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Chinese electric vehicle maker Xpeng Inc is the latest to announce a production shift to digital vehicle architecture. It is the same technology Tesla uses to make its cars.

China Xpeng to follow Tesla's Digi vehicle architecture

Alphabet's Google has had a major legal victory in a decade-old case after it was able to covince a US court to cancel at least three patent infringement claims against its chrome browser.

Google wins decade-long legal case in US

Russia continues to enjoy strong oil trade with India and China despite the sanctions imposed by the West for its war in Ukraine. A Reuters report shows that both countries have bought a vast majority of Russian oil in April at prices above the western price cap of 60 dollars per barrel.

India, China buy Russian oil above West's cap

Whilst COVID-19 emerged to spell doom for the global economy back in 2019, it induced a golden period for the Indian startup ecosystem. Indian companies suddenly became the favourites of global investors as they kept pouring in massive funding incessantly.

Whilst COVID-19 emerged to spell doom for the global economy back in 2019, it induced a golden period for the Indian startup ecosystem. Indian companies suddenly became the favourites of global investors as they kept pouring in massive funding incessantly. It’s evident from the fact that Indian startups raised $13.2 billion in funding in 2019 and $10.9 billion in 2020. Then, 2021 turned out to be a ‘year of unicorns’ for the Indian economy, which saw Indian startups raising a record $35.2 billion in funding and producing at least 34 unicorn startups. However, the golden period seems to have come to a grinding halt now. Just two years down the line, the Indian startup ecosystem is facing a grave funding crisis. To put things in perspective, Indian companies have raised a mere $2 billion in the first quarter of 2023. This amount is 75 per cent lower than the same period last year, as per Reuters. Private equity and venture capital funding have also seen a drop of 60 per cent during the Q4 of FY23. At this miserable run rate, Indian companies might end this year with just $10 billion in funding, far less than $35.2 billion in 2021 and $20 billion in 2022. Experts say the Indian economy won’t see a repeat of the 2021-like funding boom in the coming decade. Reasons behind the funding crisis Both global as well domestic factors have triggered the dry funding spell for Indian companies. High interest rates, inflation, the banking crisis and the global economic slowdown have left global investors anxious. It must be noted that Indian startups have raised the majority of their capital from foreign investors only, so global factors directly impact the funding climate in India. Central banks around the world have resorted to increasing interest rates to tackle inflation; however, this has ratcheted up the borrowing cost. Adding to that, the banking crisis in the US has further tightened liquidity. The imminent recession in Western countries has further exacerbated the woes of global investors. It’s speculated that the US economy, along with Germany and UK, will enter recession in FY24. Domestic factors that have led to the funding crunch On the other hand, there are also some domestic factors to blame. Of all, the biggest factor is the faltering consumption growth in India. As per a report by Indian VC firm Blume Ventures, the consumption growth in India is driven by a “tiny superuser set.” Consumption outside the top layer of 30 million households has actually dropped sharply. As a result of this, the target market for Indian startups has reduced to a mere 100 million people, below 10 per cent of India’s total population of 1.4 billion. Moreover, global investors are fast realising the fact that many Indian startups which they funded earlier were massively overvalued. For instance, Blackrock cut the valuation of Indian EdTech company Byju’s by half from $22 billion to $11.15 billion. Similarly, Swiggy’s valuation was also slashed by a quarter by Invesco. Investors are waiting for further correction in the valuations of Indian companies. For example, Softbank has steered clear of Indian companies during the last year after leading the funding boom in earlier years. Watch: Gravitas Plus: Why are Indian Startups struggling? × According to SME futures, the slowdown in funding activity can also be attributed to the changed norms for foreign direct investment (FDI) introduced by the government of India in 2020. This has led to confusion among several foreign investors, making it even more difficult for Indian fund-seekers to raise capital from international VC firms. Rachit Poddar, Co-Founder of IVY Growth Associates, was quoted by SEM Futures as saying, “One of the main challenges that Indian start-ups face when seeking foreign investment is a lack of understanding of the Indian market by foreign investors. Additionally, regulatory hurdles and the complexity of the Indian tax system can be deterrents for foreign investors.” Indian government must do more Although the Indian government has launched several programmes to shore up the Indian startup ecosystem, such as the Start-up India Programme and the Fund of Funds for Start-ups; experts believe that might not be enough. There is still much to be done to make regulations simpler, lower administrative barriers, and encourage investors to fund early-stage start-ups. The government needs to work towards promoting private investment in startups. Also Read | ‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions Despite all odds, it remains a fact that the Indian economy continues to be a bright spot in a world fast slipping into economic turmoil. As per projections made by IMF, India and China will contribute half of the global growth in FY24. India remains the world’s fastest-growing major economy, which is expected to grow at 6.8 per cent in the ongoing fiscal year. As relations between China and the West continue to deteriorate due to geopolitical tensions, India will clearly emerge as the only promising investment destination for international VC firms. WATCH WION LIVE HERE ×

Explained: Why are foreign investors no longer funding Indian startups? 

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent.&nbsp;

On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations.&nbsp;

Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022.&nbsp;

"Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters.&nbsp;

China's economy rebounding?

The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March.&nbsp;

The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011.

In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy.

"Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying.

"Zero-Covid" policy impact on China&nbsp;

The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year.&nbsp;

The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent.

China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people. &nbsp;

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent.

China on Tuesday said that its economy grew by 4.5 percent in the first three months of 2023, at least 0.5 percentage points higher than the Reuters poll estimate of 4 percent. This was China's highest growth rate since the first quarter of 2022, when it grew by 4.8 percent. On a quarter-on-quarter basis, China's GDP grew 2.2 percent in the January-March period, which was in line with the market expectations. Two major drivers of the Chinese economy - factory output and retail sales - rose in January-March quarter this year. The factory output was up 3.9 percent in March, compared to 2.4 percent in the January-to-February period. On the other hand, retail sales of consumer goods rose 5.8 percent in the first quarter compared to the same period in 2022. "Economic recovery is well on track. The bright spot is consumption, which is strengthening as household confidence improves," Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters. China's economy rebounding? The signs of the world's second largest economy rebounding from the 2022 lows were already visible in March. The manufacturing sector expanded in March 2023, with the purchasing managers' index (PMI) recorded at 51.9. A PMI higher than 50 shows the economy is expanding. The non-manufacturing PMI, which includes the services sector, rose to 58.2 in March - the highest since 2011. In the same month, China's exports rose by 14.8 percent compared to the same period last year, when the country was in the midst of the zero-Covid policy. "Riding on this trend, we expect GDP in the second quarter to reach around 8 percent...," Reuters quoted Tao Chuan, chief macro analyst at Soochow Securities, as saying. "Zero-Covid" policy impact on China The better-than-expected growth in the first quarter - January to March - came after China lifted its stringent Covid curbs last year. The Chinese government's "zero-Covid" policy was blamed for China's economic growth faltering to just 3 percent last year, the lowest in nearly four decades. The growth rate registered in 2022 was lower than the government's estimate of 5.5 percent. It was a massive 250 percent lower than the 2021 growth rate of 8.1 percent. China's factory output, retail sales and consumption fell last year as the "zero-Covid" policy disrupted supply chains and severely restricted movement of people.

China beats estimates, grows at 4.5% in first three months of 2023

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West.&nbsp;

India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.&nbsp;

The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports.

According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent.

Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap.

In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine.

A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow.

"We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime,"&nbsp;the official told Reuters on a condition of anonymity.&nbsp;&nbsp;

Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap&nbsp;in early April.&nbsp;

Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.&nbsp;

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said. The latest media reports suggest that Urals Oil -- a reference oil brand of Russia used for exports -- cargoes loaded in the first half of April were mostly heading to India's and China's ports. According to a Reuters report, India accounted for more than 70 percent of the seaborne supplies of Urals Oil till mid-April, while China accounted for about 20 percent. Media reports indicate that India and China -- both countries share strong bilateral relations with Russia -- have not agreed to abide by the price cap. However, the West had hoped that the threat of sanctions might deter traders from helping those countries buy oil above the price cap. In December 2022, the group of seven (G7) nations and Australia agreed on a $60 per barrel price cap on Russian seaborne crude oil in a bid to cut Russia's oil revenues. But opponents of the price cap say that the measure is too soft to force Moscow to backtrack on its activities in Ukraine. A G7 source told Reuters that the price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland, to lower the cap to increase pressure on Moscow. "We recognize that as markets evolve there will be fluctuations of the discounts that Russia receives relative to global market prices. But the prices Russia receives for its oil remain well below those earned by other producers, which reflects the effects of the global sanctions regime," the official told Reuters on a condition of anonymity. Meanwhile, lower freight rates and smaller discounts for Urals Oil against global benchmarks nudged its daily price back above the price cap in early April. Russia has been under a series of economic sanctions since it invaded Ukraine in February 2022. The sanctions by the West aim to cut off Moscow from the global financial and trade system.

Russia's oil exports remain strong, India and China top buyers in April: Report

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. &nbsp;

Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company.

Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls.

After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day.&nbsp;

In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth.&nbsp;Paya Holdings, a US-based&nbsp;payments solutions company,&nbsp;was&nbsp;bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition&nbsp;"appears troubled" as Paya was losing market share before the takeover.

Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure.

"Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report.&nbsp;

The short-seller said&nbsp;that it expects&nbsp;Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year.

Second report in less than 2 years

Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company.&nbsp;

“Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. &nbsp;

This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries.

In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.”

The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.&nbsp;

&nbsp;

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said.

The US-listed shares of Canadian fintech company Nuvei slipped 2 percent on Tuesday after New York-based investment management firm Spruce Point Capital Management published a negative report on the Montreal-based company, a Bloomberg report said. Spruce Point revealed that it held a short position on the company and urged investors to sell their shares in the company. Short position or short-selling refers to a stock market investment in which investor will profit if the value of a company's share falls. After the report became public, Nuvei shares tumbled about 6 percent early on Tuesday but pared losses towards the end of the day. In the report, the New York-based firm accused Nuvei of acquiring a US company that had exaggerated its growth. Paya Holdings, a US-based payments solutions company, was bought for $1.3 billion in January 2023. Spruce Point alleged in its report that the acquisition "appears troubled" as Paya was losing market share before the takeover. Spruce Point, a well-known short seller in the US stock markets, also alleged that Nuvei may have an equity interest in bankrupt crypto exchange FTX and failed to disclose its total crypto and digital exposure. "Our analysis suggests that Nuvei's underlying economics are deteriorating and that it is heavily reliant on buoying its stock price as a tool to attract, retain and compensate employees. We believe the current sell-side analysts fail to incorporate our concerns with the Paya acquisition and assume Nuvei will be successful despite its documented recent history of failing to extract value from acquisitions," the short-seller said in its report. The short-seller said that it expects Nuvei's stocks to decline in total value this year. adding that it faces a 35-50 percent long-term downside risk. Interestingly, shares of Nuvei are up almost 60 percent this year. Second report in less than 2 years Spruce Point's report came just days after Hollywood actor Ryan Reynolds announced that he has invested an undisclosed amount in the fintech company. “Nuvei is impressive. The leadership team is exceedingly intelligent and hard-working and it’s about time a Canadian company got the type of attention American tech companies do," a press release quoted Reynolds as saying. This is the second time in less than two years that Spruce Point has released a report on the Montreal-based company, which offers payment services for several industries. In December 2021, the US investment management firm had noted that the fintech company faced “40 to 60 percent long-term downside risk.” The 2021 report also highlighted a number of alleged shortcomings in Nuvei’s business, including wrong top management hirings and poor financial performance.

Canadian fintech firm Nuvei's shares fall after short-seller report

Apple's CEO Tim Cook is in India ahead of the opening of the company's first store in Mumbai. Cook met India Inc leaders ahead of the store launch.

Apple CEO Tim Cook visits India for new store opening

China's gross domestic product (GDP) expanded 4.5 percent in the first quarter of the year 2023, boosted by increased consumption and retail sales.

China's GDP jumps 4.5% in Q1 as consumption, retail sales grow

Rishi Sunak's wife Akshata Murty lost about $61 million Monday after shares in Infosys tumbled the most since he became UK prime minister. Murty owns a 0.94% stake in the Infosys Ltd co-founded by her father Narayana Murthy.

Akshata Murty loses $61 million in a day after Infosys stocks tumble

Ernst &amp; Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts&nbsp;to eliminate "overcapacity."&nbsp;

The cuts were announced less than a week after the collapse of Project Everest, a proposed plan to spin off EY’s global consulting business into a new company.&nbsp;Project Everest&nbsp;consumed more than a year of work and cost EY more than $600mn, executives told company's staff last week.

<h2>Ernst &amp; Young layoffs: Who will be affected?</h2>

According to Financial Times, the consulting side of the firm will be most-affected during EY's job-cuts.

The job cuts will&nbsp;account for about 5 per cent of EY’s US workforce.

"After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying by Financial Times.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-much-salary-hike-your-employer-is-planning-in-2023-crucial-report-drops-key-revelations-574317">How much salary hike your employer is planning in 2023? Crucial report drops key revelations</a>

"These actions are part of the ongoing management of our business and not a result of the recently concluded strategic review, known as Project Everest," the spokesperson added.&nbsp;

<h2>Ernst &amp; Young job cuts: Biggest layoff in the sector</h2>

Among its competitors such as the KMPG, Accenture and McKinsey, EY's job cuts are deeper than others.

KPMG laid off close to 2 per cent of its US staff in February.

Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months.

McKinsey's&nbsp;restructuring will reduce about 3 per cent of its workforce.&nbsp;

ALSO WATCH |&nbsp;German watchdog bans EY from taking on new audits for two years

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Consulting businesses have slowed sharply due to rise in interest rates among other related factors.

Earlier, EY had&nbsp;axed holiday bonuses for its US staff, citing the slowing economy. The firms in the sector have sharply slowed hiring.

Job postings by the 'Big Four' (Deloitte, Ernst &amp; Young, KPMG, and PricewaterhouseCoopers) are 50 per cent lower than a year ago, according to the latest monthly survey by William Blair, an equity research firm.

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Ernst & Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts to eliminate "overcapacity.

Ernst & Young informed its workforce that it would be cutting 3,000 jobs in the United States. The London-headquartered financial services giant, one among the 'big four', is reportedly executing the job cuts to eliminate "overcapacity." The cuts were announced less than a week after the collapse of Project Everest, a proposed plan to spin off EY’s global consulting business into a new company. Project Everest consumed more than a year of work and cost EY more than $600mn, executives told company's staff last week. Ernst & Young layoffs: Who will be affected? According to Financial Times, the consulting side of the firm will be most-affected during EY's job-cuts. The job cuts will account for about 5 per cent of EY’s US workforce. "After assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm, we have made the difficult business decision to separate approximately 3,000 US employees," an EY spokesperson was quoted as saying by Financial Times. ALSO READ | How much salary hike your employer is planning in 2023? Crucial report drops key revelations "These actions are part of the ongoing management of our business and not a result of the recently concluded strategic review, known as Project Everest," the spokesperson added. Ernst & Young job cuts: Biggest layoff in the sector Among its competitors such as the KMPG, Accenture and McKinsey, EY's job cuts are deeper than others. KPMG laid off close to 2 per cent of its US staff in February. Accenture has announced it would cut 2.6 per cent of its global workforce over the next 18 months. McKinsey's restructuring will reduce about 3 per cent of its workforce. ALSO WATCH | German watchdog bans EY from taking on new audits for two years × Consulting businesses have slowed sharply due to rise in interest rates among other related factors. Earlier, EY had axed holiday bonuses for its US staff, citing the slowing economy. The firms in the sector have sharply slowed hiring. Job postings by the 'Big Four' (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) are 50 per cent lower than a year ago, according to the latest monthly survey by William Blair, an equity research firm. 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.

'Big Four' hiring decline: Ernst & Young blames 'overcapacity' for 3,000 job cuts

Elon Musk passed&nbsp;his billionaire acumen&nbsp;to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals.

Shares of&nbsp;Dalseo-gu, Daegu-based&nbsp;L&amp;F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla.&nbsp;

According to the Bloomberg Billionaires Index, the listed holdings for the L&amp;F Co. chairperson Hur Jae-hong and family is now worth more than $800 million.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/tesla-workers-in-shanghai-appeal-to-elon-musk-over-bonus-cuts-583293">Tesla workers in Shanghai appeal to Elon Musk over bonus cuts</a>

Tesla has been using L&amp;F’s cathodes for years. But they were supplied through LG Energy Solution Ltd.&nbsp;

This is the first time that L&amp;F has become Tesla's direct client.

Like L&amp;F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported.

ALSO WATCH |&nbsp;World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs

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For L&amp;F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational.&nbsp;

L&amp;F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue.&nbsp;

L&amp;F may see its reliance on LG Energy Solution drop to 50 per cent&nbsp;of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales.

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Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co.

Elon Musk passed his billionaire acumen to a South Korean business family, putting them among the elusive group of world's 'ultra-rich' individuals. Shares of Dalseo-gu, Daegu-based L&F Co., a producer of high-nickel cathodes that are key to making batteries for electric vehicles, have soared 82 per cent this year. Reason? Well, the South Korean company won a $2.9 billion order from Tesla. According to the Bloomberg Billionaires Index, the listed holdings for the L&F Co. chairperson Hur Jae-hong and family is now worth more than $800 million. ALSO READ | Tesla workers in Shanghai appeal to Elon Musk over bonus cuts Tesla has been using L&F’s cathodes for years. But they were supplied through LG Energy Solution Ltd. This is the first time that L&F has become Tesla's direct client. Like L&F, shares of companies that provide components or materials used to make electric cars have surged in recent years, generating huge amounts of wealth for their owners, Bloomberg reported. ALSO WATCH | World Business Watch: Tesla fined $2.2 mln for exaggerating driving range of EVs For L&F, which so far has made most of its revenue from LG Energy Solution, the Tesla deal could be transformational. L&F began developing cathode materials for rechargeable lithium-ion batteries in 2005. Soon they became its most significant business. Sales increased ten-fold to 3.8 trillion won ($2.9 billion) from 2020 to 2022, with LG Energy Solution accounting for as much as 80 per cent of last year’s revenue. L&F may see its reliance on LG Energy Solution drop to 50 per cent of its total revenue by 2025, according to a research report by Shinyoung Securities Co. analyst Jin-soo Park cited by Bloomberg. The manufacturers like Tesla are expected to contribute to 30 per cent of sales. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company

A Johnson &amp; Johnson (J&amp;J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer. This comes as the company makes another attempt at "resolving the litigation in bankruptcy after a federal appeals court found its first attempt improper," reports Reuters.

On Tuesday, LTL Management, the J&amp;J subsidiary in a hearing in Trenton, New Jersey, will argue that the so-called "automatic stay" under bankruptcy law should also protect J&amp;J which has not filed for bankruptcy and has a market value of over $430 billion.

Bankruptcy law places an "automatic stay" on legal action against a business while it is in Chapter 11 proceedings.

Also read |&nbsp;<a href="https://www.wionews.com/world/johnson-johnson-to-pay-89-billion-to-settle-lawsuits-over-cancer-causing-talc-579243">Johnson &amp; Johnson to pay $8.9 billion to settle lawsuits over 'cancer-causing' talc</a>

LTL's first bankruptcy filing in 2021 placed the lawsuits on hold, but the Philadelphia-based 3rd US Circuit Court of Appeals ruled in January that LTL was not eligible for bankruptcy because it was not in "financial distress."

Two groups of cancer plaintiffs and the US Department of Justice's bankruptcy watchdog as per Reuters have objected to the company's plea for a stay, claiming that it is a deceptive attempt to bypass the earlier court ruling and that the second bankruptcy has "slim to nonexistent prospects" of success.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musks-direct-deal-propels-ultra-rich-fortune-for-south-korean-company-583504">Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company</a>

The plaintiffs are alleging that J&amp;J's baby powder and other talc products cause cancer. J&amp;J has offered $8.9 billion&nbsp;to settle the claims but has not provided details on how much each claimant would receive from the deal. LTL argues that litigation against J&amp;J would imperil its efforts to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy.&nbsp;

(With inputs from agencies)

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A Johnson & Johnson (J&J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer.

A Johnson & Johnson (J&J) subsidiary has once again requested an American judge to delay 38,000 lawsuits worth tens of thousands of dollars. These lawsuits accuse their baby powder and other talc products of causing cancer. This comes as the company makes another attempt at "resolving the litigation in bankruptcy after a federal appeals court found its first attempt improper," reports Reuters. On Tuesday, LTL Management, the J&J subsidiary in a hearing in Trenton, New Jersey, will argue that the so-called "automatic stay" under bankruptcy law should also protect J&J which has not filed for bankruptcy and has a market value of over $430 billion. Bankruptcy law places an "automatic stay" on legal action against a business while it is in Chapter 11 proceedings. Also read | Johnson & Johnson to pay $8.9 billion to settle lawsuits over 'cancer-causing' talc LTL's first bankruptcy filing in 2021 placed the lawsuits on hold, but the Philadelphia-based 3rd US Circuit Court of Appeals ruled in January that LTL was not eligible for bankruptcy because it was not in "financial distress." Two groups of cancer plaintiffs and the US Department of Justice's bankruptcy watchdog as per Reuters have objected to the company's plea for a stay, claiming that it is a deceptive attempt to bypass the earlier court ruling and that the second bankruptcy has "slim to nonexistent prospects" of success. Also read | Elon Musk's direct deal propels 'ultra rich' fortune for South Korean company The plaintiffs are alleging that J&J's baby powder and other talc products cause cancer. J&J has offered $8.9 billion to settle the claims but has not provided details on how much each claimant would receive from the deal. LTL argues that litigation against J&J would imperil its efforts to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Johnson & Johnson unit seeks to halt 38,000 lawsuits over its alleged 'cancer causing' talc

India violated trade rules by imposing huge import duties on certain information&nbsp;and communication&nbsp;technology products, the World Trade Organisation (WTO) ruled&nbsp;on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation.&nbsp;

"We recommend that India bring such measures into conformity with its obligations," a WTO panel report said.&nbsp;

The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017.

India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs.

These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO.

They added that the import duties&nbsp;infringe&nbsp;WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty.&nbsp;

But India has been arguing&nbsp;that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products.&nbsp;

New Delhi added that these tech products were not part of the 1996 agreement on Information Technology.&nbsp;&nbsp;

The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.&nbsp;

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday.

India violated trade rules by imposing huge import duties on certain information and communication technology products, the World Trade Organisation (WTO) ruled on Monday. Reuters has reported that India will challenge the ruling of the Geneva-based multilateral organisation. "We recommend that India bring such measures into conformity with its obligations," a WTO panel report said. The WTO was hearing a dispute on India imposing a 10 percent custom duty on mobile phones and some other tech products in 2017. India later raised the custom duty from 10 to 20 percent which upset countries like the US, China, Taiwan, Singapore, and Japan -- all of whom are major tech hubs. These countries argued that such a levy badly affected their trade with India and violated certain provisions of the WTO. They added that the import duties infringe WTO norms as India has committed to zero percent bound tariffs on these products. Bound tariffs or duties refer to the ceiling over which a WTO member country cannot impose import duty. But India has been arguing that the 2017 decision was taken in order to curb imports and encourage domestic production of tech products. New Delhi added that these tech products were not part of the 1996 agreement on Information Technology. The Geneva-based 164 member multi-lateral body deals with global exports and import-related norms. Besides, it adjudicates trade disputes between the member countries.

India violated global trading rules in IT tariff dispute, says WTO

Alphabet's parent company, Google, continues to experience negative news as its shares dropped about 4% on Monday on reports that Samsung may switch Google's default search engine for its devices to Microsoft's Bing.

Samsung may make bing default search engine

JP Morgan reported a surge in deposits in the first quarter, as the sudden collapse of two US regional banks in March drove customers to move their money to bigger lenders.

JP Morgan bank sees a surge in deposits amid US banking crisis

A price breakout for Ethereum has occurred as a result of the successful Shanghai upgrades. After the upgrade, there was an uptick in optimistic sentiment, and the price momentarily reached a year-to-date high of $2100.

Ether rallies after successful tech upgrade

Given that the Congress has a deadline to handle the country's debt, the head of the European Central Bank stated that she did not think the United States would default on its debt this time.

ECB Chief: US debt default just not possible

According to the Indian Commerce Ministry, the United States has surpassed China to become India's largest trading partner in 2022–2023. India in 2022 and 2023, U.S. trade increased to 128 points 55 billion dollars, up from 119.5 billion dollars in 2021 and 2022.

US now biggest trade partner of India

Elon Musk, launched a brand-new artificial intelligence firm named X.AI Corp to compete with ChatGPT-maker OpenAI. Musk was named a director of the AI start-up, which was established in Nevada on March 9.

Elon Musk launches new AI start up to compete with OpenAI

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker&nbsp;Tesla in China.&nbsp;

Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said.&nbsp;

On Chinese internet platform Baidu, several workers questioned whether the plan to cut their performance bonuses was linked to a fatal accident in the factory in February this year.&nbsp;

Several online posts claimed workers at the Shanghai plant were being unfairly punished for the accident in which one worker died, with some workers alleging that their quarterly bonuses were cut by around 2,000 yuan.&nbsp;

Some workers also logged on to Twitter, owned by Musk but banned in China, to express their grievances. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," Reuters quoted a person with the handle @AFeiywu on Twitter.&nbsp;

According to media reports, the online posts are a rare outburst of discontent at Tesla's Shanghai plant. Last year, Musk had praised the factory workers&nbsp;for running the&nbsp;operations&nbsp;during Shanghai's two-month Covid-19 lockdown.&nbsp;

The Shanghai factory, which began operations in late 2019, is the Tesla’s largest manufacturing hub. The plant employs some 20,000 workers and accounted for more than half of Tesla’s global output in 2022. China is Tesla’s second-largest market after the United States by volume.&nbsp;

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker Tesla in China. Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said.

Just days ahead of its first-quarter results, trouble seems to be brewing for Elon Musk-owned car maker Tesla in China. Several workers at the Tesla's Shanghai factory are taking to social media to appeal to Elon Musk after they were informed about plans to cut their performance bonuses, a Reuters report has said. On Chinese internet platform Baidu, several workers questioned whether the plan to cut their performance bonuses was linked to a fatal accident in the factory in February this year. Several online posts claimed workers at the Shanghai plant were being unfairly punished for the accident in which one worker died, with some workers alleging that their quarterly bonuses were cut by around 2,000 yuan. Some workers also logged on to Twitter, owned by Musk but banned in China, to express their grievances. "Please pay attention to the performance (bonus) of frontline workers at Tesla's Shanghai factory being arbitrarily deducted," Reuters quoted a person with the handle @AFeiywu on Twitter. According to media reports, the online posts are a rare outburst of discontent at Tesla's Shanghai plant. Last year, Musk had praised the factory workers for running the operations during Shanghai's two-month Covid-19 lockdown. The Shanghai factory, which began operations in late 2019, is the Tesla’s largest manufacturing hub. The plant employs some 20,000 workers and accounted for more than half of Tesla’s global output in 2022. China is Tesla’s second-largest market after the United States by volume.

Tesla workers in Shanghai appeal to Elon Musk over bonus cuts

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal&nbsp;which ended in March 2023.&nbsp;

Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23.&nbsp;

India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal.&nbsp;

The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves.&nbsp;

Trade deficit widens with China&nbsp;

While China has been one of the top trading partners, India's deficit has widened over the years.&nbsp;

Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal.&nbsp;

Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal.&nbsp;

A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.&nbsp;

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal which ended in March 2023. Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23. India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal. The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves. Trade deficit widens with China While China has been one of the top trading partners, India's deficit has widened over the years. Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal. Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal. A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.

US pips China to become India's top trade partner

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world.&nbsp;Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent.

Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uber-accused-of-charging-people-higher-prices-when-their-phone-battery-is-low-report-582509">Uber accused of charging customers more when their phone battery is low: Report</a>

"The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter.

"We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon."

"In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pakistan-gets-a-step-closer-to-getting-imf-bailout-after-uae-saudi-arabia-pledge-billions-in-assistance-582451">Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance</a>

The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections.

The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections.

(With inputs from agencies) 
 
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In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday.

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world. Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent. Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy. Also read | Uber accused of charging customers more when their phone battery is low: Report "The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter. "We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon." "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters. Also read | Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections. The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Argentina annual inflation over 104%, poverty up by 40%, people report ‘zero capacity to save’

Kristalina Georgieva,&nbsp;the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War."

Georgieva's comments came&nbsp;during a press conference at the official start of the World Bank and IMF's spring meetings.

"I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fragmentation, but keep these costs low."

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a>

She said that multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from dividing&nbsp;into different blocs with severe economic consequences.

An IMF report earlier this week predicted that growing trade fragmentation resulting from events like Brexit, the US-China trade war and the Russa-Ukraine war could make the global economy as much as seven per cent smaller than it otherwise would have been.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brazils-president-lula-assents-to-common-brics-currency-to-counter-us-dollars-dominance-582289">Brazil's President Lula assents to common BRICS currency to counter US dollar's dominance</a>

Policymakers had a crucial role to play to "defend the interests" of their citizens, Georgieva said.

"If we fail to be more rational, then people everywhere will be worse off," she said. &nbsp;

Meanwhile, the French President Emmanuel Macron will host a summit in June which will deliberate upon building a "new financial framework," the country's finance minister, Bruno Le Maire, told reporters at the IMF early Thursday.

The Bank's outgoing president, David Malpass, said earlier that progress has been made on a number of key issues for the World Bank and IMF.&nbsp;

ALSO WATCH |&nbsp;Gravitas: China, Russia ditch dollar for gas trade

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Member states agreed on several steps to boost the World Bank's financial capacity, he said, freeing it up to lend "as much as $50 billion of new financing" over the next decade.

Progress was also made during a debt roundtable discussion on Wednesday, Malpass said. For the first time, these talks included not only creditor countries but also the private sector, and representatives from Zambia, Ghana, Ethiopia and Sri Lanka, which are all facing debt challenges.

India currently holds the presidency of the G-20 group of countries, and co-chaired Wednesday's meeting. Indian Finance Minister Nirmala Sitharaman said Thursday that she expected a resolution for "many" debtor countries "at the earliest" opportunity.

(With inputs from agencies)

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Kristalina Georgieva, the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War.

Kristalina Georgieva, the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War." Georgieva's comments came during a press conference at the official start of the World Bank and IMF's spring meetings. "I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fragmentation, but keep these costs low." ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance She said that multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from dividing into different blocs with severe economic consequences. An IMF report earlier this week predicted that growing trade fragmentation resulting from events like Brexit, the US-China trade war and the Russa-Ukraine war could make the global economy as much as seven per cent smaller than it otherwise would have been. ALSO READ | Brazil's President Lula assents to common BRICS currency to counter US dollar's dominance Policymakers had a crucial role to play to "defend the interests" of their citizens, Georgieva said. "If we fail to be more rational, then people everywhere will be worse off," she said. Meanwhile, the French President Emmanuel Macron will host a summit in June which will deliberate upon building a "new financial framework," the country's finance minister, Bruno Le Maire, told reporters at the IMF early Thursday. The Bank's outgoing president, David Malpass, said earlier that progress has been made on a number of key issues for the World Bank and IMF. ALSO WATCH | Gravitas: China, Russia ditch dollar for gas trade × Member states agreed on several steps to boost the World Bank's financial capacity, he said, freeing it up to lend "as much as $50 billion of new financing" over the next decade. Progress was also made during a debt roundtable discussion on Wednesday, Malpass said. For the first time, these talks included not only creditor countries but also the private sector, and representatives from Zambia, Ghana, Ethiopia and Sri Lanka, which are all facing debt challenges. India currently holds the presidency of the G-20 group of countries, and co-chaired Wednesday's meeting. Indian Finance Minister Nirmala Sitharaman said Thursday that she expected a resolution for "many" debtor countries "at the earliest" opportunity. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF chief warns against 'second cold war' amid BRICS' challenge to USD, China-US trade tensions

Brazil's President Luiz Inácio Lula da Silva made an impassioned call to his BRICS counterparts Russia, India, China and South Africa to replace the US dollar with their own currencies for trading among the countries. Lula's comments come amid efforts by India, China and Russia to set up streams for trade in their own currencies and expanding calls amongst BRICS nations to launch a potential common currency mechanism for trade.&nbsp;

The BRICS bloc has a combined GDP that's slightly more than that of the US. The five major economies constitute 41 per cent of world population, 24 per cent of the world GDP and 16 per cent of global trade flows.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a>

"Every night I ask myself why all countries have to base their trade on the dollar," Lula said at the New Development Bank in Shanghai, also called the BRICS bank.&nbsp;

"Why can't we do trade based on our own currencies," he added. A crowd of Brazilian and Chinese dignitaries applauded the Brazilian president's call in Shanghai on Thursday (April 13).

"Who decided that our currencies were weak, that they didn't have value in other countries?," Lula asked.&nbsp;

"Why can't a bank like that of the BRICS have a currency to finance trade relations between Brazil and China, between Brazil and other countries? It's difficult because we are unaccustomed [to the idea]. Everyone depends on just one currency," Lula said, adding Brazil's voice to calls for a common BRICS currency.

WION first reported on April 3, that as India and China step up to counter US dollar's dominance, <a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">a common BRICS currency</a> for trade between the countries forming the bloc may very well be on the way. Lula's comments add another note of consensus among&nbsp;the BRICS nations towards a common currency to counter the dominance of the US dollar.&nbsp;

At the forthcoming BRICS summit in South Africa, a new financial arrangement, seen with a potential to translate into a common BRICS currency, is expected to be announced.&nbsp;

<h2>BRICS common currency: Why calls for de-dollarisation?</h2>

According to Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars despite the United States accounting for just over a tenth of global trade.&nbsp;

ALSO WATCH |&nbsp;Brazil and Argentina's initiave for common currency receives push from Venezuela

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The greenback’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions. At the same time, the economic culture in the United States of imposing financial sanctions on countries Washington deems unfriendly, is often seen as a source of economic instability.&nbsp;

Apart from Russia and its ruble, countries in the developing world, therefore, spearheaded by China and India, are ramping up efforts to respectively set up trade streams based on Chinese renminbi and Indian rupee respectively. Brazil, Russia, India, China and South Africa, banded together in BRICS, will meet in South Africa in August 2023 where de-dollarisation is expected to lead the agenda of the bloc.&nbsp;

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Brazil's President Luiz Inácio Lula da Silva made an impassioned call to his BRICS counterparts Russia, India, China and South Africa to replace the US dollar with their own currencies for trading among the countries.

Brazil's President Luiz Inácio Lula da Silva made an impassioned call to his BRICS counterparts Russia, India, China and South Africa to replace the US dollar with their own currencies for trading among the countries. Lula's comments come amid efforts by India, China and Russia to set up streams for trade in their own currencies and expanding calls amongst BRICS nations to launch a potential common currency mechanism for trade. The BRICS bloc has a combined GDP that's slightly more than that of the US. The five major economies constitute 41 per cent of world population, 24 per cent of the world GDP and 16 per cent of global trade flows. ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance "Every night I ask myself why all countries have to base their trade on the dollar," Lula said at the New Development Bank in Shanghai, also called the BRICS bank. "Why can't we do trade based on our own currencies," he added. A crowd of Brazilian and Chinese dignitaries applauded the Brazilian president's call in Shanghai on Thursday (April 13). "Who decided that our currencies were weak, that they didn't have value in other countries?," Lula asked. "Why can't a bank like that of the BRICS have a currency to finance trade relations between Brazil and China, between Brazil and other countries? It's difficult because we are unaccustomed [to the idea]. Everyone depends on just one currency," Lula said, adding Brazil's voice to calls for a common BRICS currency. WION first reported on April 3, that as India and China step up to counter US dollar's dominance, a common BRICS currency for trade between the countries forming the bloc may very well be on the way. Lula's comments add another note of consensus among the BRICS nations towards a common currency to counter the dominance of the US dollar. At the forthcoming BRICS summit in South Africa, a new financial arrangement, seen with a potential to translate into a common BRICS currency, is expected to be announced. BRICS common currency: Why calls for de-dollarisation? According to Switzerland-based Bank for International Settlements, approximately half of global trade is invoiced in US dollars despite the United States accounting for just over a tenth of global trade. ALSO WATCH | Brazil and Argentina's initiave for common currency receives push from Venezuela × The greenback’s dominance in global trade means the burden of dollar-denominated debt for other nations rises and falls with the exchange rate. This destabilises the economies of the countries with US monetary policy often playing a defining role than its own domestic decisions. At the same time, the economic culture in the United States of imposing financial sanctions on countries Washington deems unfriendly, is often seen as a source of economic instability. Apart from Russia and its ruble, countries in the developing world, therefore, spearheaded by China and India, are ramping up efforts to respectively set up trade streams based on Chinese renminbi and Indian rupee respectively. Brazil, Russia, India, China and South Africa, banded together in BRICS, will meet in South Africa in August 2023 where de-dollarisation is expected to lead the agenda of the bloc. 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.

Brazil's President Lula seeks common BRICS currency to counter US dollar's dominance

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14),&nbsp;getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed.

Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for&nbsp;Pakistan’s acute balance of payments crisis.

Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE.&nbsp;

The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month.&nbsp;

Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. &nbsp;&nbsp; &nbsp;&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF).

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed. Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for Pakistan’s acute balance of payments crisis. Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE. The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month. Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance