), consumer products (9 per cent), real estate (6 per cent), and financial services (5 per cent).&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/trending/uae-emerges-as-social-media-capital-of-world-india-comes-19th-report-590554">UAE emerges as social media capital of world, India comes 19th: Report</a>

Meanwhile, the top sectors by FDI capital from India into Dubai in 2022 were consumer products (28 per cent), software and IT services (20 per cent), communications (19 per cent), pharmaceuticals (8 per cent) and business services ( 8 per cent). &nbsp;

<h2>Dubai top greenfield FDI destination</h2>

Dubai reinforced its position as the world's top foreign direct investment hub as it retained its top spot worldwide for attracting greenfield FDI projects in 2022.

Dubai achieved 89.5 per cent YoY (year-over-year) growth in total announced FDI projects in 2022. The total FDI, meanwhile, increased by 80.3 per cent during the same period.&nbsp;

Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, said, "Dubai’s leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city’s business and investment environment".&nbsp;

ALSO WATCH |&nbsp;The India Story | How the UAE and India built up their special relationship

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"Our strategy to further consolidate the city’s position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups and global talent have in Dubai," he added.

Dubai hosts the global and regional headquarters of various international companies. It emerged as the world leader in attracting FDI projects in research, development and creative industries clusters.

Many Indians prefer to travel to Dubai due to its proximity to India. Located just a short three to five-hour plane ride away, the trip often emerges as a stepping stone towards investment in the Emirate.

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India's rising economic might has given Dubai, one of the richest of the seven emirates in the United Arab Emirates, a key financial dividend in the form of Foreign Direct Investments (FDI).

India's rising economic might has given Dubai, one of the richest of the seven emirates in the United Arab Emirates, a key financial dividend in the form of Foreign Direct Investments (FDI). According to a Financial Times-affiliated report by the FDI Markets, India is one of the top five source countries for announced FDI projects and estimated FDI capital in Dubai. With 77.5 per cent of greenfield projects, the top sectors by FDI projects from India into Dubai in 2022 were software and IT services (32 per cent), followed by business services (19 per cent), consumer products (9 per cent), real estate (6 per cent), and financial services (5 per cent). ALSO READ | UAE emerges as social media capital of world, India comes 19th: Report Meanwhile, the top sectors by FDI capital from India into Dubai in 2022 were consumer products (28 per cent), software and IT services (20 per cent), communications (19 per cent), pharmaceuticals (8 per cent) and business services ( 8 per cent). Dubai top greenfield FDI destination Dubai reinforced its position as the world's top foreign direct investment hub as it retained its top spot worldwide for attracting greenfield FDI projects in 2022. Dubai achieved 89.5 per cent YoY (year-over-year) growth in total announced FDI projects in 2022. The total FDI, meanwhile, increased by 80.3 per cent during the same period. Helal Saeed Almarri, Director General of Dubai’s Department of Economy and Tourism, said, "Dubai’s leading global FDI ranking underpins a comprehensive framework of initiatives that were launched to further strengthen the city’s business and investment environment". ALSO WATCH | The India Story | How the UAE and India built up their special relationship × "Our strategy to further consolidate the city’s position as one of the top three global cities, in line with the Dubai Economic Agenda, D33, is again strengthened by the achievement of attracting and stimulating FDI and reflects the confidence investors, multinational companies, start-ups and global talent have in Dubai," he added. Dubai hosts the global and regional headquarters of various international companies. It emerged as the world leader in attracting FDI projects in research, development and creative industries clusters. Many Indians prefer to travel to Dubai due to its proximity to India. Located just a short three to five-hour plane ride away, the trip often emerges as a stepping stone towards investment in the Emirate. 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's growing economic clout powers Dubai's FDI profile to top spot

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX. The company has decided to cut the pay of the staff involved in the decision-making process. However, it was not revealed how much the salaries were reduced.

The fund poured in $210 million in FTX in the first investment round in October 2021 and $65 million in the second round in January 2022. The company said it made the investment only after evaluating the performance of the exchange for eight months and finding that it was profitable.&nbsp;

Watch:&nbsp;Cryptocurrencies tumble over failed FTX deal&nbsp;

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However, the exchange collapsed in October 2022, with FTX filing for bankruptcy the following month. It is speculated that FTX investors lost a whopping $8 billion in the crypto exchange bloodbath.&nbsp;

<h2>Our reputation took a big hit: Temasek</h2>

In a statement released on Monday, Temasek said that it was disappointed with the outcome of the investment decision. “The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," the company said, adding that it had a negative impact on the reputation of the company.

As of March this year, Temasek’s total holdings were worth more than $298 billion. So, the money invested in FTX amounted to a small percentage of Temasek’s total investments.

<a href="https://www.wionews.com/business-economy/ftx-japan-says-it-would-allow-customers-to-withdraw-assets-564124">Also Read |&nbsp;FTX Japan says it would allow customers to withdraw assets</a>

However, Singapore’s Deputy Prime Minister Lawrence Wong suggested in December that the investment had caused damage to the fund’s reputation. "The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," he said.

<h2>How did FTX collapse?</h2>

FTX, a cryptocurrency exchange platform, experienced a dramatic rise and fall in a short period of time. Founded by Sam Bankman-Fried in 2019, FTX quickly gained popularity among customers and attracted significant investment from venture capitalists, reaching a valuation of $32 billion by January 2022.

However, in November 2022, it was revealed that FTX had been involved in major fraud. Instead of customers' funds being held by FTX, they were redirected to accounts controlled by Alameda Research, a cryptocurrency trading firm. This discovery caused FTX to unravel, leading to significant losses for customers and investors.

FTX's balance sheet leaked to the public, showed a lack of transparency and poorly labeled entries, with liabilities far exceeding assets. FTX had not produced audited balance sheets or followed standard financial reporting procedures.

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&nbsp;

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX.

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX. The company has decided to cut the pay of the staff involved in the decision-making process. However, it was not revealed how much the salaries were reduced. The fund poured in $210 million in FTX in the first investment round in October 2021 and $65 million in the second round in January 2022. The company said it made the investment only after evaluating the performance of the exchange for eight months and finding that it was profitable. Watch: Cryptocurrencies tumble over failed FTX deal × However, the exchange collapsed in October 2022, with FTX filing for bankruptcy the following month. It is speculated that FTX investors lost a whopping $8 billion in the crypto exchange bloodbath. Our reputation took a big hit: Temasek In a statement released on Monday, Temasek said that it was disappointed with the outcome of the investment decision. “The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," the company said, adding that it had a negative impact on the reputation of the company. As of March this year, Temasek’s total holdings were worth more than $298 billion. So, the money invested in FTX amounted to a small percentage of Temasek’s total investments. Also Read | FTX Japan says it would allow customers to withdraw assets However, Singapore’s Deputy Prime Minister Lawrence Wong suggested in December that the investment had caused damage to the fund’s reputation. "The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," he said. How did FTX collapse? FTX, a cryptocurrency exchange platform, experienced a dramatic rise and fall in a short period of time. Founded by Sam Bankman-Fried in 2019, FTX quickly gained popularity among customers and attracted significant investment from venture capitalists, reaching a valuation of $32 billion by January 2022. However, in November 2022, it was revealed that FTX had been involved in major fraud. Instead of customers' funds being held by FTX, they were redirected to accounts controlled by Alameda Research, a cryptocurrency trading firm. This discovery caused FTX to unravel, leading to significant losses for customers and investors. FTX's balance sheet leaked to the public, showed a lack of transparency and poorly labeled entries, with liabilities far exceeding assets. FTX had not produced audited balance sheets or followed standard financial reporting procedures. WATCH WION LIVE HERE ×

Singapore’s Temasek Holdings punishes its senior staff for investing millions in now-collapsed FTX

As China's geopolitical assertiveness and questionable trade practices raise concerns, multinational corporations are seeking alternatives. According to a recent survey by research firm IMA India, one country stands out as the top destination for these corporations: India.

The survey, conducted among 100 CEOs representing foreign B2B-focused firms, revealed that a staggering 88 percent&nbsp;of the CEOs see India as their primary alternative to China. With India's growing on-ground presence, particularly in the IT and ITES sectors, companies are diversifying away from China and exploring new opportunities in the Indian market.

Over the past three years, nearly 70 percent&nbsp;of the surveyed firms have made substantial changes to their business strategies and operations in China. While some have scaled back their market engagement or reduced investments, a majority have decreased their sourcing from China. These changes reflect a shift in supply chain dynamics and a growing interest in derisking strategies.

The survey also highlighted India's increasing significance on the global stage. From fiscal year 2018 to 2023, India's estimated global share in workforce has risen from 22.4 percent&nbsp;to 24.9 percent&nbsp;in mean percentage terms, demonstrating incremental growth. Similarly, India's revenue share has increased from 14.8 percent&nbsp;to 15.8 percent, further solidifying its presence as a key player in the global economy.

Manufacturing companies, in particular, have shown a strong inclination towards India, Vietnam, and Thailand as alternative options to China. This trend underscores the growing recognition of the need to de-risk supply chains and explore new manufacturing hubs. However, it is important to note that the survey also revealed challenges related to infrastructure, regulation, and skill development that businesses face when considering India as an alternative.

As China's geopolitical assertiveness and questionable trade practices raise concerns, multinational corporations are seeking alternatives. According to a recent survey by research firm IMA India, one country stands out as the top destination for these corporations: India.

As China's geopolitical assertiveness and questionable trade practices raise concerns, multinational corporations are seeking alternatives. According to a recent survey by research firm IMA India, one country stands out as the top destination for these corporations: India. The survey, conducted among 100 CEOs representing foreign B2B-focused firms, revealed that a staggering 88 percent of the CEOs see India as their primary alternative to China. With India's growing on-ground presence, particularly in the IT and ITES sectors, companies are diversifying away from China and exploring new opportunities in the Indian market. Over the past three years, nearly 70 percent of the surveyed firms have made substantial changes to their business strategies and operations in China. While some have scaled back their market engagement or reduced investments, a majority have decreased their sourcing from China. These changes reflect a shift in supply chain dynamics and a growing interest in derisking strategies. The survey also highlighted India's increasing significance on the global stage. From fiscal year 2018 to 2023, India's estimated global share in workforce has risen from 22.4 percent to 24.9 percent in mean percentage terms, demonstrating incremental growth. Similarly, India's revenue share has increased from 14.8 percent to 15.8 percent, further solidifying its presence as a key player in the global economy. Manufacturing companies, in particular, have shown a strong inclination towards India, Vietnam, and Thailand as alternative options to China. This trend underscores the growing recognition of the need to de-risk supply chains and explore new manufacturing hubs. However, it is important to note that the survey also revealed challenges related to infrastructure, regulation, and skill development that businesses face when considering India as an alternative.

India's global appeal: CEOs opt for India as top alternative to China

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year,&nbsp;Borge Brende, President of the World Economic Forum, has said.

India's economy is witnessing an extraordinary phenomenon known as the famous 'snowball effect', propelling it to the forefront of global growth, Brende said during his brief visit to New Delhi.

Applauding&nbsp;India's growth trajectory and reform-oriented administration, Brende has predicted exponential growth, increased job opportunities, and the eradication of poverty in India.&nbsp;"India's growth will lead to more investments, more jobs...When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy." Brende told Press Trust of India in an interview.

'Snowball effect' refers to any action or occurrence that grows from being unimportant to something bigger and more significant.&nbsp;It occurs when a single action or event sparks a chain reaction of many comparable or even more significant ones.

Brende, a former Norwegian minister, commended India's entrepreneurial spirit, free speech, and status as the world's largest democracy.&nbsp;He highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing.&nbsp;

The World Economic Forum has projected&nbsp;India's economic growth to reach nearly 6 percent this year, surpassing other major economies worldwide. The United Nations has also released a report predicting robust economic expansion for India, with 5.8 percent growth in 2023 and 6.7 percent in 2024. These predictions have been fueled by the resilient domestic demand.

Sustaining the current rate of economic growth must be India's priority, he said. "Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and right skilling in the years to come," he said.&nbsp;

He added that India's prudent handling of the COVID-19 pandemic, with a well-balanced approach to stimulus measures and fiscal discipline, has set&nbsp;it apart from other nations that are grappling with debt.

(With inputs from agencies)&nbsp;

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year, Borge Brende, President of the World Economic Forum, has said.

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year, Borge Brende, President of the World Economic Forum, has said. India's economy is witnessing an extraordinary phenomenon known as the famous 'snowball effect', propelling it to the forefront of global growth, Brende said during his brief visit to New Delhi. Applauding India's growth trajectory and reform-oriented administration, Brende has predicted exponential growth, increased job opportunities, and the eradication of poverty in India. "India's growth will lead to more investments, more jobs...When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy." Brende told Press Trust of India in an interview. 'Snowball effect' refers to any action or occurrence that grows from being unimportant to something bigger and more significant. It occurs when a single action or event sparks a chain reaction of many comparable or even more significant ones. Brende, a former Norwegian minister, commended India's entrepreneurial spirit, free speech, and status as the world's largest democracy. He highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing. The World Economic Forum has projected India's economic growth to reach nearly 6 percent this year, surpassing other major economies worldwide. The United Nations has also released a report predicting robust economic expansion for India, with 5.8 percent growth in 2023 and 6.7 percent in 2024. These predictions have been fueled by the resilient domestic demand. Sustaining the current rate of economic growth must be India's priority, he said. "Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and right skilling in the years to come," he said. He added that India's prudent handling of the COVID-19 pandemic, with a well-balanced approach to stimulus measures and fiscal discipline, has set it apart from other nations that are grappling with debt. (With inputs from agencies)

Snowballing to success: World Economic Forum bets on India’s growth story

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that&nbsp;UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27.&nbsp;

During the period of 2022-23, UPI accounted for 75 percent of the total transaction volume, signifying a massive shift towards digital payments. In the next five years, UPI is projected to strengthen its grip on the retail digital payments landscape and reach an astounding 90 percent of the total transaction volume.

India's Evolving Payment Habits

The exponential growth of UPI transactions paints a vivid picture of the nation's evolving payment habits. With a compounded annual growth rate (CAGR) of 50 percent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular,&nbsp;are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27.

While UPI takes the lead, the report also highlights the significance of credit cards in India's digital payments landscape. The credit card segment continues to experience robust growth, challenging the traditional dominance of debit cards. According to the report, credit card transactions are projected to surpass debit card transactions by FY 2024-2025, marking a significant turning point. This shift can be attributed to the convenience and versatility offered by credit cards, making them increasingly favored by consumers. Over the next five years, credit card issuance is expected to record&nbsp;a CAGR of 21 percent.

The report emphasises that the payments industry will focus on expanding the ecosystem and developing new use cases for existing payment platforms in the coming years. Areas such as embedded and ecosystem finance, digital lending based on payment transactions, and offline payments are predicted to drive the next phase of growth in the payments industry.&nbsp;

History of the UPI Revolution

UPI, launched in 2016 by the National Payments Corporation of India (NPCI), was introduced as a real-time payment system that aimed to simplify peer-to-peer transactions and facilitate seamless digital payments. While it faced skepticism and doubts about its potential to disrupt India's predominantly cash-based economy in its early stages, its user-friendly interface and interoperability across various banks and payment apps soon won the hearts of millions of Indians.

UPI's growth can be attributed to several key factors that contributed to its success&nbsp;

Firstly, the government's push for digitalization through initiatives like demonetization in 2016 created a favorable environment for UPI to thrive. The sudden scarcity of physical cash led to a surge in digital transactions, with UPI offering a convenient and secure alternative to cash payments.

Secondly, UPI's open architecture allows seamless integration with various payment service providers and banking apps, enabling users to link their bank accounts directly and initiate transactions effortlessly. This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses.

Furthermore, UPI's innovative features, such as Virtual Payment Addresses (VPAs) and QR code scanning, revolutionized&nbsp;transactions. VPAs eliminated the need for sharing bank account details, providing a safer and more user-friendly experience. QR codes enabled quick, contactless payments, bridging the gap between online and offline transactions.

(Inputs from various news agencies)

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27.

India's digital payments landscape is on the brink of a historic revolution, thanks to the Unified Payments Interface (UPI) system. A recent report by PwC India, titled "The Indian Payments Handbook – 2022-27", has projected that UPI will achieve a groundbreaking milestone of 1 billion daily transactions by 2026-27. During the period of 2022-23, UPI accounted for 75 percent of the total transaction volume, signifying a massive shift towards digital payments. In the next five years, UPI is projected to strengthen its grip on the retail digital payments landscape and reach an astounding 90 percent of the total transaction volume. India's Evolving Payment Habits The exponential growth of UPI transactions paints a vivid picture of the nation's evolving payment habits. With a compounded annual growth rate (CAGR) of 50 percent, the total number of online transactions is projected to surge from 103 billion in FY 2022-23 to 411 billion in FY 2026-27. UPI transactions, in particular, are expected to experience a substantial rise from 83.71 billion in 2022-23 to a staggering 379 billion transactions by 2026-27. While UPI takes the lead, the report also highlights the significance of credit cards in India's digital payments landscape. The credit card segment continues to experience robust growth, challenging the traditional dominance of debit cards. According to the report, credit card transactions are projected to surpass debit card transactions by FY 2024-2025, marking a significant turning point. This shift can be attributed to the convenience and versatility offered by credit cards, making them increasingly favored by consumers. Over the next five years, credit card issuance is expected to record a CAGR of 21 percent. The report emphasises that the payments industry will focus on expanding the ecosystem and developing new use cases for existing payment platforms in the coming years. Areas such as embedded and ecosystem finance, digital lending based on payment transactions, and offline payments are predicted to drive the next phase of growth in the payments industry. History of the UPI Revolution UPI, launched in 2016 by the National Payments Corporation of India (NPCI), was introduced as a real-time payment system that aimed to simplify peer-to-peer transactions and facilitate seamless digital payments. While it faced skepticism and doubts about its potential to disrupt India's predominantly cash-based economy in its early stages, its user-friendly interface and interoperability across various banks and payment apps soon won the hearts of millions of Indians. UPI's growth can be attributed to several key factors that contributed to its success Firstly, the government's push for digitalization through initiatives like demonetization in 2016 created a favorable environment for UPI to thrive. The sudden scarcity of physical cash led to a surge in digital transactions, with UPI offering a convenient and secure alternative to cash payments. Secondly, UPI's open architecture allows seamless integration with various payment service providers and banking apps, enabling users to link their bank accounts directly and initiate transactions effortlessly. This interoperability eliminated the need for multiple payment apps, making UPI an attractive choice for consumers and businesses. Furthermore, UPI's innovative features, such as Virtual Payment Addresses (VPAs) and QR code scanning, revolutionized transactions. VPAs eliminated the need for sharing bank account details, providing a safer and more user-friendly experience. QR codes enabled quick, contactless payments, bridging the gap between online and offline transactions. (Inputs from various news agencies)

India's UPI set to record 1 billion daily transactions by 2026-27: Report

British engine maker Rolls-Royce on Sunday denied reports that it plans to cut 3,000 jobs. The company said in a statement that it has made no decisions about its workforce and that any suggestion of job cuts is "pure speculation."

The speculations came after the UK newspaper 'The Sunday Times' reported that the company's chief executive Tufan Erginbilgic has hired consultants to help the company save money and become more efficient. The report also said that part of the plan would involve merging non-manufacturing departments in each of Rolls-Royce's civil aerospace, defense and power systems divisions.

The company has now&nbsp;clarified: "We have made no decisions whatsoever on any potential impact on employees." The company is currently undergoing a strategic review and it is expected to be completed in the second half of 2023.

Rolls-Royce, a major supplier of engines for both commercial and military aircraft, has been hit hard by the pandemic, which has led to a decline in air travel. The aero-engineering giant is also facing challenges from new entrants in the engine market, such as General Electric and Safran.

Rolls-Royce's denial of job cuts comes at a time when several automobile companies have announced massive layoffs. While US carmaker Ford has cut 3,800 jobs in Europe, Stellantis and General Motors have together shelved 29,000 jobs in North America. Japanese carmakers Toyota and Nissan have announced termination of 3,000 and 12,500 employees respectively.

The automobile&nbsp;industry is undergoing a major technological transformation, which is leading to job losses in some areas.&nbsp;The total number of job cuts in the automotive industry in 2022 is estimated to be around 100,000. However, the number of job cuts in 2023 is expected to be even higher, as the industry continues to grapple with the aftermath of the pandemic, the war in Ukraine, and rising inflation.

British engine maker Rolls-Royce on Sunday denied reports that it plans to cut 3,000 jobs. The company said in a statement that it has made no decisions about its workforce and that any suggestion of job cuts is "pure speculation.

British engine maker Rolls-Royce on Sunday denied reports that it plans to cut 3,000 jobs. The company said in a statement that it has made no decisions about its workforce and that any suggestion of job cuts is "pure speculation." The speculations came after the UK newspaper 'The Sunday Times' reported that the company's chief executive Tufan Erginbilgic has hired consultants to help the company save money and become more efficient. The report also said that part of the plan would involve merging non-manufacturing departments in each of Rolls-Royce's civil aerospace, defense and power systems divisions. The company has now clarified: "We have made no decisions whatsoever on any potential impact on employees." The company is currently undergoing a strategic review and it is expected to be completed in the second half of 2023. Rolls-Royce, a major supplier of engines for both commercial and military aircraft, has been hit hard by the pandemic, which has led to a decline in air travel. The aero-engineering giant is also facing challenges from new entrants in the engine market, such as General Electric and Safran. Rolls-Royce's denial of job cuts comes at a time when several automobile companies have announced massive layoffs. While US carmaker Ford has cut 3,800 jobs in Europe, Stellantis and General Motors have together shelved 29,000 jobs in North America. Japanese carmakers Toyota and Nissan have announced termination of 3,000 and 12,500 employees respectively. The automobile industry is undergoing a major technological transformation, which is leading to job losses in some areas. The total number of job cuts in the automotive industry in 2022 is estimated to be around 100,000. However, the number of job cuts in 2023 is expected to be even higher, as the industry continues to grapple with the aftermath of the pandemic, the war in Ukraine, and rising inflation.

'Pure speculation': British engine maker Rolls Royce denies reports of job cuts

A court in Singapore on Friday (May 26) ordered fallen banking giant Credit Suisse to pay USD 926 million to a former Georgian prime minister. The payment was ordered as it was determined by the court that Credit Suisse failed in its duty to safeguard the former PM's assets. The order is another blow to the collapsed bank.&nbsp;

Credit Suisse was recently bought by UBS, Switzerland's largest bank in order to prevent a financial collapse after series of scandals.

Credit Suisse was sued by former Georgia prime minister Bidzina Ivanishvili in Singapore, New Zealand and Bermuda. Ivanishvili blamed the bank for fraudulent mismanagement that led to the billionaire suffering investment losses. In Singapore, the lawsuit was filed against Credit Suisse Group's subsidiary, Credit Suisse Trust Ltd.

In its decision, the Singapore International Commercial Court ruled in favour of Ivanishvili. It ordered that he be compensated.

"That amount as presently calculated to the date of trial is USD 926 million," international judge Patricia Bergin said in a decision.

Bergin added that as a result of a settlement, the amount "should be reduced by USD 79,430,773."

Credit Suisse released a statement. In it, the collapsed bank said that it will appeal the decision.

"The judgment published today is wrong and poses very significant legal issues," it said.

The court in Singapore said that Credit Suisse failed to safeguard Ivanishvili's assets from fraudulent transactions by his relationship manager Patrice Lescaudron.

Lescaudron was handed a five-year jail term by Swiss authorities in 2018 on charges of fraud and forgery.

Credit Suisse had approached Ivanishvili in late 2004 to offer him wealth-management services just after the billionaire and his business partner sold a metallurgical complex in Russia for $1.6 billion.

Ivanishvili agreed a deposit of more than USD 1 million into a trust set up in 2005 for asset holding and inheritance planning.

Lescaudron, however, misappropriated millions of dollars over the next nine years until 2015 when his fraud was exposed, according to the judgement.

<h2>EU approves takeover</h2>

The European Commission meanwhile approved takeover of Credit Suisse by UBS on Thursday (May 25). It ruled that the merger does not harm competition in Europe.

The commission, which runs the EU's powerful anti-trust regulator, said "the merger would not significantly reduce competition in the markets where their activities overlap" within the European Economic Area.

(With inputs from agencies)

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A court in Singapore on Friday (May 26) ordered fallen banking giant Credit Suisse to pay USD 926 million to a former Georgian prime minister. The payment was ordered as it was determined by the court that Credit Suisse failed in its duty to safeguard the former PM's assets.

A court in Singapore on Friday (May 26) ordered fallen banking giant Credit Suisse to pay USD 926 million to a former Georgian prime minister. The payment was ordered as it was determined by the court that Credit Suisse failed in its duty to safeguard the former PM's assets. The order is another blow to the collapsed bank. Credit Suisse was recently bought by UBS, Switzerland's largest bank in order to prevent a financial collapse after series of scandals. Credit Suisse was sued by former Georgia prime minister Bidzina Ivanishvili in Singapore, New Zealand and Bermuda. Ivanishvili blamed the bank for fraudulent mismanagement that led to the billionaire suffering investment losses. In Singapore, the lawsuit was filed against Credit Suisse Group's subsidiary, Credit Suisse Trust Ltd. In its decision, the Singapore International Commercial Court ruled in favour of Ivanishvili. It ordered that he be compensated. "That amount as presently calculated to the date of trial is USD 926 million," international judge Patricia Bergin said in a decision. Bergin added that as a result of a settlement, the amount "should be reduced by USD 79,430,773." Credit Suisse released a statement. In it, the collapsed bank said that it will appeal the decision. "The judgment published today is wrong and poses very significant legal issues," it said. The court in Singapore said that Credit Suisse failed to safeguard Ivanishvili's assets from fraudulent transactions by his relationship manager Patrice Lescaudron. Lescaudron was handed a five-year jail term by Swiss authorities in 2018 on charges of fraud and forgery. Credit Suisse had approached Ivanishvili in late 2004 to offer him wealth-management services just after the billionaire and his business partner sold a metallurgical complex in Russia for $1.6 billion. Ivanishvili agreed a deposit of more than USD 1 million into a trust set up in 2005 for asset holding and inheritance planning. Lescaudron, however, misappropriated millions of dollars over the next nine years until 2015 when his fraud was exposed, according to the judgement. EU approves takeover The European Commission meanwhile approved takeover of Credit Suisse by UBS on Thursday (May 25). It ruled that the merger does not harm competition in Europe. The commission, which runs the EU's powerful anti-trust regulator, said "the merger would not significantly reduce competition in the markets where their activities overlap" within the European Economic Area. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM

JPMorgan Chase &amp; Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter.

JPMorgan is the largest US bank. It has offered employment to about 85 per cent of First Republic's around 7000 employees for transitional or full time roles. It has been reported that temporary positions will last about three months to a year depending on the job.

"We've been transparent with their employees and kept our promise to update them on their employment status within 30 days," JPMorgan said in an emailed statement.

The bank said that employees who have not been offered jobs will get pay and benefits for 60 days and will be offered package which'll include additional lump sum payments.

First Republic became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

<h2>Still many opportunities</h2>

"In connection with any job losses, we would emphasize that in the normal course, JPMorgan hires tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career redeployment," Jeremy Barnum, JPMorgan's chief financial officer, told reporters on May 1 when the deal was announced.

There are reportedly more than 13,000 job openings at JPMorgan.

Also Read | <a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Depositors fled en masse from First Republic during the banking crisis in March. The scare was sparked by two other mid-sized lenders.

Despite receiving a $30 billion deposit lifeline from 11 major banks, shareholders continued to sell First Republic stock. Depositors pulled $100 billion from their accounts from the lender in the first quarter, pushing it toward its collapse weeks later.

News about the job loss was first reported by Bloomberg News.

(With inputs from agencies)

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JPMorgan Chase & Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter.

JPMorgan Chase & Co has intimated about 1000 First Republic Bank employees that they will not have a job as the banking giant integrates the failed lender which it bought earlier in May, said Reuters citing a person familiar with the matter. JPMorgan is the largest US bank. It has offered employment to about 85 per cent of First Republic's around 7000 employees for transitional or full time roles. It has been reported that temporary positions will last about three months to a year depending on the job. "We've been transparent with their employees and kept our promise to update them on their employment status within 30 days," JPMorgan said in an emailed statement. The bank said that employees who have not been offered jobs will get pay and benefits for 60 days and will be offered package which'll include additional lump sum payments. First Republic became the largest U.S. bank to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May. Still many opportunities "In connection with any job losses, we would emphasize that in the normal course, JPMorgan hires tens of thousands of people in the United States each and every year, which means that there will be many opportunities for career redeployment," Jeremy Barnum, JPMorgan's chief financial officer, told reporters on May 1 when the deal was announced. There are reportedly more than 13,000 job openings at JPMorgan. Also Read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Depositors fled en masse from First Republic during the banking crisis in March. The scare was sparked by two other mid-sized lenders. Despite receiving a $30 billion deposit lifeline from 11 major banks, shareholders continued to sell First Republic stock. Depositors pulled $100 billion from their accounts from the lender in the first quarter, pushing it toward its collapse weeks later. News about the job loss was first reported by Bloomberg News. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

JPMorgan Chase intimates around 1000 employees of First Republic Bank about their job loss

In a report by Germany's Handelsblatt newspaper, which cited 100 gigabytes of confidential information disclosed by a whistleblower, Tesla has failed to safeguard data from customers, employees, and business partners, reported Guardian.&nbsp;The report also suggests that the carmaker has received thousands of consumer complaints about its driver assistance system.

This comes after a Reuters article last month, said Tesla employees shared very intrusive videos and photographs taken by consumers' car cameras&nbsp;secretly&nbsp;between 2019 and 2022.&nbsp;

According to the latest Handelsblatt article, a data file known as the "Tesla Files" contained "ample" amounts of client data which includes tables with over 100,000 names of former and present employees, including Elon Musk, the CEO of Tesla, and his social security number, as well as confidential information such as private email addresses, and phone numbers.

Also Read | <a href="https://www.wionews.com/world/night-train-connecting-brussels-berlin-starts-operations-push-for-less-polluting-alternatives-to-air-travel-597009">Night train connecting Brussels-Berlin starts operations. Push for less polluting alternatives to air travel</a>

The breach would be against General Data Protection Regulation (GDPR), the publication said. It is a comprehensive data protection law enacted by the European Union (EU) to protect the personal data and privacy rights of individuals within the EU and governs how organizations collect, use, store, and process personal data.

The data protection office in German state of Brandenburg, which is home to Tesla’s European gigafactory, described the data leak as “massive”. “I can’t remember such a scale,” the Brandenburg data protection officer, Dagmar Hartge, said. If such a breach were to be shown, Tesla might face fines of up to 4% of its annual sales, or around €3.26 billion ($3.5 billion).

Moreover, there have been several consumer complaints concerning Tesla's driving assistance features. It includes over 4,000 complaints about sudden acceleration or phantom brakes.

Also Read | <a href="https://www.wionews.com/world/aid-worker-arrives-in-belgium-after-prisoner-swap-with-iranian-diplomat-597006">Aid worker arrives in Belgium after prisoner swap with Iranian diplomat</a> 
 
The disclosures, according to the German union IG Metall, were "disturbing." IG Metall urged Tesla to tell staff members about all data protection infractions and foster an environment where employees could voice concerns and grievances freely and without fear.

“These revelations ... fit with the picture that we have gained in just under two years,” said Dirk Schulze, IG Metall incoming district manager for Berlin, Brandenburg and Saxony.

According to a Tesla lawyer quoted by Handelsblatt, a "disgruntled former employee" exploited his position as a service technician. The lawyer also said that the business will file a lawsuit against the person it suspected of the leak.

<h2>Data protection agency in Netherlands over leaks&nbsp;</h2>

The data protection agency in Netherlands said on Friday that it was aware of potential Tesla data security violations. “We are aware of the Handelsblatt story and we are looking into it,” said a spokesperson for the AP data watchdog in the Netherlands, where Tesla’s European headquarters is located.

The data protection agency in the German state of Brandenburg notified the Dutch agency.

Watch | Indian Prime Minister Narendra Modi to inaugurate new parliament on May 28

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Tesla reportedly informed the Dutch authorities of the breach, according to Handelsblatt, but the AP representative said they were unaware of any disclosures the business may have made to the agency. On Friday, Tesla was unavailable for comment.

<h2>Leaked video clips</h2>

Earlier, a few of the clips showed Tesla owners in awkward circumstances. For instance, a video of a man approaching a car being entirely nude was recounted by one ex-employee.&nbsp;

In another video, an ex-employee said a Tesla was shown in a collision video from 2021 travelling quickly through a residential neighbourhood before striking a child riding a bike. Both the child and the bike flew in opposite directions.&nbsp;

<h2>Facebook slapped with fine&nbsp;</h2>

This Monday, the top EU privacy authority imposed a record €1.2 billion punishment on Facebook parent company Meta for how it handled user data and gave Meta five months to stop sending user data to the US.

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&nbsp;

In a report by Germany's Handelsblatt newspaper, which cited 100 gigabytes of confidential information disclosed by a whistleblower, Tesla has failed to safeguard data from customers, employees, and business partners, reported Guardian.

In a report by Germany's Handelsblatt newspaper, which cited 100 gigabytes of confidential information disclosed by a whistleblower, Tesla has failed to safeguard data from customers, employees, and business partners, reported Guardian. The report also suggests that the carmaker has received thousands of consumer complaints about its driver assistance system. This comes after a Reuters article last month, said Tesla employees shared very intrusive videos and photographs taken by consumers' car cameras secretly between 2019 and 2022. According to the latest Handelsblatt article, a data file known as the "Tesla Files" contained "ample" amounts of client data which includes tables with over 100,000 names of former and present employees, including Elon Musk, the CEO of Tesla, and his social security number, as well as confidential information such as private email addresses, and phone numbers. Also Read | Night train connecting Brussels-Berlin starts operations. Push for less polluting alternatives to air travel The breach would be against General Data Protection Regulation (GDPR), the publication said. It is a comprehensive data protection law enacted by the European Union (EU) to protect the personal data and privacy rights of individuals within the EU and governs how organizations collect, use, store, and process personal data. The data protection office in German state of Brandenburg, which is home to Tesla’s European gigafactory, described the data leak as “massive”. “I can’t remember such a scale,” the Brandenburg data protection officer, Dagmar Hartge, said. If such a breach were to be shown, Tesla might face fines of up to 4% of its annual sales, or around €3.26 billion ($3.5 billion). Moreover, there have been several consumer complaints concerning Tesla's driving assistance features. It includes over 4,000 complaints about sudden acceleration or phantom brakes. Also Read | Aid worker arrives in Belgium after prisoner swap with Iranian diplomat The disclosures, according to the German union IG Metall, were "disturbing." IG Metall urged Tesla to tell staff members about all data protection infractions and foster an environment where employees could voice concerns and grievances freely and without fear. “These revelations ... fit with the picture that we have gained in just under two years,” said Dirk Schulze, IG Metall incoming district manager for Berlin, Brandenburg and Saxony. According to a Tesla lawyer quoted by Handelsblatt, a "disgruntled former employee" exploited his position as a service technician. The lawyer also said that the business will file a lawsuit against the person it suspected of the leak. Data protection agency in Netherlands over leaks The data protection agency in Netherlands said on Friday that it was aware of potential Tesla data security violations. “We are aware of the Handelsblatt story and we are looking into it,” said a spokesperson for the AP data watchdog in the Netherlands, where Tesla’s European headquarters is located. The data protection agency in the German state of Brandenburg notified the Dutch agency. Watch | Indian Prime Minister Narendra Modi to inaugurate new parliament on May 28 × Tesla reportedly informed the Dutch authorities of the breach, according to Handelsblatt, but the AP representative said they were unaware of any disclosures the business may have made to the agency. On Friday, Tesla was unavailable for comment. Leaked video clips Earlier, a few of the clips showed Tesla owners in awkward circumstances. For instance, a video of a man approaching a car being entirely nude was recounted by one ex-employee. In another video, an ex-employee said a Tesla was shown in a collision video from 2021 travelling quickly through a residential neighbourhood before striking a child riding a bike. Both the child and the bike flew in opposite directions. Facebook slapped with fine This Monday, the top EU privacy authority imposed a record €1.2 billion punishment on Facebook parent company Meta for how it handled user data and gave Meta five months to stop sending user data to the US. 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. ×

Tesla Files: 100 gigabytes of confidential data leaked by whistleblower

NVIDIA corp. is on the verge of becoming the ninth company in history to reach a market value of $1 trillion, after a blowout forecast by the tech firm. NVIDIA's stock hit a record high on Thursday, riding high on the artificial intelligence boom.

NVIDIA close to becoming $1 trillion company

Indian airline Go First and aviation giant Pratt & Whitney are locked in an intense battle over missing engines. Go First airline claims that Pratt & Whitney’s failure to deliver engines on time has led to their financial troubles. Meanwhile, Pratt & Whitney argues that these claims are without merit.

Go First and Pratt & Whitney clash over engines

The collapse of First Republic Bank, once revered for its specialized services to wealthy clients in California and New York, has&nbsp;sent shockwaves through the industry.&nbsp;The San Francisco-based bank's demise can be attributed to a combination of unusually sweet mortgages and excessive compensation bestowed upon its employees.

Regulatory filings and insider sources cited by Bloomberg now reveal that some employees were earning upwards of $10 million annually, with one banker pocketing a staggering $35 million last year alone — surpassing even the CEO of JPMorgan Chase, First Republic's rescuer.

At the heart of First Republic's meteoric rise and subsequent fall were its alluring jumbo, interest-only mortgages. These mortgages, offered as a teaser to potential clients, allowed buyers to postpone paying the principal for an extended period. The pandemic-fueled demand for these mortgages led to the bank's size doubling in just four years.&nbsp;

However, the low-interest rates and extended repayment schedules proved to be a double-edged sword. As the Federal Reserve implemented a series of rate hikes, the value of these mortgages plummeted, leaving First Republic's balance sheet severely weakened.

Compensation Chaos: Employee Fate Hangs in the Balance&nbsp;

The collapse of First Republic Bank has left the Federal Deposit Insurance Corporation (FDIC) with a substantial multibillion-dollar hit to its insurance fund. The banking industry will bear the burden of this shortfall through a special fee.&nbsp;

According to a Bloomberg report, the bank's compensation system drove employee payouts to an average of $310,000 per person last year, more than double the norm at JPMorgan, but the collapse wiped out any value tied to the bank's shares.

JPMorgan Chase, which acquired First Republic Bank after its seizure, is now faced with the task of determining the fate of the bank's remaining employees. Marianne Lake, co-head of JPMorgan's consumer and community bank, has indicated that the employees will be informed of their future later this month. The options on the table include an invitation to join JPMorgan indefinitely, for a specified period, or no invitation at all.

First Republic Bank's compensation structure, described by a Bloomberg report as an "eat-what-you-kill" system, had successfully attracted teams of bankers from larger competitors. These employees could engage in various banking activities, including arranging mortgages, accumulating deposits, and managing wealth. While the compensation system played a significant role in attracting top earners, the collapse resulted in the loss of any value tied to the bank's shares, rendering them worthless.

The collapse of First Republic Bank has sparked investigations by regulators and the Justice Department into potential insider trading and other irregularities. The banking industry now grapples with the aftermath of this high-stakes saga, serving as a stark reminder of the perils associated with unchecked incentives and risky lending practices.

The collapse of First Republic Bank, once revered for its specialized services to wealthy clients in California and New York, has sent shockwaves through the industry.

The collapse of First Republic Bank, once revered for its specialized services to wealthy clients in California and New York, has sent shockwaves through the industry. The San Francisco-based bank's demise can be attributed to a combination of unusually sweet mortgages and excessive compensation bestowed upon its employees. Regulatory filings and insider sources cited by Bloomberg now reveal that some employees were earning upwards of $10 million annually, with one banker pocketing a staggering $35 million last year alone — surpassing even the CEO of JPMorgan Chase, First Republic's rescuer. At the heart of First Republic's meteoric rise and subsequent fall were its alluring jumbo, interest-only mortgages. These mortgages, offered as a teaser to potential clients, allowed buyers to postpone paying the principal for an extended period. The pandemic-fueled demand for these mortgages led to the bank's size doubling in just four years. However, the low-interest rates and extended repayment schedules proved to be a double-edged sword. As the Federal Reserve implemented a series of rate hikes, the value of these mortgages plummeted, leaving First Republic's balance sheet severely weakened. Compensation Chaos: Employee Fate Hangs in the Balance The collapse of First Republic Bank has left the Federal Deposit Insurance Corporation (FDIC) with a substantial multibillion-dollar hit to its insurance fund. The banking industry will bear the burden of this shortfall through a special fee. According to a Bloomberg report, the bank's compensation system drove employee payouts to an average of $310,000 per person last year, more than double the norm at JPMorgan, but the collapse wiped out any value tied to the bank's shares. JPMorgan Chase, which acquired First Republic Bank after its seizure, is now faced with the task of determining the fate of the bank's remaining employees. Marianne Lake, co-head of JPMorgan's consumer and community bank, has indicated that the employees will be informed of their future later this month. The options on the table include an invitation to join JPMorgan indefinitely, for a specified period, or no invitation at all. First Republic Bank's compensation structure, described by a Bloomberg report as an "eat-what-you-kill" system, had successfully attracted teams of bankers from larger competitors. These employees could engage in various banking activities, including arranging mortgages, accumulating deposits, and managing wealth. While the compensation system played a significant role in attracting top earners, the collapse resulted in the loss of any value tied to the bank's shares, rendering them worthless. The collapse of First Republic Bank has sparked investigations by regulators and the Justice Department into potential insider trading and other irregularities. The banking industry now grapples with the aftermath of this high-stakes saga, serving as a stark reminder of the perils associated with unchecked incentives and risky lending practices.

First Republic Bank collapse: From sweet mortgages to sour finances

In a raging legal dispute over the supply of engines, Pratt &amp; Whitney has informed a Delaware court that it currently has no engines available for India's Go First airline, emphasizing that the airline also lacks rights over them.&nbsp;

Reuters reports that the two companies are in a fierce battle as Go First seeks to enforce an arbitration order obtained in Singapore against Pratt &amp; Whitney, blaming the US firm for its financial woes and accusing it of failing to deliver engines on time. Pratt &amp; Whitney, however, vehemently denies these claims, considering them to be unsubstantiated.

Go First Airline, formerly known as GoAir, has been granted bankruptcy protection in India, with a court-appointed administrator working to revive the struggling airline. This has triggered a bitter confrontation with several of Go First's lessors, who have terminated their lease agreements and are attempting to repossess the planes.

During a recent court hearing, Pratt &amp; Whitney's lawyer argued that Go First no longer possesses any rights over the engines following the termination of the leases. The counsel stated, "There are no engines available to be sent to Go First... these leases have been terminated, and they (engines) cannot be sent because Go First has no right to them."

Disputing this claim, Go First's counsel argued that Pratt &amp; Whitney's position was incorrect, citing the bankruptcy process in India, which imposes a freeze on any plane repossession by lessors. Therefore, according to Go First's counsel, the airline maintains its right over the planes and the engines, emphasizing its critical role in its revival.

At the heart of the disagreement lies an arbitration order issued on March 30 by a Singapore arbitrator, which directed Pratt &amp; Whitney to assist Go First by supplying serviceable spare engines. Go First Airline, citing engine issues, had grounded half of its fleet of 54 Airbus A320neo planes. Pratt &amp; Whitney, however, disputes the enforceability of the arbitration order, further adding to the complexity of the ongoing legal proceedings.

As the legal battle between the two parties unfolds, the Directorate General of Civil Aviation (DGCA) has issued a directive to Go First Airline, asking the airline to submit a comprehensive restructuring and revival plan within the next 30 days.&nbsp;

The plan is expected to encompass crucial aspects of Go First's operations, including the availability of its operational aircraft fleet, the status of required post holders, pilots, essential personnel, and maintenance arrangements. Through these details, the regulatory body aims to assess Go First's preparedness to resume full-scale operations.

 
(With inputs from Reuters)

In a raging legal dispute over the supply of engines, Pratt & Whitney has informed a Delaware court that it currently has no engines available for India's Go First airline, emphasizing that the airline also lacks rights over them.

In a raging legal dispute over the supply of engines, Pratt & Whitney has informed a Delaware court that it currently has no engines available for India's Go First airline, emphasizing that the airline also lacks rights over them. Reuters reports that the two companies are in a fierce battle as Go First seeks to enforce an arbitration order obtained in Singapore against Pratt & Whitney, blaming the US firm for its financial woes and accusing it of failing to deliver engines on time. Pratt & Whitney, however, vehemently denies these claims, considering them to be unsubstantiated. Go First Airline, formerly known as GoAir, has been granted bankruptcy protection in India, with a court-appointed administrator working to revive the struggling airline. This has triggered a bitter confrontation with several of Go First's lessors, who have terminated their lease agreements and are attempting to repossess the planes. During a recent court hearing, Pratt & Whitney's lawyer argued that Go First no longer possesses any rights over the engines following the termination of the leases. The counsel stated, "There are no engines available to be sent to Go First... these leases have been terminated, and they (engines) cannot be sent because Go First has no right to them." Disputing this claim, Go First's counsel argued that Pratt & Whitney's position was incorrect, citing the bankruptcy process in India, which imposes a freeze on any plane repossession by lessors. Therefore, according to Go First's counsel, the airline maintains its right over the planes and the engines, emphasizing its critical role in its revival. At the heart of the disagreement lies an arbitration order issued on March 30 by a Singapore arbitrator, which directed Pratt & Whitney to assist Go First by supplying serviceable spare engines. Go First Airline, citing engine issues, had grounded half of its fleet of 54 Airbus A320neo planes. Pratt & Whitney, however, disputes the enforceability of the arbitration order, further adding to the complexity of the ongoing legal proceedings. As the legal battle between the two parties unfolds, the Directorate General of Civil Aviation (DGCA) has issued a directive to Go First Airline, asking the airline to submit a comprehensive restructuring and revival plan within the next 30 days. The plan is expected to encompass crucial aspects of Go First's operations, including the availability of its operational aircraft fleet, the status of required post holders, pilots, essential personnel, and maintenance arrangements. Through these details, the regulatory body aims to assess Go First's preparedness to resume full-scale operations. (With inputs from Reuters)

Airline vs manufacturer: Go First Airline and Pratt & Whitney's engine saga unfolds in court

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown.&nbsp;

According to a statement released on the Chinese social networking platform Weibo, Alibaba will hire 15,000 people across its six major business divisions. At least 3,000 of the new recruits will be fresh college graduates.

In announcing a hiring spree, the e-commerce giant has effectively dismissed reports of layoffs as "rumours". The company added that employee departures are a part of the "normal flow"

"We have never stopped recruiting and cultivating outstanding talents," media reports quoted Alibaba as saying. &nbsp;

The latest announcement comes days after reports suggested that it will layoff approximately 7 percent of its workforce in the cloud business division to streamline operations in anticipation of an initial public offering (IPO) in the future.

Earlier reports had suggested that Alibaba plans to adapt to regulatory changes in China to position its cloud service as a leader in the market.&nbsp;

Last week, the Chinese behemoth had said that it intends to separate its cloud computing segment and make it an independent publicly traded company in the next 12 months.&nbsp;

In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to drive future growth and enhance profitability.

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown.

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown. According to a statement released on the Chinese social networking platform Weibo, Alibaba will hire 15,000 people across its six major business divisions. At least 3,000 of the new recruits will be fresh college graduates. In announcing a hiring spree, the e-commerce giant has effectively dismissed reports of layoffs as "rumours". The company added that employee departures are a part of the "normal flow" "We have never stopped recruiting and cultivating outstanding talents," media reports quoted Alibaba as saying. The latest announcement comes days after reports suggested that it will layoff approximately 7 percent of its workforce in the cloud business division to streamline operations in anticipation of an initial public offering (IPO) in the future. Earlier reports had suggested that Alibaba plans to adapt to regulatory changes in China to position its cloud service as a leader in the market. Last week, the Chinese behemoth had said that it intends to separate its cloud computing segment and make it an independent publicly traded company in the next 12 months. In the recent quarter, Alibaba's cloud division reported revenue of 18.6 billion yuan ($2.69 billion), showing a 2 percent decline compared to the previous year. The company's focus on optimising its cloud operations is an indication that it wants to drive future growth and enhance profitability.

Alibaba makes a U-turn on layoffs, says it will hire 15,000 people in 2023

First Republic Bank, known for catering to affluent clients in California and New York, was once a thriving institution. However, its undoing came in the form of unusually sweet mortgages and jaw-dropping compensation for its employees. The collapse of the San Francisco-based bank, now under the control of JP Morgan chase, has left regulators stunned and the industry questioning the role of incentives.

Lavish incentives sink First Republic Bank

Credit rating agency Moody's on Thursday said that the US must make its mid-June interest payments to preserve its highest investment grade rating at AAA grade.

"That's a really important date for us," William Foster, a senior vice president at Moody's told Bloomberg, referring to the June 15 debt payment due date. But Foster emphasised that Moody's does expect the White House and the US Congress to strike a deal to raise or suspend the debt limit.

Any downgrade in the credit ratings of sovereign debt will not just harm&nbsp;investor confidence but also reduce the United States' ability to attract capital for fueling economic growth.&nbsp;

However, Moody's warning is not good news for the world's largest economy, where negotiations for a debt limit deal shows no clear progress. If a deal is not reached by the end of this month, the United States will start running out of funds to pay for its obligations.&nbsp;

About $2 billion in interest payments are due to the the US treasury on June 15. However, US Treasury Secretary Janet Yellen has said that the odds of reaching June 15th, while being able to pay all of our bills, is quite low.

Moody's reminder comes just days after another credit rating agency Fitch warned of a potential downgrade of United States' sovereign debt if a deal is not sealed by May-end.&nbsp;

Debt limit deadlock continues

One of the top negotiators has claimed that Republican and White House disagreements are narrowing over extending the US debt ceiling. But the negotiator added that they have still not achieved a deal to prevent a looming default.

Another Republican leader, Kevin Mccarthy, told reporters that the teams have made "some progress" towards a deal.&nbsp;"I don't think everybody is going to be happy at the end of the day. That's not how this system works," Mccarthy said. &nbsp;

While the White House and the US Treasury believe&nbsp;that Fitch's warning underscored the urgency of reaching a speedy resolution to the standoff, Mccarthy has argued&nbsp;that negotiators do not need&nbsp;credit&nbsp;ratings agency to remind them of the importance of concluding a deal.

With June 1 just a week away, any deal will need speedy action in both chambers of the US Congress to reach president Joe Biden's desk in time.&nbsp;

(With agency inputs)

Credit rating agency Moody's on Thursday said that the US must make its mid-June interest payments to preserve its highest investment grade rating at AAA grade. "That's a really important date for us," William Foster, a senior vice president at Moody's told Bloomberg, referring to the June 15 debt payment due date.

Credit rating agency Moody's on Thursday said that the US must make its mid-June interest payments to preserve its highest investment grade rating at AAA grade. "That's a really important date for us," William Foster, a senior vice president at Moody's told Bloomberg, referring to the June 15 debt payment due date. But Foster emphasised that Moody's does expect the White House and the US Congress to strike a deal to raise or suspend the debt limit. Any downgrade in the credit ratings of sovereign debt will not just harm investor confidence but also reduce the United States' ability to attract capital for fueling economic growth. However, Moody's warning is not good news for the world's largest economy, where negotiations for a debt limit deal shows no clear progress. If a deal is not reached by the end of this month, the United States will start running out of funds to pay for its obligations. About $2 billion in interest payments are due to the the US treasury on June 15. However, US Treasury Secretary Janet Yellen has said that the odds of reaching June 15th, while being able to pay all of our bills, is quite low. Moody's reminder comes just days after another credit rating agency Fitch warned of a potential downgrade of United States' sovereign debt if a deal is not sealed by May-end. Debt limit deadlock continues One of the top negotiators has claimed that Republican and White House disagreements are narrowing over extending the US debt ceiling. But the negotiator added that they have still not achieved a deal to prevent a looming default. Another Republican leader, Kevin Mccarthy, told reporters that the teams have made "some progress" towards a deal. "I don't think everybody is going to be happy at the end of the day. That's not how this system works," Mccarthy said. While the White House and the US Treasury believe that Fitch's warning underscored the urgency of reaching a speedy resolution to the standoff, Mccarthy has argued that negotiators do not need credit ratings agency to remind them of the importance of concluding a deal. With June 1 just a week away, any deal will need speedy action in both chambers of the US Congress to reach president Joe Biden's desk in time. (With agency inputs)

Debt limit standoff deepens: US faces critical June 15 payment deadline

Riding high on the artificial intelligence boom, US chipmaker Nvidia Corp is on the verge of becoming the ninth company in history to reach a market value of $1 trillion.&nbsp;

Nvidia's stock hit a record high of nearly 26 percent on Thursday after its blowout forecast expected about $11 billion of sales between May and June 2023, which is well above market forecasts.

At one point on Thursday, the chipmaker's market worth increased by $199 billion to a record $955 billion, media reports said.&nbsp;

Meanwhile, traders betting against Nvidia suffered massive losses of $2.3 billion on the same day.&nbsp;

Nvidia's single-day market value increase of $163 billion is one of the largest in US history. In November 2022, Apple's stock rose $191 billion in a single day, while in February 2022, Amazon's stock rose by a little lower amount.

Thanks to Thursday's surge, Nvidia's stock is now up 161 percent this year on the promise that the company's chips will power the future of Artificial Intelligence (AI).

Since November 4, Nvidia is already the most-traded stock by retail traders, breaking Tesla's long-standing streak.&nbsp;

Nvidia's market value is double that of Taiwan's TSMC, the second-largest chip manufacturer in the world. Only Apple, Alphabet, Microsoft, and Amazon have higher market capitalizations in the United States.

Nvidia has become the darling of the Generative AI boom that started with the launch of OpenAI's ChatGPT in November last year.&nbsp;

Nvidia co-founder Jensen Huang's wealth surged roughly 23 percent by $6 billion to an approximate $34 billion on Thursday.&nbsp;

Huang's wealth has risen by 140 percent since the beginning of the year. If the stock surge continues, it will make him the biggest gainer among billionaires globally this year.

Huang, who is well known for his penchant for black leather jackets and a tattoo that mimics the Nvidia logo, co-founded the firm in 1993 and released the first Graphics Processing Unit (GPU) in 1999.

Riding high on the artificial intelligence boom, US chipmaker Nvidia Corp is on the verge of becoming the ninth company in history to reach a market value of $1 trillion.

Riding high on the artificial intelligence boom, US chipmaker Nvidia Corp is on the verge of becoming the ninth company in history to reach a market value of $1 trillion. Nvidia's stock hit a record high of nearly 26 percent on Thursday after its blowout forecast expected about $11 billion of sales between May and June 2023, which is well above market forecasts. At one point on Thursday, the chipmaker's market worth increased by $199 billion to a record $955 billion, media reports said. Meanwhile, traders betting against Nvidia suffered massive losses of $2.3 billion on the same day. Nvidia's single-day market value increase of $163 billion is one of the largest in US history. In November 2022, Apple's stock rose $191 billion in a single day, while in February 2022, Amazon's stock rose by a little lower amount. Thanks to Thursday's surge, Nvidia's stock is now up 161 percent this year on the promise that the company's chips will power the future of Artificial Intelligence (AI). Since November 4, Nvidia is already the most-traded stock by retail traders, breaking Tesla's long-standing streak. Nvidia's market value is double that of Taiwan's TSMC, the second-largest chip manufacturer in the world. Only Apple, Alphabet, Microsoft, and Amazon have higher market capitalizations in the United States. Nvidia has become the darling of the Generative AI boom that started with the launch of OpenAI's ChatGPT in November last year. Nvidia co-founder Jensen Huang's wealth surged roughly 23 percent by $6 billion to an approximate $34 billion on Thursday. Huang's wealth has risen by 140 percent since the beginning of the year. If the stock surge continues, it will make him the biggest gainer among billionaires globally this year. Huang, who is well known for his penchant for black leather jackets and a tattoo that mimics the Nvidia logo, co-founded the firm in 1993 and released the first Graphics Processing Unit (GPU) in 1999.

US chipmaker Nvidia on the brink of crossing $1 trillion market value

Germany, long touted as Europe’s growth engine and the world’s fourth largest economy, entered recession as its Gross Domestic Product fell 0.3 per cent in the first quarter of 2023. This follows a decline of 0.5 per cent in the fourth quarter of the last year, effectively pushing the country into a recession. Germany’s economy minister Robert Habeck blamed the country’s previous high dependency on Russian gas for the prevailing economic crisis. Speaking at an event in Berlin&nbsp;on Thursday,&nbsp;Habeck said, “We're fighting our way out of this crisis."

While two consecutive quarters of contraction fulfil the common definition of a recession, economists on the euro area business cycle dating committee employ a broader range of data, including employment figures, to assess economic downturns.

<h2>Why is Germany facing an economic crisis?</h2>

Germany is the worst-performing economy among G7 nations. Experts believe massive inflation has paralysed consumption growth in the country, which coupled with the persistent energy crisis has spelt doom for the economy.&nbsp;

Germany’s Federal Statistical Office noted, “The persistence of high price increases continued to be a burden on the German economy at the start of the year.” 
 
“This was particularly reflected in household final consumption expenditure, which was down 1.2% in the first quarter of 2023,” it added.

The country has also failed to sustainably serve the energy needs of its industrial sector, which is designed to produce the best output only when provided with Russian fuel. The political and business class of the country has failed to accommodate new challenges even as Russian fuel supplies remain throttled.&nbsp;

To solve the energy crisis, Berlin resorted to imposing a power price cap for some energy-intensive industries. However, that is also poised to further exacerbate the country’s inflation problem.

It is believed that the subsidies in fuel prices to some industries could cost taxpayers as much as $32 billion in the next seven years. The country has already shut down its nuclear power reactors, and plans to shut down its coal-fired power plants by 2030; however, its transition to cleaner modes of energy production has been very slow.

Although the Scholz administration has devised plans to install 625 million solar panels and 19,000 wind turbines by 2030, it fails to cope with the rising demand since almost everything in the country is being electrified, from heating to transportation.

<h2>How the recession in Germany will impact India</h2>

The recession in the German economy is definitely going to hit Indian exports, particularly in sectors such as apparels, footwear, and leather goods destined for the European Union's largest economy.&nbsp;

Exporters are expressing concerns about the repercussions this downturn will have on Indian exports, not only to Germany but also to other European countries experiencing a recessionary period.&nbsp;

Sharad Kumar Saraf, Chairman of Technocraft Industries and a Mumbai-based exporter, was quoted by Indian Express as saying that the long-term recession in Germany will likely result in a decline in Indian exports, with leather products, chemicals, and light engineering items being the most affected sectors.

In the 2022-23 fiscal year, India's exports to Germany amounted to USD 10.2 billion, and this figure is expected to dip as a result of the ongoing recession.

Watch:&nbsp;German economy shrinks over the last 6 months

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Ajay Srivastava, the co-founder of the economic think-tank GTRI, warned that the recession would adversely impact India's exports worth at least $2 billion, including smartphones, apparels, footwear and leather goods. During a recession, daily-use products are typically the first to be affected. Furthermore, the soon-to-be-imposed carbon border tax by Germany will also impact the export of iron and steel products.

Narendra Goenka, Chairman of the Apparel Export Promotion Council (AEPC), raised concerns about the recession in Germany affecting order flows into India. He predicted that business would decline by a minimum of 10 per cent, leading to a definite impact on investment flows from Germany.&nbsp;

However, Saraf mentioned that German investments in India may not be significantly affected, as German companies often seek cheaper alternatives during recessionary conditions.

<a href="https://www.wionews.com/business-economy/worlds-fourth-largest-economy-germany-enters-recession-596490">Also Read |&nbsp;Germany, world’s fourth-largest economy, enters recession</a>

Yogesh Gupta, Regional Chairman of the Federation of Indian Export Organizations (FIEO) in the Eastern Region, noted that Germany serves as the primary growth driver for the European Union. Therefore, a recession in Germany is expected to have an impact on purchasing activities within the European nation. However, Gupta cautioned that it is still too early to accurately determine the extent of the recession's impact on Indian exports.

<h2>What does India export to Germany?</h2>

In the 2022-23 fiscal year, India's exports to Germany spanned several sectors, from machinery and electronics to footwear and auto components. India’s exports to Germany included machinery worth $1.5 billion, electronics worth $ 1.2 billion, smartphones worth $458 million, apparels worth $990 million, organic chemicals worth $822 million, footwear worth $332 million, leather goods worth $305 million, articles of iron and steel worth $474 million, and auto components worth $406 million. So, India’s exports to EU nations could take a hit for the aforementioned sectors.&nbsp; 
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Germany, long touted as Europe’s growth engine and the world’s fourth largest economy, entered recession as its Gross Domestic Product fell 0.3 per cent in the first quarter of 2023.

Germany, long touted as Europe’s growth engine and the world’s fourth largest economy, entered recession as its Gross Domestic Product fell 0.3 per cent in the first quarter of 2023. This follows a decline of 0.5 per cent in the fourth quarter of the last year, effectively pushing the country into a recession. Germany’s economy minister Robert Habeck blamed the country’s previous high dependency on Russian gas for the prevailing economic crisis. Speaking at an event in Berlin on Thursday, Habeck said, “We're fighting our way out of this crisis." While two consecutive quarters of contraction fulfil the common definition of a recession, economists on the euro area business cycle dating committee employ a broader range of data, including employment figures, to assess economic downturns. Why is Germany facing an economic crisis? Germany is the worst-performing economy among G7 nations. Experts believe massive inflation has paralysed consumption growth in the country, which coupled with the persistent energy crisis has spelt doom for the economy. Germany’s Federal Statistical Office noted, “The persistence of high price increases continued to be a burden on the German economy at the start of the year.” “This was particularly reflected in household final consumption expenditure, which was down 1.2% in the first quarter of 2023,” it added. The country has also failed to sustainably serve the energy needs of its industrial sector, which is designed to produce the best output only when provided with Russian fuel. The political and business class of the country has failed to accommodate new challenges even as Russian fuel supplies remain throttled. To solve the energy crisis, Berlin resorted to imposing a power price cap for some energy-intensive industries. However, that is also poised to further exacerbate the country’s inflation problem. It is believed that the subsidies in fuel prices to some industries could cost taxpayers as much as $32 billion in the next seven years. The country has already shut down its nuclear power reactors, and plans to shut down its coal-fired power plants by 2030; however, its transition to cleaner modes of energy production has been very slow. Although the Scholz administration has devised plans to install 625 million solar panels and 19,000 wind turbines by 2030, it fails to cope with the rising demand since almost everything in the country is being electrified, from heating to transportation. How the recession in Germany will impact India The recession in the German economy is definitely going to hit Indian exports, particularly in sectors such as apparels, footwear, and leather goods destined for the European Union's largest economy. Exporters are expressing concerns about the repercussions this downturn will have on Indian exports, not only to Germany but also to other European countries experiencing a recessionary period. Sharad Kumar Saraf, Chairman of Technocraft Industries and a Mumbai-based exporter, was quoted by Indian Express as saying that the long-term recession in Germany will likely result in a decline in Indian exports, with leather products, chemicals, and light engineering items being the most affected sectors. In the 2022-23 fiscal year, India's exports to Germany amounted to USD 10.2 billion, and this figure is expected to dip as a result of the ongoing recession. Watch: German economy shrinks over the last 6 months × Ajay Srivastava, the co-founder of the economic think-tank GTRI, warned that the recession would adversely impact India's exports worth at least $2 billion, including smartphones, apparels, footwear and leather goods. During a recession, daily-use products are typically the first to be affected. Furthermore, the soon-to-be-imposed carbon border tax by Germany will also impact the export of iron and steel products. Narendra Goenka, Chairman of the Apparel Export Promotion Council (AEPC), raised concerns about the recession in Germany affecting order flows into India. He predicted that business would decline by a minimum of 10 per cent, leading to a definite impact on investment flows from Germany. However, Saraf mentioned that German investments in India may not be significantly affected, as German companies often seek cheaper alternatives during recessionary conditions. Also Read | Germany, world’s fourth-largest economy, enters recession Yogesh Gupta, Regional Chairman of the Federation of Indian Export Organizations (FIEO) in the Eastern Region, noted that Germany serves as the primary growth driver for the European Union. Therefore, a recession in Germany is expected to have an impact on purchasing activities within the European nation. However, Gupta cautioned that it is still too early to accurately determine the extent of the recession's impact on Indian exports. What does India export to Germany? In the 2022-23 fiscal year, India's exports to Germany spanned several sectors, from machinery and electronics to footwear and auto components. India’s exports to Germany included machinery worth $1.5 billion, electronics worth $ 1.2 billion, smartphones worth $458 million, apparels worth $990 million, organic chemicals worth $822 million, footwear worth $332 million, leather goods worth $305 million, articles of iron and steel worth $474 million, and auto components worth $406 million. So, India’s exports to EU nations could take a hit for the aforementioned sectors. WATCH WION LIVE HERE ×

Explained | How recession in Germany will impact the Indian economy