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Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need? Such was the promise of the “The World Startup Convention” that over 100,000 fund-seekers worldwide applied for registration. Luke Talwar, the event's co-founder, declared in December it would be the world’s biggest funding festival with the target of raising investments worth more than INR 100,000 crore [or $12 billion]. The three-day event was supposed to be held at the Expo Mart located at Knowledge Park in Greater Noida, on the outskirts of the Indian capital New Delhi, &nbsp;from March 24th. 
&nbsp; 
Sohil Shah, the founder of Spreadd.io, a Dubai-based ‘Decentralised Creator Economy’ company, decided not to squander away this godsent opportunity to raise funds. He discussed the idea with his colleague Sayan Sapui and declared that he will be flying his entire team to Noida to pitch to investors. Sayan surfed the web to know more about the event and his findings really made an impression. 
&nbsp; 
The homepage of the official website of the World Startup Convention featured top Indian officials including Union Minister of Road Transport and Highways Nitin Gadkari and Chief Minister of India’s northern state of Uttarakhand Pushkar Singh Dhami.
<img alt="Home page of World Startup Convention website" data-align="center" data-entity-type="file" data-entity-uuid="a6725157-dfcb-4714-9abf-b3873514a6ae" src="//cdn.wionews.com/sites/default/files/inline-images/im%201.PNG" />
The icing on the cake were promotional messages from India’s top influencers. Ankur Warikoo, Chetan Bhagat, MBA Chaiwala and Raj Shamani, all of them were singing the praises of the event.
<img alt="India's top influencers" data-align="center" data-entity-type="file" data-entity-uuid="19f00e57-9ed4-4a09-ae17-70d0b3cea0c0" src="//cdn.wionews.com/sites/default/files/inline-images/im%202.PNG" />
In his message, Warikoo can be seen saying, “1,500 VCs [venture capitalists], 9,000 angel investors, India’s leading banks and 75,000+startups will be present at the event.” Raj Shamani, in his message, recommended founders to book passes and turn their startup dream into reality. 
&nbsp;&nbsp; 
Luke Talwar and Arjun Chaudhary, the founders of ‘World Startup Convention’, also hinted that eminent personalities like Elon Musk (CEO of Tesla), Gautam Adani (Founder &amp; Chairman of Adani Group), Sheikh Hamdan (Crown Prince of Dubai) and Sundar Pichai (CEO of Google) will attend the mega event. Interestingly, they all were referred to as “special invitees” and not “attendees” in posters used for event promotion.
<img alt="Promotional content used by WSC" data-align="center" data-entity-type="file" data-entity-uuid="61a3e4fd-84c8-4c8a-8c6f-9372b061b935" src="//cdn.wionews.com/sites/default/files/inline-images/im%203.PNG" />
“Having seen a few ads of the event myself featuring a few of India’s top influencers, I agreed to go,” Sayan told WION. But within days, when Sayan’s colleagues at spreadd.io dug more into the event and history of its founders, their perception of World Startup Convention dramatically changed. “After research by one of our team members named Nikunj Kachhiya, he realised that this company organised some events like this before too and the participants left some negative tweets and reviews about them,” Sayan said. 
&nbsp; 
Eventually, Sayan and his colleagues decided against going to the event.

<h2>Stuff hits the fan</h2>

But many others, including Vaibhav Anant from Bambrew, gave their all to secure funding at the event. Team Bambrew “invested over 50 lac [five million] rupees” to make their presence felt at the World Startup Convention, according to a <a href="https://www.youtube.com/watch?v=hMNxl3lGCVE">statement </a>by Anant. 
&nbsp; 
But the turnaround of events that took place on 24th March stirred a massive uproar in India’s entrepreneurial community. What was supposed to be the world’s biggest startup funding festival turned out to be “India’s biggest startup scam.” 
&nbsp; 
“There were only 70 founders present at the event, and no good investor,” Anant said. 
&nbsp; 
In no time, the founders realised they had been scammed out of their hard-earned money. 
&nbsp; 
What came hot on the heels was a clash between founders and organisers. Some founders climbed on the stage and demanded compensation. Police had to be called in. 
&nbsp; 
“Apparently, standing on the World Startup Convention stage in Noida are not the investors from Sequoia or Accel, but cops from the Uttar Pradesh Police,” wrote Rajan Singh, CEO of HabitStrong, on LinkedIn. 
&nbsp; 
“We had very high hopes. This was the biggest investment we made in a convention like this, and we are devastated to the core,” Vaibhav Anant said. “Nobody is going to believe the idea of such a convention like this in future, even if it is genuine,” Anant said in a video message. 
&nbsp; 
Disgruntled founders are now planning to take legal action against the organisers and the influencers who promoted this fake event. 
&nbsp; 
“The World Startup Convention has affected a few of our startups. Apart from monetary, there has been a huge loss of trust and morale. We are trying to take collective legal action against the organisers,” wrote Vandana Rungta, co-founder of WerFunds Pvt Ltd, on social media.&nbsp;

<h2>Role of the influencers</h2>

&nbsp;All the influencers who spoke about the event have played their part in promoting this scam. And for that reason, the founders are slamming these influencers too. “Ankur Warikoo, I was your fan and looked up to you as a founder. I have now lost every bit of trust. It will be so so difficult to even trust anyone now,” Vaibhav Anant wrote on LinkedIn 
&nbsp; 
But, how did the influencers get it all wrong? 
&nbsp; 
“I believe where it all went wrong is that the Influencers’ manager or managing team was approached by the brand and they agreed to do it with little to no background checks on the company,” Sayan Sapui told WION upon being asked the same question. 
&nbsp; 
“If they spent some time researching on the event company, their past events and whether there are any negative reviews on the internet, there could have been a chance they would have been able to save a lot of entrepreneurs from losing their money and time,” Sayan told further. 
&nbsp; 
But make no mistake, the carelessness shown by the influencers, in this case, does make a good court case. The Consumer Affairs Ministry of India clearly states it is the moral responsibility of the influencers to verify the authenticity of the product they are promoting. An influencer can be fined up to 5 million rupees in case of failure to comply with the guidelines. 
&nbsp; 
WION tried to reach Ankur Warikoo, MBA Chaiwala and Raj Shamani to know what they had to say in their defence. This is what Ankur Warikoo told WION: 
&nbsp; 
“I am not involved in the conceptualising or organising of the event. We had done an Instagram collab reel on 19th January where I spoke about the importance of funding for a startup and how this event could be a good opportunity to explore the same and meet other founders.” 
&nbsp; 
“The terms of the collab were clear that my video will not be used for promoting the event. However, I realised that this was not respected. While they took down ads of the video when we asked them to, the video was and is still being used on their website and in all of their communication,” he said. 
&nbsp; 
“In January itself we distanced ourselves from the event. They repeatedly asked me to be present for the event, which we declined. As late as February, we had to keep sending them emails asking them to take down ads they were running to promote the event using my video,” he added.
<img alt="What Warikoo said in his defence?" data-align="center" data-entity-type="file" data-entity-uuid="247a0968-26f4-466c-bd2f-0c0f6cb0e027" src="//cdn.wionews.com/sites/default/files/inline-images/im%204.PNG" />
 
&nbsp;“It is really tragic to see how the event eventually ended up. It showed promise and could have genuinely helped founders if done the right way,” he pointed out. 
&nbsp; 
MBA Chaiwala and Raj Shamani didn’t reply to the emails sent by WION.

<h2>Lessons learned</h2>

In a nutshell, &nbsp;Sayan Sapui recommends both influencers and entrepreneurs do their due diligence before signing up for such events. 
&nbsp; 
“Take everything from TV ads to Influencers on Instagram with a pinch of salt,” Sayan said while addressing founders. 
&nbsp; 
For influencers, Sayan has a simple yet powerful suggestion: Always put your credibility above all. 
&nbsp; 
According to Sayan, “An influencer’s career is built on TRUST. And we all know it’s a very fragile thing, especially in the online world. As a startup/finance influencer, these online celebrities hold massive responsibility towards their audience.”

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>
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&nbsp;

Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need?

Elon Musk, Gautam Adani, India’s top ministers and leading global investors, all under one roof in India’s national capital region: what more does a startup founder need? Such was the promise of the “The World Startup Convention” that over 100,000 fund-seekers worldwide applied for registration. Luke Talwar, the event's co-founder, declared in December it would be the world’s biggest funding festival with the target of raising investments worth more than INR 100,000 crore [or $12 billion]. The three-day event was supposed to be held at the Expo Mart located at Knowledge Park in Greater Noida, on the outskirts of the Indian capital New Delhi, from March 24th. Sohil Shah, the founder of Spreadd.io, a Dubai-based ‘Decentralised Creator Economy’ company, decided not to squander away this godsent opportunity to raise funds. He discussed the idea with his colleague Sayan Sapui and declared that he will be flying his entire team to Noida to pitch to investors. Sayan surfed the web to know more about the event and his findings really made an impression. The homepage of the official website of the World Startup Convention featured top Indian officials including Union Minister of Road Transport and Highways Nitin Gadkari and Chief Minister of India’s northern state of Uttarakhand Pushkar Singh Dhami. The icing on the cake were promotional messages from India’s top influencers. Ankur Warikoo, Chetan Bhagat, MBA Chaiwala and Raj Shamani, all of them were singing the praises of the event. In his message, Warikoo can be seen saying, “1,500 VCs [venture capitalists], 9,000 angel investors, India’s leading banks and 75,000+startups will be present at the event.” Raj Shamani, in his message, recommended founders to book passes and turn their startup dream into reality. Luke Talwar and Arjun Chaudhary, the founders of ‘World Startup Convention’, also hinted that eminent personalities like Elon Musk (CEO of Tesla), Gautam Adani (Founder & Chairman of Adani Group), Sheikh Hamdan (Crown Prince of Dubai) and Sundar Pichai (CEO of Google) will attend the mega event. Interestingly, they all were referred to as “special invitees” and not “attendees” in posters used for event promotion. “Having seen a few ads of the event myself featuring a few of India’s top influencers, I agreed to go,” Sayan told WION. But within days, when Sayan’s colleagues at spreadd.io dug more into the event and history of its founders, their perception of World Startup Convention dramatically changed. “After research by one of our team members named Nikunj Kachhiya, he realised that this company organised some events like this before too and the participants left some negative tweets and reviews about them,” Sayan said. Eventually, Sayan and his colleagues decided against going to the event. Stuff hits the fan But many others, including Vaibhav Anant from Bambrew, gave their all to secure funding at the event. Team Bambrew “invested over 50 lac [five million] rupees” to make their presence felt at the World Startup Convention, according to a statement by Anant. But the turnaround of events that took place on 24th March stirred a massive uproar in India’s entrepreneurial community. What was supposed to be the world’s biggest startup funding festival turned out to be “India’s biggest startup scam.” “There were only 70 founders present at the event, and no good investor,” Anant said. In no time, the founders realised they had been scammed out of their hard-earned money. What came hot on the heels was a clash between founders and organisers. Some founders climbed on the stage and demanded compensation. Police had to be called in. “Apparently, standing on the World Startup Convention stage in Noida are not the investors from Sequoia or Accel, but cops from the Uttar Pradesh Police,” wrote Rajan Singh, CEO of HabitStrong, on LinkedIn. “We had very high hopes. This was the biggest investment we made in a convention like this, and we are devastated to the core,” Vaibhav Anant said. “Nobody is going to believe the idea of such a convention like this in future, even if it is genuine,” Anant said in a video message. Disgruntled founders are now planning to take legal action against the organisers and the influencers who promoted this fake event. “The World Startup Convention has affected a few of our startups. Apart from monetary, there has been a huge loss of trust and morale. We are trying to take collective legal action against the organisers,” wrote Vandana Rungta, co-founder of WerFunds Pvt Ltd, on social media. Role of the influencers All the influencers who spoke about the event have played their part in promoting this scam. And for that reason, the founders are slamming these influencers too. “Ankur Warikoo, I was your fan and looked up to you as a founder. I have now lost every bit of trust. It will be so so difficult to even trust anyone now,” Vaibhav Anant wrote on LinkedIn But, how did the influencers get it all wrong? “I believe where it all went wrong is that the Influencers’ manager or managing team was approached by the brand and they agreed to do it with little to no background checks on the company,” Sayan Sapui told WION upon being asked the same question. “If they spent some time researching on the event company, their past events and whether there are any negative reviews on the internet, there could have been a chance they would have been able to save a lot of entrepreneurs from losing their money and time,” Sayan told further. But make no mistake, the carelessness shown by the influencers, in this case, does make a good court case. The Consumer Affairs Ministry of India clearly states it is the moral responsibility of the influencers to verify the authenticity of the product they are promoting. An influencer can be fined up to 5 million rupees in case of failure to comply with the guidelines. WION tried to reach Ankur Warikoo, MBA Chaiwala and Raj Shamani to know what they had to say in their defence. This is what Ankur Warikoo told WION: “I am not involved in the conceptualising or organising of the event. We had done an Instagram collab reel on 19th January where I spoke about the importance of funding for a startup and how this event could be a good opportunity to explore the same and meet other founders.” “The terms of the collab were clear that my video will not be used for promoting the event. However, I realised that this was not respected. While they took down ads of the video when we asked them to, the video was and is still being used on their website and in all of their communication,” he said. “In January itself we distanced ourselves from the event. They repeatedly asked me to be present for the event, which we declined. As late as February, we had to keep sending them emails asking them to take down ads they were running to promote the event using my video,” he added. “It is really tragic to see how the event eventually ended up. It showed promise and could have genuinely helped founders if done the right way,” he pointed out. MBA Chaiwala and Raj Shamani didn’t reply to the emails sent by WION. Lessons learned In a nutshell, Sayan Sapui recommends both influencers and entrepreneurs do their due diligence before signing up for such events. “Take everything from TV ads to Influencers on Instagram with a pinch of salt,” Sayan said while addressing founders. For influencers, Sayan has a simple yet powerful suggestion: Always put your credibility above all. According to Sayan, “An influencer’s career is built on TRUST. And we all know it’s a very fragile thing, especially in the online world. As a startup/finance influencer, these online celebrities hold massive responsibility towards their audience.” WATCH WION LIVE HERE ×

‘Biggest startup scandal’: How one event in India’s Noida scarred India’s entrepreneurial ambitions

Why did US banks collapse?

The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made. Amid the financial uncertainties, Silicon Valley Bank (SVB) collapsed in March this year, sending shockwaves across the global financial markets. The fear grew stronger after the failure of Signature Bank as investors and customers were apprehensive of a major financial crisis.

The SVB collapse marked the largest bank failure in 2008 financial. The US regional banks were under pressure as concern grew among customers and investors about the financial health of the banks in the country.

However, the Indian banking system is relatively strong. Some of the factors that contribute to the strength of the Indian banking system is its robust regulatory framework, diversified banking sector and deposit insurance.

What is the meaning of a bank run?

A bank run occurs when a large number of depositors withdraw their funds from a bank in a short period of time, often due to concerns about the bank's solvency or liquidity. Bank runs typically occur when depositors lose confidence in a bank's ability to repay their deposits, and may be triggered by rumors, news reports, or other external factors.

A bank run can quickly lead to a bank's insolvency if it does not have enough cash on hand to meet the demand for withdrawals. This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis.

To prevent bank runs, many countries have established deposit insurance programs that guarantee a certain level of protection for depositors' funds. Additionally, central banks can provide liquidity to banks in times of stress to help them meet the demand for withdrawals and avoid insolvency.

What have the regulators done?

After the collapse, the governments and regulators across the world are checking for SVB exposure in their corporate and banking sectors. While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio. The US president has recently said that the perpetrators will face the consequences.

What is the meaning of insured deposits?

Insured deposits are funds held in a bank or credit union that are protected by deposit insurance. Deposit insurance is a program offered by governments or central banks and it guarantees the safety of a certain amount of deposits in the event of a bank failure.

In India, the DICGC &nbsp;-- an RBI subsidiary – will provide deposit insurance up to Rs. 5,00,000 per customer per bank covering principal and interest.

What happens to deposits of over $2,50,000

In the United States, for example, the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance for up to $250,000 per depositor, per insured bank. This means that if a bank fails, depositors can receive up to $250,000 of their deposits back, even if the bank does not have enough assets to repay all its depositors in full.

Deposits that are typically insured include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. However, some types of deposits, such as investment products like mutual funds or stocks, are not typically insured.

Having insured deposits can give depositors peace of mind, knowing that their money is protected in the event of a bank failure. It also helps maintain stability in the banking system, by reducing the likelihood of bank runs and the associated risks of broader financial instability.

Can customers withdraw their deposits, transfer?

Yes, customers can withdraw their insured deposits or transfer them to other accounts or financial institutions in the United States. Deposit insurance does not restrict the ability of customers to access or transfer their funds.

However, it's important to note that the amount of insured deposits may be limited to the coverage limit established by the deposit insurance program. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank. Deposits exceeding this limit may not be fully insured and could be subject to loss in the event of a bank failure.

Customers should also be aware of any fees or restrictions that may apply to withdrawals or transfers of their funds, which may be set by their bank or financial institution. It's a good idea to review the terms and conditions of your account to understand any applicable fees or restrictions.

What is the meaning of the contagion?

In finance, contagion refers to the spread of financial distress or instability from one institution or market to others, often leading to a broader financial crisis. In the United States, financial contagion has been a major concern during times of economic instability, such as the 2008 financial crisis.

What does it mean to businesses with their money in the banks

Businesses may be able to recover deposits up to the deposit coverage limit. Beyond it, they may or may not their funds. This comes down to the liquidation of the bank's assets and the priority of claims. In this case, the business may need to pursue legal action or negotiate with the bank or its regulators to recover their funds.

In addition, businesses that rely on a failed bank for loans or other financial services may face disruptions or challenges in finding new sources of financing. This can have significant implications for the business's operations and growth prospects.

What is the meaning of the credit Suisse bailout?

Credit Suisse is a multinational investment bank and financial services company. In recent years, it has faced financial challenges, including losses related to high-risk trading and legal settlements. Recently, Credit Suisse has confirmed that it will accept an $80 billion bailout from the country's central bank. The package has stemmed fears the bank could go under, after shareholders had initially fled the bank.

Why are banks going through this stress?

One of the most significant factors contributing to bank stress is the broader economic environment. Banks are highly sensitive to changes in economic conditions, such as recessions, interest rate fluctuations, and changes in market sentiment. During times of economic stress, banks may face increased loan defaults, declining asset values, and other challenges that can put pressure on their balance sheets.

The Indian Story

The collapse of American banks is unlikely to have a direct impact on Indian banks. India has its own system of regulatory oversight and deposit insurance, which helps to protect depositors and ensure the stability of the banking system. The Reserve Bank of India (RBI) is responsible for regulating and supervising banks in India, and the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides deposit insurance coverage for bank deposits.

However, in an interconnected world, economic volatility in one large market tends to spill over into other markets, leading to a broader economic slowdown or financial market volatility. For example, a slowdown in global trade or investment could affect Indian exporters or investors, and volatility in global financial markets could affect the value of Indian assets and the availability of credit.

Indian banks hardly have any direct or indirect exposure to SVB or other regional banks in the USA. The Indian banking system is more resilient and insulated due to the supervision of the Reserve Bank of India (RBI). Having said that, some sentiment impact might be visible while American markets continue to churn.

Why did US banks collapse? The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made.

Why did US banks collapse? The Federal Reserve began raising interest rates rapidly to combat inflation in the USA, and banks’ portfolio started to lose significant value owing to the largest investments they had made. Amid the financial uncertainties, Silicon Valley Bank (SVB) collapsed in March this year, sending shockwaves across the global financial markets. The fear grew stronger after the failure of Signature Bank as investors and customers were apprehensive of a major financial crisis. The SVB collapse marked the largest bank failure in 2008 financial. The US regional banks were under pressure as concern grew among customers and investors about the financial health of the banks in the country. However, the Indian banking system is relatively strong. Some of the factors that contribute to the strength of the Indian banking system is its robust regulatory framework, diversified banking sector and deposit insurance. What is the meaning of a bank run? A bank run occurs when a large number of depositors withdraw their funds from a bank in a short period of time, often due to concerns about the bank's solvency or liquidity. Bank runs typically occur when depositors lose confidence in a bank's ability to repay their deposits, and may be triggered by rumors, news reports, or other external factors. A bank run can quickly lead to a bank's insolvency if it does not have enough cash on hand to meet the demand for withdrawals. This can in turn cause a chain reaction of bank failures as other banks are forced to pay out depositors who have moved their funds to more secure institutions, leading to a broader financial crisis. To prevent bank runs, many countries have established deposit insurance programs that guarantee a certain level of protection for depositors' funds. Additionally, central banks can provide liquidity to banks in times of stress to help them meet the demand for withdrawals and avoid insolvency. What have the regulators done? After the collapse, the governments and regulators across the world are checking for SVB exposure in their corporate and banking sectors. While the government is trying its hard to pacify investors’ fears, regulators are trying to find new buyers to take over SVB’s domestic lending portfolio. The US president has recently said that the perpetrators will face the consequences. What is the meaning of insured deposits? Insured deposits are funds held in a bank or credit union that are protected by deposit insurance. Deposit insurance is a program offered by governments or central banks and it guarantees the safety of a certain amount of deposits in the event of a bank failure. In India, the DICGC -- an RBI subsidiary – will provide deposit insurance up to Rs. 5,00,000 per customer per bank covering principal and interest. What happens to deposits of over $2,50,000 In the United States, for example, the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance for up to $250,000 per depositor, per insured bank. This means that if a bank fails, depositors can receive up to $250,000 of their deposits back, even if the bank does not have enough assets to repay all its depositors in full. Deposits that are typically insured include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. However, some types of deposits, such as investment products like mutual funds or stocks, are not typically insured. Having insured deposits can give depositors peace of mind, knowing that their money is protected in the event of a bank failure. It also helps maintain stability in the banking system, by reducing the likelihood of bank runs and the associated risks of broader financial instability. Can customers withdraw their deposits, transfer? Yes, customers can withdraw their insured deposits or transfer them to other accounts or financial institutions in the United States. Deposit insurance does not restrict the ability of customers to access or transfer their funds. However, it's important to note that the amount of insured deposits may be limited to the coverage limit established by the deposit insurance program. In the United States, the FDIC provides deposit insurance coverage of up to $250,000 per depositor, per insured bank. Deposits exceeding this limit may not be fully insured and could be subject to loss in the event of a bank failure. Customers should also be aware of any fees or restrictions that may apply to withdrawals or transfers of their funds, which may be set by their bank or financial institution. It's a good idea to review the terms and conditions of your account to understand any applicable fees or restrictions. What is the meaning of the contagion? In finance, contagion refers to the spread of financial distress or instability from one institution or market to others, often leading to a broader financial crisis. In the United States, financial contagion has been a major concern during times of economic instability, such as the 2008 financial crisis. What does it mean to businesses with their money in the banks Businesses may be able to recover deposits up to the deposit coverage limit. Beyond it, they may or may not their funds. This comes down to the liquidation of the bank's assets and the priority of claims. In this case, the business may need to pursue legal action or negotiate with the bank or its regulators to recover their funds. In addition, businesses that rely on a failed bank for loans or other financial services may face disruptions or challenges in finding new sources of financing. This can have significant implications for the business's operations and growth prospects. What is the meaning of the credit Suisse bailout? Credit Suisse is a multinational investment bank and financial services company. In recent years, it has faced financial challenges, including losses related to high-risk trading and legal settlements. Recently, Credit Suisse has confirmed that it will accept an $80 billion bailout from the country's central bank. The package has stemmed fears the bank could go under, after shareholders had initially fled the bank. Why are banks going through this stress? One of the most significant factors contributing to bank stress is the broader economic environment. Banks are highly sensitive to changes in economic conditions, such as recessions, interest rate fluctuations, and changes in market sentiment. During times of economic stress, banks may face increased loan defaults, declining asset values, and other challenges that can put pressure on their balance sheets. The Indian Story The collapse of American banks is unlikely to have a direct impact on Indian banks. India has its own system of regulatory oversight and deposit insurance, which helps to protect depositors and ensure the stability of the banking system. The Reserve Bank of India (RBI) is responsible for regulating and supervising banks in India, and the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides deposit insurance coverage for bank deposits. However, in an interconnected world, economic volatility in one large market tends to spill over into other markets, leading to a broader economic slowdown or financial market volatility. For example, a slowdown in global trade or investment could affect Indian exporters or investors, and volatility in global financial markets could affect the value of Indian assets and the availability of credit. Indian banks hardly have any direct or indirect exposure to SVB or other regional banks in the USA. The Indian banking system is more resilient and insulated due to the supervision of the Reserve Bank of India (RBI). Having said that, some sentiment impact might be visible while American markets continue to churn.

Explained | The current banking crisis in the US and Europe

The semiconductor industry has been experiencing sales downturn but there is now growing optimism that it has reached its lowest point. One reason for this is surge in artificial intelligence technology which is expected to boost sales in the coming years of tech devices.

Semiconductor index rises on AI optimism as it boosts sales outlook | World Business News

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

The Wall Street Journal (WSJ) newspaper, citing people who are close&nbsp;to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy.

On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history.

The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.

The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou.

The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government.

Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years.

The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months.

The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago.

As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business.

The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources.

It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development.

(With inputs from agencies)

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Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China.

Alibaba Group founder Jack Ma engineered from abroad the corporate breakup of his e-commerce empire, as he wanted to make it more competitive and efficient in China. The Wall Street Journal (WSJ) newspaper, citing people who are close to the development, reported that the Chinese tech billionaire, despite stepping down in 2019, remains an influential figure in the top management and is active in deciding its strategy. On Tuesday, Alibaba group said that it is planning to split the company into six units and would look for fundraisings or listings for most of them, marking the biggest restructuring in its 24-year history. The firm will be divided into Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. The company made the announcement a day before Ma’s surprise visit to a school in Alibaba’s hometown of Hangzhou. The move, which raised eyebrows among experts, has triggered speculation about whether Ma struck any deal with China’s government. Analysts say that the shake-up is being done to ease scrutiny over the tech giant whose sprawling business has been a target of regulators for years. The WSJ reported that it has been in the planning stage for months, adding that Ma held talks with Alibaba’s top executives, including the current Chairman and Chief Executive Daniel Zhang, in recent months. The Chinese tech billionaire has largely been absent from the public eye since his company came under the radar of Beijing’s officials two years ago. As he was abroad, Alibaba was slapped with a $2.8 billion antitrust penalty in April 2021. Its affiliate fintech giant, Ant Group Co., had to suspend its much-awaited IPO at the 11th hour in 2020 upon the orders of Chinese regulators who demanded an overhaul of its business. The business tycoon’s return to the mainland was possible because of repeated overtures through retired Communist Party officials and fellow tycoons, the WSJ reported citing sources. It is said that they cajoled Ma by invoking his patriotism, and asking him to contribute to China’s development. (With inputs from agencies) WATCH WION LIVE HERE

Jack Ma engineered Alibaba Group’s split from abroad: Report

Global automaker Honda's India unit has announced its entry into electric two-wheeler market. The company aims to start the mass production of EVs by March 2024 and simultaneous launch of its first product in the Indian market.

Honda India Unit's electric drive: HMSI plans five product launches for 2024 | World Business Watch

Tulipshare is urging Nike to provide more transparency on working conditions and its Supply chains. The group owns 276 Nike shares, it has requested a report from Nike on effectiveness of its policies in achieving equity and human rights objectives including information on metrics and methodology which is used to track forged labor and wage theft risks.

Nike faces criticism over labor practices

Disney on Monday announced that his company will start making staff reductions this week. This is the first of three rounds of anticipated reductions. The company would axe 7,000 jobs in total. A multibillion-dollar cost-cutting strategy aimed at streamlining the company's operations during a period of unrest in the media sector includes the reduction of Disney's global staff.

Disney's cost cutting leads to senior executives' layoffs  at ABC

China called remarks by US Treasury Secretary Janet Yellen "irresponsible" and "unreasonable" after Yellen said Beijing's lending activities leave developing countries "trapped in debt."

China calls US debt trap accusation 'unreasonable'

Virgin Orbit told nearly all of its staff to cease operations until at least next week as the rocket company, founded by British billionaire Richard Branson, works to secure additional funding. The company to reduce its headcount by about 675 employees, about 85% of its workforce, in a move to reduce expenses amid failed efforts to secure lifeline funding, The Wall Street Journal reported.

Richard Branson's rocket company Virgin Orbit to layoff 675 employees

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls.

Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%.

"Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months.

Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025.

Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips.

Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies.

(With inputs from agencies)

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China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company.

China's Huawei Technologies said on Friday (March 31) that it's net profit had slumped last year. However, the revenue climbed 0.9 per cent which was in line with a prediction by the company. This is indicative of the company having reached some level of stability after several rounds of US export controls. Huawei post net profit of 35.6 billion yuan (USD 5.2 billion). The profit was down roughly two-thirds from 2021 when profit was helped by the sale of its mid-range Honor smartphone business. The decline was, however, still severe even when compared to 2020 - a drop of 44%. "Our financial position remains solid, with strong resilience and flexibility," said Meng, who will become the company's chairwoman on April 1. Huawei rotates its chairperson every six months. Chairman Eric Xu said the company saw areas such as green development as opportunities and were investing in 5.5th and 6th generation technology, with the hope that they may be able to start rolling out 5.5G products by 2025. Xu, asked about recent comments about breakthroughs in electronic design automation (EDA) tools for chips produced at and above 14-nanometre technology, said the company had achieved that with its partners and that meant that Huawei could use its own EDA tools to design chips. Huawei, a major supplier of equipment used in 5G telecommunications networks, has been the target of U.S. export controls since 2019, restricting its supply of chips and chip-design tools from US companies. (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 ×

Huawei profits slump, but revenue edges up

Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters.

The exact timing of the visit is subject to Li Qiang's availability, one of the sources said.

Tesla and China's State Council Information Office did not immediately reply to requests for comment on Friday.

China is Tesla's second-largest market after the United States and its Shanghai plant is the electric carmaker's largest production hub.

A visit by Musk would mark his first visit to China since the Covid-19 pandemic and since Xi Jinping secured a third term as China's president. Before Li became premier in March, he served as Shanghai's party secretary where he oversaw the construction and opening of the Tesla factory.

ALSO READ | <a href="https://www.wionews.com/world/elon-musk-now-the-most-followed-on-twitter-overtakes-obama-577578">Elon Musk now the most followed on Twitter; overtakes Barack Obama, Justin Bieber</a>

Musk last visited China in early 2020, when he set the internet abuzz by dancing on stage during an event at the Shanghai factory. But he has continued to deliver virtual speeches at forums such as China's World Internet Conference.

Li and Musk have met before, at the 2019 opening of the Shanghai plant. In 2020, they participated in an online meeting where Musk thanked the then-Shanghai party secretary for supporting the plant's operations during the pandemic's outbreak, according to local media reports.

Musk's planned visit also comes as China is trying to woo more foreign investment to help shore up an economy battered by three years of COVID curbs.

Li has been at the forefront of that effort, speaking over the past week at business events attended by the likes of Apple Inc's Tim Cook and Pfizer's Albert Bourla.

The sources did not say what Musk intends to discuss with Li or do in China.

Tesla is grappling with multiple issues, such as delays to its plans to more than double production capacity at the Shanghai plant.

Tesla cars have also been barred from Chinese military complexes and political meeting venues amid concerns over cameras installed on the vehicles, and the company is still waiting for Beijing's approval to offer its full self-driving technology in China.

China is also one of the largest, non-US&nbsp;revenue streams for Twitter, which Musk took over last year for $44 billion, sources have told Reuters.

Twitter's China operations have caused divisions within the company between teams keen to maximise the sales opportunity and others concerned about the optics of doing business with state-affiliated entities at a time of growing tension between Beijing and Washington, the sources said.

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Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters.

Tesla Chief Executive Elon Musk is making plans to visit China as early as April and is seeking a meeting with China's Premier Li Qiang, two people with knowledge of planning for the trip told Reuters. The exact timing of the visit is subject to Li Qiang's availability, one of the sources said. Tesla and China's State Council Information Office did not immediately reply to requests for comment on Friday. China is Tesla's second-largest market after the United States and its Shanghai plant is the electric carmaker's largest production hub. A visit by Musk would mark his first visit to China since the Covid-19 pandemic and since Xi Jinping secured a third term as China's president. Before Li became premier in March, he served as Shanghai's party secretary where he oversaw the construction and opening of the Tesla factory. ALSO READ | Elon Musk now the most followed on Twitter; overtakes Barack Obama, Justin Bieber Musk last visited China in early 2020, when he set the internet abuzz by dancing on stage during an event at the Shanghai factory. But he has continued to deliver virtual speeches at forums such as China's World Internet Conference. Li and Musk have met before, at the 2019 opening of the Shanghai plant. In 2020, they participated in an online meeting where Musk thanked the then-Shanghai party secretary for supporting the plant's operations during the pandemic's outbreak, according to local media reports. Musk's planned visit also comes as China is trying to woo more foreign investment to help shore up an economy battered by three years of COVID curbs. Li has been at the forefront of that effort, speaking over the past week at business events attended by the likes of Apple Inc's Tim Cook and Pfizer's Albert Bourla. The sources did not say what Musk intends to discuss with Li or do in China. Tesla is grappling with multiple issues, such as delays to its plans to more than double production capacity at the Shanghai plant. Tesla cars have also been barred from Chinese military complexes and political meeting venues amid concerns over cameras installed on the vehicles, and the company is still waiting for Beijing's approval to offer its full self-driving technology in China. China is also one of the largest, non-US revenue streams for Twitter, which Musk took over last year for $44 billion, sources have told Reuters. Twitter's China operations have caused divisions within the company between teams keen to maximise the sales opportunity and others concerned about the optics of doing business with state-affiliated entities at a time of growing tension between Beijing and Washington, the sources said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk plans China visit, seeks meeting with premier

Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips.

Japan, home to major global chip equipment makers such as Nikon Corp and Tokyo Electron Ltd, did not specify China as the target of the measures, saying equipment makers would need to seek export permission for all regions.

"We are fulfilling our responsibility as a technological nation to contribute to international peace and stability," Minister for Economy, Trade and Industry Yasutoshi Nishimura told a news conference.

Japan wants to stop advanced technology being used for military purposes and does not have one specific country in mind with the measures, he said.

But Japan's decision is seen as a major diplomatic win for US President Joe Biden's administration, which in October announced sweeping restrictions on China's access to US chipmaking tech to slow its technological and military advances.

Without the co-operation of industry heavyweights Japan and the Netherlands, the US measures would have been ineffective and its companies would face a competitive disadvantage.

Japan and the Netherlands in January agreed to join the U.S. in restricting equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking China, sources said earlier.

Japan has never publicly acknowledged any agreement.

A nanometre, or one-billionth of a metre, refers to a specific semiconductor industry technology, with fewer nanometres generally meaning the chip is more advanced.

In the Netherlands, the government said in a letter to parliament this month that it planned to restrict chipmaking equipment exports. Dutch major ASML Holding NV dominates the market for lithography systems used to create chips' minute circuitry.

China, which has accused the U.S. of "tech hegemony" because of its export restrictions, urged the Netherlands "not to follow export control measure by certain countries".

ALSO READ | <a href="https://www.wionews.com/world/nvidia-tweaks-flagship-h100-chip-for-export-to-china-amid-us-bans-574621">Nvidia tweaks flagship H100 chip for export to China amid US bans</a>

Limited Impact?

Japan said it would impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching.

The restrictions, effective from July, are likely to affect equipment manufactured by at least a dozen Japanese companies, such as Nikon, Tokyo Electron, Screen Holdings Co Ltd and Advantest Corp.

Takamoto Suzuki, head of economic research for Marubeni in China, said the measures would be a blow to Japanese equipment makers given the absence of a strong domestic chip market.

"It will undermine the market development of Japanese companies and certainly reduce their competitiveness from a regulatory aspect," he said.

When asked about the impact, minister Nishimura said, without elaborating, that he expected limited impact on domestic companies.

Some industry watchers point to potential sales elsewhere.

"If you take a long-term view, the effect will be diminished, with new semiconductor plants coming into operation in places like the United States and Japan," said Takahiro Shinada, a professor at Japan's Tohoku University.

Japan, which once dominated chip production but has seen its market share slip to about 10%, is still a major supplier of chipmaking machines and semiconductor materials. Tokyo Electron and Screen make around a fifth of the world's chipmaking tools, while Shin-Etsu Chemical Co Ltd&nbsp;and Sumco Corp produce most silicone wafers.

Shares of Nikon and Advantest rose 0.8% and 1.9% respectively after the news, broadly in line with the wider market's 1.1% rise. Tokyo Electron and Screen were little changed.

"We will continue to comply with any rules and work to maximize our results within them," a Nikon spokesperson said.

 
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Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips.

Japan said on Friday that it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China's ability to make advanced chips. Japan, home to major global chip equipment makers such as Nikon Corp and Tokyo Electron Ltd, did not specify China as the target of the measures, saying equipment makers would need to seek export permission for all regions. "We are fulfilling our responsibility as a technological nation to contribute to international peace and stability," Minister for Economy, Trade and Industry Yasutoshi Nishimura told a news conference. Japan wants to stop advanced technology being used for military purposes and does not have one specific country in mind with the measures, he said. But Japan's decision is seen as a major diplomatic win for US President Joe Biden's administration, which in October announced sweeping restrictions on China's access to US chipmaking tech to slow its technological and military advances. Without the co-operation of industry heavyweights Japan and the Netherlands, the US measures would have been ineffective and its companies would face a competitive disadvantage. Japan and the Netherlands in January agreed to join the U.S. in restricting equipment exports to China that could be used to manufacture sub-14 nanometre chips, but did not announce the pact to avoid provoking China, sources said earlier. Japan has never publicly acknowledged any agreement. A nanometre, or one-billionth of a metre, refers to a specific semiconductor industry technology, with fewer nanometres generally meaning the chip is more advanced. In the Netherlands, the government said in a letter to parliament this month that it planned to restrict chipmaking equipment exports. Dutch major ASML Holding NV dominates the market for lithography systems used to create chips' minute circuitry. China, which has accused the U.S. of "tech hegemony" because of its export restrictions, urged the Netherlands "not to follow export control measure by certain countries". ALSO READ | Nvidia tweaks flagship H100 chip for export to China amid US bans Limited Impact? Japan said it would impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching. The restrictions, effective from July, are likely to affect equipment manufactured by at least a dozen Japanese companies, such as Nikon, Tokyo Electron, Screen Holdings Co Ltd and Advantest Corp. Takamoto Suzuki, head of economic research for Marubeni in China, said the measures would be a blow to Japanese equipment makers given the absence of a strong domestic chip market. "It will undermine the market development of Japanese companies and certainly reduce their competitiveness from a regulatory aspect," he said. When asked about the impact, minister Nishimura said, without elaborating, that he expected limited impact on domestic companies. Some industry watchers point to potential sales elsewhere. "If you take a long-term view, the effect will be diminished, with new semiconductor plants coming into operation in places like the United States and Japan," said Takahiro Shinada, a professor at Japan's Tohoku University. Japan, which once dominated chip production but has seen its market share slip to about 10%, is still a major supplier of chipmaking machines and semiconductor materials. Tokyo Electron and Screen make around a fifth of the world's chipmaking tools, while Shin-Etsu Chemical Co Ltd and Sumco Corp produce most silicone wafers. Shares of Nikon and Advantest rose 0.8% and 1.9% respectively after the news, broadly in line with the wider market's 1.1% rise. Tokyo Electron and Screen were little changed. "We will continue to comply with any rules and work to maximize our results within them," a Nikon spokesperson said. 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

Japan to restrict export of chipmaking equipment as it aligns with curbs by US

The National Company Law Appellate Tribunal (NCLAT)&nbsp;on Wednesday&nbsp;concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market.&nbsp;

NCLAT upheld a fine of $157 million (13bn rupees) on the internet giant Google.&nbsp;

It also struck down anti-trust regulator order that had said Google will not restrict the removal of its pre-installed apps by the users.&nbsp;

A two-member bench of NCLAT chairperson Justice Ashok Bhushan and Dr Alok Srivastava asked Google to implement the direction and deposit the amount in 30 days.&nbsp;

The appellate tribunal said "the impugned order of the Commission is upheld except the four directions" issued and added that Google is "thus not entitled for any other relief except for setting aside the above four directions".&nbsp;

"The Appellant (Google) is allowed to deposit the amount of penalty (after adjusting the 10 per cent amount of penalty as deposited under order dated January 4, 2023) within a period of 30 days from today," it said.&nbsp;

WATCH | Instagram now lets you bookmark posts with friends and store them in a dedicated space

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Last year in October, CCI imposed a monetary penalty on Google for anti-competitive practices concerning Android mobile devices.&nbsp;

CCI had accused Google of entering into "one-sided agreements" with smartphone makers to ensure the dominance of its apps.&nbsp;

Meanwhile, a Google spokesperson said: "We are grateful for the opportunity given by the NCLAT to make our case. We are reviewing the order and evaluating our legal options".&nbsp;

(With inputs from agencies)&nbsp;

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The National Company Law Appellate Tribunal (NCLAT) on Wednesday concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday concurred with the findings of the Competition Commission of India (CCI) that Google had abused its dominant position in the Android market. NCLAT upheld a fine of $157 million (13bn rupees) on the internet giant Google. It also struck down anti-trust regulator order that had said Google will not restrict the removal of its pre-installed apps by the users. A two-member bench of NCLAT chairperson Justice Ashok Bhushan and Dr Alok Srivastava asked Google to implement the direction and deposit the amount in 30 days. The appellate tribunal said "the impugned order of the Commission is upheld except the four directions" issued and added that Google is "thus not entitled for any other relief except for setting aside the above four directions". "The Appellant (Google) is allowed to deposit the amount of penalty (after adjusting the 10 per cent amount of penalty as deposited under order dated January 4, 2023) within a period of 30 days from today," it said. WATCH | Instagram now lets you bookmark posts with friends and store them in a dedicated space × Last year in October, CCI imposed a monetary penalty on Google for anti-competitive practices concerning Android mobile devices. CCI had accused Google of entering into "one-sided agreements" with smartphone makers to ensure the dominance of its apps. Meanwhile, a Google spokesperson said: "We are grateful for the opportunity given by the NCLAT to make our case. We are reviewing the order and evaluating our legal options". (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.

NCLAT upholds fine imposed on Google by Competition Commission of India

In the midst of a worldwide banking crisis that has caused bond yields to drop on safe haven trading, India revealed a fiscal first-half borrowing plan that is broadly consistent with prior years.

India may sell green bonds in second half of fiscal

A group of experts and industry executives including billionaire owner of Twitter and Tesla, Elon Musk have called for a six-month pause in developing AI systems more powerful than OpenAI's latest program GPT4 citing potential risk to society.

OpenAI faces criticism over GPT-4 launch

With no rivals appearing as the nomination period came to an end, US Treasury Secretary Janet Yellen on Wednesday dismissed the notion of a short-term capital increase for the World Bank and predicted that US nominee Ajay Banga would be elected as the organization's next head.

World Bank reforms to vastly expand lending

The nation's exports of products and services reached record highs in 2021–2022 of $422 billion and $254 billion, respectively, bringing the total to $676 billion. India's total exports have reached a record high of $750 billion, according to Piyush Goyal, the Union Minister of Commerce, on Tuesday.

India: A bright spot among global headwinds

Jobs for models could be at risk shortly. The well-known clothing firm Levi Strauss and Co. has switched out human models for AI-generated ones. The business has teamed up with Lalaland.ai, a digital fashion studio that creates unique models using artificial intelligence. It's interesting to note that until recently, people who worked as coders or copywriters believed that AI could replace them. Yet, human models today face similar challenges. According to the business, tests of this technology will incorporate AI-generated models in addition to human models. According to Levi Straus, we will be steadily growing both the variety and number of our product models.

Will AI models put human ones out of job?

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report.

Still reeling from the impact of Hinderburg's report and its allegations of corporate fraud, the Adani Group is reportedly stepping away from petrochemicals and is unlikely to proceed with the $4 billion greenfield project in Mundra, said a Bloomberg report. The coal-to-polyvinyl chloride project was to have a production capacity of 2,000 KTPA (kilo tonne per annum) once completed. However, the report appears to have thrown a spanner into the works. Apart from the said unit, Adani Group is expected to ease its ambitions of diving into aluminium, steel and road projects. Instead, the group will revert to its core projects viz. power generation, ports and green energy. Previously, media reports claimed that the multi-billion dollar company had tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the earlier target of 40 per cent. After the Hindenburg report came out, Adani and its affiliate companies have lost more than $125 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation and using tax havens whilst having unsustainable debt. The idea behind managing the expectations regarding revenue growth was to rebuild investor confidence, reports added. The development comes a day after Adani Group came out with a statement quashing another report claiming it had not repaid its loans against the promoter's shares. Rubbishing the reports, the conglomerate said the report was 'baseless' and 'deliberately mischievous'. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Adani Group CFO Jugeshinder Robbie Singh also took to Twitter to slam the report saying it speculated 'outright lies'. "Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb ( @SudzzBTS an @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," tweeted the company CFO on Monday. ALSO READ | Adani Group rubbishes report on debt repayment concerns after shares turn red In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. (With inputs from agencies) WATCH WION LIVE HERE:

Is Adani Group abandoning ambitious growth projects? This report claims so

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator.

Watch |&nbsp;Chinese tech giant Alibaba's shares jump 14%

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Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/alibaba-undergoes-transformation-will-split-into-six-individual-units-576785">Alibaba undergoes 'transformation,' will split into six individual units</a>

Zhang will, however, continue to serve as Alibaba's CEO.

Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes".

The restructuring reportedly opens up each of the Chinese tech giant's new individual units to&nbsp;the possibility of raising funds through their own initial public offering (IPO).

Also read |&nbsp;<a href="https://www.wionews.com/world/jack-ma-returns-to-china-recently-after-nearly-a-year-of-overseas-travel-visits-school-576299">Jack Ma returns to China after nearly a year of overseas travel, visits a school</a>

On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared.

Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue&nbsp;that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another.

(With inputs from agencies)

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Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday.

Alibaba Group's recently announced restructuring will allow all its business units to become more agile and enhance faster decision-making and how the firm responds to market changes, said the company's chief executive Daniel Zhang said on Thursday. While on a conference call, Zhang said that Alibaba had begun laying the groundwork for the restructuring over the past few years. He added that in the future, the Jack Ma-founded tech conglomerate will be more in the structure of an asset and capital operator, rather than a business operator. Watch | Chinese tech giant Alibaba's shares jump 14% Two days ago, Alibaba declared its most extensive reorganisation to date, transforming itself into a holding company with six individual business units, each having its own board and CEO. The day-to-day operations of the six individual business units will be ceded to their respective new management bodies. Also read | Alibaba undergoes 'transformation,' will split into six individual units Zhang will, however, continue to serve as Alibaba's CEO. Referring to the plan as a "transformation", Zhang had earlier said that it would make Alibaba "more agile, enhance decision-making, and enable faster responses to market changes". The restructuring reportedly opens up each of the Chinese tech giant's new individual units to the possibility of raising funds through their own initial public offering (IPO). Also read | Jack Ma returns to China after nearly a year of overseas travel, visits a school On the call, when asked about the timeline for the market listings, Toby Xu, Alibaba's Chief Financial Officer, stated that the restructuring allowed each business unit to look for independent fundraising and IPOs whenever they are prepared. Some analysts believe that the current value of Alibaba does not account for the value of each division on its own and that a breakup could result in a more accurate assessment of each division's worth. They also argue that restructuring could also provide better protection for Alibaba shareholders from the demands of regulators, since a penalty imposed on one sector would not influence the activities of another. (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.

Alibaba restructuring will help make company 'more agile' and enhance decision-making, CEO says

Adidas has ended its fashion collaboration with Beyoncé, according to reports. That would be the second high-profile breakup between Adidas and a celebrity partner, following the German sportswear giant's termination of its partnership with Kanye West due to his antisemitic remarks.

Adidas ends partnership with Beyonce, says reports

Elon Musk has reportedly stopped paying rent for office space since he took over as Twitter owner in October 2022, following which several landlords have taken the social media company to court.&nbsp;

KKR and Co., an affiliate of 1330 Broadway, in a $1.3 million lawsuit, alleged that the social media giant has not paid rent for its office&nbsp;in its Oakland, California, building since November 2022.&nbsp;

<h2>‘Let them sue’: Elon Musk reportedly said over unpaid rent</h2>

On March 17, Financial Times reported that in his effort to cut costs at Twitter, Elon Musk reportedly told a former Twitter executive worried about unpaid bills to "let them sue".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/trending/twitter-sued-after-it-fails-to-pay-office-space-rent-report-548457">Twitter sued for failure to pay rent of San Francisco office, may default on lease: Report</a>

"Elon would always say 'Let them sue', it was a constant refrain," one former senior staffer who was let go by Twitter in its latest staff-cut move told Financial Times. "It’s all very short-term thinking," it added.&nbsp;

Last month, the Wall Street Journal estimated that the total money sought in all the Twitter lawsuits, by landlords and vendors alike, is $14 million. While it may appear like a paltry sum for a company just purchased for $44 billion and still valued at $20 billion, Musk's "let them sue" approach amid social media company's ongoing cost-cutting measures remains in the spotlight.&nbsp;

ALSO WATCH |&nbsp;Gravitas: Twitter's quirky signage up for sale

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Stephen L. Carter, a professor of Law at Yale University wrote in Bloomberg that Musk is withholding payment as a likely move in what is known among schools as the "holdup game"— an opportunistic effort to force better terms from a counterparty who’s poorly positioned to resist your demands.

"Perhaps Musk is simply displaying his trademark optimism, and plans to catch up on payments, with interest, once advertisers return to Twitter — an event whose occurrence he keeps predicting," Carter added.

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Elon Musk has reportedly stopped paying rent for office space since he took over as Twitter owner in October 2022, following which several landlords have taken the social media company to court.

Elon Musk has reportedly stopped paying rent for office space since he took over as Twitter owner in October 2022, following which several landlords have taken the social media company to court. KKR and Co., an affiliate of 1330 Broadway, in a $1.3 million lawsuit, alleged that the social media giant has not paid rent for its office in its Oakland, California, building since November 2022. ‘Let them sue’: Elon Musk reportedly said over unpaid rent On March 17, Financial Times reported that in his effort to cut costs at Twitter, Elon Musk reportedly told a former Twitter executive worried about unpaid bills to "let them sue". ALSO READ | Twitter sued for failure to pay rent of San Francisco office, may default on lease: Report "Elon would always say 'Let them sue', it was a constant refrain," one former senior staffer who was let go by Twitter in its latest staff-cut move told Financial Times. "It’s all very short-term thinking," it added. Last month, the Wall Street Journal estimated that the total money sought in all the Twitter lawsuits, by landlords and vendors alike, is $14 million. While it may appear like a paltry sum for a company just purchased for $44 billion and still valued at $20 billion, Musk's "let them sue" approach amid social media company's ongoing cost-cutting measures remains in the spotlight. ALSO WATCH | Gravitas: Twitter's quirky signage up for sale × Stephen L. Carter, a professor of Law at Yale University wrote in Bloomberg that Musk is withholding payment as a likely move in what is known among schools as the "holdup game"— an opportunistic effort to force better terms from a counterparty who’s poorly positioned to resist your demands. "Perhaps Musk is simply displaying his trademark optimism, and plans to catch up on payments, with interest, once advertisers return to Twitter — an event whose occurrence he keeps predicting," Carter added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Why Elon Musk just would not pay rent for Twitter offices?

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.

Ermotti, who was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis, will take over next Wednesday from CEO Ralph Hamers.

Also Read | <a href="https://www.wionews.com/india-news/marriage-a-license-to-rape-indias-top-court-to-hear-pleas-on-marital-rape-these-countries-criminalise-it-576588">Marriage a license to rape? India's top court to hear pleas on marital rape; these countries criminalise it</a>

Hamers took up the job in November 2020 and will remain at UBS during a transition period "to ensure a successful closure of the transaction and a smooth handover," the bank said in a statement.

UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having "cut its footprint" and changing the culture of the bank&nbsp;and it pointed to his experience in bringing big financial institutions together.

Also Read | <a href="https://www.wionews.com/world/nashville-school-shooter-sent-a-cryptic-warning-text-to-ex-classmate-it-only-makes-sense-now-577038">Nashville school shooter sent a cryptic warning text to ex-classmate, it only makes sense now</a>

The hastily arranged, USD 3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull out their money.

Swiss authorities urged UBS to take over its smaller rival after the central bank's plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and customers. The Swiss executive branch passed emergency measures to bypass shareholder approval.

Watch | Israel protests: US President Joe Biden urges Netanyahu to abandon judicial overhaul

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UBS Chairman Colm Kelleher said Wednesday that he called Ermotti shortly after the emergency deal was arranged on March 19, which involved Swiss regulators, the federal government and top executives at both banks.

"This is the biggest single financial transaction since 2008. That brings significant execution risk," Kelleher said on a conference call.

Swiss lawmakers and academics have raised concerns that the deal could create an unwieldy Swiss banking behemoth, while UBS executives said regulatory issues loom internationally before the deal can close.

Many Credit Suisse customers have expressed regret at the looming disappearance of a 167-year-old bank that has been a pillar of Switzerland's renowned banking and financial industry. 
 
(With inputs from agencies) 
 
&nbsp;

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UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse. Ermotti, who was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis, will take over next Wednesday from CEO Ralph Hamers. Also Read | Marriage a license to rape? India's top court to hear pleas on marital rape; these countries criminalise it Hamers took up the job in November 2020 and will remain at UBS during a transition period "to ensure a successful closure of the transaction and a smooth handover," the bank said in a statement. UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having "cut its footprint" and changing the culture of the bank and it pointed to his experience in bringing big financial institutions together. Also Read | Nashville school shooter sent a cryptic warning text to ex-classmate, it only makes sense now The hastily arranged, USD 3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull out their money. Swiss authorities urged UBS to take over its smaller rival after the central bank's plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and customers. The Swiss executive branch passed emergency measures to bypass shareholder approval. Watch | Israel protests: US President Joe Biden urges Netanyahu to abandon judicial overhaul × UBS Chairman Colm Kelleher said Wednesday that he called Ermotti shortly after the emergency deal was arranged on March 19, which involved Swiss regulators, the federal government and top executives at both banks. "This is the biggest single financial transaction since 2008. That brings significant execution risk," Kelleher said on a conference call. Swiss lawmakers and academics have raised concerns that the deal could create an unwieldy Swiss banking behemoth, while UBS executives said regulatory issues loom internationally before the deal can close. Many Credit Suisse customers have expressed regret at the looming disappearance of a 167-year-old bank that has been a pillar of Switzerland's renowned banking and financial industry. (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.

UBS brings back Sergio Ermotti as CEO for Credit Suisse takeover after deal

As a result of the Chinese tech company Alibaba's announcement of a big makeover, its Hong Kong-listed shares have increased by 14 percent overall today.

Chinese tech giant Alibaba's shares jump 14%

By March of next year, the newest airline in India, Akasa air, plans to hire around 1000 personnel as it expands its fleet. According to CEO Vinay Dubey of Akasa, the airline would have over 3000 employees overall by 24 months from now, including 1100 pilots and flight attendants.

Akasa Air: First international flight planned before year-end

Singaporean multinational bank DBS said on Wednesday (March 29) that access to its digital banking services became intermittent after an outage earlier in the day left customers unable to use its web and mobile banking platforms. Taking to Facebook, DBS said that clients using its digital services- — digibank Online and Mobile, PayLah! - might experience some slowness during login.&nbsp;

"Please be assured that your deposits and monies are safe and secure. We are sorry for the inconvenience caused," the Facebook post added.&nbsp;

According to Downdetector, the access disruption at the Singaporean bank started around 7 am local time on Wednesday.&nbsp;

ALSO READ | <a href="https://www.wionews.com/business-economy/alibaba-undergoes-transformation-will-split-into-six-individual-units-576785">Alibaba undergoes 'transformation,' will split into six individual units</a>

Earlier in the day, DBS said on Facebook that access to its digital services was unavailable, adding that the bank was resolving the issue and would update as soon as services were recovered.&nbsp;

"Customers can continue to use their DBS/POSB cards for transactions. Please be assured that our systems remain secure and uncompromised," the bank added.

According to a report by the news agency Bloomberg, Wednesday's incident was reminiscent of an outage DBS suffered in 2021 — one of its worst digital disruptions in the last decade.&nbsp;

The Monetary Authority of Singapore (MAS) ordered the bank to set aside more capital after that&nbsp;earlier outage left thousands of customers unable to log on to its digital platforms for at least two days. Those issues stemmed from the bank’s access control services.&nbsp;

Earlier this week, DBS had said that the MAS asked the bank to validate the bank’s remedial actions about the 2021 event by July this year, Bloomberg reported on Wednesday.&nbsp;

Under the MAS regulations, financial institutions need to ensure that the maximum unscheduled downtime for each critical system doesn’t exceed four hours within any period of 12 months.

(With inputs from agencies)

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Singaporean multinational bank DBS said on Wednesday (March 29) that access to its digital banking services became intermittent after an outage earlier in the day left customers unable to use its web and mobile banking platforms.

Singaporean multinational bank DBS said on Wednesday (March 29) that access to its digital banking services became intermittent after an outage earlier in the day left customers unable to use its web and mobile banking platforms. Taking to Facebook, DBS said that clients using its digital services- — digibank Online and Mobile, PayLah! - might experience some slowness during login. "Please be assured that your deposits and monies are safe and secure. We are sorry for the inconvenience caused," the Facebook post added. According to Downdetector, the access disruption at the Singaporean bank started around 7 am local time on Wednesday. ALSO READ | Alibaba undergoes 'transformation,' will split into six individual units Earlier in the day, DBS said on Facebook that access to its digital services was unavailable, adding that the bank was resolving the issue and would update as soon as services were recovered. "Customers can continue to use their DBS/POSB cards for transactions. Please be assured that our systems remain secure and uncompromised," the bank added. According to a report by the news agency Bloomberg, Wednesday's incident was reminiscent of an outage DBS suffered in 2021 — one of its worst digital disruptions in the last decade. The Monetary Authority of Singapore (MAS) ordered the bank to set aside more capital after that earlier outage left thousands of customers unable to log on to its digital platforms for at least two days. Those issues stemmed from the bank’s access control services. Earlier this week, DBS had said that the MAS asked the bank to validate the bank’s remedial actions about the 2021 event by July this year, Bloomberg reported on Wednesday. Under the MAS regulations, financial institutions need to ensure that the maximum unscheduled downtime for each critical system doesn’t exceed four hours within any period of 12 months. (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.

Singapore banking giant DBS says digital services 'intermittent' after outage